| Long-Term Price Case | $1,700/oz. |
| Flagship Project | Eagle Gold Project |
| Resource Base (M&I, Inclusive of Reserves) | 4,082,573 ozs. |
| Resource Base (Proven & Probable) | 2,663,000 ozs. |
| Fully-Diluted Shares | 57,226,296 |
| Fully-Diluted Market Cap | $295,430,000 |
| Average Annual Production | 188,400 ozs. |
| LoM | 10 Years |
| Recovery | 70.9% |
| Payable Product | 1,884,000 ozs. |
| True All-in Cost (TAIC) | $1,127/oz. |
| Gross Revenue | $3,202,800,000 |
| Refining Charge | ($18,745,800) |
| Third-Party Royalties | ($22,740,000) |
| Total Operating Costs | ($981,610,000) |
| Operating Profit | ($2,179,704,200) |
| Income Taxes | ($653,911,260) |
| Total Capital Costs | ($445,704,000) |
| Net Income | $1,080,088,940 |
| Net Profit Margin | 34% |
| Absolute Cost Structure (ACS) | 66% |
| True Value | $18.87/sh. |
| Cash Flow Multiple | 10x |
| Annual Cash Flow | $108,000,000 |
| Future Market Cap | $1,080,000,000 |
| Future Market Cap Growth | 265% |
| Target | $18.87/sh. |
Notes: All Values in U.S. Dollars.
Eagle is a premium gold project with an excellent Net Profit Margin and Absolute Cost Structure that we believe will be awarded a Market Cap valuation as high as 10x cash flow.
Update, 10 November 2019
We have revised our analysis to reflect Victoria’s 15-1 share consolidation. We have also boosted our stake in the miner by 22%
