From technical evidence
to financeable mining economics.
Debtequity integrates geological and resource inputs, mine operating assumptions, plant and fleet economics, capital structure, project cash flow and downside valuation into a decision-ready framework for project sponsors, lenders, investors and investment committees.
Integrated Mining Investment Capability
Debtequity's role is to convert specialist technical inputs into a commercially coherent, fundable and governable investment case.
The source workbook demonstrates an end-to-end feasibility architecture rather than a single valuation tab. It connects mineral/resource assumptions to mine rates, treatment capacity, workforce, equipment, camp and workshop infrastructure, engineering, exploration, environmental allowances, capital and operating costs, metal returns, profit and loss, cash flow, NPV and cut-off analysis.
Technical, operating, financial and valuation schedules listed in the workbook contents.
Annual P&L and project cash-flow modelling across a ten-year operating case.
Historical base-case treatment rate used in the legacy project model.
Leased-equipment and depreciated/purchased-equipment structures compared.
Discount-rate sensitivity used in the legacy valuation model.
Eight Capability Pillars
Practical workstreams spanning technical diligence through investment committee and capital execution.
1 · Technical Review Integration
Receive and reconcile geological, resource, grade, metallurgical, sampling and recovery inputs from qualified technical advisers and convert them into model-ready assumptions.
2 · Resource & Production Logic
Translate bank/loose volume, grade, density, expansion factors, mining rates, treatment rates, stockpile movements and operating calendar into production schedules.
3 · CAPEX & Fleet Economics
Build bottom-up earthmoving, mobile fleet, plant, camp, workshop, engineering and establishment budgets, including freight, insurance, customs, maintenance and replacement.
4 · OPEX & Workforce
Model shift patterns, annual hours, wage rates, fuel, maintenance, consumables, camp costs, environmental, exploration and miscellaneous site operating expenditure.
5 · Equipment Finance
Compare leasing, deposit/equity, term, residual/balloon, interest cost and annual lease burden against outright capital purchase and depreciation.
6 · Revenue & Commodity Returns
Link recoverable grades, mineral mix, metal prices and production volumes to annual revenue rather than relying on headline in-situ metal value.
7 · Valuation & Downside
Evaluate NPV, IRR, MIRR, NFV, payback, cut-off mining cost and high/low/suggested valuation cases across discount-rate sensitivities.
8 · Capital & Governance
Convert the model into lender, investor or IC materials: funding requirement, security, repayment/exit, downside case, conditions precedent and independent verification plan.
Independent Specialists
Debtequity's commercial model does not replace Competent Person, engineering, environmental, legal or valuation sign-off. It is designed to integrate and challenge those inputs.
Full Feasibility Model Coverage
The historical workbook's table of contents evidences a broad, linked modelling architecture.
- 01 Disclaimer & confidentiality notice
- 02 Assumptions and parameters
- 03 Commodity price forecasts
- 04 Metal price selection
- 05 Metal price calculator
- 06 Technical notes
- 07 Resources
- 08 Operating parameters
- 09 Department of Labor wage rates
- 10 Employment / annual working hours
- 11 Annual salaries calculator
- 12 Earthmoving annual operating hours
- 13 Earthmoving capital cost — used machinery
- 14 Earthmoving hourly operating cost
- 15 Camp establishment costs
- 16 Camp operating costs
- 17 Workshop establishment costs
- 18 Treatment plant establishment costs
- 19 Treatment plant operating hours
- 20 Treatment plant operating costs
- 21 Engineering
- 22 Exploration
- 23 Environmental
- 24 Miscellaneous operating costs
- 25 Capital cost summary
- 26 Mineral returns
- 27 Notes to P&L
- 28 Annual P&L — leased equipment / exploration year 1
- 29 Annual P&L — leased / exploration & development year 1
- 30 Annual P&L — depreciated equipment / exploration year 1
- 31 Annual P&L — depreciated / exploration & development year 1
- 32 NPV calculation
- 33 Valuation summary
- 34 Cut-off calculation
- 35 Summary P&L
Legacy Case Study — Alluvial Platinum Feasibility
A historical example showing the depth of integrated technical and financial modelling.
