Four CZR Resources directors including chairman David Flanagan will leave the company after its board was unable to agree on a development strategy for the Robe Mesa iron ore project.
The Robe Mesa deposit forms part of CZR’s larger Yarraloola project near Onslow, in the Pilbara.
Today, the company announced the board had been unable to reach a consensus about development and commercial business opportunities from Robe Mesa after earlier raising $7 million to fund the project’s definitive feasibility study.
“To resolve this matter and in the best interest of all shareholders, David Flanagan, Anna Neuling, Simon Jackson and Dr Robert Ramsay have resigned as directors, effective 10 September 2021,” CZR told the ASX.
Dr Ramsay had been a director of CZR (formerly Coziron Resources) since late 2012.
CZR explained he would “remain available to the company to facilitate the transfer of any technical knowledge” related to Yarraloola and its other projects.
Meanwhile, non-executive director Annie Guo will remain in her role and move immediately to appoint replacement directors, CZR said.
Mr Creasy owns 58.4 per cent of CZR through his privately held resources business Creasy Group.
CZR owns 85 per cent of the Robe Mesa deposit and Zanf Pty Ltd the remaining 15 per cent.