Fort Capital Investment Banking Pitch Book
Forecast Financial Performance
Financial Performance
. We have reviewed two PEA models that supported published North
Bullfrog and Mother Lode PEAS effective October 7, 2020
.
.
.
Adjusted to reflect constructive construction start dates based on
discussions with management
Capex and FCF (US$M)
2023 construction start for the North Bullfrog mine and
- 2026 construction start for the Mother Lode mine
Adjusted the working capital schedule to closer reflect the working
capital needs of the combined operation
This revised forecast has formed the basis for the NAV and fully
financed NAV analyses
Levered FCF & Capex (US$M) (¹)
$500
$300
$100
($100)
($300)
($500)
*
'21
($20 $17(4)(523)
($167)
'22 *23
24
Capex
$142 $145
25 ($437
$285
27
$267
$208
4bb
(829)
($71)
Revenue Mix (%) (1)
100%100 %100%
Corvus
COLN (1) Assuming LT consensus commodity prices available in Appendix E
$140
52% 49%
$10
48% 51%
24 25 26 27 28 29 30 31
North Bullfrog Revenue
$1.66
(85) ($18) ($8) ($23)
64% 60%
36% 40%
*28 '29 *30 31 132 '33
Levered FCF - Pre Capex
$212
44%
56%
$66
$13 $5 $2
*34
66%
34%
27%
56%
44%
$1 $3 $0
14%
35 36 '37
Cumulative FCF
86%
32 33 34 35 36 37 38
Mother Lode Revenue
($3)
100% 100% 100%
$0
$1.2
'38
27
$0.7
$0.2
($5) ($0.2)
Cumulative FCF (US$B)
($0.7)
($1.2)
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