TIDMAURA
RNS Number : 8885Z
Aura Energy Limited
19 September 2022
19 September 2022
David Woodall Appointed as MD & CEO
KEY POINTS:
-- David Woodall appointed as Managing Director and Chief
Executive Officer, contributing over 30 years of international
mining experience across technical, managerial, consulting,
executive and director roles.
-- MD & CEO of publicly listed companies who has held senior
positions with Rio Tinto, Fortescue Metals Group, Newcrest Mining
and Ivanhoe Mines.
-- Deeply experienced at transitioning companies from explorers to producers.
-- Mr Woodall's experience and skillset complement that of the
existing Board and management team as Aura fast-tracks to uranium
production at the Tiris Uranium Project.
Aura Energy Limited (ASX:AEE, AIM:AURA) ("Aura", the "Company")
a company focused on the development of the 85% owned Tiris Uranium
Project, Mauritania ("Tiris", or the "Project"), is pleased to
announce the appointment of David Woodall as Managing Director and
Chief Executive Officer of the Company effective Monday 17 October
2022.
Mr Woodall is a senior, corporate executive with a mining
engineering qualification and 30 years' experience across
exploration, operations, project development, community alignment
and engagement in the mineral resources industry including rare
earths, critical minerals, gold, copper, iron ore and nickel.
He has used his broad experience across the value chain at
operational, corporate and board levels to maximise shareholder
value. Mr Woodall has overseen transformation and change management
in complex and difficult operating environments, driving and
linking strategic, operational and transformational change
strategies in organisations using both the application of technical
skills and his deep affinity with shop floor staff, local
communities and host nation leaders to create a safe, team-based
leadership approach and to achieve outcomes that create value for
all stakeholders.
He also has experience in managed large, geographically distant
teams across multiple locations and different cultures (countries,
unionised, aging workforce, new teams).
He is a member of the Australian Institute of Mining and
Metallurgy (AusIMM) and a member of the Australian Institute of
Company Directors (AICD).
Aura Non-Executive Chairman, Phil Mitchell, commented: "We
welcome David to the position of Managing Director and CEO of Aura
Energy. His broad mining and corporate experience will be vital to
fast-tracking to uranium production at the company both in
Mauritania and Sweden."
"On behalf of the board and the key shareholders, I want to
thank Dr Will Goodall for his time and efforts as acting CEO over
the past 9 months. During Will's leadership we have crafted and
progressed the implementation of a strategy that will facilitate
the early development of the Tiris project and craft a realistic
pathway to the establishment of a battery metals complex in Sweden
based upon the Haggan resource. Will's leadership has been at the
core of advancing our projects. The board is thrilled that David
and Dr Goodall will work together to continue the advancement of
Aura".
Commenting on his appointment, Mr Woodall said : "I am delighted
to be joining Aura Energy and being part of the team that will
develop the Tiris Project and progressing the development of a
battery metals complex at Haggan in Sweden. The effort and work of
the team has delivered a strong foundation for a company that will
benefit all stakeholders. The importance of Tiris and the other
Aura Projects will play an important role in the security and
stability of energy supply globally. "
This ASX Release has been authorised by the Aura Energy Board of
Directors.
Mr David Graham Woodall, aged 62, currently holds or has held
the following directorships and partnerships in the last five
years:
Current Directorships / Partnerships Directorships / Partnerships
in the last 5 years
N/A Australian Strategic Materials
Ltd
Grange Resources Limited
Mr Woodall does not hold currently hold any ordinary shares of 1
pence each in the Company. Subject to shareholder approval,
anticipated to be sought at the 2022 Annual General Meeting, and in
consideration of his employment as Managing Director and Chief
Executive Officer, it is proposed that Mr Woodall will be issued
16,000,000 Loan Funded Shares, to be issued on the same terms and
conditions disclosed in the Notice of 2021 Annual General Meeting
available at www.auraenergy.com.au .
