Tertiary Minerals PLC on Wednesday said that Managing Director Patrick Cullen has resigned after just 10 months with the company.

Shares in the Cheshire, England-based mineral exploration and development company were down 7.4% to 0.16 pence each in London on Wednesday morning.

Cullen joined Tertiary Minerals as managing director in September last year. Previously, he was chief executive at AIM-listed Arkle Resources PLC.

Tertiary Minerals said it has commenced the search process to find a successor. In the meantime, Cullen’s responsibilities will be assumed by other board members, it added.

Executive Chair Patrick Cheetham said: ‘The board does not expect its strategy or ongoing work programmes in Zambia or Nevada to be materially affected by this change, and the board would like to thank Mr Cullen for his contribution to the company since joining as managing director in September 2021.’

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