OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor G6M ASX

Group 6 Metals Limited

Ramping Producer · Tungsten · AU Rating locked: sign in to view v8.1 · g6m-20261031t211001-full
Last 2026-11-06
A$2.47
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$611.7M
EV
A$581.9M
Cash
A$54.1M
Debt
A$23.6M
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$54.1M2025-06-30: 7,626,000 A$2025-09-30: 2,199,000 A$2025-12-31: 3,470,000 A$2026-03-31: 14,387,000 A$2026-06-30: 49,327,000 A$2026-09-30: 54,113,000 A$ Self Funding
Debt A$23.6MFY25A: 26,302,000FY26A: 21,190,000 Net cash A$30.6M
Basic shares 247.7MFY25A: 219,202,660FY26A: 247,536,349 2026-09-29
Runway Self Funding Operating cash flow was positive in each of the last four quarters (A$14.7m in the September 2026 quarter) and covered A$9.6m of quarterly investment; restricted cash is the A$2.8m Mineral Resources Tasmania rehabilitation bond and other deposits at 30 June 2026.

Liquidity

Financial position

A$54.1m cash against A$23.6m of 12% secured loans and fleet finance, all loans repayable on 30 April 2027; the company states cash is sufficient to repay them and fund underground development. A covenant requires cash plus undrawn facilities above A$3m. Lower concentrate output while stockpiles are depleted, and a falling tungsten price, are the main liquidity risks before the underground ore lifts grade.

Inventory composition4

Operating inventories only: low-grade ROM stockpiles being drawn down while the underground ramps up, a small concentrate float and critical spares.

ROM ore stockpiles on hand (about 207 kt at 0.24% WO3, about 49k MTU contained)
— carrying · 207,000 t ore
Stockpiled ore carrying value at 30 June 2026 (295 kt at 0.26% WO3 on hand)
A$3.6M carrying · 295,000 t ore
Concentrate ready for shipment at 30 June 2026
A$757K carrying
Stores and critical spares at 30 June 2026
A$5.9M carrying

Capital structure

Ownership and dilution

Ordinary shares
247.7M
Fully diluted
250.1M

21,920,268,847 shares at 1 July 2025 consolidated 100:1 on 3 September 2025 (219,202,660 post-consolidation basis), plus 8,035,715 and 20,296,427 shares on warrant exercise at A$0.35 on 29 and 31 October 2025 (loan balances reduced by A$9.92m) = 247,536,349 at 30 June 2026; 115,933 shares issued around reinstatement (performance-option and small issues quoted 20-28 July 2026) = 247,652,282 at 28 July 2026, unchanged at 29 September 2026. Fully diluted adds 1,480,000 performance rights, 760,000 options and 169,644 warrants.

