Excelsior Mining Corp (EXMGF)

[Photonics_Guy]

Excelsior Financial Scenarios
(using FS baseline)

Using the FS as a baseline, here are three scenarios to show PPS sensitivity to copper pricing. The analysis is very conservative.

1. It uses a 50/50 split of debt to equity financing for the initial capex raise
2. It reduces company valuation to 80% of Net Asset Value (NAV)
3. It factors in debt repayments (principal+interest)
4. It assumes that capital improvements for Phase II and Phase III will be fully funded from a combination of debt and revenues (no equity).

Even with these very conservative assumptions, the NPV/IRR are very favorable. In the unlikely event that copper goes back to the $2/lb level, the resulting valuation shows that the Gunnison project is very profitable.

Happy reading...

Scenarios:
1. Base Case: $2.75/lb Copper
2. Optimistic Case: $3.75/lb Copper
3. Pessimistic Case: $2.00/lb Copper