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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Corvis Gold Inc | NASDAQ:KOR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.21 | 3.05 | 3.26 | 0 | 01:00:00 |
| |
SCHEDULE 14A
|
| |
| ☐ | | | Preliminary Proxy Statement | |
| ☐ | | | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
| ☒ | | | Definitive Proxy Statement | |
| ☐ | | | Definitive Additional Materials | |
| ☐ | | | Soliciting Material Pursuant to Rule 14a-12 | |
| ☐ | | | No fee required | |
| ☐ | | | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | |
| ☒ | | | Fee paid previously with preliminary materials. | |
| ☐ | | | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. | |
|
SPECIAL
MEETING OF SECURITYHOLDERS |
| | |
Notice of Special Meeting of Securityholders
Proxy Statement/Management Information Circular |
|
|
Place:
|
| | |
Corvus Gold Inc.
1750, 700 West Pender Street Vancouver, B.C. Canada V6C 1G8 |
|
|
Time:
|
| | | 9 a.m. (Vancouver time) | |
|
Date:
|
| | | January 6, 2022 | |
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North Bullfrog (NB)
|
| |
Mother Lode (ML)
|
| |
NB + ML
|
|
Initial Production
|
| |
2024
|
| |
2027
|
| |
2024
|
|
Mine Life
|
| |
15 years
|
| |
9 years
|
| |
15 years
|
|
LT Gold Price (US$/oz)
|
| |
$1,600
|
| |
$1,600
|
| |
$1,600
|
|
LT Silver Price (US$/oz)
|
| |
$21.00
|
| |
$21.00
|
| |
$21.00
|
|
LOM Au Production
|
| |
1,467koz
|
| |
1,377koz
|
| |
2,844koz
|
|
LOM Ag Production
|
| |
3,204koz
|
| |
638koz
|
| |
3,842koz
|
|
Annual Avg Au Production
|
| |
98koz
|
| |
153koz
|
| |
190koz
|
|
Annual Avg Ag Production
|
| |
214koz
|
| |
71koz
|
| |
256koz
|
|
| | | | | |
Y-1
2023 |
| |
Y1
2024 |
| |
Y2
2025 |
| |
Y3
2026 |
| |
Y4
2027 |
| |
Y5
2028 |
| |
Y6
2029 |
| |
Y7
2030 |
| |
Y8
2031 |
| |
Y9
2032 |
| |
Y10
2033 |
| |
Y11
2034 |
| |
Y12
2035 |
| |
Y13
2036 |
| |
Y14
2037 |
| |
Y15
2038 |
| ||||||||||||||||||||||||||||||||||||||||||||||||
Payable Gold Ounces
|
| |
(koz)
|
| | | | | | | |
73.6
|
| |
148.2
|
| |
195.7
|
| |
188.8
|
| |
170.4
|
| |
134.5
|
| |
117.7
|
| |
93.9
|
| |
91.7
|
| |
74.4
|
| |
68.7
|
| |
56.7
|
| |
38.5
|
| |
10.5
|
| |
3.2
|
| |||||||||||||||||||||||||||||||||||||||||||||
Payable Silver Ounces
|
| |
(koz)
|
| | | | | | | | | | 244.5 | | | | | | 676.7 | | | | | | 632.8 | | | | | | 455.6 | | | | | | 342.4 | | | | | | 270.0 | | | | | | 176.9 | | | | | | 74.2 | | | | | | 51.9 | | | | | | 94.7 | | | | | | 97.9 | | | | | | 49.0 | | | | | | 29.0 | | | | | | 6.4 | | | | | | 2.0 | | |
Gold Price
|
| |
(US$/oz)
|
| | | | | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | |
Silver Price
|
| |
(US$/oz)
|
| | | | | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | |
Gold Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 117.7 | | | | | $ | 237.1 | | | | | $ | 313.1 | | | | | $ | 302.1 | | | | | $ | 272.6 | | | | | $ | 215.1 | | | | | $ | 188.4 | | | | | $ | 150.2 | | | | | $ | 146.8 | | | | | $ | 119.1 | | | | | $ | 109.9 | | | | | $ | 90.8 | | | | | $ | 61.7 | | | | | $ | 16.7 | | | | | $ | 5.2 | | |
Silver Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 5.1 | | | | | $ | 14.2 | | | | | $ | 13.3 | | | | | $ | 9.6 | | | | | $ | 7.2 | | | | | $ | 5.7 | | | | | $ | 3.7 | | | | | $ | 1.6 | | | | | $ | 1.1 | | | | | $ | 2.0 | | | | | $ | 2.1 | | | | | $ | 1.0 | | | | | $ | 0.6 | | | | | $ | 0.1 | | | | | $ | 0.0 | | |
Total Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 122.9 | | | | | $ | 251.4 | | | | | $ | 326.4 | | | | | $ | 311.7 | | | | | $ | 279.8 | | | | | $ | 220.8 | | | | | $ | 192.1 | | | | | $ | 151.7 | | | | | $ | 147.9 | | | | | $ | 121.0 | | | | | $ | 111.9 | | | | | $ | 91.8 | | | | | $ | 62.3 | | | | | $ | 16.9 | | | | | $ | 5.2 | | |
Less: Royalties
|
| |
(US$M)
|
| | | | | | | | | | — | | | | | | — | | | | | $ | (1.8) | | | | | $ | (2.5) | | | | | $ | (1.2) | | | | | $ | (0.9) | | | | | $ | (0.9) | | | | | $ | (0.9) | | | | | $ | (0.9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 122.9 | | | | | $ | 251.4 | | | | | $ | 324.7 | | | | | $ | 309.2 | | | | | $ | 278.6 | | | | | $ | 219.9 | | | | | $ | 191.2 | | | | | $ | 150.8 | | | | | $ | 147.0 | | | | | $ | 121.0 | | | | | $ | 111.9 | | | | | $ | 91.8 | | | | | $ | 62.3 | | | | | $ | 16.9 | | | | | $ | 5.2 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Waste Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (78.8) | | | | | $ | (27.7) | | | | | $ | (36.6) | | | | | $ | (26.8) | | | | | $ | (23.7) | | | | | $ | (19.8) | | | | | $ | (17.3) | | | | | $ | (16.5) | | | | | $ | (19.8) | | | | | $ | (24.7) | | | | | $ | (24.7) | | | | | $ | (21.4) | | | | | $ | (12.4) | | | | | | — | | | | | | — | | |
Ore Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (20.4) | | | | | $ | (21.4) | | | | | $ | (26.4) | | | | | $ | (28.0) | | | | | $ | (33.3) | | | | | $ | (39.0) | | | | | $ | (38.7) | | | | | $ | (35.3) | | | | | $ | (35.3) | | | | | $ | (27.8) | | | | | $ | (27.7) | | | | | $ | (28.0) | | | | | $ | (16.2) | | | | | | — | | | | | | — | | |
Processing/Leaching/Trucking/
rehandle |
| |
(US$M)
|
| | | | — | | | | | $ | (21.6) | | | | | $ | (24.0) | | | | | $ | (28.7) | | | | | $ | (29.5) | | | | | $ | (33.8) | | | | | $ | (39.0) | | | | | $ | (35.8) | | | | | $ | (29.2) | | | | | $ | (29.2) | | | | | $ | (27.4) | | | | | $ | (27.0) | | | | | $ | (23.2) | | | | | $ | (17.8) | | | | | $ | (10.1) | | | | | $ | (4.5) | | |
G&A
|
| |
(US$M)
|
| | | | — | | | | | $ | (4.5) | | | | | $ | (4.8) | | | | | $ | (5.1) | | | | | $ | (4.9) | | | | | $ | (4.8) | | | | | $ | (4.7) | | | | | $ | (4.7) | | | | | $ | (4.6) | | | | | $ | (4.6) | | | | | $ | (4.6) | | | | | $ | (4.6) | | | | | $ | (4.5) | | | | | $ | (3.8) | | | | | $ | (2.9) | | | | | $ | (1.5) | | |
Mine Equipment Finance Charges
|
| |
(US$M)
|
| | | | — | | | | | $ | (3.8) | | | | | $ | (3.2) | | | | | $ | (2.5) | | | | | $ | (1.8) | | | | | $ | (1.1) | | | | | $ | (0.4) | | | | | $ | (0.1) | | | | | $ | (0.0) | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | (10.6) | | | | | $ | (22.5) | | | | | $ | (34.5) | | | | | $ | (34.4) | | | | | $ | (43.8) | | | | | $ | (35.0) | | | | | $ | (30.1) | | | | | $ | (23.6) | | | | | $ | (30.1) | | | | | $ | (23.8) | | | | | $ | (21.1) | | | | | $ | (16.6) | | | | | $ | (10.3) | | | | | $ | (2.6) | | | | | $ | (0.7) | | |
Credit Stockpile Mining Cost
|
| |
(US$M)
|
| | | | — | | | | | $ | 1.4 | | | | | | — | | | | | $ | (0.5) | | | | | | — | | | | | | — | | | | | $ | (1.0) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Environmental & Reclamation
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (0.3) | | | | | $ | (0.3) | | | | | $ | (1.9) | | | | | $ | (5.6) | | | | | $ | (6.4) | | | | | $ | (5.5) | | | | | $ | (3.7) | | | | | $ | (1.3) | | |
EBT | | |
(US$M)
|
| | | | — | | | | | $ | (15.4) | | | | | $ | 147.8 | | | | | $ | 190.5 | | | | | $ | 183.8 | | | | | $ | 138.0 | | | | | $ | 81.1 | | | | | $ | 64.4 | | | | | $ | 41.3 | | | | | $ | 27.6 | | | | | $ | 10.8 | | | | | $ | 1.3 | | | | | $ | (8.4) | | | | | $ | (3.8) | | | | | $ | (2.3) | | | | | $ | (2.8) | | |
Nevada NPT
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | $ | (7.9) | | | | | $ | (10.6) | | | | | $ | (10.5) | | | | | $ | (8.5) | | | | | $ | (5.2) | | | | | $ | (4.0) | | | | | $ | (2.5) | | | | | $ | (2.1) | | | | | $ | (1.1) | | | | | $ | (0.6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Federal Income Tax
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | $ | (4.3) | | | | | $ | (30.5) | | | | | $ | (29.9) | | | | | $ | (22.7) | | | | | $ | (12.5) | | | | | $ | (9.5) | | | | | $ | (5.7) | | | | | $ | (4.9) | | | | | $ | (2.7) | | | | | $ | (1.5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | 10.6 | | | | | $ | 22.5 | | | | | $ | 34.5 | | | | | $ | 34.4 | | | | | $ | 43.8 | | | | | $ | 35.0 | | | | | $ | 30.1 | | | | | $ | 23.6 | | | | | $ | 30.1 | | | | | $ | 23.8 | | | | | $ | 21.1 | | | | | $ | 16.6 | | | | | $ | 10.3 | | | | | $ | 2.6 | | | | | $ | 0.7 | | |
Capital Expenses & Working
Capital |
| |
(US$M)
|
| | | $ | (167.4) | | | | | $ | (4.4) | | | | | $ | (10.8) | | | | | $ | (30.2) | | | | | $ | (6.4) | | | | | $ | (64.5) | | | | | $ | (2.0) | | | | | $ | 2.3 | | | | | $ | 2.0 | | | | | $ | (26.4) | | | | | $ | 2.2 | | | | | $ | 2.1 | | | | | $ | 1.7 | | | | | $ | 1.3 | | | | | $ | 0.3 | | | | | $ | 0.1 | | |
Net Cash Flow After Tax
|
| |
(US$M)
|
| | | $ | (167.4) | | | | | $ | (9.2) | | | | | $ | 147.2 | | | | | $ | 153.6 | | | | | $ | 171.4 | | | | | $ | 86.1 | | | | | $ | 96.4 | | | | | $ | 83.3 | | | | | $ | 58.6 | | | | | $ | 24.4 | | | | | $ | 33.0 | | | | | $ | 22.3 | | | | | $ | 9.9 | | | | | $ | 7.8 | | | | | $ | 0.6 | | | | | $ | (2.0) | | |
NPV
|
| |
(US$M)
|
| | |
$
|
483
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
units
|
| |
Y-1
2026 |
| |
Y1
2027 |
| |
Y2
2028 |
| |
Y3
2029 |
| |
Y4
2030 |
| |
Y5
2031 |
| |
Y6
2032 |
| |
Y7
2033 |
| |
Y8
2034 |
| |
Y9
2035 |
| ||||||||||||||||||||||||||||||
Gold Ounces
|
| |
(koz)
|
| | | | — | | | | | | 213.8 | | | | | | 170.4 | | | | | | 252.2 | | | | | | 178.5 | | | | | | 73.5 | | | | | | 180.7 | | | | | | 211.1 | | | | | | 87.6 | | | | | | 9.4 | | |
Silver Ounces
|
| |
(koz)
|
| | | | — | | | | | | 11.1 | | | | | | 200.2 | | | | | | 27.4 | | | | | | 102.8 | | | | | | 55.7 | | | | | | 35.1 | | | | | | 82.9 | | | | | | 121.5 | | | | | | 1.7 | | |
Gold Price
|
| |
(US$/oz)
|
| | | | — | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | |
Silver Price
|
| |
(US$/oz)
|
| | | | — | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | |
Gold Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 342.0 | | | | | $ | 272.7 | | | | | $ | 403.5 | | | | | $ | 285.7 | | | | | $ | 117.6 | | | | | $ | 289.2 | | | | | $ | 337.7 | | | | | $ | 140.2 | | | | | $ | 15.1 | | |
Silver Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 0.2 | | | | | $ | 4.2 | | | | | $ | 0.6 | | | | | $ | 2.2 | | | | | $ | 1.2 | | | | | $ | 0.7 | | | | | $ | 1.7 | | | | | $ | 2.6 | | | | | $ | 0.0 | | |
Total Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 342.3 | | | | | $ | 276.9 | | | | | $ | 404.1 | | | | | $ | 287.8 | | | | | $ | 118.7 | | | | | $ | 289.9 | | | | | $ | 339.4 | | | | | $ | 142.7 | | | | | $ | 15.1 | | |
Less: Royalties
|
| |
(US$M)
|
| | | | — | | | | | $ | (6.8) | | | | | $ | (5.5) | | | | | $ | (8.1) | | | | | $ | (5.8) | | | | | $ | (2.4) | | | | | $ | (5.8) | | | | | $ | (6.8) | | | | | $ | (2.9) | | | | | $ | (0.3) | | |
Net Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 335.4 | | | | | $ | 271.4 | | | | | $ | 396.0 | | | | | $ | 282.1 | | | | | $ | 116.4 | | | | | $ | 284.1 | | | | | $ | 332.6 | | | | | $ | 139.9 | | | | | $ | 14.8 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Waste Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (92.7) | | | | | $ | (50.3) | | | | | $ | (8.7) | | | | | $ | (91.2) | | | | | $ | (69.3) | | | | | $ | (25.3) | | | | | $ | (15.5) | | | | | | — | | | | | | — | | |
