How I Underwrote a $40M Mining Roll-Up In North America

I underwrote a $40M mining roll-up in North America.

This will be cash-flowing in just a few months...

- 4 assets (3 in Canada, 1 in the USA)
- Phase 1 target: 650,000 oz silver
- Conservative $50/oz silver pricing
- Projects $135M/year steady EBITDA
- Comparable producers trade at 4–7x EBITDA

To fund deals like this, I ask 4 questions:

1) What stage of risk are we in?

- Surface processing, no underground development
- Permitting and geology de-risked on all assets
- Bowstring gold: permitted, mill on site

2) What makes the location work?

- NI 43-101 reports prepared by a licensed geologist
- BC is a very mining-friendly jurisdiction
- Bowstring is a proven producer

3) How is the downside protected?

- Silver delivered via an institutional bullion logistics
- First-ranking charge over mineral rights & land
- $8–12M Phase 1 before the larger buildout
- Each phase funds the next

4) Can we control the exit?

- Strategic sale, streaming deal, or public listing
- 5–7 year horizon with cash flow from year one

This is still early-stage on the mine development side.

Phases 2–4 carry real execution risk. But the sequencing is smart - early cash flow from Phase 1 provides a proof-of-concept before the big capital commitments land

My verdict:

- Strong fit for family offices with a resource appetite
- Strong fit for private equity with a 5–7 year horizon
- Medium fit for anyone needing near-term liquidity

If you allocate to real assets, let's connect 👋