What triggers a NAV update (inflection points)

NAV is not updated continuously. Instead, NAV updates are triggered by material inflection points in the underlying portfolio companies. These inflection points include:

Resource announcements: Initial or upgraded JORC/NI 43-101 compliant resource estimates

Drilling results: Significant drill intercepts that materially affect resource potential

Feasibility studies: Completion of PEA, PFS, or DFS studies

Permitting milestones: Receipt of key environmental or mining permits

Offtake agreements: Signed offtake or streaming agreements

Financing events: Material financing rounds that establish new valuation benchmarks

M&A activity: Acquisition offers, mergers, or joint venture announcements

Production commencement: First production or commercial operation milestones

This event-driven approach ensures NAV reflects genuine asset performance rather than speculative pricing or market noise.