Group 6 Metals Limited (G6M), an ASX-listed company focused on tungsten production, is pleased to announce the completion of warrant conversions under its recapitalisation plan executed in April 2025. Group 6 Metals is currently focused on the redevelopment of its Dolphin Tungsten Mine located on King Island, Tasmania. The company is committed to producing high-quality tungsten concentrate. The company advises that warrants were exercised by three of the five warrant holders, resulting in a material improvement to its debt position, as the exercise price paid by the lenders has been offset from their outstanding loan balances.
The warrant exercise saw Christopher Ellis (Combined Holdings) convert 6,250,000 warrants, Elphinstone Holdings Pty Ltd convert 14,046,427, and Pure Asset Management Pty Ltd convert all 8,035,715 of their warrants. Invia Custodian Pty Limited and Tasmania Development and Resources did not exercise their warrants, resulting in the expiry of 13,392,858 and 21,428,572 warrants respectively.
The exercise of these warrants has significantly strengthened the company’s balance sheet, reducing its total debt from $34,112,500 to $24,196,250 (unaudited). Pure Asset Management Pty Ltd saw their debt reduced from $9,312,500 to $6,500,000, Chrysalis Investments Pty Ltd ATF The Ellis Family Trust’s debt decreased from $3,687,500 to $1,500,000, and Elphinstone Holdings Pty Ltd’s debt lowered from $7,625,000 to $2,708,751.
Executive Chairman Kevin Pallas commented that Group 6 Metals is growing stronger from both an operational and balance sheet perspective. He added that the company’s focus is now on continuing its processing plant resilience and efficiency program to further increase WO3 production, preparing for underground mining operations, and seeking opportunities presented by the critical minerals supply environment, including the U.S.-Australia Critical Minerals Framework Agreement.
