Helix Resources (ASX:HLX) is rolling out a two-stage board and management transition plan to bolster its position to make new copper discoveries in the Cobar-Nyngan area of central New South Wales.
The $11.61 million market capitalisation company says the plan has been devised to ensure ‘strategic continuity’, focusing on a number of factors, including its copper prospects, while also enhancing the early-stage exploration credentials of its board.
It comes after Helix Non-Executive Chair Peter Lester announced his plans to retire from the company’s board at the start of November.
As such, from 1 November 2023, Helix’s current Managing Director, Mike Rosenstreich, will step down from his post to fulfil the position of Executive Chairman on a part-time basis.
Through this transition, Rosenstreich will assume the responsibilities of Executive Chairman and continue overseeing the company’s investor relations activities, the proposed spin-out of Ionick Metals, and various other business and stakeholder-related initiatives.
Current Non-Executive Director Dr Kylie Prendergast will take up the new position of Executive Technical Director as the final piece of the transition plan’s first stage.
Prendergast and Rosenstreich will work closely together, leading internal operational reporting and accountability and driving Helix’s ASX reporting obligations.
The company says the second stage of the transition plan will occur around May next year, which will see Rosenstreich shift to a Non-Executive Chairman role.
Meanwhile, Prendergast will be appointed Managing Director on a full-time basis.
Helix says this 6-month overlap and the continuity of key personnel is an ‘ideal’ process to facilitate executive mentoring and ensure a smooth transfer of relationships, knowledge, and responsibilities.
Commenting on the board transition, Mike Rosenstreich says: “I am pleased to outline the details of this board transition plan well in advance and to highlight the significant enhanced ‘discovery’ skills the company is bringing to bear at a corporate level on its Cobar copper assets.
“In this new role, I will have greater freedom to focus on this enormous opportunity in development, marketing, and funding initiatives“
Since I joined Helix in early 2021, the company has been well capitalised, enabling it to assemble a quality executive and on-ground exploration team, as well as develop an ‘all-in on copper’ strategy, resulting in an exciting pipeline of prospective development opportunities.
Meanwhile, I am looking forward to contributing to Helix Resources in a new capacity — as Chair. I am passionate about the commercialisation of critical metals and the elements which are essential for electrification and decarbonisation.
In this new role, I will have greater freedom to focus on this enormous opportunity in development, marketing, and funding initiatives — where I think I can contribute. I look forward to continuing a constructive and collaborative relationship with Kylie and what will be ‘her’ team at Helix.”
Helix Resources is an ASX-listed copper exploration company focused on making discoveries in the ‘prolific’ copper-producing region of Cobar, New South Wales.
As of 30 June 2023, the company had $5.9 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Helix Resources
