Precious Metals Capital & Consulting
Where Capital Meets
the Earth's Wealth.
Terra Noble Capital structures institutional-grade financing for gold and precious metals mining operations — and provides the operational infrastructure mine owners need to attract, close, and manage serious capital.
The Problem We Solve
The Capital Gap in
Mid-Sized Mining Is Real.
Mid-sized gold mines hold significant geological potential but remain chronically underfunded. Not because the gold isn't there — but because institutional capital won't move without visibility, compliance, and financial infrastructure that most mid-sized miners simply don't have. Terra Noble sits exactly in that gap.
Mine Owners
Have the gold, the ground, the geological assessments — but lack the institutional packaging, financial modeling, and capital network to close deals at scale.
Capital Sources
Want exposure to precious metals but can't find properly documented, operationally sound deals with the compliance infrastructure they require.
Terra Noble
Bridges both worlds — institutional packaging for mine owners, vetted deal flow for investors, and administrative infrastructure that keeps everyone aligned and protected.
The Integrated Solution
Two Entities.
One Integrated Solution.
Terra Noble Capital
Capital Administration
Structures and administers the financial relationship between investor and mine. Term loans with dynamic royalty structures, real-time investor portals, segregated accounts, NCND protection, and full compliance documentation.
- Term loan structuring & documentation
- Dynamic royalty administration
- Real-time investor portal access
- Segregated account management
- NCND & IMFPA protection
- Legally binding with Limited POA
Terra Noble Consulting
Management-as-a-Service (MaaS)
Provides the operational, financial modeling, and compliance infrastructure that transforms a mine from a raw asset into an investable, institutional-grade opportunity.
- Enterprise-grade Quantrix financial models
- Precious Metal Production Tracker
- Geological assessment review
- Regulatory & compliance documentation
- Multiple Mine Listing Service
- Operational management support
"We only win when the mine wins."
Competitive Advantages
Why Terra Noble
Wins Institutional Trust.
Production-Tied Revenue
Our 8% admin fee is tied to actual precious metals sales — perfectly aligning Terra Noble's incentives with every investor and mine operator. We only do well when you do well.
Dynamic Royalty Structure
Investor receives 10% royalty while the loan is active, dropping to 5% once repaid. Terra Noble separately earns a 5% royalty for the same 10-year term. The miner is incentivized to repay fast — alignment by design.
Real-Time Transparency
Investors have 24/7 access to a dedicated investor portal showing production data, account balances, and payment history. No guesswork. No information gaps.
Full Default Protection
On default, land, mineral, and water rights transfer directly to the investor. Terra Noble then steps in to manage operations on the investor's behalf to preserve and recover asset value.
Vetted Deal Pipeline
Our Multiple Mine Listing Service maintains a curated pipeline of pre-qualified, document-ready opportunities — enabling efficient capital redeployment when a loan is repaid.
End-to-End Mining Finance Infrastructure
From initial geological assessment review to final royalty payment, Terra Noble administers the entire relationship under limited POA — freeing both parties from operational burden.
"With Terra Noble Capital, every T is crossed and every I is dotted —so you can focus entirely on running a great mine."
What We Do
End-to-End
Mining Finance Infrastructure.
Terra Noble provides the complete operational and capital administration stack — from initial mine qualification through final royalty payment.
Terra Noble Capital
Capital Administration
Services
Deal Structuring
Term loan design with dynamic royalty structure — individually negotiated for each deal. Full documentation, NCND, and IMFPA protection for all parties.
Dynamic Royalty Administration
Investor receives 10% royalty during the loan term, stepping down to 5% upon repayment. Terra Noble separately earns a 5% royalty for the same 10-year term. Administered from a segregated account under limited POA with full audit trail.
Investor Portal
Real-time 24/7 investor dashboard showing production data, account balances, payment schedules, and documentation. Full transparency, no waiting.
Segregated Account Management
All proceeds flow through segregated accounts administered by Terra Noble under limited POA — ensuring proper distribution and full accountability.
Compliance & Legal
NCND, IMFPA, operating agreements, and all supporting documentation handled by Terra Noble — reducing legal burden on both investor and mine operator.
