29 May 2024
Neometals Ltd
("Neometals" or "the Company")
Neometals Strengthens its Senior Management Team
Sustainable process technology developer, Neometals Ltd (ASX: NMT & AIM: NMT) ("Neometals" or "the Company"), is delighted to advise of two new appointments to the Company's senior management team, both are highly experienced and bring new capability and leadership to the Company.
Appointment of Chief Operating Officer
Dr Jennifer Purdie, an existing non-executive director, has been appointed an executive director and will assume the responsibility of 'Chief Operating Officer'. (See Appendix A for further information on key agreement terms). Dr Purdie will support Neometals 3 days per week for an initial term of 6 months and focus on Primobius as it ramps up construction, commissioning and commercial activities.
Dr Purdie, an MBA and PHD qualified chemical and materials engineer, has more than 30 years of global management and leadership experience spanning operational, business improvement and corporate roles in the mining, energy, heavy manufacturing, and infrastructure sectors. Dr Purdie has held key senior leadership positions with Adani Renewables, Rio Tinto, Alcoa and BHP with her last role seeing her managing BHP's Olympic Dam as Asset President. Dr Purdie's addition as a member of the Neometals executive team will provide much valued experience in project execution and delivery.
Appointment of General Counsel
Mr Cathal Smith (LLB, LLM & MBA (AGSM)) has commenced as Company General Counsel. Mr Smith has extensive local and international experience advising corporates on a wide range of projects and operations in both legal and commercial roles. He is highly proficient in providing strategic advice, effective problem solving and managing complex transactions to achieve successful outcomes.
Neometals Managing Director, Chris Reed says:
"We welcome Jenny and Cathal to our senior management team and look forward to building our platform to deliver lithium battery recycling plant packages to the global EV supply chain. Primobius is maturing into an autonomous business and it will benefit immensely from Jenny's impressive background in operational excellence and asset optimisation. Cathal brings extensive experience and capability across technology, construction and corporate law for top-tier local and international ventures. The appointments will afford me more time to focus on the execution of our corporate and business development strategies and stakeholder relations".
Authorised on behalf of Neometals by Christopher Reed, Managing Director.
-ENDS-
For more information, please contact:
| Neometals Ltd | |
| Chris Reed, Managing Director & Chief Executive Officer | +61 8 9322 1182 |
| Jeremy McManus, General Manager - IP & IR | +61 8 9322 1182 |
|
Cavendish Capital Markets Ltd - NOMAD & Broker |
|
| Neil McDonald | +44 (0)131 220 9771 |
| Peter Lynch | +44 (0)131 220 9772 |
| Adam Rae | +44 (0)131 220 9778 |
| | |
Appendix A
Material terms of Ms Purdie's services agreement:
| Annual Salary Package | Pro rata based on $500,000 inclusive of statutory superannuation (Note: Dr Purdie will no longer receive her fee as a Non-Executive Director). The appointment is for an initial period until 31 December 2024, and may be extended by mutual agreement. |
| Short-Term Incentive | For each financial year, the Board, at its sole discretion, may award Ms Purdie a cash bonus of up to 35% of the Annual Salary Package. The basis for determining the bonus will be a range of criteria determined by the Board including Ms Purdie's personal performance and the Company's performance. |
| Long-Term Incentive | Subject to shareholder approval at a general meeting, for each financial year, Dr Purdie will be invited to apply for performance rights under the Company's performance rights plan, as previously approved by the Company's shareholders. The number of performance rights available for grant will equate to 40% of the Annual Salary package divided by the 60-day-VWAP of the Company's shares, prior to 1 July for the particular financial year. Vesting of the performance rights is subject to criteria relating to the Company's performance and achievement of certain strategic objectives over a 3-year period. |
| Termination Notice Periods | In addition to accelerated "for cause" reasons, the agreement is terminable at either party's discretion upon three (3) months' notice. |
About Neometals
Neometals facilitates sustainable critical material supply chains and reduces the environmental burden of traditional mining in the global transition to a circular economy.
The Company is commercialising a portfolio of sustainable processing solutions that recycle and recover critical materials from high-value waste streams.
Neometals' core focus is on the commercialisation of its patented, Lithium-ion Battery ("LiB") Recycling technology (50% NMT), under a plant supply and technology licensing business model. Primobius GmbH is the 50:50 incorporated JV with 150-year-old German plant builder, SMS group GmbH, that is commercialising the technology. Primobius is building a 2,500tpa recycling plant for Mercedes-Benz under a long-term Cooperation Agreement. It also operates its own LiB disposal service in Germany and plans to offer its first commercial 21,000tpa plant to North American licensee, Stelco, in JunQ 2025.
Neometals is also developing two advanced battery materials technologies for commercialisation under low-risk, low-capex technology licensing business models:
· Lithium Chemicals (70% NMT) - Patented ELi™ electrolysis process, co-owned 30% by Mineral Resources Ltd, to produce battery quality lithium hydroxide from brine and/or hard-rock feedstocks at lowest quartile operating costs. Pilot scale test work and Engineering Cost Study update planned for completion in DecQ 2024; and
· Vanadium Recovery (100% NMT) - Patent pending hydrometallurgical process to produce high-purity vanadium pentoxide from steelmaking by-product ("Slag") at lowest-quartile operating cost and carbon footprint.
For further information visit www.neometals.com.au
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