Key Highlights

  • Group 6 Metals shares were trading at $2.50 during the 13 November 2026 session, down 8.76%.
  • Tungsten production for the September 2026 quarter was 13,712 MTUs, with a record 81,098 tonnes of ore processed.
  • The company closed the quarter with $54.1 million in cash and reported a net cash inflow of $4.8 million.

During the Trading session on 13 November 2026, Group 6 Metals Ltd (ASX:G6M) shares were trading at $2.50, down 8.76%, while the S&P/ASX 200 was down 0.73% at 9,079.70 at 12:39 pm AEDT. Group 6 is redeveloping its 100% owned Dolphin Tungsten Mine on King Island, Tasmania, with the initial focus on producing high-grade tungsten concentrate. Its latest update was its quarterly activities report for the quarter ended 30 September 2026, released on 29 October 2026.

Production and processing

Tungsten trioxide production for the quarter was 13,712 MTUs, compared with 21,297 MTUs in the prior quarter. The company said plant feed reached a quarterly record of 81,098 tonnes, but the average estimated feed grade fell to 0.29% WO3 from 0.45%. Management attributed the lower concentrate output to the transition to underground mining, during which the company relied on lower grade stockpiles. Ore stockpiles totalled about 206 kilotonnes at 0.24% WO3 at quarter end.

Underground transition

The company mined and milled 5,144 tonnes of ore at 0.57% WO3 from underground during the quarter, and delivered 12,274 tonnes at 0.48% WO3 to the ROM stockpile in October to date. Underground development included 31,517 tonnes of waste, and lineal advance was slightly ahead of schedule at 1,375 metres. A three-year underground Mining contract signed with HMR Drilling Services in April 2026 is now mobilised.

Sales and cash

Sales were 12,782 MTUs of WO3 for $35.5 million, with customer cash receipts of $38.1 million. Net Operating Cash Flow was $14.7 million, and Investment expenditure totalled $9.6 million, comprising $5.7 million in underground development and $3.9 million in property, plant and equipment. Cash at 30 September 2026 was $54.1 million, with $2.5 million of undrawn facilities. Remaining loans are repayable on 30 April 2027.

Sector context

Tungsten markets were described by the company as divided during the quarter. Limited independent processing capacity and thin spot availability supported higher ammonium paratungstate prices in the West, while prices in China weakened as buyers limited purchases. China's export licensing rules for certain tungsten products remained a Factor in international supply. Benchmark prices were said to have softened mildly in recent weeks.

Risks investors are watching

Output fell in the quarter as feed grades declined, and the company expects higher-grade underground ore to lift head grade over time, although the timing depends on mining progress and plant performance. Tungsten prices have softened, and the company's cash flow depends on the price achieved for concentrate. Several loans carry 12% interest and fall due on 30 April 2027, and some related-party payments were made during the quarter.

What to watch ahead

Investors will look for the December quarter output, the grade of underground ore delivered to the ROM stockpile, and progress on repayments due in April 2027. Updates on the processing plant reliability and any change in tungsten pricing will also be followed.

Final Word

Group 6's September quarter shows record plant throughput and a cash balance of $54.1 million, against lower output as the mine moves underground. Head grade from the underground ore will be the next measure of progress.