TIDMFME
RNS Number : 4621P
Future Metals NL
09 October 2023
9 October 2023
Future Metals NL
Appointment of Executive Chair and Board Changes
Future Metals NL ("Future Metals" or the "Company", ASX|AIM:
FME) is pleased to announce strategic Board changes in line with
the continued development of the Panton PGM Project and overall
growth of the Company.
Experienced board executive Mr Patrick Walta is intended to be
appointed as Executive Chairman following the Company's 2023 Annual
General Meeting ("AGM"), which is to be held during November 2023.
Accordingly, following the AGM, Mr Justin Tremain will step down
from the position of Non-Executive Chairman, remaining on the Board
as the Senior Independent Non-Executive Director.
Patrick is a qualified metallurgist and mineral economist with
experience across both technical and commercial roles within the
mining and water treatment industries.
In 2017 Patrick founded New Century Resources Ltd and became
Managing Director following the successful acquisition of the
Century Zinc Mine in Queensland. Over the proceeding five years
Patrick led the growth of the Company though feasibility, mine
restart, commissioning and steady state operations. Through this
process, the Century Mine became the 13th largest zinc producer in
the world. In 2023, New Century was acquired by the multinational
PGM-gold producer Sibanye-Stillwater Ltd.
Patrick is a graduate of Melbourne University with degrees in
Chemical Engineering and Science in addition to postgraduate
studies including an MBA, Masters of Science (Mineral Economics),
Diploma of Project Management, and the AICD's Company Directors
Course. Patrick has also been awarded the MNN Emerging Leader of
the Year Award (2018) and the Young Achiever of the Year award
(2015) at the Australian Mining Prospect Awards.
Future Metals also announces the resignation of current
Non-Executive Director, Allan Mulligan, who will step down
following the AGM to focus on his other business interests.
Justin Tremain, current Non-Executive Chairman, commented:
"We are delighted to have attracted someone of Patrick's calibre
and experience to take on the role as Executive Chairman to lead
the growth and strategic direction of the Company. Patrick is a
proven achiever, having previously led a company through project
acquisition, development and into production. Patrick will work
closely with current CEO and Managing Director, Jardee Kininmonth,
to progress the Panton Project through feasibility studies and
ultimately development.
"On behalf of the Board, I would like to thank Allan for his
invaluable contribution to the Company over the past two and half
years since being appointed to the Board at the time of the
Company's acquisition of the Panton Project."
The summary terms of Mr Walta's remuneration are set out in
Appendix One.
It is noted that Patrick's appointment remains subject to the
completion of due diligence required by the AIM Rules for Companies
and AIM Rules for Nominated Advisers (the "AIM Rules") to be
undertaken by the Company's Nominated Adviser Strand Hanson
Limited. A further announcement, including the requisite Schedule
2(g) disclosures required under the AIM Rules for Companies, will
be made in due course.
This announcement has been approved for release by the Board of
Future Metals NL.
Enquiries:
Future Metals NL +61 8 9480 0414
Jardee Kininmonth info@future-metals.com.au
Strand Hanson Limited (Nominated Adviser) +44 (0) 207 409 3494
James Harris/James Bellman
Panmure Gordon (UK) Limited (UK Broker)
John Prior/Hugh Rich/Rauf Munir +44 (0)207 886 2500
FlowComms (UK IR/PR) +44 (0) 789 167 7441
Sasha Sethi
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as is forms part of
United Kingdom domestic law pursuant to the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
Appendix 1: Executive Chair Agreement Summary
Mr Walta's proposed remuneration package as Executive Chairman
is summarised as follows:
-- Remuneration: A$360,000 per annum (exclusive of
superannuation)
-- Commencement Date: Immediately following the Company's 2023
Annual General Meeting, subject to completion of the Nominated
Adviser's due diligence
-- Notice Period:
o The Company may terminate employment for any reason with six
months' notice.
o The Company may terminate employment without notice in certain
circumstances.
o Mr Walta must provide three months' notice in the instance of
resignation for any reason.
-- Change of control: 12 months
-- Long Term Incentives: Subject to shareholder approval, a
total of 20,000,000 performance rights with various vesting
conditions expiring within three years as follows:
Vesting Condition
Volume weighted average share price over 5-days (" 5-day VWAP ") of Future Metals'
shares
trading on the ASX exceeds 10 cents 25%
-----------------
5-day VWAP of Future Metals' shares trading on the ASX exceeds 20 cents 25%
-----------------
12 months of continuous employment 12.5%
-----------------
24 months of continuous employment 12.5%
-----------------
Obtaining >20% institutional ownership of Future Metals shares; or a strategic partner for
Panton (at asset or Company level); or a >10% individual cornerstone shareholder in the Company 12.5%
-----------------
Completion of a Scoping Study that supports a Board decision to proceed with a PFS or
DFS 12.5%
-----------------
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END
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(END) Dow Jones Newswires
October 09, 2023 11:10 ET (15:10 GMT)
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