Group 6 Metals (ASX:G6M), a tungsten-focused resource explorer, has completed its recapitalization program following shareholder approval on April 30. The plan, initially announced in December, aimed to reduce debt, strengthen the company’s balance sheet, and provide the necessary liquidity to execute its operational improvement plan. A key component of the recapitalization involved converting existing debt and creditor liabilities into shares. The company issued approximately 20.9 billion shares, along with 7.23 billion warrants and 76 million options as part of an equity incentive plan.
During the first quarter of 2025, Group 6 Metals received $3.8 million in loans under debt facilities established as part of the recapitalization, along with $4 million in advanced payments under subscription agreements. As of March 31, 2025, the company reported cash and cash equivalents of $700,000. Group 6 Metals’ primary asset is the Dolphin Tungsten Mine, located on King Island, Tasmania. The recapitalization seeks to position the company for future growth and operational efficiency at the mine.
