An owner-operator sought financing for a portfolio of construction aggregate mines. Evan Mudd assessed the geologic setting, exploration data, mineral processing requirements, and marketability of the subject’s in-situ aggregate materials. Recovery factors for minable materials and development risks were factored into an analysis of royalty-income discounted cash flows. Alternate Highest and Best Uses of the surface were considered alongside uses of the mineral estate. A going concern value with separate surface, mineral, building, and equipment values was derived.