- Metals X (MLX) Chief Executive Officer Michael Spreadborough is stepping down from his role with MLX to become Executive Co-Chair with Novo Resources
- MLX will not be looking to replace Mr Spreadborough citing a change in strategic direction the company
- He had been an independent director with the Toronto Stock Exchange-lister prior to his new appointment
- Metals X shares are down 1.96 per cent to trade at 25 cents
Metals X (MLX) Chief Executive Officer Michael Spreadborough is stepping down from his role with MLX and joining Novo Resources as Executive Co-Chair.
The outgoing Chief Executive Officer will exit effective Monday, August 9, having served just under two years at the company’s helm.
The departure announcement comes after Novo Resources released a statement to the Toronto Stock Exchange on August 5, advising Mr Spreadborough would be made Executive Co-Chair.
He had previously sat as an independent director with the company.
Commenting on his departure, Metals X Executive Director Brett Smith said he sincerely thanked Mr Spreadborough for his contribution to the company and its turnaround.
“We wish Michael every success in his future endeavours,” the statement read.
Metals X said it would not be looking to replace Mr Spreadborough any time soon citing a change in strategic direction for the company following the divestment of its copper and nickel assets.
The company revealed it would be selling the assets, which include Wingellina Nickel-Cobalt Project in Western Australia and the Claude Hills Project in South Australia, to Nico Resources for roughly $9 million.
Metals X shares were down 1.96 per cent at 12:52 pm AEST to trade at 25 cents.