Ore Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (16.9) | | | | | $ | (9.0) | | | | | $ | (30.9) | | | | | $ | (1.8) | | | | | $ | (1.6) | | | | | $ | (15.9) | | | | | $ | (16.3) | | | | | | — | | | | | | — | | |
Processing/Leaching/Trucking/rehandle
|
| |
(US$M)
|
| | | | — | | | | | $ | (67.2) | | | | | $ | (83.7) | | | | | $ | (71.0) | | | | | $ | (78.2) | | | | | $ | (59.5) | | | | | $ | (69.3) | | | | | $ | (77.1) | | | | | $ | (79.8) | | | | | $ | (5.5) | | |
G&A
|
| |
(US$M)
|
| | | | — | | | | | $ | (5.2) | | | | | $ | (5.1) | | | | | $ | (5.3) | | | | | $ | (5.1) | | | | | $ | (4.8) | | | | | $ | (5.1) | | | | | $ | (5.2) | | | | | $ | (4.8) | | | | | $ | (4.2) | | |
Mine Equipment Finance Charges
|
| |
(US$M)
|
| | | | — | | | | | $ | (4.0) | | | | | $ | (3.2) | | | | | $ | (2.4) | | | | | $ | (1.7) | | | | | $ | (1.0) | | | | | $ | (0.2) | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | (72.7) | | | | | $ | (58.8) | | | | | $ | (87.9) | | | | | $ | (67.1) | | | | | $ | (28.9) | | | | | $ | (69.8) | | | | | $ | (74.2) | | | | | $ | (27.8) | | | | | $ | (2.6) | | |
Credit Stockpile Mining Cost
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Environmental & Reclamation
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (2.1) | | | | | $ | (2.8) | | | | | $ | (2.0) | | | | | $ | (4.8) | | |
EBT | | |
(US$M)
|
| | | | — | | | | | $ | 76.8 | | | | | $ | 61.3 | | | | | $ | 189.9 | | | | | $ | 37.0 | | | | | $ | (48.6) | | | | | $ | 96.3 | | | | | $ | 141.6 | | | | | $ | 25.4 | | | | | $ | (2.4) | | |
Nevada NPT
|
| |
(US$M)
|
| | | | — | | | | | $ | (4.0) | | | | | $ | (5.0) | | | | | $ | (13.0) | | | | | $ | (4.2) | | | | | | — | | | | | $ | (7.3) | | | | | $ | (9.8) | | | | | $ | (1.5) | | | | | | — | | |
Federal Income Tax
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | $ | (0.0) | | | | | $ | (29.5) | | | | | $ | (5.4) | | | | | | — | | | | | $ | (5.6) | | | | | $ | (21.2) | | | | | $ | (3.0) | | | | | | — | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | 72.7 | | | | | $ | 58.8 | | | | | $ | 87.9 | | | | | $ | 67.1 | | | | | $ | 28.9 | | | | | $ | 69.8 | | | | | $ | 74.2 | | | | | $ | 27.8 | | | | | $ | 2.6 | | |
Capital Expenses & Working Capital
|
| |
(US$M)
|
| | | $ | (406.3) | | | | | $ | (22.7) | | | | | $ | (6.0) | | | | | $ | (3.1) | | | | | $ | (20.2) | | | | | $ | (9.6) | | | | | $ | 3.1 | | | | | $ | 10.8 | | | | | $ | 3.3 | | | | | $ | 0.3 | | |
Net Cash Flow After Tax
|
| |
(US$M)
|
| | | $ | (406.3) | | | | | $ | 122.7 | | | | | $ | 109.1 | | | | | $ | 232.1 | | | | | $ | 74.2 | | | | | $ | (29.3) | | | | | $ | 156.4 | | | | | $ | 195.4 | | | | | $ | 52.0 | | | | | $ | 0.6 | | |
NPV
|
| |
(US$M)
|
| | |
$
|
268
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Selected Value Range
|
| |||||||||
Component
|
| |
Description and Rationale
|
| |
Methodologies Considered
|
| |
Low
(US$M) |
| |
High
(US$M) |
| ||||||
North Bullfrog
|
| | NPV of free cash flow | | |
•
NPV 5% as of September 10, 2021
•
Consensus LT Au and Ag prices
•
Construction start in 2023
|
| | | $ | 401 | | | | | $ | 564 | | |
Mother Lode
|
| | NPV of free cash flow | | |
•
NPV5% as of September 10, 2021
•
Consensus LT Au and Ag prices
•
Construction start in 2026
|
| | | $ | 197 | | | | | $ | 340 | | |
Exploration Value (Lynnda Strip)
|
| |
Early-stage exploration with
no resource |
| |
•
250-500koz of AuEq resource
•
$50-$35/oz multiple
|
| | | $ | 13 | | | | | $ | 18 | | |
Other Values
|
| |
Exploration properties
other than Lynnda Strip |
| |
•
Estimate
|
| | | $ | 5 | | | | | $ | 10 | | |
Corporate Expenses (after-tax)
|
| | | | |
•
$4M in 2021
•
$20M in 2022
•
$3M/year in 2023+
•
$100k/year 2021+ for leases
•
5.0% discount rate
|
| | | $ | (50) | | | | | $ | (50) | | |
Gross Asset Value | | | | $ | 565 | | | | | $ | 881 | | | ||||||
Less: Debt
|
| | | $ | (10) | | | | | $ | (10) | | | ||||||
Add: Cash
|
| | | $ | 9 | | | | | $ | 9 | | | ||||||
Net Asset Value | | | | $ | 564 | | | | | $ | 880 | | | ||||||
Shares Outstanding (Treasury Stock Method)
|
| | | | 138.1 | | | | | | 138.7 | | | ||||||
NAVPS (US$/share) | | | | $ | 4.09 | | | | | $ | 6.35 | | | ||||||
NAVPS (C$/share) | | | | $ | 5.17 | | | | | $ | 8.02 | | |
| | | | | |
Implied Value Range
|
| |||||||||||||||||||||
| | | | | |
Ent. Value (US$M)
|
| |
Share Price (C$/sh.)
|
| ||||||||||||||||||
Scenario
|
| |
Value
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| ||||||||||||
Base Case
|
| |
C$6.60
|
| | | $ | 355 | | | | | $ | 541 | | | | | $ | 3.30 | | | | | $ | 4.95 | | |
Consensus(1) | | |
C$5.53
|
| | | $ | 296 | | | | | $ | 448 | | | | | $ | 2.76 | | | | | $ | 4.15 | | |
Company
|
| |
Market Cap.
|
| |
Ent. Value
|
| |
Location
|
| |
Stage
|
| ||||||
| | |
(US$M)
|
| |
(US$M)
|
| |
(State/Province)
|
| |
(Study)
|
| ||||||
Osisko Mining
|
| | | $ | 774 | | | | | $ | 659 | | | |
Quebec
|
| |
PEA
|
|
Skeena Resources
|
| | | $ | 745 | | | | | $ | 702 | | | |
British Columbia
|
| |
PEA
|
|
Marathon Gold
|
| | | $ | 684 | | | | | $ | 600 | | | |
Newfoundland
|
| |
PFS
|
|
Artemis Gold
|
| | | $ | 637 | | | | | $ | 476 | | | |
British Columbia
|
| |
PFS
|
|
Sabina
|
| | | $ | 410 | | | | | $ | 375 | | | |
Nunavut
|
| |
Feas.
|
|
Ascot Resources
|
| | | $ | 353 | | | | | $ | 299 | | | |
British Columbia
|
| |
Feas.
|
|
Perpetua Resources
|
| | | $ | 320 | | | | | $ | 311 | | | |
Idaho
|
| |
PFS
|
|
Liberty Gold
|
| | | $ | 249 | | | | | $ | 242 | | | |
Turkey
|
| |
PEA
|
|
First Mining Gold
|
| | | $ | 191 | | | | | $ | 160 | | | |
Ontario
|
| |
PFS
|
|
Gold Standard
|
| | | $ | 167 | | | | | $ | 139 | | | |
Nevada
|
| |
PFS
|
|
International Tower Hill
|
| | | $ | 162 | | | | | $ | 152 | | | |
Alaska
|
| |
PFS
|
|
Integra Resources
|
| | | $ | 162 | | | | | $ | 148 | | | |
Idaho
|
| |
PEA
|
|
Freegold Ventures
|
| | | $ | 157 | | | | | $ | 134 | | | |
Alaska
|
| |
PEA
|
|
Moneta Porcupine Mines
|
| | | $ | 146 | | | | | $ | 129 | | | |
Ontario
|
| |
PEA
|
|
Troilus Gold
|
| | | $ | 130 | | | | | $ | 123 | | | |
Quebec
|
| |
PEA
|
|
O3 Mining
|
| | | $ | 117 | | | | | $ | 67 | | | |
Québec
|
| |
PEA
|
|
Anaconda Mining
|
| | | $ | 106 | | | | | $ | 96 | | | |
Nova Scotia
|
| |
PEA
|
|
Falco Resources
|
| | | $ | 86 | | | | | $ | 103 | | | |
Quebec
|
| |
Feas.
|
|
Treasury Metals
|
| | | $ | 85 | | | | | $ | 77 | | | |
Ontario
|
| |
PEA
|
|
Gold Mountain Mining
|
| | | $ | 84 | | | | | $ | 83 | | | |
British Columbia
|
| |
Feas.
|
|
Augusta Gold
|
| | | $ | 82 | | | | | $ | 59 | | | |
Nevada
|
| |
Resource
|
|
Candelaria Mining
|
| | | $ | 60 | | | | | $ | 61 | | | |
Mexico
|
| |
Feas.
|
|
Almaden Minerals
|
| | | $ | 55 | | | | | $ | 48 | | | |
Mexico
|
| |
Feas.
|
|
West Vault Mining
|
| | | $ | 53 | | | | | $ | 47 | | | |
Nevada
|
| |
PFS
|
|
Gold Springs Resource
|
| | | $ | 42 | | | | | $ | 38 | | | |
Nevada
|
| |
PEA
|
|
Paramount Gold Nevada
|
| | | $ | 33 | | | | | $ | 32 | | | |
Nevada
|
| |
PEA
|
|
Allegiant Gold
|
| | | $ | 29 | | | | | $ | 28 | | | |
Nevada
|
| |
Scoping
|
|
Target
|
| |
Stage
|
| |
Acquiror
|
| |
Ann. Date
|
| |
Transaction Value
|
| ||||||
| | |
(Study)
|
| | | | | | | | | | |
(US$M)
|
| |||
Battle North
|
| | PFS | | | Evolution Mining | | | | | Mar-14-2021 | | | | | $ | 259 | | |
GT Gold
|
| | Scoping | | | Newmont | | | | | Mar-10-2021 | | | | | $ | 348 | | |
QMX Gold
|
| | Resource | | | Eldorado Gold | | | | | Jan-20-2021 | | | | | $ | 99 | | |
Snowfield property
|
| | Resource | | | Seabridge Gold | | | | | Dec-04-2020 | | | | | $ | 120 | | |
Monarch Gold
|
| | Feas. | | | Yamana Gold | | | | | Nov-02-2020 | | | | | $ | 111 | | |
Peak Gold Project
|
| | PEA | | | Kinross Gold | | | | | Sep-30-2020 | | | | | $ | 134 | | |
Eastmain Resources
|
| | PEA | | | Auryn Resources | | | | | Jul-29-2020 | | | | | $ | 97 | | |
Blackwater project
|
| | Feas. | | | Artemis Gold | | | | | Jun-09-2020 | | | | | $ | 214 | | |
Barkerville Gold Mines
|
| | PEA | | | Osisko Gold Royalties | | | | | Sep-23-2019 | | | | | $ | 231 | | |
Northern Empire
|
| | Resource | | | Coeur Mining | | | | | Aug-02-2018 | | | | | $ | 78 | | |
Exploration Assets
|
| | PEA | | | Agnico Eagle | | | | | Dec-21-2017 | | | | | $ | 325 | | |
AuRico Metals
|
| | Feas. | | | Centerra Gold | | | | | Nov-07-2017 | | | | | $ | 215 | | |
Santa Gertrudis project
|
| | PEA | | | Agnico Eagle | | | | | Sep-05-2017 | | | | | $ | 80 | | |
Integra Gold
|
| | PEA | | | Eldorado Gold | | | | | May-14-2017 | | | | | $ | 422 | | |
Kaminak Gold
|
| | Feas | | | Goldcorp | | | | | May-12-2016 | | | | | $ | 369 | | |
Spring Valley & Ruby Hill
|
| | Resource | | | Waterton | | | | | Nov-12-2015 | | | | | $ | 135 | | |
Romarco Minerals
|
| | Feas. | | | OceanaGold | | | | | Jul-30-2015 | | | | | $ | 455 | | |
Newstrike Capital
|
| | PEA | | | Timmins Gold | | | | | Feb-17-2015 | | | | | $ | 107 | | |
Probe Mines
|
| | Resource | | | Goldcorp | | | | | Jan-19-2015 | | | | | $ | 411 | | |
Paramount Gold & Silver
|
| | PEA | | | Coeur Mining | | | | | Dec-17-2014 | | | | | $ | 154 | | |
Rainy River Resources
|
| | Feas. | | | New Gold | | | | | May-31-2013 | | | | | $ | 290 | | |
Cerro Resources
|
| | Feas. | | | Primero Mining | | | | | Dec-13-2012 | | | | | $ | 120 | | |
Queenston Mining
|
| | PEA | | | Osisko Mining | | | | | Nov-12-2012 | | | | | $ | 403 | | |
Prodigy Gold
|
| | PEA | | | Argonaut Gold | | | | | Oct-15-2012 | | | | | $ | 281 | | |
Trelawney Mining
|
| | Resource | | | IAMGOLD | | | | | Apr-27-2012 | | | | | $ | 514 | | |
Silver Quest Resources
|
| | Resource | | | New Gold | | | | | Oct-17-2011 | | | | | $ | 115 | | |
Grayd Resource
|
| | PEA | | | Agnico Eagle | | | | | Sep-19-2011 | | | | | $ | 261 | | |
Gold Development Precedent Transactions
|
| ||||||||||||||||||
| | |
Low
|
| |
High
|
| |
Avg.
|
| |||||||||
Full Precedent Set | | | | | | | | | | | | | | | | | | | |
P / NAV
|
| | | | 0.27x | | | | | | 1.46x | | | | | | 0.79x | | |
EV / Resources (M&I)(6)
|
| | | $ | 4 | | | | | $ | 597 | | | | | $ | 121 | | |
EV / Resources (Total Resource)(7)
|
| | | $ | 3 | | | | | $ | 206 | | | | | $ | 71 | | |
Total Acquisition Cost
|
| |
34.5%
|
| |
98.6%
|
| |
65.5%
|
| |||||||||
PEA Stage or Prior Subset | | | | | | | | | | | | | | | | | | | |
P / NAV
|
| |
0.27x
|
| |
1.46x
|
| |
0.79x
|
| |||||||||
EV / Resources (M&I)(6)
|
| | | $ | 4 | | | | | $ | 597 | | | | | $ | 136 | | |
EV / Resources (Total Resource)(7)
|
| | | $ | 3 | | | | | $ | 206 | | | | | $ | 73 | | |
Total Acquisition Cost
|
| |
44.7%
|
| |
97.6%
|
| |
62.6%
|
|
Metrics and Assumptions
|
| |
Implied Value Range
|
| |||||||||||||||||||||
Metric
|
| |
Value
|
| |
Selected Range
|
| |
Takeout
Premium |
| |
Ent. Value (US$M)
|
| |
Share Price (C$/sh.)
