Financial: Cash Flow

• Working Capital: Estimated as 50% of the First Year’s Operating Costs ($12.3 million)

• Royalties: None are Paid

• Depletion: Percentage Depletion Method Used (15% for Copper and 22% for Molybdenum)

• Depreciation Method: Modified Accelerated Cost Recovery Schedule

• Loan: 50% of Total Project Cost, Paid Over 5 Years at 8% Interest

• Taxes: All State and Federal Taxes Were Calculated According to Relevant Tax Laws

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