Bastion resumes ASX trading with renewed focus and lean strategy
Exploration company Bastion Minerals recommenced trading on the ASX on Tuesday, after unveiling a refreshed leadership team and a renewed strategy focusing on Australian gold assets.
The company, now led by nonexecutive chairperson Gavin Rutherford and directors Keith Ross and Ross Landles, has undergone a significant corporate restructure, with no executive personnel and directors operating in hands-on roles to minimise costs.
The board has suspended directors’ fees until Bastion reaches a A$2.6-million market capitalisation, is reviewing all contracted services, and plans to relocate its head office to a low-cost address in Western Australia.
A strategic review is under way across its assets in Chile, Sweden, Australia and Canada, with options including joint ventures or asset sales. Proceeds from any divestments will be reinvested into advancing domestic exploration opportunities, particularly in gold.
“We will crawl before we walk. We will build wealth in the company through prudence,” said Rutherford. “Our preferred direction is to unlock the potential of our overseas projects through partnerships, while domestically, we are exploring multiple early-stage gold projects under traditional earn-in models.”
Board members have committed to Bastion’s turnaround by participating in a recent capital raise, subject to shareholder approval, and have pledged not to revisit the market for funding unless necessary.
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