Ann: Board Changes, page-6

Board Changes
As part of continued efforts to streamline operations and reduce costs, the Company’s
Managing Director, Jason Stirbinskis, has resigned as CEO and Director of LCL Resources
Ltd (LCL or the Company), with relevant functions absorbed within the current board and
senior management team.
Mr Stirbinskis has agreed to remain an LCL employee on a part-time basis, as and when
required, to facilitate a smooth transition to the new operating model over coming months.
CFO and Company Secretary, Mr Mike Allen has been appointed a Director of the
Company and Chairman, Mr Ross Ashton, has been appointed Executive Chairman. Mr
Kevin Wilson will continue in his role as a Non-Executive Director.
Since 2019 Jason has navigated the Company through extremely challenging and
rewarding periods including the Andes Resources / Metminco merger to form LCL, the
definition of the 2.6Moz Quinchia Gold Resource1 in Colombia and acquisition of the
Company’s PNG copper, gold and nickel portfolio. Under his management the Company
has championed ESG and local engagement, including winning the 2022 ESG award for
the Colombian Mining sector2 and the granting of the Quinchia Environmental Licence in
20233. We are grateful for the professional manner in which he is supporting the transition.
The Board appreciates the current difficult market conditions for junior explorers and the
need for prudent management of funds and targeted expenditure. The Board changes
represent a significant saving in overheads. Expenditure on the Company’s Colombian
gold projects have been significantly reduced awaiting an improved investment
environment. In Papua New Guinea, recent field work has been restricted to identifying
high grade nickel sulphide targets for drill testing and results from the most recent field
program are expected in March.
Specifically, the Board notes the impact of a low nickel price on nickel project expenditure
globally. This will influence future PNG Nickel Project exploration expenditure as part of the
Company’s low cost and measured approach to its activities in Colombia and PNG. During
this period, the Company will continue to manage its projects in an appropriate manner,
whilst also considering additional project opportunities that can add value to the
Company’s project portfolio and shareholder value Cash at end of December 2023 was $3.7M4, and this combined with the significant cost
cutting exercises taken by the Company over the past few months means LCL is well-placed
to navigate through the current difficult junior resources environment.
For the purpose of ASX Listing Rule 15.5, the Board has authorised the release of this
announcement.