1. Ulaanbaatar, 2015
PRESENTATION OF DETAILED FEASIBILITY STUDY OF
“UNDURNARAN” GOLD DEPOSIT SITUATED IN SAIKHANDULAAN
SOUM, DORNOGOVI PROVINCE
2. PROPERTY LOCATION
SAYNSHAND
ULAAN BAATAR
CHOYR
Oyu Tolgoi
Undur Naran
Boroo (Gold)
`
Zuunbayan
Tavan Tolgoi
HighwayThe Trans-Siberian Railroad
Railroad to be developed
Good Accessibility to the Relevant SOC (Social Overhead Capital).
• Railway station Sainshand of Trans-Siberian Railroad linked with Russia and China ( 50 km )
• From Ulaanbaatar to Sainshand Highway (500 km)
• Heavy industry complex in Sainshand, Dornogovi province (50 km)
• Zamiin-Uud port of Mongolia and China (150 km )
• Both of the railroad toward Saynshand, one from Tavan Tolgoi and the other from Oyu Tolgoi go through the
site (6 km)
• Power supply (44 km), from Dornogovi province (50 km )
3. MINING PERMIT INFORMATION
Mining permit is issued during 30 years on 15 June, 2012 by Head
of Geology-Mining Cadastre department, MRAM based on
exploration result conducted during 2009-2011.
Indicator
Permit type, its number Mining permit (MV-017064)
Deposit name Undurnaran
Area 4024 ha
Date of issue 2012-06-15
Date of expiry 2042-06-15
Permit of Mining License
• Environmental Impact Assessment
• Approved of Resource Report (Report of
exploration 2009-2011 years)
• Approved of 3,857 kg in Ore Reserve
Certificate
• An Exclusive Mining License for 30 years
• Scoping Study
• Preparing Documents for Mining License
• Additional Exploring Local Area
• Preparing for Exploration
• Establishing Relevant System
~July 2009
~Jan 2012
June 2012
Feb 2015
• Approved of Exploration report in 2012
years (11,433 kg gold approved in B+C
grade)
4. PROJECT PERFORMANCE
Takeover
Mining Right
1. Basic
Exploration
2. Precision
Exploration
3. Development
Preparation
4. Development
Investment
5. Production
1) Review of Survey
Materials
2) Report on
Exploration Results
3) Calculation of
Reserve Estimate
4) Sales Estimate (1st)
5) Selecting Explorers
1) IP Exploration
2) Test Exploration
3) Precision Exploration
4) Exploration Report
5) Approved resource
6) Sales Estimate (2nd)
7) Appraisal by
Accounting Corporation
8) Review of
Scoping study
9) Permit of Mining
license
1) Geology design
2) Development Plan
3) Environmental
Rehabilitation Design
5) Selection of Mining
Methods
6) Mine plan
7) Selection of
Processing Methods
8) Feasibility Study
9) Precision Feasibility
Study
10) Environmental
Impact Accesment
1) Fund Supply Plan
2) Transportation
Plan
3) Ventilation and
Drainage
4) Selecting Contractor
1) Distribution Plan1) Takeover Contract
2) Report on Change
in Registration
3) Registration of
Exploration License
2) Logistics Design
3) Sales Realization
Stage - 1
Preparation
Stage – 2
Exploration
Stage – 3
Development
Stage - 3
Production
4) Detailed researching
study
: Current Status
5) Equipment Supply
6) Infrastructure
Establishment
7. GEOCHEMISTRY OF LICENSE AREA
1
2
3
4
1
2
3
4
5635X Exploration License Area
MV-017064 Mining License Area
Precision Exploration Area
Zone 1 – Tsatsiin Bulag
Zone 2 – Red Stripe
Zone 3 – Central zone
Zone 4 – North zone
Gold Copper
9. PROGNOSIS RESOURCE OF LICENSE AREA
Zone Ore, ton
Gold grade
gr/ton
Gold, ton
Copper
grade, %
Copper, ton
Red Stripe 2,720,000.0 4.90 13.33 - -
Central Zone 57,800,000.0 0.16 9.25 0.26 150,280.0
North Zone 17,000,000.0 0.11 1.87 0.59 100,300.00
Tsatsiin bulag 5,100,000.0 0.20 1.02 - -
Indicated
resource
82,620,000.0 4.14 25.47 250,580.0
2,720
57,800
17,000
5,100
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Red Stripe Central Zone North Zone Tsatsiin
bulag
-
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
