The Board of Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) (Vimy) advises shareholders that Managing Director and CEO Mike Young has decided to step down from his role after 7 years.

Mr Young will continue to consult to Vimy on a contract basis for six months so that his IP and relationships continue to benefit Vimy. Mr Young said 'It was very pleasing to accomplish approval of the Project Management Plan, and we are seeking to obtain the remaining necessary WA Government departmental approvals to implement Vimy's flagship Mulga Rock Project.

It is now time to hand over to a transitional management team to progress the remaining approvals and move towards project financing and development. Mulga Rock is a quality deposit and with increasing demand for uranium in a decarbonized world, it has an excellent future.

'Vimy Chairman Hon. Cheryl Edwardes AM said: 'Mike has worked extremely hard and selflessly over recent years to advance Mulga Rock and position Vimy on the cusp of developing this flagship project. He has made a substantial contribution and Vimy has been a large beneficiary of his drive and commitment. I am pleased that Mike will continue to consult back to Vimy.' Vimy has previously advised it has engaged FTI Consulting to provide project co-ordination and strategic advisory services.

Vimy has now extended this engagement to include Mr Steven Michael to act as an Interim CEO while an executive search process is undertaken. Mr Michael is currently a Managing Director in FTI Consulting's Corporate Finance practice and has previously served as Managing Director of an ASX listed mining exploration company and CFO of an ASX listed uranium exploration company.

Ms Edwardes said 'Steven's capabilities include strategic business development and execution, commercial negotiation, funding analysis, cashflow management, financial systems and controls, and corporate compliance.'

Contact:

Tel: +61 8 9389 2700

Email: nhorgan@citadelmagnus.com

About Vimy Resources

Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) is a Perth-based resource development company. Vimy's flagship project is the Mulga Rock Project (100%), one of Australia's largest undeveloped uranium resources, which is located 290km by road ENE of Kalgoorlie in the Great Victoria Desert of Western Australia. Vimy also wholly owns and operates the largest granted uranium exploration package in the world-class Alligator River uranium district, located in the Northern Territory. Vimy is exploring for large high-grade uranium unconformity deposits identical to those found in the Athabasca Basin in Canada. Vimy acknowledges the Traditional Custodians of the country on which we work and travel, throughout Australia, and respects their associated connections.

(C) 2021 Electronic News Publishing, source ENP Newswire