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2026-11-06

← BHM management

Full background report

Jason Morin

Chief Operating Officer

Career chronology

Education and qualifications

Reported mining and business qualifications are not independently verified

Qualifications reported by 2023–2026 sources · issuer reported · low materiality

Kalium Lakes’ 2023 appointment announcement states Morin held a Master of Business Administration and qualifications in mining and minerals engineering. SignalHire’s secondary profile lists an MBA, Diploma in Mining Studies, BBA and GAICD membership. The issuer notice does not name institutions; the named institutions and awards in the secondary profile were not checked with awarding bodies or professional registers.

Attribution: Responsibility not applicable. The qualifications are reported by an employer and a secondary profile; this review did not independently verify award or membership status.

Relevance: Business and technical qualifications are relevant to a COO role but do not establish performance.

Management Changes (printed p. 1: MBA and mining/minerals-engineering qualifications); Jason Morin professional profile (lines 174–182; secondary profile education and membership list)

Contributions and company outcomes

Tara zinc output rose while ore throughput fell in 2018

2018; Morin reported as Tara General Manager from 2016 to 2019 · issuer reported · low materiality

Boliden’s 2018 annual report says Tara milled 2.200 million tonnes, down from 2.311 million in 2017, while zinc production rose to 131,742 tonnes from 130,580 tonnes because of higher grades. It says lower milled volumes reduced lead-concentrate production. Morin’s reported Tara General Manager tenure overlaps 2018. These are issuer-reported mine outcomes; they do not establish his personal contribution.

Attribution: Role overlaps event; causation unproven. The source reports mine-level results but does not connect Morin to the changes; role overlap is not causation.

Relevance: Provides operating context for a prior underground zinc-and-lead mine leadership role.

Annual and Sustainability Report 2018 (printed p. 51: Tara 2018–2017 milled volume, zinc production and grade explanation); Jason Morin new General Manager Boliden Tara (24 March 2016 appointment as Tara General Manager)

Rasp output improved, while FY26 remained loss-making and cash-flow negative

FY2026; quarter ended 30 June 2026 · issuer reported · medium materiality

BHM’s 9 July 2026 production update reports June-quarter throughput of 119,320 tonnes, silver output of 95,787 oz (+21.8% quarter on quarter), zinc output of 3,330 tonnes (+7.0%) and first Pinnacles ore delivered to the Rasp ROM in late June. The FY26 annual report records A$90.879m revenue, a A$48.827m net loss and A$4.73m negative operating cash flow; it notes reverse-acquisition accounting with BHM Holdings as accounting acquirer. This is a company-level result during Morin’s COO tenure, not evidence of his personal contribution; operational improvement had not yet translated to full-year profit or positive operating cash flow.

Attribution: Role overlaps event; causation unproven. The issuer reports operational output and audited annual financial results; no source connects Morin individually to the outcome.

Relevance: Production ramp, new feed integration and cash generation directly relate to the COO remit.

BHM Delivers Record Quarterly Production & Pinnacles Restart to Drive Further Growth (printed pp. 1–2: Q4 throughput/metals and first Pinnacles ore to Rasp ROM); Broken Hill Mines Annual Report 2026 (printed pp. 14–15 financial results; p. 32 cash-flow statement; reverse-acquisition basis)

Business failures and setbacks

Kalium Lakes entered external administration during Morin’s operating leadership

Morin at KLL Aug 2022–3 Oct 2023; administration/receivership 3 Aug 2023; liquidation process through May 2026 · documented · medium materiality

Morin had been Kalium Lakes’ General Manager Operations since August 2022 and was appointed Acting CEO effective 4 April 2023; the 2024 annual report lists his Acting CEO term through 3 October 2023. Administrators and receivers were appointed to the Beyondie project entities on 3 August 2023. Reward Minerals’ 2024 annual report says the original operation did not achieve viable production status; its attempted purchase of the whole project ended when the associated A$22.8 million capital raise was not completed, and in December 2024 it acquired only the plant, offices and minor infrastructure. In 2026 the Federal Court revested tenements to permit a conditional sale process, but the reviewed source does not confirm completion. Kalium Lakes says Morin’s employment was terminated by receivers without cause on 3 October because of the external administration and receivership. This is a material employer failure during role overlap, not evidence Morin caused the operating or funding outcomes or engaged in misconduct.

