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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -4.8x - -5.3x | -5.1x |
| Selected Fwd EBITDA Multiple | 1.1x - 1.2x | 1.1x |
| Fair Value | C$0.63 - C$0.68 | C$0.66 |
| Upside | 4.9% - 14.0% | 9.5% |
| Benchmarks | Ticker | Full Ticker |
| Wealth Minerals Ltd. | WML | TSXV:WML |
| Sonoran Desert Copper Corporation | SDCU | TSXV:SDCU |
| Quebec Precious Metals Corporation | QPM | TSXV:QPM |
| Getchell Gold Corp. | GTCH | CNSX:GTCH |
| Reyna Silver Corp. | RSLV | TSXV:RSLV |
| Talisker Resources Ltd. | TSK | TSX:TSK |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WML | SDCU | QPM | GTCH | RSLV | TSK | ||
| TSXV:WML | TSXV:SDCU | TSXV:QPM | CNSX:GTCH | TSXV:RSLV | TSX:TSK | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 39.2% | NM | -0.3% | 54.1% | NM | 5.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | NA | NA | NA | NA | NA | NA | |
| Prior Fiscal Year | NA | NA | NA | NA | NA | NA | |
| Latest Fiscal Year | NA | NA | NA | NA | NA | NA | |
| Latest Twelve Months | NA | NA | NA | NA | NA | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | NA | NA | NA | NA | NA | NA | |
| EV / LTM EBITDA | -2.5x | -3.5x | -2.2x | -13.2x | -3.3x | -3.3x | |
| EV / LTM EBIT | -0.3x | -3.0x | -2.2x | -13.1x | -3.3x | -3.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -13.2x | -3.3x | -2.2x | ||||
| Historical EV / LTM EBITDA | -3.3x | -2.3x | -1.4x | ||||
| Selected EV / LTM EBITDA | -4.8x | -5.1x | -5.3x | ||||
| (x) LTM EBITDA | (12) | (12) | (12) | ||||
| (=) Implied Enterprise Value | 58 | 61 | 64 | ||||
| (-) Non-shareholder Claims * | 11 | 11 | 11 | ||||
| (=) Equity Value | 69 | 72 | 75 | ||||
| (/) Shares Outstanding | 99.8 | 99.8 | 99.8 | ||||
| Implied Value Range | 0.69 | 0.72 | 0.75 | ||||
| FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.69 | 0.72 | 0.75 | 0.60 | |||
| Upside / (Downside) | 15.2% | 20.3% | 25.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WML | SDCU | QPM | GTCH | RSLV | TSK | |
| Enterprise Value | 15 | 4 | 4 | 31 | 18 | 49 | |
| (+) Cash & Short Term Investments | 3 | 0 | 0 | 1 | 0 | 17 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | 0 | (1) | 0 | (4) | 0 | (6) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19 | 3 | 4 | 28 | 18 | 60 | |
| (/) Shares Outstanding | 341.9 | 34.2 | 103.6 | 135.3 | 263.3 | 99.8 | |
| Implied Stock Price | 0.06 | 0.08 | 0.04 | 0.21 | 0.07 | 0.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.06 | 0.08 | 0.04 | 0.21 | 0.07 | 0.60 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |