Ora Banda Mining's Managing Director Remuneration Changes

Ora Banda Mining Ltd (ASX:OBM) has announced adjustments to the remuneration package for its Managing Director, Luke Creagh, effective from 1 July 2024. The changes aim to align Mr. Creagh's remuneration with market standards and the company's Drive to 150 strategy, reflecting the significant improvement in the company's performance and financial viability since Mr. Creagh's appointment as CEO/Managing Director in July 2022.

Executive Commentary on Remuneration Changes

We are delighted that Luke will be able to continue to lead Ora Banda Mining into its next phase of growth. Luke has been instrumental in designing and delivering the new strategy for Ora Banda, and we are confident that under his strong leadership, we will be able to continue to deliver exceptional results.

Summary of Managing Director Remuneration Changes

Ora Banda Mining has adjusted the remuneration package for Managing Director Luke Creagh to align it with market standards and the company's Drive to 150 strategy. The changes reflect the significant improvement in the company's performance and financial viability since Mr. Creagh's appointment in July 2022. The new package includes adjustments to total fixed remuneration, short-term incentive, long-term incentive, and a one-off performance and retention rights incentive. Mr. Creagh's contract has also been extended for a further 5 years until 30 June 2030, with the inclusion of a restraint of trade clause. All equity issues to Mr. Creagh are subject to shareholder approval. The Chairman expressed confidence in Mr. Creagh's leadership and the company's ability to deliver exceptional results under his guidance.