Project finance modeling
Building bankable models. We develop and audit the financial models behind mining, renewable energy and infrastructure projects, so sponsors and lenders can decide with confidence.
When clients call us
When the model carries the project
Our clients are sponsors, operators and lenders at the points where the financial model has to stand up to scrutiny.
A feasibility study
A PEA, pre-feasibility or feasibility study needs a financial model that reflects the engineering and geology.
Raising project debt
Lenders need a transparent model with debt sizing, coverage ratios and downside cases.
Bringing in an equity partner
An investor needs to see the project economics and how returns are shared.
A model nobody fully trusts
The existing model has grown over the years, and errors or hidden logic are now a risk to the decision.
Commodity prices have moved
Prices or costs have changed, and you need to know whether the project still works.
Monitoring an operating project
The project is built, and sponsors and lenders want reliable reporting on its performance.
How we help
Models for the life of a project
Project finance modeling for mining, renewable energy and infrastructure. We work closely with bankers, sponsors, operators and technical consultants to build models that are transparent, robust and flexible.
Project feasibility
Cash flow forecasts, payback and IRR, commodity price stress tests and the capital structure that suits the economics of the project.
Project valuation
Net asset value models with detailed operating assumptions, for fundraising, refinancing and lender underwriting.
Debt sizing and credit metrics
Debt capacity, DSCR, ROCE and covenant analysis, built to the standard lenders expect.
Return waterfalls
Distribution waterfalls, including GP/LP flip structures, so every party can see how returns are shared.
Model audit
Cell-by-cell review supported by model audit software, benchmark checks and stress tests of assumptions, sensitivities and scenarios.
Reporting and monitoring
Dashboards and reporting that let operators and lenders monitor the health of a project in operation.
Our view
Errors in models are a project risk
Critical decisions are made every day on poorly built models. In project finance the stakes are large: a hidden error in a debt schedule or a tax calculation can change whether a project is financed at all.
We build models that are transparent, robust and flexible, and we audit models built by others. Lenders can follow the logic, sponsors can test their assumptions, and everyone works from numbers they can trust.
How an engagement works
Five steps from inputs to a bankable model
We work alongside your engineers, technical consultants and bankers, so the model reflects the project and meets the lender’s requirements.
Preparing a mining study? See our mining feasibility support, from PEA to definitive feasibility.
- ScopeAgree the purpose of the model, its users and the outputs lenders and investors need.
- InputsTranslate technical, cost and schedule data into model assumptions.
- BuildBuild the operating, financing and tax model with a clear structure.
- TestRun sensitivities and scenarios, and check the model for errors.
- SupportUpdate the model through financing, construction and operation.
Need a model your lenders can rely on?
What you receive
Models built to the lender’s standard
Every model is documented and built to be reviewed by lenders, investors and their advisors.
- A project finance model with operating, financing and tax schedules
- Payback, IRR and NPV analysis
- Debt sizing, DSCR and covenant tests
- Distribution waterfalls, including flip structures
- A model audit report with findings and fixes
- Scenario and sensitivity analysis on the key drivers
Selected clients
Companies we have worked with
Frequently asked questions
Questions we hear most often
Which sectors do you work in?
Mining, renewable energy and infrastructure.
Do you support mining studies at PEA, pre-feasibility and feasibility stage?
Yes. We build the financial models for Preliminary Economic Assessments, pre-feasibility and definitive feasibility studies, aligned with the engineering and geological inputs. Learn more about our mining feasibility work.
What does a model audit involve?
A cell-by-cell review supported by model audit software, checks against industry benchmarks and ratios, and stress tests of assumptions, sensitivities and scenarios. We report the issues found and how to fix them.
Can you work with our existing model?
Yes. We can review, extend or rebuild an existing model, depending on its condition and what it needs to support.
Do you only work with companies in Vancouver?
No. We are based in Vancouver, a leading centre for mining finance, and work with companies across Canada.
How are fees set?
Fees depend on the scope and complexity of the work. We confirm them in an engagement letter after a first conversation, so the cost is clear before work begins.
Have a question that isn’t covered here? Start a conversation.
