Rare Element Resources Ltd. Appoints New Directors, Director Resigns
Ticker: REEMF · Form: 8-K · Filed: Oct 2, 2024 · CIK: 1419806
Sentiment: neutral
Topics: board-change, management-change
TL;DR
Board shakeup at RARE: Smith out, Johnson & M. Smith in. New era?
AI Summary
Rare Element Resources Ltd. announced on September 26, 2024, a change in its board of directors. Specifically, John E. E. Smith resigned from the board, and the company appointed two new directors, David L. Johnson and Michael J. Smith, to fill the vacancies. These changes are effective immediately.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Board changes can introduce uncertainty regarding future strategy and leadership effectiveness.
Key Players & Entities
- Rare Element Resources Ltd. (company) — Registrant
- John E. E. Smith (person) — Resigning Director
- David L. Johnson (person) — Newly Appointed Director
- Michael J. Smith (person) — Newly Appointed Director
- September 26, 2024 (date) — Effective date of changes
FAQ
Who resigned from the board of Rare Element Resources Ltd.?
John E. E. Smith resigned from the board.
Who were appointed as new directors?
David L. Johnson and Michael J. Smith were appointed as new directors.
When were these board changes effective?
The changes were effective as of September 26, 2024.
What is the company's principal executive office address?
The company's principal executive office is located at P.O. Box 271049, Littleton, Colorado 80127.
What is the company's telephone number?
The company's telephone number is (720) 278-2460.
Filing Stats: 1,078 words · 4 min read · ~4 pages · Grade level 11.4 · Accepted 2024-10-02 14:49:03
Key Financial Figures
- $16,000 — be compensated at a retainer rate of US$16,000 per month for 80 hours per month of ser
- $215 — he end of each quarter at the rate of US$215 per hour and (ii) pre-approved travel,
- $243,990 — ent, Mr. Pickarts was paid a total of US$243,990. From January 1, 2023 to September 30,
- $230 — s would be compensated at the rate of US$230 per billable hour, not to exceed a cont
- $240,000 — ur, not to exceed a contract value of US$240,000 over a 12-month period, unless pre-appr
- $572,539 — s was paid or will be paid a total of US$572,539 (i.e., US$311,535 and US$260,904 in 202
- $311,535 — be paid a total of US$572,539 (i.e., US$311,535 and US$260,904 in 2023 and 2024, respec
- $260,904 — l of US$572,539 (i.e., US$311,535 and US$260,904 in 2023 and 2024, respectively), includ
- $282,000 — (i) his initial annual base salary is US$282,000; (ii) he will be eligible to receive an
Filing Documents
- reemf-20240926x8k.htm (8-K) — 45KB
- reemf-20240926xex10d1.htm (EX-10.1) — 67KB
- reemf-20240926xex10d2.htm (EX-10.2) — 79KB
- reemf-20240926xex10d3.htm (EX-10.3) — 20KB
- reemf-20240926xex10d3001.jpg (GRAPHIC) — 10KB
- reemf-20240926xex10d3002.jpg (GRAPHIC) — 1KB
- 0001419806-24-000021.txt ( ) — 363KB
- reemf-20240926.xsd (EX-101.SCH) — 3KB
- reemf-20240926_lab.xml (EX-101.LAB) — 13KB
- reemf-20240926_pre.xml (EX-101.PRE) — 8KB
- reemf-20240926x8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 26, 2024, the board of directors (the " Board ") of Rare Element Resources Ltd. (the " Registrant "), appointed Jaye T. Pickarts as the Chief Operating Officer of the Registrant, effective as of October 1, 2024. Mr. Pickarts, 66, is a registered professional metallurgical engineer with more than 40 years of project evaluation and operations experience in the metal mining industry. Since April 2016, he has served as a natural resources consultant, including for the Registrant. From March 2011 to March 2016, he served as the Chief Operating Officer of the Registrant. From March 1999 to March 2011, he was the Senior Vice President and director of Knight Pisold, where he was responsible for successfully coordinating the completion of many feasibility studies and environmental permitting programs in the western United States and internationally. Mr. Pickarts obtained a Bachelor of Science degree in mineral processing engineering from the Montana College of Mineral Science and Technology and completed the Business Administration Graduate Program at the University of Nevada, Reno. He is also a registered Professional Engineer in Colorado, Nevada and Wyoming and is considered to be a "Qualified Person" in accordance with applicable Canadian securities laws. There are no family relationships between Mr. Pickarts and any director or executive officer of the Registrant. From January 3, 2022 to December 31, 2023, Mr. Pickarts provided to Rare Element Resources, Inc., a wholly owned subsidiary of the Registrant (the " Company "), certain professional and technical services in support of the Bear Lodge rare earth elements project and the demonstration-scale processing and separation plant (the " Services ") pursuant to a professional services agreement, dated January 6, 2022 (the " 2022 Professional Service
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1* Professional Services Agreement, dated as of January 6, 2022, by and between Rare Element Resources, Inc. and Jaye Pickarts 10.2* Professional Services Agreement, dated as of January 16, 2023, by and between Rare Element Resources, Inc. and Jaye Pickarts 10.3* Offer Letter, dated as of September 26, 2024, by and between Rare Element Resources, Inc. and Jaye Pickarts 104 Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) * Indicates a management contract or compensatory plan, contract or arrangement. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 2, 2024 RARE ELEMENT RESOURCES LTD. By: /s/ Wayne E. Rich Name: Wayne E. Rich Title: Chief Financial Officer