Sunday Edition: 28th 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: From World Cup ads to AI chatbots: The macro trend behind Our Newest Investment

Quick Takes: BPM, PNN, RML, OD6, EIQ, PR1, x2 EMD, PAT, AW1, IIQ, IVR, CAY

Deep Dives: SPA (🚨 NEW INVESTMENT), AW1, PR1, EIQ,

Other content: AW1, AL3, HTG, ILA, SGQ, TRI, PNN, SS1, BKB, PUR, ONE, CND

BPM extended the gold system at its WA exploration project.

This was the final batch of assays from BPM’s second drill campaign at the broader Beachcomber prospect - now there is gold mineralisation across ~700m of strike.

(It will be interesting to see how much gold and IF BPM has enough results to decide to wrap a JORC resource estimate around the project)

The bigger kicker for us is that the drilling validates BPM’s targeting strategy. Taking gold in soil anomalies, drilling them, and discovering gold.

Fingers crossed the same thing happens with BPM’s big 6km long “Bonnie and Clyde” target which it now expects to drill next quarter.

(source)

PNN kicked off a magnet rare earths development program.

PNN is doing a review of the magnet rare earths inside its project.

Magnet rare earths are the higher valued and most economically critical ones.

PNN is going to try to isolate the low value cerium, which would allow it to produce a premium concentrate while also simplifying future processing and reducing capital costs.

This advanced stage project has previously returned exceptional drilling intercepts of up to 8.92% total rare earths from surface, including magnet rare earth oxide grades of 1.49%.

Drilling is currently underway and assays are expected 3-4 weeks from dispatch, so we should be getting assays from late July.

(source)

RML got accepted into the US Defense Industrial Base Consortium.

This puts RML inside a US government network that’s primary purpose is to channel funding and grants into critical minerals projects.

Great news, considering RML has a submission for funding pending on its tungsten project.

(and RML already has FAST-41 status for accelerated federal permitting - the same designation that helped RML’s neighbour - Perpetua Resources - secure US$2.9BN in loan funding).

All of this while RML is running a two rig diamond drill program on its gold-tungsten discovery from last year.

RML is following up hits like this:

(source)

OD6 expanded its Nevada fluorspar project, with four new areas added.

OD6’s project area goes from 48 to 226 mining claims across ~1,890 hectares now.

The expansion establishes a district play where multiple smaller deposits could feed into a single centralised processing facility, improving potential economics and opportunities.

OD6 is currently running a sampling program across these new areas, with results anticipated in 4 to 6 weeks.

(source)

EIQ appointed a new CFO and a leading structural-heart specialist to its clinical network.

Matthew Dodds is now EIQ’s new Chief Financial Officer - he brings 30+ years of medtech and capital markets experience.

Dr Vinod Thourani joins as a Clinical Advisor - a world-leading structural heart specialist.

Nicely timed appointments with EIQ signing a A$20M funding and reseller binding Heads of Agreement with $19BN Pro Medicus this week AND an FDA decision on EIQ’s Heart Failure detection tech surely not far away now.

(more on the EIQ / Pro Medicus deal in the “Deep Dives” section of today’s note)

(source)

PR1 appointed a US-based VP to commercialise its carbon nanotube fibre tech.

Over the last two weeks, PR1 made two key appointments to its USA team:

• Retired three-star US Navy Vice Admiral Jeff Trussler.
• Mr Shubham Garg as Vice President for Technology and Commercialisation in the US.

And then this week PR1 received “awardable” status with the USA Defense Advanced Research Projects Agency (DARPA) meaning PR1's carbon-nanotube cooling tech passed DARPA's vetting and now sits in a catalogue where US Defense buyers can award it contracts.

Now PR1’s recently appointed advisors can reach out to these DARPA members to try PR1’s CNTF tech for their R&D projects, Including partnering with some of the big US defence contractors to commercialise those technologies:

(source: googled it)

(more on PR1 in the “Deep Dives” section of today’s note)

EMD’s first cohort of clinicians have been trained ahead of NSW clinic opening next quarter.