Technical Model
- Recoverable-grade methodology for alluvial material.
- Bank versus loose cubic metre treatment and expansion-factor logic.
- Pt, Pd and Au inputs plus proportional treatment of Os, Ir, Ru and Rh.
- Sampling, gravity recovery, density and production-rate assumptions.
- Stockpile build/depletion and seasonal mine/plant operating calendars.
Operating & Infrastructure Model
- Earthmoving/mobile fleet sizing and hourly operating cost.
- Treatment plant replacement, finance and annual operating costs.
- Camp, workshop, survey control, load scanning, metallurgical testing and radio systems.
- Water/tailings infrastructure, exploration programmes and environmental budgets.
- Wages, shifts, fuel, insurance, freight and maintenance schedules.
Project Economics, Cut-Off & Valuation
Mining economics are tested through linked operating-cost, capital-treatment and risk-discount scenarios.
| Model Area | Historical Workbook Treatment | Capability Demonstrated |
|---|---|---|
| Fleet CAPEX | Earthmoving/mobile fleet schedule includes purchase cost, depreciation, lease capital outlay, annual lease cost, insurance, transit/freight and annual operating cost. | Bottom-up asset-level capital and operating model. |
| Treatment Plant | Separate treatment plant CAPEX and lease structure, with establishment, operating and maintenance costs. | Plant finance and operating burden linked into project cash flow. |
| Mining Cost | Legacy cut-off sheet calculates average mining cost at approximately US$11.77/lcm under leased capital and US$11.92/lcm under depreciated capital. | Unit-economics comparison rather than headline margin analysis. |
| Cash Flow | Annual revenue, OPEX and P&L schedules across exploration-first and exploration/development-first timing alternatives. | Timing-sensitive funding and payback analysis. |
| Valuation | NPV analysis across 7.5%–15.0% risk/discount rates, with IRR, MIRR, NFV and payback measures. | Downside, sensitivity and capital-efficiency testing. |
| Scenario Comparison | Leased-equipment and depreciated-equipment cases are modelled separately. | Capital structure can be optimized alongside operating performance. |
All dollar figures above are historical workbook outputs in US dollars and are included only to show modelling scope. They have not been refreshed for current commodity prices, labour, equipment, freight, tax, FX, regulation or project conditions.
Mining Capital Structuring
Technical feasibility becomes investable only when the funding structure survives the operating and downside cases.
Equipment & Asset Finance
Structure deposits/equity, lease terms, interest rates, residual/balloon positions and asset replacement assumptions against expected operating hours and maintenance burden.
Senior Debt
Size debt to demonstrated cash generation, security and repayment capacity—not to optimistic resource value. Stress metal price, recovery, throughput and operating interruptions.
Working Capital
Model mobilisation, exploration, commissioning, inventory, debtor/creditor timing, fuel, wages, spares and seasonal operating liquidity before assuming distributable cash.
Equity / Preference Capital
Use equity where project risk, ramp-up, commissioning or unproven cash flow makes senior leverage inappropriate; define priority return, governance and downside protection clearly.
Vendor / Contractor Alignment
Where commercially available, evaluate vendor terms, equipment finance, contractor deferrals and staged capital calls to reduce peak cash requirements without hiding project cost.
Investment Committee Translation
Present sources and uses, capital-at-risk, sensitivity, security, technical reliance, conditions precedent, monitoring triggers and exit/repayment pathway in one credit/investment paper.
JORC, Technical Reliance & Governance Boundary
Investment modelling must preserve the distinction between technical authorship, commercial analysis and capital decision-making.
Debtequity Can
- Coordinate technical due diligence and data-room requirements.
- Interrogate the assumptions supplied by geologists, engineers, metallurgists and environmental advisers.
- Integrate approved resource/recovery/production assumptions into financial models.
