Reedy Lagoon taps small-cap veteran to drive corporate reset
Reedy Lagoon Corporation (ASX: RLC) has called in an experienced set of hands to help steer its next chapter, appointing seasoned resources investor and corporate finance specialist Joshua Gordon as executive director in a move designed to sharpen the company's strategic focus and unlock shareholder value.
The appointment appears to be part of a broader corporate shake-up, coming on the heels of founder and long-serving managing director Geof Fethers’ retirement in September. In what looks like a coordinated transition, Ish Peries was appointed as a non-executive director on the same day Fethers stepped down from the board. Interestingly,, i Peries and Gordon already share a boardroom connection, with both serving as directors of ASX-listed biotech Skin Elements.
Gordon is no stranger to the corporate finance gameier, having previously held the title of dDirector of cCorporate fFinance at Melbourne-based advisory firm PAC Partners. A well-known figure in the junior resources sector, he brings extensive experience in capital markets, capital raisings, project origination and developing emerging companies. He also currently sits on the boards of ASX-listed explorers Dalaroo Metals and Critical Resources.
The company says Gordon's first order of business will be to work with the board to conduct a strategic review of the Reedy's existing exploration portfolio. The review will assess opportunities to advance and realise value from its current assets, in addition to evaluating potential new opportunities consistent with the company’s objectives.
Joshua brings valuable experience in capital markets and the resources sector, together with an established network. The Board looks forward to working with Joshua as we assess the Company's existing assets, evaluate strategic opportunities and seek to position Reedy Lagoon for its next phase of development. Reedy Lagoon Non-Executive Chairman Jonathan Hamer
The assets under review include the company’s Burracoppin gold project, which lies in WA's central Wheatbelt region just 20 kilometres from Forrestania's Edna May gold mine. The project targets the regional Yandina Shear Zone, which has seen very little historical exploration. Beyond gold, Reedy Lagoon also has its hands on the Burracoppin iron project, a magnetite deposit boasting a handy logistical advantage. The Trans-Australian Railway runs directly across the north-western end of the project, offering a potential rail route to port and a significant leg-up on future transport infrastructure requirements.
Notably, Gordon is already a substantial holder inof Reedy Lagoon with an 8.16 per cent stake, having recently participated in a capital raising,to build his position,, ensuring he has plenty of his own skin in the game and directly alignsing his interests with the company’s broader register. The company currently has about $2.2 million in the tin post two recent placements.
The appointment comes as Western Australia’s gold sector remains firmly in consolidation mode, fuelled by strong bullion prices and an appetite for additional ounces, processing infrastructure and regional scale.
The past six months have delivered some sizeable deals, including Genesis Minerals’ proposed $5.6 billion merger with Vault Minerals in July, OceanaGold’s $776 million takeover proposal for Ausgold in August and Forrestania Resources’ $300 million acquisition of Ramelius Resources’ Edna May gold operations in September.
Under the terms of his engagement, Gordon will receive a base salary of $150,000 per annum, plus superannuation.
By landing a well-connected corporate player now at the helm with significant skin in the game and a deal-making background, Reedy Lagoon appears poised for a shake-up. For a company that has been relatively quiet, the appointment could signal a new chapter of activity.
As the WA gold scene continues to consolidate, Gordon’s first task will be to map out a path that sharpens the company’s focus and perhaps positions it to attracts the attention of punters who often rewarding juniors with a clear strategic direction.
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