Roman Rafał Rachalewski is a manager and investor with over 25 years of experience in finance, investments, and restructuring processes. He is a graduate of the Executive MBA program offered jointly by UQAM and SGH and holds the CFA designation. For nearly a decade, he represented the private equity fund EMSA Capital, carrying out investment projects in Central and Eastern Europe, encompassing both corporate development and complex transformation processes. Concurrently, he holds managerial positions at key industrial entities within the Niewiadów Group—as a Member of the Management Board of Elaboracja Niewiadów sp. z o.o. and Zakłady Sprzętu Precyzyjnego Niewiadów sp. z o.o., and as Chief Financial Officer of Niewiadów Polska Grupa Militarna S.A. Previously, he led numerous advisory and restructuring projects for companies in the electromechanical and industrial sectors, and also carried out projects at the American consulting firm IMPAC. As President of the Management Board of Grupa Virtus S.A., he is responsible for capital allocation, designing financial structures for defense and dual-use projects, developing financing models for industrial infrastructure, and financially integrating investment projects with industrial capabilities and the capital market, combining the perspective of a financial investor with a deep understanding of manufacturing realities and long-term defense programs.

Małgorzata Katarzyna Grużewska is a graduate of the Warsaw School of Economics, where she majored in Finance and Accounting, and of the Ryszard Łazarski University of Commerce and Law in Warsaw, where she studied at the Faculty of Economics and Management. She has been with Raen S.A. since 2006. Initially, she served as an Executive Assistant, and later worked as an Analyst. From 2010 to 2019, she served as Investment Project Manager, a role in which she actively sought out innovative projects, participated in investment processes and ownership oversight, led company sales processes and the acquisition of subsequent rounds of financing, and collaborated with business partners. From 2019 to 2021, she served as Authorized Signatory and subsequently as Chief Operating Officer of Raen S.A. From 2021 to 2023, she was Vice President of the Company’s Management Board. Since 2023, she has been with the Raen S.A. Capital Group, where she serves as Manager of Investor Relations and Compliance.

Andrzej Kensbok is a manager with more than 30 years of experience in corporate finance, strategic management and the restructuring of industrial enterprises in Poland and abroad. He holds master’s degrees in philosophy and theoretical physics from the Catholic University of Lublin, as well as an MBA from INSEAD Business School in France, where he specialized in cost management and business process reengineering. He built his professional career at international corporations and consulting firms. At PepsiCo he spent more than a decade in director-level roles in Poland, Switzerland and the United Kingdom, and later served as Vice President for Eastern Europe. Early in his career, he was a consultant at Bain & Company.

He has spent a significant part of his career in the mining and metals sector. As Vice President of the Management Board for Finance (CFO) at KGHM Polska Miedź S.A., he was responsible for the finances of one of the world’s largest copper and silver producers; in 2021, the group achieved the highest EBITDA in its history (PLN 10.3 billion). He led strategic digital transformation and energy transformation programmes, covering renewable and nuclear energy, including a small modular reactor (SMR) project. Previously, as President and CEO of KGHM International in Toronto, he managed the group’s international mining assets in North America. His work there included increasing output at the Robinson mine in Nevada (USA) and launching construction of a mine at the Victoria deposit in Ontario (Canada). Under his leadership, the company posted a net profit for the first time in its history and began repaying its debt to its Polish parent company.

He also gained experience in managing strategic industrial assets in several other roles. As Vice President for Investments at Gaz-System S.A., he led the construction of a PLN 6.5 billion floating LNG terminal (FSRU) in Gdańsk. He also served as President of the Management Board of Polska Grupa Zbrojeniowa S.A. (Polish Armaments Group). As Vice President of Agencja Rozwoju Przemysłu S.A. (Industrial Development Agency), he was responsible for a portfolio of more than 70 companies and numerous restructuring and capital transactions. He has also served on the supervisory boards of industrial and infrastructure companies, including six years as Chairman of the Supervisory Board of PKP S.A. (Polish State Railways).

