Sunday Edition: 29th 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 quick overviews of all the content we wrote last week, plus links to each full note.

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

Yesterday’s Saturday note: Broken or Sprained? What the Market's Telling Us Right Now

Quick Takes: PNN, EMD, LSR, PFE, AVM, EIQ, WCE, TG1, CAY, BPM, VKA, CND, AW1, 88E

Deep Dives: AL3 (x2), HAR, OD6, RML

PNN entered into a Term Sheet for a JV with Summit Explore Corporation that could see its Argentinian lithium triangle assets taken to production or sold for US$50M.

PNN’s proposed partner is Summit Explore, a wholly owned subsidiary of Summit Nanotech - a world leading sustainable Direct Lithium Extraction (DLE) technology provider.

Key takeaways from the non-binding Term Sheet:

• Summit to spend an initial US$6M into PNN’s projects without earning any % in the JV,
• Summit to earn 59% once they provide an NTP (Notice to Proceed) to fund and build a 5,000t DLE plant,
• Summit is in the process of acquiring a number of advanced projects in the region. PNN to hold 41% of these new projects which will come into the JV (total resource size to increase exponentially),
• Summit has an option to purchase PNN’s projects in Salta for US$50M,
• This is set to be the world’s first multi-salar lithium project in Salta, and;
• Definitive agreement is underway and set to be completed within 90 days of the signing of the Term Sheet.

(source)

Summit is a private company, and seems to have some momentum, raising US$25M in March last year.

Summit’s CEO Amanda Hall and President Joe Arencibia spoke to 30 year lithium industry veteran Joe Lowry in June 2025 - the podcast gives a good background to the latest in DLE technologies, plus insight into Summit’s growth strategy. Listen here.

PNN is also running a 10,000m deep drilling campaign at its rare earths - niobium - gallium project in the state of Goiás, Brazil. A maiden JORC resource is expected on this asset in the coming weeks.

EMD confirmed its first Victorian psychedelic assisted psychotherapy clinic is on track to start treating patients (and generating revenue) in the coming weeks.

EMD treats patients suffering from treatment resistant PTSD and depression.

31 therapists and 4 psychiatrists have now been trained. Medibank and the Department of Veterans’ Affairs are committed to funding.

Having two major payers locked in BEFORE the doors even open is a pretty good position to be in.

Also this week, EMD presented at the NWR Virtual Healthcare conference - you can watch the full presentation here:

Emyria (ASX: EMD) Presentation | NWR Virtual Healthcare Conference

Also this week, The New York Times published an article on the Australian sector:

MDMA Therapy in Australia Shows Results, but the Cost Is Limiting Access

Key takeaways are:

• The therapy works, and the safety data is clean - Over half of patients reporting significant PTSD relief, with zero serious adverse events across nearly 200 patients. For a therapy this new, that's a strong early signal.
• Insurance coverage is the turning point - Medibank and the DVA agreeing to cover costs is a consequential development. This is what EMD has in place with Medibank and the Department of Veterans’ Affairs. That's what transforms this from a ~$20,000 treatment only for the wealthy into something that could scale.
• Australia is generating valuable real world data - The absence of real-world safety and efficacy data is what sank Lykos Therapeutics’ US FDA approval bid in 2024. Australia is now generating real world data. The longer it runs cleanly, the harder it becomes for the FDA to keep the door closed to this therapy in the USA.

LSR started its second diamond drill hole at its copper project in Chile.

LSR delivered visible copper in its first ever hole here, in one of the world's best copper jurisdictions - now we wait for assays and the results from this second hole into the “main target zone”.

PFE sampled high-grade antimony (to 3.9% Sb) and confirmed its priority drill targets at its US project in Arkansas.

(Source)

PFE is undertaking the first modern exploration at this project and it's already showing system-scale potential for antimony and base metals. Bring on the drilling.

AVM hit gold ~4.5km away from its ultra high grade Happy Valley deposit in the Victorian Goldfields of Australia.

There’s potential for district-scale gold across a ~13km mineralised corridor here - so far so good from AVM.

AVM is awaiting final assay results from at least six completed holes across the Happy Valley Gold Trend.

EIQ expanded its agreement with the Mayo Clinic for its AI-driven clinical decision support technology for heart failure.

The validation study showed 99.5% sensitivity. EIQ’s FDA market clearance application for its heart failure clinical support solution was lodged back in December.

A decision from the FDA is expected this half.

