Golden Rim announces CEO transition

31 October 2022 – West African gold explorer Golden Rim Resources Ltd (ASX: GMR; Golden Rim or Company) - https://www.commodity-tv.com/ondemand/companies/profil/golden-rim-resources-ltd/ - advises that Mr Craig Mackay will step down as Managing Director and Mr Tim Strong will become Chief Executive Officer, with effect from 1 November 2022.

After 21 years with Golden Rim, 15 of those as Managing Director, Craig will step down from the CEO role but continue as a Director for six months to ensure a smooth transition.

Golden Rim’s Chairman, Mr Adonis Pouroulis, said: “Craig has made an enormous contribution to Golden Rim including having achieved a number of gold discoveries. He has played a pivotal role in steering the Company’s projects to advanced stages and he has been the driving force behind the Kada Gold Project, placing the Company on the path to project development. Craig has worked tirelessly and it has been a pleasure to work with him.

“On behalf of the Board, staff and all our stakeholders, I would like to pay special tribute to Craig and thank him sincerely for his commitment and dedication over a long period of time. We wish him well for the future.

“I would like to extend a warm welcome to Tim Strong. Tim is very familiar with West Africa and we look forward to his input in progressing the Kada Gold Project.”

Tim is an economic geologist with over 13 years’ experience on six continents. Tim’s commodity experience includes gold, copper, cobalt, nickel, lead, and zinc, with a focus on West African shear hosted orogenic gold. Over his career, he has worked with major mining companies, junior exploration companies, and capital markets professionals on a range of projects from target generation through to exploration planning & strategy, resource estimation and feasibility level studies. Work highlights include the resource drill out of the Yaouré gold deposit in Cote d’Ivoire (Amara Mining/Perseus Mining) as well as running near mine exploration for Resolute Mining in Mali.

Tim has been involved with the raising of seed capital and pre-IPO financing for private companies through an extensive network of European and North American investors. Through his work with public-listed junior exploration companies Tim has additionally been involved with joint venture negotiation, investor relations and capital raisings.

Tim holds a BSc (Hons) Applied Geology from the Camborne School of Mines and an MBA in International Mineral Resources Management from the University of Dundee. He is a Professional Member of the Institute of Materials, Minerals and Mining, a Registered Scientist with the Science Council in the United Kingdom and is an Associate of the Camborne School of Mines).

The material terms of Tim Strong’s employment agreement are as follows:

Commencement Date	1 November 2022
Term	No fixed term.
Notice Period	Six months (but four weeks within the first six months of the term).
Total remuneration	A$250,000 per annum 5,000,000 zero exercise price options (ZEPOs) which will vest according to performance-based and tenure based vesting conditions. If the performance-based milestones are met, the ZEPOs will vest in three separate tranches one year, two years and three years after the issue date respectively. The performance-based milestones relate to the Kada Gold Project and include the size of the mineral resource, studies performed and an Exploitation Permit. The ZEPOs will expire after four years. 5,000,000 options (Options) exercisable at A$0.07, which will vest according to tenure related milestones. They will vest in three separate tranches one year, two years and three years after the issue date respectively. The Options will expire after four years. Both the ZEPOs and the Options are issued under the Company’s Option Incentive Plan.
Other terms	All other terms are standard for this type of agreement.