Our biggest first Investment ever and checking in elsewhere

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Sick of hearing about robots?

AI taking jobs and what sci-fi books I've been reading?

Careful what you wish for...

Because I'm about to start talking about silver again.

After a nice couple of months break from my insufferable silver ramblings every Saturday, there is going to be a little bit of that today.

Mainly because we just added a new silver stock to our Portfolio - Patriot Resources (ASX:PAT).

A good time for it given that silver is going sideways for now, before what we hope will be the next leg up.

(you’ll know when silver starts running again because I wont shut up about it)

Plus - our favourite technical momentum analyst Michael Oliver is now calling for US$300 to US$500 silver “by [North American] summer”.

(its currently ~ US$75)

That’s a few months from now.

Why do we listen to this guy?

There are plenty of talking heads on the internet with frankly outrageous silver price predictions.

(Including us? with our famous “cup and handle” thing from early to mid 2025)

But Michael Oliver seems to have the Midas touch on silver lately.

(plus he is telling us exactly what we want to hear, given how many silver stocks we own, so him being right makes us feel smart - this is what the pros like to call ‘confirmation bias’)

Meanwhile, a few of our stocks in other themes have recently been stealing the show and have delivered some nice runs in the last few weeks/months.

OD6 went from our 5c Initial Entry Price to 17.5c - up 250% in 5 weeks.

RML got White House FAST-41 status and spiked 75% in a day on over $17M volume.

EIQ is up over 200% in 3 months... cruising toward an FDA clearance decision.

EXR has doubled in the last few weeks.

And one of our recently added stocks that hasn't moved... yet.

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. These products, like all other financial products, are subject to market forces and unpredictable events that may adversely affect future performance.

Today I also couldn't help diving back into the robots again - keep on reading for that.

More utopian and dystopian robot developments from this week... and it's getting weirder.

Let's get into it...

We added a new silver stock to the Portfolio this week

You probably already know what we think about silver.

(that it's going to go up)

Yesterday, we announced our latest Investment - Patriot Resources (ASX:PAT).

PAT is a ~$16.5M (at 5.7c, yesterday’s closing price) silver explorer with a 31.4 million ounce silver equivalent JORC resource in southern Peru.

The kind of tiny micro-cap market cap that could really move in a proper silver bull market.

We like the silver theme, we like the asset, and we like PAT’s team.

We had been looking at this project for over 6 months, and the final bit of due diligence we completed 3 weeks ago was a trip to Peru to spend some time with PAT’s Chairman, the new CEO/MD, and the Chief Geo.

PAT is also the largest first Investment we ever have made into a new company.

PAT’s Peruvian silver project has only had 26 holes drilled into it, across a 2.8km structural corridor. There’s an exploration target that sits at 40 to 87 million ounces silver equivalent.

That's a LOT of undrilled ground.

What really got us interested in PAT was the team.

PAT is led by Chairman Hugh Warner - the same chairman who took Prospect Resources from a $6M market cap to a US$378M exit (developing Africa's largest operating lithium mine).

(source)

His chief geologist and director were also key players at Prospect.

So the Prospect band is back together, this time chasing silver in Peru - the world's third-largest silver producing country.

The project was previously held by $38BN Teck Resources, who spent years building a 3D geological model, BUT they never got to drill a single hole before their board and management pivoted to focusing on copper.

PAT can now take all of Teck's data and geological models for a fraction of what it cost to generate.

Read our full PAT launch note (from yesterday, April 10th) here: Our Latest Investment: Patriot Resources (ASX: PAT)

One of the key parts of our PAT Investment thesis (and all our ASX silver stocks) is that if the silver price runs, silver stocks will go with it.

Especially on the ASX, where there just aren't that many silver stocks to choose from.

(compared to gold, for example)

Silver goes up, capital is motivated to move into silver stocks, not many silver stocks = more capital into fewer silver stocks.

We already saw it play out in the initial silver run from March 2025 to Jan 2026:

Now what would happen to all our silver stocks if silver goes from $75 where it is today to say... US$300?

Michael Oliver reckons silver to US$300 to US$500 in a few months

As much as I want it to happen, I'd be happy with even half of the lower case, and be happy to wait twice as long.

And before we dive too far in - he could get his prediction wrong. He is one analyst and investors need to consider a wide range of factors before making an investment, not just believing in one guy.

We’ve talked enough about silver being in a consolidation phase for the last two months.

Silver closed at ~US$75.50 on Friday, up about 4.5% for the week and now it looks like it's found a range to consolidate in.

The question now is does it keep going up?

(brace yourself for some serious charting skills incoming)

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

Putting down my charting crayons, the key takeaway for a non-charty person like me is that it looks like a little grind upwards has started over the last few weeks.

Now, let’s hear from somebody who does charting and technical analysis for their day job...

Our favourite momentum and technical analyst, Michael Oliver, just dropped a new video this week.

His call:

US$300 to US$500 silver by summer 2026.