Security classes5
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share247.7M——
Nil-priced performance rights held by the Executive Chairman: 1,000,000 issued 10 July 2026 (hurdles were reinstatement before 31 July 2026 and a A$2.00 share price before 30 September 2026, both met on the trading record) and 480,000 issued 29 September 2026Performance Right1.5MA$0—
Unquoted options exercisable at A$0.52Option380KA$0.522027-04-30
Unquoted options exercisable at A$1.04Option380KA$1.042028-04-30
Legacy warrants exercisable at A$19.60 (deep out of the money)Other169.6KA$19.6—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Ore milledt—272,421
Feed grade% WO3—0.57
Plant recovery%—60.0%
WO3 produced in concentrateMTUm—0.1
WO3 soldMTUm—0.1
Unit costs
Site and corporate cash cost per MTU producedAUD/MTU—548.3
All-in cost per MTU (cash costs, royalties and all capex)AUD/MTU—787.6
Profit and loss
RevenueAUDmFY25A: 21,221,000 AUDFY26A: 128,966,000 AUD21.2129.0
Cash operating, selling and corporate costs (excl. royalties)AUDmFY25A: 33,345,000 AUDFY26A: 48,746,000 AUD33.348.7
RoyaltiesAUDmFY25A: 1,144,000 AUDFY26A: 10,148,000 AUD1.110.1
Underlying EBITDAAUDmFY25A: -13,268,000 AUDFY26A: 70,072,000 AUD(13.3)70.1
Depreciation and amortisationAUDmFY25A: 7,427,000 AUDFY26A: 4,531,000 AUD7.44.5
Underlying EBITAUDmFY25A: -20,695,000 AUDFY26A: 65,541,000 AUD(20.7)65.5
Impairment reversal and warrant fair-value gainsAUDmFY25A: 905,000 AUDFY26A: 80,712,000 AUD0.980.7
Net finance income/(expense)AUDmFY25A: -12,335,000 AUDFY26A: -10,245,000 AUD(12.3)(10.2)
Income tax expense/(benefit)AUDmFY25A: 0.00 AUDFY26A: -12,177,000 AUD0.0(12.2)
Net profit after taxAUDmFY25A: -32,125,000 AUDFY26A: 148,185,000 AUD(32.1)148.2
Cash flow
Operating cash flowAUDmFY25A: -26,267,000 AUDFY26A: 55,656,000 AUD(26.3)55.7
Sustaining and plant capexAUDmFY25A: 2,691,000 AUDFY26A: 6,620,000 AUD2.76.6
Underground development and growth capexAUDmFY25A: 0.00 AUDFY26A: 4,513,000 AUD0.04.5
Total capexAUDmFY25A: 2,691,000 AUDFY26A: 11,133,000 AUD2.711.1
Free cash flowAUDmFY25A: -28,958,000 AUDFY26A: 44,523,000 AUD(29.0)44.5
Debt, lease and equity flowsAUDmFY25A: 35,775,000 AUDFY26A: -3,176,000 AUD35.8(3.2)
Asset sale proceedsAUDmFY25A: 0.00 AUDFY26A: 354,000 AUD0.00.4
Net change in cashAUDmFY25A: 6,817,000 AUDFY26A: 41,701,000 AUD6.841.7
Balance sheet
CashAUDmFY25A: 7,626,000 AUDFY26A: 49,327,000 AUD7.649.3
BorrowingsAUDmFY25A: 26,302,000 AUDFY26A: 21,190,000 AUD26.321.2
Net debt / (net cash)AUDmFY25A: 18,676,000 AUDFY26A: -28,137,000 AUD18.7(28.1)
Per share
Shares (year end; forecast diluted for rights and options)m sharesFY25A: 219,202,660 sharesFY26A: 247,536,349 shares219.2247.5
Earnings per shareAUD/shareFY25A: -0.15 AUD/shareFY26A: 0.60 AUD/share(0.15)0.60
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -44.79 xFY26A: 8.48 x(44.8)8.5
P / E (x, current market cap)xFY25A: -19.43 xFY26A: 4.21 x(19.4)4.2
FCF yield (current market cap)%FY25A: -0.05 fractionFY26A: 0.07 fraction-4.6%7.1%
EBITDA margin%FY25A: -0.63 fractionFY26A: 0.54 fraction-62.5%54.3%
Net debt / EBITDA (x)xFY25A: -1.41 xFY26A: -0.40 x(1.4)(0.4)

KPI history

Operating metrics · Dolphin Tungsten Mine (including Bold Head), King Island

WO3 produced in concentrate shown
07,32914,65821,98729,316Q4 FY25: 19,294 MTU WO3Q4 FY25Q1 FY26: 17,293 MTU WO3Q1 FY26Q2 FY26: 26,175 MTU WO3Q2 FY26Q3 FY26: 24,146 MTU WO3Q3 FY26Q4 FY26: 21,297 MTU WO3Q4 FY26Q1 FY27: 13,712 MTU WO3Q1 FY27
MetricUnitTrendQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
WO3 produced in concentrateMTU WO3Q4 FY25: 19,294 MTU WO3Q1 FY26: 17,293 MTU WO3Q2 FY26: 26,175 MTU WO3Q3 FY26: 24,146 MTU WO3Q4 FY26: 21,297 MTU WO3Q1 FY27: 13,712 MTU WO319,29417,29326,17524,14621,29713,712
WO3 sold in concentrateMTU WO3Q4 FY25: 19,846 MTU WO3Q1 FY26: 15,888 MTU WO3Q2 FY26: 27,007 MTU WO3Q3 FY26: 24,555 MTU WO3Q4 FY26: 25,514 MTU WO3Q1 FY27: 12,782 MTU WO319,84615,88827,00724,55525,51412,782
Plant feed (ore milled)tQ4 FY25: 52,159 tQ1 FY26: 52,113 tQ2 FY26: 70,004 tQ3 FY26: 72,351 tQ4 FY26: 77,953 tQ1 FY27: 81,098 t52,15952,11370,00472,35177,95381,098
Average feed grade% WO3Q4 FY25: 0.67 % WO3Q1 FY26: 0.65 % WO3Q2 FY26: 0.65 % WO3Q3 FY26: 0.56 % WO3Q4 FY26: 0.45 % WO3Q1 FY27: 0.29 % WO30.670.650.650.560.450.29

