Sunday Edition: 29th June

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

Yesterday’s Saturday Edition

Commentary: Why we think the bull market will be back after mid July. What is the Big Beautiful Bill and why do we care?

Read our Saturday Weekender note here: What’s so important about mid July?

Emyria (ASX:EMD)

Friday was PTSD Awareness Day, and EMD Chief Scientific Officer Michael Winlo shared some of his experiences from the world’s largest psychedelic conference via a letter to shareholders.

EMD was the first company in the world to use psychedelics (MDMA) to treat a patient in a commercial clinic setting under Australian regulations.

And last week it signed a deal with Medibank to fund EMD therapies for its members.

There were some great quotes in Winlo’s letter to shareholders that described just how far ahead EMD is compared to the competition:

“While many international care teams have been stalled, waiting for FDA approvals or policy changes, we are privileged to be operating within Australia’s established legal pathways.”

While others debate protocol designs, we are actively evolving and measuring care models, responding to patient needs, working with payers, and generating the kind of data that clinical trials won’t capture for years.

Our program is not theoretical. It’s real, it’s working, and it’s being watched”.

Read the full letter to shareholders here: PTSD Awareness Day 2025

Also this clip of famous singer Lorde talking about MDMA-assisted therapy went viral on Friday with ~27,000 instagram ‘likes’.

While Lorde’s experience might not be the same for everyone, this clip shows how MDMA-assisted therapy is emerging in the mainstream conversation:

Condor Energy (ASX:CND)

CND has a giant offshore block in Peru surrounded by large oil and gas companies TotalEnergies, Occidental Petroleum and Chevron.

While its 3 billion barrel (equivalent) prospective oil resource is a big part of the story, the news from this week was about its existing gas discovery that sits on the same block.

As well as its oil target, CND has one of the largest undeveloped offshore gas discoveries on the west coast of South America.

CND’s Piedra Redonda Gas field has a contingent resource of ~1 trillion cubic feet of gas.

This week CND announced that it would commence marketing and commercialisation studies to “evaluate development pathways, assess viable market opportunities and identify the optimum commercialisation options”.

CND’s gas discovery is in shallow water and is less than 15km from Peru’s shoreline...

It’s also a discovery that is significantly de-risked from a technical viewpoint, as previous operators flowed gas to surface at a maximum 8.2mmcf per day.

AND that flow rate was from just a 32 feet section of the well that had 152 feet of total net pay...

Canyon Resources (ASX:CAY)

Our 2025 Wise-Owl Pick of the Year CAY has reached “Final Investment Decision” for its giant bauxite project in Cameroon.

CAY has locked in key contractors (including mining contractor, road construction engineer and haulage contractor) to start late this year.

The company also finalised the order of the long lead items, including 22 locomotives from CRRC Ziyang... (these are the rail carts will take CAY’s bauxite from mine to port)

First production is scheduled for early 2026.

Stage 1 of the project is financed with a US$140M loan from a major bank in Cameroon AGF Bank and an exercise of options by the major shareholder Eagle Eye Asset Management of A$16M (plus another A$8.7M coming soon).

AML3D (ASX:AL3)

On Friday, AL3 appointed Mr. Frederick J Stefany to its board.

Frederick “Jay” Stefany brings four decades of experience leading the US Navy and Marine Corps’s research, development, acquisition, and sustainment programs across the shipbuilding, aviation, weapons, and support functions.

Last year, he was also appointed to oversee Navy investments in the surface ship and submarine industrial bases by the US Navy.

This board hire is a big coup for AL3, who already has a very strong relationship with the US Navy through its Manufacturing Licence Agreement with BlueForge Alliance.

Mr Stefany is likely to assist AL3 in accessing the various layers of the US Navy’s Marine Industrial Base, which is key to AL3’s growth strategy in the US.

Also last week, AL3 opened its US manufacturing facility in Ohio.

The opening comes as the US Navy scrambles to reduce a projected 17 month delay on its new USS District of Columbia ballistic missile submarine.

This is part of a $126 billion program facing cost blowouts and urgent scheduling pressure. AL3’s 3D printing technology could help defence contractors deliver more efficiently.

We think that AL3 could help...

(Source)

AL3 also released their latest investor presentation this week, which outlines the company’s strategy, recent progress, and plans to scale its 3D metal printing technology into the US Navy to help with this exact problem.

