Interview trainerQuestions with model answers, timed drills and mock interviews.Excel casesGuided modelling exercises, with a starter file and a worked solution.QuizTest yourself on the whole course.

FormulasEvery calculation of the course on one page.GlossaryThe terms of mining and finance, with flashcards.CalculatorsProject NPV, streams, accretion and grade, each on a worked example.HistoryHow mines were financed, from Laurion to today.

NewsMining M&A news, dated and sourced, updated every Monday.Deals and financingsLandmark takeovers and recent raises, streams and royalties.ScreenerForty listed miners compared on size, costs and cash.GlobeMines, deals and country risk on a 3D globe.

Glossary / NOPAT

Mining finance glossary

NOPAT

Net operating profit after tax: EBIT × (1 − tax rate).

Where the course uses it

Lecture 8: Valuation by comparison: trading comps and precedent transactions
Lecture 9: The DCF, part one: from free cash flow to value per share

Related terms

Practise with flashcards All terms

Previous: Noncontrolling interest Next: NPV

A course in mining M&A and finance, from first drill hole to closing.

For learning only. Rounded figures, simplified models. Not investment advice.

Learn

The path
Finance from zero
Mining finance
Interview trainer
Excel cases
Interview questions
Formulas
Glossary
Quiz
History

Markets

News
Deals and financings
Screener
Globe
Calculators

Account

My account
Premium

Legal

About
Legal notice
Privacy
Terms of use and sale

The mining finance course

The life cycle of a mine
Resources and reserves
Reading a technical report
Metal markets
Valuing a mine
Building a mine model
Funding a project
Due diligence
The M&A process
Risk and jurisdiction
Case study: Newmont and Newcrest
Case study: Glencore and Xstrata
Case study: Barrick, Randgold and Nevada
Case study: BHP and Anglo American
Case study: Anglo American and Teck

© 2026 Drill and Deal