Fort Capital Investment Banking Pitch Book
Trading Comparables
EV/ Resource Multiples of Gold Developers
EV / M&I Multiples of Gold Developers ($/oz AuEq) (1) (2) (3)
$352
$250.0
$200.0
$150.0
$100.0
$50.0
EV/M81 (US $loz AvEq)
EV/Resource (US $/oz AuEq)
Osisko
$150.0
$120.0
$90.0
$60.0
$30.0
$191
Marathon
$154
Ascot
$126$121
$1.31 $1285116$104 $98 $87
Skeena
Liberty
Gold Mountain
Candelaria
Freegold
$103 $99 $92
EV/ Resource Multiples of Gold Developers ($/oz AuEq) (1) (2) (3)
Marathon
Skeena
Osisko
Asco
Gold Mountain
$80
Candelaria
$63 $56
Liberty
$64 $56 347 $46 $42 $39 $38 $36 $32 $28 $28 $26 $25.
GSV
Augusta
Sabina
Gold Springs
Anaconda
West Vault
Treasury
Integra
Artemis
Moneta
Perpetua
EVM&I (3/cz AuEq)
-Median
EV/Resource ($/oz AuEq)
03
-Median
Median: $44/oz AuEq
First Mining
Troilus
Almaden
. EV
PEA Stage or Prior
$14 $14 $1
EV
Falco
Median: $36/oz AuEq
$45 $45 $41 $40 $37 $35 $35 $34 $33 $31 $25 920 $18 $15 $15 $12 $12 $11
$5
Intl Tower Hill
Paramount
Allegiant.
(1) S&P Capital IQ as of September 10, 2021
Corvus (2) AuEq resources are based on commodity pricing of $1,600 Au, $21.00 Ag, $3.00 Cu, $1.00Zn and $0.92 Pb
(3) Unaffected metrics use pricing from the date prior to the announcement of securing a US$20Mloan from AngloGold (May 5, 2021)
Post PEA Stage
$110
$94
Corvus
Corvus
(unaffected)
$60
$1,250
$70-$500
$1,000
Corvus
(unaffected)
$750
- $250
$1,250
$1,000
$750
$500
$250
38
Enterprise Value (US$M)
Enterprise Value (US$M)
Fort CapitalView entire presentation