Sunday Edition: 10th May

Disclosure: S3 Consortium Pty Ltd and its associated entities may hold direct or indirect interests in securities referred to in this publication and may receive fees or other forms of consideration from entities mentioned. These interests and arrangements may create a potential conflict of interest in the preparation of this material.

The information contained in this communication is provided for general information purposes only and may relate to speculative investments. It does not constitute financial product advice, and has been prepared without taking into account your personal objectives, financial situation or needs. You should consider obtaining independent financial advice before making any investment decision.

Any forward-looking statements are uncertain and not a guaranteed outcome.

Any forward-looking statements are uncertain and not a guaranteed outcome.

Yesterday I wrote about how a $1,000 Chinese AI robot living in our house convinced me we're at the start of an "every commodity boom".

A global, multi-decade scramble for the metals to build AI data centres, robots and military rebuilds. Read it here if you missed it →

What we did NOT cover was that over the last week silver looks like it MIGHT be thinking about possibly considering going on another run:

(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.

(we are overweight silver stocks)

Silver is not just gold’s little cousin in the monetary metals space - it also has many industrial uses that drive demand.

Silver has the highest electrical conductivity of any element on the periodic table, the highest thermal conductivity of any metal, and the highest reflectivity in the visible/IR spectrum.

Nothing else comes close on all three at once - which is why some silver sneaks into pretty much every high-tech build.

AI and AI data centres

AI chips run insanely hot when they're working, and silver is used as a thin layer underneath each chip as the “first line of thermal management defence" to suck the heat away fast enough to stop it melting.

(before sending the heat to the copper/aluminum heat sink to be dissipated - we want to see PR1’s carbon nanotube fibre tech replace the copper/alumium here)

Silver is also packed into the giant switches and breakers that handle the enormous amounts of electricity these AI data centres pull from the grid.

Robotics

Robots have dozens of moving joints, motors and electronic boards that all need to carry power reliably for years without wearing out.

Silver is used in the joint brushes, the connector pins, and the solder holding it all together because nothing else lasts as long under constant movement.

Military and weapons

Silver-zinc batteries are the only batteries that can sit dormant in a missile for years and then deliver a massive burst of power on demand.

(ever tried to turn an old car on after a few years and the battery has died?)

Silver under radar chips lets them blast out signals without overheating, and silver-coated mirrors on satellites reflect away the sun's heat so the electronics don't fry in space.

So silver plays a part in ALL THREE of our “global buildouts that will drive the all commodity boom”.

Not to mention silver goes up in periods of high inflation... which we expect to see too.

Silver was looking good last week, early to call a run but a solid start - lets see if silver kicks off a price run next week... and takes our ASX silver stocks with it.

Below you can find short overviews of all of the other content we wrote last week, plus links to each full note.

Further down, there’s also some links to other interesting stuff we came across on our travels around the internet.

Quick Takes: VKA, OD6, NC1, SGQ (x2), AW1, AL3, AVM, RML, IVZ, CAY

Deep Dives: HAR, PR1, EIQ, OD6, WCE

Other content: EIQ, RML, AW1, IVR, VKA, WCE, SGQ, PNN, PUR, EMD, ONE, SS1, AVM, BKB

VKA (OTC: VKALF) lodged permits for a drill campaign on its tungsten project in Nevada.

Drilling approvals are expected this month.

Rigs expected on site in June for a 63 hole drill campaign.

So VKA will be drilling for tungsten in the US at all time high tungsten prices AND ~6 months away from US bans on foreign sourced tungsten.

The US is set to ban tungsten imports for key defense applications from China, Russia, Iran, and North Korea effective January 1, 2027. This restriction is part of a broader move to decouple from foreign supplies of critical minerals, with a 25% tariff on Chinese tungsten already imposed in late 2024.

(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.

OD6 put out an exploration update on its fluorspar project in Nevada.

Assays are pending from the first phase of sampling.

OD6 has also kicked off a second round of sampling - this time covering more of the ~8km strike that’s been mapped.

The bigger catalyst we are looking forward to from OD6 is what comes from the historical data it acquired on Thursday (more on this in the deep Dive section below).

Here is the drill map - where you can see a few holes marked in pencil.

(source)

And that Shaquille O’Neal basketball card pasted in there will make more sense in the Deep Dives section below...

NC1 signed an MoU on a potential downstream nickel partnership.

IF the MoU turns into a binding deal at any point it would combine:

• NC1 - the 100% owner of one of the largest, highest grade undeveloped nickel-cobalt projects globally, AND
  
  
• Pure Battery Technologies - One of the very few Western pCAM (precursor cathode active material which goes into batteries) producers with both an operating plant and a permitted expansion pathway.

