Recorded on July 9 2026 at the Rick Rule Symposium
David Rhodes, Managing Director of Endeavour Financial, joins Andy Millette to explain how mining finance has changed as traditional banks retreat from single-asset mine development. Rhodes draws on more than 30 years in global mining finance and over US$10 billion in arranged funding to break down the rise of private credit, private equity, royalties, streams, and government-backed capital.
The discussion examines why critical-mineral policy is bringing government lenders back into the sector, including US Export-Import Bank financing for domestic projects. Rhodes also explains how Empress Royalty targets smaller royalty and streaming transactions that larger competitors often overlook, why that niche can produce stronger returns, and how the structure can help mining companies avoid equity dilution and restrictive debt.
The conversation then turns to artificial intelligence and how mining-finance teams are using historical drilling data and global databases to identify overlooked projects, royalty opportunities, and potential transactions in seconds. David also discusses capital discipline, revenue growth, and what separates viable mining-finance opportunities from deals that should be avoided.
Key Topics
- Why commercial banks left mining finance
- Private credit and private equity filling the gap
- Government funding for critical minerals
- US Export-Import Bank mine financing
- Royalty and streaming structures
- Empress Royalty’s smaller-deal strategy
- Avoiding equity dilution and restrictive debt
- AI-assisted mining deal sourcing
- Capital allocation and project due diligence
David Rhodes and Endeavour Financial
https://endeavourfinancial.com/
https://endeavourfinancial.com/who-we-are/advisory-team/david-rhodes/
https://empressroyalty.com/
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
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Chapters
00:00 Mining finance cold open
00:50 Andy Millette introduces David Rhodes
01:21 The major shift in mining finance
01:44 Why commercial banks left mining
02:30 Royalties and streams become mainstream
02:43 Government money enters critical minerals
03:48 US government mine financing
05:24 Government lending and bureaucracy
06:38 Private credit fills the funding gap
07:03 Empress Royalty enters the discussion
07:38 The overlooked smaller-deal market
09:53 Comparing royalty financing returns
11:00 How mining-finance deals are sourced
12:12 A practical mine-expansion example
12:29 AI begins finding mining opportunities
15:50 How investors and companies can connect
16:48 Revenue growth and available capital
17:32 Closing thoughts
Millettian
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