The Australian Securities and Investments Commission (ASIC) alleges AVZ and two of its senior executives withheld critical information from investors about an escalating ownership battle with Congolese authorities. The regulator said the company engaged in “misleading and deceptive conduct” by authorising exchange filings that did not fully reflect the seriousness of the conflict.
AVZ, operating through its subsidiary Dathcom Mining, claims a 75% stake in the Manono lithium project — a site widely regarded as hosting some of the world’s richest hard-rock lithium reserves. However, the project has been entangled in legal and political disputes in the DRC since 2022, as Kinshasa reassesses mining contracts and asserts greater sovereignty over strategic minerals.
ASIC alleges Managing Director Nigel Ferguson and Technical Director Graeme Johnston approved ASX statements that were “false or misleading, or omitted matters” material to investors.
“We allege Mr Ferguson and Mr Johnston failed to inform investors of the ongoing issues in this matter for nearly 12 months,” ASIC Deputy Chair Sarah Court said.
AVZ was suspended from trading in May 2022 and fully delisted from the Australian Securities Exchange in 2024.
The company has not yet responded to requests from
Media for comment.