|
| |||||||||
|
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| ||||||||
Fully Financed NAVPS | | | | | | | | | | | | | | | | | | | | | | | | | |
Gold Price
|
| | | | |
$1,500/oz
|
| |
$1,700/oz
|
| |
n/a
|
| |
$294
|
| |
$519
|
| |
$2.75
|
| |
$4.75
|
|
Trading Comparables | | | | | | | | | | | | | | | | | | | | | | | | | |
P / NAV (Consensus)
|
| |
C$5.53
|
| |
0.40x
|
| |
0.60x
|
| |
25.0%
|
| |
$296
|
| |
$448
|
| |
$2.76
|
| |
$4.15
|
|
P / NAV (Base Case)
|
| |
C$6.60
|
| |
0.40x
|
| |
0.60x
|
| |
25.0%
|
| |
$355
|
| |
$541
|
| |
$3.30
|
| |
$4.95
|
|
EV / M&I Resource
|
| |
3,814 koz AuEq
|
| |
$55/oz AuEq
|
| |
$75/oz AuEq
|
| |
25.0%
|
| |
$262
|
| |
$358
|
| |
$2.45
|
| |
$3.32
|
|
EV / Total Resource
|
| |
4,423 koz AuEq
|
| |
$35/oz AuEq
|
| |
$55/oz AuEq
|
| |
25.0%
|
| |
$194
|
| |
$304
|
| |
$1.85
|
| |
$2.83
|
|
Precedent Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
P / NAV (Consensus)
|
| |
C$5.53
|
| |
0.50x
|
| |
0.70x
|
| |
n/a
|
| |
$296
|
| |
$418
|
| |
$2.76
|
| |
$3.87
|
|
P / NAV (Base Case)
|
| |
C$6.60
|
| |
0.50x
|
| |
0.70x
|
| |
n/a
|
| |
$355
|
| |
$505
|
| |
$3.30
|
| |
$4.62
|
|
EV / M&I Resource
|
| |
3,814 koz AuEq
|
| |
$80/oz AuEq
|
| |
$100/oz AuEq
|
| |
n/a
|
| |
$305
|
| |
$381
|
| |
$2.84
|
| |
$3.54
|
|
EV / Total Resource
|
| |
4,423 koz AuEq
|
| |
$50/oz AuEq
|
| |
$70/oz AuEq
|
| |
n/a
|
| |
$221
|
| |
$310
|
| |
$2.10
|
| |
$2.88
|
|
TAC % of Spot
|
| |
$1,790/oz
|
| |
60.0%
|
| |
65.0%
|
| |
n/a
|
| |
$211
|
| |
$465
|
| |
$2.01
|
| |
$4.26
|
|
Selected Range | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair Market Value Range for Corvus Shares
|
| | | | | | | | | | | | | | | | | | | |
$3.40
|
| |
$4.20
|
|
|
•
Artemis Gold Inc.
|
| |
•
Orezone Gold Corporation
|
|
|
•
Ascot Resources Ltd.
|
| |
•
Orla Mining Ltd.
|
|
|
•
Belo Sun Mining Corp.
|
| |
•
Osisko Mining Inc.
|
|
|
•
Falco Resources Ltd.
|
| |
•
Perpetua Resources Corp.
|
|
|
•
First Mining Gold Corp.
|
| |
•
Probe Metals Inc.
|
|
|
•
Gold Standard Ventures Corp.
|
| |
•
Revival Gold Inc.
|
|
|
•
Integra Resources Corp.
|
| |
•
Sabina Gold & Silver Corp.
|
|
|
•
Liberty Gold Corp.
|
| |
•
Seabridge Gold Inc.
|
|
|
•
Marathon Gold Corporation
|
| |
•
Treasury Metals Inc.
|
|
|
Implied Equity Value Per Share Reference Ranges Based on:
|
| |
Consideration
|
| ||||||||||||
|
Net Asset Value
(Corvus Forecasts) |
| |
Net Asset Value
(Median Street NAV Per Share Estimates) |
| |
Net Asset Value
(Median Street NAV Per Share Estimates Excluding Equity Research Analyst Buyout-Based Estimate) |
| |
Resources
(Corvus Public Filings) |
| | | | | | |
|
C$2.76 – C$4.14
|
| |
C$2.02 – C$3.04
|
| |
C$1.81 – C$2.72
|
| |
C$2.18 – C$3.19
|
| | | C$ | 4.10 | | |
Acquiror
|
| |
Target
|
|
•
Agnico Eagle Mines Limited
|
| |
•
Canadian exploration assets of Canadian Malartic Corporation
|
|
•
Agnico Eagle Mines Limited
|
| |
•
GoGold Resources Inc.’s interest in Santa Gertrudis gold project
|
|
•
Allied Gold Corp
|
| |
•
IAMGOLD Corporation’s and AngloGold Ashanti Limited’s interests in Société d’Exploitation des Mines d’Or de Sadiola S.A.
|
|
•
Americas Silver Corporation
|
| |
•
Pershing Gold Corporation
|
|
•
Artemis Gold Inc.
|
| |
•
New Gold Inc.’s Blackwater gold project
|
|
•
Barsele Minerals Corp.
|
| |
•
Portion of Agnico Eagle Mines Limited’s interest in Barsele Gold-VMS project
|
|
•
Boroo Pte Ltd (Singapore)
|
| |
•
Barrick Gold Corporation’s interest in Lagunas Norte mine
|
|
•
Centerra Gold Inc.
|
| |
•
AuRico Metals Inc.
|
|
•
Coeur Mining, Inc.
|
| |
•
Northern Empire Resources Corp.
|
|
•
Dacian Gold Limited
|
| |
•
NTM Gold Ltd
|
|
•
Dundee Precious Metals Inc.
|
| |
•
INV Metals Inc.
|
|
•
Eldorado Gold Corporation
|
| |
•
Integra Gold Corp.
|
|
•
Eldorado Gold Corporation
|
| |
•
QMX Gold Corporation
|
|
•
Endeavour Mining Corporation
|
| |
•
Avnel Gold Mining Limited
|
|
•
Equinox Gold Corp.
|
| |
•
Portion of Orion Mine Finance Group’s interest in Greenstone project
|
|
•
Evolution Mining Limited
|
| |
•
Battle North Gold Corporation
|
|
•
G Mining Ventures Corp.
|
| |
•
Eldorado Gold Corporation’s Tocantinzinho project
|
|
•
Gold Fields Limited
|
| |
•
Portion of Gold Road Resources Limited’s interest in Gruyere gold project
|
|
•
Goldcorp Inc.
|
| |
•
Portion of Barrick Gold Corporation’s interest in Cerro Casale project
|
|
•
Goldcorp Inc.
|
| |
•
Exeter Resource Corporation
|
|
•
Goldcorp Inc.
|
| |
•
Portion of Kinross Gold Corporation’s interest in Cerro Casale project
|
|
•
Gran Colombia Gold Corp.
|
| |
•
Gold X Mining Corp.
|
|
•
Kinross Gold Corporation
|
| |
•
Portion of Royal Gold, Inc.’s and Contango ORE, Inc.’s interests in Peak gold project
|
|
•
Newmont Corporation
|
| |
•
GT Gold Corp.
|
|
•
Orion Mine Finance Group
|
| |
•
Dalradian Resources Inc.
|
|
•
Orion Mine Finance Group
|
| |
•
Premier Gold Mines Limited’s interest in the Greenstone Gold Mines Partnership
|
|
•
Osisko Gold Royalties Ltd
|
| |
•
Barkerville Gold Mines Ltd.
|
|
•
Rio2 Limited
|
| |
•
Atacama Pacific Gold Corporation
|
|
•
Sandstorm Gold Ltd.
|
| |
•
Mariana Resources Limited
|
|
Acquiror
|
| |
Target
|
|
•
Seabridge Gold
|
| |
•
Pretium Resources Inc.’s Snowfield property
|
|
•
Shandong Gold Mining (Hong Kong) Co., Ltd.
|
| |
•
Cardinal Resources Limited
|
|
•
Sumitomo Metal Mining Co., Ltd.
|
| |
•
Portion of IAMGOLD Corporation’s interest in Côté gold project
|
|
•
Teranga Gold Corporation
|
| |
•
Barrick Gold Corporation’s and its joint venture partner’s interest in Massawa project
|
|
•
Wallbridge Mining Company Limited
|
| |
•
Balmoral Resources Ltd.
|
|
•
Yamana Gold Inc.
|
| |
•
Monarch Gold Corporation
|
|
•
Zijin Mining Group Co., Ltd.
|
| |
•
Continental Gold Inc.
|
|
|
Implied Value Per Share Reference Ranges Based on:
|
| |
Consideration
|
| ||||||||||||
|
Net Asset Value
(Corvus Forecasts) |
| |
Net Asset Value
(Median Street NAV Per Share Estimates) |
| |
Net Asset Value
(Median Street NAV Per Share Estimates Excluding Equity Research Analyst Buyout-Based Estimate) |
| |
Resources
(Corvus Public Filings) |
| | |||||
| C$3.49 – C$6.47 | | |
C$2.56 – C$4.74
|
| |
C$2.29 – C$4.24
|
| |
C$1.24 – C$3.61
|
| | | C$ | 4.10 | | |
| | |
Number of
Shares Pre- Arrangement(1) |
| |
% Owned
Pre- Arrangement(2) |
| |
% Owned
Post- Arrangement(3) |
| |
Interest in
Net Book Value(4) |
| |
Interest in
Net Earnings (Loss)(5) |
| |||||||||||||||||||||||||||
|
Pre-
Arrangement |
| |
Post-
Arrangement |
| |
Pre-
Arrangement |
| |
Post-
Arrangement |
| ||||||||||||||||||||||||||||||||
AngloGold Ashanti (U.S.A.) Exploration
|
| | | | 24,774,949 | | | | | | 19.5% | | | | | | 100% | | | | | C$ | (663,150) | | | | | C$ | (3,400,770) | | | | | C$ | (1,583,263) | | | | | C$ | (8,119,297) | | |
| | | | | | | | |
North
Bullfrog |
| |
Mother
Lode |
| |
North Bullfrog+
Mother Lode |
| |||||||||
General
|
| |
Initial Production Year
|
| |
(year)
|
| | | | 2024 | | | | | | 2027 | | | | | | 2024 | | |
| | |
Mine Life
|
| |
(years)
|
| | | | 15 | | | | | | 9 | | | | | | 15 | | |
Production
|
| |
LOM Au Production(1)
|
| |
(k oz Au)
|
| | | | 1,467 | | | | | | 1,377 | | | | | | 2,844 | | |
| | |
LOM Ag Production(1)
|
| |
(k oz Ag)
|
| | | | 3,204 | | | | | | 638 | | | | | | 3,842 | | |
| | |
LOM Au Eq. Production(1)
|
| |
(k oz Au Eq.)
|
| | | | 1,511 | | | | | | 1,386 | | | | | | 2,897 | | |
| | |
Annual Avg. Au Production(1)
|
| |
(k oz Au)
|
| | | | 98 | | | | | | 153 | | | | | | 190 | | |
| | |
Annual Avg. Ag Production(1)
|
| |
(k oz Ag)
|
| | | | 214 | | | | | | 71 | | | | | | 256 | | |
| | |
Annual Avg. Au Eq. Production(1)
|
| |
(k oz Au Eq.)
|
| | | | 101 | | | | | | 154 | | | | | | 193 | | |
Costs
|
| |
Initial Capex
|
| |
(US$mm)
|
| | | $ | 167 | | | | | $ | 406 | | | | | $ | 574 | | |
| | |
Sustaining Capex
|
| |
(US$mm)
|
| | | $ | 132 | | | | | $ | 44 | | | | | $ | 176 | | |
| | |
LOM Avg. Co-Product AISC
|
| |
(US$/oz Au Eq.)
|
| | | $ | 880 | | | | | $ | 801 | | | | | $ | 843 | | |
Year
|
| |
Over-burden
Mined (M t) |
| |
Process
Feed Mined (M t)(2) |
| |
Contained
Au (k (Oz) |
| |
Payable
Au(1) (k Oz) |
| |
Payable Ag(1)
(k Oz) |
| |
Operating
Cost (US $M) |
| |
Capital Cost
(US $M) |
| |||||||||||||||||||||
-1
|
| | | | 18.4 | | | | | | 2.9 | | | | | | 34.5 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | -$ | 167.4 | | |
1
|
| | | | 23.7 | | | | | | 11.2 | | | | | | 123.3 | | | | | | 73.6 | | | | | | 244.5 | | | | | -$ | 135.8 | | | | | -$ | 4.4 | | |
2
|
| | | | 16.8 | | | | | | 11.6 | | | | | | 190.5 | | | | | | 148.2 | | | | | | 676.7 | | | | | -$ | 98.7 | | | | | $ | 20.5 | | |
3
|
| | | | 22.2 | | | | | | 15.1 | | | | | | 253.4 | | | | | | 194.6 | | | | | | 632.6 | | | | | -$ | 129.0 | | | | | -$ | 30.2 | | |
4
|
| | | | 16.3 | | | | | | 15.8 | | | | | | 244.9 | | | | | | 187.3 | | | | | | 455.4 | | | | | -$ | 120.4 | | | | | -$ | 12.1 | | |
5
|
| | | | 14.4 | | | | | | 18.7 | | | | | | 216.7 | | | | | | 169.6 | | | | | | 342.3 | | | | | -$ | 136.8 | | | | | -$ | 69.6 | | |
6
|
| | | | 12.0 | | | | | | 22.5 | | | | | | 155.5 | | | | | | 133.9 | | | | | | 270.0 | | | | | -$ | 136.1 | | | | | -$ | 6.0 | | |
7
|
| | | | 10.5 | | | | | | 22.9 | | | | | | 158.4 | | | | | | 117.1 | | | | | | 176.8 | | | | | -$ | 124.9 | | | | | -$ | 1.2 | | |
8
|
| | | | 10.0 | | | | | | 21.4 | | | | | | 130.8 | | | | | | 93.3 | | | | | | 74.2 | | | | | -$ | 108.5 | | | | | -$ | 0.8 | | |
9
|
| | | | 12.0 | | | | | | 21.4 | | | | | | 130.8 | | | | | | 91.2 | | | | | | 51.9 | | | | | -$ | 119.0 | | | | | -$ | 29.1 | | |
10
|
| | | | 15.0 | | | | | | 18.1 | | | | | | 88.3 | | | | | | 74.4 | | | | | | 94.7 | | | | | -$ | 110.3 | | | | | $ | 0.0 | | |
11
|
| | | | 15.0 | | | | | | 18.0 | | | | | | 87.0 | | | | | | 68.7 | | | | | | 97.9 | | | | | -$ | 111.3 | | | | | $ | 0.0 | | |
12
|
| | | | 13.0 | | | | | | 17.0 | | | | | | 76.5 | | | | | | 56.7 | | | | | | 49.0 | | | | | -$ | 101.4 | | | | | $ | 0.0 | | |
13
|
| | | | 7.5 | | | | | | 9.8 | | | | | | 44.2 | | | | | | 38.5 | | | | | | 29.0 | | | | | -$ | 67.4 | | | | | $ | 0.7 | | |
14(3) | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 10.5 | | | | | | 6.4 | | | | | -$ | 19.7 | | | | | $ | 0.0 | | |
15(3) | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 3.2 | | | | | | 2.0 | | | | | -$ | 8.2 | | | | | $ | 0.0 | | |
LOM | | | | | 206.8 | | | | | | 226.6 | | | | | | 1,934.7 | | | | | | 1,460.8 | | | | | | 3,203.5 | | | | | -$ | 1,527.6 | | | | | -$ | 299.7 | | |
Year
|
| |
Over-burden
Mined (M t) |
| |
Process
Feed Mined (M t)(2) |
| |
Contained
Au (k Oz)(2) |
| |
Payable
Au(1) (k Oz) |
| |
Payable Ag(1)
(k Oz) |
| |
Operating
Cost (US $M) |
| |
Capital Cost
(US $M) |
| |||||||||||||||||||||
-1
|
| | | | 18.9 | | | | | | 1.1 | | | | | | 12.4 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | -$ | 406.3 | | |
1
|
| | | | 32.3 | | | | | | 10.2 | | | | | | 305.7 | | | | | | 209.5 | | | | | | 10.9 | | | | | -$ | 244.8 | | | | | -$ | 22.7 | | |
2
|
| | | | 30.5 | | | | | | 5.5 | | | | | | 129.6 | | | | | | 167.0 | | | | | | 196.2 | | | | | -$ | 193.4 | | | | | $ | 30.7 | | |
3
|
| | | | 5.3 | | | | | | 18.7 | | | | | | 476.8 | | | | | | 247.2 | | | | | | 26.9 | | | | | -$ | 191.7 | | | | | -$ | 12.4 | | |
4
|
| | | | 55.4 | | | | | | 1.1 | | | | | | 6.5 | | | | | | 175.0 | | | | | | 100.7 | | | | | -$ | 229.3 | | | | | -$ | 26.8 | | |
5
|
| | | | 42.1 | | | | | | 0.9 | | | | | | 6.6 | | | | | | 72.0 | | | | | | 54.6 | | | | | -$ | 154.0 | | | | | -$ | 12.4 | | |
6
|
| | | | 15.3 | | | | | | 9.7 | | | | | | 224.6 | | | | | | 177.1 | | | | | | 34.4 | | | | | -$ | 179.7 | | | | | -$ | 3.5 | | |
7
|
