Labyrinth Resources Limited (ASX:LRL) completes acquisition and announces new appointments

Labyrinth Resources Limited (ASX:LRL) has successfully completed the acquisition of Distilled Analytics Pty Ltd, including the Vivien Gold Project. The company has also completed tranche 2 of the placement to raise $1.60 million. Additionally, the board and management have been expanded with the appointment of highly experienced individuals, including Alex Hewlett and Kelvin Flynn as Non-Executive Directors, and Charles Hughes as Chief Executive Officer.

Insights from Labyrinth's Non-Executive Chairman and incoming Non-Executive Director

Labyrinth's Non-Executive Chairman, Dean Hely, expressed that the new appointments bring exceptional track records of creating value for shareholders via project identification, exploration success, resource growth, and accretive M&A. Incoming Non-Executive Director Kelvin Flynn sees this as a pivotal moment for the company, aiming to build a high-grade Western Australian focused gold exploration and development company. He believes the company's projects hold untapped potential and is eager to apply his experience and network to create further value for all Labyrinth shareholders.

Summary of Labyrinth's recent developments and future plans

Labyrinth Resources Limited (ASX:LRL) has completed the acquisition of Distilled Analytics Pty Ltd, marking a significant milestone in its development. The company has expanded its board and management, bringing in individuals with strong track records in delivering new discoveries, mineral resource growth, and accretive M&A. The addition of Alex Hewlett, Kelvin Flynn, and Charles Hughes is expected to strengthen the company's technical and commercial skill set. With the Entitlement Offer set to close on 10 October 2024 and RC drilling at Comet Vale expected to commence in the same month, Labyrinth is poised for an active period of exploration and development. The company's focus on maximizing opportunities at Comet Vale and Vivien, along with potential strategic acquisitions, reflects its ambitions for future growth and value creation.