Mining runs on other people's money, and it matters whose — and who arranges it. Three groups: the capital providers writing the cheques, the investment banksrunning the equity raisings, M&A and debt, and the independent advisory shops that sit on the company's side of the table.
50 groups tracked. For information purposes only — we are not affiliated with any of these groups.
Private equity, mine-finance debt, royalty & streaming, activists and resource funds — who deploys, at what cheque size, into which metals and geographies.
The original dedicated mining PE house (founded 1998) — 220+ portfolio companies across the full mine lifecycle.
Recent: El Espino copper (Chile) financing, 2025; exited Orezone Gold shares Oct 2025
resourcecapitalfunds.com ↗Long-hold operator-investor (~US$5bn AUM) building mines in emerging markets, now paired with a DFI-backed fund.
Recent: ~95% of Namibia's Omitiomire copper (>US$400m build), 2025; US$1bn critical-minerals fund with IFC, Oct 2025
appiancapitaladvisory.com ↗The broadest mine-finance platform (>US$9bn AUM) — structures bespoke capital across the stack from debt to streams.
Recent: Mine Finance Fund IV closed at ~US$2.2bn, 2025; ~US$5bn Critical Minerals Consortium with ADQ and US DFC
orionrp.com ↗Go-to non-dilutive lender for junior gold developers, bridging mines into production with flexible secured debt.
Recent: US$35m to West Red Lake Gold (Madsen restart), Jan 2025; US$75m senior secured to New Found Gold (Queensway)
nebarillc.com ↗~US$65bn activist firm now an aggressive mining force — pressuring majors while building Hyperion to buy mines outright.
Recent: Barrick Mining stake (Nov 2025) pushing a N. American split; launched Hyperion to buy >US$1bn of assets
www.elliottmgmt.com ↗ASX-listed alternatives manager that rode the 2025 critical-minerals boom — now spans equities, royalties and mining debt.
Recent: Partnered into Taurus Mining Finance, 2025; strong inflows to its Resource Royalties Fund; group FUM ~A$20bn
regalpartners.com ↗Diversified precious-metals manager whose private arm offers miners a one-stop menu of streams, royalties and structured debt.
Recent: Streaming & royalty AUM ~US$1.1bn; lending team 80+ deals totalling >US$3bn since 2010
sprott.com ↗Specialist senior lender to mid-tier and junior miners, funded largely by US pensions; now aligned with Regal.
Recent: Taurus Mining Finance Fund No. 2; ~US$2.3bn committed/drawn; strategic partnership with Regal, 2025
taurusfunds.com.au ↗Hard-charging long/short resources fund mixing deep junior bets with public activism against majors.
Recent: Critical-minerals junior positions through 2025; activist campaign urging Glencore to move its listing to the ASX
tribecaip.com ↗Pure precious-metals streamer with 239 assets, buying royalty packages and growth-stage streams.
Recent: Acquired Orogen Royalties (2025), adding a royalty on Kinross's Expanded Silicon discovery
www.tripleflagpm.com ↗The largest precious-metals streamer, writing the sector's biggest cheques to anchor mine builds and by-product deals.
Recent: US$4.3bn silver stream on BHP's Antamina (Peru) — its largest ever, Apr 2026; Jervois gold-silver stream
www.wheatonpm.com ↗The largest, most diversified royalty company — debt-free and gold-focused but spanning energy and other commodities.
Recent: US$1.05bn royalty package on Côté Gold (Ontario), 2025; i-80 Gold NSR and Minerals 260 royalties, early 2026
www.franco-nevada.com ↗Major gold-focused streamer that vaulted up the league table via the 2025 Sandstorm/Horizon roll-up.
Recent: Acquired Sandstorm Gold (~US$3.5bn) and Horizon Copper (~US$196m), Oct 2025 — adding ~40 producing assets
www.royalgold.com ↗Mid-cap Canada-centric royalty company anchored by Canadian Malartic, consolidating precious-metals royalties.
Recent: Renamed from Osisko Gold Royalties, May 2025; cornerstone 3–5% NSR on Canadian Malartic
orroyalties.com ↗Mick Davis's (ex-Xstrata) battery-metals vehicle, deploying patient equity into EV-supply-chain minerals majors won't touch.
Recent: Strategic backer and chair at NextSource Materials (Molo graphite, Madagascar); raised >US$650m to date
www.visionblueresources.com ↗Energy-transition PE house backing management teams to build late-stage and producing essential-metals assets.
