Sunstone Metals Ltd (ASX:STM) has shuffled its board to allow current managing director Malcolm Norris to focus on growing the company’s discoveries as an executive director, bringing Patrick Duffy into the fold to fill the MD position, effective April 15.
“These changes are aimed at enabling Sunstone to maximise its exploration success, increase the value placed on its assets in the market and forge a strong growth strategy to unlock shareholder wealth,” chair Graham Ascough said.
“The combination of Malcolm’s and Patrick’s respective skill sets and experience will allow Sunstone to drive growth through further discovery and development opportunities and have this value fully recognised in financial markets for the benefit of shareholders.”
Experienced gold executive
Duffy is currently a non-executive director for Sunstone and has served as chief corporate development officer, chief financial officer and in various other senior executive roles at Australian mining companies.
He was a key member of Red 5’s team as the company established itself as a mid-tier Australian gold producer through the development, construction and production ramp-up of the King of the Hills Gold Mine in Western Australia.
“Sunstone has established a portfolio of exceptional gold and copper assets in Ecuador,” incoming managing director Patrick Duffy said.
“I look forward to working with Malcolm and the team to unlock its full value and evaluate further growth opportunities.”
Current managing director Malcolm Norris said he had strong faith the board shuffle would drive a strong increase in value for shareholders.
“We have a highly successful exploration track record over the past few years and these changes will create the structure to deliver our long-term strategy to become a significant ASX-listed South American gold and copper company,” he said.