LME lead price, 2025.

Chart via the LME.

Shanghai Metals Market notes that the tariff announcement came during the traditional off season for lead, with battery producers reducing production and weakening overall demand for the metal.

However, the lead price had rebounded as of the end of April, with rising demand driving down inventories in downstream industries. By the end of Q2, lead was once again trading above US$1,900.

Trade concerns remained present, and although lead ultimately wasn’t included in reciprocal tariffs, considerable uncertainty dampened sentiment during the metal’s normally peak August-to-September period.

During the year’s third quarter, a significant 45,150 MT delivery to LME warehouses in November pushed total volume to 266,125 MT, leading to a collapse in the lead price amid oversupply concerns.

Lead stabilized in the US$1,930 to US$2,050 range as the year drew to a close, spiking to US$2,078.84 on November 12 and to US$1,910.48 on December 12.

What trends will move the lead market in 2026?

According to the International Lead and Zinc Study Group (ILZSG), global demand for refined lead is expected to increase by 0.9 percent to 13.37 million MT in 2026 after rising 1.8 percent in 2025.

In an October report, the organization projects a 6.6 percent rise in US lead demand for 2025, driven by higher domestic battery production. The ILZSG is also expecting greater 2025 lead usage in the Czech Republic, Germany, Poland and the UK, with a 1.8 percent gain in demand across the European Union.

However, a rise in Chinese demand in the first half of 2025, supported by a government trade-in policy for cars and e-bikes, was offset by lower exports of lead-acid batteries, which fueled demand growth of just 0.9 percent.

Many of these same factors are expected to carry over into 2026, with gains in Europe, Vietnam and the US expected to be offset by a forecast 1.7 percent decrease in Chinese demand.

On the supply side, mining output is expected to increase 2.2 percent to 4.67 million MT in 2026, with a 2.5 percent rise from Chinese operations, along with further gains from Europe and output recoveries in Australia and the US.

Refined supply is forecast to increase by 1 percent to 13.47 million MT over the next year, with gains from smelters in Brazil, India and Kazakhstan partially offset by lower production in China and the UK.

Overall, the ILZSG is expecting the lead surplus to grow to 102,000 MT in 2026.

Lead price forecast for 2026

According to a report from market intelligence firm Mordor Intelligence, lead-acid batteries are set to see increasing demand from data centers and 5G applications, where they are used as back-up power systems. The firm is calling for a 0.4 percent compound annual growth rate (CAGR) over the next two to four years.

In terms of EV sector demand, Mordor sees a 0.3 percent CAGR over the next two years as low-speed EVs like rickshaws and golf carts gain greater uptake in emerging markets in Southeast Asia.

Lead’s supply side could be affected by changing dynamics in the silver market.

In a December 12 article, Fastmarkets notes that a high silver price is prompting producers to accelerate project development timelines, pointing to Silver Mountain Resources’ (TSXV:AGMR,OTCQB:AGMRF) Reliquias project, which is expected to enter commercial production in Q3 2026.

As far as 2026 goes, Fastmarkets is expecting balance in the refined lead metal market, with little supply growth and the price rangebound at around the US$2,000 mark.

Medical device ETFs to consider

Investors keen on medical device ETFs only have three choices, according to ETFdb.com. Other life science ETFs can include medical device stocks in their holdings but cover a broad range of firms, while these three funds offer sector-specific exposure.

Here’s a brief look at the three medical device ETFs available to investors on US exchanges.

1. iShares US Medical Devices ETF (ARCA:IHI)

Total assets under management: US$4.24 billion

The iShares US Medical Devices ETF was launched in 2006 and tracked 50 holdings as of January 8, 2026. IHI has an expense ratio of 0.38 percent.

The majority of its portfolio is made up of large-cap US stocks. Its top three holdings, which combine for over 45 percent of its holdings, are:

2. SPDR S&P Health Care Equipment ETF (ARCA:XHE)

Total assets under management: US$161.1 million

Formed on January 26, 2011, the SPDR S&P Health Care Equipment ETF tracks 67 holdings as of January 8, 2026. This SPDR ETF has an expense ratio of 0.35 percent.