Mayo Clinic extending an agreement AND improving the commercial terms for EIQ before FDA clearance - that tells you something about what they think of the technology.

EIQ has been on an absolute tear this year - congratulations to all holders.

EIQ is:

• Up over 50% this month,
• Up over 260% in the year to date, and;
• Up 527% since we first Invested in September 2024.

Read our EIQ Investment Memo and EIQ Initiation Note from September 2024 (we always like a stroll down memory lane when a stock is up - but remember past performance is not an indicator of future performance)

(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.

WCE started drilling at its Elizabeth Hill silver project in WA.

A 4,000m RC drill program is targeting shallow extensions of the old mine that produced ~1.2M ounces at ~2,194g/t silver.

TG1 put out a first batch of drilling assay results from its project in WA.

TG1 hit 20m at 1.14% copper - and that was just from the pre-collar, before even getting to the main target - assays are pending on the main target area so let’s see what comes from that.

CAY - supply disruptions in the bauxite market?

The world’s largest bauxite exporter, Guinea, is considering export quotas. If supply tightens, this could result in bauxite prices moving up.

CAY’s surface miner is on site, with first production targeted for next quarter. CAY might be starting to mine at exactly the right time.

BPM started drilling at its gold project in the eastern Goldfields of WA.

24 for 24 on gold hits last time. Now BPM is going back in with a much bigger drilling campaign.

Plus a 6km anomaly called "Bonnie & Clyde" that's never been drilled is set to be drilled in Q3.

Off the back of the potential for a material gold discovery here, BPM welcomed more institutional names to the cap table in the most recent raise - Terra Capital, Tribeca, Deutsche Rohstoff and SG Hiscock & Company collectively own ~12% of the BPM register (source).

VKA increased the size of the potential source structures to its Tungsten project in Nevada.

The blue-sky exploration upside just grew 9x. Before this week’s announcement, the system was thought to sit on one flank - now it wraps around a ~7km trend. 89% of it is completely untested.

Drilling is planned for next quarter.

CND put out a strong technical update on its offshore oil and gas project in Peru.

CND has identified large scale deepwater reservoir systems at its Technical Evaluation Agreement (TEA).

CND's geology is showing structural similarities to the Venus discovery in Namibia (1.5BN barrels).

CND has ~3.3BN barrels of prospective resources surrounded by majors.

CND is finalising its TEA work programme at the moment. The next key catalyst for CND is getting its TEA converted into an exploration License Contract. This will establish a defined work programme and regulatory framework to progress exploration activities including drilling.

AW1 started drilling at its USA critical metals project.

AW1 already has the largest undeveloped JORC-compliant indium resource in the United States.

Only ~35% of previous drilling has been assayed for indium. This round also tests for copper and gallium - a mineral China controls 98% of, and the US produces zero.

88E raised $5M to progress its Alaskan oil projects.

In a strong oil price environment, 88E is progressing two farm outs on its North Slope acreage. One is inked and with a free carry to 88E (subject to JV partner getting listed, expected in the near term). The other has a data room open, with a view to a drilling event in 2027.

AML3D (ASX: AL3) - secures A$9.9M order with the USA’s largest military shipbuilder

We have all seen the situation escalating in the Middle East.

The US currently has a significant part of its Navy deployed in the region.

And after Venezuela a couple of months ago, it feels like this won’t be the last we’ll be hearing about the US Navy over the coming years.

The USA has made naval shipbuilding a strategic priority, after offshoring a huge amount of shipbuilding overseas.

US president Donald Trump said: "We used to make so many ships. We don't make them anymore very much, but we're going to make them very fast, very soon. It will have a huge impact."

Our 2024 Tech Pick of the Year and defence Investment AML3D (ASX: AL3) speeds up the production and maintenance of naval ships, submarines and other military assets.

AL3 sells 3D printing systems that produce complex parts using metals - faster, stronger and cheaper than traditional casting and forging processes.

In mid-March, AL3 sealed a $9.9M order with a subsidiary of $23BN Huntington Ingalls Industries.

Over 70% of the current US Navy fleet was built by Huntington Ingalls Industries.

It has a record $53.14B backlog of orders.

$9.9M is a material order for AL3, given it booked $3.2M in revenue in H1-FY26.

(there’s also ~ $16.5M in orders in hand - $7.5M signed in H1 of 2026 and $9M of orders carried over from FY25)

Read more: AL3 secures A$9.9M order with the USA’s largest military shipbuilder

AML3D (ASX: AL3) - New $2.6M US Navy submarine parts order... A week after $9.9M military shipbuilding order.

