Replies to post #35 on Black Iron, Inc. (BKIRF)

[fullyblown1]

Long-Term Price Case

$97.19/dmt

Flagship Project

Shymanivske

Ownership

100%

Shares Outstanding

186,300,000

Market Cap

$11,178,000

Average Annual Production

7,065,000 dmt

Recovery

98%

Payable Product

141.3M dmt

LoM

20 Years

True All-in Costs (TAIC)

$56.26/dmt.

Gross Revenue

$13,732,947,000

Ukrainian Federal Government Royalties

($863,300,000)

Net Revenue

$1,286,9647,000

Total Operating Costs

($4,446,200,000)

Operating Cash Flow (EBITDA)

$8,423,447,000

Income Taxes

($1,516,220,460)

Total Capital Costs

($1,124,200,000)

Net Income

$5,783,026,540

Net Profit Margin

42%

Absolute Cost Structure (ACS)

58%

MTQ Score (Higher is Better)

0.7

True Value

$31.04/sh.

True Value Discount (TVD)

100%

Cash Flow Multiple

5x

Net Annual Cash Flow

$289,151,327

Future Market Cap

$1,445,756,635

Future Market Cap Growth

12,834%

Target

$7.76/sh.

Notes: All Values in U.S. Dollars