Fort Capital Investment Banking Pitch Book
Overview of North Bullfrog
PEA Stage Gold Development Project
Location:
Nevada, USA
Commodities:
Au, Ag
Open Pit
Type:
Stage:
Processing:
.
North Bullfrog was originally owned by International Tower Hill
(TSX:ITH), and was included as part of Corvus' spin out from ITH
US$20M loan secured from AngloGold in May 2021 will largely be used
to advance the permitting and pre-development work at North Bullfrog
Announced the completion of a PEA on North Bullfrog in November
2020
Simple, straightforward heap leach operation
The PEA contemplates a low upfront capex requirement of US$167M
Estimated 15 year mine life resulting in US$452M of after tax NPV5%
and a 47% IRR
Reserve & Resource Summary (¹)
M&I
Preliminary Economic Assessment
Gravity Concentration & Cyanide Leaching
Inferred
Total
Resource
Corvus
Tonnage
(Mt)
67.67 0.19
Au Ag AuEq
(g/t) (g/t) (g/t)
Au
Ag
(koz) (koz)
192.14 0.34 1.67 0.36 2,107 10,306
259.81
Grade
0.30
0.60
1.39
Contained
0.20
414 1,292
0.32 2,521 11,598
Mining Summary (Production and AISC)
AuEq
(koz)
(1) Mineralreserves and resources from Corvus North Bullfrog PEA
$1,868 148
2,242
431
2,673
74
195 187
$292
9002
3511
170
$952
134
117
$795 $838
9957
93
$1,327 $1,338
91
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)
LOM Avg. AISC (USS/oz Au)
Gold Price Assumption (USS/oz)
NPV (Post-Tax @5%) (USSM)
IRR (After Tax)
$1.191
74
$1.428 $1,386
69 57
$1,545
39
11 3
Yr1 Yr2 Yr3 Yr4 5 6 YZ Yrs Yr9 10 11 12 13 14 W 15
Au Production (koz)
-AISC By-Product (US$/oz)
$2,208
13
15 years
98
214
76%/40%
$167/$132
$885
$1,500
$452
47%
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