David Rae

Career chronology

• Issuer-reported role; CEO since May 2020; DPM COO from 2014 and SVP operations from 2012; prior senior roles at Xstrata, Falconbridge, BHP and Anglo American.: DPM Metals Inc. — President and CEO. Management Team (David Rae biography)

• Dates not established: Xstrata and Falconbridge — Senior mining and operating positions. Management Team (David Rae biography)

Education and qualifications

Reported qualifications

As reported by issuer · issuer reported · low materiality

BSc Physical Metallurgy, University of Leeds. Credentials were not independently verified with the institutions or professional registers.

Attribution: Responsibility not applicable. Issuer-reported qualifications, not independently verified.

Relevance: Experience and credentials relevant to the role.

Management Team (Named management biography)

Contributions and company outcomes

2025 production and financial results

2025 · issuer reported · medium materiality

DPM reported 244,979 ounces of gold, 30 million pounds of copper, and US$492 million operating cash flow from continuing operations in 2025. These are corporate outcomes and commodity prices also affect financial results.

Attribution: Role overlaps event; causation unproven. The company result occurred during this executive role; an individual causal contribution is not isolated.

Relevance: Operational and financial delivery.

2025 Annual Report (pp. 3–4: performance highlights)

Industrial safety

Tsumeb workplace fatality and investigation

2020–2024 · documented · high materiality

A DPM employee died during maintenance at the Tsumeb smelter in November 2020; DPM halted operations and notified authorities. Its subsequent AIF said an external investigation was completed and recommendations closed. The original report and regulatory disposition were not obtained; DPM sold the smelter in August 2024.

Attribution: Role overlaps event; causation unproven. Rae was CEO at the time; sources do not establish personal fault or direct responsibility for the incident.

Relevance: Material safety outcome during CEO tenure.

Dundee reports fatality at Tsumeb (p. 1); 2021 Annual Information Form (p. 33: Tsumeb operation); Tsumeb smelter sale completed (Transaction details)

Environmental record

Tsumeb environmental and human-rights allegations

2020–2026 · disputed · high materiality

UN experts wrote to DPM in 2025 and 2026 seeking responses to allegations of worker and community harm related to historical contamination at the former Tsumeb smelter. The communications are not adjudicated findings. An independent investigation reported high arsenic results and community allegations; DPM disputed allegations and said it had invested in environmental upgrades. OHCHR lists company replies, but the signed image-only documents could not be read in this environment.

Attribution: Role overlaps event; causation unproven. The allegations span multiple owners and periods, including Rae’s CEO tenure; neither the allegations nor role establish personal misconduct.

Relevance: Serious unresolved environmental, worker health and governance context.

Special procedures communication OTH 52/2025 (pp. 1–6, communication OTH 52/2025); Special procedures follow-up OTH 51/2026 (pp. 1–4, communication OTH 51/2026); Canadian copper company leaves toxic waste (Investigation and company response); UN Tsumeb communication and replies index (Reply index)

Governance and interests

Loma Larga licence and consultation dispute

2025–2026 · disputed · high materiality

UN experts sought clarification on allegations concerning consultation and human rights in July 2026. DPM confirmed the environmental licence issued in June 2025 was revoked in October 2025; it maintains its environmental plan is compliant and was considering legal avenues. MiningWatch reported allegations concerning proceedings against six environmental defenders and quoted DPM rejecting allegations of illegalities, manipulation, violence or intimidation. The communication is not an adjudicated finding.

Attribution: Role overlaps event; causation unproven. Rae was CEO during the licence and dispute; no personal misconduct or direct responsibility is established.

Relevance: Relevant to social licence and governance.

Special procedures communication OTH 17/2026 (pp. 1–3); Q1 2026 management discussion and analysis (Loma Larga Project); Civil-society letter on Loma Larga and company response (Letter and quoted company response)

Suitability for the current role

Relevant career and role

Dated and undated issuer biographies through 2026 · analyst inference · medium materiality

CEO since May 2020; DPM COO from 2014 and SVP operations from 2012; prior senior roles at Xstrata, Falconbridge, BHP and Anglo American.

Attribution: Responsibility not applicable. Issuer biography and dated roster; experience does not by itself prove individual contribution.

Relevance: Context for role fit.

2025 Annual Report (David Rae officer listing on p. 133); Management Team (Named management biography)

Evidence gaps

• Independent verification of reported qualifications and professional memberships was not completed.

• Prior-employer outcomes and dates, and role-specific responsibility, remain incompletely corroborated.

• Targeted local-language regulator, court and historical incident searches are incomplete; this screening is not a clearance.

• The 2025 and 2026 signed OHCHR responses are image-only and could not be read with available tools.

• Tsumeb original investigation findings and regulatory disposition were not obtained.