The Platform
The ProspEx Exchange is the world’s first dedicated digital marketplace for mining royalties — enabling companies to issue DFRs to a broad investor pool, with automated distributions, on-chain transparency, and a live secondary market.
Mining royalties that trade like securities
ProspEx DFR™ are the foundation of a new market for mining royalties — divisible, tradeable, transparent instruments that give investors direct exposure to production revenue and mining companies a flexible path to capital.
Fractionalised, not singular
Multiple buyers can participate in the same mining revenue stream instead of one large buyer taking all. This gives companies access to broader capital sources while reducing dependency on any single buyer, creating more flexible funding relationships.
Transparent, not opaque
All DFR transactions are recorded on-chain, giving investors and mining companies complete visibility over royalty terms, payment histories, and ownership records. No private back-room deals — every instrument is fully auditable.
Tradeable Not Trapped
For royalty holders and investors, DFRs unlock liquidity that traditional royalty agreements never offered. Buy or sell DFR positions on the ProspEx Exchange — a regulated, transparent secondary market for mining royalty instruments.
Flexible Not Fixed
DFRs include buyback provisions allowing mining companies to repurchase royalty positions from the secondary market as cashflows improve. Companies can regain full revenue control over time while maintaining operational flexibility and accessing needed capital today.
DFRs vs Equity vs Traditional Royalties
The differences that matter for mining companies choosing how to raise capital, and investors comparing asset classes.
How our Exchange works
How mining companies raise capital and investors access production revenue through the ProspEx Exchange.
What you can do
ProspEx opens access to a new asset class connecting mining companies that need capital with investors seeking production-linked income. Whether you’re raising, investing, or advising, the ProspEx Exchange provides the infrastructure to participate.
ProspEx for Mining Companies
Access non-dilutive funding without giving up equity or locking into permanent single-buyer agreements. DFRs give you capital raising flexibility while maintaining control over your mining operations and future revenue potential.
Raise capital without selling equity
Maintain the capital structure of your company while accessing needed capital. DFRs provide funding through revenue sharing rather than ownership dilution.
Access multiple purchasers
Reduce single-party risk by spreading your DFR interests across many purchasers. This diversified approach allows you to realise true value from your royalties.
Buy back royalties over time
Unlike permanent traditional royalties, DFRs are able to be purchased by the payer. Repurchase DFRs as cash flow improves to maintain revenue control.
ProspEx for Investors
Participate in steady mining income that was previously only available to large institutions and royalty companies. DFRs provide direct exposure to mining revenue with the flexibility to change your holdings over time.
Earn from mining operations
Receive direct income from actual mining production through automated royalty distributions tied to real mining revenue.
Trade when you want to
Unlike traditional royalties that lock up capital, DFRs can be sold on our digital exchange whenever you need liquidity.
Start with lower minimums
Access mining revenue streams via DFR™ with lower capital requirements, making mining income opportunities available to all investor types.
ProspEx for Brokers
Offer clients access to a new asset class that combines mining revenue income potential with securities market liquidity through fractionalised digital royalties. ProspEx transforms complex institutional investments into accessible instruments that fit traditional portfolio management, giving you a competitive edge in alternative investments.
New revenue opportunities
Access previously institutional-only mining royalty investments for your retail and smaller institutional clients. Expand your product offering beyond traditional equities and bonds.
Familiar trading infrastructure
Facilitate client investments through our exchange platform that operates like traditional securities markets. Digital infrastructure provides real-time analytics and transparent pricing on a secure platform.
Non-dilutable income streams
Unlike equity investments that can be diluted through share issuances, DFRs provide direct exposure to mining revenues with built-in liquidity options previously unavailable in royalty markets.
Opening a $378 billion market to the world
The royalty market has long operated through private, bilateral agreements — illiquid, opaque, and accessible only to the largest pools of capital. ProspEx converts existing royalty agreements into DFRs, managing the full lifecycle: legal structuring, issuance, automated settlement, and a functioning secondary exchange.