70,000.0
ton
thousandton
Indicated resource of Gold
Ore, thous.ton Gold, ton
-
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
70,000.0
Red Stripe Central Zone North Zone Tsatsiin Bulag
Copper - 150.28 100.30 -
Ore 2,720.00 57,800.00 17,000.00 5,100.00
-
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
Ore,thous.ton
Copper,thous.ton
Indicated resource of Copper
10. PERFORMED EXPLORATION
Trench
№ Trench count Metric Hole sample
Resource estimated
in the trench
2011 64 6,900.7 1071 6
2012 13 1,205.6 520 12
Total 77 8,106.3 1591 18
Drilling
№ Drilling count Metric
Core
sample
Resource estimated
in the drilling
2009-2010 1 242 50 1
2011 27 3,541.6 1,620 16
2012 39 7,127.5 2,813 39
Total 67 10,911.1 4,483 56
11. Geology resource
RESOURCE OF DETAILED EXPLORATION
Mineable resource
Resource category Ore, t Au, g/t Au, kg
B 1,009,983.43 4.24 4,286.44
C 1,600,663.72 3.79 6,072.31
B+C 2,610,647.15 3.97 10,358.75
Resource category Ore, t Au, g/t Au, kg
B 1,017,020.58 3.83 3,891.25
C 1,995,970.18 3.78 7,541.27
С1 320,152.86 2.18 696.92
B+C+C1 3,333,143.62 3.64 12,129.44
P1 1,311,329.44 4.56 5,979.83
B+C+P1 4,644,473.06 3.90 18,109.27
Undurnaran gold deposit resource is registered and submitted on 15 February, 2015 by Mineral
resource council.
Note:
1. B – Proved resource 3. С1 – Probable resource on clear conditional
2. С – Measured resource 4. Р1 – Indicated resource
12. TOTAL RESERVE OF DEPOSIT
Geology reserve (B+C+P1+P grade )
Zone Ore, ton
Gold grade
gr/ton
Gold, ton Copper grade, % Copper, ton
Red Stripe (P inferred) 2,720,000.0 4.90 13.33 - -
Central Zone (P inferred) 57,800,000.0 0.16 9.25 0.26 150,280.00
North Zone (P inferred) 17,000,000.0 0.11 1.87 0.59 100,300.00
Tsatsaiin Bulag (P inferred) 5,100,000.0 0.20 1.02 - -
Detailed exploration area (B+C+P1) 4,644,473.06 3.90 18,11
Total 7,264,473.06 43.58 250,580.0
Red Stripe
31.0%
Central Zone
21.5%North Zone
4.3%
Tsatsaiin
Bulag
2.4%
Detailed
exploration
area
40.8%
GOLD RESERVE
Central
Zone
60%
North
Zone
40%
COPPER RESERVE
14. GENERAL MINE PLAN LAYOUT(3D)
1
2
3
4
5
10
6
78
11
1. Open pit
2. Waste dump
3. Liquid tailings dam
4. Dry tailings dam
5. Processing plant
6. Stockpile
7. Gravity plant
8. Crusher
9. Main warehouse
10. Well
9
11. Fresh water line
12. Haul road
13. Electric power transmission line
12 13
10
26. PROCESSING METHOD SELECTION
1. Gravitation-leach (CIP) is selected based on technology test conducted on 2013.
2. International experience of gold processing technology
Gravitation processing
plant
Capacity – 500 tpd
Gravitation tailings, ore
processing leach (CIP)
plant
Capacity – 1000 tpd
Ore processing gravity-
leach (CIP) plant
Capacity – 1000 tpd
in 2016
in 2018
in 2020
27. PROCESSING PLANT GENERAL SOLUTION
1. Gravitation processing plant
a) Annual capacity - 155,000-170,000 t
b) Recovery - 70%
c) Operating days - 310 days/annual
d) No chemical substance are used
e) Liquid tailings
2. Gravitation-leaching processing plant
a) Annual capacity - 310,000-340,000 t
b) Recovery - 94%
c) Operating days - 310 days/annual
d) Sodium cyanide is used in leaching process
e) Solid tailings
36. WATER SUPPLY
1. Water consumption
a) Gravitation processing (500tpd) - 3.22 l/sec
b) Gravitation-leach (CIP 1000 tpd) - 4.88 l/sec
Above water consumption is supplied from Derstei Khondii, which is 2.7 km south from the
processing plant
38. FRESH WATER SOURCE
Lift station
Well #2
Well #3
Well #1
Open pit
Processing
plant
2.7 km from processing plant
2.2 km from open pit
39. POWER SUPPLY
1. Power consumption
a) Gravitation plant (500 tpd) – Installed power 1285 kW/hour, Usage power 834
kW/hour.
