Northgate Exploration Limited - TSX: NGX; AMEX: NXG Message Board

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Gold/Mining/Energy : Northgate Exploration Limited - TSX: NGX; AMEX: NXG

NXG 50.06

-1.3%

12:46 PM EST

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To: Northern Marlin who wrote (24)	5/8/2004 8:22:38 AM
From: Northern Marlin	of 148

EBITDA for 1st Q 04 was $13.12 million, roughly double the 1st Q 03 number ($6.58 million). I wonder if the company paid less against their hedge during the quarter once they knew their production would be less than estimated. Regardless, it makes one attempt to guess how much of the capital costs of constructing Kemess North can be paid from cash flow. During a disappointing quarter NXG increased cash by over $4.5 million while stockpiling ore for processing in the next three quarters and spending $3.6 million for equipment. The company's EBITDA estimate of $75 million for 2004 now seems very conservative. Cash flow will safely be well above $50 million. It looks to me like they could get through estimated construction costs for 2005 ($64 million) without financing. Phil

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