Gratomic Inc. (TSX-V:GRAT, OTCQX:CBULF) executive chair Bruno Baillavoine told shareholders that the graphite development company is continuing to work on advancing its strategy to develop its Aukam project.
“Though progress is never as fast as one wishes, Gratomic continues to make significant steps forward and key decisions have taken place,” Baillavoine said in a statement.
The company released a statement highlighting key developments and cost-cutting measures aimed at advancing its Aukam project.
Gratomic said it has implemented several strategic actions to strengthen its operations and financial position.
The company has reduced monthly expenses by $115,000 across Namibia, Canada, and Brazil, and is selling non-core assets, including a house in Windhoek, to raise funds for working capital and a technical report on Aukam. Efforts are also underway to lower current debt levels.
Key board changes include the departure of Armando Farhate (COO and Director), Karl Trudeau (Director), and Stephen Woodhead (CFO), with CEO Arno Brand assuming Farhate's responsibilities and Daniel Baard, a board member and CPA, appointed as interim CFO.
To align executive interests with shareholders, Baillavoine received 1.5 million stock options at exercise prices of $0.20 and $0.30.
Additionally, the streamlined board structure facilitates the proposed listing of Gratomic's securities on the Alternative Investment Market (AIM) of the London Stock Exchange.
“We remain fully confident that we will complete the journey along the strategic path we set out for the company,” Baillavoine told investors.
CEO Arno Brand is focused on fundraising and advancing the Aukam site towards production. The company is progressing with a royalty deal with Tri Stream Capital and continues its geological development at Aukam.
Gratomic aims to complete a Feasibility Study for Aukam, which will determine the viability of scaling up the processing plant to commercial production levels.