OD6 Metals (ASX:OD6) is conducting a placement to raise $2.5 million as part of its strategy to advance the Splinter Rock Rare Earth project in Western Australia and Gulf Creek Copper project in New South Wales.
Under the placement, 38.46 million shares will be issued at $0.065 per share, representing a 19.8% discount to the last closing price of $0.081 on 14 August 2025. Participants will also receive one free-attaching option exercisable at $0.10 per share, with a 2.5-year expiry date, for every two new shares subscribed for.
GBA Capital will act as the sole lead manager and bookrunner to the placement.
At Splinter Rock, the funds will be used towards scaling up rare earth testwork in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO).
OD6 Metals is conducting ongoing technical and development studies at Splinter Rock, which will be expedited, underpinning future project advancement.
The company is actively progressing offtake discussions for its mixed rare earth carbonate product with global downstream partners, as previously reported.
At Gulf Creek, the funds will be used to conduct a phase two drilling program in September 2025. The program will target extensions of copper mineralisation uncovered in the phase one program.
Managing Director Brett Hazelden says the Gulf Creek drilling program will test multiple high-priority targets at Big Bend, West Limb and North West, as well as deeper extensions below historical workings.
“We are excited to build on our successful maiden program, which confirmed Gulf Creek’s potential as a significant high-grade copper system,” Hazelden says.
The Gulf Creek Project, located in New South Wales, was mined at around the turn of the 20th century and was once regarded as the highest grade copper mine in the state until its closure in 1912.
Splinter Rock, located in Western Australia, is a clay-hosted rare earths asset that has an indicated resource of 119 million tonnes @ 1,632 parts per million (ppm) total rare earth oxide (TREO), as well as an inferred resource of 563 million tonnes @ 1,275ppm TREO.
Write to Aaliyah Rogan at Mining.com.au
Images: OD6 Metals
