Our investment case

Our portfolio of royalties in future facing commodities has the potential to grow from generating $27m of portfolio contribution in 2023 to generating over $100m of annual portfolio contribution in the medium term.

We provide investors with access to a commodity mix that contains minerals and metals such as copper, cobalt and nickel that will be needed in increased quantity if the supply is to meet expected demand growth driven by the energy transition.

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

Operators

We refinanced our debt facility in early 2024, increasing the potential borrowing capacity to $225m. Furthermore, we have announced a capital allocation framework that appropriately balances deleveraging, growth and shareholder returns.

$225m

Size of Revolving Credit Facilty ($150m) and Accordion ($75m)

$75m

Net debt at end of 2023

$155m

of financing flexibility at end of 2023 (adjusted for increased size of Accordion)

All potential investments are screened against our extensive sustainability criteria before we commit to the transaction. We conduct ongoing monitoring of all of our portfolio investments to make sure the operations continue to meet our ESG standards. Where operators don’t make public disclosure of ESG data then we engage with them and encourage them to adopt best practice.

10.5
(Low Risk)

Sustainalytics score

The current management team has worked together since 2014 and consistently proven its ability to deliver high quality transactions and grow the Company. Over the last 10 years c. $580m has been spent creating a total of c. $710m value in terms of cumulative income received and net asset value at end of 2023.