MSE Capability
Economic Due Diligence & Valuation
MSE builds the economic case behind a commodity transaction — modelling the asset, the offtake and the project so a principal commits capital on evidence, not on a teaser.
A resource is not a business, and a price deck is not a valuation. The gap between the two is where capital is lost — long before the first tonne moves.
Where value leaks
Where a valuation breaks
Headline grade, not recoverable value
Resource tonnage is stated; metallurgical recovery, dilution and payable terms are left out. The model values metal that never reaches a buyer.
Single-point price deck
One flat price across the life of the asset — no cyclicality, no premium or discount structure, no quotational reality. The IRR is precise and wrong.
Cost base understated
Capex and sustaining capital trimmed to flatter the case; logistics, royalties and treatment and refining charges missing from the netback.
Offtake assumed, not secured
The model assumes the volume clears at the modelled price — no counterparty, no Incoterms, no take-or-pay. The revenue line is a hope.
Jurisdiction priced as neutral
Permitting, export, currency and fiscal risk absent from the discount rate. The number ignores where the asset actually sits.
How MSE works
Valued the way an operator reads it
MSE values the transaction the way an operator reads it, not the way a brochure presents it. Resource statements are taken back to recoverable, payable metal; the cost base is rebuilt bottom-up — capex, sustaining capital, royalties, treatment and refining charges, and the full logistics netback to the delivery point. Price is modelled across the cycle with the premium and quotational structure the metal actually trades on, and the offtake is tested against real counterparty and Incoterms assumptions. The discount rate carries the jurisdiction. The output is a DCF/IRR a board and a lender can both stand behind, with the sensitivities that show where the case actually turns.
Track record
MSE has built diligence, valuation and investor materials across metals, mining and industrial-mineral assets — DCF/IRR modelling, capital structuring and offtake logistics, from primary resource through to delivered netback.
Mandate format
How an engagement is structured
Advisory mandate
Independent valuation and economic due diligence — modelling, netback and sensitivity analysis for an investment or offtake decision.
Execution mandate
Full project-origination support — investor materials, capital structuring and negotiation through to a financeable position.
Engaged as a commission agent under the Swiss Code of Obligations, Art. 425–438. Fee structure — retainer and/or success fee — agreed per mandate.
Engage MSE
Discuss a mandate
If you are weighing capital against a commodity asset or offtake, MSE will build the economic case and show you where it turns.
Start a confidential discussion →