Sunday Edition: 15th June

Here in our “Sunday Edition”, we send you a quick summary of what we wrote, read, and watched during the week.

Without further ado...

Yesterday’s Saturday Edition

Commentary: Bull market back? Defence metals leading the charge, precious metals strong too. US projects are in. RML running. Other US projects we are Invested in. What happened with the ILA result?

Read our Saturday Weekender note here: Is the Small Caps Bull Market Back? And is it here to Stay?

• TTM hit more gold outside of its current resource footprint at its Dynasty project in Ecuador this week.
  
  Dynasty is TTM’s most advanced asset with a JORC resource of 3.1M ounces of gold and 22M ounces of silver.
  
  TTM has been drilling this project with a JORC resource upgrade expected next quarter.
  
• GTR is going for an upgrade to its resource in the second half of this year.
  
  GTR’s Lo Herma project is located in Wyoming ~15km away from $44BN Cameco’s Smith Ranch processing plant.
  
  Smith Ranch is the biggest ISR uranium processing plant in the US, and GTR’s project currently has a 8.57m lb JORC uranium resource.
  
  And now, GTR has confirmed it will be drilling to increase that resource next half.
  
• JBY released drill results from its gold project in Nevada, USA.
  
  JBY’s project has a JORC resource of 1.37M ounces of gold - split across two components:
  
  
  • Shallow oxide resource - ~384k ounces of gold at 0.32-0.4g/t gold.
  • Deeper skarn resource - 984k ounces of gold at 6.64g/t.
  • The drill results this week are telling us that the shallow oxide resource could get a whole lot bigger with drilling hitting more gold at surface to the east.
    JBY still has a fair bit of drilling to come so it will be interesting to see what the next batch of holes reveal.
    
• SGQ kicked off drilling at its rare earth/niobium project in Brazil this week.
  
  SGQ will have three rigs on site for a 10,000m drill program that is expected to run over 12-16 weeks.
  
  Assays from the drilling are expected on a 4-week rolling basis.
  
  SGQ’s resource is already big - in terms of tonnage, it is similar in size to ~$7BN MP Materials project in the US - we are hoping the drilling can show that it can get a lot bigger, increase the resources’ classification and confidence level.
  
• NEW INVESTMENT: This week we announced our new Investment in RML.
  
  RML is acquiring the Horse Heaven project, next door to ~$2BN Perpetua Resources’ gold-antimony project.
  
  Perpetua’s project is going into development right now, and once in production will be one of the biggest open pit gold mines in the US.
  
  It will also be the only domestic source of antimony supply inside the US...
  
  This week Perpetua received a funding commitment for another US$400M to get its project into production.

More on RML and a link to our initiation note is below.

Resolution Minerals (ASX:RML): Historical antimony production next to the biggest antimony project in the USA.

We’ve been watching small ASX stocks with US based critical metals projects run, and been waiting for the right opportunity to further increase our exposure to this thematic

Our new Investment ticks the boxes on these themes.

This week we added Resolution Minerals (ASX:RML) to our Portfolio.

RML is acquiring an antimony, gold, silver and tungsten project in Idaho, USA.

The project has drill ready targets, historical antimony and tungsten production and successful gold exploration - gold hits from surface that were never assayed for antimony...

RML’s project is directly next door to the biggest antimony project in the USA: $2BN Perpetua Resources.

Our new Investment, RML is the only ASX listed company with:

• Ground directly next to $2BN Perpetua
• On similar geology
• With historical production of antimony, gold and tungsten
• Drill ready antimony and gold targets
• 6,000m of drilling starting in the coming months

Read more here: Our Latest Investment: Resolution Minerals (ASX: RML) Historical antimony production next to the biggest antimony project in the USA ...plus gold, silver and tungsten.

Watch the CEO interview: Following the transaction, RML’s new in country CEO provided the following interview where he provided more insights into the asset.

VIDEO: Resolution Minerals (ASX:RML) - Investor Update - 11 June 2025

Island Pharmaceuticals (ASX:ILA): ILA clinical trial achieves anti-dengue activity in humans as global dengue cases surge

Island Pharmaceuticals (ASX:ILA)’s Phase 2a/b top line results are in.

The top line results demonstrated its drug is active against the dengue fever virus in a human clinical trial.

“Results show that ISLA-101 demonstrated clinically meaningful anti-dengue activity, which included a material reduction in viral load and symptoms.”

(meaning good for a pill that you take if you are in a high risk dengue location, so IN THE EVENT THAT you get dengue fever it reduces the symptoms - a huge market)

Dengue fever infects around 400 million people each year.

It kills ~40,000 people each year.

Half the world’s population is at risk of getting it.

There is currently NO specific prevention OR treatment currently for this virus... and cases are rising sharply.

ILA might be able to change that...

Read more here: ILA clinical trial achieves anti-dengue activity in humans as global dengue cases surge

Our market reaction commentary here: We also provided some commentary on the market reaction to the ILA news in yesterday’s weekender here: Our biotech ILA had big news out this week - so why did the market react like that?

