Sheet1Coal reserves14,500,000New Long-term debt2,800,000Detailed exploration drilling112,000Share ($)1050,000500,000Fee exploration consultant780Diversification10%330,000Land134,000Renewal Fixed Asset2,970,000Building4,756Equipments3,000,000Stripping ratio7.1Stripping cost0.32Renewal Fixed Asset3,004,756Drilling cost0.57Salvage295,244Blasting cost0.46Diversification10%29,524Loading cost0.17Hauling cost0.15Transportation cost0.23Price56Excalation price3%Employees60TM salary2,500MM salary1,300LM salary600Operator350Marketing expense5%G&A expense3%Overhead cost500Equity60%Long-term debt40%1,300,614Interest rate6.75%13.50%Cash FlowNew Long-term debt2,800,0001,120,000YearsExploration0123456789101112YearsExploration0123456789101112Coal1,208,3331,208,3331,208,3331,208,3331,208,3331,208,3331,208,3331,208,3331,208,3331,208,3331,208,3331,208,333Principal400,000400,000400,000400,000400,000400,000400,000Overburden8,579,1678,579,1678,579,1678,579,1678,579,1678,579,1678,579,1678,579,1678,579,1678,579,1678,579,1678,579,167Interest378,000324,000270,000216,000162,000108,00054,000Total material movement9,787,5009,787,5009,787,5009,787,5009,787,5009,787,5009,787,5009,787,5009,787,5009,787,5009,787,5009,787,500Principal185,802185,802185,802185,802185,802185,802185,802Interest175,583175,583150,500125,416100,33375,25050,16725,083Price565656585961636567697173

Cash InflowRevenue67,666,66767,666,66767,666,66769,696,66771,787,56773,941,19476,159,42978,444,21280,797,53983,221,46585,718,10988,289,652R/E50%12,421,78312,467,72912,475,19113,026,18613,593,48714,065,12814,575,31815,325,01716,047,30016,712,37117,372,598Net Profit(3,251,536)24,843,56624,935,45824,950,38326,052,37227,186,97428,130,25629,150,63630,650,03432,094,60033,424,74334,745,19636,695,028Total Cash Inflow67,666,66780,088,45080,134,39682,171,85884,813,75387,534,68190,224,55793,019,53096,122,55699,268,765102,430,480105,662,250

