Directorate change
Summary by AI BETAClose X
06 November 2026
Contango Holdings plc
Board & Senior Management Changes
The Company is pleased to announce changes to the senior management team following the previously reported £5million investment by the Strategic Investors. Mr. Andrew Darare has been appointed as Chief Executive Officer and Mr. Yalin Sun has been appointed as Chief Financial Officer. Mr. Junchao (Floyd) Liu has also been appointed as Non-Executive Director of the Company.
Following these appointments, both Gordon Thompson and Oliver Stansfield will step down from their roles as Chairman and Non-Executive Director respectively. Mr. Daniel Dos Santos will remain on the board of the Company as a Non-Executive Director following his recent role as Chief Executive. Yan Huo will continue in her current role as Non-Executive Director. Accordingly, the revised Board of the Company comprises of:
- Andrew Darare (CEO)
- Yalin Sun (CFO)
- Junchao Liu (NED)
- Yan Huo (NED)
- Danny Dos Santos (NED)
The revised Board and Senior Management are predominantly based in Zimbabwe and have extensive operational experience in country. The Company believes the new management team have the collective experience to fully unlock the potential of the Muchesu Project through their existing resources and networks, both within Zimbabwe and internationally.
All have entered into new contracts with the Company with annual remuneration set at zero. The focus remains on establishing meaningful cashflows from its royalties over Muchesu production, as well as its residual 24% minority interest on the asset.
Mr Darare, commented:
‘It is a great honour to join the Board of Contango Holdings and assume the role of CEO. I have extensive experience in mining operations in Zimbabwe and Southern Africa and believe Muchesu has significant value and scale. Our major shareholders, who currently own circa 52% of the shares in issue have access to significant capital and an extensive network throughout Africa and Asia. I believe this will enable us to properly develop the huge potential of the +2 billion tonne coal resource at Muchesu.
I would like to thank the outgoing directors, not only for their support in this period of transition, but also for their efforts in helping to restructure the Company, leaving it in a stable financial position as we all now look to the future.
The new directors take their responsibilities very seriously and as part of good corporate governance we intend to appoint a new independent non-executive in the new year. We will continue to update the market through RNS and via our UK broker to ensure shareholders are informed of our progress.”
Background on the New Management Team
Mr Andrew Darare, Chief Executive Officer
Mr Andrew Darare, aged 44, is a Zimbabwean mining executive with over 20 years’ experience across the country’s mining sector, including coal, gold and nickel operations. He is currently Deputy General Manager of Group Operations at Eagle Canyon International Group Holdings, responsible for the group’s Zimbabwean mining operations, projects, ESG, government liaison and M&A.
From 2023 to 2026, he was Chief Executive Officer of Pan African Mining (Private) Limited, a multi-site gold mining group with annual turnover of between US$100 million and US$140 million and more than 900 employees, having previously served as its Finance Director and, before that, as Group Management Accountant. As CEO of Pan African Mining, he was responsible for group strategy, capital allocation and shareholder relations, and led capital raises and debt restructurings with the group’s financiers.
He was formerly the Group Financial Controller of Zimbabwe Stock Exchange-listed RioZim Limited, and had direct financial oversight of the Sengwa Coal Mine, Renco Gold Mine and Empress Nickel Refinery. He has also been involved in three thermal power station projects including Sengwa, Gritmine Minerals (24 MW) and Ayrshire Mine (6 MW).
He holds an MBA from Midlands State University in Zimbabwe and is a member of the Project Management Institute.
Yalin Sun – Chief Financial Officer
Mr. Yalin Sun, aged 36, is a senior finance and corporate management professional with over 14 years of international experience spanning infrastructure construction, cross-border investment, real estate development and mining investment activities. His expertise includes corporate financial management, financial planning, treasury management, investment appraisal, internal audit, regulatory compliance, risk management and corporate governance.
Mr Sun currently serves as Deputy Finance Manager and Head of Administration at Eagle Canyon International Group Holding (Hong Kong) Ltd., where he supports group financial management, investment analysis, internal controls, risk management and corporate administration in Zimbabwe. His professional background also includes extensive financial management experience across major infrastructure projects and international business operations in China and Southern Africa.
Mr Sun holds a Bachelor's Degree in Taxation from Nanjing University of Finance & Economics, the professional title of Senior Accountant in the People's Republic of China, and is an Associate Member of the Institute of Internal Auditors South Africa (IIA SA).
Mr. Junchao (Floyd) Liu, Non-Executive Director
Mr. Junchao (Floyd) Liu, aged 54, has over 20 years of international corporate governance, overseas energy investment, and large-scale mining operations experience, with specialized expertise across the coal, energy infrastructure, and logistics sectors in Southern Africa.
Between December 2021 and March 2023, Mr. Liu served as a Non-Executive Director and Chairman of the Committee for MC Mining Limited, a tri-listed coal exploration and mining company. Prior to that, Mr. Liu held senior roles with Beijing Haohua Energy Co., Ltd. (SH: 606101), including Deputy Director of the Project Development Department, Project Lead of Dedicated Railway Line Construction, Deputy Chief Representative stationed at its South Africa Representative Office, and Deputy General Manager of its international trading and investment platform in Hong Kong, where he was directly involved in cross-border resource acquisitions, corporate joint ventures, and dedicated coal logistics rail infrastructure.
In Zimbabwe, Mr. Liu serves as Deputy General Manager of Pacific Goal Investment Private Limited and has acted as Head of Muchesu Colliery since 2024. In this capacity, Mr. Liu has been directly responsible for on-site mine management, statutory compliance, and the construction and commissioning of two coal preparation plant modules. Through this operational role, Mr. Liu maintains hands-on knowledge of the Muchesu coal resource, regional regulatory frameworks, and regional coal markets.
Related Party
Mr Andrew Darare, Mr Yalin Sun and Mr Floyd Liu are ultimately employees or related parties of the Pacific Goal Group (“PGC”), a circa 30% shareholder of the Company and therefore, may not be considered independent. Yan Huo is co-owner and Director of HUO Investments Limited (“Huo”), a circa 22% shareholder in the Company and therefore may not be considered independent. Mr Daniel Dos Santos is not an employee of either PGC or Huo, therefore, may be considered an independent director.
Holdings
None of the new appointments hold any shares or options in the Company at this time, although Yan Huo holds an indirect interest in 22.29% of the Company’s shares via the Huo Investments Limited investment vehicle.
There are no further disclosures required for the purposes of UKLR 6.4.6R and UKLR 6.4.8R
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Contango Holdings plc Andrew Darare
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investors@contango-holdings-plc.co.uk
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Tavira Financial Limited Broker Jonathan Evans |
+44 (0) 20 7100 5100 |
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