KPI history

Operating metrics · Company

Concentrate sales revenue shown
019,348,00038,696,00058,044,00077,392,000Q1 FY26: 10,100,000 AUDQ1 FY26Q2 FY26: 17,550,000 AUDQ2 FY26Q3 FY26: 32,200,000 AUDQ3 FY26Q4 FY26: 69,100,000 AUDQ4 FY26Q1 FY27: 35,500,000 AUDQ1 FY27
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Concentrate sales revenueAUDQ1 FY26: 10,100,000 AUDQ2 FY26: 17,550,000 AUDQ3 FY26: 32,200,000 AUDQ4 FY26: 69,100,000 AUDQ1 FY27: 35,500,000 AUD10,100,00017,550,00032,200,00069,100,00035,500,000
Cash at quarter endAUDQ1 FY26: 2,199,000 AUDQ2 FY26: 3,470,000 AUDQ3 FY26: 14,387,000 AUDQ4 FY26: 49,327,000 AUDQ1 FY27: 54,113,000 AUD2,199,0003,470,00014,387,00049,327,00054,113,000
Operating metric source table47
MetricProjectPeriodPeriod typeValueStatus
WO3 produced in concentrateDolphinQ4 FY25Quarter19,294 MTU WO3Reported
WO3 sold in concentrateDolphinQ4 FY25Quarter19,846 MTU WO3Reported
Plant feed (ore milled)DolphinQ4 FY25Quarter52,159 tReported
Average feed gradeDolphinQ4 FY25Quarter0.67 % WO3Reported
WO3 produced in concentrateDolphinQ1 FY26Quarter17,293 MTU WO3Reported
WO3 sold in concentrateDolphinQ1 FY26Quarter15,888 MTU WO3Reported
Plant feed (ore milled)DolphinQ1 FY26Quarter52,113 tReported
Average feed gradeDolphinQ1 FY26Quarter0.65 % WO3Reported
WO3 produced in concentrateDolphinQ2 FY26Quarter26,175 MTU WO3Reported
WO3 sold in concentrateDolphinQ2 FY26Quarter27,007 MTU WO3Reported
Plant feed (ore milled)DolphinQ2 FY26Quarter70,004 tReported
Average feed gradeDolphinQ2 FY26Quarter0.65 % WO3Reported
WO3 produced in concentrateDolphinQ3 FY26Quarter24,146 MTU WO3Reported
WO3 sold in concentrateDolphinQ3 FY26Quarter24,555 MTU WO3Reported
Plant feed (ore milled)DolphinQ3 FY26Quarter72,351 tReported
Average feed gradeDolphinQ3 FY26Quarter0.56 % WO3Reported
WO3 produced in concentrateDolphinQ4 FY26Quarter21,297 MTU WO3Reported
WO3 sold in concentrateDolphinQ4 FY26Quarter25,514 MTU WO3Reported
Plant feed (ore milled)DolphinQ4 FY26Quarter77,953 tReported
Average feed gradeDolphinQ4 FY26Quarter0.45 % WO3Reported
WO3 produced in concentrateDolphinQ1 FY27Quarter13,712 MTU WO3Reported
WO3 sold in concentrateDolphinQ1 FY27Quarter12,782 MTU WO3Reported
Plant feed (ore milled)DolphinQ1 FY27Quarter81,098 tReported
Average feed gradeDolphinQ1 FY27Quarter0.29 % WO3Reported
Concentrate sales revenueCompanyQ1 FY26Quarter10,100,000 AUDSource Derived
Concentrate sales revenueCompanyQ2 FY26Quarter17,550,000 AUDReported
Concentrate sales revenueCompanyQ3 FY26Quarter32,200,000 AUDReported
Concentrate sales revenueCompanyQ4 FY26Quarter69,100,000 AUDReported
Concentrate sales revenueCompanyQ1 FY27Quarter35,500,000 AUDReported
Cash at quarter endCompanyQ4 FY25Point In Time7,626,000 AUDReported
Cash at quarter endCompanyQ1 FY26Point In Time2,199,000 AUDReported
Cash at quarter endCompanyQ2 FY26Point In Time3,470,000 AUDReported
Cash at quarter endCompanyQ3 FY26Point In Time14,387,000 AUDReported
Cash at quarter endCompanyQ4 FY26Point In Time49,327,000 AUDReported
Cash at quarter endCompanyQ1 FY27Point In Time54,113,000 AUDReported
WO3 produced in concentrateDolphinFY26Year88,911 MTU WO3Reported
WO3 sold in concentrateDolphinFY26Year92,964 MTU WO3Reported
Plant feed (ore milled)DolphinFY26Year272,421 tReported
Revenue from contracts with customersCompanyFY26Year128,966,000 AUDReported
Revenue from contracts with customersCompanyFY25Year21,221,000 AUDReported
Underlying EBITDA (excl. impairment reversal and warrant gain)CompanyFY26Year70,072,000 AUDSource Derived
Underlying EBITDA (excl. warrant gain)CompanyFY25Year-13,268,000 AUDSource Derived
Operating cash flow less capexCompanyFY26Year44,523,000 AUDSource Derived
Plant WO3 recovery (approximate, recent periods)DolphinFY26Year60 %Reported
ROM ore stockpiles at 0.24% WO3 (about 49k MTU)Dolphin30 Sep 2026Point In Time207,000 tReported
Underground ore mined at 0.57% WO3DolphinQ1 FY27Quarter5,144 tReported
Loans and fleet facility drawn (face)Company30 Sep 2026Point In Time23,555,000 AUDReported

