A non-executive director of Group 6 Metals (ASX:G6M), Chris Ellis, has significantly increased his stake in the tungsten producer. Ellis now holds 25.99% of the company, a substantial rise from his previous holding of 14.42%. This increase comes after acquiring additional shares and converting secured debt into equity. Ellis invested approximately $1.1 million to purchase 303.6 million shares, adding significantly to his portfolio.
Furthermore, Ellis converted secured debt into 5.3 billion shares, priced at $0.004 and $0.005 per share. This move follows Group 6 Metals’ recent recapitalization efforts aimed at reducing debt and improving its balance sheet. In the March quarter, the company mined 112,000 tonnes of ore from its Dolphin open cut mine in Tasmania. The saleable tungsten production reached 14,955 tonnes at an average grade of 55%, with 14,948 tonnes sold during the quarter. This compares favorably to the 9,332 tonnes sold in the prior quarter, generating $4.6 million in revenue for Group 6 Metals.