b) Gravitation-leach (CIP 1000 tpd) – Installed power 3032 kW/hour, Usage power 1954
kW/hour.
c) By total consumption - Installed power 3410 kW/hour, Usage power 2164 kW/hour.
Above power consumption is supplied from Zuunbayan 110/35 kV substation, situated 44
km southeast from project area, by constructing 35kV transmission line and installing
2885 kVA , 35/10 kV substation.
49. ECONOMICAL BASIC RESULTS
Indicator Unit Value
Rock mass thous.m3
15,728.7
Waste stripping thous.m3
14,770.0
Ore mining thous.t 2,610.6
Gold average grade g/t 3.97
Gold in ore kg 10,358.8
Gold to sell kg 9,807.6
Mining parameters
Economical parameters
№ Specification Unit Amount
1 Sales revenue thous.USD 394,151.7
2 Operation cost thous.USD 251,314.4
3 Net profit (after tax) thous.USD 109,096.2
4 Capital cost (total amount) thous.USD 40,745.1
4.1 Initial capital cost thous.USD 23,992.4
4.2 Sustaining capital cost thous.USD 16,752.8
5 Cash flow after capital cost thous.USD 99,537.7
(40,000.0)
(20,000.0)
0.0
20,000.0
40,000.0
60,000.0
80,000.0
100,000.0
120,000.0
140,000.0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
thousand.USD
Cash flow after capital cost
Cash flow after capital cost Cummulative cash flow capital cost
50. MINING PARAMETER COMPARISON
2.45
3.10
3.97
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
Гацуурт Олон Овоот Өндөрнаран
Au,g/t
Deposit
Average gold grade
Gatsuurt Olon Ovoot Ondornaran
Ondornaran average gold grade is
28-62% high comparing with gold
deposits in Mongolia
5,000.0
2,000.0
1,000.0
-
1,000
2,000
3,000
4,000
5,000
6,000
Гацуурт Олон Овоот Өндөрнаран
tpd
Processing plant capacity
Gatsuurt Olon Ovoot Ondornaran
Processing plant capacity is 5-2
times low comparing with the
same processing technology
plants.
Source: MRAM annual mine plan, report
51. ECONOMICAL PARAMETER COMPARISON
Comparing with same technology mines,
cost per 1 ton ore is high, caused by
following issues. Herein,
Low capacity
Absence of inflation estimation in
compared mines
Discounted rate of 10% is estimated in
Ondornaran project
Source: MRAM annual mine plan, report
Inflation raise by 10% every year during
10 years of operation, decreases risk
related to operational expenditure
growth.
59.6
66.1
96.3
- 20.0 40.0 60.0 80.0 100.0 120.0
Gatsuurt
Olon Ovoot
Undurnaran
USD/ton
Cost of per ton ore
24.2
24.0
25.6
23.0 23.5 24.0 24.5 25.0 25.5 26.0
Gatsuurt
Olon Ovoot
Undurnaran
USD/gram
Unit cost of Gold
52. INFLATION EFFECT
Expenditure has constant increase regardless with rock mass amount during 2016-
2021. However, expenditure is decreased related with the 2022 year rock mass but
has high unit cost than other operating years. This means the ability to resist
inflation caused risks.
