Discipline across the commodity cycle.
Our strategy is built on jurisdictional rigor, full-lifecycle underwriting, operator partnership, patient duration, and downside discipline.
Five principles in practice.
Jurisdictional Rigor
We concentrate capital where rule of law, permitting regimes, and property rights protect long-lived mining assets.
Full-Lifecycle Underwriting
We underwrite from exploration through reclamation, pricing the entire life and closure of a mine.
Operator Partnership
We back exceptional operators and stay with them through the long, hard work of building and running mines.
Downside Discipline
Royalties, streams, and covenants let us protect capital first, with equity-like upside second.
Patient Duration
Mines are decade-long assets. We hold through the cycle, compounding value across permitting, ramp, and steady-state production rather than trading noise.
Our five active funds.
Strategy, thesis, and target size across the current platform.
| Fund | Strategy | Thesis | Target Size |
|---|---|---|---|
| Fund I | Battery Metals | Lithium-ion supply chain ex-China | $6B |
| Fund II | Rare Earths & Magnets | NdPr, Dy/Tb, and NdFeB magnets through midstream | $8B |
| Fund III | Uranium & Nuclear Fuel | ISR and conventional uranium through HALEU enrichment | $7B |
| Fund IV | Copper & Industrial Metals | Tier-one copper orebodies with zinc and molybdenum | $9B |
| Fund V | Royalties, Streams & Specialty | 100% NSR/GSR royalties and metal streams | $8B |
“Patient duration is not a constraint. In mining, it is the entire edge.”ERTH Resource Group — Investment Philosophy