NAV
203.92p
as at 14/07/2026
Overview
Portfolio Construction: Bottom-up driven; Top-down framework
Team
The Managers
The fund is managed by Georges Lequime and Mark Smith who boast decades of experience investing in mining companies and many years of operational experience in mining and geology.
Georges Lequime, Fund Manager
- 30 years of investment experience.
- Joined Amati in March 2021 to launch Strategic Metals Fund.
- Former partner at the Earth Resource Investment Group and adviser to the award-winning Earth Gold Fund UI from 2008.
- Previously Head of Equity Research at RBC Capital Markets in London for 5 years.
- Managed the North American mining region for HSBC Global Mining in New York.
- Former manager of the Old Mutual Gold Fund, the largest gold fund in South Africa, for four years.
- Mining engineer with practical experience in gold and coal mining at Anglo American.
- Holds a BSc in Mining Engineering from the University of the Witwatersrand.
- Studied economics at UNISA (University of South Africa).
- Holds Mine Manager’s Certificates in both open pit and underground mining.
Mark Smith, Fund Manager
- 22 years of investment experience.
- Joined Amati in March 2021 to launch Strategic Metals Fund.
- Former Partner at the Earth Resource Investment Group since 2010 and mining analyst on the award-winning Earth Gold Fund UI.
- Previously worked as a resource equity analyst at RBC Capital Markets.
- Experience with the African mining research team at Renaissance Capital.
- Qualified geologist with four years’ experience in gold exploration.
- Holds a Master’s in Mineral Project Appraisal from the Royal School of Mines, University of London.
- Holds a BSc (Hons) First Class from the University of Bristol.
- Has developed a substantial professional network across Africa, Europe, and North America.
Why invest?
WS Amati Strategic Metals Fund
Why Metals?
An ‘Evergreen’ solution for investors to access this dynamic asset class
- A concentrated portfolio with the ability to invest globally in the mining companies of any asset class
- All-cap approach but skill set to analyse and invest into development risk in the small and mid cap resource space
- Flexibility to evolve allocations within the portfolio between categories of miners, sectors, asset classes
- Actively managed, bottom-up focus with technical and financial analysis
- Valuation driven – evolves the portfolio to the best opportunities
If you can’t grow it, it has to be mined!
- Decarbonisation of global energy supply, & surge of AI (Artificial Intelligence) creates a potentially huge future metals demand ‘Supercycle’
- Industry supply response inadequate and behind the curve, leading to higher metal prices for longer
- Metal demand will create capitalisation events in exploration and development opportunities
- We would expect our fund to be a continued beneficiary of M&A activity
A fierce geopolitical and commercial race to secure critical minerals
- Precious metal investment allocation to the fund provides optionality
Investment Opportunities
- The broader market is under invested in commodities in what could be a ‘Supercycle’ for commodities investing
- Technical expertise allows the fund managers to appraise exciting investment opportunities
Through the Cycle Investing
Each metal has its own cycle. The managers aim to provide actively managed exposure ‘through the cycle’ and will look to determine the optimum combination of precious, speciality and base metals at any given time, in keeping with the transition to clean energy, electric vehicles and other long-term structural growth themes – taking account of the over-arching macro-economic and political risks and commodity price movements, as well as the specific circumstances of individual companies.
Differentiated Metals Performance
Source: US Global Investors
Finding hidden gems
We focus on companies with strong technical teams as well as experience at the corporate level. Creating value ‘through the drill bit’ can be transformational for the value of a smaller company. The calibre of a company’s management and their ability to successfully execute a mining project from exploration to production phase are critical for de-risking a project. De-risking includes conducting extensive exploration work, arranging appropriate financing for different project stages, and lowering production costs.
ESG considerations
The mining industry is often referred to as a ‘dirty’ industry. However, this overlooks the fact that all companies are not alike in this respect and that within the industry there are good examples of companies that have set high standards in environmental, social and governance matters.
Forward-thinking, ethically-run and well-managed companies understand that an ability to build and maintain good relations with workers, host nations and local communities goes hand-in-hand with building a world-class mining company and achieving long-term value.
Strategic Metals
The Metals Powering the Future
Grid Infrastructure
Copper and Aluminium Transmission cables, transformers, substations, conductors, busbars and EV charging infrastructure.
Steel, Electrical Steel and Zinc Pylons, transformer cores, substations and corrosion protection.
Lead and Nickel Cable sheathing, backup power, alloys and battery components.
Silver, Tin and Rare Earth Elements Contacts, switches, solder, sensors, motors and smart grid equipment.
Renewable Energy
Copper and Aluminium Wind turbines, solar farms, cabling, inverters, transformers and transmission lines.
Steel and Zinc Wind towers, foundations, solar mounting systems and corrosion protection.
Silicon and Silver Solar cells and conductive pastes.
Rare Earth Elements Permanent magnets for wind turbine generators.
Nickel, Cobalt, Lithium and Graphite Battery storage and renewable power balancing.
