$TSRMF : Treasury Metals — Independent Economic Analysis (UPDATED)

Long-Term Price Case$1,950/oz. Au
Flagship ProjectGoliath
Ownership100%
Mineral Resources (Measured & Indicated)2,100,000 ozs.
Shares Outstanding173,000,000
Market Cap$31,607,100
Average Annual Production109,000 ozs.
Recovery92.8%
Payable Product1,314,976 ozs.
LoM13 years
True All-in Cost (TAIC) $1,453/oz.
Gross Revenue$2,564,203,200
Smelting & Refining($4,546,866)
Total Operating Costs(1,096,552,517)
EBITDA$1,463,103,817
Royalties($38,648,361)
Total Capital Costs ($418,311,672)
Taxes($352,150,324)
Net Income$653,993,460
Net Profit Margin26%
Absolute Cost Structure (ACS)74%
MTQ Score0.4
True Value $3.78/sh.
True Value Discount95%
Cash Flow Multiple10x
Average Net Annual Cash Flow50,307,189
Future Market Cap503,071,892
Future Market Cap Growth1,492%
Target$2.91/sh.
UPDATED 16 JUNE 2023

Notes: All Values in U.S. Dollars

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