Key Highlights

  • Adam Oehlman has been appointed managing director, effective immediately, and will also hold the chief executive role.
  • Five drill rigs are operating at the As Safra Copper-Gold Project, with assays expected this month.
  • Phase-one drilling identified a coherent copper system extending across more than 800 metres at the Central Copper Zone.
  • Phase two comprises more than 25,000 metres of reverse circulation and diamond drilling, together with about 13.5 kilometres of trenching.

Sierra Nevada Gold (ASX:SNX) announced on 11 November 2026 that Adam Oehlman has been appointed managing director, effective immediately. Oehlman joined the company as chief executive on 11 June 2026 and will now hold both roles while taking a seat on the board.

Oehlman previously led African Gold through a resource growth phase and a corporate transaction that the company valued at more than $550 million.

Under the terms disclosed, he will receive an annual salary of $370,000, excluding superannuation. His short- and long-term incentives are unchanged, including 15 million shares allocated across four performance tranches, and his notice period is three months.

Why the timing matters

The appointment comes while five drill rigs are operating at the As Safra Copper-Gold Project in Saudi Arabia, with assays expected this month. Elevating the chief executive to the board during an active drilling programme signals continuity of Leadership as results begin to flow.

Chairman Simon Lill said Oehlman's confidence in the project was reflected in his recent $250,000 Investment in the company's placement, and that he had a clear vision of what the company could achieve at As Safra.

The drilling programme

Phase-one drilling confirmed what the company describes as a coherent copper system extending across more than 800 metres at the Central Copper Zone. It also identified a second system at As Safra Southeast. Much of the wider 5.5-kilometre mineralised corridor remains untested.

Phase two comprises more than 25,000 metres of reverse circulation and diamond drilling, together with about 13.5 kilometres of trenching. Drilling began in September with two diamond rigs and one RC rig, and two more diamond rigs have arrived since then.

The programme targets untested magnetic, gravity and induced polarisation anomalies, concealed mineral systems and priority gold targets.

Funding

The company raised $12.3 million through a Placement in August, and shareholders approved a separate $550,000 placement to directors and current and former management in October. Oehlman said the Capital raisings left the company well funded to accelerate its exploration strategy.

Why Saudi Arabia

Saudi Arabia has been encouraging foreign exploration as part of its strategy to develop Mining as a third pillar of its economy, alongside oil and petrochemicals. The country has introduced reforms to its mining law and licensing system, and several ASX-listed juniors have taken positions there. Large areas of the Arabian Shield remain lightly explored by modern standards.

Operating in a new Jurisdiction brings its own considerations, including regulatory processes, logistics and the need for local partners.

Points to weigh

Leadership changes do not alter the geology, and the value of As Safra will ultimately depend on drilling results. Phase one has shown continuity over 800 metres, but no mineral resource has yet been reported. A 25,000-metre programme is substantial for a company of this size and will draw heavily on the funds raised.

Sierra Nevada Gold also holds five precious and base metals projects in Nevada, and the balance of attention between those Assets and Saudi Arabia is a strategic question for the board.

Oehlman's background in resource growth and corporate transactions may be relevant to that question. A management team with experience of taking a project through definition and into a sale or Partnership could shape how the board approaches As Safra if drilling is successful. For now, however, the company's clearly stated priority remains exploration in Saudi Arabia, and the board has not yet signalled any change to the Nevada portfolio.

What comes next

Assays from phase-two drilling are due this month and will be the first major test of Oehlman's tenure as managing director. Investors will look for evidence that the Central Copper Zone extends and that the Southeast system and untested anomalies can add scale.