Portfolio
We hold minority interests in three publicly listed exploration companies. None of these positions is controlling, and we hold no board or management role in any of them. The portfolio is being built over a period of years and we expect it to grow.
The summaries below are drawn from the companies' own public disclosure. They are provided to illustrate the type of situation we invest in. They are not a recommendation, and they should not be relied upon as a description of any company's affairs — for that, refer to the company's own filings.
Each summary is dated. We update them periodically and they will not always reflect the most recent announcement.
Ongwe Minerals
- Listing TSXV: OGW
- Jurisdiction Namibia
- Commodity Gold
- Stage Discovery-stage exploration
- Project Omatjete, Northwest Damara Belt
Ongwe is a district-scale proposition rather than a single-target one. Its ground lies along a structural corridor in the Northwest Damara belt of Namibia that has already produced one significant recent gold discovery, with more than eighty kilometres of strike still unsampled. The company has defined two separate multi-kilometre gold-in-soil anomalies sixteen kilometres apart — the signature of a mineralised district rather than an isolated occurrence — and Namibia is among the more straightforward African jurisdictions in which a junior can hold and renew title.
Information as at 21 August 2026
Greenheart Gold
- Listing TSXV: GHRT · OTCQX: GHRTF
- Jurisdiction Suriname and Guyana
- Commodity Gold
- Stage Early-stage exploration
- Project Majorodam, Igab, Tosso Creek and Gold Hill, Guiana Shield
Greenheart applies a Guiana Shield exploration team with a prior major discovery to a portfolio of early-stage orogenic gold targets in Suriname and Guyana — geology that is the direct conjugate of West Africa's Birimian belts, where the same exploration logic applies. A C$59.85 million placement in April 2026 left the company unusually well funded for its stage, removing near-term financing risk and allowing several programmes to run at once. Two substantial strategic mining shareholders sit on the register.
Information as at 21 August 2026
Stellar AfricaGold
- Listing TSXV: SPX
- Jurisdiction Morocco and Côte d'Ivoire
- Commodity Gold
- Stage Discovery-stage exploration
- Project Tichka Est, High Atlas; Zuénoula, Côte d'Ivoire
Stellar is our Moroccan and West African exposure. Tichka Est is a structurally controlled orogenic gold system on an 86 km² permit in the High Atlas — a belt with a long history of mineral working but very little modern systematic exploration. Phase I drilling confirmed that mineralisation mapped at surface continues at depth, which is the first thing a discovery-stage investor needs to establish, and a fully funded 5,000 metre Phase II programme is designed to define the scale of the principal zone. The Zuénoula joint venture adds early optionality on Birimian ground in Côte d'Ivoire at limited cost.
Information as at 21 August 2026
Under assessment
We assess opportunities continuously. Two are currently at the diligence stage and neither has been committed to. Consistent with our practice, we do not identify companies we are evaluating, and we do not comment on discussions that are in progress.