Royalties, Streams & Specialty
Inflation- and production-linked cash flow across the mining cycle.
Why this fund exists.
Royalty and streaming structures deliver commodity exposure without operating risk — no capex overruns, no labor exposure, no reclamation liabilities. Historically dominated by gold and silver, the model is now being applied across the critical-materials complex where developers need non-dilutive capital and majors need to unlock non-core cash flow.
Fund V acquires 100% NSR/GSR royalties and metal streams across our other four fund verticals — battery metals, rare earths, uranium, and copper — plus specialty situations where royalty structuring fits the asset. It is a downside-protected, inflation-linked cash-flow strategy layered across the platform.
Where the capital goes.
NSR & GSR Royalties
Life-of-mine net smelter return and gross royalty acquisitions across producing and development assets.
Metal Streams
Upfront capital in exchange for a fixed percentage of production, priced at a discount to spot.
Portfolio Financing
Structured financings against multi-asset portfolios — royalty companies, mid-tier producers, and pure-play developers.
Specialty Situations
Contingent consideration, milestone streams, and legacy-royalty portfolio acquisitions.
Cross-Vertical Deployment
Royalty capital deployed alongside Funds I-IV, providing a downside-protected sleeve to primary-equity exposures.
Deployed alongside operators, offtakers, and structured co-investors.
Royalty and stream capital is deployed as a cross-portfolio sleeve, providing inflation- and production-linked returns without operating risk exposure.