BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
Relative Developer Trading Multiples and Capital Intensity
P/NAV (ratio)
19
1.0x
0.8x
0.6x
0.4x
0.2x
Base Metal Intermediate Producer Median P/NAV: 0.7x
Trinida
Base Metal Junior Producer Median P/ NAV: 0.4x
0.1¢
Northern
Dynasty
((4)
Panoro
Cornerstone
Western
SolGold
CO
1.0¢
Trilogy
Polymet
Source: Company Fings, FactSet, Turquoise Hill Internal LT Model at street consensus pricing, street research
Intermediate producers include Bolden, Capstone, Ivanhoe. Lundin, and Nexa
2. Junior producers include Atalaya, CAML Copper Mountan, Ero, Hudbay, Imperial, and Taseko
******
Los Andes
EV/Resource (US¢/lb Cu Eq.)
Turquoise Hill Marimaca
(Model)
Adventus
Ivanhoe
Intalcapex based on median street broker estimates.
4. No NAVPS estimates: P/NAV placed on line of best
Based on unaffected share price to Rio Tinto's revised proposal of C$30.19 (closing share price as of 23-Aug-22) and unfinanced NAVPS
Solaris)
Filo
APPENDIX
Bubble sizes represent Market Cap
10.0¢
Initial Capex / Market Cap. 22.0x
Initial Capex / Market Cap. < 2.0x
PROJECT ASTERIXView entire presentation