Regulatory Alerts2025-11-11
ASIC sues suspended WA mineral exploration company AVZ Minerals and directors for disclosure failures
The Australian Securities and Investments Commission has filed proceedings in the Federal Court against suspended WA mineral exploration company AVZ Minerals Limited and two of its directors for failing to disclose critical market information regarding a legal dispute over its Manono lithium project in the Democratic Republic of the Congo. ASIC alleges that the company breached continuous disclosure obligations and engaged in misleading conduct by omitting details of an escalating legal challenge that began in mid-2021, while directors Nigel Ferguson and Graeme Johnston allegedly failed to ensure accurate reporting to the Australian Securities Exchange. The regulator is seeking declarations of contravention against the company and declarations of contravention along with pecuniary penalties against the two directors for their role in misleading investors over a period of nearly 12 months.