Diatreme leadership in place at Metallica Minerals

There’s new leadership at the board of Metallica Minerals. Metallica has been the subject of a hostile takeover bid by Diatreme Resources. Both companies have exploration leases on silica sand tenements on eastern Cape York. Main image: Water boring at Diatreme Resources' Galalar silica project on Cape York The board of Metallica Minerals has announced that as of yesterday (8 July 2024), Stephen Everett is the Independent Non-Executive Chairman of the Company, and Greg Starr has been appointed as Managing Director. Greg Starr has bee appointed MD Metallica Minerals This follows the re-composition of the board with Greg Starr, Michael Chapman and Stephen Everett having commenced as directors of Metallica the same day. Mr Starr and Mr Chapman are both Diatreme Resources non-executive directors. The new directors join Mr Brad Sampson who remains an Independent Non-Executive Director of the Company. Stephen Everett was a management and board professional with over 40 years’ experience working with and advising boards, executive management and operating committees in the resources, construction and real estate industries, Metallica told the ASX in a statement. ‘His skills and experience enable him to increase organisation value, effectively manage risk, guide commercialisation efforts and strategise stakeholder management.' 'Greg Starr had a wealth of experience gained from being a public company director holding senior board positions in a number of ASX-listed companies for over 20 years,' 'He was involved in many mergers and acquisitions and debt and equity financial transactions and his skillset includes directing substantial growth, streamlining operations and significant corporate governance experience.’ Establishment of Independent Board Committee: The board had established an Independent Board Committee (“IBC”) of Independent Non-Executive Directors Stephen Everett and Brad Sampson, the company said. ‘The role of the IBC during the current Diatreme Resources Limited bid period will be to make decisions relating to the DRX bid and any matters where non independent directors are potentially conflicted. ‘This announcement has been approved in accordance with the Company’s published continuous disclosure policy and has been approved by the Board. ‘The remuneration payable to Greg Starr will be a rate of $27,500 per month worked (excluding GST) on a contractor basis, which includes both the Director and executive roles.’ No other additional incentives have been included in Mr Starr’s terms of engagement.

Diatreme leadership in place at Metallica Minerals

Industry Queensland

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