ANTIMONY-BASED LIQUID METAL BATTERIES
NON-GAAP MEASURES
NON-GAAP MEASURES
To provide investors with additional information in connection with our results as determined in accordance with generally accepted accounting principles in the United States ("GAAP"), we disclose certain
projected non-GAAP financial measures. The projected non-GAAP financial measures include Cash Costs, EBITDA, All-in Sustaining Costs and After-Tax Free Cash Flow estimates and related calculations as
published in the Company's 2020 Feasibility Study.
1. Cash Costs and All-in Sustaining Costs (AISC)
Cash Costs is a non-GAAP metric defined as the sum of cash operating costs (mining, processing, G&A), by-product credits, refining and transportation costs and royalties and is used to evaluate the
Company's future operating performance and provide visibility into the economics of our future mining operations.
All-in Sustaining Costs (AISC) is a non-GAAP metric defined as the sum of cash costs (from above), sustaining capital costs and non-revenue-based taxes (i.e. property tax) and is used to evaluate the
Company's future operating performance and the ability to generate cash flow from operations.
2. EBITDA
Earnings before interest, taxes and depreciation and amortization (EBITDA) is a non-GAAP metric is generated from adding back taxes, interest, depreciation to net income and is used to evaluate the
Company's future operating performance.
3. After-Tax Free Cash Flow (FCF)
After-Tax Free Cash Flow (FCF) is a non-GAAP metric and is defined as net cash provided from operating activities less capital expenditures and less taxes and is used to evaluate the Company's future
operating performance and ability to generate excess cash flow but it does not entirely represent cash available for discretionary expenditures due to the fact that the measure does not deduct the payments
required for debt service and other items.
We believe the projected non-GAAP financial measures included in this presentation provide readers with additional meaningful comparisons between the Company's 2020 Feasibility Study and its peer
companies. These projected non-GAAP financial measures are not historical measures of financial performance and are not presented in accordance with GAAP. They may exclude items that will be significant in
understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that our presentation of
these measures may not be comparable to similarly-titled measures used by other companies. The projected non-GAAP measures included in this presentation cannot be reconciled to comparable GAAP
measures without unreasonable effort.
The non-GAAP financial measures included in this presentation are projections based on the 2020 Feasibility Study. They are forward-looking statements and remain subject to the risks and uncertainties set forth
in the section titled "Forward-Looking Statements" at the beginning of this presentation.
See the 2020 Feasibility Study for additional information regarding the non-GAAP financial measures included in this presentation. The economic model described in the 2020 Feasibility Study is not a true cash
flow model as defined by financial accounting standards but rather a representation of Project economics at a level of detail appropriate for a feasibility study level of engineering and design.
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