Skylark Raises A$10M, Appoints Ex-Nordgold CEO, and Sells Citronen Project

Leadership Transformation Signals Ambitious Growth

Skylark Minerals has made a decisive move to accelerate its growth trajectory by appointing a trio of highly experienced executives from the global gold sector. Most notably, Nikolai Zelenski, former CEO of Nordgold, has joined as Executive Chairman. Zelenski’s track record includes scaling Nordgold into a top-fifteen global gold producer with annual EBITDA surpassing US$1 billion, bringing invaluable expertise in strategic growth, operational excellence, and value creation.

Joining Zelenski are Evgeny Tulubenskiy, former Nordgold Director of ESG and Chief Legal Officer, and Igor Klimanov, former Director of Development at Nordgold. This leadership overhaul underscores Skylark’s commitment to leveraging world-class talent to unlock value across its portfolio.

Strategic Divestment of Citronen Project Refines Focus

In a significant portfolio optimisation, Skylark has entered into a binding agreement to divest its 100% interest in the Citronen Zn-Pb Project in Greenland for A$1.4 million. The sale, expected to complete in Q2 2025 pending regulatory approvals, aligns with the company’s strategic pivot towards precious metals and gold-focused assets. The divestment provides a fresh foundation for growth by freeing capital and management focus to pursue higher-value opportunities.

Capital Raise and Share Consolidation Strengthen Financial Position

Skylark successfully raised A$10 million through a placement of 50 million shares at A$0.20 each, accompanied by attaching options exercisable at A$0.30 and A$0.40. This capital injection, coupled with a share consolidation, resets the company’s capital structure and bolsters its balance sheet, enabling it to pursue strategic acquisitions and fund ongoing exploration activities. Notably, all directors, including the new appointees, participated in the placement, signaling strong internal confidence.

Exploration Activities Validate Prospectivity Across Key Projects

Field reconnaissance at the Anderson Copper Project in Queensland confirmed the presence of hematitic ironstones, which are favourable hosts for copper and copper-gold mineralisation. Meanwhile, exploration at the Narongo Prospect within the Captains Flat Project in New South Wales revealed geological characteristics supportive of base metal mineralisation, including copper, zinc, lead, silver, and gold. Several new drill targets have been identified, with follow-up fieldwork planned for the second half of 2025.

Dual-Track Strategy Positions Skylark for Growth

Skylark’s approach combines rapid, acquisition-led growth with disciplined, data-driven exploration. The company has established a robust pipeline of acquisition targets while advancing its existing portfolio, which spans copper, critical minerals, and precious metals across Australia, Brazil, and Greenland. This dual-track strategy aims to unlock value from both greenfield discoveries and strategic asset purchases, leveraging the expertise of its new leadership team.

With a strengthened balance sheet, a refreshed leadership team, and a sharpened strategic focus, Skylark Minerals is well positioned to deliver on its growth ambitions in 2025 and beyond.