Fort Capital Investment Banking Pitch Book
Appendix B: Detailed Financial Model
North Bullfrog Detailed Financial Model
That Dat
Payable Gold Ounces
Payable Silver Ounces
Gold Price
Silver Price
Gold Revenue
Siver Revenue
Total Revenue
Less Rovaties
Net Revenue
Operating Expenses
Waste Mining
Ore Mining
Processing/Leaching/Truckingrehandle
G&A
Mine Equipment Finance Charges
Depreciation
Credit Stockpile Mining Cost
Environmental & Reclamation
EBT
Nevada NPT
Fodeaal Income Tax
Depreciation
Capital Expenses & Working Capital
Net Cash Flow After Tax
NPV
Corvus
UNTS
(KOZ)
(KOZ)
(USS/02)
(USS/02)
(US$)
(US$ 16
(US$M)
JUSS 14
(USSM)
(USS M
(US$ 16
(US$ 1
(USS)
(US$ 14
(USS 1
(USS 14
(US$ 16
(US$M)
(US$14
(US$ 14
(US$ 16
(USS M
(US$M)
(US$ 14
Y-1
Y4
2023
20 27
Dec-25-3023 Dec-25-3034D-353025 -353-35-327-35-38
203023023 J2002 JA3023025 IN 30328 IND327 +30X28
73.6 148.2 195.7 188.8 170.4
244.5 676.7 632.8 455. 342.4
($167.4)
($167.4)
YI
2024
$1,600
521.00
$117.7
$5.1
$122.3
Y2
2025
$122.9
Y3
20 26
YS
2028
$1,600 $1,600
521.00 $21.00
$1,600 $1,000
$21.00 521.00
Y6
20 25
YS
Y7
20:30 2031
3532-35-3030 D-35-3
134.5 117.7
270.0 176.9
$1.000 $1,600
$21.00 $21.00
93.9
4.2
YS
2032
D-33-300
91.7
51.9
$1,000 $1,600
$21.00 $21.00
$64.4 $41.3
($7.9) ($10.6) ($10.5) (58.5) (55.2) (54.0) (52.5)
($4.3) (530.5)
($29.9) ($22.7) ($12.5) (39.5) ($5.7)
$10.6 $22.5 $34.5 534.4 $43.8 $35.0
$23.6
(54.4) ($10.8) ($30.2) (56.4) (564.5) ($2.0)
$2.0
($9.2) $147-2 $153.6 $171.4 $86.1 $56.4
$58.6
$30.1
$2.3
Y 10
20 33
74.4
$27.6
5237.1 5313.1 $302.1 $272.6
$14.2 $13.3
$251.4 $326.4
$215.1 $1884 $150.2 $146.8 $119.1 $109.9
$9.6
57.2 $5.7 $3.7 $1.6 $1.1 $2.0 $2.1
$311.7 $275.8 $220.8 $132.1 $151.7 $147.5 $121.0 $111.3
(52.5) ($1.2)
(80.91 180.91 (80.91
$251.4 $324.7 $3.09.2 $278.6 $219.9 $191.2 $150.8 $147.0 $121.0 $111.5
Y11
Y12
2034 20 35
26-37-300 A6xx35-2005
68.7
97.9
$1,000 $1,600 $1,000 $1,600 $1,600
$21.00 $21.00 $21.00 $21.00 $21.00
$1.9
$10.8
56.7
49.
($24.7)
W
$90.8
$1.0
$91.8
Y13
2036
($78.8)
($27.7) ($36.6) ($26.8) ($23.7) (519.8) ($17.3) ($16.5) ($19.8) ($24.7)
($21.4) ($12.4)
($20.4) (521.4) ($26.4) ($20.0) ($33.3) ($39.0) ($38.7) ($35.3) (535.3) ($27.8) ($27.7) ($28.0) ($16.2)
(521.6) ($24.0) ($28.7) ($29.5) ($33.8) ($39.0) ($35.8) ($29.2) ($29.2) ($27.4) ($27.0) (523.2) ($17.6) ($10.1)
(54.5) (54.8) (55.1) (54.9)
(54.8) (54.7) (54.7) (54.6)
($4.8) ($4.6) ($4.6) (34.5) (3.8) ($2.9)
($3.8) (53.2) ($2.5) (51.8) (51.1) (50.4) (90.1) (50.0)
50.0
50.0
($10,6) ($22.5) (534.5) ($34.4) (543.8) (5:35.0) (530.1) ($23.6) (530.1) ($23.8) ($21.1) ($16.6) (510.3)
(30.5)
($1.0)
$147.8 $150.5 $183.8 $138.0 $81.1
90.0
$0.0
50.0
$0.0
($2.6)
$1.4
($15.4)
656
$1.3 ($8.4)
38.5
9.0
561.7 $16.7
$0.6 $0.1
$62.3 $16.3
Y14
Y15
2037
2038
Du-35-3037 Dw-3530
10.5
$62.3 $16.9
65.5
(52.1) ($1.1) ($0.6)
(54.9) (52.7) ($1.5)
$30.1 $23.8 521.1 $16.6 $10.3
($26.4) 52.2 $2.1 $1.7 $1.3
$24.4 $33.0
$22.3
$9.9
$7.8
49
3.2
20
$1,600
$21.00
$5.2
50.0
$5.2
$5.2
($4.5)
($1.5)
$0.0
(50.7)
(537)
$1.3
$2.3) $2.8)
50.7
50.1
$2.6
$0.3
$0.6 ($2.0)
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