Default Management
In the event of default, land, mineral, and water rights transfer to the investor. Terra Noble steps in to manage operations on the investor's behalf to preserve and recover asset value.
The Proof Package
Six Systems.
Zero Gaps.
From the first load notification to final remittance, every step of the shipment lifecycle is tracked, documented, and delivered with precision.
01 — Simple Notification System
Simply submit your load pickup via our online form and your shipment process begins immediately. Every load is assigned a unique tracking ID — no phone calls, no chasing, complete chain of custody from day one.
02 — End-to-End Load Tracking
Full transparency from the moment of pickup to final cash disbursement. We track every load — including shipments that are consolidated or split for processing.
03 — The Proof Packet
Our complete reporting package documents every detail: pickup weight, freight tracking, cross-border activity, refinery receipt and output details, sales documentation, and final remittance.
04 — Reconciliations
Any difference between expected and actual values is identified, investigated, and resolved. All reconciliations are fully documented and included in your proof package.
05 — Custodial Reporting
Should you elect not to receive a cash remittance, we provide complete documentation of your precious metal certificate and deposit into a custodial account of your choice.
06 — Tax Remittance
At your election, Terra Noble makes payments on your behalf — including federal and state estimated tax withholdings, resource taxes, fees, and other sovereign taxes as applicable.
Terra Noble Consulting
Management-as-a-Service
(MaaS)
Enterprise-Grade Quantrix Modeling
Interactive financial models built on Quantrix — an enterprise-grade multi-dimensional modeling platform used by some of the world's largest organizations. Investors can test their own assumptions with full rolling forecasts and scenario analysis, no license required.
Precious Metal Production Tracker
Proprietary production tracking system that monitors ore output, processing, refining, and revenue in real time — feeding directly into the investor portal.
Mine Qualification & Packaging
We review geological assessments, feasibility studies, and operational data — then build the complete institutional package that serious capital requires before committing.
Multiple Mine Listing Service
A curated pipeline of pre-qualified mining opportunities — connecting investors with vetted deals and enabling efficient redeployment as loans are repaid.
Use-of-Funds Oversight
Terra Noble interfaces between investor and miner for fund disbursement — ensuring capital is deployed in accordance with the agreed use-of-funds statement. Investors have confidence their capital is going exactly where it was committed.
Operational Turnaround Capability
When a mine underperforms, Terra Noble can step in to take over operations — protecting investor capital and restoring mine performance. A critical backstop that most financing structures simply don't offer.
The Business Model
Simple. Aligned.
And Scalable.
Terra Noble earns 8% of precious metals sales value — covering both Capital Administration and MaaS fees. Revenue is 100% production-tied, perfectly aligning our incentives with every investor and mine operator.
1
Mine Produces
Precious metals extracted and prepared for shipment
2
TN Administers
Terra Noble manages full shipment lifecycle
3
Metals Sold
Sold at market value with complete documentation
4
8% to TN
Remitted from segregated account per POA
5
Balance Paid
Remainder to mine and investor per agreements
"Every deal. Every dollar. Every detail —administered with institutional-grade precision."
Multiple Mine Listing Service
Vetted Opportunities.
Institutional Packaging.
Terra Noble's Multiple Mine Listing Service connects serious investors with pre-qualified mining operations. Properties range from producing mines to development-stage assets with geological assessments and feasibility studies establishing resource potential.
For Investors
Build a Portfolio of
Vetted Mines.
◈
Complete Mine InventoryFull listing of current mine inventory — updated as new opportunities are added to the portfolio.
◈
Snapshot of Each Mine's PotentialFunding profile, ore grade, royalty rate, and start date — enough to qualify the opportunity before requesting the full package.
◈
Mix & Match Your PortfolioDeploy into one mine or several — spread across geographies, ore grades, and capital amounts to fit your mandate.
◈
Order Additional Due DiligenceSite visits, third-party geological reviews, additional financial modeling — we coordinate everything you need to reach your comfort level.
◈
New Mine NotificationsGet notified the moment a new mine is available — first in line when the right opportunity appears.
◈
Full Pro-Forma Financial StatementsThree-year pro-formas and Quantrix interactive models under NDA — institutional-grade analysis for your investment committee.
◈
Professional Deal Closing SupportOur team works with you from first look through signed agreements — documentation, legal coordination, and miner communication handled end to end.
