Join our daily newsletter At The Bell to receive exclusive market insights
- Magmatic Resources (MAG) appoints a new Managing Director from Aurelia Metals, following the resignation of Peter Duerden
- Dr Adam McKinnon will step into the role during the first quarter of 2022, with an annual salary of $350,000 plus short-term incentives capped at $50,0000
- Exploration Manager, Steven Oxenburgh,, will take the reins of an ongoing exploration and drill program until Dr McKinnon’s official start date
- With $7.69 million cash in the bank, the company said it’s well funded to continue pursuing its exploration activities
- Magmatic Resources last traded at 10 cents on November 18
Magmatic Resources (MAG) has appointed a new Managing Director, following the resignation of Peter Duerden.
Adam McKinnon will step into the role during the first quarter of 2022.
The new role comes with an annual salary of $350,000 plus superannuation, and short-term incentives capped at $50,0000. He will also be issued 10,000,000 unlisted options at an exercise price of 150 per cent of the 5-day VWAP.
Mr McKinnon comes from Aurelia Metals where he held the role of General Manager, Exploration and Business Development. In this position, he led the expansion of Aurelia’s exploration programs.
The new Managing Director comes with a history of discoveries in central NSW, including a high-grade Pearse gold-silver deposit finding in 2009 near the Mineral Hill Mine in New South Wales.
“I believe Magmatic’s projects contain potential for both million ounce near surface gold discoveries and major Tier 1 gold-copper discoveries,” Dr McKinnon said.
Magmatic Chairman, David Richardson, welcomed the appointment of Dr McKinnon.
“Adam has a long history of making discoveries, and, most importantly, in central NSW,” he said.
“He brings vast exploration and business development skill sets, complementing his experiences of turning discoveries into mines.”
Steven Oxenburgh, Exploration Manager at Magmatic since 2017, will take the reins on the ongoing exploration and drill programs until Dr McKinnon’s official start date.
With $7.69 million cash in the bank, the company said it’s well funded to pursue its exploration activities across the Bodangora Gold Field, Parkes Orogenic Gold Project, Wellington North Project and Myall Project.
Magmatic Resources last traded at 10 cents on November 18.
