AUS
NZ
UK
CA
USA
IND
Neometals Ltd (ASX:NMT) has issued 625,000 fully paid ordinary shares to its director, Mr Gregory Evans, who resigned effective 30 June 2026. This issuance followed shareholder approval granted at an extraordinary general meeting held on 29 May 2026. The shares were allotted on 29 June 2026 at A$0.04 each, in line with the terms of the company's wider Placement announced on 20 April 2026. The notice, lodged under section 708A(5)(e) of the Corporations Act 2001, confirms Neometals' adherence to continuous disclosure and financial reporting requirements. Investors monitoring the company's capital structure and board changes should note this as the final administrative action related to Mr Evans' participation in the placement prior to his board departure.
Key Points
- Company: Neometals Ltd (ASX: NMT, OTCQX: NMTAY)
- 625,000 new fully paid ordinary shares issued to outgoing director Gregory Evans on 29 June 2026
- Issue price set at A$0.04 per share, consistent with April 2026 placement terms approved by shareholders on 29 May 2026
- Mr Evans resigned as director effective 30 June 2026, the day after the share issuance
- Notice lodged under section 708A(5)(e) of the Corporations Act 2001 confirming compliance with Chapter 2M, sections 674 and 674A obligations
- Investors should monitor for any further changes to board composition or capital structure following Mr Evans' exit
Issuance of 625,000 Subscription Shares to Gregory Evans at A$0.04 Each
In an update dated 1 July 2026, Neometals Ltd confirmed the issuance of 625,000 fully paid ordinary shares, termed "Subscription Shares," to Mr Gregory Evans on 29 June 2026. Each share was issued at A$0.04, valuing the total allotment at A$25,000, calculated from the disclosed share count and price.
These Subscription Shares are part of Neometals' broader capital raising announced on 20 April 2026. Mr Evans subscribed on identical terms to other participants, with no preferential pricing or special conditions. The issuance was formally notified to the ASX via an Appendix 2A and a Change of Director's Interest Notice (Appendix 3Y), both lodged on 29 June 2026.
Shareholder Approval at 29 May 2026 EGM Enabled the Share Issue
The share issuance to Mr Evans was contingent upon and received shareholder approval at the extraordinary general meeting held on 29 May 2026. This approval aligns with ASX Listing Rules and Corporations Act requirements for related-party transactions involving directors participating in placements.
The update confirms that shareholders independently reviewed and sanctioned the transaction before the shares were issued, indicating their acceptance of the terms and rationale for Mr Evans' participation at the same price as other investors.
Gregory Evans Resigns as Director Effective 30 June 2026
Mr Evans resigned from the Neometals board effective 30 June 2026, the day following the share issuance. The company update does not specify reasons for his resignation or whether it relates to the capital raising or other strategic factors. The announcement also does not detail the duration of his tenure on the board.
The timing ensured Mr Evans received his placement shares while still a director, consistent with the shareholder approval process governing the transaction. His Change of Director's Interest Notice (Appendix 3Y), filed on 29 June 2026, reflects this final update to his disclosed holdings. Investors tracking board changes should consider this departure in the context of Neometals' strategic direction.
Section 708A(5)(e) Notice Facilitates Share Trading
This update also serves as a notice under section 708A(5)(e) of the Corporations Act 2001, relevant because the Subscription Shares were issued without a prospectus or other disclosure document under Part 6D.2 of the Act. Such shares typically carry on-sale restrictions unless conditions are met.
By lodging this notice, Neometals "cleansed" the shares, allowing them to be freely traded without additional disclosure. This is a standard practice in Australian capital markets for shares issued via placements to sophisticated or professional investors, including directors. The notice is an administrative measure and does not indicate any adverse developments.
Confirmation of Compliance with Disclosure and Reporting Obligations
Neometals confirmed compliance with Chapter 2M of the Corporations Act, governing financial reporting obligations such as annual and half-year reports. The company also affirmed adherence to continuous disclosure requirements under sections 674 and 674A, asserting no material information has been withheld from the market.
Additionally, the company stated there is no "excluded information" as defined in sections 708A(7) or 708A(8) that would need to be disclosed in this cleansing notice. These confirmations are legally significant and essential for the notice's validity.
Context of the April 2026 Placement within Neometals' Capital Raising
The shares issued to Mr Evans form part of a broader capital raising announced on 20 April 2026. The update does not disclose the total capital raised, total shares issued, or the specific use of proceeds.
The placement allowed eligible participants, including Mr Evans with shareholder approval, to subscribe at A$0.04 per share. This pricing provides a market reference point for Neometals' equity valuation during mid-2026. Investors seeking comprehensive details should refer to the original 20 April 2026 announcement and subsequent ASX filings.
Formal Shareholder Records via Appendix 2A and Appendix 3Y Filings
Alongside the section 708A(5)(e) notice, Neometals lodged an Appendix 2A to notify the ASX of the securities allotment and update the share register. The Appendix 3Y Change of Director's Interest Notice records Mr Evans' updated security holdings as a director at the time of issue, fulfilling ASX Listing Rule 3.19A requirements.
These filings provide transparent documentation of the transaction for shareholders and market participants reviewing the share issuance and Mr Evans' final disclosed interests.
Board and Company Secretary Authorisation of the Release
The update was authorised by Neometals' board and signed by Mark Boyne, Joint Company Secretary. This follows standard corporate governance practices requiring board oversight and formal approval prior to market release.
Dated 1 July 2026, the notice was released the day after Mr Evans' resignation took effect, completing all administrative and legal steps related to the placement before his departure. Neometals is dual-listed on the ASX and OTCQX (ticker NMTAY), ensuring transparency for both Australian and international investors.
Investor Considerations Post Capital Raising and Board Change
With Mr Evans' share issuance complete and resignation effective, the immediate administrative requirements from his participation in the April 2026 placement are concluded. Investors should monitor for announcements regarding any new director appointments or changes to board committees following his exit, although no such updates were included in this release.
More broadly, attention will likely focus on Neometals' operational and project developments following the capital raising. The April 2026 placement and shareholder approval at the May 2026 EGM indicate active fundraising during this period, with deployment of proceeds into strategic initiatives expected to be a key area of investor interest. This notice primarily serves an administrative and regulatory function and does not indicate any immediate share price impact.
