Process
Acquisition Process
Our investment process is designed to eliminate exploration-stage risk while maximizing exposure to producing or near-production royalty cash flows. Every acquisition passes through five sequential gates before commitment.
Proprietary deal flow from mine operators, royalty aggregators, investment banks, and technical advisors across North America, South America, and Australia. We do not rely on public deal flow.
Preliminary review against seven screening criteria: jurisdiction, commodity, mine stage, royalty structure, operator quality, resource size, and price. Approximately 5% of sourced deals pass to full diligence.
Independent geological review by Qualified Persons (QPs) independent of fund management. NI 43-101 or JORC-compliant resource estimates required. Site visits conducted for all investments exceeding $10M.
Detailed cash flow modeling across three commodity price scenarios (base, bear, bull). IRR, payback period, and portfolio-level concentration reviewed against fund constraints before IC presentation.
Royalty or streaming agreement negotiated with independent legal counsel. Transaction documented, operator covenants established, and payment mechanics confirmed. Target close: 60–90 days from IC approval.
Portfolio
Ongoing portfolio management focuses on operator monitoring, royalty payment verification, and portfolio-level risk management.
Quarterly review of operator production reports, financial statements, and mine plan updates. Direct contact with mine management on material operational changes.
All royalty and streaming payments independently reconciled against production reports, commodity pricing benchmarks, and contractual terms.
Investors receive quarterly NAV reports, annual audited financials, and direct access to fund management for material portfolio events.
The Private Placement Memorandum includes a complete description of the acquisition process, portfolio construction guidelines, and risk management framework.