Comet Resources appoints a mining industry specialist to the Board

  • Feb 15, 2019 AEDT
  • Team Kalkine
Comet Resources appoints a mining industry specialist to the Board

Comet Resources Limited (ASX: CRL) unveils the appointment of mining industry specialist Mr Alex Molyneux as the company steps towards the next phase of development of its 100% owned Springdale Graphite Project. Mr Alex Molyneux has been appointed for the role of Non-Executive Director of the Comet.

Well recognized for his breadth of experience, Mr Molyneux is currently leading an ASX-listed company Galena Mining Limited (ASX: G1A) as its Chief Executive Officer following the completion of three years’ service as CEO of Paladin Energy Ltd (ASX: PDN), one of the world’s largest uranium companies.

As part of Mr Molyneux’s engagement terms, Comet seeks to grant 2,000,000 Options exercisable at $0.10 on or before 31 December 2019. The issue of these Options will reportedly be subject to all regulatory and shareholder approvals.

Incoming Director, Alex Molyneux commented: “He believes strongly in high-quality mineral projects where the relevant commodities are in shortage or are likely to benefit from the technological change. In the case of Comet, he believes its Springdale Graphite Project is a high-quality graphite project but with the unique benefit that it supports electrochemical exfoliation of graphene. In his view, graphene is something that will be heard a lot about in the coming years because of its ideal properties for next-generation electronics.”

Mr Molyneux holds extensive experience in the metals and mining industry at the executive and financial level. Under his leadership, Galena Mining had secured a $90 million project equity investment from Toho Zinc of Japan, and Paladin Energy completed a US$700 million recapitalisation including raising US$115 million in new capital and relisting on the Australian Securities Exchange. Overall, he had an immense exposure to the range of metal and mining companies including Metalla Royalty & Streaming Ltd. (TSX-V: MTA), Tempus Resources Ltd. (ASX: TMR) and Azarga Metals Corp. (TSX-V: AZR).

The Comet recently completed a capital raising placing 27.50 million shares at $0.03 per share, to raise $825,000 before costs. The capital raising was done at one for two free attaching Options. The company intends to utilize the funds for working capital and to accelerate the assessment of the graphite and graphene at Springdale Project.

At the end of January 2019, Comet Resources Limited released maiden graphite inferred resource of total 15.6Mt @ 6% TGC with a high-grade inferred resource of 2.6Mt @ 17.5% TGC at Comet’s 100% owned Springdale Project during the December 2018 quarter.

Going forward, the company intends to undertake further drilling practices in March 2019 quarter in order to upgrade resources, examine new targets and supply metallurgical samples.

Comet Resources Limited is into the exploration and development of graphite resources across Australia. Its flagship projects include wholly-owned Springdale Graphite Project located in Western Australia.

In today’s trading session, CRL edged up by 2.632% to last trade at $0.039 on 15 February 2019. Over the past 12 months, the stock has declined by 60.82% despite a recent surge of 31.03% witnessed in the last one month.


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