From gold site to cash in 9–14 months
Capital released in small tranches tied to verified proof points, independent due diligence before every vote, and a committee designed to say no.
Process
From site to cash in 9–14 months
Each site moves through the same stages, and several sites move in parallel. Capital is released in small tranches, each tied to a verified proof point.
- Ongoing
Identification
Sites sourced and pre-screened against written criteria.
- 2–4 weeks
Initial diligence
Legal and desktop technical review, then a go or no-go on further spend.
- 6–10 weeks
Field diligence
Independent sampling, metallurgical tests and site visits.
- 1–2 weeks
Investment decision
Committee vote and funding approval.
- 3–6 months
Deployment
Plant ordered, mobilised and commissioned.
- 1–3 months
Production ramp
Ramp-up to nameplate throughput.
- From month 4–6
Cash extraction
Repatriation tested and distributions begin.
Five gates before any plant scales up
A second plant, or a move to the next site, is considered only once all five are met.
- Gate 1Throughput proven3 months
Nameplate throughput sustained for 3 consecutive months
- Gate 2Recovery validated≥90%
Actual recovery within 90% of bench-scale prediction
- Gate 3Feedstock secured70%+
Signed supply covering 70%+ of capacity, 12 months forward
- Gate 4Cash extraction provenTested
Revenue converted and repatriated offshore, tested not assumed
- Gate 5Unit economics hold30%+
All-in cost per ounce keeps a 30%+ margin to spot gold
Due diligence
How we evaluate a project
Six steps, in order, before the investment committee signs off. We never take vendor or promoter data at face value.
Screening
Deposit size, grade, expected recovery, production rate, capex, opex and value, alongside operator capability, jurisdiction, infrastructure and maturity. Misaligned deals are declined fast.
Geology
Resource description, geological setting, sampling approach, tonnage and grade basis. Third-party channel or bulk samples and accredited-lab assays, never grab samples alone.
Metallurgy
Processing method, flowsheet and recovery assumptions checked against independent bench-scale test work, including whether ore is free-milling or refractory.
Infrastructure
Site access, haul routes, power, water and distance to processing and export hubs, costed and confirmed on site visits.
Legal and permits
Mineral rights, ownership, licences and environmental approvals verified against the registry, with local JV partners fully KYC’d.
Economics
Revenue model, costs, margins and payback across capital tiers, with milestone-based funding tranches set before money moves.
Governance
Governance built to say no
A holding company with one ring-fenced SPV per site, each with a local JV partner, run on the junior-resource discipline used in Australia.
A small, technical committee
Three to five members, mostly operators: a former mine GM, a metallurgist, a financier who has lived through junior gold.
Origination is not approval
Whoever sourced a deal never votes on it.
Paid for preservation
Committee pay is tied to capital preserved and cash returned, not to the number of deals done.
Independent sign-off
An external technical assessor, retained per deal, signs off before every vote.
Tiered approval
The committee can approve pilot-scale capex; anything larger goes to the board and investors.
Pre-agreed kill criteria
A missed milestone stops capital automatically. Continuing needs a fresh vote, which removes sunk-cost bias.
Pipeline
One bet becomes a funnel
We track four to five prospects at once across several countries, so no single site carries the outcome. A typical year looks like this.