Sunday Edition: 14th June

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 the 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.

Yesterday’s Saturday note: A Rough Week That Ended Well

Quick Takes: WCE, AW1, OD6, VKA (x2), ILA, MTH, TTM, SGQ, PUR, EIQ, LSR

Other content: WAU, EMD, AVM, RML, ONE, SS1, PNN

WCE hit extensions to its high grade silver mine in WA.

WCE hit silver extensions ~70m to the north of its existing 2.8M ounce (at 617g/t silver) JORC resource estimate.

The company also had a few holes that ended in mineralisation - which could mean there is more silver at depth.

WCE has a diamond rig drilling those deeper targets right now, so we should soon get a better look at how far down the silver goes.

New results should help inform the economic studies WCE is doing for a potential open pit mining operation on the project and feed into future updated JORC resource estimates for the project.

(source)

Hear more - WCE posted a clip of Technical Director Sergei Smolonogov talking through these results and why they are important.

AW1 hit a 430m extension to the USA’s biggest critical mineral indium deposit.

AW1 hit a pretty thick 108.4m intercept with grades above the current resource’s average (which should mean the resource will get even bigger).

Hole 1 also returned gold grades exceeding three times the resource average.

Assets pairing a strategic critical mineral (like indium) with a more predictable revenue commodity (like gold) tend to be easier to finance - so meaningful gold hits could assist AW1 with future development financing.

The bigger takeaway for us was the assay results validate AW1’s exploration model - which is that the deposit extends along a ~4km long magnetic anomaly to the east.

Oh and in this week’s announcement, AW1 mentioned yet AGAIN that advanced critical metal development discussions were happening with US government officials in Washington DC...

(source)

OD6 to complete US critical minerals acquisition in Nevada.

OD6 exercised its option to acquire its fluorspar project in Nevada this week.

(prior to this, OD6 was working on the asset under an option agreement - basically kicking the tyres and doing the due diligence work to make sure the asset is worth the time and money to progress with - now OD6 will move to 100% ownership).

So far OD6 has mapped an ~8km mineralised corridor with samples grading up to 94% fluorspar and historical data showing exploration upside is 8x larger than initially thought.

AND metallurgical testwork results showed the material from the project can be processed into acidspar grade fluorspar (the type of fluorspar the US Pentagon is after).

So over recent weeks, the project has been de-risked from a size and processing perspective (nice use of that tyre kicking time).

(source)

VKA confirmed high grade tungsten stockpiles at its US project in Nevada.

Assay results from 41 different samples returned an average ~0.4% tungsten grade, peaking at 1.1%.

Those grades are strong enough to be feedstock for a modular processing plant in VKA's fast-to-market production strategy.

Next we look forward to the 63-hole drilling campaign VKA is due to start in the coming weeks.

(source)(source)

Also this week, VKA delivered metwork data showing that with conventional, well understood processing, the recovery rates for its material could be as high as ~76%.

AND there’s a pathway to produce a product with grades of ~56.9% - comfortably above the ~50% saleable standard.

All good news given US tungsten prices are running hard at US$3,100/mtu, up nearly 6x since August last year.

(the past performance of the tungsten price should not be taken as an indication of future performance)

Check out VKA’s Latest Investor Presentation - America Needs Tungsten. Linka Already Produced It. - Three high-grade historic mines. Fast-to-market strategy. Drilling imminent.

ILA expanded its US Army (USAMRIID) agreement for its Marburg dose optimisation study - topline results due next half.

ILA has now completed its study design AND locked in everything needed to begin trials inside USAMRIID - the U.S. military’s premier high-containment infectious disease laboratory.

ILA’s dose optimisation study is set to start next quarter and take ~30 days to complete, with topline results due before the end of 2026.

We already know ILA’s drug is safe (it has phase 1 human safety data).

This upcoming trial is to establish the optimal dosing - how much of ILA’s drug to give (what's the minimally effective dose?), and at what point after infection, to maximise efficiency.

After these studies it will be all about the “pivotal trial” which is the big one before ILA can make its FDA submission for approvals under the Animal Rule process.

ILA has the potential to be the first Australian company to gain drug approval via the FDA’s Animal Rule.

The FDA has previously advised that ILA’s drug would qualify for a Tropical Disease Priority Review Voucher on approval - these vouchers are tradeable assets, and the most recent sale was worth US$200M.

The other prize here for ILA is the opportunity to secure a multi-year US Strategic National Stockpile contract - potentially worth hundreds of millions in sales.

Watch more: Friday’s webinar replay with ILA CEO and Managing Director Dr David Foster and Non Executive Chairman Jason Carroll - Combatting urgent viral disease threats | Investor Stream Webinar (ASX:ILA)

To scroll through the same ILA Investor Presentation, click here: COMBATTING URGENT VIRAL DISEASE THREATS.

MTH hit extensions to the west of its 529k ounce gold equivalent JORC resource estimate.

MTH hit a 7.25m at 4.01 g/t gold and 225.1 g/t silver intercept to the west of its existing resource - hopefully a good sign ahead of the upcoming JORC resource upgrade for the project.

MTH confirmed these results would go into the JORC resource update which is expected later this month.

We are Invested in MTH to see it drill out the entire district - that is, take whatever it's got at Target 1 and replicate/grow it across the six other main target areas on the wider project.

(source)

TTM started drilling its 3.9M ounce gold, 26.1M ounce silver project with three rigs.

TTM’s got three diamond rigs on site - initial assays are expected within four weeks ahead of a scoping study for the asset in “late Q3”.

We also noticed TTM had some strong trenching results from parts of its project that haven't been drilled yet - those look like they could become targets for this current round of drilling...

(source)

Meanwhile TTM is also drilling its copper Joint Venture (JV) with a subsidiary of Gina Rinehart’s Hancock Prospecting (TTM does not need to commit cash for that exploration work - Gina’s Hancock is funding up to US$120M to earn an 80% interest in the project).

So we could have gold/silver OR copper news from TTM over the next few weeks/months.

SGQ produced high grade niobium AND rare earth concentrates in flotation testwork.

SGQ demonstrated that both niobium and rare earths can be co-produced from its project - a significant de-risking catalyst for the project given it contains rare earths and niobium JORC resources.

SGQ now has a lab pilot study starting next month which will test all of this at a larger scale - followed by even bigger lab studies later in Q4.

SGQ also has four rigs running 24/7 on the project with over 108 diamond drill holes and 28 aircore holes drilled since July last year - so its defined resource estimates could get bigger too this year.

(source)

PUR expanded 1.26MT LCE lithium project in Argentina ahead of drilling.

PUR added ~1,362 hectares of ground to its project - right below its single biggest block.

The reason it matters is because it sits right on the edge of the salar (salt lake) - which is where PUR expects the reservoirs under the salt lake to extend into.

AND it comes just before PUR drills that extension theory - IF that hole comes in, then PUR holds more of the ground inside that exploration model...

Like the image below - but even bigger now for PUR:

PUR already has a 1.26Mt lithium carbonate equivalent JORC resource estimate AND a Pre Feasibility Study showing the project can deliver an NPV of US$364M.

IF that drilling on the salt lake edge comes in the size/scale of the project could grow materially.

Watch more: “From Resource to Revenue: Pursuit’s Path to a Higher Valuation”

EIQ to use its AI tech in cancer patients - opening up a new cardio-oncology market.

An R&D agreement was signed with Mayo Clinic - the #1 ranked hospital system in the US.

The study will assess the ability of EIQ's software to generate predictive heart failure risk scores from routine echocardiograms to flag potential heart damage early in cancer patients.

This expands the clinical footprint for EIQ into the cardio-oncology field, targeting a market of 20M+ new annual cancer cases.

Cancer drugs can have a negative impact on heart health, so the idea is that if the study is successful EIQ’s tech could be used to diagnose issues before they start causing any damage.

In the short term though, the big catalyst for EIQ is the FDA decision on its Heart Failure detection tech.

(source)

LSR released drill results from first copper exploration hole in Chile.

It wasn’t a major discovery hole just yet... BUT LSR has assays from its second hole pending AND we already know the main target area on the project hasn't been intercepted.

While not a material discovery just yet, the drilling has now defined a ~1.6km target area - where we know there are signs of copper mineralisation.

Right area, not quite the right mineralised rocks... yet.

LSR will now re-process an historical geophysical magnetic survey using this new geological data to vector into the core target zone.

