REG - Strategic Minerals - Board Changes

Strategic MineralsAnnouncement

16/07/2024 07:00

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RNS Number : 4900W  Strategic Minerals PLC  16 July 2024

 

16 July 2024

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Board Changes

Strategic Minerals plc (AIM: SML USOTC: SMCDY), a producing mineral company,
announces the retirement of Alan Broome AM, the Company's Chairman, effective
close of business today and the proposed appointment of Mr. Jonathan (Jon)
Reynolds as independent Technical Non-Executive Director of the Company. The
Board anticipates completing this appointment by the end of August 2024.

The Company had been progressing a replacement for Jeff Harrison, who had
retired in April 2023, and now wishes to announce the proposed appointment of
Mr Jon Reynolds as an independent Technical Non-Executive Director, subject to
approval from the Company's nominated adviser and completion of the regulatory
due diligence processes.

Prior to the turnaround in Cobre sales performance in the first half of this
year, the Company had not been in a financial position to make such additional
appointments. The proposed appointment of Mr Reynolds partly addresses Board
skill requirements and the Board is planning to shortly add a further, UK
based, Non-Executive Director, with strong mining background.

Mr. Reynolds has over 38 years' experience in the mining industry and holds a
degree in Applied Science (Geology). Jon's commodity experience has been
diverse with direct experience in nickel, copper, gold, uranium, mineral
sands, iron ore, graphite and coal. He has worked on projects in Australia,
South America, Africa, Europe, Central and South-East Asia. Mr Reynolds'
experience spans the spectrum of exploration activity from grass-roots
exploration through to corporate strategy, company management, project
management, new project generation and expansion, as well as mine geology, ore
resource/reserve generation and new mine development. Jon was previously
Managing Director of an ASX listed Australian based exploration company,
Boadicea Resources Ltd, where he drove a strategic change with an additional
strong focus on corporate governance. Jon resigned from this position in
October 2023 to focus on a consulting business which he has managed since
2005. Jon is a member of the Australasian Institute of Mining and Metallurgy
("AusIMM").

Jon has a strong passion for developing projects through the study phases to
optimise the technical, maximise value and reduce the operation risk.

A further announcement will be made following completion of the regulatory due
diligence process.

John Peters, Managing Director of Strategic Minerals Plc commented:

"Alan Broome's strategic advice and mining connections have served the Company
well over his nine-year tenure as Chairman. The Company is grateful for his
significant contributions over the years, especially recently, when he agreed
to defer all his director's fees to allow the Company to progress.

"I am looking forward to welcoming Jon onto the Board of Strategic Minerals
and I am sure his significant technical experience will help drive the
development of our projects. Once appointed, Jon will be invited to join the
Audit, Safety and Remuneration Committees.

"The Board anticipates the appointment of a further, UK based, independent
technical Non-Executive Director.

"Until the Board composition is finalised this quarter, I will assume interim
chairmanship of the Board.

"I look forward to updating the market on the progress of our Board
composition at the earliest opportunity."

 

 

 For further information, please contact:

 Strategic Minerals plc                                  +61 (0) 414 727 965
 John Peters
 Interim Chairman
 Website:               www.strategicminerals.net (http://www.strategicminerals.net/)
 Email:                 info@strategicminerals.net

 Follow Strategic Minerals on:
 Vox Markets:           https://www.voxmarkets.co.uk/company/SML/
                        (https://www.voxmarkets.co.uk/company/SML/)
 Twitter:               @SML_Minerals (https://twitter.com/SML_Minerals)
 LinkedIn:              https://www.linkedin.com/company/strategic-minerals-plc
                        (https://www.linkedin.com/company/strategic-minerals-plc)

 SP Angel Corporate Finance LLP                          +44 (0) 20 3I470 0470
 Nominated Adviser and Broker
 Matthew Johnson
 Ewan Leggat
 Charlie Bouverat

 

Notes to Editors

Strategic Minerals
plc:
                              https://www.strategicminerals.net
(https://www.strategicminerals.net/)

Strategic Minerals plc is an AIM-quoted, profitable operating minerals company
actively developing projects tailored to materials expected to benefit from
strong demand in the future. It has an operation in the United States of
America along with development projects in the UK and Australia. The Company
is focused on utilising its operating cash flows, along with capital raisings,
to develop high quality projects aimed at supplying the metals and minerals
likely to be highly demanded in the future.

In September 2011, Strategic Minerals acquired the distribution rights to the
Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating
asset, which it brought into production in 2012 and which continues to provide
a revenue stream for the Company. This operating revenue stream is utilised to
cover company overheads and invest in development projects aimed at supplying
the metals and minerals likely to be highly demanded in the future.

Since June 2020, the Company has been a 100% owner of Cornwall Resources
Limited (CRL) having been involved in the project since early 2016. CRL is the
developer of the Redmoor Tin/Tungsten project in Cornwall, UK. Exploration
drilling programs were undertaken in 2017 & 2018 resulting in subsequent
upgraded resource definitions & a scoping study in 2020. In April 2024,
CRL gained access to substantial additional exploration rights in the
prospective Tamar Valley area, quadrupling its overall mineral rights
footprint.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper
Mine situated in the copper rich belt of South Australia and brought the
project temporarily into production in April 2019. In July 2021, the project
was granted a conditional approval by the South Australian Government for
a Program for Environmental Protection and Rehabilitation (PEPR) in relation
to mining of its Paltridge North deposit and processing at the Mountain of
Light installation. In late June 2022, an updated PEPR, addressing the
conditions associated with the July 2021 approval, was approved.

 

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