Leading Through Change | David Elliott on the changing exploration finance landscape

Published on: January 2021

When it comes to raising capital for mineral exploration, David Elliott, Vice President and Director, Haywood Securities, has seen it all. As a preeminent resource financier, Elliott has secured funding for over 400 exploration and development companies in his career. We asked Elliott how financing options for explorers have been impacted in recent years and where new capital may come from.

Slow, Steady Recovery Continues

During the downturn that dominated much of the 2010s, Elliott saw exploration companies struggle to access capital and move projects forward. Major companies had reduced exploration budgets and were less willing to partner with junior explorers. Many juniors were forced to raise equity at low valuations or raise capital by selling NSR royalties on their projects, or convertible debt notes.

“In a lot of cases, they were really selling control of their companies at very low valuations,” says Elliott.

Read the full story here.