Mining companies often group projects in their corporate portfolio into exploration pipeline, innovation, operating assets, brownfields, and sub-economic resource categories. However, it is not often recognized that these groupings have characteristic cash flow risk levels allowing for a useful risk-based representation of a corporate project portfolio. This presentation proposes separating project risk into technical and financial risk components and argues that these components can then usefully differentiate the various project categories for decision-making purposes. The resulting framework allows a company’s project portfolio to be represented in full rather than in silos.