Progress in 2024
- 100% of capital deployed into future facing commodities
- Invested $8.5m into Phalaborwa Rare Earths Project
in South Africa
2025 priorities
- Add further scale and diversification to the portfolio
- Focus on income producing royalties and streams
Commodity mix
We are in a transitional phase as the income generated by the Kestrel steelmaking coal royalty, which is not expected to be material beyond 2026, is redeployed into future-facing commodities that play a vital role in the generation, storage and transmission of renewable forms of energy.
These minerals and metals are key for the general trend towards electrification with end uses including:
- data centres expansion;
- power storage and generation;
- construction of renewable energy infrastructure; and
- transmission of renewable energy.
Over the past four years, we have deployed over $400m into copper, nickel, cobalt and rare earths royalties and streams. By 2026 over 90% of our revenue contribution will be derived from future facing commodities.
In 2024 we invested $8.5m into a royalty over the Phalaborwa Rare Earths Project in South Africa. The principal rare earth elements found at Phalaborwa are neodymium and praseodymium, which are essential in the production of permanent magnets, key components in wind power turbines and electric vehicle motors.