On 20 October 2014, Orion Gold announced that a revised remuneration structure had been agreed with Orion’s MD and CEO, Errol Smart.
The revised remuneration package included a significant reduction in the cash component of his package from AUS$240 000 pa to $120 000 pa.
This reduction reflected the board’s cost cutting measures and agreement with all key personnel to reduce corporate costs where possible, to achieve the maximum amount of funds going into exploration expenditure at the company’s projects and to provide additional funding for project acquisitions.
During the past two and a half years since October 2014, Smart has contributed significant funds towards capital raisings and has made a considerable effort on a full time basis in growing the company through acquiring a large prospective ground position in South Africa.
This culminated in the recent acquisition of Agama Exploration & Mining, resulting in Orion Gold, through its subsidiary companies, holding an effective 73.33% interest in the company holding prospecting rights over the historical Prieska copper mine, in the Northern Cape province of South Africa, and the Marydale gold-copper project.
In recognition of the contribution Smart has made to Orion Gold, particularly since he took a major remuneration cut in October 2014, the board has agreed to partially off-set the remuneration reduction over the past two and a half years by way of a one off adjustment payment of $100 000.