£130M Gold Trade Finance - 128% IRR, 1.8yr Payback

We seek £130M growth equity for a UK-regulated gold dore facilitation business with locked-in buyer contracts and proven Ghana ASM supply chains. Deal generates £26.6M Year 1 EBITDA scaling to £276.6M by Year 5, delivering 128% IRR with 1.8-year payback under preferred equity structure.

Three structural advantages: (1) GoldBod buyer license creates regulatory moat, (2) locked pricing eliminates commodity risk, (3) gold-as-collateral provides 95% downside protection. Margins contract-protected; price volatility increases spreads rather than compressing them

FINANCIAL HIGHLIGHTS
• Year 1 EBITDA: £26.6M (optimized case: £27.6M)
• Year 5 EBITDA: £276.6M (at 10,000kg/month)
• 5-Year Cumulative EBITDA: £773.4M
• Operating margin: 81.3% (EBITDA/Gross Profit)
• Working capital efficiency: 8.3% of revenue
• Capital turns: 12.1x annually
Sensitivity tested: Model remains viable at gold £2,200/oz (-21%), 1,000kg volume (-50%), or 0.8% margin (-47%). Worst-case scenario (all negatives combined): £4.9M Year 1 EBITDA still covers preferred return with cost optimization.

USE OF PROCEEDS
• £177.7M: Working capital (revolving, self-liquidating)
• £1.07M: Year 1 setup (licenses, warehouse, compliance, tech)
• Balance: Contingency and Year 2 volume scaling

EXIT STRATEGY
Year 5 strategic sale or IPO at 12x EBITDA (conservative vs 15-18x comps). Secondary sale to infrastructure fund viable Year 3+. Dividend recapitalization option Year 2 if ahead of plan.