A Port Kembla gun dealer accused of supplying firearms linked to two Sydney gangland murders and other organised crime across Australia remains behind bars.
Shane James Simpson did not appear in Wollongong Local Court when his matter was mentioned before Magistrate Michael Stoddart on Thursday.
The 46-year-old, from Jamberoo, was arrested during a police raid on his firearms and hunting business, Simpson Sports, on Wednesday morning.
He has been charged with 47 firearm-related offences.
Simpson's lawyer Patrick Schmidt made no application for his release in court on Thursday afternoon.
A bail application is expected to be made on Tuesday.
"There's a lot of charges, we're still discussing and going over them," Mr Schmidt said outside court.
"They're serious charges my client's facing. We'll be looking into all aspects of the charges and then we'll go from there."
Questioned if bail would be applied for during Simpson's next court appearance, the lawyer said: "On Tuesday we'll have a look at that."
Asked how Simpson was coping, Mr Schmidt said "he's fine".
Simpson's arrest was the culmination of a five-month probe by a NSW Police State Crime Command strike force, code-named Myosoti, investigating the movement of firearms between states and territories.
Investigators say they have, so far, identified more than 300 pistols allegedly disposed of illegally by Simpson.
Police allege Simpson legitimately acquired the firearms as stock, before altering the original identification on the firearms and disposing of them to people who were not authorised to possess them.
About 30 firearms have been recovered and linked to organised crime, including more than 20 pistols found at crime scenes in NSW.
A number of other firearms have been located at interstate crime scenes, including two linked to organised crime investigations in South Australia and a clandestine drug laboratory in Queensland.
All seized firearms have undergone tracing by the ballistics unit to determine their origin and police say they are linked to Simpson's Port Kembla dealership.
Simpson was arrested after police swooped as he opened his Wentworth Street business for the day's trade on Wednesday.
Detectives searched the gun shop, as well as two homes - one in Jamberoo and the other at Penrose.
During the searches, police say tools, forensic evidence, electronic devices and documentation relevant to the investigation were found.
The items have been seized for forensic examination.
Almost 340 firearms were seized at the business and Simpson's firearms licence has been suspended.
He has been charged with 14 counts of supplying a pistol to a person unauthorised to possess it, 17 counts of altering/making a pistol record with the intention to deceive, 11 counts of failing to keep labels and records as a licensed firearms dealer, four counts of not keeping a non-prohibited firearm/pistol safely and possessing an unregistered pistol.
The maximum penalty for supplying a pistol to a person unauthorised to have one is up to 20 years in prison, and for altering a pistol record with the intention to deceive is up to 14 years behind bars.
Investigations as part of Strike Force Myosoti continue.
The NSW Police State Crime Commander, Acting Assistant Commissioner Stuart Smith, said the drug and firearms squad had aggressively targeted gun-related crime to disrupt the supply of illegal firearms.
"Historically, we have targeted the firearms trade stemming from stolen or imported guns. However, by taking a different approach, our detectives have uncovered a sophisticated method involving a licensed firearms dealer illicitly turning legal firearms into a black-market weapon," Acting Assistant Commissioner Smith said.
"In light of current world events, Strike Force Myosoti detectives will continue their work to prevent any further opportunity for firearms to be diverted into the hands of a criminal.
"We know one firearm in the hands of the wrong person can be lethal, and knowingly supplying a firearm to someone who is not authorised to possess it is just as bad as pulling the trigger."
Acting Assistant Commissioner Smith said the police work to date had involved working closely with firearms registries across the country.
"This is by no means the end - we will be speaking with our colleagues in other jurisdictions to make changes and prevent this vulnerability occurring in the future," he said.