As Vice President of the Management Board of Grupa Virtus S.A., he will be responsible for financing and developing ventures focused on recovering critical raw materials from industrial waste. In this role he will bring his financial expertise and many years of experience managing mining, metallurgical and industrial projects to bear on the Company’s mission. He pairs an investment and financial perspective with a deep understanding of metals production and of the challenges of the raw materials and energy transition. He will support the development of the revenue models, capital structures and industrial partnerships needed to advance the circular economy and raw materials security.

Norbert Komar is a manager with many years of experience in public administration, corporate ownership oversight, management, finance, and organizational development. He holds degrees in computer science, public finance and financial services, and has completed postgraduate studies and an MBA in healthcare management and management psychology. He began his career in the tax administration, working at the Tax Office in Myszków and the Second Tax Office in Częstochowa, among others. He then joined the Ministry of Economy, where he held expert and audit positions. In the years that followed, he held managerial and director-level positions at companies and institutions in industry, mining, restructuring, healthcare and infrastructure development. His roles included Director of the Marketing Strategy Office at Kompania Węglowa S.A., Director for Economic and Employee Affairs at Spółka Restrukturyzacji Kopalń S.A. (Mine Restructuring Company), and President of the Management Board of Ekologia Przedsiębiorczość Innowacje sp. z o.o. He also held managerial positions at healthcare institutions. Since 2019, he has worked at the “REPTY” Upper Silesian Rehabilitation Centre named after General Jerzy Ziętek, an independent public healthcare institution. He also has extensive experience on supervisory and advisory bodies. He has served as a member, chairman or deputy chairman of supervisory boards and social councils at public companies and institutions. These include Spółka Restrukturyzacji Kopalń S.A., Wodociągi Częstochowskie S.A. (Częstochowa Waterworks), Zakłady Chemiczne Rudniki S.A., and entities in healthcare and higher education. He currently sits on three bodies: the Supervisory Board of Niewiadów Polska Grupa Militarna S.A., the Social Council of the Blessed Virgin Mary Provincial Specialist Hospital in Częstochowa, and the Social Council of the Faculty of Organization and Management at the Silesian University of Technology. His areas of expertise include corporate governance, audit, strategic management, finance, public procurement, internal control, risk management and organizational development. He is a certified ISO/IEC 27001:2005 auditor. He has also passed the state examination for supervisory board members of commercial companies.

Attorney-at-law (radca prawny) and expert in legislation and pharmaceutical market regulation. He has more than 13 years of professional experience in public administration, including managerial positions at the Ministry of Health, the Ministry of Sport and the Chief Pharmaceutical Inspectorate, where he served as Director of the Legal Department. He specializes in pharmaceutical law, legislation, and administrative and administrative court proceedings. His work focuses in particular on the oversight of the manufacture and distribution of medicinal products and of controlled substances. He has broad expertise in national, EU and international regulations. He graduated in law from Kozminski University in Warsaw, completed the legislative training programme at the Government Legislation Centre, and attended a doctoral seminar at Lazarski University. In 2023 he was awarded a doctorate in law. He has been a licensed attorney-at-law since 2023. In recognition of his contribution to legislation, he received an honorary badge from the Prime Minister. He currently runs his own law firm and serves as Director of the Legislative Office of the Polish Society of Experts and Court Experts. In his advisory work, he supports healthcare and pharmaceutical organizations, combining experience from public administration, expert and legislative work with legal practice. Wojciech Krajewski meets the independence criterion.

