Fourth Energy-Focused Credit Partnership Established

Breakwall Capital LP (“Breakwall”), an independent asset management firm specializing in the energy industry, and Vitol, a leader in energy and commodities, announced today the closing of Valor Mining Credit Partners II, L.P. (“VMP II”).

The closing of VMP II follows the full deployment of Breakwall and Vitol’s inaugural mining partnership, Valor Mining Credit Partners, L.P., which deployed approximately $470 million of capital in under six months. VMP II pursues a consistent strategy, focused on making structured credit investments in mining and critical minerals companies. The fund primarily targets event-driven financing opportunities, including debt refinancing, acquisition financing, and development capital, providing companies with flexible capital solutions to accelerate growth and enhance shareholder value.

VMP II has also closed its inaugural investment, a $520 million term loan financing to Mesabi Metallics Company LLC (“Mesabi”), backed by the Essar Group. The credit facility will support the development of an American iron ore mine and pellet plant, strengthening U.S. critical mineral security and helping reshore the domestic steel supply chain. The endeavor is one of the largest private sector investments in Minnesota and Mesabi has already invested over $2.2 billion in the project.

VMP II is managed by Breakwall, which has an established track record of successfully investing credit capital across all energy and energy-adjacent value chains and supporting the growth and improvement of conventional, renewable, and next-generation energy companies.

VMP II represents the fourth energy-focused credit partnership between Breakwall and Vitol. In less than three years, the Valor energy credit franchise has invested over $2.1 billion to support the upstream oil & gas, mining, and critical minerals sectors.

Christopher Abbate, Jamie Brodsky, and Daniel Flannery, the Managing Partners of Breakwall, stated: “Our continued partnership with Vitol reflects the strength of our collaboration and shared focus on identifying differentiated investment opportunities. In mining and critical minerals, we see a significant opportunity to partner with growing companies by delivering innovative, tailored capital solutions to support the next generation of growth.”

Ben Marshall, Head of the Americas, Vitol, added: “Our partnership with Breakwall now spans upstream, mining, and critical minerals. This rapid growth reflects the sustained demand for flexible, structured capital across the energy and natural resources value chain. We continue to see significant opportunity ahead and are well positioned to build on this momentum together.”

Vinson & Elkins LLP served as legal counsel to Vitol and Latham & Watkins LLP served as legal counsel to Breakwall in connection with VMP II.

Please direct all business development inquiries to info@breakwallcap.com.

About Vitol

Vitol is a leader in energy and commodities. Vitol produces, manages and delivers energy and commodities, including metals, to consumers and industry worldwide. In addition to its primary business, trading, Vitol is invested in infrastructure globally, with $10+ billion invested in long-term assets. Vitol’s customers include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves its customers from some 40 offices worldwide. Revenues in 2025 were $343 billion. For more information, please visit Vitol’s website at www.vitol.com.

About Breakwall Capital

Breakwall Capital is a leading energy specialist focused on direct lending capital solutions to middle-market and developing energy companies. As an independent asset manager and employee-owned firm, Breakwall seeks to fill the gap that other financing providers appear reluctant to service. Breakwall is led by Christopher Abbate, Jamie Brodsky, and Daniel Flannery and since 2014, the Breakwall team has built a credit investment franchise that focuses exclusively on energy credit. During its 12-year history, the team has committed approximately $7.5 billion to energy and energy-related companies or projects across more than 70 transactions. Breakwall is headquartered in New York with offices in Texas and Rhode Island. For more information, please visit Breakwall’s website at www.breakwallcap.com.

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