SYDNEY, AUSTRALIA: Scorpion Minerals Limited (ASX: SCN), a mineral exploration company focused on lithium and gold projects in Western Australia, has announced the appointment of Michael Fotios as its new Chief Executive Officer, effective from 1 July 2023.
Mr Fotios is an experienced mining and lithium industry executive, who has a strong track record of taking projects from exploration through to production. He played a key role in the development and recommissioning of the Mt Cattlin Lithium Mine in WA, as the founding Managing Director of Galaxy Resources Limited in 2006 and subsequently the Executive Chairman of General Mining Corporation Limited.
He was instrumental in the public listing of Galaxy in 2007 and the $216 million friendly merger of General Mining and Galaxy in 2016, creating significant shareholder value. He is also the founder and Executive Chairman of Investmet Limited, a private investment company with interests in various mining and exploration projects.
Mr Fotios will lead Scorpion’s development of its highly prospective Murchison lithium portfolio, which comprises three projects: Horseshoe South, Horseshoe Flats, and Mt Mulcahy. The company has recently completed a drilling program at Horseshoe South, which confirmed high-grade lithium mineralisation, and is planning further drilling at Horseshoe Flats and Mt Mulcahy to define resources.
Mr Fotios said he was excited to join Scorpion and drive its lithium strategy forward.
“I am delighted to join Scorpion at this pivotal time, as the company is poised to unlock the potential of its Murchison lithium portfolio. I believe these projects have significant upside and can deliver value for shareholders and stakeholders. I look forward to working with the board and management team to advance these projects towards production and capitalise on the growing demand for lithium in the global battery market,” he said.
Scorpion’s CEO appointment is complemented by the strengthening of its management team and the renewal of its mandate with strategic advisor Airguide International Limited, a Singapore-based corporate advisory firm specialising in natural resources.
Bronwyn Barnes, who has been acting as Executive Chairman since February 2023, will resume the role of Non-Executive Chairman. Michael Langford, the founder and Executive Director of Airguide, will join Scorpion as Chief Investment Officer and will lead the engagement with future strategic partners, while continuing to advise on corporate strategy and capital markets. Kate Stoney, who has been a Non-Executive Director since November 2022, will transition to Executive Director – Finance and will oversee the financial management and reporting of the company.
Ms Barnes said she was pleased to welcome Mr Fotios and Mr Langford to Scorpion and thanked Ms Stoney for her continued contribution.
“Michael Fotios brings a wealth of experience and expertise in the mining and lithium industry, and we are confident that he will lead Scorpion to achieve its vision of becoming a significant lithium producer in WA. Michael Langford has been instrumental in providing strategic advice and guidance to Scorpion since we engaged Airguide in March 2023, and we are delighted that he will join us as Chief Investment Officer. Kate Stoney has been a valuable member of our board since last year, and we are grateful that she will take on an executive role as Finance Director. I look forward to working with them and the rest of our team as we embark on an exciting new chapter for Scorpion,” she said.
Scorpion also announced that it is in ongoing strategic negotiations with Obsidian Metals Group Pty Ltd, a private exploration company with a portfolio of lithium projects in WA. The company said it intends to extend the remit of its existing agreement with Obsidian beyond WA, subject to due diligence and finalisation of terms.