Mustang Resources announced the appointment of Dr. Bernard Olivier to the Board as Managing Director and Cobus van Wyk as Chief Operating Officer and Executive Director. Dr. Bernard Olivier has been appointed to the Board as Managing Director effective 15 January 2018. He is a dual Australian and South African national and a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).

Dr. Olivier will be based in South Africa being relatively close to the company's operations in Mozambique and he will be expected to travel extensively around the world in the course of his duties. On 13 November 2017 the company released a statement to market that Mr. Ian Daymond had assumed the role of Interim Executive Chairman following the resignation of Mr. Christiaan Jordaan as Managing Director and his assumption of the role of Non-Executive Director. Mr. Ian Daymond acts as Interim Executive Chairman until such time that a new managing director is appointed to the Board of Directors of the company.

Following the appointment of a new managing director Mr. Daymond's role will immediately revert to that of Non-Executive Chairman. Non-Executive Director Mr. Cobus van Wyk will step into the newly created position of the company's Chief Operating Officer ("COO") with immediate effect and become an Executive Director of Mustang with a commitment of around 90% of his working time to Mustang. Mr. van Wyk has managed projects in South Africa, Zambia, Namibia and Mozambique.

Mr. van Wyk will report to the newly appointed Managing Director Dr. Olivier and together they will focus on and lead the development of the company's ruby and graphite projects, both located in Northern Mozambique.