What the company sells and to whom
Examine whether commercial revenue derives from gold refining off-take agreements or retail partner packaging subscriptions.
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Evaluating business models, unit economics, supply chains, and distributor incentive alignments.
Examine whether commercial revenue derives from gold refining off-take agreements or retail partner packaging subscriptions.
Trace the cycle from pit excavation, crushing, gravity or cyanide processing, doré bar smelting, to refinery settlement.
Assess current debt levels, debt service obligations, and future equity dilution risks for early participants.
Review operational milestones delivered by executive leadership in comparable mining jurisdictions.
Examine availability of critical consumables like cyanide, grinding media, water rights, and heavy fleet maintenance.
Review written affiliate contracts, payout structures, clawback terms, and compliance guidelines.
Request dated delivery manifests, refinery settlement sheets, and independent engineering validation.