Sunday Edition: 22nd March

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 links to everything we wrote last week, plus some interesting stuff we came across on our travels.

Read yesterday’s Saturday note here: Why things may settle down soon, even if they... Don’t

Quick Takes: OD6, AL3, PNN, VKA, WCE, RML, HAR, AVM

Deep Dives: ONE, PKP, TTM, LSR

OD6 has staked additional claims around its ultra high grade fluorspar project in Nevada, USA.

Fluorspar has been deemed a critical mineral by the US, currently it relies 100% on imports for defence and tech applications.

OD6’s new project area covers the majority of an 8km mineralised corridor and locks up ground around historic 1950s small-scale mining operations that previously produced high-grade fluorite.

Despite this history, the site has never been drilled.

OD6 is aiming to fast-track drilling and define a JORC resource estimate.

Also during the week, OD6 appointed the Hon Julie Bishop’s advisory firm as strategic advisor.

This high-profile appointment comes at a time when OD6 is progressing with its US fluorspar asset in Nevada, and is also relevant to its high grade rare earths project in WA.

Bishop's extensive diplomatic experience and her advisory firm can help OD6 navigate the rapidly evolving US and Australian critical minerals sectors.

There’s a lot going on in both the USA and Australia - Julie Bishop & Partners can help position the company to benefit from initiatives like the US’s $12BN "Project Vault" stockpile and Australia's $1.2BN critical minerals reserve.

AL3 received a ~$9.9M order for four of its “ARCEMY X” 3D printing systems from Newport News Shipbuilding.

Newport News Shipbuilding is a subsidiary of $23BN Huntington Ingalls Industries (HII).

HII is the USA’s largest military shipbuilder, delivering ships, aircraft carriers, submarines, and defence technologies.

The order is for four custom large scale systems. On completion of the order, Newport will have a fleet of six.

The US Navy is pushing additive manufacturing to modernise shipbuilding and maintenance, backed by significant defense budget allocations.

This major repeat order from a large customer reflects the strong and growing demand signals that is driving AL3’s continued expansion into the US defense market.

PNN appointed rare earths specialist Alistair Stephens as its new CEO.

This comes directly after PNN acquired an advanced rare earths project in Brazil - it now has two rare earths assets in the country.

Stephens brings decades of experience, having previously led the $1.3BN Arafura Rare Earths and $1.4BN Lindian Resources.

Stephens led Arafura as CEO during its advance from a $4M micro cap in 2004 to a $400M company at the PFS stage in 2009.

More recently he was CEO of Lindian, during his tenure he oversaw completion of the feasibility study of its project in Malawi. The project is now under construction and Lindian has a market cap of $1.4BN.

(the past performance of Arafura and Lindian is not an indicator of future performance of PNN)

Stephens’ expertise will be key as PNN looks to advance its new high-grade Morro do Ferro project, situated near major ASX rare earth success stories like Meteoric Resources and Viridis Mining.

Stephens brings extensive senior leadership experience within ASX listed companies, this should be highly valuable for PNN as it progresses its two rare earths projects in Brazil, along with its lithium project in Argentina.

VKA started a processing concept study for its tungsten project in Nevada.

Supporting VKA’s "fast to market" strategy, the study will focus on a low-cost, modular processing unit that can be quickly pre-assembled and installed.

Also, a couple of days after VKA engaged global engineering firm WSP to fast-track the project permitting process.

By running permitting, processing studies, and exploration in parallel, VKA aims to accelerate its "fast to market" strategy.

The US Pentagon is actively seeking domestic tungsten supply ahead of a December 2026 deadline to eliminate Chinese supply from military supply chains.

WCE is about to kick off geophysics at its Elizabeth Hill silver project in Western Australia.

Expected to begin by the end of the month, the expanded magnetics and IP surveys will help prioritise 20 newly identified regional targets for future exploration.

Concurrently, WCE is set to commence near-mine RC drilling this month to follow up on shallow, high-grade silver hits north of the old workings.

The results of this drilling will be used in a maiden JORC resource estimate for the project, which currently sits at a foreign resource of ~46.8kt @ 2,700g/t silver for 4.05Moz remnant resource.

RML laid out the plans for its phase 2 drilling program at its Golden Gate gold discovery in Idaho.

Set to begin in early May, the 45-hole (13,700m) campaign aims to define the scale of its gold system across a 1.5km strike, targeting a maiden JORC resource estimate in Q1 2027.

