{ "schemaVersion": "deck-intelligence.v1", "id": "019de073-45ee-75cb-8bbb-bf3dde9080bb", "slug": "4e0e9adc59ead2fe53ba39f656ce90d6", "title": "BMO Capital Markets | Investment Banking Pitch Book | 22 slides", "subtitle": "BMO Capital Markets · 2022-08", "author": "BMO Capital Markets", "date": "2022-08-01 00:00:00", "pageCount": 22, "kind": "consulting-deck", "orientation": "landscape", "aspectRatio": 1.294673, "document": { "id": "019de073-45ee-75cb-8bbb-bf3dde9080bb", "slug": "4e0e9adc59ead2fe53ba39f656ce90d6", "title": "BMO Capital Markets | Investment Banking Pitch Book | 22 slides", "rawTitle": "BMO Capital Markets | Investment Banking Pitch Book | 22 slides", "authorId": "bmo-capital-markets", "authorName": "BMO Capital Markets", "authorDisplay": "BMO Capital Markets", "kind": { "slug": "consulting-deck", "label": "Consulting deck" }, "sourceType": { "slug": "investment_bank", "label": "Investment bank" }, "fileName": "2022-08__bmo-capital-markets__ib-pitchbook__4e0e9adc.pdf", "sourceUrl": "https://www.slidebook.io/company/bmo-capital-markets/presentation/4e0e9adc59ead2fe53ba39f656ce90d6/", "sourceDate": "2022-08-15 00:00:00", "presentationDate": "2022-08-01 00:00:00", "ingestedAt": "2026-04-30 22:12:24.275697+00", "status": "ready", "pageCount": 22, "orientation": "landscape", "aspectRatio": 1.294673, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "capital-markets", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2022-08__bmo-capital-markets__ib-pitchbook__4e0e9adc", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Investment Banking Pitch Book", "deck_type_slug": null, "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 22, "pagesIndexed": 22, "pagesWithImages": 22, "pagesWithMetadata": 22, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 93, "chartCount": 16, "metricSlides": 0, "toolMatches": 6, "documentToolMatches": 0, "frameworkMatches": 5, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": true, "reviewAvailable": true, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "65b81529-ff67-4525-a902-1631482700f1", "evidence": "The deck follows a structured approach to present the situation, complication, and solution", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:25:05.690789+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "d4617f58-4b14-47ea-a4d7-6da22e7eb289", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The deck provides an overview of the project and transaction", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Problem & Complication", "beatId": "de4c8d4e-11de-4ce0-97f7-c8cee8c3ba1e", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The deck presents financial analysis and comparisons to support the complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 15, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 11, "name": "Evidence & Proof", "beatId": "bbc5040e-6f20-4ead-81bd-f4442fea4283", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The deck provides data tables and analysis to support the evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4ecc7d00-c733-4c17-b919-2defd72a4872", "evidence": "OT C1 BY-PRODUCT CASH COST BENCHMARKING (US$/LB), OT PRODUCTION BENCHMARKING (2021A, KT CU), COUNTRY RISK PREMIUM BENCHMARKING", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:07:52.129723+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8ce3c8a3-075e-4457-8487-97547b3657a9", "evidence": "Annual cash flow projections from 2022E to 2040E", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:07:52.205698+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Data Story Arc", "slug": "data-story-arc", "status": "active", "bestFor": null, "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a", "version": 1, "bodyDocId": null, "description": "Context → Conflict → Insight → Implication structure for data narratives", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8ea2eaa1-21ee-441a-b8cd-c8f178d83dd9", "evidence": "Copper Transactions Greater than US$1.0 bn since 2010", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:07:52.282245+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "84b418f2-d4c8-4022-b378-5ec9057a146a", "evidence": "Copper price trend line from Jan-17 to Jan-22", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:07:52.39568+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6a62400b-7370-405f-a1a4-2dbaa851af01", "evidence": "chart/bar-horizontal: P/NAV (RATIO) chart comparing 7 companies", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:35:50.24584+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "977025fe-c129-4dea-97b4-a15cddc57b9c", "evidence": "table/data: Comparable Beta Analysis table showing Company, Beta Levered, R2, Total Debt, Equity Value, Debt Ratio, Tax Rate, Beta Unlevered for 12 companies.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:35:50.317468+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "f42845d5-97bc-40ff-b4ab-eed7a5d1ea47", "evidence": "The chart maps events chronologically along an x-axis representing time.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:35:52.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "timeline" }, { "matchId": "324d92ae-8041-46dc-accd-088995dcc268", "evidence": "Visual representation of valuation ranges across multiple methodologies", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:35:52.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "football-field-chart" }, { "matchId": "e08cc86f-8886-49aa-8295-6fb0af4d9afd", "evidence": "Visual representation of three variables (P/NAV, EV/Resource, Market Cap) using bubble size and position.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:35:53.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "bubble-chart" }, { "matchId": "b59299c1-da50-4629-93c7-fa1987f04454", "evidence": "Comparison of P/NAV multiples across a peer group of mining companies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:35:55.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "peer_benchmark" }, { "matchId": "3bf708d3-26f5-47e9-8536-731b33495953", "evidence": "Explicitly lists components of WACC and cost of equity formulas in footnotes.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:35:53.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "WACC Calculation" } ], "patterns": [] }, "storymakers": null, "score": { "backend": "codex", "scoredAt": "2026-05-03 00:20:11.502+00", "subScores": { "scqa_arc": 40, "action_titles": 20, "mece_structure": 60, "closing_strength": 15, "evidence_quality": 88, "clarity_of_thesis": 42, "production_quality": 64, "visual_storytelling": 76 }, "totalScore": 51, "coveragePct": 91, "explanations": { "scqa_arc": "Slides 3-13 imply a situation and analytical question around offer fairness, but the deck reads mostly as an evidence dump rather than a Situation-Complication-Question-Answer argument.", "action_titles": "Most titles are topic labels rather than insight-bearing sentences, for example slide 3 is titled \"Transaction Overview (Based on Term Sheet Seen August 31, 2022)\" rather than a conclusion about offer value.", "mece_structure": "The deck covers the expected banking workstreams, including transaction terms, trading performance, asset context, precedent transactions, valuation, strategic outreach, and regulatory precedents, but there is overlap across peer, trading, and valuation exhibits and no explicit section