Tiger Brown

Career chronology

• 2018–present: Astron Limited — Managing Director; prior business development, planning and executive roles in China and Australia. Annual Report 2025 (p. 22); Investor Presentation: Donald Project Phase 1 BFS and Phase 2 revised economic study (Slide 3)

Education and qualifications

Issuer-disclosed qualifications and verification limits

As reported in dated issuer material · issuer reported · low materiality

Issuer lists BSc (Economics); not independently verified.

Attribution: Responsibility not applicable. Issuer reports the qualification; no independent university or professional-register verification was completed.

Relevance: Relevant to the disclosed management remit, with issuer-only verification.

Investor Presentation: Donald Project Phase 1 BFS and Phase 2 revised economic study (Slide 3, qualification line)

Contributions and company outcomes

Donald reached regulatory, partner-funding and engineering milestones

2024–30 September 2026 · documented · medium materiality

The Donald development had major delivered milestones: Energy Fuels agreed to staged earn-in funding up to A$183m; Victoria approved the Phase 1A work plan in June 2025; and the 30 September 2026 issuer update said Energy Fuels had contributed A$97.4m by Q3 2026. The sources establish project progress, not individual causal contribution.

Attribution: Role overlaps event; causation unproven. These are project/company outcomes; this executive held a relevant management role in part or all of the period, but the sources do not establish personal causation.

Relevance: Astron’s central development project; personal attribution remains limited.

Interim Financial Report, half-year ended 31 December 2025 (Directors’ report, Donald Project, pp. 1–4); Donald Mineral Sands Project (Current status, lines 317–328); Project update (Project update, lines 9–30); Investor Presentation: Donald Project Phase 1 BFS and Phase 2 revised economic study (Slides 3–8)

Business failures and setbacks

FID, construction and production remained outstanding

Earlier planning to 30 September 2026 · documented · medium materiality

Donald had not reached FID, construction or production by 30 September 2026. The June 2026 presentation planned first production in 2028; the 30 September update said senior-debt discussions remained ongoing, targeted a A$200m package, moved FID expectation to Q4 2026 and still planned first production in 2028. This is project delivery/financing risk, not proof of individual fault.

Attribution: Role overlaps event; causation unproven. Project schedule risk overlapped with the executive’s role; no cited source establishes individual fault.

Relevance: Schedule and financing execution are central to future project delivery.

Project update (Project update, lines 11–27); Investor Presentation: Donald Project Phase 1 BFS and Phase 2 revised economic study (Slides 3–8)

Environmental record

Independent reporting documented community and land-use concerns

June 2025–cutoff · documented · medium materiality

ABC reported more than 1,000 hectares of farmland and at least one home could be affected, and quoted local farmers concerned about consultation. Brown discussed rehabilitation and voluntary land arrangements. Reporting establishes no environmental breach or individual wrongdoing. The linked EPBC compliance report PDF was inaccessible.

Attribution: Role overlaps event; causation unproven. For Brown the article records his public response but no adverse conduct; Reid held a sustainability remit, but the article makes no individual attribution.

Relevance: Relevant to stakeholder oversight and sustainability; no breach finding.

Astron Corporation’s Donald Project given green light by Victorian government (Lines 155–176, 207–226); Donald Mineral Sands Project (Lines 320–335); Donald Mineral Sands – Publications (Lines 253–258)

Litigation and enforcement

English High Court enforcement of state-expropriation award remained pending

2008–February 2026 · documented · low materiality

Astron reports that Carnegie Minerals (Gambia) received a 2015 ICSID award after The Gambia revoked the mining licence and expropriated its assets. In May 2025 it pursued English High Court recognition; the February 2026 interim report said recognition proceedings remained ongoing and subject to court process and any defence. This is an employer legal-recovery issue arising from state action, not a finding against an Astron executive.

Attribution: Employer context; no individual link established. The records describe a company/subsidiary matter; no personal responsibility for expropriation or misconduct is established.

Relevance: Relevant group legal/recovery context only.

Enforcement action against The Gambia (Background to the Award and enforcement, pp. 1–2); Interim Financial Report, half-year ended 31 December 2025 (Directors’ report, The Gambia, p. 5; p. 34)

Governance and interests

ASX questioned delayed director-interest filings; Astron acknowledged administrative oversight and proposed stronger controls

17 November 2025–16 January 2026; no final disposition verified by cutoff · disputed · medium materiality

ASX questioned late Appendix 3Y filings for directors George Lloyd and Gerard King following changes in their interests on 17 November 2025. ASX said the notices appeared due by 24 November and that Astron may have breached Listing Rules 3.19A/B and the directors may have breached Corporations Act s.205G. Astron responded that the directors had notified the company but the filings were not entered into ASX’s system due to administrative oversight; it said it would use formal disclosure agreements and a filing checklist and considered recruiting a Risk and Compliance Officer. The response does not state a final ASX breach finding, sanction or close-out, and the reviewed sources did not establish whether one followed. This company-level control lapse overlapped the executive team’s tenure; no source attributes the late notices to this executive personally.

Attribution: Role overlaps event; causation unproven. The filing-control issue occurred during the executive's company tenure, but the ASX inquiry concerns director-interest notices and the sources do not establish this executive's personal involvement or fault.

Relevance: Relevant to the company’s disclosure controls and board oversight. For the General Counsel and Company Secretary, the public response is directly relevant to governance responsibilities; for other executives it is team context only.

ASX Compliance Appendix 3Y – Change of Director’s Interest Notice Query and Astron response (ASX query, pp. 3–4, lines 47–84; Astron response, pp. 1–2, lines 12–45)

Suitability for the current role

Relevant disclosed experience for Managing Director

Career and appointment periods as disclosed · analyst inference · medium materiality

Company roles since 2018 and managing-director tenure since February 2021 are relevant to the executive remit. Issuer materials credit him with Donald resource delineation, metallurgical work and equity partnerships; individual contribution is not independently established. Financing and FID remained incomplete at cutoff.

Attribution: Responsibility not applicable. Issuer biographies support role relevance but do not demonstrate full performance or individual responsibility for company outcomes.

Relevance: Current remit is relevant; assessment is limited by issuer-sourced careers and pre-production stage.

Investor Presentation: Donald Project Phase 1 BFS and Phase 2 revised economic study (Slide 3, Board & Management); Annual Report 2025 (pp. 22–23, Managing Director biography)

Evidence gaps

• Career/qualification details are issuer-reported and were not independently checked with employers, universities or professional registers.

• Open-web research is not an exhaustive court, criminal, sanctions, litigation, safety or regulator database check; no clearance conclusion is possible.

• Project outcomes are documented, but individual causal contributions are not established; Donald had not reached production by cutoff.

• No final ASX disposition or close-out notice for the January 2026 Appendix 3Y query was identified in the records reviewed by the cutoff; the inquiry status remains unresolved in this report.