Case studies and notes.
Anonymised case studies and analytical notes drawn from active mandates, written for technical and financial counterparties.
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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CASE STUDY · DUE DILIGENCEBankability gap review — critical-minerals project, Southern Europe
Independent pre-investment review on a feasibility-stage critical-minerals project, instructed by an institutional investor. The review identified the gap between the sponsor's case and the case a senior lender would underwrite.
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CASE STUDY · RESTARTRestart structuring — stalled gold project, West Africa
A mid-tier gold project, suspended after an earlier financing process collapsed, was re-evaluated and restructured for a second financing round. ISR rebuilt the technical case, redesigned the capital stack, and re-engaged lender candidates.
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