Deep Yellow Limited | Reptile Project, Namibia | Hybrid Model Investment Case Update: or, FCM 5-Level Valuation Analysis (Strict)

TAC15 & TAC10 are discrete proprietary price-value points at which an acquirer might consider Deep Yellow. PMCV15 & PMCV10 are proprietary price-value point models that are supplementary to Projected Book Value per Share. If there are broad discrepancies between PMCV Variants & Projected Book, it typically signals erroneous bankable data or miscalculations on the part of FCM. In the case of Deep Yellow, the numbers do not reconcile very well, which likely stems from an underestimation of CapEx and/or AISC. Needless to say, Reptile is a Project without a PEA, so many assumptions were made in an effort to complete this valuation series.

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