As part of this process the company is also seeking a new independent non-executive director with the search drawing to a conclusion.
Well-credentialed candidates with the desired background in project delivery, ASX-listed board experience and a strong capital markets profile have been short-listed.
Ken Williams to retire
Ken Williams will retire as chairman immediately following the appointment of Stewart.
He will also retire as a director after a new independent non-executive director with the desired profile and experience is appointed.
This process will allow continuity and stability through the transition to the new board.
Williams said: “The views of shareholders have been heard and carefully considered.
“The board plans to act upon this in a manner that the board believes to be in the best interests of all shareholders.”
Havilah said the board would, therefore, be rejuvenated by a new technically skilled director with project delivery experience.
Continuity of exploration knowledge
Stability would be provided by the retention of Dr Chris Giles to provide continuity of exploration knowledge and field operating experience.
It would similarly benefit from the continuing commercial and legal experience of Stewart.
Review of capital structure
In light of investor feedback, the new board will undertake a thorough review of the company’s remuneration arrangements, project delivery timelines and capital structure.
Williams said: “We believe the timing of the renewal of the board fits very well with the progress made with the execution of the Copper Strategy – Enhanced by Cobalt.”
He added that this strategy was re-positioning Havilah to realise the value in its extensive minerals and exploration multi-commodity portfolio in South Australia.
The company has a suite of projects in South Australia’s northeast, encompassing copper, cobalt, gold and iron ore.
Last week it announced plans to expand exploration at the Mutooroo Copper-Cobalt District, targeting further resources within trucking distance of the Mutooroo deposit.
Additional exploration, including drilling, sampling and survey work, will support an expanded project scope supported by a comprehensive metallurgical test program for the copper stream.
Havilah has also this month discovered a major new deposit in the Grants Iron Ore Basin following a 13-hole, 3,510-metre reverse circulation drilling program.
Consistently thick iron formation was intersected in multiple drill holes over an area of at least 3.5 square kilometres in the western part of the basin.
This drilling is part of a comprehensive program of work being carried out and funded by SIMEC Mining, an affiliate of the GFG Alliance.
Due diligence investigation
It is part of SIMEC’s due diligence investigation of the commercialisation potential of Havilah’s Maldorky and Grants iron ore projects.
SIMEC has exclusivity over the Maldorky and Grants projects through the end of 2018 and discussions regarding an extension are underway.