Black Mountain Resources Limited (BMZ) updated shareholders on the following restructure initiatives that have been agreed to by the company and its major lender, Richmond Partners Masters Limited, subject to any necessary shareholder approvals, formal documentation and regulatory sign off: BMZ to dispose of its interest in the Namekara Vermiculite Mine in exchange for the retirement of circa AUD 5.5 million of debt (Transaction). Given major lender, Richmond Partners Masters Limited, is represented on the Board by Luca Bechis, Mr. Bechis intends to step down from the Board as part of the Transaction as it progresses through to completion. Upon Mr. Bechis' resignation, Mr. Sam Jarvis will join the Board as a Non-Executive Director.

Mr. Jarvis has over 20 years' experience in the resources, bulk commodities and energy sectors and Degrees in Economics and Engineering (Hons). The company's Acting CEO, Bronwyn Barnes, has stepped down from the role.