News.

Statements from the firm and periodic notes from our investment team on metals markets, mining risk and the standards behind our underwriting.

Macro

Rates Aren't Coming Back Down, and Mining Valuations Know It

Discount rates on long-life resource assets have reset for good, and it's valuation discipline, not leverage, that will keep portfolios intact.

The real margin comes from logistics, paperwork and picking the right counterparties — not from guessing where the gold price goes next.

It's licence certainty, community buy-in and power access — not ore grade — that now decides which projects meet our return bar.

Social licence has stopped being a box-ticking exercise and has become a real driver of schedule, cost and what can ultimately be recovered.