XHE offers exposure to medical device companies of all sizes, with 30 percent of its holdings being large-cap, 28 percent mid-cap, 37 percent small-cap and about 5 percent being micro stocks. The majority are US-based.

Its 67 holdings are relatively equally weighted, and its top holdings include UFP Technologies (NASDAQ:UFPT), Lantheus Holdings (NASDAQ:LNTH) and QuidelOrtho (NASDAQ:QDEL).

3. First Trust Indxx Medical Devices ETF (BATS:MDEV)

Total assets under management: US$2.2 million

The First Trust Indxx Medical Devices ETF launched on June 22, 2021, and aims to replicate the performance of the Indxx Medical Devices Index. MDEV has an expense ratio of percent.

This medical device ETF holds a portfolio of global life science stocks, with significant exposure to North America, European and Asian companies. Its 51 holdings are predominantly large-cap companies at 70 percent, with the remaining 30 percent being mid-cap firms.

The First Trust Indxx Medical Devices ETF’s top holdings include Exact Sciences (NASDAQ:EXAS), Globus Medical (NYSE:GMED) and Intuitive Surgical (NASDAQ:ISRG).

1. iShares Global Clean Energy ETF (NASDAQ:ICLN)

Total assets under management: US$2 billion
Expense ratio: 0.39 percent

The iShares Global Clean Energy ETF was created on June 24, 2008, and has a large portfolio of domestic and international stocks. An analyst report on the ETF states that it ‘likely doesn’t deserve’ a large weighting in an investor’s long-term portfolio. It suggests that the fund could instead be useful as a satellite holding that looks at a fraction of the market that is often overlooked by less focused ETFs.

The iShares Global Clean Energy ETF has 103 holdings. Three of its top-weighted holdings are Bloom Energy (NYSE:BE), First Solar (NASDAQ:FSLR) and Sunrun (NASDAQ:RUN). In terms of performance, this ETF has a one year return rate of 59.37 percent.

2. Invesco WilderHill Clean Energy ETF (ARCA:PBW)

Total assets under management: US$761.07 million
Expense ratio: 0.64 percent

Launched on March 3, 2005, the Invesco WilderHill Clean Energy ETF focuses on clean energy companies using green and renewable energy, and technologies that help with cleaner energy. Its holdings also include mineral companies focused on critical metals necessary for clean energy.

Currently, of the 64 stocks it holds, this ETF’s top-weighted holdings include Bloom Energy, Lifezone Metals (NYSE:LZM), and Lithium Argentina (TSX:LAR). Its one year return rate comes in at 69.48 percent.

3. First Trust NASDAQ Clean Edge Green Energy (NASDAQ:QCLN)

Total assets under management: US$572.57 million
Expense ratio: 0.56 percent

The First Trust NASDAQ Clean Edge Green Energy Index Fund, which came into existence on February 14, 2007, is a unique member of the alternative energy category, according to ETFdb.com. Why? Because it offers broad exposure by also investing in companies across a wide range of green energy subsectors, including biofuels, solar energy and advanced batteries.

Three of its 50 holdings with the highest weights are Bloom Energy, ON Semiconductor (NASDAQ:ON) and Rivian Automotive (NASDAQ:RIVN). The one year return rate for this ETF is 43.45 percent.

4. State Street SPDR S&P Kensho Clean Power ETF (ARCA:CNRG)

Total assets under management: US$195.57 million
Expense ratio: 0.45 percent

The SPDR S&P Kensho Clean Power ETF was launched in October 2018 and tracks companies whose products and services are driving innovation in the clean energy sector, including the areas of solar, wind, geothermal and hydroelectric power. It has 44 holdings.

Three of the fund’s top holdings include Bloom Energy, SolarEdge Technologies (NASDAQ:SEDG), and Ormat Technologies (NYSE:ORA). Its one year return performance stands at 55.67 percent.

5. ALPS Clean Energy ETF (ARCA:ACES)

Total assets under management: US$112.07 million
Expense ratio: 0.55 percent

The ALPS Clean Energy ETF was formed fairly recently, on June 29, 2018. The fund tracks the CIBC Atlas Clean Energy Index, providing exposure to a diverse set of US and Canadian companies involved in the clean energy sector, including renewables and clean technology.