Recent: Denham Mining Fund (~US$558m); investment in Camino Minerals (copper, Peru), Nov 2025
www.denhamcapital.com ↗Disciplined value buyer (~US$1.7bn AUM) of production-stage North American precious and base-metals assets.
Recent: Spring Valley gold (Nevada); Gabbs gold-copper deal with P2 Gold, Feb 2025; raised US$1bn for Fund II
www.watertonglobal.com ↗Battery-materials specialist pairing development equity with Traxys offtake to target investment-grade-jurisdiction supply.
Recent: Up-to-US$2bn 'ethical battery materials' JV with Traxys; backer of Talon Metals (Tamarack Ni-Cu, USA)
www.pallinghurst.com ↗Mining-specialist PE fund led by ex-Xstrata dealmakers, backing single-asset developers from construction to listing.
Recent: Serabi Gold, Marimaca Copper, Excelsior Mining; portfolio includes 6 IPOs
www.greenstoneresources.com ↗The capital-markets and M&A houses that run miners' raisings, deals and debt — their main roles, where they're strongest, and the markets they own.
Top-tier global M&A adviser to large-cap miners (ranked #1 in metals & mining deal value through Q1–Q3 2024) and host of the flagship Global Metals, Mining & Steel Conference.
Recent: Advised Royal Bafokeng Platinum on its takeover by Impala Platinum (2023); co-adviser to Newmont on the Newcrest acquisition.
business.bofa.com ↗Deep global metals & mining equity-research franchise (diversifieds, copper, gold, energy-transition materials) paired with full ECM and M&A advisory.
Go-to global capital-markets specialist for small- and mid-cap precious, base and battery-metals issuers, with an exceptionally strong Australian equity-raising desk.
Recent: Its Australian operations contributed C$77.8m in FY2026 Q3 (~+284% YoY), driven mostly by metals & mining raisings.
www.canaccordgenuity.com ↗Pre-eminent global mining M&A adviser and lender with 100+ years in the sector; hosts the world's largest Global Metals, Mining & Critical Minerals conference.
Recent: Top metals & mining M&A adviser by value and volume in 2025 (16 deals, ~US$15.6bn); advised Coeur Mining on its New Gold acquisition.
capitalmarkets.bmo.com ↗Integrated global mining & metals team across every major mining centre, offering a full advisory, capital-raising and lending suite.
Recent: Top metals & mining M&A adviser by value in 2025 (~US$27.8bn); co-advised Coeur Mining on its 2025 New Gold acquisition.
www.rbccm.com ↗Long-standing global mining-finance leader with dedicated technical and commodities expertise and top-ranked mining research across the Americas, Europe and Asia-Pacific.
Strong Canadian mid-market mining underwriter and research house, active across the equity and follow-on financings that dominate Canada's resource ecosystem.
Uniquely pairs top-tier mining M&A advisory with one of the world's largest commodities trading, hedging and mining-finance desks, backed by in-house geologists and engineers.
Recent: Exclusive adviser to Harmony Gold on its US$1.03bn acquisition of MAC Copper (CSA mine, NSW), completed Oct 2025.
www.macquarie.com ↗Top-ranked metals & mining M&A adviser (No. 1 by deal value in 2024), trusted on the sector's largest, most complex cross-border transactions.
Recent: Advised Rio Tinto (with J.P. Morgan) on its US$6.7bn acquisition of Arcadium Lithium, completed March 2025.
www.goldmansachs.com ↗Top-ranked global M&A adviser in metals & mining (No. 2 by 2025 deal value), with deep large-cap defence and copper/base-metals research credibility.
Recent: Adviser to Anglo American in its successful defence against BHP's ~$49bn takeover approach (2024).
www.morganstanley.com ↗Global, London-led metals & mining franchise strong in capital-structuring advice, acquisition financing and bonds/loans for the largest miners.
Recent: Advised Hudbay Minerals on acquiring Mitsubishi Materials' 25% of the Copper Mountain mine (BC), closed April 2025.
www.citigroup.com ↗Consistent top-tier M&A adviser on large-cap mining deals, especially Asia-Pacific and South America, where it has topped sector league tables by deal value.
Recent: Advised Alcoa (with J.P. Morgan) on its ~$2.2bn acquisition of Australia's Alumina Limited, completed Aug 2024.
www.ubs.com ↗Full-service global bank with a dedicated Global Metals & Mining coverage team and respected sector research, strongest on UK/EMEA-listed miners.
Recent: Strategic financial adviser to Andrada Mining on its Namibian lithium portfolio and partnership options (2023).
www.ib.barclays ↗Leading transatlantic natural-resources franchise (built from GMP and MainFirst) with award-winning Canadian mining research and ECM access on both sides of the Atlantic.
