REG - Future Metals NL - Appointment of Executive Chair and Board Changes

Future Metals NLAnnouncement

09/10/2023 16:15

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RNS Number : 4621P  Future Metals NL   09 October 2023

9 October 2023

Future Metals NL

Appointment of Executive Chair and Board Changes

 

Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME) is pleased
to announce strategic Board changes in line with the continued development of
the Panton PGM Project and overall growth of the Company.

Experienced board executive Mr Patrick Walta is intended to be appointed as
Executive Chairman following the Company's 2023 Annual General Meeting
("AGM"), which is to be held during November 2023. Accordingly, following the
AGM, Mr Justin Tremain will step down from the position of Non-Executive
Chairman, remaining on the Board as the Senior Independent Non-Executive
Director.

Patrick is a qualified metallurgist and mineral economist with experience
across both technical and commercial roles within the mining and water
treatment industries.

In 2017 Patrick founded New Century Resources Ltd and became Managing Director
following the successful acquisition of the Century Zinc Mine in Queensland.
Over the proceeding five years Patrick led the growth of the Company though
feasibility, mine restart, commissioning and steady state operations. Through
this process, the Century Mine became the 13th largest zinc producer in the
world. In 2023, New Century was acquired by the multinational PGM-gold
producer Sibanye-Stillwater Ltd.

Patrick is a graduate of Melbourne University with degrees in Chemical
Engineering and Science in addition to postgraduate studies including an MBA,
Masters of Science (Mineral Economics), Diploma of Project Management, and the
AICD's Company Directors Course. Patrick has also been awarded the MNN
Emerging Leader of the Year Award (2018) and the Young Achiever of the Year
award (2015) at the Australian Mining Prospect Awards.

Future Metals also announces the resignation of current Non-Executive
Director, Allan Mulligan, who will step down following the AGM to focus on his
other business interests.

Justin Tremain, current Non-Executive Chairman, commented:

"We are delighted to have attracted someone of Patrick's calibre and
experience to take on the role as Executive Chairman to lead the growth and
strategic direction of the Company.  Patrick is a proven achiever, having
previously led a company through project acquisition, development and into
production. Patrick will work closely with current CEO and Managing Director,
Jardee Kininmonth, to progress the Panton Project through feasibility studies
and ultimately development.

"On behalf of the Board, I would like to thank Allan for his invaluable
contribution to the Company over the past two and half years since being
appointed to the Board at the time of the Company's acquisition of the Panton
Project."

The summary terms of Mr Walta's remuneration are set out in Appendix One.

It is noted that Patrick's appointment remains subject to the completion of
due diligence required by the AIM Rules for Companies and AIM Rules for
Nominated Advisers (the "AIM Rules") to be undertaken by the Company's
Nominated Adviser Strand Hanson Limited.  A further announcement, including
the requisite Schedule 2(g) disclosures required under the AIM Rules for
Companies, will be made in due course.

This announcement has been approved for release by the Board of Future Metals
NL.

 Enquiries:

 Future Metals NL                           +61 8 9480 0414

 Jardee Kininmonth                                         info@future-metals.com.au
                                            (mailto:info@future-metals.com.au)

 Strand Hanson Limited (Nominated Adviser)  +44 (0) 207 409 3494
 James Harris/James Bellman

 Panmure Gordon (UK) Limited (UK Broker)    +44 (0)207 886 2500

 John Prior/Hugh Rich/Rauf Munir
 FlowComms (UK IR/PR)                       +44 (0) 789 167 7441
 Sasha Sethi

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

 

Appendix 1:  Executive Chair Agreement Summary

Mr Walta's proposed remuneration package as Executive Chairman is summarised
as follows:

§ Remuneration: A$360,000 per annum (exclusive of superannuation)

§ Commencement Date: Immediately following the Company's 2023 Annual General
Meeting, subject to completion of the Nominated Adviser's due diligence

§ Notice Period:

o  The Company may terminate employment for any reason with six months'
notice.

o  The Company may terminate employment without notice in certain
circumstances.

o  Mr Walta must provide three months' notice in the instance of resignation
for any reason.

§ Change of control: 12 months

§ Long Term Incentives: Subject to shareholder approval, a total of
20,000,000 performance rights with various vesting conditions expiring within
three years as follows:

 

 Vesting Condition
 Volume weighted average share price over 5-days ("5-day VWAP") of Future        25%
 Metals' shares trading on the ASX exceeds 10 cents
 5-day VWAP of Future Metals' shares trading on the ASX exceeds 20 cents         25%
 12 months of continuous employment                                              12.5%
 24 months of continuous employment                                              12.5%
 Obtaining >20% institutional ownership of Future Metals shares; or a            12.5%
 strategic partner for Panton (at asset or Company level); or a >10%
 individual cornerstone shareholder in the Company
 Completion of a Scoping Study that supports a Board decision to proceed with a  12.5%
 PFS or DFS

 

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