Conroy Gold and Natural Resources plc has agreed to restructure accrued salaries and fees, owed to certain past and present directors, by linking payment to commercial production and an increase in share price.
SHAREHOLDERS
Among the measures proposed, the directors would receive an aggregate 8.067 million, seven-year share options each at an exercise price of 30p.
The exercise price is 5.66 times the mid-market share price as at close of business on 27 August 2025 of 5.30p.
Directors would also voluntarily participate in the formal agreement.
Conroy said that, as of 28 August 2025, those who have signed account for a total of €3,361,507 of an overall liability amount of approximately €3.5 million, owed since 31 May 2012.
Current directors include chairman John Sherman, who is owed €21,427; managing director Maureen Jones, €1,238,565; non-executive director Brendan McMorrow, €46,627; and finance director Cathal Jones, €74,523.
Former directors participating include the estate of Professor Richard Conroy, which is owed €1,649,458, Dr Sorca Conroy (€57,138); and James Jones (€273,769).
The company said that the agreement would align the involved directors’ interests with those of shareholders, who will vote on the proposal at a general meeting.
Conroy holds licences for base and precious metal exploration on the Irish border and for gold in Finland.