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 and Partner of Denham Capital Management LP and has over 40 years of experience in resource related investing. He is responsible for the firm’s mining investments and is a member of the Investment Committee and the Valuation Committee. Denham Capital is a global resources, energy and sustainable infrastructure focused investment firm with more than $12 billion of invested and committed capital across multiple fund vehicles since inception. Specializing in private equity, infrastructure and debt, we invest in sectors that are central to the economic and energy transitions happening globally.  We deliver the mineral resources, energy and sustainable infrastructure needed for today and tomorrow.  Denham has offices located in Houston, Boston, Jersey City, Toronto, London, and Perth.

Prior to forming Denham, Mr. Tricoli occupied various positions in the resource investing area including President of GeosCapital, a resource focused investment firm, Managing Director of Koch Industries where he led the principal investing activities for natural resources, President of Black Hawk Resources, an independent exploration and production company with activities focused in the Northern Rockies and Managing Director and Head of Energy Corporate Finance for NationsBank Capital Markets (now Bank of America). Mr. Tricoli is a member of the board of directors of Mid LA Mining Holdings LLC., Tremont Master Holdings, Ltd., and Santiago Metals LLC.  He also serves as the Chairman of the Board of Governors of the Seaside Institute and is a member of the Advisory Board of the University of Texas at Austin College of Liberal Arts.

Mr. Tricoli received a Bachelor of Arts from the University of Texas at Austin and a Master of Business Administration from Bayes Business School, City University 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 and the Valuation 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 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 and the Valuation 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.

Justin Machin is a Managing Director, responsible for origination, analysis, structuring and execution of investments for the Mining Deal Team. 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, Incoa Performance Minerals, Santiago Metals I & II and Camino Minerals.

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

Ziad Saliba is an Associate, responsible for financial modeling, execution and monitoring of investments. He joined Denham in 2022.

Prior to joining Denham, Ziad was an Investment Banking Analyst on the Global Mining Team at TD Securities. Prior to joining TD Securities, he was an Investment Banking Analyst at Desjardins Securities. Ziad earned a Bachelor of Engineering in Mining Engineering and Master of Engineering in Mining and Materials Engineering from McGill University.

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.