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Peninsula Energy Limited (ASX:PEN) advises that Mr John (Gus) Simpson will be stepping down from his position as Managing Director and Chief Executive Officer and also from the Board of the Company and all its subsidiaries, effective immediately. This decision follows careful consideration by the Board of the key operational and commercial priorities for Peninsula …
Peninsula Energy Limited (ASX:PEN) advises that Mr John (Gus) Simpson will be stepping down from his position as Managing Director and Chief Executive Officer and also
from the Board of the Company and all its subsidiaries, effective immediately.
This decision follows careful consideration by the Board of the key operational and commercial priorities for Peninsula in the near term and beyond, together with the skillsets
required to further progress the business plan of the Company. To that end the Company is pleased to advise that experienced uranium mining executive Mr Wayne Heili has been
appointed to the role of Managing Director and Chief Executive Officer, effective 3 April 2017.
Mr Heili has spent the bulk of his 30-year professional career in the uranium mining industry. He most recently served as President and Chief Executive Officer of Ur-Energy, Inc. where he successfully oversaw the design, construction, commissioning and ramp-up of the Lost Creek in-situ uranium project in Wyoming USA. Prior to joining Ur-Energy, Inc., Mr Heili served as Operations Manager of the Christensen/Irigaray in-situ uranium mines in Wyoming and also has experience on conventional uranium mines in Texas. He holds a Bachelor of Science in Metallurgical Engineering from Michigan Technological University and is a past President of the Uranium Producers of America.
Mr Heili currently resides in Wyoming USA and will perform his role based there, where he can work closely with the management team in place at the Lance Projects. Mr Heili has also
been acting as a technical consultant to the Company for the past 4 months.
A summary of the key terms of Mr Heili’s employment are detailed in the annexure to this announcement.
Mr Simpson will receive a severance package in accordance with the terms and conditions of his employment agreement. Unvested restricted share units under the Company’s
Restricted Share Unit Plan will also immediately vest to Mr Simpson.
On behalf of the Board, Peninsula Non-Executive Chairman, Mr John Harrison, thanked Mr Simpson for his significant contribution to the Company. “Gus has successfully led Peninsula
from the time that the Wyoming uranium assets were acquired by the Company in 2007. He has overseen the delineation of a substantial mineral resource in Wyoming, permitting for
development and operations and the evolution of Peninsula from an exploration company to a uranium producer.”
“Despite the challenges facing the uranium industry over the past 5 years, Gus has been instrumental in securing attractively priced long term uranium concentrate sale agreements
which provide Peninsula with an excellent revenue stream from which to further grow the Company.”
Commenting on the appointment of Mr Heili, Mr Harrison said “We are fortunate to be able to secure such a highly qualified senior uranium executive at this important time for the
Company. Wayne oversaw the development and operation of the successful Lost Creek insitu uranium project in Wyoming and brings industry specific operational and corporate
expertise to the Company as we progress the ramp-up of the Lance Projects and studies at the Karoo Projects.”
Board Changes
The Company wishes to advise that Mr Warwick Grigor and Mr Richard Lockwood have agreed to step down from the Board to focus on their other business interests. The Company
thanks both Warwick and Richard for their contributions to the development of the Company whilst they were on the Board, including Richard’s tenure as Non-Executive
Chairman. Warwick has been a long-standing member of the Board, previously serving in an executive capacity and was instrumental in guiding the Company as it turned its focus to the
uranium sector in the mid-2000s.
Mr David Coyne has accepted an invitation to join the Board in an executive capacity as Finance Director, effective 27 March 2017. The addition of Mr Coyne to the Board
strengthens the financial and commercial skillset of the Board and provides continuity of executive representation on the Board during this period of leadership transition.
Mr Coyne has previously served as a non-executive director of ASX-listed iron ore mining company BC Iron Limited. Whilst serving on the board of BC Iron Limited, Mr Coyne chaired
the Audit & Risk Management Committee.
The reduction in the number of directors reduces costs and is consistent with the broader cost reductions being implemented across the Company while conditions in the uranium
mining industry remain challenging.
Yours sincerely
John Harrison
Non-Executive Chairman
Peninsula Energy Limited
For further information, please contact our office on +61 (0)8 9380 9920 during normal business hours.
Click here to connect with Peninsula Energy (ASX:PEN) to receive an Investor Presentation.
Source: www.pel.net.au