13,851.6
15,180.8
20,325.9
24,873.9
28,247.3
28,290.6
25,716.8
29,205.1
31,706.9
32,610.7
0
500
1000
1500
2000
2500
3000
-
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
45,000.0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
thousandbcm
Rock mass, thous.bcm Operation cost, thous.USD Gold price, USD/kg
Resource: Mongolian Statistical Information Service
53. INVESTMENT
Investment
Initial
investment, 2015
Sustaining capital
expenditures, after
2015
Total
Loan 23,992.4 23,992.4
Own funding 16,752.8 16,752.8
Total 23,992.4 16,752.8 40,745.1
Investment, thousand USD
12,606.6
12,940.3
819.3
25.5
2,561.9
5,979.9
2,574.8
500.0
254.9
2,354.4
0
4,000
8,000
12,000
Ил болон далд уурхай
Баяжуулах үйлдвэр
Хотхон
Ерөнхий удирдлага
Цахилгаан хангамж
Хаягдлын далан
Судалгаа шинжилгээ
Хайгуулын ажил (нөөцийн зэрэг ахиулах)
Бичиг баримт боловсруулах
Эргэлтийн хөрөнгө
Thousand USD
Investment structure
Working capital
Document processing
Exploration work /raise resource category/
Research
Tailings dam
Power supply
Administration
Camp
Processing plant
Open pit, underground mine
54. INVESMENT FINANCE
Total investment’s 58.9 percent or initial capital cost is necessary provide 24 million USD.
Required investment
24 million USD
Economical main indicators
№ Specification Unit Amount
1 Life of Mine years 10
2 Sales revenue thous.USD 394,151.7
3 Operation cost thous.USD 251,314.4
4 Net profit after tax thous.USD 109,096.2
5 Capital cost (total amount) thous.USD 40,745.1
5.1 Initial capital cost thous.USD 23,992.4
5.2 Sustaining capital cost thous.USD 16,752.8
6 Cash flow after capital cost thous.USD 99,537.7
7 Net present value (NPV@10%) thous.USD 49,677.1
8 Internal rate of return (IRR) % 43%
9 Payback period of initial investment (since product year) years 2.45
10 Payback period of project (since product year) years 3.26
55. REVENUE
Gold price selected for project
estimation is the average value related
to the last 10 years of gold price
continuous increase. And also
1250$/oz is selected to avoid gold
price caused risk.
Source: www.lbma.org.uk
www.mongolbank.mn
-
200.00
400.00
600.00
800.00
1,000.00
1,200.00
1,400.00
1,600.00
1,800.00
2,000.00
Jan-05
Jun…
No…
Apr…
Sep…
Feb…
Jul-07
Dec…
Ma…
Oct…
Mar…
Au…
Jan-10
Jun…
No…
Apr…
Sep…
Feb…
Jul-12
Dec…
Ma…
Oct…
Mar…
Au…
Gold price, $/oz
Gold price in project –
1250 $/oz
Last 10 years gold price
change, $/oz
Most price varied years
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0
1,600.0
0.0
50,000.0
100,000.0
150,000.0
200,000.0
250,000.0
300,000.0
350,000.0
400,000.0
1 2 3 4 5 6 7 8 9
Kg
ThousandUSD
Selling gold and cummulative sales revenue
Cummulative sales revenue, thous.USD Sellin gold, kg
56. EVALUATION OF DEPOSIT
ZONE Gold, ton Copper, thous.ton
Evaluation,
thous.USD
Red stripe (P-inferred resource) 13.3 - 12,288.8
Central Zone (P-inferred resource) 9.3 150.3 30,146.2
North Zone (P-inferred resource) 1.9 100.3 16,152.7
Tsatsiin Bulag (P-inferred resource) 1.0 - 940.3
Detailed exploration
area
B+C 12.13 - 49,677.1
P1-Indicated
resource
6.0 - 8,389.7
Total 43.58 250.58 117,594.84
Price resource:
Gold – www.goldprice.org in 21st March, 2015
Copper – www.lme.com in 21st March, 2015
Red Stripe
9.5%
Central Zone
23.3%
North Zone
12.5%
Tsatsaiin Bulag
0.7%
Detailed exploration
area B+C
47.4%
Detailed exploration
area P1
6.5%
EVALUATION OF DEPOSIT
57. COOPERATION PROPOSAL
“FREEGOOD ERIN” LLC proposing for cooperation to the investors with following 2
options.
