Junior explorer Argent Minerals is the latest to feel the wrath of its disgruntled shareholders with the company receiving a notice for the removal of board members.
At least one unidentified shareholder is seeking to throw out Argent’s non-executive chairman Stephen Gemell and non-executive director Peter Nightingale.
It is proposed that Mr Gemell and Mr Nightingale be replaced by Klaus Eckhof, Tim Hronsky and Emmanuel Correia as directors.
Investors seem to have welcomed the news with the stock (ASX:ARD) trading 30 per cent higher at 3.7c in Friday afternoon trade.
The proposed directors have a wealth of experience in both geology and in corporate advisory roles.
Mr Eckhof is non-executive chairman of AVZ Minerals and is a geologist who has developed several projects globally while Mr Hronsky, also a geologist, is on the board of St George Mining and was previously founding director of Emmerson Resources and a non-executive director of A1 Minerals.
Mr Correia is a chartered accountant and was a co-founder of Peloton Capital.
Argent said in a short statement that no reasons for the proposed removals and appointments had been given.
The company will now arrange for a general meeting to be held at which shareholders will vote on the matter.
Argent’s assets lie in the Lachlan Orogen in New South Wales, a richly mineralised geological terrane extending from northern NSW through Victoria and into Tasmania.
Its flagship project is the Kempfield Polymetallic Project which has a substantial Mineral Resource of 21.8 million tonnes and 52 million ounces of silver equivalent contained metal.