Predictive Discovery Limited has made new executive appointments as it progresses its 5.3 million ounces Bankan gold project in Guinea.
The company announced last month that it had received firm commitments from investors for its bid to raise A$50 million (R602m) through issuance of new fully paid ordinary shares.
Predictive Discovery yesterday made new executive appointments at board level.
Alberto Lavandeira will be joining the company as non-executive director. He has vast experience developing and operating gold, copper and industrial minerals mines across Africa and Europe.
Henk Diederichs also joins the company as chief operating officer, specially tasked with advancing the Bankan Gold Project through the definitive feasibility study phase and into development and operations.
In addition to the new executive appointments, Predictive Discovery has also announced the shuffling of Sandra Bates from non-executive director to executive director responsible for Legal and environmental, social, and governance (ESG). Bates new role will help to strengthen Predictive Discovery’s in-house legal, ESG and permitting expertise.
“Under an additional consultancy arrangement, Bates played a key role in the recent finalisation of Predictive Discovery’s Environmental and Social Impact Assessment (ESIA) and will strengthen in-house capability across legal, ESG and permitting,” said the company.
Following the new appointments, the company’s board now comprises of two executive directors in Andrew Pardey who is managing director and Bates. There are also three independent non-executive directors that include Simon Jackson, Steven Michael and Lavandeira.
Pardey said “the ongoing strengthening of the board and management team is critical to our strategy of developing the Tier-1 Bankan Project in Guinea, currently the largest gold development project” in Africa.
“Bates’ transition to executive and Henk’s appointment adds considerable depth of expertise as Predictive Discovery enters the permitting phase of the Bankan Project, as well as completing the Definitive Feasibility Study in 2025,” he said.
In addition to the board changes and appointments, Predictive Discovery has completed a remuneration review which included reviewing the employment terms of its senior management team.
“The company is in an important stage of development with significant opportunities and challenges in both the near and long-term,” it explained.
“The board believes it is important to ensure that remuneration is suitable to continue to attract and retain highly experienced and qualified board and management team members in a competitive market.”
Based on the remuneration review, managing director Pardey and Bates have been offered, subject to shareholder approval, short-term and long term incentives which are subject to performance and tenure based vesting conditions.
The proposed issue of performance rights seeks to align the efforts of the managing director and executive director to achieve short-term and long-term strategic objectives, and long-term shareholder value creation.
“The board also believes that incentivising with performance rights is a prudent means of conserving the company's available cash reserves.
“In addition, based on the review, existing non-executive directors, board chairman Simon Jackson and Steven Michael, have each been offered, subject to shareholder approval, 3 000 000 zero exercise price options which will be subject to tenure based vesting conditions.”
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