| | | | 9.4 | | | | | | 9.9 | | | | | | 273.1 | | | | | | 206.8 | | | | | | 81.2 | | | | | -$ | 188.6 | | | | | $ | 3.0 | | |
8(3) | | | | | | | | | | | | | | | | | | | | | | | 85.9 | | | | | | 119.1 | | | | | -$ | 113.5 | | | | | | | | |
9(3) | | | | | | | | | | | | | | | | | | | | | | | 9.2 | | | | | | 1.6 | | | | | -$ | 17.0 | | | | | | | | |
LOM | | | | | 209.2 | | | | | | 57.1 | | | | | | 1,435.2 | | | | | | 1,349.7 | | | | | | 625.7 | | | | | -$ | 1,512.1 | | | | | -$ | 450.5 | | |
Named Executive Officer
|
| |
Multiplier
|
| |
Severance
|
| ||||||
Jeffrey Pontius, Chief Executive Officer
|
| | | | 3.0 | | | | | US$ | 1,659,000(1) | | |
Carl Brechtel, Chief Administrative Officer
|
| | | | 2.0 | | | | | US$ | 269,728(1) | | |
Named Executive Officer
|
| |
Multiplier
|
| |
Severance
|
| ||||||
Peggy Wu, Chief Financial Officer
|
| | | | 2.0 | | | | | US$ | 288,415(1) | | |
| | | | | | | | |
Consideration
to be Paid for Corvus Shares |
| | | | |
Consideration to be Paid for Corvus Options
|
| ||||||||||||||||||
Name and Position
|
| |
Corvus
Shares |
| |
Corvus Options
|
| |
Vested Corvus
Options |
| |
Unvested
Corvus Options |
| |
Total
|
| ||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||||||
Jeffrey Pontius
Chief Executive Officer |
| | | | 3,847,466 | | | | | C$ | 15,774,611 | | | |
1,699,050 vested
1,250,950 unvested |
| | | C$ | 4,381,576 | | | | | C$ | 1,849,925 | | | | | C$ | 6,231,500 | | |
Peggy Wu
Chief Financial Officer |
| | | | 371,200 | | | | | C$ | 1,521,920 | | | |
599,700 vested
500,300 unvested |
| | | C$ | 1,587,397 | | | | | C$ | 717,603 | | | | | C$ | 2,305,000 | | |
Carl Brechtel
Chief Administrative Officer |
| | | | 366,100 | | | | | C$ | 1,501,010 | | | |
399,700 vested
250,300 unvested |
| | | C$ | 935,397 | | | | | C$ | 455,103 | | | | | C$ | 1,390,500 | | |
Marla Ritchie
Corporate Secretary |
| | | | 10,000 | | | | | C$ | 41,000 | | | |
116,550 vested
133,450 unvested |
| | | C$ | 233,267 | | | | | C$ | 219,734 | | | | | C$ | 453,000 | | |
Steven Aaker
Director |
| | | | 575,500 | | | | | C$ | 2,359,550 | | | |
416,425 vested
308,575 unvested |
| | | C$ | 1,058,014 | | | | | C$ | 476,486 | | | | | C$ | 1,534,500 | | |
Anton Drescher
Director |
| | | | 1,115,838 | | | | | C$ | 4,574,936 | | | |
416,425 vested
308,575 unvested |
| | | C$ | 1,058,014 | | | | | C$ | 476,486 | | | | | C$ | 1,534,500 | | |
Rowland Perkins
Director |
| | | | 135,000 | | | | | C$ | 553,500 | | | |
416,425 vested
308,575 unvested |
| | | C$ | 1,058,014 | | | | | C$ | 476,486 | | | | | C$ | 1,534,500 | | |
Edward Yarrow
Director |
| | | | 250,000 | | | | | C$ | 1,025,000 | | | |
416,425 vested
308,575 unvested |
| | | C$ | 1,058,014 | | | | | C$ | 476,486 | | | | | C$ | 1,534,500 | | |
Ronald Largent
Executive Chairman |
| | | | 175,000 | | | | | C$ | 717,500 | | | |
532,800 vested
642,200 unvested |
| | | C$ | 1,084,748 | | | | | C$ | 1,009,753 | | | | | C$ | 2,094,500 | | |
|
Name of Beneficial Owner and
Relationship to Company / Purchaser |
| |
Amount and Nature of
Beneficial Ownership of Corvus Shares |
| |
Percent of Class
|
| ||||||
|
AngloGold Ashanti (U.S.A.) Exploration Inc.
Member of AGA Group |
| | | | 24,774,949 | | | | | | 19.50% | | |
|
Jeffrey Pontius
Director and Chief Executive Officer |
| | | | 3,847,466 | | | | | | 3.03% | | |
|
Anton Drescher
Director |
| | | | 1,115,838 | | | | | | 0.88% | | |
|
Ronald Largent
Executive Chairman and Director |
| | | | 175,000 | | | | | | 0.14% | | |
|
Steven Aaker
Director |
| | | | 575,500 | | | | | | 0.45% | | |
|
Peggy Wu
Director and Chief Financial Officer |
| | | | 371,200 | | | | | | 0.29% | | |
| Total | | | | | 30,859,953 | | | | | | 24.30% | | |
| | |
Amount
To Be Paid (In US$) |
| |||
SEC registration fee
|
| | | $ | 32,974 | | |
Financial advisory fees
|
| | | | 4,800,000 | | |
Legal, accounting and other professional fees
|
| | | | 1,000,000 | | |
Printing and mailing costs
|
| | | | 50,000 | | |
Transfer agent and paying agent fees and expenses
|
| | | | 200,000 | | |
Total
|
| | | $ | 6,082,974 | | |
| | |
Period
Ended May 31, 2021 |
| |
Period
Ended May 31, 2020 |
| |
Period Ended
August 31, 2021 (unaudited) |
| |
Period Ended
August 31, 2020 (unaudited) |
| ||||||||||||
Total operating expenses
|
| | | $ | (22,887,444) | | | | | $ | (16,879,394) | | | | | $ | (7,936,894) | | | | | $ | (6,209,332) | | |
Net loss for the period
|
| | | $ | (23,120,477) | | | | | $ | (16,206,652) | | | | | $ | (8,119,297) | | | | | $ | (6,510,604) | | |
Comprehensive loss for the period
|
| | | $ | (23,872,787) | | | | | $ | (16,010,549) | | | | | $ | (8,096,252) | | | | | $ | (6,869,086) | | |
Basic and fully diluted net loss per common share
|
| | | $ | (0.18) | | | | | $ | (0.14) | | | | | $ | (0.06) | | | | | $ | (0.05) | | |
Basic and fully diluted net book value per common share
|
| | | $ | 0.02 | | | | | $ | 0.17 | | | | | $ | (0.03) | | | | | $ | 0.11 | | |
Weighted average number of common shares outstanding (basic and fully diluted)
|
| | | | 125,674,424 | | | | | | 119,748,842 | | | | | | 126,980,916 | | | | | | 123,987,845 | | |
| | |
As of
May 31, 2021 |
| |
As of
May 31, 2020 |
| |
As of
August 31, 2021 (unaudited) |
| |
As of
August 31, 2020 (unaudited) |
| ||||||||||||
Total current assets
|
| | | $ | 5,632,983 | | | | | $ | 15,463,896 | | | | | $ | 5,643,954 | | | | | $ | 9,844,750 | | |
Total assets
|
| | | $ | 11,064,219 | | | | | $ | 21,383,428 | | | | | $ | 11,581,008 | | | | | $ | 15,499,976 | | |
Total current liabilities
|
| | | $ | 7,644,534 | | | | | $ | 895,848 | | | | | $ | 14,626,401 | | | | | $ | 993,756 | | |
Total liabilities
|
| | | $ | 8,003,825 | | | | | $ | 1,321,426 | | | | | $ | 14,981,778 | | | | | $ | 1,390,020 | | |
Total shareholders’ equity (deficit)
|
| | | $ | 3,060,394 | | | | | $ | 20,062,002 | | | | | $ | (3,400,770) | | | | | $ | 14,109,956 | | |
Total liabilities and shareholders’ equity (deficit)
|
| | | $ | 11,064,219 | | | | | $ | 21,383,428 | | | | | $ | 11,581,008 | | | | | $ | 15,499,976 | | |
Corvus Gold Inc. (TSX)
|
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(in C$)
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March 2021
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| | | $ | 2.73 | | | | | $ | 2.17 | | | | | | 3,038,985 | | |
April 2021
|
| | | | 2.60 | | | | | | 2.26 | | | | | | 1,406,356 | | |
May 2021
|
| | | | 3.79 | | | | | | 2.54 | | | | | | 2,204,943 | | |
June 2021
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| | | | 3.80 | | | | | | 3.14 | | | | | | 1,988,845 | | |
July 2021
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| | | | 4.15 | | | | | | 3.20 | | | | | | 5,504,318 | | |
August 2021
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| | | | 4.10 | | | | | | 3.89 | | | | | | 4,282,325 | | |
September 2021
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| | | | 4.05 | | | | | | 3.89 | | | | | | 14,557,012 | | |
October 2021
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| | | | 4.07 | | | | | | 4.01 | | | | | | 4,953,500 | | |
Corvus Gold Inc. (TSX)
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YEAR ENDED MAY 31, 2022 | | | | | | | | | | | | | | | | | | | |
First quarter
|
| | | $ | 4.15 | | | | | $ | 3.14 | | | | | | 11,775,488 | | |
Second quarter through November 23, 2021
|
| | | | 4.08 | | | | | | 3.89 | | | | | | 22,205,900 | | |
YEAR ENDED MAY 31, 2021 | | | | | | | | | | | | | | | | | | | |
First quarter
|
| | | $ | 4.26 | | | | | $ | 2.71 | | | | | | 10,484,620 | | |
Second quarter
|
| | | | 4.05 | | | | | | 2.78 | | | | | | 7,790,821 | | |
Third quarter
|
| | | | 3.37 | | | | | | 2.31 | | | | | | 7,838,315 | | |
Fourth quarter
|
| | | | 3.79 | | | | | | 2.17 | | | | | | 6,650,284 | | |
YEAR ENDED MAY 31, 2020 | | | | | | | | | | | | | | | | | | | |
Second quarter
|
| | | $ | 2.69 | | | | | $ | 1.73 | | | | | | 5,180,636 | | |
Third Quarter
|
| | | | 2.45 | | | | | | 1.75 | | | | | | 4,266,143 | | |
Fourth Quarter
|
| | | | 3.55 | | | | | | 0.985 | | | | | | 10,250,417 | | |
Corvus Gold Inc. (Nasdaq)
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March 2021
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| | | $ | 2.19 | | | | | $ | 1.7139 | | | | | | 2,843,518 | | |
April 2021
|
| | | | 2.09 | | | | | | 1.80 | | | | | | 1,336,181 | | |
May 2021
|
| | | | 3.11 | | | | | | 2.05 | | | | | | 2,617,933 | | |
June 2021
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| | | | 3.17 | | | | | | 2.53 | | | | | | 2,172,860 | | |
July 2021
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| | | | 3.30 | | | | | | 2.57 | | | | | | 5,399,413 | | |
August 2021
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| | | | 3.26 | | | | | | 2.96 | | | | | | 2,715,438 | | |
September 2021
|
| | | | 3.2099 | | | | | | 3.08 | | | | | | 6,999,665 | | |
October 2021
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| | | | 3.30 | | | | | | 3.16 | | | | | | 2,157,800 | | |
Corvus Gold Inc. (Nasdaq)
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YEAR ENDED MAY 31, 2022 | | | | | | | | | | | | | | | | | | | |
First quarter
|
| | | $ | 3.30 | | | | | $ | 2.53 | | | | | | 10,287,711 | | |
Second quarter (through November 23, 2021)
|
| | | | 3.30 | | | | | | 3.08 | | | | | | 10,594,600 | | |
YEAR ENDED MAY 31, 2021 | | | | | | | | | | | | | | | | | | | |
First quarter
|
| | | $ | 3.29 | | | | | $ | 2.0308 | | | | | | 4,582,061 | | |
Second quarter
|
| | | | 3.15 | | | | | | 2.10 | | | | | | 10,801,277 | | |
Third quarter
|
| | | | 2.66 | | | | | | 1.83 | | | | | | 10,988,299 | | |
Fourth quarter
|
| | | | 3.11 | | | | | | 1.7139 | | | | | | 6,797,632 | | |
YEAR ENDED MAY 31, 2020 | | | | | | | | | | | | | | | | | | | |
Second quarter
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| | | $ | 2.04 | | | | | $ | 1.29 | | | | | | 2,408,510 | | |
Third Quarter
|
| | | | 1.88 | | | | | | 1.3018 | | | | | | 2,529,808 | | |
Fourth Quarter
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| | | | 2.52 | | | | | | 0.71527 | | | | | | 5,308,570 | | |
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Date
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Purpose
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Corvus
Shares |
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Price per
Corvus Share |
| |
Value of Corvus
Shares Issued |
| |||||||||
| October 29, 2020 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.03 | | | | | C$ | 18,937.50 | | |
| October 29, 2020 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.03 | | | | | C$ | 18,937.50 | | |
| October 29, 2020 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.03 | | | | | C$ | 18,937.50 | | |
| October 29, 2020 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.03 | | | | | C$ | 18,937.50 | | |
| February 16, 2021 | | | “At-the-market” offering | | | | | 11,151 | | | | | C$ | 2.94 | | | | | C$ | 32,729.05 | | |
| February 17, 2021 | | | “At-the-market” offering | | | | | 40,595 | | | | | C$ | 2.89 | | | | | C$ | 117,234.79 | | |
| February 18, 2021 | | | “At-the-market” offering | | | | | 25,000 | | | | | C$ | 2.91 | | | | | C$ | 72,741.73 | | |
| February 19, 2021 | | | “At-the-market” offering | | | | | 14,979 | | | | | C$ | 2.79 | | | | | C$ | 41,717.18 | | |
| February 22, 2021 | | | “At-the-market” offering | | | | | 26,000 | | | | | C$ | 2.79 | | | | | C$ | 72,457.90 | | |
| February 23, 2021 | | | “At-the-market” offering | | | | | 1,400 | | | | | C$ | 2.77 | | | | | C$ | 3,881.72 | | |
| August 23, 2021 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.98 | | | | | C$ | 24,850.00 | | |
