Adyton Resources (TSX-V:ADY, OTCQB:ADYRF) Corporation has announced the appointment of David Irvine to its board as an independent non-executive director with effect from December 31, 2021, subject to the approval of the TSX Venture Exchange, part of a board restructuring.
The company also announced the appointment of existing directors Sinton Spence and Tim Crossley as chairman of the board and Interim CEO, respectively. The new board consisting of Spence and Crossley and new appointee Irvine, will govern the company on an interim basis as it restructures its board and executive team.
In a statement, Spence commented: “I am honored to be asked to be Chairman of a company that has so much potential. Since the listing of Adyton in February 2021, we have undertaken two very successful drilling campaigns most recently on Feni Island where the company reported a very significant copper intercept (refer announcement dated 1 December 2021) and earlier on Fergusson Island (Gameta and Wapolu deposits) where the company reported a significant increase in its mineral resource inventory (refer announcement dated 14 October 2021)."
READ: Adyton Resources initiates $4M brokered private placement to fund exploration at Fergusson Island and Feni Island
"Despite these successes, we share the frustration of all shareholders about the company’s share price. As a long-term PNG resident and participant in the country’s mineral sector, I am excited by the opportunity to restructure and reposition Adyton and continue these successes with the objective of achieving market valuation at multiples that reflect our resources compared to our peers and the company’s prospects for further advancement and growth. I am an absolute believer in the quality of the geology of Adyton’s projects," he added.
Crossley said: “Like Sinton I am an absolute believer in the geology of our assets and look forward to restructuring and positioning Adyton for continued success and better value recognition by the market.”
The company's new interim CEO said he had also met with chief geologist Rod Watt who having coordinated and managed the exploration programs prior to Adyton’s listing and over the last 9 months is also an absolute believer in the geology and has advised he wishes to stay involved in whatever capacity the new board desires.
Adyton Resources is focused on the exploration and development of gold and copper resources within world-class mineral jurisdictions. It has a focus in the Ring of Fire with its current projects located in Papua New Guinea’s (PNG) Pacific Ring of Fire with a starting position of over 1.0 million ounces. The projects are a portfolio of near-term cashflow production as well as targeting tier 1 style deposits.
Contact the author at jon.hopkins@proactiveinvestors.com