Maronan Metals Appoints Dugald River Mine-Builder to Lead Project Towards Production
Key Takeaways
- Maronan Metals (ASX: MMA) has appointed Andrew Graham as Managing Director and CEO, commencing 23 November 2026, concluding the leadership transition announced on 13 May 2026.
- Graham brings 30 years of mine development experience, including General Manager roles at MMG Limited where he led the re-engineering and construction recommencement of the Dugald River underground zinc-silver-lead mine — in the same North West Queensland province as the Maronan Project.
- The company is funded to accelerate drilling at the Maronan Project and advance technical workstreams supporting a Preliminary Feasibility Study and Mining Lease application, with Chairman Bird outlining a two-year roadmap to DFS and Mining Lease.
- Outgoing MD Richard Carlton will remain on the Board as a Non-Executive Director, preserving institutional knowledge through the transition.
- Graham's remuneration package includes a $475,000 base salary, sign-on options exercisable at $0.59 and $0.84, and 3,500,000 performance rights vesting at VWAP hurdles of $1.11 and $1.48 — aligning his incentives directly with shareholder value creation.
Maronan Metals brings in a mine-builder to lead its next chapter
Maronan Metals (ASX: MMA) has appointed Andrew Graham as Managing Director and Chief Executive Officer, with Graham expected to commence on 23 November 2026. The appointment concludes the executive leadership transition process announced on 13 May 2026, following a comprehensive executive search conducted by the Board. The timing is deliberate: Maronan is funded to accelerate drilling at the Maronan Project and to progress the technical and development workstreams supporting a Preliminary Feasibility Study and a Mining Lease application.
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A 30-year track record where it counts most
Graham brings 30 years of experience spanning mine operations, project development, strategy, mergers and acquisitions, and corporate finance. The anchor credential is his time at MMG Limited between 2009 and 2020, where he held General Manager roles that included the re-engineering, approval, and recommencement of construction of the Dugald River underground zinc, silver and lead mine in North West Queensland — the same province as the Maronan Project.
He currently serves as Chief Development and Technical Officer at Aurelia Metals (ASX: AMI), where he also served as Interim Chief Executive Officer. His earlier career spans:
- OZ Minerals
- Zinifex
- BHP Billiton (including operating roles at BHP Coal’s Queensland mines)
Graham’s academic and professional qualifications reinforce the appointment:
- Bachelor of Engineering (Mining) with First Class Honours, University of Queensland
- Graduate Diploma in Applied Finance and Investment
- Advanced Management Program, The Wharton School
- Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM)
- Graduate of the Australian Institute of Company Directors (AICD)
Chairman Simon Bird
“Andrew’s record in taking underground base metals projects from study through financing and into production – including Dugald River, in the same province as Maronan – makes him the right leader for that work.”
What the Maronan Project looks like right now
The Maronan Project is located in the Cloncurry region of North West Queensland, within the North West Minerals Province, a well-established mining region with access to infrastructure and nearby processing facilities. The project hosts a large silver-lead and copper-gold Mineral Resource and is currently advancing through a dual-track work programme:
The Maronan Project has already returned high-grade copper-gold results from recent drilling campaigns, adding a polymetallic dimension to what was originally defined as a silver-lead system and broadening the project’s appeal to a wider investor base.
- Infill and extensional drilling to expand and upgrade the Mineral Resource, particularly within and around the Starter Zone.
- Technical and regulatory studies to support permitting and development.
Key workstreams being advanced in parallel include drilling, geotechnical assessment, metallurgical studies, and development planning.
Chairman Bird outlined a two-year roadmap: grow and upgrade the Mineral Resource, complete Preliminary Feasibility and Definitive Feasibility Studies, and obtain a Mining Lease. For investors, these milestones represent the standard de-risking pathway for a project of this scale. A Preliminary Feasibility Study (PFS) is an independent technical and economic assessment that determines whether a project is viable enough to warrant the more detailed and costly Definitive Feasibility Study (DFS). A Mining Lease, granted by the relevant state authority, is the regulatory approval that enables the company to actually mine — securing it opens financing pathways and sets up the transition from development to production.
Graham noted the support of existing backers in his comments on joining the company:
Andrew Graham
“Richard, Simon and the broader team have done an outstanding job defining a large-scale Resource with the silver, copper and gold exposure required for the modern economy. I look forward to building on that strong foundation, supported by Kinterra Capital and Perth Capital, as we work to unlock the full potential of the Maronan Project and develop one of Australia’s next significant mines.”
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Board transition and remuneration terms
Outgoing Managing Director Richard Carlton will conclude his executive role following a short handover period after Graham’s commencement. The Board confirmed Carlton will remain on the Board as a Non-Executive Director, providing continuity of institutional knowledge through the transition. Graham’s appointment as a director will be put to shareholders for approval at a forthcoming Annual General Meeting.
The material terms of Graham’s employment are summarised below.
| Component | Detail |
|---|---|
| Base salary | $475,000 per annum plus superannuation of $32,500 per annum. No separate directors’ fees payable. |
| Short-term incentive | Target opportunity of 50% of base salary (maximum 70%), subject to Board-approved performance conditions and Board discretion. The FY2027 opportunity is pro-rated from the commencement date. |
| Long-term incentive | Annual grant of performance rights at a target value of 100% of base salary (maximum 200%), subject to Board-approved performance conditions and, where required, shareholder approval. |
| Sign-on options | 3,000,000 unlisted options in two equal tranches, exercisable at $0.59 and $0.84 respectively. Exercisable from 18 months after issue; expire 36 months after issue. |
| Sign-on performance rights | 3,500,000 performance rights in two equal tranches, vesting if the Company’s 20-trading-day VWAP reaches $1.11 and $1.48 respectively. Convertible from 18 months after issue; expire 36 months after issue. |
Sign-on securities are issued under the Company’s shareholder-approved Employee Incentive Securities Plan on Graham’s commencement and appointment as a director. Unvested securities lapse if Graham has ceased employment, or is serving a notice period, when they become exercisable or convertible, unless the Board determines otherwise. On a change of control, unvested securities vest unless the Board determines otherwise.
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