Tellurium, Indium and Gallium Specialist thin-film solar technologies.
Electric Vehicles
Lithium, Nickel, Cobalt, Manganese and Graphite Battery cathodes and anodes for energy storage, range, stability and performance.
Copper and Aluminium Batteries, motors, wiring, charging systems, casings and lightweight structures.
Rare Earth Elements Permanent magnets for electric motors.
Iron and Phosphorus Lithium iron phosphate batteries and lower-cost battery chemistries.
Steel and Silicon Vehicle structures, power electronics, semiconductors and advanced battery materials.
Platinum Group Metals Fuel cell electric vehicles and specialist electronics.
Data Centres
Copper Power cables, busbars, cooling systems and high-speed networks.
Aluminium and Steel Server racks, chassis, structures, heat sinks and supporting infrastructure.
Silicon Processors, memory chips and semiconductors.
Gold, Silver, Tin and Tantalum Connectors, solder, circuit boards and power-stabilising capacitors.
Gallium and Germanium Advanced semiconductors, fibre optics and high-speed data transmission.
Rare Earth Elements Magnets, cooling fans, motors and data storage.
Lithium, Nickel, Cobalt and Graphite Batteries, backup power and thermal management.
Artificial Intelligence
Silicon AI chips, processors, memory and semiconductors.
Copper, Gold and Silver Power infrastructure, interconnects, circuit boards, connectors and sensors.
Gallium, Germanium, Tantalum and Tungsten Advanced semiconductors, fibre optics, capacitors and chip manufacturing.
Rare Earth Elements Magnets, cooling fans, motors, sensors and specialist electronics.
Platinum Group Metals Capacitors, sensors and chip manufacturing.
Lithium, Cobalt, Nickel, Aluminium and Steel Batteries, backup power, server racks, cooling systems and data centre infrastructure.
Semiconductors
Silicon Wafers and integrated circuits.
Copper, Gold and Silver Chip interconnects, wiring, bonding, connectors and circuit boards.
Gallium, Germanium and Indium Compound semiconductors, power electronics, RF chips, fibre optics and displays.
Tantalum, Tungsten and Cobalt Capacitors, diffusion barriers, chip contacts and advanced interconnects.
Rare Earth Elements Magnets, lasers, polishing materials and semiconductor manufacturing equipment.
Defence
Titanium, Aluminium and Steel Aircraft, vehicles, naval vessels, armour and structural components.
Tungsten Armour-piercing ammunition, counterweights and high-temperature components.
Silver, Gallium and Germanium Electronics, radar, guidance, thermal imaging and communications systems.
Cobalt and Graphite Superalloys, batteries and high-temperature applications.
Rare Earth Elements Magnets, radar, sonar, guidance systems and precision weaponry.
Platinum Group Metals and Lithium Sensors, fuel cells, portable equipment, drones and military vehicles.
Aerospace
Titanium, Aluminium and Magnesium Lightweight aircraft structures, airframes, landing gear and precision components.
Nickel, Cobalt, Chromium, Tungsten and Rhenium Jet engines, turbine blades, exhaust systems and high-temperature superalloys.
Rare Earth Elements Magnets, actuators, sensors, avionics and specialist aerospace systems.
Beryllium Satellite components, optical systems and lightweight precision structures.
Smartphones
Lithium, Cobalt and Graphite Smartphone batteries and energy storage.
Copper, Gold and Silver Wiring, connectors, circuit boards and reliable conductivity.
Indium and Tin Touchscreens and transparent conductive coatings.
Silicon and Tantalum Processors, memory chips, semiconductors and capacitors.
Rare Earth Elements Speakers, microphones, vibration units and displays.
Aluminium and Gallium Casings, frames, semiconductors and wireless communication systems.
Medical Technology
Titanium, Stainless Steel and Cobalt-Chromium Alloys Implants, surgical instruments, orthopaedic devices and wear-resistant components.
Platinum Group Metals, Gold and Silver Pacemaker leads, electrodes, sensors, diagnostics, antimicrobial coatings and medical electronics.
Niobium, Tantalum and Magnesium MRI magnets, implants, surgical markers and bioresorbable devices.
Rare Earth Elements MRI contrast agents, magnets, imaging systems and specialist medical devices.
Boots on the Ground
Where the Real Investment Edge Comes From
In mining, the most important insights are rarely found on a spreadsheet. For the WS Amati Strategic Metals Fund, site visits are a core part of the investment process, providing a level of understanding that simply can’t be replicated through desk-based analysis. It’s one thing to model a project; it’s another to stand on site, assess the geology, evaluate the team and identify risks or opportunities in real time.
This approach is particularly relevant in the small and mid-cap mining space, where valuation discrepancies are often the greatest and where detailed, technical due diligence can create a genuine edge.
Finding Value Along the Lassonde Curve
A key framework guiding this approach is the Lassonde Curve, which describes the life cycle of a mining company from early exploration through to production.
