Sunday Edition: 12th April

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.

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

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

Yesterday’s Saturday note: Our biggest first Investment ever and checking in elsewhere

Quick Takes: OD6 (x2), SGQ, WCE, PNN, AW1, LKY, RCM, MTH, RML

Deep Dives: AVM, RML, PAT (New Investment 🚨)

OD6 announced first assays from its fluorspar project in Nevada, USA.

Rock chip assays hitting 53.2% fluorspar, consistent with the grades the project produced back in the 1950s.

AND it turns out the structures are bigger than initially mapped.

Part of an overall ~8km trend.

The US has deemed fluorspar a critical mineral, it has zero domestic fluorspar production. Fluorspar is used in AI chipmaking.

OD6 is the only ASX company with a fluorspar asset inside US borders.

(source)

Also this week, OD6 confirmed high-grade fluorspar in channel sampling from its US project

OD6 announced the channel sampling results - 12m at 40.8% fluorspar, again consistent with the old production grades.

We are now looking forward to drilling to see if those grades are consistent across thick intercepts.

It was also interesting to see fluorspar prices start ticking up in China this month - it kind of reminds us of the early days of the antimony run (albeit they are completely different minerals).

(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.

SGQ hit the biggest intercept yet from its rare earths / niobium project in Brazil.

SGQ hit 178.7m at 4.34% TREO and 0.75% niobium from surface - a new record intercept for the project.

SGQ has four rigs running 24/7 and another resource upgrade expected next quarter - which should make South America’s largest hard rock rare earth carbonatite project even bigger.

A big few months coming up for SGQ - 4x different processing alliances being progressed across rare earths & niobium... AND all of the drilling that is happening.

WCE started diamond drilling at the historic Elizabeth Hill silver mine in WA.

The diamond drilling is in addition to the 4,000m RC program WCE is running right now.

WCE’s project once produced ~1.2M ounces of silver at a crazy 2,194g/t silver (when silver prices were ~US$5 per ounce).

Now with silver at US$76 per ounce - any extensions to those old workings could be a strong catalyst for WCE. This is the area to watch for this round of drilling:

(source)

Check more of WCE in this Investor Presentation: Elizabeth Hill Silver Project - Grade is King: Future growth and mine restart potential

PNN reported magnet rare earth oxides (MREO) grades from its project in Minas Gerais, Brazil.

To understand why this announcement was interesting you need to understand the difference between MREO (Magnet rare earth oxides) and TREO (Total rare earth oxides) first.

MREO are the high-value rare earths that account for 80%+ of the market (AKA they are the most valuable).

PNN’s standout result was 3.53% MREO, which is comparable to most rare earth resources TREO grades.

(PNN is currently in the due diligence phase on this asset - so we still want to see the deal get completed)

PNN’s also got a maiden JORC resource coming for its other rare earths asset in Brazil (in the state of Goiás) this quarter - another potential catalyst for the company.

AW1 reported sampling results from two parts of its critical minerals project in the US.

AW1’s project was mined back in the late 1800s to 1921. AW1 sampled old mine waste dumps and returned high grade critical minerals including silver, tellurium, indium, and germanium.

There were also high grade base metals including copper, zinc and lead so there’s a potential near-term revenue pathway from reprocessing without having to actually mine anything new.

(a similar strategy to what Rio Tinto did at its Kennecott mine recovering tellurium from waste)

AW1 is also currently running a 5,000m drill program (targeting gallium, germanium and indium all at the same time) so we could see drill results any day now.

LKY (OTCQB: LKYLF) started diamond drilling at its rare earth prospect in California - 6km away from $14BN MP Materials.

LKY is now drilling rare earth targets that previously returned surface samples with grades up to 12.1% TREO across 900 metres of strike - higher grades than $14BN MP Materials’ project ~6km away.

(The proximity to MP is important because it gives a potential processing solution for anything LKY finds - now we just need the drilling to come in)

Meanwhile LKY should have assays due back from its Desert Antimony Mine any day now.

RCM acquired an 80% interest in the Tooloom Silver Project, in northern New South Wales.

This new project has eighty historic workings and high-grade rock chips up to 1,660g/t silver across ~21km strike. Most of which have never been followed up with drilling.

