Financial Modeling for Mining
Financial Modeling for Mining
Financial Modeling for Mining: Learn Project Finance Modeling for Natural Resource Projects
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Financial Modeling for Mining: Learn Project Finance Modeling for Natural Resource Projects

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Financial Modelling for Mining Companies - Novice to Expert
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Project Finance & Natural Resources

Master Financial Modeling for Mining Projects

Go from a blank Excel sheet to a sophisticated, bankable project finance model. Learn to structure debt, analyze investment returns, and evaluate operational scenarios for real-world mining assets.

14.5 Hours Video 216 Resources
Course Objective

From Blank Sheet to Bankable Model

Project finance models for mining are used to assess the risk-reward of lending to and investing in mining projects. The project’s debt capacity, investment returns, and financial feasibility depend on expected future cash flows generated by the mining project itself.

In this course, you will go from a blank Excel workbook to a financial model suitable for investment analysis, debt structuring, and operational scenario evaluation. By the end, you will be able to build complex, real-life project finance models specifically for the mining industry.

What You Will Learn

Build a project finance model from scratch in Excel for mining projects
Model Reserve Accounts: Debt Service (DSRA), Maintenance, Working Capital, and ARO
Create best practice Macros & VBA to break circularities
Size debt based on multiple covenants (DSCR, LLCR)
Model Mini-perm debt structures with refinancing facilities
Account for financing fees during construction and operation
Incorporate Tax & Accounting (ARO, Unit of Production depreciation, NOLs)
Advanced concepts: Flexible timing, Cash sweeps, and Equity Bridge Loans
Understand how mining projects get developed and financed
Evaluate operational scenarios and investment returns

From Scratch

Start with a blank workbook. No "black box" templates. Learn to build every formula and link yourself.

Sector Nuances

Master mining specifics: Asset Retirement Obligations, Unit of Production depreciation, and grade processing.

Debt Structuring

Model complex facilities: Mini-perms, refinancing, equity bridges, and covenant-based sizing (DSCR, LLCR).

VBA & Macros

Write robust VBA code to handle circular references like interest during construction and tax loops.

Detailed Syllabus

Explore the complete lecture list and video durations.

1

Industry Foundation & Mining Basics

Introduction • Mining Lifecycle • Methods • Processing • Construction
Introduction & Basics
  • Introduction to the Course 02:45
  • Review of the Case Study 09:53
  • Mining Resources 00:26
  • Mine Life Cycle 07:04
  • Basics of Geology 05:33
  • Exploration 05:37
  • Resources Estimation 04:39
  • Resources and Reserves Classifications 03:32
Methods, Processing & Construction
  • Mining Methods (Open-Pit & Underground) 11:14
  • Processing Base Metals 11:40
  • Concentrate Sales 10:04
  • Construction Contracts in Mining 12:09
2

Financing Framework & Excel Toolkit

Debt Sizing • Waterfalls • Excel Best Practices • Timeline Modeling
Financing & Debt Sizing
  • Financing Options & Sources of Capital 16:32
  • Mining Project Finance 06:15
  • Debt Sizing Example 15:57
  • Cash Flow Waterfall 02:45
  • Mini-Perm Loan Overview 04:16
Excel Refresher & Timeline
  • Calculations In Blocks & Daisy Chains 14:18
  • Excel Shortcuts & Anchoring 11:44
  • Advanced Functions (IF, LOOKUP, SUMIF) 16:34
  • Modeling Flexible Dates & Flags 38:00
  • Modeling Delays & Operations Start 18:13
3

Operational Modeling

Mining Operations • Revenue • Operating Costs • Working Capital
Mining & Production
  • Modeling High-Grade Ore Mining 11:39
  • Total Earth Moved 06:45
  • High-Grade Ore Milling 07:57
  • Stockpiling Ore & Contained Gold 17:21
  • Modeling Gold Production 04:12
Revenue, OpEx & Working Capital
  • Revenue: Offtake & Spot Sales 15:14
  • Escalation Factors & Fixed Costs 15:48
  • Drill, Blast, Processing & Maintenance 11:37
  • Inventory & Accounts Receivable 17:33
  • Modeling Hedging Gains/Losses 07:04
4

Financial Statements & Tax

PP&E • Depreciation • NOLs • Equity • Cash
Assets & Depreciation
  • Modeling PP&E 13:26
  • PP&E Tax Depreciation 08:43
  • Replacement Capex Tax Depreciation 05:33
Tax & Equity
  • Operations Year Counter 05:43
  • Net Operating Losses (NOL 1 & 2) 19:25
  • Modeling Equity, Cash and Dividends 12:37
5

