Xpedra Resources has appointed mining veteran Scott Funston as Managing Director, aligning leadership with the launch of its maiden drilling program at the promising Springfield Gold Deposit in NSW.
- Scott Funston appointed Managing Director, effective immediately
- Maiden drilling program to commence at Springfield Gold Deposit this month
- Springfield Deposit acquired in December 2025 with strong historical drill results
- Funston to receive 20 million performance rights subject to milestones and shareholder approval
- No drilling at Springfield since 1999, mineralisation remains open along strike and at depth
Leadership Change at a Pivotal Moment
Xpedra Resources Limited has moved swiftly to appoint Scott Funston as its new Managing Director, effective immediately. This leadership change coincides with the company’s maiden drilling program at the Springfield Gold Deposit in New South Wales, signalling a clear intent to accelerate exploration and unlock value from this under-explored asset.
Funston, a seasoned mining executive and Chartered Accountant, brings over two decades of experience spanning the entire mining lifecycle, from acquisition and exploration through to production and divestment. His track record includes a pivotal role at Avanco Resources, where he helped steer the company from IPO to a $418 million sale to Oz Minerals, underscoring his capability in delivering shareholder value.
Springfield Gold Deposit, Untapped Potential
The Springfield Gold Deposit, acquired by Xpedra in December 2025, is a compelling exploration opportunity. Historical drilling, albeit limited and last conducted in 1999, revealed thick, high-grade gold mineralisation over a strike length exceeding 1,700 metres. Highlights include intercepts such as 27 metres at 3.65 grams per tonne gold from surface and 86 metres at 1.04 grams per tonne from deeper levels.
Despite these encouraging results, the deposit remains largely untested at depth and along strike, with only 6,568 metres drilled historically. Xpedra’s upcoming drilling campaign aims to fill these gaps, potentially expanding the resource and advancing the project towards a JORC-compliant Mineral Resource Estimate.
Incentivising Growth with Performance Rights
To align leadership incentives with company performance, Xpedra proposes to issue Funston up to 20 million performance rights, subject to shareholder approval. These rights are tied to key milestones including share price thresholds and the announcement of significant JORC Mineral Resource Estimates, specifically, 750,000 ounces and 1 million ounces of gold equivalent at a minimum grade of 1 gram per tonne.
This structure underscores the board’s confidence in both Funston’s leadership and the Springfield project’s potential, while also providing a clear framework for measuring success.
Looking Ahead
As drilling commences later this month, all eyes will be on the assays and subsequent resource updates. Funston’s appointment at this critical juncture suggests a strategic push to capitalise on Springfield’s promising geology and historical data. The market will be watching closely to see if this combination of experienced leadership and exploration momentum can translate into tangible value for shareholders.
Bottom Line?
Xpedra’s leadership upgrade and drilling launch set the stage for a defining chapter in its growth story.
Questions in the middle?
- Will the maiden drilling confirm and expand the historical high-grade gold zones at Springfield?
- How will the market respond to the performance rights linked to ambitious resource milestones?
- What is the timeline for shareholder approval of Funston’s incentive package and its impact on governance?