Dynamic Metals (ASX:DYM) secured a government co-funding grant of up to AU$175,000 under the exploration incentive scheme, according to a Wednesday filing with the Australian bourse.

The grant provides funding for up to 50% of direct drilling costs and up to 50% of mobilization costs for potential future exploration at the Cognac West prospect within the Widgiemooltha project in Western Australia, the filing said.

Shares fell 5% in afternoon trade Wednesday.