Coffee with Samso | Episode 210 | DY6 Metals (ASX: DY6) | UWA Club, Crawley, Western Australia

Guest: Cliff Fitzhenry, CEO – DY6 Metals Ltd

Introduction

In this latest episode of Coffee with Samso, we return to the UWA Club in Crawley to meet with Cliff Fitzhenry, CEO of DY6 Metals Ltd (ASX: DY6). This conversation cuts through the technical noise to examine what could become a globally significant rutile and titanium discovery in Africa.

DY6 is still an early-stage story, but it’s positioning itself at the front of the critical mineral narrative and targeting the scarcity of natural rutile, a feedstock commanding premium value in the titanium supply chain.

Cliff brings technical clarity to what rutile actually is, why it matters, and how DY6 is forging ahead in Cameroon, a lesser-known but emerging jurisdiction with enormous potential.

Key Highlights from the Conversation

1. What is DY6 and Where Are They Focused?

DY6 Metals listed on the ASX in mid-2023 with a portfolio of rare earth projects in Malawi, and has since pivoted focus to rutile and heavy mineral sands (HMS) in Cameroon — particularly the:

Central Rutile Project (residual saprolite-hosted rutile)

Duala Basin Project (coastal HMS project)

Both sit in proximity to transport infrastructure, including rail and deepwater ports, and within a fast-evolving mining jurisdiction supported by new modernised regulations.

2. First Results – Reconnaissance Program at Central Rutile Project

In May 2025, DY6 completed its first pass reconnaissance sampling at the Central Rutile Project. While shallow (1–3m), the results were promising:

• Rutile confirmed as dominant titanium mineral

• Rutile grades above 1.5%, with highs of 2.1%, considered ultra-high grade

• Heavy Mineral (HM) contents up to 8% in surface samples

These results validate the geological model targeting in-situ residual rutile mineralisation.

Cliff explains:

“We confirmed rutile is the key titanium mineral, and we’ve since completed 24 auger holes to greater depth using upgraded equipment. We believe those will be far more representative of in-situ rutile mineralisation.” 3. Understanding the Geological Model: Residual vs Alluvial Rutile

Cliff offers a masterclass in explaining rutile geology:

• Residual/Saprolite-hosted: Rutile concentrated in weathered bedrock — easy to drill, free-dig, and dry mine

• Alluvial: Historically known in Cameroon (1930s–50s), but more dispersed due to river transport

The Central Project targets the residual style, like Sovereign Metals’ Kasiya deposit in Malawi.

4. Jurisdiction Watch: Why Cameroon?

Cameroon is emerging as a serious mineral jurisdiction with:

• A reformed mining code

• Newly formed mining commission (DY6’s licence applications under review)

• Proximity to Canyon Resources’ bauxite project and Lion Rock Minerals' rutile project

“We’re bullish on Cameroon. We’re setting up our own lab, building a local team, and drilling with purpose. This is the kind of place where tier-one discoveries are still possible.” 5. The Benchmark: Sovereign Metals & Kasiya

DY6's model draws clear inspiration from Sovereign Metals’ Kasiya discovery in Malawi — a 1.8Bt rutile deposit that reset the market’s understanding of sediment-hosted titanium systems.

“I was part of the team that made the Kasiya discovery. We know the rocks. Cameroon has similar geology. The model is proven — now it’s about execution.” 6. Grades Explained – What Numbers Matter in HMS and Rutile?

Understanding the significance of reported grades is crucial:

• Traditional beach sands (e.g., Iluka-style): ~3–5% HM, mostly ilmenite

• High-grade rutile cutoff: >1.4% rutile

• Kasiya MRE cutoff: 0.7% rutile

• DY6’s early sampling: up to 2.1% rutile, a standout in the global context

7. Infrastructure and In-Country Processing Strategy

DY6 is building its own mineral sands laboratory in Yaoundé, Cameroon. This eliminates long wait times and expensive logistics.

• In-country assays for rapid turnaround

• Heavy-duty auger rigs now operating

• A 35% complete geochemical soil program underway

“We’re cutting out expensive delays. Everything will be processed in-country — cheaply and efficiently.” 8. Outlook for 2025–2026: Drill, Define, Deliver

DY6’s roadmap for the next 12 months includes:

• Continuous drilling at Central Rutile Project

• Full geochem completion + maiden deeper drilling campaign

• Full lab operations in Cameroon

• Defining high-grade targets for maiden JORC resource

• Establishing Cameroon as a new titanium hub

9. The Malawi Portfolio – Secondary, But Valuable

While Cameroon is the flagship, DY6 retains highly prospective assets in Malawi:

• Tundulu Rare Earths–Phosphate–Gallium Project

• Machinga Heavy Rare Earths–Niobium Project

• Additional lithium, copper, and PGM targets

“We’re planning follow-up work on the rare earths and gallium, but Cameroon is where the tier-one discovery potential is right now.”

10. The Market View: Underappreciated but Undervalued?

Cliff addresses market perception head-on:

• DY6 trades at a significant valuation gap to both Sovereign Metals (DFS stage) and Lion Rock Minerals (neighbouring Cameroon explorer)

• DY6 sees a first-mover advantage in a potentially massive province

• Lack of near-term peers = space to define leadership

“We’re seeing serious inbound interest. There are majors looking at this region. We think the market will catch up when the drill results start to flow.”

Chapters

00:00 Start

01:38 Introduction 02:51  Rutile results from Central Rutile Project 05:59  Does DY6 understand the potential Mineral Assemblages in the Central Rutile project. 06:35  What is the topology like ? 07:21  What is the jurisdiction like in Cameroon? 08:30  Are your neighbours in Cameroon helping you to understand the geology ? 09:36  Does DY6 see themselves contributing in helping distribute information on the rutile prospectivity in Cameroon? 11:00  What is the Heavy Mineral number investors should look for? 13:50 What is the geological model for the Central Rutile Project? 15:11  What will 2025 and 2026 look like for investors? 17:38  What are the Key Milestones for DY6 Metals? 18:28  Is the market understanding DY6 Metals ? 19:35  What is the competition like in this sector? 20:23  Understanding the Heavy Mineral Sands sector. 21:09 What is the Rutile market like ? 22:46  Is the mining of Rutile simple? 24:11  What would you say to potential investors and existing shareholders? 27:16  The Malawi projects. 28:57  How is the Capital Market treating Titanium players? 30:32  Last Words from DY6 Metals? 31:59  Conclusion