TABLE 12.3 PRE-TAX AND AFTER-TAX CASH FLOW ANALYSIS SMART SAND - OAKDALE OPERATION Monroe County, Wisconsin Prepared For SMART SAND, INC By John T. Boyd Company Mining and Geological Consultants January 2022 2032 2042 2052 2062 2072 2082 2092 2102 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 to 2041 to 2051 to 2061 to 2071 to 2081 to 2091 to 2101 to 2111 Total Production Statistics (Tons 000): ROM Production off Fee Property 3,447 3,447 3,447 3,447 3,447 3,447 3,447 3,447 3,447 3,447 34,470 34,470 34,470 34,470 34,470 34,470 34,470 31,952 307,712 Processing Statistics (Tons 000): Wet Plant Feed 3,447 3,447 3,447 3,447 3,447 3,447 3,447 3,447 3,447 3,447 34,470 34,470 34,470 34,470 34,470 34,470 34,470 31,952 307,712 Processing Recovery (%) 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 85.5 Wet Plant Product 2,947 2,947 2,947 2,947 2,947 2,947 2,947 2,947 2,947 2,947 29,474 29,474 29,474 29,474 29,474 29,474 29,474 27,321 263,110 Dry Plant Feed 2,947 2,947 2,947 2,947 2,947 2,947 2,947 2,947 2,947 2,947 29,474 29,474 29,474 29,474 29,474 29,474 29,474 27,321 263,110 Processing Recovery (%) 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 Dry Plant Product 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 28,000 28,000 28,000 28,000 28,000 28,000 28,000 25,955 249,955 Overall Processing Recovery (%) 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 81.2 Sales and Financial Data: Saleable Product Tons Sold (000): 30/50-Mesh 898 898 898 898 898 898 898 898 898 898 8,980 8,980 8,980 8,980 8,980 8,980 8,980 8,321 80,161 50/140-Mesh 1,902 1,902 1,902 1,902 1,902 1,902 1,902 1,902 1,902 1,902 19,020 19,020 19,020 19,020 19,020 19,020 19,020 17,634 169,794 Total Tons Sold 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 28,000 28,000 28,000 28,000 28,000 28,000 28,000 25,955 249,955 Product Pricing ($ per ton) 30/50-Mesh 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 50/140-Mesh 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 Weighted Average 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 Revenues ($ 000) 30/50-Mesh 17,960 17,960 17,960 17,960 17,960 17,960 17,960 17,960 17,960 17,960 179,600 179,600 179,600 179,600 179,600 179,600 179,600 166,420 1,603,220 50/140-Mesh 38,040 38,040 38,040 38,040 38,040 38,040 38,040 38,040 38,040 38,040 380,400 380,400 380,400 380,400 380,400 380,400 380,400 352,680 3,395,880 Total Sales Revenues 56,000 56,000 56,000 56,000 56,000 56,000 56,000 56,000 56,000 56,000 560,000 560,000 560,000 560,000 560,000 560,000 560,000 519,100 4,999,100 COGS ($ 000): Cash Operating Expense: Wages and benefits 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 108,000 108,000 108,000 108,000 108,000 108,000 108,000 102,600 966,600 Excavation 5,771 5,771 5,771 5,771 5,771 5,771 5,771 5,771 5,771 5,771 57,708 57,708 57,708 57,708 57,708 57,708 57,708 53,493 515,157 Utilities 7,974 7,974 7,974 7,974 7,974 7,974 7,974 7,974 7,974 7,974 79,744 79,744 79,744 79,744 79,744 79,744 79,744 73,920 711,872 Equipment 3,307 3,307 3,307 3,307 