Title & Licence
Confirm legal entity, concession or licence rights, expiry, transferability and change-of-control requirements.
REAL ASSETS
Asset value begins with enforceable rights and verifiable economics.
Mining, energy, infrastructure and other real-asset investments can provide durable value, but they require a different underwriting discipline from asset-light businesses. Legal rights, technical evidence, capital intensity, permitting and operating execution are inseparable from the financial model.
For mining opportunities in particular, headline resource claims or production targets are not sufficient. Licence validity, ownership, geology, recovery assumptions, mine plan, capex, operating costs, environmental obligations and route to market must support the thesis.
INVESTMENT GATES
Evidence before financing.
Technical Evidence
Review geology, resources, reserves, grades, recovery assumptions, engineering and independent technical support.
Operating Model
Understand production history, throughput, equipment, labour, logistics, utilities and execution dependencies.
Economics
Test capex, opex, working capital, commodity-price sensitivity, taxes, royalties and cash-flow resilience.
ESG & Community
Environmental liabilities, land access, community relationships and regulatory obligations can directly affect value.
Financing & Control
Capital structure should reflect asset risk, development stage, security package and governance required by investors.
CAPITAL DISCIPLINE
Do not finance uncertainty that diligence can resolve first.
The most expensive mistake in a real-asset transaction is often committing capital before title, technical quality or operating assumptions have been independently validated. Early diligence reduces financing friction and improves the credibility of the investment case.
