About
Ben Stull, CFA
Founder
Ben Stull founded Groundwork Mining Research. He has worked in valuation for more than 15 years, most of it in mining.
From 2008 to 2020 he worked at Duff & Phelps, now Kroll, rising from analyst to director. He valued mining projects, companies and investments for financial reporting, tax and transactions.
From 2021 to 2026 he worked at Resource Capital Funds, a private equity firm that invests in mining. He was the firm's valuation specialist and advisor to its valuation committee, and he chaired the committee in 2025 and 2026. He reviewed every quarterly valuation of the funds' private investments before it went to the committee. He also rewrote the firm's valuation policy to follow the IPEV Guidelines.
He is a CFA charterholder. He holds an MBA from the Thunderbird School of Global Management and a BA from Brigham Young University.
Why I started Groundwork
Mining projects are hard to compare. Each has its own geology, mine plan, metals, costs and tax rules, and each technical report states its economics at its own prices and discount rate. Banks cover some projects, but they usually publish results only at their own prices and discount rates.
For years I built cash-flow models for the projects I valued. For the comparable companies, I had to accept the “best data available,” which often was not very good.
Working with mining investors, I saw their analysts spend much of their time building basic models before they could analyze anything. Building and analyzing a single project could take weeks. Pulling information together was hard too. No one kept a simple summary of recently released technical reports. Data services cost tens of thousands of dollars a year, and their figures still came on each report's own basis. Turning them into a useful comparison took significant work.
I started Groundwork to make this simpler. I rebuild each project's model from its technical report and put every project on the same basis, so projects can be compared directly.
Who it is for
- Investors and analysts: reliable models that are ready to use, so an analyst can review fifteen projects in the time one used to take.
- Valuation professionals: detailed, consistent models of comparable projects, each traced to its technical report.
- Technical report preparers: an easy way to see how the economics of similar projects are treated.
- Mining companies: a rebuilt model of an older report, which can be updated with new prices and costs and tested.
Join the launch list — free
Members receive email updates as we add new projects. Paid subscriptions open at launch, with every rebuilt model viewable in the browser and new analyses as they release.