Subiaco-based Lion Rock Minerals has announced some big names as part of its push to fast-track its growth in Cameroon.
The junior, which has a market cap of $92.66 million, told investors on Thursday it had appointed former Boss Energy managing director Duncan Craib as non-executive chair, along with ex Sierra Rutile executives Theuns de Bruyn, Grant Scott and David Brophy as chief executive, chief operating officer and non-executive director respectively.
Of the appointments, Mr de Bruyn and Mr Scott will be based in Cameroon while the company’s flagship Minta rutile and monazite project.
It’s been an eventful 10 months for Mr Craib, who announced in July last year he was retiring as MD of uranium-focused Boss Energy.
At the time, Mr Craib said he would re-join Boss’s board from January 1 – however a few months later, the uranium producer told the market that both parties had mutually agreed that this wouldn’t transpire, due to Mr Craib’s desire to secure full-time employment.
Lion Rock said that prior to Mr Craib’s appointment as chair, he visited Cameroon twice – including alongside Mr de Bruyn and Mr Scott – in order to inspect the company’s assets, including its flagship Minta rutile and monazite project.
This included meetings and onsite dialogue with government officials from Cameroon’s minister of mines, industry and technological development, who told Mr Craib they are fully behind Lion Rock’s endeavours at the project.
Aside from accelerating exploration opportunities at Minta, Lion Rock also intends to further assess its Kitongo and Logo uranium projects.
“Having spent time conducting due diligence and engaging with the central African government of Cameroon and leading global industry participants, there can be no doubt that strategic interest in our assets is real,” he said.
“Our job is to now advance the project methodically, define the resource, undertake technical studies, enhance stakeholder engagement, and progress permitting from the ground.”
Mr de Bruyn, who has more than 30 years of experience within Africa’s mineral space, recently spent time in charge of Sierra Rutile, which at time was the world’s biggest natural producer in the world.
Prior to Sierra’s eventual takeover by Leonoil Company Limited, Mr de Bruyn and Sierra were subjected to no shortage of challenges – including civil unrest, several takeover bids, lengthy government negotiations and power cuts to name a few.
Mr de Bruyn said the junior was approaching a key junction in its timeline.
“Lion Rock is now entering its value-defining exploration phase,” he said.
“Over the next six to twelve months, the focus will be on delivering a credible maiden mineral resource estimate, strengthening laboratory and QA/QC systems, progressing government relationships and concessions, advancing the Minta operational base, and maintaining exploration momentum across the broader licenced areas.
“This is the point where technical promise must be translated into investor confidence through disciplined execution.
“To unlock that value, the company requires clear authority, strong in-country leadership, rigorous cost control, credible government engagement and consistent operational delivery.
“The revised board and executive team are committed to implementing this.”
On Thursday, Lion Rock also announced a $2 million capital raise, a cornerstone-based effort by the incoming appointments – by issuing 100 million new shares at 2 cents per share.
As of 10.42am AWST, Lion Rock shares were up 2 per cent to 2.7 cents.
