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ORE RESOURCES LIMITED — Board/Management Information 2022
Dec 22, 2022
65504_rns_2022-12-22_e0196716-94a5-4580-9013-893d7d732ee0.pdf
Board/Management Information
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ASX ANNOUNCEMENT
23 December 2022
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TECHNICAL DIRECTOR APPOINTMENT
Auroch Minerals Limited ( ASX: AOU ) ( Auroch or the Company ) is pleased to announce the appointment of Mr Robin Cox to the Board of Auroch as Technical Director, effective from 1 January 2023.
Mr Cox is an exploration geologist with over 12 years' experience in the management of green fields and brown fields exploration. Mr Cox has held various project and senior positions across a number of ASX listed companies and his passion for mineral exploration has resulted in multi commodity experience, including nickel, lithium, gold and uranium in various mineralisation styles and models. Mr Cox holds a BSc majoring in economic geology and is a member of the Australian Institute of Mining and Metallurgy (AusIMM).
As Technical Director, Mr Cox will have oversight and be responsible for managing the Company’s exploration activities at the Company’s 80% owned Nevada Lithium Project in Nevada (US), the Saints Nickel Project (100%), the Leinster Nickel Project (100%), the Nepean Nickel Project (including the Kangaroo Hills Lithium Project) (80%) in Western Australia, and the Arden, Bonaventura and Torrens East REE-Zinc-Copper Projects (90%) in South Australia.
Key terms of Mr Cox’s Executive Services Agreement are detailed in Annexure 1 to this release.
Commenting on the appointment, Auroch Executive Chairman, Michael Edwards, said:
“ We are delighted to welcome Robin to the Board. His extensive knowledge and experience in mineral exploration, proven geological and managerial skill set will be pivotal to the Company as we progress our strategic focus towards accelerating exploration activities on the Company’s nickel projects, the Kangaroo Hills Lithium Project and Nevada Lithium Project.”
This announcement has been approved for the release by the Board of Auroch Minerals Limited.
-END-
For further information visit www.aurochminerals.com or contact: Michael Edwards Executive Chairman E: [email protected]
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FOLLOW US
Auroch Minerals Limited ABN 91 148 966 545 Suite 10, 38 Colin St, West Perth WA 6005 Phone: +61 8 6383 7817 Fax: +61 8 6245 9853 Email: [email protected] www.aurochminerals.com
ASX ANNOUNCEMENT
23 December 2022
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Annexure 1
Key Terms of Executive Services Agreement – Mr Robin Cox
Base Salary
The Company will pay an annual base salary of $240,000 per annum plus statutory superannuation.
Termination and Notice
Either the Company or the Executive may terminate the employment by giving the other 3 months’ written notice.
Security Based Incentives
The Executive shall be entitled to participate in the Employee Incentive Plan via the issue, subject to shareholder approval, of Performance Rights as follows:
| Tranche | Number of | Vesting Milestones | Performance |
|---|---|---|---|
| Performance | Period | ||
| Rights | |||
| 1 | 2,000,000 | Upon the earlier of the Company announcing: | 12 months from |
| 1. a new drill intersection of 10m | grant date | ||
| (approximate true width with RC drilling) at | |||
| 1,000ppm Li2O at the Nevada Lithium | |||
| Project; or | |||
| 2. the Nepean Lithium exploration achieving a | |||
| result of at least 10m at 1.0% Li2O. | |||
| 2 | 2,000,000 | The Company achieving a share price of $0.20 | 2 years from |
| per Share based on a 30-dayVWAP. | grant date | ||
| 3 | 3,000,000 | The Company achieving a share price of $0.35 | 3 years from |
| per Share based on a 30-dayVWAP. | grant date |
Tranche 1, Tranche 2, and Tranche 3 of the performance rights are subject to continuous employment service with the Company.
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FOLLOW US
Auroch Minerals Limited ABN 91 148 966 545 Suite 10, 38 Colin St, West Perth WA 6005 Phone: +61 8 6383 7817 Fax: +61 8 6245 9853 Email: [email protected] www.aurochminerals.com