Fort Capital Investment Banking Pitch Book
Overview of Mother Lode
PEA Stage Gold Development Opportunity
Nevada, USA
Location:
Commodities:
Au, Ag
Open Pit
Type:
Stage:
Processing :
.
Corvus acquired the Mother Lode project from Goldcorp in 2017
Consideration consisted of 1M Corvus shares (at a deemed price of $0.81
per share) and a 2% NSR in favour of Goldcorp
Announced the completion of a PEA on Mother Lode in November 2020
The PEA estimates a 9 year mine life resulting in US$303M of after tax
NPV and a 23% IRR
- Higher capex linked with BiOx treatment for sulphide ore portion of deposit
Mother Lode deposit is surrounded by Coeur Mining claims, impinging on ability
to develop without a layback agreement
Preliminary Economic Assessment
Bio-Oxidation & Heap Leach
• Discovered the new "Lynnda Strip" target in July 2020 which is -2.5km NE of
Mother Lode, and has since carried out significant drilling
Reserve & Resource Summary (¹)
M&I
Inferred
Total
Resource
Tonnage
(Mt)
60.24
9.86
70.10
Au
(g/t)
0.55
Grade
0.80 0.78 0.81
0.77
Contained
Ag AuEq Au
Ag
(g/t) (g/t) (koz) (koz)
1.26
0.85
0.56
1,552 1,509
173
399
0.78 1,725 1,908
Corvus
COLN (1) Mineralreserves and resources from Corvus Mother Lode PEA
AuEq
(koz)
1,572
178
1,750
Mining Summary (Production and AISC)
210
$922
167
247
$631 $501
175
$1,883
$1,082 72
Yr 1 Yr 2 Yr3 Yr 4
Au Production (koz)
177
PEA Summary
Mine Life (years)
LOM Avg. Annual Au Prod. (kozpa)
LOM Avg. Annual Ag Prod. (kozpa)
LOM Recovery Au/Ag (%)
Initial / Sustaining Capital (USSM)
Gold Price Assumption (USS/oz)
LOM Avg. AISC (By-Product) (US$/oz Au)
NPV (Post-Tax @5%) (USSM)
IRR (After Tax)
207
14
86 $1,451
$918
$648 $520
Yr5 Yr6 Yr7 Yr8 Yr9
--AISC By-Product (US$/oz)
9 years
153
71
85%/32%
$406/$44
$1,500
$787
$303
23%
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