Eagle Royalties Stock Price Calculation Assumptions: Gold price: $4,000/oz Silver price: $100/oz FCF multiple: 20x Shares outstanding: 30 million (estimate) NSR portfolio production: Gold: 100,000 oz/year at 1% NSR Silver: 500,000 oz/year at 1% NSR FCF margin: 85% Step 1: NSR Revenue Calculation Gold Revenue: 100,000 oz × $4,000/oz × 1% = $4,000,000 Silver Revenue: 500,000 oz × $100/oz × 1% = $500,000 Total Revenue: $4,000,000 + $500,000 = $4,500,000 Step 2: Free Cash Flow (FCF) FCF: $4,500,000 × 85% = $3,825,000 Step 3: Market Cap Calculation Market Cap: $3,825,000 × 20 = $76,500,000 Step 4: Stock Price Calculation Stock Price: $76,500,000 ÷ 30,000,000 = $2.55/share Conclusion: If gold reaches $4,000/oz and silver hits $100/oz , the estimated stock price for Eagle Royalties would be $2.55/share , assuming the above revenue and production scenario.
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