Why Did Great Northern Minerals Delay Director Interest Notices?
Great Northern Minerals Limited has addressed an ASX query regarding the delayed filing of director interest notices, attributing the lapse to an administrative oversight related to option expiry. The company reassures investors that compliance frameworks remain robust.
- Late filing of Appendix 3Y due to administrative oversight
- Change related to expiry of director options in July 2025
- Company affirms existing compliance policies and procedures
- Incident deemed isolated with no planned changes to controls
- ASX raised potential breaches of Listing Rules and Corporations Act
Background to the ASX Query
Great Northern Minerals Limited (ASX – GNM) recently responded to a formal query from ASX Compliance concerning the late lodgement of Appendix 3Y notices. These notices relate to changes in the notifiable interests of two directors, Steven Formica and Ariel King, which should have been reported within five business days of the change occurring on 1 July 2025.
Cause of the Delay
The company acknowledged the delay was due to an administrative oversight specifically tied to the expiry of a class of options held by the directors. This lapse meant the notices were filed on 26 August 2025, well past the ASX’s stipulated deadline of 8 July 2025.
Compliance Measures and Company Response
Great Northern Minerals emphasized that both the board and its directors are fully aware of their disclosure obligations under ASX Listing Rules 3.19A and 3.19B. The company highlighted its existing Security Trading Policy and Continuous Disclosure Policy as key frameworks supporting compliance. Additionally, it has implemented further checks to monitor future expirations of securities to prevent recurrence.
ASX’s Regulatory Concerns
The ASX letter pointed out that the late filing may constitute breaches of Listing Rules 3.19A and 3.19B, and potentially section 205G of the Corporations Act 2001, which governs directors’ disclosure obligations. The exchange also reminded GNM of its continuous disclosure responsibilities and the potential need for trading halts or suspensions if timely responses are not provided.
Looking Ahead
While Great Northern Minerals considers the incident isolated and maintains confidence in its current compliance arrangements, the episode underscores the critical importance of timely and accurate director interest disclosures. Investors and regulators alike will be watching closely to see if the company’s enhanced controls effectively prevent future lapses.
Bottom Line?
Great Northern Minerals must now prove its compliance controls can withstand scrutiny to maintain investor confidence.
Questions in the middle?
- Will ASX impose any sanctions or require further remedial actions from GNM?
- How effective are the company’s new checks on security expirations in practice?
- Could this incident signal broader governance risks within Great Northern Minerals?
