Fort Capital Investment Banking Pitch Book

Sensitivity Analysis Significant price sensitivity • Both models are very sensitive to changes in commodity prices, a US$100 increase in gold price will result in ~17% increase in NPV of the North Bullfrog project and -27% increase in Mother Lode project Models are also sensitive to discount rate A 1.0% increase in discount rate will result in US$36M or -7% value decrease in NPV of the North Bullfrog project A 1.0% increase in discount rate will result in -US$33M or -12% value decrease in NPV of the Mother Lode project - North Bullfrog - NPV Sensitivity (US$M) Discount Rate and Gold Prices Gold Price ($/oz) 7.0% $271 $1,400 $1,500 $1,600 $1,700 $1.800 Corvus $343 $414 $485 $5.55 T 6.0% $294 $371 $447 $523 $598 Discount Rate 5.0% $319 -- $401 $483 $564 $644 4.0% $346 -- $434 $522 $609 $695 I 3.0% $375 $470 $564 $658 $750 Mother Lode - NPV Sensitivity (US$M) Discount Rate and Gold Prices Gold Price ($/oz) $1,400 $1,500 $1,600 $1,700 $1.800 7.0% $84 $145 $206 $267 $327 I I 6.0% $103 $169 $235 $301 $367 Discount Rate 5.0% $125 11 $197 $268 $340 $411 4.0% $150 C $228 -- 30 $305 $383 $460 3.0% $178 $262 $347 $432 $515 Fort Capital

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