Cash OutflowCapital expenditure - Exploration drilling112,000 - Exploration fee780 - Land134,000 - Building4,7564,7564,756Balance Sheet - Equipments3,000,0003,000,0003,000,000AssetTotal capital expenditure3,251,536YearsExploration0123456789101112CostCurrent - Stripping cost3,132,0003,132,0003,132,0003,132,0003,132,0003,132,0003,132,0003,132,0003,132,0003,132,0003,132,0003,132,000Cash Flow0(3,251,536)32,347,30332,243,70132,258,62533,563,61534,907,30635,827,95137,430,72538,773,99340,333,67841,906,21443,628,15645,440,533 - Drilling cost5,578,8755,578,8755,578,8755,578,8755,578,8755,578,8755,578,8755,578,8755,578,8755,578,8755,578,8755,578,875Other cost295,244 - Blasting cost4,502,2504,502,2504,502,2504,502,2504,502,2504,502,2504,502,2504,502,2504,502,2504,502,2504,502,2504,502,250Marketable security330,000 - Loading cost1,663,8751,663,8751,663,8751,663,8751,663,8751,663,8751,663,8751,663,8751,663,8751,663,8751,663,8751,663,875Fixed - Hauling cost1,468,1251,468,1251,468,1251,468,1251,468,1251,468,1251,468,1251,468,1251,468,1251,468,1251,468,1251,468,125Building3,8052,8541,90295103,8052,8541,90295103,8052,854 - Transportation cost277,917277,917277,917277,917277,917277,917277,917277,917277,917277,917277,917277,917Equipment2,400,0001,800,0001,200,000600,00002,400,0001,800,0001,200,000600,00002,400,0001,800,000 - Overhead cost6,0006,0006,0006,0006,0006,0006,0006,0006,0006,0006,0006,000Total0(3,251,536)34,751,10834,046,55433,460,52834,164,56634,907,30638,856,99939,233,57939,975,89540,934,63041,906,21446,031,96147,243,387Total Cost16,629,04216,629,04216,629,04216,629,04216,629,04216,629,04216,629,04216,629,04216,629,04216,629,04216,629,04216,629,042ExpenseLiability - Marketing expense831,452831,452831,452831,452831,452831,452831,452831,452831,452831,452831,452831,452YearsExploration0123456789101112 - G&A expense498,871498,871498,871498,871498,871498,871498,871498,871498,871498,871498,871498,871AP1,001,5851,001,5851,001,585 - TM salary10%615,00015,00015,00015,00015,00015,00015,00015,00015,00015,00015,00015,000Tax11,423,07711,368,27711,375,05011,875,11212,389,97412,710,01713,173,04713,853,44614,559,13015,162,72415,715,19216,257,303 - MM salary20%1215,60015,60015,60015,60015,60015,60015,60015,60015,60015,60015,60015,600Interest175,583175,583150,500125,416100,333453,250374,167295,083216,000162,000108,00054,000 - LM salary30%1810,80010,80010,80010,80010,80010,80010,80010,80010,80010,80010,80010,800Total11,598,66011,543,86011,525,55012,000,52912,490,30713,163,26714,548,79915,150,11515,776,71515,324,72415,823,19216,311,303 - Operator salary40%248,4008,4008,4008,4008,4008,4008,4008,4008,4008,4008,4008,400EquityTotal expense1,380,1231,380,1231,380,1231,380,1231,380,1231,380,1231,380,1231,380,1231,380,1231,380,1231,380,1231,380,123YearsExploration0123456789101112Dividen50%12,421,78312,467,72912,475,19113,026,18613,593,48714,065,12814,575,31815,325,01716,047,30016,712,37117,372,598Direct InvestmentTotal cash outflow18,009,16530,430,94830,476,89430,484,35631,035,35131,602,65232,074,29332,584,48333,334,18234,056,46534,721,53635,381,763Share500,000New Long Term Dept2,800,000Earnings before int & tax49,657,50249,657,50249,657,50251,687,50253,778,40255,932,02958,150,26460,435,04762,788,37465,212,30067,708,94470,280,487R/EPrincipal185,802185,802185,802185,802585,802585,802585,802400,000400,000400,000400,000R/E12,421,78312,467,72912,475,19113,026,18613,593,48714,065,12814,575,31815,325,01716,047,30016,712,37117,372,598Interest175,583175,583150,500125,416100,333453,250374,167295,083216,000162,000108,00054,000Dividen12,421,78312,467,72912,475,19113,026,18613,593,48714,065,12814,575,31815,325,01716,047,30016,712,37117,372,598Depreciation600,951600,951600,951600,951600,951600,951961,522576,913346,148346,148600,951961,522Total00024,843,56624,935,45824,950,38326,052,37230,486,97428,130,25629,150,63630,650,03432,094,60033,424,74334,745,196Salvage value173,0741,442,283Total L+E0011,598,66036,387,42736,461,00836,950,91238,542,67943,650,24142,679,05544,300,75146,426,74947,419,32449,247,93451,056,499Depletion6,573,2746,590,4346,590,4346,793,4347,002,5247,217,8877,439,7117,668,1897,903,5228,145,9148,395,5798,652,733Taxable income42,307,69342,104,73142,129,81443,981,89845,888,79147,074,13948,789,06351,309,06053,922,70456,158,23858,204,41460,212,232Tax27%11,423,07711,368,27711,375,05011,875,11212,389,97412,710,01713,173,04713,853,44614,559,13015,162,72415,715,19216,257,303Royalty13.5%5,711,5395,684,1395,687,5255,937,5566,194,9876,355,0096,586,5246,926,7237,279,5657,581,3627,857,5968,128,651Earnings after tax25,173,07725,052,31525,067,24026,169,22927,303,83128,009,11229,029,49330,528,89132,084,00933,414,15234,631,62635,826,278Depreciation600,951600,951600,951600,951600,951600,951961,522576,913346,148346,148600,951961,522Depletion6,573,2746,590,4346,590,4346,793,4347,002,5247,217,8877,439,7117,668,1897,903,5228,145,9148,395,5798,652,733Net cashflow(3,251,536)32,347,30332,243,70132,258,62533,563,61534,907,30635,827,95137,430,72538,773,99340,333,67841,906,21443,628,15645,440,533315,573Discount rate1.0000.8810.7760.6840.6030.5310.4680.4120.3630.3200.2820.2480.219Net discounted cashflow(3,251,536)28,499,82625,029,55722,062,68020,224,84918,532,62916,758,95015,426,13814,079,05912,903,42711,811,90110,834,5889,942,442Net cumulative disc. Cashflow(3,251,536)25,248,290

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