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  "notes": "The slide justifies the selection of a 10% discount rate by citing industry standards, project-specific risks (geopolitical, technical), and analyst consensus.",
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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%); Average discount rates used by research analysts in precedent transactions range from 8%-11% (median of 9%)",
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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": "10% discount rate was selected for the Oyu Tolgoi project",
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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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      "text": "TD Securities' Macro Assumptions Discount Rate",
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