Mining projects are capital-intensive and investors treat them differently depending on whether they are greenfield(early-stage exploration with no existing operations) or brownfield(expansion or restart of known deposits). Raising money requires matching the stage of the project with the right pool of capital. This guide covers how companies can finance mining ventures through TSX/TSXV listings, private placements, project finance, and strategic investors.
Greenfield projects are early exploration plays. They involve grassroots drilling, geophysical surveys, and proof of concept. Investors in this stage are typically high-risk tolerant: junior mining funds, angel investors, and retail investors via public markets.
Brownfield projects are tied to existing operations or known deposits. The geology is partly proven, infrastructure may exist, and the investment is more about expansion or restart. This attracts larger funds, private equity, and banks willing to finance construction or restart costs.
The Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSXV) are the leading public markets for mining companies. Over half of the world’s listed mining companies are on these exchanges.
Many companies list first on TSXV during exploration, then graduate to TSX as they approach production. Investors expect quarterly disclosure, NI 43-101 technical reports, and a clear development timeline.
Private placements are a direct way to raise money from accredited investors, mining funds, and strategic backers. In Canada, these can include flow-through shares which give tax advantages to investors in exploration companies. Placements are flexible, quick to arrange, and less burdensome than IPOs. They are especially useful when raising capital for drilling campaigns, feasibility studies, or bridge financing ahead of a public listing.
In private placements, terms are negotiated directly: valuation, warrants, anti-dilution protections, and board seats. For early-stage greenfield projects, this may be the only practical way to raise meaningful cash.
Once a deposit is proven and economics are demonstrated in a feasibility study, companies can access project finance. This includes debt, equity, and hybrid structures designed to fund mine construction or expansion. Banks and private credit funds look for:
Brownfield projects with existing cash flow may raise structured debt secured against receivables, reserves, or equipment. Greenfield projects at this stage usually still rely on equity or convertible instruments.
A key source of funding for mining projects is the offtaker or strategic partner. Smelters, refiners, battery manufacturers, or commodity traders often invest directly in projects to secure supply. These deals often involve:
Strategic investors not only bring capital but also de-risk the project by guaranteeing a buyer for future output.
Mining finance follows a predictable path:
Financely helps mining companies raise both equity and debt at every stage of the cycle. We structure private placements for greenfield exploration, advise on TSX and TSXV pathways, and underwrite project finance mandates for brownfield expansions. Our network includes private credit funds, mining-focused investors, strategic offtakers, and institutions willing to finance credible projects.
For sponsors, the difference between success and failure is not just the quality of the ore body but the credibility of the capital structure. We make sure both line up.
Whether you are drilling greenfield targets or expanding a brownfield operation, Financely structures the right mix of equity, debt, and strategic funding.
Share your project details, stage of development, and capital needs. We will respond with scope, fees, and a financing plan tailored to your mine.
Contact UsDisclaimer: This article is for information purposes only. Financely does not guarantee funding. All capital raising is subject to underwriting, investor appetite, compliance review, and market conditions. Mining projects involve significant geological, regulatory, and environmental risks. Professional legal and technical advice should be obtained before committing to any financing.
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Disclaimer: Financely provides financing based on due diligence and feasibility. Approval is not guaranteed, and past performance does not predict future outcomes. All terms are subject to review. Financely primarily assists with structuring and distribution. Qualified parties carry out the project if the client approves the proposal.
Financely advises growth-focused businesses on accessing capital by introducing their opportunities to professional investors. Financely is not a securities broker or dealer. Where appropriate, engagements are coordinated with regulated broker-dealers, investment banks, legal counsel, and other specialists.
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All mandates start with an RFQ. We review submissions, issue a brief Go/No-Go memo, and where bankable, release a Term Sheet that leads to funding. We arrange capital across Senior Secured, Unitranche, Second Lien/Mezzanine, Preferred Equity, and Gap Solutions. We do not process deals by email or chat.
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Financely Inc. (“Financely”) provides corporate-finance advice and is wholly owned by Aurora Bay Trust, a trust formed under Bahamian law, together with its authorized affiliates. Depending on deal structure, jurisdiction, and local rules, engagements may be carried out through Financely Group LLC, a non-deposit-taking, non-banking financial company; Ashford Capital Advisory LLC; or another related entity.
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