Tony Sage

In the 2025 Cyclone Metals boardroom contest, Tony Sage was removed as chairman in October 2025. He launched a spill motion against the new managing director while selling down his shareholdings and submitted an application to the Takeovers Panel (December 19, 2025) alleging undisclosed association among the Cyclone shareholders who voted for his removal; the Panel declined to conduct proceedings. Sage had been a founding director of Cyclone for 24 years. Perth Glory FC went into receivership in 2023 after Sage stepped down, with the inability to play home games during COVID proving costly.

Cape Lambert share-for-asset deal pattern: Kasombo Copper-Cobalt Project vended into Fe Limited (now CuFe) for 25M shares + 10M facilitator shares + A$125K cash — structurally similar to CRML copper powder deal (2M shares at premium for physical commodity)

Cape Lambert Resources entered a binding terms sheet with Fe Limited (ASX:FEL, now CuFe ASX:CUF) to assign 100% of rights in the Kasombo Copper-Cobalt Project (DRC) to Fe Limited. Consideration: 25 million fully paid ordinary FEL shares at VWAP deemed issue price, plus A$50K non-refundable deposit on execution, plus A$75K three months after settlement. Additionally, 10 million shares were issued to 'the facilitator of the transaction' at the same deemed price. The transaction follows a structure that recurs across Sage's career: acquiring distressed or early-stage mining assets cheaply, vending them into listed vehicles for share consideration, and maintaining cross-holdings among his companies. The CRML copper powder deal (2M shares at $10/share, or $20M, for 40kg of copper powder from Swiss Commodity Re) shares that share-for-asset form, with one difference noted in the filings: the copper powder deal lacks the independent valuation and ore-body reports standard in mining transactions and involves an asset whose market pricing is disputed.

ATO $96M assessment details: issued May 2012, comprising A$66.9M additional income tax + A$28.8M penalties. Cape Lambert paid A$33M as initial holding amount while objecting. After 2-year investigation, settled for A$2.4M — a 97.5% reduction suggesting ATO's initial position was substantially weakened

The ATO initiated investigation of Cape Lambert Resources Ltd tax arrangements in 2012, issuing Notice of Amended Assessment in May 2012 imposing liabilities totaling A$96M: A$66.9M in additional income tax and A$28.8M in penalties. Cape Lambert paid A$33M as an initial holding amount in 2012 while objecting to the assessment. The share price dropped 75% on the news. After two years of investigation (2012-2014), the ATO settled for just A$2.4M — a 97.5% reduction from the original assessment. In January 2023, The West Australian reported that Sage was fighting to get criminal investigation reports linked to the ATO claims of fraud or evasion, implying the ATO had referred the matter for criminal investigation. The massive gap between the A$96M assessment and A$2.4M settlement could indicate either: (a) the ATO dramatically overreached in its initial assessment, or (b) a negotiated resolution where Sage cooperated on the parallel AFP investigation (Operation Lemans). The timing — ATO investigation 2012-2014, AFP investigation 2012-2021, AFP confiscation settlement 2023 — suggests these were parallel tracks of the same underlying conduct.

Perth Glory receivership Jul 2023: KordaMentha appointed, Sage stripped of A-League license after club required APL loans to pay staff/player wages. Sage invested ~A$50M over 15 years, lost ~A$14M in final 3 years. Club subsequently placed in liquidation before sale to Melbourne property developer Robert Brij

Perth Glory was placed into receivership in July 2023, ending Tony Sage's 15-year sole ownership. Key facts: (1) APL issued breach notice and stripped Sage of the license due to financial turmoil; (2) Club required loans from the central APL administration to pay staff and player wages; (3) Advisory firm KordaMentha appointed to oversee transition; (4) Sage had invested approximately A$50M during his tenure, including approximately A$14M in losses over the final 3 years; (5) Financial difficulties exacerbated by COVID-19 pandemic and forced relocation from Perth Oval for Women's World Cup upgrades; (6) Club was subsequently placed in liquidation before being acquired by Melbourne property developer Robert Brij. The Perth Glory receivership occurred during the same period that Cape Lambert was settling with the AFP on the foreign bribery confiscation ($9.36M, April-May 2023), and while European Lithium/CRML were positioning for the NASDAQ listing via SPAC merger.