3,307 3,307 3,307 3,307 3,307 3,307 33,070 33,070 33,070 33,070 33,070 33,070 33,070 31,417 295,977 Maintenance 3,147 3,147 3,147 3,147 3,147 3,147 3,147 3,147 3,147 3,147 31,472 31,472 31,472 31,472 31,472 31,472 31,472 29,173 280,949 Other costs 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 25,400 26,800 28,200 29,600 31,000 32,400 33,800 33,182 264,382 Total Cash Operating Expense 33,399 33,399 33,399 33,399 33,399 33,399 33,399 33,399 33,399 33,399 335,394 336,794 338,194 339,594 340,994 342,394 343,794 323,785 3,034,937 $ per ROM ton 9.69 9.69 9.69 9.69 9.69 9.69 9.69 9.69 9.69 9.69 9.73 9.77 9.81 9.85 9.89 9.93 9.97 10.13 9.86 $ per ton sold 11.93 11.93 11.93 11.93 11.93 11.93 11.93 11.93 11.93 11.93 11.98 12.03 12.08 12.13 12.18 12.23 12.28 12.47 12.14 Royalty 698 698 698 698 698 698 698 698 698 698 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,467 62,276 $ per ton sold 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 S,G&A 13,944 13,944 13,944 13,944 13,944 13,944 13,944 13,944 13,944 13,944 139,440 139,440 139,440 139,440 139,440 139,440 139,440 129,256 1,244,776 $ per ton sold 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 Final Reclamation Escrow 221 221 221 221 221 221 221 221 221 221 2,206 2,206 2,206 2,206 2,206 2,206 2,206 2,049 19,700 $ per ton sold 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 Total COGS 48,262 48,262 48,262 48,262 48,262 48,262 48,262 48,262 48,262 48,262 484,017 485,417 486,817 488,217 489,617 491,017 492,417 461,556 4,361,689 $ per ton sold 17.24 17.24 17.24 17.24 17.24 17.24 17.24 17.24 17.24 17.24 17.29 17.34 17.39 17.44 17.49 17.54 17.59 17.78 17.45 EBITDA 7,738 7,738 7,738 7,738 7,738 7,738 7,738 7,738 7,738 7,738 75,983 74,583 73,183 71,783 70,383 68,983 67,583 57,544 637,411 $ per ton sold 2.76 2.76 2.76 2.76 2.76 2.76 2.76 2.76 2.76 2.76 2.71 2.66 2.61 2.56 2.51 2.46 2.41 2.22 2.55 CapEx ($ 000): Total CapEx 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 34,000 354,000 Net Pre-Tax Cash Flow 3,738 3,738 3,738 3,738 3,738 3,738 3,738 3,738 3,738 3,738 35,983 34,583 33,183 31,783 30,383 28,983 27,583 23,544 283,411 Federal and State Income Taxes - - - - - - - - - - - - 7,352 9,185 8,781 8,376 7,972 6,868 48,534 After-Tax Net Cash Flow 3,738 3,738 3,738 3,738 3,738 3,738 3,738 3,738 3,738 3,738 35,983 34,583 25,832 22,598 21,603 20,607 19,612 16,675 234,877 DCF-NPV Analysis: Pre-Tax Discounted Cash Flows at 12% 3,532 3,154 2,816 2,514 2,245 2,004 1,790 1,598 1,427 1,274 6,928 2,144 662 204 63 19 6 2 32,382 Cumulative Pre-Tax Discounted Cash Flows at 12% 3,532 6,686 9,502 12,017 14,262 16,266 18,056 19,653 21,080 22,354 29,282 31,426 32,088 32,292 32,355 32,374 32,380 32,382 After-Tax Dis\counted Cash Flows at 12% 3,532 3,154 2,816 2,514 2,245 2,004 1,790 1,598 1,427 1,274 6,928 2,144 536 145 45 14 4 1 32,171 Cumulative After-Tax Discounted Cash Flows at 12% 3,532 6,686 9,502 12,017 14,262 16,266 18,056 19,653 21,080 22,354 29,282 31,426 31,962 32,107 32,152 32,165 32,170 32,171 12-3 JO H N T. B O Y D C O M PA N Y