Join our daily newsletter At The Bell to receive exclusive market insights
- Mayur Resources (MRL) has announced the retirement of its Chairman, Rob Neale
- Neale led the company through a number of achievements including transitioning to a public-listed company through its initial public offering in 2017
- Neale said he’s been considering retirement for some time and feels the company is in a good position for him to step down
- Non-Executive Director Frank Terranova will assume the role of interim Non-Executive Chairman while the board seeks a permanent replacement
- In addition, Mayur’s spin-out company, Adyton Resources, continues to see pleasing drill results from the Gameta Gold Project in Papua New Guinea
- Company shares have dropped 9.09 per cent and are trading at 20 cents
Mayur Resources (MRL) has announced the retirement of its Chairman, Rob Neale, as well as some new high-grade results.
Retirement
After being an advisor and director for over five years, Mr Rob Neale has decided to retire from his role as Chairman.
Neale has over 45 years of experience in the resources sector and led Mayur Resources through a significant transition from a private to public-owned company through its initial public offering in 2017.
The company ticked off a number of achievements during Neale’s contribution and guidance including this year’s spin-out of Mayur’s copper and gold assets as Adyton Resources (ADY) on the Toronto Stock Exchange Venture in February 2021.
“I had been considering retirement for some time, and with completion of the recent successful capital raise and the die now cast for the company’s disaggregation strategy, the time is now right for the company to reshape its board,” Neale said.
“On behalf of the team at Mayur, we thank Mr Neale for his valuable contribution and guidance and wish him all the very best in his future endeavours,” Managing Director Paul Mulder said.
Mayur’s Non-Executive Director and Chair of the Audit and Risk Committee, Frank Terranova, will assume the role of interim Non-Executive Chairman while the board seeks a permanent replacement for Neale.
Drill results
In addition to this news, Mayur’s spin-out company, Adyton Resources, received high-grade gold results from drilling at the Gameta Gold Project in Papua New Guinea.
Results include 18.1 metres at 4.88g/t gold from 60.7 metres which is much higher than intersections returned from nearby historical drill holes.
Mayur owns a 43 per cent interest in Adyton which is focussed on developing gold and copper resources in prospective mining jurisdictions.
Company shares have dropped 9.09 per cent and are trading at 20 cents at 12:39 pm AEST.