To sell voting share’s proposal Funding to loans to buy voting share’s proposal
Indicator Unit Amount
Evaluation of Deposit (100%
shares value)
USD 80,000,000.0
30% shares value USD 24,000,000.0
Required initial investment USD 23,992,350.1
30% of initial investment USD 7,197,705.0
The total payment for shares
and investment
USD 31,197,705.0
To own shares % 30%
Indicator Unit Amount
Evaluation of Deposit (100%
shares value)
USD 80,000,000.0
Loan USD 24,000,000.0
Loan rate 6% per annual USD 1,440,000.0
Total loan and rate USD 25,440,000.0
To own shares % 32%
In the case of above two conditions, “Freegood Erin” LLC has got to right to owe
management
By financing the project’s initial required investment with loan
interest rate, the buyer shall own 32% voting shares after 1 years.
59. Conditions of Loans
Required Loans – 24.0 million
USD
Loan’srate6%perannual
• Total rate value – 3,840
thousand USD
• Rate value of first year –
1,440 thousand USD
• Loan’s repayment period– 4
years (2019 until)
Loan’srate8%perannual
• Total rate value – 5,280
thousand USD
• Rate value of first year –
1,920 thousand USD
• Loan’s repayment period– 4
years (2019 until)
Loan’srate12%perannual
• Total rate value – 9,660
thousand USD
• Rate value of first year –
2,880 thousand USD
• Loan’s repayment period – 5
years (2020 until)
60. Graphic of Loan’s repayment
Loan’s value - 24.0 million USD
# Indicator Unit
Loan’s repayment period
Total
2015 2016 2017 2018 2019 2020
1 Loan’s value thous.USD 24,000.0 24,000.0
2 Rate per year thous.USD - 1,440.0 1,140.0 840.0 420.0 - 3,840.0
3 Repayment thous.USD 5,000.0 5,000.0 7,000.0 7,000.0 - 24,000.0
4 Loan balance thous.USD 24,000.0 19,000.0 14,000.0 7,000.0 - -
Loan’s rate 6% per annual
Loan’s rate 8% per annual
# Indicator Unit
Loan’s repayment period
Total
2015 2016 2017 2018 2019 2020
1 Loan’s value thous.USD 24,000.0 24,000.0
2 Rate per year thous.USD - 1,920.0 1,560.0 1,200.0 600.0 - 5,280.0
3 Repayment thous.USD 4,500.0 4,500.0 7,500.0 7,500.0 - 24,000.0
4 Loan balance thous.USD 24,000.0 19,500.0 15,000.0 7,500.0 - -
Loan’s rate 12% per annual
# Indicator Unit
Loan’s repayment period
Total
2015 2016 2017 2018 2019 2020
1 Loan’s value thous.USD 24,000.0 24,000.0
2 Rate per year thous.USD - 2,880.0 2,460.0 2,040.0 1,440.0 840.0 9,660.0
3 Repayment thous.USD 3,500.0 3,500.0 5,000.0 5,000.0 7,000.0 24,000.0
4 Loan balance thous.USD 24,000.0 20,500.0 17,000.0 12,000.0 7,000.0 -
61. ECONOMIC INDICATOR
Indicator Unit Rate 6% per annual Rate 8% per annual
Rate 12% per
annual
Sales revenue Thous.USD 394,151.7 394,151.7 394,151.7
Operation cost + Income tax Thous.USD 287,995.3 289,138.3 292,577.1
Operation cost Thous.USD 284,155.3 283,858.3 282,917.1
Rate Thous.USD 3,840.0 5,280.0 9,660.0
Net profit Thous.USD 106,156.4 105,013.4 101,574.5
Cash flow after investment and loan Thous.USD 96,590.3 95,447.3 92,008.4
Loan payback period years 4.0 4.0 5.0
Payback period years 4.67 4.72 4.83
IRR % 39.7% 38.8% 36.5%
96,590.3
95,447.3
92,008.4
89,000.0
90,000.0
91,000.0
92,000.0
93,000.0
94,000.0
95,000.0
96,000.0
97,000.0
Rate 6% per annaul Rate 8% per annaul Rate 12% per annaul
thousandUSD
Cash flow after investment and loan
62. Break-even analysis
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
1300 1250 1200 1150 1100 1050 1000 950 900 850 800 750 700 650 600
MillionUSD
Gold price variance, USD/oz
Break-even point of Gold price
Sales revenue, thous.USD Operation cost, thous.USD
Break-even price
797.0 $/oz
Project gold
price
-
100.0
200.0
300.0
400.0
500.0
600.0
797 860 922 985 1,048 1,111 1,173 1,236 1,299 1,361 1,424 1,487 1,550 1,612 1,675
MillionUSD
Gold unit cost variance, $/oz
Break-even point of Gold unit cost
Sales revenue, thous.USD Operation cost, thous.USD
Break-even unit cost
1,250 $/oz
Project unit
cost
In case gold price decrease 36.2
percent is 797 USD/oz, this project
net profit is 0.
