OD6: Pulls out “exceptional high grade fluorspar mineralisation from surface” card

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.

Fluorspar is a crystal-like mineral used in the production of missile systems, military electronics and jet fuel.

It also plays an essential role in AI semiconductor chip production, batteries, nuclear power and aerospace.

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

When our Investment OD6 Metals (ASX:OD6) secured an option over a historically producing fluorspar project in Nevada, USA - we (and the company) thought it had never been drilled.

Just shallow fluorspar mining from surface in the 1950s...

7 days ago OD6 purchased a “historical data set” it discovered existed for the project.

It turns out that the previous project owner, Union Carbide (a major US chemicals company from the 50s) had actually drilled 4 holes AND done a bunch of other work on OD6's project.

For the last 7 days, OD6 has been unpacking that dataset.

Last week we compared OD6 opening up that dataset to opening a pack of basketball cards or Pokemon cards as a kid...

(get it...? Fleer-spar?)

...you never know what you're going to get - you might get lucky and pull a holofoil Charizard or Fleer Ultra Shaq gold foil rookie card.

(source)

This morning, OD6 announced the first batch of findings from inside the “pack”.

The assay results of 4 historical drill holes.

And it looks like OD6 just pulled a holofoil Charizard...

Or for the 90s basketball fan, the Fleer Ultra Shaq gold foil rookie card.

Historic drill results have confirmed OD6 has ‘exceptional high grade & near surface fluorspar mineralisation’.

(source)

These “out of nowhere” drill results demonstrating ultra-high fluorspar grades extending deeper below surface have effectively skipped a de-risking step required from OD6 of doing its own drilling to prove the fluorspar extends deeper below surface.

Historical shallow mining from the surface is great, so are trench samples from the surface, but the risk with OD6 was that if they drilled deeper, the fluorspar mineralisation would stop.

Think of it like just a thin layer of fluorspar at surface, kind of like it being “painted on to” the side of the mountain.

We now know the fluorspar structures are a lot bigger than just being “painted onto cliff faces”...

(source)

(we’ve been burnt before Investing in what looked like mineralisation on a cliff face only to see the drill results deliver dusters - remember “pegmatite cliff” with SLM? now THAT looked amazing but turned out it was just “painted on - figuratively not literally)

As we said above, when we first Invested in OD6 we (and the company) thought its project had never been drilled before.

So the key risk was drilling into the cliff faces on the project only to find no material mineralisation.

It turns out there was some old drilling on the asset.

AND YES, the fluorspar mineralisation extends well beyond the cliff faces.

AND all the old holes from the Union Carbide dataset end in mineralisation - no one assayed the holes below ~30m depths:

(source)

And here are the assay tables showing which where the un-assayed sections start (16m in one of the holes):

(source)

From trading cards to icebergs... bear with us

We have been using icebergs as a way of visualising the exploration upside on OD6’s project.

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.

Sort of like "iceberg tips" sticking out of the ground across ~8km.

OD6’s geological theory is that the tips could form part of one larger iceberg system that is hidden below the surface:

Until today, the iceberg theory was based mostly on surface mapping, channel samples, rock chips, replacement-zone footprints, and geological inference.

But until today’s news there were no drilling results available to determine if the mineralisation existed below the surface.

Now we know that those “icebergs” are actually bigger at depth - 12 to 14 metres of high-grade fluorspar over three different holes (so far).

(and the holes ended in mineralisation...)

For us, the “iceberg theory” just got a whole lot realer...

(source)

The historic intercepts also back up OD6’s DSO/metspar theory

A few weeks ago, we covered OD6’s channel samples, which came back 12m @ 68.9% fluorite with peaks up to 82%.

Channel sampling involves digging a shallow vertical trench across the surface of a rock.

This gives relatively quick and cheap early clues about mineralisation potential but there’s no sense of the scale of mineralisation at depth.

Today’s drilling results show us there is now depth scale to those surface samples:

(source)

Results so far are demonstrating high enough grade to potentially support a “Direct Shipping Ore (DSO)” operation.

A Direct Shipping Ore operation would be when OD6 digs up the fluorspar on its project and ships it straight into the metspar market with minimal processing.

Fluorspar 101: Over 97% grade fluorspar is known as ‘acidspar’. 60-96% grade is known as ‘metspar’.

(source)

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

That's the bulk-tonnage market - fluorspar above 60% CaF2, is sold to steel makers as a flux.

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.

Lets be clear, OD6 currently generates zero revenue and currently only holds an option over the project. These are very basic ‘back of the napkin’ calculations on potential future revenue that may never eventuate. There are many assumptions made, which may not be correct.

(source - Our last note where we did some back of the napkin calcs on a DSO operation)

What else might OD6 pull from the historical data pack it acquired?

In the announcement last week OD6 said it acquired a dataset with “historical drilling and metallurgical testing” from the “extensive maps, cross-sections and logs”.

(source)

We have seen what’s in that drilling map (we got a look at some historical drill holes).

Now we wait to see if anything else of interest pops out of the rest of that data.

Especially that old metallurgical testwork data.

