Between September 2020 and May 2022, Giovinazzo had turned to Billis several times to help repay his Rimfire deal. Giovinazzo told the court that Billis never directly transferred the money to him, and the funds were paid either to his company, Golden Plains Resources, or Rimfire.

At the heart of the court stoush now between the two long-term friends and mining prospectors is who has control over Golden Plain Resources, and a greater stake in Rimfire, which has tripled in value since Giovinazzo struck his initial deal. Today, Rimfire’s shares are worth about 3¢.

Giovanazzo claimed his long-term friend was attempting to “steal” his company and exert more pressure on the board and directors of Rimfire.

Damien McAloon, Anton Billis’ barrister

Giovinazzo has claimed Billis was given shares in other companies as a security to advance the funds to help him pay his agreement with Rimfire, and that he had become a non-beneficial shareholder in Golden Plains Resources. Meanwhile, Billis claimed he was under the impression, as had been agreed, that he was a beneficial shareholder of Golden Plains Resources.

The friendship had become incredibly tense over that period, and, according to Giovinazzo, broke down in 2022 when they finalised a repayment deed.

Giovinazzo told the court various drafts of the deed were circulated between the pair, “each of which contemplated by one means or another that the [Golden Plains Resources] shares would be returned to [his] control upon repayment”, but at the end, Billis refused to sign it.

Billis claimed he had only just been made aware his shares in the company were not held beneficially, while Giovinazzo claimed his long-term friend was attempting to “steal” his company and exert more pressure on the board and directors of Rimfire.

“Mr Billis was an unreliable witness,” Billis’ lawyers wrote in their closing submission. “He had a very poor recollection of the key events in the proceeding. He was frequently confused as to the dates and order of events and gave frequently contradictory evidence.”

Golden Plains Resources has a 4 per cent stake in Rimfire, according to S&P Capital IQ, while Billis, through various entities, holds 3.4 per cent of shares.

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As the court battle plays out, Rimfire watches on, aghast at Billis’ potential control of the company, which has a market cap of $67 million. Ahead of the most recent annual general meeting, in which Billis put up resolutions to appoint two new board members, the board raised alarm bells.

“If [those resolutions] are passed, the board will comprise a majority of directors nominated solely by Mr Billis,” they told investors.

“The board considers that this is not good corporate governance and gives Mr Billis the potential to control the business and operations of the company without him paying a premium for that control.”

Eighty-five per cent of shareholders voted Billis’ motion down.

Giovinazzo was contacted for comment. Billis declined to comment as the case was before the court.

The matter returns to court this month.

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