This ALPS ETF has 39 holdings, and some of its top holdings are Albemarle (NYSE:ALB), Ormat Technologies and Sunrun. It has a one year return of 31.92 percent.

Target rate probabilities for January Fed meeting.

Chart via CME Group.

Trump has frequently criticized Powell for not lowering rates quickly enough, and Powell’s replacement, who has not yet been announced, is widely expected to be more in line with Trump’s views.

“We see increased interference with the Fed as a key bullish wildcard for the precious metals in 2026,” Carsten Menke, head of next-generation research at Julius Baer Group, told Bloomberg. He noted that because silver is a smaller market than gold, it typically reacts “more strongly to such concerns.”

Silver price chart, January 6 to 14, 2026.

Silver and its sister metal gold tend to fare better when rates are lower, meaning rate cut expectations coupled with the investigation of Powell and the Fed have helped to stoke prices for the precious metals.

While silver is known for lagging behind gold before outperforming, it’s now ahead in terms of percentage gains — silver is up about nearly 200 percent year-over-year, while gold has risen around 72 percent.

The yellow metal also hit a new all-time high on Wednesday, peaking at US$4,641.40 per ounce.

In addition to rate-related factors, silver’s breakout this year has been driven by various other elements.

As a precious metal, it’s influenced by many of the same factors as gold, but its October price jump, which took it past the US$50 level, was also driven by a lack of liquidity in the London market.

While that issue appears to have resolved, silver remains in a multi-year supply deficit. Tariff concerns and silver’s new status as a critical mineral in the US have also provided support.

In addition to its appeal as a precious metal, silver’s industrial side shouldn’t be forgotten — according to the Silver Institute, the white metal’s ‘global silver industrial demand is poised to grow further as demand from vital technology sectors accelerates over the next five years. Sectors such as solar energy, automotive electric vehicles and their infrastructure, and data centers and artificial intelligence will drive industrial demand higher through 2030.’

Meeting demand through supply

‘Primary production—mining—remains the irreplaceable foundation of copper supply,’ said Global Head of Critical Minerals and Energy Transition Consulting at S&P Global Energy Eleonor Kramarz.

‘Bridging the impending supply gap depends not only on geology, engineering, and logistics and investment, but also on governance and policies. That translates into timeliness in permitting and consultation, a time clock on litigation and stability in governance and regulation. The alternative is uncertainty, and uncertainty comes at a hefty cost.’

The report added that output from existing mines will keep declining without significant new investment.

Recycling is regarded as the “secondary supply,” but however provides at best only about a third of the total supply by 2040.

Processing also remains critical in this scenario. Smelting and refining capacity is still concentrated in China, accounting for about 40 to 50 percent total capacity or 12 of the 29 million metric tons to be specific.

“(This) geographic concentration amplifies systemic risks and exposes the supply chain to geopolitical shocks.”

“While recycling could possibly meet up to a quarter of total demand by 2040, it cannot close the gap – primary mined supply remains essential,” the report concluded.

Copper and electrification

S&P Global wrote that copper also plays a huge role in meeting the growing requirements of electrification and technologies such as AI and data centers.

It noted that while AI is not creating the largest of copper demand, its requirements highlight the need for expanded electricity supply.

Still, there is a need to hold space for how AI will affect the generation of industrial, commercial, creative and even personal applications that require more electricity.

For data centers, the electricity demand in the US could rise from the current 5 percent to 14 percent by 2030.

“Data centers are electricity-intensive, and their proliferation is driving massive investments in both direct copper use (for power delivery, cooling, and IT infrastructure) and in the electric grid infrastructure that supports them.”

The report illustrated that to meet the global power demand of 2040, the world will need to build the equivalent of roughly 330 Hoover Dams, or over 650 one-gigawatt nuclear reactors each year between now and then.

“Copper is the material enabling this massive growth in power demand – unlocking the age of AI and the electrified future of which it is characteristic.”

A report by Benchmark on annual EV sales revealed that 20.7 million units were sold in 2025, but that the same growth rate of 20 percent “is not expected” to be the same in 2026.

Noting, “manufacturers (will) focus their efforts on the deadline year, 2027.’

In terms of overall demand for copper and how it relates to EVs, S&P Global said that demand for ICE vehicles declines due to the growing share of EVs.

