Mining

Stuart Porter is a Founder, Managing Partner and serves as the firm’s Chief Executive Officer and Chief Investment Officer. Stu brings over 29 years of senior investment experience to Denham. Stu serves on the Investment Committee and Valuation Committee.

Prior to founding Denham, Stu was a founding partner of Sowood Capital Management LP and, prior thereto, was employed as a Vice President and Portfolio Manager at Harvard Management Company, Inc. where he focused on public and private transactions in the energy and commodities sectors. Stu previously worked for Bacon Investments and at J. Aron, a division of Goldman Sachs. While at J. Aron, he worked on the Goldman Sachs Commodity Index desk. Prior to joining J. Aron, Stu was a self-employed trader at the Chicago Board of Trade and was employed by Cargill Incorporated in Minnetonka, Minnesota in the Financial Markets Division.

Stu received a Bachelor of Arts from the University of Michigan and a Master of Business Administration degree from the University of Chicago Booth School of Business.

Carl Tricoli is a Founder, Managing Partner and co-heads the firm’s Mining team. He brings 36 years of experience to Denham and is a member of the Investment Committee and the Valuation Committee.

Prior to joining Denham in 2004, he served as President of GeosCapital (a J.M. Huber Corporation), after serving as Vice President for Enron North America, Managing Director of Koch Producer Services, President of Black Hawk Resources and Managing Director of Corporate Finance for NationsBank Capital Markets. Carl serves as a member of the Board of Directors of Tremont Master Holdings, Ltd. and Mining Ventures Brasil Ltda.

Carl received a Bachelor of Arts from the University of Texas at Austin and a Master of Business Administration from Cass Business School in London.

Bert Koth is a Partner in the Mining Fund of Denham Capital. Bert is responsible for origination, analysis, structuring and execution of investments for the Mining Deal Team. He brings 21 years of experience to the firm and is a member of the Fund Investment Committee. He speaks English, German, Spanish, French and Russian.

Prior to joining Denham, Bert worked at BHP Billiton, ING Barings, and Deutsche Bank. He currently serves on the Board of Directors of Tremont Master Holdings Ltd., Pembroke Resources and Auctus Minerals.

Bert received a graduate degree and a PhD in Business Administration from the Vienna University of Economics, Austria.

Rob Still is currently Chairman of Pangea Exploration (Proprietary), Ltd., which provides information and analysis to Denham’s African mining platform. He brings 28 years of mining experience to the firm and is a member of the Fund Investment Committee.

Prior to Pangea Exploration, Rob has been involved in the mining industry worldwide, from discovery to production, and has held executive and non-executive directorships in companies listed in South Africa, Australia, Canada and the United Kingdom. He has participated in the evaluation and/or development of several new mining projects and companies including Rhovan (vanadium – discovery to production), Ticor (mineral sands – discovery and evaluation), Pangea GoldFields (exploration and discovery), Southern Mining Corporation Limited (mineral sands – Corridor Sands), Metorex Ltd (copper – turnaround) and Zimplats (platinum – discovery to production). Rob began his mining career in 1987 when he co-founded Rhombus Exploration, a JSE junior. Prior to 1987, he was a Partner at Ernst & Whinney (now Ernst & Young).

Rob holds a Bachelor of Commerce degree from the University of Witwatersrand, a Bachelor of Commerce (Hons) degree from the University of Cape Town and a Certificate of Theory of Accounting from the University of Witwatersrand. It is expected that Mr. Still’s services in respect of the Fund will be procured via the Sub-Advisory Agreement with the Sub-Advisor.

Caroline Donally is a Managing Director, responsible for origination, analysis, structuring, valuation and execution of investments for the Mining Deal Team. She brings 21 years of experience to the firm.

Prior to joining Denham in 2011, Caroline worked in the project finance areas at Rand Merchant Bank and Investec Bank Limited, focusing exclusively on metals and mining transactions. Previously, she worked at BDO Spencer Steward. She currently sits on the Board of Directors for Tremont Master Holdings Ltd. (Board and Audit Committee) and Santiago Metals.

Caroline received a Bachelor of Commerce from the University of the Witwatersrand and a Bachelor of Accounting Science from the University of South Africa. She also holds a Chartered Accountant designation.

Matthew Pedley is a Director, responsible for origination, analysis, structuring, valuation and execution of investments for the Mining Deal Team. He brings 18 years of experience to the firm.

Prior to joining Denham, Mr. Pedley was the National Director of KPMG’s Australian Mining M&A team based in Perth, Australia where he focused exclusively on the metals and mining industry. Prior to KPMG Corporate Finance, he worked on the Resources desk at Evolution Securities (London) and in the corporate division of an Australian stockbroker. He currently serves on the Board of Directors for Auctus Minerals and Pembroke Resources.

Matthew received a Bachelor of Commerce (Accounting and Finance) from Murdoch University and a Graduate Certificate of Applied Finance and Investment from the Financial Services Institute of Australasia.

Alex Deng is a Vice President, responsible for financial modeling, execution and monitoring of investments. He brings five years of experience to the firm.

Prior to joining Denham, Alex was an Analyst in the Global Metals & Mining Investment Banking Group of Canadian Imperial Bank of Commerce (CIBC) World Markets in Vancouver and Sydney.

He holds a Bachelor of Commerce degree in Finance and Real Estate from the Sauder School of Business at the University of British Columbia.

Justin Machin is a Vice President at Denham Capital, responsible for analysis, origination, structuring, execution and monitoring of its Mining investments. He rejoined Denham in 2018 and brings nine years of experience to the firm.

In addition to his prior experience in Mining Private Equity at Denham, Justin spent several years with Waterton Global Resource Management in Toronto. Previously, he also spent a number of years in Mining Investment Banking, working as an Associate in the Global Metals and Mining Mergers & Acquisitions Team at Standard Chartered and as an Analyst in the Global Mining and Metals Corporate Finance Team at National Bank Financial.

Justin holds an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.

Harry Breidahl is an Associate, responsible for financial modelling, execution and monitoring of investments. He brings two years of experience to the firm.

Prior to Joining Denham in 2017, Harry was an analyst in the Natural Resources Investment Banking team at Goldman Sachs in Sydney.

He holds a Bachelor of Commerce degree majoring in Finance and Economics from The University of Melbourne, where he made the Dean’s Honours List.

Cam Dowle is an Associate, responsible for financial modeling, execution and monitoring of investments. He brings over two years of experience to the firm.

Prior to joining Denham in 2018, Cam was an Analyst on the Metals and Mining investment banking team at PI Financial in Vancouver. Cam earned a Bachelor of Applied Science in Mining Engineering from Queen’s University in Ontario.

Daniel Siré is an Associate, responsible for financial modeling, execution and monitoring of investments. He brings three years of experience to the firm.

Prior to joining Denham in 2018, Daniel was an analyst in the Global Metals & Mining group at BMO Capital Markets in Toronto.

Daniel earned a Master of Financial Economics from the University of Toronto and a Bachelor of Commerce in Finance from the Telfer School of Management at the University of Ottawa where he graduated magna cum laude.