Sable Research / Our approach
Mining research,
from the ground up.
Boutique mining equity research for professional investors who want to understand what sits behind a valuation.
From the deposit to the shareholder.
Sable Research connects geology, mine plans, operating costs and capital requirements to company value. We publish company research and build asset level models that let investors examine how a change in commodity prices or operating assumptions affects the investment case.
The service is designed for professional investors doing their own diligence. It combines technical detail with the company-level questions that matter: what can the assets generate, what capital do they need, and how much of that value reaches shareholders?
Mining Research, Ground Up
Review production schedules, grades, recoveries, operating costs and capital expenditure. Keep disclosed reserves and resources separate from additional house assumptions.
Follow the value.
Connect attributable asset value to debt, cash, royalties, streams and dilution. Compare the company with its underlying assets and funding requirements.
Test the assumptions.
Explore commodity-price and valuation scenarios. A model is a way to examine uncertainty, not a promise of a future share price.
Evidence first. Assumptions visible.
Issuer filings, technical reports and operating disclosures provide the source evidence. House forecasts are estimates and can differ from company guidance. Read each report's dates, scope, sources and disclosures before relying on an output.
Coverage varies by asset. An exploration reference, a historical study and a complete operating model provide different levels of evidence. A recent market price does not mean every reserve estimate or cost assumption is equally recent.
Read our research disclosures →Before you subscribe
Who is Sable Research for?
Professional investors, analysts and experienced mining investors who want detailed company and asset research to support their own investment process. The research is general information and does not consider an individual reader's objectives or finances.
Can I read research for free?
Yes. Selected articles are available in free research. Other research and tools require a membership. The membership page describes the current offering.
What makes the approach useful?
The analysis starts with mine economics and follows through to the listed company. You can inspect the drivers of value rather than relying on a headline target alone.
Who publishes the research?
Sable Research is operated by a Norwegian-registered business with a secondary operating address in Australia. Individual reports should be read alongside their author and conflict disclosures. Contact us about research, sources or membership.