As finance chief at Iamgold Corp (NYSE:IAG) from 1990 to 1999, he negotiated a number of mine joint ventures with Anglo American and was instrumental in arranging over US$550mln of debt and equity financings for Iamgold including its initial public offering (IPO).
Naik is also the chairman of the board, audit and compensation committees of Fortune Minerals Ltd (TSE:FT), which is focused on the NICO cobalt-gold-bismuth-copper project in the Northwest Territories.
"We are delighted that Mahendra has agreed to join our board and assume the role of audit chair," said Simon Clarke, chief executive at M2 Cobalt.
"He is well respected and well connected in the capital markets globally and brings a wealth of expertise in helping to grow junior resource companies into world players.
"Mahendra is very well versed in the cobalt markets and related metals and he has first-hand experience of developing a number of mining projects across Africa.
"His background and experience is a great fit for our company, and we believe he will bring a lot of value to M2 Cobalt."