Updated 2026

Natural Resources (NR) Interview Guide

Comprehensive Natural Resources (NR) guide for investment banking interview preparation

2
Lesson Levels
21
Flashcards
22
Quiz Questions

Lesson Outline

Explore mining, metals, and materials sectors including commodity dynamics and valuation approaches.

  • 1. Mining Subsectors
  • 2. Oil & Gas Subsectors
  • Upstream (Exploration & Production / E&P)
  • Midstream (Transportation & Storage)
  • Downstream (Refining & Marketing)
  • Oilfield Services (OFS)
  • 3. Business Models & Lifecycles
  • The Resource Lifecycle
  • Alternative Models: Royalty & Streaming
  • 4. Key Metrics: Mining vs. Oil & Gas
  • Mining Metrics
  • Oil & Gas Metrics
  • 5. Valuation Considerations
  • Net Asset Value (NAV)
  • Specialized Multiples
  • Commodity Price Assumptions ("The Deck")
  • 6. Industry Dynamics
  • The Cost Curve
  • Commodity Supercycles
  • Grade Decline & Depletion

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Flashcards

Preview: 6 of 21 flashcards
Why is Net Asset Value (NAV) the preferred valuation methodology for mining and E&P companies rather than a standard DCF with a terminal value?
Technical
Review Module
Natural Resources
Question 1 of 6

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Practice Quiz

Preview: 4 of 22 questions
Question 1 of 4

Which valuation methodology is considered the 'Gold Standard' for valuing single-asset mining companies?

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About This Natural Resources (NR) Interview Guide

Explore mining, metals, and materials sectors including commodity dynamics and valuation approaches. Includes structured lessons, interactive flashcards, and practice quizzes to help you master Natural Resources (NR) for investment banking interviews.

This guide is part of the Industry Verticals section of our interview preparation platform. Each guide includes structured lessons at basic and advanced levels, interactive flashcards for active recall, and practice quizzes to test your understanding.

Structured Lessons

Basic and advanced content levels

21 Flashcards

Active recall for interview prep

22 Quiz Questions

Test your understanding

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Monkey

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Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
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I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Monkey

Seen on WallStreetOasis

Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Monkey

Seen on WallStreetOasis

IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
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From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
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heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
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The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Qatalyst Partners

Analyst

I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Greenhill & Co.

Analyst

Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
Anon

User Story

I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
J.P. Morgan

Analyst

I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Monkey

Seen on WallStreetOasis

Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
RBC

Analyst

I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Monkey

Seen on WallStreetOasis

Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Monkey

Seen on WallStreetOasis

IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
Anon

User Story

As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Monkey

Seen on WallStreetOasis

From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Anon

Seen on Twitter

heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
Anon

User Story

Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IBvine.io helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.
Lazard

Analyst

The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Qatalyst Partners

Analyst

I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Greenhill & Co.

Analyst

Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
Anon

User Story

I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
J.P. Morgan

Analyst

I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Monkey

Seen on WallStreetOasis

Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
RBC

Analyst

I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Monkey

Seen on WallStreetOasis

Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Monkey

Seen on WallStreetOasis

IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
Anon

User Story

As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Monkey

Seen on WallStreetOasis

From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Anon

Seen on Twitter

heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
Anon

User Story

Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IBvine.io helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.

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    Natural Resources (NR) Interview Guide - Updated 2026 | IB Vine