logic.", "closing_strength": "The deck does not close with a clear recommendation, decision request, or next steps, and instead ends in appendix analysis with the WACC table on slide 22.", "evidence_quality": "Claims are heavily supported by transaction terms, market data, peer benchmarks, precedent transactions, valuation ranges, cash flow analysis, and detailed appendix support across slides 3-22.", "clarity_of_thesis": "The first five slides establish the transaction context and asset facts, but they do not state a clear declarative thesis about the Rio Tinto proposal or what the Special Committee should conclude.", "production_quality": "The banking production is disciplined in charts, tables, annotations, and footnotes, but weak action-title density and appendix-heavy sequencing reduce Storymakers polish.", "visual_storytelling": "The exhibit choices are generally strong, with line charts, football-field valuation, precedent scatterplots, sensitivity tables, and callouts used appropriately on slides 4, 8, 10, and 11." }, "slidesAnalyzed": 20 }, "review": { "backend": "claude", "verdict": "A standard sell-side fairness pitch book - competent analytical content but a weak Storymakers exemplar because it lacks action titles, MECE pillars, and a stated recommendation.", "reviewedAt": "2026-05-02 22:02:36.609+00", "slidesSeen": 22, "suggestions": [ "Insert an executive summary slide at position 3 with a one-line view (e.g., 'Revised offer is below the midpoint of our valuation range - recommend rejection / renegotiation')", "Rewrite topic titles as action titles: Slide 4 -> 'TRQ now trades at a 162% premium to peers, far above the 32% deal premium'; Slide 7 -> 'Precedent copper deals imply TRQ value above the Rio Tinto offer'", "Add 2-3 pillar dividers in the body (e.g., 'Standalone Value', 'Market Context', 'Precedent Benchmarks') so the reader can navigate the argument", "Move the football field (slide 11) forward as the synthesis page right after the transaction overview, then use the rest as supporting evidence", "Close with an explicit conclusion slide before the appendix divider summarizing the valuation conclusion and board recommendation" ], "closingScore": 35, "openingScore": 45, "topStrengths": [ "Strong use of in-chart callouts on slide 4 ('Current Premium to HUSP: 162%') and slide 6 to surface the insight where the data lives", "Football-field valuation summary (slide 11) is a clean MECE synthesis of methodologies", "Asset benchmarking on slide 5 triangulates production, cost curve, and country risk in one view" ], "topWeaknesses": [ "No recommendation or 'answer-first' slide anywhere - unusual even for a fairness pitch", "Topic-label titles throughout force the reader to derive the so-what from the chart", "Appendix (slides 14-22) is ~40% of the deck and ends mid-analysis on a WACC table", "Slide 12 'Strategic Counterparty Discussions' is a single bullet list dropped between quantitative analyses, breaking flow" ], "narrativeScore": 52, "pillarCritique": "There is only one explicit divider (Slide 14 'Appendix'), so the body has no MECE pillar structure; slides 4-13 mix trading, asset, cash flow, precedents, and counterparty outreach without signposted sections.", "closingCritique": "The deck ends on slide 22 with a WACC sensitivity table inside the appendix - there is no call to action, no synthesis, no 'fair / not fair' verdict slide. Slide 13 (MI 61-101 distribution) is the closest thing to a resolution and it sits before the appendix divider.", "openingCritique": "The first three slides (Cover, Disclaimer, Transaction Overview) describe terms but never state a thesis or recommendation; the reader must infer the question being answered from the table on slide 3.", "extractionSeconds": 58.699, "narrativeCritique": "The deck follows a typical fairness-opinion analytical structure (Transaction Overview -> Asset -> Cash flows -> Precedents -> Valuation -> Appendix) but lacks an explicit recommendation slide; it reads as an analytical dump rather than a story arc with a resolution act.", "titleQualityScore": 38, "titleQualityCritique": "Titles are almost entirely topic labels ('Overview of Oyu Tolgoi', 'Precedent Copper Transactions', 'Analyst Target Prices') rather than action titles; slide 4's 'Turquoise Hill Trading Since Rio Tinto Offer' buries the actual insight (162% premium to peers) that lives only in the callout." }, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/ZoNuEmnrO9EZ-x45OYQwopLGJrJOslEZkjWmmlQrWwc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTBlOWFkYzU5ZWFkMmZlNTNiYTM5ZjY1NmNlOTBkNi9wMDAxLmpwZw", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 4, "textChars": 65, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:50.584+00", "seconds": 2.795, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/1", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-1", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.035, "w": 0.295, "x": 0.112, "y": 0.805 }, "kind": "image", "text": "BMO Capital Markets", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.584+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d91c425d-c7bb-49bd-8e0a-891f6a18c0f0", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.105, "x": 0.112, "y": 0.538 }, "kind": "paragraph", "text": "August 2022", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.584+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b0f6995-6d0e-40c7-9f6a-2cdaf2d174c2", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.288, "x": 0.112, "y": 0.341 }, "kind": "title", "text": "PROJECT ASTERIX", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.584+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e11eb8b-c37b-4aa3-85ff-bda63078e4d0", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.238, "x": 0.112, "y": 0.475 }, "kind": "title", "text": "Discussion Materials", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.584+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97f8d0f6-8cff-4067-8b7e-b0985a8e1bb6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "d4617f58-4b14-47ea-a4d7-6da22e7eb289", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The deck provides an overview of the project and transaction", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/MUMSaYWuuJYr4crb8fADbc8bzZa8si5uz_-e1aYs6FQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTBlOWFkYzU5ZWFkMmZlNTNiYTM5ZjY1NmNlOTBkNi9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/kAdeknSXEC2JKv1YqbqlzBxjQ_EZIfcqlJCfEuz-_Ck/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTBlOWFkYzU5ZWFkMmZlNTNiYTM5ZjY1NmNlOTBkNi9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/f-aOj3zdb976ZIKtS0dXfEPHY1M4P0_oGdShslSPLZY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZTBlOWFkYzU5ZWFkMmZlNTNiYTM5ZjY1NmNlOTBkNi9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 165, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:50.478+00", "seconds": 2.556, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/2", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-2", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.93, "x": 0.033, "y": 0.13 }, "kind": "disclaimer", "text": "This Presentation has been provided to the Special Committee of the Board of Directors of Turquoise Hill Resources Ltd... [full legal text]", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a844415-e461-4771-8271-94c0aed81fb3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.09, "x": 0.87, "y": 0.92 }, "kind": "other", "text": "PROJECT ASTERIX", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80c7a953-2e70-406c-a1a0-f730fd7cfef8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.01, "x": 0.033, "y": 0.92 }, "kind": "other", "text": "1", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1fdd7d8-8d18-48ab-bc38-639eb7e31272", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.11, "x": 0.033, "y": 0.075 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:50.