As mentioned earlier, OD6 might have 60%+ metallurgical-grade fluorspar (metspar) that can be sold into the US market.

Any metallurgical data that shows material from OD6’s project can be processed to grades over 97% (suitable for the acidspar market) could be a game changer for OD6’s project.

Remember the Fluorspar 101 lesson from above:

Over 97% grade is known as ‘acidspar’. 60-96% grade is known as ‘metspar’.

Both sell for similar prices BUT acidspar is the type of stuff the US government is chasing.

Especially right now with the war happening in the Middle East.

Because, fluorspar is one of nine materials with the highest shortfall risk for the US military in a major conflict scenario. (source)

It's what goes into hydrofluoric acid production that then goes to produce AI semiconductor chips, advanced battery tech, nuclear fuel processing, plus aerospace and defence applications.

(source)

Over the last ~4 months, US government agencies (mostly military related) has:

• (on 20th of January 2026) (source), AND; Issued a US$250M contract to purchase fluorspar from a pre-revenue micro cap - Ares Mining. (issued by the US Pentagon)
• (on 30th January 2026) (source). Included fluorspar on its list of critical minerals that are a priority for sourcing (US Defence Logistics Agency DLA)

Two signals within the last 4 months from the US government trying to incentivise domestic production.

(source) (source)

Why did the Pentagon give a US$250M contract to a A$102M capped Canadian small cap?

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$102M and that contract for up to US$250M from the Pentagon is worth potentially ~2.3x its market cap.

The interesting part is the way the contract is structured. The Department of War orders the product as Ares delivers it.

No acidspar produced = no payment.

We think that if a company (like OD6) can show itself to be an alternative supplier - the DoW could issue a similar contract.

It’s hard to see the DoW put all its eggs in one basket (which is one small Canadian listed company) for the supply of a critical mineral that it is 100% reliant on imports for.

We already know OD6’s assets produced fluorspar back in the 1950s - we now need to see OD6 move its project closer to being mine ready.

After today, OD6 has also shown drill results on its project are right up there with Ares’ too:

(source)(source)

We think that next, metallurgical testwork data showing OD6’s ore can be processed into acidspar could open the door to US government interest (no guarantees of course).

In an announcement last month, OD6’s Managing Director commented on the exact thing we are talking about how proving OD6 could produce acidspar...

...COULD mean OD6 can apply to the White House for FAST41 status for its project:

(source)

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

Only ~50 projects have been awarded FAST-41 status by the US government since the program's inception in 2015.

At a very high level its a program designed to cut red rape and get projects online to reduce US reliance on foreign adversaries for the supply of critical minerals.

Especially during times of war.

More on Fast-41 status here.

We also like that there is a fluorspar success story on the ASX already - $715M capped Tivan Ltd

One of the reasons we Invested in OD6 is because there's already a fluorspar success story on the ASX.

This makes it more likely that the ASX understands and re-rates a company with an asset in the same space.

$715M capped Tivan has a fluorspar project in Western Australia that is currently in a Joint Venture with $81BN Japanese Conglomerate Sumitomo.

OD6’s asset is (so far) returning much higher grades than Tivan’s project - but its very early days for OD6.

Tivan’s resource is 43.2mt at 8.3% Fluorspar. (source)

Whilst OD6 does not have a defined resource estimate yet, OD6 is sampling grades up to 94% in rock chips and today’s batch of historical drill results came in at 43 to 70.9% fluorite.

Remember OD6’s project produced fluorspar from a small scale mining operation in the 1950s - it produced ~26,000 tonnes of material at an estimated grade of 44.9% Fluorite. (source)

Even just using those old production grades - that’s ~7.5x the average grade of Tivan’s resource.

Tivan is capped at $715M.

OD6 - with an asset in the US - is capped at $55M.

Now, Tivan is a lot more advanced relative to OD6 with a defined resource estimate and a major partner involved backing its project.

Market cap differences reflect these vastly different stages of development. There’s no guarantee that OD6 will get anywhere near Tivan’s market cap.

But so far we have some precedents set for:

• A pre-resource asset in the US gets a US$169M supply contract signed (Ares), and
• An ASX listed company with a big resource bringing in a multi-billion dollar partner.

This is some validation for us that any company that can prove up a decent sized resource in the US has a genuine shot at becoming “the Tivan but for the US”.

(again - no guarantees OD6 will be successful though)

11 reasons why we Invested in OD6

Here is our full initiation note for OD6 from back in March 2026: Our Latest Investment: OD6 Metals (ASX: OD6)

Also, here are the 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 280% from our Initial Entry Price in 10 weeks and now has a market cap of $55M (at 19c per share).

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: Since OD6 picked up the option on this asset, historical data was secured which revealed drilling results confirming fluorspar mineralisation at depth.

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.

🚨UPDATE: There are now other ASX listed, US fluorspar assets on the market (as we predicted would happen).

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 has come off a bit since March, it now sits at ~$715M.

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 asset in the company is sort of a “free option” for us.

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
• ✅ Historic drill results
• 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 great to have, 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.

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