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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 EV/M&I and EV/Resource multiples, with red dashed lines indicating selected valuation ranges.",
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      "text": "Visual representation of EV/M&I and EV/Resource multiples for each transaction.",
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      "text": "Comparable deals in the space have transacted at an average of $121/oz AuEq and $71/oz AuEq EV/M&I and EV/Resource respectively (1)\nSelected range based on earlier stage nature of asset",
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      "text": "EV / Resource Multiples of Gold Developers 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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