- Run sensitivities, funding cases, liquidity and downside analysis.
- Prepare commercial, credit and investment committee materials.
Independent Sign-Off Remains Required
- JORC Mineral Resource / Ore Reserve statements and public reporting by a suitably qualified Competent Person.
- Independent engineering, metallurgical and environmental opinions where relied upon.
- Legal title, tenement, permitting and security due diligence.
- Independent valuation where required by mandate, law, trustee or financier.
- Tax, accounting and regulatory advice for the relevant jurisdiction.
Decision-Ready Mining Engagement Outputs
Outputs can be scaled from rapid screening through full investment and financing diligence.
| Stage | Debtequity Output | Purpose |
|---|---|---|
| 1 · Initial Screen | Project snapshot, capital ask, technical evidence checklist, immediate red flags, funding suitability. | Decide whether to spend diligence time and money. |
| 2 · Technical / Commercial Diligence | Assumption register, source/reliance matrix, resource-to-production bridge, operating plan and risk register. | Separate evidence from management assertion. |
| 3 · Integrated Model | CAPEX, OPEX, workforce, fleet, plant, production, revenue, P&L, cash flow, NPV and sensitivity model. | Quantify funding requirement and downside. |
| 4 · Capital Plan | Debt/equity/equipment-finance options, sources & uses, liquidity buffer, staged funding and covenant concepts. | Match capital to risk and project maturity. |
| 5 · Investment / Credit Paper | Executive thesis, technical reliance, economics, security, conditions precedent, risks, mitigants and monitoring. | Enable board, IC, trustee or financier decision. |
| 6 · Execution & Monitoring | Funding milestones, reporting dashboard, variance triggers, cash controls and review cadence. | Protect capital after approval—not only at entry. |
Making resource projects investable.
Debtequity helps resource owners, project sponsors and capital partners translate technical mineral potential into disciplined, investor-reviewable capital propositions.
A mineral asset does not become investable because it has geological promise. It becomes investable when technical evidence, tenure, valuation, feasibility, governance, security ranking and execution capability can withstand financier, trustee and investment committee scrutiny.
Our work sits at the bridge between technical reporting and capital execution — coordinating the professional pathway, integrated feasibility model, capital structure and investor-facing evidence required for appropriately qualified professionals, project sponsors, boards and capital providers to make decisions on a clear, documented and risk-aware basis.
Debtequity does not replace the Competent Person, VALMIN Practitioner, solicitor, environmental consultant or independent technical expert. Debtequity coordinates the investment banking, capital structure, financial model, risk disclosure, stakeholder pathway and investor-facing documentation.
Technical potential must be translated into capital discipline.
Resource projects fail capital review when the technical case and the commercial case are not reconciled. Strong geology is not enough. Capital will test tenure, professional responsibility, resource confidence, modifying factors, permitting, metallurgy, infrastructure, CAPEX, OPEX, working capital, management capability and exit logic.
Debtequity’s role is to make those matters visible before capital is approached. We help stakeholders separate facts, assumptions, risks, unknowns and recommendations so that a project can be reviewed properly rather than promoted prematurely.
The discipline is conservative by design: facts before narrative, governance before promotion, downside before upside, and execution before valuation.
The objective is not to make a weak asset appear strong. The objective is to determine whether the project can withstand scrutiny and, where it can, structure the pathway so capital has a clear basis to engage.
Defined support across reporting, valuation, capital and execution.
Debtequity coordinates the commercial architecture that sits around technical work. The outcome is a capital-ready pathway that can be reviewed by sponsors, boards, trustees, lenders, wholesale investors and advisers.
JORC-Aligned Reporting Pathway
Support for the process required to present exploration, resource or reserve information in a disciplined investor-facing context, subject to appropriate Competent Person responsibility.
VALMIN-Aligned Valuation Coordination
Commercial support around mineral asset valuation, valuation inputs, risk weighting, DCF assumptions, comparable evidence and appraised value logic.
