14 January 2021
Appointments of President of Minto Explorations Ltd. and Interim CFO of Minto Explorations
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce the appointments of a new President and interim CFO of Minto Explorations Ltd.
The Board of Directors ("Board") of Minto Explorations Ltd. ("Minto") and the Joint Advisory Committee ("JAC") of Minto have appointed Christopher A. Stewart P.Eng. to the position of President of Minto as of 13 January 2021. Mr. Stewart is a seasoned mining engineer with over 27 years of experience in the metals mining sector, having worked at McEwen Mining Inc., Kirkland Lake Gold, Liberty Mines Inc. and BHP Billiton during that time. Mr. Stewart brings highly effective people management and team building skills combined with a flexible leadership style that fosters employee engagement and empowerment while promoting a high-performance culture based on accountability. His strong work ethic and high integrity make him the ideal addition to the Minto team. Mr. Stewart is a Licensed Professional Engineer in Ontario and holds a Bachelor's Degree in Mining Engineering from Queen's University, Kingston, Ontario.
The Board and JAC have also appointed Jack Cartmel CPA to the position of interim CFO of Minto. Mr. Cartmel was part of the management team working for Minto Management Ltd. that was engaged as Operator by Minto under an agreement signed in early 2020. Mr. Cartmel has a very good understanding of the Minto finances and operations from his work with Minto over the last twelve months. With the decision to bring in house all the senior management positions and the termination of the Operator Agreement at the end of 2020, it is with great pleasure to welcome Mr. Cartmel to the Minto management team in the role of CFO. Mr. Cartmel has over 15 years of experience in the mining industry with expertise in M&A, securities offerings, public company accounting and disclosure, and financial and risk management. Prior to Mr. Cartmel's industry experience, he worked as a senior auditor for BDO Canada LLP for 5 year in the public mining sector. Mr. Cartmel holds a BBA as well as CPA, CA from the Chartered Professional Accountants of British Columbia.
The Board and JAC welcome both Mr. Stewart and Mr. Cartmel to Minto to manage driving the business forward together with the existing management team of Minto. Mr. Stewart is tasked to continue building on the operational efficiency of Minto, together with achieving challenging production and development targets. Mr. Cartmel is tasked to continue strengthening the financial management function at Minto as he has been doing as part of the Operator during the last 12 months. The Board and the JAC will provide both Mr. Stewart and Mr. Cartmel with full support to achieve the targets set and look forward to working with them in realising the intrinsic value of Minto.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"The above appointments are the next steps in ensuring we have a very strong management team capable of executing all the tasks necessary to ensure the full value of Minto is realised. The appointments come at a time when the Covid 19 challenges have not fully subsided, however it is clear that we must look forward to ensuring that Minto increases production rates and extracts maximum value during the period of higher copper prices, though higher efficiency of our operations and finances. I wish both Mr. Stewart and Mr. Cartmel all the success in their roles."
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed on the standard segment of the Official List of the FCA and trading on the main market for listed securities of London Stock Exchange plc. Pembridge has an investment in Minto Explorations Ltd, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired Minto from Capstone Mining Corporation in June 2019 and restarted operations in October 2019.
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016