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- Last 2026-11-06
- A$2.47
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- 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
- Investor PresentationLatest Operating Presentation
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Sign in or enter a guest codeAnnouncements
Latest 12 of 21All sources ▸- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Notice of Annual General Meeting/Proxy FormGovernance
- FY26 Annual Report - Investor PresentationPresentation
- Notification regarding unquoted securities - G6MCorporate Action
- FY2026 Annual Report to ShareholdersResults
- Change of Director's Interest NoticeGovernance
- Statement of ConfirmationsCorporate Action
- Application for quotation of securities - G6MCorporate Action
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Notification regarding unquoted securities - G6MCorporate Action
- Results of MeetingGovernance
- Notice of General Meeting/Proxy FormGovernance
Event calendar · next 12 months
10 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| December 2026 quarter | Underground ore lifts blended feed grade (December 2026 quarter) | Production | Company Guided | High | The valuation needs feed grade to rise from 0.29% toward 0.8-1.1% WO3; October deliveries were 12,274 t at 0.48%. |
| 17 November 2026 | 2026 annual general meeting (remuneration, Elphinstone election, incentive plan, further Chairman rights) | Governance | Confirmed | Medium | Votes on up to 600,000 further performance rights and a new incentive plan; the free float is under 10%, so the major holders decide. |
| 14 December 2026 | Exploration licence EL19/2001 expiry and renewal | Permitting | Confirmed | Medium | Renewal keeps the King Island exploration upside that underpins any resource growth beyond the mining lease. |
| Late January 2027 | December 2026 quarterly activities report | Production | Inferred | High | First full quarter with regular underground ore: head grade, recovery and output test the ramp-up. |
| By mid-March 2027 | Half-year results to 31 December 2026 | Results | Inferred | Medium | First reviewed accounts after reinstatement; shows unit costs, tax payable once losses are absorbed and working capital. |
| Late April 2027 | March 2027 quarterly activities report | Production | Inferred | High | Underground ramp and cash build ahead of the loan maturity. |
| 30 April 2027 | Senior and State of Tasmania loans (A$23.4m, 12%) due | Financing | Confirmed | High | Repayment from cash removes the secured lenders (also the largest shareholders) and 12% interest; a refinancing would signal weaker cash generation. |
| July 2027 | June 2027 quarterly activities report | Production | Inferred | Medium | FY27 production versus our forecast of about 70,600 MTU. |
| August-September 2027 | FY27 annual report and resource/reserve statement | Results | Inferred | High | First full year of underground production, tax payments and a depletion update to the reserve. |
| Within the next twelve months (company catalyst list) | Resource and reserve update work (Dolphin, Bold Head, King Island targets) | Resource Or Reserve | Company Guided | Medium | A re-estimated resource and reserve at current prices would test the 2020 estimate that Xenith criticised and could extend the plan beyond FY34. |
Executive roster
As of 2026-10-31Background checks ▸The FY26 annual report names the Executive Chairman as the only executive key management person and Andrew Bickley as company secretary; no CEO, CFO or general manager is disclosed separately.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Kevin Pallas | Executive Chairman | Executive Director · Chief Executive | 2024-12-04 | FY2026 Annual Report to Shareholders · FY26 Annual Report - Investor Presentation |
| Andrew Bickley | Company Secretary | Company Secretary | 2024-12-19 | FY2026 Annual Report to Shareholders · Company Secretary Appointment/Resignation |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Dolphin Tungsten Mine (including Bold Head), King Island
AU
Ramping Producer100% ownedTungsten
Producing since July 2023 from open-cut ore and stockpiles; open-cut mining in the current sequence ended in Q1 FY26; underground contractor HMR Drilling began work in late June 2026 and the first underground ore was milled in the September 2026 quarter.
- Production annualised (attributable)
- 548 td
- Production (last FY, 100%)
- 889 td
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- 42.0 yrsd
- Head grade
- 0.29% WO3
Published study economicsIssuer or study metrics
NPVA$73.2M12% discount
BDO DCF value of the Dolphin mine, Xenith updated base case, at 31 March 2025, nominal post-tax 12% (A$62.776m at 15%); excludes corporate costs, debt and tax losses outside the mine.
Resources & reserves5
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 8.8 Mt | 0.89% WO3 (7.82 million MTU contained) | Tungsten | 2026-06-30 |
| Mineral Resource | Indicated | 1.6 Mt | 0.92% WO3 (1.48 million MTU) | Tungsten | 2026-06-30 |
| Mineral Resource | Inferred | 0.2 Mt | 0.85% WO3 (0.13 million MTU) | Tungsten | 2026-06-30 |
| Ore Reserve | Probable | 3.6 Mt | 0.92% WO3 (3.33 million MTU) | Tungsten | 2026-06-30 |
| Ore Reserve | Probable | 0.4 Mt | 0.89% WO3 (0.40 million MTU) | Tungsten | 2026-06-30 |
Tenements2
Milestones4
- First underground ore delivered and milled
Achieved · High materiality
- Blended feed grade lifted by underground ore
Pending · High materiality
- Repay senior lending group and State of Tasmania loans
Pending · High materiality
- Renewal of exploration licence EL19/2001
Pending · Medium materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental Protection Notice EPN 7442/4 (operations incl. underground) | Tasmania EPA | Granted | — | No |
| Mine Closure, Decommissioning and Rehabilitation Management Plan (annual update) | Tasmania EPA | Granted | — | No |
Economic studies3
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Dolphin Revised Feasibility Study (December 2020) | Updated Feasibility | Superseded | 2020-12-16 | Basis of the Dolphin reserve and resource (14-year mine life); superseded as an economic case by the 2025 LOM model and the 2026 impairment model. |
| Bold Head maiden Ore Reserve | PFS | Current | 2023-06-26 | Maiden Bold Head reserve 0.45 Mt at 0.89% WO3. |
| Updated LOM model reviewed by Xenith and valued by BDO (recapitalisation IER) | Operating Plan | Current | 2025-03-21 | About 1.9 million MTU from March 2025 to February 2033: stockpiles to mid-2026, Dolphin underground from July 2026 (about 300 kt/yr at 1.1-1.35% WO3), Bold Head late in life; 70% long-term recovery; BDO NPV A$62.8-73.2m at 15%-12% on an APT deck of US$330-480/mtu. |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 247.7M | — | — |
| 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 2026 | Performance Right | 1.5M | A$0 | — |
| Unquoted options exercisable at A$0.52 | Option | 380K | A$0.52 | 2027-04-30 |
| Unquoted options exercisable at A$1.04 | Option | 380K | A$1.04 | 2028-04-30 |
| Legacy warrants exercisable at A$19.60 (deep out of the money) | Other | 169.6K | A$19.6 | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25AA | FY26AA |
|---|---|---|---|---|
| Operations | ||||
| Ore milled | t | — | 272,421 | |
| Feed grade | % WO3 | — | 0.57 | |
| Plant recovery | % | — | 60.0% | |
| WO3 produced in concentrate | MTUm | — | 0.1 | |
| WO3 sold | MTUm | — | 0.1 | |
| Unit costs | ||||
| Site and corporate cash cost per MTU produced | AUD/MTU | — | 548.3 | |
| All-in cost per MTU (cash costs, royalties and all capex) | AUD/MTU | — | 787.6 | |
| Profit and loss | ||||
| Revenue | AUDm | 21.2 | 129.0 | |
| Cash operating, selling and corporate costs (excl. royalties) | AUDm | 33.3 | 48.7 | |
| Royalties | AUDm | 1.1 | 10.1 | |
| Underlying EBITDA | AUDm | (13.3) | 70.1 | |
| Depreciation and amortisation | AUDm | 7.4 | 4.5 | |
| Underlying EBIT | AUDm | (20.7) | 65.5 | |
| Impairment reversal and warrant fair-value gains | AUDm | 0.9 | 80.7 | |
| Net finance income/(expense) | AUDm | (12.3) | (10.2) | |
| Income tax expense/(benefit) | AUDm | 0.0 | (12.2) | |
| Net profit after tax | AUDm | (32.1) | 148.2 | |
| Cash flow | ||||
| Operating cash flow | AUDm | (26.3) | 55.7 | |
