Sunday Edition: 26th 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 other content we wrote last week, plus links to each full note.

Firstly, our Investment Patriot Resources (ASX:PAT) on Friday announced it now has one of the largest undeveloped silver systems globally.

A JORC exploration target of between 559 Million ounces to 774 Million ounces silver equivalent.

Read our PAT update here

Silver has been trading in an all time record high range for a full four months now.

Let’s see what PAT does on Monday...

More on PAT below.

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

In yesterday's Saturday edition we outlined our theory on the re-activation of former meme stocks when the company starts delivering on its promise:

Yesterday’s Saturday note: The reactivation thesis: When meme stocks awaken

Quick Takes: PR1, WCE, ION, IVR, RML

Deep Dives: EMD, IVZ, WAU (ex BMG), PAT

VKA - VKA MD Julian Woodcock will provide a webinar update on the company’s USA tungsten project next week, including upcoming catalysts to look out for.

There will also be a live Q&A session too. Questions can be sent in advance after registering in the link below:

The webinar kicks off Wednesday April 29th at 11:30am AEST. Register here:

Viking Mines (ASX: VKA | OTC: VKALF) - Webinar Registration

PR1 gave a progress update to the R&D collaboration agreement signed with Rice University.

PR1 is collaborating with Rice University to develop Carbon Nanotube Fibre (CNTF) thermal management IP - targeting AI data centre infrastructure and defence applications where conventional metal heat sinks have hit their limits.

End users are already engaging with the process PR1 is setting up, with multiple organisations expressing interest in the IP program to help shape the R&D direction.

Additionally, US federal funding applications across the Department of Defence and Department of Energy have commenced, which would help validate and accelerate the technology's path to commercialisation.

WCE released its Maiden JORC Mineral Resource Estimate for the Elizabeth Hill Silver Project in WA:

2.8M ounces of silver from 141,000 tonnes at 617 g/t Ag, including 369,000 oz indicated and 2.42M oz inferred, reported above a 20g/t Ag cut off.

This new resource estimate has established WCE’s Elizabeth Hill project as one of Australia’s highest grade silver deposits.

Pit optimisation has confirmed Reasonable Prospects for Eventual Economic Extraction within a compact open pit (~200m x 180m, 130m deep).

This offers a simpler and more cost-effective mining approach compared to historical underground methods and these grades are very high for a shallow open pit operation.

(source)

Drilling is continuing to test for further mineralisation and may result in an updated JORC resource estimate, while a scoping study is targeted in the final quarter of this year.

Watch more: WCE’s Executive Chairman Bruce Garlick was recently on site showing off the drilling underway - West Coast Silver (ASX: WCE) | RC Drilling Expands Elizabeth Hill Silver Footprint

ION announced the appointment of Kevin Hobbie as its new VP North America.

ION is developing critical minerals recycling technology. The goal of ION’s new hire is to accelerate the commercialisation of the company’s IONSolv technology within USA.

Mr Hobbie previously built and commissioned a commercial-scale battery recycling plant in the US, bringing critical operational experience to ION’s upcoming pilot plant rollout.

Read more: Iondrive Limited (ION: ASX) Sol(vent)ing Critical Problems (Taylor Collison research report)

IVR gave an update on the drilling program underway at its 100%-owned Paris Silver Project in South Australia.

Drilling is funded by the $55M institutional capital raise completed in March and will focus on:

• Increasing data density in the early mining areas to support financing readiness, and;
• Targeting resource conversion and potential pit expansion to drive longer term growth.

(source)

Regional drilling will also explore the 15km silver corridor to identify potential new satellite deposits and extend mine life further.

Watch more: See the recent presentation from MD Lachlan Wallace - Presentation: Investigator Silver (ASX: IVR) - Ignite Investment Summit, Hong Kong, April 2026

RML (OTC: RLMLF) secured a $20M placement to fund progress at critical minerals and gold project in the US.

The raise was completed at 7c, a 6.3% premium to the 20 day VWAP and came with 1:3 options. Tribeca Investment Partners and L1 Capital cornerstoned the raise.

This capital injection will fund an extensive drilling campaign at Antimony Ridge following the project’s recent FAST-41 federal permitting designation.

RML’s NASDAQ listing is now ‘imminent’ - set to materially expand the company’s access to US investors.

This week we saw RML’s FAST-41 permitting timeline go live on the official government website for Antimony Ridge. So we can now track government permitting timelines:

(source)

Watch more: CEO Craig Lindsay talked about the raise - $20M funding boost for Resolution Minerals' Horse Heaven

Emyria (ASX:EMD)

Last weekend, in the White House, US President Trump signed an Executive Order that accelerates access to psychedelic based treatments for patients with serious mental health conditions.

This is now official US policy:

Psychedelics like psilocybin and MDMA are showing they can "reset" the brain's stuck patterns - offering breakthrough relief from serious mental health conditions and addiction where traditional meds have failed for decades.

The US effectively banned psychedelics nationwide in 1970 with the passage of the Controlled Substances Act (CSA) - the lead up to this is actually a very interesting story, but one for another day.

