WRES.L Regulatory News (WRES)

11 October 2021

W Resources Plc

("W" or the "Company")

Board and Management Update

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining and exploration company with assets in Spain and Portugal, announces that Executive Director, Mr Pablo Neira will step down from the Board with effect from 18 October 2021. 

Pablo Neira will leave the Company in order to pursue an opportunity outside the mining industry managing a Spanish private fund based in Madrid.

Pablo became Managing Director of W's Spanish subsidiary, Iberian Resources Spain, SL ("IRS") and Executive Director of W in November 2020, having been previously a Non-executive Director of the Company and has played a key role in strengthening the Company's performance and developing a strong and independent management team at La Parrilla.

The management team has already taken on certain operation responsibilities from him, including Jesus Martin who has been appointed Operations Manager with Marcos Lindo as Mine Manager and Juan Garcia Valledor now Head of Environmental, Health & Safety. Jesus is responsible for all aspects of running and managing the mine at La Parrilla with the finance function continuing to be managed by the finance team at the plant, who will now report directly to Paul Hailes, CFO, who will visit La Parrilla monthly.

As of 1 September 2021, Paul's role as CFO transitioned from a part-time to a full-time basis. His role will now encompass the interface between the management team at La Parrilla and the W Board where he will take on the civil, legal and corporate governance responsibilities for IRS until a new Managing Director of IRS has been appointed.

The Company is currently interviewing potential candidates for the position of Managing Director of IRS and the new appointment will be announced in due course.

The expanded IRS management team based at the La Parrilla mine has made great progress over the past month and combined with W's management team will ensure La Parrilla remains on track to achieve its production targets in the months ahead.

Mr Michael Masterman, Chairman of W, commented: "Since Pablo's appointment in 2018 as a Non-Executive Director and his move to an executive role in 2020 his leadership has had a substantial impact on the development, performance and productivity at the La Parrilla mine. As a valued member of the team we wish him well in his new role and thank him for building such a strong management team, which has been central to our progress this year at La Parrilla."

Pablo Neira, commented: "I am pleased with the progress and achievements at La Parrilla Mine in Spain and the management team have made great progress over the past months. In my new role however, I am unable to continue on the Board. When this opportunity presented itself, it was one I could not turn down. I remain very supportive of the project and fantastic team and I look forward to witnessing its ongoing success."

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