| Long-Term Price Case | $65/lb. U308 | $65/lb. U308 |
| Project | Nichols Ranch | Alta Mesa |
| Mineral Resources | 7,195,000 lbs. | 3,617,000 lbs. |
| Shares Outstanding | 93,500,000 | 93,500,000 |
| Market Cap | $287,980,000 | $287,980,000 |
| Average Annual Production | 630,000 lbs. | 575,000 lbs. |
| LoM | 10 Years | 6 Years |
| Payable Product | 6,359,000 lbs. | 3,182,960 lbs. |
| True All-in Cost (TAIC) | $41.36/lb. | $38.61/lb. |
| Gross Revenue | $413,335,000 | $206,892,400 |
| Royalties | ($33,003,210) | ($16,519,562) |
| Gross Income | $380,331,790 | $190,372,838 |
| Total Operating Cost | ($69,376,690) | (34,726,094) |
| Operating Profit | $310,955,100 | $155,646,744 |
| Income Taxes | ($26,707,800) | ($13,368,432) |
| Bonding | (10,683,120) | ($5,347,373) |
| Total Capital Costs | ($89,725,490) | ($44,911,566)) |
| Restoration & Reclamation | ($16,024,680) | ($8,021,059) |
| JV Allocation | ($17,487,250) | |
| Net Income | $150,326,760 | $83,998,314 |
| Net Profit Margin | 36% | 41% |
| Absolute Cost Structure (ACS) | 64% | 59% |
| True Value | $2.51/sh. | |
| Cash Flow Multiple | 10x | |
| Annual Cash Flow | $14,893,200 | $15,174,250 |
| Future Market Cap | $300,674,500 | |
| Future Market Cap Growth | 4% | |
| Target | $3.22/sh. |
Notes: All Values in U.S. Dollars
Fahy Capital Management has enjoyed a 90% return on Energy Fuels, but we think the stock is overvalued by almost every measure at current levels. We are sellers.
