As of October 19, 2012, the board of Panex Resources Inc. announced the appointment of Mr. Kovaldas Balciauskas as CEO. Klaus Eckof will resign as CEO and act as non-executive director for the company. Ross Doyle will remain as CFO.

Mr. Balciauskas was active in the mining industry when working with the U.S. Geological Survey (USGS) in the anthracitic coal region of Eastern Pennsylvania, USA from 1995. From 2001 Mr. Balciauskas was working as a commodity trading officer at the Chicago Board of Trade and then as CEO of KB Futures LLC, a Chicago based commodity brokerage firm. Since 2007 Mr. Balciauskas has been COO of Eurotraders AG, a Zug, Switzerland-based asset management company.