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "766f16c2-489e-4f1f-8166-d3fc00ecef91", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "d4617f58-4b14-47ea-a4d7-6da22e7eb289", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The deck provides an overview of the project and transaction", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "The slide compares a benchmark against the Rio Tinto proposal using various financial metrics.", "function": "compare_options", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_options", "functionCanon": { "name": "Compare options", "slug": "compare_options", "status": "active", "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 3, "textChars": 317, "nDataPoints": 18, "notes": "The slide compares a benchmark against the Rio Tinto proposal using various financial metrics.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:53.248+00", "seconds": 5.082, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/3", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-3", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.95, "x": 0.03, "y": 0.9 }, "kind": "disclaimer", "text": "Source: Company filings, FactSet, street research. Footnotes 1-4 provide context on funding, share price, and peer performance.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ea8956c-61d9-4bd1-89c7-46b594de108f", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.95, "x": 0.03, "y": 0.15 }, "kind": "table", "text": "Key terms and conditions on the left, summary of proposed terms on the right including offer price, premiums, and P/NAV ratios.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc8f076d-5fa5-44ef-9186-5a7ae9aee952", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Transaction Overview (Based on Term Sheet Seen August 31, 2022)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.248+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a47c83-59c0-446a-a15e-28ac2e853ffd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "d4617f58-4b14-47ea-a4d7-6da22e7eb289", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The deck provides an overview of the project and transaction", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "analysis", "title": "The chart highlights the initial premium at the time of the offer and the current premium relative to the peer group index.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 373, "nDataPoints": 6, "notes": "The chart highlights the initial premium at the time of the offer and the current premium relative to the peer group index.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:51.39+00", "seconds": 3.102, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/4", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-4", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.15, "x": 0.73, "y": 0.45 }, "kind": "callout", "text": "Current Premium to HUSP: 162%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2a6fb4b-2e74-4d87-be72-47f54e074a95", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.1, "x": 0.14, "y": 0.45 }, "kind": "callout", "text": "Announced Premium: 32%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaeb41ef-59fb-43c5-b5bf-723ab643520a", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "chart", "text": "TRQ share price vs Rio Tinto offer vs HUSP index", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e793a2d-e455-4586-a6f8-c0020855ef93", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.03, "y": 0.91 }, "kind": "disclaimer", "text": "Source: Company filings, FactSet. Note: Shown in C$. 1. Peers include Capstone, Ero, Filo, First Quantum, Hudbay, Ivanhoe, Los Andes, Lundin Mining, NGEx, Solaris, SolGold, and Western Copper.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dc768b5-8aa3-437a-8ad9-0935c7cf4d77", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.3, "y": 0.12 }, "kind": "legend", "text": "TRQ Share Price, Rio Tinto Offer, HUSP", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "629a5668-2ca8-4e99-b235-00122ee0e5fb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Turquoise Hill Trading Since Rio Tinto Offer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1b37403-3d52-49ac-887d-d83db71d838f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "d4617f58-4b14-47ea-a4d7-6da22e7eb289", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The deck provides an overview of the project and transaction", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "title": "Includes three distinct charts: production volume, cost curve, and country risk premium.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 5, "textChars": 380, "nDataPoints": 30, "notes": "Includes three distinct charts: production volume, cost curve, and country risk premium.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:51.16+00", "seconds": 2.776, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/5", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-5", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.45, "x": 0.03, "y": 0.145 }, "kind": "chart", "text": "OT PRODUCTION BENCHMARKING (2021A, KT CU)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "352af34d-21d5-443f-b83e-b6eeb4d880b1", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.52, "y": 0.145 }, "kind": "chart", "text": "COUNTRY RISK PREMIUM BENCHMARKING", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5903e98a-4c73-459e-a9fc-b3dcc447835d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.03, "y": 0.5 }, "kind": "chart", "text": "OT C1 BY-PRODUCT CASH COST BENCHMARKING (US$/LB)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36670088-1d4a-4885-bfb3-e9951646e18f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Duff and Phelps 2021 International Guide To Cost of Capital, S&P Market Intelligence, Turquoise Hill Internal Model at street consensus pricing, Wood Mackenzie. Note: Country risk premium quoted in relation to the United States.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfebd0a0-60de-4b3c-a8a8-e95d2d29c6f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Overview of Oyu Tolgoi", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fe610d4-d8ec-4439-aa65-b0aa740244bf", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4ecc7d00-c733-4c17-b919-2defd72a4872", "evidence": "OT C1 BY-PRODUCT CASH COST BENCHMARKING (US$/LB), OT PRODUCTION BENCHMARKING (2021A, KT CU), COUNTRY RISK PREMIUM BENCHMARKING", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:07:52.129723+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "d4617f58-4b14-47ea-a4d7-6da22e7eb289", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The deck provides an overview of the project and transaction", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "analysis", "title": "The chart displays a transition from debt-heavy years to dividend-paying years, with a corresponding copper price table at the bottom.