Advanced Debt Structuring & Reserves

Construction Loan • Mini-Perm • Refinancing • DSRA • MRA • Cash Sweeps
Debt Facilities
  • Debt Sizing & Reserve Tail 07:18
  • Sizing Construction Loan 06:41
  • Mini-Perm: Interest, Repayments & Sweep 25:59
  • Sizing Refinancing Facility 10:13
  • Modeling Standby Credit Facility (SCF) 24:23
Reserve Accounts (DSRA / MRA / ARO)
  • DSRA Target, Deposits & Releases 12:28
  • Cash Sweep Macro 08:05
  • Maintenance Reserve (MRA) Modeling 23:21
  • Asset Retirement Obligation (ARO) 13:17
  • Working Capital Reserve 14:41
6

Output & Analysis

Valuation • Error Checks • Scenario Manager
  • Project Valuation 12:07
  • Building the Check Sheet 10:09
  • Scenario Manager Implementation 08:17
Student Success

What Our Students Say

"This course bridges the gap between theory and real-world application. The circularity breakers and debt sizing macros are exactly what I needed for my job in project finance."

JD
James D.
Investment Banking Analyst

"Excellent breakdown of mining-specific tax and royalty modeling. The instruction on Asset Retirement Obligations (ARO) was particularly clear and useful."

SM
Sarah M.
Corporate Development Manager

"I went from knowing basic Excel to building a full bankable model. The step-by-step approach starting from a blank sheet is the best way to learn."

AL
Alex L.
Financial Consultant

Who Should Enroll?

This course is tailored for professionals working at the intersection of finance and natural resources.

Typical Students Include:

Analysts Managers Senior Managers Associate Directors Financial Advisors Financiers CFOs

Banking & Finance

Investment Bankers, Financiers, and Financial Advisors dealing with resource transactions.

Investment Management

Private Equity Associates and Infrastructure Fund Managers evaluating mining assets.

Corporate Development

CFOs, Finance Managers, and Analysts within mining companies.

Prerequisites

  • Previous exposure to Excel in a financial modeling context.
  • Basic knowledge of investment metrics (NPV, IRR).

Ready to start?

Frequently Asked Questions

Do I need advanced Excel skills to take this course?
No, advanced skills are not required. However, you should have previous exposure to Excel in a financial modeling context and a basic understanding of investment concepts like NPV and IRR. We include a "Modeler's Toolkit" phase to review essential functions and shortcuts.
What software do I need?
You will need Microsoft Excel. A version that supports modern functions (Office 2016 or newer / Office 365) is recommended for the best experience.
Do I get access to the completed financial model?
Yes! You will receive 216 downloadable resources, including the blank templates, intermediate versions for each module, and the final, fully functional "Gold Mine" project finance model.
Is this course suitable for non-mining professionals?
Absolutely. While the context is mining, the project finance techniques (debt sizing, waterfalls, circularity breakers) are highly transferable to other infrastructure and energy sectors.

What's Included

14.5
Hours Video
38
Articles
216
Resources
24/7
Access

Enroll in Financial Modeling for Mining

Join thousands of analysts and managers mastering project finance today.

Enroll Now

Lifetime Access

58 reviews for Financial Modeling for Mining: Learn Project Finance Modeling for Natural Resource Projects

