COMMODITY STREAMING NOLAN WATSON
Timeline to Production Success of Anticipated Production 78% ANTICIPATED PRODUCTION 22% START DELAYED FIRST YEAR ON TIME
Timeline to Production Success of Anticipated Production 78% 22% ACTUAL PRODUCTION START DELAYED FIRST YEAR ON TIME
Timeline to Production Success of Anticipated Production 78% MISSING PRODUCTION 22% ACTUAL PRODUCTION START DELAYED FIRST YEAR ON TIME
“Don’t take capital from people whose incentives are not aligned with yours.”
Level Of Debt (%debt/mc) 10% 3.7% 5% –32.0% Low High -5% RETURN -10% -15% -20% -25% -30% -35% Between 10% – 20% Greater than 20%
STOCK PRICE D e b t f i n a n c i n g TIME
STOCK PRICE E q u n a n c i n g i ty f i D e b t f i n a n c i n g TIME
FIRST LUNA GOLD DONNER METALS URANIUM Combined Market Cap of LUNDIN MINING CORP. Streaming Companies AG MERCATOR MINERALS EUROPEAN GOLDFIELDS RAMBLER METALS COLOSSUS FARALLON RESOURCES MINERALS GLENCORE INTERNA NOVADX VENTURES BRIGUS GOLD FNX MINING GOLDCORP METANOR 2004 RESOURCES $0 THUNDERBIRD ENERGY SILVERCREST
FIRST LUNA GOLD DONNER METALS URANIUM Combined Market Cap of LUNDIN MINING CORP. Streaming Companies AG MERCATOR MINERALS EUROPEAN GOLDFIELDS RAMBLER METALS COLOSSUS FARALLON RESOURCES MINERALS GLENCORE INTERNA NOVADX VENTURES BRIGUS GOLD FNX MINING GOLDCORP METANOR 2012 RESOURCES $27 BILLION THUNDERBIRD ENERGY SILVERCREST
FIRST LUNA GOLD DONNER METALS URANIUM Combined Market Cap of LUNDIN MINING CORP. Streaming Companies AG MERCATOR MINERALS EUROPEAN GOLDFIELDS RAMBLER METALS COLOSSUS FARALLON RESOURCES MINERALS GLENCORE INTERNA NOVADX VENTURES BRIGUS GOLD FNX MINING GOLDCORP METANOR RESOURCES THUNDERBIRD ENERGY SILVERCREST
Benefits of Streaming LESS LESS RISKY DILUTIVE THAN DEBT THAN EQUITY
n a ncing m f i a Stre STOCK PRICE E q u n a n c i n g i ty f i D e b t f i n a n c i n g TIME
n a ncing m f i a Stre STOCK PRICE E q u n a n c i n g i ty f i D e b t f i n a n c i n g TIME
“Becoming All Things to All People” G N I M A E E Q R U T I T S Y D E B T
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