Mandalay Resources Corp. (TSX:MND, OTCQB:MNDJF) told investors that Dominic Duffy has resigned as president and chief executive officer for personal reasons.
The natural resources company said Duffy will continue to serve as CEO and assist with the transition of leadership until July 2023 and will remain on the board in a non-executive capacity after his departure.
“On behalf of everyone at Mandalay, I would like to extend our deepest thanks to Dominic for his strategic vision, leadership and dedication to Mandalay over the past 12 years,” the company’s executive chairman Bradford Mills said in a statement.
“In particular, Dominic played a crucial role in Mandalay’s turnaround over the past four years, leading a dramatic improvement of our operating performance and financial results.”
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Mills said Mandalay was facing significant operational and liquidity issues when Duffy was appointed CEO in 2018 and led the company through these challenges with a successful recapitalization, the disposal of non-core assets, and transformation and exploration success at the company’s Costerfield and Björkdal mines.
“His efforts led to the company’s remarkable performance since then, and he leaves Mandalay in a very strong financial position with two producing mines that are generating significant free cash flow and have significant additional exploration potential,” he added.
Mandalay also announced that effective December 15, 2022, Ryan Austerberry will be promoted to the role of chief operating officer.
Austerberry is currently the general manager of the Costerfield mine and was previously the general manager of Björkdal. Adam Self, the current mine manager at Costerfield, will replace Austerberry as Costerfield’s general manager.
“I would like to congratulate Ryan and Adam on their well-earned promotions. Their history with Mandalay, together with Dominic’s continued involvement will help to make the transition to Mandalay’s next CEO as seamless as possible,” Mills concluded.
Mandalay said its board of directors has engaged a recruiting firm to lead the search process for Duffy’s successor.
Mandalay is a Canada-based natural resource company with producing assets in Australia and Sweden. It also has projects in Chile and Canada under care and maintenance, closure or development status. The company focuses on growing its production profile and reducing costs to generate significant positive cash flow.
Contact the author at stephen.gunnion@proactiveinvestors.com