Artemis Capital Advisors Research
Advisory Approach
Artemis Capital Advisors is a specialized financial advisory firm that serves mining and natural resource companies with deep expertise in project finance and corporate financing. The firm's thesis is that mining and natural resource development projects require specialized knowledge of commodity markets, project-specific financing structures, and the unique risks inherent in resource extraction. Founded in 2019 and based in New York City, Artemis operates with a boutique model, focusing on high-touch advisory for mid-to-large scale project development and acquisition financing.
The firm's sweet spot is mid-tier mining companies and natural resource developers seeking structured financing for greenfield and brownfield mine development projects, acquisitions, and capital expansions. Artemis brings particular value for companies that need assistance navigating complex multi-lender debt facilities, commodity hedging structures, and international project finance.
Sector Focus
Artemis Capital Advisors concentrates its practice on the mining and natural resources sectors, with specific expertise in precious metals (gold and silver), base metals (copper), power generation, and petroleum production. The firm has executed transactions spanning multiple commodities including aluminum, crude oil, ethanol, and power generation projects. Their team has accumulated over 50 years of collective experience in mining investment banking and commodity markets.
The firm's geographic coverage spans North America, South America, and select international markets. Recent work includes projects in Mexico, Canada, Chile, Peru, and the USA, with particular strength in Latin American mine development financing.
Deal Track Record
Artemis has executed transactions with a combined historical value of over $4 billion to date. Recent transactions include:
Endeavour Silver - Terronera Project (2023): Advised Endeavour Silver Corp on a senior secured $120 million project loan facility for underground mine and mill development at the Terronera Project in Jalisco state, Mexico. The transaction included structured debt with ING Capital and Societe Generale as joint lead arrangers, with complex commodity hedging (gold and silver) and foreign exchange management components. The 8.5-year facility included a 2-year grace period and sophisticated cash sweep mechanics. This deal demonstrates Artemis's capability to structure large, multi-lender mining project loans with international lender coordination.
Scorpio Gold - Mineral Ridge Project (2020): Served as financial advisor to Scorpio Gold Corporation in securing term financing for development of the Mineral Ridge gold project near Silver Peak, Nevada. Artemis assisted in identifying and evaluating alternative sources of financing, structuring proposals, and negotiating financial aspects of the transaction. The engagement demonstrated the firm's ability to source and structure financing for brownfield mining operations with existing infrastructure.
Historical transactions from the firm's extensive experience include major projects with ASARCO (copper mining finance, $440M), Alcan Aluminum (capital markets, $500M), Statocoil (crude oil and ethanol financing, $500M), and Sempra/PSEG (power project acquisition financing, $320M). These transactions span project financing, capital markets advisory, working capital facilities, and acquisition financing.
Process & Service Model
Artemis operates as a high-touch advisory practice. For project financing engagements, the firm assists clients in:
- Identifying and evaluating alternative financing sources (term loans, bonds, project equity)
- Structuring financing proposals
- Sourcing optimal debt structures
- Managing complex multi-lender negotiations
- Handling commodity hedging requirements
- Navigating regulatory and international aspects
The firm serves as financial advisor throughout the financing process, providing senior-level expertise at every step. Typical engagements span 6-12 months depending on project complexity and market conditions.
Buyer & Lender Network
Artemis maintains relationships with tier-one mining lenders including ING Capital, Societe Generale, and other major international financial institutions. The firm is well-connected with commodity finance specialists, project lenders, and institutional capital providers serving the mining sector.
Competitive Positioning
Artemis differentiates through:
- Specialized expertise: Deep focus on mining and natural resources, not a generalist advisory practice
- Project finance specialization: Unique knowledge of mining project finance structures, commodity hedging, and resource sector dynamics
- Commodity markets expertise: Team's extensive background in commodity price dynamics and hedging
- Lender relationships: Established connections with tier-one mining finance lenders
- International capability: Experience with cross-border transactions and Latin American project development
Team
The firm is led by two Managing Directors:
Douglas Sherrod, Managing Director: Proven leader and business originator in corporate finance for natural resources. Sherrod is a Wharton-educated executive with extensive experience originating and closing mining finance transactions. He serves as the primary relationship executive for major client engagements.
Catherine Virga Cox, Managing Director: Finance professional with over 17 years of experience in the mining and natural resources sector. Cox previously worked at CPM Group, a leading commodity market research firm, bringing deep expertise in precious metals, base metals, and commodity market dynamics. She is NYU-educated with a Master's degree in Econometrics and Quantitative Economics, positioning her to lead complex financial modeling and commodity hedging analysis.
Artemis operates as a lean, senior-focused team with 2 primary professionals, ensuring senior-level attention on all client engagements.
Firm Characteristics
Founded: 2019 Headquarters: New York City, New York Team Size: 2 professionals Registration Status: Not FINRA-registered (operates as independent financial advisor, not broker-dealer) Transactions to Date: 50+ years collective team experience, $4B+ in historical transaction value
Geographic Coverage
Primary focus on North America (Canada, USA, Mexico) with significant activity in Latin America (Mexico, Chile, Peru). Also maintains international project finance capability for resources sector clients.
Not a Fit If
Artemis typically focuses exclusively on mining and natural resources. The firm would not be a fit for:
- Non-resource sector companies
- Companies seeking M&A advisory for corporate acquisitions (outside resources)
- Asset-light businesses
- Companies below approximately $10M+ in project development scope