Copper and gold explorer Rex Minerals (ASX:RXM) plans to grant its directors and key executives 30 million unlisted options exercisable at $0.40 as part of a remuneration review for the 2023 financial year.
Under this review, the $142.26 million market capitalisation company’s 3 Non-Executive Directors, as well as its Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Operating Officer (COO) will be issued 5 million options each, subject to shareholder approval.
Of the 5 million options, 2 million will be vested once the Hillside Debt and Equity financing is closed and a Final Investment Decision (FID) is made, while 3 million will be vested once the processing plant at the project is commissioned.
Rex reports these options will expire 4 years after being issued, and vested options will need to be exercised within one month of ceasing employment. Unvested options will expire immediately on ceasing employment, while all options will vest on a change of control transaction.
The company reports it will seek shareholder approval to issue all options at an annual general meeting (AGM) scheduled to be held in November 2023.
Commenting on the remuneration review ahead of his presentation tomorrow at the Noosa Mining Investor Conference, Rex Minerals CEO Richard Laufmann says: “We have locked in the board and key executives as we move to finalise financing and progress to development.
This aligns with the objective of creating long-term shareholder value by setting significant targets that will have a material, beneficial impact on the enterprise value of the company.
“Rex’s directors and key executives have consistently shown their strong personal and financial commitment to the company”
Rex’s directors and key executives have consistently shown their strong personal and financial commitment to the company, and this issue of options further ensures their alignment and retention through the development phase of the Hillside Project.”
Rex Minerals is an ASX-listed explorer focused on developing its Hillside Copper-Gold Project in South Australia, along with the Hog Ranch Gold Property in Nevada, US.
The Hillside Project lies 12km south of Ardrossan on the Yorke Peninsula and is considered by Rex to be one of the largest undeveloped copper projects in Australia.
On 30 May 2023, Rex announced a partnership with the South Australian Department for Education to develop a long-term plan to assist students from across the Yorke Peninsula to enter the resources sector.
Write to Harry Mulholland at Mining.com.au
Images: Rex Minerals Ltd
