A director of Group 6 Metals (ASX:G6M) has more than doubled his stake in the tungsten producer.
Non-executive director Chris Ellis now holds a 25.99% stake, up from 14.42% previously, after acquiring more shares and converting debt to equity.
Ellis paid around $1.1 million to add an additional 303.6 million shares to his portfolio.
Additionally, he converted secured debt to 5.3 billion shares at prices of $0.004 and $0.005 per share.
Late last year, Group 6 undertook a recapitalisation to reduce its debt, strengthen its balance sheet, and provide liquidity for it to review, plan, and execute its operational improvement plan.
In the March quarter, the company produced 112,000 tonnes of ore from the Dolphin open cut mine in Tasmania.
Saleable tungsten production for the quarter was 14,955 tonnes at an average grade of 55%, with 14,948 tonnes sold compared to 9,332 in the prior quarter.
Group 6 banked $4.6 million from the sale of tungsten during the March quarter.
Write to Angela East at Mining.com.au
Images: Group 6 Metals
