Magontec Limited announced that Mr. Labuschagne is the Executive Chairman of Aeris Resources Ltd. AIS was formerly a substantial shareholder of Magontec via its 100% owned subsidiary Straits Mine Management Pty Ltd. As such, Mr. Labuschagne was regarded as a non-independent Director. However, on 21 February 2022 AIS sold its entire holding of Magontec shares. In the light of the sale, and Mr. Labuschagne's agreement to remain a Director, the Board considers that Mr. Labuschagne holds no interest, position or relationship that might, or reasonably be perceived to, influence in a material respect his capacity to bring an independent judgement to bear on issues before the Board.

From 4 May 2022, the Board will regard Mr. Labuschagne as an independent Director.