Northwest Copper Corp. [NWST-TSXV] said the company’s Interim President and CEO David Moore has resigned.
“Mr. Moore’s departure was not unexpected and I will take a more active role in the company’s day to day affairs until a replacement can be found,’’ said Grant Sawiak, the company’s Executive Chair.
“Mr. Moore’s resignation will not change our plan moving forward,’’ he said. “Once the Technical Committee and Board of Directors determine the best path forward to enhance shareholder value, the company will seek to hire a full time executive with the skills and experience to implement the plan,’’ he said.
On September 27, 2023, Northwest released an update on the transition of the company under the stewardship of its newly elected board of directors, which elected Sawiak as Chair. The company said the board will work closely with existing management to address the concerns of the shareholders and to move the company forward in the interests of all stakeholders.
To achieve that goal, the board has formed a technical committee to review all available technical information of Northwest’s copper properties. “The technical committee will work with senior management to recommend the company’s technical strategy that will work to ensure that the projects’ full potential is established through a well defined and targeted program that recognises both the company’s stage of development and access to capital,’’ the company said in a press release. “The board expects to update the market on its revised strategy during the fourth quarter of 2023.’’
Northwest Copper is a new diversified copper-gold explorer and developer with a pipeline of projects in British Columbia.
The company is the product of the merger of Serengeti Resources and Sun Metals Corp. and is led by Peter Ball, a geologist who previously spend 13 years with Newmont Corp., [NGT-TSX, NEM-NYSE], the world’s leading gold producer,
The transaction was designed to consolidate the contiguous copper-gold exploration and development assets that included Serengeti’s Kwanika project and Sun Metals’ Stardust project. Both of these assets are expected to benefit from operational synergies as they are advanced with a combined development strategy.
At the time of the merger deal, Serengeti was advancing its Kwanika copper-gold project in partnership with POSCO DAEWOOD and exploring its extensive portfolio of properties in north-central B.C.
It hoped to complete a pre-feasibility study at Kwanika that would examine the viability of a proposed open-pit and bulk underground copper-gold mine. However, the company didn’t have the funds to carry out that plan.
On Friday, Northwest Copper shares were unchanged at 15.5 cents. The shares are currently trading in a 52-week range of 31.5 cents and 14.5 cents.