Start with the licence
The unit of analysis is the instrument on which the asset depends. A national framework sets the field; the individual licence determines how that framework meets a specific asset, holder, history and set of obligations.
Our method
Exposure, not prediction.
Extractive Insight does not forecast political events or grade governments. We build a sourced, comparable assessment of how exposed an individual licence is to changes in the terms on which it depends.
Separate country risk from licence risk
Country risk describes broad conditions. Licence risk asks which rights, approvals, obligations and terms carry exposure at this asset. Two licences under the same framework can reach different outcomes.
Classify every source
Primary legal, regulatory, registry, company and transaction materials are distinguished from secondary reporting and commentary. The source and its tier remain attached to the statement they support.
Date the event and the knowledge
We record when an event occurred and when it became known to us. That distinction allows historical reconstruction without retrospectively inserting information that was not available at the decision date.
Compare like with like
Comparability is built around the instrument, applicable framework, event type, asset circumstances and treatment—not a superficial country match. The objective is to make licence differentiation systematic across a portfolio.
Show the rating logic
A Tenure Risk Rating exposes its factors and reasoning. Mining and petroleum licences use sector-specific factors. The rating identifies relative exposure if the framework moves; it does not claim to predict a political event.
Evidence architecture
Provenance is part of the conclusion.
Every material statement must be traceable to a named source and an assigned source tier. The classification signals what the source is capable of proving; it does not turn an assertion into a fact merely because it was published.
Source classWhat it establishes
Governing recordThe instrument, applicable terms, formal decisions and registry position.
Party disclosureWhat a holder, operator, lender or counterparty states about the interest.
Independent recordCorroborating reporting, technical evidence and third-party documentation.
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Independence and boundaries
No issuer-paid self-assessment
Licence holders, operators and their controlling affiliates cannot commission, pay for or receive advance sight of our assessment of their own assets.
One release
Ratings are released simultaneously to every entitled subscriber. There is no early version and no private version.
No contingent fee
We accept no contingent or success-based fee and no paid government mandate anywhere within our coverage.
Coverage stated before quotation
Coverage by jurisdiction and sector is set out in the current coverage annex. Where an asset sits outside coverage, we say so before we quote.
Country scores assume licences are interchangeable.
Our method begins where that assumption ends.
Discuss an asset
Bring us the licence, not the country score.
Tell us the named asset and the decision in front of you. We will confirm whether it is within coverage before we quote.
Discuss an asset