Future Metals chair goes part-time amid PGM price slump

9th Aug 2024 11:04

(Sharecast News) - Future Metals announced in an update on Friday that its executive chair Patrick Walta had made a strategic decision to transition to a part-time role from 1 August.

The AIM-traded firm said the move was in response to the current low prices of platinum group metals (PGMs), and was part of its broader focus on prudent financial management.

It said Walta's salary would be reduced from $30,000 per month to $5,000 per month, while all other terms of his employment contract remained unchanged.

Future Metals said it was continuing to concentrate on its key initiatives, including drilling at priority targets such as Eileen Bore and the Alice Downs Corridor, which were aimed at discovering new copper, nickel, and PGM mineralisation near its Panton PGM Project.

The company was also evaluating potential copper and precious metals project opportunities in strategic proximity to the Panton Project, alongside exploring low-cost development opportunities at Panton and maintaining a strong focus on financial management.

At 0917 BST, shares in Future Metals were down 14.78% at 0.77p.

Reporting by Josh White for Sharecast.com.