Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce a restructuring of the Board of Directors.
Michael Foster has been CEO since the Company listed on the London Stock Exchange in July 2018. He has now decided to step down as CEO after 40 years in the mineral exploration industry. However, the Company will continue to benefit from his valuable experience as he remains on the Board as a Non-executive Director.
Ben Turney, who was appointed as an executive director at the start of this year (see announcement of 8 January 2021), will become CEO. Ben has been very active since joining the Board. Ben has successfully instigated a number of important initiatives within the Company to improve operations, communications, financial management and commercial development. Ben was instrumental in securing the strategic partnership with Spectral Geophysics and the terms of the deal with Mindea Exploration and Drilling Services/Equity Drilling Limited. His assumption of the role of CEO is a natural progression, both for him and for the Company.
Subject to the approval of shareholders at this week’s AGM, Hillary Gumbo, Managing Director of the Company’s subsidiary in Botswana and responsible for exploration activities in the country, will also join the Board. Hillary, who was one of the founders of Kavango Minerals (Pty) Limited, the Company’s operating subsidiary in Botswana, has been an important member of the Company’s executive team for some years, and the Directors feel that the Board would be strengthened by his appointment as an additional director. Hillary, who is 58, is an experienced geophysicist with a degree in Geology and an MSc in Geophysics. His executive responsibilities for Kavango in Botswana will not be affected by his appointment to the Board.
The Board also wishes to thank Chuck Forrest, who recently stood down from his position as the group’s CFO after a life-time of service to the mining industry. The Board is grateful to him for the work he has done for Kavango since listing in 2018 and wishes him well in his retirement. We are pleased that we have been able to retain his services as a consultant when required. The financial function of the group is now being managed by ONE Advisory, an external provider of accounting services.
David Smith, Non-executive Chairman, commented:
“I am excited by these changes to the Board, which take effect as Kavango continues its rapid development. We are fortunate that the senior figures, who wish to reduce the time they spend on their business activities generally, are still keen to stay involved with the Company in different ways, and we are also fortunate that in Ben Turney we have a new CEO who has considerable energy and drive, and who shares the Board’s determination to deliver value to shareholders out of our various Botswana projects.
I should personally like to thank both Mike Foster and Chuck Forrest for the contribution they have made to Kavango. I look forward to them continuing their association with the company. “
Outgoing CEO Michael Foster commented:
“I am extremely proud of all that we have achieved at Kavango and would like to thank my colleagues for their support and dedication, which has been a source of constant inspiration. We have been through some challenging times together, but your commitment to making major mineral discoveries has been unwavering.
During my time as CEO we have pursued a number of innovative exploration models and successfully deployed sophisticated technology in challenging environments. Kavango is a dynamic company to be involved in and I am looking forward to continuing working with Ben and the team into the future.”
Incoming CEO Ben Turney commented:
“I would like to thank Michael and Mike Moles for the faith they have shown in me. I started working with Kavango as a consultant in April 2020, as part of that month’s turnaround financing. Over the last 14 months, we have achieved a great deal together.
The culture at Kavango is a credit to all involved. Openness, honesty and creative thinking are the hallmarks of our team. It is a privilege to lead such a group and I will do everything I possibly can to live up to that responsibility
In March, I wrote to the board and senior management to communicate my vision for Kavango. I set the following objectives:
I. Build an elite, dynamic company that is recognised as a world leader in modern minerals exploration
II. Develop an ambitious, results-driven culture led by passionate hardworking people, who are hungry for success and are committed to their personal and professional development
III. Create an open environment in which ideas can be freely discussed and challenges efficiently addressed
IV. Adopt effective working practices that optimise performance across all parts of our business
V. Refine exploration techniques that become best practice in the industry, through deployment of the latest technologies and the support of experts in the field
VI. Deliver on our operational plans in an aggressive, yet safe, manner
VII. Honour our shareholders, their investments and their faith in us, by creating substantial market value for all involved
Since then, everyone in the company has stepped up to these tasks.
We still have plenty of work to do, but the opportunities for Kavango are considerable. We have three potentially major projects, in the Kalahari Suture Zone, at South Ghanzi and in the LVR Joint Venture, each of which we believe has a chance of delivering a major metals discovery. We are well funded and have advanced exploration programmes, delivering a constant stream of new data.
Everything is now in place for an exciting period of growth.”
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500