In case gold unit cost increase 56.8
percent is 1,250 USD/oz, this project
net profit is 0.
65. Deposit valuation
Zone Gold, ton
Copper,
thousand.tn
Income ,
thousand,$
Valuation,
thousand.$
Red stripe 13.3 - 409,626.7 12,288.8
Central zone 9.3 150.3 1,004,872.2 30,146.2
North zone 1.9 100.3 538,423.1 16,152.7
Tsatsyn bulag 1.0 - 31,344.3 940.3
Detailed exploration
area
B+C 12.1 - 394,151.7 49,677.1
P1 6.0 - 167,794.9 8,389.74
Total 43.58 250.58 2,546,212.79 117,594.84
Gold price resource: www.goldprice.org on 21st March, 2015
Copper price resource: www.lme.com in 21st March, 2015
2,546.21
117.59
0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800
Борлуулалтын орлого
Ордын үнэлгээ
Millions USD
Deposit valuation and income
66. Mine options
High Margin mine
option – 22
Economic model
choose option - 56
By Gemcom Whittle report 87 types of mine can be run
67. Уурхайн хувилбар
High Margin mine option’s
Mining and economic indicator
№ Үндсэн үзүүлэлт Unit Amount
1 Rock mass bcm 9,694,556.6
2 Waste bcm 9,142,482.0
3 Ore Ton 1,501,643.0
4 Gold grade gr/ton 5.0
5 Sales gold kg 6,657.6
1 Sales revenue Thous.USD 284,919.5
2 Operation cost Thous.USD 129,986.1
3 Net profit Thous.USD 117,480.0
4 CAPEX Thous.USD 34,727.6
4.1 Initial CAPEX Thous.USD 23,992.4
4.2 Sustaining CAPEX Thous.USD 10,735.3
5 Cash flow after CAPEX Thous.USD 101,780.3
6 NPV@10% Thous.USD 57,362.4
7 IRR % 50%
8 Payback period of initial investment /since 2016/ years 2.21
9 Payback period of project /since 2016/ years 3.59
68. Project future value
1. Selling shares
In 2015
• 1% share’s price – 800.0 thousand USD
• 100% share’s price – 80.0 million USD
• Project evaluation – 118.4 million USD
In May, 2016
• 1% share’s price – 1.18 million USD
• Developing processing plant, mining,
infrastructure etc. ( Capacity-500 tpd )
In December, 2016
• We would be able to issue shares
on Hong Kong stock exchange
69. Project future value
1. Selling shares
800.00
1,175.95
3,122.73
-
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
Cuurently - 2015 2016* 2017*
ThousandUSD
Per shares increase
2016* - Production year ( Constructed processing plant, mining, infrastructure and other)
2017* - Would be able to issue shares on Hong Kong stock exchange in year
70. Project future value
2. Loan funding
In 2015
• Loan value – 24.0 million USD
• Loan rate – 8%/per year
• Total loan value in a year later – 25.92 million USD
In 2016
• 1% share’s price – 1.18 million USD
• Developing processing plant, mining, infrastructure etc. (
Capacity-500 tpd )
• The 30% shares sold for 35.4 million USD
• Profit after loan and rate – 9.5 million USD
In 2018
• We would be able to issue shares
on Hong Kong stock exchange
71. Project future value
2. Loan funding
24,000.00
35,278.45
93,681.90
-
10,000.00
20,000.00
30,000.00
40,000.00
50,000.00
60,000.00
70,000.00
80,000.00
90,000.00
100,000.00
2015 - Loan 2016 - Selling 30% shares 2017 - 30% shares valuation on Hong Kong stock
exchange
ThousandUSD
72. 삼일 회계 법인 보고서About Freegood
72copyrightⓒ2010 freegood All rights reserved.www.freegoods.co.kr
73. 삼일 회계 법인 보고서About Freegood
73copyrightⓒ2010 freegood All rights reserved.www.freegoods.co.kr