Frontier Resources boss exits as Papua New Guinea woes continue
Link copied to
Peter McNeil has walked away from the top job at troubled junior Frontier Resources.
Mr McNeil, who led the company to its ASX listing 15 years ago, has resigned from his roles as chairman and managing director for “personal reasons”, Frontier told investors.
In the past year, Frontier (ASX:FNT) shares have tumbled 72 per cent to Tuesday’s closing price of 1.5c.
Frontier (ASX:FNT) recently had two exploration licence applications rejected by the Papua New Guinea government without reason.
The company is exploring for copper, gold and molybdenum along the Papuan Fold Belt of PNG, which hosts large copper and gold mines like Ok Tedi and Barrick Gold’s Porgera gold mine.
The company is facing growing pressure, with its cash reserves falling to $49,000 at the end of the December quarter.
Frontier has had to secure a loan to tide it over until it can square away a $6 million placement with one of the largest non‐banking conglomerates in China, Forise Group.
The placement has now been delayed until mid-May due to difficulties in obtaining the required information in PNG for the independent expert’s report.
The exploration programs at the Muller and Bulago projects and a court hearing for the renewal of the Muller licence have also been delayed due to a recent earthquake.
Stockhead is seeking comment from Frontier.