For Mine Owners
Get Funded Without
Losing Focus.
◈
Global Capital ExposureYour mine presented to Terra Noble's full network of qualified investors — no cold outreach required on your end.
◈
Make Your Offer — See Who's InterestedSet your capital requirement and terms. Terra Noble matches your mine to qualified investors and gauges genuine interest before you commit to any disclosure.
◈
Full Pro-Forma Financial StatementsTerra Noble builds your complete institutional package — financials, Quantrix model, and investor presentation. You don't lift a finger on documentation.
◈
See How Your Mine ComparesUnderstand how your ore grade, capital request, and terms stack up against mines that have been listed and successfully funded.
◈
Your Mine Stays AnonymousIdentity and location protected until a credible offer arrives — no names, no coordinates, no sensitive data released without your consent and a signed NDA.
◈
Professional Closing AssistanceTerra Noble manages investor relations, negotiations, legal coordination, and documentation — you stay focused on running your mine while the deal gets done.
Current Listings
Highlighted
Opportunities
The properties below represent a selection of pre-qualified opportunities currently available through Terra Noble's Multiple Mine Listing Service. Full documentation available to qualified investors under NDA.
● Featured Opportunity — Arizona, USA
Arizona
$30M
Capital Sought
Gold
Primary Metal
Full documentation including geological assessments and financial models available to qualified investors under NDA.
Request Investor Package →
● Featured Opportunity — Utah, USA
Utah
$70M
Capital Sought
Gold
Primary Metal
Full documentation including geological assessments and financial models available to qualified investors under NDA.
Request Investor Package →
● Featured Opportunity — Nevada, USA
Nevada
$70M
Capital Sought
Gold
Primary Metal
Full documentation including geological assessments and financial models available to qualified investors under NDA.
Request Investor Package →
● Featured Opportunity — Mexico
Mexico Gold & Silver Project
$110M
Capital Sought
Gold
Primary Metal
Full documentation including geological assessments and financial models available to qualified investors under NDA.
Request Investor Package →
List Your Mine
Own a Mining Operation?
Let's Talk.
Terra Noble qualifies and packages mining properties for investor engagement. Whether you're producing or advancing toward production, we build the institutional package serious capital requires.
For Mine Owners & Operators
You Have the Gold.
We Bring the Capital.
Stop chasing investors with spreadsheets they don't trust. Terra Noble packages your operation into an institutional-grade investment that serious capital can evaluate, approve, and fund.
The Pain Points We Eliminate
What's Stopping You
From Closing Capital?
No Institutional Package
Serious investors require financial models, production forecasts, geological documentation, and compliance structure — most miners don't have this built.
No Capital Network
Reaching royalty companies, streaming firms, private equity, and specialty investors requires relationships most mine operators simply don't have.
No Administrative Infrastructure
Managing segregated accounts, investor reporting, legal agreements, and production tracking is a full-time operation most mines can't staff.
What Terra Noble Provides
Everything Capital Needs
To Say Yes.
Enterprise-Grade Quantrix Modeling
Interactive financial models built on Quantrix — an enterprise-grade platform used by some of the world's largest organizations. Investors can test their own assumptions with full rolling forecasts and scenario analysis, no license required.
Precious Metal Production Tracker
Proprietary real-time production monitoring — ore output, processing, refining, revenue — feeding directly into the investor portal. Transparency that builds trust.
Deal Structure & Documentation
Term loan structure with dynamic royalty — negotiated deal by deal. Full legal documentation including NCND, IMFPA, and operating agreements protecting all parties.
Capital Network Access
Through Terra Noble's Multiple Mine Listing Service and investor network, your qualified property reaches investors actively seeking precious metals exposure.
Use-of-Funds Oversight
Terra Noble interfaces between you and your investor for fund disbursement — ensuring capital is deployed in accordance with the agreed use-of-funds statement. Investors trust the process. You stay focused on the mine.
Operational Turnaround Support
If operations hit a rough patch, Terra Noble can step in to stabilize and restore performance — protecting your investor relationship and keeping the deal intact.
The Dynamic Royalty — Your Incentive
Repay Fast.
Keep More.
