Odessa Minerals Taps Lithium Veteran Tim Goldsmith as Chairman, Raises $1.15M
Odessa Minerals appoints Tim Goldsmith, former Rincon CEO, as Non-Executive Chairman and raises $1.15 million to fuel exploration and acquisitions.
- Tim Goldsmith appointed Non-Executive Chairman
- Raised $1.15 million via discounted share placement
- Issued 83 million performance rights tied to acquisition and drilling milestones
- New consultants Sam Brooks and Matt Keusel onboarded for project development
- Former Chairman Zane Lewis transitions to Non-Executive Director role
Leadership Refresh with Proven Lithium Expertise
Odessa Minerals Limited (ASX – ODE) has announced a strategic board reshuffle, appointing Tim Goldsmith as its new Non-Executive Chairman. Goldsmith brings a wealth of experience from his tenure as CEO of Rincon Ltd, an Argentine lithium developer that he successfully guided through to a US$825 million acquisition by Rio Tinto in 2022. His track record in advancing lithium projects and fostering key stakeholder relationships is expected to bolster Odessa’s ambitions in the competitive lithium exploration sector.
Meanwhile, former Chairman Zane Lewis will remain on the board as a Non-Executive Director, ensuring continuity as the company pivots towards its next growth phase.
Capital Raise to Accelerate Project Development
To underpin its growth strategy, Odessa has completed an unbrokered placement raising $1.15 million before costs. The placement involved issuing over 164 million new shares at a 15.66% discount to the recent volume-weighted average price, with participation from Goldsmith, existing directors, and sophisticated investors. Funds will primarily support advancing current projects, generating new opportunities, and general working capital needs.
Aligning Incentives Through Performance Rights
In a move to align management and consultants with shareholder interests, Odessa has issued 83 million performance rights. These rights vest upon the completion of a material acquisition, defined as at least 25% of the company’s enterprise value, and a minimum of 5,000 meters of drilling on the acquired asset, both by the end of 2027. This structure underscores Odessa’s commitment to tangible progress in project development and acquisition execution.
Strengthening Technical and Regional Expertise
Complementing the leadership changes, Odessa has appointed Sam Brooks and Matt Keusel as consultants. Brooks brings technical expertise to identify and evaluate new opportunities, while Keusel offers deep in-country experience and networks in South America, a key region for lithium exploration. Their involvement signals Odessa’s intent to expand its footprint and leverage regional insights effectively.
With these initiatives, Odessa positions itself to capitalize on the growing demand for lithium, a critical component in the global transition to clean energy technologies.
Bottom Line?
Odessa’s leadership overhaul and capital raise set the stage for a pivotal growth chapter, but execution on acquisitions and drilling will be the true test.
Questions in the middle?
- Which specific projects or regions is Odessa targeting for its material acquisition?
- How soon can investors expect updates on drilling progress tied to performance rights vesting?
- What are the potential risks if the company fails to meet the acquisition or drilling milestones by 2027?
