Fort Capital Investment Banking Pitch Book
Precedent Transactions
Total Acquisition Costs of Gold Developers Transactions
• Comparable deals in the space have transacted at an average TAC of $978/oz, representing an average of 65.5% of spot gold prices (¹)
• Selected range reflective of earlier stage of assets
Selected Range:
60%-65%
TAC % of Spot
Batte North
GT Gold
QMX Gold
Target
Snowfield property
Monarch Gold
Peak Gold Project
Eastmain Resources
Blackwater project
Barkerville Gold Mines
Northern Empire
Exploration Assets
AuRico Metis
Santa Gertrudis project
Integra Gold
Kaminak Gold
Spring Valley & Ruby Hill
Romarco Minerals
Newstrike Capital
Probe Mines
Paramount Gold & Sill ver
Rainy River Resources
Cerro Resources
Queenston Mining
Prodigy Gold
Trelawney Mining
Siver Quest Resources
Grayd Resource
PEA Stage or Prior
Target stage
PFS
Scoping
Resource
Resource
Feas.
PEA
PEA
Feas.
PEA
Resource
PEA
Feas.
PEA
PEA
Feas
Resource
Feas
PEA
Resource
PEA
Feas
Feas.
PEA
PEA
Resource
Resource
PEA
Acquir or
Evolution Mining
Newmont
Eldorado Gold
Sea bridge Gold
Yamana Gold
Kinross Gold
Auryn Resources
Artemis Gold
Osiako Gold Royalties
Coeur Mining
Agnico Eagle
Conterra Gold
Agnico Eagle
Eldorado Gold
Goldcorp
Waterton
OceanaGold
Timmine Gold
Goldcorp
Coeur Mining
New Gold
Primero Mining
Osiako Mring
Argonaut Gold
IAMGOLD
New Gold
Agnico Eagle
Ann. Date
Mar 14-2021
Mar 10-2021
Jan 20-2021
Dec-04-2020
Nav-02-2020
Sep-30-2020
Jul-29-2020
Jun-09-2020
Sep 23-2019
Aug-02-2018
Dec-21-2017
Nov-07-2017
Sep-05-2017
May-14-2017
May-12-2016
Nov-12-2015
Jul 30-2015
Feb-17-2015
Jan 19/2015
Dec-17-2014
May-31-2013
Dec-13-2012
Nov-12-2012
Oct-15-2012
Apr-27-2012
Oct 17-2011
Sep-19-2011
Transaction Value
100% basis
(USSM)
$259
$34
599
$120
$1.11
$134
397
$214
$231
578
$325
$215
$80
$422
$369
$135
$455
$107
$411
$154
$290
$120
5403
$281
$514
$115
$261
na
n'o
na
no
no
na
na
n'a
Total Acquisition Cost (TAC)
440
4901
4012
41034
4838
41055
41.019
41073
Average: 5978/cz
41,537
na
no
na
no
na
na
na
na
Post PEA Stage
Source: Capital iQ Market Intelligence and Company Disclosures
Corvus (1) We included transactions as per the following criteria: pre-production stage, gold primary asset (35%+ AuEq) located in the
North America, with transaction value (100% basis greater than US$75M transaction size for an ownership stake >/-50%
GOLD INC
21.3%
68.4%
837%
Average: 85.5%
41
100%
Fort CapitalView entire presentation