Attribution: Role overlaps event; causation unproven. The company’s financial/operational failure overlaps Morin’s General Manager Operations and Acting CEO roles. The sources reviewed do not identify personal wrongdoing or causal responsibility; the annual report explicitly says termination was without cause.

Relevance: A prior employer’s production and insolvency outcome is relevant context for an executive now responsible for mine operations, while the role overlap alone is not proof of individual fault.

Management Changes (printed p. 1: GM Operations since August 2022; Acting CEO appointment effective 4 April 2023); Kalium Lakes Limited Annual Report 2024 (printed pp. 1 and 17: CEO term ended 3 October; termination without cause due to administration/receivership); Reward Minerals Annual Report 2024 (printed pp. 3–5: KLL administration, non-viable production, failed full-project sale raise and later partial plant acquisition); Hot Potash-o: Federal Court revests mining tenements in liquidator to enable sale (Federal Court [2026] FCA 355 discussion: revesting for a conditional sale; no completion confirmation)

Industrial safety

A contractor was convicted after a pre-tenure Beyondie tyre accident

July 2022 incident; K19 conviction and fine 21–22 November 2024; Morin’s KLL role began August 2022 · documented · low materiality

WorkSafe WA reports that a K19 Mining worker was seriously injured in a July 2022 tyre explosion at the Beyondie access road and that K19 was fined after pleading guilty in November 2024. Kalium Lakes had engaged K19 and implemented a tyre-inflation procedure after the incident. Morin’s stated start as KLL General Manager Operations was August 2022, after the accident. The regulator release does not identify a finding against Morin or KLL; the conviction was against contractor K19.

Attribution: Employer context; no individual link established. The incident predates Morin’s stated KLL tenure; the enforcement finding was against K19 Mining. No personal responsibility is established.

Relevance: Safety controls at an operating mine are relevant to COO suitability; this incident is contextual and is not attributed to Morin.

Mining contractor fined after worker seriously injured by exploding tyre (WA Government release, 22 November 2024, incident date, conviction and KLL response)

Environmental record

Rasp lead-dust controls and monitoring remain an oversight issue

2024–2025 site events; Morin COO from 1 September 2025; review through 2026-10-10 · documented · medium materiality

The NSW Chief Scientist & Engineer’s preliminary report records a 2025 EPA inspection at Rasp that identified emissions-control concerns; the licence was varied on 1 July 2025. Rasp’s 2025 Annual Review reports PM10 exceedances on 28 January (51.7 µg/m³), 22 May (50.7 µg/m³) and 10 December (84 µg/m³), monitoring failures on 20–21 October and 19 December, and blast-vibration exceedances. The January/May readings preceded BHM’s acquisition and Morin’s appointment; October/December monitoring failures and the 10 December PM10 reading occurred during his COO tenure, but the EPA inspection date is not specified. BHM’s FY26 annual report states there were no known environmental-regulation breaches during the year. The filings do not reconcile that statement with the event-specific monitoring/exceedance reporting; a reported exceedance is not by itself a regulator finding of legal breach. SafeWork NSW’s September 2026 proactive visit covered three unnamed mines and announced no site-specific breach. No source identifies personal responsibility by Morin. Post-December 2025 monitoring detail was not retrieved, so longer-term effectiveness is unresolved.

