Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) is undertaking a board and leadership renewal to position the company for its next phase of growth, starting a recruitment process to secure a qualified and experienced chief executive officer (CEO).
Current executive co-chairman and acting CEO Mike Spreadborough will move to the role of non-executive chairman upon the appointment of the new CEO.
Spreadborough said, “The past 12 months have seen significant change at Novo, largely through our ASX listing and multiple transactions including the sale of the Nullagine Gold Project (including its liabilities) which have secured valuable funding for Novo to progress its exploration strategy and enhance our profile across a broader mix of stakeholder groups.
“We also secured multiple joint ventures that see large parts of our portfolio funded and explored by quality partners, while we concentrate on our gold-focused growth plans. Novo is in a strong financial position with A$21 million in cash and an investment portfolio exceeding A$30 million.
“With a solid platform, now is the right time to find a dedicated CEO to drive the strategy, whilst the board refresh is important to ensure that we have the right skills for this next phase.
“I’m confident that with the upside potential of our high-quality portfolio, our aggressive exploration strategy and good financial position, Novo has a great future in front of itself.”
Other board changes
The board refresh strategy also proposes that current non-executive co-chairman Dr Quinton Hennigh will move to the role of non-executive director.
And finally, non-executive director Michael Barrett has advised that he will retire from the board when a suitable replacement director with appropriate finance experience is appointed.
“I would like to thank Michael for his dedication and hard work over the past seven years and look forward to his valuable ongoing input during the remainder of his term," said Spreadborough.
"I would also like to acknowledge Quinton who, as one of the company’s co-founders, has been part of this journey since the beginning and who also helped assemble our Australian exploration portfolio.”
Novo expects to complete the board refresh and leadership transition prior to its annual general meeting scheduled for June 2024.