5 questions lodged at 2026 EQ Resources (EQR) virtual EGM
March 19, 2026
Below is the text of the 5 written questions submitted at the 25 minute EQ Resources (EQR) 3.30pm Melbourne time Zoom virtual EGM on March 16, 2026 to deal with 12 share issue resolutions and a hostile Stephen Mayne board nomination complaining about the lack of an SPP after a $34m placement at 5c in December 2025. See notice of meeting. Market cap had soared to $1.65b by EGM day as the tungsten market soars amidst huge demand and fears about China's stranglehold. The proxies were not disclosed early. Biggest protest was 11.23% against share issue to Singapore-based director Zhui Pei Yeo and my board tilt was only supported by 0.66% of voted stock. Oh well!
Q1. When we first announced the placement on December 5, we told the ASX that this EGM would be held in late January or early February. Why was it delayed until March 16? Also, is this meeting being recorded and will a copy of the webcast be made available on your website for the benefit of shareholders unable to participate live?
Answer: The out-sourced company secretary Tony Di Pietro from Vistra handled most of the questions and executive chair Oliver Kleinhempel did not say a word at the entire meeting. What a joke that our only tungsten miner couldn't even record this Zoom EGM and make it available to the 2,500 retail shareholders, 99% of whom didn't attend live. The delay was caused by the ASX insisting on certain changes to the EGM documentation. Watch video of exchange via Twitter.
Q2. Resolution 1 question: why didn't we offer our circa 2,500 retail shareholder a chance to participate in this $34 million placement at 5c announced in December on the same terms as the lucky unknown clients of Euroz Hartleys and Canaccord? With the stock today at 36c, those placement participants are sitting on 720% paper profits in just 3 months and the non-participating shareholders have been diluted out of hundreds of millions in value. Will you announce a suitably discounted share purchase plan for retail investors before the next AGM?
Answer: The out-sourced company secretary Tony Di Pietro hand-balled to new managing director Craig Bradshaw who didn't offer much hope. Whoever bought the $34m EQ Resources placement at 5c on December 5 run by Euroz and Canaccord is today sitting on stock worth around $250m with the shares at 36c. Watch video of exchange via Twitter.
Q3. Resolution 2 question: There was a 39% vote against Stephen Layton's re-election at the AGM in November last year. What was the issue and did he really need to be issued these discounted shares when he already owns 55 million shares which are currently worth $20 million?
Answer: Not asked because out-sourced company secretary Tony Di Pietro from Vistra declared it wasn't relevant to any particular agenda item, which was wrong given resolution 2 involved a share grant to Stephen Layton.
Q4. Resolution 11 question: Given the sensitivity around China's dominance of the tungsten market, could Singapore-based director Zhui Pei Yeo please clarify the history of his association. Also, has FIRB made any inquiries about the level of Chinese Government influence over the company, similar to what has happened recently with ASX listed Northern Minerals? Are there any limits on the amount of shares we are able to issue to offshore directors such as Zhui Pei Yeo and what proportion of the company does the chair believe is currently owned by Chinese interests? Also, there was a a 14% proxy vote against this grant? What concerns were raised by shareholders?
Answer: Felt a bit McCarthyist asking this question but it was disappointing that Zhui Pei Yeo didn't respond himself. Instead, we just had managing director Craig Bradshaw declaring that he wasn't a member of the CCCP as far as the company was aware, whilst also slapping down the general tone of the questions, which was fair enough. Watch video of exchange via Twitter.
Q5. Resolution 13 question: why was my platform (see full nomination letter) for standing for the board censored by the board and not included in the notice of meeting? Who provided the legal advice that it was appropriate to do this and how did you expect our 2500 shareholders to understand that I was running for the board on a platform of better treatment of retail shareholders in capital raisings?
Answer: EQ Resources has a market cap of $1.65b but they left it to the out-sourced company secretary from US listed Vistra to defend blatant platform censorship. Tony Di Pietro claimed they did receive legal advice that such censorship was lawful. What a joke. Watch video of exchange via Twitter. Also, watch how Tony refuses to say my name when introducing the item and disclosing the proxy position.
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