CEO of Snow Lake Resources ousted
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Hey there, time traveller!
This article was published 18/01/2023 (1338 days ago), so information in it may no longer be current.
Philip Gross, the CEO of Snow Lake Resources (which does business as Snow Lake Lithium), has been ousted from the company and a new board of directors has been installed.
After a lengthy proxy battle waged by “concerned shareholders” and attempts by Gross to forestall a vote that included a few trips to Manitoba courts, Gross lost out at the company’s annual meeting this week.
The new board, many representing Australian investors who originally owned the company before it was spun out in a lucrative initial public offering in November 2021, said in a statement that it has appointed a special committee to handle the immediate search for an interim and permanent CEO for the company.
Philip Gross, the the CEO of Snow Lake Resources, was ousted after running afoul of a group of large investors who had enough clout to vote him out. (Winnipeg Free Press files)
For various reasons, personal and otherwise, Gross, who was also the chairman of the board, had run afoul of a group of large investors who had enough clout to vote him out.
Gross, who was unavailable for comment, had been a vocal advocate for the mining industry in Manitoba. Under his leadership Snow Lake Lithium had plans in place to build the first all-electric lithium mine in the world.
With the critical mineral a key component in battery manufacturing — whose demand is skyrocketing as electric vehicles start to supplant gas-powered ones — there is a race for lithium exploration and Snow Lake Lithium is seen as a very promising property.
As well, Gross orchestrated a memorandum of understanding with LG Energy Solution, the giant South Korean battery manufacturer, to study the possibility of building a lithium processing plant in the province.
Dale Schultz, the company’s vice-president of resource development and in charge of the company’s operations in Snow Lake, has been named to the board.
He said he had remained neutral in the whole proxy battle, but said in an interview with the Free Press that “under no circumstances do I want this project to stall.”
The province had been working closely with Snow Lake Lithium and LG to develop the potential processing plant in Winnipeg.
Michael Swistun, secretary to the province’s Economic Development Board, said the departure of Gross and installation of a new board is a significant development.
“We will need to engage with the new board and senior leadership to determine what their intentions are for the exploration and development of what appears to be a significant critical mineral resource not only for Manitoba but for Canada,” Swistun said.
martin.cash@freepress.mb.ca