May 27, 2022
VIA EDGAR
Division of Corporation Finance
Office of Energy & Transportation
U.S. Securities and Exchange Commission
Attn: John Coleman, Mining Engineer
100 F. Street, NE
Washington, D.C. 20549
Re: Comment letter dated May 13, 2022
Perpetua Resources Corp.
Form 10-K for the Fiscal Year Ended December 31, 2021
Filed March 18, 2022
File No. 001-39918
Dear Mr. Coleman:
Perpetua Resources Corp. (the “Company”) is in receipt of the comment letter from the staff (“Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission (the “Commission”) dated May 13, 2022 regarding the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Commission on March 18, 2022 (the “2021 Form 10-K”). For convenience, the Staff’s comments are reproduced below, with the Company’s response to each comment set out immediately underneath it. Capitalized terms used but not defined in this letter are intended to have the meanings ascribed to such terms in the 2021 Form 10-K.
Form 10-K for the Fiscal Year ended December 31, 2021
Item 2. Properties, page 35
Comment No. 1: Please revise your mineral resources to disclose resources exclusive of mineral reserves as required by Item 1304(d)(2) of Regulation S-K.
In response to the comment from the Staff, the Company proposes to revise the description of its mineral resources in its future filings, beginning with its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”), to disclose resources exclusive of mineral reserves.
Specifically, in future annual reports on Form 10-K, we propose to replace the mineral resource table with the table from our Technical Report Summary (the “TRS”) that excludes reserves. The table labeled “Consolidated Mineral Resource Statement for the Stibnite Gold Project at December 31, 2021, based on $1,500/oz gold” included on page 35 of our 2021 Form 10-K will be replaced by Table 11-27 (as it may be amended or updated from time to time) from our TRS, dated as of December 31, 2021, developed for the Stibnite Gold Project. The proposed revised table to be included in our future annual reports on Form 10-K, along with the corresponding lead-in paragraph (with additions underlined and deletions marked with a strikethrough), is presented below:
Mineral Resource Estimates
The following table presents the estimated Indicated and Inferred Mineral Resources for the Project at December 31, 2021 based on $1,500/oz gold price and presented in accordance with S-K 1300. While the 2020 Feasibility Study includes both Measured and Indicated Mineral ResourcesReserves, all Measured Mineral ResourcesReserves presented in the 2020 Feasibility Study were reclassified as Indicated Mineral ResourcesReserves in the TRS due to differences in calculation standards under S-K 1300 compared to NI 43-101. Mineral Resources are presented exclusive of Mineral Reserves in accordance with S-K 1300.
Consolidated Mineral Resource Statement for the Stibnite Gold Project at the end of the fiscal Year 2021 based on $1,500/oz gold, EXCLUSIVE OF RESERVES
| Classification | Tonnage (000s) | Gold Grade (g/t) | Contained Gold (000s oz) | Silver Grade (g/t) | Contained Silver (000s oz) | Antimony Grade (%) | Contained Antimony (000s lbs) | |||||||||||||||||||||
| Indicated | ||||||||||||||||||||||||||||
| Yellow Pine | 8,598 | 1.11 | 307 | 1.44 | 397 | 0.018 | 3,405 | |||||||||||||||||||||
| Hangar Flats | 19,803 | 1.30 | 825 | 3.34 | 2,128 | 0.146 | 63,673 | |||||||||||||||||||||
| West End | 15,133 | 0.76 | 369 | 0.91 | 445 | - | - | |||||||||||||||||||||
| Historical Tailings | 0 | - | 0 | - | 0 | - | 0 | |||||||||||||||||||||
| Total Indicated | 43,534 | 1.07 | 1,501 | 2.12 | 2,970 | 0.07 | 67,078 | |||||||||||||||||||||
| Inferred | ||||||||||||||||||||||||||||
| Yellow Pine | 8,021 | 0.85 | 219 | 0.59 | 153 | 0 | 62 | |||||||||||||||||||||
| Hangar Flats | 17,021 | 1 | 548 | 2.3 | 1,259 | 0.09 | 32,146 | |||||||||||||||||||||
| West End | 26,895 | 0.97 | 837 | 1.06 | 918 | 0 | 0 | |||||||||||||||||||||
| Historical Tailings | 191 | 1.13 | 7 | 2.64 | 16 | 0.16 | 662 | |||||||||||||||||||||
| Total Inferred | 52,128 | 0.96 | 1,611 | 1.4 | 2,345 | 0.03 | 32,870 | |||||||||||||||||||||
Notes:
(1) Mineral Resources are reported in relation to a conceptual pit shell to demonstrate potential for economic viability; mineralization lying outside of these pit shells is not reported as a Mineral Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. These Mineral Resource estimates include 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. There is also no certainty that these Inferred Mineral Resources will be converted to the Indicated category through further drilling, or into Mineral Reserves once economic considerations are applied. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
(2) Open pit sulfide Mineral Resources are reported at a cut-off grade of 0.40 g/t Au and open pit oxide Mineral Resources are reported at a cut-off grade of 0.35 g/t Au.
