Sunday Edition: 28th December

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.

After an agonising 4.5 days...

Just one more sleep until the ASX is open again tomorrow.

And silver starts trading again too.

Yesterday morning, silver closed the day’s session up an enormous 10.3%.

It’s up a total of 14.5% since the ASX was last open

(with ASX silver stocks yet to have a chance to factor in silver’s enormous 3 day move up)

We suspected this price rise was driven by the ~US$8 per ounce price difference between silver on the Shanghai futures exchange and Western exchanges.

(we wrote about this in detail yesterday - read it in full here. )

TLDR; Basically silver was trading at US$80 on the Shanghai Futures Exchange, and ~US$72 on Western exchanges - over the day the price on Western exchanges quickly caught up to the higher price in Shanghai.

What we are watching for in ~3 hours time from now: The Shanghai Futures exchange opening...

(according to AI, we are new to tracking the Shanghai exchange still figuring it out)

Will the silver price in Shanghai be showing another massive gap up compared to the last traded price in the West...again?

Will tomorrow be another giant leap as silver in the West catches up... again? (like Friday night)?

We’ll be watching.

The main thing we have been following today is the volume of chatter on social media about silver.

Specifically how much popular bitcoin/crypto influencers are complaining about silver’s rise over the last few weeks (while bitcoin/crypto remains down and stagnant).

Key point here is that tens of millions of crypto-punting followers will now be aware of silver - and the silver price surge that started on Friday night.

(Usually we wouldn’t mention something like this but the sheer volume of the chat about silver from this group over the last 48 hours is mind boggling)

We’ve even seen a few of the “back when crypto was going up a lot” memes get dusted off and re-applied to “silver going up a lot”:

We welcome the armies of crypto bros to come into silver and silver stocks while they wait for crypto to come alive again.

(and relentlessly talk about it silver on social media - could silver become “the next fartcoin?” )

Here is X feed on #silver for some fun reading if you are a silver bull.

Anyway, tomorrow promises to be one of the most interesting December 29th trading sessions on the ASX in a long time...

Especially if the silver price keeps raging like it has the last few days...

Below is a summary and links for everything else we wrote about last week, along with some other interesting content we found in relation to our Portfolio.

Quick Takes: IIQ, MTH

(Only two Quick Takes this week - understandably the market was fairly quiet on the announcement front with only 2.5 trading days before the Christmas holidays)

Deep Dives: BPM, Our 3 themes continuing into 2026, Our New Tech Pick of the Year: ROC

IIQ announced results from its triple negative breast cancer therapeutic.

The results were from in-vivo trials (mice models) and showed:

1. 61.5% tumour reduction over 28 days - outperforming unmodified cell therapies.
2. A 100% Survival rate in all mice treated with IIQ’s therapeutic (compared to 66.7% for the control group). AND
3. NO safety concerns (meaning no side effects from the drug).

This data was the second batch of results on IIQ’s therapeutic product - the in-vitro trials reported a few months ago (test tube trials) showed that the product was able to kill more than 90% of the cancer cells within 10 hours of treatment.

So far so good for IIQ’s first move into solid tumour therapeutics...

MTH confirmed that a third rig would start drilling its silver project in Mexico in “early January”.

MTH will have three rigs drilling starting in the first week of Jan for a planned 25,000m of drilling in 2026.

One rig is to expand MTH’s existing 373k ounce gold, 11M ounce silver JORC resource estimate resource.

Another rig will be on the high grade silver targets (where samples came back with silver grades >3,300g/t) - (imagine a hit that high grade with silver price gapping up as it is right now).

And the third rig will be on Target 3 (of a total six targets) - a part of MTH’s project that hasn’t been drilled yet.

So we could see a resource upgrade, new discoveries and high grade silver hits all inside the next few months from MTH.

BPM Minerals (ASX:BPM)

BPM just finished drilling its WA gold project and assays are due “early 2026”.

It’s a very good setup for BPM if the results come out at the same time that gold breaks out to new all time highs AGAIN:

(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.

BPM’s projects sit on similar geology to the 8M ounce Tropicana deposit - which was rumoured by the AFR to be in the center of a $2.5BN M&A deal between its JV partners.

(Source) (Source)

And is in a part of WA where there are plenty of processing options (east of Kalgoorlie).

Being near existing mills means any gold that BPM discovers could attract interest from neighbours with hungry mills that are operating below full capacity.

IF the market re-rates BPM higher off Beachcomber, it will give BPM a big enough market cap to start lobbing holes into some of its giant, more risky regional targets...

Two targets that we especially like are the “Bonnie and Clyde” prospect - a ~6km long gold in soil anomaly... that has NEVER been drilled before.

Read more: BPM: WA gold drill results near 8Moz Tropicana will be the next news... just as gold about to hit new all time highs.

