The Firm
ZMK Advisory is an independent strategy house for natural resources — senior judgement across the global mineral value chains, macro-strategy, and supply–demand risk in mining and energy.
What we are
- A small, senior practice retained for judgment on the decisions that do not survive being wrong.
- Facts-first: we open with the number and price the downside before the upside is sold.
- Independent — we hold no positions, take no placement fees, and carry no book to talk.
What we are not
- A consultancy billing bodies against a workstream.
- A broker, a placement agent, or a research vendor selling access.
- A source of reassurance for a decision already made.
How we think
Most bad resource decisions are not failures of information. They are failures to keep counting once the story became comfortable.
Our work begins where consensus stops doing arithmetic. We reconstruct the base rate, name the assumption the room has quietly set to one, and price the case the narrative leaves out. The output is never a longer document than it needs to be — it is the number, the framework that produced it, and the impact of acting on it.
Client work is presented in blinded narratives so the method travels without the mandate. The formula does not change: Context, Analytical Framework, Quantified Impact.
Principals
Z
Founding Principal
Steel · Bulk commodities
Two decades across integrated steel, iron ore, and West African industrial policy. Leads make-or-buy and completion-risk mandates.
M
Principal, Metals
Copper · Battery metals
Supply-demand modelling across copper and the battery complex. Leads incentive-price and grade-decline theses for capital.
K
Principal, Energy
Energy · Uranium
Refining economics, uranium term markets, and sovereign exposure. Leads Gulf and Central Asia mandates.
Principal identities are shared under mandate. Titles and coverage shown; names on introduction.
“The number, then the narrative.”
Facts-First Analysis · Mineral Value Chains