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2026-11-06

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Full background report

Joshua Pitt

Executive Chairman

Career chronology

Contributions and company outcomes

Red Hill reported increased royalty income and profit

FY2025–FY2026 · issuer reported · medium materiality

Red Hill reported FY2026 Onslow royalty income of $28.76 million and net profit after tax of $20.06 million, against $11.88 million and $9.13 million respectively in FY2025. The external operator generates the ore shipments; a company-wide result does not isolate Pitt’s contribution.

Attribution: Role overlaps event; causation unproven. Pitt was executive chair; the issuer attributes the financial change primarily to royalty income, not to an individual.

Relevance: A documented financial outcome relevant to board oversight.

2026 annual report (PDF p. 36 / printed p. 34, review and results)

Business failures and setbacks

Hampton Hill suspension, delisting and later results

2020–December 2025 · issuer reported · high materiality

Hampton Hill’s 2021 half-year report said ASX suspended its shares on 18 February 2020 because ASX considered operations inadequate for continued quotation, and maintained suspension despite company submissions. The later report confirms delisting on 21 March 2022 and establishment of a shareholder trading hub. During the same half-year to December 2021 the company wrote off $3.03 million of exploration expenditure and reported a $3.43 million loss; Glenview was impaired after further exploration was suspended. Its audited FY2025 report later recorded $1.21 million royalty income and $0.46 million profit and said the $1 million director-related loan was repaid after year-end. The December 2025 half-year reported $1.39 million profit including $0.82 million financial-asset fair-value gains. Hampton Hill disputed ASX’s action and said its request for an interim injunction was refused. A deListed record summarising a 21 February 2020 update says the company chose not to pursue its proceedings and agreed to pay ASX’s interlocutory costs; the underlying update was not obtained. This does not establish a merits ruling.

Attribution: Role overlaps event; causation unproven. Pitt was executive chair throughout; the filings identify board-level oversight, not his personal causation of the suspension or impairment. Later royalty income and results are company outcomes and do not establish his individual contribution.

Relevance: The loss of exchange quotation and exploration write-off, balanced with later royalty income and loan repayment, provide evidence of capital allocation and shareholder liquidity under his leadership.

Hampton Hill interim financial report, December 2021 (printed pp. 1–3 and note 6, pp. 8–9); Hampton Hill interim financial report, December 2022 (printed p. 1, review and results of operations); Hampton Hill annual financial report, 2025 (printed pp. 2–3 and 7, subsequent events and statement of profit or loss); Hampton Hill interim financial report, December 2025 (printed p. 3, statement of profit or loss); Hampton Hill suspension from official quotation (p. 1); Hampton Hill removal from official list (p. 1); Suspension of trading in Hampton Hill shares (p. 1); Hampton Hill Mining NL company record (21 February 2020 chronology entry)

Traka funding uncertainty during tenure

FY2024–FY2025 · issuer reported · medium materiality

Traka’s audited FY2024 accounts recorded a $1.03 million loss and disclosed a material uncertainty over going concern if planned funding or asset realisations were not achieved; the auditor drew attention to that uncertainty without modifying its opinion. The company reported a July 2024 placement and later raised funds in December 2024. Its FY2025 auditor again drew attention to a going-concern uncertainty. The FY2025 report was published after this person’s departure; its reporting year includes a short overlap with the role and is company context only.

Attribution: Role overlaps event; causation unproven. The person was non-executive director and former chair during FY2024. This is tenure overlap and does not establish that the person caused the loss or funding uncertainty.

Relevance: Documents a financial constraint at a previous employer and later context, without imputing personal misconduct.

Traka Resources annual report 2024 (printed pp. 44 and 48, note 25 and independent auditor report); Traka December 2024 quarterly activities report (printed p. 4, December funding); 2025 annual report (PDF pp. 42 and 47, note 25 and auditor report)

Industrial safety

Red Metal worker death and compensation finding

2018 incident; 2024 determination · documented · high materiality

A Red Metal geologist died in December 2018 while working in extreme heat. In 2024 the NSW Personal Injury Commission found employment was a substantial contributing factor and Red Metal liable for a statutory death benefit. Pitt was a non-executive director during the period. The compensation ruling does not find that Pitt caused the death or establish a personal regulatory breach.

Attribution: Role overlaps event; causation unproven. The decision concerns company compensation liability; individual culpability or operational involvement by Pitt is not established.

Relevance: Relevant oversight context at another company where he was a director.

Kary v Red Metal Limited & Ors [2024] NSWPIC 250 (Kary v Red Metal [2024] NSWPIC 250, commission legal bulletin); 2026 annual report (PDF p. 34, other directorships); Financial report for half-year ended 31 December 2018 (p. 2, directors report for six months ended 31 December 2018)

Environmental record

Sybella fire and settlement of claims

FY2025–September 2026 · issuer reported · medium materiality

Red Metal disclosed that a fire during FY2025 on a Sybella tenement affected several pastoral stations. Its FY2025 accounts said potential liability was then uncertain. The FY2026 accounts report that claims were settled after year-end with $1,000 liability to the company, while insurance indemnity for known claims was subject to policy terms. The accounts do not establish the fire’s cause or an environmental breach.

Attribution: Role overlaps event; causation unproven. Pitt was a Red Metal non-executive director during the period; no source links him personally to the incident or establishes his causation.

Relevance: The incident and disclosed settlement are relevant to board-level environmental and stakeholder oversight.

Red Metal annual report 2025 (printed p. 51, note 28); Red Metal annual report 2026 (PDF p. 52, note 31)

Litigation and enforcement

Two separate API disputes had different outcomes

2012–2015 · issuer reported · medium materiality

Red Hill said its 2012 rail and port ownership claim against API was dismissed with costs, with $2.05 million proposed in cost settlement. A distinct case over the Kens Bore East tenements was settled in May 2015; those proceedings were dismissed with each party bearing its own costs and leases transferred to the joint venture. Pitt was on Red Hill’s board, but neither source establishes his personal responsibility for the disputes.

Attribution: Role overlaps event; causation unproven. Company-level litigation occurred during Pitt’s board tenure; no personal conduct or causal responsibility is established in reviewed filings.

Relevance: The matter is relevant as historical oversight and legal-cost context for a current executive chair; the dispute was resolved by settlement.

December 2012 quarterly activities report (pp. 1–2, LEGAL); Kens Bore East Legal Proceedings Settled (p. 1, settlement)

Governance and interests

ASX questioned 2023 Red Metal director trading

2023 · documented · medium materiality

Stockhead reported that ASX queried Pitt’s Red Metal trading around a quarterly-report closed period. It reported Red Metal described an exceptional-circumstances clearance process and considered the quarterly contained no price-sensitive information. The primary ASX query and company response were indexed but could not be opened, so the timing and basis of any specific clearance have not been independently verified; no finding of unlawful conduct is asserted.

Attribution: Individual involvement documented. The report names Pitt and Red Metal; it does not establish a regulatory breach.

Relevance: Relevant governance context, subject to primary-record and disposition gaps.

Closing Bell: Red Metal response to ASX trading query (ASX query and company response discussion)

Announced non-executive director retirement

21 October–20 November 2026 · issuer reported · medium materiality

The 21 October 2026 AGM notice says non-executive director Mark Okeby will retire at the 20 November 2026 meeting and will not seek re-election. This is an announced future board transition at the evidence cutoff, not an already completed departure.

Attribution: Role overlaps event; causation unproven. Pitt is executive chair of the board during the announced transition; the notice does not attribute a reason or fault to him.

Relevance: The planned departure changes board oversight composition and is relevant to governance continuity.

Notice of annual general meeting and proxy (PDF pp. 2 and 8, AGM notice and explanatory statement section 3.1)

Suitability for the current role

Current role and disclosed experience: Joshua Pitt

Current role as of cutoff · analyst inference · low materiality

The disclosed executive chairman role supplies relevant context, but independent credentials, complete prior-employer records and individual contribution are not established. Role fit is an analytical inference, not a finding of personal competence.

Attribution: Responsibility not applicable. This is a limited analyst assessment from the issuer-reported current role; no personal outcome is inferred.

Relevance: Role match is relevant to present oversight, but the source set is too thin to assess delivery or effectiveness.

Red Hill Minerals leadership and management (Issuer current board, management or corporate directory entry)

Evidence gaps

  • Independent verification of credentials and memberships and a complete employment chronology remain unavailable.

  • Documented searches are open-web screening, not an exhaustive criminal, sanctions, court or regulatory clearance.

  • Original 8 August 2023 ASX query and Red Metal response were indexed but not accessible; specific written-clearance timing and any later formal disposition remain unverified.

  • Any appeal or later orders in the Kary workers compensation matter were not located in the targeted search.

  • The original 21 February 2020 update and complete court file for Hampton Hill’s ASX dispute were not obtained; the reported decision not to pursue proceedings rests on deListed’s chronology.

  • Targeted open-web searches do not cover every regulator, court, jurisdiction, prior employer or namesake; undisclosed records and complete individual histories remain unverified.