In addition, in future annual reports on Form 10-K, we propose to delete the table labeled “Antimony Sub-Domains Consolidated Mineral Resource Statement at December 31, 2021 based on $1,500/oz gold” included on page 35 of our 2021 Form 10-K, along with the preceding paragraph.
Comment No. 2: Please disclose the metallurgical recovery factor and the specific point of reference with respect to your mineral reserves as required by Item 1304(d)(1) of Regulation S-K. For example, clarify if reserves are disclosed prior to deductions related to the metallurgical recovery factor and therefore disclosed as mill feed with respect to the point of reference, or disclosed at some other point of reference.
In response to Item 1304(d)(1) of Regulation S-K, we provided a general description of the metallurgical recovery factor and the specific point of reference with respect to our mineral reserves on page 36 of the 2021 Form 10-K under the heading “Economic Criteria, Assumptions and Pit Optimizations for Mineral Reserves”. However, given our complex processing algorithm, we pointed readers to Section 14 of the TRS, which provides detailed information about the metallurgical recoveries by deposit, instead of duplicating that information in the 2021 Form 10-K. In addition, on pages 38 and 39 of the 2021 Form 10-K, we provided an outline of recovery methods in the paragraphs under the heading “Recovery Methods.”
In response to the comment from the Staff, the Company proposes in our future filings, beginning with our 2022 Form 10-K, to include in our reserves table a detailed footnote describing the metallurgical recovery factor and specific point of reference with respect to the mineral reserves presented. Specifically, the Company proposes to add the following footnote to the table “Mineral Reserves Summary (Metric Units) at December 31, 2021 based on $1,600/oz gold” on page 37:
“Mineral Reserves are reported from the reference point of delivery to the processing plant. These reserves are subject to variable metallurgical recoveries for gold, silver, and antimony depending on the host rock, process flowsheet, and product (i.e. doré bullion or antimony concentrate). The average recoveries into bullion are 87% for gold and 13% for silver. The average recoveries into antimony concentrate are 68% for antimony, 0.1% for gold, and 2% for silver.”
Item 15. Exhibit and Financial Statement Schedules, Exhibit 96.1, page 57
Comment No. 3: Please revise your technical report summary to include the annual cash flow forecasts based on an annual production schedule for the life of the project as required by Item 601(96)(iii)(B)(19)(ii) of Regulation S-K.
As required by Item 601(96)(iii)(B)(19)(ii) of Regulation S-K, we included a summary of the undiscounted after-tax annual cash flow forecasts for the life of the project in Figure 1-10 of the TRS, which were prepared based on the annual production schedules for the life of the project presented in our technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “Feasibility Study”). In addition, we included the payable metal value for each year for the life of the project in Figure 1-11 of the TRS. Consistent with the Staff’s guidance that the technical report summary “must not include large amounts of technical or other project data, either in the report or as appendices to the report”1 and that, “in preparing the technical report summary, the qualified person must summarize such information,”2 we included only a summary of the undiscounted cash flows that are presented in detail by year in the Feasibility Study, rather than duplicating the entire cash flow report. The Feasibility Study is publicly available on our website at www.perpetuaresources.com.
1 Modernization of Property Disclosures for Mining Registrants, Release Nos. 33-10570; 34-84509 (October 31, 2018), page 252.
2 Ibid., page 270.
In response to the Staff’s comment, the Company proposes to amend the TRS to include the full “Payables and Revenues” and “Expenses and Results” table set forth in Appendix III, Financial Modeling Results, of the Feasibility Study, which is included as Annex A hereto and to add the footnote referenced in our response to Comment No. 2 above to Table 1-4, “Mineral Reserves Summary (Metric Units) at the end of the fiscal Year 2021 based on $1,600/oz gold” included on page 1-7 of the TRS and Table 12-10, “Probable Mineral Reserves Summary (Metric Units) at the end of the fiscal Year 2021 based on $1,600/oz gold” included on page 12-33 of the TRS. The Company intends to file the amended TRS on Form 8-K/A as an amendment to the Form 8-K the Company filed with the Commission on January 3, 2022. For efficiency and to avoid multiple amendments of the TRS, however, the Company proposes to resolve in full the comments in your letter before amending the TRS and filing such Form 8-K/A.