Now, USA drug companies have been given the green flag to go fast and hard on developing new psychedelic treatments for serious mental health issues, putting the treatments through clinical trials (phase 1, 2 and 3) and seeking FDA approval to get them to end users.

More than 50 psychedelic-assisted therapy programs are currently in global clinical development.

For most companies developing a new psychedelic treatment, clinical delivery (safely getting it to patients) rather than drug development, is expected to become a major bottleneck to patient access. (source)

Clinical trials to get a new psychedelic treatment approved require:

• intensive psychotherapy,
• long treatment sessions,
• recruitment of vulnerable patient populations,
• purpose-built environments, and
• a highly trained, multidisciplinary workforce.

Our Investment Emyria (ASX:EMD) is the only company in the world that has years of experience operating private, legally-authorised clinics delivering psychedelic therapy for mental health at commercial scale.

Which means EMD has the extremely rare combination of infrastructure and expertise ALREADY IN PLACE required to deliver psychedelic therapies safely and at scale.

Specifically, including helping to run clinical trials on innovative new psychedelic treatments.

Like the clinical trials that USA drug companies are now suddenly allowed to do...

This week, EMD announced a global partnership program where overseas companies that have developed a new psychedelic treatment can access EMD’s clinic networks in Australia:

(Source)

These drug companies (EMD calls them “sponsors”) will pay EMD to use its experience and infrastructure to safely deliver innovative new psychedelic treatment for mental health issues.

EMD says they have already been approached by several major clinical research organisations (sponsors)

AND has already entered a service delivery contract for international drug sponsor, the NASDAQ listed Psyence Group.

Read more: EMD: USA signs exec order to fast-track psychedelic medicine research and access. EMD is already doing it.

Invictus Energy (ASX:IVZ)

After two years of waiting...we officially have a big oil & gas drilling event on the horizon.

This week our African oil & gas Investment Invictus Energy (ASX:IVZ) confirmed it will be drilling a new, high impact exploration well in H2 2026 - only a few months to go.

IVZ will be targeting a 1.2 tcf of gas plus 73 million barrels of oil (prospective resource estimate) on one simple, low cost, ~1,500m deep well.

IVZ just raised $10M to support the work heading into drilling next half.

We participated in this raise - the biggest swing we have taken to date at a single IVZ placement.

(and got scaled back in our offer letter - even so it's still the biggest single Investment we have made into an IVZ placement).

We have significantly increased our position size in IVZ, ahead of a new (and long awaited) drilling event this year, into buoyant oil & gas sentiment.

We are Investing now because we think the market is finally ready to reward drilling success again

(in a re-awoken oil & gas market, thanks Strait of Hormuz...)

Especially if success means unlocking a project with a total ~5.5BN barrel of oil equivalent prospective resource (estimate, across its entire project).

(big enough for any supermajor or national oil company to show interest in)

IVZ’s CEO Scott MacMillan held a shareholder briefing following the capital raise: Watch the replay here.

IVZ is exploring and developing the Cabora Bassa Basin, one of Africa's largest and last untested frontier rift basins.

This is proper, “basin opening” frontier oil and gas exploration (one of our favourite type of investments)

Chasing a total potential 5.5 Billion barrels of oil equivalent (prospective resource estimate)

(source)

Read more: IVZ: We go again...

Watch more: IVZ MD Scott Macmillan held a webinar during the week - Invictus Energy shareholder update webinar - April 2026

WA Gold (ASX:WAU) - formerly BMG Resources

One of our WA gold Investments announced a Scoping Study saying it can quickly build a small scale gold mine for just $8M that will deliver up to A$297M pre tax cashflow.

With an NPV of up to $253M pre tax.

That’s a 33x return on pre production investment.

And it's gold in Western Australia (WA) - the epicentre of gold and gold mining, on a granted Mining Lease.

Smart move while gold is at historical highs... build fast, produce gold, and sell gold ASAP.

(the study was based on a gold price of A$6,000/oz, compared to a spot price of A$6,700/oz).

Here’s the gold price in US dollars:

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.

The company also just changed its name and stock code this week.

It matches a little better where the company is operating and what it does...

In fact it is now extremely obvious.

... and essentially shouts a strong commitment to build this thing.

(a “burn the boats” naming strategy?)

BMG Resources (ASX: BMG) is now known as:

WA Gold

ASX:WAU

Read more: WAU (previous name BMG) - WA Gold Scoping Study, and drilling continues

Patriot Resources (ASX:PAT)

This week our Investment Patriot Resources (ASX:PAT) announced it now has one of the largest undeveloped silver systems globally.

The $20M capped PAT released a ‘massive’ upgrade to its Exploration Target.

The headline speaks for itself:

(read PAT announcement here)

PAT announced a JORC exploration target of between 559 Million ounces to 774 Million ounces silver equivalent...

from 422-359 Mt ore at 57-48 g/t silver equivalent.

The Target was independently prepared, and reported in accordance with the JORC code.