Drilling will also test for tungsten potential following a recent processing plant acquisition.

This drilling is coming earlier than was expected due to favourable weather conditions through the winter.

HAR put out a drilling update from its gold project in California, USA.

The drilling program has been expanded from 30 to 40 holes (3,370m).

Initial drilling indicates that “lode thicknesses are improving as drilling progresses further south” - so hopefully this is a good sign that the project's historic 286,000 oz gold resource estimate will be confirmed.

HAR updated that it is aiming to convert this to a JORC-compliant resource estimate by the end of April.

We are Invested in HAR to see the company convert this historic resource into JORC status, grow the resource to >1M ounces and ultimately put the project back into production using the existing on site infrastructure.

AVM released the final batch of drill results from its Yoquivo Silver-Gold Project in Mexico.

This comes ahead of a maiden JORC resource estimate expected in the coming weeks.

A standout hole hit a 230m interval of silver at depth, including high-grade pockets up to ~2,180g/t silver equivalent.

These results now have AVM exploring the possibility of a bulk-tonnage open-pit mining scenario, aiming to upgrade Yoquivo's existing 17.2M oz silver equivalent foreign resource estimate.

Oneview Healthcare (ASX:ONE)

We just took a pretty big swing (by our standards) into ASX listed medical tech company Oneview Healthcare (ASX:ONE)’s $19M capital raise (at 19c).

The raise was open and shut over a couple of hours on Friday last week after market.

ONE sells software technology to hospitals.

ONE’s tech connects various hospital systems and runs on hospital TVs, tablets, and mobile devices so patients can get information, control their room, and request help while giving staff better visibility and smoother workflows.

We think the recent and indiscriminate SaaS/tech sell off of the last couple of weeks/months (SaaSpocalypse) has been way overdone.

(especially for companies like ONE)

And thrown up some great valuations for companies that probably aren't going to be affected.

(like ONE, in our opinion)

Hospitals are notoriously hard to sell into. ONE already has plenty of sales traction AND has been going hard on using AI to develop its software since 2023, when AI first caught people’s attention.

So ONE has already been building a moat by being VERY early adopters of AI for software development.

(not to mention ONE’s moat of selling into hospitals - the sales timelines here are very slow in hospitals however they are sticky customers)

ONE’s FY25 revenues were ~A$21M (up 21% year on year) - recurring revenues are ~A$13.3M (up 7%).

(Note: ONE’s FY ends on December 31st like US companies, and the end of FY results were released in February this year for the year ending Dec 31st 2025)

At the same time, costs are coming down too - down 9% in H2-2025 vs H1-2025 (thank you AI productivity gains).

We Invested in this latest raise because we think ONE’s hit an inflection point for its business.

ONE started going after the US market a few years ago, and so far, growth out of the US has been relatively strong.

In the last 3 years, ONE’s added 18 new logos (for ONE, a “logo” is a new client health organisation) and ~90% of the beds from those logos are in the USA:

(source)

Read more: ONE: Med Tech into 18 new US hospitals and a sales pipeline of ~€53M in potential recurring revenue

Peak Processing Ltd (ASX:PKP)

Our “sell the picks and shovels in a gold rush” Investment for the THC drinks sector is Peak Processing Ltd (ASX:PKP).

PKP owns and sells the technology to "infuse any drink with THC”.

THC is part of marijuana that gets you high, and is an increasingly popular alternative to alcohol in drinks.

(and an industry strongly resistant to AI disruption...)

PKP sells white label “cannabis infused drink production” to drink makers that either:

Sell cannabis infused drinks

OR

Sell non-alcoholic, cannabis infused alternatives to their most popular alcoholic drinks.

We Invested in PKP 8 months ago just as it changed its management team and started a plan to improve operations and grow into Canada and the USA.

During the week we started to see the first results.

PKP is already a market leader in the Canadian THC drinks market - manufacturing ~33% of all cans produced in the THC drinks market.

On Tuesday this week, PKP released an operational update confirming further growth in Canada- Q4 FY26 (Apr–Jun 2026) forecasted production of ~1,400,000 beverage units (cans of drink) in Canada.

(up 56% from an est. 900,000 units produced in the prior quarter)

That is ~56% higher quarter on quarter... and the “forecasts” are from confirmed customer purchase orders and manufacturing directions.