* * * *
If you have any questions regarding this response letter, please contact Jessica Largent at jessica.largent@perpetuacorp.us.
| Sincerely, | |
| /s/ Jessica Largent | |
| Chief Financial Officer | |
| Perpetua Resources Corp. |
Annex A
Annual Payables, Revenues and Cash Flow after Taxes
[Attached]
| Stibnite Gold Project Midas Gold Corporation | Gold - $1,600/oz Silver - $20/oz Antimony - $3.50/lb |
| Payable Metals | Total | Year -3 | Year -2 | Year -1 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||||||||||||||||||||
| Doré Metals | |||||||||||||||||||||||||||||
| Payable Gold | kozs | 4,196 | 341 | 436 | 487 | 566 | 387 | ||||||||||||||||||||||
| Payable Silver | kozs | 835 | 2 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
| Antimony Concentrate Payable Metals | |||||||||||||||||||||||||||||
| Antimony Concentrate | kt | 93 | 6 | 22 | 19 | 10 | 17 | ||||||||||||||||||||||
| Payable Gold | kozs | 3.73 | 0.30 | 0.86 | 1.05 | 0.51 | 0.58 | ||||||||||||||||||||||
| Payable Silver | kozs | 134 | - | - | - | 39.24 | 80.25 | ||||||||||||||||||||||
| Payable Antimony | klbs | 78,433 | 5,604.03 | 19,609.67 | 16,973.35 | 7,962.41 | 12,661.91 | ||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Metal Prices | $000 | ||||||||||||||||||||||||||||
| Gold | $/oz | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | ||||||||||||||||
| Silver | $/oz | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | ||||||||||||||||
| Antimony | $/lb | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | ||||||||||||||||
| Doré | $000 | ||||||||||||||||||||||||||||
| Gold | $ | 6,713,596 | $ | 545,633 | $ | 697,600 | $ | 778,800 | $ | 905,102 | $ | 619,110 | |||||||||||||||||
| Silver | $ | 16,691 | $ | 36 | $ | 33 | $ | 33 | $ | 44 | $ | 28 | |||||||||||||||||
| Refining/Transport Cost | |||||||||||||||||||||||||||||
| Gold | $ | 9,021 | $ | 733 | $ | 937 | $ | 1,047 | $ | 1,216 | $ | 832 | |||||||||||||||||
| Silver | $ | 1,377 | $ | 3 | $ | 3 | $ | 3 | $ | 4 | $ | 2 | |||||||||||||||||
| Antimony Concentrate | $000 | ||||||||||||||||||||||||||||
| Gold | $ | 5,966 | $ | 488 | $ | 1,383 | $ | 1,682 | $ | 821 | $ | 926 | |||||||||||||||||
| Silver | $ | 2,671 | $ | 0 | $ | 0 | $ | 0 | $ | 785 | $ | 1,605 | |||||||||||||||||
| Antimony | $ | 274,514 | $ | 19,614 | $ | 68,634 | $ | 59,407 | $ | 27,868 | $ | 44,317 | |||||||||||||||||
| Treatment/Transport Cost | $ | 15,154 | $ | 1,053 | $ | 3,662 | $ | 3,174 | $ | 1,575 | $ | 2,739 | |||||||||||||||||
| Total Revenues | $ | 6,987,886 | $ | 563,981 | $ | 763,047 | $ | 835,698 | $ | 931,826 | $ | 662,411 | |||||||||||||||||
| Payable Metals | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | Year 11 | Year 12 | Year 13 | Year 14 | Year 15 | |||||||||||||||||||||
| Doré Metals | |||||||||||||||||||||||||||||||
| Payable Gold | 321 | 245 | 224 | 191 | 206 | 276 | 260 | 120 | 109 | 28 | |||||||||||||||||||||
| Payable Silver | 1 | 52 | 93 | 133 | 173 | 112 | 47 | 151 | 29 | 34 | |||||||||||||||||||||
| Antimony Concentrate Payable Metals | |||||||||||||||||||||||||||||||
| Antimony Concentrate | 15 | 1 | - | 2 | - | - | - | - | - | - | |||||||||||||||||||||
| Payable Gold | 0.39 | 0.03 | - | - | - | - | - | - | - | - | |||||||||||||||||||||
| Payable Silver | 11.17 | - | - | 2.91 | - | - | - | - | - | - | |||||||||||||||||||||
| Payable Antimony | 12,949.31 | 639.29 | - | 2,032.55 | - | - | - | - | - | - | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||
| Metal Prices | |||||||||||||||||||||||||||||||
| Gold | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | $ | 1,600.00 | |||||||||||
| Silver | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | $ | 20.00 | |||||||||||
| Antimony | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | $ | 3.50 | |||||||||||
| Doré | |||||||||||||||||||||||||||||||
| Gold | $ | 513,301 | $ | 391,574 | $ | 358,376 | $ | 305,528 | $ | 329,199 | $ | 441,921 | $ | 415,609 | $ | 192,147 | $ | 174,257 | $ | 45,441 | |||||||||||
