Fidelity Minerals Corp (CVE:FMN) (FRA:S5GM) has unveiled key changes at the top as part of a bid to further advance its project portfolio, including the naming of a new CEO and chairman.
Former Rio Tinto PLC geologist and manager, Dean Pekeski has been appointed as the company's chief executive and president effective from March 1, 2021, replacing the current CEO Ian Graham, who will remain as an independent board director.
Meanwhile, Fidelity's chairman Bahay Ozcakmak, has resigned to focus on his executive responsibilities at Parkway Minerals. He will be replaced as chairman by John Byrne, the chairman of Lions Bay Capital, a strategic shareholder, which holds 42.9% of the company.
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"I am thrilled to have Dean join the board of Fidelity Minerals as CEO; having worked with Dean at Rio Tinto and at Western Potash, I am familiar with the vision, focus and energy he brings to his business activities," said Ian Graham, who will work with Pekeski during the transition to be completed this month.
"I am pleased that Dean immediately recognised the compelling value proposition inherent in our projects, and he has already identified key aspects that will drive better market recognition of our assets. I am confident that Dean and John will co-ordinate a significant re-rating of our Company. John, Dean, you have my 100% support!"
Ozcakmak added: "The changes we announce today are the result of an orderly succession process that is being implemented to ensure the board is strongly aligned with ensuring the continued creation and eventual liberation of value inherent in our existing project portfolio."
From 1996 to 2008, Pekeski was an exploration geologist and project manager with Rio Tinto where he explored for base metal and diamond deposits across Canada, Southern Africa, and India. He led the Rio Tinto exploration team that discovered the diamond-bearing Bunder kimberlites in India. After leaving Rio, he joined Western Potash Corp. where, as executive vice-president, he successfully managed the Milestone Potash project in Saskatchewan from discovery, through pre-feasibility, feasibility, environmental permitting, and project financing.
Byrne has 40 years' experience in the natural resource industry as a financial analyst, investor and mine developer. He has been chairman and CEO of numerous successful resource companies, including Western Coal Corp which was capitalised at less than C$1 million when he joined, and was sold for C$3.3billion in 2010.
Fidelity Minerals Corp has a portfolio of high-quality mining assets in Peru and is implementing the Strategic Project Generator (SPG) model.
Contact the author at giles@proactiveinvestors.com