Challenger Gold (ASX:CEL) has announced industry veterans Peter Marrone as non-executive Chairman-elect and Yohann Bouchard as Chief Operating Officer, amid an $85 million equity raising.
The placement proceeds will be allocated towards a resource growth drilling campaign to test the broader Hualilan tenement package, completion of the Definitive Feasibility Study for Hualilan, standalone development of Hualilan, and general working capital.
The capital raise comprises the issuance of 708 million new fully paid ordinary shares at $0.12 per new share, with $69.7 million committed to institutional, sophisticated, and professional investors.
Peter Marrone is currently Chairman and CEO of Allied Gold (TSX:AAUC) and was previously Executive Chairman of Yamana Gold, bringing more than 35 years of experience in mining and capital markets.
Marrone has committed $8 million in Challenger’s current capital raise, on the same terms as other participants in the placement.
The company will issue 200 million shares to Marrone and other lead investors in exchange for 100% of the shares in a private company formed by Marrone. That private company will provide Challenger with key systems for the company’s and Hualilan’s advancement.
This private company will focus on identifying acquisition opportunities and providing the financial, capital markets, and corporate support needed to pursue them.
Challenger adds that current Non-Executive Chairman Eduardo Elsztain will transition to Non-Executive Director, following shareholder approval for Marrone’s appointment.
Elsztain and his affiliates have also committed $5.3 million to the company’s equity raising.
The company also notes that additional board appointments will be announced in the coming months as it transitions into production and focuses on additional exploration and growth opportunities.
Challenger Gold is a gold and copper exploration company with a goal of becoming a globally significant gold producer.
Enova bolsters REE portfolio with rare earths specialist
Enova Mining (ASX:ENV) has engaged Alexandre Magno Rocha da Rocha, a Brazilian geologist specialising in rare earth elements (REE), to assist with the company’s existing East Salinas project and to help identify new opportunities in Brazil.
Da Rocha is a geologist who gained attention for his role in the early identification and advancement of Brazil’s Serra Verde ionic clay REE deposit. He currently serves as senior consultant and founder at Brazilian Rare Earths (ASX:BRE).
Apart from his corporate roles, da Rocha has more than 30 years of experience in academia at the Federal Institute of Education, Science, and Technology of Rio Grande do Norte, where he trains mining engineers and geologists in geochemistry and mineral discovery.
Enova notes that da Rocha played a pivotal role in the identification of Brazil’s first ionic adsorption clay (IAC) REE deposits, which proved to be a key global milestone in REE production outside of Asia.
Under da Rocha’s guidance, the Enova team will continue exploration at East Salinas alongside the assessment of ionic clay REE potential at Carai and Santo Antonio do Jacinto.
The company’s diamond drill program at East Salinas confirmed REE enrichment in a thick saprolite amenable to ionic adsorption leaching, and an auger drill program is planned to further define the extent and thickness of the mineralisation.
Enova Mining is a critical minerals exploration and development company with a portfolio of projects in Brazil and Australia.
Pure’s strategic appointment expands defence sector engagement
Pure Resources (ASX:PR1) has also made a strategic appointment, bringing on Sean Ebert, CEO and Executive Director of AML3D (ASX:AL3), as a board advisor to support the company’s defence materials platform strategy.
Ebert brings significant contracted relationships in the US defence sector to the role. He also has a track record of converting contracts into recurring engagement across the US submarine industrial base, BlueForge Alliance, and HII Newport News Shipbuilding.
Pure Resources says that Ebert will be supporting the company across its defence materials pathways, “including warm introductions and engagement across his US defence industrial network, ad hoc strategic counsel between meetings, and participation in selected investor and partner engagements at the Interim CEO’s request”.
Pure Resources is an advanced materials and critical minerals company with a mine-to-market strategy.
Write to Amy Rotman at Mining.com.au
Images: Challenger Gold, Enova Mining
