Mining raise: the data room for exploration and development capital
A mining raise is judged on geology first. Investors, streaming and royalty companies and project lenders read the technical report, drill data and assays, the mine plan, permits and community agreements, and the capital cost estimate.
- 5 yearsMinimum relevant experience for a qualified person under 17 CFR 229.1300
Folder index
- 01 Company and project overview Corporate presentation, capital structure, use of proceeds.
- 02 Technical reports Technical report summary or NI 43-101 report, qualified person consents.
- 03 Geology data Drill hole database, assay certificates, QA/QC data, sections and models.
- 04 Mine plan and studies Scoping, prefeasibility or feasibility study, metallurgical test work.
- 05 Tenure Claims or concessions, title opinions, royalty and stream encumbrances.
- 06 Permits and environment Permit status, baseline studies, closure plan and bonding.
- 07 Community Community and indigenous agreements, consultation records.
How this raise works
Exploration companies usually raise equity in stages, from private placements and specialist resource funds to strategic investors. Development projects add royalty and streaming finance, offtake prepayments, equipment finance and project loans. Each stage needs more technical certainty than the last.
US reporting companies disclose mineral resources and reserves under subpart 1300 of Regulation S-K, which requires work by a qualified person: a mineral industry professional with at least five years of relevant experience and membership in a recognized professional organization. Resources are split into measured, indicated and inferred, and only measured and indicated resources can convert to reserves. Canadian-listed companies use NI 43-101, which works on similar lines.
Beyond geology, investors check tenure and permits, water and power supply, community and indigenous agreements, environmental baseline studies and closure costs. Technical reviewers will want raw drill data and assay certificates, not just summaries.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Raise workflow carries the most weight here.
- Investor tracking 22%
- Permission control 23%
- Raise workflow 25%
- Investor onboarding 14%
- Cost of a raise 16%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
Content cloud with watermarks and signing, priced per user.
Price $15 a user a month Trial Free trial available Features 9 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed
Places 11 to 16: SmartRoom (7.1), DealRoom (7.0), ShareVault (6.9), Venue by DFIN (6.4), Digify (6.1), DocSend (5.7)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Company and project overviewCorporate presentation, capital structure, use of proceeds.
- 02 Technical reportsTechnical report summary or NI 43-101 report, qualified person consents.
- 03 Geology dataDrill hole database, assay certificates, QA/QC data, sections and models.
- 04 Mine plan and studiesScoping, prefeasibility or feasibility study, metallurgical test work.
- 05 TenureClaims or concessions, title opinions, royalty and stream encumbrances.
- 06 Permits and environmentPermit status, baseline studies, closure plan and bonding.
- 07 CommunityCommunity and indigenous agreements, consultation records.
- 08 InfrastructurePower, water, access road and port arrangements.
- 09 FinancialsFinancial statements, capital and operating cost estimates, model.
- 10 CommercialOfftake, streaming or royalty term sheets.
- 11 Q&ATechnical and commercial questions with answers.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | Intralinks | SecureDocs |
|---|---|---|---|---|---|---|---|
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Drag-and-drop folders | An entire numbered folder tree goes up in a single drop, structure intact. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. | ||||||
| View-only files | Files can be read but not saved or printed, and the setting can change mid-raise without a new invite. |
Setting up the room
- 01
Package raw data
Upload the drill database and assay certificates in their native formats with a data dictionary.
- 02
Link the qualified person
Put the current technical report and the qualified person consent at the top of the technical folders.
- 03
Show encumbrances
List existing royalties and streams clearly. They change the value every new investor receives.
- 04
Protect geology files
Drill data is the company's core asset. Restrict downloads and watermark views for early-stage readers.
- 05
Plan site visits from the room
Use Q&A to schedule site and core shed visits for serious investors.
Common mistakes
- Mixing inferred resources into economic studies without clear disclosure.
- Technical reports that are out of date for the current drilling.
- Leaving existing royalties or streams out of the summary.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
Who reviews a mining data room?
Geologists and mining engineers for the investor, metallurgists, environmental and community specialists, and lenders' independent engineers at development stage.
Should raw drill data be shared?
Yes for serious investors, under NDA and view controls. Technical reviewers rarely rely on summaries alone.
What is a stream?
An upfront payment in exchange for the right to buy a share of future metal production at a set price. It is common in mine development finance.