Aurora Energy Metals (ASX:1AE) is in discussions regarding the need to transition to a locally focused team, preferably based close to its namesake Aurora Energy Metals Project in southeast Oregon, US.
The company today (12 March 2024) reports that as such, Managing Director and Chief Executive Officer (CEO) Greg Cochran will be stepping down from his roles before the end of the current financial year to pursue another opportunity.
Cochran is expected to continue at the $22.38 million market capitalisation company to see the delivery of a Scoping Study, which is scheduled for in the coming month.
According to Aurora, its next phase of activities on the project will require close attention to local issues, including regulatory approvals, and other on-ground activities in the US, which is challenging to manage from Australia.
Therefore, the board and management of Aurora have been in discussions about the need to transition to a locally focused team.
Cochran’s resignation provides the opportunity for Aurora to expedite this strategy, the company says.
He has been with the company for over the past 2.5 years, including through the initial public offering (IPO) process in May 2022 and delivering Aurora’s maiden drilling program.
Aurora Energy Metals is focused on the exploration and development of its flagship, wholly owned project in Oregon. The project holds a current resource of 107.3 million tonnes @ 214 parts per million U3O8 for 50.6 million pounds U3O8.
As of December 2023, the company had $2.637 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Aurora Energy Metals
