On 9 November 2026, the Court of Appeal (Miles, Foxton and Butcher LJJ) handed down judgment dismissing an appeal by Blyvoor Gold Capital (Pty) Ltd in a dispute over a broker’s success fee on a US$60 million mining finance transaction.

Arnold Ayoo acted (unled) for the successful respondent, at trial and then on appeal, instructed by Three Graces Legal.

The appeal challenged the decision of Mr Justice Richards that the respondent had earned its fee by helping to place the investments with the funder, Orion Resource Partners.

The judgment addresses what an “effective cause” requirement means where the agent did not introduce the investor and two brokers were engaged jointly, both contemplated as earning commission on the same transaction. The Court held that any such requirement was necessarily attenuated, and was met by work having a “real world effect” on the obtaining of the finance.

The judgment has neutral citation [2026] EWCA Civ 1432

Read the judgment in full: Court of Appeal success in multimillion dollar commission dispute [2026] EWCA Civ 1432