(source)

PKP also improved its “on time and in full” delivery to clients from 54% to 99.8% - another business turnaround tick.

AND secured 19 new drinks listings - which means those drink brands have chosen to use PKP for production.

PKP’s Canada business is established and now growing fast - the “moonshot” for us with PKP is expanding this model in the USA - a much bigger market.

For the US business, the major catalyst will be regulation changes (which is expected to happen before Nov-2026 - we explain why in the link below).

So now, we also have a binary event on PKP’s “USA expansion moonshot” inside the next 9 months too (bringing some “offshore oil & gas exploration” style excitement / anxiety for PKP shareholders)

PKP already has licensed production capacity in a facility in the USA, and they say they will be providing an update on the USA expansion soon.

Read more: PKP: Business turnaround is kicking in? 1.4M units produced this quarter, up 56%.

Titan Minerals (ASX:TTM)

Our precious metals Investment, the $277M capped Titan Minerals (ASX:TTM) upgraded its Dynasty gold project’s resource estimate in Ecuador:

To a monster 3.9 million ounces of gold and 21.6 million ounces of silver JORC Mineral Resource Estimate.

(good timing given that “Lingbao and Titan advanced discussions for a potential corporate transaction” according to the most recent TTM quarterly report - more on this in a second)

TTM’s new resource estimate has average grades of 1.85 g/tonne for the gold and 12.38 g/tonne for the silver.

The resource starts from surface, with 47% of it sitting in the top 100m and ~76% in the top 200m.

...and with the gold price trading at near its all time highs for the last two months - you can do the maths on what 3.9 million ounces in the ground is worth.

(BUT also please don't just multiply two numbers together - as getting gold out of the ground costs money, and TTM isn’t in production)

(source)

That’s a resource estimate, that IF it were located in Western Australia, would probably be valued at >$1BN - based on current ASX valuations.

For example, Minerals 260’s deposit in WA has a resource estimate of 4.5M ounces of gold and the company's market cap is $1.5BN.

Obviously, there is a jurisdictional difference between the two deposits and a difference in geology/terrain, BUT the current valuation difference is fairly big.

TTM also owns three copper assets too, one of which is getting earned into by Gina Rinehart’s exploration vehicle, Hancock Prospecting.

Hancock is earning up-to an 80% interest in that project from TTM through ~US$120M in exploration expenditure.

But back to TTM’s gold asset for now.

On October 15th last year, ~A$6.2BN Chinese gold producer Lingbao Gold International invested US$10M cash into TTM.

That investment was for ~9.9% of TTM, and was completed at 59c/share - a 33% premium to the 30 day VWAP at the time.

That investment also gave Lingbao a 90 day exclusivity period to conduct further due diligence and for the companies to negotiate terms for a potential project level transaction for TTM’s Dynasty Gold Project.

(the project that TTM announced now contains an estimated 3.9Moz of gold 26.1M oz of silver)

Since October 15th, we have noticed the wording of TTM’s announcements evolve to indicate that there could be a deal for all of TTM’s projects in Ecuador - not just the Dynasty project that was the subject of the exclusivity period.

(source - TTM announcement 14th January 2026)

We think today’s resource estimate upgrade will form a key bit of information required in any M&A discussions.

We also note that Lingbao’s 90 day exclusivity ran out ~64 days ago, which to us indicates new parties can enter M&A discussions with TTM.

No guarantees, of course, this is just our speculation based on the announcements TTM has put out and an analysis of recent gold M&A deals also in Ecuador.

Like back in early 2024, SolGold announced a US$3.2BN investment for its Cascabel copper-gold project - the largest mining investment in Ecuador’s history. (source)

Or In June 2025 Hong Kong listed CMOC bought Lumina Gold for US$421M, and (source)

AND in early 2025 Hong Kong listed JiangXi Copper upped their stake in SolGold at a premium to the market price at the time. (source)

A lot has changed since both those deals got announced... gold prices are up by ~47% and the silver price by ~143%

BUT - Given M&A is no guarantee, TTM is straight back onto more drilling, saying they plan to be out drilling again inside the next few weeks.

(and the project, that is approved for mining up to 1Mtpa, can now move into the scoping study stages - where TTM teased a potential starter operation using third party processing). (source)

More drilling, a scoping study and having low CAPEX development optionality could be good for generating some urgency IF there is anyone watching on from the sidelines.