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 7, "textChars": 621, "nDataPoints": 38, "notes": "The chart displays a transition from debt-heavy years to dividend-paying years, with a corresponding copper price table at the bottom.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.056+00", "seconds": 3.099, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/6", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-6", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.22, "x": 0.03, "y": 0.18 }, "kind": "callout", "text": "Cash flows are shown net of debt, GoM royalties, and GoM taxes", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da35e2d7-f394-4286-a04e-91bbcae8f01f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.78, "y": 0.65 }, "kind": "callout", "text": "Under the current resource mine plan, operations continue until 2101; reserve case mine plan ends in 2051", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f55e6a84-5037-4b13-a612-b34301b900a0", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.95, "x": 0.03, "y": 0.15 }, "kind": "chart", "text": "Annual cash flow projections from 2022E to 2040E", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41cc4e97-1ad7-4a4e-83cd-cf9a951b4fd5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Street research, Turquoise Hill Internal LT Model at street consensus pricing. Note: 2022E based on full year. 1. Based on realized pricing to July and current spot price from July onwards. 2. Cash flows include management fees.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89cb94e7-63ea-4c6b-9c8a-e0319e2865db", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.95, "x": 0.03, "y": 0.82 }, "kind": "table", "text": "Copper Price (US$/lb) table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cc2ef94-da00-4240-8b6b-603e2b180424", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "Levered Cash Flow Profile to Turquoise Hill and Government of Mongolia", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5117574-5211-4e3c-89a7-3d2a45b60905", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.03, "y": 0.11 }, "kind": "title", "text": "CASH FLOW TO OYU TOLGOI SHAREHOLDERS AT STREET CONSENSUS PRICING (US$ BN)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.056+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dc0a1a6-4d8b-4552-812d-0d6439e81b81", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8ce3c8a3-075e-4457-8487-97547b3657a9", "evidence": "Annual cash flow projections from 2022E to 2040E", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:07:52.205698+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Problem & Complication", "beatId": "de4c8d4e-11de-4ce0-97f7-c8cee8c3ba1e", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The deck presents financial analysis and comparisons to support the complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "analysis", "title": "Includes Copper Transactions Greater than US$1.0 bn since 2010. Medians exclude Rio Tinto - Turquoise Hill and BHP - OZ Minerals.", "function": "cite_precedent", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 4, "textChars": 298, "nDataPoints": 44, "notes": "Includes Copper Transactions Greater than US$1.0 bn since 2010. Medians exclude Rio Tinto - Turquoise Hill and BHP - OZ Minerals.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:51.397+00", "seconds": 2.375, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/7", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-7", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.95, "x": 0.03, "y": 0.18 }, "kind": "chart", "text": "Bar chart showing transaction multiples", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.397+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9026a8e-990d-416e-a70d-74500918558b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Company filings, FactSet, street research. Note: Excludes merger of equals transactions. Note: Medians exclude Rio Tinto - Turquoise Hill and BHP - OZ Minerals.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.397+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e77ec926-fc66-47a8-aa96-2d76acc4e39d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.03, "y": 0.11 }, "kind": "subtitle", "text": "Includes Copper Transactions Greater than US$1.0 bn since 2010", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.397+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1121aaa-7f59-4f68-bee5-f08daa4ca1c2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Precedent Copper Transactions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.397+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6303b067-c1c4-40df-8ffa-2132928c194f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Data Story Arc", "slug": "data-story-arc", "status": "active", "bestFor": null, "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a", "version": 1, "bodyDocId": null, "description": "Context → Conflict → Insight → Implication structure for data narratives", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8ea2eaa1-21ee-441a-b8cd-c8f178d83dd9", "evidence": "Copper Transactions Greater than US$1.0 bn since 2010", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:07:52.282245+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Problem & Complication", "beatId": "de4c8d4e-11de-4ce0-97f7-c8cee8c3ba1e", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The deck presents financial analysis and comparisons to support the complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "evidence", "title": "The chart uses a log-log scale for both axes. One data point is highlighted with a blue outline and a dashed line indicating its position.", "function": "cite_precedent", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 3, "textChars": 370, "nDataPoints": 10, "notes": "The chart uses a log-log scale for both axes. One data point is highlighted with a blue outline and a dashed line indicating its position.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:51.208+00", "seconds": 2.146, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/8", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-8", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "chart", "text": "Scatter plot of 1-Day Premium vs 1-Week Premium", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Scatter plot", "slug": "scatter", "status": "active", "canonId": "019de52d-007d-72ec-8689-c79fb78e21a2", "version": 1, "description": null }, "framework": null }, "subkind": "scatter", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f593acc-2c27-4dcd-a21b-2b1224575562", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Bloomberg, company filings, FactSet. 1. Based on median peer performance since unaffected date of 11-Mar-22 to Rio Tinto's initial offer; peers include Capstone, Ero, Filo, First Quantum, Hudbay, Ivanhoe, Los Andes, Lundin Mining, NGEx, Solaris, SolGold, and Western Copper.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cc64454-7ab5-4f78-8ad3-527e6eda97f4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Precedent Base Metal Transaction Premiums", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff7ed06e-34b0-444a-a065-e635347f7b56", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Problem & Complication", "beatId": "de4c8d4e-11de-4ce0-97f7-c8cee8c3ba1e", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The deck presents financial analysis and comparisons to support the complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "analysis", "title": "The chart uses a timeline-based scatter plot overlay on a line chart to correlate market prices with M&A activity.