REG - Resolute Mining Ltd - Management Changes

Resolute MiningAnnouncement

03/02/2025 07:00

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RNS Number : 6248V  Resolute Mining Limited  03 February 2025

3 February 2025

 

MANAGEMENT CHANGES

 

Resolute Mining ("Resolute" or "the Company") (ASX/LSE: RSG) advises that Mr
Terry Holohan is leaving his position as CEO and Managing Director, and as a
Director of the Company, with immediate effect. The Company and Terry are
discussing the terms of a proposed settlement in connection with his
termination of employment.

Mr Chris Eger, currently acting CEO, will formally assume the role of CEO and
will also join the Board of Directors. Dave Jackson, who is currently acting
CFO, will formally assume the role of CFO. The terms and conditions in
relation to Mr Eger's employment are contained in Appendix A.

Chris Eger has been the CFO at Resolute since joining the Company in February
2023. Chris has over 25 years of experience leading strategic, financial, and
commercial functions of businesses in the natural resources and financial
sectors. Previously, Chris held senior leadership positions at Chaarat Gold,
Nyrstar, Trafigura, Bank of America Merrill Lynch and BMO Capital Markets.

Dave Jackson has been the Group Financial Controller at Resolute since April
2023. Dave is a Chartered Accountant who has spent the last twelve years
working in the mining industry. Previously, Dave spent eight years at
Endeavour Mining in various financial roles in Africa and London most recently
as Vice President, Group Controller.

Andrew Wray, Non-Executive Chairman, commented:

"Over the last three and a half years, first as COO and since May 2022 as CEO,
Terry played an important role in the team that has improved operational
performance across our business, particularly at Syama which is now positioned
to deliver on its significant potential. We thank Terry for his contribution,
and we wish him all the best for the future. In Chris and Dave, we have a team
who have worked closely with Terry over the last two years and have the
expertise and knowledge to help realise the full potential of our assets for
the benefit of all stakeholders."

Authorised by Andrew Wray, Non-Executive Chairman

 

Contact

 

 Resolute                                               Public Relations

 Matthias O'Toole Howes,                                Jos Simson, Tavistock resolute@tavistock.co.uk

                                                      (mailto:resolute@tavistock.co.uk)
 Corporate Development and Investor Relations Manager

                                                      +44 207 920 3150
 Matthias.otoolehowes@resolutemining.com

 (mailto:Matthias.otoolehowes@resolutemining.com)       +44 778 855 4035 (available 24 hours)

 +44 203 3017 620

                                                        Corporate Brokers

                                                        Jennifer Lee, Berenberg

                                                        +44 20 3753 3040

                                                        Tom Rider, BMO Capital Markets

                                                        +44 20 7236 1010

Resolute Mining Limited ABN 39 097 088 689

Level 17, 2 The Esplanade, Perth, Western Australia 6000

 

 

 

Appendix A: Terms and Conditions of employment for Mr Eger

 

1.     Appointment

 

The appointment as Chief Executive Officer of Resolute Mining commences from 1
February 2025.

 

2.     Term

 

Employment continues until terminated by either the Company or Mr Eger.

 

3.     Remuneration

 

The remuneration package offered to Mr Eger is designed to link reward to both
Company and individual performance, and to align his interests with the
interests of shareholders through a significant at-risk performance-based
component. The remuneration package comprises the following components:

 

·      Fixed remuneration of £460,000 per annum, subject to annual
review.

 

·      Short term incentives (STI) in accordance with the STI Plan Rules
that apply from time to time ranging from 0% to 150% of fixed remuneration
with target STI set at 75% of fixed remuneration.

 

·      Long term incentives (LTI) in accordance with the LTI Plan Rules
that apply from time to time. Subject to shareholder approval for future
issues, there will be an annual grant of Performance Rights valued up to 200%
of fixed remuneration.

 

Full details of the Company's STI and LTI plans are provided on pages 50-54 of
Resolute Mining Limited's 2023 Annual Report.

 

4.     Termination and Notice

 

Mr Eger's employment agreement may be terminated in the following
circumstances.

·      Resignation by Mr Eger on 12 months' written notice.

·      Termination by the Company on 12 months' written notice. The
Company may elect to make a payment in lieu of the notice period (based on the
fixed component of Mr Eger's remuneration).

·      Termination by the Company without notice for serious misconduct
or other circumstances justifying summary dismissal.

 

On termination, any entitlements held under the Company's LTI and STI plans
will be treated (and may be retained or forfeited) in accordance with
applicable plan rules.

 

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