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  "documentTitle": "Fort Capital | Investment Banking Pitch Book | 56 slides",
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  "notes": "The slide uses a standard build-up approach for WACC calculation, incorporating risk-free rates, equity risk premiums, beta, industry risk, size premiums, and project-specific risk.",
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      "text": "WACC analysis below assumes an 5% project specific risk for North Bullfrog versus an 8% project specific risk for Mother Lode\nWACC analysis aligns reasonably well with applied NAV multiples",
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      "text": "(1) 10 year U.S. Treasury Benchmark - September 10th 2021\n(2) Aswath Damodaran - Implied Equity Risk Premiums - September, 2021\n(3) D&P 2021 Guide to Cost of Capital - Industry Betas - GICS 15104030 Gold\n(4) Duff and Phelps - Based on market capitalization",
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      "text": "Calculated WACC's of 9.0% and 11.2% for North Bullfrog and Mother Lode respectively",
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