LithiumBank Resources Corp (TSX-V:LBNK) has appointed veteran geologist and board member Paul Matysek as its executive chairman, the company announced.
Matysek has over 40 years of experience in the mining industry and has sold six publicly listed mineral exploration and development companies for a total of more than $2.5 billion. Notably, 2 of those 6 sales were lithium brine assets that are advancing toward production.
“Matysek's unique qualifications, experience and unprecedented string of successful transactions in the mining sector will create value for the company as it now transitions from an exploration to development company of district scale direct brine lithium projects in North America,” LithiumBank said in a statement.
READ: LithiumBank Resources earns ‘Outperform’ rating on ability to advance multiple lithium projects
In 2021, as CEO, Matysek sold Gold X Mining Corp to Gran Colombia Gold Corp (TSX:GCM) for more than $300 million in an all-share transaction. In 2018, as executive chairman, he sold Lithium X Energy Corp to Nextview New Energy Lion Hong Kong Limited for $265 million in cash.
LithiumBank holds a dominant position in key brine reservoirs with a unique combination of scale, grade and exceptional flow rates that are necessary for large-scale direct brine lithium production. That’s an attractive position, Matysek said.
“The location, scale, and clear development roadmap of the company’s strategic development assets create a unique and timely opportunity to transform them into enhanced shareholder value, address lithium supply challenges and support local community development,” Matysek siad in a statement.
Meanwhile, LithiumBank also announced that Ann Fehr, founder of Fehr & Associates, was named chief financial officer, effective January 27. She replaces Andre Mbeng, who resigned, the company said.
Fehr has been consulting and preparing public company financial reports in the mining industry since 2007, where, as a consultant and senior manager, she has supported and coordinated numerous complex transactions.
Most recently, Fehr was a director of QuestEx Gold & Copper Ltd (TSX-V:QEX, OTCQX:QEXGF). in 2022 and was part of the team that completed a transaction to sell the company.
LithiumBank is focused on lithium-enriched brine projects in Western Canada, where low-carbon-impact, rapid direct lithium extraction (DLE) technology can be deployed. The firm currently holds over 3.77 million acres of mineral titles, 3.44 million of which are in Alberta and 326,000 in Saskatchewan.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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