QX Resources (ASX:QXR) appoints Steve Promnitz as MD, shares rise 54% - Kalkine Media

Highlights:

• QX Resources appoints Mr Steve Promnitz as its managing director

• Mr Promnitz has significant senior-level managerial experience at global resource companies like Rio Tinto and WMC
• Mr Promnitz looks forward to using his network and battery minerals sector skills to transform QXR into a major player in the sector

QX Resources Limited (ASX:QXR), a diversified minerals explorer with a highly prospective portfolio of lithium and gold assets, has appointed Mr Steve Promnitz as its managing director to facilitate the growth and development of the company’s lithium assets in Western Australia and its gold projects in Queensland.

QX Resources’ shares responded positively to the news and rose 54.5% to AU$0.051 per share on 28 September 2022 (as at 11:19 am AEST).

Who is Steve Promnitz?

Mr Promnitz is a highly experienced lithium and battery minerals industry executive associated with several major and mid-tier mineral producers. He has around six years of experience in the battery minerals sector.

Mr Promnitz, a Monash University graduate, was associated with lithium brine developer, Lake Resources NL, where he served as managing director. During his tenure at Lake Resources NL, he was instrumental in making various improvements and led the company to growth, one such instance being the development of the untested Kachi lithium brine project in Argentina.

Mr Promnitz implemented new exploration models and ESG-friendly extraction techniques, which led to the development and transformation of the AU$1-million market value private company into a AU$A2.1 billion ASX 200 company with a strong balance sheet.

Before that, he was working with mid-tier and major gold producers. He was also associated with South America, Southeast Asia, and Australia-focused companies catering to battery minerals (copper, nickel, and rare earths) in specific and natural resources and the energy sector in general.

Mr Promnitz has also served as CEO of small-/mid-tier companies and has held senior management roles with global resource companies like Rio Tinto and WMC. He has also taken up senior corporate finance roles with major banks (Westpac, Citigroup).

Mr Maurice Feilich, executive chairman, commented on the appointment of the new managing director,

Data Source: QXR update
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Mr Promnitz’s role at QX Resources:

Commenting on his appointment, Mr Promnitz acknowledged that QXR had a portfolio of highly prospective battery minerals and gold projects. Mr Promnitz plans to transform QXR into a major player in this sector by using his extensive network and the battery minerals sector skillset. He further added that he will immediately focus on introducing the QXR opportunity to his network, prioritising activities, and actively communicating the company’s growth strategy to existing and potential investors.