EMD now has 25 therapists and 6 psychiatrists ready to go for its first clinic opening in Australia's largest addressable market.

(NSW is where psychological injury claims were recently up by 64% between 2019-20 and 2023-24) (source)

With operational clinics in Western Australia (x2), Queensland, and Victoria, EMD can continue its expansion, growing national patient throughput and building revenue.

(source)

Also, EMD published positive results for treatment resistant depression.

Treatment resistant depression affects ~600k people across Australia, so there is a big unmet need around the country.

EMD’s treatment results showed every patient within the first cohort of 10 individuals experienced statistically significant improvements across all standard mental health measures.

Average depression symptoms dropped by 6.8 points on the QIDS-SR16 scale during a follow up period from 3 to 14 months.

So while early days and a small sample size, the results add to the ongoing results from its other treatment program, that one targeting PTSD.

(source)

EMD’s Chief Scientific officer Dr Michael Winlo presented the results later that day at the 2026 International Mental Health Conference:

(source)

PAT confirmed the historical data backing up its 559-774Moz silver equivalent JORC exploration target.

PAT re-assayed 46 samples from 7 historical drill holes, and confirmed that the results matched the grades recorded by the project’s previous owners - $42BN Teck and Bear Creek almost perfectly.

So that 559-774Moz silver equivalent exploration target has been validated again.

We also noticed that Peru's Ministry of Mining validated the project's Environmental Impact Declaration with “no technical observations or findings”.

(Which we hope means drill permits are progressing without any setbacks.)

(source)

AW1’s PFS is due for its copper project next quarter with the copper price near all time highs.

AW1 has previously completed a Preliminary Economic Assessment for the project in March last year which showed:

• Post-tax NPV: US$149M
• Initial CAPEX: US$47.4M
• Mine life: ~6 years (with 10 years of processing) (source)

That last study plugged in a US$4.60/lb copper price and a US$25/oz silver price.

Today copper is at ~US$6.31/lb and silver is just below US$60 per ounce. So the current economics of AW1’s copper project should be stronger.

Bring on the Pre Feasibility Study (PFS) next quarter.

(source)(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.

IIQ’s pre-clinical therapeutic killed up to 90% of ovarian cancer cells in lab tests (in vitro).

IIQ now has cancer-killing data for its therapeutics across three separate, hard-to-treat cancers:

• Triple negative breast cancer (TNBC),
• Lung cancer (NSCLC), and now
• Ovarian cancer.

Current cell-based treatments often cost around US$500k per dose. IF IIQ’s therapeutics programs work in vivo at scale in clinical trials, it’s a pathway to development of an off-the-shelf treatment option for those cancers.

Next we want to see IIQ’s results for its ovarian cancer blood test from an expanded ~2,000-sample ovarian cancer study.

(source)

IVR strengthened its development team for its silver project in South Australia.

IVR brought on five key team members:

• Joe Sutanto as Chief Financial Officer and Joint Company Secretary. Joe and IVR’s MD Lachlan Wallace worked together bringing the Kanmantoo copper project (also in South Australia) into production - now they are reunited for IVR’s project.
  
• Milan Jiranek as construction Project Director.
  
• Geoff Deans as technical Project Director. (permitting and stakeholder engagement)
  
• Luke Cerny as Principal Mining Engineer.
  
• Dr. Ben Cave as Senior Exploration Geologist.

IVR has played this silver cycle really well, raising $60M in March when silver was at ~US$90 per ounce - now IVR’s got cash to be able to progress its project from DFS to a Final Investment Decision (FID).

(source)

CAY’s locomotives arrived in country - first bauxite shipment now targeted for Q4 2026

CAY has another 60 rail wagons arriving in mid August and another 100 to follow by the end of Q3.

CAY now expects to be trial mining in Q3 - Q3 is now just a few days away - so CAY might have that “mining started” news out very soon.

(source)

Our new Investment - Spacetalk (ASX:SPA)

Our new Investment is SPA.

At 9.3c SPA is capped at ~$19M.

BUT...

SPA generated ~$10.9M in Annual Recurring Revenues (ARR) inside the last nine months.