That’s now a total of $12.5M in new orders from the US defence industrial complex for our Investment AML3D (ASX: AL3) in the last 9 days.

AL3 sells 3D printing systems that produce complex parts using metals - faster, stronger and cheaper than traditional casting and forging.

AL3’s strategy has been to sell into the US defence and US military ship building sector.

(from their recently opened facility in Ohio, USA)

And the US has made it an urgent priority to rebuild their domestic ship and submarine manufacturing capability (more on this in a second).

Last week, AL3 announced a $9.9M order from America’s largest military shipbuilder.

This week it was a $2.6M parts order for the US Navy submarine program.

(The US Navy says it aims to reach a production rate of three submarines per year by 2028, up from a current average of 1.2 subs every year - and building a new submarine is no joke)

Combined, those two new orders from the last 9 days are more than FOUR times AL3’s ~$3.2M last reported half-yearly revenues.

AL3’s US strategy has already delivered US Defense related contracts in excess of AU$30M, and revenue continues to accelerate.

Read more: AL3: New $2.6M US Navy submarine parts order... A week after $9.9M military shipbuilding order.

Haranga Resources (ASX:HAR)

It's been a wild ride for gold the last three weeks - but it's still trading higher than it ever has before the start of this year.

This week, our Investment Haranga Resources (ASX:HAR) just showed us how its USA based high grade gold project could potentially get to that psychologically important 1M+ ounces of gold resource level.

Psychologically important for some investors, probably less so for many these days with the gold price above US$4,000/oz... is 500koz the new 1Moz?

HAR owns 100% of the Lincoln Gold Project, sitting in the heart of California's legendary "Mother Lode" Gold Belt.

This is the same region that triggered the original Californian gold rush in 1848-49.

We like HAR because its asset comes with permits and $90M of infrastructure in excellent condition - this kind of stuff can take years to do and lots of capital.

So a lot for HAR is already in place to potentially start production while the gold price is high.

(even though the gold price is thrashing up and down over the last two weeks, it's still a lot higher than it has ever been)

HAR's project comes with:

• ~A$90M of sunk infrastructure** built by previous owners
• A 100% owned and permitted 350,000tpa gold processing plant (last operated in 2022)
• An 880m underground decline
• Offices, workshop, and laydown yard
• AND a Conditional Use Permit that allows production of gold

HAR’s project, after today’s announcement, has:

• ~286,000oz gold at 9.29 g/t The Lincoln-Comet historical non-JORC resource:
• NEW: South Spring Hill Exploration Target (upper end): ~308,000oz gold at 5.8 g/t
• And then there is that 2008 report which indicates there could be 682,000 ounces of gold resource potential (which today’s exploration target could be a part of).

So maybe one day the project’s resource estimate could actually be closer to that 1M+ ounce level - where institutional investors start to take gold development projects more seriously.

Note there is no guarantee exploration targets convert to JORC Mineral Resource Estimates, so caution should be applied when considering these numbers.

Read more: HAR: Going for fast, high grade gold production in the USA – gold’s wild ride continues.

OD6 Metals (ASX: OD6)

9 weeks ago the US Department of War awarded a US$168.9M supply contract to a tiny company with a development-stage fluorspar project in the USA.

(potentially increasing to US$250M)

What on earth is fluorspar?

Fluorspar is used in the production of missile systems, military electronics and jet fuel.

(not to mention an essential role in AI semiconductor chip production, batteries, nuclear power and aerospace)

AND it was listed as one of the nine materials with the highest shortfall risk for the US military in a major conflict scenario.

(a major conflict like we are seeing in the Middle East right now)

The US has zero domestic fluorspar production and is 100% import reliant - with China controlling ~60% of global supply.

At the moment, there is only one company on the ASX with a fluorspar asset inside US borders - our Investment OD6 Metals (ASX: OD6).

OD6 is acquiring a project in Nevada, USA that previously produced fluorspar from a small scale mining operation in the 1950’s.

The project has a historic resource that the company says can’t be announced because it was defined in 1956 and hasn’t been verified up to JORC standards.

Despite the history of production and a mysterious historic resource (non-JORC compliant), the project has NEVER been drilled before.

And now, the project could be a lot bigger than we first thought too.

This week OD6 announced it has defined a ~8km long trend “linking multiple historic fluorspar occurrences across the project”.

