Izzak, acting through PET FC Pty Ltd / Pinny Pty Ltd / previous director for MW Minerals Pty Ltd
and Leslie Ingraham, via Jalei Pty Ltd / Jolyn Investments Pty Ltd
Luke Patrick Innes = Rilukin Holdings Pty Ltd = < The Luke Innes Services, A/C)
Their deep entanglement across multiple ASX-listed explorers demands serious scrutiny.
Royalties and Deals That Always Favour Izzak
Many of BYH and SMS’s key project and tenement transactions appear to be done directly with Izzak but not always in his own name. Entities like MW Minerals Pty Ltd and Pinny Pty Ltd were frequently involved, and they just so happen to link back to him. These entities have received royalty streams, finder’s fees, and other benefits, raising major red flags around transparency and arms-length dealing.In some cases, royalties were attributed to unrelated third parties on paper, but clearly flowed back to Izzak-connected companies. It’s a clear pattern, a strategy that appears designed to conceal the true beneficiaries and likely amounts to undisclosed related-party transactions.
A Pattern of Boardroom Activism and Control
Izzak and Leslie have history together. In 2018, they jointly launched a Section 249D action to spill the board of TRL — a rare and aggressive move that shows they don’t just invest passively. Their strategic alliances are aimed at securing control, board seats, or favourable commercial terms. This isn’t an isolated incident; it’s a pattern.
Common Names Across the Same Top 20
You’ll find both Izzak and Leslie either directly or via their entities appearing repeatedly among the Top 20 shareholders of multiple companies, including BYH, SMS, AVL, and even Yellow Rock Resources. That’s no coincidence. It points to a coordinated network of influence that allows them to dominate microcap explorers, steer deals, and extract value behind the scenes.
If these deals are not being properly disclosed as related-party transactions, or if shareholder approval was never sought where required, then this may be in breach of the Corporations Act. At the very least, it flies in the face of good governance. Investors deserve to know whether the people running the company are dealing with themselves behind closed doors.
BYH Price at posting:
0.6¢ Sentiment: Sell Disclosure: Not Held
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