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 362, "nDataPoints": 25, "notes": "The chart uses a timeline-based scatter plot overlay on a line chart to correlate market prices with M&A activity.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.388+00", "seconds": 3.259, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/9", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-9", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.92, "x": 0.05, "y": 0.13 }, "kind": "chart", "text": "Copper price trend line from Jan-17 to Jan-22", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1e5cd79-bb11-49fd-939d-88afca815297", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.05, "y": 0.91 }, "kind": "disclaimer", "text": "Source: Company filings, FactSet. 1. Significant development component. 2. BHP announced non-binding indicative proposal to acquire OZ Minerals on 07-Aug-22; OZ Minerals publicly rejected the proposal on 08-Aug-22.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95248bc2-b982-4296-ab31-113b4c026225", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.25, "y": 0.14 }, "kind": "legend", "text": "Producers (blue dots), Developers (grey dots)", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22744562-beb7-42a2-86f6-93237d9cd8dd", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.08, "x": 0.55, "y": 0.15 }, "kind": "legend", "text": "Covid-19 Pandemic vertical line", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88ec62f2-fdfb-4fb5-a2e6-c6272cafa0bd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Copper Transactions Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f6ad42a-8096-4147-94f9-2d967ccef03a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "84b418f2-d4c8-4022-b378-5ec9057a146a", "evidence": "Copper price trend line from Jan-17 to Jan-22", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:07:52.39568+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "f42845d5-97bc-40ff-b4ab-eed7a5d1ea47", "evidence": "The chart maps events chronologically along an x-axis representing time.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:35:52.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Problem & Complication", "beatId": "de4c8d4e-11de-4ce0-97f7-c8cee8c3ba1e", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The deck presents financial analysis and comparisons to support the complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "setup", "title": "The table compares initial and revised proposal premiums/discounts against a range of future P/NAV multiples and resulting IRRs.", "function": "compare_options", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_options", "functionCanon": { "name": "Compare options", "slug": "compare_options", "status": "active", "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 4, "textChars": 335, "nDataPoints": 60, "notes": "The table compares initial and revised proposal premiums/discounts against a range of future P/NAV multiples and resulting IRRs.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:54.567+00", "seconds": 5.202, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/10", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-10", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.55, "x": 0.03, "y": 0.11 }, "kind": "paragraph", "text": "FUTURE SHARE PRICES (31-DEC-24) BASED ON EQUITY RAISE PRICE AND SETTLED P / NAV TRADING MULTIPLES", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:54.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bc77783-c4e6-4321-97e8-2381adfd7d7e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Turquoise Hill Internal LT Model at street consensus pricing. Note: Assumes US$1,050 mm of equity financing.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:54.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "241f7e0f-2256-4884-9685-3b1b58f0284d", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.92, "x": 0.04, "y": 0.215 }, "kind": "table", "text": "Sensitivity table showing Equity Raise Price vs P/NAV multiples and resulting IRR", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:54.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "047badb6-060a-455d-a62e-bbe1298d8a38", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Comparison to Future Share Price Analysis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:54.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5308e894-1756-41a4-89d4-80cac780a350", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Problem & Complication", "beatId": "de4c8d4e-11de-4ce0-97f7-c8cee8c3ba1e", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The deck presents financial analysis and comparisons to support the complication", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "53d409da-2b12-42c7-a67f-6e4a33fbdb7a", "evidence": "The deck presents a logical chain of financial analysis to support the conclusion", "position": 0, "objective": "Is the offer price fair?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:25:05.870729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "analysis", "title": "The slide uses a football field chart format to compare valuation ranges across different financial methodologies.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 166, "nDataPoints": 24, "notes": "The slide uses a football field chart format to compare valuation ranges across different financial methodologies.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.467+00", "seconds": 2.999, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/11", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-11", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.95, "x": 0.03, "y": 0.15 }, "kind": "chart", "text": "Football field valuation chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6bcd4dc-40d4-4170-84ea-271d14c497c8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.82, "y": 0.91 }, "kind": "disclaimer", "text": "Project Asterix", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64d6e6e3-635b-4060-bd6b-2ba28a4e1f18", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.03, "y": 0.88 }, "kind": "source-note", "text": "Footnotes 1-8 detailing valuation assumptions", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3384375-d19b-4c09-b292-a338816c8d9c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.03, "y": 0.7 }, "kind": "table", "text": "Methodology drivers and selected ranges", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9b2b8d0-8dfc-4950-8f92-88803a25984e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Turquoise Hill Financial Perspectives", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02222ded-a6e4-4a11-a794-c0c9d2c74981", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "324d92ae-8041-46dc-accd-088995dcc268", "evidence": "Visual representation of valuation ranges across multiple methodologies", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:35:52.