Northern Territory Chief Minister Natasha Fyles has resigned following revelations that she owns undisclosed shares in a manganese mine.
Ms Fyles made the announcement at a press conference on Tuesday after flying back to Darwin after attending her father-in-law's funeral this weekend.
She reportedly owns a small number of shares in South32, the company at the helm of a controversial mine in the remote community of Groote Eylandt.
Earlier this year, she said the government would not investigate air pollution levels or health impacts after community members raised concerns about possible manganese dust leaks.
The revelation of her shares, worth just over $2,000, led to calls from Opposition Leader Lia Finocchiaro for her resignation, alongside rumors of a leadership change within NT Labor.
Northern Territory Chief Minister Natasha Fyles is under pressure to resign following revelations that she owns undisclosed shares in mining company South32
Ms. Finocchiaro said Ms. Fyles' actions represented a “profound betrayal of public trust.”
“If these reports of more undisclosed shares are true, she has knowingly misled Territorians again and must go,” Ms Finocchiaro said.
Senior Labor figures are said to be alarmed by Ms Fyles' inability to declare her shares in South 32, which are worth less than $2,500.
One Labor source said Ms Fyles was considering her position while returning to Darwin from an out-of-state trip, according to Sky News.
Another said there was a “90 per cent chance” Ms Fyles would leave the top job.
The Prime Minister's Office would not confirm or deny that she plans to resign.
Ms Fyles will meet the public at a press conference on Tuesday afternoon
Ms Fyles has faced mounting pressure in recent months, with GEMCO's revelations the latest in a series of stock scandals.
Last month, Ms Fyles was forced to divest shares in Woodside after media and federal politicians questioned potential conflicts of interest, particularly the government's large-scale expansion of the NT gas industry.
Last week, Ms Fyles was referred to the NT Independent Commissioner Against Corruption by an independent backbencher over possible conflicts of interest.
Deputy Chief Minister Nicole Manison is tipped as her replacement in next year's territory elections.