Fort Capital Investment Banking Pitch Book
Liquidity and VWAP
The last turn of float traded at a volume weighted average price of C$3.19 prior to AngloGold offer (1)
• Offer Price of C$4.10 significantly above last turn of the float VWAP through to the July 13, 2021 unaffected price of CS3.19
• Vast majority of shares traded over the last twelve months have been below the Offer Price of C$4.10/share
• Significant increase in average daily value traded post the Anglo Gold announcement of loan agreement and of non-binding offer
Average Daily Volume Traded (ooo's) (2)
Turn of Float VWAP (1)
282
1 month
$1,122
353
1 month
3 months
Average Daily Value Traded (C$000's) (2)
$1,361
295
3 months
12 months
$971
12 months
237
24 months
$727
24 months
Shareholding
Basic Shares Outstanding (M)
Less: Insiders & Significant Shareholders
Float
Last turn of Float
Trading Days
Years
Turn of Float WWAP (CS)
Turn of Float WWAP (CS) - September 10
% of Float Traded
30%
Share Accumulation Analysis (Last Turn of Float) (1)
Cumulative % of Float Traded
24%
12%
% of Float Traded
18% 15.6%
6%
25.7%
16.8%
16.6%
Hli
10.9% 10.4%
Corvus (1) S&P Capital IQ as of July 12, 2021 (unaffected date prior to July 13 announcement of takeover offer from AngloGold)
(2) S&P Capital IQ as of September 10, 2021
May-29-2020
281
1.12
$3.19
$3.27
4.0%
<*$2.75 $2.75 to $3.00 to $3.25 to $3.50 to $3.75 to $4.00
$3.00 $3.25 $3.50 $3.75 $4.00
126.98
(56.02)
70.96
100%
80%
19
60%
40%
20%
Cumulative % of Float
Fort CapitalView entire presentation