SPA says it will grow to between $20M to $25M in ARR by the end of this year.

Yep... under the radar with an ~$19M market cap.

(tech stocks are usually valued at multiples of ARR, the current broad median is about 6x to 8.5x ARR)

We really like an overlooked tech stock like SPA that's quietly doing so much recurring revenue relative to such a low market cap.

And the company says it could be just a few days away from a potentially transformational deal that will prove a clever go-to-market plan it has created is working (more on that in a second).

SPA is led by a CEO who was instrumental in building a $1BN exit for shareholders in what started as a tiny, unloved ASX tech stock.

Also recently joining the SPA board is our man of the moment, Andrew Grover, who just delivered us a 10x plus return in ~19 months on another ASX tech stock: EIQ.

Let’s see if some of those EIQ profits follow him to SPA.

Keeping in mind that the past performance is not an indicator of future performance of SPA.

SPA’s technology is a family-safety platform, hardware plus an app, that lets families stay connected and keep track of each other across different life stages:

The total addressable market is basically anyone who loves their kids...

In $ terms the market is valued at $14BN, and projected to surpass $110BN (source).

(you thought young kids on social media is bad... what are your kids talking to AI about?)

The OTHER family safety tech stock on the ASX is $5.8BN Life360.

Life360 is a certified ASX market darling that went from $2 to a peak of $55 in the last 5 years.

Life360 grew its family safety tech business to ~$517.9M in annualised revenues (source).

(The past performance of Life360 is not an indicator of future performance of SPA)

Life360’s app sales grew through “direct to customer” selling, a freemium model, word of mouth and most importantly:

App users adding more and more family members to the app.

SPA uses a similar user growth model EXCEPT it has a clever plan to accelerate this growth by partnering with telcos (mobile plan providers) to access telcos’ millions of customers.

INSTEAD of just direct-to-customer sales like Life360 does.

Read more: Our New Portfolio Addition - Spacetalk (ASX: SPA)

American West Metals (ASX:AW1)

China tightened export checks on the niche critical mineral indium:

(source)

Sending a signal that full indium export controls could be next.

Indium is used to produce AI chips in next gen data centres, night vision systems, missile guidance radars and F-35 fighter jets.

Demand is increasing in the global race to build the best and fastest AI and advanced weapons.

China controls ~70% of global indium production.

The USA has ZERO domestic indium production.

(last month the USA flagged indium shortages for the first time)

Countries diversifying critical minerals supply away from adversaries is a key theme we have been Investing in.

Our Investment AW1 holds 100% of the biggest indium resource in the USA.

AW1 is drilling its project right now and only a few weeks ago hit a new discovery hole ~430m east of its giant indium resource (more on the drilling in the link below).

We Invested in AW1 in anticipation that indium could get caught up in the brewing “export controls wars” between the East and West.

Surging demand for high tech use cases has seen the value of indium increase by more than 90% year on year.

World leading end users like NVIDIA Corp (NASDAQ: NVDA) (currently the most valuable company on the planet) have requested a 20x increase in the supply of indium phosphide by 2030.

(source)

Read more: Just 3 days ago China tightened indium export checks and threatened export controls. AW1 has the biggest indium resource in the USA.

Pure Resources (ASX:PR1)

We Invested in Pure Resources (ASX:PR1) for its “carbon nano tube fibre (CNTF)” cooling tech’s potential to replace copper/aluminium for thermal management...

... in AI data centres, drones, robotics and advanced military equipment.

(meaning it could replace copper and aluminum traditionally used for heat management in these advanced technologies)

About six weeks ago, PR1 announced research findings (from its R&D partner Rice University) demonstrating that CNTFs are ~1.5x MORE CONDUCTIVE than copper AND ~2.5x to 3x more than aluminium at lab scale. (source)

(ie: BETTER for cooling/heat management)

Then last week, PR1 announced more research findings demonstrating that this CNTF cooling tech is ~5x LIGHTER WEIGHT than copper, ~3x lighter weight than aluminium in the lab. (source)

Making it a potential copper replacement in drones and robots...

