Show up already knowing your number.
Crucible is the ICHOR engine for critical-minerals royalty. It runs the deal desk: candidates ranked to a hard mandate, a written call held on every metal, and any royalty valued to NPV in the time it takes to read the deck. It was validated out-of-sample against a specialist's read before any claim was made for it.
The decision problem
Royalty and streaming capital lives or dies on two edges: seeing the right deals before they are crowded, and underwriting them faster and more honestly than the feasibility deck the promoter hands you. Both require holding an entire junior-mining universe in view, reading the NI 43-101 and S-K 1300 technical reports behind each name, and being able to value a royalty stream, whether a net smelter return, a gross royalty, or a stream, on the timeline of a live negotiation.
Done by hand, that is weeks of a specialist's time per candidate, and a directional view on each metal only as good as the last deck you read. Most desks end up reacting to what is brought to them, at the promoter's valuation, on the promoter's clock.
Watch it run
A valuation engine at work: option pricing on the position, a royalty DCF that moves as the commodity scenario shifts from bear to base to bull, and a sponsor-credit model across macro regimes. A capture from the live engine, with the specific deal held back.
The method, applied to royalties
The same five-step method behind every ICHOR system, run into the ground truth of mining finance. See the method in full →
Assemble the candidate universe from the authoritative record, the SEDAR+ and EDGAR filings and the technical reports behind each name, and rank it against a hard investment mandate before the deal is shopped.
Reconcile each candidate's deck, terms, and commodity assumptions into one clean picture, with the numbers that do not agree flagged and sourced.
Hold a written call on each metal, set against the price deck the feasibility studies assume, with the divergence stated where there is one, and mandate-rank the pipeline so capital goes to the highest-conviction fits.
Underwrite any royalty to NPV: the per-share impact, and the commodity price the seller's ask implies, so you know what you would be paying for the deck's optimism before you are at the table.
Every figure traces to standard mining-finance formulas, auditable against your own model. The valuation is fast because it is disciplined, not because it cuts corners.
The out-of-sample test
Before any claim was made for the underwrite, it was put through a pre-registered program built to be falsifiable. The hypothesis and the scoring were locked before the first evaluation. It was then run on transactions that closed after the model's knowledge cutoff, so no capable model could have memorized the outcome, and scored against a specialist's independent read of the same deals.
The figure, not the model
This is the part a mining committee cares about most, and the part most AI vendors cannot answer.
By the numbers
It runs on the primary filings across the whole sector, at a scale and speed a deal team cannot match by hand. Every figure it returns traces to its source filing and reproduces on demand.
The desk that reads the sector every morning
Crucible values a deal and keeps reading. Before your desk opens, it has already gone through every new royalty and streaming transaction filed across the peer set, pulled the terms and the multiples, and refreshed the comparable set the next underwrite draws on. The picture is current when you arrive, not a week behind.
See it run on your mandate.
ICHOR deploys one industry at a time, forward-deployed and tied to outcomes. Every inquiry is read personally.
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