Mincor Resources NL advised that, with the Company's successful return to the ranks of Australian nickel producers and the ramp-up of its Kambalda Nickel Operations now well underway, David Southam has decided to step down as the Company's Managing Director and CEO. The decision reflects Mr. Southam's view that this is a logical stage in Mincor's lifecycle for a leadership transition, combined with his desire to be able to spend more time with his family and to pursue personal interests after a career spanning more than 25 years at senior executive levels within ASX-listed resource companies, including the past 3.5 years overseeing Mincor's return to production status. After discussions with Mr. Southam, the Board initiated an executive search process and, after short-listing several high-quality candidates, announced the appointment of highly regarded senior mining executive, Gabrielle Iwanow, as his successor.

Ms Iwanow is a highly accomplished executive with extensive experience working at senior operational and executive levels within the bulk and base metals resource sector including a lengthy career with global mining giant Rio Tinto and, more recently, with ASX-100 mining company OZ Minerals as General Manager of the Prominent Hill operation in South Australia. Gabrielle's proven leadership in operational excellence, and in shaping organisational cultures with an inclusive and collaborative style to drive growth, together with significant global exposure at senior executive levels within one of the mining companies, give her a unique set of skills which make her the ideal person to lead Mincor into the future. Prior to joining OZ Minerals in September 2018, Ms Iwanow had a varied and highly successful 14-year career at Rio Tinto, including as General Manager of the Paraburdoo Iron Ore Operations, where she led 1,200 people focused on driving operational improvements, and as Mine Services Manager for the Brockman Operations.

From 2012-15, she was Business Executive, Office of the Chief Executive, a role in which she played a leading hand in Rio Tinto's Global Transformation Program, reporting directly to the CEO. Other previous roles within Rio Tinto included as Manager, Business Development (International), Principal Adviser, Strategic Projects and Principal Adviser, Corporate Affairs. As General Manager, Prominent Hill at OZ Minerals, Ms Iwanow led the transformation strategy for the operations, delivering record production and growing Prominent Hill into one of the largest underground truck and shovel operations in Australia, including the recently announced AUD 600 million Wira shaft and material handling project.

Her achievements include establishing a new, future-facing operating system, along with improved stakeholder engagement and emission reduction strategies. Ms Iwanow is a Fellow of the AusIMM and was named as one of the Top-100 Global Inspirational Women in Mining in 2020. Mr. Southam will step down as Managing Director on 12 August, with Ms Iwanow to commence with the Company in early November.

During this brief transition period, Mincor Chair Brett Lambert will act as Executive Chairman on an interim basis and will be supported by other non-executive directors and the Company's strong incumbent senior leadership team. Mr. Southam has also agreed to provide strategic advice and input to the Company on a consultancy basis to ensure a smooth and seamless management transition.