Austral Resources Australia (ASX:AR1) has announced a leadership transition, with CEO Dan Jauncey stepping down on Oct. 31.
Jauncey, who will remain on the board as a non-executive director, has been instrumental in Austral's growth since its founding in 2019.
In a statement, Dan Jauncey, the company's managing director, highlighted the company’s achievements amidst challenging conditions.
"As the founder of Austral in 2019, and after nearly three years as a listed ASX company with over two years as CEO, I am proud of what we've accomplished. Despite a challenging economic climate and periods of volatility, we have successfully brought a producing copper asset online," said Jauncey.
David Newling expressed gratitude for Jauncey’s leadership. "I wish to thank Dan for his contribution and leadership to the Company since its inception, and am looking forward to working with Dan in a new capacity in taking the company forward."
The company is currently undertaking an equity raising and recapitalisation process.
The search for a new CEO has commenced, and further updates will be provided in due course.
The leadership shift is part of Austral's strategy to position itself for future growth and success in the copper production industry.
Austral Resources Australia is a copper producer, developer and explorer located in the Mt Isa District of northwest Queensland. The company's projects include the Anthill Project, Lady Annie Project, Cameron River Project, and Miranda Project.
At the time of reporting, Austral Resources Australia's share price was $0.16.