Artemis Resources Ltd (ASX:ARV) has appointed a new non-executive chairman in Mark Potter after the resignation of Sheikh Maktoum Hasher al Maktoum from his role as non-executive chairman and director of the company.
Alastair Clayton remains in his role as executive director while Edward Mead has been appointed chief operating officer.
Clayton said that the restructuring of the board reflected the current operational requirements as the company advanced its major projects in Australia.
He said: “I would like to welcome Mark to the board of Artemis which continues to evolve as our projects progress from the current exploration and evaluation phase through to feasibility and commercial production.
“Mark brings a huge wealth of natural resources experience from a listed company, private equity and hedge fund perspective.
“I am very pleased Mark has chosen to join the team as we execute our strategy that includes the imminent work programs at Carlow Castle and Paterson Central.”
“Value yet to be realised”
Potter said: “I am delighted to join the Board of Artemis as chairman and look forward to assisting the company develop and progress its Carlow Castle and Paterson Central gold and copper projects, both of which have the potential to create substantial value for Artemis shareholders.
“I am confident these projects will attract significant strategic and financial investor interest over the coming months.
“Furthermore, a substantial amount of value is yet to be realised from the company’s wider portfolio of exploration properties and I look forward to unlocking this value for shareholders through various strategic initiatives during this next phase of growth.”
Resource investment experience
Potter serves as a director and chief investment officer of Metal Tiger PLC (LON:MTR) and is the founder and a partner of Sita Capital Partners LLP, an investment management and advisory firm specialising in investments in the mining industry.
He was formerly a director and chief investment officer of Anglo Pacific Group PLC (LON:APF) where he successfully led a turnaround of the business through the acquisition of new royalties, disposal of non-core assets, and successful equity and debt fundraisings.
Prior to that, Potter was a founding member and investment principal for Audley Capital Advisors LLP, a London-based activist hedge fund, where he was responsible for managing all UK listed and natural resources investments.
The board has thanked HH Sheikh Maktoum Hasher al Maktoum for his service to the company since his appointment in October 2017.
First ground-based exploration activities and geochemistry program at the Paterson Central project, which is surrounded by Newcrest Mining Limited (ASX:NCM) and Greatland Gold PLC’s (LON:GGP) Havieron gold-copper discovery, is expected to commence in March.
The company’s Project One Million drilling program is expected to begin shortly at the Carlow Castle project to determine the limits of mineralisation through step-out and down-dip drilling.
Artemis has also begun work on various initiatives that the board believes may reduce the large implied valuation discount applied to the company’s 50% joint venture interest with Novo Resources Corp (CVE:NVO) relating to the conglomerate gold project Purdy’s Reward.