Attribution: Role overlaps event; causation unproven. The record describes site conditions and regulator/issuer disclosures, not Morin’s personal conduct. Some 2025 events predate BHM acquisition/appointment; later events overlap his COO tenure but do not establish cause. The FY26 annual report states no known regulatory breaches, while the site-level events are not independently reconciled and do not by themselves establish a legal breach.

Relevance: Dust, lead exposure and environmental compliance are material to an operating lead-zinc mine and a COO’s site oversight remit.

Reducing the health and environmental impacts of lead contamination in Broken Hill – Preliminary Report (printed pp. 19–25, especially p. 21: 2025 EPA inspection and licence variation; pp. 23–24 analytical caveats); Rasp Mine Annual Review 2024 (printed pp. 92–93: 2024 baghouse and PM10 events, response and no observed harm as reported by operator); Children are being poisoned by high lead levels as state government agency is accused of report cover-up (paras. 208–211: BHM response on earlier ownership/management); Rasp Mine Annual Review 2025 (printed pp. 9–10: 2025 PM10, monitoring and vibration events); Broken Hill Mines Annual Report 2026 (printed p. 11, Environmental Regulation: directors report no known regulatory breaches during FY26); SafeWork NSW strengthens efforts to support workers manage lead risks in Broken Hill (29 September 2026: three unnamed mine sites visited; no site-specific breach reported)

Suitability for the current role

Long operating background is relevant, with independent verification limited

Career through 2026-10-10 · analyst inference · medium materiality

BHM describes Morin as bringing 20 years of international underground-mining experience, including operations general-manager roles at St Barbara, Barrick Nevada Gold Mines and Boliden Tara. Kalium Lakes says he had been its General Manager Operations since August 2022 and later appointed him Acting CEO; its 2023 release states he held an MBA and mining/minerals-engineering qualifications. A secondary profile supplies a longer chronology and named schools, but the dates and credentials have not been independently checked. Analyst assessment: his reported mine-operations experience is relevant to BHM’s COO remit; the strength of his personal operating record is mixed, including the KLL insolvency overlap below, and no personal cause is established.

Attribution: Responsibility not applicable. This is an assessment of disclosed experience and evidence quality, not a claim that Morin caused company outcomes.

Relevance: Relevant operating, restart and mine-management experience bears directly on an operating mine’s safety, production, development and cost controls.

Quarterly Activities Report and Appendix 5B, September 2025 quarter (printed p. 11: 20 years’ underground-mining experience; prior GM roles); Management Changes (printed p. 1: GM Operations, MBA and mining/minerals qualifications); Jason Morin professional profile (employment and education chronology; secondary profile, not independently verified); Kalium Lakes Limited Annual Report 2024 (printed p. 17: role ended without cause during external administration)

Evidence gaps

  • BHM’s FY26 KMP table and undated Our Team page omit Morin; a secondary profile last updated 17 September 2026 lists him as COO/current. No later primary officer directory or dated appointment/departure notice was located, so the exact title/status on 10 October 2026 is not independently confirmed.

  • Most dates and older positions in the pre-KLL chronology rely on a secondary employment profile; only selected appointments and endpoints are independently supported by issuer releases.

  • The MBA and mining/minerals-engineering qualifications are employer-reported; the institutions named by the secondary profile and professional membership were not independently verified.

  • A California civil personal-injury calendar entry surfaced for a defendant with the same name. The public record reviewed did not link that defendant to the BHM mining executive; it has not been attributed.

  • No exhaustive criminal, sanctions, litigation, employment-reference, safety or credential check was performed. Open-web searches are limited and are not a clearance.

  • KLL’s external administration during Morin’s General Manager Operations/Acting CEO overlap is a company-level failure; the reviewed sources do not establish his individual causal responsibility or misconduct.

  • The 2025 Rasp annual review lists monitoring failures and PM10 exceedances, while BHM’s FY26 annual report says no known environmental-regulation breaches; the legal/compliance reconciliation is not explained. Post-December 2025 monthly monitoring outcomes were not retrieved.