Chinese shareholder withdraws bid to depose Northern Minerals chair
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The news: China-based shareholder Vastness Investment Group has withdrawn its bid to depose Northern Minerals’ executive chair Adam Handley as the rare earths miner awaits the outcome of a Foreign Investment Review Board (FIRB) investigation into its share register.
The context: Vastness, which holds a 6.77% interest in the company, according to Capital IQ, used its right as a significant shareholder to call an extraordinary general meeting (EGM) in which a vote to remove Adam Handley would be held.
The EGM call and proposed vote to remove Handley was announced to the exchange on 28 January 2026, but no reason was provided.
The move followed orders from the NSW Supreme Court in November 2025 that allowed Northern Minerals to delay its annual general meeting (AGM) to give the FIRB time to complete a review of its share register.
In October 2025, Northern Minerals told the exchange that it had identified and referred suspicious activity on its shareholder register, in relation to possible breaches of previous disposal and prohibition orders, to FIRB for review.
The EGM and AGM were previously expected to be held on the same day. A further extension of the AGM deadline to 30 June 2026 was approved by the NSW Supreme Court on Monday to allow FIRB additional time to complete its investigation.
What they said: “We are committed to complying with all rules and regulations including those pertaining to our ASX listing and shareholding transparency,” Northern MInerals executive chair Adam Handley said.
“This extends to full transparency with government agencies, both in Australia and overseas, which are critical to potential funding support to meet our goal of reaching a Final Investment Decision for Browns Range by 30 June 2026.
“It is important that FIRB has sufficient time to complete its consideration of the matters referred to it by the Company. Browns Range is a vitally important project for Australian and allied nations efforts to set up non sole source reliant rare earths and permanent magnets supply chains.”
The source: ASX