Sun Silver (ASX:SS1)

This week SS1 released the assays from the first two holes of its large-scale historical re-assay program to test if there is economic antimony mineralisation over its giant silver project in Nevada, USA.

The standout result from these first batch of assays came from hole MR059 which had 30.69m at 0.11% Sb from 186.02m including 1.1m at 0.48% Sb.

Importantly, this antimony hit came from an area of known mineralisation, and the “bet” is that more historic assays will continue to show antimony.

SS1’s goal is to build an antimony resource, with potential funding support from the US Government, who has shown an interest in supporting US-based critical minerals projects.

NASDAQ listed Snow Lake invests in Resolution Minerals (ASX:RML) & GTi Energy (ASX:GTR)

In recent weeks Snow Lake Energy (NASDAQ:LITM), a uranium and nuclear energy company, has committed funding to two of our Portfolio companies.

Snow Lake is the NASDAQ listed mining exploration company that signed a joint venture deal with another company in our Portfolio Global Uranium and Enrichment.

First was the RML news on Monday.

In a “Notice of Initial Substantial Holder” for RML, it was revealed that Snow Lake were big on-market buyers of the stock in previous trading days.

Later in the week, it was reported in the AFR that GTR had secured Snow Lake as a cornerstone investor in its current capital raise:

(Source)

You can read our full analysis of Snow Lake from its GUE joint venture here.

Inoviq (ASX:IIQ)

If you want to see a comprehensive response to an ASX “speeding ticket” have a read of how IIQ responded to the ASX price query on its announcement “New treatment kills 88% of Breast and Lung Cancer Cells”.

In the announcement IIQ goes through painstaking detail on why its in vivo cancer results were in fact ground breaking.

This information is very much over and above what we generally expect from an in vivo (pre-clinical) lab study announcement.

Next quarter, IIQ will attempt to replicate these results in mice, and we think that if the mice studies are equally as promising it could be a big catalyst for the company (there is of course no guarantee that IIQ can in fact replicate these results in mice - this is early stage biotechnology R&D).

Minbos Resources (ASX:MNB)

Right now MNB is in the thick of the “construction phase” of its phosphate project in Angola.

This week the company hosted logistics and trading partners on site at its Cabinda Phosphate Plant.

Major equipment has now been moved from storage to site, while construction progresses with foundations poured for the workshop, admin building, lab, and canteen.

(Source)

The storage pad is ready for the final slab pour, as the company moves toward key milestones in logistics, fertilizer production, and market development in Angola.

Haranga Resources (ASX:HAR): We saw it all... the richest section of the California Gold Rush Mother Lode

Earlier in June we visited HAR and its newly acquired gold project right in the richest section of the famous California gold rush Mother Lode...

HAR is a few days away from completing the acquisition of 100% of a USA gold project with 5.8km of ground in the region.

HAR’s project already has a 286,000 oz non-JORC gold resource at 9.28g/t.

(with 2008 data showing it might be up to ~682,000 ounces, more on this in the link below)

...and new drilling planned in the coming weeks.

In the link below we give you:

• Everything we saw on site at HAR’s California gold project.
• Share our updated Investment Memo based on HAR’s gold asset.
• Summarise the reasons for increasing our Investment in HAR.
• Cover what we expect to see next for HAR over the coming months.
• BONUS: Exclusive photos of our comprehensive tour of a couple of California Gold Trail historical museums.

Read More: HAR: Richest section of the California gold rush Mother Lode and fully permitted processing plant.... and we saw it.

St George Mining (ASX:SGQ): Drilling now for niobium and rare earths

Right now, SGQ is drilling for rare earths and niobium in Brazil.

First assays could be announced any day now.

The goal of this drilling is to upgrade its JORC resources and move quickly into development studies and eventually production.

(it’s a pretty good time to become a rare earths and niobium producer with all the critical metals shortages talk you see in the media)

SGQ’s project is right next door to the largest operating niobium mine in the world owned by CBMM.

SGQ’s neighbour CBMM produces roughly ~80% of all global niobium.

And SGQ’s project is also one of the largest, highest grade hard-rock rare earth resources in the world.

In the article below we dive deep into SGQ’s drilling and what we want to see next out of the program.

Read More: SGQ: First rare earths and niobium drill results due any day now... directly next door to ~80% of global niobium production.

Solis Minerals (ASX:SLM): First drill hole mineralisation visuals - “potential porphyry system”...