| Silver | $ | 27 | $ | 1,043 | $ | 1,858 | $ | 2,655 | $ | 3,468 | $ | 2,243 | $ | 949 | $ | 3,015 | $ | 586 | $ | 674 | |||||||||||
| Refining/Transport Cost | |||||||||||||||||||||||||||||||
| Gold | $ | 690 | $ | 526 | $ | 482 | $ | 411 | $ | 442 | $ | 594 | $ | 558 | $ | 258 | $ | 234 | $ | 61 | |||||||||||
| Silver | $ | 2 | $ | 86 | $ | 153 | $ | 219 | $ | 286 | $ | 185 | $ | 78 | $ | 249 | $ | 48 | $ | 56 | |||||||||||
| Antimony Concentrate | |||||||||||||||||||||||||||||||
| Gold | $ | 620 | $ | 47 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Silver | $ | 223 | $ | 0 | $ | 0 | $ | 58 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Antimony | $ | 45,323 | $ | 2,238 | $ | 0 | $ | 7,114 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Treatment/Transport Cost | $ | 2,447 | $ | 118 | $ | 0 | $ | 385 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Total Revenues | $ | 556,354 | $ | 394,171 | $ | 359,599 | $ | 314,340 | $ | 331,939 | $ | 443,384 | $ | 415,921 | $ | 194,655 | $ | 174,560 | $ | 45,999 | |||||||||||
| Operating Cost | $000 | Year -3 | Year -2 | Year -1 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||
| Mining | $ | 860,151 | $ | 2,023 | $ | 14,407 | $ | 33,663 | $ | 67,675 | $ | 67,397 | $ | 73,575 | $ | 77,534 | $ | 70,216 | ||||||||||
| Process Plant | $ | 1,332,063 | $ | 88,809 | $ | 96,643 | $ | 101,116 | $ | 99,642 | $ | 96,688 | ||||||||||||||||
| Water Treatment Plant | $ | 3,157 | $ | 0 | $ | 0 | $ | 0 | $ | 589 | $ | 1,235 | ||||||||||||||||
| G&A | $ | 358,607 | $ | 250 | $ | 250 | $ | 250 | $ | 24,475 | $ | 25,931 | $ | 26,813 | $ | 27,125 | $ | 25,095 | ||||||||||
| Total Operating Cost | $ | 2,553,979 | $ | 2,273 | $ | 14,657 | $ | 33,913 | $ | 180,958 | $ | 189,970 | $ | 201,504 | $ | 204,890 | $ | 193,234 | ||||||||||
| Royalty | $ | 114,079 | $ | 9,272 | $ | 11,867 | $ | 13,250 | $ | 15,380 | $ | 10,526 | ||||||||||||||||
| Property Taxes | $ | 4,354 | $ | 315 | $ | 427 | $ | 389 | $ | 380 | $ | 317 | ||||||||||||||||
| Salvage Value | $ | -27,240 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
| Reclamation/Closure | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
| Production Cost | $ | 2,645,172 | $ | 2,273 | $ | 14,657 | $ | 33,913 | $ | 190,545 | $ | 202,264 | $ | 215,143 | $ | 220,651 | $ | 204,077 | ||||||||||
| Net Operating Income - EBITDA | $ | 4,342,714 | $ | -2,273 | $ | -14,657 | $ | -33,913 | $ | 373,436 | $ | 560,783 | $ | 620,555 | $ | 711,175 | $ | 458,334 | ||||||||||
| Depreciation | ||||||||||||||||||||||||||||
| Initial Capital | $ | 1,218,935 | $ | 1,235 | $ | 1,202,454 | $ | 4,120 | $ | 4,120 | $ | 4,120 | $ | 2,885 | ||||||||||||||
| Capital Equipment Lease | $ | 149,437 | $ | 21,355 | $ | 36,597 | $ | 26,137 | $ | 18,665 | $ | 13,345 | ||||||||||||||||
| Sustaining Capital | $ | 269,556 | $ | 19,508 | $ | 15,973 | $ | 14,554 | $ | 9,590 | $ | 7,426 | ||||||||||||||||
| Total Depreciation | $ | 1,635,847 | $ | 0 | $ | 0 | $ | 1,235 | $ | 1,243,317 | $ | 56,691 | $ | 44,811 | $ | 32,375 | $ | 23,656 | ||||||||||
| Interest | ||||||||||||||||||||||||||||
| Capital Equipment Lease Interest | $ | 17,593 | $ | 0 | $ | 594 | $ | 2,543 | $ | 3,843 | $ | 3,088 | $ | 2,488 | $ | 1,633 | $ | 716 | ||||||||||
| Total Interest | $ | 17,593 | $ | 0 | $ | 594 | $ | 2,543 | $ | 3,843 | $ | 3,088 | $ | 2,488 | $ | 1,633 | $ | 716 | ||||||||||
| Net Income after Depreciation & Interest | $ | 2,689,274 | $ | -2,273 | $ | -15,251 | $ | -37,690 | $ | -873,724 | $ | 501,004 | $ | 573,257 | $ | 677,167 | $ | 433,962 | ||||||||||
| Idaho Mine License Tax | $ | 27,269 | $ | 0 | $ | 0 | $ | 0 | $ | 3,786 | $ | 4,411 | $ | 5,334 | $ | 3,299 | ||||||||||||
| Idaho Corporate Income Tax | $ | 106,600 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 17,380 | $ | 22,256 | ||||||||||||
| Federal Income Tax | $ | 300,879 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 49,055 | $ | 62,819 | ||||||||||||
| Net Income after Taxes | $ | 2,254,526 | $ | -2,273 | $ | -15,251 | $ | -37,690 | $ | -873,724 | $ | 497,218 | $ | 568,846 | $ | 605,398 | $ | 345,588 | ||||||||||
