Monarch Mining Corporation: Initiation - Monarch's Magicians

Our valuation with production to FY27 produces free cash flow of over C$70m from the two key projects, Beaufor and Croinor, with C$1.15/share in total dividends starting in FY24. This implies a valuation for the Beaufor/Croinor combination of C$0.69/share using a 10% pa discount rate. McKenzie and Swanson potentially add a further C$0.30/share. With additional funding, the Croinor start up could be accelerated to FY22, which would increase our core valuation by C$0.21/share, while a two-year mine-life extension could add another C$0.38/share. Combined, these imply full valuation upside of C$1.58/share. This excludes any potential future upside from exploration, M&A or further mine life extensions.

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