The dynamic royalty structure is designed to reward you for repaying the loan quickly. The faster you repay, the less royalty you pay — and the faster you're operating at full margin.
10%
Investor Royalty — While Loan Is Active
Your investor receives 10% of gross production revenue during the loan period — on top of interest and principal. This is your highest-cost phase, motivating fast repayment.
5%
Investor Royalty — Once Loan Is Repaid
The moment the loan is repaid, the investor's royalty drops to 5% for the remainder of the deal term. In a hypothetical $15M/month gross operation, that's $750K/month back in your pocket.
Note on Terra Noble's Participation
In addition to the investor royalty above, Terra Noble separately earns a 5% royalty for the same 10-year term — covering Capital Administration and MaaS services. Each deal is individually structured and negotiated. Rates shown are hypothetical. Actual rates vary by deal.
Ready to Get Funded?
Schedule a Confidential Discussion.
Submit your mine through our qualification form. Terra Noble will review your documentation and reach out within 5 business days to discuss next steps.
For Accredited Investors
A Better Way
to Invest in Gold.
Term Loan with Royalty.
Multiple mines contracted. Launch date set. Capital partner needed now. Institutional-grade gold income — without the complexity of equity, JV arrangements, or direct mine management.
Why Invest With Terra Noble
Precious Metals Exposure.
Institutional Structure.
Get Paid in Gold or Cash
Choose your settlement currency — take physical gold delivery or receive cash equivalent at prevailing market rates. Flexibility that most structured finance products simply don't offer.
No JV or Equity Complications
Avoids shared operational control, dilution disputes, and partner conflicts inherent in equity or JV arrangements. You are a secured term investor with royalty rights — clean, simple, and legally binding.
Use-of-Funds Oversight
Terra Noble interfaces between you and the mine for all fund disbursements — ensuring your capital is deployed in accordance with the agreed use-of-funds statement. You always know where your money is going.
Enterprise-Grade Quantrix Modeling
Your investment is backed by interactive financial models built on Quantrix — an enterprise-grade platform used by some of the world's largest organizations. Test your own assumptions with full rolling forecasts and scenario analysis, no license required.
Dynamic Royalty — Built-In Miner Incentive
You receive 10% royalty while the loan is active, dropping to 5% the moment it's repaid. The miner is motivated to repay fast — and the faster they do, the faster you recover full capital. Alignment by design.
Capital Fully Returned by Month 24
Fully amortizing term loan structure returns your full principal via monthly payments. By Month 24 your capital is home — and the 5% royalty keeps generating income for the remainder of the deal term on zero balance-sheet risk.
Real-Time Transparency
24/7 investor portal gives you live access to production data, account balances, payment history, and all documentation. No waiting for quarterly reports. No information gaps.
Full Default Protection
On default, land, mineral, and water rights transfer directly to you. Terra Noble then steps in to manage operations on your behalf to preserve and recover asset value. You are always the secured party.
The Business Model
Simple. Aligned.
And Scalable.
Terra Noble earns 8% of precious metals sales value covering Capital Administration and MaaS fees. Revenue is 100% production-tied — our incentives are perfectly aligned with yours.
1
Mine Produces
Precious metals extracted and prepared for shipment
2
TN Administers
Terra Noble manages full shipment lifecycle
3
Metals Sold
Sold at market value with full documentation
4
8% to TN
Remitted from segregated account per POA
5
Balance Paid
Remainder to mine and investor per agreements
Precious Metals Administration
Six Systems.
Zero Gaps.
From your first load notification to cash in your bank — every step documented, tracked, and delivered with institutional-grade precision.
01 — Simple Notification System
Submit your load pickup via a simple online form and your shipment process begins immediately. Every load gets a unique tracking ID — no phone calls, no chasing, complete chain of custody from day one.
02 — End-to-End Load Tracking
Full transparency from pickup to final cash disbursement. We track every load — including consolidated or split shipments — so you always know exactly where your metal is and what it's worth at every stage.
03 — The Proof Packet
Our complete reporting package: pickup weight, freight tracking, cross-border activity, refinery receipt and output, sales documentation, and final remittance — all tied to the original load ID.
