A restructure of the board of Evolution Energy Minerals Ltd (ASX:EV1) is expected to optimally position the company for ongoing development of the Chilalo Graphite Project and effective execution of its vertical integration strategy.
Evolution is creating multi-dimensional capability through its restructure that it believes will realise the true value of the project.
Effective immediately, Mike Spreadborough will step into the role of non-executive director.
Cameron Dowling has also been appointed as a non-executive director, replacing Amanda van Dyke as ARCH Sustainable Resources GPCo Ltd’s nominee director.
ARCH is Evolution’s largest shareholder.
New phase of growth
EV1's new board will be made up of a majority of independent directors for this next phase of Evolution’s growth.
The company is looking to add a further independent non-executive director with Michael Bourguignon stepping down as an executive director and assuming the role of chief operating officer, effective immediately.
Evolution’s interim non-executive chair Henk Ludik said: “The recently announced transactions with BTR New Material Group Co., Ltd are central to Evolution’s vertically integrated strategy, providing a pathway to realise the true value of the Chilalo Project.
“The board restructure not only adds a great deal of multi-dimensional capability to support the strategy of vertical integration but is part of a progression to a truly independent board.
“Mike brings a wealth of relevant experience to Evolution, having held substantial executive and non-executive roles in the resources industry. We welcome Mike to the noard and look forward to working with him as we progress towards development of the Chilalo Project and building on the BTR transactions.
“We are also extremely grateful for the guidance and direction provided by Amanda ever since the company made the decision to demerge from Marvel and list on the ASX.
"The strong ESG ethos instilled by Amanda and ARCH has been an important factor in strongly positioning the company to deliver for shareholders and our host community.”
Spreading the experience
The appointment of Mike Spreadborough brings more than 30 years of experience in Australian and international mining leadership roles to the Evolution board.
Spreadborough is currently the executive co-chair of Novo Resources Corp (TSX:NVO, OTCQX:NSRPF) and has held roles as executive chairman, non-executive director, managing director/CEO and chief operating officer in a range of commodities across underground and open pit mining, processing, port operations, exploration, project development and financing.
Vital to Evolution is Spreadborough’s experience across the value chain of operations, asset management, technical, exploration, financial, marketing, project development and financing, business development, strategy and investor engagement.