OD6 Metals Limited (OD6), an ASX-listed company focused on critical mineral exploration, today announced it has entered an exclusive option agreement to acquire a district-scale cluster of high-grade fluorspar deposits in Nevada, USA, known as the Quinn Fluorspar Project. OD6 Metals is an Australian public company pursuing exploration and development opportunities within the critical minerals sector, namely rare earths and copper. The project comprises 48 State of Nevada Mining Claims, located approximately 220 km north of Las Vegas within a prospective epithermal district.
The Quinn Fluorspar Project features exceptional grades, with samples up to 94% CaF2, and evidence of historic production. Multiple extensive zones offer significant potential for resource definition. Managing Director Brett Hazelden highlighted the strategic importance of fluorspar as a U.S. critical mineral vital for various high-tech applications, including semiconductors and aerospace. The United States is currently 100% import-dependent on fluorspar, making this a compelling opportunity for OD6.
The company has received firm commitments for a $3.40 million two-tranche placement to fund the acquisition and exploration activities. The placement was supported by high-net-worth and institutional investors, including director participation. The funds will also be allocated towards due diligence, transaction costs, exploration, test work at the company’s existing Splinter Rock and Gulf Creek Projects, and general working capital.
According to the terms of the agreement, OD6 will make staged payments, including A$75,000 cash to acquire the option and A$200,000 upon exercising the option after due diligence. Deferred payments totaling A$3.8 million will be made upon achieving certain milestones, such as drilling approvals and resource declaration. The sellers will also retain a royalty on fluorspar and other minerals extracted from the project.
