Toronto · Canada

Built for the
long term.

01

Our perspective

Few positions.
Deep conviction.
Patient capital.

Buckle Group is a family-led principal investment group reflecting its members’ personal interests in the Timmins Gold Camp, Alberta energy, real estate and operating businesses.

The activities described on this website concern investments made for the principals’ own accounts. References to other investors or investor groups relate only to completed transactions described in public issuer announcements; they are not invitations to invest alongside Buckle Group.

The principals maintain direct relationships with operators and take a patient view through exploration, delineation and development cycles. Buckle Group does not operate an investment fund or provide investment services to the public.

02

Areas of experience

Areas in which the principals have deployed their own capital and developed direct operating or analytical experience.

01

Timmins
Gold Camp

Concentrated exposure to a globally significant mineral district, with emphasis on resource expansion, development optionality and proximity to established processing infrastructure.

02

Alberta
Energy

Selective participation in oil and liquids-rich development programs, with attention to reservoir continuity, lateral placement, stage spacing, completions intensity and full-cycle economics.

03

Investment
Analysis

For our own investment decisions, we consider geology, capital structure and execution together—from drill density and recovery assumptions to decline profiles and infrastructure.

03

Duvernay investment thesis

Technical depth
before capital.

We assess our Duvernay holdings at the reservoir and well-design level. The Upper Devonian formation acts as both source rock and reservoir, producing across oil, condensate and natural-gas windows. That variability makes location, fluid phase and execution—not broad basin exposure—the core of our investment thesis.

01 / Rock

Reservoir quality

We consider net pay, total organic carbon, porosity, carbonate content, pressure and thermal maturity together. Mapping those variables against the hydrocarbon window helps distinguish liquids-rich fairways from acreage that may look similar at surface but behave very differently underground.

02 / Well

Lateral architecture

Development analysis includes landing-zone consistency, effective lateral length, inter-well spacing and multistage completion design. Stage spacing, cluster efficiency, fluid and proppant intensity, and fracture containment all influence stimulated rock volume and capital efficiency.

03 / Curve

Production behaviour

Duvernay wells can exhibit extended transient linear flow before reaching boundary-dominated behaviour. We therefore stress-test type curves, decline assumptions, pressure depletion and parent-child interference rather than relying on headline initial-production rates.

04 / Value

Full-cycle economics

Returns are assessed across condensate-to-gas and gas-to-oil ratios, processing and transportation, realized pricing, royalties, sustaining capital and development cadence. The objective is resilient full-cycle value—not production growth in isolation.

The Alberta Energy Regulator recognizes the Duvernay’s Fox Creek and Innisfail plays and assesses the formation using horizontal multistage-fractured well performance.

AER formation assessment ↗AER methodology ↗

How we think

01

Concentration with purpose

We favour a small number of material positions over a broad collection of passive exposures.

02

Subsurface before sentiment

We focus on rock quality, reservoir behaviour and executable development plans—not market fashion.

03

Time as an advantage

Our private structure allows conviction to compound across exploration, drilling and development cycles.

04

Personal portfolio history

A record built
over time.

Selected historical results from three personal accounts managed solely for Andrew Buckle’s own benefit. They are included as biographical context only—not as marketing, a forecast or an invitation to invest.

Portfolio I
+1,080.8%

Cumulative performance

47.7%annualized equivalent
+163.9%S&P 500 price return
≈10.0%S&P 500 long-term annual average
Portfolio II
+166.1%

Cumulative performance

99.6%annualized equivalent
+37.0%S&P 500 price return
≈10.0%S&P 500 long-term annual average
Portfolio III
+173.7%

Time-weighted performance

22.3%annualized equivalent
+1,027.1%five-year money-weighted return
+71.7%S&P 500 price return
≈10.0%S&P 500 long-term annual average

Source: performance data exported from the portfolios’ custodial platforms. Figures are unaudited and reflect Andrew Buckle’s personal accounts only—not a fund, managed account, client account or Buckle Group composite. No person may invest in these accounts. Portfolio III’s money-weighted return includes the impact and timing of deposits and withdrawals. Matching-period S&P 500 comparisons are USD price-index returns and exclude dividends. The approximately 10% long-term annual average is broad historical context rather than a period-matched benchmark. Annualized equivalents are calculated from the periods shown. Past performance is not indicative of future results. This information is not investment advice, an offer or a solicitation.

05

Principal, partner & advisor

Led by Andrew Buckle, with the perspective and long-term support of Dr. Christopher Buckle and Dr. Aman Wadhwani.

Andrew Buckle

Founder & Principal

Andrew Buckle

B.Comm, MBA

Andrew leads Buckle Group’s principal-investing activity. His earlier work with SAP HANA in the oil and gas sector provided exposure to the data, systems and operating disciplines underpinning complex energy businesses. Over the past six years, he has invested his own capital across Canadian oil and gas and natural-resource opportunities, evaluating geology, development programs, capital structures and full-cycle economics. He also brings experience building and operating a national-scale business platform.

Dr. Christopher Buckle

Advisor

Dr. Christopher Buckle

MD, FRCPC, MBA

Christopher is a founder, senior executive and private investor with experience building specialized businesses in Canada and the United States. His University of Chicago Booth MBA and experience across strategy, analytics, governance and long-term asset ownership inform his role as an advisor to the group.

Dr. Aman Wadhwani

Partner

Dr. Aman Wadhwani

MD, FRCPC

Aman is a private investor focused on Alberta, with experience across commercial real estate and consumer-facing operating businesses. He contributes a practical perspective on property-level analysis, operating cash flow, local relationships and disciplined capital allocation.

06

Selected news

Loyalist Exploration

Loyalist Exploration closes the first tranche of its private placement, with the Buckle group of investors among the primary buyers.

Tully Gold Project

Loyalist commences a Preliminary Economic Assessment on its flagship Tully Gold Project near Timmins, Ontario.