OD6: Just got FAST-41 status for its USA fluorspar project - which means the US government wants it to happen... FAST

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 7,281,700 OD6 Shares and the company’s staff own 280,000 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.

How was that for a USA market run up last night.

It should be a good day on the ASX today.

Will we see a rebound of the US critical minerals trade now that the markets have some post US midterm election certainty?

Fluorspar is a pretty looking colourful crystal mineral that is used in the production of some pretty hard core stuff:

Missile systems, military electronics, aerospace, AI semiconductor chip production and nuclear power.

It was listed as one of the nine materials with the highest shortfall risk for the US military in a major conflict scenario

Fluorspar is yet another mineral where supply is dominated by China, and the USA is trying to secure its own domestic supply.

(don't want your main adversary controlling the supply of the minerals needed to build AI, advanced weapons and nuclear energy...)

Our Investment OD6 Metals (ASX:OD6 | OTCQB: ODSMF) owns a fluorspar project in Nevada USA, where a historic mine was producing fluorspar from back in the 1950s.

OD6’s project has just secured FAST-41 status from the US government, accelerating the federal permitting framework.

FAST-41 is a special accelerated US permitting and development framework for projects considered "critical" and essential for US national security.

Basically, it is the equivalent of the US federal government saying "this project matters - we need it developed ASAP, everyone move faster" from a permitting and building perspective.

OD6’s USA project is in a historical fluorspar mining district in Nevada, with more than 20 identified fluorspar occurrences across an 8km area, with fluorspar outcropping in places to surface:

Think of it like at first seeing a bunch of individual icebergs (fluorspar occurrences) floating along in the water - you can only see the tops popping out above the water (surface):

But then it could turn out that they are all actually part of one big iceberg (fluorspar deposit) underneath:

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

This theory has never been drill tested before.

The only way to find out what is under OD6’s multiple high grade fluorspar outcroppings is to drill some holes underneath them.

OD6 is capped at $30.5M and raised $6.8M in early October at 9.5c/share so has a decent cash runway to execute on its plans.

And drilling is exactly what we have been waiting for OD6 to do...

Suddenly it looks like OD6’s drilling is going to happen much sooner than first thought.

Over the weekend we saw that OD6 was granted FAST-41 status on the US government website here:

See the US government’s permitting dashboard for OD6 here

And then on Monday morning OD6 released an ASX announcement on the news.

Now OD6 has the FAST-41 status, we should see OD6 have an advantage when it comes to development and permitting timelines.

Again, a US government “FAST-41 status” is a special accelerated USA permitting and development framework for projects considered “critical” and essential for US national security.”

Meaning OD6 should now get its drill permits faster and we can finally see the first drill holes go into its flurospar project.

OD6 is now one of the few ASX companies with FAST-41 status, alongside Rio Tinto and BHP's Resolution Copper project and South32's Hermosa project.

South32’s Hermosa became the first FAST-41 mining project to complete federal permitting in September 2026 (source).

Now OD6 has FAST-41 status, by the 20th of November we should see a viewable permitting timetable posted on the US government's website for OD6's project.

(See the US government’s permitting dashboard for OD6 here)

FAST-41 brings OD6’s drilling approval process onto a public federal timetable, for everyone to see.

No hiding here.

(have you ever done something faster or better when you realise there are people watching you do it? Or kind of like you when straighten your shoulders and suck in your stomach when somebody is taking a photo of you)

The first milestones are expected to cover its exploration Plan of Operations and the decision needed before drilling can begin.

That should give us published dates to track, rather than simply waiting for the next permitting update.

Drill permits still need to be granted, but we should soon have a clearer picture of the steps and timing involved.

OD6 is planning to get drilling from early next year with the permitting works it has done for its maiden drill campaign now being made public for us all to track, the first drilling here since the 1950s. (source)

Although it hasn’t been able to drill yet, since acquiring the project, OD6 has been doing pretty much all of the surface exploration it can.

Last week, it reported 14m of channel sampling averaging 93.7% fluorspar at “Big Jim”. (source)

The week before, geophysics identified a target at “Mammoth” potentially extending more than 500m below surface. (source)

(Big Jim and Mammoth are a couple of historical names at the project given to its different mineralised target areas)

So we have high grades at surface, a few historic holes with good grades/widths and plenty of high priority targets.

Next up we should have a schedule to track the approval process for OD6’s Plan of Operations which will allow its maiden drilling program.

While still very much early days, our thinking is that if OD6’s planned drilling early next year comes up with the goods, then the project becomes very interesting because:

OD6 has already revealed that it intends to start from a relatively simple, DSO (Direct Shipping Ore), operation.

OD6’s fluorspar deposit is high grade enough that they can just dig out the ore and ship it direct to buyers, skipping the processing step - meaning quick build and less $ needed to get it up and running.

If the high grades from channel sampling already done by OD6 carry through in drilling, then it might not need much processing at all.

But then it could also be ripe for the picking by a larger company who would be able to pretty much come in and have confidence they will be able to advance the project rapidly.

Again, early days (and some speculation on our part), but it is always good to be thinking and planning in a way that gives you options on the table.

