Sierra Nevada Gold (ASX:SNX) has appointed Adam Oehlman as managing director as five rigs continue drilling at its As Safra Copper-Gold Project in Saudi Arabia, with assays due this month.
Oehlman joined the company as CEO on 11 June 2026, taking the board position effective immediately. He previously led African Gold through a resource growth phase and a corporate transaction valued at more than $550 million.
The appointment follows a $12.3 million share placement in August and the commencement of phase-two drilling at As Safra. Shareholders also approved a separate $550,000 placement to directors and current and former management in October.
Phase-one drilling confirmed a coherent copper system extending across more than 800m at the Central Copper Zone. The company also identified a second system at As Safra Southeast, while much of the wider 5.5km mineralised corridor remains untested.
Phase two comprises more than 25,000m of reverse circulation (RC) and diamond drilling, plus about 13.5km of trenching.
Drilling began in September with two diamond rigs and one RC rig, with a further two diamond rigs arriving since then.
The program now targets untested magnetic, gravity, and induced polarisation (IP) anomalies, concealed mineral systems, and priority gold targets.
Chairman Simon Lill says Oehlman’s confidence in the project is reflected in his recent $250,000 investment in the placement.
“He has a strong vision of what we can achieve at As Safra,” Lill says.
Oehlman says the recent capital raises leave the company well-funded to accelerate its exploration strategy.
“I look forward to seeing what we can deliver in our phase-two drilling program,” he adds.
Oehlman will receive an annual salary of $370,000, excluding superannuation, and serve as both managing director and CEO.
His short- and long-term incentives remain unchanged, including 15 million shares allocated across four performance tranches. His notice period is three months.
Sierra Nevada Gold is an ASX-listed explorer building a copper-gold platform in Saudi Arabia, alongside a portfolio of five precious and base metal projects in Nevada, US.
Write to JC Villarba at Mining.com.au
Images: Sierra Nevada Gold
