Taruga puts PNG exploration in Eric de Mori’s hands as Weioko drilling begins

Eric de Mori takes executive control as Weioko drilling advances

Taruga Minerals Limited (ASX:TAR) has moved Eric de Mori from the boardroom into the chief executive role at a consequential point for its Papua New Guinea exploration push. De Mori became Managing Director on 28 October, with maiden diamond drilling already underway at the Weioko Gold Deposit within the East Normanby Gold Project.

The appointment formalises a role De Mori has been closely involved in since Taruga secured options over East Normanby and the Kol Mountain Copper-Gold Project in December 2025. Taruga’s earlier ??

Taruga’s earlier Weioko drilling campaign was preceded by rock-chip results reporting up to 33.1 grams per tonne gold and 867 grams per tonne silver across the Weioko district, according to the earlier coverage. Those results remain surface sampling data rather than a mineral resource or drilling result, making the current campaign the next test of the project’s geological potential.

Managing Director mandate spans two PNG projects

De Mori will oversee the 2026/2027 exploration program, including follow-up work at Wenasia, Sipupu and Lataona Hill across the Weioko Gold District. He will also lead progress on the Agadul priority targets at Kol Mountain, in partnership with the Makolkol Land Group Inc.

His remit extends beyond field activity. The appointment places him in charge of Taruga’s decisions on the East Normanby and Kol Mountain option agreements, with those decisions expected ahead of December. The company’s earlier PNG licence and access agreementsPNG licence and access agreements had enabled Weioko drilling and formalised land access at Kol Mountain, where an earlier structural study identified 25 targets, including seven described as high priority.

A$220,000 salary and 60 million proposed options

The appointment comes with fixed remuneration of A$220,000 a year, excluding statutory superannuation, and no short-term incentive. De Mori is also entitled to 30 million Class A Incentive Options exercisable at A$0.05 each within four years of issue.

A further 30 million Class B Incentive Options are proposed at an exercise price of A$0.07 and a five-year life, but those options require shareholder approval under Listing Rule 10.14. If issued and ultimately exercised, the package would create an additional 60 million shares, although the announcement does not provide the current share count needed to assess the potential percentage dilution.

Corporate finance experience meets exploration execution

De Mori has served as a Taruga Non-Executive Director since July 2020 and brings more than 20 years of ASX-listed corporate finance experience in natural resources. The company also points to his role as a co-founder and former director of Adriatic Metals, which was acquired by Dundee Precious Metals in 2025 for US$1.3 billion.

Taruga Chairman Paul Cronin, who the company says worked with De Mori as a co-founder of Adriatic Metals, described him as the right person to lead the company’s next stage. The board now consists of Cronin as Non-Executive Chairman, De Mori as Managing Director and David Chapman as Technical Director.