Our investment case

Compelling commodity mix

We provide exposure to critical minerals such as copper, cobalt, nickel, and uranium that will be needed in increased quantity to meet strong long-term expected electrification-related demand growth.

We invest the majority of capital into low cost mines primarily located in OECD jurisdictions that are operated by companies including Vale, Capstone Copper, Moxico Resources, BHP and Rio Tinto.

Proven track record

The current management team has worked together since 2014 and consistently proven its ability to deliver high quality transactions  and grow the Company.

Over $400m invested in growth-focused future facing commodity assets over the past four years.

>$400m

Deployed over past four years

Balance sheet flexibility

We refinanced our debt facility inearly 2024, increasing the potential borrowing capacity to $225m. Furthermore, we have revised our capital allocation framework to ensure that it appropriately balances deleveraging, growth and shareholder returns.

$225m

Size of Revolving Credit Facility ($180m) and Accordion ($45m)

$82m

Net debt at end of 2024

Attractive growth profile

With Voisey’s Bay starting to ramp up we have entered a period of growth that is expected to see the critical minerals portfolio contribution grow by over 400% over the next five years. The portfolio contribution will also evolve from being 64% coal to being nearly 90% base metals.