Important Disclosure. For corporates and professional counterparties. Not a public offer. This page is informational and does not constitute legal, tax, or financial advice. Any mandate is subject to underwriting, KYC and AML, sanctions screening, conflicts checks, definitive documentation, investor or lender approvals, and operational acceptability.
Brownfield Mining Project Capital Raising
Brownfield projects feel simpler than greenfield because the site exists, the permitting history is usually clearer, and there is often a plant, a pit, and a record of what worked and what failed. The funding reality is still unforgiving. Capital providers are underwriting restart and expansion execution, plus legacy risk.
This mandate is a document-led workflow to take a brownfield restart or expansion file from “commercially real” to “credit readable,” then run structured investor and lender decisioning toward written outcomes, subject to approvals.
High-Intent Use Cases
- Restart of a suspended operation with plant refurbishment and working capital.
- Throughput expansion, circuit upgrades, and debottlenecking programs.
- Underground development, pre-strip, and pit pushbacks to access better ore.
- Mine life extension through drilling, resource conversion, and study refresh.
- Infrastructure upgrades: power, water, tailings, roads, and logistics.
What Capital Providers Underwrite First
- Resource confidence, reconciliation logic, and ramp-up realism.
- Capex integrity: vendor quotes, contingency logic, and schedule credibility.
- Legacy liabilities: environmental, social, rehabilitation, and title noise.
- Execution capacity: team track record, contractors, governance on spend.
- Repayment and downside survival: cash waterfall and control mechanics.
Full Scope vs Partial Scope
Full Scope Capital Raising
End-to-end packaging, structuring, and decisioning. We build the lender and investor submission pack, define the capital stack route, run controlled outreach, manage Q&A, and support term sheet progression through documentation readiness. Closing remains subject to third-party approvals and definitive documents.
Partial Scope Support
Targeted workstreams when you already have coverage in-house. Common partial scopes include: data room standardization, model rebuild and sensitivities, capex and schedule integrity pack, risk register and mitigants, or a focused investor list plus controlled outreach.
Brownfield Underwriting Is Different Than Greenfield
| Dimension | Greenfield Focus | Brownfield Focus |
|---|---|---|
| Main Question | Can you build and permit it? | Can you restart or expand it predictably? |
| Study Emphasis | Concept to feasibility progression and permitting pathway. | Restart plan, plant condition, bottlenecks, and ramp-up curve. |
| Key Risk Bucket | Development and permitting risk. | Execution risk plus legacy risk. |
| Data Credibility | Sampling and exploration quality. | Historical performance, reconciliation, and true unit costs. |
| Capital Menu | Equity-led, sometimes strategic early. | More options: debt, royalty, stream, prepay, equipment finance, plus equity. |
A brownfield file wins when the restart or expansion plan is evidence-led and the legacy liabilities are bounded in plain terms.
Capital Structures Common in Brownfield Raises
Project Finance Debt and Term Loans
Fits when the mine plan, controls, and cash waterfall are credible. Expect independent technical review, covenants, reporting, draw controls, and strict use-of-proceeds discipline.
Royalties and Streams
Often used to reduce dilution while funding refurbishment and ramp-up. The buyer prices delivery realism, jurisdiction, operating discipline, and downside resilience.
Offtake-Linked Prepayment
Works when specs, title, logistics, and evidence are clean. Prepay still requires controls, inspection, and enforceable remedies. Weak delivery mechanics get rejected.
Equipment Finance and Vendor Programs
Can move faster than a full debt raise, but usually does not cover the entire restart. Often paired with equity or a royalty or stream.
Private Equity and Structured Equity
Investors push hard on governance, procurement, spend controls, and management depth. Staged funding tied to milestones is common in restarts.
Joint Venture or Earn-In
A strategic route when a partner adds operational capability, not just cash. The negotiation centers on control rights, capital calls, and downside protections.
Deliverables
Investor and Lender Narrative Pack
A structured memo that ties geology, metallurgy, plan, capex, and controls to a financeable cash story, with explicit risks and mitigants.
Data Room Checklist and Standard
A controlled checklist with folder standards and evidence requirements to reduce rework and accelerate diligence cycles.
Model Rebuild and Sensitivities
An integrated model with ramp-up, capex schedule, unit cost build, working capital, and downside cases that a serious committee can follow.
Capex Integrity and Execution Pack
Vendor quote map, lead times, contingency logic, schedule critical path, and governance on spend.
Target List and Controlled Decisioning
Fit-based investor and lender matching, controlled submissions, Q&A routing, and term sheet comparison support where outcomes are issued.
Closing Readiness Support
Conditions precedent checklist, reporting and controls onboarding plan, and coordination readiness for definitive documentation.
Minimum Information to Quote Scope
| Category | Minimum Items | Common Gaps That Trigger Delays |
|---|---|---|
| Asset and Status | Jurisdiction, ownership, current operational status, restart or expansion objective. | Unclear permit status, title noise, missing rehabilitation obligations. |
| Technical Base | Resource or reserve basis, mine plan summary, metallurgy and recovery evidence. | Outdated technical base, weak reconciliation logic, unknown bottlenecks. |
| Capex and Schedule | Capex breakdown, vendor quote status, schedule and critical path. | Capex as one line item, no lead times, no contingency logic. |
| Commercial | Product specs, off-take status, logistics route, pricing assumptions. | Undefined buyers, unrealistic pricing, unclear export logistics. |
| Financials | Historical operating history if any, cost build, existing liabilities and facilities. | Hidden payables, unresolved claims, unclear debt stack. |
Request a Quote for Full Scope or Partial Scope
Submit your project summary, current status, target capex, intended capital structure, and any existing studies or technical base. We will revert with an execution plan and a scoped quote for full scope or partial scope services.
Request a QuoteDisclaimer. This content is for informational purposes and does not constitute legal, tax, accounting, or financial advice. Any engagement is best-efforts and remains subject to underwriting, KYC and AML, sanctions screening, conflicts checks, third-party approvals, and definitive documentation.
