Fort Capital Investment Banking Pitch Book
Value Analysis Summary
Fair Market Value range of $3.40 - $4.20
. Consideration of $4.10 per share at the high end of the FMV range of $3.40 - $4.20
Fully Financed NAVPS-Gold Price
Trading Comparables
Metric
Corvus
-P/ NAV (Consensus)
-P/ NAV (Base Case)
-EV/M&I Resource
-EV/Total Resource
-P/NAV (Consensus)
-P/NAV (Base Case)
Precedent Transactions - EV / M&I Resource
-EV/Total Resource
-TAC % of Spat
Metrics and Assumptions
Value
C$5.53
C$6.00
CS5.53
C$8.00
Low
$1,500/cz
0.40x
$1,790/az
0.40x
40 (1) S&P Capital IQ as of September 10, 2021
3,814 koz AuEq $56/cz AuEq $75/cz AuEq
4,423 koz AuEq $35/az AuEq $65/cz AuEq
0.50x
High
0.50x
$1,700/cz
0.80x
0.00x
80.0%
3.814 koz AuEq $80/cz AuEq $100/oz AuEq
0.70x
4,423 koz AuEq $50/az AuEq $70/cz AuEq
0.70x
65.0%
Takeout
Premium
n/a
25.0%
25.0%
25.0%
25.0%
n/a
n/a
n/a
n/a
n/a
$1.00
$1.85
$2.10
$2.01
$2.75
$2.46
$2.00
$2.78
$2.78
$2.84
Selected FMV Range
$3.40-$4.20
Implied Value Range
Share Price (CS/share)
$3.30
$2.83
$3.30
$3.00
$3.32
$3.541
$4.00
$4.15
$426
$4.75
$4.62
$4.10 Offer:
$4.95
$5.00
$6.00
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