Fort Capital Investment Banking Pitch Book
NPV Analysis - North Bullfrog
NPV of the of the cash flow forecast is ~US$480M for the North Bullfrog project
• NPV using 5.0% discount rate is US$483M
- Assumes valuation date of September 10, 2021 and consensus pricing for Gold and Silver
Assumes construction start in 2023 with the first production in 2024
Net change from the PEA's NPV5% of US$452M is US$31M
- Changed gold and silver prices from $1,500/oz to $1,600/oz and $18.75/oz to $21.00/oz
- Operating expenses have been inflated for 1 year at 2% to reflect actual estimate of 2023
construction start versus implied near-term project start up timing assumed by November
2020 PEA
NPV Analysis - Consensus Pricing (1)
Y-1
Y1
2023
2024
Payable Gold Ounces
Payable Silver Ounces
Gold Revenue
Silver Revenue
Total Revenue
Less Royalies
Net Revenue
Operating Expenses
Waste Mining
Ore Mining
Processing Leaching/Trucking/rehande
G&A
Mine Equipment Finance Charges
Depreciation
Credit Stockpile Mining Cost
Environmental & Reclamation
EBT
Nevada NPT
Federal Income Tax
Depreciation
Capital Expenses & Working Capital
Net Cash Flow Afibr Tax
NPV
(KOZ)
(NOZ)
(USSM)
(USSM)
(US$M)
(US$)
(USSM)
73.6
244.5
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(USSM)
(US$M)
Y2
2025
148.2
676.7
Y3
20 26
196.7
2027
188.8
455.6
YS
2028
170.4
YS
20 29
134.5
270.0
Corvus
GOL (1) AssumingLT consensus commodity prices available in Appendix E
Y?
2030
117.7
178.9
$81.1
YS
2031
93.9
74.2
$64.4
YS
2032
Key Assumptions
Valuation Date
Discount Rate
Au LT Price
Ag LT Price
Construction Start
91.7
51.9
Y10
2033
744
947
$272.6 $215.1
$7.2 $5.7
$117.7 $237.1 $313.1 $302.1
51884 $150.2 $146.8 51191 $109.9
$5.1 $14.2 $13.3 $9.6
$3.7
$1.8 $1.1
$20 $21
$122.3 $251.4 $326.4 $311.7 $279.8 $220.8 $132.1 $151.7 $147.3 $121.0 $111.3
($1.8)
($2.5) ($1.2) (50.9) (30.9) ($0.9) (30.9)
$122.9 $251.4 $324.7 $309.2 $278.6 $219.3 $191.2 $150.8 $147.0 $121.0 $111.9
Y11
2034
687
97.9
Y12
2035
September 10, 2021
5%
$1,600/oz
$21.00/oz
2023
56.7
49.0
$90.8
$1.0
$31.8
$91.8
Y13
2036
38.5
29.0
581.7
$0.6
562.3
$62.3
($16.5) ($19.8)
(535.3) (535.3)
($78.8)
($27.7) ($38.6) ($26.8) (523.7) ($19.8) (517.3)
($24.7) (3247)
(521.4) (512.4)
($20.4) ($21.4) ($26.4) ($25.0) ($33.3) ($39.0) ($38.7)
(5278) ($27.7) ($28.0) ($16.2)
(5216) (524.0) ($28.7) ($29.5) ($33.8) ($39.0) ($35.8)
($29.2) (529.2) ($274) ($27.0) ($23.2) ($17.8) ($10.1)
($4.5) ($4.8) (35.1) (54.9) ($4.8) ($4.7) ($4.7) (54.6) (54.6) (546) (546) ($4.5) ($3.8)
(53.8) ($3.2) ($2.5) ($1.8) ($1.1) (50.4) (50.1) (90.0) 90.0 50.0 $0.0
$0.0
($10.6) (522.5) (5:34.5) ($34,4) (543.8) ($35.0) ($30.1) (523.6) ($30.1) (5238) (521.1) ($16.6) ($10.3)
51.4
(30.5)
($1.0)
($2.9)
50.0
$0.0
(52.6)
(50.3)
($15.4) $147.8 $130.5 $183.8 $135.0
(USSM)
($7.9) ($10.6) ($10.5) ($8.5) (35.2) (54.0) ($2.5) ($2.1) ($1.1) (506)
(USSM)
($4.3) ($30.5) ($29.9) ($22.7) ($12.5) (59.5) ($5.7) (54.9) (52.7) ($1.5)
(USSM)
$22.5 $34.5 5344 $43.8 $35.0 $30.1 $23.8 $30.1 $238 $21.1
(USSM) ($167.4) (54.4) ($10.5) ($30.2) (56.4) (564.5)
(52.0)
$2.3 $2.0 ($26.4) $22 52.1
(US$M) ($167.4) ($9.2) $147.2 $153.6 $171.4 $86.1
$58.6 $24.4 $33.0 $223
$10.6
(USSM)
(50.3) (51.9) ($5.6) (56.4) (55.5)
$27.6 $108
$1.3 ($8.4) ($3.8)
Y14
2037
$16.6 $10.3
$1.7 $1.3
$3.9
10.5
$16.7
50.1
$16.3
$16.9
(53.7)
($2.3)
$2.6
50.3
$0.6
28
YIS
2038
3.2
20
$5.2
50.0
$5.2
$5.2
(54.5)
($1.5)
$0.0
($0.7)
(51.3)
$2.8)
50.7
50.1
($2.0)
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