Metro Mining Ltd (ASX:MMI) has received a notice of initial substantial shareholder from BlackRock Group, which holds a 7.8% stake.
Metro recently secured $38 million in a heavily oversubscribed share placement priced at $0.135.
Shares in the company have been rallying, last trading at $0.165.
The company continues to advance construction of its approved and fully funded Bauxite Hills Mine located in the Cape York area of northern Queensland.