Mustang Resources managing director Christiaan Jordaan has resigned following the ruby miner’s disappointing maiden ruby auction results.

Mr Jordaan resigned from the managing director position for “personal reasons” — but will remain a non-executive director.

“Mustang emphasises that it was Mr Jordaan’s decision to resign and the directors reluctantly accepted his resignation, but are pleased he still serves on the board,” Mustang told investors on Monday.

Chairman Ian Daymond will step up to executive chairman until a new MD is appointed.

Mustang's share price over the past six months. Source:
Mustang’s share price over the past six months. Source:

Mr Daymond praised for the outgoing director “for the crucial role he played in the company’s growth and development” since his appointment in February 2016.

“Mustang has been transformed under Christiaan’s leadership. He has worked successfully and incredibly hard on advancing the Company’s mineral projects,” Mr Daymond said.

Mr Jordaan said: “I am proud to have led Mustang Resources as it grew from a junior exploration company to becoming a new entrant in the ruby sector in such a very short period and to having one of the world’s highest grade graphite projects, the Caula Graphite Project.”

Mustang is undertaking a “detailed assessment” after disappointing ruby auction results that caused its share price to plummet by two-thirds earlier this month.

“The company continues to receive valuable feedback from the first ruby auction and plans to make a further announcement later this week regarding future ruby exploration and marketing strategies,” Mr Daymond said.

Mustang Resources (ASX:MUS) opened at 3.9c on Monday.