Five new independent directors will overhaul the board.
Long-time CEO Stephen Quin will be replaced by Laurel Sayer, president and CEO of subsidiary, Midas Gold Idaho, since 2016.
The shake-up follows a November 20 requisition by New York-based majority shareholder Paulson & Co (44.1%) ahead of key federal permitting milestones, including the final Stibnite environmental impact statement and the record of decision, expected next year.
Paulson previously flagged the board overhaul, and greater representation of US-based directors, as well as redomiciling of the company from Vancouver to Idaho.
Haywood Securities analyst Geordie Mark said the changes were a positive and the US-based team was better positioned to drive federal permitting and the ultimate development of Stibnite.
"Fundamentally, with this transition, Midas would seem little deviated from its long-term business plan as the company progresses through the remaining phase of federal permitting," Mark said.
Midas is due to table its final feasibility study by the end of this year, ahead of a final EIS and draft RoD being issued by the second quarter in 2021, then delivery of the final RoD late in the third quarter.
Stibnite hosts 5.6 million ounces gold grading 1.66 grams per tonne in measured and indicated resources, of which 4.6Moz are classified as probable reserves.
A 2014 preliminary feasibility study used a gold price of US$1,350/oz to calculate an after-tax net present value, at 5% discount, of $832 million and an internal rate of return of 19.3%. Stibnite is slated to produce 1.5Moz per annum in the first four years and 388,000oz/y on average over the 12-year mine plan.
Midas shares (TSX:MAX) tripled in value to a 12-month high of C2.04 in August, but last traded at $1.15, which capitalises the company at $546 million (US$427 million).