(anything lighter and more conductive than copper is a big win for the ultra tight spaces and light weight requirements for drones and robots)

Over the last two weeks PR1 made two key appointments to its team:

• Retired three-star US Navy Vice Admiral Jeff Trussler.
• Mr Shubham Garg as Vice President for Technology and Commercialisation in the US.(source)
• Sean Ebert as a board advisor (who is CEO of one of our other tech Investments AL3)

THIS WEEK: PR1 announced “awardable” status with Defense Advanced Research Projects Agency (DARPA).

DARPA is a research and development agency operating within the United States Department of War.

DARPA has no labs of its own.

Instead, it operates with a small team of about 100 program managers who oversee contracts with top scientists in universities, industry, and government.

Notable DARPA participants include Lockheed Martin, Raytheon, Northrop Grumman, Google, Boeing and even SpaceX.

This week’s announcement means PR1's carbon-nanotube cooling tech passed DARPA's vetting and now sits in a catalogue where US Defense buyers can award it contracts.

Read more: PR1: Tech now approved for use by USA Defense Advanced Research Projects Agency (DARPA) participants

EchoIQ (ASX:EIQ)

Our Investment EchoIQ (ASX:EIQ) is a heart imaging medical technology company.

Remember when lung imaging medical technology company 4D Medical (ASX: 4DX) went up over 3,000% to a $4.7BN market cap in ~8 months?

This happened after $18.7BN Pro Medicus (one of the world’s leading healthcare imaging software companies) invested $10M into 4DX.

🚨THIS WEEK:

Pro Medicus just announced up to $20M in proposed funding into our heart imaging stock EIQ.

(past performance is not an indicator of future performance)

EIQ also gets a reseller agreement giving access to Pro Medicus’ global hospital client base, built over decades, under the just signed binding Heads of Agreement...

And product validation from a global leader in medical imaging enterprise-scale software solutions, one of the most successful on the planet.

So what could be next for EIQ?

Here’s the “4DX after Pro Medicus invested” timeline:

(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.

The 4DX share price tripled in the weeks AFTER the Pro Medicus investment was announced.

The price chart shows that the SECOND price run trigger after Pro Medicus invested was 4DX announcing US FDA clearance.

Like 4DX was at the time of its Pro Medicus deal, EIQ is very close to finding out if it has secured US FDA clearance for its AI Heart Failure detection tech.

EIQ’s FDA decision is pending for its Heart Failure detection tech and could come in any day now...

So it looks like Pro Medicus is going for a similar 4DX play book with EIQ.

A strategic investment on the cusp of a US FDA approval decision...

(Even though the past performance of 4DX post Pro Medicus Investment is not an indicator of what EIQ will do post today’s Pro Medicus Investment)

EIQ submitted its FDA application (a "510 k") for Heart Failure in mid-December 2025.

The FDA's average review window is ~90 days - that window has well and truly passed.

EIQ's guidance for a final decision was “this half of 2026”.

Technically that means we could see something over the next ~5 days.

Read more: $18.7BN Pro Medicus announces $20M funding for EIQ. Same Pro Medicus deal that saw 4DX rise 33x in ~8 months?

Bloomberg - China's monthly gold imports hit a two-year high of 163 tonnes in May, fueled by retail bar demand and front-loading ahead of regulatory shifts.

Reuters - China has increased export customs scrutiny on raw indium metal, a critical component for artificial intelligence optical chips, triggering widespread international supply chain concerns.

This is of note to our Investment AW1 which we covered in the Deep Dives section, it has the largest JORC defined indium resource within the US.

Bloomberg - The US Army has authorised four commercial firms to build critical mineral processing plants on domestic military bases to rapidly accelerate Western raw material independence.

Manufacturing Dive - China blacklisted 56 United States defense and rare earth companies, enforcing strict dual-use export bans and government procurement exclusions in direct economic retaliation.

On X Craig Tingale was also all over this providing some additional commentary

CNBC - Morgan Stanley has doubled its 2026 Chinese humanoid robot shipment forecast to 50,000 units, citing an accelerated transition from showrooms to active factory floors.

