Mr Alexander McCulloch, a former project manager at Beacon Minerals Limited (Beacon Minerals) and Mr Darryl Brian Mapleson, who provided geological services to the company, have both appeared in the Perth Magistrates’ Court today charged with insider trading.

Mr McCulloch has been charged with two counts of insider trading after allegedly encouraging two associates to purchase shares in Beacon Minerals while allegedly in possession of inside information.

Mr Mapleson has been charged with three counts of insider trading regarding the alleged purchase of 12,792,850 Beacon Minerals shares between 19 and 24 January 2017 while allegedly in possession of inside information.  At the time, Mr Mapleson was engaged by Beacon Minerals to act as its Competent Person for the making of announcements to the Australian Securities Exchange (ASX) regarding drilling results.

The inside information allegedly possessed by Mr McCulloch and Mr Mapleson related to results from the stage one drilling programme at Beacon Minerals’ Jaurdi Gold Project, which had not yet been announced via the ASX.

When an announcement was made by the company on 31 January 2017, the company’s share price increased by 33 per cent.

Mr Mapleson’s matter has been adjourned to 4 June 2021. Mr McColloch’s matter has been adjourned to 2 July 2021.

The Commonwealth Director of Public Prosecutions is prosecuting the matter after a brief and referral from ASIC.

Background

If convicted, Mr McCulloch and Mr Mapleson face, in respect of each charge, a maximum penalty of 10 years’ imprisonment or a fine of $810,000, or both.

Editor's note 1:

On 3 June 2021, in the Perth Magistrates Court, bail conditions were imposed on Mr Mapleson and the matter was adjourned to 2 July 2021.

Editor's note 2:

Due to COVID-related restrictions in Perth, the hearing of 2 July did not occur and both matters were adjourned to 30 July 2021 for mention.

Editor's note 3:

Both matters have been further adjourned to Stirling Gardens Magistrates' Court for mention on 8 September 2021. 

Editor's note 4:

Both matters were held for mention at Stirling Gardens Magistrates Court on 8 September 2021 and listed for committal mention on 8 December 2021. No pleas were entered by either accused.

Editor's note 5:

The committal mentions did not proceed on 8 December 2021 and the matters were adjourned to 2 February 2022.

Editor's note 6:

The matter has been further adjourned until 13 April 2022.

Editor's note 7:

The committal hearing for Mr McCulloch has been adjourned to 8 June 2022 and Mr Mapleson's committal hearing has been adjourned to 3 August 2022.

Editor's note 8:

Both matters have been adjourned until 14 October 2022.

Editor's note 9:

Both matters have been further adjourned until 7 December 2022.

Editor's note 10:

On 7 December 2022, both matters were adjourned until 1 March 2023.

Editor's note 11:

On 1 March 2023, both matters were adjourned until 10 May 2023.

Editor's note 12:

On 10 May 2023, the committal hearing for Mr Mapleson was adjourned until 7 June 2023 and Mr McCulloch's committal hearing was adjourned until 5 July 2023.

Editor's note 13:

On 7 June 2023, Mr Mapleson's committal hearing was adjourned until 5 July 2023.

Editor's note 14:

Following a number of adjournments, the matter has been listed for committal mention on 7 February 2024.

Editor's note 15:

On 7 February 2024, both matters were adjourned until 3 April 2024.