Sunday Edition: 30th August

Below you can find short overviews of all the content we published 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: 29 years since "Judgement Day", the robots came, but they're helping us instead

Quick Takes: TG1, RML, OD6, SGQ (x2), BKB (x2), AUZ, PNN, WCE, VKA, WAU, LSR, SS1

Deep Dives: PNN, AL3, RCM, ONE

Other content: AW1, ILA, EMD, WCE, TTM, ONE, SPA, BKB, NS1, PAT, RML, SGQ, AUZ, PR1, AVM

TG1 started drilling its WA copper-gold target.

Copper is trading close to its all time highs.

So if there was ever a great time to make a new Tier 1 copper discovery, it’s now.

The current drilling is on one of two targets TG1 will be drilling over the next few weeks.

(fingers crossed one of them comes in - just need a bit of luck now)

TG1 is drilling with a diamond rig, so the next thing to look out for in drilling updates is visuals of drill cores.

(source)

RML extended its US gold discovery with a 305m gold hit from surface.

Late last year RML declared a gold discovery at its project in Idaho, USA, hitting gold in 14 out of 14 holes.

Now - 33 holes into a follow up drill program, RML released assay results extending the discovery ~2km to the south.

The standout was the 300m+ hit ending in mineralisation.

On the ASX, 1g/t gold grades seem to be what gets the market's blood pumping. In the US, some of the biggest deposits are sub 1g/t operators.

It's early days for RML in defining the extent of its gold discovery, but 300m+ hits and 0.6g/t gold grades from surface are looking pretty good to us.

(source)

OD6 increased grades at Nevada fluorspar project.

OD6’s standout sample now is 50m at 79.3% fluorspar from surface (previously reported as 63.9%).

Fluorspar sells in two grade classes:

1. Metspar (60-96% fluorspar) - commonly added into steel, and
2. Acidspar (>97% fluorspar) - used in semiconductors, batteries and defence, and a big reason the US wants its own supply chain.

So OD6’s grades are already sampling above the 60% mark needed to sell Direct Shipping Ore into the metspar market.

(source)

SGQ kicked off permitting for its rare earths-niobium project.

On Tuesday SGQ lodged its Environmental Impact Assessment with the state regulators.

SGQ expects the first two of the three licensing stages to be completed within 12 months, with the project construction ready by the second half of 2029.

At the same time, SGQ also has an economic study being completed for the project.

When this is released, it will be the first time the market will get a sense of the potential economics of SGQ’s project - due this quarter or next.

(source)

SGQ also partnered with the Brazilian state of Minas Gerais on a rare earths processing hub.

The agreement is with a Brazilian chemical company (Lima & Pergher), the state of Minas Gerais and SGQ.

Together the three will look to “establish a new rare earths processing hub” that refines rare earths feedstock (including from Araxá) into magnet making materials.

The state is helping with licensing procedures, supplier relationships and tax incentives. Generally a good sign while SGQ is getting environmental permits underway.

This one is especially interesting because the Brazilian government has been pretty vocal about wanting to keep processing in country - Leonardo Durans, a senior official at Brazil’s industry ministry said earlier in the year:

“The commitment we will demand from everyone is domestic technological development and job creation.” (source)

(source)

BKB to start underground drilling at Texas silver project

Drilling from underground means shorter holes - saving time and cost.

Another positive, drilling from underground means declines need to be in “good condition” which also benefits any mine restart planning BKB does.

A big part of why we are Invested in BKB is to see it bring the silver project back into production.

BKB’s project produced ~35M ounces of silver at 521g/t between 1883 and 1942 and was last in operation in 2012-13.

(source)

BKB also raised $12.5M this week to advance its US silver and gold projects.

The placement was completed at 55c.

Looks like it was well bid - we bid $300k and got scaled back to $172k.

Nice to see Exec Chair Matt Hayes come in for $500k (subject to shareholder approval) - big director buying is always a good signal for us.

BKB will now use the cash to settle part of the deferred acquisition payments for its silver project, and that drilling program we mentioned above.

(source)

AUZ set to drill its scandium project in NSW - fast tracking a Pre Feasibility Study

AUZ is our most recent portfolio addition, holding one of the highest grade scandium projects in the world.

It just so happens to sit on the same geological structure as neighbour $2.7BN SRL's scandium project.