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "football-field-chart" } ], "arcBeats": [ { "to": 15, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "bbc5040e-6f20-4ead-81bd-f4442fea4283", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The deck provides data tables and analysis to support the evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "evidence", "title": "BMO Capital Markets branding present; slide 11 of Project Asterix.", "function": "illustrate_case", "rawType": "case_study", "block": null, "metadata": { "slideType": "case_study", "slideTypeCanon": { "name": "Case study", "slug": "case_study", "status": "active", "canonId": "019de52d-0b95-7344-8090-926f3b8e92c8", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 2, "textChars": 521, "nDataPoints": 2, "notes": "BMO Capital Markets branding present; slide 11 of Project Asterix.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:51.945+00", "seconds": 2.347, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/12", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-12", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.9, "x": 0.04, "y": 0.14 }, "kind": "list", "text": "Investigated potential for a transaction with strategic counterparties interested in Oyu Tolgoi\nIdea was shared with numerous global companies with copper operations (13 parties in total)\nPotential transaction structures were raised / discussed:\nAcquisition of full 49% minority stake\nStrategic investment\nWhile some counterparties expressed interest, none were willing to sign a CA given complexities around Rio Tinto's involvement and broader market weakness at the time of discussions", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1d75435-a7a6-409b-a343-7a6629b0a952", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Strategic Counterparty Discussions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:51.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d302519d-11e8-4e52-9f1c-62f7ae38fd20", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "bbc5040e-6f20-4ead-81bd-f4442fea4283", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The deck provides data tables and analysis to support the evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "analysis", "title": "MI 61-101 refers to Multilateral Instrument 61-101, a Canadian regulation regarding protection of minority security holders in special transactions.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 4, "textChars": 241, "nDataPoints": 6, "notes": "MI 61-101 refers to Multilateral Instrument 61-101, a Canadian regulation regarding protection of minority security holders in special transactions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.688+00", "seconds": 2.916, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/13", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-13", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "chart", "text": "Distribution of transactions by valuation quartile", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7012d4cc-6dba-41b7-ad8b-0eb6597c8504", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.11 }, "kind": "paragraph", "text": "Transactions Over the Last 10 Years", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9700913-8d5b-4bdd-9233-55f61fd38765", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Company filings, FactSet. Note: Includes all cash transactions with explicit value per share valuation ranges.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c551995d-83c8-47e2-aeea-7b818b8a1fc8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Board Supported MI 61-101 Transactions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffae5ca5-d247-44d3-a274-1bed750d6d4d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "bbc5040e-6f20-4ead-81bd-f4442fea4283", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The deck provides data tables and analysis to support the evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 2, "componentCount": 2, "textChars": 16, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.428+00", "seconds": 2.591, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/14", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-14", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.06, "x": 0.03, "y": 0.805 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c8e61e8-af9d-413c-9246-6c7221e9a3fa", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.1, "x": 0.03, "y": 0.14 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bc71ced-7d50-43e5-8978-2c177abe9b2d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "bbc5040e-6f20-4ead-81bd-f4442fea4283", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The deck provides data tables and analysis to support the evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "analysis", "title": "The slide shows a two-stage buildup: first calculating the Oyu Tolgoi asset value, then adding corporate-level adjustments to arrive at the final NAVPS.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 302, "nDataPoints": 14, "notes": "The slide shows a two-stage buildup: first calculating the Oyu Tolgoi asset value, then adding corporate-level adjustments to arrive at the final NAVPS.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.556+00", "seconds": 2.716, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/15", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-15", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.125, "x": 0.725, "y": 0.71 }, "kind": "callout", "text": "Unfinanced NAVPS", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8a4cc57-4897-4912-9433-4b210c7a3f6f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.06, "y": 0.915 }, "kind": "source-note", "text": "Source: Company filings, FactSet, street research, Turquoise Hill Internal Model at street consensus pricing", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b54e0228-f725-4e18-93ba-13bcd4c14d78", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.04, "y": 0.11 }, "kind": "subtitle", "text": "NAVPS Based on Management Model (Resource Case) at Street Consensus Pricing", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b11f428-c093-4e29-92fd-a236d0b4e301", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.85, "x": 0.04, "y": 0.18 }, "kind": "table", "text": "Oyu Tolgoi Net Asset Value Build and TRQ Net Asset Value Build tables", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08b7f531-8821-4469-bea0-4e7ae6e43722", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "TRQ Management Model NAVPS Buildup", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f539e8a-25d6-4f70-b3ef-968d0f8e4ef4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "bbc5040e-6f20-4ead-81bd-f4442fea4283", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The deck provides data tables and analysis to support the evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 5, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "e079802d-54ab-4834-b2b9-f15f97385e22", "evidence": "The deck presents benchmark data to support the valuation", "position": 1, "objective": "What is the valuation gap?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:25:05.907454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "analysis", "title": "The chart uses a combination of bar charts and horizontal reference lines to compare analyst targets against a specific acquisition offer.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 5, "textChars": 226, "nDataPoints": 10, "notes": "The chart uses a combination of bar charts and horizontal reference lines to compare analyst targets against a specific acquisition offer.