A specialist manager in formation

Systematic investing in mining and metals.

We study changes in mine production, costs and financing, and how they affect the value of listed mining companies and metals.

Our investment approach

Layered mineral forms — ZemanniteMining & metals

01 / Investment focus

The economics behind the share price.

A permit can bring cash flow closer. A delay can force another financing. A change in production can alter both a miner’s earnings and the supply of a metal.

Our research follows those changes through to the listed security: who owns the asset, what it costs to operate, and what remains for shareholders after debt and dilution.

Listed mining businesses: Producers, selected developers, diversified miners and royalty or streaming companies.
Metals markets: Supply, demand, inventories and policy inform the commodity scenarios used in each valuation.
Proposed portfolio: Liquid listed securities and metals instruments. The final instrument list and risk limits require approval before trading.

02 / Investment approach

An event forecast needs a valuation.

Predicting a development is one part of the work. We also need to estimate its financial consequences and judge how much the current price already reflects.

Forecast

Outcomes and timing.

We compare company guidance with reported results, keeping the source and publication date. Mine histories help us assess what could change and how long it might take.

Each question needs a defined outcome and a time horizon. Forecasts must be recorded before the outcome so their accuracy can be measured.

Value

The effect on shareholder value.

For each outcome, we estimate cash flows and their timing, then account for ownership, financing, debt, royalties and dilution. Commodity prices enter as a range of scenarios.

A production increase can be offset by higher costs, new debt or more shares issued. The valuation needs to account for all three.

From research to a position

Compare assessed value with the market price. Allow for trading costs, financing and downside, then size within liquidity and portfolio limits. When the gap is insufficient, pass.

03 / Building the manager

Building Zemannite.

Zemannite is in formation, with no live fund or client performance record. Earlier performance and capacity claims have been withdrawn following an internal review. Corrected research has not met the investment objective.

Prospective research record: The paper strategy has not been activated. Before investor capital, we require six to twelve months of decisions recorded before their outcomes, assessed after costs.
Positions sized for difficult markets: Issuer limits, shared commodity and country exposures, and stressed exits. Intended fund size must be supported by executable liquidity.
Independent oversight: Risk authority separate from investment decisions, licensed data, and legal and service-provider arrangements before funded trading.

Investor enquiries

The investor materials.

Prospective seed partners and professional investors can request the research findings, proposed team and operating plan. We review enquiries and share access directly.

Available for diligence

01
Investment approach
Mine and company research, valuation methods and proposed portfolio controls.
02
Research findings
The review of earlier claims, corrected results, assumptions and unsuccessful trials.
03
Team and formation
The proposed team, fund and manager capital, operating budget and launch requirements.

For discussion only. The materials describe a proposed fund and are not an offer to invest.