SLM recently started drilling for gold and copper in Peru.

Back on Monday, the company announced visual mineralisation from its very first drill hole:

(Source - today’s SLM Announcement)

This is a never before drilled target, and while it's early days, it’s looking good.

SLM drilled through a ~134m section which could be the fringes of a big copper porphyry.

(their next drill hole 200m to the west will test this)

...and they even got some unexpected VISIBLE gold:

(Source - today’s SLM Announcement)

The announcement includes a summary of on site visuals logged by SLM’s geologists (see above).

In summary, it's better than expected visuals, but we now need to wait for the lab assay results to confirm grades, due in July/August.

Read more: SLM: First drill hole mineralisation visuals - “potential porphyry system”...

Virgin Australia shares take off, rallying 11 per cent as airline returns to trade on ASX (ABC)

While our lane is generally small cap companies, when a big IPO like the Virgin Australia one comes around, we like to peek into the “blue chip” end of the market.

Even though some analysts described it as “too expensive” and “overpriced”, Virgin Australia traded up 11% the day following its opening (mind you the price has come off a bit since).

Shares go up based on supply and demand, for this particular IPO the supply of the shares on issue were extremely tight.

Just take a look at this share register... the top 20 holders own 99.89% of the shares on issue.

THAT is how you build a solid book:

Key Takeaway for Small Cap Stocks: The share register matters, if the stock’s “free float” is low and the top 20 shareholders own a large chunk of the stock then the price will tend to go up... no matter if the company is overvalued.

(note this doesn’t always happen, and it assumes that none of the top 20 shareholders are dumping their stock into the IPO, but it is a good indicator to look at when evaluating potential investments).

Energy Department Solicits Public Feedback to Inform 2026 Critical Materials Assessment

This week the US Department of Energy put out a request for information from the broader mining and energy community to help develop the 2026 list of “US Critical Minerals” for the energy sector.

This list is very important for junior mining companies and investors alike.

New minerals that are added to this list may get government benefits including faster approvals and government funding.

This “critical minerals” list is for the energy sector only (not minerals critical for the defence sector which sits under a different framework).

The Trump Administration has already been very friendly to US-based mining projects with the “Immediate Measures to Increase American Mineral Production" Executive Order and FAST-41 permit approvals for a number of later stage mining projects.

The key resources that we are paying attention to are:

• Silver, and more specifically ‘silver paste’. Silver paste is critical for the manufacturing of solar panels - SS1 has a 480 million ounce silver equivalent resource in the US and has previously spoken about potential government grants related to silver paste production.
• Uranium, and particularly enriched uranium. In the past uranium has been seen as fuel rather than mineral, so has been absent from this list. However, Trump has directly requested investigating whether uranium should be included - good news for our US-based uranium exploration companies GUE and GTR.
• Lithium. We think there is a good chance that lithium is included on this list, as it has been before. We want to see if there is any specific mention of DLE or the Smackover Region where our small cap Investment PFE has 26,000 acres of land surrounded by major oil companies moving into lithium Exxon, Equinor and more recently Chevron.

EU Commissioner Calls for Strategic Rare Earths Reserve (Reuters)

It’s been another big week for the rare earths industry.

Many countries have tipped their hand as to the importance of the minerals and the desperate stakes to secure more domestic supply.

In Europe, the EU commission called for a “strategic rare earths reserve”.

In Australia, treasurer Jim Chalmers sued a Chinese-linked company to divest from rare earths development company Northern Minerals.

In the USA, the US reduced its tariffs on China in exchange for a commitment by China to deliver rare earths to the US.

Here is a quote from the European Commissioner that highlights the stakes for the Western Countries that have outsourced all rare earths production to China:

“Nowadays, all European countries have strategic reserves for oil and gas. We should do the same for strategic raw materials,” Sejourne told the German newspaper in an interview published on Monday.”

We are currently leveraged to the rare earths thematic through Brazilian rare earths exploration and development stage company St George Mining (ASX:SGQ).

SGQ is drilling right now to expand its ~40Mt TREO resource and we should have assays any day now.

Read the note we published this week: SGQ: First rare earths and niobium drill results due any day now... directly next door to ~80% of global niobium production.

Cannacord Site Visit of CAY’s Minim-Martap Bauxite Project:

The Remarkable Maldon Goldfield

A great video on the history of the Maldon Goldfield in Victoria. This is the same region as KAU’s Victorian gold projects.

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.