News

Ironbark Zinc Limited (Ironbark, the Company, or IBG) is pleased to announce a significant step in its strategic business evolution with the appointment of Mr. Nikolai Zelenski, a highly experienced and accomplished gold industry leader, as the Company’s new Executive Chair-Elect. In conjunction with his appointment, Ironbark has secured firm commitments from institutional and sophisticated investors to raise A$10 million in new equity funding subject to shareholder approval, recapitalising the business and laying the foundation for the next stage of portfolio advancement and growth.

HIGHLIGHTS

• Appointment of leading international gold-industry executive, Mr. Zelenski, who oversaw NordGold plc’s (Nordgold) rise from a start-up to a high margin, top fifteen global gold producer

• Mr. Zelenski brings over 15 years of experience in mine acquisition, development, and operational growth, with a proven track record in transforming projects into profitable, high-performance assets

• Mr. Zelenski will commence immediately, initially in a consulting role with his proposed formal appointment as Executive Chair to take effect immediately following the Extraordinary General Meeting of Shareholders to be held on or around mid-December 2024 (EGM)

• Existing Chairman Dr. Fred Hess will transition to Non-Executive Director, with Mr. Michael Jardine continuing in his role as Managing Director

• Ironbark’s gold sector growth ambitions will be further supported by additional Executive appointments including Mr. Evgeny Tulubenskiy (former Nordgold Director of ESG and Chief Legal Officer) and Mr. Igor Klimanov (former Nordgold Director of Development)

• A$10 million in new equity funding has been secured through firm Placement commitments from sophisticated and institutional investors, subject to shareholder approval at the EGM, strengthening the Company’s balance sheet and enabling the rapid pursuit of aggressive growth initiatives

• Argonaut Securities Pty Limited (Argonaut) and Taylor Collison Limited (Taylor Collison) acted as Joint Lead Managers to the Placement, and Bacchus Capital Advisers were the Corporate Advisor

• Strategic business evolution further underpinned by a proposed share consolidation on a 1-for-125 basis, subject to shareholder approval at the EGM

• Key strategic priorities include cost-effective copper and critical mineral exploration from within the existing portfolio, unlocking the development potential of the Citronen Base Metals Project (Citronen Project) and development of a robust gold-focused acquisition pipeline

Ironbark Managing Director, Mr. Michael Jardine, commented:

“Nikolai’s appointment is a transformative moment for Ironbark, bringing insightful leadership and a well-developed business framework and execution plan to accelerate our next phase of growth. His impressive track record speaks for itself, he is an elite operator with a proven ability to drive value creation which aligns neatly with our vision. His leadership, combined with the skills of his experienced team, is a strong asset for Ironbark and its shareholders.With Nikolai joining the team, IBG’s ongoing evolution away from a single asset company to one with a portfolio of growth projects will be greatly accelerated. We are now particularly well placed to consider adding further gold exposure to our existing copper, gold, base and battery metals focused asset suite. It was pleasing to see this strategic evolution so well supported by our existing shareholders, many of whom took the opportunity to increase their holding in the Company, as well as welcoming some significant new shareholders including some very well-known junior resource funds. I would also like to take this early opportunity to wholeheartedly thank our current Chairman Dr. Fred Hess who has served the Board and Company admirably over the last five years. Dr. Hess will transition to a Non-Executive role at the EGM and I am confident the business will continue to benefit from his wisdom during the exciting days ahead.”

Ironbark Executive Chair-elect Mr. Nikolai Zelenski, commented:

“I am delighted to join Ironbark at this pivotal time and very much look forward to meaningfully contributing to its continued evolution. 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 exposureacross various stages of project development, multiple jurisdictions, and a mix of commodities. We are focused on building upon this foundation to unlock substantial value for shareholders in the near and long term.”

BOARD AND EXECUTIVE CHANGES

With Mr. Zelenski’s appointment, current Chairman, Dr. Hess, will transition to a Non-Executive Director role. Additionally, it is intended that Mr. Danny Segman, Ironbark’s largest individual shareholder, will be appointed as a Non-Executive Director of the Company at the Company’s 2024 Annual General Meeting to be held on Thursday, 28 November 2024. Ironbark will also commission a new Advisory Board from the time of the EGM onwards, with Mr. Peter Bacchus, former Global Head of Metals and Mining at Morgan Stanley and founder of Bacchus Capital, as the inaugural Adviser to the Board.