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Apex is targeting superior returns through its fully diversified strategy and flexible investment mandate

Royalties are the primary investment instrument complemented by:

A flexible approach to structuring to unlock transactions

Streams/offtake contracts considered for appropriate returns

Small equity/debt investments to facilitate a broader royalty transaction

A diversified strategy allows Apex to capitalise on mispriced opportunities throughout the commodity cycle

Apex is diversified across three planes:

Commodities Diversification

All commodities, excluding coal
Preference for mainstream and future facing commodities
Niche commodities if a clear value creation opportunity

Geography Diversification

Global mandate with appropriate risk-adjusted returns
Focus on established royalty jurisdictions
Preference for OECD countries

Asset stage Diversification

Diversification across the asset life cycle
Preference for production/near production assets

Diversification drives a cycle of enhanced returns

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Commodity, geography & asset base

Competitive advantage in acquisitions

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Higher Quality Of Earnings & Lower Volatility

Lower Cost Of Capital

Debt & equity

Diversified model allows Apex to access higher return transactions in overlooked industry segments

The majority of mining royalty and streaming companies focus on gold and precious metals, despite these metals only accounting for ~25% of annual mining revenues. With roughly three quarters of the mining industry relatively overlooked, this provides Apex with comparatively less competition for transactions and the opportunity to make counter-cyclical investments.