AUZ is capped at less than $75M.

SRL is the company that received a US$400M funding commitment from the US government this month, and has an agreement with $182BN defence contractor Lockheed Martin.

AUZ’s drill program will be testing for extensions to the resource - part of the plan to consider scaling up planned production from 60 tonnes per annum of scandium to 180 tonnes.

Here is AUZ’s existing scoping study for the 60 tonne per annum mine plan and how it stacks up against other scandium assets including SRL next door:

(source)

PNN delivered record magnet rare earth drill results from its project in Brazil.

This was PNN’s third hole, and it hit a new magnet rare earth record for the project.

108.55m at 4.15% TREO (Total Rare Earth Oxide) and 0.82% MREO (Magnet Rare Earth Oxide) from surface.

The magnet rare earths are both rarer AND more useful, going into EV motors, robotics, wind turbines and defence systems.

11 holes are now complete with two rigs spinning, and PNN is targeting a maiden JORC resource estimate by the end of the year.

(source)

More on PNN below in the Deep Dives section.

WCE hit more high grade silver - resource update due Q4.

WCE’s project has the highest grade silver only resource on the ASX, so we expected very high grade drill hits.

Even then, WCE’s hits always seem to surprise to the upside.

The headline hit was 38.3m at 878g/t silver from just 3.7m downhole, including a 0.5m interval at 64,745g/t silver.

Now we wait to see WCE roll all of the drilling data into an updated resource estimate due next quarter (and then a scoping study right after that).

WCE also went into halt for a capital raise on Friday.

We bid for shares, and are patiently awaiting our allocation...

(source)

VKA was approved for a 900 tonne bulk sample - US offtake assessment next.

VKA now has approval to take stockpiles from its project AND it’s already looking to source a toll treating partner to process the material.

VKA confirmed that the tungsten produced from the processing run would be used to produce concentrates that are used for potential offtake discussions.

So, VKA’s “fast to production” strategy is now looking more like it may happen pretty quickly (albeit from a bulk sample, not actual mined ore).

Tungsten is pretty hot right now in the US - so maybe proving tungsten can be produced from its project will open other doors (funding, offtake or corporate interest).

(source)

WAU started drilling its 518k ounce WA gold project.

The plan is 54 holes to get a maiden ore reserve on the project.

An Ore Reserve is the part of a resource estimate shown to be economically mineable, and is what mine plans (and ultimately financing decisions) are built on.

Looks like WAU is starting to think more about production now - that drilling will go into planning the project's open pit.

AND hopefully towards a Final Investment Decision on the project in 2027.

Assay results from the drilling are expected to start flowing from mid-September.

(source)

LSR assays confirmed its Chile copper system - new target to the east.

This was the second of two holes into a never before drilled copper target at one of LSR's projects in Chile.

The positive from this one is it looks like there is copper mineralisation to the east of the first hole (al-beit at very low grades).

Next LSR will reprocess the geophysics with the drill data from both holes to define followup drill targets.

(source)

SS1 secured a water supply for exploration and development at its US silver project.

SS1's project holds a 539M ounce silver equivalent JORC resource estimate - the largest pre-production primary silver resource in the USA and on the ASX.

Getting a project this big built is going to need a lot of water (understandably) - so this week's news technically de-risked SS1’s assets.

SS1 will now have ~62 million litres of groundwater annually, removing any limitations to explore the asset.

SS1 also lodged an application for ~2,480 million litres (for future processing requirements on the project).

Water is one of those unglamorous (but very important) boxes to tick for a project heading into development studies.

(source)

Power Minerals (ASX:PNN)

Last Monday our Investment Power Minerals (ASX:PNN) put out another monster hit from its rare earths project in Brazil.

PNN is currently on its first drill campaign on this asset, following up decades old drilling data to establish a maiden JORC resource estimate for its project.

On Thursday PNN released results of a third hole - here’s our QuickTake on that one.

Three holes in, and so far, so good.

Three weeks ago we said PNN’s last hole was “One of the strongest single intercepts we have seen from a rare earths project on the ASX before”.

Monday’s one was even better...

137m at 4.31% TREO - from surface.

(source: PNN announcement)

Including a 26.9m interval with MREO at 2.4%.

