In its first court victory for the year, the Australian Securities and Investments Commission has secured a $450,000 penalty against ASX-listed cobalt and nickel outfit Australian Mines for making false claims about the funding and value of a Queensland project.

Handing down the fine on Friday, Federal Court Justice Craig Colvin slammed Australian Mines’ conduct as “serious” and noted the company had breached disclosure laws on “matters of considerable importance to [its] affairs”.