Power Metal has made an announcement that its founder and CEO, Paul Johnson, will be stepping down from his role with immediate effect, and a management reshuffle will follow his departure.
According to a statement from the company, Johnson is stepping down to focus on urgent family health matters but will continue to support the company in a background capacity while it pursues its spin-off and disposal strategy.
Sean Wade, who has previously held senior roles at Berkeley Energia, Pensana, and Asia Resource Minerals, will succeed Johnson as CEO. He was also a co-founder of Liberum, a London stockbroker, and began his career at Cazenove.
Scott Richardson-Brown, who has served as the interim non-executive chair of Power Metal since 2021, has now been appointed to the role on a permanent basis.
Wade’s focus will be on accelerating the spin-out IPOs of Golden Metal Resources (of which Power Metal owns 83%), First Development (58.6%), and New Ballarat Gold (49.9%), as well as completing the sale of two uranium properties in Canada.
For Power Metal, the priority will be developing its nickel and gold systems in Botswana, as well as its remaining uranium assets in Saskatchewan.
Johnson commented on the transition, saying that as the company’s largest shareholder, he believes this change in management is the right step for Power Metal to reach its full potential. Wade added that he is excited about the challenge of unlocking inherent value and focusing the business on advancing key exploration interests in Africa, potentially with strategic partners.
