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Novo Resources is on the hunt for a new chief executive officer (CEO).

The search heralds a transition phase for the company, with current executive co-chairman and acting CEO Mike Spreadborough moving to the role of non-executive chairman upon the appointment of a new CEO.

The current non-executive co-chairman, Quinton Hennigh, will move to the role of non-executive director.

“The past 12 months have seen significant change at Novo, largely through our ASX listing, and multiple transactions including the sale of the Nullagine gold project (including its liabilities) which have secured valuable funding for Novo to progress its exploration strategy and enhance our profile across a broader mix of stakeholder groups,” Spreadborough said.

“With a solid platform, now is the right time to find a dedicated CEO to drive the strategy, whilst the Board refresh is important to ensure that we have the right skills for this next phase.”

Non-executive director Michael Barrett will retire from the board when a replacement director is appointed.

“I would like to thank Michael for his dedication and hard work over the past seven years and look forward to his valuable ongoing input during the remainder of his term,” Spreadborough said.

“I would also like to acknowledge Quinton who, as one of the company’s co-founders, has been part of this journey since the beginning and who also helped assemble our Australian exploration portfolio.

“I’m confident that with the upside potential of our high-quality portfolio, our aggressive exploration strategy and good financial position, Novo has a great future in front of itself.”