Investor relations

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, increase 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

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.

12.3

Sustainalytics score (low risk)

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 past four years.

>$400m

deployed over past four years