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  "notes": "The slide details the specific risk factors (geopolitical, technical, operational) influencing the discount rate selection for a mining asset in Mongolia.",
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      "text": "10% discount rate was selected for the Oyu Tolgoi project",
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      "text": "Other data points considered include: 2020 feasibility study uses an 8% discount rate; Research analysts covering Turquoise Hill use 8%-12% discount rate (median of 10%); Although not often relied on by industry participants, performed empirical WACC analysis",
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      "text": "TD Securities uses as a starting point an 8% discount rate for producing base metal mines and 10% for development stage base metal projects and makes adjustments, as appropriate, for specific risks including geopolitical and technical risks",
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      "text": "Source: Company reports, Fraser Institute, public filings and research analysts. (1) Fraser Institute Annual Survey of Mining Companies 2021 ranks Mongolia 63rd out of 84 jurisdictions surveyed on the Investment Attractiveness Index with a score of 50.66/100.",
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