Notes
...All numbers in $USD
...AISC for Bullfrog for first 8 years only
...Aisc for Mothers for first 3 years only
...Assumed $900 AISC for LOM for each deposit
...Adumbi production excludes Makapela
...Kibali AISC and Recovery rates used for Adumbi
..Multiply NPV5 for Adumbi by 85 % for Loncor share ( = $1.0 B)
....KOR offer is 65% of NPV
...Applied top Adumbi, net to Loncor would be $650 million US = $ 825 million in CAD
....Adumbi offer does not include the other advanced assets of Loncor
KOR offer probably will not be accepted by shareholders, as it is low balled
| | | | | | |
| | Bullfrog | Motherlode | KOR Total | | Adumbi (OP) |
| | | | | | T.LN |
| POD ( USD ) | $1500.00 | $1500.00 | $1500.00 | | $1500.00 |
| LOM ( Yrs) | 14 | 8 | 11 | | 13 |
| Grade | 0.75 | 1.01 | 0.90 | | 2.51 |
| Capex ( M. C$) ) | $30.00 | $450.00 | $480 m | | $725.00 |
| recovery % | 75 | 85 | 80% | | 97.0 |
| average Gold Production | 105,000 | 171,000 | 251,000 | | 250,000 |
| Gold Recovered | 1.45 | 1.37 | 2.82 | | 3.25 |
| AISC ( $C) | $727.00 | $677.00 | $900.00 | | $700.00 |
| Tax rate | 30% | 30% | 30% | | 30% |
| Pretax Cash flow( C$ ) | $0.88b | $0.82 b | $1.70 b | | $2.60 b |
| Aftertax Cash flow ( C$) | $0.62 | $0.57 | $1.19 b | | $1.82 b |
| Aftertax NPV5 ( C$) | $452 m | $303m | $775 m | | $1.18 b |
| | | | | | |