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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.3x - 8.0x | 7.6x |
| Selected Fwd EBITDA Multiple | 6.7x - 7.4x | 7.0x |
| Fair Value | $75.59 - $83.23 | $79.41 |
| Upside | 26.0% - 38.7% | 32.3% |
| Benchmarks | Ticker | Full Ticker |
| Hecla Mining Company | HL | NYSE:HL |
| Southern Copper Corporation | SCCO | NYSE:SCCO |
| Alcoa Corporation | AA | NYSE:AA |
| AngloGold Ashanti plc | AU | NYSE:AU |
| Caledonia Mining Corporation Plc | CMCL | NYSEAM:CMCL |
| Newmont Corporation | NEMC.L | OTCPK:NEMC.L |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HL | SCCO | AA | AU | CMCL | NEMC.L | ||
| NYSE:HL | NYSE:SCCO | NYSE:AA | NYSE:AU | NYSEAM:CMCL | OTCPK:NEMC.L | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.7% | 12.8% | 1.4% | 14.1% | 18.1% | 18.6% | |
| 3Y CAGR | 2.5% | -2.2% | -17.1% | 22.6% | 12.4% | 25.8% | |
| Latest Twelve Months | 79.7% | 20.8% | 368.6% | 149.7% | 54.1% | 127.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.7% | 54.6% | 13.8% | 34.3% | 39.2% | 39.0% | |
| Prior Fiscal Year | 27.9% | 51.1% | 5.3% | 25.6% | 23.7% | 25.9% | |
| Latest Fiscal Year | 33.9% | 56.2% | 13.2% | 39.0% | 40.6% | 47.4% | |
| Latest Twelve Months | 38.6% | 56.9% | 19.4% | 48.7% | 43.7% | 53.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.06x | 6.73x | 0.62x | 3.75x | 2.38x | 3.49x | |
| EV / LTM EBITDA | 13.1x | 11.8x | 3.2x | 7.7x | 5.4x | 6.6x | |
| EV / LTM EBIT | 21.7x | 13.6x | 4.3x | 10.2x | 6.6x | 8.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.2x | 7.7x | 13.1x | ||||
| Historical EV / LTM EBITDA | 7.3x | 9.0x | 14.3x | ||||
| Selected EV / LTM EBITDA | 7.3x | 7.6x | 8.0x | ||||
| (x) LTM EBITDA | 10,938 | 10,938 | 10,938 | ||||
| (=) Implied Enterprise Value | 79,435 | 83,616 | 87,796 | ||||
| (-) Non-shareholder Claims * | 3,326 | 3,326 | 3,326 | ||||
| (=) Equity Value | 82,761 | 86,942 | 91,122 | ||||
| (/) Shares Outstanding | 1,098.1 | 1,098.1 | 1,098.1 | ||||
| Implied Value Range | 75.37 | 79.18 | 82.99 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 75.37 | 79.18 | 82.99 | 60.00 | |||
| Upside / (Downside) | 25.6% | 32.0% | 38.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HL | SCCO | AA | AU | CMCL | NEMC.L | |
| Enterprise Value | 5,153 | 79,935 | 7,956 | 27,901 | 460 | 62,557 | |
| (+) Cash & Short Term Investments | 297 | 4,010 | 1,514 | 2,001 | 38 | 6,653 | |
| (+) Investments & Other | 44 | 121 | 1,016 | 607 | 0 | 4,455 | |
| (-) Debt | (574) | (7,449) | (2,657) | (2,312) | (28) | (7,607) | |
| (-) Other Liabilities | 0 | (69) | (100) | (1,875) | (23) | (175) | |
| (-) Preferred Stock | (0) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,919 | 76,549 | 7,729 | 26,322 | 446 | 65,883 | |
| (/) Shares Outstanding | 661.2 | 812.2 | 258.9 | 504.7 | 19.3 | 1,098.1 | |
| Implied Stock Price | 7.44 | 94.25 | 29.85 | 52.15 | 23.14 | 60.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.44 | 94.25 | 29.85 | 52.15 | 23.14 | 60.00 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |