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2026-11-06

← RML management

Full background report

Steve Promnitz

Senior Strategic Adviser

Career chronology

Business failures and setbacks

Indochine financing difficulty and later creditor case

2014–2015 · documented · medium materiality

Indochine disclosed financing discussions and Promnitz’s CEO resignation on 30 July 2014. The company entered administration in March 2015 after a later funding withdrawal. As a creditor, Promnitz challenged a creditors’ resolution and deed; in August 2015 the Federal Court dismissed his proceeding and ordered costs. The administration occurred after his departure and the judgment does not establish personal misconduct.

Attribution: Employer context; no individual link established. His CEO role had ended before the administration; his later role was as plaintiff and creditor, not a defendant found responsible.

Relevance: Prior-employer financial and legal outcome relevant to a strategic adviser.

Indochine funding and board change (ASX announcement, p.1); Promnitz v Indochine Mining [2015] FCA 857 (Orders and reasons, paragraphs 1, 20 and final orders)

Litigation and enforcement

Disputed Lake receivable settled

FY2022–FY2024 · issuer reported · high materiality

Lake’s 2022 accounts disclosed A$1,077,773 in advances and expense payments linked to Promnitz and said some transactions were disputed. Its 2023 annual report described offsets, a write-down and a final A$200,000 settlement amount; its 2024 annual report said the dispute was resolved to all parties’ satisfaction and the final amount was received. These are issuer disclosures, not a finding of wrongdoing.

Attribution: Individual involvement documented. The issuer names Promnitz and states amounts were disputed and subsequently settled; no personal misconduct finding was established.

Relevance: Material related-party and governance context, with the later outcome retained.

Lake Resources 2022 annual report (Note 6(b), printed p.68); Lake Resources 2023 annual report (Trade and other receivables note); Lake Resources 2024 annual report (Note 8(a), printed p.80)

Governance and interests

Lake reported unapproved closed-period trades

April–July 2022 · issuer reported · high materiality

Lake reported that Promnitz traded shares on 20–22 April 2022 during a closed period without the required advance written clearance and had not notified the company secretary. Lake described this as inadvertent non-compliance, said permission was sought after the trades, and described steps to update governance processes. This is Lake’s account; no independent regulatory finding or personal response about the incident was located.

Attribution: Individual involvement documented. Lake identifies the individual and the trading-policy issue, while characterising the failure as inadvertent. No insider-trading or other statutory breach is inferred.

Relevance: Relevant to governance and disclosure controls.

Lake response to short-seller report (Lake response, On the Disclosure of share trades, reproduced text)

Suitability for the current role

Relevant experience and evidence limits

As of the dated 2025–2026 sources · analyst inference · low materiality

Resolution named Promnitz a strategic adviser in July 2025 and continued to list him on its 29 October 2026 management slide. He led Lake Resources during its exploration and pre-feasibility stages.

Attribution: Responsibility not applicable. Role-fit inference is based on issuer-reported roles; individual outcomes and qualifications are not independently verified.

Relevance: Relevant to Horse Heaven technical and strategic execution.

Strategic advisors appointed (Dated issuer appointment or management slide); US roadshow presentation (29 October 2026 presentation p.11)

Evidence gaps

  • Prior career dates, independent education and professional credentials have not been comprehensively verified.

  • Dedicated person- and former-employer searches across safety, legal, fraud, environment and governance are incomplete.

  • The underlying individual regulator records, complete career outcomes and independent credentials remain incomplete.

  • The underlying closed-period trading matter has not been independently checked against a final regulatory disposition, if any.

  • Historical 9 October search-log entries were not independently reconstructed; current topic coverage is limited to the actual grouped search and sources recorded here.