OD6: Acquires rare historical data set on its USA fluorspar project... revealing what’s inside over the coming weeks.

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 10,650,000 OD6 Shares at the time of publishing this article. The Company has been engaged by OD6 to share our commentary on the progress of our Investment in OD6 over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs. Any forward-looking statements are uncertain and not a guaranteed outcome.

Remember “basketball cards” in primary school?

Opening a pack of Upper Decks, Topps, Hoops or Sky Boxes you just purchased from your local deli...

(obviously while eating a Paddle Pop)

The adrenalin of seeing what’s inside and the chance of getting a prized Shaq rookie card...

Imagine if it's chromed or a rare Holojam.

(similar to the chances of finding a holofoil Charizard in a pack of Pokemon)

Point is - you just never knew what you might find when opening a new pack of cards.

Today, our USA fluorspar Investment OD6 Metals (ASX:OD6) announced it has acquired a historical data set on their project.

And has started unwrapping it to find out exactly what it contains.

Getting your hands on historical exploration data from a third party can happen in the USA.

Previous project data like geophysics and even drill results often don’t come with a project acquisition, they can be owned by a private third party (unlike in Australia).

OD6 finding and acquiring this historical data set for a nominal value is the equivalent of buying and opening a new pack of basketball/pokemon cards - who knows what you may find...

Over the coming weeks OD6 will be reviewing and processing the data and revealing the details of what is inside.

Today we got an early preview, and there’s clear signs of multiple high grade fluorspar zones open along strike and at depth.

So far so good.

Before today, we thought OD6’s project had never been drilled before.

Turns out this was incorrect - there HAD been drilling done by Union Carbide back in the mid-1900s.

(Union Carbide was founded in 1917, and was a historically significant US industrial company. This company owned the asset back in the day - Union Carbide later ended up being acquired by Dow Chemical for US$11.6BN in 2001)

Right now all we know is that historical drill holes EXIST - we should find out more (location/depth/grades/width?) once OD6 has had a chance to review/confirm the details and announce it to the market.

OD6 says it also acquired a drilling map, cross-sections, geological maps and metallurgical testwork.

All this work has an estimated replacement value of over $1M, at current rates and time to do.

When we say “historic data”, we mean it - take a look at the “drill map” OD6 got its hands on:

(source)

That sort of stuff usually lives in some sort of software nowadays.

Why are we getting all hot and bothered over hand drawn maps?

Because historic data acquisitions are actually pretty hard to get a hold of in the US.

Exploration data doesn’t carry over into an asset - it’s usually owned by the operators of an asset at that particular point in time (i.e. it’s privately owned data separate to the ground exploration and mining rights).

When a company acquires an asset in the US, they aren’t necessarily acquiring all of the existing historical data for that particular project.

So important data that could change the way an asset is viewed or explored could be sitting in someone's bottom drawer and no one even knows it.

Getting your hands on old data like this is actually a lot more valuable than it might seem (especially when you're an ASX small cap with limited cash and the need to move fast with assets).

Imagine spending years and millions of dollars getting exploration data, when that same data was sitting in someone's basement in the US, gathering dust.

OD6 says the data it has got its hands on would take months and cost over $1M to re-create.

(source)

Another one of our investments, Viking Mines (ASX: VKA), did the same thing acquiring old data and then digitising it.

That old data combined with modern geophysics, 9x’ed the exploration upside on its project.

Here is what VKA got its hands on:

(source)

And the historical drilling maps acquired revealed historic high grade intersections away from the prior mined area into the area that VKA thought mineralisation may have continued into:

(source)(source)

This gave VKA a much better understanding of the mineralisation, although it will need to send down some holes to confirm and verify the historical data for its project, as will OD6.

That's the playbook we want to see OD6 run with its project now.

How the new data could change the size and scale of OD6's project

We think the old data could help fill in the gaps to three different parts of the exploration model OD6 has been building over the past few weeks.

1. The iceberg theory

Remember the iceberg theory we wrote about a few weeks ago. (source)

In late March, OD6 defined a ~8km long trend "linking multiple historic fluorspar occurrences across the project".

The idea being that the individual icebergs floating along in the water, might actually be part of one big iceberg underneath:

What this means is that potentially all of the OD6’s original, smaller fluorspar occurrences could actually be part of one bigger, underground system.

Depending on what's inside the datasets we could start to see whether or not there are connections across the ~8km of strike pretty quickly.

IF any of those old holes from Union Carbide prove this theory correct then OD6’s asset gets a lot more interesting very quickly.

2. The cliff face theory

The biggest unanswered question (and probably the biggest risk) for OD6 is always going to be whether the high-grade fluorspar exposed at surface (in old open cuts and cliff faces) extends into the hill.

(source) (source)

The only way we see if OD6’s interpretation of 30-40-50m thicknesses holds up is with drilling data.

IF a few of those old Union Carbide holes hit big intercepts then it could change the markets perceived “exploration risk” around the project.

Instead of thinking about whether or not the cliff face is painted on - the market can start to estimate volumes instead.

