REG - Metals Exploration - Appointment of Chairman

Metals ExplorationAnnouncement

18/03/2024 07:00

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RNS Number : 1198H  Metals Exploration PLC  18 March 2024

18 March 2024

 

 

METALS EXPLORATION PLC

 

APPOINTMENT OF CHAIRMAN

 

Metals Exploration plc (AIM: MTL) ("Metals Exploration", "MTL", the "Company"
or the "Group"), a gold producer in the Philippines, is pleased to announce
the appointment of Nick von Schirnding as Chairman of the Company with
immediate effect. Steven Smith, the Company's current Interim Chairman, will
remain on the Board and resume his role as a Non-Executive Director.

 

Mr von Schirnding, has over thirty years' experience in the mining industry.
He has held senior Executive and Non-Executive positions including CEO and
Chairman of a number of LSE and internationally listed mining companies. Nick
brings significant experience across successful strategic development,
M&A, and corporate governance, including within the UK regulatory
framework. Geographically, Mr von Schirnding has far reaching expertise,
having worked extensively in the Far East, South America and Africa.

 

Mr von Schirnding currently acts as the Executive Chairman of Arc Minerals, an
LSE listed mining company with projects in Zambia and Botswana, and holds
Non-Executive Director positions at TSX.V and AIM listed Orosur Mining Inc,
AIM listed Jangada Mines PLC and Fodere Titanium and Sustineri Group, both
private ventures. Previously Mr von Schirnding was CEO of Asia Resource
Minerals plc and prior to this he held senior roles at both Anglo American plc
and De Beers.

 

Subject to the approval by shareholders at the next AGM, together with any
other applicable consents, the Company intends to offer Mr von Schirnding
options to subscribe for 6.6 million ordinary shares in the capital of the
Company on the following basis:

 

• 6,600,000 'zero priced options' with a subscription price per share equal
to the nominal value of each share at the time of exercise;

• Provided Mr von Schirnding remains a director of the Company, the option
vesting conditions include (i) one third of the options vest on grant, (ii)
one third of the options vest on the first anniversary of grant, and (iii) one
third of the options vest on the second anniversary of grant;

• The options are exercisable after vesting provided the 30 day volume
weighted average price ("VWAP") of the Company's quoted shares exceed 143% of
the 30 day VWAP price on the date of his appointment;

• The option expiry date is to be 3 years from grant; and

• Subject to the parties entering into an option deed containing market
standard terms and conditions for such deed.

 

Steven Smith, current Interim Chairman and Non-Executive Director, commented:

 

"We are delighted to welcome Nick to the Board as the Company's new Chair.
Nick is a highly regarded mining professional and brings a wealth of expertise
to Metals Exploration. We look forward to working with him as we continue our
strategy of growing MTL in the Philippines as well as creating value through
expanding our portfolio in the country."

 

 

Additional information on the Directorate Appointment

 

The following additional information is provided in accordance with AIM Rule
17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.

 

 

 Full name                                        Nicholas Kurt von Schirnding
 Age                                              61
 Current directorships:                           Arc Minerals Ltd

                                                  Jangada Mines plc

                                                  Fodere Titanium Limited

                                                  Orosur Mining Inc

                                                  Sustineri Group Ltd

 Historical directorships from previous 5 years:  Shuka Minerals plc

                                                  Casa Mining Ltd

                                                  Cosmos Exploration Ltd

                                                  Zaco Limited

                                                  Zamsort Limited

                                                  Proteus Holdings Limited

 

There is no further information to be disclosed in relation to the directorate
appointments pursuant to AIM Rule 17 or Schedule Two paragraph (g) of the AIM
Rules for Companies.

 

 

-       END    -

 

For further information please visit or contact:

 

 Metals Exploration PLC
 Via Tavistock Communications Limited     +44 (0) 207 920 3150
 Nominated & Financial Adviser:           STRAND HANSON LIMITED
 James Spinney, James Dance, Rob Patrick  +44 (0) 207 409 3494
 Financial Adviser & Broker:              HANNAM & PARTNERS
 Matt Hasson, Franck Nganou               +44 (0) 207 907 8500
 Public Relations:                        TAVISTOCK COMMUNICATIONS LIMITED
 Jos Simson, Nick Elwes                   +44 (0) 207 920 3150

 

Web:                      www.metalsexploration.com
(http://www.metalsexploration.com)

Twitter:                  @MTLexploration
(https://twitter.com/MTLexploration)

LinkedIn:               Metals Exploration
(https://www.linkedin.com/company/metals-exploration-plc)

 

 

 

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