| Sustaining and plant capex | AUDm | 2.7 | 6.6 | |
| Underground development and growth capex | AUDm | 0.0 | 4.5 | |
| Total capex | AUDm | 2.7 | 11.1 | |
| Free cash flow | AUDm | (29.0) | 44.5 | |
| Debt, lease and equity flows | AUDm | 35.8 | (3.2) | |
| Asset sale proceeds | AUDm | 0.0 | 0.4 | |
| Net change in cash | AUDm | 6.8 | 41.7 | |
| Balance sheet | ||||
| Cash | AUDm | 7.6 | 49.3 | |
| Borrowings | AUDm | 26.3 | 21.2 | |
| Net debt / (net cash) | AUDm | 18.7 | (28.1) | |
| Per share | ||||
| Shares (year end; forecast diluted for rights and options) | m shares | 219.2 | 247.5 | |
| Earnings per share | AUD/share | (0.15) | 0.60 | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (44.8) | 8.5 | |
| P / E (x, current market cap) | x | (19.4) | 4.2 | |
| FCF yield (current market cap) | % | -4.6% | 7.1% | |
| EBITDA margin | % | -62.5% | 54.3% | |
| Net debt / EBITDA (x) | x | (1.4) | (0.4) | |
KPI history
Operating metrics · Dolphin Tungsten Mine (including Bold Head), King Island
| Metric | Unit | Trend | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| WO3 produced in concentrate | MTU WO3 | 19,294 | 17,293 | 26,175 | 24,146 | 21,297 | 13,712 | |
| WO3 sold in concentrate | MTU WO3 | 19,846 | 15,888 | 27,007 | 24,555 | 25,514 | 12,782 | |
| Plant feed (ore milled) | t | 52,159 | 52,113 | 70,004 | 72,351 | 77,953 | 81,098 | |
| Average feed grade | % WO3 | 0.67 | 0.65 | 0.65 | 0.56 | 0.45 | 0.29 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Concentrate sales revenue | AUD | 10,100,000 | 17,550,000 | 32,200,000 | 69,100,000 | 35,500,000 | |
| Cash at quarter end | AUD | 2,199,000 | 3,470,000 | 14,387,000 | 49,327,000 | 54,113,000 |
Operating metric source table47
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| WO3 produced in concentrate | Dolphin | Q4 FY25 | Quarter | 19,294 MTU WO3 | Reported |
| WO3 sold in concentrate | Dolphin | Q4 FY25 | Quarter | 19,846 MTU WO3 | Reported |
| Plant feed (ore milled) | Dolphin | Q4 FY25 | Quarter | 52,159 t | Reported |
| Average feed grade | Dolphin | Q4 FY25 | Quarter | 0.67 % WO3 | Reported |
| WO3 produced in concentrate | Dolphin | Q1 FY26 | Quarter | 17,293 MTU WO3 | Reported |
| WO3 sold in concentrate | Dolphin | Q1 FY26 | Quarter | 15,888 MTU WO3 | Reported |
| Plant feed (ore milled) | Dolphin | Q1 FY26 | Quarter | 52,113 t | Reported |
| Average feed grade | Dolphin | Q1 FY26 | Quarter | 0.65 % WO3 | Reported |
| WO3 produced in concentrate | Dolphin | Q2 FY26 | Quarter | 26,175 MTU WO3 | Reported |
| WO3 sold in concentrate | Dolphin | Q2 FY26 | Quarter | 27,007 MTU WO3 | Reported |
| Plant feed (ore milled) | Dolphin | Q2 FY26 | Quarter | 70,004 t | Reported |
| Average feed grade | Dolphin | Q2 FY26 | Quarter | 0.65 % WO3 | Reported |
| WO3 produced in concentrate | Dolphin | Q3 FY26 | Quarter | 24,146 MTU WO3 | Reported |
| WO3 sold in concentrate | Dolphin | Q3 FY26 | Quarter | 24,555 MTU WO3 | Reported |
| Plant feed (ore milled) | Dolphin | Q3 FY26 | Quarter | 72,351 t | Reported |
| Average feed grade | Dolphin | Q3 FY26 | Quarter | 0.56 % WO3 | Reported |
| WO3 produced in concentrate | Dolphin | Q4 FY26 | Quarter | 21,297 MTU WO3 | Reported |
| WO3 sold in concentrate | Dolphin | Q4 FY26 | Quarter | 25,514 MTU WO3 | Reported |
| Plant feed (ore milled) | Dolphin | Q4 FY26 | Quarter | 77,953 t | Reported |
| Average feed grade | Dolphin | Q4 FY26 | Quarter | 0.45 % WO3 | Reported |
| WO3 produced in concentrate | Dolphin | Q1 FY27 | Quarter | 13,712 MTU WO3 | Reported |
| WO3 sold in concentrate | Dolphin | Q1 FY27 | Quarter | 12,782 MTU WO3 | Reported |
| Plant feed (ore milled) | Dolphin | Q1 FY27 | Quarter | 81,098 t | Reported |
| Average feed grade | Dolphin | Q1 FY27 | Quarter | 0.29 % WO3 | Reported |
| Concentrate sales revenue | Company | Q1 FY26 | Quarter | 10,100,000 AUD | Source Derived |
| Concentrate sales revenue | Company | Q2 FY26 | Quarter | 17,550,000 AUD | Reported |
| Concentrate sales revenue | Company | Q3 FY26 | Quarter | 32,200,000 AUD | Reported |
| Concentrate sales revenue | Company | Q4 FY26 | Quarter | 69,100,000 AUD | Reported |
| Concentrate sales revenue | Company | Q1 FY27 | Quarter | 35,500,000 AUD | Reported |
| Cash at quarter end | Company | Q4 FY25 | Point In Time | 7,626,000 AUD | Reported |
| Cash at quarter end | Company | Q1 FY26 | Point In Time | 2,199,000 AUD | Reported |
| Cash at quarter end | Company | Q2 FY26 | Point In Time | 3,470,000 AUD | Reported |
| Cash at quarter end | Company | Q3 FY26 | Point In Time | 14,387,000 AUD | Reported |
| Cash at quarter end | Company | Q4 FY26 | Point In Time | 49,327,000 AUD | Reported |
| Cash at quarter end | Company | Q1 FY27 | Point In Time | 54,113,000 AUD | Reported |
| WO3 produced in concentrate | Dolphin | FY26 | Year | 88,911 MTU WO3 | Reported |
| WO3 sold in concentrate | Dolphin | FY26 | Year | 92,964 MTU WO3 | Reported |
| Plant feed (ore milled) | Dolphin | FY26 | Year | 272,421 t | Reported |
| Revenue from contracts with customers | Company | FY26 | Year | 128,966,000 AUD | Reported |
| Revenue from contracts with customers | Company | FY25 | Year | 21,221,000 AUD | Reported |
| Underlying EBITDA (excl. impairment reversal and warrant gain) | Company | FY26 | Year | 70,072,000 AUD | Source Derived |
| Underlying EBITDA (excl. warrant gain) | Company | FY25 | Year | -13,268,000 AUD | Source Derived |
| Operating cash flow less capex | Company | FY26 | Year | 44,523,000 AUD | Source Derived |
| Plant WO3 recovery (approximate, recent periods) | Dolphin | FY26 | Year | 60 % | Reported |
| ROM ore stockpiles at 0.24% WO3 (about 49k MTU) | Dolphin | 30 Sep 2026 | Point In Time | 207,000 t | Reported |
| Underground ore mined at 0.57% WO3 | Dolphin | Q1 FY27 | Quarter | 5,144 t | Reported |
| Loans and fleet facility drawn (face) | Company | 30 Sep 2026 | Point In Time | 23,555,000 AUD | Reported |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2027-04-30Ann. 2026-10-29 | Debt | A$23.4M | — | — | Announced | — |
| 2025-10-31Ann. 2025-10-29 | RaisingOrdinary Shares | A$9.9M | 28.3M | A$0.35 | Completed | Senior 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 |
| 2025-09-30 | Debt | A$3M | — | — | Completed | — |
| 2025-04-30Ann. 2025-03-21 | RaisingOrdinary Shares (Pre Consolidation) | A$5.9M | 1.7B | A$0.004 | Completed | Recapitalisation: 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.
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.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
G6M's two-person disclosed executive roster combines an executive chair with a long-serving governance professional, and the issuer's website still names former operations executive Tony Davis. Operational results improved and trading resumed in July 2026, but the September quarter's feed grade and output fell as open-cut stockpiles depleted. The company also disclosed retrospective ASX Listing Rule 10.1 approvals after its compliance process failed to identify the effect of negative equity on transactions with a director-related supplier. The filings do not establish personal wrongdoing by Kevin Pallas or Dale Elphinstone. Tony Davis's current status at G6M is unresolved because the website is stale relative to his 2026 Austmine CEO appointment.
Decision-relevant facts
Material summary
Kevin Pallas
Executive Chairman; senior-most executive officer
Company SuccessIssuer Reported · High materiality
G6M reported stronger throughput and operating cash, but low-grade feed constrained output
In the September 2026 quarter G6M reported record plant throughput of 81,098 tonnes, 13,712 MTU WO3 production, sales of 12,782 MTU, A$14.7 million operating cash generation, A$4.8 million net cash inflow and A$54.1 million cash. Feed grade was 0.29% WO3, production was below the preceding quarter's 21,297 MTU, and the company said the first underground ore became available for blending. The last four quarters included one LTI in Q3 FY26 and none in the other three quarters. Pallas was Executive Chairman during the period; the filings establish company results and role overlap, not personal causation.
Role overlaps event; causation unproven · Pallas was Executive Chairman; no source attributes production or cash outcomes to him individually.
