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.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation