Firefinch chair Alistair Cowden has resigned from the ASX-listed gold miner, marking the fourth board-level exit from the company in just over two weeks.
Firefinch executive chair Alistair Cowden has resigned from ASX-listed gold miner, marking the fourth board-level exit from the company in just over two weeks.
Firefinch issued a statement to the ASX late on Monday advising Mr Cowden had tendered his resignation from the business, effective Sunday July 10.
A reason for his resignation was not given, though it comes during a tumultuous period for the company.
Firefinch laid issues at its flagship operation in Mali bare last week, advising production was falling short of targets amid sanctions imposed on West Africa, which had caused equipment access issues, and ballooning cost pressures.
The company said it had approximately $35.8 million in cash at the time and was in discussions with several parties to “address the company’s current working capital position.”
Mr Cowden’s exit follows managing director Michael Anderson, who resigned at the end of June, and non-executive directors Naomi Scott and Liz Wall, who stepped away from the company after a month-long stint.
Mr Cowden was shifted from non-executive to executive chair on the back of Mr Anderson’s exit.
“Firefinch advises that Dr Alistair Cowden has tendered his resignation from the Board of Firefinch effective 10 July 2022,” the statement read.
“The board thanks Dr Cowden for his contribution over the last three and a half years, including acting in an executive capacity for a period of time over his tenure.”
Mr Cowden sits as non-executive chair of Firefinch spin-off Leo Lithium, which made its ASX debut last month.
Non-executive director Brett Fraser has been appointed chairman of Firefinch.
Shares in Firefinch have been voluntarily suspended while it puts together a funding proposal, which is expected to be completed by the end of this month.
It last traded at 20 cents.
