Thesis
The resource cell is sized for transition-aligned commodities (lithium, copper, rare earth) and for the transport infrastructure that monetises them — regional ports and secondary rail. Contracted offtake and price-protection mechanisms turn what would otherwise be commodity beta into something that resembles infrastructure cash flow.
Market
- Target hold
- 10–25 years
- Geographic focus
- South America · Sub-Saharan Africa · Australia
- Cheque size per asset
- US$30–150m equity
- Revenue model
- Royalties · long-dated offtake · port concessions
Cell architecture
The cell holds royalty streams and equity in regulated infrastructure SPVs. Project-level debt sits with the operator. Cell-level reporting includes commodity hedging position, offtake contract status, and port throughput. Independent reservoir / reserve auditors are appointed for any extractive position.
Sponsor profile
- Mining or commodity sponsors with audited reserve / resource statements (JORC, NI 43-101, or equivalent).
- Infrastructure sponsors with regulated concession track record.
- Willingness to commit to long-dated offtake counterparties of investment-grade quality.
- Compliance posture compatible with GFSC supervisory expectations.
Investor terms · indicative
- Target net IRR
- 11–16%
- Cash yield (steady state)
- 4–8% p.a.
- Subscription minimum
- US$1,000,000
- Liquidity
- Locked through commissioning; secondary venue from 2028
Milestones
- 2026 — Royalty pipeline assembled; first port concession under exclusivity.
- 2027 — First close; first royalty stream onboarded.
- 2028 — Second royalty + first port asset live; cell-level hedging policy in force.
- 2029 — Steady-state distributions; cell expanded to secondary rail.