DY6 Metals’ $4.6M Raise and CEO Hire Signal High Stakes in Rutile Exploration

Capital Raise to Accelerate Exploration

DY6 Metals Ltd (ASX, DY6) has successfully secured firm commitments to raise A$4.625 million through a placement priced at $0.30 per share, matching the last traded price and representing a 33.6% premium to the 15-day volume weighted average price. This capital injection is earmarked to fast-track exploration activities at the company’s Central Rutile Project and Douala Basin Heavy Mineral Sands (HMS) Project in Cameroon, a region gaining recognition as a globally significant rutile province.

The placement attracted strong interest from new institutional and sophisticated investors, alongside support from existing shareholders. Notably, the company’s directors and newly appointed CEO Cliff Fitzhenry are collectively contributing $290,000 to the raise, subject to shareholder approval. The funds will be deployed towards expanding auger drilling programs, assay and mineralogy testing, acquiring exploration equipment, establishing an in-country laboratory and office, as well as covering licence fees and general working capital.

Strategic Leadership Appointment

In a move signaling its commitment to advancing exploration, DY6 Metals has appointed Cliff Fitzhenry as CEO effective immediately. Fitzhenry brings over 20 years of critical minerals and precious metals exploration experience across Africa and the Middle East. His recent tenure as Senior Geologist at Sovereign Metals Limited saw him lead the discovery and resource upgrades of the Kasiya rutile-graphite project in Malawi, now considered the world’s largest natural rutile deposit.

Executive Chairman Dan Smith highlighted Fitzhenry’s appointment as pivotal, emphasizing his proven track record in unlocking value in rutile projects and his familiarity with the African exploration landscape. Fitzhenry himself expressed enthusiasm about the potential of DY6’s projects, particularly the Central Rutile Project, and the opportunity to build a strong local technical team to drive progress.

Upcoming Milestones and Governance

DY6 has already commenced an auger drilling program along the northern boundary of its Alamba and Nsimbo licences, adjacent to Peak Minerals’ Minta Project. Assay results and mineral assemblage testwork from recent reconnaissance programs are anticipated by mid-August, which will provide critical data to guide further exploration efforts.

The company will seek shareholder approval in a general meeting expected in late August for the directors’ participation in the placement and the issue of 21.9 million options to joint lead managers Euroz Hartleys and Evolution Capital. These options carry an exercise price of $0.60 and a three-year maturity, aligning incentives with future share price performance.

Fitzhenry’s remuneration package includes a base salary starting at $245,000 per annum, increasing to $270,000 after a probationary period, supplemented by performance rights tied to share price milestones and resource development targets. This structure underscores the company’s focus on delivering tangible exploration outcomes.

Positioning for Growth in a Promising Province

DY6 Metals is positioning itself at the forefront of rutile exploration in Central Cameroon, a region rapidly emerging as a key global source of this critical mineral used extensively in pigments, aerospace, and electronics. The company’s strategic capital raise, leadership upgrade, and operational ramp-up signal confidence in the projects’ potential to deliver significant value.

As exploration advances and data flows in, investors will be watching closely to see how DY6 converts geological promise into defined resources and ultimately, commercial success.