What does FAST-41 actually change for OD6?

Until now, OD6 has been progressing its exploration Plan of Operations with the US Forest Service, for its maiden drilling expected early next year.

(this is the near term drill plan permitting that FAST-41 now tracks)

OD6 has already completed environmental, biological and cultural baseline studies to support its planned drilling and bulk sampling. (source)

FAST-41 brings a more structured federal framework around the review of that work.

OD6 says Quinn’s FAST-41 designation provides:

• A comprehensive permitting timetable and defined milestones.
• Public tracking of progress on the Federal Permitting Dashboard.
• Coordination between the relevant federal agencies.
• A dedicated Permitting Council project advisor.

In plain English: there are to be clearer steps, clearer timing and more visibility over progress towards that coveted drilling permit.

(if only these things came standard for all jurisdictions our explorers operate in)

To be clear, at this stage, the FAST-41 designation is not a drilling permit, a mining approval or a government funding award.

The environmental requirements still apply, and the agencies still have to make their decisions.

So there are still protocols to follow and the boxes need to be ticked off as appropriate, just that with this, there is accountability on getting the process run to time and in the nation's best interest.

But we think being able to follow those milestones is a useful step forward from simply waiting for the next permitting update or... Delay.

That first approval process we want to see progress, because drilling is what will test whether Quinn’s surface mineralisation extends into something much larger underground.

What is OD6 lining up to drill?

Quinn is a historical fluorspar mining district in Nevada, with more than 20 identified fluorspar occurrences across an approximately 8km fertile corridor.

OD6 owns 226 mining claims covering around 1,890 hectares. (source)

There is already fluorspar exposed at surface in multiple locations, several of which have come back with high grade samples and even solid trenching results, showing consistency but from surface only.

The questions now are how much fluorspar is there? How continuous it is? And, whether it could support an economic operation?

Recent work has given OD6 more specific targets to drill.

First, Big Jim’s high grades.

Just last week, OD6 reported seven contiguous channel samples averaging 93.7% fluorspar over 14m.

None of those seven samples returned less than 80% fluorspar. (source)

These are systematic channel samples along the exposed vein, not just a handful of selected rock chips, still no guarantees but it is the drill bit that will do the talking.

Which as we mentioned earlier, should be from early next year, so not long to wait for this.

Importantly, the 14m channel sampling proved that there’s length along the structure at this target.

OD6 also says the grades support further assessment of a potential direct-shipping metallurgical-grade fluorspar, or “metspar”, opportunity.

That could be a simpler product pathway to investigate alongside the broader ambition to produce higher-value acid-grade fluorspar.

Clearly there still needs to be drilling, technical work and economic assessments done before we can get a more confident idea of how this would look. (source).

(source)

These targets sit inside a ~700m area (within its wider 8km main zone of interest, see below):

(source)

Second, there have been works to identify targets below the surface.

The late October geophysics identified a Mammoth target potentially extending more than 500m below surface, along with possible extensions and feeder structures at Horseshoe. (source)

We have previously used iceberg tips as a way to picture Quinn’s exploration potential.

The exposed fluorspar occurrences are just the tips of the icebergs that we can see.

Drilling will be the only test that matters to actually see what (if anything) sits underneath them AND potentially joins them underground into a much larger system:

(source)

The new geophysics completed from that work helps OD6 decide where to put those holes to prove the theory.

It does not prove there is a giant fluorspar body below the surface, as the survey measures electrical resistivity, and other rocks including silicified limestone can produce resistive responses too. (source)

(source)

(our first look at the potential “iceberg” below)

Again, the drill bit still has to do the work to show scale.

We already know OD6’s project has:

• High grade fluorspar that continues below surface (4 holes drilled in the 50’s).
  
• Historical production plus a historic resource (~26kt at 44.9% fluorspar mined).
  
• Initial metwork showing that the fluorspar can be upgraded to acidspar (the higher grade tier the Department of War is looking for).
  
• Impurities that are lower than current producers (eg compared to the world's biggest fluorspar mine, Las Cuevas in Mexico).
  
• Modern sampling OD6 obtained at project has backed up all of the old data and showed signs of more mineralisation.

Importantly, OD6 has shown its fluorspar can be processed (relatively simply) into a saleable product grade:

In terms of exploration and the upcoming drill program, what we want to see is OD6 verify those old drill results and really test how much of the fluorspar at surface extends into the rock face:

(source)(source)

So far we know that OD6's project has fluorspar occurrences and old open pits where fluorspar was mined back in the 1950’s, mapped across roughly 8km of strike.

Here is one of OD6’s latest interpretations of it showing a ~1.5km area of its projects where three different targets could be connected to one another:

(source)

Put more simply - we know there is fluorspar at surface, we just don't know how big it is below ground (below the water for the iceberg theory).

Why is the US interested in domestic fluorspar?

Since Jan 2025, the US government through equity stakes, loans and federal grants has given ~US$40BN to critical mineral companies. (source)

Fluorspar is much less familiar to investors and the wider public than lithium, copper or rare earths.

We think it would be safe to say most people haven’t heard of fluorspar.

