Investment universe
We invest across all resource categories. Every asset category serves a defined role in portfolio construction. Our approach is grounded in sound economics, disciplined risk management, and a clear-eyed assessment of the global energy transition timeline.
Click any commodity to see 10-yr historical prices, 10-yr projections, top producing countries, and leading companies.
Target portfolio allocation
INDICATIVE · RANGE-BOUNDED · CYCLE-ADJUSTED
Cash engine
25%Legacy energy commodities
Currency hedge
25%Precious metals
Future call option
20%Critical & future minerals
Growth multiplier
20%Industrial & base metals
Enterprise development
10%Mine supply chain
Category I
I
Applies to
Revenue-Based Financing· or Gross Royalty
Target 18% – 22% net IRR
Short-cycle, performance-linked recovery.
High-yielding cash flows that fund operational overheads and transition-aligned investments. Held on a time-bounded, value-optimised basis within our JET framework.
Category II
II
Applies to
Streaming· or Net Smelter Return
Target 22% – 35% net IRR
Long-duration commodity upside, USD-denominated.
USD-denominated revenue provides a natural hedge against ZAR depreciation. Gold tailings offer a 12–18 month time-to-cash-flow with no underground risk. PGMs provide long-term hydrogen economy exposure.
Category III
III
Applies to
Direct equity· or Convertible / Streaming
Target 25% – 35% net IRR
High-conviction, milestone-triggered participation.
Development-stage assets acquired at development-stage valuations and held for re-rating on production decision. Exposure is disciplined and sized — we do not speculate on exploration outcomes.
Category IV
IV
Applies to
Net Smelter Return· or Gross Royalty
Target 20% – 28% net IRR
Smelter-routed commodities with long-duration term economics.
High leverage to global industrial GDP growth. Volume-driven assets where operational competence, logistics access, and cost-curve positioning are the primary value drivers.
Category V
V
Applies to
Revenue-Based Financing· or Invoice / contract discount
Target 18% – 22% net IRR
Ring-fenced off-take and contract-assigned working capital.
Mining Charter III obliges South African mines to procure a meaningful share of inputs from B-BBEE-rated enterprise and supplier development (ESD) partners. We fund and back-stop qualified B-BBEE companies executing supply, service, and logistics contracts at portfolio mines and third-party operators. Returns are underpinned by ring-fenced off-take, contract assignment, and invoice discounting.
Selected track record
R1.61 m deployed across 3 B-BBEE supplier transactions · 2016–2019
Balleo Engineering
R400,000
Contracts at Mafube Colliery and Eskom
KKK Projects
R700,000
Mpumalanga Provincial Hospital Project, Middelburg
Siyanda Projects
R510,000
Mpumalanga Provincial Hospital Project
03 / 08 · Universe