Why Cygnus Gold (ASX:CY5) is in news?

October 04, 2022 02:27 PM AEDT | By Sonal Goyal

Why Cygnus Gold (ASX:CY5) is in news? — Image source: © Radius06 | Megapixl.com

What update was shared by Cygnus?

Cygnus announced that David Southam would join the company’s board as a non-executive director in the beginning and later would join as managing director. According to the announcement, Southam will join as a non-executive director from 1 November 2022 and take up the managing director’s responsibilities from mid-February 2023.

Reportedly, Southam would be paid a fixed remuneration package of AU$600,000, and it includes superannuation contributions.

Who is David Southam?

Southam held multiple senior executive roles. In 2019, he was appointed as managing director of the listed mineral company, Mincor Resources (ASX:MCR) where he looked after resource definition, greenfield discovery, feasibility studies, off-take agreements, the building of the Kambalda Nickel operations and project financing. Cygnus said that under the leadership of Southam, the market capitalisation of Mincor increased from AU$70 million to AU$1 billion.

Southam was associated with Western Areas Limited, an ASX 200 nickel company, as executive director. He had worked with WMC Resources, ANZ Investment Bank, Gindalbie Metals, and Brambles Group.

He also carries significant experience in completing mergers and acquisitions and capital market transactions and has been part of negotiating multi-billion-dollar sales off-take arrangements.

According to a media release, Southam carries experience in battery metals as he was part of Kidman Resources as a non-executive director.

On his appointment in Cygnus, Southam commented:

About Cygnus

Australian mineral explorer, Cygnus is an emerging company whose central focus is on developing its Pontax Lithium Project, located in the James Bay lithium district of Canada. Also, the company is focused on the Snake Rock project and Bencubbin lithium project, which are located in Western Australia.

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