Siebe Breed

There’s been a quiet but large shift in exploration funding overnight and, honestly, most people will miss why it matters. Fabian Baker, Dave Fincham & Andrew Tunningley have just launched FrontierX®. It’s a private exploration company funded entirely by major mining companies. Not one. Multiple. And they’re not passive shareholders sitting on the register. They’re involved from day one as real partners. That alone changes the game of the early stage exploration model. FrontierX® isn’t dealing with quarterly reporting cycles, market noise, or the constant pressure to “do something” on Hotcopper for a headline. No rushed capital raises because the broker told you so. No twinning holes just to keep the market warm. It’s proper exploration, run at the right pace, with money allocated in stages and decisions made around geology, not optics. The ownership structure is what really makes it work. The company is privately held by management. The partners fund the work at cost and take majority ownership of any discoveries. FrontierX keeps a royalty and can move on assets that don’t meet partner thresholds. It’s basically the opposite of the typical junior model, where incentives can drift toward share price management instead of finding something real. And having more than one major backing the same exploration vehicle? That almost never happens. If it does, it’s usually a sign something structurally different is going on. I’ve known Fabian for a long time. He gave me my first real shot in this industry, and I’m proud to call him a mate. What he’s building is the sort of thing everyone agrees the industry needs, but very few people actually try, because it’s hard and it only works if you’ve genuinely made discoveries before and have the capabilities the majors will support. Most exploration companies are set up to raise money. FrontierX is set up to make discoveries. That’s the difference. We talk a lot about the industry’s discovery problem. This is what a real attempt at solving it looks like. Aligned capital, no public market noise, and teams that can just get on with the job. Congrats on the launch, guys, I'm very proud. Definitely one to watch. Make sure to check out there website lnkd.in/g-wXd6v8 If you want more of my thoughts on the resource sector, you can sign up to my weekly newsletter here: kamoacap.com