REG - Scotgold Resources - Directorate Changes

Scotgold ResourcesAnnouncement

16/03/2022 09:30

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RNS Number : 9608E  Scotgold Resources Ltd  16 March 2022

 

 

16 March 2022

 

Scotgold Resources Limited ("Scotgold" or the "Company")

Directorate Changes

 

Scotgold Resources Limited (AIM: SGZ), announces the appointments of Sean
Duffy as Chief Financial Officer and Evan Spencer as Non-Executive Director
and Chairman of the Technical Committee, to the Board of Scotgold with
immediate effect.

 

These new Board appointments further develop the Company's leadership team
formed to deliver on long-term strategy and near-term objectives as it
continues to optimise its Cononish Gold Mine, Scotland's first commercial gold
mine ('Cononish'), into a +23,500 ounce per annum run-rate operation by end of
Q1 2023.

 

Mr. Duffy has more than 25 years of finance experience in the mining industry,
previously as CFO and Company Secretary for ASX and UK Listed Adriatic Metals
Plc, TSX-V and ASX-listed Black Dragon Gold and for TSX-V listed Asian Mineral
Resources. Previously, Mr. Duffy was CFO and Company Secretary for AIM-listed
Anglo Asian Mining Plc and has held senior finance roles at BHP Billiton's
global operations, including Finance Director of BHP Billiton Indonesia.

 

Mr. Spencer has held senior roles with Barrick Gold, Western Mining
Corporation, Placer Dome, Kagara Corp, Gold Fields Ltd and Aditya Birla
Minerals, and led the ramp-up and production of the Ban Phuc nickel mine and
Nevada Copper mine as CEO of the respective companies. His exceptional depth
of experience in managing mining operations both underground and open pit
globally, will be invaluable as the Company advances the underground mine at
Cononish and its organic growth pipeline.

 

The Company also announces that Phillip Jackson and Richard Gray have notified
the board that they intend to stand down from the Scotgold Board with
immediate effect. Ian Proctor will take over the position as Chair of the
Audit committee from Phillip Jackson.

 

 

Richard was CEO of Scotgold for seven years and was instrumental in bringing
the Cononish mine into production. Phillip has been on the board for over 10
years and during that time has provided significant guidance and advice to the
board.

 

Peter Hetherington, Scotgold Resources Chairman said, "I want to thank both
Richard and Phillip for their long distinguished service to Scotgold. We are
delighted to welcome Sean and Evan to the Board, they bring a wealth of
experience in terms of financial, operational and market expertise and are
ideally placed to help us deliver on our short and mid-long-term objectives."

 

The following information regarding the appointment of Mr Sean Joseph Duffy,
aged 52, is disclosed under Schedule 2(g) of the AIM Rules for Companies:

 

 Current directorships and/or partnerships:  Former directorships and/or partnerships (within the last five years):
 Esperanza Resources Limited                 N/A
 Gumtree Management Services Limited
 Fuego Estrella SA

 

Upon appointment, Mr Duffy will be eligible to participate in the Company's
Enterprise Management Incentive Scheme and the Company intends to grant share
incentives to Mr Duffy pursuant to this scheme and commensurate to his new
role when Scotgold has published its interim results for the half year ended
31 December 2021 and is therefore no longer in a closed period. A further
update on this will be made in due course.

Mr Duffy currently holds 1,394 ordinary shares in the Company. Mr Duffy's
spouse currently holds 3,868 ordinary shares in the Company.

The following information regarding the appointment of Mr Evan James Spencer,
aged 51, is disclosed under Schedule 2(g) of the AIM Rules for Companies:

 

 

 Current directorships and/or partnerships:  Former directorships and/or partnerships (within the last five years):
 Kasbah Resources Limited                    N/A
 Atlas Tin SAS

 

Mr Spencer does not currently hold any ordinary shares in the Company.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

**ENDS**

 

 Scotgold Resources Limited  SP Angel Corporate Finance LLP   Celicourt Communications

 Chief Executive Officer     Nomad and Broker                 Financial PR

 Philip Day                  Ewan Leggat / Charlie Bouverat   Felicity Winkles

                             Tel +44 (0) 20 3470 0470         Tel +44 (0) 208 434 2643

                                                              Tel +44 (0) 774 8843 871

 

 

Notes

 

Scotgold Resources Ltd (AIM: SGZ), is Scotland's first commercial gold
producer. The Company poured first gold in November 2020 at its Cononish Gold
and Silver Mine ('Cononish) in Tyndrum, Scotland and is developing it into a
+23,500-ounce gold mine per annum by end of Q1 2023. Cononish is a high-grade
underground mining operation with a central processing plant producing gold
concentrate for off-take and gold doré for the Scottish Jewellery industry.
Once in full production, the mine has anticipated forecast operating costs of
c.£544/oz AISC, which will place Cononish in the lowest quartile of gold
mining operations globally.

 

It is Scotgold's vision to build a mid-tier gold mining company in Scotland
with multiple operations in the country that enhance the local environment and
economy in ways that have an enduring positive impact.

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