Negotiated agreements are now a commonplace mechanism for governing the relationship between mining companies and Indigenous peoples. What is not commonplace are agreements in which Indigenous people acquire an equity stake in industrial-scale projects on their land. Recent and powerful calls for greater Indigenous control of mining projects have drawn renewed attention to the question of Indigenous co-ownership and Indigenous equity participation. This paper describes co-ownership arrangements emerging globally and raises critical questions that drive closer examination of the value proposition of Indigenous equity participation for Indigenous groups and other parties.