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§ Practice · Toronto

Resource finance & capital markets

Mason Law acts for lenders, offtakers, investors, underwriters and mining companies on the financings that move projects toward production: secured loans, offtake-linked financings, strategic equity, private placements, prospectus offerings, IPOs and RTOs.

§ 01

Overview

Mining finance rarely comes as a single instrument. A project’s capital stack can combine senior debt, offtake arrangements, streams and royalties, strategic equity and public offerings, each with its own security, priority and change-of-control terms. Mason Law works across that stack so the pieces fit together.

Mandates range from secured loan facilities and offtake arrangements to strategic equity investments, private placements, prospectus offerings and going-public transactions, for both sides of the table: lenders, investors and underwriters, and the companies raising capital.

Earlier in his career, Rob Mason acted on the C$946 million financing package, including a diamond stream, that funded construction of Stornoway Diamond’s Renard project, and for underwriting syndicates on more than $2 billion of equity and note offerings by Detour Gold.

For royalty and stream financings specifically, see Mining Royalties & Streams.

§ 02

Typical Mandates

01
Secured lending
Loan facilities for mine finance funds, lenders and borrowers, including security over mining assets.
02
Offtakes
Offtake agreements, on their own and as part of financing packages.
03
Strategic equity
Strategic investments in mining companies and projects, and the investor rights negotiated with them.
04
Private placements & offerings
Brokered and non-brokered placements, subscription receipts and prospectus offerings.
05
IPOs & RTOs
Going-public transactions, with concurrent financings and acquisitions.
§ 03

How the capital stack fits together

Priority

Lenders, streamers, royalty holders and offtakers all want security and priority. Intercreditor terms decide who is paid first if a project struggles.

Offtakes

Pricing, delivery and termination rights in an offtake can matter as much as the financing it sits beside.

Change of control

Financing documents travel with the project. Change-of-control and transfer terms shape a company’s future M&A options.

Disclosure

Public issuers need their financing terms and market disclosure to stay in step, from term sheet to closing.

§ 04

Representative Matters

2026
Auramet International — US$30M secured loan facility & offtake transaction with 1911 Gold Corporation.
2026
Orion Mine Finance — C$28.5M strategic equity investment in Bravo Mining Corp.
2025
Orion Mine Finance — Investment of up to US$360M to acquire a 25% interest in Capstone Copper’s Santo Domingo Project, Chile.
2025
Pecoy Copper Limited — Proposed going-public transaction (RTO).
2025
Pecoy Copper Limited — $65M brokered subscription receipt offering.
2025
Pecoy Copper — Copper offtake arrangements with Trafigura Pte.
2025
Stifel Nicolaus Canada — Brokered private placement by Mawson Finland.
2024
Orion Resource Partners — Loan to Evolve Royalties, an emerging energy-transition metals royalty company.
2024
ARCH Sustainable Resources LP — US$10M equity investment and royalty transaction relating to Giyani Metals’ HPMSM project, Botswana.
2024
Flame SA — Investment in Potash and Agri Development Corporation of Manitoba (PADCOM) to fund completion of the Harrowby solution mine potash project, Manitoba.
2024
Radisson Mining Resources — Strategic private placement financing in support of O’Brien Gold Project.
2022
Marathon Gold — $150M prospectus unit offering.
2022
EV Technology Group Ltd. — RTO and go-public transaction on the NEO Exchange.
2014
Stornoway Diamond Corporation — C$946M comprehensive financing package, including diamond stream, to fund construction of the Renard Diamond Project.
2008–2014
Underwriting syndicate — More than $2 billion of equity and note offerings by Detour Gold Corporation.

Raising or lending capital?

Rob takes the first call personally.

General information only, not legal advice. Representative matters include transactions led by Robert Mason at Mason Law and at previous firms.