Australia-listed, Greenland-focused Ironbark Zinc on Friday announced the appointment of Nikolai Zelenski, the former CEO of Nordgold, as its chairperson-elect.

Zelenski will start immediately, initially in a consulting role with his proposed formal appointment as executive chairperson to take effect immediately following the extraordinary general meeting of shareholders in mid-December.

With Zelenski’s appointment, current chairperson Fred Hess will transition to nonexecutive director, with Michael Jardine continuing in his role as MD.

With Nikolai joining the team, Ironbark’s ongoing evolution away from a single-asset company to one with a portfolio of growth projects will be accelerated.

“We are now particularly well placed to consider adding further gold exposure to our existing copper, gold, and base and battery metals-focused asset suite,” said Jardine.

Zelenski commented that he was delighted to join Ironbark. “With our team’s deep operational and strategic experience in the gold sector, we are distinctively positioned to execute on our vision for acquisition-led growth. The Ironbark portfolio has already undergone an incredible transformation, providing a diversified exposure across various stages of project development, multiple jurisdictions, and a mix of commodities,” he said.  

During his time at Nordgold, Zelenski developed a portfolio of eight mines across Russia, Kazakhstan, Burkina Faso, and Guinea, driving rapid growth with a disciplined focus on value creation.

Meanwhile, Ironbark announced a A$10-million placement at an offer price of A$0.20 a share.

Funds raised through the placement will enable Ironbark to pursue ongoing advancements in its existing projects, alongside an aggressive growth strategy focused on acquisition-led expansion in the gold sector. The company’s competitive strengths include a well-defined acquisition methodology, strong operational management, and the expertise to execute rapid acquisitions and future mine development.

Currently, Ironbark owns the Citroen zinc/lead project in northern Greenland, which is one of the world’s biggest undeveloped zinc/lead resources in excess of 13-billion pounds of contained zinc and lead metal.

Citronen's 2021 bankable feasibility study highlights the project's post-tax net present value of $363-million, a mine life of 20 years and post-tax free cash flow of $1.46-billion.