“Construction and machinery continue to be the largest contributors to core economic demand.”

Australia’s copper developments

As a nation, Australia is making moves that relate to copper in terms of demand and investment.

Its Critical Minerals Strategy and Resource Industry Growth Initiative, along with its partnership with Japan, prioritize joint investment and regulatory simplification.

Using public finance bodies such as the Japan Bank for International Cooperation (JBIC) and JOGMEC, Japan is backing Australian projects to secure long-term access to critical minerals, including copper.

Firms such as Lynas Rare Earths (ASX:LYC,OTCQX:LYSDY) and their projects also play a role, assisting in securing stable supplies of rare earths, lithium and copper.

In 2024 and 2025, cooperation under the Japan–Australia Critical Minerals Partnership expanded further, with new processing and infrastructure initiatives announced in Western Australia.

Large-scale infrastructure projects are also adding to future copper demand. One high-profile example is the proposed AAPowerLink subsea cable project, which would connect Australia to Singapore and Indonesia.

If developed as planned, the project could consume tens of thousands of tonnes of copper, highlighting how Australia’s export-focused energy and infrastructure strategy is translating into material demand growth.

Together, these developments underscore how government-backed partnerships and major infrastructure investments are reinforcing Australia’s role as a reliable copper supplier, while creating longer-term opportunities for investors across the copper value chain.

Addressing the basics

The demand for copper arises from the fact that it is essential for the generation, transmission and use of electricity.

The irony is that the metal which enables electrification is having a hard time catching up to the accelerating pace of electrification itself.

While S&P Global did not have policy recommendations, it implied that current policies may be slowing things down.

“Average copper mine takes 17 years from discovery to production, with much time spent on permitting, environmental reviews and community consultations.”

It cited that changing government terms, tariffs and regulatory frameworks are bringing uncertainty to the resource sector, slowing investment and project development.

The report also noted that while mining is the primary driver of supply, it is only a part of the picture. It’s also about what happens to copper when it leaves mines.

The conclusion is that the requirement is for multilateral cooperation and increased regional diversification.

“The future is not just copper-intensive, it is copper-enabled,” S&P Global concluded.

“As electrification and digital intelligence become defining characteristics of global development, copper is indeed an ever-more critical mineral, carrying the electric currents that are connecting, conducting, and catalyzing innovation and economic advance.”

Investor Insight

In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.

Overview

Nuclear energy is a key driver in the transition to net zero, offering clean, reliable, and secure power to meet global electricity demand, which is expected to grow by 50 percent in 2040.

Skyharbour Resources (TSXV:SYH,OTCQX :SYHBF,FWB:SC1P) is strategically positioned to support this growing demand through its high-grade uranium projects. As a leading uranium exploration company, Skyharbour partners with industry stakeholders to advance projects that contribute to the secure and sustainable energy future nuclear power promises.

Skyharbour has completed its 2025 drill programs at the co-flagship Russell Lake and Moore Lake uranium projects, with assay results pending. The campaign comprised approximately 16,000 – 18,000 metres of drilling, including ~10,000 metres at Russell Lake and 6,000-7,000 metres at Moore Lake. Drilling targeted multiple high-priority zones, building on the projects’ widespread uranium mineralization and favorable Athabasca Basin geology with potential for large, high-grade deposits.

Looking ahead, extensive follow-up drilling is planned for 2026 at both projects, with programs expected to be funded and advanced by both Skyharbour and Denison Mines as part of the recently established joint ventures at Russell Lake, positioning Russell and Moore Lake for continued exploration momentum and discovery upside.

