GNM - Catalyst Ridge Deal: CPS on Both Side of the Table

CPS Capital isn't just raising money for Great Northern Minerals -- insiders & family are also vending assets to GNM via Spire Investments WA

Great Northern Minerals Catalyst Ridge Project Acquisition.

Whats really behind the vendor structure, shareholders deserve a full picture before voting to approve the issuing of;

• 161,342,730 FPO 2nd Tranche Placement shares; and,
• 200,000,000 Placement Options; and,
• 80,000,000 Lead Manager Options

Who is the Vendor?

• The vendor is Spire Investments WA Pty Ltd, a private shelf company incorporated 30 June 2025 - only weeks before this deal.
• Spire Investments Pty Ltd has no history, no track record. It exists purely to house this transaction
• Spire Investments Pty Ltd role: it entered into a Convertible Note with American Cheetah Metals, Inc (the US Company that staked the claims). Upon conversion, Spire Investments Pty Ltd owns 100% of Cheetah Metals Inc, and then flips it to Greater Northern Minerals.

Who owns Spire Investments WA Pty Ltd?

Spire has 4 equal shareholders, here is where it gets interesting!

• Sabsien Pty Ltd (Erik King) - Erik is the older brother of Ariel (Eddie) King, who sits on the Board of Great Northern Minerals. Ariel is also a director & shareholder of CPS Capital.
• Plutus Ventures Pty Ltd (Keith Della-Vedova) - Keith is both an employee and shareholder of CPS Capital.
• Celtic Capital Corp Pty Ltd - an associated entity disclosed alongside CPS Capital in substantial holding notices controlled by Jason Petersen, (Managing Director of CPS Capital)
• Pearlglow Investments Pty Ltd - Victor Turco - not directly related to CPS Capital, but has a documented history of overlap with CPS Capital dating back to 2017/2018 and Surefire Resources NL (ASX:SNR) Turco as a Non Executive Director and Company Secretary & CPS Capital Pty Ltd - Lead Manager/Broker/Corporate advisor mandate.

CPS Capital Pty Ltd Dual Role

• CPS Capital acted as Lead Manager for Great Northern Mineral's recent Capital Raise, earning 6% of total funds raised & 80,000,000 Lead Manager Options (subject to shareholder approval)
• Now, CPS Capital Pty Ltd - linked insiders/relatives are on the vendor side of the Catalyst Ridge Project acquisition via Spire Investments WA
• Plainly speaking, CPS Capital Pty Ltd are on both sides of the table -- raising money for Great Northern Minerals , then vending assets to Great Northern Minerals through an entity they control.

The Board Link

• Ariel (Eddie) King is a Great Northern Minerals Director
• Ariel (Eddie) King is a Director & shareholder of CPS Capital Pty Ltd
• His brother (Erik King) is a Spire Investments WA Pty Ltd (equal) shareholder
• This creates a direct family & corporate connection between Great Northern Minerals Board, CPS Capital Pty Ltd (fund raiser) and the Vendor (Spire Investments WA)

Why this is important and matters

• Under ASX Listing Rule 10.1 & Corporations Act s208, transactions involving related parties need clear disclosure and ofter shareholder approval.
• Spire Investments WA looks, on the surface, like an independent vendor - but in reality it is stacked with CPS Capital insiders and family of a Great Northern Minerals Non Executive Director
• Spire Investment WA incorporation date (30 June 2025) screams "deal vehicle" - not a genuine third-party vendor.

Where is this now?


@DeepDriller - for your information re: "governance matters as much as geology." Post 80413711
I will raise this issue (being the first of three) with ASX Listing Compliance, asking for a review of whether the deal has been fully disclosed as a related party transaction and whether shareholder approval should be required.

Shareholders deserve transparency, not a shelf-company deal vehicle stacked with insiders.