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  • Godolphin Resources (GRL) has made its CEO redundant following a review of its project and operational requirements
  • The company decided that it should be led by a Managing Directo, based out of New South Wales (NSW) 
  • Godolphin’s current CEO, David Greenwood, was meant to take on this role but is unable due to personal reasons
  • The company will appoint its new Managing Director during the next four to six months
  • Godolphin Resources is down 6.38 per cent and trading at 22 cents per share

Godolphin Resources (GRL) has made its current CEO redundant, following a review of its project and operational requirements.

The company is currently developing its portfolio of projects within the Lachlan Fold Belt (LFB) of central New South Wales (NSW), and conducted its review as part of the development.

During the review, Godolphin decided that it should be led by a Managing Director based in NSW. This would allow the company’s leader to have proximity and easy access to its 100 per cent owned projects within the Lachlan Fold Belt, which is a world-class gold-copper province.

Godolphin originally intended its current CEO, David Greenwood, to take on the role of Managing Director. 

Unfortunately, David is unable to take on this new position since his family is based in Perth, Western Australia. Additionally, the travel restrictions associated with the COVID-19 pandemic have made it increasingly difficult for David to work in Orange, NSW.

David has agreed to stay on as Godolphin’s CEO for the next three months, after which point the company will make his position redundant. The company will appoint its new Managing Director, who will be based out of NSW, in the next four to six months.

Godolphin’s Chairman, Jeremy Read, commented that the company regrets losing someone of David’s calibre from the group.

“David has been a key person, leading Godolphin’s progress since its successful IPO in December 2019,” he said.

“David was also responsible for Godolphin’s recent successful capital raising of $3.5 million to further Godolphin’s LFB assets, including Lewis Ponds and Copper Hill East. We wish David well for his future career,” he added.

Godolphin Resources is down 6.38 per cent, trading at 22 cents per share at 3:46 pm AEDT.

GRL by the numbers
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