Group 6 Metals Limited Annual Report for the year ended 30 June 2026 · pp. 4-6, Chairman's letter and operating discussion
Quarterly Activities Report and Appendix 5B Cash Flow Report, quarter ended 30 September 2026 · pp. 1-3, production, cash and LTI comparison table
Company SuccessIssuer Reported · Medium materiality
Trading reinstated after a prolonged suspension and compliance remediation
G6M reported that trading in its securities was reinstated on 30 July 2026. The FY26 Chairman's letter describes work to meet ASX recompliance requirements following suspension. Pallas had been Executive Chairman since 4 December 2024, overlapping the remedial period; the reviewed evidence does not isolate his contribution or the precise start date of the suspension.
Role overlaps event; causation unproven · Pallas was Executive Chairman during the latter part of the suspension and reinstatement process; no personal attribution is established.
Group 6 Metals Limited Annual Report for the year ended 30 June 2026 · p. 4, Chairman's letter
Quarterly Activities Report and Appendix 5B Cash Flow Report, quarter ended 30 September 2026 · p. 1, corporate highlights
GovernanceDocumented · High materiality
G6M disclosed a related-party approval lapse and retrospective ASX remediation
G6M's June 2026 meeting materials say the company had negative consolidated equity of A$57.408 million in its FY24 annual report lodged 1 July 2025. Under the company's explanation of Listing Rule 10.1, acquisitions from entities associated with director Dale Elphinstone required prior shareholder approval after that point; the compliance process did not identify the change and purchases continued without it. G6M said the transactions were on arm's-length terms and could not practically be unwound; ASX required retrospective shareholder approval as part of reinstatement. Executive Chairman Pallas and director Ellis recommended approval, and all eight resolutions passed on 3 July 2026. An independent expert concluded the transactions were fair and reasonable to non-associated shareholders. This is a company compliance lapse during Pallas's tenure, not evidence of his personal wrongdoing, dishonest conduct or improper pricing.
Role overlaps event; causation unproven · The company expressly describes its control failure; Pallas was Executive Chairman, recommended remediation and signed meeting materials. No reviewed source assigns him personal responsibility for the missed rule change.
Notice of General Meeting/Proxy Form · explanatory statement pp. 7-9; background and ASX Listing Rule 10.1
Results of General Meeting · meeting results pp. 1-2; poll outcomes
Evidence gaps · 3
- Engenco biographies state a BCom but do not identify the institution; no independent credential verification was found.
- Individual operational responsibility for G6M's production, financial, safety, environmental and ASX-recompliance outcomes is not established by the company-level disclosures.
- The exact start date of G6M's trading suspension was not independently reconciled in this report.
Andrew Bickley
Company Secretary
Role FitAnalyst Inference · Medium materiality
Company-secretarial and cross-jurisdiction listing experience fits the G6M role
G6M and Botanix report more than 15 years of company-secretarial work, prior ASX and JSE listing-compliance responsibilities, and management of 40-120 group subsidiaries across DRA and Fortescue. DRA records Bickley's exact 2023-2024 company-secretary dates. The underlying job assignments and personal compliance outcomes are not independently detailed.
Responsibility not applicable · Role-fit assessment from disclosed experience; it does not infer outcomes or fault.
Group 6 Metals Limited Annual Report for the year ended 30 June 2026 · p. 6, Company Secretary biography
DRA Global Annual Report 2024 · p. 22, Company Secretary biography
Appointment of Company Secretary · p. 1, appointment biography
GovernanceIssuer Reported · Medium materiality
Bickley became an interim non-independent director at a concurrent issuer
Botanix says Bickley remained Company Secretary and became an interim Non-Executive Director on 18 October 2026 after two directors resigned. Botanix expressly says he would not be classified as independent because of his existing officer role; the interim appointment was intended to fill a casual vacancy while it searched for independent replacements. This was the board's succession decision, not a finding of misconduct by Bickley.
Individual involvement documented · The appointment is documented; the company states the role is not independent because of his existing officer position.
Botanix Pharmaceuticals Quarterly Activity Report and 4C Quarterly Cash Flow Report Q1 FY27 · p. 3, Botanix Board renewal
Evidence gaps · 3
- No independent verification of the University of Essex degree or professional memberships was located.
- Exact Fortescue tenure and the allocation of the 40-120 subsidiary-management claim between Fortescue and DRA are not disclosed.
- Botanix's interim directorship is non-independent due to his company-secretary role and was scheduled to run only to the November 2026 AGM; the later board election outcome is outside this cutoff.
Tony Davis
Former Executive General Manager – Operations (G6M); Chief Executive Officer (Austmine) from 1 April 2026
SafetyDocumented · Medium materiality
One worker death was reported at Lubambe during Davis's operations-director tenure
A January 2021 account of a mine visit refers to a November 2020 tragedy that claimed one life and identifies Davis as Lubambe Director Operations at the time. The reviewed source does not give the cause, the deceased worker's employer, investigation findings, enforcement outcome or Davis's personal involvement. No fault is attributed to him.
Role overlaps event; causation unproven · Operations-director tenure overlaps the reported fatality; available evidence does not establish involvement, causation or personal fault.
Zambian President pledges support for Lubambe mine extension project · report text, November 2020 fatality reference and Davis role
GovernanceDocumented · Medium materiality
G6M's management page conflicts with Davis's later Austmine CEO role
The G6M management page still identifies Davis as EGM Operations, but a March 2026 appointment report states that he would begin as Austmine CEO on 1 April 2026 after an Austrade role, and a 2026 conference biography identifies him as Austmine CEO. No G6M departure notice or exact cessation date was located. The report records him as departed from G6M while preserving the unresolved date and possible transition overlap.
Responsibility unresolved · This is an unresolved company-page/status discrepancy, not a conduct finding.
Management Team · Management Team page, Davis role
Austmine appoints Tony Davis as new CEO · CEO start and prior role
Tony Davis, Chief Executive Officer · 2026 speaker biography
Evidence gaps · 3
- No G6M departure notice for Davis or exact date ending his EGM Operations role was located; G6M's management page appears stale against the later Austmine CEO appointment.
- The cause, inquiry and regulatory outcome relating to the Lubambe fatality in November 2020 were not located; no personal responsibility is established.
- Prior-employer dates, qualifications and project-level delivery outcomes are incomplete and mostly issuer-reported.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-07 · 247,652,282 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 25.52% | 63,211,694 | |
| 2 | 23.19% | 57,432,014 | |
| 3 | 21.20% | 52,491,237 | |
| 4 | 10.59% | 26,230,448 | |
| 5 | 8.97% | 22,225,460 | |
| 6 | 5.27% | 13,049,862 | |
| 7 | 2.43% | 6,012,325 | |
| 8 | 0.40% | 1,000,000 | |
| 9 | 0.18% | 440,000 | |
| 10 | 0.07% | 185,704 | |
| 11 | 0.05% | 124,405 | |
| 12 | 0.05% | 117,523 | |
| 13 | 0.04% | 96,895 | |
| 14 | 0.04% | 96,693 | |
| 15 | 0.03% | 85,054 | |
| 16 | 0.03% | 81,812 | |
| 17 | 0.03% | 72,081 | |
| 18 | 0.03% | 70,000 | |
| 19 | 0.03% | 64,148 | |
| 20 | 0.02% | 57,788 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 25.52%Issued shares | 2026-09-07 | |
| 23.19%Issued shares | 2026-09-07 | |
| 21.20%Issued shares | 2026-09-07 | |
| 10.59%Issued shares | 2026-09-07 | |
| 8.97%Issued shares | 2026-09-07 | |
| 5.27%Issued shares | 2026-09-07 |
Sources & review notesEvidence checked through 2026-11-01
Coverage and limitations
- The FY2026 annual report Top 20 is dated 7 September 2026 and is not a live beneficial-owner register. The local ASX manifest reports collection complete through the cutoff; later filings reviewed here disclose no changed ordinary-share denominator, while individual positions remain at their filing dates.
- Elphinstone Holdings Pty Ltd is shown at 57,432,014 shares in the 7 September annual-report Top 20, but its 21 August Appendix 3Y reports 57,415,780 shares after an 18 August sale. The 16,234-share difference (about 0.0066% of issued shares) is unresolved; the later-dated annual-report register value is retained with a row caveat.
- The annual report's substantial-shareholder table repeats the identical Elphinstone Holdings Pty Ltd entry. It is included once. The Top 20 table includes combined/group and nominee account labels, and does not disclose every ultimate beneficial owner.
Sources
- FY2026 Annual Report to Shareholders
Group 6 Metals Limited / ASX · Published 2026-09-25 · Accessed 2026-11-01
Reports 247,652,282 ordinary shares on issue and the 20 largest holders and disclosed substantial shareholders at 7 September 2026. Page 90 repeats Elphinstone Holdings Pty Ltd in the substantial-shareholder table; the identical entry is de-duplicated in this snapshot.
