GPM Metals names John Timmons as CEO, shares rise
GPM Metals Inc. [GPM-TSXV], said it has appointed John Timmons as the company’s new CEO and director.
Timmons is a seasoned exploration executive with over 20 years of development stage and operational experience. He spent 16 years with Guyana Goldfields and was instrumental inj the development of the company from exploration to production. More recently, Timmons was President and CEO of Stone Gold Inc. and later Copper Road Resources Inc. [CRD-TSXV].
Prior to commencement of drilling at the end of the wet season in April 2025, Timmons will be relocating to Australia. “Mr. Timmons brings excellent knowledge and experience to the company, and we have great confidence he will successfully execute the drilling exploration program we have planned for the Walker River Project in 2025,” GPM said in a press release.
“The Board would also like to thank John Tait for his achievements over his tenure as CEO of GPM and in appreciation of his efforts, he will be retaining 500,000 options,” the company said.
“We are sorry to see John Tait leave GPM, and he will remain a friend of the company, but as time went on it was clear we needed a CEO based in Australia, which John Tait was unable to accommodate,’’ said GPM Chairman Dan Noone.
“While I will no longer be CEO of GPM, I remain a substantial shareholder and will be closely monitoring the exciting 2025 drill program,’’ Tait said in a statement.
GPM shares advanced on the news, rising 4.7% or $0.005 to 11 cents. The shares trade in a 52-week range of 11 cents and 0.045.
In an October 18, 2024 press release, GPM Metals said it had raised $660,000 from a previously announced non-brokered private placement of 11 million units priced at $0.06 per unit. Each unit consisted of one common share and one half of one common share purchase warrant, each of which entitles the holder to acquire one common share at 10 cents until October 17, 2026.
The company said proceeds of the offering are earmarked for exploration efforts at the Walker Gossan Project in Australia and for general corporate purposes and working capital. Insiders of the company subscribed for 1.0 million units in the offering.
The company said it was planning a minimal disturbance exploration program for the Walker Gossan Project in 2024 and 2025. The program was expected to include geological reconnaissance, including mapping, and outcrop rock chip sampling for geochemistry and petrology. The company is also planning for RC drilling to test any validated gravity/geochemical anomalies. The plan is based on previous exploration activities in 2016 as well as the Aerial Gravity Gradiometric (AGG) survey completed in 2023.