Founded by seasoned entrepreneur Ashley Zumwalt-Forbes, our family office specializes in strategic investments within the critical minerals sector, spanning diverse jurisdictions and stages of the value chain. Leveraging Ashley's extensive experience in natural resource acquisition, financing, and development, we are committed to fostering projects that enhance the global supply of essential minerals.​

Leadership

Ashley Zumwalt-Forbes is an engineer with thirteen years of experience in acquiring, financing, and developing both greenfield and brownfield natural resources projects around the globe. She is COO and on the Board of Directors for Evolution Global Acquisition Corp (NASDAQ:EVOX), Principal at Smoketree Resources, a critical minerals-focused family office, and a Non-Resident Fellow at Rice Center for Energy Studies.

Ms. Zumwalt-Forbes formerly served as the US’ Deputy Director for Batteries and Critical Materials, overseeing the deployment of ~$6B in non-dilutive equity and ~$10B in tax credits into the US battery supply chain. She has deep expertise in starting and scaling energy supply chain ventures, having served as Co-Founder and President of Black Mountain Metals (private nickel mining company) and Black Mountain Exploration (private natural gas company - successfully IPO’d). She was key to both the IPO and business combination for MAC Copper Ltd (NYSE:MTAL), having served as its Co-Founder and Senior Advisor from 2021–2023. Harmony Gold Mining Company Ltd. (NYSE:HMY) acquired MAC Copper Ltd. in an all-cash deal valued at $1.03 billion in October 2025.

Prior to joining Black Mountain in 2017, Ms. Zumwalt-Forbes worked in several Lead Engineering roles at ExxonMobil and XTO Energy, managing drilling, completions, and planning aspects of international shale exploration, laying the groundwork for >US$1 billion capital deployment. She is on the Advisory Board of both TCU’s Energy Institute and OU’s School of Petroleum Engineering.

Ashley's leadership was recognized when she was named to Forbes' 30 Under 30 in Energy in 2020, 2021 Oil & Gas Investor Forty Under 40, and Top 25 Women in Business in DFW by Dallas Business Journal.

Investment Focus

Our investment strategy is centered on deploying capital into critical mineral projects that are vital for modern technologies and sustainable development. We engage in opportunities across various stages, from Series-B private entities to publicly listed corporations, ensuring a comprehensive approach to the critical minerals supply chain.​ With roots in both government and industry, we turn big ideas into execution-ready ventures.

Board and Advisory Services

Beyond capital investment, we offer board and advisory services to organizations that align with our investment philosophy. Our goal is to provide strategic guidance and governance to ventures that contribute to the advancement of the critical minerals sector by aligning with industrial policy, assisting with capital access, and scaling.​

Through our combined investment and advisory efforts, we aim to support the growth and success of projects that are essential to the evolving global landscape of critical minerals.