How Will Ray Muskett’s Board Entry and 750M Share Placement Shape Bastion’s Future?
Bastion Minerals has appointed seasoned geologist Ray Muskett to its board and secured shareholder approval to issue up to 750 million new shares, positioning the company for an accelerated exploration phase.
- Ray Muskett joins Bastion Minerals as Non-Executive Director
- Shareholders approve placement facility for up to 750 million shares
- Placement proceeds aimed at advancing exploration and working capital
- John Ribbons resigns from the board
- Board yet to decide on timing or investors for share issuance
Strategic Board Appointment
Bastion Minerals Ltd (ASX, BMO) has taken a significant step in strengthening its leadership team with the appointment of Mr Ray Muskett as a Non-Executive Director. Announced following the company’s Extraordinary General Meeting on 12 September 2025, Muskett brings over 30 years of geological expertise, particularly in gold exploration, to the board. His background includes extensive work on Olympic Dam style ore bodies and large volcanogenic gold/copper deposits, making him a valuable asset as Bastion looks to sharpen its exploration focus.
Mr Muskett’s appointment coincides with the resignation of Mr John Ribbons, marking a clear transition in the company’s governance as it embarks on its next growth phase. Chairman Gavin Rutherford highlighted Muskett’s role as pivotal, especially in his capacity as Director, Exploration, underscoring the company’s intent to leverage his experience to drive project advancement.
Capital Raising Capacity Secured
In tandem with the board changes, Bastion Minerals secured shareholder approval for a substantial placement facility, allowing the company to issue up to 750 million new shares. This move is designed to provide the financial flexibility needed to accelerate exploration activities and support general working capital requirements. The approval circumvents the usual 15% annual placement limit under ASX Listing Rule 7.1, giving Bastion the capacity to act swiftly when opportunities arise.
Despite this approval, the board has not yet committed to any specific share issuance or identified potential investors. This cautious approach suggests Bastion is positioning itself to respond opportunistically to market conditions or project needs rather than rushing into capital raising.
Looking Ahead
Bastion’s strategic moves reflect a company intent on rebuilding and expanding its footprint in the competitive gold and base metals exploration sector. The combination of experienced leadership and enhanced capital capacity sets the stage for potentially accelerated project development. However, the market will be watching closely for how and when the placement facility is utilised, and how Mr Muskett’s expertise translates into tangible exploration progress.
Bottom Line?
Bastion Minerals is gearing up for a pivotal exploration phase, but the timing and impact of its capital raise remain key watchpoints.
Questions in the middle?
- When will Bastion Minerals decide to utilise the 750 million share placement facility?
- What specific exploration projects will benefit most from the new capital and leadership?
- How will Ray Muskett’s appointment influence the company’s strategic direction and operational execution?
