Comet Resources Limited (ASX: CRL), an Australian player in the mineral exploration and research business, made an announcement on 01 May 2019, that it has appointed a new Chief Executive Officer (CEO).
The new member on board is Philippa Leggat, who is an executive from the mineral industry. Mr Tony Cooper, who was the CEO before her, would continue to consult back the company, as and when required post stepping down from his position.
Philippa Leggat holds a bachelor-degree, specialising in strategy, financial management and risk along with gemmology, metallurgy, jewellery production and marketing. She has been a part of ASX listed companies as an executive, director and advisor for almost 8 years, prior to this recent appointment.
The appointment of the new CEO is being considered vital to the company, given its next phase of development transitions of its 100% owned Springdale Graphite Project in Western Australia.
The company’s board stated that Philippa holds sturdy and secure corporate skills along with almost 20 years-worth experience in advancing projects centred along the value chain. Her strengths lie in the areas of and surrounding capital markets, commercial structuring and international stakeholder relations management. She bears excellent negotiation and strategy skills, which has proved to be a success in delivering corporate objectives, within the mining and metals sector. Her commendable communication skills have paved a path for her to create and maintain healthy market relations, with a cornerstone on resource-oriented private equity and institutional funds.
Comet Resources Limited’s Chairman, Hamish Halliday, stated that the company has a firm belief in this appointment and is looking forward to working with Philippa. Her commercial and financial skills could be well exploited in the company, as they work towards the progress and completion of the Springdale Graphite Project. He also mentioned that Philippa’s strategic focus and result oriented approach will be of great value, as the company moves ahead from the initial discovery phase, to finally defining the commercial potential of the Springdale Project.
Earlier this year, in February, Comet Resources Limited had made another appointment of mining industry specialist Mr Alex Molyneux, for the role of Non-Executive Director of the Comet, particularly for the Springdale Graphite Project.
Prior to this, the company had published its Quarterly report for the quarter ending March 2019. The highlights of the report are as mentioned below:
- CRL had successfully concluded an 11-hole drilling RC campaign in its Springdale Project during the period of March quarter.
- Mr Alex Molyneux joined the Board of the company during the period.
- Net cash used in operating activities depicted an outflow of A$408k.
- The company’s cash in hand at the end of the quarter stood at A$406k.
- The total estimated cash outflows for the next quarter is A$343k.
Besides, CRL has been completely devoted towards its Springdale project, based in Western part of Australia, wherein it had concluded a successful maiden pass air core drilling campaign (February 2016). In December last year, the company released a maiden graphite resource at the project, after conducting a survey towards the same in 2017 (as announced on 6 December 2018).
The shares of the company closed the day’s trade at a price of A$0.027, down 12.9% (as on 1 May 2019).
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