Mark Bennett’s exploration venture S2 Resources will relocate from its Osborne Park address in Perth to Melbourne, signalling a shift in focus to its flagship asset in Victoria.
S2R listed on the Australian Securities Exchange in 2015 as the new exploration enterprise of Mark Bennett, who made his name as managing director of Western Australian mining success story Sirius Resources.
Led by Mr Bennett, Sirius discovered and developed the Fraser Range hosted Nova nickel deposit in the Goldfields in 2012.
Sirius was then acquired by Independence Group, now IGO, for $1.8 billion in 2015.
Mark Creasy’s Yandal Investments is a major shareholder in S2R, with nearly a 12 per cent stake as per the company’s most recent annual report.
S2R informed the market today that it would be relocating its Perth office to Melbourne, where executive chair Mr Bennett is understood to already reside.
“As of today the company is changing its principal place of business from Perth to Melbourne,” S2R said in a statement.
“This reflects the company’s commitment to planned exploration at its flagship Greater Fosterville project in central Victoria.”
Perth-based chief executive officer Matthew Keane, who previously worked as a metals and mining analyst for Argonaut Securities, has been made redundant as a result.
S2R chair Mr Bennett acknowledged it had been a difficult time for the business.
“We would like to thank Matt for his diligence and professionalism in what was a difficult time for the company and its people, during which time the company refocused on its Australian assets," Mr Bennett said.
“We wish him well in his future endeavours.”
Shares in S2R were down nearly 11.5 per cent on the news, closing the day at 16 cents.