(source)

For context:

• ~$16BN ASX listed Lynas Rare Earths’ defined resource estimate averages ~4.1%. (source)
• ~$15BN NYSE listed MP Materials’ defined resource estimate average ~5.9%. (source)

Whilst its very early days for PNN here, given we only have results from three holes, the grades across these holes sit above Lynas’ 4.1% and in some intervals even above MP Materials’ project.

For some more context:

PNN’s two neighbours, the $610M Meteoric and $566M Viridis’ projects have average TREO grades of 0.23% and 0.25% respectively. (source)(source)

Again, PNN is at the early stages of defining the extent of mineralisation on its asset.

Viridis and Meteoric have defined resources and are a lot more advanced - which may be why the valuation gap exists between the companies right now.

PNN currently has a market cap of $74M.

Below is where PNN sits relative to $610M Meteoric and $566M Viridis:

(source)

Read more: PNN: Second hole delivers 53m at 10% TREO and 1.7% MREO from surface. Rare earths stocks in USA popped on Friday

AML3D (ASX:AL3)

🚨 Effective as of Friday last week:

The US Navy says it is fast tracking the use of 3D printed metal parts into its submarine fleet - “at unprecedented speeds” :

(source)

These new (effective immediately) US Navy standards:

“strip away legacy administrative and engineering hurdles, clearing the launchpad for Additive Manufacturing (AM) to be integrated directly into submarine construction, maintenance, and combat-ready repair at unprecedented speeds.”

So it sounds like the US Navy is now OFFICIALLY going hard and fast on metal 3D printing.

The US Navy's Director of Submarine Programs (Vice Admiral Robert Gaucher) said:

"This is exactly the type of barrier we must remove if we are going to unlock 21st century technology to get our submarine programs on plan." (source)

Meaning suppliers to the US Navy can insert 3D printed parts into their supply chains NOW.

Without the historical layers of engineering assessments and testing that used to slow down every single part.

Our 3D metal printing Investment AML3D (ASX:AL3) makes 3D printing systems that produce complex parts using metals.

Faster, stronger and cheaper than traditional casting and forging.

AL3 also owns and operates its own fleet of printers - to print parts for customers on demand (customers like the US Navy, defence, shipbuilding, oil and gas, aerospace and utilities).

AL3 already has its systems installed inside the US Navy's submarine industrial base:

• Huntington Ingalls (builder of 70% of the current US fleet)
• $1.8BN Austal, and the US Navy's own Additive Manufacturing Centre of Excellence.

AL3 has also received a letter from the US Navy forecasting demand for 100 additive manufacturing (metal 3D printing) systems across the Marine Industrial Base and telling AL3 it would play a "pivotal role" in meeting these needs. (source)

And guess which company’s 3D printing tech the US Navy used in its press release?

Yep - AL3’s:

(source)

Perhaps because AL3’s 3D metal printing robot arm looks pretty bad-ass... or maybe because AL3 is already working with the US Navy.

Here is one of AL3’s robots, “additive manufacturing” in action:

(source)

Until Friday last week, every 3D printed part needed to pass engineering sign-offs and different testing programs based on each use case the parts were made for.

Huge friction for any technology to get off the ground.

Imagine having to walk to your local post office and verify your ID every time you wanted to login to Netflix... usage would be near zero.

AFTER last week’s announcement, the US Navy can procure 3D-metal printed parts for its submarines a lot simpler AND a lot faster than before.

Read more: AL3: US Navy announces it will deploy 3D metal printing “at unprecedented speeds” (starting from 3 days ago)

Rapid Critical Metals (ASX:RCM)

The silver price has delivered a solid comeback over the last six weeks:

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 silver thesis is that when the silver price is running, it takes silver stocks with it.

Almost 12 months ago, back in September 2025, billionaire silver bull Eric Sprott, fund managers Jupiter Asset Management and Tribeca Investment partners...

And us too...

Invested in Rapid Critical Metals (ASX:RCM) at 3.5c per share.

Sprott went on to buy another ~$1M in stock on market in January at an average of ~7.18c per share.

RCM last traded at 3.1c.

Sprott is RCM’s single biggest shareholder, owning ~10% of the company.

