{"id":7696,"date":"2024-03-27T05:16:40","date_gmt":"2024-03-27T05:16:40","guid":{"rendered":"https:\/\/economicherald.net\/?p=7696"},"modified":"2024-03-27T05:16:40","modified_gmt":"2024-03-27T05:16:40","slug":"od6-metals-raising-up-to-2-5m-to-advance-splinter-rock-rare-earths-project-towards-development","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7696","title":{"rendered":"OD6 Metals raising up to $2.5m to advance Splinter Rock rare earths project towards development"},"content":{"rendered":"

OD6 Metals receives firm commitments for $1.5m placement priced at 7.1c per share
\nExisting shareholders to be offered up to $30,000 worth of shares under SPP to raise up to $1m
\nProceeds will be used to advance Splinter Rock through drilling and optimisation of metallurgical test work<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> Institutional and sophisticated investors have backed OD6 Metals\u2019 plans to advance its flagship Splinter Rock project through drilling, metallurgical optimisation and completing a scoping study by committing to a $1.5m placement.<\/strong><\/p>\n

The ~4,828km2 Splinter Rock project near Esperance, WA, is close to an existing port, sealed roads, and essential infrastructure.<\/p>\n

It features the 2km by 1km Inside Centre area within the Centre prospect which features grades ranging from 1,400ppm to 2,000ppm total rare earth oxides. Centre already has a resource of 149Mt @ 1,423ppm TREO.<\/p>\n

OD6 Metals (ASX:OD6)<\/strong><\/a> has made significant progress in comprehending basin composition, regolith characteristics, rare earth element (REE) mineralogy and metallurgical recovery potential through ongoing collaboration with various agencies.<\/p>\n

This includes work with the Australian Nuclear Science and Technology Organisation (ANSTO) and CSIRO on techniques to improve exploration and extraction of clay deposits.<\/p>\n

Metallurgical test work<\/strong><\/a> carried out to date has successfully delivered rare earth element (REE) recoveries of up to 90% in around 60 samples from four large prospects including Prop, Centre, Scrum and Flanker.<\/p>\n

These samples also averaged 62% valuable magnet REEs inclusive of neodymium, praseodymium, dysprosium, and terbium.<\/p>\n

\u00a0<\/p>\n

Funding to accelerate exploration<\/strong><\/h2>\n

Institutional, professional, and sophisticated investors have committed to subscribing for ~21.13 million shares priced at 7.1c each \u2013 a 18.4% discount to the last closing price of 8.7c on 21 March 2024.<\/p>\n

OD6 also plans to raise up to a further $1m through a share purchase plan.<\/p>\n

Existing shareholders will have the opportunity to subscribe for up to $30,000 worth of shares priced at 7.1c.<\/p>\n

Proceeds from the placement and SPP be used to advance the Splinter Rock project towards development.<\/p>\n

Key activities include focused infill drilling at the Inside Centre prospect, extensional drilling targeting resource growth and regional reconnaissance drilling.<\/p>\n

OD6 will also use funds on the ANSTO metallurgical program to optimise leach recovery and impurity removal with the aim to produce a mixed rare earth carbonate product that will enable completion of the scoping study.<\/p>\n

\u201cThe Splinter Rock Project has the potential to be a truly world class project, with strong support being received from new professional and sophisticated investors as well as a number of our long-term retail and institutional shareholders,\u201d managing director Brett Hazelden said.<\/p>\n

\u201cProceeds from the capital raising ensure OD6 is well funded to advance the Splinter Rock project with a significant focus on the Inside Centre prospect.<\/p>\n

\u201cMetallurgical work to be undertaken at ANSTO, will look to optimise our already impressive leach recoveries and low reagent usage, with the next step of producing a high-quality mixed rare earth carbonate, that will enable discussions to be held with various potential strategic partners and off-takers.<\/p>\n

\u201cThese works will then form the basis and the delivery of a scoping study scheduled for completion by calendar year end.\u201d<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with OD6 Metals, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post OD6 Metals raising up to $2.5m to advance Splinter Rock rare earths project towards development<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

OD6 Metals receives firm commitments for $1.5m placement priced at 7.1c per share Existing shareholders to be offered up to $30,000 worth of shares under [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":7697,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nOD6 Metals raising up to $2.5m to advance Splinter Rock rare earths project towards development - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=7696\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OD6 Metals raising up to $2.5m to advance Splinter Rock rare earths project towards development - 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