| Cash Flow | ||||||||||||||||||||||||||||
| Net Operating Income after Interest | $ | 4,325,121 | $ | -2,273 | $ | -15,251 | $ | -36,456 | $ | 369,592 | $ | 557,695 | $ | 618,067 | $ | 709,542 | $ | 457,618 | ||||||||||
| Working Capital | ||||||||||||||||||||||||||||
| Account Receivables | $ | 0 | $ | -23,177.31 | $ | -8,180.79 | $ | -2,985.65 | $ | -3,950.46 | $ | 11,071.82 | ||||||||||||||||
| Accounts Payable | $ | 0 | $ | 7,437 | $ | 370.35 | $ | 473.97 | $ | 139.19 | $ | -479.05 | ||||||||||||||||
| Inventory (Parts) | $ | 0 | $ | -7,500 | $ | -7,500 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||
| Total Working Capital | $ | 0 | $ | 0 | $ | 0 | $ | -7,500 | $ | -23,241 | $ | -7,810 | $ | -2,512 | $ | -3,811 | $ | 10,593 | ||||||||||
| Capital Expenditures | ||||||||||||||||||||||||||||
| Initial Capital | $ | 1,218,935 | $ | 199,033 | $ | 448,961 | $ | 570,941 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
| Capital Equipment Lease | $ | 149,437 | $ | 1,115 | $ | 8,869 | $ | 34,029 | $ | 13,146 | $ | 14,299 | $ | 19,358 | $ | 16,303 | $ | 21,039 | ||||||||||
| Sustaining Capital | $ | 289,610 | $ | 0 | $ | 0 | $ | 0 | $ | 19,508 | $ | 19,278 | $ | 20,710 | $ | 14,179 | $ | 10,856 | ||||||||||
| Total Capital Expenditures | $ | 1,657,982 | $ | 200,148 | $ | 457,831 | $ | 604,970 | $ | 32,653 | $ | 33,576 | $ | 40,067 | $ | 30,482 | $ | 31,895 | ||||||||||
| Cash Flow before Taxes | $ | 2,667,138 | $ | -202,421 | $ | -473,082 | $ | -648,925 | $ | 313,698 | $ | 516,308 | $ | 575,488 | $ | 675,249 | $ | 436,316 | ||||||||||
| Cummulative Cash Flow before Taxes | $ | -202,421 | $ | -675,503 | $ | -1,324,428 | $ | -1,010,729 | $ | -494,421 | $ | 81,067 | $ | 756,316 | $ | 1,192,632 | ||||||||||||
| Taxes | $ | 434,748 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,786 | $ | 4,411 | $ | 71,769 | $ | 88,374 | ||||||||||
| Cash Flow after Taxes | $ | 2,232,391 | $ | -202,421 | $ | -473,082 | $ | -648,925 | $ | 313,698 | $ | 512,522 | $ | 571,077 | $ | 603,480 | $ | 347,942 | ||||||||||
| Cummulative Cash Flow after Taxes | $ | -202,421 | $ | -675,503 | $ | -1,324,428 | $ | -1,010,729 | $ | -498,208 | $ | 72,870 | $ | 676,350 | $ | 1,024,292 |
| Operating Cost | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | Year 11 | Year 12 | Year 13 | Year 14 | Year 15 | |||||||||||||||||||||
| Mining | $ | 66,569 | $ | 63,817 | $ | 63,141 | $ | 61,576 | $ | 57,809 | $ | 53,198 | $ | 34,624 | $ | 22,514 | $ | 19,064 | $ | 11,349 | |||||||||||
| Process Plant | $ | 95,935 | $ | 92,503 | $ | 90,989 | $ | 92,893 | $ | 91,388 | $ | 92,312 | $ | 92,447 | $ | 90,096 | $ | 81,083 | $ | 29,521 | |||||||||||
| Water Treatment Plant | $ | 779 | $ | 70 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 484 | |||||||||||
| G&A | $ | 24,348 | $ | 23,986 | $ | 23,741 | $ | 23,486 | $ | 23,517 | $ | 24,193 | $ | 24,425 | $ | 23,986 | $ | 23,486 | $ | 13,252 | |||||||||||
| Total Operating Cost | $ | 187,632 | $ | 180,375 | $ | 177,872 | $ | 177,955 | $ | 172,713 | $ | 169,703 | $ | 151,495 | $ | 136,596 | $ | 123,632 | $ | 54,607 | |||||||||||
| Royalty | $ | 8,725 | $ | 6,649 | $ | 6,084 | $ | 5,187 | $ | 5,589 | $ | 7,503 | $ | 7,056 | $ | 3,262 | $ | 2,958 | $ | 771 | |||||||||||
| Property Taxes | $ | 366 | $ | 346 | $ | 389 | $ | 137 | $ | 204 | $ | 167 | $ | 230 | $ | 230 | $ | 230 | $ | 230 | |||||||||||
| Salvage Value | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | -4,086 | $ | -4,086 | |||||||||||
| Reclamation/Closure | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Production Cost | $ | 196,722 | $ | 187,369 | $ | 184,345 | $ | 183,278 | $ | 178,506 | $ | 177,372 | $ | 158,781 | $ | 140,088 | $ | 122,734 | $ | 51,522 | |||||||||||
| Net Operating Income - EBITDA | $ | 359,632 | $ | 206,801 | $ | 175,254 | $ | 131,062 | $ | 153,433 | $ | 266,012 | $ | 257,141 | $ | 54,567 | $ | 51,826 | $ | -5,523 | |||||||||||
| Depreciation | |||||||||||||||||||||||||||||||