(source)

RCM has 67 million ounces of silver equivalent resource estimates across all its NSW silver projects. RCM wants to get this number to 100M oz silver equivalent (via drilling and/or acquisitions).

With 67 million ounces of silver equivalent resources, it's no surprise RCM’s share price pretty closely tracks what the silver price does.

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.

When silver hit US$120/oz in January, RCM went as high as 9c a share.

Today silver is at US$69/oz (hehe). RCM is trading at 3.1c a share, a ~$35M market cap, and had $7.6M in bank (at June 30th)...

and silver has started to run again.

We think a bigger silver run is yet to come. The last few weeks have been looking like a pretty good start.

And IF during that next silver run (that we think may happen), RCM can get to its 100M oz silver equivalent target via drilling and making new discoveries and/or land acquisitions...

We think the market could re-rate RCM’s share price higher.

This week’s set of drill results could be the first set to help get RCM there.

(source: today’s RCM announcement)

The positives:

1. The infill holes inside where the resource estimate sits came back very high grade and over thick intervals (37.4m at 278.8g/t silver equivalent), AND
   
2. RCM hit mineralisation ~300m south of its current resource estimate - so it looks like RCM’s resource could grow on this project (need more drilling to test this)
   
3. Third drill rig joining the campaign “within weeks” - more and faster drill results.

(source)

Read more: RCM: Hits high grade silver 300m away from its silver resource - silver price up ~25% in last 6 weeks

Oneview Healthcare (ASX:ONE)

Oneview Healthcare (ASX:ONE) sells technology that turns hospital rooms into connected, digital bedside experiences for patients and care teams:

One of the best ways for a health tech company like ONE to get its tech into hospitals is to partner with the technologies already in the hospital doing other things.

These technologies are embedded, the investment has been made, they are well understood, and will be hard to displace.

Three years ago ONE signed a partnership with the biggest provider of hospital beds in the USA - Baxter International.

Three months ago ONE launched a new revenue channel with the largest provider of hospital software in the USA - Epic Systems.

Epic Systems runs in 43.7% of acute hospitals in the USA, 56.9% of hospital beds.

Epic mainly provides Electronic Health Records - Epic doesn't provide entertainment, meal ordering, or hardware like ONE does.

In May, Epic certified ONE’s tech for use, which means ONE and Epic can deliver a unified bedside experience for ‘Epic-centric’ health systems - which is most health systems in the USA.

On Thursday we listened in on the ONE investor update call to see what has been happening over the last three months:

Watch and listen to ONE’s HY26 earning call here.

In the call, ONE revealed that in just 98 days since ONE’s technology was certified by Epic, ONE’s sales pipeline from its new Epic sales channel has grown to 16 deals representing 19,860 hospital beds.

Remember one bed = up to 4 endpoints for ONE (a digital whiteboard, a tablet, the mobile app and a digital door sign).

So 19,860 beds = up to ~79,000 endpoints for ONE.

This number is bigger than ONE's entire current installed base of ~15,092 live endpoints... built over a decade.

98 days is “warp speed” in hospital tech sales.

(this comes from experience after being Invested in ONE for over five years now)

We are three years into ONE’s Baxter “Value Added Reseller Agreement” and that pipeline sits at 131 opportunities for 36,375 beds.

(As we noted above, Baxter is the dominant supplier of hospital beds in the USA - with an estimated 75% market share)

It took ONE 10 years to get to ~15,092 beds for its current ~€5.5M in recurring revenues (over a 6 month period).

But the trajectory is moving in the right direction.

In the seven years to 2019, ONE won 10 health systems. In the five years since the pandemic, it has won nearly twice as many.

(Source)

And in Thursday’s earnings call - ONE reckons it has FOUR deals in the contract negotiation stage right now. (source)

Watch and listen to ONE’s HY26 earning call here.

With Epic alone, ONE now has:

1. 16 US health systems in its “active pipeline” - when the new Epic revenue channel was announced in May, there was only one hospital system in the Epic + ONE pipeline.
   
2. Those 16 opportunities represent 19,860 licensed beds - which is bigger than ONE's entire current installed base of ~15,092 live endpoints... built over a decade.

ONE also said on Thursday that its first enterprise pilot would start next month - a 15-bed pilot across three hospitals (part of a top-20 US health system).

A small pilot, but one where success could unlock other deals through the Epic certification.

