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Cupel Advisory Corp. ('Cupel') is a private British Columbia incorporated company focused on value creation and realization in the mineral exploration and mining sector. Our range of business activities include independent research on issuers/sector themes, direct investing in the most attractive companies when there are no conflicts with clients and investment fund/corporate advisory roles. 

We have broad experience in the exploration and mining sector through many years working as economic geologists for exploration and mining companies, and more recently in varied capital market roles: buy-side analysis, sell-side analysis, banking/M&A, debt facility due diligence and directorships for public and private companies globally. This has generated a hard-earned firsthand knowledge of several hundred mineral prospects, deposits and mines across the commodity spectrum, plus an extensive global network of financiers, geologists, mining company executives, and newsletter writers.


Integrity is the cornerstone of our corporate ethos. It is a crucial factor in our decision-making for clients of all types and in how we invest our own capital. A high degree of credibility is built over years but it can be destroyed very quickly by poor judgment.


Nicole Adshead-Bell, PhD


Dr Nicole Adshead-Bell is a geologist with over 24 years of capital markets and minerals sector experience, including a dozen years cumulative as an independent director for TSX-, NYSE-, AIM- and ASX-listed companies, and an additional six years for a non-profit.  Her career includes CEO of a gold mining company, long-short fund research management, investment banking (>20 M&A transactions and >C$1.8Bn in equity/debt financings), sell-side equity research, specialist geology consulting and geology research.  Her diverse background in capital markets, the minerals industry and as a mining executive and independent director has provided insight into the common traits of successful and unsuccessful companies of all sizes.  Nicole’s extensive on-site due diligence, on more than 250 mineral projects (including precious/base metals, uranium, lithium and iron ore) and involving the integrated assessment of geological, engineering, metallurgical, financial, social, political and environmental risks, has resulted in a first-hand appreciation of positive attributes and red flags.  Nicole has an extensive global network with company management teams/boards, industry professionals, sell and buy-side, and has built a reputation for having a broad understanding of how the dynamic mining sector functions at all points in the cycle. 

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