| Initial Capital | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Capital Equipment Lease | $ | 13,330 | $ | 13,345 | $ | 6,665 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Sustaining Capital | $ | 13,766 | $ | 18,937 | $ | 15,847 | $ | 13,548 | $ | 10,676 | $ | 12,030 | $ | 12,322 | $ | 8,297 | $ | 4,861 | $ | 3,918 | |||||||||||
| Total Depreciation | $ | 27,096 | $ | 32,282 | $ | 22,512 | $ | 13,548 | $ | 10,676 | $ | 12,030 | $ | 12,322 | $ | 8,297 | $ | 4,861 | $ | 3,918 | |||||||||||
| Interest | |||||||||||||||||||||||||||||||
| Capital Equipment Lease Interest | $ | 455 | $ | 553 | $ | 421 | $ | 381 | $ | 336 | $ | 246 | $ | 135 | $ | 97 | $ | 51 | $ | 13 | |||||||||||
| Total Interest | $ | 455 | $ | 553 | $ | 421 | $ | 381 | $ | 336 | $ | 246 | $ | 135 | $ | 97 | $ | 51 | $ | 13 | |||||||||||
| Net Income after Depreciation & Interest | $ | 332,082 | $ | 173,967 | $ | 152,322 | $ | 117,133 | $ | 142,421 | $ | 253,736 | $ | 244,684 | $ | 46,173 | $ | 46,914 | $ | -9,454 | |||||||||||
| Idaho Mine License Tax | $ | 2,445 | $ | 1,144 | $ | 983 | $ | 693 | $ | 925 | $ | 1,871 | $ | 1,822 | $ | 273 | $ | 277 | $ | 0 | |||||||||||
| Idaho Corporate Income Tax | $ | 16,341 | $ | 7,338 | $ | 6,219 | $ | 4,212 | $ | 5,820 | $ | 12,370 | $ | 12,030 | $ | 1,304 | $ | 1,331 | $ | 0 | |||||||||||
| Federal Income Tax | $ | 46,122 | $ | 20,710 | $ | 17,553 | $ | 11,889 | $ | 16,426 | $ | 34,914 | $ | 33,954 | $ | 3,681 | $ | 3,756 | $ | 0 | |||||||||||
| Net Income after Taxes | $ | 267,174 | $ | 144,774 | $ | 127,567 | $ | 100,339 | $ | 119,250 | $ | 204,581 | $ | 196,878 | $ | 40,915 | $ | 41,551 | $ | -9,454 | |||||||||||
| Cash Flow | |||||||||||||||||||||||||||||||
| Net Operating Income after Interest | $ | 359,177 | $ | 206,248 | $ | 174,833 | $ | 130,681 | $ | 153,097 | $ | 265,767 | $ | 257,006 | $ | 54,470 | $ | 51,775 | $ | -5,536 | |||||||||||
| Working Capital | |||||||||||||||||||||||||||||||
| Account Receivables | $ | 4,358.51 | $ | 6,665 | $ | 1,420.76 | $ | 1,859.96 | $ | -723.23 | $ | -4,579.95 | $ | 1,128.61 | $ | 9,093.13 | $ | 826 | $ | 5,283 | |||||||||||
| Accounts Payable | $ | -230.22 | $ | -298 | $ | -102.89 | $ | 3.40 | $ | -215.40 | $ | -123.71 | $ | -748.25 | $ | -612.30 | $ | -533 | $ | -2,837 | |||||||||||
| Inventory (Parts) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 15,000 | |||||||||||
| Total Working Capital | $ | 4,128 | $ | 6,367 | $ | 1,318 | $ | 1,863 | $ | -939 | $ | -4,704 | $ | 380 | $ | 8,481 | $ | 293 | $ | 17,447 | |||||||||||
| Capital Expenditures | |||||||||||||||||||||||||||||||
| Initial Capital | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Capital Equipment Lease | $ | 4,220 | $ | 2,985 | $ | 3,298 | $ | 2,112 | $ | 2,621 | $ | 3,184 | $ | 1,697 | $ | 429 | $ | 599 | $ | 135 | |||||||||||
| Sustaining Capital | $ | 61,386 | $ | 1,668 | $ | 12,415 | $ | 716 | $ | 5,145 | $ | 16,198 | $ | 1,671 | $ | 2,475 | $ | 1,629 | $ | 2,481 | |||||||||||
| Total Capital Expenditures | $ | 65,606 | $ | 4,653 | $ | 15,712 | $ | 2,828 | $ | 7,766 | $ | 19,382 | $ | 3,368 | $ | 2,905 | $ | 2,228 | $ | 2,616 | |||||||||||
| Cash Flow before Taxes | $ | 297,699 | $ | 207,962 | $ | 160,439 | $ | 129,716 | $ | 144,393 | $ | 241,681 | $ | 254,018 | $ | 60,047 | $ | 49,840 | $ | 9,295 | |||||||||||
| Cummulative Cash Flow before Taxes | $ | 1,490,331 | $ | 1,698,293 | $ | 1,858,731 | $ | 1,988,447 | $ | 2,132,840 | $ | 2,374,521 | $ | 2,628,539 | $ | 2,688,585 | $ | 2,738,425 | $ | 2,747,720 | |||||||||||
| Taxes | $ | 64,908 | $ | 29,192 | $ | 24,754 | $ | 16,794 | $ | 23,171 | $ | 49,155 | $ | 47,806 | $ | 5,259 | $ | 5,364 | $ | 0 | |||||||||||
| Cash Flow after Taxes | $ | 232,791 | $ | 178,769 | $ | 135,684 | $ | 112,922 | $ | 121,222 | $ | 192,525 | $ | 206,212 | $ | 54,788 | $ | 44,476 | $ | 9,295 | |||||||||||
| Cummulative Cash Flow after Taxes | $ | 1,257,083 | $ | 1,435,853 | $ | 1,571,537 | $ | 1,684,459 | $ | 1,805,681 | $ | 1,998,206 | $ | 2,204,418 | $ | 2,259,205 | $ | 2,303,682 | $ | 2,312,977 | |||||||||||
