WA-based uranium stocks Aura Energy and Deep Yellow have both confirmed the departure of their respective managing directors.
It’s an end of an era at Deep Yellow, with managing director and chief executive John Borshoff stepping down, effective immediately.
A passionate advocate for the uranium sector both in Western Australia and across the country over five decades, Mr Borshoff will stay with the company until the end of next month in an advisory-based role.
Following the update, Deep Yellow shares took a hit, down 16 per cent to $1.94 as of 8.44am AWST.
Craig Barnes, who was appointed chief financial officer back in August last year, will assume acting chief executive officer responsibilities until Deep Yellow appoints a full-time replacement.
Additionally, the WA-based uranium stock announced that non-executive chair Chris Salisbury would briefly transition into executive chair in a bid to give Mr Barnes and the board additional support.
“John has been influential in shaping the broader uranium industry through his work in many industry advocacy forums and has been a persuasive advocate for the role of nuclear energy in the global decarbonisation challenge,” Deep Yellow said in a statement to the ASX on Monday.
“John leaves an incredible legacy at Deep Yellow having built one of the most experienced uranium mining leadership teams in the industry.”
In April, the company elected to defer a final investment decision in relation to its Tumas project in Namibia, citing the state of overall uranium market.
Despite it being the second deferment in the space of five months, Mr Borshoff said it was imperative that the project begin when the opportunity for sustainable pricing and production was optimal.
Aside from Tumas, Deep Yellow also has interests in WA and the Northern Territory.
Its WA project, Mulga Rock, which is presently during the definitive feasibility study phase, is the only uranium project or mine in the state unaffected by the state government’s uranium mining ban, which began back in 2017 – due to it being pre-approved by the Barnett government prior, along with meeting the required conditions.
Meanwhile at Aura, Andrew Grove tendered his resignation, effective immediately, although will also commit to an advisory role over the following six months.
Philip Mitchell, who was appointed executive chair in June, will remain in the position, with additional daily responsibilities from an operational standpoint.
As of 10.26am AWST, Aura shares were down 13 per cent to 20 cents, while the present spot price for uranium is US$70.05.
