 I began my career as a corporate finance and securities lawyer in Toronto and Vancouver. I spent close to a decade working on financings, structuring deals, and advising public companies. That gave me a clear view into how capital moves and how decisions get made. It also showed me a limitation. Most capital is reactive. It comes in after something is already working, after the story is clear, and after risk has been reduced. By that point, a large part of the upside is already priced in. I moved to the operating side because I wanted to be involved earlier, when the asset is still being defined and before capital has formed a consensus view. The First Capital Is Always the Hardest The most difficult capital to raise is the first tranche. At that stage, there is no established valuation, limited data, and no external validation. What you are asking investors to back is your understanding of the asset and your ability to execute. That’s where most people wait. I did the opposite. Across multiple companies, I focused on securing that first capital, even when the story was still developing. That capital funds the initial work. Drilling programs, technical validation, and early-stage development. Once that work is done, the conversation changes. You are no longer talking about potential in abstract terms. You have data, results, and a clearer path forward. Building Value Before Raising Larger Capital In the resource sector, value is created through development, not promotion. I’ve taken companies from early-stage listings on the TSX Venture Exchange through to full NYSE listings. That progression only happens if the underlying asset is advanced in a disciplined way. That means raising capital in stages and using it to generate results. Each phase of work reduces uncertainty. Each result supports the next round of financing. Over time, the asset becomes easier to understand and easier to value. This is how you move from early-stage capital to larger institutional and strategic investment. Non-Brokered Financings Create Control A significant portion of the capital I’ve raised has been through non-brokered financings. That approach requires direct relationships with investors and a clear understanding of what they are looking for. It also allows for more control over pricing, structure, and timing. Instead of relying on intermediaries, you are building alignment directly. Investors understand the asset, the plan, and the timeline. That alignment becomes important as the company grows and additional capital is required. Strategic Investors Validate the Asset At a certain stage, the type of capital matters as much as the amount. Strategic investors bring a different perspective. They are focused on long-term supply, scale, and how an asset fits into their operations. At Alderon Iron Ore, I negotiated a $400 million agreement with HBIS Group. At the time, it was their first investment outside of China. That transaction was based on securing a long-term supply. At Intrepid Metals Corp., we brought in Teck Resources Limited as a strategic investor with an initial 9.9 percent equity stake, which later increased to 14.7%. That came after advancing the underlying assets and demonstrating their potential. In both cases, the strategic capital followed the work that had already been done. Timing Follows Progress, Not Markets One common mistake I see is raising capital based on market conditions. Markets change quickly. Progress on an asset does not. The approach I’ve taken is to raise capital based on milestones. Complete a phase of work, demonstrate results, and then bring in the next round of capital. That keeps the company moving forward regardless of short-term market fluctuations. Going Early Is Where the Advantage Is If you wait until there is broad agreement around an opportunity, you are competing with everyone else. The strongest results in my career came from taking positions earlier, when the asset required work and the outcome was still being defined. That’s where you can structure capital effectively, build ownership at the right levels, and create long-term value. What Actually Drives the Outcome Raising over a billion dollars came from following a consistent process. Identify assets early. Secure initial capital to start the work. Advance the asset through disciplined development. Raise capital in stages tied to results. Bring in strategic investors once the foundation is in place. When that process is followed, capital tends to follow the work. The key is starting before the crowd shows up. Connect / Follow: X Read Next: The Art of the Start: Building Momentum from the Ground Up Comments are closed.
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