Magontec Limited announced a Board refresh with the appointment of Mr. Xingcai Li as Non-Executive Director. Mr. Robert Kaye, who has served as an Independent Director since 2013, will take on new responsibilities as the Lead Independent Director, and Mr. Andre Labuschagne, who has served as a Non- Executive Director since 2014, becomes an Independent Director following the sale of all shares previously held by Straits Mine Management. Xingcai Li is General Manager of Qinghai Huixin Asset Management Co Ltd. the owner of Qinghai Salt Lake Magnesium Co Ltd. which operates the Qinghai electrolytic magnesium smelter complex in which Magontec's Magnesium Alloy Cast House is based.

Mr. Li has held previous positions as the Deputy Director of Finance at the Shanghai and Hong Kong listed Aluminium Corporation of China. Prior to that Mr. Li was Vice President at Western Mining Co Ltd, responsible for overall financial management, fund raising and investment management as well as being secretary to the Board. Western Mining is a ¥23 billion company listed on the Shanghai Stock Exchange engaged in the mining, smelting, and trading of metal minerals, including copper, lead, zinc, iron, gold and silver.

Mr. Li was appointed to his current role of General Manager at Qinghai Huixin Asset Management in January 2022. He has oversight of and responsibility for all activities at the Qinghai project including the magnesium and associated chemical production units. Mr. Li's extensive experience in the metals industry, particularly in the aluminium industry that has considerable overlap with magnesium production technologies, brings new skills and experience to the Magontec Board that are central to Magontec's long-term strategic vision to deliver a steady, competitive and significant new supply of magnesium alloys into global markets through the harnessing of revolutionary low-carbon manufacturing processes.

Mr. Robert Kaye was appointed to the Board of Magontec Limited as an Independent Director in July 2013. Mr. Kaye is a Senior Counsel and currently serves as the Chairman of Collins Foods Limited. He is also a Director of FAR Limited and EOS Limited and has held other listed company directorships for over 10 years.

Mr. Kaye has agreed to step up to the role of Lead Independent Director at Magontec to provide additional support to the Executive Chairman. Mr. Kaye is also Chair of the Remuneration and Appointments Committee and serves on the Finance, Audit and Compliance Committee. Mr. Andre Labuschagne was appointed to the Board of Magontec Limited as a Non-Executive Director in January 2014.

Mr. Labuschagne is the Executive Chairman of Aeris Resources Limited and has an extensive background in the metals and mining industry. In February 2022 Aeris sold its entire 12.94% holding in Magontec Limited. Subsequent to that event Mr. Labuschagne agreed to continue to serve as an Independent Director of Magontec Limited.

He also serves on the Finance, Audit and Compliance Committee and the Business Risk Committee. Mr. Andrews commented: "These appointments are part of ongoing process of Board renewal.