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.828+00", "seconds": 2.853, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/16", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-16", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.15, "x": 0.83, "y": 0.08 }, "kind": "callout", "text": "Denotes target price before RT's initial proposal", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.828+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6e4ca02-64db-4b6c-8244-764b2e147b0a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.7, "x": 0.25, "y": 0.15 }, "kind": "chart", "text": "Analyst target prices by firm", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.828+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb3b3f7d-df80-4ae8-b063-db72ec1b88d3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Bloomberg. Note: Excludes restricted brokers (BMO and RBC).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.828+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d349446e-a057-4d1e-b7d8-bacf0dad6a97", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.78 }, "kind": "table", "text": "Recommendations and target price dates for each analyst firm", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.828+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "701d1256-60ca-4f04-914d-509de79ac6d8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Analyst Target Prices", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.828+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21fef13a-e415-4af1-8938-d67436e5e8a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "setup", "function": "compare_peers", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 197, "nDataPoints": 24, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:52.664+00", "seconds": 2.542, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/17", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-17", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.95, "x": 0.03, "y": 0.18 }, "kind": "chart", "text": "Horizontal bar chart showing percentage performance relative to 0% baseline", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c35764d1-a24b-4005-9e43-4849f3d934f7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.33, "x": 0.33, "y": 0.11 }, "kind": "legend", "text": "Producers, Developers, Producer / Developer", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f6b4267-231a-4750-8d47-4060d159e003", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.07, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: FactSet", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4daf205f-0fc6-4ada-8cf9-02636025233f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Relative Share Price Performance Since Rio Tinto's Initial Offer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:52.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "669cb760-bfdb-432c-af21-56c0575f6c4f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "setup", "title": "The chart categorizes companies into Producers, Developers, and Producer/Developer.", "function": "compare_peers", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 215, "nDataPoints": 24, "notes": "The chart categorizes companies into Producers, Developers, and Producer/Developer.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:53.177+00", "seconds": 3.033, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/18", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-18", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "chart", "text": "Horizontal bar chart showing percentage performance and implied share prices for 12 entities.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cfb7582-e84d-4d06-ba93-a5cec0985551", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.33, "y": 0.11 }, "kind": "legend", "text": "Producers, Developers, Producer / Developer", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0330f601-f6ee-47b6-87c7-03d814a90010", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: FactSet", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9aa38720-89c2-44ba-8da7-e16a9010860e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Relative Share Price Performance Since Rio Tinto's Revised Offer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ed6e320-1a09-4279-a512-1244ba4aa67a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "The chart highlights Turquoise Hill (Model) in light blue and includes a median line.", "function": "compare_peers", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 4, "textChars": 433, "nDataPoints": 21, "notes": "The chart highlights Turquoise Hill (Model) in light blue and includes a median line.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:53.068+00", "seconds": 2.772, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/19", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-19", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.95, "x": 0.03, "y": 0.15 }, "kind": "chart", "text": "P/NAV (RATIO) bar chart for 8 companies", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2a53568-c1a9-4c3f-8fde-ee0958703f50", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.03, "y": 0.93 }, "kind": "disclaimer", "text": "Note: Median calculations exclude Turquoise Hill. 1. Based on unaffected share price to Rio Tinto's revised proposal of C$30.19 (closing share price as of 23-Aug-22). 2. Based on unfinanced NAVPS. 3. Underground ramping up to sustainable production.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "296ca06e-fcd2-4e71-915c-96e828a1ce97", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Company filings, FactSet, Turquoise Hill Internal LT Model at street consensus pricing, street research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e62afd1-8963-4b35-8d2f-e67d18f23af9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Relative Developer P/NAV Multiples", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc1c9454-0855-44f4-918f-ae211d56a5ff", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "setup", "title": "The chart uses a log scale for the x-axis (EV/Resource).", "function": "compare_peers", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 4, "textChars": 324, "nDataPoints": 14, "notes": "The chart uses a log scale for the x-axis (EV/Resource).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:53.37+00", "seconds": 3.043, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/20", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-20", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.85, "x": 0.08, "y": 0.15 }, "kind": "chart", "text": "Bubble chart showing P/NAV vs EV/Resource", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Bubble chart", "slug": "bubble", "status": "active", "canonId": "019de52d-00a4-756f-8978-8d5e48905dbc", "version": 1, "description": null }, "framework": null }, "subkind": "bubble", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "859a5b09-d8ae-433a-80cf-6d29ad7cca4d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "Source: Company filings, FactSet, Turquoise Hill Internal LT Model at street consensus pricing, street research", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3adaef75-a793-49c7-9ec6-2b9faf9dcf72", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.2, "x": 0.75, "y": 0.68 }, "kind": "legend", "text": "Bubble sizes represent Market Cap; Red = Initial Capex/Market Cap >= 2.0x; Green = Initial Capex/Market Cap < 2.0x", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffc81ab5-fa9d-41f7-b139-deb685290643", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Relative Developer Trading Multiples and Capital Intensity", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "567f0c48-b779-4070-8c0e-248b1a54dc59", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e08cc86f-8886-49aa-8295-6fb0af4d9afd", "evidence": "Visual representation of three variables (P/NAV, EV/Resource, Market Cap) using bubble size and position.