OROCO ANNOUNCES RESIGNATION OF CEO
CEO departure creates leadership vacuum as flagship Mexican copper project enters critical technical phase
On March 30, 2026, Oroco announced the resignation of CEO and Director Richard Lock, effective April 30, 2026. The departure is attributed to "personal reasons." Lock had led the company since April 2022. In response, the Board has formed a search committee to find a replacement. The company maintains that the Pre-Feasibility Study (PFS) for the Santo Tomás Project will continue under the oversight of the Board and existing senior management.
This is a Material - Negative development for several reasons: - Timing: The resignation comes just one month after the company announced the restart of Phase 2 drilling (February 24, 2026). Losing a CEO at the exact moment a major field program and PFS work are accelerating creates execution risk. - Leadership Vacuum: Richard Lock was brought in specifically for his experience in project development. His departure after four years, just as the project moves from exploration to engineering (PFS), suggests a loss of institutional knowledge at a critical juncture. - Market Perception: "Personal reasons" is a standard but vague explanation that often unnerves risk-averse investors, especially when it coincides with the start of a capital-intensive work program funded by a recent C$23M financing. - Continuity Risk: While the Chairman (Craig Dalziel) is active, the lack of an immediate successor or an "Interim CEO" designation suggests the resignation may have been relatively sudden, requiring the formation of an "aggressive" search committee.
Oroco is focused on the Santo Tomás Project in northwestern Mexico (Sinaloa/Chihuahua). It is a large copper-porphyry deposit with significant historical drilling. - Flagship Status: The project has a 2024 PEA and is currently undergoing Phase 2 drilling to support a Pre-Feasibility Study. - Infrastructure: Highly favorable; located 170km from a deep-water port, with proximal rail, highway, and natural gas corridors. - Ownership: Oroco holds an 85.5% net interest in the 1,173 ha "Core Concessions" and 80% in the surrounding 7,861 ha.