FT - China is rapidly deploying advanced humanoid robots to narrow a labor shortfall as its domestic workforce is expected to sharply decline toward 300M by the year 2100 (down from 1BN last decade).

Bloomberg - China placed US rare earth producers MP Materials and USA Rare Earth on an export control list, retaliating against a recent Pentagon defense blacklist.

Mining.com - Energy Fuels has received a conditional US$725M loan from the Pentagon's Office of Strategic Capital to expand its domestic rare earth processing operations.

Rare Earth Exchanges - China Rare Earth Industry Association's price index rose to 267.9, driven by continued tight supply and firm demand for heavy magnet materials.

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.

Mining.com - A study by GEM Mining Consulting showed that emerging applications like artificial intelligence, advanced robotics, and next-generation nuclear power will generate a significant, multi-ton secondary wave of global lithium demand by mid-century.

Mining.com - Anglo American and Codelco finalised an agreement to integrate their adjacent Chilean copper operations, adding 2.7Mt entirely without new greenfield expansions.

There continues to remain few realistic options in the near term to come online to help satisfy increasing demand, with current supply sources diminishing...

“The cure for high prices is high prices”, in that case then perhaps the current price isn’t high enough.

Bloomberg - The White House hosted major defense contractors and automakers to accelerate missile production, shoring up U.S. military stockpiles heavily depleted by the Iran war.

AL3 and HTG are our defense tech Investments.

GlobeNewswire - Denali Therapeutics has agreed to sell its rare pediatric disease priority review voucher for US$195M in cash to support its broad neurodegenerative pipeline.

This is of note to our Investment ILA which has mentioned it may be eligible for a PRV should its pending trials for its Galidesivir drug be successful.

TNW - Micron's Q3 FY2026 revenue quadrupled to US$41BN, driven by the unyielding global AI high-bandwidth memory semiconductor market supply squeeze.

TechCrunch - The Federal Energy Regulatory Commission (FERC) has unanimously ordered six major grid operators to fast-track large data center interconnection requests, establishing an expedited power grid fast lane for AI infrastructure.

SGQ - Araxá De-Risked, Funded & Growing - Evolution Capital

AW1 - West Desert Drilling – Great Start; More to Come - MST

TRI -STABL-IM: A POTENTIAL NEW APPROACH TO IMAGING AND THERAPY IN CNS ONCOLOGY

Power Minerals (ASX: PNN) Investor Webinar

John Borshoff "Mr Uranium" on $150+ Uranium, the Coming Supply Crisis & Forsys Metals

SS1 posted a picture of the team’s base camp at the Maverick Silver Project in Nevada, meanwhile the drills keep spinning:

PNN continues to be busy, Exploration Manager Stephen Cooper was in a couple of videos posted by PNN, one from within the core shed and another with LiDAR underway.

Later in the week they posted some of the fresh core undergoing the initial checks in preparation to be shipped off to the lab for assaying.

This is from the high magnetic grade Morro do Ferro Project rare earth project in Brazil where drilling recently got underway:

BKB posted some videos, one with CEO Dennis Lindgren outlining the plan and milestones coming up and there was another post that also included Executive Chair Matthew Hayes on site at the Nevada gold project (Independence):

PUR is attending the Fastmarkets Lithium Supply & Battery Raw Materials Conference 2026 in Las Vegas where MD & CEO Aaron Revelle will be presenting PUR’s Argentinian Rio Grande Sur Lithium Project.

Could be good timing with drilling set to get underway soon.

ONE presented at HIMSS, showing off their Digital Whiteboard and how it can deliver real-time updates from the EHR and centralise key information in one place.

The advantages of this in the care environment are the ability to help reduce confusion, improve communication, and support a better care experiences:

CND MD Serge Hayon returned from a trip to Peru which involved meeting various stakeholders as it moves towards turning its TEA licence which allows technical work into a full exploration licence that would allow drilling.

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.

Follow us on social media: X, LinkedIn, Facebook

Bye for now.

Did someone forward this to you? Subscribe Here