But it feeds into some very familiar industries.

Acid-grade fluorspar is used to make hydrogen fluoride, which feeds fluorochemicals and is used in semiconductor cleaning and etching.

Fluorine chemicals also support aluminium and uranium processing. Other fluorspar applications include steelmaking and cement. (source)

There’s also these other general uses:

The US Geological Survey reported that the US was 100% net import reliant for fluorspar in 2025 and China controls 60% of global mine production. (source)

That leaves a pretty clear strategic reason to rebuild domestic supply.

And fluorspar is not just appearing in broad critical-minerals speeches.

The Defense Logistics Agency explicitly lists it among the priority materials in its currently open research and qualification programme.

The programme’s areas of interest include refining, processing and beneficiation, as well as qualification of materials and It remains open until 30 January 2029. (source)

Those are relevant areas for a company trying to turn mineralised rock into a product customers can use.

OD6’s preliminary TOMRA work has demonstrated the ability to distinguish high-grade fluorspar from lower-grade material and waste. Its broader metallurgical work is continuing. (source)

To be clear, the DLA programme is an expression of interest in research and development, which we think could be relevant to the path OD6 has indicated it is looking to take. (source)

So we have an indication of government interest in fluorspar specifically compared to generic critical-minerals headlines.

The broader funding backdrop is also continuing to develop.

On 20 August, the Department of Energy announced US$500M for seven selected projects in critical-material processing, battery manufacturing and recycling. (source)

Those are separate projects, not funding for Quinn, but we like to try and connect dots and it shows that in this specific area, a considerable effort by the US to rebuild US processing capacity.

Ares shows there is a government customer for fluorspar

The only pricing name in US fluorspar remains Ares Strategic Mining’s US fluorspar business, which is now back in operation.

An official US government notice records ~US$169M in contract value for an acid-grade fluorspar supply arrangement awarded to Ares. (source)

(source)

This is a contract for product delivered, not grants or upfront funding, to a company currently valued around just $55M.

It is currently the only fully permitted fluorspar mine in the US, so realistically, there isn’t exactly any choice which is where we think OD6 could come in rapidly if it can prove high grades and scale.

We already know OD6’s assets produced fluorspar back in the 1950s.

AND we also know OD6 has historic drill results from its project that are right up there with Ares’ project:

(source)(source)

The main difference between the two projects is that Ares’ is fully permitted and OD6’s isn't.

YET...

Ultimately, the coming drill program will tell us if the structures are connected AND/OR how big they are individually.

We think that the drill program, and permitting progress could be what helps OD6 achieve our Big Bet 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). The scenario is speculative and does not represent a valuation or forecast. 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?

🔄 Drill permit application

In September OD6 submitted the paperwork that, once approved, will allow it to do the first modern drilling (and bulk sampling) at the project since the 1950s.

The “Plan of Operations” is for up to 96 drill pad locations across priority target areas:

(source)

Milestones:

• ✅ Plan of Operations submitted
• 🔄 Plan of operations approved
• 🔲 Drill program commenced

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 offtakes
• ✅ OTC listing (source)
• ✅ US FAST-41 permitting status - Today OD6 confirmed it has been given FAST-41, so now we wait for the official permitting timetable to be released (source)

What could go wrong?

The biggest risk for OD6 next will be “Exploration risk”.

At the moment, most of the data we have on OD6’s project is from back in the 1950’s.

OD6 is now progressing permitting to be able to conduct subsurface exploration, with this drilling to test for what actually is in the ground.

While there are some historic hits, there were only 4 holes so there is more drilling required to verify these results and to be able to put out a modern resource.

Maiden drilling programs may fail to replicate these historical grades or confirm the economic scale needed to establish a modern JORC resource.

Plus also show economic scale and grades, so this is the biggest single risk in the short term.

Exploration risk

OD6 is at an early stage. There is no guarantee that drilling will confirm the presence of a significant fluorspar resource at depth, even though historic mining and surface mapping are encouraging. Early-stage exploration is inherently risky and many projects fail to deliver economic mineralisation.

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

Other risks

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

While FAST-41 Transparency status brings a federal timetable and a Permitting Council advisor, OD6's own announcement notes it does not change any environmental law or guarantee any permit, and a Transparency Project gets less hands-on management than a fully covered one. The timetable could still slip and drilling could move beyond early 2027.

Although the Plan of Operations is now tracked on the Federal Permitting Dashboard, the dashboard shows the review as planned rather than underway. Any US Forest Service delay would push back the first drilling and the maiden resource that follows it.

While we compare OD6 to Ares Strategic Mining, the Ares supply contract belongs to Ares, which now has a permitted mine and an operating plant. OD6 has no supply contract, no mining permit and no resource yet, and any similar deal would need all three.

Although historic mining and surface sampling are encouraging, only four holes from the 1950s have ever tested the project. The maiden drill program may not replicate those grades at depth or across the 8km corridor.

Given the ~A$6.9M raised in October covers the planned drilling, bulk sampling and permitting, a larger program, slower approvals or an acquisition could require more capital, which may dilute existing shareholders.

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