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Highlights
- Tony Rovira Joins the Board: Renowned mining executive Tony Rovira, known for his role in the AU$1.7 billion Azure Minerals takeover, joins Lycaon Resources as Non-Executive Director and commits AU$360,000 in equity investment.
- Leadership Restructure: James Robinson transitions to Executive Director, while Ranko Matic resigns as Non-Executive Director, marking a strategic shift in company governance.
- Share Price Boost: Lycaon Resources shares surged 33.3% to 12 cents following the announcement, reflecting strong investor confidence in the company’s future prospects.
Lycaon Resources Ltd (ASX:LYN) has announced the appointment of highly respected mining executive Tony Rovira as a Non-Executive Director, effective January 1, 2025. This strategic addition to the board comes amid significant leadership changes and a AU$450,000 equity raise, positioning the company for future growth and acquisitions.
Tony Rovira brings over 40 years of mining industry experience, including exploration, geology, and executive leadership. His most notable achievements include leading Azure Minerals to the discovery of the Andover Lithium Deposit in the Pilbara, which resulted in a AU$1.7 billion acquisition by Hancock Prospecting and SQM. For this, Rovira and Azure were recognized with the "Dealer of the Year Award" at the 2024 Diggers & Dealers Mining Forum.
Earlier in his career, Rovira was awarded the "Prospector of the Year Award" in 2000 for his role in discovering the world-class Cosmos and Cosmos Deeps nickel sulphide deposits in Western Australia. His extensive industry expertise and proven track record are expected to be instrumental in guiding Lycaon Resources toward its strategic goals.
Board and Equity Changes
In conjunction with Rovira’s appointment, Lycaon Resources announced the following board changes:
- James Robinson has transitioned from Non-Executive Director to Executive Director.
- Ranko Matic has stepped down from the board.
To demonstrate his commitment to Lycaon’s strategic direction, Rovira will invest AU$360,000 in the company through a placement of 4,000,000 fully paid shares at AU$0.09 per share, the same as the last closing price. Fellow directors James Robinson and Adrian Di Menna will also contribute AU$67,500 (750,000 shares) and AU$22,500 (250,000 shares), respectively.
The AU$450,000 equity raise is subject to shareholder approval at an upcoming general meeting. Additionally, the company plans to issue 4 million options to the directors as part of their remuneration packages. These options will be exercisable at AU$0.20 each over three years, with allocations as follows:
- 2 million options to Tony Rovira.
- 1 million options each to James Robinson and Adrian Di Menna.
Strategic Review and Market Reaction
Following the leadership changes, Lycaon Resources announced plans to conduct a strategic review of its existing asset portfolio and explore new acquisition and investment opportunities across various commodities in Australia and overseas.
The market responded enthusiastically to the announcement, with LYN shares jumping 33.3% to 12 cents on 2 December 2024.
