Fort Capital Investment Banking Pitch Book
Appendix B: Detailed Financial Model
Consolidated Detailed Financial Model
Cashew C
Gold Ounces
Silver Ounces
Gold Price
Silver Price
Gold Revenue
Silver Reverve
Total Revenue
Love Roctic
Net Revenue
Operating Expenses
Waste Mining
Ore Mining
Processing Leaching Truckinglehande
Mire Site G&A
Mine Equipment Finance Charges
Depredation
Credit Stockpie Mining Cost
Environmental & Reclamation
Corporate G&A
EBT
Nevada NT
Federal Income Tax
Depreciation
Captal Expenses & Working Capital
Le vered FCF
NPV
Corvus
unds
(Koz)
(koz)
(USS/O2)
(USSO2)
(USSI
USSIA
(USSME)
LESIA
(USSM)
(USSI
(USSI
(USSI
(USSIA
(US$M)
(USSIA
LESIA
(USSM)
(UGSIE
Y₂
2022
Y-1
2023
DA-T-322 -
2021
($4.1) ($20.1)
($4.1) ($20.1) ($5.5)
($4.1) ($20.1) $184.31
YI
Y3
YA
Y2
2024 2025 2026 2027
Cmc-3-2004 OMT-3275 DC-atas DAGHOUT Dodat-Ja
20-30-10-22-Aus AASAUT
402.6
73.6 1482 196.7
340.8
244.5 676.7 632.8 4667 5427
$1,600 $1,000 $1.000 $1,600 $1,600
$21.00 $21.00 $21.00 $21.00 $21.00
96442 $545.3
598 $114
$117.7 $237.1 5313.1
55.1 $142 $133
$122.5 $251.4 $326.4
$122.9 $251.4 $324.7
Y5
2028
Y7
2030
DWG-11-020 CROC31-35357
aastar 32
386.7 296.3 167.3 272.5
297.5 279.7 129.9
$10.6
($167.4) (54.4)
(5114) 511-41
YS
2025
5618.7 $474.0
$62 $5.9
YB
(578.8) ($27.7) (536.6) ($119.6) ($74.0)
(520.4) ($21.4) ($26.4)
($21.6) (5240) (528.7) (3966) ($117.5) ($110.0) ($114.0) ($88.7)
(54.5) ($4.8) (55.1) (10.1) ($9.9) ($100) ($9.8) (39.5)
(53.8)
(532)
(52.5) (558)
($2.9)
($1.8)
($1.0)
($10.6)
($22.5)
($34.5) (5107.1) ($102.7) ($122.5) (5972) ($52.5)
$1.4
(30.5)
($1.0)
$1,600 $1,000 $1,000 $1,000 $1,000
$21.00 $21.00 $21.00 $21.00 $21.00
($3.1) ($3.1) ($3.1) ($3.1) ($3.1)
(37.5)
($22.6) $141.2 $178.6 $245.1 $186.3 $260.4
($3.1)
34.11
2032
(579) ($10.5) ($145) ($13.5) ($182) ($8.2)
(522) ($17.8) ($31.0) ($28.0) ($40.4) ($13.8)
$22.5 $34.5 $107.1 $102.7 $1228
(5108) ($438.5) (529.1) ($70.5) (55.0) ($17.9)
1529 61
$121.8
54001
54001
(527.81 $131.4 ($291.8) $237.6 $137.0 $279.5
م احمد القصد المتدنية
Y11
Y13 Y14
2034 2035 2036 2037
DWG-SINUR DERTLE ONNISH DUT-227
255.5 156.3
87.0 177.6 219.4
$267.7 $435.9 $456.7
52.7
$250.1 $105.8 961.7 $16.7
$48 $1.1
$654.0 $556.7 9624.9 $475.9 $270.5 $437.8 $460.5 $254.7 $106.9
198 71
5291 190.31
$267.2 $431.0 $453.7 $251.8 $106.6
198.71
694
$6446
$550.0 $616.0 $473.2
(528.5) $108.5)
($85.7) ($45.0) (540.3) (5247) ($21.4) ($12.4)
5449) ($42.3) (569.8) (540.5) ($36.8) ($51.2) (544,1) ($27.7) ($25.0) ($16.2)
(596.5) ($104.6) ($1068)
(59.7)
(50.2)
(399.9)
36.5
29.0
66.1
50.7
$1,600 $1,600 $1,600 $1,000 $1,000
521.00 521.00 $21.00 $21.00 $21.00
$5.2
997.2 $62.5 $99.9 $97.9
($7.7) (5232) $13.0
(528 61
$2.1 $142.3 $225.3
(99.4) ($10.9)
(2.1)
($15.6) ($23.9) (548)
$490
$5.3
$71.2
10.5
6.4
5192 $10.3
$2.0 $1.3
$7.4
$4.7
51
$16.9
$16.9
Y15
($26.7) ($17.8) ($10.1)
(64.5)
(59.8) (593) (58.7) ($3.8) ($2.9) ($1.5)
50.0
50.0
50.0
50.0
50.0
50.0
($0.7)
($97.9) (549.0) ($19.2) ($10.3) ($2.6)
(30.3)
($4.7) (37.6) ($11.2) ($5.5) ($3.7)
($3.1) ($3.1) (53.1) (53.1) ($3.1) ($3.1) ($3.1) (53.1)
155.11
$93.2 ($13.8) $119.2 $149.3 $23.6 ($13.8) ($6.9) ($5.4)
32
20
$5.2
$5.2
($1.3)
(53.1)
($5.91
$2.6
50.7
50.3
$0.1
($2.5) (5.1)
Fort CapitalView entire presentation