(using advanced satellite and airborne hyperspectral analysis - sounds intense)

Read more: OD6: Multiple surface outcroppings... are they connected?

Resolution Minerals (ASX:RML)

It's extremely hard, doesn’t melt easily, and has started running.

Yep, it's tungsten.

Tungsten is an indispensable metal in high tech manufacturing and defence applications.

Tank armour, the tips of missiles, rocket engines...

They all need tungsten.

As the geopolitical world order has started shifting and countries around the world scramble to increase their defence spending, the demand for tungsten naturally increases.

Right now, the USA has zero domestic tungsten production.

(incredible given the country spends nearly US$1 trillion on ‘defence’)

China, Russia, Iran and North Korea control more than 90% of global tungsten supply.

(not ideal for the USA when the “who’s who” of your main adversaries list hold nearly all the global supply of key minerals needed by your military)

China, who controls 84% of global tungsten supply, started restricting tungsten exports last year.

In response, the US government and Department of War is putting large amounts of attention and capital into rapidly rebuilding its domestic tungsten supply chain ASAP.

Including a “burn the boats” approach by heavily restricting USA companies’ tungsten purchases from China, Russia, Iran and North Korea, by 1st January 2027.

Meaning that the US really needs new domestic tungsten supply online within the next ~12 months.

All of this has sent tungsten prices up by over 500% in the last year:

(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.

Our USA Investment Resolution Minerals (ASX:RML) is advancing a 100% owned, district scale tungsten, antimony and gold project (over 15,000 ha) right next door to the $4.6BN capped Perpetua Resources.

RML’s project includes a historically producing tungsten mine and mill, plus a stockpile of unprocessed ore.

It's located in Idaho, USA.

(so a potential, near term, domestic tungsten supply for the USA)

This week, RML announced sampling results from the stockpiled ore next to its tungsten mill with the material grading ~1.85% tungsten.

(multiples higher than the average grades of a typical tungsten mine at 0.2-0.6%).

Ultraviolet lamp showing tungsten (blue) in RML’s ore stockpile (source)

RML has a 45-hole diamond drilling campaign starting in May.

And there is gold too...

Last year, RML hit a 189.2m at 1.3g/t grade gold discovery intercept while drilling its Golden Gate target (where the old tungsten mining happened).

(imagine if a WA gold company hit that kind of intercept?)

RML’s project is next door to A$4.6BN Perpetua Resources, which has a ~6M gold resource and ~200Mlb antimony resource.

(antimony is another US critical mineral)

(source)

Read more: RML: Tungsten price running. High grade tungsten sitting in stockpiles. Plus gold drilling in May.

Bloomberg - Turkey may tap its $135 billion gold reserves to defend the lira, utilising gold-backed bonds to stabilize the currency amid Middle East war-driven economic volatility, Turkey had been an aggressive buyer over the past decade.

CNBC - Gold prices rose on Wednesday as a softening dollar and safe-haven demand intensified, driven by growing uncertainty over new American tariffs and the broader geopolitical instability of early 2026.

CBS News - Gold stabilised near US$4,600 on Wednesday, maintaining high valuations as the Iran conflict continues to drive consistent safe-haven interest across global financial markets.

Bloomberg - A look at investing in silver through ETFs and physical bullion, highlighting that industrial demand and small market size drive the metal’s notorious and high price volatility.

Bloomberg - China is aggressively draining global silver stocks to fuel its humanoid robot and defense sectors, causing physical shortages that threaten critical Western high-tech supply chains.

The New Money - The US launched the US$250M Pax Silica fund to secure high-purity quartz and semiconductor materials, ensuring domestic chip manufacturing remains resilient against foreign supply chain disruptions.

More on the US$250M fund here:

Bloomberg - the US is committing US$250M to a new supply chain fund, prioritising semiconductor materials to strengthen national security during geopolitical tensions.

USTR - Ambassador Jamieson Greer announced a US-Japan action plan to secure critical mineral supply chains, reduce dependence on non-market economies, and promote high ESG standards for high-tech industries.

Bloomberg - The US International Development Finance Corporation will acquire a twenty percent stake in Syrah Resources, converting debt to equity to secure critical graphite supplies and bypass China.

The US Department of Agriculture - The USDA completed the Resolution Copper land exchange, advancing President Trump’s mineral independence goal by unlocking a domestic source of copper essential for national security, defence, and energy.

