The Panel has declined to conduct proceedings on an application dated 19 December 2025 from Mr Antony Sage in relation to the affairs of Cyclone Metals Limited (ASX: CLE) (Cyclone).

The application concerned an alleged undisclosed association between certain Cyclone shareholders in the context of a requisitioned general meeting called under section 249D of the Corporations Act in which the applicant was removed as a director of Cyclone (see TP25/103).¹

The Panel has declined to conduct proceedings on an application dated 17 December 2025 from AIM Mining Corporation Limited in relation to the affairs of Wiluna Mining Corporation Limited¹ (Wiluna).

The Panel has received an application from Mr Antony Sage in relation to the affairs of Cyclone Metals Limited (ASX: CLE) (Cyclone).

Details of the application, as submitted by the applicant, are below.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.

Details

Cyclone is an ASX‑listed company.

The applicant was the founding director of Cyclone, appointed to the board in December 2000.

The Panel's office will be closed from 5pm (Melbourne time) on Wednesday 24 December 2025, reopening on Friday 2 January 2026. A small number of staff will be available to deal with urgent matters during this period (other than the Christmas Day, Boxing Day and New Year’s Day public holidays). If you are considering lodging an application during this period, please call us on (03) 9655 3500 at your earliest convenience and prior to the closure of the office.

The Panel has received an application from AIM Mining Corporation Limited in relation to the affairs of Wiluna Mining Corporation Limited (Subject to Deed of Company Arrangement) (Wiluna).

Details of the application, as submitted by the applicant, are below.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.

The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 21 November 2025 from Mr Oliver Douglas in relation to the affairs of Emu NL (ASX: EMU) (Emu).

The application concerned a placement announced 2 weeks before and undertaken 1 week before Emu’s AGM on 28 November 2025 (AGM) at which resolutions concerning the composition of the board were to be considered (see TP25/097).

The Panel today released a Consultation Paper seeking public comment in relation to proposed revisions to Guidance Note 4 on Remedies General.

The proposed revisions seek to (among other things) take a stronger stance on remedies, including by providing further guidance on the circumstances in which the Panel will consider making costs orders against parties.

The Panel seeks comments from interested persons on the draft Guidance Note by Monday, 2 March 2026. Comments should be emailed to takeovers@takeovers.gov.au.

The Panel has made orders (Annexure A) requiring Emu NL and its former directors Mr Tim Staermose, Mr Peter Thomas and Mr Oliver Douglas to pay a portion of the fair and reasonable costs incurred by the applicant in connection with these proceedings (see TP25/051, TP25/056, TP25/066 and TP25/086).

The sitting Panel was Stephanie Charles (sitting President), Alberto Colla and John McGlue.

The Panel has received an application from Mr Oliver Douglas in relation to the affairs of Emu NL (ASX: EMU).

Details of the application, as submitted by the applicant, are below.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.

Details

Emu NL (Emu) is a precious and base metals explorer listed on ASX.

The applicant is a shareholder and former director of Emu.