2.5 billion NPV8 and 100% IRR, page-140

Brazilian comaprisons - Argonaut, June 2023

Santa Rita has ~6 years of open pit mine life remaining, after which time the operation will transition to 28+ year sub level caving operation. Serrote has remaining Reserves for 12 years of production.

Jaguar project ore again shines on a value per tonne basis compared with its peers.On our numbers, Jaguar’s NPAT cash flows during the first 10 years of mine life will exceed that of ACG’s combined operations.

Using our metal price deck we estimate ACG’s projects have mineable Reserves/Inventories valued at US$13B versus CTM’s US$7.7B for Jaguar.

Our unoptimized cashflow model (including capital requirements) for ACG’s combined operations estimates a present day NPV7 of A$2.2B (US$1.5B) vs A$1.4B (US$1.0B) for Jaguar.

The ACG-Appian deal transactional EV of US$1.06B implies an EV/NPV7 ratio of 0.71x. Applying this ratio to Jaguar’s simplified NPV of US$1.0B resolves an equivalent CTM EV of US$0.71B (A$1.07B).

CTM’s current market capitalisation is A$330M and EV is ~A$309M.