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Argonaut Resources appoints new MD for uranium subsidiary Orpheus Minerals with IPO preparations underway

Last updated: 16:31 11 Oct 2021 AEDT, First published: 02:17 12 Oct 2021 AEDT

Argonaut Resources NL - Argonaut Resources appoints new managing director for uranium subsidiary Orpheus Minerals Ltd with IPO preparations underway

Argonaut Resources NL (ASX:ARE) has appointed Simon Mitchell as managing director of the company’s uranium subsidiary Orpheus Minerals Ltd.

Mitchell is a geologist and finance executive by training who has experience working in uranium and precious metals exploration and development, capital markets and investment banking.

Argonaut, via Orpheus, has assembled a package of prospective, uranium exploration projects in South Australia and the Northern Territory.

Looking ahead, the company plans to list Orpheus on the Australian Securities Exchange later this year.

“Future success”

Argonaut chairman Patrick Elliot said: “The Argonaut board is very pleased to welcome Simon Mitchell to his new role as managing director of Orpheus Minerals.

“I am confident that his project acquisition, uranium mine development and capital markets experience will augur well for Orpheus’ future success.”

Promisingly, his expertise is very well suited to leading an ASX listed uranium exploration and development company.

Notable positions held

Mitchell was general manager of Business Development, responsible for mergers and acquisitions, corporate and project financing, and strategy for uranium developer and explorer, Toro Energy Ltd, for seven years from 2006 to 2013.

He has worked with numerous other companies including Aurora Gold, North Flinders Mines (ASX:FMS) (ultimately Normandy NFM) and Commonwealth Bank.

In addition, he also negotiated acquisitions that led to the consolidation in ownership of the Wiluna uranium mine and was the lead executive in the takeover by Toro of Nova Energy.

Presently, Mitchell is the managing director of Southern Gold Ltd (ASX:SAU), a role he will depart from on October 29, 2021.

Initial Public Offering (IPO) 

IPO preparations are proceeding, with the Argonaut board considering an entitlement offer of Orpheus shares to Argonaut shareholders as part of the IPO process.

In addition, the company is also considering an in-specie distribution of Orpheus shares to Argonaut shareholders subject to statutory escrow provisions.

Importantly, Argonaut plans to list Orpheus on the Australian Securities Exchange later this year.

Uranium exploration assets

Location map of Orpheus Minerals uranium assets.

Argonaut, via Orpheus, has assembled a package of prospective, uranium exploration projects in South Australia and the Northern Territory.

Orpheus holds a 100% interest in three granted exploration licences and three exploration licence applications and has executed option agreements to acquire 100% of one granted exploration licence and one exploration licence application.

In South Australia, the company’s Frome and Cummins Project have shown significant prospectivity across its vast tenures.

In NT, the Mount Douglas, Ranger North-East and T-Bone projects are being primed for exploration and drill programs.

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