Cape Lambert Mt Anketell iron ore flip: purchased for A$20M, sold to Metallurgical Corporation of China (MCC) for A$400M in 2008 — 20x return. MCC disputed final A$80M payment; Supreme Court of WA ordered arbitration in Singapore; settled after MCC placed A$80M in escrow

Cape Lambert purchased the Mt Anketell magnetite iron ore project and sold it 18 months later to the state-owned Metallurgical Corporation of China (MCC) for A$400M in 2008, a 20x return. MCC agreed to pay US$290M in two installments (2008), with US$70M due within two years conditional on mining approval. After MCC failed to make the final payment, Cape Lambert commenced Supreme Court of WA action in September 2010. In March 2013 the court ordered SIAC arbitration in Singapore and A$80M held in escrow with NAB; MCC placed the A$80M in escrow in November 2013, and the parties ultimately settled. The transaction became the deal most associated with Sage's Cape Lambert period: acquiring an asset cheaply and selling it at a high markup to a Chinese state-owned enterprise during the commodity boom. It also reflects a willingness to litigate at length to secure full payment and the scale of the transactions flowing through his entities. The ATO's A$96M assessment may, on the available record, relate to how the proceeds of this sale were structured through offshore entities.

AFR Margin Call: EUR cashed out ~$185M in CRML shares since Oct 2025; Sage received $22.7M compensation; EUR trades at $590M discount to CRML holdings

Australian Financial Review 'Margin Call' column (March 2026) reports: (1) European Lithium has cashed out approximately $185M worth of Critical Metals shares since October 2025. Our prior SEC filing analysis had tracked $54.75M — the AFR figure is 3.4x larger, suggesting additional sales through channels not yet captured in US filings or made via ASX. (2) Sage received $22.7M salary package from CRML last financial year, including $21.7M in shares. (3) EUR still owns ~half of CRML (~$1.5B market cap at time of article) but trades at only $283M market cap — a $590M discount. The columnist asks 'Why could that be?' implying Australian market does not believe CRML's US valuation. (4) Article references Cape Lambert Resources history where Sage convinced Metallurgical Corporation of China to pay $400M for low-grade Pilbara iron ore that was not worth extracting — 'a tract of moose pasture.' (5) Sage simultaneously selling Cyclone Metals stock through EUR while running a spill motion against its new MD — contradictory behavior. Sage was removed from Cyclone board Oct 2025 with 71% of votes against.

Cape Lambert sold Mt Anketell magnetite to MCC for A$400M (20x markup from A$20M in 18 months); 18 years later mine has never produced

Tony Sage acquired the Mt Anketell magnetite iron ore project in WA for ~A$20M circa 2005. Sold to Chinese consortium led by MCC Mining for A$400M in mid-2008 — 20x return in ~18 months. Cape Lambert received A$320M; MCC refused final A$80M because Cape Lambert failed to obtain mining approvals. Resolved via court-ordered Singapore arbitration and NAB escrow (Nov 2013). As of 2026, 18 years after sale, the mine has NEVER produced a tonne of iron ore. Required Anketell deepwater port (est. A$4.5B) never built. JORC resource: 1.9B tonnes at 30.7% Fe — low grade magnetite, effectively stranded without port. Direct precedent for CRML copper powder: same operator, same pattern of selling overvalued mining assets at extreme markups.

Tony Sage's corporate roles include, in part: Executive Chairman/CEO of Critical Metals Corp (NASDAQ:CRML, BVI incorporated); Executive Chairman of European Lithium Ltd (ASX:EUR, 32 Harrogate St, West Leederville, WA — holds 39.5% of CRML worth A$1.2B Jan 2026); Executive Chairman of CuFe Ltd (ASX:CUF); Managing Director Okewood Pty Ltd (consulting, founded 1997); director of Cape Lambert Resources (ASX:CFE); former Cape Lambert chairman; former Perth Glory FC owner (stepped down 2023, club went into receivership); non-exec director Kupang Resources, Caeneus Minerals, International Petroleum. Additional private entities: Marampa Iron Ore Ltd, Metal Exploration Mauritius Ltd, Metals Exploration Pty Ltd, Millennium Minerals (Operations) Pty Ltd, Mineral Securities Investments Australia Pty Ltd, Mooloogool Pty Ltd, Eastern Petroleum Australia Pty Ltd.

EUR-CRML board overlap confirms Sage network continuity: Malcolm Day (EUR director since Jul 2012, also MD of Moab Minerals) and Mykhailo Zhernov (EUR director since Dec 2021, ALTERA FINANCE founder, 3.6% EUR shareholder) both serve on CRML board. EUR won ballot for Pilbara iron ore tenements near old Cape Lambert port area in Sep 2019 — assets recycled through Sage's new vehicle

European Lithium and CRML share several board members. Malcolm Day has been an EUR director since July 2012 and has served as MD of Moab Minerals (ASX:MOM) since 1999; he also sits on the CRML board. Mykhailo Zhernov (managing partner of Millstone and Co, Ukraine, formerly ALTERA FINANCE founder) has been an EUR director since December 2021, holds 3.6% of EUR, and also serves on the CRML board. Tony Sage holds 1.9% of EUR directly, beyond his chairman role. When iron ore tenements near Rio Tinto's Cape Lambert port expired in March 2019, European Lithium applied for and won approximately 90% of the available exploration landholdings in a September 2019 ballot. This means the geographic area associated with Cape Lambert Resources' original iron ore operations is now held for exploration by Sage's newer vehicle EUR, an instance of the same ground passing between his successive companies. EUR's investor rights agreement allows it to nominate four of five CRML directors while holding more than 50%, giving Sage board control of CRML through EUR.

Australian Federal Police Operation Lemans (launched 2012): untested court allegations against Tony Sage include bribing a Sierra Leone official for the Marampa iron ore project, paying secret commissions, insider trading, and tax fraud including disguising $19.8 million as loans via offshore entities. No charges filed as of 2023. Separate ATO investigation 2012-2014: $96M assessment issued to Cape Lambert Resources, settled for $2.4M.

The $9.36M confiscation (Supreme Court of Victoria, May 30, 2023) involved Oz Minerals Ltd / Oxiana (Cambodia), not Tony Sage. Sage's AFP matter is Operation Lemans (Sierra Leone bribery, launched 2012). No charges were filed against Sage as of January 2023. The disclosure-obligation argument still applies to an active investigation, but without a confiscation order.

The AFP media release and NGM Lawyers analysis describe the $9.36M confiscation as involving a company that self-reported foreign bribery related to Cambodia mining rights (2006-2009). This was Oz Minerals (formerly Oxiana Limited), not Cape Lambert or Tony Sage. Operation Lemans, the Sage/Cape Lambert investigation, was launched in 2012 over alleged Sierra Leone/Marampa bribery. As of March 2026, Operation Lemans has produced no confiscation orders, no criminal charges, no prosecution, and no public resolution. The investigation appears to have stalled; the AFP seized documents from Sage, but a privilege dispute kept them in legal limbo for years (per Lawyerly Jul 2018). The CDPP has not publicly stated a decision.

ASX blocked Sage deals with Frank Timis (drug conviction, AIM rules breaches): ASX used absolute discretion to delist Global Iron and International Petroleum to prevent Timis gaining control; Sage responded by listing both on NSX instead

The Australian Securities Exchange decided to block transactions by two of Tony Sage's companies — Global Iron Ltd and International Petroleum Ltd — on grounds that controversial businessman Frank Timis would gain too much control. International Petroleum planned to acquire Timis-controlled Eastern Petroleum Corporation (Kazakhstan oil fields), while Global Iron was set to acquire African Petroleum Corporation (Liberia oil/gas blocks). ASX stated it was 'not satisfied the two Companies would comply with the ASX listing rules including the discharge of their obligations with respect to continuous disclosure on an ongoing basis, or that they would meet the standards required of listed entities and their officers as a result of Mr Timis' influence.' Timis had a drug conviction from the 1990s and was executive chairman of Regal Petroleum, which was fined for AIM rules continuous disclosure breaches. ASX said the deals could proceed but the companies would be delisted. In response, Sage listed both African Petroleum and International Petroleum on the NSX (National Stock Exchange) instead, circumventing the ASX ban. On this occasion, when one exchange blocked a deal, Sage moved it to a less restrictive venue.

Perth Glory salary cap scandal: FFA found 'complete breakdown in proper corporate governance' under Sage's chairmanship; 3 years systematic cap breaches, payments hidden through family member accounts, club fined A$269K and excluded from finals

Football Federation Australia found Perth Glory guilty of breaching the A-League salary cap for three consecutive seasons under Tony Sage's ownership. Key details: (1) Club exceeded 2014/15 salary cap of A$2.55M by approximately A$400-500K; (2) Payments deliberately concealed — Irish international Andy Keogh paid A$150K through a family member's bank account while his actual salary was A$300-350K, but club reported A$150K to FFA; (3) Other concealed benefits included accommodation expenses, motor vehicle provisions, and player agent fees; (4) FFA sanctions: excluded from finals series, fined A$269K; (5) FFA CEO David Gallop stated the situation 'points to a complete breakdown in proper corporate governance' and called Sage's alleged lack of knowledge 'obviously unacceptable for a chairman.' The FFA findings describe payments routed through indirect channels to stay within reported salary-cap figures, with the chairman stating he was unaware of the arrangements.

Cyclone Metals boardroom battle: Sage removed as chairman Oct 2025 after 24 years as founding director. Filed Takeovers Panel application Dec 2025 alleging undisclosed shareholder association — Panel declined to conduct proceedings. Was simultaneously selling down Cyclone shareholdings while launching spill motion

Tony Sage was removed as Cyclone Metals (ASX:CLE, formerly Cape Lambert Resources) chairman on 21 October 2025 pursuant to a resolution passed at a requisitioned general meeting under s249D Corporations Act. He had been founding director since December 2000 (24 years). Sage responded with: (1) launching spill motion against newly appointed managing director; (2) filing Takeovers Panel application (19 December 2025) alleging undisclosed association among Cyclone shareholders who voted for his removal; (3) simultaneously selling down his own Cyclone shareholdings. The Takeovers Panel declined to conduct proceedings (decision TP26/002), finding Sage had 'not demonstrated a sufficient body of material to warrant the Panel making further enquiries on the allegation of an association.' The Assay reported this with a spotlight on Critical Metals Corp, noting the 'apparent disconnect between the campaign at Cyclone Metals and Sage's primary role at US-listed Critical Metals Corp.' The episode pairs a contested defense of a board position with a concurrent sell-down of the same holding.

Tony Sage is an Australian mining entrepreneur, born around 1958 in Perth, WA. He was a founding director of International Goldfields/Hamill Resources (merged as Cape Lambert Resources, ASX: CFE) and Executive Chairman of Cape Lambert Resources Ltd. The ATO investigated the company in 2012-2014 on fraud and evasion claims, issuing a $96M assessment; the share price fell 75% and the matter settled for $2.4M. Sage sought access to the criminal investigation reports per a January 2023 West Australian report. He also sued the Metallurgical Corporation of China over the A$400M iron-ore asset sale and filed suit against Timis Mining (Sierra Leone) for a $10M loan plus royalties. A separate entity, Cape Lambert Corporation, appears in the Panama Papers via Mossack Fonseca, incorporated in Panama in February 2007 with intermediary Consulco International Ltd (Ras Al Khaimah Free Trade Zone, UAE). Sage owns Perth Glory FC (A-League). Current roles: CEO/Executive Chairman of CRML; Executive Chairman of CuFe Ltd (ASX: CUF); Executive Chairman of European Lithium (ASX: EUR); Executive Director of Cyclone Metals (ASX).

Cape Lambert Corporation (ICIJ node 10048336) is a Panama entity incorporated February 6, 2007 via Mossack Fonseca, with Consulco International Limited (RAK FTZ, UAE) as intermediary. No officers or beneficial owners are named in the ICIJ database. The connection to Tony Sage / ASX:CFE Cape Lambert Resources Ltd is unverified; the name match is suggestive, but no public evidence confirms Sage as an officer or beneficiary of this Panamanian entity. The ATO investigation of Sage's Cape Lambert Resources resulted in a $96M assessment settled for $2.4M, with Sage seeking access to ATO criminal investigation reports in January 2023, indicating that criminal fraud or evasion referrals were made.

Across more than 20 years, Tony Sage's corporate conduct shows several recurring features: share-for-asset swaps between controlled entities, relisting on alternative venues when exchanges block deals, payments routed through indirect channels, offshore entity structures, and simultaneous control of multiple listed vehicles linked by cross-holdings.