Bloomberg - The US, EU, and Japan are advancing talks on a price floor for critical minerals to protect domestic producers from volatile, subsidised Chinese market-clearing prices.

CBS News - Rare earths have hit 60 Minutes in the US. The TV show covers how US ‘national champion’ MP Materials aims to break China’s rare earth monopoly by reviving California’s Mountain Pass mine to secure critical minerals for American defense technology.

We are Invested in LKY with prospective ground close to MP Materials’ mine.

MINING.COM - China's 15th Five-Year Plan (from 2026-2030) is aiming to strengthen its dominant rare earth industry's competitiveness while enhancing export control systems for minerals crucial to the global energy transition.

Defense One - The Pentagon is investing billions to break its 95% rare earth dependency on China, leveraging allied partnerships and domestic funding to secure critical minerals.

Bloomberg - Global rare earth efforts will cut China’s market share to 69% by 2030, shifting pricing power to non-Chinese producers amid surging defense demand.

DOE - The DOE has opened US$500M in funding for domestic battery material processing, recycling, and component manufacturing to strengthen US supply chains and reduce mineral imports.

Globe Newswire - Research has identified graphite and rare earths as high-risk minerals for the 2033 energy transition despite rapid lithium and nickel production, amid ongoing intensifying global geopolitical supply chain vulnerabilities.

ALcircle - Strait of Hormuz tensions threaten global aluminium supply, potentially blocking millions of tonnes of alumina and driving metal prices toward four thousand dollars per tonne.

Navy Times - The US Navy Secretary announced that the 2027 defense budget might double current shipbuilding requests to counter growing maritime threats and maintain dominance during global naval conflicts.

News like this is positive for our Investment AL3 who has been busy the past week or so with a couple of sale announcements (see our Deep Dives above). More navy ships = more opportunity for maintenance and spare parts.

FT - Gulf states face unsustainable costs using million dollar missiles and fighter jets to intercept cheap Iranian drones during the ongoing, high intensity Middle East conflict.

AFR - Xero partnered with Anthropic to integrate Claude AI, aiming to automate complex accounting and transform its platform into an active strategic advisor for global small business users.

CAY - Developing a Global Tier One Bauxite Project - Fastmarkets March 2026

PUR - A PURE PLAY ON ARGENTINA’S UNTAPPED MINING POTENTIAL - CORPORATE PRESENTATION March 2026

IVR - DFS Delivered, Balance Sheet Strong; Onwards to Production - MST Access

More on IVR’s DFS commentary in the Videos section below.

Canyon Resources (ASX: CAY) - Investor Update - A brief interview with CFO Kudzai Mtsambiwa which details some of the recent action from CAY and vision of what’s happening on site at the moment

Company Update with CEO Craig Lindsay | Resolution Minerals ASX: RML, OTC: RLMLF

You Are Standing On A Gold Deposit Says Resolution Minerals (ASX: RML | OTC: RLMLF)

Locksley launches maiden drilling in California (ASX: LKY)

Investigator Silver - Webinar (discussing the recent PFS and capital raising)

Investigator Resources (ASX:IVR)- Australian Silver Developer Advances to Financing

ASX SMIDcaps Conference March 2026 | Oneview Healthcare Plc (ASX:ONE)

Oneview Healthcare (ASX: ONE) CEO on boosting patient care efficiency with AI - ASX SMIDcaps Conference

Michael Oliver: A T-Bond Implosion Underway Will Ignite Gold Beyond $8,000.

Biotech State of Play with Armchair Analyst - Our Portfolio Stocks mentioned: ILA, EIQ, ONE & EMD

Once I Understood This About Investing, My Life Changed - Chamath Palihapitiya - co-host of the All in Pod (one of our faves). Chamath is a billionaire venture capitalist and former Facebook executive.

Chamath runs through some of his basic ‘Rules for Investing’ in the video - some good lessons in there.

Fun fact - Damian, founder at Next Investors, met Chamath in Milan back in 2022, you can read about that here.

Turns out (according to them in a later podcast) this “chance meeting with an Australian fan saved the All in Podcast” - listen to them talk about it here

(and again, 2 years later here)

ONE CEO James Fitter had some words to say on AI and how it’s moving faster than ever.

ONE has been a company to embrace AI quite early so is seeing the benefits of how it can improve the patient/care/family experience in hospitals.

(source)

This came on the back of a capital raise which in the full article linked below, goes on to explain what will allow ONE to set out and achieve - read the full article linked in the comments of the post here

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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