DY6 Metals

Heavy Rare Earths & Niobium Explorer DY6 Metals Lists On ASX Following Successful $7M IPO

Heavy rare earths and niobium explorer DY6 Metals Limited (ASX: DY6) (“DY6”, “the Company”) is pleased to announce that its shares will begin trading on the Australian Securities Exchange at 9am Perth today.


  • $7 million successfully raised via IPO, including $2.5 million from Hong Kong- based cornerstone investors, Zhenshi Group and Zhung Nam New Material Company
  • Funds to be used for exploration on three 100%-owned rare earths and critical metals projects in southern Malawi
  • Malawi is an attractive and stable mining jurisdiction with proven potential for hosting major rare earth deposits including Lindian Resources’ world class Kangankunde discovery (40km east of the Company’s Machinga Project)
  • RC drilling is already underway at the flagship Machinga project, with diamond drilling scheduled to commence next month
  • Drilling aims to follow up high grade 2010 results by Globe Metals and Mining (ASX:GBE)§Machinga is enriched in heavy rare earths (Dysprosium and Terbium) and Niobium

DY6’s listing follows a successful initial public offering (IPO), which raised $7 million. As part of this, the Company attracted a combined $2.5 million from Hong Kong-based strategic investors, Zhensi Group (HK) Heshi Composite Materials Co., Limited and Zhung Nam New Material Company Limited.

The funds raised in the IPO will be used primarily for exploration at the Company’s three 100%-owned rare earths and critical metals projects located in southern Malawi, a stable and attractive African jurisdiction with proven potential for hosting major mineral deposits.

DY6 has recently commenced a 5,000m program of reverse circulation and diamond drilling at the flagship Machinga project, only 40km east of Lindian Resources’ Kangankunde carbonatite discovery, which is widely regarded as the world’s best undeveloped rare earths project.

Machinga is particularly enriched with high-value heavy rare earth elements dysprosium and terbium. The project also holds significant niobium and tantalum potential as well.

Non-executive Chairman Dan Smith said: “DY6 has recently started its maiden drill program at the exciting Machinga project. In addition to being a potential source of the critical heavy rare earth elements Dysprosium and Terbium, Machinga also contains significant Niobium mineralisation.

The Company is seeking to emulate the success of Lindian Resources in proving up a major critical minerals project in southern Malawi. We believe the projects and the team we have assembled provide us with an excellent opportunity.”

Image 1: RC Drilling underway at Machinga HREO + Nb Project

Six targets have been identified to date within the Machinga North concession and the Company will be following up on previous high grade intercepts from a previous 2010 campaign undertaken by Globe Metals and Mining (ASX:GBE).

DY6’s other projects in southern Malawi, Salambidwe and Ngala Hill, have also been subject to previous exploration: rock chips from Salambidwe returned high grade values of TREO and Nb while soil samples from Ngala Hill and limited previous drilling by Phelps Dodge returned high grade results of Pd, Pt, Au and Cu.

The Company plans to carry out detailed geophysical and geological sampling programs at Salambidwe to aid in defining targets for a maiden drilling campaign towards the end of the year. RC drilling at Ngala Hill is scheduled for around the same time.


Click here for the full ASX Release

This article includes content from DY6 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

DY6:AU
DY6 Metals

DY6 Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
DY6 Metals

DY6 Metals


Keep reading...Show less
  Diatreme Resources Limited

Mineral Resource Upgrade Paves Way for Northern Silica Project PFS

Emerging silica sands developer, Diatreme Resources Limited (ASX:DRX) announced today a significant upgrade to the estimated Si2 Mineral Resource at the Company’s Northern Silica Project (NSP) in Far North Queensland, highlighting the critical mineral project’s potential amid an accelerating solar energy boom.

Keep reading...Show less
Conquest Resources Enters into Agreement with VerAI Discoveries for AI Targeting on Belfast TeckMag Project

Conquest Resources Enters into Agreement with VerAI Discoveries for AI Targeting on Belfast TeckMag Project

Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") has entered into a Royalty Purchase and Sale Agreement with VDI Resources LLC (VDI), a subsidiary of VerAI Discoveries Inc. (VerAI), an artificial intelligence (AI) powered mineral discovery generator, pursuant to which the Company agrees to grant to VDI a 1.5% net smelter return royalty on certain target areas with recommended drilling locations generated by VerAI utilizing its proprietary AI technology. The Company agrees to grant VDI an additional 1.5% NSR in return for funding a drill program for testing of the targets identified by VerAI on the Belfast TeckMag Project, a 350 sq. km. land package located northeast of Sudbury, Ontario.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
SOURCE ROCK ROYALTIES ANNOUNCES INCREASED MONTHLY DIVIDEND

SOURCE ROCK ROYALTIES ANNOUNCES INCREASED MONTHLY DIVIDEND

/Not for distribution to U.S. news wire services or dissemination in the U.S./

Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on May 15, 2024 to shareholders of record on April 30, 2024 . This represents an increase of 8% to the monthly dividend. Source Rock has now increased its monthly dividend by 30% since March 2023 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
  Rimfire Pacific Mining Limited

Compelling Cobalt Copper and REE Targets Identified at Broken Hill

Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that multiple cobalt, copper, and Rare Earth Element [REE] targets have been identified at its recently expanded 100% - owned Broken Hill Project which is located 17-30 kilometres west of Broken Hill, NSW (Figures 1 and 2).

Keep reading...Show less
Reach Resources

Rights Issue and Shortfall

Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce it has received $822,595 from the recently completed non-renounceable rights issue.

Keep reading...Show less
Various commodities atop a stock chart.

McKinsey: Commodities Trading Generated US$104 Billion in 2023

A recent report from McKinsey highlights trends seen in commodities trading over the past year.

The document shows that despite global uncertainty, commodities trading generated over US$100 billion in earnings before interest and taxes in 2023, translating into more than US$150 billion in gross margin.

McKinsey mentions challenges related to COVID-19 and geopolitical conflicts, such as increased price volatility and supply chain disruptions, but notes that commodities trading value pools have show resilience.

Keep reading...Show less
DY6 Metals

DY6 Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×