Industry: Mining
Mining financing
Mines are funded in stages: equity pays for drilling and studies, then streams, offtakes and loans pay for the build. We build the investment case each of those funders will test.
- Mine models with capex, metal prices and debt sizing
- Decks for mining funds, streamers and public lenders
- Waveup prepares investor materials for mining companies: $3B+ raised for 600+ startups since 2014
In short
What is mining financing?
Mining financing is the money that takes a deposit from discovery to a working mine. Explorers sell shares to pay for drilling and studies. Builders add project loans, streams, royalties and offtake prepayments, often next to government lenders. S&P Global expects exploration budgets worldwide to reach $16.5 billion in 2026.
- Who it's for
- Junior and mid-tier miners, critical-minerals developers and mining technology companies
- What we build
- Investment case, financial model, investor and lender decks, valuation, data room
- Prices
- Deck from $6,000, model from $3,000. Flat fees
- Track record
- $3B+ raised for 600+ startups since 2014
Market data checked on 8 November 2026. Sources are under each section.
Is 2026 a good year to finance a mining project?
For gold and copper, yes: exploration budgets are growing faster than at any time in more than a decade. Lithium explorers still find money scarce.
The opportunity
Buyers and governments want metal from new mines in more countries, and they are putting money behind it.
- Gold and copper lead the 2026 rise in exploration budgets
- Governments now lend to mining projects and even buy shares
- Saudi Arabia, Australia and the EU are competing for new projects
The problem
Investment in critical minerals fell 9% in 2025, ending several years of growth. Battery metals took the deepest cut.
Market size
How much money goes into finding new mines?
Miners plan to spend $16.5 billion on exploration in 2026, up from $12.4 billion in 2025, S&P Global forecasts. Four forces are bringing capital back:
- Copper demand: on today's project pipeline, the IEA projects a 25% copper supply shortfall by 2035
- Prices: the World Bank expects metal prices to rise 25% in 2026, to a record high
- Public money: advanced economies committed about $65 billion to critical minerals in 2025
- New ground: Saudi Arabia raised the estimated value of its mineral wealth by 90% in August 2025
Venture capital
Where do junior miners raise money now?
Junior and mid-tier miners raise most of their equity on stock markets, led by Toronto and Sydney. That money fell to a five-year low in 2024, and S&P Global says better financing revived exploration in 2026, especially at juniors.
of the world's mining equity capital raised over five years went to companies on TSX and TSX Venture
of preferred stock in rare earth producer MP Materials, bought by the US Department of Defense in July 2025
of support announced for critical minerals projects in the year after the US–Australia framework of October 2025
Who invests in mining companies and projects?
Mining private equity, streaming companies, specialist lenders and government lenders. A few names by type; metal buyers also back mines through offtake deals.
What makes a mining project hard to finance?
In our Fundraising 2025 study, 56 VCs named revenue growth, unit economics, burn and missed milestones as top reasons to pass. Defensibility and crowded categories came next. A mine has no revenue for years, so its funders test four other things.
Years before the first sale
Mining projects took 16.5 years on average to get from discovery to first production, an IEA study found in 2021.
What investors ask
- What does this round prove, and what is the project worth after it?
What your deck shows
- Use of funds tied to drill metres, studies and permits
- A value for each stage, from resource to feasibility study
The commodity cycle
Exploration for lithium and nickel fell about 45% in 2025. Spending by copper-focused companies rose 8% in the same year.
What investors ask
- Does the mine still make money at the bottom of the cycle?
What your deck shows
- Returns at low, base and spot metal prices
- Your cost per tonne against other producers
A resource that meets the code
Listed miners report resources under NI 43-101 in Canada, the JORC Code in Australia or S-K 1300 in the US. Canada's securities regulators proposed a full replacement of NI 43-101 in June 2025.
What investors ask
- Who signed off the resource estimate, and under which code?
What your deck shows
- A current technical report by an independent expert
- A study stage that matches the money you ask for
A buyer before the build
Lenders want permits, an independent technical review and sales agreements before they sign. In July 2025, the US Department of Defense set a 10-year price floor for rare earths from MP Materials.
What investors ask
- Who buys your metal, at what price and for how long?
What your deck shows
- Offtake terms or letters of intent from named buyers
- The order of money: equity, stream or offtake, then debt
How we help you raise
Flat fees agreed before we start. No success fee on advisory work.
Resource, study stage and funding plan in one story investors can follow.
Mine-life cash flows, capex, metal prices and debt sizing.
A value for your project at each stage that funds and streamers can test.
Mining funds, streamers and lenders, private and public, that fit your stage.
Technical reports, permits, titles and offtake files, in order.
For selling a project, a stake or the whole company.
The market analysis, financial model and deck behind a $100M+ nickel project investment case, built for banks and investors.
Who we are
Waveup is a London-based fundraising and growth advisory, working in 60+ countries and 90+ industries. Since 2014 we have built the decks, models, CIMs and valuations behind $3B+ raised for 600+ startups. Our work includes 500+ financial models and 500+ valuations.
About usMining financing FAQ
How are mining projects financed?
How do junior mining companies raise money?
What is a stream or a royalty in mining?
Is owning a mine profitable?
What do mining investors and lenders check?
How much does help with a mining raise cost?
Raising for a mining company or project?
Tell us your commodity, your study stage and the amount you need. We'll show you which money fits each step.