Feasibility & Financial Modelling
Translation of technical assumptions into financial models, including production, recoveries, commodity pricing, CAPEX, OPEX, working capital, sensitivities and downside cases.
Capital Structuring
Assessment of senior debt, secured bridge funding, structured equity, royalties, streaming, offtake-linked funding, staged drawdowns and milestone governance.
Data Room Discipline
Organisation of the evidence base so technical reports, models, tenure records, permits, contracts, budgets and assumptions can be reviewed efficiently.
Investor-Ready Documentation
Preparation of mandate briefs, board papers, information memoranda, lender submissions, risk registers, valuation bridges and wholesale investor materials.
Insight, exposure and execution.
The work is practical. We look through the technical record, expose the commercial reality, and help stakeholders execute on a structure that reflects the risk.
Insight
We assess the commercial meaning of the technical record: resource confidence, historical work, tenure status, permitting, metallurgical recovery, infrastructure, cost assumptions, commodity exposure and management capability.
Exposure
We frame the opportunity for the right class of capital without overstating certainty. Capital must understand what it ranks behind, what it funds, what is verified and what can go wrong.
Execution
We help stakeholders move from report to mandate, from mandate to data room, from data room to capital structure, and from capital structure to funded execution.
What Debtequity coordinates.
A resource project requires more than a report. It requires professional boundaries, commercial alignment, evidence discipline and a funding pathway that respects risk ranking.
Technical reporting pathway
We help define the reporting scope, identify missing information and coordinate the appropriate professional workstreams.
- Competent Person engagement support
- JORC-aligned report pathway
- Exploration, resource and reserve evidence mapping
- Geology, mining, metallurgy and environmental workstream coordination
Valuation pathway
We support valuation logic by reconciling technical assumptions with commercial assumptions and capital-market reality.
- VALMIN-aligned valuation coordination
- DCF, comparable and appraised value support
- Commodity price, recovery and cost sensitivity
- Risk-weighted valuation bridge
Capital structure
We determine how the opportunity should be capitalised rather than assuming one funding instrument fits every asset.
- Senior debt and secured bridge funding
- Structured equity and preferred equity
- Royalty, streaming or offtake-linked funding
- Staged capital release and milestone governance
Investor execution
We convert complex technical information into investor-facing materials that remain disciplined, clear and reviewable.
- Information memorandum and board papers
- Data room and due diligence index
- Risk register and mitigation pathway
- Investment committee and lender briefing packs
Technical assumptions must reconcile all the way through to cash flow.
Debtequity's mining capability extends beyond preparing investor materials. Our modelling approach links resource and grade inputs to production, plant throughput, fleet, workforce, infrastructure, CAPEX, OPEX, working capital, revenue, cash flow and valuation so decision-makers can see how a change in one assumption affects the whole capital case.
This matters because a mining model can look attractive while hiding a weak operating assumption. Throughput, recovery, mobilisation, equipment utilisation, seasonal operating windows, sustaining capital and funding structure must be tested together rather than as isolated spreadsheet lines.
The objective is traceability: technical inputs supplied by appropriately qualified professionals are translated into commercial consequences that a sponsor, lender, trustee, board or investment committee can interrogate.
Technical, operating, capital, financial and valuation schedules demonstrated in the historical model architecture.
Annual operating, profit-and-loss, cash-flow and valuation logic across a multi-year mine case.
Leased-equipment economics compared with purchased/depreciated equipment structures.
Discount-rate testing used to examine valuation sensitivity rather than rely on a single point estimate.
Resource-to-production bridge
Resource volume, grade, density, bank/loose volume, recovery and operating calendar translated into mine and treatment schedules.
Fleet, plant and infrastructure
Earthmoving fleet, treatment plant, camp, workshop, logistics, operating hours, maintenance, engineering and site establishment.
CAPEX, OPEX and unit cost
Asset-level capital cost, wages, fuel, freight, insurance, consumables and operating cost carried into project-level economics.
