Anthem Capital Group Inc.
Independent Corporate Advisory
Services
Valuation
It is important that management have a view of valuation for each of its assets as well as corporately for when a "buy, sell, hold" decision must be made. Valuations can be impacted by many factors including stage of development, outlook for metal prices, investor appetite and point in the economic cycle.
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Being independent allows Anthem the unbiased selection of inputs, assumptions, analysis and forecasts in determining value. Valuations may be performed for i) internal purposes (eg. determination of divestiture value), ii) "what if" analysis such as potential acquisition targets or iii) the resulting value of a merged entity before approaching such a candidate.
Equity and Debt Raising
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Depending on certain aspects of a corporation or an asset, it is important to determine the most appropriate of these financing sources and the optimal combination among many financing options.
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From prior financial modelling and valuation experience, this can be demonstrated as to the preferred path going forward that would provide the most flexibility while minimizing the cost of capital.
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M&A Analysis
Before approaching a target or a company it is important to understand the relevant factors and risks (financial, political, technical, social, environmental). Independent views can assist in measuring the relevant issues in determining the success and impact of a transaction, in particular, the likelihood of closing. Likewise, in a defense situation, it is important to have input on i) views of valuation, ii) white knight lists, iii) data room additions and iv) other items in establishing preparedness. While Management is focused on the daily operations, Anthem can assist in the idea generation of acquisition targets, approaching those targets, as well as the preparation of defense materials and strategy.
43-101 Financial Reviews
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The ability to work on an independent basis, side by side with i) engineers in mine planning and design, ii) metallurgists for processing and recoveries and iii) geologists' deposit interpretations in deriving the ultimate mining scenario and financial plan, has also lead to providing and contributing these detailed findings towards a Preliminary Economic Assessment, Pre-feasibility Study or Feasibility Study documents as per the process and purposes of National Instrument 43-101.
Financial Modelling
As part of any valuation, financial modelling is a required skill in order to determine the eventual cash flows or monetization of assets. This can be as simple as one asset or an entire corporation with many international assets, joint ventures, streaming agreements, cornerstone investments, etc. By providing management and/or the final users to have input into the look, design, functionality and required outputs to easily display, the information can greatly assist in decision making, forecasting, budgetting, capital allocation and/or valuation.
Offtake Analysis and Negotiation
In addition to Valuation and Financial Modelling, an Offtake Agreement can have a significant impact to the final cash flows received by a project based on a myriad of smelter terms related to payables, penalties, metal price floors and ceilings, treatment and refining charges. This may impact the project's ability for financing or motivate a producer in renegotiating new terms.
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With the ability to enter and analyze all proposed offers and corresponding terms, it is important to review this additional level of sensitivity analysis to determine the optimum Offtake Agreement to maximize the ultimate cash flows and NPV.