Mandates
Board-level intellectual capital
for the principals who move the chain.
We take a small number of mandates at a time, each led personally. We are retained for judgment on the decisions that do not survive being wrong — not for volume, and not for reassurance.
Strategy advisory, applied — in-country, in the boardroom, and across the table, not just on the page.
Operators
Miners · Energy producers · Infrastructure operators
Make-or-buy, capital sequencing, and value-chain positioning for major diversified operators. We are brought in when a board needs a build case pressure-tested against the base rate before the capital is committed — and when the internal answer has stopped being challenged.
We deliver
Decision memo · make-or-buy dossier · risk-adjusted model · board presentation
Capital
PE & infrastructure funds · Project finance & DFIs · Institutional investors & foundations
Independent theses and red-team reviews for investment committees underwriting resource risk. We argue the other side of the trade with the same rigour the deal team argued its own — so the committee sees the downside priced before the upside is sold.
We deliver
IC memo · commercial due diligence · red-team teardown · bankability review · base-rate dossier
Research houses
Macro & commodity desks · Strategy teams · Independent research
Contrarian supply-demand framing for macro research desks — the bear case the consensus is missing, evidenced to the figure. We supply the analytical spine; the desk keeps the client relationship and the byline.
We deliver
White-label report · thesis note · chart pack · standing retainer
Sovereigns
Sovereign-wealth funds · National resource companies · Ministries & state holdings
Strategic exposure and resource-sovereignty counsel for sovereign-wealth principals and state holdings. We advise on where a nation’s position in the value chain is genuinely defensible — and where it is a subsidy dressed as strategy.
We deliver
Strategic review · exposure map · in-country engagement · principal counsel
How we work
Every mandate ships on one formula.
01 · Context
The base rate, the history, and the number the room has stopped questioning. We establish what is actually known before anyone is allowed an opinion about it.
02 · Framework
A defensible structure for the decision — not a slide, an argument that survives cross-examination and names its own assumptions.
03 · Quantified Impact
What it is worth, in figures, with the downside priced before the upside is sold. A number the principal can act on and defend.
The decisions that don’t survive being wrong are the ones we’re built for.
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