/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Feb. 3, 2025
/CNW/ - Macarthur Minerals Limited (TSXV: MMS) (ASX: MIO)
(OTCQB: MMSDF) (the Company or Macarthur), is
pleased to announce the engagement of Nigel
Jones, a key person under Redbeck Partners Ltd, to provide
consultancy services to the Company.
Mr. Jones, under Redbeck Partners Ltd, will provide services to
Macarthur Minerals aimed at securing a transaction for the Company.
These services may include negotiating, structuring, and finalising
joint ventures, acquisitions, mergers, or other strategic business
arrangements. He will also assist in identifying potential
counterparties, conducting due diligence, facilitating
negotiations, and preparing and executing the necessary
agreements.
Nigel Jones brings over thirty
years' of experience and is a highly experienced executive with a
distinguished career in the global mining and financial sectors. He
previously served as Managing Director of Rio Tinto's Simandou
Project, where he played a pivotal role in advancing one of the
world's largest undeveloped iron ore deposits. Prior to this, he
spent more than two decades in senior leadership positions at Rio
Tinto, contributing to corporate strategy, business development,
and external affairs.
Nigel also brings significant expertise having worked as an
investment banker for a London-based subsidiary of Chinese group ICBC,
where he focused on the natural resource sector. His career spans
multiple continents and industries, with a strong focus on resource
development, project financing, and stakeholder engagement.
Having led multi-billion-dollar transactions, Nigel's experience
encompasses corporate finance in both major corporations and junior
mining companies.
Cameron McCall, Chairman of
Macarthur Minerals, commented:
"We are thrilled to welcome Nigel to Macarthur. We are
honoured to have someone of Nigel's calibre on the team. His
extensive experience in the mining and financial sectors, along
with his proven leadership in major resource projects, will be
invaluable as we work to advance our Moonshine Magnetite
Project. Nigel has previously worked with Macarthur and was
instrumental in introducing the Company to our Off Take partner in
2019 (see announcement here – 21 March
2019). We look forward to benefiting from his insights and
expertise as we continue to drive growth and value for our
stakeholders."
Nigel Jones, Corporate
Consultant, commented:
"It's a very exciting time to be joining the team at
Macarthur. The Company is well positioned, with the
completion of the Feasibility Study on its world-class iron
project. I look forward to contributing to the project's
advancement and I am delighted to be working with Macarthur once
again."
Terms of the Engagement
Redbeck Partners Ltd will receive a consultancy fee of
A$15,000 per month, payable in shares
of the Company, based on the volume-weighted average price (VWAP)
for the month in arrears. This arrangement is subject to
shareholder approval and compliance with relevant exchange
regulations. The value of shares issued per month will not exceed
C$5,000, in line with TSXV Listing
Rules. Any portion of the fee exceeding this limit will be carried
over to subsequent months and issued when the applicable limit is
reached, subject to the necessary approvals. Issuance of shares is
contingent upon obtaining the required ASX and shareholder
approvals.
Additionally, Redbeck Partners Ltd will be entitled to a success
fee on completed transactions, calculated as 6% of the first
A$20 million and 4% on any amount
exceeding A$20 million. The success
fee will be payable in cash upon the completion of a transaction
and receipt of the corresponding cash proceeds by the Company.
Released On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman and
CEO
Company profile
Macarthur is an iron ore development, and lithium exploration
company that is focused on bringing to production its Western Australia iron ore projects. The Lake
Giles Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Lake Giles magnetite resource
of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated)
and 997 million tonnes (Inferred). The Lake Giles Iron Project also
contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves
of 184.7Mt. Macarthur also holds 24 square kilometre tenement area
iron exploration interests in the Pilbara region of Western Australia. The Mineral Resource and
Ore Reserve estimates presented herein have previously been
released to the ASX on March 21,
2022, including supporting JORC reporting tables. The
Company confirms that it is not aware of any new information or
data that materially affects the information included in the
relevant market announcements and, in the case of Mineral Resources
and Mineral Reserves that all assumptions and technical parameters
underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed.
Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this
press release may constitute forward-looking information and
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable securities
laws. All statements herein, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Ore Reserves or the eventual mining of the Project,
are forward-looking statements. The forward-looking
statements in this press release reflect the current expectations,
assumptions or beliefs of the Company based upon information
currently available to the Company. Although the Company believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and no assurance can be given that these
expectations will prove to be correct as actual results or
developments may differ materially from those projected in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. Readers are cautioned not to
place undue reliance on forward-looking statements due to the
inherent uncertainty thereof. Such statements relate to future
events and expectations and, as such, involve known and unknown
risks and uncertainties. The forward-looking statements contained
in this press release are made as of the date of this press release
and except as may otherwise be required pursuant to applicable
laws, the Company does not assume any obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Macarthur Minerals Limited
