“If you want to thrive as a defensive lineman, instilling fear in your opponents is essential,” Fennell recollects.
Describing his playing style, he mentions, “I had the ability to play with great intensity.”
During his tenure with the Edmonton Eskimos (now Elks since ‘21), spanning 10 seasons, Fennell participated in 8 Grey Cups, which are akin to Canada’s Super Bowl. The Eskimos clinched victory in 6 of these, notably securing 5 consecutive wins from 1978 to 1982.
Celebrating his 71st birthday on February 4, Fennell engages in a Zoom call on February 5, casually smoking Marlboros, reflecting on a career that extends beyond the football field to lucrative business ventures. His professional journey includes co-founding Golden Star (acquired for US \(467M in ’22) and Miramar (acquired for \)1.5B in ‘08). Fennell also served as a tenured director for Sabina (acquired for \(1.1B in ’23) and Torex (with a \)1.2B market cap). Notably, his involvement with Reunion Gold (boasting a $485M market cap) led to the discovery of a significant gold deposit following initial setbacks.
Preferring to stay out of the limelight cast by his football career, Fennell has maintained a low profile regarding his journey until now.
His sons have inherited his drive—David Jr. pursued football at Michigan State before transitioning to engineering, while John competed in luge at the Sochi Winter Olympics and now works as a corporate analyst.
Hailing from a middle-class family in Edmonton, Alberta, Fennell was the second of four siblings. He recalls being taught early on that quitting was not an option once a commitment was made.
Despite having the opportunity to join the NFL, Fennell chose to remain in Edmonton, joining the Eskimos under the condition that he would also attend law school.
It’s a rarity to envision a professional athlete juggling football, legal studies, and winning six championships in today’s era. However, Dave Fennell successfully managed all these pursuits. His strategic planning encompassed a ten-year professional football career, prompting him to contemplate life after the cheers faded away.
Transitioning to a law firm post-football, Fennell’s “Dr. Death” persona was leveraged by his superiors for networking opportunities. He fondly recalls their regular visits to the Petroleum Club on Mondays.
His legal practice involved collaborations with numerous small mining companies. Following a pivotal field trip to Guyana after three years of practice, Fennell decided to venture into gold mining himself.
At the age of 32, Fennell established Golden Star Resources (GSR) in partnership with Roger Morton, a geology professor from the University of Alberta, to explore opportunities in Guyana. Their investment of $20K in staking the overlooked Omai gold deposit proved to be a wise move, given its untapped potential.
Unveiling the “Secrets of the Anaconda Library,” Fennell’s quest for geological data led him to a treasure trove of records in Montana, shedding light on the Omai site’s promising prospects.
Despite initial setbacks with partners like Placer Dome, Fennell’s persistence paid off when Cambior stepped in after a rainy visit to Omai, funding the construction for a 70% stake. This collaboration resulted in the production of 3.7 million gold ounces between 1992 and 2005.
Renowned mining investor Rick Rule commends Fennell’s multifaceted abilities, emphasizing his keen intellect and entrepreneurial spirit. Fennell’s knack for seizing opportunities has been instrumental in his success across diverse ventures.
Following the triumph at Omai, GSR’s foray into Suriname with Cambior showcased Fennell’s unwavering determination despite challenges. The discovery of Rosebel in a region reeling from civil unrest underscored Fennell’s resilience and strategic acumen. The subsequent success of Rosebel, one of South America’s largest gold mines, propelled GSR’s stock to a 600% surge in the early ‘90s.
Reflecting on their collaborations, Gignac acknowledges Fennell’s boldness in exploring mining opportunities in politically volatile regions like the Guianas. Fennell’s ability to navigate challenges and build relationships with local stakeholders has been instrumental in their shared successes.
Fennell’s diverse interests, including hunting and fishing, have endeared him to peers like mining engineer Bruce McLeod, who admires Fennell’s adventurous spirit and robust presence.
Transitioning to real estate, Fennell’s acquisition of Sigrist House, once owned by King Edward VIII, exemplifies his flair for unique investments. Despite facing challenges within GSR’s board in the late ‘90s, Fennell’s strategic realignment led to successful ventures in Africa and eventual acquisition by a Chinese firm.
Exploring new frontiers, Fennell’s acquisition of Canadian assets and subsequent collaboration with Miramar paved the way for significant growth opportunities in the gold mining sector. The fruitful partnership culminated in Newmont’s acquisition of Miramar for $1.5 billion, marking another milestone in Fennell’s entrepreneurial journey.
Continuing his quest for innovative ventures, Fennell’s involvement with Reunion Gold in Guyana highlights his resilience amid market fluctuations. The journey from setbacks to successes underscores Fennell’s unwavering commitment to overcoming challenges in both the mining and sports arenas.
Reunion’s recent endeavors, particularly the promising gold discovery at the Oko project in Guyana, have reignited optimism in Fennell’s vision for the future. Anticipating significant developments in the coming years, Fennell remains steadfast in his pursuit of establishing Oko as a premier gold mine in South America.
As Reunion navigates the complexities of project development and partnerships, Fennell’s strategic alliances with industry experts like Gignac underscore his collaborative approach and forward-thinking mindset.
Despite external challenges, Fennell’s optimism and determination shine through, positioning Reunion for continued success in the competitive mining landscape. With a keen eye on future milestones, Fennell’s legacy as a visionary entrepreneur and mining maven continues to evolve.
Fennell’s enduring impact on the mining industry and his unwavering resolve in the face of adversity serve as a testament to his indomitable spirit and entrepreneurial acumen. As Reunion Gold’s value soars to $485 million, Fennell’s strategic foresight and leadership remain integral to the company’s growth trajectory.
With a significant stake in Reunion Gold and a wealth of experience in the mining sector, Fennell’s entrepreneurial journey exemplifies resilience, innovation, and a relentless pursuit of excellence. As he navigates the dynamic landscape of gold exploration, Fennell’s legacy as a trailblazer in the industry continues to inspire and captivate stakeholders worldwide.