Fort Capital Investment Banking Pitch Book
Future Share Price / Fully Financed NAV Analysis
Present value of the fully financed share prices is C$3.74/share
Present value of the fully financed share price is C$3.74/share
- Assuming two $80M and $200M debt financings with 5% interest
rate and 7-year amortization term starting in 2023 and 2026
-
Assuming P/NAV multiple gradually increase from 0.5x to 0.9x by
2027 (first year of full production of both North Bullfrog and
Mother Lode)
Fully financed share price is US$5.40/share at the beginning of 2028
Fully Financed Share Price Analysis (1)
$5.24 $5.31
NAVPS (US$/share)
-O-P/NAV (0.0x)
NAVPS
x P/NAV Multiple
Implied Share Price
Implied Share Price
Key Financing Events
Debt Financing
Equity Financing
+Equity Financing Price
Shares Issued
PF Shares Outstanding
(USS/sh)
(0.0k)
(USS/ch)
(CS/sh)
(USSM)
(US$M)
(USS/h)
(M)
(M)
Fully Financed Share Price in 2028
PV of the Fully Financed Share Price
PV of the Fully Financed Share Price
(1)
Corvus (2)
0.5x
22
Y-2
$5.24
0.5x
$2.82
$3.31
$4.3
$2.45
1.8
128.8
0.6x
23
Y-1
$5.31
0.ex
$3.19
$4.03
$5.04 $5.17
8.5
137.2
0.8x
24
125
Y1
$5.04
Y2
$5.17
0.8x
0.7x
$3.02 $3.62
$3.82
$4.57
$80.0
$21.3 $110.6
$2.51
$3.08
36.2
173.4
$5.40
$2.96
$3.74
0.7x 0.7x
$29.5
$2.90
10.2
183.5
$6.43
(US$/sh)
(US$/sh)
(C$/sh)
Values are presented as at the beginning of period
Includes proceeds raised for 6% underwriterfees
COLON (3) Assumes a 4.0% discount to market
26
$3.48
.
183.5
27
Y3
$5.43 $5.71
0.7x
$3.80
0.9x
$5.14
$5.40
$4.80
$6.49 $6.83
$200.0
$3.65
Key Assumptions
Valuation Date
Equity Discount Rate
Additional Corporate G&A
$5.71
0.9x 0.9 0.9 0.9x
.
Debt (tranche 1)
183.5
$0.00
28
Y5
$8.00
0.9x
$4.93
$6.25
183.5
$29
Y6
$6.25
0.9x
$5.62
$7.11
$5. 19
$8.44
183.5
$8.44
0.9x
$5.79
$7.32
$5.40
183.5
September 10, 2021
10%
$4M in 2021, $20M in 2022 $3M/year in 2023+,
$100k/year in 2021+
Tranche 1
$80M starting in 2023
7-year amortization
5.0% interest rate
$6.57
0.9x
31
$5.58
132
Y8
Y9
$6.57 $8.89
0.9x
0.9
$5.92 $8.02
$7.48
$7.61
183.5
09x
$6.79
$0.00
$5.68
183.5
Tranche 2
$200M starting in 2026
33
Y10
0.9x 0.0x 0.9x
$6.84 $6.85
$5.78
$8.79
0.9x
$8.11
$8.84
0.9
$8.15
$7.72 $7.78
183.5
34
Y11
$5.87
36
183.5
'35
Y12
$8.85
0.9x
$8.18
$7.79
$5.91
183.5
Fort CapitalView entire presentation