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  "documentTitle": "Fort Capital | Investment Banking Pitch Book | 56 slides",
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  "presentationDate": "2021-10-01 00:00:00",
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  "notes": "Includes quotes from specific analyst reports regarding the AngloGold Ashanti acquisition offer.",
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      "text": "AngloGold Ashanti announced a proposal to acquire Corvus Gold for C$4.00 per share. We believe this offer is significantly below fair value for Corvus, but note it is unlikely the pricing could increase by more than 25% from the current offer. Thus, we are reiterating our Buy rating, cutting our target to US$4.00.",
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      "text": "The transaction value is $550M, a premium of 23% to yesterday's close. The resource multiple applied stands at US$115/oz, a fair offer, even considering the synergies and the large amount of lower-grade, heap leachable ounces that become available at higher gold prices.",
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      "text": "We currently view this proposal as the first stage of negotiations and ultimately would not be surprised to see a higher price paid to Corvus shareholders. In fact, the proposed price in U.S. dollar terms of about $3.20 per share implies a roughly 54% discount to our price target.",
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      "text": "Average NAVPS of $5.53 implies a 0.72x P/NAV multiple at current trading prices (0.74x implied by current C$4.10 AngloGold offer)\nTarget prices have been changed to reflect the non-binding offer from AngloGold",
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      "text": "Four out of five analysts currently covering Corvus assign a Buy rating to the stock (1)",
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      "text": "(1) Based on reports available to Fort Capital through S&P Capital IQ\n(2) Some modeled estimates are from a previous report with a different price target",
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