04 — Reconciliations
Any difference between expected and actual values is identified, investigated, and resolved. All reconciliations are documented and included in your proof package — no surprises, no open disputes, no exposure.
05 — Custodial Reporting
If you elect not to receive a cash remittance, we provide complete documentation of your precious metal certificate and deposit into a custodial account of your choice — full reporting at every step.
06 — Tax Remittance
At your election, Terra Noble makes payments on your behalf — federal and state estimated tax withholdings, resource taxes, and other sovereign taxes as applicable. Fully compliant from day one.
Why This Matters
Big Numbers Invite
Big Scrutiny.
When you start putting real numbers on the board, attention follows. The IRS will audit you. State revenue agencies will follow. Federal agencies want to know where the money is coming from and whether everything is above board. Without airtight documentation at every step, they will find a gap — and use it. Terra Noble closes every gap before it opens.
IRS & Federal Authorities
Large revenue events trigger automatic audit flags. You need airtight documentation at every step — from pickup weight to final remittance. Terra Noble provides it automatically with every shipment.
State & Provincial Revenue Services
Every jurisdiction wants its share — and they'll look for reasons to take more. Our proof packet documents every transaction across every border, facility, and account with no gaps.
Anti-Money Laundering Inquiries
Federal agencies question the source of funds, end customers, and transaction chains. Without documentation, suspicion becomes liability. With Terra Noble, every dollar has a complete, defensible paper trail.
Endless Documentation Requests
Without a system you're drowning in paperwork, staff overhead, and regulatory correspondence — indefinitely. Terra Noble eliminates all of it. Our proof packet is the system.
Dynamic Royalty Structure
The Dynamic Royalty —
Everyone Wins Faster.
The dynamic royalty is the structural engine that aligns everyone. While the loan is active you earn 10% of gross production revenue on top of interest and principal — maximum cash flow. The moment the loan is repaid, it drops to 5%. The miner is motivated to repay as fast as possible, which gets your capital back sooner. That's alignment by design.
10%
Investor Royalty — While Loan Is Active
You receive 10% of gross production revenue during the loan period — on top of interest and principal repayment. Maximum return phase.
5%
Investor Royalty — Once Loan Is Repaid
Your royalty drops to 5% the moment the loan is paid off — income continues on fully recovered capital for the remainder of the agreed deal term.
Note on Terra Noble's Participation
In addition to the investor royalty above, Terra Noble separately earns a 5% royalty for the same 10-year term — covering Capital Administration and MaaS services. Each deal is individually structured and negotiated. Rates shown reflect the hypothetical model below. The royalty applies for the agreed deal term only — not in perpetuity.
"Term loan with royalty — institutional-grade gold income without operational risk."
Hypothetical Deal Model
The Numbers.
Laid Bare.
The model below illustrates a hypothetical deal: $40M term loan at 8% annual, 24-month full amortization, $15M/month gross revenue, 10-year horizon.
Hypothetical illustration only. Not a guarantee of future returns. Actual terms, production, and gold prices will vary.
125.6%
IRR — Annualized Return
Internal Rate of Return
Time-adjusted annualized yield — accounts for exactly when each dollar is received. Your money works hardest in months 1–24 earning interest, principal, and 10% royalty simultaneously.
3.79x
MOIC — Total Multiple
Multiple on Invested Capital
$151.4M total cash returned on $40M deployed over 10 years. How many times over you get your money back — no time adjustment, just the raw multiple.
14.2%
CAGR — Annual Growth Rate
Compound Annual Growth Rate
Steady annual compounding rate bridging $40M to the 10-year total return. A direct benchmark against equities, bonds, REITs, or any other alternative.
Mo. 13
Break-Even Month
When You're Whole Again
By Month 13, cumulative cash received equals your original $40M deployed. Every dollar after that is net gain — with 107 months of royalty income still ahead.
Mo. 24
ROC — Capital Fully Returned
Return of Capital
Full $40M principal returned via monthly amortization by Month 24. From Month 25 onward you carry zero balance-sheet risk while the 5% royalty keeps paying.
$151.4M
Total Cash — 10 Years
Gross Cash Received
Total of all interest, principal, and royalties received over the 10-year deal horizon. $111.4M net gain above the $40M deployed.