2026/2026-09-25_FY2026 Annual Report to Shareholders_1cf80d2be738ce5a.pdf, pp. 89-90: 20 Largest Holders, issued capital, and substantial shareholders
- Change of Director's Interest Notice - Dale Elphinstone
Group 6 Metals Limited / ASX · Published 2026-08-21 · Accessed 2026-11-01
Dale Elphinstone reported control of Elphinstone Holdings Pty Ltd and 57,415,780 ordinary shares after a sale of 16,234 shares on 18 August 2026, creating a 16,234-share discrepancy with the later annual report table.
2026/2026-08-21_Change of Director's Interest Notice_875bc0e495db8edc.pdf, pp. 1-2: Part 1, interest in Elphinstone Holdings Pty Ltd and sale on 18 August 2026
- Change of Director's Interest Notice - Christopher Ellis
Group 6 Metals Limited / ASX · Published 2026-10-01 · Accessed 2026-11-01
Reports 63,211,694 ordinary shares held through entities for which Mr Ellis is sole director and a beneficiary; the October change was expiry of 30,000 performance options and his ordinary share count was unchanged.
2026/2026-10-01_Change of Director's Interest Notice_04518bff51979a25.pdf, pp. 1-2: Part 1, combined holdings in Chrysalis Investments Pty Ltd and CJRE Maritime Pty Ltd
- Notification regarding unquoted securities - G6M
Group 6 Metals Limited / ASX · Published 2026-09-29 · Accessed 2026-11-01
The issue was 480,000 unquoted performance rights; the Appendix 3G reports 247,652,282 ordinary shares on issue following the issue.
2026/2026-09-29_Notification regarding unquoted securities - G6M_eef2caf36deb146a.pdf, pp. 1-6: Appendix 3G, issue of 480,000 performance rights; p. 5 reports quoted shares
- Notification of cessation of securities - G6M
Group 6 Metals Limited / ASX · Published 2026-10-01 · Accessed 2026-11-01
The only security cessation was expiry of 30,000 unquoted options; ordinary shares remained 247,652,282.
2026/2026-10-01_Notification of cessation of securities - G6M_dadf303f00e29978.pdf, pp. 1-4: Appendix 3H, expiry of 30,000 options and issued capital after cessation
Disclosed activity
Insider transactions
Trading activity22 buys · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-01-02 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)Pure Resources Fund A/C
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2026-01-02The 3H does not name the holder; the annual report's holder allocation plus the 3H's full-class cessation supports the attribution. No ordinary-share movement is inferred. As disclosed: Expiry of warrants without exercise or conversion.
Pure Resources Fund A/C · Identified as investment manager of this fund account Notification of cessation of securities - G6M ↗ FY2025 Annual Report to Shareholders ↗ | ExpiryUnquoted warrants, exercise A$21.00, expiry 31 December 2025 | 464,286 | —Non Cash | — | 0 |
| 2025-10-31 | Tasmania Development and Resources (ABN 28 502 646 973)Tasmania Development and Resources (ABN 28 502 646 973)
Details & evidence for Tasmania Development and Resources (ABN 28 502 646 973) on 2025-10-31The class-wide expiry and complete holder schedule establish this warrant cessation; no ordinary-share sale is inferred. As disclosed: Cancellation of Warrants that were not exercised prior to the expiry date.
Notification of cessation of securities - G6M ↗ FY2025 Annual Report to Shareholders ↗ | ExpiryUnquoted warrants, exercise A$0.35, expiry 31 October 2025 | 21,428,572 | —Non Cash | — | 0 |
| 2025-10-31 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-10-31The matching expiry is recorded in the director view for Dale Elphinstone; this row records the named account-holder view. As disclosed: Cancellation of Warrants that were not exercised prior to the expiry date.
Notification of cessation of securities - G6M ↗ FY2025 Annual Report to Shareholders ↗ Change of Director's Interest Notice x2 ↗ | ExpiryUnquoted warrants, exercise A$0.35, expiry 31 October 2025 | 6,310,716 | —Non Cash | — | 0 |
| 2025-10-31 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-10-31Same economic exercise as the director notice; holder filing gives exact date and rounded total consideration. As disclosed: Warrant exercise on 31 October 2025, 14,046,427 shares issued.
Change in substantial holding - Elphinstone ↗ Change in substantial holding - Elphinstone ↗ Change of Director's Interest Notice x2 ↗ | ExerciseOrdinary shares issued on exercise of A$0.35 warrants | 14,046,427 | AUD 4,916,249.00 | AUD 0.35Disclosed price | — |
| 2025-10-31 | Chrysalis Investments Pty LtdChrysalis Investments Pty Ltd
Details & evidence for Chrysalis Investments Pty Ltd on 2025-10-31The matching expiry is recorded in the director view for Christopher Ellis; this row records the named account-holder view. As disclosed: Cancellation of Warrants that were not exercised prior to the expiry date.
Notification of cessation of securities - G6M ↗ FY2025 Annual Report to Shareholders ↗ Change of Director's Interest Notice x2 ↗ | ExpiryUnquoted warrants, exercise A$0.35, expiry 31 October 2025 | 2,857,143 | —Non Cash | — | 0 |
| 2025-10-31 | Abex LimitedAbex Limited
Details & evidence for Abex Limited on 2025-10-31The class-wide expiry reconciles with holder allocations and identified warrant exercises; no ordinary-share movement is inferred for Abex. As disclosed: Cancellation of Warrants that were not exercised prior to the expiry date.
Notification of cessation of securities - G6M ↗ FY2025 Annual Report to Shareholders ↗ FY26 Half-Year Report and Accounts ↗ | ExpiryUnquoted warrants, exercise A$0.35, expiry 31 October 2025 | 13,392,858 | —Non Cash | — | 0 |
| 2025-10-29 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)Pure Resources Fund A/C
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2025-10-29The annexed deed names EHPL as buyer and establishes cash settlement, confirming this as the seller side of the same off-market cash trade recorded in the Elphinstone holder Form 604 and Dale's 3Y. As disclosed: Off market sale of shares and dilution from warrants on 31 October 2025.
Pure Resources Fund A/C · Identified as investment manager of this fund account Change in substantial holding - Pure Transfer ↗ Change in substantial holding - Pure ↗ Change of Director's Interest Notice x2 ↗ Change in substantial holding - Elphinstone ↗ Change in substantial holding - Elphinstone ↗ Change in substantial holding - Elphinstone ↗ | SaleOrdinary shares | 8,035,715 | AUD 2,812,500.00 | AUD 0.35Calculated average | — |
| 2025-10-29 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-10-29EHPL's purchase and Pure's sale are opposite holder-side records of the same off-market transfer, confirmed by the deed and both holder notices; the Dale director record is linked to the same transfer across views. As disclosed: Purchase by EHPL of 8,035,715 shares from Pure under a deed dated 29 October 2025.
Change in substantial holding - Elphinstone ↗ Change in substantial holding - Elphinstone ↗ Change in substantial holding - Elphinstone ↗ | PurchaseOrdinary shares | 8,035,715 | AUD 2,812,500.00 | AUD 0.35Calculated average | — |
| 2025-10-28 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)Pure Resources Fund A/C
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2025-10-28The form gives a previous voting count from a notice dated 30 April 2025 and a post-transaction total after a subsequent 1:100 consolidation; no pre-transaction balance is reconstructed from those incomparable figures. As disclosed: Exercise of warrants with consideration in the form of debt extinguishment.
Pure Resources Fund A/C · Identified as investment manager of this fund account Change in substantial holding - Pure ↗ Change in substantial holding - Pure ↗ | ExerciseOrdinary shares | 8,035,715 | —Non Cash | — | — |
| 2025-07-08 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-07-08The matching 3Y event is recorded in the director view for Dale Elphinstone; this row records the named account-holder view. As disclosed: Expiry of option or other convertible security without exercise or conversion.
Notification of cessation of securities - G6M ↗ FY25 Half-Year Report and Accounts ↗ | ExpiryUnquoted options, exercise A$0.21, expiry 30 June 2025 | 23,809,527 | —Non Cash | — | 0 |
| 2025-07-08 | D.A.CH.S. Capital A.G. (incorporated in Switzerland)D.A.CH.S. Capital A.G. (incorporated in Switzerland)
Details & evidence for D.A.CH.S. Capital A.G. (incorporated in Switzerland) on 2025-07-08Holder attribution follows the named holder allocation and full class cessation; no cash or ordinary-share transaction is inferred. As disclosed: Expiry of option or other convertible security without exercise or conversion.
Notification of cessation of securities - G6M ↗ FY25 Half-Year Report and Accounts ↗ | ExpiryUnquoted options, exercise A$0.21, expiry 30 June 2025 | 13,333,333 | —Non Cash | — | 0 |
| 2025-07-08 | Chrysalis Investments Pty LtdChrysalis Investments Pty Ltd
Details & evidence for Chrysalis Investments Pty Ltd on 2025-07-08The matching 3Y event is recorded in the director view for Christopher Ellis; this row records the named account-holder view. As disclosed: Expiry of option or other convertible security without exercise or conversion.