Even if you take ONLY the pure silver it's 479Moz - 663Moz at 49-42 g/t silver (its a silver dominant system).

Silver has been trading in all time record high range for a full four months now:

(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.

So with this exploration target, PAT now has one of the largest undeveloped silver systems globally.

Ok... now it makes sense why $42BN mining major Teck Resources, spent four years doing work and building data sets on this project prior to PAT acquiring the project.

It turns out the $20M capped PAT’s 100% owned project MIGHT actually host a giant Tier 1 silver resource...

just the kind of asset a major like Teck would spend time, money, and resources on (we will explain why Teck moved on from the asset allowing PAT to pick it up cheaply in the full note in the link below).

Read more: PAT: Up to 774 Million oz silver Eq JORC exploration target - one of the largest undeveloped silver systems globally.

Bloomberg - China's silver imports hit record highs in March as solar manufacturers front-loaded supply before tax changes and retail investors sought a cheaper alternative to gold.

WSJ - Exxon, Chevron, and BP are investing billions in Nigeria, Namibia, and Venezuela to escape Middle East war risks and secure non-Hormuz oil.

This shows that capital is being allocated to traditionally less desirable jurisdictions. We increased our holding in IVZ (Zimbabwe) during the week, 88E also has a project in Namibia and CND in Peru.

Reuters: USA Rare Earth’s acquired Brazil’s Serra Verde for US$2.BN, securing a critical heavy rare earth supply chain and taking a step towards establishing a Western "mine-to-magnet" industrial leader.

US capital flowing into Brazilian projects, especially rare earths, could be good news for our Brazil rare earths Investments SGQ and PNN.

X (@EximBankUS) - The Exim account posted this picture:

The EXIM is the official export credit agency of the United States, established as a government corporation to support the US economy.

The EXIM has significantly ramped up its investments in mining and resources over the last year, primarily through a massive strategic push into critical minerals.

It looks like that is set to continue based on comments made above by the President and Chairman of the agency.

WSJ - The Iran War has depleted half of US missile interceptor stockpiles, complicating Taiwan defence capabilities and creating a six year replenishment gap.

The macro thematic for US Critical Minerals continues to strengthen, a six year (and presumably growing) replenishment gap has been reported in this article.

WSJ - Joe Rogan convinced President Trump to fast-track psychedelic drug reviews, leading to an Executive Order prioritizing ibogaine for veteran PTSD and addiction.

This is the type of treatment EMD is utilising, so any traction this gains in the US could be great news for it.

Read more in our Deep Dive: EMD: USA signs exec order to fast-track psychedelic medicine research and access. EMD is already doing it.

We also came across a video from the Compass Pathways CEO being interviewed by the WSJ that discusses this news:

Compass Pathways CEO on Trump's Order to Expand Psychedelics Research

EMD - Delivering the new paradigm in mental health care - Ignite Investment Summit Singapore

OD6 - Advancing USA and Australian Critical Mineral Projects - EGM Presentation & Company Update Presentation, 20 April 2026

OD6 Metals (ASX:OD6) - Australia’s Standout Rare Earths & Copper Opportunity (East Coast Research)

Iondrive Limited (ION: ASX) Sol(vent)ing Critical Problems (Taylor Collison)

Invictus Energy (ASX: IVZ | OTC: IVCTF) shareholder update webinar - April 2026

West Coast Silver (ASX: WCE) | RC Drilling Expands Elizabeth Hill Silver Footprint

$20M funding boost for Resolution Minerals' Horse Heaven (ASX: RML | OTC: RLMLF)

Presentation: Investigator Silver (ASX: IVR) - Ignite Investment Summit, Hong Kong, April 2026

Kaiser Reef (ASX: KAU) - Am I missing anything on Kaiser Reef? - Brad Valiukas (KAU)

Michael Oliver Explains why His $8,000 Gold Target is a Conservative Projection

BKB posted this shot of a drill rig in action on site at its Shafter Silver Project in Texas:

LSR hosted Euroz Hartleys Resources Equity Analyst Kyle de Sousa on site in Chile. Good to see some institutional interest in the company/projects. We are looking forward to the drill results on this one.

CND posted the below graphic and commented how majors have been active across northern Peru including deploying capital on projects, this is right where CND is located with CND holding a large project right along the trend:

PNN posted a video of new CEO Alistair Stephens on site at their other Brazil project this week, the Morro do Ferro Rare Earth Project in Minas Gerais, Brazil.

This project has several historical drill holes that showed ultra high grade magnetic rare earths (the high value rare earths), good to see Alistair has wasted no time getting up to speed on PNN’s 3 main projects over the past couple of weeks.

PR1 CEO Rocco Tassone posted some thoughts and answers to the 3 main questions he’s been asked over the past few weeks since PR1 partnered with Rice university to develop carbon nanotube thermal management technology:

• Why Heat Sinks Matter?
• The role of the heat sink?
• Where the demand is forming?

A nice primer and educational piece on PR1 and the opportunity in front of it. Here’s the link to it again.

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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