"And that sounds lunatic," Oliver admits in the interview, "but there's a lot of reasons for it."

(watch it here)

For those unfamiliar, Oliver doesn't do traditional price chart analysis.

He thinks standard charting is basically astrology for finance bros.

He has said multiple times that looking at the basic chart price is for “idiots”.

He would absolutely spit out his coffee in disgust if he saw some of my past charting efforts.

Remember superimposing coffee cup images onto the silver price chart?

But hey, the coffee cup analysis was still right?

Here is the one we did from August 2025, when silver was US$39, then it went on to US$121... hubris?

(read it here)

Oliver's method is called Momentum Structural Analysis.

He plots rate-of-change against long-term moving averages to detect breakouts that are invisible on a normal price chart.

He started developing it in the 1980s after finding traditional charting "left too many unanswered questions."

His track record speaks for itself:

• 1987 stock market crash - that's what prompted him to formalise his methodology (kinda like his version of Vulcan Resources... nearly 40 years later and still talking about it.) He famously anticipated the

I didn't see this one personally myself, I was busy playing with toys in a sandpit in primary school in 1987... still kept the crayons though.

What I HAVE seen him get right with my own eyes, all the way from prediction to correct outcome, is the following:

• triple-top silver breakout at ~US$36 in early 2025 (silver then ran to $121) He correctly called the
• mid-run correction, which we saw in February. He warned of a
• His three silver buy signals over the last 18 months ($25, $35, $56) averaged $36. All correct now with where silver is trading.

(we wrote about him back in January)

BUT...

As we said in our PAT launch note - there is nothing more dangerous than an analyst or stock broker on a heater who has got a few things right in a row.

(Have you ever had a stock broker that gave you three winners in a row? So, of course, you pile into their fourth thing and get your face ripped off.)

Michael's predictions are way higher than we are personally hoping for here - but it's a fun "confirmation bias" listen if you're long on silver like we are.

And even if we only get a fraction of what he is predicting and silver runs to say US$150 per ounce... we think our silver stocks could do really well from here.

And it doesn't even need to happen in the next few months... We are happy to wait longer.

But imagine if he IS right on this one...

No one expects a run to US$300, which would make it all that more glorious if it happens.

(keeping in mind that the silver price can go down as well as up - nobody has a crystal ball, including Michael Oliver)

He writes a weekly analysis on silver and various other sectors.

Check out his service here (we don’t have any commercial affiliation; we just really like his stuff).

We are going to stick to our knitting for now, which is fundamental analysis, macro trend spotting, stock picking... and drawing coffee cups.

Speaking of price runs...

OD6 - our US fluorspar stock is up 250% in 4 weeks...

Fluor-what...?

Fluorspar has been on the US Critical Minerals List since 2018.

It's used in missile systems, AI semiconductor chips, nuclear fuel processing, and jet fuel.

And here's the kicker - the US has zero domestic production AND China controls ~60% of global supply.

(Sound familiar? Same story, different mineral)

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

(like the one we are in now...)

Interestingly, fluorspar prices in China ticked up again this week.

Prices rising in China for a mineral they control most of global supply of is starting to sound very antimony/rare earths like...

(source)

Our Investment OD6 Metals (ASX:OD6)'s project sits ~300km by road from the newly established US Strategic Minerals Reserve. It has historic production from the 1950s, but has never been drilled.

(a critical mineral with zero US production, a project that has never been drilled, sitting next to the Strategic Minerals Reserve... in the current geopolitical environment. We like the setup)

We added OD6 to our Portfolio on March 4th at 5 cents per share, ~5 weeks later, it closed yesterday at 17.5c.

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

This week, OD6 delivered a string of results from its Quinn Fluorspar Project in Nevada - rock chips up to 53.2% CaF2 and channel sampling of 12 metres at 40.8% fluorspar.

Read our full OD6 launch note here.

And read everything else we have written about OD6 here.

Speaking of US critical minerals stocks running...

RML got FAST-41 status from the White House for its gold-tungsten-antimony project - up 75% on the day.

On Tuesday, our Investment Resolution Minerals (ASX:RML) received FAST-41 status for its Antimony Ridge project in Idaho.

The share price surged 75% (with over $17M volume) on the ASX and 62% on the US OTC market on the day.

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

FAST-41 is a federal permitting fast-track administered by the US Federal Permitting Council - only about 50 projects have ever received it since 2015.

RML is one of just FOUR companies on the ASX with US projects and FAST-41 designation.

RML's neighbour Perpetua Resources ($5.3BN market cap) also had FAST-41 status and subsequently received ~US$2.7BN in EXIM funding, US$75M in JPMorgan equity, and US$80M+ in grants.

(source)

(we aren't saying RML will get the same - but it's a pretty nice precedent to have next door)

RML's project supplied antimony to the US government during WW1, WW2 and the Korean War. Infrastructure is still on site.

Phase 2 gold drilling starts in May - 45 holes targeting a maiden JORC resource by Q1 2027.

And a NASDAQ listing is expected inside the next ~45 days.

