Case study 07 / Mining, multi-project resource fund
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.
What Honeycomb did
Built the number from the assets up
Capital was costed project by project and phase by phase across exploration, retreatment, refinery, and residue to a phase-one total near US$103M.
Showed what the target covers
The sponsor's US$150M covered phase one with roughly US$47M of follow-on room, on stated conditions rather than assumption.
Showed where it runs short
If every project runs at once, with early grassroots drilling, a full refinery build, and the bauxite mine added, the requirement climbs to US$150-180M.
The shift
A US$103M bottom-up phase-one plan
Before: A US$150M round-number target
Sequenced by confidence, lead assets first
Before: The whole portfolio funded at once
Tranches released against drill and study milestones
Before: Open-ended deployment
Outcome
The sponsor could show an allocator where each tranche goes, what releases the next, and the point at which the target needs to grow.
An anonymised example of work done with Honeycomb. Figures describe this case and are not a general performance guarantee.
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