Cash flow and downside
Commodity returns, annual P&L, project cash flow, NPV, IRR, MIRR, NFV, payback, cut-off and sensitivity logic.
Example Mine — integrated feasibility and capital modelling.
An anonymised historical model demonstrates how Debtequity has approached the translation of alluvial platinum-group-metal and gold assumptions into operating economics, equipment funding choices and valuation sensitivity.
Example Mine
The model linked historical third-party resource inputs with mine and treatment rates, seasonal operating periods, fleet and treatment-plant economics, workforce, infrastructure, exploration, environmental allowances, mineral returns and ten-year project cash flow. It also compared leased equipment with purchased/depreciated equipment rather than assuming one capital structure.
Technical & operating integration
Historical model coverage included recoverable-grade logic, bank versus loose volume, density and expansion factors, sampling and recovery assumptions, stockpile movements, seasonal operating calendars, fleet sizing, treatment capacity and site infrastructure.
Commercial & capital integration
Equipment purchase and lease economics, wages, fuel, insurance, freight, maintenance, exploration and environmental costs flowed through to annual P&L, cash flow, cut-off economics and valuation sensitivities.
Reliance boundary: this case study demonstrates modelling scope only. Historical technical information has not been refreshed, independently re-verified or republished as a current JORC Mineral Resource, Ore Reserve, VALMIN valuation, forecast or investment representation.
Fund the operating case — not the headline resource value.
Debtequity tests how the project should be capitalised against demonstrated unit economics, liquidity requirements, security, project maturity and downside performance.
Equipment & Asset Finance
Compare deposits, lease terms, interest, residuals, asset replacement and annual finance burden against outright purchase and depreciation.
- Fleet and plant funding
- Operating-hour and utilisation assumptions
- Maintenance and replacement burden
Senior & Structured Debt
Debt is sized to evidence-backed cash generation, security and repayment capacity, with stress applied to price, recovery, throughput and interruptions.
- Security and ranking
- Covenants and draw controls
- Repayment and refinance pathway
Equity, Preference & Strategic Capital
Where ramp-up, commissioning or technical uncertainty makes senior leverage inappropriate, the capital stack should absorb risk transparently rather than disguise it.
- Priority return and governance
- Milestone-based capital release
- Royalty, streaming or offtake alternatives
Capital structure should never be used to rescue weak geology or poor operating economics. Technical evidence and unit economics must remain credible before financial engineering is considered.
Where resource transactions usually break.
Debtequity focuses early on the matters that will be tested first by lenders, trustees, boards, investment committees and disciplined wholesale capital.
Unclear title, tenure or control
Capital requires certainty over who controls the asset, what rights are held, what approvals are required and what third-party interests may affect execution.
Weak separation of fact and assumption
Investor materials must not confuse historical information, sponsor aspiration, professional opinion, exploration potential and reportable resource or reserve language.
Unsupported metallurgy or recovery assumptions
Grade is not cashflow. Recoverability, process design, losses, operating window, throughput, plant reliability and concentrate pathway drive commercial outcomes.
Unrealistic CAPEX, OPEX or working capital
Capital markets will discount projects that understate mobilisation cost, contingency, logistics, staffing, tax, royalties, seasonal disruption or sustaining capital.
Valuation language ahead of evidence
Valuation must be built from defensible assumptions, risk-weighted appropriately and reconciled to the stage, confidence and constraints of the project.
Capital structure that does not respect ranking
Every participant must understand who ranks first, what security exists, what covenants apply, when funds are released and what happens if the project underperforms.
How a resource proposition becomes investable.
The sequence matters. Capital should not be asked to fund uncertainty that the sponsor has not properly identified, priced or disclosed.
Establish the asset record
Tenure, ownership, project history, reports, exploration data, sampling, drilling, bulk testing, environmental status, permits, infrastructure and historical production records are assembled into a controlled evidence base.
Separate facts, assumptions and professional opinion
Technical conclusions are kept separate from sponsor assumptions and capital-market language. This protects the integrity of the report and avoids investor-facing overstatement.