| August 23, 2021 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.98 | | | | | C$ | 24,850.00 | | |
| August 23, 2021 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.98 | | | | | C$ | 24,850.00 | | |
| August 23, 2021 | | |
Corvus Shares issued pursuant to Mayflower lease
agreement |
| | | | 6,250 | | | | | C$ | 3.98 | | | | | C$ | 24,850.00 | | |
|
Date
|
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Purpose of
Distribution |
| |
Number of Corvus
Shares Distributed |
| |
Price per
Corvus Share |
| |
Aggregate Value
|
| |||||||||
| August 23, 2021 | | |
Private Placement — Issued pursuant to
Mayflower lease agreement |
| | | | 25,000 | | | | | C$ | 3.98 | | | | | C$ | 99,400 | | |
| February 23, 2021 | | |
Public Offering — ATM offering
|
| | | | 1,400 | | | | | C$ | 2.77 | | | | | C$ | 3,882 | | |
| February 22, 2021 | | |
Public Offering — ATM offering
|
| | | | 26,000 | | | | | C$ | 2.79 | | | | | C$ | 72,458 | | |
| February 19, 2021 | | |
Public Offering — ATM offering
|
| | | | 14,979 | | | | | C$ | 2.79 | | | | | C$ | 41,717 | | |
| February 18, 2021 | | |
Public Offering — ATM offering
|
| | | | 25,000 | | | | | C$ | 2.91 | | | | | C$ | 72,742 | | |
| February 17, 2021 | | |
Public Offering — ATM offering
|
| | | | 40,595 | | | | | C$ | 2.89 | | | | | C$ | 117,235 | | |
| February 16, 2021 | | |
Public Offering — ATM offering
|
| | | | 11,151 | | | | | C$ | 2.94 | | | | | C$ | 32,729 | | |
| October 29, 2020 | | |
Private Placement — Issued pursuant to
Mayflower lease agreement |
| | | | 25,000 | | | | | C$ | 3.03 | | | | | C$ | 75,750 | | |
| October 18, 2019 | | |
Private Placement — Issued pursuant to
Mayflower lease agreement |
| | | | 25,000 | | | | | C$ | 1.95 | | | | | C$ | 48,750 | | |
| October 10, 2019 | | |
Private Placement
|
| | | | 11,500,000 | | | | | C$ | 2.00 | | | | | C$ | 23,000,000 | | |
| August 19, 2019 | | |
Private Placement
|
| | | | 500,000 | | | | | C$ | 2.60 | | | | | C$ | 1,300,000 | | |
| June 5, 2019 | | |
Private Placement
|
| | | | 500,000 | | | | | C$ | 1.80 | | | | | C$ | 900,000 | | |
|
December 20, 2018
|
| |
Private Placement
|
| | | | 800,000 | | | | | C$ | 2.60 | | | | | C$ | 2,080,000 | | |
|
November 26, 2018
|
| |
Private Placement — Issued pursuant to
Mayflower lease agreement |
| | | | 25,000 | | | | | C$ | 2.38 | | | | | C$ | 59,500 | | |
| June 6, 2018 | | |
Private Placement
|
| | | | 1,730,770 | | | | | C$ | 2.60 | | | | | C$ | 4,500,002 | | |
| December 7, 2017 | | |
Private Placement
|
| | | | 1,574,803 | | | | | C$ | 1.27 | | | | | C$ | 2,000,000 | | |
| December 7, 2017 | | |
Private Placement
|
| | | | 2,829,130 | | | | | C$ | 1.15 | | | | | C$ | 3,253,500 | | |
|
November 30, 2017
|
| |
Private Placement — Issued pursuant to
Mayflower lease agreement |
| | | | 25,000 | | | | | C$ | 1.48 | | | | | C$ | 37,000 | | |
| July 5, 2017 | | |
Private Placement
|
| | | | 6,200,000 | | | | | C$ | 0.75 | | | | | C$ | 4,650,000 | | |
| June 9, 2017 | | |
Private Placement — Issued pursuant to
Mayflower lease agreement |
| | | | 1,000,000 | | | | | C$ | 0.81 | | | | | C$ | 810,000 | | |
|
November 18, 2016
|
| |
Private Placement — Issued pursuant to
Mayflower lease agreement |
| | | | 25,000 | | | | | C$ | 0.72 | | | | | C$ | 18,000 | | |
|
Year
|
| |
Number of Corvus
Shares Distributed |
| |
Average Price
per Corvus Share |
| |
Aggregate Value
|
| |||||||||
|
2021 (January 1 to September 13)
|
| | | | 226,500 | | | | | C$ | 1.75 | | | | | C$ | 396,890 | | |
|
2020
|
| | | | 2,620,000 | | | | | C$ | 0.75 | | | | | C$ | 1,959,950 | | |
|
2019
|
| | | | 615,000 | | | | | C$ | 1.40 | | | | | C$ | 861,000 | | |
|
2018
|
| | | | 4,036,900 | | | | | C$ | 0.86 | | | | | C$ | 3,453,924 | | |
|
2017
|
| | | | 256,660 | | | | | C$ | 0.66 | | | | | C$ | 169,863 | | |
|
2016 (September 13 to December 31)
|
| | | | Nil | | | | | C$ | Nil | | | | | C$ | Nil | | |
|
Name of Beneficial Owner
|
| |
Amount and Nature of
Beneficial Ownership of Corvus Shares |
| |
Percent of Class
|
| ||||||
|
Jeffrey Pontius
Director and Chief Executive Officer Colorado, USA |
| | | | 6,905,666(1) | | | | | | 5.44% | | |
|
Anton Drescher
Director British Columbia, Canada |
| | | | 1,840,838(2) | | | | | | 1.45% | | |
|
Ronald Largent
Executive Chairman and Director Colorado, USA |
| | | | 1,350,000(6) | | | | | | 1.06% | | |
|
Rowland Perkins
Director Alberta, Canada |
| | | | 860,000(3) | | | | | | 0.68% | | |
|
Steven Aaker
Director Oregon, USA |
| | | | 1,300,500(4) | | | | | | 1.02% | | |
|
Edward Yarrow
Director British Columbia, Canada |
| | | | 975,000(5) | | | | | | 0.77% | | |
|
Peggy Wu, CPA, CA
Director and Chief Financial Officer British Columbia, Canada |
| | | | 1,471,900(7) | | | | | | 1.16% | | |
|
Carl Brechtel
Chief Administrative Officer Colorado, USA |
| | | | 1,016,100(8) | | | | | | 0.80% | | |
|
All Officers and Directors as a Group
|
| | | | 15,720,004(9) | | | | | | 12.38% | | |
|
Name and Address of Shareholder
|
| |
Number of
Corvus Shares |
| |
Percentage of Issued and
Outstanding |
| ||||||
|
AngloGold Ashanti (U.S.A.) Exploration Inc.(1)
4601 DTC Boulevard Suite 550 Denver, CO 80237 |
| | | | 24,774,949 | | | | | | 19.5% | | |
|
Sprott Asset Management USA, Inc.(2)
500 Fifth Avenue, Suite 3020 New York, NY 10110 |
| | | | 21,420,131 | | | | | | 16.9% | | |
Name (a)
|
| |
Cash (b)
|
| |
Equity (c)
|
| |
Total (h)
|
| |||||||||
Jeffrey A. Pontius, Chief Executive Officer
|
| | | US$ | 1,659,000(1) | | | | | US$ | 4,992,389(4) | | | | | US$ | 6,651,389 | | |
Carl Brechtel, Chief Administrative Officer
|
| | | US$ | 269,728(2) | | | | | US$ | 1,114,004(5) | | | | | US$ | 1,383,772 | | |
Peggy Wu, Chief Financial Officer
|
| | | US$ | 288,415(3) | | | | | US$ | 1,846,659(6) | | | | | US$ | 2,135,074 | | |
| To: | | | The Board of Directors of Corvus Gold Inc. (the “Company”) | |
|
And to:
|
| | The Special Committee of the Board of Directors of the Company | |
| By: | | |
/s/ Duncan Baird
|
| | | |
|
ARTICLE 1
INTERPRETATION |
| |||||||||
| Section 1.1 | | | | | | | B-5 | | | |
| Section 1.2 | | | | | | | B-16 | | | |
| Section 1.3 | | | | | | | B-17 | | | |
| Section 1.4 | | | Schedules | | | | | B-17 | | |
| Section 1.5 | | | Knowledge | | | | | B-17 | | |
| Section 1.6 | | | | | | | B-17 | | | |
|
ARTICLE 2
THE ARRANGEMENT |
| |||||||||
| Section 2.1 | | | Arrangement | | | | | B-17 | | |
| Section 2.2 | | | | | | | B-17 | | | |
| Section 2.3 | | | | | | | B-18 | | | |
| Section 2.4 | | | | | | | B-19 | | | |
| Section 2.5 | | | | | | | B-21 | | | |
| Section 2.6 | | | | | | | B-21 | | | |
| Section 2.7 | | | | | | | B-22 | | | |
| Section 2.8 | | | | | | | B-22 | | | |
| Section 2.9 | | | | | | | B-22 | | | |
| Section 2.10 | | | | | | | B-22 | | | |
| Section 2.11 | | | Guarantee | | | | | B-23 | | |
| Section 2.12 | | | Options | | | | | B-23 | | |
|
ARTICLE 3
REPRESENTATIONS AND WARRANTIES |
| |||||||||
| Section 3.1 | | | | | | | B-23 | | | |
| Section 3.2 | | | | | | | B-24 | | | |
|
ARTICLE 4
COVENANTS |
| |||||||||
| Section 4.1 | | | | | | | B-24 | | | |
| Section 4.2 | | | | | | | B-27 | | | |
| Section 4.3 | | | | | | | B-28 | | | |
| Section 4.4 | | | | | | | B-29 | | | |
| Section 4.5 | | | | | | | B-30 | | | |
| Section 4.6 | | | | | | | B-31 | | | |
| Section 4.7 | | | | | | | B-32 | | | |
| Section 4.8 | | | | | | | B-32 | | | |
| Section 4.9 | | | | | | | B-32 | | | |
| Section 4.10 | | | | | | | B-33 | | | |
| Section 4.11 | | | | | | | B-33 | | |
|
ARTICLE 5
ADDITIONAL COVENANTS REGARDING NON-SOLICITATION |
| |||||||||
| Section 5.1 | | | Non-Solicitation | | | | | B-33 | | |
| Section 5.2 | | | | | | | B-35 | | | |
| Section 5.3 | | | | | | | B-35 | | | |
| Section 5.4 | | | | | | | B-36 | | | |
| Section 5.5 | | | | | | | B-37 | | | |
|
ARTICLE 6
CONDITIONS |
| |||||||||
| Section 6.1 | | | | | | | B-37 | | | |
| Section 6.2 | | | | | | | B-38 | | | |
| Section 6.3 | | | | | | | B-38 | | | |
| Section 6.4 | | | | | | | B-39 | | | |
|
ARTICLE 7
TERM AND TERMINATION |
| |||||||||
| Section 7.1 | | | Term | | | | | B-39 | | |
| Section 7.2 | | | Termination | | | | | B-39 | | |
| Section 7.3 | | | | | | | B-41 | | | |
|
ARTICLE 8
GENERAL PROVISIONS |
| |||||||||
| Section 8.1 | | | Amendments | | | | | B-41 | | |
| Section 8.2 | | | | | | | B-41 | | | |
| Section 8.3 | | | Notices | | | | | B-43 | | |
| Section 8.4 | | | | | | | B-45 | | | |
| Section 8.5 | | | | | | | B-45 | | | |
| Section 8.6 | | | | | | | B-45 | | | |
| Section 8.7 | | | Waiver | | | | | B-45 | | |
| Section 8.8 | | | | | | | B-45 | | | |
| Section 8.9 | | | | | | | B-45 | | | |
| | | Severability | | | | | B-46 | | | |
| | | | | | | B-46 | | | ||
| | | | | | | B-46 | | | ||
| | | | | | | B-46 | | | ||
| | | Language | | | | | B-46 | | | |
| | | Counterparts | | | | | B-47 | | | |
|
SCHEDULES
|
| |||||||||
| Schedule A | | | | | | | B-48 | | | |
| Schedule B | | | | | | | B-49 | | | |
| Schedule C | | | | | | | B-50 | | | |
| Schedule D | | | | | | | B-71 | | |
|
Schedule A
|
| | Plan of Arrangement | |
|
Schedule B
|
| | Arrangement Resolution | |
|
Schedule C
|
| | Representations and Warranties of the Company | |
|
Schedule D
|
| | Representations and Warranties of the Purchaser and the Guarantor | |
| are incorporated by reference into, and form as part of, this Agreement. | |
| Attention: | | | General Manager | |
| Telephone: | | | +44(0) 203 968 3323 | |
| Email: | | | rhayes@anglogoldashanti.com and agahoffice@anglogoldashanti.com | |
| Attention: | | | Jay Kellerman and Daniel Borlack | |
| Telephone: | | | (416) 869-5201 and (416) 869-5283 | |
| Email: | | | jkellerman@stikeman.com and dborlack@stikeman.com | |
| Attention: | | | George Stephanakis and Richard Hall | |
| Telephone: | | | 44-20-7453-1040 and (212) 474-1293 | |
| Email: | | | gstephanakis@cravath.com and rhall@cravath.com | |
| Attention: | | | Jeffrey Pontius and Peggy Wu | |
| Telephone: | | | (303) 470-8707 and (604) 638-3246 | |
| Email: | | | pwu@corvusgold.com and jpontius@corvusgold.com | |
| Attention: | | | Jen Hansen and Jeffrey Roy | |
| Telephone: | | | (604) 691-6114 and (416) 860-6616 | |
| Email: | | | jhansen@cassels.com and jroy@cassels.com | |
| Attention: | | | Jason Brenkert | |
| Telephone: | | | (303) 352-1133 | |
| Email: | | | brenkert.jason@dorsey.com | |
|
|
| |
Fort Capital Partners
1010 – 510 Burrard Street Vancouver, BC V6C 3A8 |
|
| | |
Tonnage
(Mt) |
| |
Grade
|
| ||||||||||||
Classification
|
| |
Au (g/t)
|
| |
Ag (g/t)
|
| ||||||||||||
North Bullfrog | | | | | | | | | | | | | | | | | | | |
Measured and Indicated
|
| | | | 192.1 | | | | | | 0.34 | | | | | | 1.67 | | |
Inferred
|
| | | | 67.7 | | | | | | 0.19 | | | | | | 0.60 | | |
Mother Lode | | | | | | | | | | | | | | | | | | | |
Measured and Indicated
|
| | | | 60.2 | | | | | | 0.80 | | | | | | 0.78 | | |
Inferred
|
| | | | 9.9 | | | | | | 0.55 | | | | | | 1.26 | | |
Income Statement
(C$) |
| |
Fiscal Year Ended as at May 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2021
|
| |||||||||||
Operating Expenses | | | | | | | | | | | | | | | | | | | |
Administration
|
| | | | 430 | | | | | | 429 | | | | | | 364 | | |
Consulting Fees
|
| | | | 1,054,967 | | | | | | 1,931,197 | | | | | | 2,276,870 | | |
Depreciation
|
| | | | 15,069 | | | | | | 61,513 | | | | | | 69,388 | | |
Exploration
|
| | | | 5,636,641 | | | | | | 9,766,264 | | | | | | 14,915,361 | | |
Insurance
|
| | | | 213,548 | | | | | | 234,846 | | | | | | 459,163 | | |
Investor Relations
|
| | | | 1,308,792 | | | | | | 1,631,230 | | | | | | 1,635,042 | | |
Office and Misc.