There are no further disclosures to be made under Schedule 2g of
the AIM Rules for Companies.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
For Further Information, please contact:
Phillip Mitchell Jane Morgan
Chairman JMM
Aura Energy Limited Investor & Media Relations
info@auraenergy.com.au info@janemorganmanagement.com.au
+61 405 555 618
SP Angel Corporate Finance LLP WH Ireland Limited
(Nominated Advisor and Joint (Joint Broker)
Broker) Jessica Cave
David Hignell Andrew de Andrade
Kasia Brzozowska +44 (0) 207 220 1666
+44 (0) 203 470 0470
----------------------------------
About Aura Energy
Aura Energy (ASX:AEE, AIM:AURA) is an Australian-based
minerals company with major uranium and polymetallic projects
with large resources in Africa and Europe. The Company
is principally focused on initial uranium production at
its Tiris Uranium Project, an evolving major greenfields
uranium discovery in Mauritania, with Aura announcing a
Resource Upgrade in August 2021, bringing the total JORC
Resource to 56 Mlbs U30(8) (at a 100 ppm U(3) O(8) lower
cut-off grade).
Aura also completed a 2021 capital estimate update for
the Tiris Definitive Feasibility Study, to reflect current
global pricing, reconfirming Tiris as one of the lowest
capex, lowest operating cost uranium projects slated for
development.
In October 2021, the Company entered a US$10m Offtake Financing
Agreement with Curzon, which includes an additional up
to US$10m facility, bringing the maximum available under
the agreement to US$20m.
The Company also holds the Häggån project in
Sweden which forms a key pillar of Aura development portfolio,
containing 6.8 million tonnes of vanadium pentoxide at
0.1% V(2) O(5) cutoff and 360,000 tonnes (800 million pounds)
of uranium oxide at 100 ppm U(3) O(8) cutoff.
In 2022, Aura will continue to transition from an advanced
uranium explorer to uranium producer, to capitalise on
the growing appetite for nuclear power as a critical, baseload,
near-zero-carbon energy source to help drive the global
shift towards decarbonising energy generation .
@AuraEnergyAEE
https://www.linkedin.com/company/aura-energy-limited
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Appendix : Summary of material terms of executive employment
contract
Commencement 17 October 2022
Date
Term No fixed term
Employment will continue until terminated by
either party, as summarised below.
----------------------------------------------------------
Total Fixed A$465,000 per annum (including statutory superannuation).
Remuneration
(TFR)
----------------------------------------------------------
Short term Incentive Mr Woodall will be eligible for an annual Short
(STI) Term Incentive (STI) of up to 30% of TFR, pro-rata
for the period employed in the first financial
year. The STI will be payable upon achievement
of Key Performance Indicators (KPIs) agreed
upon with the Board from time to time.
----------------------------------------------------------
Long Term Incentive Mr Woodall will participate in the Company's
(LTI) LTI, as may be varied, replaced or removed
from time to time.
Subject to shareholder approval, anticipated
to be sought at the 2022 Annual General Meeting,
and in consideration of his employment as Managing
Director and Chief Executive Officer, it is
proposed that Mr Woodall will be issued 16,000,000
Loan Funded Shares, to be issued on the same
terms and conditions disclosed in the Notice
of 2021 Annual General Meeting available at
www.auraenergy.com.au. If the Loan Funded Shares
are not approved the Board and Executive will
use best endeavours to negotiate another Long
Term incentive package as remuneration compensation.
----------------------------------------------------------
Terminations Either party may terminate employment by providing
6 months' notice. The Company may elect to
require Mr Woodall to serve out the whole or
part of the notice period on an active or passive
basis, or to pay Mr Woodall in lieu of notice
at the Board's discretion.
The Company may terminate Mr Woodall's employment
without notice and payment in certain circumstances,
including for wilful misconduct or non -- rectified
breach of the employment contract.
The treatment of any STI or LTI opportunities
on termination will be determined in accordance
with the rules of the applicable plan.
The Company will not be required to make a
termination payment on cessation of employment
where that payment would exceed the amount
specified in Division 2 of Part 2D.2 of Chapter
2 of the Corporations Act and shareholder approval
has not been obtained.
----------------------------------------------------------
Restraints Mr Woodall is subject to non -- compete restraints
for a period of up to 6 months, which apply
after cessation of employment. The enforceability
of the restraint clause is subject to usual
legal requirements
----------------------------------------------------------
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