The Element Fund brings together a management team with a successful track record in the establishment and management of six resources funds.   The team has experience in sourcing, evaluating, structuring and divesting resources opportunities on an international basis.  Element is head-quartered in Perth with offices in Almaty, London and Melbourne.

Perth is globally significant in regard to mining expertise with ready access to a variety of consultants across all facets of resources development. 

Element also recognises the importance of a presence within its investment geography and the establishment of the Almaty office is seen as significant conduit for opportunity going forward.   The team has experience in investing all along the development curve over multiple cycles.

Gareth LLOYD, Principal B.Sc (Hons)

Gareth has over 25 years of relevant experience in the mining and investment industries.

Prior to establishing Element , Gareth worked as the portfolio manager with the LinQ Resources Fund and its predecessors, the Rothschild Golden Arrow Funds.

During this period, he was responsible for the identification, due diligence and structuring of investments and was also the principal trader for the Funds. Before joining the "buy" side of the investment business, he worked as a mining analyst for Perth-based resources specialist brokers Hartley Poynton and Eyres Reed.

As an equity analyst, he assessed a complete range of mining and exploration companies, providing advice to both institutional and retail clients of the respective firms. Gareth is a mining engineer by training and has had operating experience in gold, base metals and coal operations in Australia, South Africa and the United Kingdom.

David CORNELL, Principal B.Com (Finance), CA

David has in excess of 15 years commercial and corporate experience in the resources sector with a strong focus in transaction services and business development. In his capacity as advisor, fund manager or director, David has assisted several companies through the listing process and raising over half of a billion dollars through debt, equity and hybrid structures for leading resource companies including Atlas Iron, Alliance Mining Commodities and Energy and Minerals Australia.

Prior to founding Element Capital, David was an Associate Director at the a leading funds management group which managed Australia’s largest listed resource fund. He is currently serving on the board of Vimy Resources which owns one of Australia’s largest independently owned uranium resource in Australia and Greater Arc Resources.

By training, David is a Chartered Accountant gaining his experience with the international accounting firms Arthur Andersen and Ernst & Young where he specialised in providing corporate and professional services to both Western Australian junior explorers and international mining companies.

David also has a technical background in hydro-graphic surveying and oceanography.

Mike BROOK, Principal B.Sc (Hons)

Mike is a geologist with over 30 years’ experience in the resource sector incorporating mine geology, mining analyst and fund management roles.

Mike was the Chairman of three separate African Lion Funds from 2001-2017. These funds were backed by leading organisations including Lion Selection Group, CDC (UK), Proparco (France), European Investment Bank, Investec and the Rand Merchant Bank. In his position as Chairman of African Lion he was responsible for the sourcing and management of investments across the African continent.

Prior to African Lion, Mike was a resource analyst for stockbroker JB Were & Son, specialising in Australian junior companies. Mike’s operational experience includes 11 years with MIM, in Queensland, in production roles and Chief Geologist for the copper mine operations. Mike has held numerous non-executive board positions on listed and unlisted junior resource company boards.

Mike graduated with a BSc.(Hon.) Mining Geology from the University of Wales (Cardiff) in 1981.

Kunbolat DAULETKHANOV , Principal M.Sc

Kunbolat is based in Kazakhstan, providing Fund representation in the central Asia region. Kunbolat has extensive experience in strategy, international debt restructuring, treasury and liquidity management, strategic planning, accounting, financial reporting, budgeting, operations control and tax optimisation.

He has held highest top management positions in various commercial banks in Kazakhstan over the last 20 years, including Chief Financial Officer roles at ABN AMRO Kazakhstan, Royal Bank of Scotland Kazakhstan, GrEco JLT, Tengri Capital, BTA Bank and Alliance Bank.

Kunbolat holds a Master’s degree in Radiocommunications, Radiobroadcasting and Television from Almaty Power Engineering Institute and a Master of Engineering degree in Telecommunications from the Asian Institute of Technology.

