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Garvner Capital Intelligence

Mining & natural resources intelligence

Conviction, built on evidence.

Garvner Capital Intelligence is an independent research firm covering the mining companies listed in London. We analyse company filings, trace each figure to its source document and verify it before publication.

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A vast terraced open-pit copper mine under a clear sky
179
London-listed mining companies
388
Mines and projects
2,150+
Company filings read
8,900
Market announcements tracked
AIM and LSE Main Market · As of 6 November 2026

Our perspective

London is a global centre for mining capital. The evidence remains fragmented.

Almost 180 mining and resource companies are listed on AIM and the LSE Main Market, with operations in 68 countries. Their disclosures are spread across thousands of documents, prepared to different standards and timetables. Garvner consolidates this information into a single, consistent framework, enabling direct comparison across companies, commodities and jurisdictions.

  1. 37%of assets are located wholly in Africa.

    More than a third of the mines and projects in our coverage are in Africa, from South Africa to Mali. Rigorous, source-based analysis is essential for investors assessing these assets from overseas.

  2. 41%of assets are at the exploration stage.

    Exploration projects carry the widest range of outcomes and the most limited disclosure. Verified data is most valuable where information is scarcest.

  3. 53%of assets relate to gold or copper.

    More than half of the assets in our coverage are gold or copper, two commodities of central importance to investors in the current cycle.

Source: Garvner database. 388 mines and projects owned by 179 companies on AIM and the LSE Main Market, as of 6 November 2026.

Case study

Hochschild Mining plc. Verified, figure by figure.

The following figures are drawn from our research file on Hochschild Mining plc (LSE: HOC), a precious metals producer with operations in Latin America. Each is presented with its source document, page reference and supporting text.

799 verified figures in our Hochschild research file

Each has been matched, through automated source checks, to the page of the filing from which it was taken. Five are shown below.

  1. Gold-equivalent productionFull year 2025311,509 ozVerified
    Annual Report 2025 · PDF page 4
    “Full-year attributable production of 311,509 gold equivalent ounces (2024: 347,374 ounces).”
  2. RevenueFull year 2025US$1,182.1mVerified
    Annual Report 2025 · PDF page 145
    “Revenue 5 1,208,575 (26,427) 1,182,148”

    Consolidated income statement, US$ thousands. Total column shown.

  3. Adjusted EBITDAFull year 2025US$583.7mVerified
    Preliminary results, RNS 1286W, 11 March 2026 · page 1
    “Adjusted EBITDA 583,729 421,354 39”

    US$ thousands: 2025, 2024 and percentage change.

  4. All-in sustaining costFirst half 2026US$2,613/ozVerified
    Half-year results 2026 · page 14

    Per gold-equivalent ounce, all operations including corporate costs.

  5. Attributable silver productionFirst half 20263.11m ozVerified
    Half-year results 2026 · page 6

    Reported as 3,111 thousand ounces.

Figures as at 6 November 2026, drawn from the public filings of Hochschild Mining plc. Hochschild Mining plc has not reviewed or endorsed this material. This information does not constitute investment advice, a valuation or a recommendation.

Coverage by stage

Coverage across the full mining lifecycle.

Two drillers in hard hats at an exploration drill rig
159 Explore

Drill results, grade and resource definition at the earliest and highest-risk stage.

Two geologists reviewing trays of drill core in the field
93 Develop

Feasibility studies, permitting, financing and construction, where capital and timelines are tested.

A miner walking off shift
128 Produce

Output, unit costs, reserves and cash generation across producing operations.

Mines and projects by stage, from the Garvner database. A further six are on care and maintenance and two are pending classification, for a total of 388.

Coverage

Sixty-eight countries. A single framework.

Each mine and project is linked to its owner and listing venue. South Africa, Australia, the United States, Zambia and Zimbabwe account for the largest concentrations.

Countries where Garvner covers mining assetsWorld map shading 68 countries by number of assets covered; darkest are South Africa, Australia, Zambia and Zimbabwe.
Mines and projects per country 1–2 3–6 7–14 15+ Those spanning more than one country are counted in each.
Mines and projects by commodityTop 8 of 14 commodities
  1. Gold106
  2. Copper100
  3. Industrial minerals35
  4. Lithium20
  5. Iron ore18
  6. Rare earths15
  7. Uranium14
  8. Silver9
Mines and projects by countryTop 8 of 68 countries · multi-country assets counted in each
  1. South Africa46
  2. Australia39
  3. United States20
  4. Canada19
  5. Zambia19
  6. Zimbabwe19
  7. Chile18
  8. Brazil16

Source: Garvner database · AIM and LSE Main Market · As of 6 November 2026

Our framework

Seven questions. One consistent standard.

  1. 01The Company

    What does the company own, and where?

  2. 02The Value

    What is it worth?

  3. 03The Business

    How do its operations generate cash?

  4. 04The People

    Who leads it, and what is their record?

  5. 05The Future

    What are the next catalysts, and when?

  6. 06The Risks

    What are the principal risks?

  7. 07The Investment Case

    Does the investment case hold?

Methodology

Evidence, not opinion.

Our four-stage process ensures that every figure can be traced from the original filing to the final report.

  1. 01Collect

    Annual reports, results, technical reports and regulatory announcements for every company in our coverage.

    2,150+ filings · 8,900 announcements
  2. 02Extract

    Each data point is captured with its page reference and supporting text.

    15,400+ evidence items
  3. 03Verify

    Every figure is checked against its source before publication.

    19,200+ automated source checks
  4. 04Deliver

    Consistent, comparable data across companies, assets and reporting periods.

    13,400+ data points

A source check is an automated test that finds a recorded figure or quotation on the page of the original document it was taken from.

Sixty years in mining have taught our team that figures alone never tell the full story. Garvner exists to provide the context and the evidence that lead to sound decisions.

John BennettChief Executive Officer, Garvner Capital Intelligence

What we do

Industry expertise. Institutional discipline.

Our team brings sixty years of combined experience across exploration, operations and corporate leadership in mining, applied with a rigorous, evidence-based methodology.

A geologist logging drill core at a field site
01 Company research

Comprehensive research files, built on our seven-question framework and every relevant filing.

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Managers on a site visit at a coal mine
02 Market intelligence

Fourteen commodities, 68 countries and all twelve stages of the mining lifecycle, in a single comparable view.

Explore coverage
Two researchers in hard hats testing rock underground
03 Data

Close to 1,000 defined metrics across 26 specialist mining modules, structured for direct use in financial models.

How it works

Global presence

Five financial centres. One standard.

Garvner’s team and representatives are based in New York, London, Berlin, Hong Kong and Sydney, close to the investors who follow these companies.

  1. AmericasNew York
  2. EuropeLondon
  3. EuropeBerlin
  4. Asia PacificHong Kong
  5. Asia PacificSydney

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