Fort Capital Investment Banking Pitch Book
NAVPS Sensitivity Analysis
Significant NAVPS sensitivity to gold price
• Forecast is very sensitive to gold prices, a $100 increase/decrease in gold price will result in US$1.09/share or 20.9% increase in NAVPS
• Construction delay by 1 year of both North Bullfrog (from 2023 to 2024) and Mother Lode (from 2026 to 2027) decreases NAVPS by US$0.41 or
-7.9% compared to the base case scenario
Forecast is moderately sensitive to capital expenditures
- An increase in capex of 10% (-US$75M) will result in a -7.5% decrease in NAVPS
Sum of the Parts - NAVPS Sensitivity (US$/share)
$1.09
($1.10)
Gold Price Sensitivity
(+/- $100/oz)
Corvus
($0.41)
Construction Start Delay
(+ 1 year delay)
$0.39
($0.39)
Sum of the Parts - NAVPS Sensitivity (%)
Current NAVPS:
US$5.22/ share
Capital Expenditures
(+/- 10%)
20.9%
(21.0%)
Gold Price Sensitivity
(+/- $100/oz)
(7.9%)
Construction Start Delay
(+ 1 year delay)
7.5%
32
(7.5%)
Capital Expenditures
(+/- 10%)
Fort CapitalView entire presentation