RE: RE: RE: RE: Dissecting the Industrial Alliance APPENDIX 1: COMPARISON OF NORTHERN GRAPHITE AND FOCUS GRAPHITE
Figure 1: Detailed Project Parameters Comparison
Focus Graphite
(PEA)
Northern Graphite
(IAS Model)
Ticker FMS.V NGC.V
Share Price ($) 0.7 0.79
Shares 96.3 46.5
Market Cap (M$) 67.4 36.7
EV (M$) 45.6 27.3
Annual Production (t) 45,000 15,000
LOM Tonnes of Graphite Concentrate 928,000 733,000
LOM (yrs) 20 45
CAPEX (M$) 153.5 128.9
OPEX ($/t) 435 930
Source: Company Filings, IAS
Figure 2: NPV Comparison With and Without Battery Grade Graphite Production
With Battery Grade Graphite Production
Focus Graphite
(PEA)
Northern Graphite
(IAS Model)
Pre-tax NPV (M$) 246 273*
% of total production converted to Battery Grade 38% 28%
% of Battery Grade Graphite of Total Revenue 86% 51%
NPV to LOM Tonnes of Concentrate ($/t) 265 372
Without Battery Grade Graphite Production
Focus Graphite
(PEA)
Northern Graphite
(IAS Model)
Pre-tax NPV (M$) 72** 135
NPV to LOM Tonnes of Concentrate ($/t) 78 184
Source: Company Filings, IAS
* For comparison purposes, IAS model was adjusted for $10,000$/t for battery grade graphite similarly to Focus PEA. Original IAS estimates for non-coated battery grade graphite were for $6,000 /t.
** Focus Pre-tax NPV without the Battery Grade Graphite Production is based on a back-of-the-envelope IAS calculation as this option was not presented in the PEA.