Especially because with more drilling, TTM’s resource could get bigger - and then demand a bigger premium...

The resource upgrade today said that “Mineralisation across all MRE deposits remains ‘open’’ - with this next round of drilling focusing on growing the resource even further.

Read more: TTM announces 3.9 million ounces of gold and 21.6 million ounces of silver JORC Mineral Resource Estimate. Lingbao Lurking?

Lodestar Minerals (ASX:LSR)

Why did our exploration Investment Lodestar Minerals (ASX:LSR)’s share price go up 46% Wednesday on large volumes of shares traded?

Because LSR announced that its heavy rare earths project in Arizona, USA, contains high value, hard to find heavy rare earths like dysprosium, terbium and lutetium.

AND mineralogy testing showed it is hosted in “xenotime” - a well known host rock that the west knows how to process (and turn into important inputs for advanced technologies).

...and the market liked it.

(The past performance of LSR is not an indication of future performance)

Access to and control over HEAVY rare earths supply will help determine which nations can build, sustain, and upgrade next-generation:

• Artificial Intelligence (AI)
• AI-driven defence
• Autonomous war robots and drones
• Quantum computing, and
• Advanced energy technologies.

Nations that “win” these technologies will likely be the next global superpower.

And to build these technologies you need heavy rare earth minerals.

So it's kinda important to NOT be 100% sourcing the heavy rare earths you need to win this race (USA) from your main adversaries (China) who also want to win the race.

LSR owns a heavy rare earth project in the USA (Arizona).

On Wednesday LSR announced it had just completed mineralogy test work on rock samples from its project.

LSR announced that the mineralogy of its heavy rare earth project is one that’s well understood and one that the west can extract with conventional processing.

(unlike most rare earth projects, which are more so chemistry experiments)

How do we know?

Because $248M capped ASX listed Northern Minerals built and operated a xenotime-based processing flowsheet and received $5.9M in government grant funding + letters of support from the US Export-Import bank for US$230M. (source) (source)

Oh, and it's also the type of rock that typically contains very high-grade heavy rare earths - the type of rare earth elements that the US needs the most (and has very little of).

Before we go too far here, it’s important to note that LSR’s project is still at a very early stage.

All of the results so far are based on rock chips only. There hasn’t been any drill testing yet, let alone a resource estimate, so we don't know (yet) if there is an economically viable quantity of rare earths in the project.

We also found out that LSR’s project has three of the highest-value heavy rare earths, all on the US critical minerals list, and all export-controlled by China.

Dysprosium, terbium and lutetium:

Dysprosium (Dy)

• Military: Stops magnets in missiles, jets, and drones from failing under extreme heat.
• Robotics: Every robot arm and joint motor needs Dy-doped magnets to work reliably.
• AI: Keeps hard drives spinning in the massive data centres that power AI systems.
• Quantum Computing: Used in cooling systems that keep quantum computers at near-absolute-zero temperatures.

Terbium (Tb)

• Military: Powers sonar on submarines, stabilises missile guidance systems, and lights up night-vision displays.
• Robotics: Hardens robot motor magnets so they don't weaken under heavy loads and high heat.
• AI: Improves the tiny transistor gates inside next-generation AI chips.
• Quantum Computing: Being developed for advanced memory systems that could store quantum data.

Lutetium (Lu)

• Military: Detects nuclear and chemical threats on the battlefield via gamma-ray scintillators and the M4 Joint Chemical Agent Detector
• Robotics: Lutetium-based radiation sensors enable robots to operate safely in nuclear or contaminated environments
• AI: Lutetium oxyorthosilicate crystals are used in advanced PET imaging systems being adapted for AI-guided inspection and detection
• Quantum Computing: Lutetium ions are being explored as ultra-stable qubit candidates due to their simple electronic structure and long coherence times

Read more: LSR: Dysprosium, terbium and lutetium in xenotime... huh? The market liked it.

X (@raydalio) - On X, Billionaire investor Ray Dalio posted an article warning that the US faces a "Suez-style" collapse of its global empire if the Trump administration fails to wrest control of the Strait of Hormuz from Iran.

“When the world's dominant power that has the world's reserve currency is overextended financially, and it reveals its weakness by losing both military and financial control, watch out for allies and creditors losing confidence, the loss of its reserve currency status, the selling of its debt assets, and the weakening of its currency, especially relative to gold.”