Recent: Sole global coordinator on Meridian Mining's 2025 LSE listing (with Berenberg and Peel Hunt).
www.stifel.com ↗Active US book-running manager and at-the-market provider to junior and mid-cap miners, with research across precious, base metals and uranium.
Recent: Agent on U.S. Gold Corp.'s controlled equity offering of up to US$40m (2025).
www.cantor.com ↗Specialist global mining broker-dealer — research, distribution, financing and advisory to small/mid-cap resource companies, led by ex-Sprott CEO Peter Grosskopf.
Recent: Formed by a 2023 management buyout of Sprott Capital Partners; has raised >US$5.3bn and advised on ~US$2bn of M&A since 2017.
www.scp-rf.com ↗London-active metals & mining corporate broker and bookrunner with a dedicated UK mining team and widely-followed sector research.
Recent: Joint bookrunner and corporate broker on Meridian Mining's 2025 LSE listing.
www.berenberg.de ↗London's last large independent broker — corporate broker, Nomad and ECM bookrunner to AIM and Main Market mining companies.
Recent: Corporate broker to Anglo Asian Mining (2025); joint corporate broker on Meridian Mining's 2025 LSE listing.
www.peelhunt.com ↗Leading independent Canadian small/mid-cap resource dealer (originally Sprott Securities), repeatedly ranked Canada's #1 small/mid-cap brokerage by institutions.
Employee-owned Vancouver dealer specialising in early-stage exploration and emerging-growth mining financings, from pre-public placements to IPOs.
Research-driven independent institutional dealer well-regarded for small/mid-cap metals & mining research and capital-raising for resource issuers.
Independent boutiques — M&A, corporate finance and debt advisory, no big balance sheet — that sit on the company's side of the table.
Sell-side and strategic advice on natural-resources M&A, restructuring and divestitures — global reach from a small Sydney-based team.
Recent: Strategic adviser to Newmont on its 2024 divestiture of the Akyem gold mine (Ghana) to Zijin for up to US$1bn.
treadstonepartners.com.au ↗Leading independent financial adviser to the global metals & mining industry, executing M&A alongside equity, debt and royalty/stream financing.
Recent: Advised Osisko Development on its US$450m Cariboo Gold financing (July 2025) and O3 Mining on its sale to Agnico Eagle (Dec 2024).
www.maxitcapital.com ↗Structured debt and project finance for junior and mid-cap miners — >US$4bn of debt raised since 2003, with no brokerage or commercial-bank conflicts.
Recent: Financial adviser to Perpetua Resources (Stibnite Au-Sb) and Lundin Gold (Fruta del Norte) on their financings.
endeavourfinancial.com ↗Combines mining M&A and capital-markets advice with one of London's few dedicated independent sell-side mining research teams; debt advisory bolstered by the 2024 HCF merger.
Recent: Sole broker and financial adviser to Capital Metals (AIM:CMET) for its Sri Lankan mineral-sands project (2025).
hannam.partners ↗Perth-based corporate advisory deeply embedded in the WA resources scene — M&A, financing, offtake and partnering across iron ore, gold and battery metals.
Recent: Adviser to De Grey Mining on a December 2024 transaction; adviser to Magnetite Mines' Razorback iron ore project.
www.azurecapital.com.au ↗Australia's largest independent M&A advisory firm, with a dedicated metals & mining franchise and a record on the country's largest, most complex resources deals.
Recent: Advised Talison Lithium on its acquisition by Chengdu Tianqi and the competing Rockwood proposal.
gresham.au ↗Specialist independent debt and project-finance adviser to Australian junior and mid-cap miners — development debt, bridge, acquisition, offtake and hedging facilities.
Recent: Financial adviser to Rox Resources on debt financing for the Youanmi Gold Project (WA).
www.burnvoir.com.au ↗Independent global mining-finance specialist focused on securing and structuring project and corporate debt for tough commodities and jurisdictions.
Premier global independent adviser to the mining majors, with a dedicated Mining & Metals team (Toronto, London, Sydney, Johannesburg) and deep repeat relationships.
Recent: Long-standing Mining & Metals roster including Rio Tinto, Barrick, Vale, Teck, Antofagasta, Codelco and Kinross.
www.rothschildandco.com ↗Leading global independent M&A and strategic adviser with a heavyweight metals & mining practice on the sector's largest cross-border gold and base-metals deals.
Recent: Adviser to Newmont (with BofA and Centerview) on its ~US$16.8bn acquisition of Newcrest Mining, completed Nov 2023.
www.lazard.com ↗