The themes we are looking to continue into 2026

Silver and gold both hit new all time highs this week.

Before we could send one screenshot of an all time high, the new all time high was being made.

The key point here is that both gold and silver are finishing the year very strongly.

Providing an excellent set up for gold and silver in 2026.

Just before Christmas, we put out a mid-week update showcasing the three macro thematics we are most bullish on right now - Gold, Silver and US Critical Minerals.

In the update we list all our Investments across the three thematics AND the three eBooks we published this year deep diving on each thematic.

Read more: Tomorrow: Our New Tech Pick of the Year (plus a couple of other things)

RocketBoots (ASX:ROC)

We announced ROC as our 2025 Tech Pick Of The Year this week.

We Increased our Investment in the capital raise at 25c per share.

When we first Invested in ROC back in March, our Investment Thesis was that ROC had already gone through the difficult “tinkering” stage of a tech company's lifecycle.

This revolves around years and years of building the product and getting it market ready, securing long term, renewing, big name customers and building a big sales pipeline.

We thought ROC was at the stage where it was ready to sign the big “transformational”, company making, recurring revenue deals.

The type of deal to kickstart the typical “surging growth” phase for a tech business.

(the kind of deals we want to see from all our tech Investments)

After holding for ~9 months, last week ROC delivered the transformational company making deal we had been waiting for.

A ~$9.1M Annual Recurring Revenue (ARR) deal for an initial 5 year term...

14x’ing ROC’s FY25 revenues once fully rolled out.

With the transformational contract signed, and crucial capital now raised to execute, we have decided to make ROC our 2025 Tech Pick Of The Year.

AND that “transformational” deal is only for 40% of the customer’s global sites.

(adding the remaining 60% of sites would equal ~$22.5M ARR to ROC....)

Plus sitting in ROC’s sales pipeline is another 10x this contract value...

(Source)

Read more: Introducing our 2025 Tech Pick of the Year: Rocketboots (ASX: ROC)

RocketBoots (ASX:ROC) - Investor Presentation December 2025

Bloomberg - In a historic end-of-year rally, gold, silver, and platinum have surged to all-time highs as 2025 draws to a close. The rally is being fueled by a "perfect storm" of escalating geopolitical conflicts, a weakening US dollar, and thin holiday market liquidity.

Bloomberg - The precious metals market is witnessing one of the most volatile and historic end-of-year periods in decades. Driven by a "perfect storm" of geopolitical conflict, US economic policy, and structural supply deficits. pushing gold, silver, and platinum to levels that have completely redefined the commodity landscape this year.

FT - Bullion trading is no longer "sleepy." With gold up 71% and banks raking in US$1.4BN, see why Wall Street is racing to build vaults and expand desks.

Bloomberg - Gold and silver prices have just hit historic highs in a record-shattering rally. See why global tensions and interest rate shifts are fueling the biggest surge since 1979.

WSJ - Silver has emerged as the standout performer of the 2025 precious metals supercycle, more than doubling in value to reach historic highs.

WSJ - Silver has shattered historical norms in 2025, with prices more than doubling to exceed $76 per ounce, surpassing the price of a barrel of crude oil for the first time since the 1980s.

News.com.au - China’s move to restrict silver exports starting January 1, 2026, has sent shockwaves through global markets. With China dominating the solar and EV supply chains, this resource sovereignty play marks a major shift in the 2025 precious metals supercycle.

Forbes - As of late December 2025, President Trump’s executive order has signaled a major shift in federal drug policy, setting the stage for one of the most significant workplace transformations in decades.

ABC - FDA approval of the first oral Wegovy pill is set to revolutionise obesity treatment. Read how this $149-a-month "needle-free" option aims to broaden access for 100 million Americans.

Bloomberg - Psilocybin therapy is transitioning from a "countercultural trip" to a regulated medical procedure. Discover how companies like Compass Pathways are stripping away the "party" labels to bring synthetic magic mushrooms to the $18 billion mental health market by 2026. - Our Investment in the Psychedelics sector is EMD.

Bloomberg - Trump is taking on the "military-industrial complex," threatening an executive order to curb buybacks and dividends if defence giants keep missing deadlines and blowing budgets.

Bloomberg - President Trump has unveiled the "Trump-class" battleship, the centerpiece of his "Golden Fleet" initiative to modernize the U.S. Navy and challenge China’s global shipbuilding dominance.

Eric Sprott's SHOCKING Portfolio - 2025 Yearly Wrap-Up | Sprott Money

Mike Maloney: Why a Global Monetary Reset Is Already Happening

This Is No Normal Silver Bull Market | Michael Oliver

How China is Using The US's Own Silver Weapon Against The Dollar

Gold, Crypto, the Debt Crisis, and How to Survive When the US Needs a Bailout

Physical silver in China is now at $90.25 USD/oz as of Dec. 27, 2025!

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.