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Supremex Announces Appointment of Chief Financial Officer

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  Published in Business and Finance on Friday, September 5th 2025 at 8:39 GMT by Toronto Star
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Supremex Names New Chief Financial Officer to Bolster Growth and Capital‑Management Strategy

In a move aimed at reinforcing its financial backbone as it pushes forward with an ambitious mine‑development agenda, Supremex Inc. (TSX.V: SPM) announced the appointment of Michele “Michele” R. Carrozza as its new Chief Financial Officer (CFO). The decision was ratified by the company’s Board of Directors on March 20, 2024, and Carrozza is expected to take the helm on April 1, 2024, following a seamless transition from her current role as Vice‑President, Corporate Finance at the Canadian mining outfit Vanguard Metals.

The press release, issued via GlobeNewswire on March 22, 2024, framed the appointment as part of a broader effort to strengthen Supremex’s financial management in support of its “gold‑copper‑concentrated” exploration pipeline in the Atacama Desert and the high‑grade “San Lorenzo” mine, a project poised to deliver the first tranche of revenue in 2025.

A Snapshot of Supremex’s Business

Supremex is a junior mining company headquartered in Vancouver, British Columbia, that focuses on the development of high‑grade copper and gold projects in the Southwest United States and Chile. The company’s flagship asset is the San Lorenzo copper‑gold project in the Atacama Desert, a 20,000‑acre area that the company claims contains a substantial, high‑grade copper‑gold resource. The project has already attracted significant interest from global mining investors, and the company is currently in the advanced feasibility stage.

Supremex is listed on the TSX Venture Exchange under the ticker SPM and is also a constituent of the S&P/TSX Venture Composite Index. Its market capitalization stands at approximately CAD$120 million, and it has a robust cash position of CAD$12 million in the form of a line of credit from First Nations Bank.

Why a New CFO?

The press release emphasized that the appointment of Carrozza would help address three critical areas of the company’s strategy:

1. Capital‑Market Discipline
   Supremex is preparing for a major funding round in late 2024 to finance the construction of its first processing plant. “Having a seasoned CFO who has raised capital in both private and public markets will be pivotal to securing a diversified capital structure,” the CEO, Peter L. Kincaid, wrote. Carrozza’s track record in raising multi‑million dollar financing for mid‑stream projects at Vanguard Metals makes her a natural fit.

2. Cost‑Management and Cash‑Flow Optimization
   As the company enters the build‑out phase, operational costs will accelerate. Carrozza will be tasked with optimizing cash‑flow projections, monitoring working capital, and ensuring that the company remains on a profitable trajectory. “Carrozza’s experience in streamlining cost‑structures will help us deliver the expected operating margins on the San Lorenzo mine,” Kincaid added.

3. Investor Relations and ESG Reporting
   Supremex aims to improve its transparency and ESG reporting in order to attract a broader base of institutional investors. Carrozza will oversee the communication strategy with analysts, shareholders, and sustainability rating agencies. Her prior engagement with the Sustainability Accounting Standards Board (SASB) at Vanguard Metals will be an asset as Supremex seeks to integrate ESG metrics into its reporting framework.

Profile of Michele Carrozza

Carrozza holds a Master of Science in Finance from the University of Toronto and an MBA in Corporate Strategy from the University of Chicago Booth School of Business. She has spent the past 12 years in various senior finance roles across the mining and energy sectors. Prior to joining Vanguard Metals, Carrozza worked as Chief Financial Officer at Solaris Energy, where she led a multi‑national capital raise of USD$75 million for a solar‑farm portfolio in the southwestern United States.

A key highlight of Carrozza’s career is her role in the financial planning and execution of Project Aurora, a $200 million copper‑gold mine that achieved production in 2022. Her hands‑on experience with exploration finance, feasibility studies, and regulatory compliance will be directly applied to the San Lorenzo project.

“Supremex’s pipeline is among the most promising in the region, and the company’s focus on high‑grade copper and gold aligns perfectly with the industry’s demand trends,” Carrozza told GlobeNewswire. “I am excited to join a company that has clear, well‑defined projects and a disciplined management team.”

Transition and Compensation

Carrozza will be compensated with a base salary of CAD$210 000 plus an annual bonus potential of up to 35 % of the company’s pre‑tax earnings. The package also includes a restricted stock unit (RSU) grant worth CAD$150 000 at market value, vesting over a three‑year period. The new CFO will replace Thomas “Tom” McCaffrey, who will remain with the company in an advisory capacity for the next 12 months.

The Board’s Endorsement

The board’s unanimous vote reflects confidence in Carrozza’s skill set. Chairperson Dr. Anil B. Sharma remarked: “Supremex’s future growth depends on executing a disciplined financial strategy that balances investment and risk. Carrozza’s expertise in both capital markets and ESG metrics positions us strongly to achieve these objectives.”

What Comes Next?

Supremex’s next milestones include:

• Completion of the San Lorenzo Feasibility Study (Q2 2024) – The company expects to issue a 24‑month production forecast that will serve as a foundation for investor discussions.
• Capital Raise (Q4 2024) – An equity offering of up to CAD$80 million is being structured in consultation with Carrozza to fund the initial mine build‑out and the purchase of a flotation plant.
• Operational Readiness (2025) – First production is projected for Q2 2025, with a target of 5,000 tons of copper and 25 tons of gold per year by the end of year one.

Conclusion

Supremex’s appointment of Michele Carrozza as CFO marks a strategic inflection point in the company’s pursuit of a profitable, high‑grade copper‑gold mine in one of the world’s most resource‑rich regions. With her extensive experience in raising capital for mid‑stream mining projects, streamlining cost structures, and enhancing ESG reporting, Carrozza brings a skill set that aligns with Supremex’s aggressive expansion plans. As the company gears up for its next capital‑market engagement and moves closer to first production, stakeholders will be watching closely to see how Carrozza’s leadership influences the company’s financial trajectory and overall success.