Waraba Gold Limited (CSE: WBGD) has announced the appointment of Adam Cegielski as a Director, effective immediately, as the West African gold exploration company looks to strengthen its board ahead of planned exploration programs in Côte d'Ivoire. Cegielski brings extensive capital markets experience in the mining sector, including involvement in raising hundreds of millions of dollars for public and private companies. The appointment comes as Waraba advances its strategy to build a portfolio of high-value gold assets in West Africa, and investors may be watching for any resulting momentum in corporate development activity.

Key Points

  • Waraba Gold Limited (CSE: WBGD | FSE: ZE00 | OTC Pink: WARAF) announced a board appointment effective September 21, 2026.
  • Adam Cegielski, a capital markets executive with mining sector expertise, has been appointed as Director.
  • Cegielski will receive an annual retainer of C$50,000, payable in deferred share units credited quarterly in arrears.
  • Investors may be watching how this appointment influences Waraba's capital-raising and West African exploration strategy.

Cegielski's Mining and Capital Markets Track Record

Cegielski currently serves as Chairman of both Silver Viper Minerals Corp. and Orex Minerals Inc. He was a founding director of Cayden Resources Inc., which was acquired by Agnico Eagle Mines Limited in a transaction valued at approximately C$205 million. In 2020, he founded Gold Line Resources Ltd., a district-scale exploration company focused on northern Sweden, and played a pivotal role in the strategic combination involving First Nordic Metals and the Mawson Finland assets, resulting in the creation of Goldsky Resources Corp. (TSXV: GSKR). The release states his career includes involvement in raising hundreds of millions of dollars of growth capital.

Waraba's West African Exploration Strategy and Board Rationale

The company states Cegielski's addition strengthens the board as Waraba evaluates opportunities in Côte d'Ivoire and advances its growth strategy. Executive Chairman Carl Esprey noted in the release that Cegielski brings substantial equity capital experience, marquee mergers and acquisitions transactions, and a respected network across mining capital markets. Chief Executive Officer Mamadou Coulibaly added that Cegielski's capital markets expertise is expected to be valuable as the company executes its exploration programs across West Africa. Waraba combines in-country geological leadership with international capital markets experience in its operational approach.

Director Compensation Structure Under New Services Agreement

In connection with the appointment, Waraba entered into a director services agreement with Cegielski under which he will receive an annual retainer of C$50,000, payable entirely in deferred share units under the company's omnibus incentive plan. These units will be credited quarterly in arrears, with the number of units per quarterly instalment determined in accordance with the director services agreement and subject to applicable securities laws and Canadian Securities Exchange requirements. The company did not disclose the current deferred share unit valuation methodology in the announcement.