Consolidating a cross-jurisdiction group ahead of a pilot plant equity raise

The situation

An Asia-Pacific mining and processing group raising equity for a pilot coated spherical graphite plant, with upstream mining operations in a separate jurisdiction from the processing facility.

The constraint

A pilot plant is a hard equity story. It is too capital-intensive to be venture, too early to be project finance, and the returns case depends on a downstream qualification process — battery manufacturers qualifying the material — that the sponsor doesn't control and can't schedule.

Compounding it: the group's financials sat across multiple entities and jurisdictions, and had never been prepared as a single consolidated investor-facing picture.

What Zenith built

Group financial preparation across the mining and processing entities, working directly with the Chairman and CEO.

An investor-grade model covering production ramp-up, cost structure, and returns.

Qualification-timeline sensitivity, so the returns case was explicit about what it assumed rather than burying it in a terminal value.

Zenith was the sole external consultant on the mandate.

The transferable point

When a company's structure spans jurisdictions, the first fundraising deliverable is almost never the deck. It's a consolidated financial picture that survives being asked questions about.