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:35:53.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "bubble-chart" } ], "arcBeats": [ { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "setup", "title": "The chart uses a vertical green line to indicate the median P/NAV multiple of 0.62x.", "function": "compare_peers", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 4, "textChars": 305, "nDataPoints": 21, "notes": "The chart uses a vertical green line to indicate the median P/NAV multiple of 0.62x.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:55.606+00", "seconds": 5.176, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/21", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-21", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.9, "x": 0.03, "y": 0.15 }, "kind": "chart", "text": "P/NAV (RATIO) chart comparing 7 companies", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:55.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d23eb0bd-ea15-4577-83cc-15d5f00bfe67", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.95, "x": 0.03, "y": 0.88 }, "kind": "disclaimer", "text": "Source: BMO Equity Research models, company filings, FactSet, Turquoise Hill Internal LT Model at street consensus pricing, street research. Note: Median calculations exclude Turquoise Hill.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:55.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "460c22ff-1508-42be-97c4-25ed253235af", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.38, "y": 0.84 }, "kind": "legend", "text": "Median: 0.62x; Median Discount Rate: 8.7%", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:55.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a07be559-54f6-4354-a2fa-afc7c1fc8177", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Relative Producer P/NAV Multiples", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:55.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8960f711-8e38-4766-ba50-f553855b82ad", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6a62400b-7370-405f-a1a4-2dbaa851af01", "evidence": "chart/bar-horizontal: P/NAV (RATIO) chart comparing 7 companies", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:35:50.24584+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "b59299c1-da50-4629-93c7-fa1987f04454", "evidence": "Comparison of P/NAV multiples across a peer group of mining companies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:35:55.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "peer_benchmark" } ], "arcBeats": [ { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "analysis", "title": "Includes detailed footnotes explaining financial methodology for WACC and beta calculations.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 5, "textChars": 509, "nDataPoints": 150, "notes": "Includes detailed footnotes explaining financial methodology for WACC and beta calculations.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:35:53.854+00", "seconds": 3.307, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-45ee-75cb-8bbb-bf3dde9080bb/22", "deck": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb", "deckAnchor": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb#slide-22", "deckJson": "/decks/019de073-45ee-75cb-8bbb-bf3dde9080bb.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.95, "x": 0.03, "y": 0.72 }, "kind": "disclaimer", "text": "Source: Bloomberg, BMO CM estimates, CME Group, FactSet, public filings. Notes on methodology and definitions.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa01db93-2a08-4da3-bde9-0f29b44e4cdf", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.55, "x": 0.03, "y": 0.17 }, "kind": "table", "text": "Comparable Beta Analysis table showing Company, Beta Levered, R2, Total Debt, Equity Value, Debt Ratio, Tax Rate, Beta Unlevered for 12 companies.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95eb12a1-adbd-426f-ae8c-1cf001fd4304", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.55, "x": 0.03, "y": 0.62 }, "kind": "table", "text": "Implied Real WACC Sensitivity to Long-Term Inflation Rates table.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Scenario table", "slug": "scenario", "status": "active", "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f", "version": 1, "description": null }, "framework": null }, "subkind": "scenario", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "387b7610-83ed-4b01-b77f-1db26610d8a8", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.35, "x": 0.6, "y": 0.17 }, "kind": "table", "text": "Illustrative Cost of Capital table showing Cost of Debt and Cost of Equity components across three beta scenarios.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8136b682-3571-4819-9e25-a68edf20191e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Turquoise Hill Weighted Average Cost of Capital – Producers and Developers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:35:53.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "393a5dc2-1890-4ec2-9607-a18c4511fdc2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "977025fe-c129-4dea-97b4-a15cddc57b9c", "evidence": "table/data: Comparable Beta Analysis table showing Company, Beta Levered, R2, Total Debt, Equity Value, Debt Ratio, Tax Rate, Beta Unlevered for 12 companies.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:35:50.317468+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "3bf708d3-26f5-47e9-8536-731b33495953", "evidence": "Explicitly lists components of WACC and cost of equity formulas in footnotes.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:35:53.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "WACC Calculation" } ], "arcBeats": [ { "to": 22, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 16, "name": "Impact & Next Steps", "beatId": "cfb00728-bff1-4374-98ec-2aeef9649c37", "matchId": "65b81529-ff67-4525-a902-1631482700f1", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The deck concludes with appendix data and analyst target prices", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 5, "label": "Situation & Context", "description": "The deck provides an overview of the project and transaction" }, { "from": 6, "to": 10, "label": "Problem & Complication", "description": "The deck presents financial analysis and comparisons to support the complication" }, { "from": 11, "to": 15, "label": "Evidence & Proof", "description": "The deck provides data tables and analysis to support the evidence" }, { "from": 16, "to": 22, "label": "Impact & Next Steps", "description": "The deck concludes with appendix data and analyst target prices" } ], "loops": [ { "from": 3, "to": 10, "label": "Logic Chain", "description": "Is the offer price fair?" }, { "from": 5, "to": 15, "label": "Benchmark Gap", "description": "What is the valuation gap?" } ] }