{
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  "docSlug": "cf47ba2783593ab77de9b2048a171023",
  "documentTitle": "BMO Capital Markets | Investment Banking Pitch Book | 18 slides",
  "authorId": "bmo-capital-markets",
  "authorName": "BMO Capital Markets",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-09-01 00:00:00",
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  "pageNumber": 9,
  "pageCount": 18,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "financial_analysis",
  "function": "quantify_impact",
  "density": "balanced",
  "nDataPoints": 14,
  "notes": "The slide uses a standard valuation buildup format common in equity research.",
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  "slideHref": "/slides/019de071-782d-736f-82b8-0d05fb2c9e6c/9",
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      "text": "Based on North Bullfrog and Mother Lode technical models with the following assumptions, per Cheetah management: Street consensus commodity pricing, North Bullfrog production in 2024, Mother Lode production in 2027. Includes US$10 mm in annual corporate G&A expenses (tax-effected), per Cheetah management. Discounted to May 31, 2021 (to align with most recent Cheetah financial statements) using mid-period discounting.",
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      "kind": "source-note",
      "text": "Source: Cheetah management model at Street consensus pricing, FactSet, Street research",
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      "kind": "table",
      "text": "North Bullfrog (US$ mm) 5.0% $528; Mother Lode (US$ mm) 5.0% $308; Exploration / Other (US$ mm) --; Mining NPV (US$ mm) $836; Add: Cash (US$ mm) $9; Add: ITM Proceeds (US$ mm) $19; Less: Debt (US$ mm) ($10); Less: Corporate G&A (US$ mm) 5.0% ($593); Corporate NAV (US$ mm) $761; FD ITM Shares (mm) 139; NAVPS (US$/share) $5.47; Closing Share Price (10-Sep-21) (US$/share) $3.14; Implied P/NAV (ratio) 0.57x",
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      "subkind": "valuation",
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      "kind": "title",
      "text": "Net Asset Value Per Share (NAVPS) Buildup – Cheetah Management Model",
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      "evidence": "table/valuation: North Bullfrog (US$ mm) 5.0% $528; Mother Lode (US$ mm) 5.0% $308; Exploration / Other (US$ mm) --; Mining NPV (US$ mm) $836; Add: Cash (US$ mm) $9; Add: ITM Proceeds (US$ mm) $19; Less: Debt (US$ mm) ($",
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      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The second section presents data and analysis on Cheetah's performance and challenges",
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      "confidence": 0.8,
      "parentBeatName": "Complication",
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      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
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