The most attractive opportunities typically arise:
• After initial discovery excitement has faded;
• During the “orphan phase” of development and feasibility;
• Before full production, when risks are still perceived to be high.
This is the point where valuations are often most depressed but where the potential for value creation is greatest if the project is successfully developed.
Identifying those opportunities requires more than financial modelling. It requires understanding whether a project can actually be built and that’s where site visits become critical.
What You Learn on Site
Visiting a mining project brings a number of insights that are difficult to capture from afar:
• Infrastructure and logistics – how feasible is it to build and operate in a remote location?;
• Operational quality – are the right systems, equipment and processes in place?;
• Management capability – does the team have the experience to deliver on time and on budget?;
• Workforce and culture – what is morale like on site and how is the operation run?;
• Environmental and social factors – is there a sustainable long-term licence to operate?
It also helps uncover what investors are actively trying to avoid: “fatal flaws”—issues that may not be visible in company presentations but can materially impact project viability.
From Theory to Practice: Identifying Winners
A good example of this process in action is the investment in G Mining Ventures.
The company acquired the Tocantinsinho gold project in Brazil at a low valuation, during the development phase of the asset. A subsequent site visit provided confirmation that:
• The project was being executed effectively;
• The development team had a strong track record;
• There was additional exploration upside beyond the initial plan.
As the project moved into production and risk was reduced, the valuation re-rated significantly illustrating how value is created along the development curve.
The Importance of Geological Insight
Beyond operations, site visits also provide critical geological context.
In regions such as Guyana, for example, first-hand observation highlights the scale of opportunity. Despite sharing similar geology with highly productive regions such as West Africa, the area remains underexplored suggesting significant untapped potential.
By examining drill core, geological structures and regional trends in person, it becomes possible to:
• Validate company data and assumptions;
• Identify extensions to existing deposits;
• Spot overlooked exploration opportunities.
This combination of technical expertise and direct observation allows the team to build conviction—often ahead of broader market recognition.
Avoiding Pitfalls
Equally important is knowing when not to invest.
In several cases, site visits have revealed issues that were not apparent from initial analysis such as inconsistent resource quality, over-reliance on high-grade pockets, or operational challenges that would likely erode margins during production.
These insights can make the difference between a compelling investment and a value trap.
Why This Matters for the Fund
The WS Amati Strategic Metals Fund is deliberately focused on areas where this level of detailed research can add value particularly in mid-cap producers, developers and late-stage exploration companies.
By combining In-depth financial modelling, Technical expertise (geology and engineering) and Extensive on-the-ground research, the team aims to identify opportunities where upside is not yet fully reflected in market valuations.
Investment Edge
Mining is a complex, capital-intensive industry where outcomes can vary widely.
In that environment, differentiated insight matters.
“Boots on the Ground” research is not just about visiting sites, it’s about building conviction, managing risk and identifying opportunities that others may overlook.
Ultimately, it’s one of the key ways in which durable investment edge is created.
Portfolio Information
Performance
Literature
Should you wish to receive our monthly fund factsheets by email, please register via our website.
For further information please speak to your financial adviser.
WS Amati Strategic Metals Fund – Annual & Interim Reports
Ratings
WS Amati Strategic Metals Fund has the following ratings:
- FundCalibre Elite Radar Rating
- Citywire A Manager Rating (Georges Lequime & Mark Smith)
How to Invest
Application Form
For further information regarding the application form, please visit Waystone’s website here.
Key Information Documents – Strategic Metals Fund
Key Information Documents to read before investing
FAQs
If you wish to apply for shares directly, please read the ‘How to Invest’ section and download the relevant application form.
Alternatively, you can also choose to invest in the platform of your choice. Please contact your platform directly to invest.
The WS Amati Strategic Metals Fund is available on the majority of platforms. If your chosen platform does not currently hold the fund, please contact the relevant platform manager and ask that they contact us on 0131 503 9115 or email us on: info@amatiglobal.com
Daily at midday.
T+4
The minimum lump sum investment is £1,000.
The minimum lump sum top up is £500.
The mimimum regular monthly investment is £50 per month.
As the WS Amati Investment Funds are intended for investors seeking long-term capital growth, all income arising within them is reinvested into the value of shares. In other words the shares are all accumulation shares. The annual income allocation date is 31 March and the interim income allocation date is 30 September.
If you wish to receive our fund factsheets by email once available, please email info@amatiglobal.com or call our investor line on 0131 503 9115.
The Fund aims to achieve long term capital growth through investing in a well-diversified portfolio of internationally-listed metals and mining companies, whose primary revenues are sourced from the sale of strategic metals. Strategic metals are defined as those metals that are deemed to be of strategic importance to the global economy and future macro-economic trends. These include, but are not limited to, gold, silver, platinum group metals, copper, lithium, nickel, manganese, and rare earth metals. The strategy will be able to invest in mining companies listed in London (FTSE, AIM), US (NYSE, Nasdaq), Canada (TSX, TVE, VSE) and Australia (ASX).
MSCI World Metals and Mining Index (GBP).
