Novo flags leadership changes

ASX-listed Novo Resources has announced sweeping changes at leadership level, as it seeks to grow its exploration strategy. 

The Canada-based company - which has project interests and its Australian headquarters in Western Australia - told the market it had begun its search for a new chief executive officer to proceed Mike Spreadborough, who is presently acting in the role, along with his executive co-chairman duties.

Once a new CEO has been appointed, Mr Spreadborough will move into a non-executive chairman role, as will Quinton Hennigh, Mr Spreadborough's non-executive co-chairman, into his new non-executive director position.

Additionally, current non-executive director Michael Barrett has told Novo he will retire from his position once a replacement with suitable financial experience has been sourced.

Mr Spreadborough believes Novo's aggressive exploration strategy, coupled by the leadership changes, will bear fruit.

“The past 12 months have seen significant change at Novo, largely through our ASX listing, and multiple transactions including the sale of the Nullagine gold project - including its liabilities - which have secured valuable funding for Novo to progress its exploration strategy and enhance our profile across a broader mix of stakeholder groups," Mr Spreadborough said.

“We also secured multiple joint ventures that see large parts of our portfolio funded and explored by quality partners, while we concentrate on our gold-focused growth plans.

“With a solid platform, now is the right time to find a dedicated CEO to drive the strategy, whilst the board refresh is important to ensure that we have the right skills for this next phase.”

Novo, which is backed by De Grey Mining, confirmed its sale of Nulligine on December 21 last year to Calidus Resources, for approximately $45 million.

During a recent business review, the company said it also had $21 million cash in the till, with no debt.