Denham Mining finances and supports management and mining projects in metals and minerals that play a critical role in decarbonization, energy transition, supply chain security and in the increasing technological footprint of society

Denham Mining pursues a flexible investment strategy. We partner with best in class management teams to help them acquire or earn into projects, or to develop mines into production. Our preferred entry point are projects that are at maximum two years from first production, or already in construction, ramp up or in production, and require capital for expansion and other value accretive activities. Denham Mining can invest anywhere on the capital stack, ranging from ordinary equity, to preferred equity and subordinated or senior debt.

Corporate and Social Responsibilities

Denham Mining’s investment strategy focuses on metals and minerals that assist in decarbonization and the energy transition. Denham believes a strong correlation exists between ESG and highly marketable projects.

Denham Mining seeks out projects that deliver tangible benefits to local communities such as jobs and associated business opportunities. At the same time Denham Mining also strives to minimize adverse environmental impacts of the projects it finances, and where possible and practicable, also seeks to implement proactive protection of flora and fauna in the vicinity of its projects.

Denham Capital Mining Fund (the Fund) recognizes that successful management of environmental, social and governance (ESG) considerations related to the Fund’s mining investments are essential in making a more positive contribution to the world we live in.

Demonstration of our responsible mining initiatives can be found across the Fund’s listed and privately owned Portfolio Companies. They are the norm, not the exception. Doing the right thing for the environment and the community constitutes the social operating licence for a mining project, without which a project cannot succeed.

The Fund manages its mining investments to seek the best long-term, risk-adjusted portfolio returns for its limited partners. We use our influence as an investor to promote the responsible management of ESG risks in order to protect the long-term value of investments, and enable improvements of the overall wellbeing and development of our host communities and countries. We also seek to minimize our environmental impact, and in situations, where appropriate and possible, to use our influence to proactively protect the environment around our projects.

Communities

Denham Mining conducts business in a sustainable and responsible manner and takes into account the impact our investments have on affected people and communities. We respect human rights and support the responsible sourcing of minerals. We are committed to ensuring that our projects deliver tangible benefit to local communities.

For example, the Alphamin operation positively benefits 90,000 local residences in the North Kivu region of Democratic Republic of Congo. Our Olive Downs project in the Bowen Basin in Australia will also create up to 1,300 jobs and help Queensland recover from the economic consequences of Covid-19.

Environmental Stewardship

We recognise that mines must co-exist with alternative livelihoods that rely upon the availability of land and water and aim to ensure that our investments seek to minimize the use of such resources. We strive for best-in-class environmental protection at our projects.

Health and Safety

The health and safety of our people and the communities in which we operate takes precedence over all other objectives. Our approach to health and safety is to be proactive in identifying potential risks and implementing the necessary controls.

Select Portfolio Companies

Our investment effort spans the mining value chain and encompasses a wide range of business types, strategies and geographies.

Auctus Minerals

Auctus Minerals is a Perth-based company focused on developing promising projects into production and improving the economics of operational mining assets throughout Australia. It targets opportunistic projects that are either near production or development-ready.

  • Headquarters

    Perth, Australia
  • Website

  • Sector

    Mining
  • Exit Description

    N/A

Mining Ventures Brasil

Mining Ventures Brasil is engaged in the identification and exploration of highly prospective mining areas in Brazil. The company is currently focused on development of its heavy rare earths project in Brazil.

  • Headquarters

    São Paulo, Brazil
  • Website

    www.svpm.com.br
  • Sector

    Mining
  • Exit Description

    N/A

Pangea

Pangea Exploration targets resources throughout Africa and is engaged in the acquisition of mining assets across all stages of the project life cycle.

  • Headquarters

    Johannesburg, South Africa
  • Website

    N/A
  • Sector

    Mining
  • Exit Description

    N/A

Pembroke Resources

Pembroke Resources is an Australia-based company focused on the acquisition and development of a portfolio of high quality, metallurgical coal assets in the Asia-Pacific region.

Santiago Metals

Santiago Metals targets mining and exploration projects in Chile.

  • Headquarters

    Santiago, Chile
  • Website

    N/A
  • Sector

    Mining
  • Exit Description

    N/A

Stellar Mining

Stellar Mining targets mining and exploration projects in Peru.

  • Headquarters

    Lima, Peru
  • Website

    N/A
  • Sector

    Mining
  • Exit Description

    N/A

Sector Team

Stuart Porter

Founder and CEO

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

Managing Partner

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

Partner

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. and Pembroke Resources.

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

Rob Still

Partner

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.

Alex Deng

Director

Alex Deng is a Director, 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

Director

Justin Machin is a Director at Denham Capital, responsible for origination, analysis, structuring, execution and monitoring of its Mining investments. He rejoined Denham in 2018.

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 Mining Mergers & Acquisitions Team at Standard Chartered and as an Analyst in the Global Mining Corporate Finance Team at National Bank Financial. He currently serves on the Board of Directors of Serra Verde Rare Earths and Santiago Metals I & II.

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

Matthew Pedley

Director

Matthew Pedley is a Director, responsible for origination, analysis, structuring, valuation, and execution of investments for the Mining Deal Team. He brings 21 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 of Pembroke Resources and Tremont Master Holdings Ltd.

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.

Herculus Jacobs

Chief Technical Officer - Mining

Herculus Jacobs is the Chief Technical Officer – Mining for Denham Capital, responsible for technical due diligence, assessment and monitoring of its Mining investments. He has worked with Denham since 2016 and brings 24 years of experience to the firm. Herculus grew up on a large mine in South Africa and started his career as technical manager at Anglo-American’s Gold and Base Metal divisions. Herculus also held senior positions at UraniumOne, Pangea and Rand Uranium prior to joining Denham Capital. Of special note is his involvement in the development of Skorpion zinc, Bisie tin, Dominium Reefs and Cooke uranium as well as Panda Hill niobium.

Herculus’s experience spans across a diverse range of commodities, geological settings, mining, processing and marketing requirements. Herculus has led and participated in project development, building mines, providing technical oversight, performing techno-economic due diligence and advising on minerals and metals projects and operations globally.

Herculus holds a Bachelor Degree in Metallurgical Engineering, is a Registered Professional Engineer with the Engineering Council of South Africa, Fellow of the Southern African Institute of Mining and Metallurgy and Member of the American Society for Mining, Metallurgy and Exploration.  Mr. Jacobs’ services are procured via a Sub-Advisory Agreement with Denham.

Trevor Anderson

Associate

Trevor Anderson is an Associate, responsible for financial modeling, execution and monitoring of investments. He joined Denham in 2021.

Prior to joining Denham, Trevor was an Analyst on the Resource Streaming & Royalty Team at Sprott. Prior to joining Sprott, he was an Investment Banking Analyst on the Mining & Metals Team at PI Financial in Vancouver. Trevor earned a Bachelor of Commerce from the University of British Columbia.

Jackson Wood

Associate

Jackson Wood is an Associate, responsible for financial modelling, execution and monitoring of investments. He brings over three years of experience to the firm.

Prior to Joining Denham in 2020, Jackson was an Analyst in the Mergers & Acquisitions team at IGO Limited, an ASX listed nickel and gold producer.

He holds a Bachelor of Commerce degree majoring in Finance and Economics from The University of Western Australia.

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