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."
Notes to Editors
Strategic Minerals plc:
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.