In our publication, we generally report only on companies with a market value of more than 100 million euros or 150 million US dollars – preferably with positive cash-flow. However, our readers and subscribers have repeatedly requested information about "junior" companies in the resource and energy sectors.

In order to provide unbiased and easy-to-understand information about such "smaller" companies, we have developed a rating system. To achieve a rating, the strength of a company's project is weighed against all the evaluated ventures in our database.

For simplicity's sake, we call those ventures that don't have positive cash-flow "projects".

The purpose of the rating is not to examine solvency. These projects lack their own cash-flow and plan large capital investments over a period of several years. An approach based on solvency would therefore provide little insight.

The HardFacts rating examines and evaluates five main aspects of the project, which in turn provide the overall rating.

HardFacts receives all information and data required for the rating from the project's management. This data is then crosschecked with other sources open to public scrutiny – if any exist. HardFacts, however, relies on the information provided by management.

No conflict of interest
HardFacts, as well as all employees and freelancers who are involved in the rating in any way, never invest in the projects. All contributors have signed impartiality agreements, infringements of which carry penalties. The agreement applies during the time HardFacts publishes the rating and for a period of 90 days thereafter. Any potential conflict of interest involving the rating is prevented.

Financial investments
The rating is not intended as a recommendation for a financial investment and most definitely not as professional counsel for investors in any legal sense.

Generally speaking, investing in new companies, especially in the mining and energy sector, is always very risky. Only experienced investors should venture into this field.