Independent advisory for mining and energy-transition projects.
The technical and the financial, on one team.
ISR advises investors, lenders, and sponsors on mining and energy-transition projects, from pre-feasibility through restart, restructuring, and operations.
Standards of engagement.
- 01
Independent advisory.
ISR is retained to advise — on mandate structure, technical validation, and capital positioning. Our value is judgment, not balance sheet.
- 02
Technical and commercial advisory.
Independent technical reports (NI 43-101, JORC, S-K 1300), scoping and feasibility studies (PEA, PFS, DFS), mine planning and processing review, ESG and permitting, financial modelling, and lender's-engineer roles through construction.
- 03
Asset-level diligence and modelling.
Diligence and models are built from current project data — geology, geotechnics, hydrology, tenure, permits, counterparty stack — under the regulatory regime that applies.
- 04
Multidisciplinary team, deployed to site.
Geology, mining and geotechnical engineering, project finance, legal, and ESG sit on the same engagement under principal direction. Specialists travel to the asset.
- 05
Lender-standard across jurisdictions.
Reports are prepared to IFC, EBRD, EIB, and ECA standards. Active practice across RIGI in Argentina, CRMA in the EU, the IRA in the United States, and the mining codes of West and Southern Africa.
- 06
Distressed and restart mandates.
ISR engages on stalled, distressed, and restart projects, including those previously declined by other advisors.
- 07
Discretion as standard.
All mandates are conducted under non-disclosure. Client and project identities are withheld in external materials.
One project, four layers of diligence.
Each engagement is run as a sequence. The next layer's capital is not committed until the prior layer has closed.
- 01 / 05 · Tenure
Title, concession, water rights — verified.
Before the model is built, ISR confirms the legal foundation of the project: mining concession, surface rights, water permits, and the regulatory regime that governs them.
- 02 / 05 · Geology
Resource and ground conditions, independently reviewed.
Data consolidation, QA/QC, drill-log inspection, and independent QP review of the resource and geotechnical envelope. Site visits are part of sign-off.
- 03 / 05 · Structure
Capex, opex, and contingency, tuned to the asset.
The cost envelope is rebuilt from the geology and the current EPC market. Contingency is sized against the variance the asset can actually carry, not against a percentage rule.
- 04 / 05 · Capital
Debt, equity, and blended instruments, priced to risk.
The capital stack is designed against the rebuilt model: senior debt, equity, blended instruments, offtake, and royalty layers, each pricing the risk it actually holds.
- 05 / 05 · Gate
Phase-gated commitment, end to end.
Each layer closes against a defined gate before the next layer's capital is committed. The discipline is what protects the structure once the project is in the ground.
Active across four continents.
- USD 7B+Project value advisedacross principals' careers and network
- 30+Countries of operation
- 30+Years of combined experience
Aggregate across principals' careers and network.
Active mandates.
- Gold / Silver · Restart of operating assetGold-silver restart — MexicoChihuahua, Mexico
- Antimony · Pre-feasibility through DFSAntimony — pre-feasibility advisory and capital structuringUndisclosed at client request
- Rare earths · Pre-financing through capital structuringRare earths — capital structuring and CRMA pathway, SardiniaSardinia, Italy
- Gold · Resource definition through pre-feasibilityGold — independent technical advisory and resource validation, West AfricaWest Africa
- Non-commodity infrastructure · Design through bankabilityUnderground infrastructure — geotechnical advisory and bankability review, Southeast EuropeSerbia
Selected mandates.
GOLD & SILVER · RESTART · MEXICOGold-silver restart — Mexico
Phased advisory pathway for the restart of a historical operating gold-silver mine in northwestern Mexico, from legal and geological foundations through TSX listing readiness.
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ANTIMONY · PRE-FEASIBILITY · UNDISCLOSEDAntimony — pre-feasibility advisory and capital structuring
Pre-feasibility advisory and stage-gated capital structuring for an antimony project in a Western jurisdiction. ISR engaged the sponsor through technical scoping, financial modelling, and lender conditioning ahead of a senior debt round.
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RARE EARTHS · CAPITAL STRUCTURING · ITALYRare earths — capital structuring and CRMA pathway, Sardinia
Capital structuring advisory for a rare-earths project in Sardinia, including CRMA strategic-designation positioning, lender conditioning, and engagement with European strategic-minerals investors and DFIs.
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Case studies and notes.
POSITIONINGThe missing middle
Why critical-minerals projects are falling through the gap between technical firms, political firms, and financial firms — and what a boutique in that gap has to be disciplined about.
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TECHNICALGeological uncertainty and bankability
A project's financial sustainability is set in the first thousand metres of investigation. What the preliminary work gets wrong, the capital stack inherits.
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CAPITAL STRUCTUREBlended finance in emerging markets
Blended finance is not a slogan. It is a mechanical instrument for reconciling public-sector social-return targets with private-sector financial-return targets in a single capital stack.
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Initiate a mandate.
Engagements begin with a confidential conversation with a principal under NDA.