See before you drill.
We share the risk in the ground we scan.
For capital-constrained explorers, VEXRAD can provide ADR survey work in exchange for a stake in the project — not just a fee. When our science helps de-risk your target, we succeed alongside you.
Why survey-for-equity
Targeting insight without the upfront cash
Junior explorers face the same bind: the survey work that would sharpen a drill programme competes for the same scarce capital as the drilling itself. Cash spent de-risking is cash not in the ground.
Survey-for-equity breaks that trade-off. VEXRAD contributes ADR survey work — virtual boreholes, depth-tagged material classification, target ranking — and takes its return as a stake in the project rather than a cheque up front.
We don’t operate projects. We back the ground our technology helps prove.
Where it fits best
- Pre-raise juniors protecting a tight treasury
- Drill-ready projects needing sharper target selection
- Programmes with a near-term value catalyst
- Operators who’d rather share upside than spend cash
- Critical minerals, geothermal, uranium, lithium and water plays
The spectrum of structures
One principle, several ways to align
Survey-for-equity is the headline, but the right structure depends on your stage, your tenure and how you’d rather share risk and reward. Most real deals blend two of these.
Survey-for-equity
We deliver an ADR survey or programme in exchange for shares in the project or company.
Fits: cash-constrained juniors who want targeting insight now and can share equity.
Farm-in
We earn a defined interest in a licence by funding and delivering survey work to an agreed spend or milestone.
Fits: earlier-stage ground where a staged, milestone-based earn-in suits both sides.
NSR royalty
We take a net smelter return royalty in return for survey work — no equity dilution, paid from future production.
Fits: companies protective of their cap table who prefer a production-linked share.
Incorporated JV
A jointly-owned entity holds the interest, with defined contributions, governance and exit terms.
Fits: larger or multi-target programmes that warrant a formal joint vehicle.
Success fee
A reduced or deferred cash fee plus a bonus tied to a defined success event — discovery, resource or financing.
Fits: partners who can cover some cash and want to share the upside.
Hybrid
A tailored mix — part cash, part equity, part royalty — built around what each side needs from the deal.
Fits: most real partnerships, once the shape of the project is clear.
How we select
We take stakes selectively — and say so
Sharing risk means we can’t back everything. Every opportunity is screened against six criteria before we commit survey work for a stake. The discipline protects both sides.
Geological merit
A real, ADR-suited target — the right depth, contrast and materials for the technology to add value.
Tenure & data
Secure licence or tenure and enough existing data for us to assess the opportunity honestly.
Team & track record
A credible operator with the capacity to act on results and carry the project forward.
Clear catalyst
A near-term value event our work can influence — a drill decision, resource upgrade or financing.
Structure fit
A deal structure that genuinely aligns both parties and stands up legally and commercially.
Upside vs. contribution
Material upside proportionate to what we put in — and a fit with our delivery capacity.
The pathway
From first look to aligned partnership
A clear, staged route so both sides know exactly where a conversation stands.
First look
You share the project; we screen it against the six criteria.
Technical review
A desk assessment of ADR suitability for your target.
Via an Opportunity Report ›Structure & terms
An indicative structure and heads of terms for the partnership.
Due diligence
Mutual due diligence — data room, tenure and technical checks.
Definitive agreement
Legal documentation and completion of the agreed structure.
Survey & partnership
We deliver the ADR programme and share in the outcome.
Our interests are aligned by design. We only take a stake where we believe the target is real — so a “no” from us is as honest as a “yes”.
Start a conversation
Tell us about your project
Share the essentials and we’ll come back on whether it fits — and which structure might suit. Everything is treated in confidence. Prefer to talk first? Email gstove@vexrad.com.
Structures shown are indicative and illustrative only. Any partnership is subject to due diligence and definitive written agreements. Nothing on this page is an offer of securities or investment, financial or legal advice.