What sets mining deals apart
Mineral rights in the United States may be held separately from surface rights, and on federal land many projects rest on unpatented mining claims that give possessory rights and require ongoing maintenance to stay valid. Title diligence therefore involves county records, federal records kept by the Bureau of Land Management, and often a review of claim maintenance history. Permitting can take a long time and involve federal, state, and local agencies, and recent federal efforts to speed review for some critical minerals projects have not removed that complexity. Environmental liabilities from past operations can follow the property, which matters to buyers and lenders. Foreign investors may face national security review, especially for critical mineral assets. Lenders and royalty holders typically want their own security over the property, so the order and terms of existing liens deserve attention before anyone signs.
Information a buyer or investor needs
Collect title reports, claim maps, leases, and records showing that maintenance fees or work requirements were met. Technical reports, resource estimates, and the qualifications of those who prepared them help assess value, although forward-looking figures carry uncertainty. Permits, environmental studies, reclamation bonds, and any notices of violation describe the regulatory position. Existing royalty, streaming, and offtake agreements can affect cash flow for years. Relationships with local communities, tribal governments, and landowners often influence timelines and should be understood early.
Questions we address first
We start by identifying what is actually being transferred: claims, leases, a company, a royalty, or a supply commitment. The structure affects which consents are needed, whether permits transfer, and which liabilities move with the asset. For royalty and streaming deals, we look at how payments are calculated and what protections exist if the operator runs into trouble. Offtake agreements raise questions about pricing formulas, quality specifications, and what happens when a mine falls short of projections. Cross-border investors also need to consider export controls, tariffs, and where disputes will be resolved.
