Pure Energy Announces Changes to Management

Executive Summary

• Pure Energy Minerals Limited appointed William Morton as President and Chief Executive Officer, effective immediately.
• The Board granted Mr. Morton 364,228 incentive share purchase options at $0.30 per share, bringing total outstanding options to 2,794,500 (8% of shares).
• Former CEO Joseph Mullin resigned from both the Board and his executive role on November 20, 2025.

Key Details

• New CEO: William Morton – brings 30+ years of private‑equity leadership, previously at WL Ross & Co overseeing a clean‑energy infrastructure fund.
• Compensation Package: 364,228 incentive share purchase options (exercise price $0.30 per common share) exercisable through November 20, 2030; eligible for additional equity compensation and performance bonuses.
• Option Pool Impact: Total Options outstanding now 2,794,500, representing 8% of Pure Energy’s issued shares.
• Resignation: Joseph Mullin stepped down as Director and President/CEO on November 20, 2025 to pursue a new opportunity.
• Board Statement: Director Daniel Barnosky expressed confidence in Mr. Morton’s financial expertise to advance resource development and create shareholder value.

Notable Quotes

“We are pleased to welcome William Morton as our new President and CEO,” said Daniel Barnosky, Director. “His extensive financial leadership and investment expertise will be valuable as we continue to develop our resources and create shareholder value.”

“We wish Joe the best in his future endeavors… It has been a pleasure to work with Joe, particularly during a challenging lithium industry market,” added Barnosky regarding Mr. Mullin’s departure.