Torngat Metals Strengthens Leadership Team with Key Executive Appointments - Yves Leduc Named CEO and Olga Kovalik Appointed as COO

MONTREAL, March 26, 2025 /CNW/ - Torngat Metals Ltd., a Quebec-based rare earth development company, is entering a pivotal phase in its evolution as it accelerates its ambition to become Canada's first producer of heavy and light rare earth oxides, and one of the world's large-scale producers of heavy rare earth elements. To support this next chapter, the company is pleased to announce the appointment of Yves Leduc as Chief Executive Officer (CEO) and Olga Kovalik as Chief Operating Officer (COO).

With these strategic leadership appointments, Torngat Metals is reinforcing its commitment to strengthening the critical mineral supply chain and ensuring the responsible development of its Strange Lake project—one of the world's most significant untapped sources of heavy rare earth elements.

Yves Leduc has been appointed CEO, succeeding Dirk Naumann, who has decided to retire after successfully leading the company through its exploration phase. Leduc is a seasoned executive with extensive international experience in strategic leadership, manufacturing, marketing, new product development, and operational excellence. Until recently, he served as the CEO of Velan Inc., a global valve engineering and manufacturing company. He then became a partner at Idealist Capital, a private equity impact fund having raised 400 million CAD in capital commitment focused on accelerating the energy transition.  He has a track record of driving growth in industrial and technology-driven businesses, and his expertise in scaling operations, optimizing market strategies, and introducing innovations will be instrumental in propelling Torngat Metals toward production and securing its position as a key supplier to high-tech and clean energy industries.

" I am thrilled to join Torngat Metals' highly skilled team at such a pivotal time," said Leduc. "This project is more than mining development—it's a catalyst for economic growth in Canada and a key driver of the energy transition. The Strange Lake project creates a unique opportunity to strengthen partnerships with local and Indigenous communities and for Quebec, Newfoundland and Labrador to collaborate in building the foundation for a new industrial era. Together, we have a unique opportunity to develop a responsible and independent rare earth supply that will shape the future of critical minerals."

To drive the company's engineering, construction, and operational readiness, Torngat Metals has also appointed Olga Kovalik as COO, marking the creation of a key new leadership role focused on project execution and operational excellence. With over 25 years of experience in the mining sector, Kovalik has successfully managed large-scale mining operations with a strong emphasis on safety, environmental stewardship, lean manufacturing, and sustainable practices. Until recently, she was Chief Project Officer at Vale Base Metals.

"I'm excited to join Torngat Metals at such an important stage in its development," said Kovalik. "This project presents a rare opportunity to build a mining operation that is not only efficient and competitive but also grounded in environmental responsibility and strong community engagement. I look forward to contributing my expertise to ensure safe, sustainable, and high-performing operations as we move forward."

The company's Chairman, Tom Gilman, emphasized the significance of these leadership changes: "These appointments come at a defining moment for Torngat Metals. With Yves's strategic vision and Olga's deep operational and construction expertise, we are well-positioned to achieve critical 2025 milestones and lay the foundation for the next phases of the Strange Lake project. I would also like to thank Dirk Naumann for his invaluable contributions in advancing Torngat Metals from an exploration company to the next stage of development. I look forward to his continued involvement in our company's future."

Leduc assumed his new role as CEO of Torngat Metals on March 24, and Kovalik will join the company as its COO on April 7. Torngat Metals will continue to benefit from Dirk Naumann's outstanding expertise and leadership as he will remain on board to ensure a smooth transition and assume specific responsibilities related to the launch of mining and separation operations.

About Torngat Metals Ltd.
Torngat Metals is a private company based in Canada working to develop the Strange Lake Rare Earth Project to responsibly supply rare earth elements required for high-tech and low-carbon solutions. With development activities in Quebec, Newfoundland, and Labrador, the company aims to be a globally recognized supplier of light rare earths and a global leader in solving the heavy rare earth supply crisis for dysprosium and terbium. Leveraging robust partnerships with Indigenous peoples and local communities, new approaches to minimizing environmental impacts, and cutting-edge engineering, Torngat Metals looks forward to playing a pivotal role in the global transition to clean energy. Learn more at www.torngatmetals.com.

About the Strange Lake Rare Earth Project
The Strange Lake project is located in Nunavik, Quebec, one of the world's leading mining regions. Its deposits encompass the full suite of light (neodymium and praseodymium) and, most importantly, heavy rare earths (dysprosium and terbium), essential for producing permanent magnets needed for high-efficiency motors in electric vehicles, wind turbines, robotics, drones and other cutting-edge technologies. As part of this project, Torngat Metals aims to develop an open-pit mine site and concentration plant in Nunavik, along with a single-lane access road linking the site to Labrador and a separation plant. The company is on track to complete the project's pre-feasibility and feasibility studies in 2025 and aims to start production in 2028. Learn more at www.torngatmetals.com.

SOURCE Torngat Metals -Métaux Torngat

Media Contact : Aline Vandermeer, Director of communications, [email protected], 514 605-3416