Company Highlights

• Company Overview: Skyharbour Resources is a junior mining company with one of the largest uranium exploration portfolios in Canada’s Athabasca Basin, spanning 43 projects over 662,000 hectares.
• Athabasca Basin Advantage: The Athabasca Basin is the world’s top uranium district, with deposits averaging grades 10 to 20 times higher than the global average.
• Strategy: The company pursues a dual strategy: advancing its co-flagship Russell Lake and Moore projects while leveraging a prospect generator model to fund exploration at secondary assets through partnerships.
• Moore Uranium Project: Moore hosts high-grade uranium at the Maverick Zone, where drilling has returned 6 percent U3O8 over 5.9 metres and 20.8 percent U3O8 over 1.5 metres at 265 metres depth.
• Russell Lake Uranium Project: Russell Lake is a 73,314-hectare advanced-stage uranium project now held under a newly formed joint-venture partnership between Skyharbour Resources and Denison Mines. The 2024 winter program confirmed new sandstone-hosted uranium mineralization, with assays up to 2.99 percent U₃O₈ over 0.5 metres.
• Current and Planned Drilling: Multiple phases of drilling were completed in 2025, totaling approximately 16,000 metres across the Russell Lake and Moore Lake projects. Extensive follow-up exploration and drilling programs are planned for 2026.
• Partner-Funded Exploration: Joint-venture and option partners completed an additional 12,000 to 14,000 metres of drilling in 2025, including approximately 6,000–7,000 metres by Orano at the Preston Project. Further partner-funded exploration and drilling programs are expected to commence in 2026.
• Prospect Generator Model: Skyharbour advances non-core assets through partners who fund exploration and provide cash or stock, while it retains minority interests and equity stakes.
• Market Tailwinds: Global momentum toward nuclear energy as a decarbonization solution is driving uranium demand, positioning Skyharbour’s Athabasca Basin projects for growth.

Flagship Projects

The Moore Project

The project spans 35,705 hectares in the eastern Athabasca Basin and is located near established infrastructure within a highly prospective corridor for high-grade uranium mineralization. Acquired from Denison Mines, a major strategic shareholder of Skyharbour, the property benefits from excellent year-round access via winter and ice roads, with substantial summer accessibility. Extensive historical exploration includes over $50 million in expenditures and more than 140,000 metres of diamond drilling, underscoring its significant discovery potential.

Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:

• Hole ML-199 which intersected 20.8 percent U3O8 over 1.5 meters at 264 meters,
• Hole ML-202 from the Maverick East Zone which intersected 9.12 percent U3O8 over 1.4 meters at 278 meters.
• Hole ML20-09 which intersected 0.72 percent U3O8 over 17.5 meters from 271.5 meters to 289.0 meters, including 1 percent U3O8 over 10.0 meters represents the longest continuous drill intercept of uranium mineralization discovered to date at the project.
• Drill hole ML-61 returned 4.03 percent eU3O8 over 10 meters;
• Drill hole ML -55 encountered high-grade mineralization, returning 5.14 percent U3O8 over 6.2 meters
• Drill hole ML -47 intersected 4.01 percent U3O8 over 4.7 meters

Only about 50% of the 4.7-kilometre prospective Maverick corridor has been systematically drilled, highlighting significant discovery potential along strike and at depth. Skyharbour completed approximately 2,800 metres of winter drilling in 2024, focused on infill and expansion at the Main Maverick Zone, returning standout results including 5.0 metres of 4.61% U₃O₈ (from 265.5 to 270.5 metres), with a higher-grade interval of 1.0 metre grading 10.19% U₃O₈ in hole ML24-08. The Company also completed an additional 2,759 metres of late-2024 drilling across nine holes, targeting both the Main Maverick and Maverick East Zones.

Skyharbour completed over 7,000 metres of diamond drilling in 2025 at the Main Maverick and Maverick East Zones, with assay results pending. The program focused on expanding, characterizing, and defining the extents of known mineralization, while also testing several additional high-priority targets across the project.

Beyond the Maverick Zones, drilling intersected multiple conductive corridors associated with significant structural disruption, strong alteration, and anomalous uranium and pathfinder element geochemistry, underscoring the broader exploration potential of the project.

Skyharbour is planning additional drilling in 2026, to be advanced in conjunction with expanded exploration programs at Russell Lake. Further details on the scope and timing of the 2026 drill program will be provided as plans are finalized.

Russell Lake Uranium Project

The Russell Lake Project is a large, advanced-stage uranium exploration asset covering 73,314 hectares in the eastern Athabasca Basin, strategically located between Cameco’s Key Lake and McArthur River operations and adjacent to Denison’s Wheeler River and Skyharbour’s Moore Lake projects. A recently completed strategic agreement with Denison Mines has restructured the broader project into four joint ventures with up to C$61.5 million in total project consideration, while Skyharbour retains operatorship and a majority interest in the core Russell Lake claims, cementing its flagship status.