  1. Michael Harris
    Modeling mini-perm debt in this course was a game-changer for me.
    Helpful? 0 0
    Frank Jimenez
    My Excel skills improved drastically thanks to this course.
    Helpful? 0 0
    Shawn Simpson
    By far the most thorough course on mining project finance.
    Helpful? 0 0
    William Hernandez MD
    As someone working in project finance, this course helped me finally understand how to size debt and structure models in the mining context.
    Helpful? 0 0
    Joshua Hernandez
    This course gave me the exact tools I needed to build and analyze complex mining models. The Excel sections were incredibly practical and hands-on.
    Helpful? 0 0
    Charles Gonzalez
    The Excel automation and circularity-breaking macros were worth the price alone.
    Helpful? 0 0
    Andrew Gould
    Helped me build a real model for a gold project we’re pitching to investors.
    Helpful? 0 0
    Bryan Sanders
    Step-by-step instructions made complex topics approachable.
    Helpful? 0 0
    Steven Hayes
    Reserve tail date logic was explained excellently.
    Helpful? 0 0
    Austin Boyer
    Depreciation, NOL, and replacement capex modules were brilliant.
    Helpful? 0 0
    Richard Reynolds
    Finally, a course that covers both technical mining concepts and financial modeling.
    Helpful? 0 0
    Jacob Hinton
    Practical content, real-world pace, and excellent support materials.
    Helpful? 0 0
    Kevin Shelton
    Covered both theory and real implementation—rare to see both done well.
    Helpful? 0 0
    Joseph West
    Gave me confidence to handle financial discussions with investors.
    Helpful? 0 0
    Antonio Smith
    Refined how I approach project risk with better assumptions.
    Helpful? 0 0
    Mr. Austin Miller
    Highly recommended to anyone dealing with mining project evaluations.
    Helpful? 0 0
    Mark Bennett
    Clear explanations and excellent structure. This course is worth every penny for anyone in mining finance.
    Helpful? 0 0
    Nicholas Kline
    Fantastic for understanding DSRA, MRA, and reserve accounts in depth.
    Helpful? 0 0
    Michael Simmons
    Wish I had taken this course earlier in my finance career.
    Helpful? 0 0
    William Cooper
    Excellent pacing and real-world examples. I’ve already used the concepts from the course at my firm.
    Helpful? 0 0
    Terry Wells
    I've built a full working model from scratch thanks to this course.
    Helpful? 0 0
    Gary Perry
    I’ve taken several modeling courses before, but none this specific to mining. The reserves, DSRA, and tax modeling modules were a highlight.
    Helpful? 0 0
    Joseph Jones
    Most practical application of Excel for mining I’ve seen.
    Helpful? 0 0
    David Williams
    Gave me a framework I can reuse for all projects.
    Helpful? 0 0
    Joshua Carter
    Learning to model hedging was more insightful than I expected.
    Helpful? 0 0
    William Roberts
    The valuation and scenario sheet was exactly what I needed for board meetings.
    Helpful? 0 0
    Marc Williams
    The best part was the working capital and hedging cost modules – very clear and actionable steps.
    Helpful? 0 0
    Richard Higgins
    A must-have for financial advisors in the mining sector.
    Helpful? 0 0
    Adam Hernandez
    Really liked the mini-perm and refinancing sections. It was also great to see full scenario planning built into the model.
    Helpful? 0 0
    Joshua Clark
    Mini-perm and refinancing are now part of all my models.
    Helpful? 0 0
    Steven Bowman
    Made me rethink how we approach mining cash flow forecasting.
    Helpful? 0 0
    Michael Rios
    The best finance modeling course focused on mining—period.
    Helpful? 0 0
    Theodore Williams
    Very detailed approach to modeling timelines and flags.
    Helpful? 0 0
    Justin Potts
    The course goes from basics to very advanced topics. I appreciated how it tied Excel techniques directly to mining project logic.
    Helpful? 0 0
    Albert Williams
    Tax modeling was complicated before—this course made it easy to apply.
    Helpful? 0 0
    Gregory Wiggins
    Loved the flexibility in the Excel timeline design—it applies to any project.
    Helpful? 0 0
    Casey Meyer
    The cash sweep provisions were explained better than anywhere else.
    Helpful? 0 0
    Jesse Sparks
    From exploration to cash flow, this course connects all the dots in a practical way.
    Helpful? 0 0
    James Miller
    I now feel confident presenting models to senior management. This course gave me exactly what I needed.
    Helpful? 0 0
    William Garcia
    Very useful if you’re in private equity and investing in mining.
    Helpful? 0 0
    Matthew Russo
    The included Excel files were full of shortcuts and smart techniques.
    Helpful? 0 0
    Joseph Davis
    My favorite part was modeling the depreciation with unit of production method.
    Helpful? 0 0
    Mitchell Smith
    Detailed treatment of asset retirement obligations—very useful.
    Helpful? 0 0
    Michael Stewart
    Clear visuals and structure made learning fast and easy.
    Helpful? 0 0
    Mr. Bradley Swanson DVM
    Break-even and return modeling were particularly strong here.
    Helpful? 0 0
    Robert Lopez
    My favorite training investment of the year.
    Helpful? 0 0
    John Lamb
    Incredible clarity in modeling PP&E and operational capex.
    Helpful? 0 0
    Stephen Simpson
    Crystal clear breakdown of loan structuring and interest modeling.
    Helpful? 0 0
    John Hoffman
    Very detailed and well-organized. The case study approach was perfect for applying concepts in real-time.
    Helpful? 0 0
    David Moore
    Refinancing facility module helped me understand debt strategies better.
    Helpful? 0 0
    Matthew Williams
    Perfect for professionals needing to analyze project feasibility.
    Helpful? 0 0
    James Miles
    Unit of production depreciation finally makes sense after this course.
    Helpful? 0 0
    Shawn Carroll
    After this course, my models are actually presentable.
    Helpful? 0 0
    David Walsh
    Mining valuation with flexibility—finally done right.
    Helpful? 0 0
    Aaron Lee
    Superb course. The instructor clearly understands mining finance.
    Helpful? 0 0
    James Perry
    This course should be a standard in any mining CFO’s toolkit.
    Helpful? 0 0
    Mark Oliver
    I learned how to incorporate financing fees with precision.
    Helpful? 0 0
    Dwayne Howard
    The scenario manager built at the end is genius.
    Helpful? 0 0
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