Renegade Exploration (ASX:RNX) soars 7% on appointment of new non-executive director

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Renegade Exploration (ASX:RNX) soars 7% on appointment of new non-executive director

Renegade Exploration (ASX:RNX) appoints Non-Executive Director
Image source: ID 61042878 © Iqoncept|Megapixl.com

Highlights

  • Renegade Exploration appoints Mr Mark Connelly to the Board as a Non-Executive Director.
  • Mr Connelly is an experienced resource industry executive with over 30 years of experience.
  • Mr Peter Voulgaris is set to retire from the Board after serving four years as Director.

Renegade Exploration Limited (ASX:RNX)  has announced the appointment of Mr Mark Connelly as a Non-Executive Director. This move comes at a crucial time when Renegade is making serious strides on its exploration front at the newly acquired North Isa Project.

Related read: Renegade Exploration (ASX:RNX) wraps up December quarter on a high note, acquires North Isa Project

The appointment of the newest member to Renegade’s Board attracted strong market response with shares of RNX zooming up 7.14% to trade at AU$0.007 apiece (as of 1:00 PM AEDT). The Company has a market cap of AU$6.15 million, as of 17 February 2022.

Mark Connelly brings in significant experience to the Board

Mr Mark Connelly is an experienced resources industry executive with over three decades of experience. In his extensive career, Mr Connelly has provided his expertise to several ASX-listed mining companies.

Prior to Renegade, Mr Connelly was serving as the CEO of Papillon Resources and Adamus Resources. Both these resources companies were acquired via takeovers with Papillon valued at over US$570M. Papillon was developing the Fekola gold deposit in Mali and Adamus Resources was a gold production company based in Ghana.

Prior to this, Mr Connelly has held senior management roles at Inmet Mining and Newmont Mining (NYSE:NEM). Post the acquisition of Adamus Resources by Endeavour Mining, he served the latter as Chief Operational Officer (COO).

Related read: Renegade Resources (ASX:RNX) receives final payment for the Yandal Project

Commenting on Mr Connelly’s appointment to the Board, Renegade’s Chairman Mr Robert Kirtland, said, “We have been talking to Mark for some time about Renegade and its prospects, particularly in Queensland. Mark adds significant value to our exploration focus with respect to our current advanced project portfolio due to his long history in exploration and production in gold and copper and we look forward to having him work with us on our current projects in the Mt Isa area.”

Renegade Resources will pay out AU$48,000 annually to as part of the remuneration package. Further, Mr Connelly would get a Performance Rights package, which would include a retention component and share price component. In addition to Mr Connelly’s package, Renegade has resolved a Performance Rights package for remaining directors as well, for a term of next three years.

Related read: Fresh deal positions Renegade (ASX:RNX) to earn up to 75% of the North Isa Project

Renegade also made it clear that the package will go for shareholders’ approval and is strongly aligned to the Company’s performance.

Peter Voulgaris to retire from the Board

Mr Peter Voulgaris has informed that he will retire from the board as he is unable to provide enough time to the Company’s Board commitments at this time. The Company acknowledged Mr Voulgaris’s valuable contributions made over the last four years.

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