BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
Relative Producer P/NAV Multiples
P/NAV (RATIO)
First
Quantum
Ivanhoe
Lundin
Mining
Ero
Hudbay
Turquoise
Hill
(Model)
Capstone
0.34x
0.50x
Source: BMO Equity Research models, company lings, FactSet, Turquoise Hill Internal LT 3
Model at street consensus pricing, street research
Note: Median calculations exclude Turquoise Hil
1. Based on unaffected share price to Rio Tinto's revised proposal of C530.19 folosing
share price as of 23-Aug-221
Based on unfinanced NAVIPS
0.51x
4
5.
6.
0.64x
0.60x
Median: 0.62x
Median Discount Rate: 8.7%
0.75x
0.70x
Discount Rate (%)
9.1%
9.1%
8.6%
8.0%
8.0%
10.0%
8.8%
Reserves from producing assets divided by 2022E copper equivalent production,
unless otherwise stated.
Based on actual Kamoa-Kakula expected mine le
Based on Turquoise Hill Internal Model mine Me
Based on 2024 copper equivalent production, post Mantos and Mantoverde ramp up
Mine Life Index
(years)
28
36
21
6
16
80
18
(5)
APPENDIX
PROJECT ASTERIXView entire presentation