| Long-term Price Case | $24/oz. Ag |
| Flagship Project | Fuwan |
| Mineral Reserves | 55,300,000 ozs. |
| Shares Outstanding | 60,704,748 |
| Market Cap | $27,317,137 |
| Average Annual Production | 5,500,000 ozs. |
| Recovery | 91% |
| LoM | 9.2 Years |
| Payable Product | 50,323,000 ozs. |
| True All-in Cost (TAIC) | $19.80/oz. |
| Gross Revenue | $1,207,752,000 |
| Royalty | ($48,310,080) |
| Gross Income | $1,159,441,920 |
| Total Operating Costs | ($313,800,000) |
| Operating Profit | $845,641,920 |
| Total Capital Costs | ($73,059,822) |
| Taxes | ($560,996,762) |
| Net Income | $211,585,336 |
| Net Profit Margin | 18% |
| Absolute Cost Structure (ACS) | 82% |
| True Value | $1.35/sh. |
| Cash Flow Multiple | 5x |
| Annual Cash Flow (TMRC, 30%) | $23,100,000 |
| Future Market Cap | $115,500,000 |
| Market Cap Growth | 323% |
| Target | $1.90/sh. |
Notes: All Values in U.S. Dollars
