Overview
The RCF Opportunities strategy rests on the belief that meeting the planet’s surging demand for metals, driven by technological innovation, changing demographics, and global electrification and decarbonization objectives, relies on new discoveries and project advancement. To offset the natural risks of early-stage exploration, RCF Opportunities pursues a diversified and relatively unconstrained approach that seeks to lower volatility, flatten the j-curve, and generate realizations during and after the Fund’s investment period.
Investment Highlights

1. Broadest investible universe
- Private and directly negotiated public transactions
- Junior to mid-capitalization mining companies
- Investing across the project development spectrum with broad commodity exposure

2. History of market-leading performance
- Key drivers of returns are resource quality, commodity selection, and industry relationships
- Nimble approach with real-time decision-making to maximize exit realizations and planned for liquidity
- Solid track record of investing and harvesting resulting in out-performance of private and public benchmark

3. Vast in-house technical and investment experience
- Harnessing entire RCF institutional platform with a nimble, fit-for-purpose approach
- Combining top-down commodities expertise with bottom-up technical capabilities
- Multi-disciplinary in-house platform of global mining investment specialists, including the areas of ESG, technical, commodity strategy, HR, commercialization and legal
Meet the Team

Russ joined RCF in 2000 after serving as a mining industry Equity Analyst for Canadian retail and institutional brokerage firms and eight years as a Mineral Exploration Geologist for a number of major international mining companies, the bulk of which was with Kennecott Canada Inc. and Freeport McMoRan Gold Company. He holds a B.Sc. in Geology from the University of British Columbia and is a Professional Geologist.
Russ manages the day-to-day operations of the Opportunities strategy and the global Opportunities investment team. He is the Chair of the Investment Committees of the RCF Opportunities Funds and Resource Capital Fund VII.

Mr. Bishop joined RCF in 2017 following 13 years with Macquarie Bank, based initially in Sydney and then in Vancouver. During this time, he led a range of mining project finance and equity investment transactions across the globe. Joe manages the RCF Opportunities investment team in Australia. He holds a Bachelor of Mining Engineering from the University of New South Wales and a Master of Commerce, Finance from the University of New South Wales – Copenhagen Business School.
Since joining RCF, Mr. Bishop has established a presence for RCF Opportunities in the Australasian region and has implemented or overseen all of the RCF Opportunities I transactions in this region.

Mr. Diermajer joined RCF in 2018. Prior to joining RCF, he worked as a Project Exploration Geologist and Grade Control Geologist with Western Australian iron ore companies and gained exposure to wealth management while completing a finance degree. He holds both a B.S. in Applied Geology and a B.S. in Geophysics from the Curtin University of Technology and a Master of Applied Finance from the University of Western Australia.
Mr. Diermajer quickly established himself as a go-to resource in analyzing and implementing RCF Opportunities transactions across the globe. Early in his tenure, he spent a two-month secondment in Denver to familiarize himself with the broader RCF Opportunities team and Opportunities investment process. He now sources and implements transactions globally.

Ms. Del Greco joined RCF in 2019 having previously worked in various on-site mineral exploration roles throughout eastern Canada. Ms. Del Greco’s previous experience includes field mapping, prospecting, core logging, data interpretation and geological mapping. She holds a B.Sc. in Earth and Planetary Science from McGill University and an M.S. from the School of Earth and Ocean Science at the University of Victoria.
Ms. Del Greco helps screen potential transactions from a geological perspective and leads both early and more advanced stage RCF Opportunities transactions.

Mr. Martin joined RCF in 2019 as an Analyst on the Investor Relations team. In July of 2022, he transitioned to RCF Opportunities as an Associate. Prior to joining the investment side of RCF, Mr. Martin focused on fundraising, servicing RCF’s limited partners, and business development. Mr. Martin holds a B.S. in Finance from Colorado State University and is a CFA Charterholder.
Mr. Martin assists in due diligence on and the implementation of new investments and assists with the management of portfolio companies.
Investment Approach
Combines top-down commodities expertise with bottom-up technical expertise.
Portfolio
RCF Opportunities Fund I Portfolio demonstrates the team’s “go-anywhere” approach investing in a diverse set of commodities and mining projects across the globe.
Click the map markers and legend to learn more about different commodity investments.
Disclaimer
RCF Management LLC (“RCFM”, together with its affiliates, “RCF”) believes the selected case studies should be considered as a reflection of RCF’s investment process and references to a particular portfolio company should not be considered a recommendation of any particular security, investment, or portfolio company. The information provided about these portfolio companies is intended to be illustrative and is not intended to be used as an indication of the current or future performance of RCF’s portfolio companies. For the specific case studies discussed herein, Arizona Sonoran Copper Company Inc., 4B Mining Corporation, and Leichhardt Industrials Group Pty Ltd. were selected as three royalty portfolios out of five royalty investments within RCF Opportunities Fund I L.P. measured by invested capital.
There can be no assurance that the operations and/or processes of the portfolio company as described herein will continue and such processes and operations may change, even materially. The actual investment process used for any or all of RCF’s investments may differ materially from the process described herein. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Certain information was provided by third parties and certain statements reflect RCF’s beliefs as of June 30, 2022 based on prior experience and certain assumptions that RCF believes are reasonable but may prove to be incorrect. The information provided in these case studies is for informational purposes only and may not be relied on in any manner as advice or as an offer to sell or a solicitation of an offer to buy interests in any fund managed by RCF or its affiliates.
Past performance is not necessarily indicative of future results. There can be no assurance that the operations and/or processes of the portfolio companies as described herein will continue, and such processes and operations may change, even materially. The actual investment process used for any or all of RCF’s investments may differ materially from the process described herein.
Investing involves risk, including possible loss of principal.
Opportunities
Selected Press Releases