Maximus Resources Ltd (ASX:MXR) welcomes the appointment of experienced Beacon Minerals Ltd (ASX:BCN) executive chairman and managing director Graham McGarry as a non-executive director.
This appointment follows Beacon taking a 19.8% shareholding in Maximus through the purchase of 63,254,972 shares.
The investment by Beacon and participation by McGarry on the Maximus board is expected to enhance efforts to advance the Wattle Dam Gold Project, which is just 70 kilometres from Beacon’s 100%-owned Jaurdi 800,000 tonnes per annum gold processing plant.
Experienced neighbour
Maximus is well-positioned to take advantage of the successes experienced by Beacon in the Eastern Goldfields of Western Australia.
Beacon is a cost-effective gold producer with revenues in excess of A$71 million in FY2022 and dividends totalling ~$37.8 million paid to shareholders since March 2021.
That company has a strong balance sheet and continues to grow resources and reserves across its tenement holding of around 125 square kilometres.
“Wealth of knowledge”
MXR's managing director Tim Wither said “Maximus welcomes Beacon as a strategic shareholder and
not just as a cornerstone shareholder, but as a successful gold producer with a wealth of knowledge and skills to actively support Maximus’ gold and nickel strategies.
"In recent discussions, both companies recognise the potential synergies between Maximus and Beacon’s Jaurdi gold operations, and we are very pleased to have Graham’s expertise on the Maximus board.”
Resignation of Gerard Anderson
Maximus’ Board of Directors has accepted the resignation of long-serving non-executive director Gerard Anderson.
He was appointed to the Maximus board on November 1, 2018, and held the position of acting chair and non-executive director during his appointment.
In a statement, Maximus said: “The board would like to thank Gerard for his service to the company since 2018.
“Gerard is leaving Maximus in a strong position and we thank him for his contributions and wish him all the success in his future endeavours.”