Investor Presentaiton
Net Present Value Of The PEA/Implied Equity Value
A significant amount of capital ($50M) has gone into developing The CuMo project since 1998.
A Preliminary Economic Assessment ("PEA") from SRK Consulting was produced in May 2020.
KEY ASSUMPTIONS
Metal Prices
Sorting Ratio (Mill Feed To Mining)
Milling Rate
Life Of Mine (LOM) Strip Ratio
LOM Grades (Mined)
LOM Grades After Sorting (Mill Feed)
Mill Recoveries
AFTER-TAX ECONOMICS
1.
2.
3.
Undiscounted Cash Flow
Post-tax Net Present Value (NPV) @8% (1) (2)
Post-tax Net Present Value (NPV) @5%
Post-tax Net Present Value (NPV) @ 10%
Implied Equity Value % Of NPV(3)
SRK PEA (1)
Cu $3/lb | Mo $15/lb | Ag $17.50/Oz
72%
150,000 tpd
1.11 To 1
Mos2 0.074% | Mo 0.044% | Cu 0.105% | Ag 3.00g/T
Mos2 0.093% | Mo 0.055% | Cu 0.131% | Ag 3.75g/T
Mo -91.87% | Cu 76.33% | Ag 70.42%
$368 Million (Average)
$356 Million
$1.7 Billion
-$205 million
10% (3)
The preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have
economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
8% is the Reported Economic Base Case in the 2020 PEA
The Implied Equity Value of 10% of the NPV of the PEA is a generally accepted metric to value mining projects at the PEA level.
IDAHO
COPPER
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