3. The DSO (Direct Shipping Ore) theory

In April, OD6 returned channel samples grading 12m at 68.9% fluorspar with peaks of 82% - material high-grade enough to potentially support Direct Shipping Ore (DSO).

Straight into the Metspar market without a processing plant.

According to USGS, 60%+ metallurgical-grade fluorspar (metspar) was selling for US$470/tonne in 2024.

OD6's channel samples at 12m @ 68.9% CaF2 with peaks to 82% sit firmly in metspar territory.

Annual US fluorspar consumption: ~400,000 tonnes. Domestic production today: effectively zero.

Even if OD6 captures just 25,000 tonnes/year at metspar prices it would be ~US$12M annual revenue

Push it to 100,000 tonnes/year (still only 25% of US demand) and that's US$47M in annual revenue.

(source - our 15 April article)

We covered that news in our last note here: OD6 announces ultra high grade fluorspar in USA - high enough for direct shipping ore?

The new Union Carbide data also came with metallurgical testwork results (testing on how the ore on the project can be processed).

So OD6 could get a bunch of metwork data to use as a basis for its own testing programs.

All we need to see now is ·OD6 digitise all of the data, add it to everything the company’s done on the asset and build an updated modern geological model for the project.

(fingers crossed there are a few nuggets from inside the data that get announced along the way, too)

So why fluorspar and why OD6?

Fluorspar is a critical mineral on the US Critical Minerals List - used in hydrofluoric acid production, AI semiconductor chip etching, advanced battery technologies, nuclear fuel processing, plus aerospace and defence applications.

In January 2026, the US Pentagon awarded Ares Strategic Mining a US$168.9M contract (that could increase to US$250M over 5 years) for fluorspar supply from inside the US. (source)

(source)

Why Ares?

Because Ares was the only fully-permitted, ready-to-restart fluorspar mine in the United States.

Ares' Project in Utah is currently designated as the sole domestic supplier of acid-grade fluorspar to the US government. (source)

Ares is now capped at ~A$109M and that contract from the Pentagon is worth potentially ~2.3x its market cap.

So the US has only one domestic supply source for a mineral its 100% reliant on imports for.

We Invested in OD6 because we think OD6 can quickly put its project in a position as a potential supply source for the US government.

As far as we could find, OD6 is the only company on the ASX with a fluorspar project inside US borders.

AND OD6's project is in Nevada, ~300km from the US Strategic Minerals Reserve at Hawthorne.

(source)

OD6 Metals

11 reasons why we Invested in OD6

1. Low market cap with room to re-rate higher.

OD6 will have a market cap of ~$13.5M and an enterprise value closer to ~$8M (at 5c per share) following the completion of the capital raise announced today.

We think the company’s current valuation is at a level where it can re-rate to multiples of where it is now - especially IF the “US critical minerals playbook” is executed well and the market continues to reward the sector - and of course some successful drill results confirming the size and scale of the deposit.

No guarantees of course - this is small cap early stage resources investing - things can and do go wrong.

🚨UPDATE: OD6 is up ~300% from our Initial Entry Price (5c to 16.5c) and now has a market cap of ~$48M

(Past performance is not an indicator of future performance)

2. OD6’s Fluorspar asset is in Nevada, USA. We have had past success in Nevada.

We like Nevada as a mining jurisdiction within the USA because it's home to some of the biggest, lowest cost mines in the country, and we have had some good success in Nevada before (SS1, BKB, VKA).

The past performance of these stocks is not an indicator of future performance of OD6.

3. OD6’s projects have produced fluorspar in the past but have never been drilled.

The project OD6 is acquiring has produced 26,000t from a small scale open pit before. The project has never been drilled before either. The mining was limited to carving out a hillside... we wonder what systematic exploration drilling could yield?

This project DOES have a historic resource - but can’t be announced because it is from 1956 and has not been verified under current JORC guidelines. (source)

🚨UPDATE: As of today's announcement, OD6 has acquired a substantially larger Union Carbide historical dataset (drilling map, mapping, cross-sections, met testwork) - we are hoping that helps in converting the historic resource to JORC status.

4. OD6 is a ASX listed first mover into US fluorspar assets

As far as we know, right now, there are no other ASX listed companies with pure-play fluorspar assets in the US.

We have observed that the first movers in an emerging investment thematic often do the best.

5. Fluorspar is listed as one of the 12 strategic defence critical minerals in the US -

The Pentagon explicitly mentioned fluorspar as one of the minerals it is looking to buy as part of its US$12BN critical minerals stockpile. (source)

Fluorspar has been identified as one of the nine materials with the highest shortfall risk for the US military in a major conflict scenario.

6. The US Department of War awarded a US$169-250M supply contract to another US based fluorspar asset in January 2026 (source)

It’s clear the Department of War wants to secure its domestic fluorspar supply given the contract award of a few weeks ago.

We are backing OD6 to define a fluorspar resource of its own, fast-track it toward development and hopefully one day, receive similar funding deal/purchase contracts.