Notification of cessation of securities - G6M ↗ FY25 Half-Year Report and Accounts ↗ | ExpiryUnquoted options, exercise A$0.21, expiry 30 June 2025 | 23,809,527 | —Non Cash | — | 0 |
| 2025-07-08 | Abex LimitedAbex Limited
Details & evidence for Abex Limited on 2025-07-08Holder attribution follows the named holder allocation and full class cessation; no cash or ordinary-share transaction is inferred. As disclosed: Expiry of option or other convertible security without exercise or conversion.
Notification of cessation of securities - G6M ↗ FY25 Half-Year Report and Accounts ↗ | ExpiryUnquoted options, exercise A$0.21, expiry 30 June 2025 | 23,809,527 | —Non Cash | — | 0 |
| 2025-04-30 | Tasmania Development and Resources (ABN 28 502 646 973)Tasmania Development and Resources (ABN 28 502 646 973)
Details & evidence for Tasmania Development and Resources (ABN 28 502 646 973) on 2025-04-30No opening share balance is inferred beyond the information in the filing. As disclosed: Shares issued on conversion of secured debt.
Becoming a substantial holder - Tasmania Development and Resources ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 2,623,044,770 | —Non Cash | AUD 0.004Disclosed price | 2,623,044,770 |
| 2025-04-30 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)Pure Resources Fund A/C
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2025-04-30The A$7,809,814 debt reduction is rounded; quantity multiplied by A$0.004 differs by A$0.30. As disclosed: Issue of shares for reduction of secured debt.
Pure Resources Fund A/C · Identified as investment manager of this fund account Becoming a substantial holder - Pure Asset Management ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 1,952,453,425 | —Non Cash | AUD 0.004Disclosed price | — |
| 2025-04-30 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)Pure Resources Fund A/C
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2025-04-30The cash allocation is verified against the issuer's meeting notice; the shares are not classified as debt conversion. As disclosed: Shares issued under the Investor Subscription Agreement for cash.
Pure Resources Fund A/C · Identified as investment manager of this fund account Becoming a substantial holder - Pure Asset Management ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 267,857,143 | AUD 937,500.00 | AUD 0.0035Disclosed price | — |
| 2025-04-30 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-04-30The notice's votes affected, director 3Y and Notice of Meeting all support 212,343,245 shares. As disclosed: Shares issued on reduction of unsecured debt; the class-number row has a misaligned quantity.
Change in substantial holding - Elphinstone ↗ Change of Director's Interest Notice x3 ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 212,343,245 | —Non Cash | AUD 0.005Disclosed price | — |
| 2025-04-30 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-04-30Same economic tranche is reported in Dale Elphinstone's 3Y. As disclosed: Shares issued for reduction of secured debt.
Change in substantial holding - Elphinstone ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 2,582,191,990 | —Non Cash | AUD 0.004Disclosed price | — |
| 2025-04-30 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-04-30The same economic tranche is reported in Dale Elphinstone's 3Y. As disclosed: Shares subscribed for under the Equity Issue.
Change in substantial holding - Elphinstone ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 678,571,429 | AUD 2,375,000.00 | AUD 0.0035Disclosed price | — |
| 2025-04-30 | Christopher EllisCJRE Maritime Pty Ltd
Details & evidence for Christopher Ellis on 2025-04-30CJRE is controlled by Ellis. As disclosed: Shares issued for reduction of unsecured debt.
Director, Group 6 Metals Limited · Start not disclosed Chrysalis Investments Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity CJRE Maritime Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity Change in substantial holding - Ellis ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 710,958,904 | —Non Cash | AUD 0.005Disclosed price | — |
| 2025-04-30 | Christopher EllisChrysalis Investments Pty Ltd
Details & evidence for Christopher Ellis on 2025-04-30Debt conversion is preserved as non-cash. As disclosed: Shares issued for reduction of unsecured debt.
Director, Group 6 Metals Limited · Start not disclosed Chrysalis Investments Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity CJRE Maritime Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity Change in substantial holding - Ellis ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 344,827,808 | —Non Cash | AUD 0.005Disclosed price | — |
| 2025-04-30 | Christopher EllisCJRE Maritime Pty Ltd
Details & evidence for Christopher Ellis on 2025-04-30CJRE is controlled by Ellis. As disclosed: Shares issued for reduction of secured debt.
Director, Group 6 Metals Limited · Start not disclosed Chrysalis Investments Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity CJRE Maritime Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity Change in substantial holding - Ellis ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 1,644,626,256 | —Non Cash | AUD 0.004Disclosed price | — |
| 2025-04-30 | Christopher EllisChrysalis Investments Pty Ltd
Details & evidence for Christopher Ellis on 2025-04-30Debt conversion is preserved as non-cash. As disclosed: Shares issued for reduction of secured debt.
Director, Group 6 Metals Limited · Start not disclosed Chrysalis Investments Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity CJRE Maritime Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity Change in substantial holding - Ellis ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 2,551,886,238 | —Non Cash | AUD 0.004Disclosed price | — |
| 2025-04-30 | Christopher EllisChrysalis Investments Pty Ltd
Details & evidence for Christopher Ellis on 2025-04-30Cash tranche only. As disclosed: Chrysalis subscribed for shares under the Equity Issue.
Director, Group 6 Metals Limited · Start not disclosed Chrysalis Investments Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity CJRE Maritime Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity Change in substantial holding - Ellis ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 303,571,429 | AUD 1,062,500.00 | AUD 0.0035Disclosed price | — |
| 2025-04-30 | D.A.CH.S. Capital A.G. (incorporated in Switzerland)D.A.CH.S. Capital A.G. (incorporated in Switzerland)
Details & evidence for D.A.CH.S. Capital A.G. (incorporated in Switzerland) on 2025-04-30Existing 91,693,710 shares were disclosed as the pre-recapitalisation position in the meeting notice. As disclosed: Shares issued against secured debt under the recapitalisation.
Change in substantial holding - D.A.CH.S. Capital A.G. ↗ Notice of General Meeting/Proxy Form ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 1,200,263,444 | —Non Cash | AUD 0.005Disclosed price | 1,291,957,154 |
| 2025-04-30 | Richard and Gwenda Chadwick substantial-holder group
Details & evidence for Richard and Gwenda Chadwick substantial-holder group on 2025-04-30Debt conversion is recorded as non-cash consideration. As disclosed: Shares issued for conversion of unsecured debt.
Abex Limited · Abex Limited is included in the disclosed related substantial-holder interest Change in substantial holding - Chadwick ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 1,070,260,328 | —Non Cash | AUD 0.005Disclosed price | — |
| 2025-04-30 | Richard and Gwenda Chadwick substantial-holder group
Details & evidence for Richard and Gwenda Chadwick substantial-holder group on 2025-04-30Debt conversion is recorded as non-cash consideration. As disclosed: Shares issued for conversion of secured debt.
Abex Limited · Abex Limited is included in the disclosed related substantial-holder interest Change in substantial holding - Chadwick ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 3,581,129,815 | —Non Cash | AUD 0.004Disclosed price | — |
| 2025-04-30 | Richard and Gwenda Chadwick substantial-holder group
Details & evidence for Richard and Gwenda Chadwick substantial-holder group on 2025-04-30The event is separate from secured and unsecured debt conversions. As disclosed: Shares subscribed for under the Equity Issue.
Abex Limited · Abex Limited is included in the disclosed related substantial-holder interest Change in substantial holding - Chadwick ↗ Notice of General Meeting/Proxy Form ↗ | SubscriptionOrdinary shares | 446,428,571 | AUD 1,562,500.00 | AUD 0.0035Disclosed price | — |
| 2025-01-31 | Abex LimitedAbex Limited
Details & evidence for Abex Limited on 2025-01-31The 3H reports aggregate class cessation; the earlier recipient-specific 3G establishes Abex's grant and expiry terms. As disclosed: Expiry of option or other convertible security without exercise or conversion.
Notification of cessation of securities - G6M ↗ Notification regarding unquoted securities - G6M ↗ | ExpiryUnquoted options, exercise A$0.28, expiry 31 January 2025 | 7,352,942 | —Non Cash | — | 0 |
| 2023-06-27 | Chrysalis Investments Pty LtdChrysalis Investments Pty Ltd
Details & evidence for Chrysalis Investments Pty Ltd on 2023-06-27Same placement is also reported in director Ellis's Appendix 3Y. As disclosed: Shares issued under placement for cash.
Change in substantial holding - Chrysalis ↗ Change in substantial holding - Chrysalis ↗ | SubscriptionOrdinary shares | 35,714,290 | AUD 5,000,000.00 | AUD 0.14Disclosed price | 140,298,596 |
| 2023-05-15 | Elphinstone Holdings Pty Ltd (EHPL)Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2023-05-15This is an initial substantial-holder notice with no disclosed opening balance; only the two annexure trades are recorded. As disclosed: Shares acquired under placement for cash consideration.
Becoming a substantial holder - Elphinstone ↗ Becoming a substantial holder - Elphinstone ↗ | SubscriptionOrdinary shares | 35,714,290 | AUD 5,000,000.00 | AUD 0.14Disclosed price | 61,880,406 |
| 2023-05-15 | Richard and Gwenda Chadwick substantial-holder group
Details & evidence for Richard and Gwenda Chadwick substantial-holder group on 2023-05-15Section 2 reports 151,304,877 shares after the placement; Section 4 lists separate Abex-related accounts. As disclosed: Shares acquired under cash placement.
Abex Limited · Abex Limited is included in the disclosed related substantial-holder interest Change in substantial holding - Chadwick ↗ Change in substantial holding - Chadwick ↗ | SubscriptionOrdinary shares | 35,714,290 | AUD 5,000,000.00 | AUD 0.14Disclosed price | 151,304,877 |
| 2023-03-27 | Richard and Gwenda Chadwick substantial-holder group
Details & evidence for Richard and Gwenda Chadwick substantial-holder group on 2023-03-27The transaction is included in the subsequent Form 604 schedule. As disclosed: Shares acquired under cash placement.
Abex Limited · Abex Limited is included in the disclosed related substantial-holder interest Change in substantial holding - Chadwick ↗ | SubscriptionOrdinary shares | 14,705,883 | AUD 2,500,000.00 | AUD 0.17Disclosed price | — |
| 2023-03-27 | Abex LimitedAbex Limited
Details & evidence for Abex Limited on 2023-03-27The corresponding 3G records 7,352,942 free-attaching G6MAK options. The Appendix 2A's Part 3A date field appears to contain a 2022 typo; its header and the paired 3G identify 27 March 2023. As disclosed: 14,705,883 Shares and 7,352,942 Options have been issued upon the conversion of the $2.5m unsecured loan provided by Abex Limited on the same terms as the Placement announced on 28 Nov 2022.
Application for quotation of securities - G6M ↗ Notification regarding unquoted securities - G6M ↗ | SubscriptionOrdinary shares | 14,705,883 | —Non Cash | AUD 0.17Disclosed price | — |
| 2023-03-27 | Abex LimitedAbex Limited
Details & evidence for Abex Limited on 2023-03-27The issuer form identifies Abex Limited as recipient but gives no post-issue options balance. As disclosed: Free attaching options issued on the basis of one new option for every two new placement shares issued upon conversion of the $2.5m unsecured loan provided by Abex Limited.
Notification regarding unquoted securities - G6M ↗ | GrantUnquoted options, exercise A$0.28, expiry 31 January 2025 | 7,352,942 | —Non Cash | — | — |
| 2023-01-23 | Chrysalis Investments Pty LtdChrysalis Investments Pty Ltd
Details & evidence for Chrysalis Investments Pty Ltd on 2023-01-23The reported after-position comprises 104,363,803 shares for Chrysalis Investments Pty Ltd ATF the Ellis Family Trust and 220,503 shares for the Ellis Superfund. As disclosed: Shares issued at A$0.17 per share.
Change in substantial holding - Chrysalis ↗ Change in substantial holding - Chrysalis ↗ | SubscriptionOrdinary shares | 14,705,883 | AUD 2,500,000.00 | AUD 0.17Disclosed price | 104,584,306 |
Disclosed holding observations17 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2025-10-31 | Mrs Gwenda Ann Chadwick
Details & evidence for Mrs Gwenda Ann Chadwick on 2025-10-31The Form 604 footnote states a 1:100 share consolidation since the previous notice. This figure is the consolidated position; the notice reports dilution from other holders' warrant exercises, not a trade by Gwenda Chadwick or Abex.
Abex Limited · Relevant interest reported through Invia Custodian Pty Ltd <Abex Limited> Change in substantial holding - Chadwick ↗ Change in substantial holding - Chadwick ↗ | PositionOrdinary shares | 52,493,237 | 21.21%Voting Power |
| 2025-10-31 | D.A.CH.S. Capital A.G. (incorporated in Switzerland)
Details & evidence for D.A.CH.S. Capital A.G. (incorporated in Switzerland) on 2025-10-31Form 605 reports dilution due to warrant exercises and the 1:100 consolidation since the previous substantial-holder notice. Ceasing to be substantial does not imply zero holdings.
Ceasing to be a substantial holder - D.A.CH.S. Capital AG ↗ | ThresholdOrdinary shares | 12,919,571 | 4.97%Voting Power |
| 2025-10-31 | Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-10-31The form's previous balance is pre-consolidation, so no direct subtraction is made across the 1:100 capital adjustment.
Change in substantial holding - Elphinstone ↗ Change of Director's Interest Notice x2 ↗ | PositionOrdinary shares | 57,432,013 | 23.19%Voting Power |
| 2025-10-31 | Tasmania Development and Resources (ABN 28 502 646 973)
Details & evidence for Tasmania Development and Resources (ABN 28 502 646 973) on 2025-10-31Form 604 describes dilution from share issues on warrant exercise. It does not disclose any acquisition or disposal by the holder; the earlier 2,623,044,770 figure is pre 1:100 consolidation.
Change in substantial holding ↗ | ThresholdOrdinary shares | 26,230,448 | 10.60%Voting Power |
| 2025-10-29 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2025-10-29Reported present voting power after the off-market sale; the current Section 4 accounts are 22,203,106 shares in the Pure Resources Fund A/C and 13,647 through J.P. Morgan Nominees.
Pure Resources Fund A/C · Identified as investment manager of this fund account Change in substantial holding - Pure Transfer ↗ Change in substantial holding - Pure ↗ | FinalOrdinary shares (aggregate voting interest) | 22,216,753 | 8.98%Voting Power |
| 2025-10-28 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2025-10-28Section 2 total reported after the 28 October warrant exercise; Section 4 also lists 30,238,821 shares in the fund account and 13,647 through J.P. Morgan Nominees.
Pure Resources Fund A/C · Identified as investment manager of this fund account Change in substantial holding - Pure ↗ Change in substantial holding - Pure ↗ | FinalOrdinary shares (aggregate voting interest) | 30,251,468 | 13.31%Voting Power |
| 2025-04-30 | Richard and Gwenda Chadwick substantial-holder group
Details & evidence for Richard and Gwenda Chadwick substantial-holder group on 2025-04-30Current aggregate after recapitalisation, reported through Invia Custodian <Abex Limited>.
Abex Limited · Abex Limited is included in the disclosed related substantial-holder interest Change in substantial holding - Chadwick ↗ Notice of General Meeting/Proxy Form ↗ | PositionOrdinary shares (aggregate voting interest) | 5,249,123,591 | 23.95%Voting Power |
| 2025-04-30 | D.A.CH.S. Capital A.G. (incorporated in Switzerland)
Details & evidence for D.A.CH.S. Capital A.G. (incorporated in Switzerland) on 2025-04-30Aggregate voting position after the new recap shares.
Change in substantial holding - D.A.CH.S. Capital A.G. ↗ Notice of General Meeting/Proxy Form ↗ Notice of General Meeting/Proxy Form ↗ | PositionOrdinary shares | 1,291,957,154 | 5.90%Voting Power |
| 2025-04-30 | Christopher Ellis
Details & evidence for Christopher Ellis on 2025-04-30Aggregate after recapitalisation; Section 4 account rows are not summed as distinct holdings.
Director, Group 6 Metals Limited · Start not disclosed Chrysalis Investments Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity CJRE Maritime Pty Ltd · Sole director and beneficiary; G6M securities are held through this entity Change in substantial holding - Ellis ↗ Change of Director's Interest Notice x3 ↗ Notice of General Meeting/Proxy Form ↗ | PositionOrdinary shares (aggregate voting interest) | 5,696,169,231 | 25.99%Voting Power |
| 2025-04-30 | Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2025-04-30Pre-consolidation total after the recapitalisation issue.
Change in substantial holding - Elphinstone ↗ | PositionOrdinary shares | 3,534,987,070 | 16.10%Voting Power |
| 2025-04-30 | Pure Asset Management Pty Ltd (ABN 46 616 178 771)
Details & evidence for Pure Asset Management Pty Ltd (ABN 46 616 178 771) on 2025-04-30Initial substantial-holder position after the recapitalisation; the Form 603's registered account rows include a 1,000-share mismatch addressed in the later October Forms 604.
Pure Resources Fund A/C · Identified as investment manager of this fund account Becoming a substantial holder - Pure Asset Management ↗ | InitialOrdinary shares | 2,221,675,274 | 10.14%Voting Power |
| 2025-04-30 | Tasmania Development and Resources (ABN 28 502 646 973)
Details & evidence for Tasmania Development and Resources (ABN 28 502 646 973) on 2025-04-30Initial substantial-holder position after recapitalisation.
Becoming a substantial holder - Tasmania Development and Resources ↗ | InitialOrdinary shares | 2,623,044,770 | 11.90%Voting Power |
| 2023-06-27 | Chrysalis Investments Pty Ltd
Details & evidence for Chrysalis Investments Pty Ltd on 2023-06-27Reported aggregate after the placement.
Change in substantial holding - Chrysalis ↗ | PositionOrdinary shares (aggregate voting interest) | 140,298,596 | — |
| 2023-05-15 | Richard and Gwenda Chadwick substantial-holder group
Details & evidence for Richard and Gwenda Chadwick substantial-holder group on 2023-05-15Aggregate after the reported March and May placements; no sum across overlapping related account rows is made.
Abex Limited · Abex Limited is included in the disclosed related substantial-holder interest Change in substantial holding - Chadwick ↗ | PositionOrdinary shares (aggregate voting interest) | 151,304,877 | — |
| 2023-05-15 | Chrysalis Investments Pty Ltd
Details & evidence for Chrysalis Investments Pty Ltd on 2023-05-15Section 4 gives Family Trust and Ellis Superfund components; the reported total is retained without summing overlapping account rows.
Change in substantial holding - Chrysalis ↗ | PositionOrdinary shares (aggregate voting interest) | 104,584,306 | — |
| 2023-05-15 | Elphinstone Holdings Pty Ltd (EHPL)
Details & evidence for Elphinstone Holdings Pty Ltd (EHPL) on 2023-05-15Initial substantial-holder position. The filing provides no opening balance; the 35,714,290 shares acquired in the annexure are distinct from the balance already held.
Becoming a substantial holder - Elphinstone ↗ Becoming a substantial holder - Elphinstone ↗ | InitialOrdinary shares | 61,880,406 | 6.61%Voting Power |
| 2023-01-23 | Chrysalis Investments Pty Ltd
Details & evidence for Chrysalis Investments Pty Ltd on 2023-01-23Aggregate reported position after the issue; Section 4 lists the Family Trust and Ellis Superfund accounts separately.
Change in substantial holding - Chrysalis ↗ | PositionOrdinary shares (aggregate voting interest) | 104,584,306 | 14.19%Voting Power |
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Sign in or enter a guest codeChronological evidenceSource-document inventory28 documents
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted
September 2026 quarter: record 81,098 t milled at 0.29% WO3 for 13,712 MTU produced and 12,782 MTU sold for A$35.5m; first underground ore (5,144 t at 0.57% WO3) and 12,274 t at 0.48% WO3 delivered in October to date; operating cash flow A$14.7m, investing A$9.6m (A$5.7m underground development); cash A$54.1m, loans drawn A$23.4m (all 12%, due 30 April 2027) and A$2.5m undrawn; stockpiles 207 kt at 0.24% WO3.
- Document ID
- qr_sep26
- Published UTC
- 2026-10-29T06:51:02Z
- Projects
- dolphin
- Commodities
- tungsten
G6M ASX closing price 30 October 2026 (miners.reference_price)Market Data · MediumExtracted
Latest eligible local ASX close on or before the 31 October 2026 cutoff, read with `python -m miners.reference_price G6M --valuation-date 2026-10-31` from data/asx_mining_companies.db (market data provider via miners.collect_stock_prices): close A$2.52 on 30 October 2026, volume 17,938 shares, one ASX G6M ordinary share, AUD, 1 day old (fresh).
- Document ID
- ref_price
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- tungsten
Market snapshot for G6M at the 31 October 2026 cutoff (miners.v8db.market_snapshot)Market Data · MediumExtracted
Output of `python -m miners.v8db.market_snapshot G6M --cutoff 2026-10-31 --shares 247652282 --commodities W`: 52-week range A$2.37-3.89 (trading only since reinstatement on 30 July 2026), returns 1m -26.1%, 3m -8.7% (mining index relative -16.0% and -4.2%), 20-day average traded value A$24,000 and 60-day A$63,000, AUD/USD 0.7025 (1.4236 A$ per US$), market cap A$624m; no tungsten spot in the local price database and no published tungsten peer rows (G6M has no prior run). The 12-month and 3-year returns span the 2024-2026 suspension and the 100:1 consolidation and are not meaningful.
- Document ID
- market_snapshot
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- tungsten
Tungsten peer market data from the local databases (miners_v8.db stock_daily and company_values; asx_mining_companies.db)Market Data · MediumExtracted
Peer rows read on 1 November 2026 for data dated on or before the cutoff: EQ Resources (EQR) stock_daily 30 October 2026 (price A$0.29, market cap A$1,503m, EV A$1,463m, EV/EBITDA 28.9x, EV per attributable resource A$11,290/t WO3, EV per reserve A$39,130/t WO3; FY26 revenue A$165.4m, EBITDA A$50.6m); Almonty Industries (AII) last ASX market cap A$5,510m on 9 August 2026 (delisted from ASX 1 September 2026 at A$25.89), net cash A$421.8m at 30 June 2026, FY26 revenue A$70.7m, attributable reserve 28,642 t WO3; Tungsten Mining (TGN) market cap A$286m at A$0.205 on 9 August 2026 and close A$0.19 on 30 October 2026 (pre-production Mt Mulgine).
- Document ID
- peer_db
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- tungsten
Notice of Annual General Meeting/Proxy FormGovernance · MediumExtracted
Notice of the 2026 annual general meeting to be held virtually at 12.00pm AEDT on 17 November 2026: remuneration report, election of Dale Elphinstone, an employee incentive plan, proportional takeover provisions and up to 600,000 further performance rights for the Executive Chair.
- Document ID
- agm_notice_oct26
- Published UTC
- 2026-10-16T03:23:13Z
- Projects
- dolphin
- Commodities
- tungsten
China Tungsten Industry Association news: tungsten prices drop nearly 70%Commodity Data · MediumExtracted
CTIA news item (posted 13 October 2026): China domestic APT about RMB 480,000-510,000/t, 55% tungsten concentrate RMB 300,000-330,000/standard tonne, prices down nearly 70% from the historical highs of seven months earlier on buyer resistance, weak demand, cautious cemented-carbide users and smelter cost inversions. No European prices given.
- Document ID
- ctia_oct26
- Published UTC
- 2026-10-13T01:00:00Z
- Projects
- —
- Commodities
- tungsten
FY26 Annual Report - Investor PresentationPresentation · MediumExtracted
FY26 results presentation: restates FY26 financials, the 295 kt at 0.26% WO3 opening FY27 stockpile, start of underground mining with HMR Drilling in late June 2026, and FY27 catalysts (underground ramp-up, grade uplift, ore sorting, fine tungsten recovery, resource growth). No numerical production or cost guidance is given.
- Document ID
- pres_fy26
- Published UTC
- 2026-09-30T23:30:03Z
- Projects
- dolphin
- Commodities
- tungsten
Notification regarding unquoted securities - G6MCorporate Action · LowExtracted
Issue of 480,000 further performance rights on 29 September 2026, taking performance rights to 1,480,000; ordinary shares 247,652,282.
- Document ID
- perf_rights_sep26
- Published UTC
- 2026-09-29T06:11:10Z
- Projects
- dolphin
- Commodities
- tungsten
FY2026 Annual Report to ShareholdersResults · HighExtracted
Audited FY2026 annual report (year to 30 June 2026): revenue A$129.0m, gross profit A$85.7m, NPAT A$148.2m including a A$74.6m impairment reversal and A$12.2m deferred tax benefit; operating cash flow A$55.7m; cash A$49.3m; borrowings A$21.2m all due 30 April 2027; 247.5m shares after the 100:1 consolidation. Contains the depleted 30 June 2026 resource and reserve inventory (pages 10-13), the FVLCD impairment assumptions (US$1,000-1,800/mtu long-term APT, 12% WACC, AUD/USD 0.72, 70% recovery), tax losses of A$107.1m, directors, remuneration, related-party dealings and the top-20 register at 7 September 2026.
- Document ID
- ar_fy26
- Published UTC
- 2026-09-25T08:56:39Z
- Projects
- dolphin
- Commodities
- tungsten
SMM: Chinese tungsten market sees broad-based decline amid weak supply and demandCommodity Data · MediumExtracted
SMM weekly analysis dated 18 September 2026: European APT CIF Rotterdam US$3,000/mtu, flat for four consecutive weeks; China domestic APT RMB 590,000/t (down RMB 15,000 since 18 August), 65% wolframite concentrate RMB 409,500/t; H1 September long-term contract APT RMB 600,000/t. Outlook: consolidation with a slightly lower centre; China reserves, mining quotas and export licensing give bottom support while the global price system may be restructuring.
- Document ID
- smm_sep26
- Published UTC
- 2026-09-18T09:13:00Z
- Projects
- —
- Commodities
- tungsten
InvestSMART: Almonty Industries ASX announcements and removal from the official listMarket Data · MediumExtracted
InvestSMART announcement list: Almonty CDIs suspended 28 August 2026 and removed from the ASX official list on 1 September 2026, last price A$25.89. Used to date the Almonty peer observation.
- Document ID
- almonty_asx_delisting
- Published UTC
- 2026-09-01T03:21:00Z
- Projects
- —
- Commodities
- tungsten
Change of Director's Interest NoticeGovernance · LowExtracted
Dale Elphinstone's holding moved from 57,432,014 to 57,415,780 ordinary shares on 18 August 2026.
- Document ID
- elph_dirint_aug26
- Published UTC
- 2026-08-21T06:49:53Z
- Projects
- dolphin
- Commodities
- tungsten
Statement of ConfirmationsCorporate Action · MediumExtracted
Statement of confirmations for reinstatement to quotation on 30 July 2026, including the top-20 register (top 20 hold 98.16%) and distribution schedule.
- Document ID
- soc_jul26
- Published UTC
- 2026-07-28T06:32:31Z
- Projects
- dolphin
- Commodities
- tungsten
Application for quotation of securities - G6MCorporate Action · LowExtracted
Application for quotation at reinstatement: 247,652,282 ordinary shares on issue, plus 169,644 warrants (A$19.60), 760,000 options and 1,000,000 performance rights.
- Document ID
- quotation_jul26
- Published UTC
- 2026-07-28T05:36:56Z
- Projects
- dolphin
- Commodities
- tungsten
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted
June 2026 quarter: 77,953 t milled at 0.45% WO3, 21,297 MTU produced and 25,514 MTU sold for A$69.1m; receipts A$61.0m; operating cash flow A$40.5m; quarter-end cash A$49.5m (Appendix 5B).
- Document ID
- qr_jun26
- Published UTC
- 2026-07-13T22:27:50Z
- Projects
- dolphin
- Commodities
- tungsten
Notification regarding unquoted securities - G6MCorporate Action · LowExtracted
Issue of 1,000,000 performance rights to Executive Chairman Kevin Pallas on 10 July 2026; 247,536,349 ordinary shares then on issue.
- Document ID
- perf_rights_jul26
- Published UTC
- 2026-07-10T06:31:39Z
- Projects
- dolphin
- Commodities
- tungsten
Results of MeetingGovernance · LowExtracted
Results of the 3 July 2026 general meeting: related-party transactions and the Executive Chairman's performance rights approved.
- Document ID
- results_meeting_jul26
- Published UTC
- 2026-07-03T03:59:19Z
- Projects
- dolphin
- Commodities
- tungsten
Fastmarkets: tungsten markets fragmenting as domestic Chinese APT market diverges from exportsCommodity Data · MediumExtracted
Fastmarkets article (29 June 2026): APT FOB China US$2,600-3,250/mtu (24 June, +631% year on year) and CIF Rotterdam/Baltimore US$2,900-3,210/mtu (19 June) while China domestic APT fell to about US$1,200-1,300/mtu; Chinese export licensing has created a transmission barrier; the gap is expected to persist for a period but not indefinitely; elevated prices and government support should lift ex-China supply over the next decade. No numerical forecasts.
- Document ID
- fastmarkets_jun26
- Published UTC
- 2026-06-29T09:00:00Z
- Projects
- —
- Commodities
- tungsten
Notice of General Meeting/Proxy FormGovernance · MediumExtracted
Notice of general meeting (approved 3 July 2026) seeking Listing Rule 10.1 approval of related-party supply, equipment hire and loan transactions with Elphinstone and Ellis entities, with an independent expert's report; and approval of the Executive Chairman's performance rights.
- Document ID
- ngm_jun26
- Published UTC
- 2026-06-02T02:16:47Z
- Projects
- dolphin
- Commodities
- tungsten
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
March 2026 quarter: 72,351 t milled at 0.56% WO3, 24,146 MTU produced, 24,555 MTU sold for A$32.2m; operating cash flow A$13.2m; cash A$14.4m; HMR underground contract executed in April 2026.
- Document ID
- qr_mar26
- Published UTC
- 2026-04-29T01:53:38Z
- Projects
- dolphin
- Commodities
- tungsten
FY26 Half-Year Report and AccountsResults · MediumExtracted
Reviewed half-year accounts to 31 December 2025 (first half of FY26), the period in which tungsten prices began their steep rise; used for the half-year bridge only.
- Document ID
- hy_fy26
- Published UTC
- 2026-03-05T22:01:57Z
- Projects
- dolphin
- Commodities
- tungsten
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
December 2025 quarter: record 27,007 MTU sold for A$17.55m; 70,004 t milled at 0.65% WO3 and 26,175 MTU produced; cash A$3.5m.
- Document ID
- qr_dec25
- Published UTC
- 2026-01-20T06:00:51Z
- Projects
- dolphin
- Commodities
- tungsten
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
September 2025 quarter: 52,113 t milled at 0.65% WO3, 17,293 MTU produced, 15,888 MTU sold; operating cash outflow A$3.2m; cash A$2.2m; open-cut mining in the current sequence completed.
- Document ID
- qr_sep25
- Published UTC
- 2025-10-27T00:47:45Z
- Projects
- dolphin
- Commodities
- tungsten
FY2025 Annual Report to ShareholdersResults · MediumExtracted
Audited FY2025 annual report: revenue A$21.2m, net loss A$32.1m; notes that the largest offtake agreement prices shipments off the Tungsten APT Low Price CIF Rotterdam benchmark (US$580/mtu at signing, for October 2025 shipments).
- Document ID
- ar_fy25
- Published UTC
- 2025-09-30T22:36:01Z
- Projects
- dolphin
- Commodities
- tungsten
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
June 2025 quarter: 19,294 MTU produced (then a record) from 52,159 t at 0.67% WO3; cash A$7.6m after the April 2025 recapitalisation.
- Document ID
- qr_jun25
- Published UTC
- 2025-07-30T23:30:14Z
- Projects
- dolphin
- Commodities
- tungsten
Notice of General Meeting/Proxy FormStudy · HighExtracted
Recapitalisation notice of meeting with the BDO Corporate Finance independent expert's report (4 March 2025) and the Xenith Independent Technical Specialist Report (14 January 2025). BDO valued the Dolphin mine at A$52.5-72.5m (Xenith updated base case A$62.8-73.2m at 15%-12% nominal post-tax) on a LOM plan producing about 1.9 million MTU from March 2025 to February 2033, an APT price deck of about US$330-480/mtu and AUD/USD 0.66-0.70, 70% long-term recovery and royalties of about 6.71% of revenue (Tasmanian royalty capped at 5.35%, Osisko 1.5% gross revenue royalty, HNC 2% capped at A$3.9m). Xenith describes the deposit history, offtake (Wolfram Bergbau und Huetten and Traxys), plant capacity of 3,000 t WO3 a year and the risks to plant recovery.
- Document ID
- ngm_mar25
- Published UTC
- 2025-03-21T04:53:12Z
- Projects
- dolphin
- Commodities
- tungsten
Company Secretary Appointment/ResignationLeadership · LowExtracted
Appointment of Andrew Bickley as company secretary on 19 December 2024.
- Document ID
- cosec_dec24
- Published UTC
- 2024-12-19T01:51:29Z
- Projects
- dolphin
- Commodities
- tungsten
Bold Head Maiden Mineral Reserve EstimateReserve Update · MediumExtracted
Bold Head maiden Ore Reserve (June 2023): 0.45 Mt at 0.89% WO3 Probable, from a 1.76 Mt at 0.91% WO3 resource, using a 0.7% WO3 cut-off; mainly post-pillar underground mining with 80% recovery and 15% dilution.
- Document ID
- bold_head_reserve_2023
- Published UTC
- 2023-06-26T01:43:02Z
- Projects
- dolphin
- Commodities
- tungsten
Evidence facts35
128966000 AUD
2026-06-30148185000 AUD
2026-06-3074638000 AUD
2026-06-3055656000 AUD
2026-06-3049327000 AUD
2026-06-3021190000 AUD
2026-06-30107101000 AUD
2026-06-30247536349 shares
2026-06-3010.55 Mt at 0.89% WO3, 9.43 million MTU text
2026-06-308.79 Mt at 0.89% WO3, 7.82 million MTU text
2026-06-304.07 Mt at 0.92% WO3, 3.73 million MTU text
2026-06-30561000000 AUD
2026-06-30US$1,000-1,800/mtu text
2026-06-3013712 MTU
2026-09-3012,782 MTU for A$35.5m text
2026-09-3054113000 AUD
2026-09-3023396000 AUD
2026-09-302500000 AUD
2026-09-3014669000 AUD
2026-09-3049464000 AUD
2026-06-3025,514 MTU for A$69.1m text
2026-06-3024,555 MTU for A$32.2m text
2026-03-3127,007 MTU for A$17.55m text
2025-12-31A$73.2m-62.8m text
2025-03-31about 1.9 million MTU, March 2025 to February 2033 text
2025-03-313,000 t WO3 per annum text
2025-01-146.71 %
2025-03-31247652282 shares
2026-07-281480000 rights
2026-09-292.52 AUD/share
2026-10-3017938 shares
2026-10-301.4236 AUD/USD
2026-10-3023966 AUD
2026-10-303000 USD/mtu
2026-09-18RMB 480,000-510,000/t text
2026-10-12Conflicts requiring judgment1
- cash at 30 June 2026
The audited balance sheet (A$49.327m) supersedes the unaudited June 2026 Appendix 5B (A$49.464m); the September 2026 Appendix 5B opens from the audited A$49.327m.