Helix Resources Ltd (ASX:HLX) is implementing a board and management transition plan as the ‘all-in on copper’ explorer seeks to make new discoveries in the Cobar-Nyngan area of central NSW.
The company says the transition plan, to be rolled out in two stages, will bring significantly enhanced ‘discovery’ skills on a corporate level.
While enhancing the board’s early-stage exploration credentials, the plan was also devised to ensure strategic continuity with a focus on the company’s key stakeholder relationships and its regional and advanced copper prospects.
The transition plan comes in response to non-executive chair Peter Lester’s decision to retire from the board effective November 1, 2023. Lester has held the role for more than five years and he would like to focus on his other director and corporate advisory commitments.
First stage
From November 1, Mike Rosenstreich will step down from his managing director role to fulfil the executive chair position on a part-time basis.
Rosenstreich has played a critical role in directing the company’s overall strategy, highlighted by the accelerated, successful exploration activity in the Cobar region that’s been supported by a refreshed share register and major fundraising initiatives.
Through the transition Rosenstreich will continue to oversee Helix’s investor relations activities, the proposed spin-out of Ionick Metals and various other strategic business and stakeholder-related initiatives.
Current non-executive director Dr Kylie Prendergast, a highly experienced exploration geologist and respected technical leader, will take up the new position of executive technical director.
Prendergast has more than 25 years of experience in the international mining and resource sector working for both ‘the majors’ and a range of junior companies.
Prendergast, who joined the Helix board in May 2022, has a skillset that is “highly complementary” to the company’s copper exploration activities.
As executive technical director, initially on a part-time basis, Prendergast will collaborate with Helix’s exploration manager Gordon Barnes and the rest of the Orange-based team to deliver new copper discoveries, while also building up the existing copper resource at the Canbelego Main Lode deposit.
The company’s remaining, ‘vacant’ board position will be held by a new independent non-executive director, with recruitment to begin immediately.
Second stage
The second change to the board structure is expected around May 2024 and will see Rosenstreich shift from executive chair to a non-executive chair role.
Prendergast will then relinquish the role of executive technical director and take up the full-time managing director role.
The company says that the six-month overlap and the continuity of key personnel is an ideal process to facilitate executive mentoring and ensure a smooth transfer of key stakeholder relationships, corporate knowledge, and strategic responsibilities.
Focused on making new discoveries
Rosenstreich said, “The focus to create value for shareholders is now on making new discoveries and I am thrilled to see someone as eminently qualified as Kylie drive the next stage of this exploration work.
“Meanwhile, I am looking forward to contributing to Helix Resources in a new capacity – as chair. I am passionate about the commercialisation of critical metals and the elements which are essential for electrification and decarbonisation.
“In this new role, I will have greater freedom to focus on this enormous opportunity in development, marketing, and funding initiatives – where I think I can contribute. I look forward to continuing a constructive and collaborative relationship with Kylie and what will be ‘her’ team at Helix.
“This is a well-planned and thorough transition process. I am confident that Helix Resources not only has a sound strategy to deliver shareholder value through mineral discoveries but is also well structured with an ambitious team of directors and ‘ore-finders’ to execute this strategy to its fullest potential.”