Pure owns an operating refinery in Hagen, Germany, with a permitted expansion underway to produce up to 15,000tpa of pCAM and it has patented hydrometallurgical processing technology.

We already know NC1 is able to produce an MHP product - MPH stands for Mixed Hydroxide Precipitate - a key intermediate product that primarily goes into the production of battery-grade nickel sulfate, which is then used to manufacture lithium-ion batteries.

This partnership could be the unlock to producing battery suitable pCAM product.

Nice one from NC1.

(source)

SGQ hit more mineralised extensions at its rare earths and niobium project in Brazil.

SGQ hit more extensions to what is already South America’s largest and highest grade rare earths deposit.

With FOUR rigs drilling 24/7, the next Mineral Resource Estimate (MRE) upgrade should be a very interesting one - due next quarter.

(source)

SGQ also appointed $6BN Worley as a feasibility technical adviser for the potential development of its rare earths and niobium project in Brazil.

Worley will handle metallurgical engineering, plant design, and mine planning which we expect to see in the economic studies SGQ is aiming to complete by the end of the year.

AW1 (OTC: AWMLF) closed a $10M “heavily oversubscribed” capital raise.

The raise was completed at 4.5c/share and came with 1:2 free attaching AW1O options.

We Invested in this placement.

Nice to see AW1 immediately upsizing the drill campaign at its West Desert project in Utah - the largest undeveloped JORC-compliant indium resource in the United States.

Especially after the first hole from its 2026 program hit 77.65m of visual sulphide mineralisation ~430m east of the existing resource, along a previously untested 4km magnetic anomaly:

(and now AW1 will have the cash to drill that anomaly out)

(source)

AL3 now has a portable 3D printing system installed in the US Navy’s Additive manufacturing Centre of Excellence.

This was installed in partnership with Austal USA (a part of the $1.8BN listed Austal group), at the US Navy’s Additive Manufacturing Centre of Excellence for the US Navy.

(The third AL3 system installed in that facility)

One of the big selling points for additive manufacturing (3D metal printing) is that it can be deployed on site at the point of need for customers in remote locations.

AL3’s small portable system is now on show with a customer - its lightest, smallest machine - able to be installed on site in as little as 1-2 days.

(hopefully that means more sales for AL3 soon)

(source)

AVM started its first drill program on its silver project in Mexico.

4,500m diamond drilling is now underway.

(source)

We like this asset because the project is VERY high grade.

(22.4M oz resource estimate at a silver equivalent grade of 246g/t).

AND because out of AVM’s three Mexican silver projects, this project has by far the least amount of drilling done on it.

To date, drilling has only tested ~0.2km^2 of the project area while the ~15km^2 of KNOWN veins are undrilled.

The kicker for this project is its proximity to an existing mine owned by $13BN First Majestic Silver.

(any big drill hits could bring corporate appeal to the stock too)

(source)

RML (OTC: RLMLF) announced metallurgical testwork from its Antimony Ridge project in Idaho.

This is from the same project that received FAST-41 status from the US government.

Now we know that project has:

• During World War 1: RML’s project produced antimony.
• During World War 2: Antimony was produced again.
• In the 1960’s: There was even more Antimony production.
• And then between the 1950’s & 1980’s: Tungsten.

and now, RML is able to process it into a high-purity antimony trioxide.

Another interesting takeaway from the announcement last week was that RML also wants to establish a domestic hydrometallurgy hub in Idaho for antimony.

(source)

IVZ wellpad preparations are underway for its next oil and gas well, due to be drilled in the second half of this year.

The Musuma-1 well will target an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate - so that’s a seriously big target.

Whilst the numbers are large, at the same time those are estimates on undiscovered potential accumulations. There is both a risk of discovery and a risk of development.

This will be the first well IVZ drills after making its Mukuyu discovery from its two wells back in 2022/2023.

(source)

CAY finalised strategic acquisitions in the logistics chains for its bauxite project in Cameroon.

CAY will own 26.9% of Cameroon’s national rail company (increasing from 9.1%) for ~A$23.8M.

AND 42.8% of Terminal Bois du Port de Douala (TBPD) - the operator of the port where CAY will ship its bauxite from for ~A$0.8M.

Next up is mining is set to get underway, and rail/locomotives will need to get in place ahead of ore shipment scheduled for late September 2026.

We are also keen on the results of an alumina refinery feasibility study also expected next quarter.

(source)

Haranga Resources (ASX:HAR)

Here are the results HAR announced from its gold project in USA on Monday:

(source: today’s HAR announcement)

Outrageous grades - especially on the ASX, where 2-3g/t grades are considered economic for underground mines these days (and gold trading at US$4,600 per ounce).

