Australian Potash Ltd (ASX:APC) directors have shown their confidence in the company by exercising options and increasing their holdings in the WA-focused sulphate of potash (SOP) developer.
Directors Rhett Brans, Brett Lambert and Matthew Shackleton upped their holding through both direct and indirect interest changes.
The options were exercised at 12 cents per share and each of the directors officially recorded the change in interest on August 11, 2021.
Options exercise
Project director Rhett Barnes exercised 99,688 options for an indirect interest, extending his holding in that interest to 319,688 shares.
He also holds 469,541 fully paid ordinary shares in a direct interest.
Non-executive director Brett Lambert exercised 109,666 options bringing his total holding in an indirect interest to 536,279 shares.
Managing director and CEO Matt Shackleton exercised 241,250 options bringing the total number of shares held in an indirect interest to almost 3.437 million shares.
He also holds another 5.327 million shares in a separate indirect interest.
CHMP approved
In late July, Australian Potash’s cultural heritage management plan (CHMP) was approved for the Lake Wells SOP Project.
EPA approval was required under the ministerial statement issued in February 2021 and provides a framework for understanding the cultural context within which the LSOP will be developed.
The company has made binding commitments within the CHMP focused on the preservation of Aboriginal heritage and cultural values, along with a consultative framework including Aboriginal and other stakeholders.
Managing director and CEO Matt Shackleton said: “We take our responsibilities in respect to understanding Aboriginal relationships with the Lake Wells country very seriously, as we believe that it is only through this understanding that we can identify and preserve cultural values.
“We have had the privilege of working with many of the Western Desert’s most senior custodians and lore men over the past six years, with their information and assistance forming the basis of the CHMP we will work within.
“I look forward to continuing to develop these very important relationships over the next several years as the Lake Wells SOP project, the Laverton Training Centre, and the Laverton School STEM development and operations programs progress.”