The final assay results from the second completed drillhole are expected within the next month.

(source)

Check out LSR’s Latest Investor Presentation: Copper | Gold | REE Tier-1 Mining Jurisdictions - PRESENTATION JUNE 2026

AFR - Wiluna Mining is gearing up to launch a $350M dollar ASX relisting, with the help of Barrenjoey and Argonaut to set up a $200M capital raising.

This is of note to our Investment WAU which has a MoU with Wiluna to treat ore at the plant from its 518k ounce gold Abercromby project.

WAU is actually drilling here right now with a 10,000m drill program and there is also a Scoping Study recently released which returned a $253M NPV from just $8m pre-production CAPEX.

That’s a 33x return on pre production investment, for a gold project in WA, on a granted mining lease.

Check out our note on that here: WAU (previous name BMG) - WA Gold Scoping Study, and drilling continues

Mining.com - the US House of Representatives passed the bipartisan DOMINANCE Act, authorising equity investments in allied critical mineral projects and creating a new State Department energy diplomacy bureau.

Dan Dreyfus: America’s Critical Minerals Crisis is Here - All in Podcast

Mining.com - Over sixty percent of critical minerals pacts signed since 2021 are non-binding frameworks, which leaves local consumers with no certainty of stable supply lines.

CNBC - China's mandated humanoid robot production hit thirteen thousand units, creating massive demand for rare earths and structural metals.

Reuters - The US-China Business Council has warned some rare earths remain nearly unobtainable, forcing 75% of all impacted American companies to seek new and non-Chinese supply lines (which aren’t exactly plentiful).

Mining.Com - Nationwide unrest in Bolivia has heavily threatened its massive lithium resources, this has led to President Paz to expand military powers to curb protestors as tensions continue.

Gartner - Global data centre electricity consumption is forecast grow twenty-six percent in 2026 to 565 terawatt-hours, driven primarily by compute-intensive AI server workloads (thirty-one percent of this alone) which is straining power grids

Bloomberg - This opinion piece outlines ten interconnected structural buffers, including slashed Chinese imports, strategic reserve draws, refinery flexibility, and persistent Hormuz workarounds that have kept global oil prices under US$100.

If the war continues, how long can it last?

Substack (Doomberg) - The strike from earlier on Qatar’s Ras Laffan facility has wiped out a third of global helium supply which has triggered shortages across semiconductor, AI, and healthcare infrastructure.

EMD - Delivering the new paradigm in mental health care - Company Update

AVM - Mexico is the place to be for Silver | Adam McKinnon - MD Advance Metals (ASX:AVM)

RML - June Virtual Equity Conference - Resolution Minerals (RLMLF)

Silver Is About to Do Something Most Investors Won’t Expect | Michael Oliver & Andy Schectman

Why Uranium Must Go to $120/lb | Guy Keller's ASX Uranium Outlook

We came across this interesting post by Joshua Liu, MD, The CEO of SeamlessMD

We think this post relates directly to ONE with how seamless EHR (electronic healthcare records) integration and Epic’s "halo effect" act as the ultimate “kingmaker” for health tech adoption, particularly this part:

For reference, Epic is in ~56.9% of all US hospital beds, so that’s a lot of beds and ONE recently signed an agreement with Epic that sees it deliver Epic’s software into patient rooms.

By locking in a direct channel with Epic, our Investment ONE is now in the exact same position that this post explains and as a result, will then be able to expand its own products alongside.

You can see our Deep Dive on it here: ONE’s New Revenue Channel - It’s Epic

Put simply, getting inside the hospital is by far the hardest part of the battle and this arguably puts ONE in a much better position than having landed a couple of contracts with established names.

ONE also posted that “Hospitals don’t need more screens. They need smarter touchpoints.”

ONE was at the HIMSS (Healthcare Information and Management Systems Society) where it showed off how its screens can make a positive difference to patient care.

There is a focus on ONE’s tech that the number of screens isn’t the priority, but the ease at being able to view relevant information from just a glance which has numerous benefits.

SS1 posted another video from within the core shed, where they go through what they see in the cores from each drill hole as they are prepared to send to the lab:

PNN CEO Alistair Stephens was working the room at the Gold Coast Investment Showcase this week. Diamond drilling at its Brazilian rare earths asset is due to start this month.

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.