Fort Capital Investment Banking Pitch Book

Appendix C: Trading Comparables Gold Producer P/NAV Comparison Current Trading Multiples (¹) 1.0x Lundin 0.8x Victoria Junior Avg. P/NAV: 0.62x Corvus GOLD INC 0.6x K92 16x -8.5x- Minera Alamos Pure Gold Junior Gold Producers 0.3x Harte 1.2x Kirkland Lake 1.0x 1.0x Endeavour (1) S&P Capital IQ as of September 10, 2021 Evolution 0.9% 0.9% 0.8x Centamin Pretium Northern Star 0.8 0.8x 0.8x 0.8x 0.7x B2Gold Intermediate Avg. P/NAV: 0.73x SSR Alamos Yamana Centerra OceanaGold Intermediate Gold Producers 0.6x 0.6x New Gold Argonaut 0.5*0.5× Equinox Torex 0.4x Eldorado 0.4x IAMGOLD 54 Fort Capital

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