Landore Resources Ltd (AIM:LND, OTC:LNDLF) is to see a changing of the guard with both chairman Charles Wilkinson and chief executive Bill Humphries retiring at the forthcoming AGM.
Humphries said: “Charles Wilkinson and I have been directors of the company since 2005 and believe it is now an appropriate time to step down.”
Huw Salter is to become non-executive chair while the process to find a new chief executive is said to be well underway.
In the interim, Michele Tuomi, currently a director of Landore Resources Canada, will take over as non-board CEO until a permanent replacement is secured, said the statement.
Humphries and Wilkinson made the announcement alongside Landore’s results for 2022, a period dominated by a strategic review that ultimately led to all of its key assets at Junior Lake in Ontario being retained as it said no acceptable offers were received.
Plans for 2023 will be centred around the BAM gold deposit at Junior Lake, the statement said, with the aim to develop it towards a 2mln ounce deposit.
A PEA on BAM last year indicated a post-tax net present value of US$231mln.
In the year to end December 2022, Landore posted a loss of £1.8mln (£3.99mln).