1 — Investor Returns
Cumulative net cash flow over 10 years. The gold line crosses zero at Month 13 — every dollar after is net gain with no principal at risk.
Cumulative Net Return ($M)
Break-even
Loan repaid (Mo. 24)
| Year | Interest | Principal | Investor Royalty (10%→5%) | Total Cash to Investor |
|---|---|---|---|---|
| Year 1★ | $2.51M | $19.20M | $18.00M | $39.71M |
| Year 2★ | $0.91M | $20.80M | $18.00M | $39.71M |
| Year 3↑ | — | — | $9.00M | $9.00M |
| Year 4↑ | — | — | $9.00M | $9.00M |
| Year 5↑ | — | — | $9.00M | $9.00M |
| Year 6↑ | — | — | $9.00M | $9.00M |
| Year 7↑ | — | — | $9.00M | $9.00M |
| Year 8↑ | — | — | $9.00M | $9.00M |
| Year 9↑ | — | — | $9.00M | $9.00M |
| Year 10↑ | — | — | $9.00M | $9.00M |
| 10-Year Total | $3.42M | $40.00M | $108.00M | $151.42M |
★ Loan active — investor earns 10% royalty + interest + principal. ↑ Loan repaid — investor earns 5% royalty on zero balance-sheet risk. Terra Noble separately earns a 5% royalty for the same 10-year term.
2 — Miner P&L
Annual net income to the mine operator. Watch the clear step UP at Year 3 — loan repaid, investor royalty drops from 10% to 5% of gross revenue, significantly boosting miner income.
Yrs 1–2: Loan active — 10% investor royalty
Yrs 3–10: Loan repaid — investor royalty drops to 5%
| Year | Gross Revenue | Ops Costs (47%) | Investor Royalty | TN Royalty (5%) | Loan Service | Net to Miner |
|---|---|---|---|---|---|---|
| Year 1 | $180M | $84.6M | $18.00M | $9.00M | $21.71M | $23.29M |
| Year 2 | $180M | $84.6M | $18.00M | $9.00M | $21.71M | $23.29M |
| Year 3 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
| Year 4 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
| Year 5 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
| Year 6 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
| Year 7 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
| Year 8 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
| Year 9 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
| Year 10 ↑ | $180M | $84.6M | $9.00M | $9.00M | — | $54.00M |
Investor royalty: 10% while loan active, 5% once repaid. Terra Noble royalty: 5% for the full 10-year term. Each deal is individually structured — rates shown are hypothetical.
The Compounding Strategy
One Mine Is Good.
Five Mines Is Transformational.
When the $40M principal is recovered at Month 24, you don't have to wait. Terra Noble's Multiple Mine Listing Service provides a vetted pipeline of ready deals. Redeploy the same $40M into a new mine — and the royalty stream from Mine 1 keeps running. Do this five times over 10 years and the results speak for themselves.
Hypothetical. Assumes identical deal terms for all 5 mines, flat gold price and production. No additional capital required — same $40M recycled each time it is repaid.
$577M
Total Cash — 5 Mines
Gross cash received across all 5 mine deployments over 10 years.
$377M
Net Gain on $40M
Total profit above the original $40M deployed — with no additional capital.
$6.3M/mo
Avg Income in Yr 10
Average monthly income in Year 10 with 5 royalty streams running simultaneously.
5
Simultaneous Royalty Streams
By Year 10, five separate royalty streams are generating income concurrently on the same original capital.
Cumulative Income: Single Mine vs. 5-Mine Redeployment
Same $40M throughout — no additional capital. Gold = single mine. Teal = same $40M redeployed each time it is repaid.
A single mine generates $151.4M net over 10 years on $40M deployed. The redeployment strategy — same $40M recycled into 5 successive mines — generates $377M net. No additional capital at any point. Terra Noble's Multiple Mine Listing Service makes this possible by maintaining a vetted pipeline of ready deals.
Ready to Partner?
Schedule a Confidential Discussion.
Request our full investor package — financial models, deal documentation, and current mine listings. For accredited investors only.
The People Behind Terra Noble
120+ Combined Years of
Financial, Operational
& Mining Expertise.
Seasoned professionals who have structured billion-dollar deals, built financial systems, and led organizations across every discipline that matters in mining finance.