Build the financial model
Production rates, grade, recovery, commodity pricing, CAPEX, OPEX, logistics, royalties, taxes, working capital, contingencies, NPV, IRR and downside cases are tested together.
Define the capital stack
We determine what form of capital the project can responsibly carry, who ranks first, what security is available, what covenants are required and what milestones should control further drawdowns.
Prepare the investor pathway
The proposition is converted into a controlled wholesale engagement package: mandate brief, information memorandum, risk register, valuation bridge, sources and uses, data room index and decision-ready presentation.
Professional responsibility must remain clear.
Proper role separation protects the project, the investor, the sponsor and the professionals engaged.
What qualified professionals own
The relevant professional must own the relevant opinion, report or advice within their professional competence and appointment.
- Competent Person — geological, resource or reserve opinion
- VALMIN Practitioner or Specialist — technical assessment or valuation contribution
- Solicitors — legal, title, transaction and regulatory advice
- Environmental and permitting advisers — environmental and approval pathway matters
What Debtequity owns
Debtequity owns the capital pathway, commercial structure and investor-facing discipline within the mandate.
- Capital strategy and investment banking structure
- Financial model discipline and sensitivity logic
- Investor narrative, risk disclosure and commercial framing
- Data room, mandate, board and investment committee materials
For sponsors and capital partners who need the project taken seriously.
This capability is suited to stakeholders seeking disciplined capital engagement rather than promotional presentation.
Resource Owners
For owners seeking to determine whether the project is ready for capital, joint venture, sale, recapitalisation or staged development funding.
Project Sponsors
For sponsors needing reporting, valuation, feasibility, investor materials and capital structure aligned before approaching wholesale capital.
Family Offices
For family offices reviewing resource exposure and requiring disciplined due diligence, governance clarity and conservative risk disclosure.
Wholesale Investors
For capital providers needing a clear view of technical evidence, downside exposure, funding requirement, valuation logic and security ranking.
Lenders & Strategic Partners
For parties assessing debt, offtake, streaming, royalty, secured bridge or development funding participation.
Boards & Advisers
For boards, trustees, accountants and lawyers requiring clean documentation before recommending, approving or participating in a transaction.
A capital-ready resource package.
The final output depends on the mandate, asset stage and capital objective. A properly managed pathway may include the following.
Technical Pathway
Reporting scope, professional engagement map, evidence register and identified information gaps.
Valuation Bridge
DCF, comparable and appraised valuation support with assumptions and sensitivity logic.
Financial Model
Production, price, recovery, cost, CAPEX, OPEX, tax, working capital, NPV, IRR and downside cases.
Capital Stack
Ranking, security, sources and uses, covenants, milestone releases and exit pathway.
Risk Register
Technical, legal, permitting, environmental, operating, market and funding risks with mitigants.
Data Room Index
Document map for technical reports, title, permits, budgets, contracts, correspondence and models.
Investor Materials
Mandate brief, teaser, information memorandum, Q&A, board pack and investment committee paper.
Execution Plan
Mandate timeline, approval pathway, adviser responsibilities, investor engagement and funding milestones.
Bring the project to a capital standard.
If your resource project requires disciplined reporting coordination, valuation support, feasibility modelling, risk disclosure or capital structuring, Debtequity can assist in preparing a mandate-ready pathway.
Resources Capital Advisory Mandate
Initial enquiries should be concise and factual. The purpose is to understand the asset, project stage, evidence base, funding requirement and current constraints.
admin@debtequity.com.auTim Carter
Executive Director
-
Phone
+61 (0) 448 793 794
- Website
General information only. Nothing on this page constitutes an offer, invitation, personal advice, financial product advice, technical expert report, mineral resource statement, ore reserve statement, valuation report or recommendation. Any JORC, VALMIN, legal, accounting, tax, environmental or investment matter must be reviewed by appropriately qualified professionals before release or reliance.