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2027-04-30Ann. 2026-10-29DebtA$23.4M——Announced—
2025-10-31Ann. 2025-10-29RaisingOrdinary SharesA$9.9M28.3MA$0.35CompletedSenior lenders exercised 28.3m warrants at A$0.35, reducing loans by A$9.92m; 44.0m warrants expired.Max 72.3M · Period 2025-04-30 to 2025-10-31
2025-09-30DebtA$3M——Completed—
2025-04-30Ann. 2025-03-21RaisingOrdinary Shares (Pre Consolidation)A$5.9M1.7BA$0.004CompletedRecapitalisation: A$5.94m placement plus conversion of A$77.4m of loans and interest into 18.47bn shares and A$3.7m of creditors into 0.74bn shares, new 12% facilities from the senior lenders and the State of Tasmania, and 7.23bn warrants at A$0.0035.Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Royalties from the BDO IER and FY26 accounts; offtake counterparties from the Xenith report (2024 company presentation) and the FY25 annual report; full offtake pricing terms, volumes and expiry dates are not disclosed. The company states it is unhedged.

Tasmanian statutory royalty on net sales with a profit component, capped at 5.35% of net sales; at current margins it sits at the cap.

Royalty · Active
Counterparties
State of Tasmania
Applies to
Dolphin Tungsten Mine (including Bold Head), King Island · Tungsten
Economic direction
Burden
Period
Dates not stated
Key terms
Formula: 1.9% x net sales + 0.4 x P^2 / net sales
Cap: 5.35 % of net sales
How it affects our valuation

No valuation treatment is available for this arrangement.

1.5% gross revenue royalty, uncapped, payable quarterly.

Royalty · Active
Counterparties
Osisko Gold Royalties Ltd
Applies to
Dolphin Tungsten Mine (including Bold Head), King Island · Tungsten
Economic direction
Burden
Period
Dates not stated
Key terms
Rate: 1.5 % of gross revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

2% gross revenue royalty capped at A$3.9m in aggregate; on FY26 revenue of A$129m the cap was most likely reached, but completion is not confirmed in the documents read.

Royalty · Unknown
Counterparties
HNC (Australia) Resources Holding Pty Ltd
Applies to
Dolphin Tungsten Mine (including Bold Head), King Island · Tungsten
Economic direction
Burden
Period
From 2009-01-01; no end date stated
Key terms
Rate: 2 % of gross revenue
Aggregate cap: 3,900,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

End-user offtake for about 20% of production, priced off the APT benchmark less concentrate deductions.

Offtake · Active
Counterparties
Wolfram Bergbau und Huetten AG
Applies to
Dolphin Tungsten Mine (including Bold Head), King Island · Tungsten
Economic direction
Mixed
Period
Dates not stated
Key terms
Share of production: 20 %
Benchmark: APT CIF Rotterdam (low price)
How it affects our valuation

No valuation treatment is available for this arrangement.

Trader offtake plus a marketing agency agreement for the uncontracted balance; FY26 sales were to offtake partners with China the primary customer market.

Offtake · Active
Counterparties
Traxys group
Applies to
Dolphin Tungsten Mine (including Bold Head), King Island · Tungsten
Economic direction
Mixed
Period
Dates not stated
Key terms
Contracted share (with WBH): 59 % of average production
Marketing agency: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Underground development and production contract; rates are not disclosed.

Other · Active
Counterparties
HMR Drilling Services
Applies to
Dolphin Tungsten Mine (including Bold Head), King Island · Tungsten
Economic direction
Burden
Period
2026-04-01 to 2029-04-30
Key terms
Term: 3 years
How it affects our valuation

No valuation treatment is available for this arrangement.