Fort Capital Investment Banking Pitch Book
Precedent Transactions
EV/ Resource Multiples of Gold Developers Transactions
• Comparable deals in the space have transacted at an average of $121/oz AuEq and $71/oz AuEq EV/M&I and EV/Resource respectively (1)
• Selected range based on earlier stage nature of asset
Target
Batte North
GT Gold
QMX Gold
Snowfield property
Monarch Gold
Peak Gold Project
Eastmain Resources
Blackwater project
Barkerve Gold Mines
Northern Empire
Exploration Assets
AuRico Metals
Santa Gertrudis project
Integra Gold
Kaminak Gold
Spring Valley & Ruby Hill
Romarco Minerals
Newstrike Capital
Probe Mines
Paramount Gold & Sil ver
Rainy Rever 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
Feat.
PEA
Resource
PEA
Feas
Feas.
PEA
PEA
Resource
Resource
PEA
Acquiror
Evolution Mining
Newmont
Eldorado Gold
Sea bridge Gold
Yamana Gold
Kinross Gold
Auryn Resources
Artemis Gold
Osisko Gold Royalties
Coeur Mining
Agnico Eagle
Centerra Gold
Agrico Eagle
Eldorado Gold
Goldcorp
Waberton
OceanaGold
Timmins Gold
Goldcorp
Coeur Mining
New Gad
Primero Miring
Osisko Mining
Argonaut Gold
IA MGOLD
New Gad
Agrico Eagle
Ann. Date
Mar-14-2021
Mar-10-2021
Jan 20-2021
Dec-04-2020
NON-02-2020
Sep-30-2020
Ju-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
Ju-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
$348
$99
$120
$111
$134
597
$214
$231
578
$325
$215
$80
$422
$309
$135
$455
$107
$411
$154
$290
$120
$403
$281
$514
$115
$261
Selected Range:
$80/oz-$100/oz
no
$16
EV / M&I
(Soz AuEq)
41
$10
los
Average: $121/cz
4253
4250
5007
75343
Selected Range:
$50/oz-$70/oz
EVI Resource
(Voz AuEq)
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 USS75M transaction size for an ownership stake >/-50%
GOLD INC
ITS
$93
304
Average: $71/oz
4118
40
$189
$168
$200
Fort CapitalView entire presentation