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The Western Australia-based explorer, Pacifico Minerals Limited (ASX:PMY) has appointed Mr Gary Comb as the Executive Chairman, currently serving as the non-executive chairman of Cyprium Metals.
Mr Richard Monti, current non-executive chairman of Pacifico Minerals, has stepped down from the role; however, he would remain on the board in a non-executive director’s capacity. Mr Monti served as the company’s Chairman since 2009, overseeing the company’s management concerning the various exploration assets.
As Pacifico Minerals is keenly focussed on its Lead-silver-zinc centric Sorby Hills Project, the understanding concerning the company’s new direction and focus requirement serves as an anchor to the board’s decision of appointing Mr Comb as the executive chairman.
The appointment comes in the course of its ongoing efforts in Sorby Hills Project as the company embarks on the strategic direction that would aid in transitioning the company from an explorer to the development company.
Exclusive of statutory superannuation contributions, a salary of $100,000 per annum will be paid to Mr Comb. Up to 50% of Mr Comb’s annual salary can be paid in Pacifico shares at the board’s discretion. Furthermore, under Pacifico Mineral’s Employee Share Incentive Plan, he will be granted varying performance rights.
Glimpse of the New Executive Chairman Forte
The effective undertakings carried under the guidance of Mr Comb at known companies, alongside his strong experience of 35 years across various commodities in the mining industry together brings strong leadership for Pacifico Minerals.
As MD of Jabiru Metals Ltd, Mr Comb, alongside the successful sale of the company in 2011 to Independence Group NL, also supervised the feasibility, construction and operations of the Jaguar mine hosting copper/zinc/silver deposits in Western Australia.
Furthermore, alongside the construction and successful operations, the definitive feasibility study and financing in relation to the Wetar Copper Project was conducted during Mr Comb’s time as Chairman of Finder’s Resources.
Mr Comb brings a wealth of experience in project development, operations and funding to the company, thereby altogether assisting in supporting Pacifico Mineral’s advancement in the Sorby Hills Project.
Pacifico Minerals Advancing Well Backed by Strong Management
Outlook for Pacifico Minerals
Pacifico Minerals is concentrated on its flagship Sorby Hills Project that hosts the Lead-Silver-Zinc deposits, with compelling economics including fast payback and modest CAPEX. The positive drilling results at the Project and the rising demand for Lead can be seen to bolster the project development.
The project, held by PMY through the joint venture with Henan Yuguang, has infrastructural advantages and has secured key government approvals.
With the confidence level of the company’s mineral resource expanding with each drilling programme, the upcoming activities incorporate varying plans for Q2 2020 and Q1 2021:
Q2 2020
- Ore Reserve Estimate and optimised PFS
- Strategic Financing and Offtake Update
- Phase IV Expansion and Infill Drilling
Q1 2021
- Definite Feasibility Study
Stock Performance
The stock of PMY ended the day’s trading flat at $0.005 on 9 March 2020. With the market capitalization of $14.44 million, the total outstanding shares of the company stood at ~2.89 billion.
