Proposed Board and Leadership Renewal
Proposed Board and Leadership Renewal
VANCOUVER, British Columbia, Feb. 28, 2024 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO &
NVO.WT.A) (OTCQX: NSRPF) has commenced a process of Board and Leadership renewal to position the Company for its
next phase of growth.
Novo has started a recruitment process to identify and secure a qualified and experienced Chief Executive Officer (CEO).
Following the appointment of the new CEO, it is proposed that the current Executive Co-Chairman and acting CEO, Mr Mike
Spreadborough, will move to the role of Non-Executive Chairman.
As part of this process, it is also proposed that current Non-executive Co-Chairman, Dr Quinton Hennigh will move to the role
of Non-Executive Director.
During this renewal and transition phase (until the appointment of a new CEO), the salary payable to Mr Mike Spreadborough
under his employment agreement will be reduced by 20 per cent with that agreement ceasing once he transitions to the new
non-executive role.
Finally, as part of the Board refresh strategy, Non-Executive Director Mr Michael Barrett has advised the Company that he will
retire from the Board when a suitable replacement director with appropriate finance experience is appointed.
It is anticipated that the Board refresh and leadership transition outlined above will be completed prior to the Company’s
Annual General Meeting expected to be scheduled for June 2024. The Company will update the market of any changes as
they occur.
Mr Spreadborough said, “The past 12 months have seen significant change at Novo, largely through our ASX listing, and
multiple transactions including the sale of the Nullagine Gold project (including its liabilities) which have secured valuable
funding for Novo to progress its exploration strategy and enhance our profile across a broader mix of stakeholder groups. We
also secured multiple joint ventures that see large parts of our portfolio funded and explored by quality partners, while we
concentrate on our gold-focused growth plans. Novo is in a strong financial position with A$21 million in cash, and an
investment portfolio exceeding A$30 million.
With a solid platform, now is the right time to find a dedicated CEO to drive the strategy, whilst the Board refresh is important
to ensure that we have the right skills for this next phase.
I would like to thank Michael for his dedication and hard work over the past seven years and look forward to his valuable
ongoing input during the remainder of his term. I would also like to acknowledge Quinton who, as one of the Company’s co-
founders, has been part of this journey since the beginning and who also helped assemble our Australian exploration portfolio.
I’m confident that with the upside potential of our high-quality portfolio, our aggressive exploration strategy and good financial
position, Novo has a great future in front of itself.”
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 7,500 square kilometres in the Pilbara region
of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia.
In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive
opportunities to its shareholders.
FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking information (including within the meaning of Canadian securities
legislation) including, without limitation, the proposed changes to Novo’s management and its board of directors and the
expected timing of such changes. These statements address future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the statements. Such factors
include, without limitation, the availability of candidates determined acceptable to the Company’s board of directors and the
Company’s ability to conclude acceptable arrangements with such individuals, and the risk factors identified in Novo’s annual
information form for the year ended December 31, 2022 which is available under Novo’s profile on SEDAR+ at
www.sedarplus.ca. Forward-looking statements speak only as of the date those statements are made. Except as required by
applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking
statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in
assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking
statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other
forward-looking statements.
CONTACT
Investors:
Mike Spreadborough
+61 8 6400 6100
North American Queries:
Leo Karabelas
+1 416 543 3120
Media:
Cameron Gilenko
+61 466 984 953
Authorised for release by Board of Directors.