Mathew COULDRIDGE, Principal B.Sc

Mathew will be the funds London representative. He holds a Bachelor of Science degree.

Originally from South Africa, Mathew spent the first years of his career working in Investment banks in South Africa before moving to the UK in 2004 where he has subsequently worked for investment banks such as JP Morgan, UBS and Morgan Stanley.

In 2015 he left the investment banking world and has since been working following a career as an independent corporate and financial adviser. Mathew has primarily been focused on raising capital for small to medium cap companies in the resources space.


Element’s Investment Advisory Board provides independent oversight over the Manager’s management of the fund. The Board is made up of industry experts with a wide variety of skills and corporate backgrounds.



Ian ROBERTSON CMG, Advisory Committee

BSc. Maritime Studies, Honorary DSc

Ian is a top level European-based executive with 40 years’ in the global car industry. Most recently he was a member of the Board of BMW AG in Munich responsible for Sales and Marketing across the world (2008 to 2017). Prior to that he was Chairman and CEO of Rolls Royce Motorcars (2005 to 2008), remaining Chairman until 2012. Ian also served as President of BMW South Africa between 1999 and 2005 following on from 5 years as MD of Land Rover.

He sits on a number of other Boards as a non-executive director. Ian has a strong knowledge of metals usage trends including those used in battery technology and the automobile space. With his global commercial experience and dealings at the highest level of both government and business, Ian has also developed a deep understanding of global economic and political issues.

Dr Alistair COWDEN, Advisory Committee

Ph.D. (Geology)

Dr Alistair Cowden is a geologist with over 38 years’ experience in the mining industry in Australia, Africa, Asia, Europe and New Zealand. He has been Managing Director or Chairman of a number of ASX listed companies which have discovered, developed, and operated gold, base metal and mineral sand projects.

He has been instrumental in the listing of ASX resources companies and seen value realised for shareholders in those companies through takeover, merger and acquisitions.

Alistair has a degree in Geology from the universities of London and Edinburgh and is a member of the Australasian Institute of Mining and Metallurgy. The Australian Institute of Geoscientists, and the Australian Institute of Company Directors.

Phil EDMANDS, Advisory Committee

LL.B, BJuris, MBA.

Phil is a lawyer and a Partner of Energy and Resources at the Perth office of national law firm Gilbert and Tobin. He has over 30 years’ experience in both legal, commercial and government area and was MD Australia for Rio Tinto.

Extensive international experience includes Investor / State Agreement and project development work in China, Armenia, Mongolia, Kazakhstan, Ghana, Burkina Faso, Guinea, Democratic Republic of Congo, Tanzania, Zambia and Zimbabwe.

Bob ADAM, Advisory Committee

B.Eng (Mining Engineering), AusIMM, IMMM, and CEng

Bob is a highly experienced mining engineer with over 35 years’ experience covering a wide variety of projects in a variety of commodities and jurisdictions.

Bob’s experience encompasses mine planning, operations and project management working in Africa, Australia and in Asia with groups such as BHP and Golder Associates. Between 2006 and 2017 he has been General Manager of AMC’s Koumbia Bauxite Project in Guinea. He now consults to various companies.

Andrea MAXEY, Advisory Committee

BA. (Psychology), AICD, PgD (Investment and Finance)

Andrea has more than 25 years’ experience in the mining sector and for the past 10 years has been an integral part of the Australian management team of AngloGold Ashanti Ltd. Her broad portfolio has covered corporate affairs, human resources and community.

Previously she was accountable for investor relations and financial media in North America and Australia. She was recently appointed a Director of the Australian Gold Industry Group.

Doug Stewart, Advisory Committee


Doug is a senior mining and geological consultant with over 40 years’ technical and commercial experience in a broad range of consulting, senior technical and operational roles in mining across three continents.

He was the Chief Engineer on open pit mines for Teck Corporation in Canada and an Associate Director with NM Rothschild & Sons Australia where he helped establish the Golden Arrow Funds private equity resources funds and was integral in the due diligence process.