The Kamilombe cobalt-copper artisanal mine in the DRC is situated between various industrial mining operations; an industrial copper mine operated by La Sino-Congolaise des Mines (Sicomines) is visible in the background. Courtesy of the Fair Cobalt Alliance

Jean Martineau never really bought into the way junior mining companies financed their exploration—in his opinion, issuing rounds of shares on the public market to fund exploration work only diluted the value of management’s ownership stake over time.