We are Invested in HAR because:

1. It has gold ground in the famous California Mother Lode region.
2. Has had ~A$90M of capital invested into built infrastructure on site - by previous owners.
3. A 100% owned and permitted 350,000tpa gold processing plant (last operated in 2022)
4. Non-JORC resource (288k ounces at 9.29g/t)
5. Is surrounded by historical mines that mined kilometres deep
6. Its project has only ever mined and drilled down to 150m
7. Multi-million-ounce potential with more drilling
8. Gold price at record highs

Our Investment thesis with HAR’s USA gold asset has always been:

For HAR to convert its historic non-JORC resource to a JORC compliant Mineral Resource Estimate (with more drilling)

AND

Drill deeper to find repetitions of the high grade gold that is closer to the surface (like all the other, deeper gold rush era mines nearby did).

THEN

Restart its existing gold processing plant to quickly mine and sell the gold into record high gold prices

= profit?

(no guarantees on any of this of course. HAR might not be successful - this is small cap resources investing and anything can happen)

Read more: HAR: High grade USA gold hits, gold mineralisation in deeper drills, JORC resource due in 2 weeks...

Pure Resources (ASX:PR1)

We think the urgent global buildout of AI and robotics will be bigger than any of humanity's past industrial leaps.

Adding to concurrent military rebuilds underway in a fragmenting post-WW2 global world order.

All fighting for scarce commodity supply that can’t catch up - driving the next multi decade commodity supercycle.

Hyperscale AI data centres, robots, advanced weapons all use electricity... and hence need cooling (thermal management).

Thermal management is currently achieved using conductive metals copper or aluminium to pull away and dissipate excess heat.

Copper and aluminium are supply constrained - our 3 “strategically critical” global buildouts are fighting for supply.

It takes 17 years to build a new copper mine.

The AI data centres, robots and military buildout race is urgent and can’t wait that long...

What if there was a lighter weight alternative with better conductivity?

Our Investment Pure Resources (ASX:PR1) is developing a lightweight, thermal management alternative to copper and aluminium with Rice University in the USA:

Carbon Nanotube Fibres (CNTF) for thermal management.

And this week PR1 announced conductivity (moving heat) test results showing that its:

“Carbon Nanotube Fibre’s (CNTF) had thermal conductivity ~1.5x more than copper AND ~2.5-3x more than aluminium"

(source)

And with some manufacturing improvements (weaving trillions of CNTF into one fibre) could potentially be ~15x more conductive than copper.

(source)

We think it's pretty safe to assume CNTF are lighter weight too - (Its not a metal, its fibre woven out of carbon nanotube threads)

Higher conductivity AND lighter weight would be perfect for drones and robots - where space and weight are key design constraints.

(PR1 says weight test results are coming next)

Read more: PR1: Test results show 1.5x more conductive than copper, 2.5x more than aluminium - an alternative material for cooling AI datacentres, robots and weapon systems?

EchoIQ (ASX:EIQ | OTC: ECHQF)

First - EIQ is holding a webinar during the week - Register for the Webinar here, 14th May 11am AEST

A quick reminder for anyone new - EIQ uses Artificial Intelligence to improve the diagnosis of structural heart disease.

In a note ~4 months ago we wrote that EIQ could be about to “do a 4D Medical”... (source)

(Lung imaging tech company 4D Medical had just gone up 400% in 6 days and was the hottest stock on the ASX. 4D Medical is now a $2.37BN company)

EIQ is up 313% since that note.

And now up 533% from our Initial Entry Price, and now capped at $630M

While EIQ’s rise didn’t quite happen over 6 days, EIQ’s share price chart since we wrote that note is starting to look... 4DMedical-esque:

(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.

We think EIQ’s share price could still have legs in it given the major share price catalyst expected for EIQ within the next few weeks:

FDA clearance for its Heart Failure detection tech.

EIQ submitted its 510(k) application for Heart Failure in mid-December 2025.

The FDA's standard review window is ~90 days.

EIQ's guidance is for a decision in H1 2026.

So we could get a decision literally any day now.

Read more: EIQ: Our quiet 5 bagger - FDA decision on AI detection of Heart Failure tech... due within coming weeks

OD6 Metals (ASX:OD6)

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 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)

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

West Coast Silver (ASX:WCE)

Our silver Investment WCE now holds the title of the “highest grade silver project” on the ASX.

Back in April, WCE announced its maiden JORC resource estimate - 2.8M ounces of silver at ~617g/t.

That's 617g/t of PURE silver - not a silver “equivalent”.

(source)

(WCE is also drilling right now on some district targets to see if they can find a similar silver deposit nearby... two is better than one right?)

