Investment Thesis

Why critical minerals technology, and why now.

Critical minerals sit at the core of the modern economy. Yet the industry still runs on methods that are decades old, increasingly unsuited to the quality and quantity of supply the world now needs. We invest in the picks and shovels of this lifecycle. The tools, processes and platforms that make new supply possible.

01

Structural supply-demand imbalance

AI, EVs, grid expansion, and defence procurement compound demand. The average mine takes 18 years to develop.

02

Policy has become capital

IRA, CHIPS Act, and European equivalents direct hundreds of billions toward domestic supply chains. Tech enablers capture this directly.

03

Mining has been slow to innovate

The gap between what's technically possible and what's deployed at the mine site is wider than in any other industrial sector.

04

Valuations reflect the neglect

Mining tech companies trade at a fraction of comparable software or biotech businesses creating a structural entry advantage that is closing.

The Problem

Demand is accelerating. Supply is not keeping pace.

The energy transition, defense modernisation, and advanced manufacturing all depend on a set of minerals that the world does not currently produce in sufficient quantity. We believe the solutions will come from technology and innovation across the full supply chain.

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