Fort Capital Investment Banking Pitch Book
Trading Comparables
Gold Developers P/NAV Comparison
• Corvus is trading above its Nevada and Non-Nevada peers in the gold development space, this remains the case when using unaffected or
current prices
Current Trading Multiples (¹)
0.4x 0.4x
Paramount
ASO
Nevada Avg.
P/NAV: 0.37x
n/a n/a n/a n/a
Augusta
Allegiant
West Vault
Gold Springs
Nevada Developers
0.9x
0.6x
0.5x
0.5% 0,4x 0.4x0.4x 0.4x
Non-Nevada Avg.
P/NAV: 0.41x
13x0-3-0-3-0.3 0.3
03
Marathon
Skeena
Ascot
Osisko
Artemis
Integra
Liberty
Sabina
Treasury
0.2x0.2x
Anaconda
Perpetua
Falco
Troilus
First Mining
Moneta
Non-Nevada Developers
PEA Stage or Prior
nmf na n/a n/a na nja
Intl Tower Hill
Freegold
Gold Mountain
Almaden
Candelaria
0.7x
Corvus (1) S&P Capital IQ as of September 10, 2021
OL (2) Unaffected metrics use pricing from the date prior to the announcement of securing a US$20Mloan from AngloGold (May 5, 2021)
Post PEA Stage
0.5x
Consensus
Consensus
(unna fected)
0.6x
Model
37
0.4x
Model (unnafected)
Corvus (2)
GOLD INC
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