APPIAN CAPITAL ADVISORY LLP

Thesis

Appian Capital Advisory LLP is a London-headquartered investment firm established in 2011, specializing in providing long-term capital to companies within the metals and mining sector globally. The firm's investment thesis centers on acquiring small to medium-sized assets or companies in this sector, aiming to create significant value through a hands-on, value-build approach. They target assets with robust return profiles, often at advanced greenfield, brownfield, or expansion stages, and generally invest in regions with geological potential, supportive governments, and a robust legal framework. Appian's strategy involves providing capital from advanced exploration through to production, leveraging its in-house technical and financial expertise to de-risk projects and accelerate development. Appian operates as a private equity and credit platform, investing across select geographies and commodities, with a particular emphasis on North America, Latin America, Australia, and African countries. Their investment mandate is scalable and aims to acquire quality assets, matching them with long-term capital and operating expertise. Appian provides flexible capital solutions, including loan facilities, royalties, and streams, in addition to equity investments. For equity investments, Appian typically targets a deployment range of USD 100 million to USD 300 million, while on the credit side, the investment range is generally between USD 75 million and USD 200 million. The average holding period is approximately five years, with flexibility. As of October 2025, Appian had approximately US$1.0 billion in total commitments to Appian EM Fund LP and a US$400 million hard-cap close for Appian Credit Strategies I. More recent reports indicate that Appian manages approximately US$5 billion in assets. The firm has raised a tota