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18.5% 3.2¢ group 6 metals limited

G6M - Charts, Chat & News, page-164

  1. plonka
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    20/06/22
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    Group 6 Metals (ASX:G6M)

    Group 6 Metals is developing the highest-grade tungsten deposit in the western world at King Island in north-western Tasmania, an island typically known for its world-class cheese and lobster.

    The company, which was previously known as King Island Scheelite Limited, is recommissioning and expanding the old Dolphin Mine which operated for 75 years until its 1992 closure due to low tungsten prices.

    The Dolphin mine boasts a 14-year mine life with significant exploration upside. Production of tungsten concentrate from Group 6’s processing plant is planned for the first quarter of 2023.

    Mining will commence via an eight-year expansion of the existing open cut mine which hold 2.9 million tonnes at 0.76% tungsten trioxide with a 0.2% cut off grade. After this (and assuming the extension of its mining lease valid to 2029), Group 6 will move underground to mine 1.5 million tonnes of ore at 1.24% tungsten trioxide with a 0.7% cut off grade.

    With 70% offtake agreements secured, pH neutral and non-acid forming overburden rock, convenient port facilities, and prices set to rise given tungsten’s critical application in aeronautics, armaments and steel hardening; Group 6 is well positioned to be one of Australia’s key critical mineral producers.

    EQ Resources (ASX:EQR)

    EQ Resources is transforming its flagship tungsten assets at Mt Carbine in North Queensland by leveraging advanced technology, historical stockpiles, and unexploited resources to become the pre-eminent tungsten producer in Australia.

    Discovered at the end of the 19th century and in large-scale production during the 1970s and 80s, Mt Carbine is still relatively unexplored with considerable exploration potential for new tungsten mineralisation in its Mining Leases and surrounding exploration tenements.

    To bring the resource back to production, EQ has completed UG environmental approvals, a bankable feasibility study and commenced an upgrade of its gravity and crushing plants. Processing of the mineralised stockpile on site has already begun.

    Within the next 12-24 months, the company will ramp up its production from 500-650 tonnes a year to 3000-8000 tonnes following upgrades to its power supply and XRT sorter. These volumes will yield a pre-tax cash flow by 2025 of circa $95 million, following which underground mining and additional open pit will be pursued. Please note the open pit only holds 14.4% of the resource.

    EQ has also established mine-to-ship logistics chain to ensure the project remains scalable and reliable over its multi-decade life and signed binding off-take agreement with strategically aligned global commodity trader CRONIMET.

    Although Mt Carbine is EQ’s primary focus, the company also holds gold exploration licences in New South Wales, at Panama Hat (Broken Hill) and Crow Mountain.


    G6M Price at posting: 17.5¢ Sentiment: Hold Disclosure: Not Held
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