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  "documentTitle": "Fort Capital | Investment Banking Pitch Book | 56 slides",
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  "notes": "The slide uses a bar chart integrated into a table to visualize P/NAV multiples for various gold mining transactions.",
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      "text": "Precedent transactions have been completed at an average of 0.79x P/NAV (1)\nSelected range reflective of limited exploration upside (given claim limitations) and early stage (PEA) nature of the respective projects",
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      "text": "P/NAV Multiples of Gold Developer Transactions",
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      "text": "Source: CapitalIQ, Market Intelligence and Company Disclosures. (1) We included transactions as per the following criteria: pre-production stage, gold primary asset (35%+ AuEq) located in the North America, with transaction value (100% basis) greater than US$75M transaction size for an ownership stake >/=50%",
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