Kalahari Minerals has settled its dispute via unanimous agreement with all parties, regarding the Board composition at Extract Resources, in which Kalahari’s subsidiary, Kalahari Uranium, holds a 39.81% interest. Under the terms of the unanimous agreement, Steve Galloway has assumed the role of Non-executive Chairman, Peter McIntyre is remaining as Managing Director, and Neil MacLachlan and John Main will remain as Non-executive Directors. A further senior Namibian Board member is being sought to replace Peter Meagher and Steve Sikirich who have stepped down from their directorship positions with immediate effect.
Kalahari Chairman Mark Hohnen said, “We are delighted with this unanimous resolution and the structure of the new Board. We thought it was imperative to increase the Namibian representation and influence on the Board considering the location of the assets and therefore particularly welcome the appointment of Steve Galloway to the position of Non-executive Chairman, who will be further supported by the appointment of a another senior Namibian based national. Steve has huge experience working in the country across the mining, energy, investment and financial sectors and has held a number of positions within the Namibian Government including Chief Mineral Economist, Under Secretary of the Ministry of Trade and Industry and Executive Director of the Namibian Investment Centre. In tandem with the other Board members, particularly the executive stewardship of Peter McIntyre, we believe the Board is well balanced, to drive Extract forward and ensure that shareholders receive maximum value from its world class Namibian based uranium portfolio.
“We believe that Extract’s next resource statement will be 240-250 Mlb of U3O8, which will truly underpin the world class nature of its portfolio, particularly the Rossing South discovery, where grades are consistently above 400 ppm U3O8. It has already placed an initial resource at Rossing South Zone 1 of 108 Mlb of U3O8, which is open either end and at depth and recent results for Zone 2 at Rossing South, including a best intersection of 73 m grading 1,060 ppm U3O8, suggest that the resource estimate of circa 105 Mlb for this zone will be exceeded. It has also defined a further 25.1 Mlb of U3O8 at Ida Dome, which we again expect to be increased as exploration continues.
“Kalahari remains highly supportive of Extract’s superb operational team as they crystallise the huge value potential of their Namibian uranium assets. Finally I’d like to thank Peter Meagher and Steve Sikirich for their contribution to the development of Extract and wish them well in the future.”