African Eagle (LON:AFE) said Trevor Moss is leaving the company by mutual consent.
He will be replaced on an interim basis by Robert McLearon, who is currently the company’s financial controller.
Moss’s departure follows the suspension of all activity on the Dutwa project, in Tanzania, to minimise all operational costs.
African Eagle chairman Chris Pointon said: "The board wish to express their appreciation for the enormous contribution Trevor has made to the definition of the Dutwa project, improving its potential financial and technical performance and the leadership demonstrated in the management of the company as it has dealt with challenging issues.
“His fellow directors share his disappointment that the company has not been able to raise funds to complete the Dutwa bankable feasibility study, and wish him every success in his future endeavours.
“The board is also pleased to welcome Robert back to the board in his new role as interim managing director."