|
| | | | 119,687 | | | | | | 139,338 | | | | | | 132,456 | | |
Professional Fees
|
| | | | 376,322 | | | | | | 374,012 | | | | | | 503,696 | | |
Regulatory
|
| | | | 162,313 | | | | | | 185,277 | | | | | | 321,628 | | |
Rent
|
| | | | 74,529 | | | | | | 18,179 | | | | | | 11,384 | | |
Travel
|
| | | | 275,602 | | | | | | 272,674 | | | | | | 82,139 | | |
Wages and Benefits
|
| | | | 1,782,198 | | | | | | 2,264,435 | | | | | | 2,479,953 | | |
Total Operating Expenses
|
| | | | 11,020,098 | | | | | | 16,879,394 | | | | | | 22,887,444 | | |
Other Income | | | | | | | | | | | | | | | | | | | |
Interest Income (Expense)
|
| | | | 76,835 | | | | | | 255,410 | | | | | | 30,676 | | |
Foreign Exchange Gain (Loss)
|
| | | | 85,258 | | | | | | 417,332 | | | | | | (263,709) | | |
Exchange Difference on Translation
|
| | | | 258,813 | | | | | | 196,103 | | | | | | (752,310) | | |
Total Other Income (Loss)
|
| | | | 420,906 | | | | | | 868,845 | | | | | | (985,343) | | |
Comprehensive Loss for the Year
|
| | | | (10,599,192) | | | | | | (16,010,549) | | | | | | (23,872,787) | | |
Balance Sheet
(C$) |
| |
May 31,
2021 |
| |||
Assets | | | | | | | |
Cash & Equivalents(1)
|
| | | | 11,440,745 | | |
Accounts Receivable
|
| | | | 11,741 | | |
Prepaid Expenses
|
| | | | 499,747 | | |
Total Current Assets
|
| | | | 11,952,233 | | |
Property & Equipment
|
| | | | 73,457 | | |
Right-of-Use Assets
|
| | | | 88,996 | | |
Capitalized Acquisition Costs
|
| | | | 5,268,783 | | |
Total Assets
|
| | | | 17,383,469 | | |
Liabilities & Shareholders’ Equity | | | | | | | |
Accounts Payable and Accrued Liabilities
|
| | | | 1,835,240 | | |
Lease Liabilities
|
| | | | 67,287 | | |
Notes Payable(1)
|
| | | | 12,061,257 | | |
Total Current Liabilities
|
| | | | 13,963,784 | | |
Asset Retirement Obligations
|
| | | | 326,691 | | |
Lease Liabilities
|
| | | | 32,600 | | |
Total Liabilities
|
| | | | 14,323,075 | | |
Share Capital
|
| | | | 124,919,558 | | |
Contributed Surplus
|
| | | | 17,769,880 | | |
Accumulated Other Comprehensive Income
|
| | | | 826,016 | | |
Deficit
|
| | | | (140,455,060) | | |
Total Shareholders’ Equity
|
| | | | 3,060,394 | | |
Total Liabilities and Shareholders’ Equity
|
| | | | 17,383,469 | | |
|
Consensus Long-Term Prices
|
| ||||||
|
Gold (US$/oz)
|
| | | $ | 1,600 | | |
|
Silver (US$/oz)
|
| | | $ | 21.00 | | |
| | |
North Bullfrog (NB)
|
| |
Mother Lode (ML)
|
| |
NB + ML
|
|
Initial Production
|
| |
2024
|
| |
2027
|
| |
2024
|
|
Mine Life
|
| |
15 years
|
| |
9 years
|
| |
15 years
|
|
LT Gold Price (US$/oz)
|
| |
$1,600
|
| |
$1,600
|
| |
$1,600
|
|
LT Silver Price (US$/oz)
|
| |
$21.00
|
| |
$21.00
|
| |
$21.00
|
|
LOM Au Production
|
| |
1,467koz
|
| |
1,377koz
|
| |
2,844koz
|
|
LOM Ag Production
|
| |
3,204koz
|
| |
638koz
|
| |
3,842koz
|
|
Annual Avg Au Production
|
| |
98koz
|
| |
153koz
|
| |
190koz
|
|
Annual Avg Ag Production
|
| |
214koz
|
| |
71koz
|
| |
256koz
|
|
| | | | | |
Y-1
|
| |
Y1
|
| |
Y2
|
| |
Y3
|
| |
Y4
|
| |
Y5
|
| |
Y6
|
| |
Y7
|
| |
Y8
|
| |
Y9
|
| |
Y10
|
| |
Y11
|
| |
Y12
|
| |
Y13
|
| |
Y14
|
| |
Y15
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| |
2031
|
| |
2032
|
| |
2033
|
| |
2034
|
| |
2035
|
| |
2036
|
| |
2037
|
| |
2038
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Payable Gold Ounces
|
| |
(koz)
|
| | | | | | | | | | 73.6 | | | | | | 148.2 | | | | | | 195.7 | | | | | | 188.8 | | | | | | 170.4 | | | | | | 134.5 | | | | | | 117.7 | | | | | | 93.9 | | | | | | 91.7 | | | | | | 74.4 | | | | | | 68.7 | | | | | | 56.7 | | | | | | 38.5 | | | | | | 10.5 | | | | | | 3.2 | | |
Payable Silver Ounces
|
| |
(koz)
|
| | | | | | | | | | 244.5 | | | | | | 676.7 | | | | | | 632.8 | | | | | | 455.6 | | | | | | 342.4 | | | | | | 270.0 | | | | | | 176.9 | | | | | | 74.2 | | | | | | 51.9 | | | | | | 94.7 | | | | | | 97.9 | | | | | | 49.0 | | | | | | 29.0 | | | | | | 6.4 | | | | | | 2.0 | | |
Gold Price
|
| |
(US$/oz)
|
| | | | | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | |
Silver Price
|
| |
(US$/oz)
|
| | | | | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | |
Gold Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 117.7 | | | | | $ | 237.1 | | | | | $ | 313.1 | | | | | $ | 302.1 | | | | | $ | 272.6 | | | | | $ | 215.1 | | | | | $ | 188.4 | | | | | $ | 150.2 | | | | | $ | 146.8 | | | | | $ | 119.1 | | | | | $ | 109.9 | | | | | $ | 90.8 | | | | | $ | 61.7 | | | | | $ | 16.7 | | | | | $ | 5.2 | | |
Silver Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 5.1 | | | | | $ | 14.2 | | | | | $ | 13.3 | | | | | $ | 9.6 | | | | | $ | 7.2 | | | | | $ | 5.7 | | | | | $ | 3.7 | | | | | $ | 1.6 | | | | | $ | 1.1 | | | | | $ | 2.0 | | | | | $ | 2.1 | | | | | $ | 1.0 | | | | | $ | 0.6 | | | | | $ | 0.1 | | | | | $ | 0.0 | | |
Total Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 122.9 | | | | | $ | 251.4 | | | | | $ | 326.4 | | | | | $ | 311.7 | | | | | $ | 279.8 | | | | | $ | 220.8 | | | | | $ | 192.1 | | | | | $ | 151.7 | | | | | $ | 147.9 | | | | | $ | 121.0 | | | | | $ | 111.9 | | | | | $ | 91.8 | | | | | $ | 62.3 | | | | | $ | 16.9 | | | | | $ | 5.2 | | |
Less: Royalties
|
| |
(US$M)
|
| | | | | | | | | | — | | | | | | — | | | | | $ | (1.8) | | | | | $ | (2.5) | | | | | $ | (1.2) | | | | | $ | (0.9) | | | | | $ | (0.9) | | | | | $ | (0.9) | | | | | $ | (0.9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Revenue
|
| |
(US$M)
|
| | | | | | | | | $ | 122.9 | | | | | $ | 251.4 | | | | | $ | 324.7 | | | | | $ | 309.2 | | | | | $ | 278.6 | | | | | $ | 219.9 | | | | | $ | 191.2 | | | | | $ | 150.8 | | | | | $ | 147.0 | | | | | $ | 121.0 | | | | | $ | 111.9 | | | | | $ | 91.8 | | | | | $ | 62.3 | | | | | $ | 16.9 | | | | | $ | 5.2 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Waste Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (78.8) | | | | | $ | (27.7) | | | | | $ | (36.6) | | | | | $ | (26.8) | | | | | $ | (23.7) | | | | | $ | (19.8) | | | | | $ | (17.3) | | | | | $ | (16.5) | | | | | $ | (19.8) | | | | | $ | (24.7) | | | | | $ | (24.7) | | | | | $ | (21.4) | | | | | $ | (12.4) | | | | | | — | | | | | | — | | |
Ore Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (20.4) | | | | | $ | (21.4) | | | | | $ | (26.4) | | | | | $ | (28.0) | | | | | $ | (33.3) | | | | | $ | (39.0) | | | | | $ | (38.7) | | | | | $ | (35.3) | | | | | $ | (35.3) | | | | | $ | (27.8) | | | | | $ | (27.7) | | | | | $ | (28.0) | | | | | $ | (16.2) | | | | | | — | | | | | | — | | |
Processing/Leaching/Trucking/
rehandle |
| |
(US$M)
|
| | | | — | | | | | $ | (21.6) | | | | | $ | (24.0) | | | | | $ | (28.7) | | | | | $ | (29.5) | | | | | $ | (33.8) | | | | | $ | (39.0) | | | | | $ | (35.8) | | | | | $ | (29.2) | | | | | $ | (29.2) | | | | | $ | (27.4) | | | | | $ | (27.0) | | | | | $ | (23.2) | | | | | $ | (17.8) | | | | | $ | (10.1) | | | | | $ | (4.5) | | |
G&A
|
| |
(US$M)
|
| | | | — | | | | | $ | (4.5) | | | | | $ | (4.8) | | | | | $ | (5.1) | | | | | $ | (4.9) | | | | | $ | (4.8) | | | | | $ | (4.7) | | | | | $ | (4.7) | | | | | $ | (4.6) | | | | | $ | (4.6) | | | | | $ | (4.6) | | | | | $ | (4.6) | | | | | $ | (4.5) | | | | | $ | (3.8) | | | | | $ | (2.9) | | | | | $ | (1.5) | | |
Mine Equipment Finance Charges
|
| |
(US$M)
|
| | | | — | | | | | $ | (3.8) | | | | | $ | (3.2) | | | | | $ | (2.5) | | | | | $ | (1.8) | | | | | $ | (1.1) | | | | | $ | (0.4) | | | | | $ | (0.1) | | | | | $ | (0.0) | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | (10.6) | | | | | $ | (22.5) | | | | | $ | (34.5) | | | | | $ | (34.4) | | | | | $ | (43.8) | | | | | $ | (35.0) | | | | | $ | (30.1) | | | | | $ | (23.6) | | | | | $ | (30.1) | | | | | $ | (23.8) | | | | | $ | (21.1) | | | | | $ | (16.6) | | | | | $ | (10.3) | | | | | $ | (2.6) | | | | | $ | (0.7) | | |
Credit Stockpile Mining Cost
|
| |
(US$M)
|
| | | | — | | | | | $ | 1.4 | | | | | | — | | | | | $ | (0.5) | | | | | | — | | | | | | — | | | | | $ | (1.0) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Environmental & Reclamation
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (0.3) | | | | | $ | (0.3) | | | | | $ | (1.9) | | | | | $ | (5.6) | | | | | $ | (6.4) | | | | | $ | (5.5) | | | | | $ | (3.7) | | | | | $ | (1.3) | | |
EBT | | |
(US$M)
|
| | | | — | | | | | $ | (15.4) | | | | | $ | 147.8 | | | | | $ | 190.5 | | | | | $ | 183.8 | | | | | $ | 138.0 | | | | | $ | 81.1 | | | | | $ | 64.4 | | | | | $ | 41.3 | | | | | $ | 27.6 | | | | | $ | 10.8 | | | | | $ | 1.3 | | | | | $ | (8.4) | | | | | $ | (3.8) | | | | | $ | (2.3) | | | | | $ | (2.8) | | |
Nevada NPT
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | $ | (7.9) | | | | | $ | (10.6) | | | | | $ | (10.5) | | | | | $ | (8.5) | | | | | $ | (5.2) | | | | | $ | (4.0) | | | | | $ | (2.5) | | | | | $ | (2.1) | | | | | $ | (1.1) | | | | | $ | (0.6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Federal Income Tax
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | $ | (4.3) | | | | | $ | (30.5) | | | | | $ | (29.9) | | | | | $ | (22.7) | | | | | $ | (12.5) | | | | | $ | (9.5) | | | | | $ | (5.7) | | | | | $ | (4.9) | | | | | $ | (2.7) | | | | | $ | (1.5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | 10.6 | | | | | $ | 22.5 | | | | | $ | 34.5 | | | | | $ | 34.4 | | | | | $ | 43.8 | | | | | $ | 35.0 | | | | | $ | 30.1 | | | | | $ | 23.6 | | | | | $ | 30.1 | | | | | $ | 23.8 | | | | | $ | 21.1 | | | | | $ | 16.6 | | | | | $ | 10.3 | | | | | $ | 2.6 | | | | | $ | 0.7 | | |
Capital Expenses & Working
Capital |
| |
(US$M)
|
| | | $ | (167.4) | | | | | $ | (4.4) | | | | | $ | (10.8) | | | | | $ | (30.2) | | | | | $ | (6.4) | | | | | $ | (64.5) | | | | | $ | (2.0) | | | | | $ | 2.3 | | | | | $ | 2.0 | | | | | $ | (26.4) | | | | | $ | 2.2 | | | | | $ | 2.1 | | | | | $ | 1.7 | | | | | $ | 1.3 | | | | | $ | 0.3 | | | | | $ | 0.1 | | |
Net Cash Flow After Tax
|
| |
(US$M)
|
| | | $ | (167.4) | | | | | $ | (9.2) | | | | | $ | 147.2 | | | | | $ | 153.6 | | | | | $ | 171.4 | | | | | $ | 86.1 | | | | | $ | 96.4 | | | | | $ | 83.3 | | | | | $ | 58.6 | | | | | $ | 24.4 | | | | | $ | 33.0 | | | | | $ | 22.3 | | | | | $ | 9.9 | | | | | $ | 7.8 | | | | | $ | 0.6 | | | | | $ | (2.0) | | |
NPV
|
| |
(US$M)
|
| | |
$
|
483
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Y-1
|
| |
Y1
|
| |
Y2
|
| |
Y3
|
| |
Y4
|
| |
Y5
|
| |
Y6
|
| |
Y7
|
| |
Y8
|
| |
Y9
|
| ||||||||||||||||||||||||||||||
| | |
units
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| |
2031
|
| |
2032
|
| |
2033
|
| |
2034
|
| |
2035
|
| ||||||||||||||||||||||||||||||
Gold Ounces
|
| |
(koz)
|
| | | | — | | | | | | 213.8 | | | | | | 170.4 | | | | | | 252.2 | | | | | | 178.5 | | | | | | 73.5 | | | | | | 180.7 | | | | | | 211.1 | | | | | | 87.6 | | | | | | 9.4 | | |
Silver Ounces
|
| |
(koz)
|
| | | | — | | | | | | 11.1 | | | | | | 200.2 | | | | | | 27.4 | | | | | | 102.8 | | | | | | 55.7 | | | | | | 35.1 | | | | | | 82.9 | | | | | | 121.5 | | | | | | 1.7 | | |
Gold Price
|
| |
(US$/oz)
|
| | | | — | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | | | | $ | 1,600 | | |
Silver Price
|
| |
(US$/oz)
|
| | | | — | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | | | | $ | 21.00 | | |
Gold Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 342.0 | | | | | $ | 272.7 | | | | | $ | 403.5 | | | | | $ | 285.7 | | | | | $ | 117.6 | | | | | $ | 289.2 | | | | | $ | 337.7 | | | | | $ | 140.2 | | | | | $ | 15.1 | | |
Silver Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 0.2 | | | | | $ | 4.2 | | | | | $ | 0.6 | | | | | $ | 2.2 | | | | | $ | 1.2 | | | | | $ | 0.7 | | | | | $ | 1.7 | | | | | $ | 2.6 | | | | | $ | 0.0 | | |
