Case studies
What Honeycomb found, priced and structured.
Anonymised work across mining and energy. The question, the findings and the outcome.
01 / Buy-side diligence
A sponsor's 87-page raise would not close. Honeycomb found why in under an hour.
A sponsor was raising C$1.15B across two pitch decks and had failed to attract capital. Honeycomb reconciled the decks against public filings, found three structural flaws that made the deal unexecutable as written, and surfaced the one fundable thesis underneath it.
Read case study02 / Asset revaluation
A dormant mine the market valued at US$800M. Honeycomb revalued it at US$1.9B.
A dual-commodity mine had been valued on the stale picture from its last run. Honeycomb re-ran the existing drill and engineering data against today's prices and brownfields restart economics, producing a defensible NPV near US$1.9B without new drilling.
Read case study03 / Asset diligence
The promoter said it cost US$1,050 an ounce. Honeycomb found US$4,527.
An investor was weighing a gold tailings retreatment project presented with comfortable economics. Honeycomb rebuilt the recovery and cost assumptions from the ground up and found the real cost per ounce was more than four times the promoter's figure.
Read case study04 / Asset diligence
The promoter's model showed a ten-year mine. Honeycomb found four years of ore.
An investor was deciding whether to fund a single-asset gold project. Honeycomb checked the promoter's throughput against the resource and its costs against operating reality. Neither held up.
Read case study05 / Valuation and structuring
No drilled resource to price. Honeycomb built a bid the buyer could make.
A buyer wanted to move on a flagship gold target before it had a compliant drilled resource. Honeycomb valued the geology on probability, benchmarked it to real regional deals, and set out three executable bid structures.
Read case study06 / Valuation and optionality
A gold target was too early to value the usual way. Honeycomb priced it as an option.
A buyer held an early-stage gold target sitting behind a flagship asset in the same pipeline. A standard valuation would have mispriced it, so Honeycomb valued it as the right to drill later if the flagship proved the ground.
Read case study07 / Fund structuring
A sponsor set the fund target at a round US$150M. Honeycomb rebuilt it from the projects up.
A sponsor was raising a development fund around a round-number target. Honeycomb replaced it with a bottom-up capital plan across the portfolio, costing every project and phase and showing what US$150M covers and where it falls short.
Read case study08 / Commercial intelligence
An operator was paying to store its bauxite waste. Honeycomb costed it into a financeable plant.
A mining operator's red-mud residue sat on the books as a disposal cost. Honeycomb built the market and processing case, staged the path from pilot to demonstration plant, and removed an unverified claim before anything went to investors.
Read case study09 / Intelligence brief
An investor was ready to drill a grassroots prospect. Honeycomb told them to wait.
An investor was about to commit early capital to a grassroots prospect with a strong surface anomaly but no drilling behind it. Honeycomb showed the data did not yet justify the spend and recommended preserving the option.
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