Pure Energy appoints Morton as CEO; Mullin resigns

Executive Summary

• Pure Energy Minerals Ltd. appointed William Morton as President and Chief Executive Officer, effective immediately, succeeding Joseph Mullin.
• Joseph Mullin resigned from his positions as President, CEO, and Board Director on November 20, 2025, to pursue new opportunities.
• The company granted William Morton 364,228 incentive share purchase options as part of his compensation package under the company's TSX Venture Exchange-approved plan.

Key Details

• New CEO Appointment: William Morton appointed as President and CEO effective immediately.
• CEO Background: Morton has 30+ years of executive leadership in private equity, specifically at WL Ross & Co., where he oversaw a clean energy infrastructure fund. He holds degrees from Yale College and Columbia Law School.
• Resignation Details: Joseph Mullin resigned as President, CEO, and Director effective November 20, 2025.
• Option Grant: 364,228 incentive share purchase options granted to William Morton.
• Option Terms:
  • Exercise Price: $0.30 per common share.
  • Expiration Date: November 20, 2030.
  • Vesting/Structure: Granted in concordance with the TSX Venture Exchange-approved incentive share purchase plan.
• Post-Grant Option Pool: Following the grant, the company has a total of 2,794,500 options granted, representing 8% of outstanding shares.
• Additional Compensation: Morton is eligible to receive equity compensation and incentive performance bonuses.

Notable Quotes

• Daniel Barnosky, Director (on William Morton): "We are pleased to welcome William Morton as our new president and CEO as Pure Energy... His extensive financial leadership and investment expertise will be valuable as we continue to develop our resources and create shareholder value."
• Daniel Barnosky, Director (on Joseph Mullin): "We wish Joe the best in his future endeavours. We have valued his leadership on strategy, finance and governance... On behalf of the entire board, I thank him for his years of service and support."