Total Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 342.3 | | | | | $ | 276.9 | | | | | $ | 404.1 | | | | | $ | 287.8 | | | | | $ | 118.7 | | | | | $ | 289.9 | | | | | $ | 339.4 | | | | | $ | 142.7 | | | | | $ | 15.1 | | |
Less: Royalties
|
| |
(US$M)
|
| | | | — | | | | | $ | (6.8) | | | | | $ | (5.5) | | | | | $ | (8.1) | | | | | $ | (5.8) | | | | | $ | (2.4) | | | | | $ | (5.8) | | | | | $ | (6.8) | | | | | $ | (2.9) | | | | | $ | (0.3) | | |
Net Revenue
|
| |
(US$M)
|
| | | | — | | | | | $ | 335.4 | | | | | $ | 271.4 | | | | | $ | 396.0 | | | | | $ | 282.1 | | | | | $ | 116.4 | | | | | $ | 284.1 | | | | | $ | 332.6 | | | | | $ | 139.9 | | | | | $ | 14.8 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Waste Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (92.7) | | | | | $ | (50.3) | | | | | $ | (8.7) | | | | | $ | (91.2) | | | | | $ | (69.3) | | | | | $ | (25.3) | | | | | $ | (15.5) | | | | | | — | | | | | | — | | |
Ore Mining
|
| |
(US$M)
|
| | | | — | | | | | $ | (16.9) | | | | | $ | (9.0) | | | | | $ | (30.9) | | | | | $ | (1.8) | | | | | $ | (1.6) | | | | | $ | (15.9) | | | | | $ | (16.3) | | | | | | — | | | | | | — | | |
Processing/Leaching/Trucking/rehandle
|
| |
(US$M)
|
| | | | — | | | | | $ | (67.2) | | | | | $ | (83.7) | | | | | $ | (71.0) | | | | | $ | (78.2) | | | | | $ | (59.5) | | | | | $ | (69.3) | | | | | $ | (77.1) | | | | | $ | (79.8) | | | | | $ | (5.5) | | |
G&A
|
| |
(US$M)
|
| | | | — | | | | | $ | (5.2) | | | | | $ | (5.1) | | | | | $ | (5.3) | | | | | $ | (5.1) | | | | | $ | (4.8) | | | | | $ | (5.1) | | | | | $ | (5.2) | | | | | $ | (4.8) | | | | | $ | (4.2) | | |
Mine Equipment Finance Charges
|
| |
(US$M)
|
| | | | — | | | | | $ | (4.0) | | | | | $ | (3.2) | | | | | $ | (2.4) | | | | | $ | (1.7) | | | | | $ | (1.0) | | | | | $ | (0.2) | | | | | $ | 0.0 | | | | | $ | 0.0 | | | | | $ | 0.0 | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | (72.7) | | | | | $ | (58.8) | | | | | $ | (87.9) | | | | | $ | (67.1) | | | | | $ | (28.9) | | | | | $ | (69.8) | | | | | $ | (74.2) | | | | | $ | (27.8) | | | | | $ | (2.6) | | |
Credit Stockpile Mining Cost
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Environmental & Reclamation
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (2.1) | | | | | $ | (2.8) | | | | | $ | (2.0) | | | | | $ | (4.8) | | |
EBT | | |
(US$M)
|
| | | | — | | | | | $ | 76.8 | | | | | $ | 61.3 | | | | | $ | 189.9 | | | | | $ | 37.0 | | | | | $ | (48.6) | | | | | $ | 96.3 | | | | | $ | 141.6 | | | | | $ | 25.4 | | | | | $ | (2.4) | | |
Nevada NPT
|
| |
(US$M)
|
| | | | — | | | | | $ | (4.0) | | | | | $ | (5.0) | | | | | $ | (13.0) | | | | | $ | (4.2) | | | | | | — | | | | | $ | (7.3) | | | | | $ | (9.8) | | | | | $ | (1.5) | | | | | | — | | |
Federal Income Tax
|
| |
(US$M)
|
| | | | — | | | | | | — | | | | | $ | (0.0) | | | | | $ | (29.5) | | | | | $ | (5.4) | | | | | | — | | | | | $ | (5.6) | | | | | $ | (21.2) | | | | | $ | (3.0) | | | | | | — | | |
Depreciation
|
| |
(US$M)
|
| | | | — | | | | | $ | 72.7 | | | | | $ | 58.8 | | | | | $ | 87.9 | | | | | $ | 67.1 | | | | | $ | 28.9 | | | | | $ | 69.8 | | | | | $ | 74.2 | | | | | $ | 27.8 | | | | | $ | 2.6 | | |
Capital Expenses & Working Capital
|
| |
(US$M)
|
| | | $ | (406.3) | | | | | $ | (22.7) | | | | | $ | (6.0) | | | | | $ | (3.1) | | | | | $ | (20.2) | | | | | $ | (9.6) | | | | | $ | 3.1 | | | | | $ | 10.8 | | | | | $ | 3.3 | | | | | $ | 0.3 | | |
Net Cash Flow After Tax
|
| |
(US$M)
|
| | | $ | (406.3) | | | | | $ | 122.7 | | | | | $ | 109.1 | | | | | $ | 232.1 | | | | | $ | 74.2 | | | | | $ | (29.3) | | | | | $ | 156.4 | | | | | $ | 195.4 | | | | | $ | 52.0 | | | | | $ | 0.6 | | |
NPV
|
| |
(US$M)
|
| | |
$
|
268
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Selected Value Range
|
| |||||||||
Component
|
| |
Description and Rationale
|
| |
Methodologies Considered
|
| |
Low
(US$M) |
| |
High
(US$M) |
| ||||||
North Bullfrog
|
| | NPV of free cash flow | | |
•
NPV 5% as of September 10, 2021
•
Consensus LT Au and Ag prices
•
Construction start in 2023
|
| | | $ | 401 | | | | | $ | 564 | | |
Mother Lode
|
| | NPV of free cash flow | | |
•
NPV5% as of September 10, 2021
•
Consensus LT Au and Ag prices
•
Construction start in 2026
|
| | | $ | 197 | | | | | $ | 340 | | |
Exploration Value (Lynnda Strip)
|
| |
Early-stage exploration with
no resource |
| |
•
250-500koz of AuEq resource
•
$50-$35/oz multiple
|
| | | $ | 13 | | | | | $ | 18 | | |
Other Values
|
| |
Exploration properties
other than Lynnda Strip |
| |
•
Estimate
|
| | | $ | 5 | | | | | $ | 10 | | |
Corporate Expenses (after-tax)
|
| | | | |
•
$4M in 2021
•
$20M in 2022
•
$3M/year in 2023+
•
$100k/year 2021+ for leases
•
5.0% discount rate
|
| | | $ | (50) | | | | | $ | (50) | | |
Gross Asset Value | | | | $ | 565 | | | | | $ | 881 | | | ||||||
Less: Debt
|
| | | $ | (10) | | | | | $ | (10) | | | ||||||
Add: Cash
|
| | | $ | 9 | | | | | $ | 9 | | | ||||||
Net Asset Value | | | | $ | 564 | | | | | $ | 880 | | | ||||||
Shares Outstanding (Treasury Stock Method)
|
| | | | 138.1 | | | | | | 138.7 | | | ||||||
NAVPS (US$/share) | | | | $ | 4.09 | | | | | $ | 6.35 | | | ||||||
NAVPS (C$/share) | | | | $ | 5.17 | | | | | $ | 8.02 | | |
Scenario
|
| |
Value
|
| |
Implied Value Range
|
| ||||||||||||||||||||||||
|
Ent. Value (US$M)
|
| |
Share Price (C$/sh.)
|
| ||||||||||||||||||||||||||
|
Low
|
| |
High
|
| |
Low
|
| |
High
|
| ||||||||||||||||||||
Base Case
|
| | | C$ | 6.60 | | | | | $ | 355 | | | | | $ | 541 | | | | | $ | 3.30 | | | | | $ | 4.95 | | |
Consensus(1) | | | | C$ | 5.53 | | | | | $ | 296 | | | | | $ | 448 | | | | | $ | 2.76 | | | | | $ | 4.15 | | |
Company
|
| |
Market Cap.
|
| |
Ent. Value
|
| |
Location
|
| |
Stage
|
| ||||||
| | |
(US$M)
|
| |
(US$M)
|
| |
(State/Province)
|
| |
(Study)
|
| ||||||
Osisko Mining
|
| | | $ | 774 | | | | | $ | 659 | | | |
Quebec
|
| |
PEA
|
|
Skeena Resources
|
| | | $ | 745 | | | | | $ | 702 | | | |
British Columbia
|
| |
PEA
|
|
Marathon Gold
|
| | | $ | 684 | | | | | $ | 600 | | | |
Newfoundland
|
| |
PFS
|
|
Artemis Gold
|
| | | $ | 637 | | | | | $ | 476 | | | |
British Columbia
|
| |
PFS
|
|
Sabina
|
| | | $ | 410 | | | | | $ | 375 | | | |
Nunavut
|
| |
Feas.
|
|
Ascot Resources
|
| | | $ | 353 | | | | | $ | 299 | | | |
British Columbia
|
| |
Feas.
|
|
Perpetua Resources
|
| | | $ | 320 | | | | | $ | 311 | | | |
Idaho
|
| |
PFS
|
|
Liberty Gold
|
| | | $ | 249 | | | | | $ | 242 | | | |
Turkey
|
| |
PEA
|
|
First Mining Gold
|
| | | $ | 191 | | | | | $ | 160 | | | |
Ontario
|
| |
PFS
|
|
Gold Standard
|
| | | $ | 167 | | | | | $ | 139 | | | |
Nevada
|
| |
PFS
|
|
International Tower Hill
|
| | | $ | 162 | | | | | $ | 152 | | | |
Alaska
|
| |
PFS
|
|
Integra Resources
|
| | | $ | 162 | | | | | $ | 148 | | | |
Idaho
|
| |
PEA
|
|
Freegold Ventures
|
| | | $ | 157 | | | | | $ | 134 | | | |
Alaska
|
| |
PEA
|
|
Moneta Porcupine Mines
|
| | | $ | 146 | | | | | $ | 129 | | | |
Ontario
|
| |
PEA
|
|
Troilus Gold
|
| | | $ | 130 | | | | | $ | 123 | | | |
Quebec
|
| |
PEA
|
|
O3 Mining
|
| | | $ | 117 | | | | | $ | 67 | | | |
Québec
|
| |
PEA
|
|
Anaconda Mining
|
| | | $ | 106 | | | | | $ | 96 | | | |
Nova Scotia
|
| |
PEA
|
|
Falco Resources
|
| | | $ | 86 | | | | | $ | 103 | | | |
Quebec
|
| |
Feas.
|
|
Treasury Metals
|
| | | $ | 85 | | | | | $ | 77 | | | |
Ontario
|
| |
PEA
|
|
Gold Mountain Mining
|
| | | $ | 84 | | | | | $ | 83 | | | |
British Columbia
|
| |
Feas.
|
|
Augusta Gold
|
| | | $ | 82 | | | | | $ | 59 | | | |
Nevada
|
| |
Resource
|
|
Candelaria Mining
|
| | | $ | 60 | | | | | $ | 61 | | | |
Mexico
|
| |
Feas.
|
|
Almaden Minerals
|
| | | $ | 55 | | | | | $ | 48 | | | |
Mexico
|
| |
Feas.
|
|
West Vault Mining
|
| | | $ | 53 | | | | | $ | 47 | | | |
Nevada
|
| |
PFS
|
|
Gold Springs Resource
|
| | | $ | 42 | | | | | $ | 38 | | | |
Nevada
|
| |
PEA
|
|
Paramount Gold Nevada
|
| | | $ | 33 | | | | | $ | 32 | | | |
Nevada
|
| |
PEA
|
|
Allegiant Gold
|
| | | $ | 29 | | | | | $ | 28 | | | |
Nevada
|
| |
Scoping
|
|
Comparable Gold Development Companies
|
| ||||||||||||||||||
| | |
Low
|
| |
High
|
| |
Avg.
|
| |||||||||
Full Comparable Set | | | | | | | | | | | | | | | | | | | |
P / NAV
|
| | | | 0.19x | | | | | | 0.89x | | | | | | 0.40x | | |
EV / Resources (M&I)(4)
|
| | | $ | 7 | | | | | $ | 352 | | | | | $ | 73 | | |
EV / Resources (Total Resource)(5)
|
| | | $ | 5 | | | | | $ | 126 | | | | | $ | 46 | | |
Nevada only Subset | | | | | | | | | | | | | | | | | | | |
P / NAV
|
| | | | 0.36x | | | | | | 0.38x | | | | | | 0.37x | | |
EV / Resources (M&I)(4)
|
| | | $ | 7 | | | | | $ | 87 | | | | | $ | 49 | | |
EV / Resources (Total Resource)(5)
|
| | | $ | 5 | | | | | $ | 56 | | | | | $ | 37 | | |
PEA Stage or Prior Subset | | | | | | | | | | | | | | | | | | | |
P / NAV
|
| | | | 0.20x | | | | | | 0.63x | | | | | | 0.38x | | |
EV / Resources (M&I)(4)
|
| | | $ | 7 | | | | | $ | 352 | | | | | $ | 76 | | |
EV / Resources (Total Resource)(5)
|
| | | $ | 5 | | | | | $ | 121 | | | | | $ | 44 | | |
Target
|
| |
Stage
|
| |
Acquiror
|
| |
Ann. Date
|
| |
Transaction (Value)
|
| |||
| | |
(Study)
|
| | | | | | | |
(US$M)
|
| |||
Battle North
|
| | PFS | | | Evolution Mining | | |
Mar-14-2021
|
| | | $ | 259 | | |
GT Gold
|
| | Scoping | | | Newmont | | |
Mar-10-2021
|
| | | $ | 348 | | |
QMX Gold
|
| | Resource | | | Eldorado Gold | | |
Jan-20-2021
|
| | | $ | 99 | | |
Snowfield property
|
| | Resource | | | Seabridge Gold | | |
Dec-04-2020
|
| | | $ | 120 | | |
Monarch Gold
|
| | Feas. | | | Yamana Gold | | |
Nov-02-2020
|
| | | $ | 111 | | |
Peak Gold Project
|
| | PEA | | | Kinross Gold | | |
Sep-30-2020
|
| | | $ | 134 | | |
Eastmain Resources
|
| | PEA | | | Auryn Resources | | |
Jul-29-2020
|
| | | $ | 97 | | |
Blackwater project
|
| | Feas. | | | Artemis Gold | | |
Jun-09-2020
|
| | | $ | 214 | | |
Barkerville Gold Mines
|
| | PEA | | |
Osisko Gold Royalties
|
| |
Sep-23-2019
|
| | | $ | 231 | | |
Northern Empire
|
| | Resource | | | Coeur Mining | | |
Aug-02-2018
|
| | | $ | 78 | | |
Exploration Assets
|
| | PEA | | | Agnico Eagle | | |
Dec-21-2017
|
| | | $ | 325 | | |
AuRico Metals
|
| | Feas. | | | Centerra Gold | | |
Nov-07-2017
|
| | | $ | 215 | | |
Santa Gertrudis project
|
| | PEA | | | Agnico Eagle | | |
Sep-05-2017
|
| | | $ | 80 | | |
Integra Gold
|
| | PEA | | | Eldorado Gold | | |
May-14-2017
|
| | | $ | 422 | | |
Kaminak Gold
|
| | Feas. | | | Goldcorp | | |
May-12-2016
|
| | | $ | 369 | | |
Spring Valley & Ruby Hill
|
| | Resource | | | Waterton | | |
Nov-12-2015
|
| | | $ | 135 | | |
Romarco Minerals
|
| | Feas. | | | OceanaGold | | |
Jul-30-2015
|
| | | $ | 455 | | |
Newstrike Capital
|
| | PEA | | | Timmins Gold | | |
Feb-17-2015
|
| | | $ | 107 | | |
Probe Mines
|
| | Resource | | | Goldcorp | | |
Jan-19-2015
|
| | | $ | 411 | | |
Paramount Gold & Silver
|
| | PEA | | | Coeur Mining | | |
Dec-17-2014
|
| | | $ | 154 | | |
Rainy River Resources
|
| | Feas. | | | New Gold | | |
May-31-2013
|
| | | $ | 290 | | |
Cerro Resources
|
| | Feas. | | | Primero Mining | | |
Dec-13-2012
|
| | | $ | 120 | | |
Queenston Mining
|
| | PEA | | | Osisko Mining | | |
Nov-12-2012
|
| | | $ | 403 | | |
Prodigy Gold
|
| | PEA | | | Argonaut Gold | | |
Oct-15-2012
|
| | | $ | 281 | | |
Trelawney Mining
|
| | Resource | | | IAMGOLD | | |
Apr-27-2012
|
| | | $ | 514 | | |
Silver Quest Resources
|
| | Resource | | | New Gold | | |
Oct-17-2011
|
| | | $ | 115 | | |
Grayd Resource
|
| | PEA | | | Agnico Eagle | | |
Sep-19-2011
|
| | | $ | 261 | | |
Gold Development Precedent Transactions
|
| ||||||||||||||||||
| | |
Low
|
| |
High
|
| |
Avg.
