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OD6 Metals (ASX:OD6) has joined ADVFN’s top gainers board on Thursday morning, with the company soaring +32% on $500,000 worth of sales after producing a mixed Rare Earth Elements carbonate.
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Using feedstock from the Splinter Rock REE Project, the company’s carbonate product 56% “high quality mixed rare earth carbonate,” and using sodium hydroxide to precipitate a second sample, 59% “high quality mixed rare earth hydroxide.”
That may matter less to investors than the overall value prop, here: That junior stock OD6 has managed to produce a downstream REE product at the same time the U.S. government, and possibly Australia’s, appear poised to spend state funds on REE production.
Due to the fact that they are more often than not radioactive, Australia’s nuclear agency ANSTO is currently working with OD6 to produce an ‘optioneering study’ looking at the best way forward for future production.
At the same time, OD6 reports it’s in talks with potential offtake partners.
“This is a significant milestone for OD6 and reinforces Splinter Rock’s potential to become a competitive and scalable producer of high-value rare earth products,” OD6 MD Brett Hazelden said.
“This opens the door to a wide range of potential offtake partners and is expected to result in favourable payability. We believe the ability to deliver a high-quality, magnet-rich mixed rare earth product from a low-cost leaching system gives us a unique strategic advantage.”
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The nanocap company ($13.6M at around 11am this morning) has 160M shares on issue; 1Y returns are up +93%.
OD6 last traded at 9cps.
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