Research by the Melbourne-headquartered PAC last December - published on Group 6's website - valued the tungsten developer's shares at 32c versus its-then trading price of 17c, though last month the ASX-listed company unveiled a major dilution event with a A$30 million equity raise.

The raising was very heavily backed by the company's top four shareholders who committed to subscribe for 69% of the equity on offer, with the $3 million share purchase plan (that is part of the overall raising), closing later this month.

Canaccord Genuity and Ord Minnett are involved in the raising.

Group 6 had $48 million of debt drawn at the end of March, with a further $5.4 million on offer at that time. Cash at the end of March totalled just over $3 million.

The geopolitically-advantaged Dolphin is said to be the highest grade tungsten mine outside of China with a 13-year mine life.

Tungsten is described as a "critical industrial metal" with a "material deficit" looming on the supply front.

At recent tungsten pricing, average annual revenue of about $100 million is "implied" over the life of mine, while estimated all-in costs of $246 per metric tonne unit imply margins of circa 37%, Group 6 said last month.

Shares in Group 6 were up 4% to 13.5c in morning trade today, capitalising the company at $126 million.