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Gold/Mining/Energy : Royal Oak-RYO
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To: Madharry who wrote (602)12/19/1997 9:33:00 AM
From: Al Cern  Read Replies (1) of 1706
 
Armin,

Using RYO's own numbers a dime on copper is $9,000,000CDN, and $25 of gold price is the same. I used $290 gold and $0.80 copper in my original calculation. This is for Kemess (see 2ndQ report for these numbers). Then you have to adjust the other 230,000oz.s of gold production from other operations based on $310 costs. At $310 its break even on purely a cost basis, at $330 they make $6.5millCDN.

What I have done here and in my previous post is one step above a back of the envelope financial analysis. I have used current prices and company estimates. I would tend to discount the company estimates of costs when calculating near-term cash flows, because they do not reflect the costs of starting up. This is why I say 1998 will be a very critical year for the company. Hopefully this helps.

Sincerely,

Al Cern
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