Helping Biotron to Do Better and Deliver Tangible Results: Shareholders Call for ASIC Action and Regulatory Scrutiny, page-6

It is the responsibility of all shareholders — and indeed the broader investing community — to raise concerns with both ASIC and Biotron Limited.

External factors like holidays, weekends, COVID-19 disruptions, complex trial data, or global instability may understandably affect clinical progress or the C14 commercialisation process. However, these challenges have not affected executive salaries or staff compensation, which continue without disruption.

In light of this, we believe the Government and regulators must consider mechanisms to recover funds from the CEO and Board of Directors — unless and until they deliver actual commercial outcomes. Once such outcomes are achieved, any held funds could reasonably be returned to management based on performance.

Shareholders are human — we understand that executives need to be paid. But the way Biotron’s CEO and Board are currently drawing funds, with no visible delivery of service or results, appears to bypass both proper oversight and ethical norms.

In a functioning public company, you provide a service, then you are compensated. At Biotron, the opposite is happening: executives are taking money first, without accountability or measurable service. An ASIC investigation would help determine whether funds have been misused, misappropriated through cronyism, or otherwise directed without proper shareholder value being created.

The CEO and Board appear to have entered a state of silence and inaction following the recent capital raise. Meanwhile, there is growing concern that certain aligned investors may be waiting to offload shares once a brief promotional cycle (a "pump and dump") begins. However, it is widely believed that the share price will not rise meaningfully above 1 cent, and that some short-term participants in the capital raise will exit with profit — while others are left holding losses until another raise is requested or the company collapses entirely.

We ask ASIC to take these concerns seriously and initiate a formal investigation into Biotron’s governance, financial practices, and executive accountability — before more value is lost and shareholder confidence is further damaged.