Coming Soon

Coverage

What you receive.

• Comprehensive initiating coverage report including a rundown on the company, its operating assets and a fully transparent valuation.
• Ongoing coverage — notes published on news, valuation updates on material releases, and attendance on quarterly calls.
• Separate discussions of potential drivers and risks. This includes the upcoming milestones, the delivery risks to those milestones, and management's plan for each.

Method

How the numbers are built.

• Operating model based on company guidance with sensitivities on timeline, capex/opex, production and metal price.
• One published framework applied to every name, the same price deck and methodology, with discount rates set by disclosed criteria.
• Site visits on the asset and direct work with management with every company-specific input traced to disclosure or the source itself.

Independence

Why you can use it.

• No underwriting fee, no trading position, and no equity — held by the firm or personally — in any company we cover.
• Compensation for the research is fixed and fully disclosed. It is never paid in equity, with cash payment made in advance of the research period.
• Engagements are contracted for a fixed term. Coverage cannot be withdrawn in response to what we publish.