Institutional brief.
A structurally senior US$165M commitment into Cascade Natural Resources for an 15.4% look-through stake in the Longonjo rare-earth asset.
Revised Commitment
US$165M
Primary Capital Injection
Look-Through Stake
15.4%
in Longonjo (via 50% CNR Equity)
Target Asset Valuation
$4.86 – 4.88B
Re-rated Institutional Comparable
Base Case Target Return
4.54x
MoIC · US$748.4M Implied Value
Capital deployed against verifiable milestones
Three sequenced tranches mapped to the cash-flow profile — capital for each phase is deployed at the beginning of that phase, with every dollar tied to a measurable execution gate.
Deployment Chronogram
12-month capital release window · funding deployed at the start of each phase · May 2026 → Apr 2027
Tranche 01
US$41.57M
Tranche 02
US$64.59M
Tranche 03
US$58.84M
A three-phase distribution waterfall with senior priority
Investor capital is returned before any value flows to founders — a structural floor underwriting the 4.54x base case.
Priority Payback
1.5x MoIC Return Floor
New Investor has 1st right on 100% of all cash distributions flowing into CNR until reaching exactly US$247.5M in distributions.
Investor Hurdle
US$247.5M
Founders Catch-Up
100% to CNR Founding Shareholders
Once Investor reaches US$247.5M, distributions redirect 100% to CNR Founders until their distributions equal the Investor hurdle.
Founders Catch-Up Target
US$247.5M
Infinite Horizon Split
20-year Life of Mine
All residual distributions for the remaining LOM split flat 50% / 50% between Investor and Founders.
Permanent Split
50 / 50
Stress-test the position across valuation pathways
Toggle between Serra Verde base comparables and the 50% conservative case to see live impact on TEV, position value, MoIC and IRR.
Valuation Lens
Implied Longonjo TEV
Total enterprise value of the asset
Investor Position Value
15.4% look-through ownership
Multiplier on $165M Ticket
Money-on-Invested-Capital
Estimated Project IRR
Nasdaq listing pathway up to Q2 2027 · 1.5x MoIC priority floor
41,316 tonnes of JORC-audited Dy₂O₃, inside a U.S.-funded corridor.
The heavy rare earth element underpinning Western defense systems and EV traction motors — de-risked by the U.S. Export-Import Bank backed Lobito Infrastructure Corridor.
41,316 t
Confirmed JORC Dy₂O₃ Resource
Defense-Grade
Western EV & Defense Supply
Lobito Corridor
U.S. EXIM-Backed Infrastructure
Indicative commitments welcomed ahead of June 5th.
We are coordinating allocations through early June to align with the EPCM mobilization window. Reach out at your convenience to discuss participation, request diligence materials, or schedule a call with the deal team.
Access code: atlantic2026