This adds drill-ready targets to an already large silver portfolio (67Moz silver equivalent across three existing projects).

Good timing with silver looking like it's getting ready for a second run.

MTH reported drilling results from two separate target areas at its silver project in Mexico.

Visible gold was confirmed at Target 3, alongside high-grade silver and then a brand new discovery at Target 5.

The system keeps growing across MTH’s project in Mexico, and two-thirds of it is still completely unmapped.

Now we wait to see how big that resource upgrade will be (from the existing 373k ounce gold, 11M ounce silver resource).

(source)

RML (OTCQB: RLMLF) released 3D modelling for its Antimony Ridge project in Idaho.

3D modelling of high grade antimony-silver veins exposed in past mining pits, demonstrating significant size and expanding scale.

(source)

Read more on RML news this week in our Deep Dive below.

Advance Metals (ASX:AVM)

Silver is one of our highest conviction themes for the next couple of years.

And after spiking to touch US$121 per ounce in January, silver has been trying to find a base over the last 3 months, bouncing between the ~$US70 and US$90 range.

(ahead of what we hope will be its next leg up above its January highs - no guarantees of course)

This week was a great time for our silver Investment Advance Metals (ASX:AVM) to have announced a 33Moz silver equivalent JORC Mineral Resource at just one of its Mexican projects.

Adding this to AVM’s non-JORC foreign resources on its other two nearby projects, that's a total of 116Moz silver equivalent across its Mexico projects.

This 33Moz resource was converted from a foreign resource to the stricter JORC reporting standard used by the ASX.

And it actually almost doubled in size, instead of following the generally accepted market assumption that converting to the stricter JORC standard will REDUCE a resource size (more on this in the link below).

Next we want to see AVM convert more of these foreign resource estimates to JORC classification plus deliver more drilling to expand its total silver resource estimate even further.

(source)

Read more: AVM: Announces 33 million ounces silver equivalent JORC resource (116 million ounces if you include the non-JORC foreign resource)

Watch more: Advance Metals (ASX:AVM) - Investor Webinar - 9 April 2026

AVM - Investor Presentation - this is the presentation AVM’s MD and CEO Adam McKinnon runs through above.

Resolution Minerals (ASX:RML | OTCQB: RLMLF)

This week our US gold-antimony-tungsten Investment Resolution Minerals (ASX:RML) got FAST-41 status.

The result came after RML said it has “been working closely with the White House”.

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

(source)

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

Many of them have been awarded in the last 12 months - to fast track the build of nationally strategic, USA based critical minerals mining projects.

Fulfilling the US President's Executive Order 14241 on Immediate Measures to Increase American Mineral Production.

Which is designed to reduce reliance on foreign adversaries for the supply of critical minerals.

Especially during times of war.

Critical military minerals like antimony and tungsten - used in bullets, missiles and other military weapons systems and vehicles.

The USA has almost no domestic supply of antimony and tungsten. China and other US adversaries control the global supply.

RML has a gold-antimony-tungsten project in Idaho, USA that historically produced tungsten, and antimony - during WW1, WW2 and the Korean War.

And yes, RML just got awarded a rare and coveted FAST-41 status.

After today RML will join just THREE other companies on the ASX with USA based critical mineral projects that have FAST-41 status.

Here is RML on the federal government’s permitting dashboard:

(source)

(source)(source)

Read more: RML gets FAST-41 status from US government to fast track nationally strategic project. NASDAQ listing in 45 days.

Watch more: Drilling Preparations with CEO Craig Lindsay | Resolution Minerals ASX: RML | OTC: RLMLF)

New Investment - Patriot Resources (ASX:PAT)

Our latest Investment is Patriot Resources (ASX:PAT).

Long time readers know we are mega silver bulls.

We think silver is going higher.

And ASX silver stocks will go with it.

This week we shared some data about ASX silver stock prices running during silver price runs:

Before what we expect (hope) will be the next leg up in the silver price and ASX silver stocks, we added PAT to our Portfolio.

PAT is capped at ~$16.5M (at 5.7c, Friday’s closing price)

PAT’s project has a 31.4M ounce silver equivalent JORC resource estimate based on just 26 drillholes to date - in Peru.