| Operating Cost | Year 16 | Year 17 | Year 18 | Year 19 | Year 20 | Year 21 | Year 22 | |||||||||||||||
| Mining | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Process Plant | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Water Treatment Plant | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| G&A | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Total Operating Cost | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Royalty | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Property Taxes | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Salvage Value | $ | -4,086 | $ | -4,086 | $ | -2,724 | $ | -2,179 | $ | -2,179 | $ | -1,907 | $ | -1,907 | ||||||||
| Reclamation/Closure | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Production Cost | $ | -4,086 | $ | -4,086 | $ | -2,724 | $ | -2,179 | $ | -2,179 | $ | -1,907 | $ | -1,907 | ||||||||
| Net Operating Income - EBITDA | $ | 4,086 | $ | 4,086 | $ | 2,724 | $ | 2,179 | $ | 2,179 | $ | 1,907 | $ | 1,907 | ||||||||
| Depreciation | ||||||||||||||||||||||
| Initial Capital | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Capital Equipment Lease | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Sustaining Capital | $ | 3,631 | $ | 4,211 | $ | 4,620 | $ | 4,746 | $ | 5,455 | $ | 6,194 | $ | 6,940 | ||||||||
| Total Depreciation | $ | 3,631 | $ | 4,211 | $ | 4,620 | $ | 4,746 | $ | 5,455 | $ | 6,194 | $ | 6,940 | ||||||||
| Interest | ||||||||||||||||||||||
| Capital Equipment Lease Interest | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Total Interest | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Net Income after Depreciation & Interest | $ | 455 | $ | -125 | $ | -1,896 | $ | -2,567 | $ | -3,275 | $ | -4,287 | $ | -5,034 | ||||||||
| Idaho Mine License Tax | $ | 5 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Idaho Corporate Income Tax | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Federal Income Tax | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Net Income after Taxes | $ | 450 | $ | -125 | $ | -1,896 | $ | -2,567 | $ | -3,275 | $ | -4,287 | $ | -5,034 | ||||||||
| Cash Flow | ||||||||||||||||||||||
| Net Operating Income after Interest | $ | 4,086 | $ | 4,086 | $ | 2,724 | $ | 2,179 | $ | 2,179 | $ | 1,907 | $ | 1,907 | ||||||||
| Working Capital | ||||||||||||||||||||||
| Account Receivables | $ | 1,890 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Accounts Payable | $ | -2,244 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Inventory (Parts) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Total Working Capital | $ | -354 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Capital Expenditures | ||||||||||||||||||||||
| Initial Capital | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Capital Equipment Lease | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Sustaining Capital | $ | 2,408 | $ | 6,564 | $ | 7,299 | $ | 5,930 | $ | 8,493 | $ | 7,488 | $ | 9,218 | ||||||||
| Total Capital Expenditures | $ | 2,408 | $ | 6,564 | $ | 7,299 | $ | 5,930 | $ | 8,493 | $ | 7,488 | $ | 9,218 | ||||||||
| Cash Flow before Taxes | $ | 1,324 | $ | -2,478 | $ | -4,575 | $ | -3,751 | $ | -6,314 | $ | -5,581 | $ | -7,311 | ||||||||
| Cummulative Cash Flow before Taxes | $ | 2,749,044 | $ | 2,746,565 | $ | 2,741,990 | $ | 2,738,240 | $ | 2,731,925 | $ | 2,726,344 | $ | 2,719,033 | ||||||||
| Taxes | $ | 5 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Cash Flow after Taxes | $ | 1,319 | $ | -2,478 | $ | -4,575 | $ | -3,751 | $ | -6,314 | $ | -5,581 | $ | -7,311 | ||||||||
| Cummulative Cash Flow after Taxes | $ | 2,314,296 | $ | 2,311,818 | $ | 2,307,243 | $ | 2,303,492 | $ | 2,297,178 | $ | 2,291,596 | $ | 2,284,285 | ||||||||
| Operating Cost | Year 23 | Year 24 | Year 25 | Year 26 | Year 27 | Year 28 | Year 29 | Year 30 | |||||||||||||||||
