OD6 funds its next Nevada fluorspar chapter with A$6.9 million raise

A$6.92 Million Placement Targets Quinn Drilling

OD6 Metals Limited (ASX:OD6) has raised the money it needs to move its Nevada fluorspar strategy from surface exploration towards drilling, committing to a A$6.92 million placement backed by new and existing institutional, family office, sophisticated and professional investors. The company will issue 72.84 million shares at A$0.095 each, a 13.6% discount to its last stated closing price and an 18.5% discount to its 15-day VWAP.

The funds are earmarked primarily for the Quinn Fluorspar Project, including maiden drilling, bulk sampling, assaying, metallurgical testwork, geophysics, resource modelling and permitting. That program remains conditional on approval from the United States Forest Service, so the placement finances the next stage without removing the regulatory gate standing between capital deployment and drilling.

Quinn Moves Towards a Maiden Resource

OD6 says Quinn has developed into the cornerstone of its US critical minerals strategy, with high-grade fluorspar identified across multiple prospects but the broader system still significantly under-drilled. The stated work program is intended to test that opportunity systematically, improve understanding of ore processing and build towards a maiden JORC Mineral Resource Estimate.

Bulk sampling will include ore sorting and beneficiation work, while the company also plans to continue permitting and geological modelling. The announcement does not provide a drilling start date or a resource estimate; both remain future milestones dependent on approvals, fieldwork and the results of technical studies.

Rebrand Puts Nevada at the Centre

Shareholders will be asked to approve a change of name to Adaven Limited, a name derived from “Nevada” written in reverse. If approved, the company expects its ASX code to change from OD6 to ADA, subject to ASX confirmation and availability.

The proposed identity reflects a sharper US focus, while OD6 says it will retain its Australian rare earth and copper interests at Splinter Rock in Western Australia and Gulf Creek in New South Wales. The company is also evaluating additional US fluorspar and critical minerals opportunities, although it stressed that those discussions remain incomplete and no binding acquisition agreement has been signed.

Future Securities Add a Dilution Question

The capital raise is not the only potential change to the register. Subject to shareholder approval, the joint lead managers will receive 12 million broker options exercisable at A$0.133 for three years. Directors are also proposed to receive 9 million options with exercise prices of A$0.15 or A$0.20, alongside 6 million performance rights linked to demanding Quinn milestones.

Those milestones include a JORC resource of at least five million tonnes grading 30% calcium fluoride with 75% recovery, a feasibility study showing a post-tax project IRR of at least 20%, and a larger 10-million-tonne resource at the same grade and recovery threshold. They are targets rather than outcomes, and each depends on exploration, metallurgy, approvals and eventual project economics.