Peru holds approximately 22% of the world's known silver reserves (the largest of any country) (source) and accounts for roughly 11–12% of annual global silver production (the third-largest producer behind Mexico and China).

We think PAT’s 31.4Moz resource could be multiplied with some drilling.

(Beyond the upper end of PAT’s current 40M to 87M ounce silver equivalent exploration target)

Drilling is to come in the next few months.

We like the silver theme, we like the asset AND we are backing the PAT team here.

We have 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 Geologist.

PAT is led by Chairman (and major shareholder) Hugh Warner - Hugh owns ~6.22% of PAT (source).

Hugh knows how to take a tiny micro cap and turn it into a multi hundred million dollar exit for shareholders.

(by that we mean he’s done it recently)

Hugh was co-founder of Prospect Resources which went from a $6M micro cap explorer to acquiring an asset, making a Tier 1 discovery, growing it, and ultimately selling 87% of it for US$378M. (source)

Which allowed Prospect to pay out A$444M in cash to shareholders.

So Prospect went from a tiny $6M market cap to paying out A$444M in cash to shareholders in ~6 years.

(source)

We actually held a small parcel of Prospect shares way back in 2016 but sadly sold them way too early - evidence again that long term Investments can deliver the greatest returns.

We don't intend to make the same mistake with our new Investment in PAT.

Of course a lot of luck in the exploration game is required along the way - a genuine discovery needs to be made, the macro thematic gods must be smiling in your favour, and a lot needs to go right.

One way to try and “do it all again” is to bring back the same team that “did it all before”.

So Hugh has brought some of the successful Prospect team over into PAT.

Read more: Our Latest Investment: Patriot Resources (ASX: PAT)

Kitco -Gold prices are "treading water" amongst a pretty grim set of economic data which showed a significant slowdown in the US economy during the final Q of 2025, combined with persistent, war-driven inflation.

Historically gold has tended to do well during stagflationary conditions like this...

X (@jeremie0117) - Posted part of a commodities report relating to nickel which shows a forecasted tightening market, this could provide some decent tailwinds for our nickel Investment NC1.

Reuters - Trump’s 2026 budget proposes a ten percent non-defence discretionary spending cut while ramping up military funding to US$1.1TN for national security and mineral independence.

“Other specific funding increases proposed by Trump include his controversial Golden Dome missile defense shield, money to build up critical mineral supplies for the defense industry and $65.8 billion to build 34 new combat and support ships.”

More positive macro news for our US (and nearby based) military critical minerals Investments SS1, RML, LKY, AW1, VKA, OD6, ION & PFE. AL3 also can provide additive manufacturing for defence parts.

Reuters - OPEC agreed to an oil production increase to calm markets, though ongoing war paralysis and infrastructure damage could prevent actual barrels from reaching consumers.

IBT - Micron‘s share price climbed again, reaching near $420 as AI memory demand continues to persist combined with a US-Iran ceasefire relief market rally.

The AI technology infrastructure buildout isn’t slowing yet.

Power Minerals (ASX: PNN) - Advancing Toward Resource Definition with Multiple Value Drivers Emerging (East Coast Research)

Elixir Energy (ASX: EXR) | MD & CEO Stuart Nicholls on Lorelle results, portfolio updates and market outlook

Canyon Resources (ASX:CAY) - World's Highest-Grade Bauxite Project Targets September Production

During the week IVR’s Managing Director Lachlan Wallace took on AMEC (Association of Mining and Exploration Companies)’s inaugural Pitch Battle and won:

SS1 posted a brief update which included an image of 1 of the 4 drill rigs on site in action:

BKB CEO Dennis Lindgren spoke about his extensive experience in mining and critical minerals development, and what attracted him to the role:

CND Managing Director Serge Hayon attended the Offshore Technology Conference Asia (OTC Asia) last week in Kuala Lumpur and engaged with potential partners, clients and industry participants across the offshore energy sector:

EXR’s CEO & MD Stuart Nicholls posted a photo from Shell’s Bathurst-9 site with some state government guests also in attendance:

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.

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Bye for now.

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