The project benefits from excellent infrastructure and extensive historical work, including over 95,000 metres of drilling in 220+ holes, defining multiple high-priority targets and high-grade uranium showings. Key exploration areas include the Grayling Zone, M-Zone Extension, Little Man Lake, Christie Lake, and Fox Lake Trail. Recent drilling programs in 2023 and 2024 continued to advance these targets, highlighted by a best-ever intercept of 2.5 metres of 0.721% U₃O₈ at a shallow depth of 338.1 metres, including 0.5 metres of 2.99% U₃O₈ at 339.6 metres just above the unconformity. With Denison as a strategic partner and increased funding capacity, Russell Lake is positioned for accelerated exploration and enhanced discovery potential.

Skyharbour has completed its 2025 drilling program at the Russell Lake Project, with multiple phases comprising nearly 10,000 metres of drilling designed to follow up on recent exploration success and test new high-priority targets generated by the geological team. Planning is now underway for additional drilling in 2026, to be advanced in collaboration with Denison Mines, with further details to be provided as programs are finalized.

Prospect Generator Strategy

Skyharbour implements a prospect generator model. Through joint ventures and option agreements, partners fund exploration and provide cash or share payments to earn interests in secondary projects. This allows Skyharbour to focus its resources on core assets, including the Moore Lake and Russell Lake projects, while partners advance the rest of the portfolio. Skyharbour is advancing a portfolio of uranium exploration projects at Russell Lake, operated by Skyharbour and Denison Mines under a joint venture. The Russell Lake project portfolio comprises the Wheeler North, Getty East, RL Claims, and Wheeler Inlier subprojects. Collectively, these projects host multiple zones of uranium mineralization across a large and highly prospective land package with significant exploration upside. Skyharbour and Denison are actively advancing the Russell Lake portfolio through systematic exploration and drill programs

Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Preston, East Preston, and Hook Lake Projects respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project.

In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Furthermore, Skyharbour’s project portfolio is bolstered by several other 100 percent owned projects scattered throughout the Athabasca Basin that they can look to option/JV or sell to grow their robust model.

Management Team

Jordan Trimble – President, CEO and Director

Jordan is an entrepreneur with extensive experience in the resource sector, having worked with multiple public and private companies across management, corporate finance and strategy, shareholder communications, marketing, business development, and capital raising. He previously served as Corporate Development Manager at Bayfield Ventures, playing a key role in the company’s growth prior to its acquisition by New Gold Inc. in 2014. A CFA® Charterholder, Jordan also served a full term as a Director on the board of CFA Society Vancouver. He holds a Bachelor of Science degree with a Minor in Commerce from the University of British Columbia and was recently named to Business in Vancouver’s Forty Under 40 for 2025.

Jim Pettit – Chairman of the Board and Director

Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 35 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.

David Cates – Director

David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company’s mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.

Joseph Gallucci – Director

Joseph Gallucci is currently Head of Mining Investment Banking at Ventum Financial, where he oversees the firm’s global mining practice. He is also an active corporate director on several publicly listed mining companies. A senior capital markets executive with over 20 years of global mining-sector experience, Mr. Gallucci has held leadership roles across investment banking and equity research at BMO Capital Markets, GMP Securities, Dundee Securities, Eight Capital (as a founding principal), and Laurentian Bank Securities. He holds a Bachelor of Commerce degree from Concordia University and an MBA in Investment Management from the Goodman Institute of Investment Management, and he also holds the ICD.D designation.

Brady Rak – VP of Business Development

Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.

Serdar Donmez – Vice-president of Exploration

Serdar Donmez is a professional geoscientist with decades of uranium exploration and development experience in Saskatchewan and Zambia. Over 17 years at Denison Mines, he played key roles in advancing the Phoenix and Gryphon deposits at Wheeler River from discovery to feasibility in 2023. As resource geology manager, he contributed to mineral resource estimates, NI 43-101 reports, and the evaluation of in-situ recovery techniques for high-grade Athabasca Basin deposits. Donmez holds an engineering degree in geology and is a registered professional geoscientist in Saskatchewan.

Dave Billard – Head Consulting Geologist

Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.

Christine McKechnie – Senior Project Geologist

Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.