Australian Miner Tusker: Cameroon Mining Deal Raises Questions

• Tusker Minerals acquired two Australian companies in June 2025, gaining access to rutile exploration projects in Cameroon.
• The acquisition included rights to the Douala Basin project, covering 2,580 square kilometers with multiple exploration permits.
• The transaction was made with Gondwana Capital Pty Ltd, a company where Tusker's current CEO, Clifford Fitzhenry, also serves as a director.
• Fitzhenry was a technical consultant for DY6 Metals before the acquisition and became CEO of Tusker Minerals on July 14, 2025.
• The deal's details, including the CEO's dual role, were reported in Tusker's annual report for the financial year ended June 30, 2026.

The dual role of Clifford Fitzhenry, acting as a director for Gondwana Capital Pty Ltd—the seller—while simultaneously being a technical consultant for DY6 Metals (now Tusker Minerals)—the buyer—at the time of the acquisition, raises questions regarding potential conflicts of interest.

Tusker Minerals, an Australian mining firm previously known as DY6 Metals, completed a significant acquisition in June 2025, securing access to prospective rutile exploration projects located in Cameroon. This transaction involved the full acquisition of two Australian companies, Aardvark Minerals Pty Ltd and EKOM Metals Pty Ltd. Through these acquisitions, Tusker Minerals gained control over Rhino Resources Ltd in Cameroon, which is managed by Aardvark, and Gorilla Mining Ltd, owned by EKOM.

The core of the deal centered on the rights associated with the Douala Basin project. This extensive project spans 2,580 square kilometers and encompasses three exploration permits that have already been granted, alongside three additional permit applications that are currently pending. The acquisition was formally announced on April 24, 2025, and finalized on June 13, 2025, following approval from DY6 shareholders at a meeting held on June 11, 2025.

The acquisition was executed with Gondwana Capital Pty Ltd as the selling entity. A notable aspect of this transaction, as detailed in Tusker's annual report for the financial year ending June 30, 2026, is the involvement of Clifford Fitzhenry. Mr. Fitzhenry currently serves as the Chief Executive Officer of Tusker Minerals, but he also holds a directorship position with Gondwana Capital Pty Ltd, the company from which Tusker acquired the assets.

Prior to his appointment as CEO of Tusker Minerals on July 14, 2025, Mr. Fitzhenry was already engaged with DY6 Metals as a technical consultant. This timeline places his consultancy role with the acquiring company before the acquisition's completion, and his directorship with the selling company concurrent with the transaction, preceding his elevation to CEO of the newly rebranded Tusker Minerals.

The dual role of Clifford Fitzhenry, acting as a director for Gondwana Capital Pty Ltd—the seller—while simultaneously being a technical consultant for DY6 Metals (now Tusker Minerals)—the buyer—at the time of the acquisition, raises questions regarding potential conflicts of interest. His subsequent appointment as CEO of Tusker Minerals shortly after the deal's finalization further highlights the interconnectedness of the parties involved.

This arrangement, where a key executive of the acquiring company also held a leadership position within the selling entity during the transaction period, warrants scrutiny. The information, publicly disclosed in Tusker's annual report, underscores the importance of transparency in corporate governance, particularly in deals involving significant asset transfers and executive overlaps.

Source: Original reporting via corporate annual report disclosures