Deep Value Investing in the Resources Space

Picking companies with high re-rating potential, due to:

• Current market opportunities
  • Undervalued operations/infrastructure/assets
  • Cheap royalties
  • [recyclables–good model, bad model/assets]
• Resource inventories
  • In-situ land banking including exotics
  • trailing royalties
• Development projects
  • Resources/BFS etc completed.
  • Investment partnership or buy-out
• Carve-outs
  • Operating assets sitting inside the big caps
• Seed investments

• Buy and break
  • Commodity separation / value enhancement
  • JVs, Assets Sales, IPO’s.
• Asset roll-ups