On 8 January 2019, Gold explorer Torian Resources Limited has announced a significant change in its management structure. The announcement read that the Board of Torian Resources Limited (ASX: TNR) has appointed Mr. Mark Borman as an interim Managing Director with immediate effect.
In the separate release to ASX, Torian told that Mr. Matthew Sullivan has resigned as Director of the Company effective today, 8 January 2019.
Moreover, Torian’s newly appointed interim MD Mr. Mark Borman is reported to be well-versed with the company’s landholding as he has been an Executive Director of the Company since April 2018. The company stated that Mr. Borman would fulfill the role until the Board undertake a review of the position within the Company and find a suitable replacement for the previous Managing Director. However, Mr. Borman’s remuneration reportedly remains the same.
Torian Resources has also unveiled the appointment of Ms. Lyndal Money to lead its exploration as Manager Geology. Working since mid-2015, Ms. Money is said to be well aware with the Torian exploration activities.
Ms. Lyndal Money is accredited with substantial experience in mining operations and exploration in the Kalgoorlie region while working on the broad range of projects including exploration, mine, and resource geology at numerous gold deposits throughout Australia.
Although the company assured its shareholders that this management change would lead to the smooth transition of the company’s operation, Torian’s share price fell straight by 20% to last trade at $0.016 as at 8 January 2019. However, the shares are up again today by 12.5%, currently trading at $0.018 (as at 12:53 PM AEST, 9 January 2019)
Torian Resources Limited is an Australia-based gold exploration and development company that primarily focuses on developing gold assets across Western Australia. The company’s flagship gold projects include Mt Stirling and Malcolm, Zuleika JV, located in the Goldfields region of Western Australia. It also holds the interest in Mt Monger, Mt Keith, and Kanowna South and Five Mile Hill projects.
For the year ended December 2017, the Group incurred a net loss after tax of $1,438,422 and utilized cash from operating and investing activities of $1,427,945 and $1,490,447 respectively. As at December end 2017, the Group had cash resources of $1,100,953 and net assets of $18,818,893.
In September 2017, the Group completed the issue and allotment of 23,123,353 ordinary shares at an issue price of $0.085 per share to raise $2 million. The capital raising was intended to be utilized for the company’s working capital requirement as well as the exploration work to be undertaken at Zuleika and Malcolm Projects.
Moreover, in the half-yearly results release, the company posted a net loss of $747,878 for six months ended 30 June 2018. The cash and cash equivalents stood at $1,112,140 on 30 June 2018.