Mining projects need capital for 15-20 years before generating revenue. Creating a funding gap until 2035 of
ProspEx is reducing cost and structural barriers to entry, opening up the mining royalty market and attracting capital into the resources sector
Once purchasers buy royalties, their liquidity options are limited. Privately owned royalties make up
ProspEx is building the first platform where royalty holders can exit positions, providing unprecedented liquidity in the royalty market
The vast majority of the royalty market remains private, opaque, and inaccessible. Publicly listed royalty instruments represent only
ProspEx is changing this. By tokenising royalties into exchange-traded DFRs, we bring price discovery, transparency, and liquidity to an asset class that has historically operated in private, bilateral deals.
Our Leadership
Led by Chief Executive Officer & Co-founder Kassia Kazmer, our leadership team includes former Deterra Royalties executive Adrian Stone as Chief Operating Officer and Josh Hunt as General Counsel, bringing rare expertise across blockchain and resources law. Together, we're supported by high-profile industry backers and advisors who share our vision of democratising access to mining royalty investments.
Kassia is a qualified mining engineer from the West Australian School of Mines and has 15 years of experience across engineering, finance and technology. She held technical positions with Barrick, Newmont and Rio Tinto and later joined the Colorado headquartered, mining-focused private equity firm Resource Capital Funds. She acquired a deep knowledge of commodity capital markets, mining investment, M&A, portfolio management and mining royalties. Kassia later studied Blockchain technology at RMIT Melbourne.
Adrian is a seasoned executive with over 30 years of experience across geology, investment banking and mining royalties. Adrian was previously the Chief Technical Officer at Deterra Royalties and was the Director of Mining and Metals at Standard Bank, Singapore and BNP Paribas, Singapore and Perth offices. Adrian brings a wealth of expertise across project finance and global capital markets.
Josh has extensive legal expertise across resources, technology and the areas of fintech, digital assets and distributed ledger financial technologies. He has advised clients on Corporate and M&A issues and fundraising transactions with a focus upon larger private and mid-cap Listed entities with projects throughout Australia and internationally. He is a Founder of blockchain based businesses and sits on advisory boards and associations.
Technology leader with over 15 years of software engineering management experience, including senior leadership roles at Amazon and Expedia across Australia and the United States. Later served as Chief Technology Officer of Blocktrade, a European digital asset exchange, and is a former Member of the Western Australian Legislative Council, where he was a recognised advocate for technology policy, digital infrastructure, and innovation.
FAQs
Your questions answered about DFRs and how they work.
A DFR is a digital interest in a mining royalty revenue stream. Instead of one buyer owning the entire royalty, our technology enables it to be owned and in the future, traded by different investors. Our platform handles the pro-rata cash distribution to royalty holders when the royalty starts paying.
When you buy mining stocks, you own part of the company. When you buy DFRs, you are entitled to part of the mining revenue stream. A DFRinterest provides exposure to passive commodity backed income, with increased protecting from operational risks, management decisions, or other business factors that affect stock prices.
Royalty payments are automatically distributed to DFR holders through smart contracts. When the mine generates revenue and pays royalties, the payment is proportionally split and sent directly to all DFR holders' accounts without any manual processing.
DFRs are designed to be accessible with much lower minimums than traditional royalty investments, which typically require millions. Specific minimums will vary by DFR offering, but our goal is to make mining revenue streams accessible to all investor types.
Yes, this is a key feature. Unlike traditional royalties that lock companies into permanent arrangements, DFRs are designed to be able to be transferred through our platform and can include buyback terms that allow mining companies to repurchase their DFR shares as cash flow improves, giving them flexibility to maintain revenue control over time.
We are currently in development and part of a pilot program with Project Acacia, a national initiative led by the Reserve Bank of Australia and Digital Finance CRC exploring how different forms of digital money and associated infrastructure could support the development of tokenised asset markets in Australia. Please contact us directly for updates or if you would like to participate.
Access the exchange and find new opportunities
ProspEx is a regulated digital marketplace for mining royalties, built for mining companies raising non-dilutive capital and investors seeking direct, tradeable exposure to royalty cashflows.