Fort Capital Investment Banking Pitch Book
Appendix B: Detailed Financial Model
Mother Lode Detailed Financial Model
Perba End
Cash Flow Date
Gold Ounces
Silver Ounces
Gold Price
Silver Price
Gold Revenue
Silver Revenue
Total Revenue
Less: Royalties
Net Revenue
Operating Expenses
Waste Mining
Ore Mining
Processing/Leach in g/Trucking/rehandle
G&A
Mine Equipment Finance Charges
Depreciation
Credit Stockpile Mining Cost
Environmental & Reclamation
EBT
Nevada NPT
Federal Income Tax
Depreciation
Capital Expenses & Working Capital
Net Cash Flow After Tax
NPV
Corvus
GOLD INC
units
(koz)
(koz)
(USS/oz)
(US$/oz)
(US$M)
(US$M)
(US$M)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(US$M)
Y-1
Y1
Y2
Y3
Y4
Y5
Y7
Y8
Y9
Y6
2032
2028
2029
2030
2031
2033
2034
2035
Jun-30-2035
2026 2027
Dec-31-2020 Dec-31-2007 Dec-31-2028 Dec-31-2020 Dec-31-2030 Dec-31-2031 Dec-31-2032 Dec-31-2033 Dec-31-2034 Dec-31-2035
Jun-30-2027 Jun-30-2028 Jun-30-2029 Jun-30-2030 Jun-30-2031 Jun-30-2032 Jun-30-2033 Jun-30-2034
213.8 170.4 252.2 178.5
73.5 180.7 211.1
87.6
11.1 200.2 27.4 102.8 55.7 35.1 82.9 121.5
.
$1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600
$21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00
$21.00
$268
$342.0 $272.7 $403.5 $285.7 $117.6 $289.2 $337.7 $140.2
$0.2 $4.2
$0.6
$2.2
$1.2
$0.7
$1.7 $2.6
$342.3 $276.9 $404.1 $287.8 $118.7 $289.9 $339.4 $142.7
($6.8) ($5.5) ($8.1) ($5.8) ($2.4) ($5.8) ($6.8) ($2.9)
$335.4 $271.4 $396.0 $282.1 $116.4 $284.1 $332.6 $139.9
($92.7) ($50.3) ($8.7) ($91.2) ($69.3)
($16.9)
($67.2)
($5.2)
($4.0)
($72.7)
$76.8
($15.5)
($16.3)
($77.1)
($79.8)
($25.3)
($9.0) ($30.9) ($1.8) ($1.6) ($15.9)
($83.7) ($71.0) ($78.2) ($59.5) ($69.3)
($5.1) ($5.3) ($5.1) ($4.8) ($5.1) ($5.2) ($4.8)
($3.2) ($2.4) ($1.7) ($1.0) ($0.2) $0.0
($67.1) ($28.9) ($69.8) ($74.2)
$0.0
($58.8)
($87.9)
($27.8)
($4.0)
$61.3 $189.9
(USSM)
(USSM)
(USSM)
$72.7
(USSM) ($406.3) ($22.7) ($6.0)
(US$M) ($406.3) $122.7 $109.1 $232.1
(US$M)
($5.0) ($13.0)
($0.0)
($29.5)
$58.8
$87.9
$37.0
($4.2)
($5.4)
$67.1
($3.1) ($20.2)
$74.2
($2.1)
($48.6) $96.3 $141.6
($7.3)
($5.6)
$69.8
$3.1
$28.9
($9.6)
($29.3) $156.4
($2.8) ($2.0)
50
($9.8) ($1.5)
($21.2) ($3.0)
$74.2
$27.8
$10.8
$3.3
$195.4
$52.0
9.4
1.7
$1,600
$21.00
$15.1
$0.0
$15.1
($0.3)
$14.8
($5.5)
($4.2)
$0.0
($2.6)
($4.8)
$25.4 ($2.4)
$2.6
$0.3
$0.6
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