Legal advisors: Sentinel Legal · Lyon, France / Geneva, Switzerland · Aurélien Rocher · API 19C / ISO 13503-2 tested sand · JOLOT S.A.S. CUIT 30-71635875-1 · Registered 22/02/2019 · BORA 11266/19
Investment Opportunity · Confidential · Open now

Secured convertible note. API 19C tested frac sand. In-basin position.

US$2.4M as a single convertible note: 30% discount, flat US$15M cap, 10% p.a. It converts at the better of the flat US$15M pre-money cap or the next priced round less 30%. Personal guarantee from founder and principal shareholder Sergio Kalierof on the note. 18 to 24 months.

Open now · Tickets from US$25K
Request data room access Schedule 15-min call Teaser (PDF)
US$2.4M
Single convertible note
US$15M
Flat pre-money cap
10%
Coupon p.a.
18-24
Months to maturity
Legal Due Diligence Counsel

Sentinel Legal

Aurélien Rocher at Sentinel Legal (Lyon, France / Geneva, Switzerland) advises on the legal due diligence for the JOLOT bridge convertible. Sentinel coordinates the 57-item Vendor Due Diligence request list; the data room operates with Sentinel advisory oversight; every NDA-signed investor receives Sentinel-issued access credentials.

Independent international counsel. Cross-jurisdictional review (Argentine corporate, Swiss / French private placement). Direct contact for VDD questions: aurelien.rocher@sentinelegal.ch.

Argentine market · 2026
~4M tons / year (2024)
Heading to 8 to 10M tons by 2030 · legacy Entre Rios haul, plus new in-basin entrants
Target price
US$90/ton
Indicative base case, not yet contract-backed · 35 km from Vaca Muerta epicenter

Closest tested source, lowest delivered cost. In-basin entrants (NRG Allen ~130 km, Senillosa ~120 km) are building; at 35 km the last-mile position avoids ~US$20/ton in intermediate unloading, storage and reload costs that distant suppliers carry.

The asset

Tested sand, independent validation, secured concession.

An API 19C tested silica sand position with a cubicated block model, independent proppant testing, and a secured concession plus river coastline.

3.2M t cubicated / 60M+ t inferred
Block model on 600 ha studied. SiO₂ >70%. 3.2M t cubicated is the only firm figure; 60M+ t is inferred exploration upside, not certified. API 19C / ISO 13503-2 tested.
API 19C / ISO 13503-2 tested
API 19C and ISO 13503-2 tested for crush resistance, sphericity, roundness and turbidity; meets the spec for 85%+ of Vaca Muerta land operations. Does not pass the strict HCl-HF acid-solubility fraction; full lab reports in the data room under NDA.
Concession + coastline
TECMIN 1 silica pedimento, Malargue, Mendoza (re-caratulacion confirmed April 2025), plus 27 km of Rio Colorado coastline within the field for barge optionality. Land secured under a lease with a purchase option; detail under NDA.
Capacity
Plant 50 t/hr, 180,000 t/year at the Phase 1 run rate (15,000 t/month). Phase 2 expansion is optionality, not in the base case.
Mine life about 18 years
On the 3.2M ton cubicated block at the 180,000 t/yr Phase 1 rate, with 60M+ tons of inferred exploration upside beyond it (not certified). Full lab reports (crush, turbidity, roundness, sphericity) in the data room under NDA.
Why Argentina, why now

Macro as of 30 April 2026.

Fitch upgraded Argentina to B- stable in May 2026. EMBI compressed from 616 bps (end-Q1) to approximately 500 bps. IMF cumulative disbursements US$15.8B of US$21B as at 21 May 2026. YPF filed a US$25B RIGI application for Vaca Muerta on 18 May 2026.

Monthly CPI inflation
3.4% MoM · 32.6% annual (March 2026)
BCRA gross reserves
Recovered to a Milei-era high of US$46.2B in January 2026. Seasonal and programme-related drawdown to US$32.7B by March 2026. Trajectory positive.
RIGI Vaca Muerta approved
US$17.9B
Brent Crude
US$109/barrel
Fitch Argentina sovereign
B- (upgraded 5 May 2026)

Full macro detail and risk register in data room.

Institutional video

JOLOT Sand Solutions.

A site and operations walkthrough from the founding team.

Institutional video, April 2026. Audio in Spanish.

Bridge economics

The numbers.

Three pictures the deal turns on: the in-basin distance advantage, the cash runway the note funds, and the entry economics against a flat US$15M cap.