All of WCE’s ultra-high grade silver sits inside one optimised open-pit shell.

(source)

Meaning they can just start digging it out from surface.

The last time this project was mined back in the early 2000s it was done using underground mining methods.

So changing the nature of the deposit from underground to open-pit is a big win for WCE.

WCE could have the highest grade deposit on the ASX that could be mined using well understood, low cost open-pit mining methods.

High grades = More silver comes out of each tonne of material mined.

Open-pit = cheaper and faster to run (literally just digging and blasting rock).

Read more: WCE: Highest grade silver project on the ASX.

X (@KatusaResearch) - Katusa Research posted this graphic with 9 silver facts:

X (@lukas_m_ziegler & @damianplayer) - We came across these 2 posts discussing this infographic from McKinsey & Company that goes through the types of materials and costs that are required for humanoid robots.

You can check out the article itself directly here: Turning humanoid supply chain constraints into billion-dollar wins

This Tesla Veteran Is Running A Copper Mine With AI-Powered Robots

Fierce - $456BN Roche is acquiring PathAI for over US$1BN to integrate advanced AI algorithms into its diagnostics division, accelerating biomarker discovery and global digital pathology platform scaling.

Our Investment EIQ is awaiting FDA clearance for its own AI diagnostic tech relating to heart failure.

X (@_gautam_94) - Guatam posted this image showing which companies are operating in which space of the humanoid robot development:

RML - ANTIMONY RIDGE + GOLDEN GATE, HORSE HEAVEN PROJECT - High-Grade US Domestic Antimony and Tungsten Supply Potential with Significant Gold Upside

A few of our companies presented at RIU in Sydney during the week which we attended, it was good to catch up with our companies, plus many more during the event.

Below are timestamped links to when each of our companies spoke and a link to the most recent presentation.

AW1 - American West Metals RIU presentation

AW1 presentation slides

IVR - Investigator Silver’s RIU presentation

IVR most recent presentation

VKA - Viking Mines’ RIU presentation

VKA most recent presentation

WCE - West Coast Silver's RIU presentation

WCE presentation slides

SGQ - St George Mining's RIU presentation

SGQ presentation slides

PNN - Power Minerals' RIU presentation

PNN most recent presentation

PUR - Pursuit Minerals' RIU presentation

PUR most recent presentation

West Coast Silver (ASX:WCE) - High Margin, Near Term Production Potential - (Breakaway Research)

American West Metals (ASX:AW1) - Going Hard on West Desert - (MST Access)

St George Mining (ASX: SGQ) - Investor Webinar: John Prineas on Araxá’s 75% Resource Upgrade & St George Mining’s Next Phase

Emyria (ASX: EMD) March 2026 Quarterly Webinar

Oneview (ASX: ONE)’s Chief Technical Officer Declan Bright was on the Saros consulting podcast

He talks about how AI has changed the landscape for OneView and how ONE is positioned to benefit from the technology:

SS1 posted an image from a recent trip to Washington DC in front of the Capitol Building, where the team met:

• The U.S. Department of Commerce
• The U.S. Department of Energy, and
• The Export-Import Bank of the United States:

AVM posted images of the drill rig in action and this was followed with comments from MD Adam McKinnon: “Getting pretty excited to see the first results from our maiden drilling program at the Gavilanes Project in Mexico. Our team have done a fantastic job setting the program up, now it’s up to the drill rig to start unlocking the potential!!”

RML posted this image with a caption, “Drilling preparations are almost complete. Next up, 13,700m of diamond core drilling”:

BKB posted an action shot of its drill rig in action at its silver project in Texas, USA.

(as well as a few shots of the mine infrastructure on site)

Investigator Resources (ASX:IVR) got a shoutout from the MD of Agile Mining Services, Kerry Mudge who said:

“Investigator Silver are pushing harder on Paris this week — economics good, finance next. Lachlan Wallace is the man to get it done”.

Check out the post here: IVR’s Paris Silver Project is well on the radar of those in the know:

A word of caution...

While we aim to highlight developments in the small cap space, investing in early-stage and small cap companies - like those we cover - is inherently risky.

These companies often face funding challenges, regulatory hurdles, and market volatility. Announcements may reflect aspirations more than guaranteed outcomes.

Things can, and often do, change.

Just because a company has signed a deal, released drill results, or appointed a new director doesn’t mean success is assured.

Always assume delays, cost overruns, or results that don’t pan out.

We’re here to share insights, not offer personal financial advice - so please do your own research and speak with a licensed adviser before acting on anything mentioned.

Follow us on social media: X, LinkedIn, Facebook

Bye for now.

Did someone forward this to you? Subscribe Here