Northern Minerals Ltd (ASX:NTU) has made several board changes in recent times as part of a far-reaching strategic review, while also establishing a new corporate office for the company in Sydney.
It comes at a time when the dynamics for rare earths and critical minerals are shifting and NTU is looking to make the most of that shift with regard to its Wolverine Project.
“A strategic review earlier this year identified a significant opportunity to prioritise development of the rich Wolverine resource to bring forward plans for commercial production,” executive chairman Nicholas Curtis AM said.
“As part of this review, the board in conjunction with the CEO also examined the leadership structure, skills and experience required for the company as it moves into this next phase of development,” he said.
CEO changes
As part of this new leadership structure, Perth-based CEO Mark Tory, who has been with NTU since December 2012 and has been chief executive officer since July 2020, will leave the company effective November 30, 2022.
Curtis paid tribute to the outgoing CEO and acknowledged his role in transitioning NTU from greenfield exploration to pilot plant production of heavy rare earths.
“Mark has been tireless in his efforts at Northern Minerals over the past 10 years, first as CFO and company secretary, and then as CEO for the past two years. On behalf of the board, I want to thank Mark for his contribution and wish him the best in his next endeavour,” Curtis said.
Tory said he was proud of his achievements at Northern Minerals, including most recently concluding a successful three-year pilot plant program that contributed materially to understanding the metallurgy of the Browns Range rare earth resource.
A further significant achievement under Tory’s watch was the clean-up of NTU’s balance sheet which saw the company move to a debt-free position.
“I would like to thank the board for the opportunity they provided me with, and their ongoing support and counsel. While I look forward to a new career chapter, I am confident I am leaving Northern Minerals in excellent hands under the very experienced executive chairmanship of Nick Curtis,” Tory said.
Incoming ED
NTU will make further changes and intends to appoint Shane Hartwig to the board as executive director – finance, starting December 1, 2022.
Hartwig will be located in the Sydney Office and will be accountable for NTU’s financial governance and reporting and capital management. He will assist Curtis in the commercial aspects of developing Northern Minerals' Browns Range Project.
“Shane is an experienced senior finance executive with an established track record of handling complex challenges in diverse industries over 25 years," Curtis said.
"His extensive experience includes as a corporate and commercial advisor to companies operating in the small and mid-cap sector of the Australian listed market (including IPOs and M&A) across a broad range of industries.
“In addition, Shane has undertaken the role of CFO within companies at a similar stage of development to Northern Minerals.”
Hartwig is a Certified Practicing Accountant and Chartered Company Secretary, with a Bachelor of Business majoring in Accounting and Taxation from Curtin University of Technology in Western Australia.
“I am delighted to be joining Northern Minerals,” Hartwig said.
“I am excited about the journey ahead as we invigorate the company with a view to establishing it as a reliable source of ethically produced dysprosium and terbium.”
"Exciting time" for NTU
“This is an exciting time for Northern Minerals,” Curtis said. “We have just announced a substantial increase in the mineral resource estimate for Wolverine, which we believe is the highest grade dysprosium and terbium orebody in Australia, and are taking the necessary steps towards production.”
Dysprosium and terbium are critical minerals used in the manufacture of rare earth permanent magnets, particularly in high-end clean energy products such as wind turbines and electric vehicle motors.