Read our full RML FAST-41 note here.

Quick portfolio check-in: EIQ and EXR

Two of our non-mining Investments have been quietly (well, not so quietly) doing the thing.

Echo IQ (ASX:EIQ) is our AI heart diagnostics Investment.

EIQ's AI allows cardiologists to detect heart failure from standard echocardiograms with 99.5% sensitivity.

EIQ submitted for FDA 510(k) clearance in December and expanded its distribution deal with the Mayo Clinic in March - meaning post-clearance, EchoSolv HF could roll out across the Mayo Clinic's own hospital system plus 80+ external partner hospitals.

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

EIQ was added to the S&P/ASX All Ordinaries Index in March.

Read our most recent EIQ note here.

Elixir Energy (ASX:EXR) is our Queensland gas Investment - our 2019 Energy Pick of the Year.

(yep, 2019 - we have been in this one for ages)

The share price has been running hard lately, up ~50% in the last five weeks.

EXR is the largest net acreage holder in the Taroom Trough, second only to Shell ($320BN).

They found gas at Diona-1 last year, received a $13.9M strategic investment from Omega Oil & Gas, and have their key Lorelle-3 well coming up - sitting ~10km from two of Shell's best wells in the region.

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

A nice post here from EXR’s CEO too (on site at Shell’s well site):

(source)

And the Taroom has been getting a fair bit of media coverage too lately (amazing, as EXR shareholders):

(source)

Read our EXR Investment Memo here.

OK I can't help it... robots again

I know, I know enough with the robots already.

No deal.

Last week we wrote about future AI and AI robot utopia vs dystopia.

The two possible futures AI and robots are hurtling us toward.

(point is, utopia or dystopia, we think the minerals and metals needed to build robots will be a big theme in the coming years).

As promised, this week I started on a sci-fi book that promised to present a more utopian version of an AI and robot future for humans.

Consider Phlebas by Iain M. Banks, the first in the Culture series, written in 1987.

The Culture is a post-scarcity human civilization run by superintelligent AIs called "Minds" - they manage governance, military strategy, logistics, ethics.

The humans just “exist”. Do whatever they want. Unlimited resources, unlimited freedom, all because the AI “Minds” handle the boring stuff.

Sounds good so far... but the initial observation is there are still LOADS of robots around, so just because they are not trying to kill everyone like in dystopian futures, doesn't mean we aren’t still going to need the metals to build them all.

Anyway - back to the real world, here's what the robots were up to this week.

New in utopian robots

Drones putting out high-rise fires that ladder trucks can't reach. China has introduced a dedicated drone firefighting system for skyscrapers - spraying water from the air onto upper floors. Firefighting just got a serious upgrade.

Putting out fires without endangering human firefighters = good.

(source)

Robots are growing your food now - and doing it better. The K2TECH tomato harvester monitors plant health, adapts to conditions, and never misses a ripe tomato. Humans get tired. Robots don't. Agriculture just became a sensor fusion problem.

Food security for humans = good.

(source)

Now back to dystopia...

New in dystopian robots

China's mosquito drone takes flight. Tiny but powerful. Because of course China is building insect-sized surveillance drones now.

Flying insect sized surveillance drones = not good.

(source)

The Allonic Hand Mk2 - a fully biomimetic robotic hand with braided tendons and pulleys. 3D tissue braiding. It moves like a real hand.

We're not sure if this is utopia or dystopia yet, but it is definitely weird and belongs in a sci-fi movie.

Looks too human, creepy enough... not good.

(source)

It gets creepier...

Clone Robotics is building robots with artificial muscles and a full anatomical skeleton. Their CEO says the industry is over-relying on motors and rigid structures. Their approach: fluid actuation and Myofiber artificial muscles to get closer to how real humans move.

Too human... not good. Just make them look like robots please.

(source)

And just when you think it couldn’t get any weirder...

No comment on this one:

(googles what critical minerals are needed to produce specialty plastics for automated robot breastfeeding teats... whatever it is I bet that USA has zero domestic supply and China controls 90% of global production)

So for good or bad, better or worse, helpful or creepy, utopia or dystopia... the robots are coming.

And every single one of them needs metals. Copper for motors. Nickel and cobalt for batteries. Rare earths for sensors. Lithium for energy storage. Teats metals to be confirmed.

Which brings us to a quick plug for our Investment NC1 (Nico Resources) - owners of one of the top four largest undeveloped nickel-cobalt projects on the planet.

1.68 million tonnes of nickel and 132,000 tonnes of cobalt, sitting in Western Australia with a 42+ year mine life. A Tier 1 scale asset.

Basically a giant call option on the nickel price - and "robot metals" is the thesis that could make that option go in-the-money.

(this is our recently added stock that hasn’t run yet... the one we mentioned in the introduction)

Read our NC1 launch note here.

(Here is a pretty solid take on the effect of the war in the Middle East on nickel prices too)

(source)

See you next week, and have a great weekend

Next Investors

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