7. China controls 60% of Fluorspar supply

The US has zero domestic fluorspar production which we think makes projects like OD6 (inside US borders) valuable.

8. There is a listed Fluorspar success story on the ASX capped at $974M

We think that having a success story in the market is important. ASX listed Tivan has a fluorspar asset in WA and is capped at $974M.

Tivan’s project looks to be targeting supply into Asia. We are backing OD6 to achieve success by targeting supply into North America (mainly the US).

🚨UPDATE: Tivan's market cap now sits at ~$816M.

9. Capital is flowing into US critical minerals macro thematic

We think OD6’s US fluorspar asset could attract increased capital flows both on the ASX and from North American investors/governments/institutions.

10. OD6 can follow the “US critical minerals playbook”

There is a playbook for ASX stocks to attract more attention and capital to projects that are based in the US (source) . OD6 isn’t yet listed in the US. We think that if its project gets any market traction it could go for a US listing that opens up the company to North American investors.

11. Free kick on “one of Australia’s largest and highest grade clay hosted rare earths deposits” (source)

OD6 also owns one of the largest and highest-grade clay-hosted rare earth deposits in Australia which in its own right could become a company maker.

We are mainly Invested in OD6 for the US fluorspar project but the WA rare earths come with it as a sort of “free option”.

Ultimately, we hope the above reasons contribute to OD6 achieving our Big Bet which is as follows:

Our OD6 Big Bet:

"OD6 re-rates to a +$200M market cap by defining a significant fluorspar resource in Nevada, attracting US government funding or a strategic offtake/supply deal, and/or attracting a takeover bid at multiples of our Initial Entry Price."

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including development risk, country risk and commodity price risk - just some of which we list in our OD6 Investment Memo.

Success will require a significant amount of luck. Past performance is not an indicator of future performance.

What's next for OD6?

🔄Complete the acquisition of its US fluorspar project

We want to see OD6 complete the acquisition of the US fluorspar project. This will give it full unencumbered access to help it progress the asset.

Milestones:

• 🔄 Due diligence process completed
• 🔲 Option to acquire exercised
• 🔲 Acquisition completed

🔄 Target generation for US fluorspar project

We want to see OD6 sample in and around the old workings on its project, run some geophysics and generate high priority drill targets ahead of its maiden drilling program.

Milestones:

• ✅ Rock chips
• ✅ Channel sampling
• NEW: Digitisation of scanned paper maps and cross-sections into a 3D geological model 🔄
• 🔄 Soil/channel sampling
• 🔲 Geophysics
• 🔲 Drill targets generated

🔲Strategic / Government Engagement for fluorspar in the US

• 🔲 Engage with US Department of War, Department of Energy, or DLA regarding domestic fluorspar supply
• 🔲 Explore strategic partnerships or offtake discussions

What could go wrong?

The single biggest risk for OD6 right now is “Acquisition completion risk”.

OD6 is technically still in the due diligence phase for the US fluorspar asset.

There is no guarantee the transaction will be completed. Until there is clarity on the transaction this is the biggest single risk in the short term.

Acquisition completion risk

OD6 has secured an option over the Quinn assets but has not yet completed the full acquisition.

The deal is structured with an upfront $275k IF the option gets exercised and then milestone-based deferred payments totalling plus A$3.8M. (source)

There is a risk that OD6 does not proceed past the option stage if due diligence is unsatisfactory, or that later milestones prove difficult to fund.

Source: “What could go wrong” - OD6 Investment Memo 04 March 2026

Other risks

Like any early-stage exploration company, OD6 carries significant risk, here we aim to identify a few more risks.

While the Union Carbide data is a huge win, there is always a risk when relying on historical records that may not meet modern JORC standards once digitized. If the old maps don't match up with new drilling results, the geological model could prove to be inaccurate.

The high-grade samples found at the surface are exciting, but there is no guarantee these grades continue deep into the "cliff face" or connect across the 8km trend. Many exploration projects look great on paper but fail to deliver the necessary scale or continuity once the rigs actually start turning.

OD6 is a small-cap company with limited cash, meaning future exploration and development programs will almost certainly require more capital raises. This can lead to significant shareholder dilution, especially if the company needs to raise funds during a period of low market sentiment.

Even though Nevada is a top-tier mining jurisdiction, navigating US federal permitting and environmental regulations can be a long and expensive process. Any unexpected delays in getting the green light to drill or mine could stall the company's momentum and burn through its remaining cash reserves.

Investors should consider these risks carefully and seek professional advice tailored to their personal circumstances before investing.

Our OD6 Investment Memo

Our Investment Memo provides a short, high-level summary of our reasons for Investing.

We use this memo to track the progress of all our Investments over time.

Click here to read our OD6 Investment Memo where you will find:

• What does OD6 do?
• The macro theme for OD6
• Our OD6 Big Bet
• What we want to see OD6 achieve
• Why we are Invested in OD6
• The key risks to our Investment Thesis
• Our Investment Plan