WSJ - Wyoming is stashing 2,312 ounces of gold in a converted Cheyenne newspaper building, asserting economic independence and hedging against dollar volatility during the Iran crisis.

Bloomberg - China is draining global silver supply to fuel its humanoid robot and defence sectors, causing a physical shortage that threatens Western high-tech supply chains.

Mining.com - Canada’s only antimony mine remains idle under Chinese ownership, fueling fears that Beijing is strategically withholding supply to manipulate prices and hinder Western defence-related mineral independence.

Bloomberg - Tungsten prices have climbed 557% since 2025, outperforming gold and copper as military demand for munitions and Chinese export curbs created a critical global supply deficit.

“In my 12 years working across the commodity space and dealing with a lot of weird and wonderful metals, I have never seen a market as tight as tungsten is right now — aside from maybe lithium in 2021,” said George Heppel, vice president of commodity research with BMO Capital Markets. “This isn’t like lithium, where there was a huge pipeline of projects that could come online.”

Appreciation in the tungsten price is positive for our USA tungsten company VKA.

US Department of Energy - The DOE announced more funding, this time US$500M to boost domestic critical mineral processing, aiming to end US reliance on foreign refineries for rare earths, lithium, and defence related metals.

Reuters - The US hosted a critical minerals event in Brazil, attempting to secure lithium and niobium supplies while navigating diplomatic friction over Brazil’s ties to China and BRICS.

Our Investment SGQ announced on Friday that it was in attendance and we have mentioned prior that its Brazilian rare earth project could form part of the supply chain. So it's good to see it attend an event such as this. See SGQ’s announcement on this with an included company presentation here.

We are also Invested in PNN which has two rare earths assets in the exploration phase, any ties ups between Brazil and the USA could also be good for PNN.

Bloomberg - This report covered how Brazil's ionic clay deposits could break China's rare earth monopoly, as Western allies offer massive financial incentives to secure non-Chinese heavy mineral supplies.

PNN’s new Poços de Caldas asset is located alongside Brazil ionic clay projects owned by ASX listed companies Meteoris Resources and Viridis Mining.

Bloomberg - The DRC’s new cobalt export curbs could trigger a global shortage lasting until 2030, which could force the West to choose between higher-priced minerals or battery chemistry redesigns.

Reuters - Guinea is weighing up bauxite export quotas to combat sliding prices and rising freight costs, a move that could significantly tighten the global aluminium and aerospace supply chains.

Should this move happen, it could be positive for our bauxite Investment CAY which is about to begin bauxite mining. Production is expected early next quarter with first shipment in Q3 this year.

Investigator Silver (ASX:IVR) is holding a webinar on Tuesday the 24th March at 12pm AEDT which will provide a walk through of the recent DFS and IVR’s plans as it moves towards development and construction of an Australian pure silver mine:

Register for the webinar here

EXR - Euroz Rottnest Conference - Building a significant gas resource in Queensland's Taroom Trough

TTM - Dynasty Gold Project Rapidly Growing 3.9M ounces Gold & 26.1M ounces Silver - Ecuador’s Next Major Gold Camp, Significant upside remaining

MTH - Exploring Mexico’s Sierra Madre Gold-Silver Trend - High Grade, Fully Funded and Ready to Grow

SGQ - Brazil-US Critical Minerals Forum, March 2026, Sao Paulo - Niobium. Rare earths. World class.

St George Mining (ASX:SGQ) - Araxá – Moving into the Big League

Watch St George Mining Limited (ASX: SGQ) Target a $1B Nasdaq Opportunity

Viking Mines (ASX: VKA) Viking advances Linka tungsten with gravity processing

West Coast Silver Ltd. (ASX: WCE) | Webinar Replay

Lodestar Minerals (ASX: LSR) : Why this Arizona project could unlock rare earth supply

Leadership Talks with Resolution Minerals (ASX:RML) CEO Craig Lindsay

Oneview Healthcare (ASX: ONE) - 593 - Rethinking Private Hospital Care: Technology Integration and Value-Based Models

This Energy Crisis Could Get Ugly (Arrakis Global) - An interesting chat dropped on Friday from the Money of Mine podcast with a fund manager discussing some themes we have mentioned prior including the debasement trade/commodities and also went deep into his risk management.

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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