REG - Strategic Minerals - Board Changes

Strategic MineralsAnnouncement

19/08/2024 10:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240819:nRSS9106Aa&default-theme=true

RNS Number : 9106A  Strategic Minerals PLC  19 August 2024

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.

 

19 August 2024

 

Strategic Minerals plc

("Strategic Minerals", "SML" or the "Company")

Board Changes

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company,
is pleased to update shareholders on proposed changes to Board composition.

The Company intends to appoint both Mr Charles Manners and Mr Mark Burnett to
the Board of SML, subject to the completion of regulatory due diligence. Mr
Manners is the beneficial holder of approximately 4.8% of the Company's issued
share capital and Mr Burnett, of RAB Capital, represents Philip Richards who
holds approximately 4% of the Company's issued share capital.

Mr Manners has been the largest shareholder in SML for a number of years. He
worked in Investment Banking from 1985 until 2009, latterly as a Senior
Managing Director and Head of Fixed Income Sales at Nomura International
PLC.  From 2009 to 2016, he was a co-founder and partner in an advisory
firm, focussed on tailored structured solutions. He was a Non-Executive
Director of Asset Trust Housing Association Limited, a regulated provider of
affordable shared ownership housing, and is a Director and Chairman of the
Board of Campden Charities. In addition, he is an extensive investor, focussed
primarily on natural resources , healthcare and real estate.

Mr Burnett is Director of Mining Investments at RAB Capital, a leading mining
specialist investor in London, with over 10 years investing and corporate
finance experience in extractive industries across North America, Australia
and Europe. He is Interim-Chair of a critical metals company operating in
Africa and a Non-Executive Director of a critical metals company operating in
the USA.

With these two proposed appointments, the Board has decided not to proceed
with the appointment of of Mr. Jonathan (Jon) Reynolds as a Non-Executive
Director of the Company, as announced on 16 July 2024.

It is the Board's intention that, once appointed, Charles Manners will be
appointed Chairman of SML.

 

John Peters, Managing Director of Strategic Minerals Plc, said:

"I am pleased to see the involvement of major shareholders in the active
management of the Company and both Peter Wale and I look forward to working
closely with both Charles and Mark in the future.

"In light of these proposed appointments, the Board does not consider it
appropriate to continue with the proposed appointment of Mr Jon Reynolds but
would like to thank him for consenting to be considered as Technical
Director."

 

 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 (mailto: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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAUKSBRSSUWARR