Group 6 Metals (ASX:G6M) has nearly doubled the total value of its assets to $21.182 million in the 6 months to 31 December 2023, according to its latest financial report.
During July, Group 6 Metals had strengthened its balance sheet through raising $4.2 million via a share purchase plan at $0.14 per share.
However, the $56.22 million market capitalisation company’s cash and cash equivalents at hand had declined to $595,000 as of 31 December 2023.
During period, the company also submitted a research and development (R&D) tax incentive application, with AusIndustry in September 2023, resulting in a $14.3 million cash returned — as previously reported in January.
As this news service previously reported, Group 6 also received an $8 million bridge finance facility in early November 2023, to support production activities at its flagship Dolphin Tungsten Mine in Tasmania.
Group 6 Metals is an Australian resource explorer, developer, and producer focused on its Dolphin Tungsten Mine.
The Dolphin Tungsten Mine is located on King Island, Tasmania. As mining transitions to the main dolphin orebody, average mining grades have seen a sharp increase and are exceeding grades forecast for the months of January and February 2024.
Average mining grade in February was 0.63% WO3. This is resulting in higher average grade ore supply to the process plant earlier than anticipated thus improving production of concentrate
Write to Aaliyah Rogan at Mining.com.au
Images: Group 6 Metals