An assessment of Tony Sage's corporate conduct across Cape Lambert, CuFe, European Lithium, CRML, Perth Glory, Cyclone Metals, Global Iron, and International Petroleum identifies five recurring features. Share-for-asset swaps: Sage has repeatedly acquired assets cheaply and vended them into listed vehicles for share consideration. CopperCo was acquired from receivership via debt-to-equity conversion and its assets sold for roughly A$300M; the Cape Lambert magnetite project was bought for A$20M and sold to MCC for A$400M; the Kasombo project was vended into Fe Limited for 25M shares plus facilitator shares; and the CRML copper powder deal saw 40kg acquired for 2M shares at $10/share ($20M). The CRML deal is the outlier, involving a physical commodity with disputed pricing (claimed at $1,500-2,500/g against market sources placing it two to three orders of magnitude lower) rather than a mining tenement. Relisting on alternative venues: when the ASX blocked the Sage-Timis deals (Global Iron, International Petroleum) over concerns about Timis' influence and continuous-disclosure compliance, Sage listed both on the less-regulated NSX. For CRML's Greenland rare earth project, the US listing was achieved through a BVI incorporation and SPAC merger rather than a direct ASX listing. Indirect payment channels: in the Perth Glory salary-cap matter, player payments were routed through family-member bank accounts; in the ATO investigation, $19.8M was allegedly disguised as loans via offshore entities. In both, Sage stated he was unaware of the specific arrangements. Offshore structures: Cape Lambert Corporation (Panama, Mossack Fonseca, 2007, with intermediary Consulco International in the RAK FTZ, UAE) matches the name of Sage's company, but the ICIJ database lists no officers. Metal Exploration Mauritius Ltd is a Cape Lambert subsidiary; CRML is incorporated in the BVI; and Swiss Commodity Re is a Hong Kong-based entity whose principal Deayton holds two BVI entities in ICIJ databases. Cross-holdings: Sage simultaneously chairs or controls CRML, European Lithium (which holds 37.3% of CRML), CuFe, and, until October 2025, Cyclone Metals. The entities share a registered address at 32 Harrogate Street, West Leederville WA, and Okewood Pty Ltd provides consulting services to several of them, creating a structure through which assets and value can move between entities under Sage's control. Applied to the CRML copper powder transaction ($20M in shares at a 40% premium for 40kg of 99.96% pure copper powder from Swiss Commodity Re), the deal resembles prior Sage transactions in its share-for-asset form but differs in several respects: the asset is a physical commodity rather than a mining tenement; the seller (Swiss Commodity Re / Kenneth Deayton) has no established prior connection to Sage, unlike earlier related-party swaps; the pricing is disputed by market sources; no independent valuation is disclosed; and 200K additional shares went to Malcolm Macintyre (Capella Capital), whose role as 'co-seller' is unexplained.

32 Harrogate Street, West Leederville WA is 'Sage House,' a commercial building where CuFe, ESG Minerals, and CRML share offices. It is marketed as boutique coworking/office space and serves as the shared address for several entities in Sage's corporate network.

32 Harrogate Street, West Leederville WA 6007 — the registered address for multiple Tony Sage entities — is a contemporary two-storey boutique building referred to as 'SAGE HOUSE' in commercial real estate listings. CuFe Ltd has its Principal Administrative and Registered Office at Unit 3, 32 Harrogate Street. ESG Minerals is also at Unit 3, 32 Harrogate Street. CRML lists 32 Harrogate Street as its business address in SEC filings. The building offers shared office and coworking spaces through Office Hub, suggesting Sage's entities occupy part of a commercial building that also leases space to third parties. The 'Sage House' name points to Sage's ownership or primary tenancy of the building. The co-location places several of his listed vehicles at one address, in keeping with the Okewood Pty Ltd consulting arrangement under which one entity provides management services to multiple listed companies.

No ASIC enforcement action or investigation found against Tony Sage, European Lithium, or Cape Lambert as of March 2026

Web search found no ASIC enforcement actions or investigations against Tony Sage, European Lithium Ltd, or Cape Lambert Resources in 2024-2026. Historical context: Cape Lambert had an Australian Taxation Office dispute (2012-2014) resulting in a $96M assessment later settled for $2.4M, and there was an Australian Federal Police investigation (Operation Lemans) in 2012 involving Sage's international dealings. No ASIC charges or formal investigation found. Tony Sage remains active as Executive Director of European Lithium and is named as a director of CRML.