Astral Resources (ASX:AAR) has appointed ‘highly regarded’ Australian mining executive Mark Connelly as Non-Executive Chair.
The $55.51 million market capitalisation company says Connelly brings a ‘strong’ track record in the gold industry, having undergone tenures at Oklo Resources and Chesser Resources.
Oklo was subject to a $90 million takeover by B2Gold Corporation (TSE:BTO) which was completed in September 2022. Chesser was acquired in a $89 million takeover by Fortuna Silver Mines (TSE:FVI), which was completed in September 2023.
As announced by Astral in December 2023, Connelly was appointed to the board as an independent Non-Executive Director and Chair-elect following departing Chair Leigh Warnick’s desire to step down as a director of the company.
Warnick tendered his resignation as a director effective yesterday (15 January).
Earlier in his career, Connelly was Managing Director and Chief Executive Officer (CEO) of Papillon Resources and was instrumental in a US$570 million takeover by B2Gold in October 2024.
Prior to his time at Papillon, Connelly underwent a tenure at Endeavour Mining Corporation (TSE:EDV) as Chief Operating Officer (COO), following its merger with Adamus Resources he was Managing Director and CEO.
Astral Resources is a Perth-based gold and base metals explorer with assets in Western Australia. The company’s Mandilla Gold Project sits in the northern Widgiemooltha greenstone belt in the western part of the Kalgoorlie geological domain.
As of 30 September 2023, Astral Resources had $4.1 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Astral Resources
