- Christiaan Jordaan has resigned as Managing Director for personal reasons and now serves as a Non-Executive Director
- Mustang Chairman Ian Daymond becomes Interim Executive Chairman until a new Managing Director is appointed
- The Board has commenced the search for a new Managing Director
Mustang emphasises that it was Mr Jordaan's decision to resign and the Directors reluctantly accepted his resignation, but are pleased he still serves on the Board.
Mustang Chairman Ian Daymond has agreed to become Interim Executive Chairman until a new managing director is appointed. The search for a new managing director has commenced.
Director Cobus van Wyk remains in charge of the operations in Mozambique and Non-Executive Director Peter Spiers assists on technical matters related to the Montepuez Ruby Project and the Caula Graphite Project.
Mr Daymond thanked Mr Jordaan for the crucial role he played in the Company's growth and development since his appointment as Managing Director in February 2016.
"Mustang has been transformed under Christiaan's leadership," Mr Daymond said. "He has worked successfully and incredibly hard on advancing the Company's mineral projects.
"On behalf of the Board, I thank Christiaan for his immense efforts and dedication to Mustang Resources.
"The Company continues to receive valuable feedback from the first ruby auction and plans to make a further announcement later this week regarding future ruby exploration and marketing strategies."
Mr Jordaan said: "I am proud to have led Mustang Resources as it grew from a junior exploration company to becoming a new entrant in the ruby sector in such a very short period and to having one of the world's highest grade graphite projects, the Caula Graphite Project, with the recently announced maiden JORC Inferred Mineral Resource."
Material terms of Mr Jordaan's employee entitlements on resignation and non-executive director's fee are disclosed in Annexure A hereto.
About New Energy Minerals Ltd
New Energy Minerals Ltd is an ASX listed company focused on the mining and exploration of Vanadium and Graphite – two commodities critical for the 'New Energy Market'.
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
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New Energy Minerals Limited (ASX:NXE) Caula Vanadium-Graphite Project Scoping Study Shows Exceptional Economics