Hear from ILA management next week: Next Tuesday 11AM AEST, ILA MD/CEO Dr David Foster will be providing an overview of the topline results, further insights, next steps, and a Q&A:

https://us02web.zoom.us/webinar/register/WN_6kMFre8DSki7Mt60Sc56Eg#/registration

James Bay Minerals (ASX:JBY) is surrounded by one of the world’s biggest gold mines - here’s what we saw on site

We recently got back from a trip around the USA visiting a few of our Investments in the country.

One of those was a visit to JBY’s gold project in Nevada.

JBY has an existing ~1.37M ounce gold resource and is currently drilling to grow it even further.

JBY is one of our largest positions, so it was great to finally see it in real life.

(especially witnessing what sits just a few hundred meters away right next door...)

What we have always liked about JBY is that its ground is practically SURROUNDED by Nevada Gold Mines (N.G.M)’s giant Phoenix mine complex.

That’s what you can see in the video above, filmed just a few hundred meters away from JBY’s drill rig.

(N.G.M. is a joint venture between gold majors $55BN Barrick and $95BN Newmont.)

The Phoenix mine produces ~240k ounces of gold per annum - enough gold to make this single pit alone a top 5 producer on the ASX.

...and it has been producing gold for over 50 years.

JBY’s project doesn't just border N.G.M’s ground... it is essentially a part of the overall mine complex.

The two are so close that when we hiked the hill from where JBY was drilling, right up to JBY’s project boundary (~15 min hike), we were basically staring straight into N.G.M’s pit and operation...

After seeing how close JBY is to the giant Phoenix mine complex in real life, we came up with this rough image to illustrate it:

Check out our full site visit write up to see our 10 key takeaways from the site visit.

Read more here: JBY is surrounded by the one of the world’s biggest gold mines - here’s what we saw on site

Oil price climbs above $70 per barrel on escalating Middle East tensions (Upstream Online)

On Friday we saw Israel attack Iran which sparked an instant rally across the oil & gas space.

(Source - Oil Price)

The sharp move came despite Iran confirming that none of its oil or gas infrastructure had been impacted by the air strikes...

~7 hours ago... oil & gas infrastructure DID get hit:

(Source)

Should be an interesting open on Monday...

What might happen with oil & gas if tensions keep escalating?

The answer to that question is two-fold.

First, Iran is a major oil and gas producer, IF the country's infrastructure is impacted by air strikes then it will have an effect on global supply.

Iran shares ownership of some of the biggest gas fields in the world - in fact Qatar’s South Pars/North Dome gas field (shared between Iran and Qatar) is the world’s biggest natural gas field...

(the one that just got hit)

The field is jointly owned (the Qatari’s produce the majority of gas from their side of the field) BUT any major disruptions to supply from this field could be significant for global gas/LNG markets.

(Source)

So Iranian infrastructure being hit could have second order impacts on gas supply coming out of Qatar...

(Qatar is the world’s biggest LNG supplier. So the impact on global markets could be big).

The second issue also pertains to global oil & gas supply - specifically how air strikes on Iran can impact the passage of oil & gas cargos in the Strait of Hormuz.

(source)

The “worst case scenario” for global energy markets would be Iran completely blocking supply out of the shipping route which would disrupt the passage of millions of barrels of oil per day.

The strait of Hormuz is one of the world's most important shipping routes ~ 21 million barrels of oil and ~1/5th of the world's total LNG shipments pass through the strait...

(Source)

Oil and gas price shocks might mean increased attention on our early stage oil and gas Investments including: CND, GGE, 88E, IVZ and EXR.

We will be watching this one closely over the coming days.

Pathfinder Tonopah Draws Ex-Im Interest Over Nevada Copper Project (Bloomberg)

This week the US Export-Import Bank of the US announced a US$896M commitment to a copper project in Nevada, USA.

The US government has been putting money where its mouth is, backing US based resources projects of late.

Trump signed an Executive Order earlier in the year aimed at increasing “American mineral production” and has already started fast-tracking permitting for some of the US’s biggest projects.

We have seen the US government get behind Perpetua Resources’ gold-antimony project, which, once developed, will be the USA’s only source of domestic antimony production.

(and the single biggest open pit gold mine in the country)

Perpetua to date has received almost US$1.9BN in government funding support to get its project online.

We cover more on this above in our new Investment in the company next door to Perpetua: Resolution Minerals (ASX:RML).

This week we also saw another US$896M from the US government find its way into the US critical metals space, this time it was copper.

The fact that the US is willing to put cash behind a copper project - a market where supply is decently diversified and where Chinese/Russian production does not dominate is a good sign overall for US-based metals/mining projects.

The positive take here is that the US isn’t funnelling capital solely into projects where the underlying commodities face some sort of supply concentration risk...

It looks like the US is going for a broad-based push to bring as many projects online as possible, without discriminating on the type of metal...

Cormack Securities Inc. published their analyst site visit highlights from a visit to Mithril Gold & Silver (ASX: MTH):

East Coast Research initiation coverage on James Bay Minerals (ASX:JBY):

Samso published a thoughtful piece on Emyria (ASX:EMD)’s breaking Through PTSD Treatment with psychedelics:

Silver Breaks $35! Next Stop $50 – Erfle

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Bye for now.