In-basin distance advantage
Closest tested source to the wells. Rail and intermediate-haul sand travels far further.
IN BASIN SAND 35 km Senillosa 120 km NRG Allen 130 km 0 1000 km
Distances as published on this page. Last-mile position avoids intermediate unloading and reload cost.
Cash runway
Year 1 is the build year. Operating cash turns positive in Year 2.
-1.6 +8.4 cum Y1 Y2 Y3 Y4 Y5
Annual levered free cash flow (bars) and cumulative (line), US$M, from the institutional model. Illustrative, not a guarantee.
Entry economics
A 30% discount to the next priced round, against the flat US$15M cap and the Year-3 value.
Y3 EV ~US$23M Cap US$15M US$10.5M 30% off effective entry
Effective entry about US$10.5M against a Year-3 EV of about US$23M, an indicative MOIC of roughly 2.2x. Illustrative, not a return guarantee.

Use of proceeds

Plant acquisitionProcessing plant, paid through the build.
US$1.4M
Site mobilisation and adaptationBailey bridge deposit, road grading, plant pad, security, utilities, laboratory.
US$0.2M
Working-capital troughPre-revenue operating cost through the build and the production ramp to first revenue.
US$0.7M
Legal and round costsCounsel, KYC and closing.
US$0.1M

Investors do not pay VAT on their investment. JOLOT recovers input VAT on equipment invoices as credit against first production. All prices in the financial model are FOB plant.

Investment structure

Secured convertible note. Flat cap. Founder personal guarantee.

A senior instrument with a flat cap, a single discount, and a founder personal guarantee on the note.

Instrument
Secured convertible note
Total raise
US$2.4M
Valuation cap
flat US$15M pre-money
Discount
30% to the next priced round
Interest rate
10% per annum, accrued and capitalised, not paid in cash
Maturity
18 to 24 months from disbursement
Conversion
At the next priced round of US$5M or more (Series A or equivalent), at the better of the flat US$15M cap or the round price less 30%
Collateral
Personal guarantee from Sergio Kalierof (founder, principal shareholder) on the note. Argentine pagaré, Swiss law (arbitration in Geneva) for non-US persons.
Minimum ticket
US$25,000
Anchor allocations
Welcome. No cap. Direct negotiation via sergio@jolot.net.
Operating bank
Banco Santander Argentina (USD + ARS)
Issuer entity
JOLOT S.A.S. (Argentine company, BORA 11266/19, 2019)

Investor protection: JOLOT S.A.S. is the title-holder of the TECMIN 1 silica sand pedimento in Malargüe, Mendoza, confirmed by the Dirección de Minería re-caratulación of 4 April 2025. Note backed by personal guarantee from the founder. Legal due diligence led by Sentinel Legal (Lyon, France / Geneva, Switzerland). If no Series A before maturity, redeemed in cash with accrued interest.

Team

The team.

A founder with the Argentine mining network, an operations director with 25 years in oil, gas and ports, and finance support facilitating the round.

Sergio Kalierof

Founder · Personal Guarantor · Mining Network

San Juan. Founder and principal shareholder of JOLOT. Personal guarantee on the bridge and direct access to the Argentine mining network.

Marcelo Marty, Director of Operations

Marcelo Marty

Director of Operations

Buenos Aires. 25+ years in Oil & Gas and port operations. Tomas Marty's brother. Ex-NRC Egypt (BP), ex-VALE, ex-SEACOR.
LinkedIn →

Tomas Marty

Tech & Ops Support · Sentinel Legal-led

Cork, Ireland. Ex-Kreditech (German fintech unicorn, Peter Thiel and Rakuten). 15 years in finance. Facilitates the bridge round.

Next step

Talk to the Argentina team.

Operations in Buenos Aires, mining network in San Juan. Response within 24 business hours. Teaser and calculator below.

Operations · Buenos Aires

Marcelo Marty

Tomas's brother. 25+ years in Oil & Gas, port operations and HSE.
ex-NRC Egypt · ex-VALE · ex-SEACOR

WhatsApp Email
Partner-investor · San Juan

Sergio

Argentine regional mining network.
Technical due diligence and services network.

WhatsApp Email
Bridge TeaserPDF · US$2.4M convertible note Return CalculatorInteractive tool
Latest developments

What's moving the thesis.

Key macro and sector data points, updated as conditions evolve. Full feed →

15MAY
Brent crude holds above US$109/bbl as Iran supply disruption tightens market
ICE / Reuters
14MAY
Vaca Muerta crude output hits record 456,000 bbl/d; new mining approvals under RIGI
Sec. de Energía · Min. de Economía
5MAY
Fitch upgrades Argentina to B- stable outlook; RIGI commitments reach US$17.9B
Fitch Ratings · RIGI Registry

All 8 developments → · Updated 15 May 2026

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