COPPER 360 LIMITED - Update Regarding Executive Responsibilities and Management Arrangements

Evidence from the filing

• The executive changes are part of an "ongoing re-organisation post recapitalisation of the business," indicating a strategic and proactive effort to optimize the company's structure and operations after strengthening its financial position.

  “Shareholders are advised that, as part of an ongoing re-organisation post recapitalisation of the business, Messrs Graham Briggs and Stephan Du Plessis have taken a leave of absence with immediate effect.”

• The appointment of Gordon Thompson, the current COO, as Transitional CEO is a strong positive, given his "over 25 years' experience in mine development, construction, commissioning, and operations across Africa".

  “Mr Thompson is a professional certificated engineer and seasoned mining executive with over 25 years' experience in mine development, construction, commissioning, and operations across Africa. He has successfully built and commissioned multiple mines and processing plants and has held senior executive and board roles in JSE-, ASX- and LSE-listed companies. Mr Thompson joined the company on the first of June 2023 and is currently the Chief Operations Officer of the Company and brings deep operational, governance and capital markets experience to the role of Transitional Chief Executive Officer.”

• Seten Naidoo's appointment as Transitional Commercial Executive, leveraging his 17 years in the resources sector including as current Chief Risk Officer, strengthens the company's focus on "commercial strategy, capital markets and operational support".

  “Mr Naidoo has 17 years of experience in the resources sector across strategy, asset management, equity research and stakeholder engagement. He has worked closely with executive and operational teams to drive commercial performance and continuity across the business. Mr Naidoo is currently the Chief Risk Officer of the Company and brings deep experience in commercial strategy, capital markets and operational support to the role of Transitional Commercial Executive.”

• The Board's explicit assurances that "the Company's operations continue as normal," with "no disruption to day-to-day mining, processing or commercial activities."

  “The Board wishes to assure shareholders that: • the Company's operations continue as normal; • there has been no disruption to day-to-day mining, processing or commercial activities; and • the Company remains focused on operational delivery, financial discipline and value creation for shareholders.”

• The immediate 'leave of absence' for two executives, Messrs Graham Briggs and Stephan Du Plessis, signals significant and abrupt leadership instability.

  “Shareholders are advised that, as part of an ongoing re-organisation post recapitalisation of the business, Messrs Graham Briggs and Stephan Du Plessis have taken a leave of absence with immediate effect.”

• The explicit designation of the new appointments as 'Transitional' indicates that a permanent leadership structure is not yet in place.

  “The Board is pleased to announce the appointment of Gordon Thompson as Transitional Chief Executive Officer and Seten Naidoo as Transitional Commercial Executive with immediate effect.”

• The use of 'leave of absence' without specific reasons for two senior executives raises questions about transparency.

  “Messrs Graham Briggs and Stephan Du Plessis have taken a leave of absence with immediate effect.”

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