The Alien Metals Ltd (LON: UFO) share price plunged 16.2% after announcing the appointment of a new Executive Chairman and the resignation of two board members. The company also issued operational updates on its Elizabeth Hill and Hancock projects.
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The minerals exploration and development company appointed Guy Robertson as its new Executive Chairman, who will take over from the outgoing Executive Chairman, Rob McIllree. Rob will remain with the company as an executive director for the next 3 to 6 months as he advises the firm on the disposal of its non-core Australian projects.
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Guy Robertson has over 40 years of experience in the mining industry. He has led large teams in previous executive positions where he was responsible for steering IPOs, raising capital, assets disposals and acquisitions, among other leadership responsibilities.
Alien Metals also announced that two non-executive directors were stepping down from their roles with the firm. Jo Battershill has elected to leave the company’s board of directors immediately, while Mark Culbert has chosen to stay with the firm until 30 June 2023 before stepping down. The two directors resigned to pursue their main business interests.
The company also updated positive operations about its Elizabeth Hill and Hancock mines. The firm released positive drill results from the Hancock mine that indicate the mine has an ore reserve of 1.9Mt @ 60.2% Fe and an ore inventory of 4.2Mt @ 60.5% Fe, including reserves.
Guy Robertson, incoming Executive Chairman of Alien Metals, commented: “I am honoured to be appointed as Executive Chairman for Alien Metals and excited for the many opportunities the portfolio of assets represents. I look forward to working with the team to add value to Alien's shareholders as we look to move the Hancock Iron Ore project towards development in the near term. I also look forward to working with the team at Alien to develop the Company's Australian PGM and silver assets at Munni Munni and Elizabeth Hill located in Western Australia, a tier one mining jurisdiction.”
Alien Metals shares had recouped some of their losses at the time of writing.
*This is not investment advice.
The Alien Metals (UFO) share price.
The Alien Metals (UFO) share price plunged 16.24% to trade at 0.3895p, from Tuesday’s closing price of 0.4650p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.