15 November
2024
Strategic Minerals
plc
("Strategic Minerals" or the "Company")
Executive Management
Changes
Strategic Minerals plc (AIM: SML;
USOTC: SMCDY), announces the retirement of Managing Director, John
Peters, with effect from today's date, when he will also leave the
Company's Board. Mr Peters will remain as a consultant to the
Company for a period of six months to ensure an orderly
transition.
Mark Burnett, previously a
Non-Executive Director, has been appointed as an Executive Director
of the Company with immediate effect, while the Board searches for
a permanent CEO to lead the Company through the next stage of its
development.
"On behalf of the Board of Directors,
I want to thank John for his long service to the Company, in
particular his achievements in managing a difficult period of cash
flow in 2023" said Charles Manners, Chairman of the
Company.
Commenting, John Peters said:
"Following the turnaround
at the Company's Cobre operation in 2024, the business is now in a
much stronger financial position. As the Company's focus is
now expected to be on the development of the planned Redmoor
Tungsten and Tin mine, and given my age, I considered this an
appropriate time to step down as Managing Director. I firmly
believe the Company has a bright future and will remain a
supportive shareholder and I do not currently intend to sell my
shares in Strategic Minerals."
Clarification regarding prior loan
agreements
The Company wishes to make certain
clarifications regarding the loan arrangements that were disclosed
in its announcement dated 8 February 2024 (the
"Announcement"). The Announcement refers to two loans each of
AUD$50,000 (approximately £25,000) entered into with a third party
(the "Lender"). The first loan, (the "First Loan") was
entered into on 6 October 2023 for a term of 12 months with
interest being charged at 12% per annum. The grant of
10,000,000 warrants to the Lender over new ordinary shares in the
Company at an exercise price of 0.5p per share disclosed in the
Announcement relates to the First Loan only.
The second loan of AUD$50,000, (the
"Second Loan") also notified in the Announcement was entered into
on 6 February 2024 for a term of three months with an interest rate
of 48% per annum. Due to cash flow pressures, this Second
Loan was subsequently extended for a period of one month. The
Second Loan also included an interest kicker, whereby the Company
would have had to pay the Lender an additional fee relating to the
increase in the value of another share listed on the ASX, however
this additional clause was not triggered. No warrants were
attached to the Second Loan.
As previously announced, both the
First Loan and Second Loan have now been repaid in full to the
Lender, including all applicable interest of AUD$14,000.