LONDON, UK: Katoro Gold PLC (AIM:KAT), a strategic and precious minerals exploration and development company, announced the proposed appointment of Sean Wade as Non-executive Chairman of the Company, subject to due diligence.
Mr Wade is the Chief Executive Officer of Power Metal Resources PLC (AIM:POW), Katoro’s joint venture partner at the Haneti Project in Tanzania, targeting a major metal discovery (KAT 65%:POW 35%). He has extensive professional experience and network in the junior resource exploration sector, with board experience across multiples entities encompassing a wide variety of commodities and geographies.
Mr Wade’s appointment is conditional only on the satisfactory completion of stock market (including Nominated Adviser) due diligence which is a standard procedure prior to the appointment of directors onto the board of an AIM company. A further announcement will be made shortly following completion of the due diligence process.
As outlined in the Company’s announcement of 12 February 2024, two new directors are to be appointed to the Board of the Company. Mr Wade will be the first and a second director is expected to be appointed shortly thereafter.
Following the appointment of Mr Wade as Non-executive Chairman, Louis Coetzee, former Chairman, will remain as Executive Director and will then step down from the Board and employment with the Company simultaneously with the appointment of the second director. Mr Coetzee will then become a consultant to Katoro until 31 July 2024 to assist with the transition of responsibilities.
Sean Wade, proposed new Non-executive Chairman of Katoro Gold plc commented: “Subject to new director due diligence completion I will be pleased to assume the role of Non-executive Chairman of Katoro Gold and look forward to helping bring new life and opportunity to the Company and its shareholders.
“The first task is to complete the planned Board changes and establish the Katoro business model firmly in the eyes of the market.
“The Company will communicate material developments at the earliest opportunity.”