| Mining | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Process Plant | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Water Treatment Plant | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| G&A | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Total Operating Cost | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Royalty | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Property Taxes | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Salvage Value | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Reclamation/Closure | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Production Cost | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Net Operating Income - EBITDA | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Depreciation | |||||||||||||||||||||||||
| Initial Capital | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Capital Equipment Lease | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Sustaining Capital | $ | 8,853 | $ | 9,722 | $ | 8,528 | $ | 7,124 | $ | 5,796 | $ | 4,695 | $ | 3,522 | $ | 2,186 | |||||||||
| Total Depreciation | $ | 8,853 | $ | 9,722 | $ | 8,528 | $ | 7,124 | $ | 5,796 | $ | 4,695 | $ | 3,522 | $ | 2,186 | |||||||||
| Interest | |||||||||||||||||||||||||
| Capital Equipment Lease Interest | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Total Interest | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Net Income after Depreciation & Interest | $ | -8,853 | $ | -9,722 | $ | -8,528 | $ | -7,124 | $ | -5,796 | $ | -4,695 | $ | -3,522 | $ | -2,186 | |||||||||
| Idaho Mine License Tax | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Idaho Corporate Income Tax | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Federal Income Tax | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Net Income after Taxes | $ | -8,853 | $ | -9,722 | $ | -8,528 | $ | -7,124 | $ | -5,796 | $ | -4,695 | $ | -3,522 | $ | -2,186 | |||||||||
| Cash Flow | |||||||||||||||||||||||||
| Net Operating Income after Interest | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Working Capital | |||||||||||||||||||||||||
| Account Receivables | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Accounts Payable | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Inventory (Parts) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Total Working Capital | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Capital Expenditures | |||||||||||||||||||||||||
| Initial Capital | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Capital Equipment Lease | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Sustaining Capital | $ | 16,451 | $ | 6,391 | $ | 4,571 | $ | 2,225 | $ | 2,203 | $ | 989 | $ | 846 | $ | 18,219 | |||||||||
| Total Capital Expenditures | $ | 16,451 | $ | 6,391 | $ | 4,571 | $ | 2,225 | $ | 2,203 | $ | 989 | $ | 846 | $ | 18,219 | |||||||||
| Cash Flow before Taxes | $ | -16,451 | $ | -6,391 | $ | -4,571 | $ | -2,225 | $ | -2,203 | $ | -989 | $ | -846 | $ | -18,219 | |||||||||
| Cummulative Cash Flow before Taxes | $ | 2,702,582 | $ | 2,696,191 | $ | 2,691,620 | $ | 2,689,395 | $ | 2,687,192 | $ | 2,686,203 | $ | 2,685,357 | $ | 2,667,138 | |||||||||
| Taxes | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| Cash Flow after Taxes | $ | -16,451 | $ | -6,391 | $ | -4,571 | $ | -2,225 | $ | -2,203 | $ | -989 | $ | -846 | $ | -18,219 | |||||||||
| Cummulative Cash Flow after Taxes | $ | 2,267,834 | $ | 2,261,443 | $ | 2,256,872 | $ | 2,254,647 | $ | 2,252,444 | $ | 2,251,455 | $ | 2,250,609 | $ | 2,232,391 | |||||||||
| Economic Indicators before Taxes | $000 | |||||||
| NPV @ 0% | 0.0 | % | $ | 2,667,138 | ||||
| NPV @ 5% | 5.0 | % | $ | 1,598,616 | ||||
| NPV @ 7% | 7.0 | % | $ | 1,290,396 | ||||
| NPV @ 10% | 10.0 | % | $ | 919,133 | ||||
| IRR | 24.3 | % | ||||||
| Payback | Years | 2.9 |
| Economic Indicators after Taxes | $000 | |||||||
| NPV @ 0% | 0.0 | % | $ | 2,232,391 | ||||
| NPV @ 5% | 5.0 | % | $ | 1,319,814 | ||||
| NPV @ 7% | 7.0 | % | $ | 1,054,337 | ||||
| NPV @ 10% | 10.0 | % | $ | 733,218 | ||||
| IRR | 22.3 | % | ||||||
| Payback | Years | 2.9 |