He is a graduate of the Faculty of Management at the University of Warsaw. He is a manager with many years of experience in running companies, particularly companies listed on the NewConnect market and businesses in the industrial and technology sectors. He serves as Vice President of the Management Board of Grupa Niewiadów – PGM S.A., where he is responsible for strategic development, ownership oversight and the coordination of investment and production projects. His remit also covers investor relations, financing, corporate processes, and the integration of technology and operations across the group. In recent years, he served as President of the Management Board of Grupa Niewiadów – PGM S.A. Before that, he sat on the governing bodies of NewConnect-listed companies, gaining experience in capital markets, corporate governance and development strategy. He also has hands-on experience in overseeing financing processes and working with financial market institutions. Radomir Woźniak does not meet the independence criterion.

He graduated from the Military University of Technology in Warsaw in 1990. In 1999 he earned his PhD in physical chemistry from Wrocław University of Science and Technology, and in 2011 his habilitation (DSc) in chemistry from the University of Wrocław. He is the author or co-author of 70 publications, including 8 patents, in the fields of liquid crystals, applied optics, and the use of carbon nanostructures in dual-use technologies. From 2003 to 2008, Prof. Adam Januszko conducted research at Vanderbilt University in Nashville, Tennessee (USA). His work there focused on new liquid crystal materials for sensing applications in electro-optics and the detection of ionizing radiation. After returning to Poland in 2008, he became Head of the New Technologies Team at the Military Institute of Engineering Technology in Wrocław. In 2013 he was appointed Deputy Director of the Institute. From 2012 to 2017, he was an associate professor at the Military University of Technology in Warsaw. From 2018 to 2022, he served as Vice-Rector for Science at the General Tadeusz Kościuszko Military University of Land Forces. In 2012 he completed training at the Stanford Center for Professional Development, Stanford University (California, USA), as part of the “TOP 500 Innovators” programme of the Polish Ministry of Science and Higher Education. In 2016 he earned an Executive MBA from the French Institute of Management in Warsaw.

He has received numerous awards for his creative work. At the 25th and 27th International Invention, Innovation and Technology Exhibition (ITEX 2014 and ITEX 2016), he won GOLD AWARDS for two inventions: “Electrochromic Device for Active Adaptive Camouflage” and “A Toolbox for Humanitarian Demining”. He also received the Minister of Science and Higher Education Award for the breakthrough technology “Kameleon – Electrochromic Device for Active and Adaptive Camouflage” (Warsaw, 2015). “A Toolbox for Humanitarian Demining”, an invention he worked on, won silver medals at the Salon International des Inventions in Geneva (2016) and at the TRINEC International Exhibition of Technical Innovations, Patents and Inventions in the Czech Republic (2016). Another innovative technology, “Liquid crystal display based cascade ionizing radiation detector visualizing in real time”, won gold medals at the Silicon Valley International Invention Festival in Santa Clara, California (June 2018) and at the Hong Kong International Invention Design Competition (December 2018).

Research interests: carbon nanostructures, liquid crystals and their applications, radiation and sensors, electrochromic materials, color management, and dual-use technologies. Adam Januszko meets the independence criterion.

Tadeusz Kotulski is an attorney-at-law (radca prawny) with many years of experience in corporate law and litigation. He graduated with honours from the Faculty of Law and Administration of the University of Silesia in Katowice.

He is a recognized specialist in investment advisory and an experienced litigator. He has extensive, long-standing experience in the defence industry, public procurement and investment disputes. He actively supports mergers and acquisitions, particularly involving companies operating on regulated markets. His experience includes advising on large investments involving the turnkey delivery of production plants and on complex construction projects, including major linear infrastructure projects based on FIDIC conditions. It also covers advising the medical sector and many years of counsel in niche areas of legal practice, such as advising religious organizations. He has been in legal practice for more than 20 years. He is a co-founder and managing partner of KKP Kotulski Köhler Przybysz Adwokaci i Radcowie Prawni sp.k., a law firm through which he advises many well-established organizations, including international clients.

A renowned accounting and tax specialist and an expert in consolidated financial statements and International Accounting Standards. He is co-owner and President of the Management Board of Forum Rachunkowości sp. z o.o., based in Warsaw. Piotr Bolmiński meets the independence criterion.