About Us

Investment Criteria

Building Assets

F&M backs companies with projects that have the potential to become exceptional assets. We look for opportunities where we can unlock significant value by utilizing our Technical Team, who have a proven track record with all types of assets, and combine them with our capital markets and back office support teams to ensure all fundamentals are in a place for success.

F&M does not have a general investment size. Instead, we assess opportunities on the merits of the project and develop our own view on current and future value. We look to make investments within our identified risk-reward spectrum. Our investment community relationships allow us to issue term sheets into the hundreds of millions of dollars, where appropriate, but the firm is also able to internally finance small deals. Our portfolio companies vary in size, maturity and business model.

Our firm is designed to play any role required to build the asset and unlock value – from Greenfield venture capitalist, to strategic development partner, to turn-around specialist. We have been involved in every group.

Excellent Development Potential and/or Near Term Cash Flow Generation

  • World class size and/or grade plus quick path to production is a key product differentiator in an over-crowded sector

Manageable Geopolitical Risk

  • F&M recognizes that the best opportunities for value and growth are often in the emerging markets
  • Develop and supplement strong local relationships with our influential international advisory board

Compelling Valuation & Structure

  • Target 5-10x upside from initial investment
  • Projects often acquired at a discount due to technical, geopolitical or other risks
    • F&M has the ability to overcome these issues and exploit the asset through its operational edge
  • Deals structured to optimize capital flows and reduce risk, through joint venture and earn-in structures
  • Partnerships are created that align interests, maximize cash that is put into the ground and minimize upfront cash payments to vendors

Ability to Transform Assets

  • F&M provides management, capital and direction to move resource assets up the value chain
    • Resource delineation and expansion
    • Feasibility study
    • Permitting/environmental
    • Financing
    • Construction
    • Operation and expansion
  • At each stage the project becomes less risky and more valuable
    • Success is not contingent on rising commodity prices