BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
Relative Developer P/NAV Multiples
P/NAV (RATIO)
Turquoise Hill
(Model)(¹.2)
18
Ivanhoe
1,
2
Filo
1
NGEX
Los Andes
Solaris
SolGold
Western
Copper
0.17x
0.17x
0.14x
0.29x
0.44x
0.41x
Source: Company Rings, FactSet, Turquoise Hill Internal LT Model at street consensus pricing, street research
Note: Median calculations exclude Turquoise Hill
0.50x
Median: 0.29x
Median Discount Rate: 10.0%
Based on unaffected share price to Rio Tinto's revised proposal of C$30.19 (closing share price as of 23-Aug-22)
Based on undanced NAVIPS.
Underground ramping up to sustainable production
0.70x
Discount
Rate(%)
9.1%
10.0%
10.0%
12.0%
10.0%
10.0%
8.0%
9.8%
APPENDIX
Stage
Production
/FS
Production
/FS)
PFS
Resource
Resource
PEA
PFS
FS
PROJECT ASTERIXView entire presentation