Toubani Resources Inc. (TSX-V:TRE, ASX:TRE) has announced that Phil Russo will join the company as its chief executive officer and an executive director from January 9, 2023.
The company said it moved to appoint an Australian-based CEO after its successful ASX listing in November, advancing the company’s strategy to increase its market profile in Australia and globally, as well as unlocking the significant, untested exploration potential across the Kobada gold project.
Toubani's current chief executive officer and executive director, Danny Callow will transition to executive chairman until mid-2023, before becoming non-executive chairman. Current non-executive chairman Jan-Erik Back, meanwhile, will move to a non-executive director role. They will join current non-executive directors Tim Kestell and Douglas Jendry, the company said.
READ: Toubani Resources commences first drill program at Kobada since ASX listing
“I am very pleased to announce the appointment of Mr Phil Russo as the new chief executive officer of Toubani Resources. With Phil’s integral knowledge of capital markets and strong relationships in the industry, I am confident that under his direction we will see a very positive movement in the value of the company, underpinned by the significant technical work already completed at the Kobada gold project,” Callow said in a statement.
“I believe that with Phil’s experience, coupled with my knowledge of the project, local country relationships, and strong team on the ground, we are well positioned for growth," he added.
The company noted that Russo is an experienced mining and finance professional with over 18 years of experience in corporate, project development and capital markets functions, with deep, long-standing relationships in the global precious metals sector.
His past experiences include various executive roles within corporate development, strategic direction, investor relations and project development at Barrick Gold, Dacian Gold and Perseus Mining both in Perth and Toronto, as well as several years at a North American investment bank. He holds a BSc in Applied Science from Curtin University of Technology and an MBA from Curtin Business School, Western Australia.
Russo commented: “Feasibility-level projects with the Mineral Resource and Ore Reserve estimates of the Kobada project are rare in the gold sector. Even rarer for projects of this size and scale are those with the potential for significant resource growth. Kobada’s potential for expansion outside the current Mineral Resource, as well as for new regional discoveries, is very clear."
"Combined with Toubani’s current compelling valuation versus its peers, the key drivers are there to unlock substantial value over time as we position to systematically drill Kobada towards growth and ultimately, further optimization of the Kobada feasibility study ahead of a future development decision. I look forward to working with the Toubani Board and management team to deliver on our objectives of advancing Kobada towards production and rewarding all our stakeholders in the process," Toubani's new chief executive officer concluded.
Contact the author at jon.hopkins@proactiveinvestors.com