|
| |||||||||
Full Precedent Set | | | | | | | | | | | | | | | | | | | |
P / NAV
|
| | | | 0.27x | | | | | | 1.46x | | | | | | 0.79x | | |
EV / Resources (M&I)(6)
|
| | | $ | 4 | | | | | $ | 597 | | | | | $ | 121 | | |
EV / Resources (Total Resource)(7)
|
| | | $ | 3 | | | | | $ | 206 | | | | | $ | 71 | | |
Total Acquisition Cost
|
| |
34.5%
|
| |
98.6%
|
| |
65.5%
|
| |||||||||
PEA Stage or Prior Subset | | | | | | | | | | | | | | | | | | | |
P / NAV
|
| | | | 0.27x | | | | | | 1.46x | | | | | | 0.79x | | |
EV / Resources (M&I)(6)
|
| | | $ | 4 | | | | | $ | 597 | | | | | $ | 136 | | |
EV / Resources (Total Resource)(7)
|
| | | $ | 3 | | | | | $ | 206 | | | | | $ | 73 | | |
Total Acquisition Cost
|
| |
44.7%
|
| |
97.6%
|
| |
62.6%
|
|
Metrics and Assumptions
|
| |
Implied Value Range
|
| |||||||||||||||||||||
Metric
|
| |
Value
|
| |
Selected Range
|
| |
Takeout
Premium |
| |
Ent. Value (US$M)
|
| |
Share Price (C$/sh.)
|
| |||||||||
|
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| ||||||||
Fully Financed NAVPS | | | | | | | | | | | | | | | | | | | | | | | | | |
Gold Price
|
| | | | |
$1,500/oz
|
| |
$1,700/oz
|
| |
n/a
|
| |
$294
|
| |
$519
|
| |
$2.75
|
| |
$4.75
|
|
Trading Comparables | | | | | | | | | | | | | | | | | | | | | | | | | |
P / NAV (Consensus)
|
| |
C$5.53
|
| |
0.40x
|
| |
0.60x
|
| |
25.0%
|
| |
$296
|
| |
$448
|
| |
$2.76
|
| |
$4.15
|
|
P / NAV (Base Case)
|
| |
C$6.60
|
| |
0.40x
|
| |
0.60x
|
| |
25.0%
|
| |
$355
|
| |
$541
|
| |
$3.30
|
| |
$4.95
|
|
EV / M&I Resource
|
| |
3,814 koz AuEq
|
| |
$55/oz AuEq
|
| |
$75/oz AuEq
|
| |
25.0%
|
| |
$262
|
| |
$358
|
| |
$2.45
|
| |
$3.32
|
|
EV / Total Resource
|
| |
4,423 koz AuEq
|
| |
$35/oz AuEq
|
| |
$55/oz AuEq
|
| |
25.0%
|
| |
$194
|
| |
$304
|
| |
$1.85
|
| |
$2.83
|
|
Precedent Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
P / NAV (Consensus)
|
| |
C$5.53
|
| |
0.50x
|
| |
0.70x
|
| |
n/a
|
| |
$296
|
| |
$418
|
| |
$2.76
|
| |
$3.87
|
|
P / NAV (Base Case)
|
| |
C$6.60
|
| |
0.50x
|
| |
0.70x
|
| |
n/a
|
| |
$355
|
| |
$505
|
| |
$3.30
|
| |
$4.62
|
|
EV / M&I Resource
|
| |
3,814 koz AuEq
|
| |
$80/oz AuEq
|
| |
$100/oz AuEq
|
| |
n/a
|
| |
$305
|
| |
$381
|
| |
$2.84
|
| |
$3.54
|
|
EV / Total Resource
|
| |
4,423 koz AuEq
|
| |
$50/oz AuEq
|
| |
$70/oz AuEq
|
| |
n/a
|
| |
$221
|
| |
$310
|
| |
$2.10
|
| |
$2.88
|
|
TAC % of Spot
|
| |
$1,790/oz
|
| |
60.0%
|
| |
65.0%
|
| |
n/a
|
| |
$211
|
| |
$465
|
| |
$2.01
|
| |
$4.26
|
|
Selected Range | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair Market Value Range for Corvus Shares
|
| | | | | | | | | | | | | | | | | | | |
$3.40
|
| |
$4.20
|
|
| Attention: | | | General Manager | |
| Email: | | | rhayes@anglogoldashanti.com and agahoffice@anglogoldashanti.com | |
| Attention: | | | Jay Kellerman and Daniel Borlack | |
| Email: | | | jkellerman@stikeman.com and dborlack@stikeman.com | |
| Attention: | | | George Stephanakis and Richard Hall | |
| Email: | | | gstephanakis@cravath.com and rhall@cravath.com | |
| | | | 1323606 B.C. UNLIMITED LIABILITY COMPANY | | |||
| | | | By: | | | ||
| | | | | | |
Name:
|
|
| | | | | | | Title: | |
| | | | ANGLOGOLD ASHANTI HOLDINGS PLC | | |||
| | | | By: | | | ||
| | | | | | |
Name:
|
|
| | | | | | | Title: | |
|
SHAREHOLDER:
|
| | Accepted and agreed to with effect from the day of , 2021. | |
|
Witness
|
| |
Name: [Supporting Shareholder]
|
|
| |
Name of Supporting Shareholder
|
| | |
Number of Common Shares
|
| | |
Number of Company Options
|
| |
| |
•
|
| | |
•
|
| | |
•
|
| |
Name and Principal
Position |
| |
Year(1)
|
| |
Salary(2)
($) |
| |
Bonus(3)
($) |
| |
Share-
based Awards ($) |
| |
Option-
based Awards(4) ($) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
Nonqualified
Deferred Compensation Earnings ($) |
| |
All other
Compensation ($)(7) |
| |
Total
($) |
| |||||||||||||||||||||||||||
(a)
|
| |
(b)
|
| |
(c)
|
| |
(d)
|
| |
(e)
|
| |
(f)
|
| |
(g)
|
| |
(h)
|
| |
(i)
|
| |
(j)
|
| |||||||||||||||||||||||||||
Jeffrey Pontius, Chief
Executive Officer and President |
| | | | 2021 | | | | | | 452,693 | | | | | | 231,262(5) | | | | | | Nil | | | | | | 754,502 | | | | | | Nil | | | | | | Nil | | | | | | 10,759 | | | | | | 1,449,216 | | |
| | | 2020 | | | | | | 469,178 | | | | | | 231,682 | | | | | | Nil | | | | | | 780,041 | | | | | | Nil | | | | | | Nil | | | | | | 11,064 | | | | | | 1,491,965 | | | ||
Peggy Wu, Chief Financial Officer
|
| | | | 2021 | | | | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | 302,731 | | | | | | Nil | | | | | | Nil | | | | | | 170,000(6) | | | | | | 472,731 | | |
| | | 2020 | | | | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | 243,527 | | | | | | Nil | | | | | | Nil | | | | | | 130,000 | | | | | | 373,527 | | | ||
Carl Brechtel, Chief
Administrative Officer and Former Chief Operating Officer |
| | | | 2021 | | | | | | 196,898 | | | | | | 66,075(5) | | | | | | Nil | | | | | | 250,896 | | | | | | Nil | | | | | | Nil | | | | | | 9,606 | | | | | | 523,475 | | |
| | | 2020 | | | | | | 268,102 | | | | | | 66,195 | | | | | | Nil | | | | | | 226,267 | | | | | | Nil | | | | | | Nil | | | | | | 7,903 | | | | | | 568,467 | | | ||
Ronald Largent(8), Executive Chairman
|
| | | | 2021 | | | | | | 51,335(9) | | | | | | Nil | | | | | | Nil | | | | | | 451,798 | | | | | | Nil | | | | | | Nil | | | | | | 128,959(6) | | | | | | 632,092 | | |
| | | 2020 | | | | | | 50,797 | | | | | | Nil | | | | | | Nil | | | | | | 364,841 | | | | | | Nil | | | | | | Nil | | | | | | 35,728 | | | | | | 451,366 | | |
For the year ended May 31,
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Risk-free interest rate
|
| | | | 0.42% | | | | | | 1.32% | | | | | | 2.22% | | |
Expected life of options (years)
|
| | | | 5 | | | | | | 4.98 | | | | | | 5 | | |
Annualized volatility
|
| | | | 67.23% | | | | | | 72.09% | | | | | | 73.88% | | |
Dividend yield
|
| | | | 0% | | | | | | 0% | | | | | | 0% | | |
Exercise price
|
| | | | 3.05 | | | | | | 2.13 | | | | | | 2.06 | | |
Fair value per share
|
| | | | 1.58 | | | | | | 1.27 | | | | | | 1.51 | | |
Named Executive Officer
|
| |
Multiplier
|
| |
May 31, 2021
Severance |
| ||||||
Jeffrey Pontius, Chief Executive Officer
|
| | | | 3.0 | | | | | $ | 2,051,865 (1)(2) | | |
Carl Brechtel, Chief Administrative Officer
|
| | | | 2.0 | | | | | $ | 345,426(1)(3) | | |
Named Executive Officer
|
| |
Multiplier
|
| |
May 31, 2021
Severance |
| ||||||
Peggy Wu, Chief Financial Officer
|
| | | | 2.0 | | | | | $ | 360,000 | | |
Option-Based Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity Incentive
Plan Awards: Number of Securities Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
(a)
|
| |
(b)
|
| |
(c)
|
| |
(d)
|
| |
(e)
|
| |
(f)
|
| ||||||||||||
Jeffrey Pontius,
Director, Chief Executive Officer and President |
| | | | 275,000 | | | | | | — | | | | | | | | | | | | 0.91 | | | |
Sep. 15, 2021
|
|
| | | 475,000 | | | | | | — | | | | | | | | | | | | 0.77 | | | |
Jul. 31, 2022
|
| ||
| | | 799,200 | | | | | | 400,800 | | | | | | | | | | | | 2.06 | | | |
Nov. 19, 2023
|
| ||
| | | 49,950 | | | | | | 100,050 | | | | | | | | | | | | 2.18 | | | |
Jun. 13, 2024
|
| ||
| | | 49,950 | | | | | | 100,050 | | | | | | | | | | | | 2.09 | | | |
Feb. 03, 2025
|
| ||
| | | — | | | | | | 700,000 | | | | | | N/A | | | | | | 3.05 | | | |
Jan. 15, 2026
|
| ||
Peggy Wu,
Director, Chief Financial Officer |
| | | | 100,000 | | | | | | — | | | | | | | | | | | | 0.91 | | | |
Sep. 15, 2021
|
|
| | | 200,000 | | | | | | — | | | | | | | | | | | | 0.77 | | | |
Jul. 31, 2022
|
| ||
| | | 199,800 | | | | | | 100,200 | | | | | | | | | | | | 2.06 | | | |
Nov. 19, 2023
|
| ||
| | | 33,300 | | | | | | 66,700 | | | | | | | | | | | | 2.18 | | | |
Jun. 13, 2024
|
| ||
| | | 33,300 | | | | | | 66,700 | | | | | | | | | | | | 2.09 | | | |
Feb. 03, 2025
|
| ||
| | | — | | | | | | 300,000 | | | | | | N/A | | | | | | 3.05 | | | |
Jan. 15, 2026
|
| ||
Carl Brechtel,
Chief Administrative Officer, Former Chief Operating Officer |
| | | | 100,000 | | | | | | — | | | | | | | | | | | | 0.77 | | | |
Jul. 31, 2022
|
|
| | | 199,800 | | | | | | 100,200 | | | | | | | | | | | | 2.06 | | | |
Nov. 19, 2023
|
| ||
| | | 33,300 | | | | | | 66,700 | | | | | | | | | | | | 2.18 | | | |
Jun. 13, 2024
|
| ||
| | | 33,300 | | | | | | 66,700 | | | | | | | | | | | | 2.09 | | | |
Feb. 03, 2025
|
| ||
| | | — | | | | | | 50,000 | | | | | | N/A | | | | | | 3.05 | | | |
Jan. 15, 2026
|
| ||
Ronald Largent,
Executive Chairman |
| | | | 166,500 | | | | | | 83,500 | | | | | | | | | | | | 2.06 | | | |
Nov. 19, 2023
|
|
| | | 266,400 | | | | | | 133,600 | | | | | | | | | | | | 2.04 | | | |
Apr. 9, 2024
|
| ||
| | | 24,975 | | | | | | 50,025 | | | | | | | | | | | | 2.18 | | | |
Jun. 13, 2024
|
| ||
| | | 49,950 | | | | | | 100,050 | | | | | | | | | | | | 2.09 | | | |
Feb. 03, 2025
|
| ||
| | | — | | | | | | 300,000 | | | | | | N/A | | | | | | 3.05 | | | |
Jan. 15, 2026
|
|
Name
|
| |
Fees earned or
paid in cash ($) |
| |
Stock
awards ($) |
| |
Option
award(1) ($) |
| |
Non-equity
incentive plan compensation ($) |
| |
Nonqualified
deferred compensation earnings ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
(a)
|
| |
(b)
|
| |
(c)
|
| |
(d)
|
| |
(e)
|
| |
(f)
|
| |
(g)
|
| |
(h)
|
| |||||||||||||||||||||
Steven Aaker
|
| | | | 27,000 | | | | | | Nil | | | | | | 223,704 | | | | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | 250,704 | | |
Anton Drescher
|
| | | | 34,500 | | | | | | Nil | | | | | | 223,705 | | | | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | 258,205 | | |
Rowland Perkins
|
| | | | 34,000 | | | | | | Nil | | | | | | 223,705 | | | | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | 257,705 | | |
Edward Yarrow
|
| | | | 28,000 | | | | | | Nil | | | | | | 223,705 | | | | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | 251,705 | | |
For the year ended May 31,
|
| |
2021
|
| |||
Risk-free interest rate
|
| | | | 0.42% | | |
Expected life of options (years)
|
| | | | 5 | | |
Annualized volatility
|
| | | | 67.23 | | |
Dividend yield
|
| | | | 0% | | |
Exercise price
|
| | | | 3.05 | | |
Fair value per share
|
| | | | 1.58 | | |
Plan Category
|
| |
Number of Securities
to be Issued Upon Exercise of Outstanding Options, Warrants and Rights |
| |
Weighted-Average
Exercise Price of Outstanding Options, Warrants and Rights |
| |
Number of Securities
Remaining Available for Future Issuance Under the Equity Compensation Plans(1) |
| |||||||||
Equity Compensation Plans Approved by Securityholders(2)
|
| | | | 12,088,500 | | | | | $ | 2.03 | | | | | | 609,347 | | |
Equity Compensation Plans Not Approved By Securityholders
|
| | | | Nil | | | | | | Nil | | | | | | N/A | | |
Total
|
| | | | 12,088,500 | | | | | $ | 2.03 | | | | | | 609,347 | | |
| | |
Financial Year
2021 |
| |
Financial Year
2020 |
| |
Financial Year
2019 |
| |||||||||
Number of Securities to be Issued Upon Exercise of Warrants and Rights Granted
|
| | | | Nil | | | | | | Nil | | | | | | Nil | | |
Number of Securities to be Issued Upon Exercise of Options Granted
|
| | | | 2,590,000 | | | | | | 2,345,000 | | | | | | 4,920,000 | | |
Weighted Average Number of Securities Outstanding
|
| | | | 125,674,424 | | | | | | 119,748,842 | | | | | | 108,584,442 | | |
Burn Rate
|
| | | | 2.06% | | | | | | 1.96% | | | | | | 4.53% | | |
1 Year Corvis Gold Chart |
1 Month Corvis Gold Chart |
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