James McClements

CO-FOUNDER AND MANAGING PARTNER, RESOURCE CAPITAL FUNDS

MINING

CANADA

January 16, 2023

Can you provide an overview of RCF and its different investment strategies?

Currently, we have three live strategies (Private Equity, Opportunities, Jolimont) and a fourth strategy focused on credit and transition metals in development.

Our core business is private equity, so we look for businesses in the prefeasibility stage that we can take an influential or controlling stake in. We are an active investor, so we expect board representation and involvement in technical decisions. We also have ESG standards that we want to see imposed, and a lot of what we do is focused on human resources, where we help our portfolio companies identify the right board and management team. The other aspect about the mandate for private equity is that we pay more attention to timelines to achieve outcomes. We must have a high degree of confidence that the company we are investing in has a pathway to become permitted, construct the mine and ultimately move into production. The essence of private equity is around de-risking an asset from its late-stage study through to a cashflow outcome.