James Bay Appoints Founder Hayes as Executive Director, Proposes 5M Performance Rights

Leadership Reshuffle Signals Strategic Growth

James Bay Minerals (ASX: JBY) has announced a significant strengthening of its board and management team, a move that underscores its ambition to accelerate development of the Independence Gold Project in Nevada. Founder and major shareholder Matthew Hayes has been appointed Executive Director, returning to a hands-on leadership role after serving as corporate advisor since the company’s IPO. Meanwhile, Andrew Dornan transitions from Executive Director to Executive Chair, maintaining his influential presence on the board.

Hayes brings over 17 years of corporate development and capital markets experience, having led James Bay’s IPO and played a pivotal role in acquiring the Independence Gold Project. His track record includes founding Sun Silver Limited and driving its successful ASX listing and asset acquisitions. His appointment signals a renewed focus on resource expansion and shareholder value creation as James Bay enters a critical growth phase.

Technical Expertise Added to Exploration Team

Complementing the leadership changes, James Bay has appointed Jay Ward as Exploration Manager. Ward’s credentials include key roles at Capricorn Metals and Strickland Metals, where he contributed to significant gold deposit expansions and asset sales. His expertise is expected to enhance the company’s exploration efficiency and resource development strategies.

Adding further depth, Keith Wood, former Chief Growth Geologist at Nevada Gold Mines’ Phoenix Mine, joins as a Strategic Advisor. Wood’s extensive experience in Nevada’s prolific Battle Mountain district, including leading growth strategies and drill programs, provides James Bay with invaluable local geological insight and operational know-how.

Project Context and Growth Potential

The Independence Gold Project is strategically located adjacent to the Nevada Gold Mines’ Phoenix Project, within one of the world’s most favourable mining jurisdictions. The project holds a foreign NI 43-101 mineral resource estimate of approximately 796,200 ounces of gold in the skarn deposit and additional near-surface resources, though these remain to be classified under the JORC Code.

James Bay’s leadership changes coincide with a proposed grant of 5 million performance rights to Matthew Hayes, subject to shareholder approval. These incentives are tied to key milestones including resource growth beyond 2 million ounces, completion of a 5,000-metre drill program, and a positive scoping study. This aligns executive remuneration with tangible project advancement and market performance.

Implications for Shareholders and Market

The board reshuffle and technical appointments reflect a clear strategic intent to leverage deep industry experience and local expertise to unlock the Independence Project’s potential. With Nevada’s supportive regulatory environment and infrastructure, James Bay is positioning itself to capitalize on exploration upside and resource definition in a Tier-1 jurisdiction.

Investors will be watching closely how the new leadership team executes on exploration and development plans, and whether the performance hurdles tied to executive incentives translate into meaningful value creation. The departure of Non-Executive Chair Gerard O'Donovan marks a new chapter in governance, with the company now under the stewardship of a leadership team intimately connected to its core assets.