ONE said it is targeting “3 to 4 new Bedside Hub customers in the second half of 2026”:

(ONE calls its connected care platform a “Bedside Hub”, this has been certified by Epic)

(source)

AND that 2 of the 4 new logos already in contract negotiation right now are Epic Bedside Hub.

(source)

So the game changing new deals might not be too far away (fingers crossed).

Read more: ONE: Epic pipeline grows to 16 deals representing 19,860 hospital beds - in just 98 days...

Watch more: ONE’s HY26 earning call

FT - FT columnist Katie Martin argued Treasury Secretary Scott Bessent's surprise move to double bond buybacks backfired, weakening the dollar further as investors sought shelter in gold and the Swiss franc instead of Treasuries.

Bloomberg - Gold climbed above $4,680 an ounce to a three month high after the US Treasury's surprise ramp up in long bond buybacks weighed on the dollar and revived the debasement trade.

FT - FT reported the EU risked falling further behind the US in critical minerals, having committed about €6BN this year versus roughly US$40BN in US funding since 2022, with an EU industry chief warning Europe is hesitating while Washington moves fast.

Mining.com - The Pentagon's Defense Industrial Base Consortium opened its third critical minerals solicitation since mid 2025, seeking indium (perhaps a positive for our Investment AW1), manganese, magnesium and titanium projects with proposals due September 17.

Mining.com - Comex copper hit a record $6.73 a pound on 25 Aug as US tariff threats pulled metal into American warehouses, flipping CRU's forecast 639,000 tonne 2026 surplus into an at best balanced market.

Mining Weekly - Zijin Mining said flooding at Congo's Kamoa-Kakula mine would cut its copper output by up to 57,000 tonnes this year, straining its 1.2 million tonne target with copper near record highs above $14,000 a tonne.

FT - Serra Verde scaled up its Minacu mine in Brazil after USA Rare Earth's US$2.8BN takeover, aiming to supply more than half the heavy rare earth elements outside China by next year through a 15 year US backed offtake deal.

Mining.com - Lynas said it was in talks to secure new ionic clay mine supply worldwide and build a US magnet plant, after posting a A$222.4M annual profit that still missed estimates and average selling prices that rose 59%.

Forbes - US data centres consumed 312.6TWh in 2025, 39.7% of the world total and up 25.5% on 2024 Forbes contributor Robert Rapier wrote, warning power availability could soon cap AI growth.

Bloomberg - CEPI backed a fifth Bundibugyo Ebola vaccine candidate, giving Egypt's Minapharm Group up to $16.5M to push its shot through preclinical work into an early stage trial in Africa, as the Congo outbreak topped 5,713 cases and 2,744 deaths.

This Ebola outbreak continues to climb rapidly and ILA is readying itself in neighbouring Uganda to be able to treat infected humans.

FT - FT reported that Unitree founder Wang Xingxing told Beijing's World Robot Conference the industry's ChatGPT moment, when humanoids gain true autonomy, remained two to ten years away despite eye catching demos of robots boxing, dancing and mixing drinks.

People's Daily - More than 2,000 humanoid robots competed at Beijing's World Humanoid Robot Games this week, racing, boxing and assembling parts as China cemented its lead in humanoid production and supply chains.

EMD - GBA Capital - EMD: Initiation of Coverage (initiation report) - GBA Capital

ILA - RaaS Group - ILA: RaaS Flash Comment (Research Report) - RAAS

WCE - Elizabeth Hill Silver Project

TTM - Dynasty Gold Project

ONE - H1 2026 results

ONE - HY26 earnings call recording

SPA - Positioned for Scale

BKB - Leadership Talks: BKB High-Grade Silver, 2.2Moz Gold, Near-Term Catalysts (CEO interview)

NS1 - Defence demand builds for resilient communications (CEO interview)

PAT - 774Moz Silver Exploration Target (20x the resource): PAT MD Dom Duggan (MD interview)

ILA - Ebola’s Long Tail: Why Island Pharmaceuticals Is Ramping Up Galidesivir (Investor Stream overview of ILA’s involvement in the current Ebola outbreak response)

RML - Resolution Minerals Brings Antimony, Tungsten and Gold Together at Horse Heaven (CEO interview)

SGQ - St George Mining advances Araxá as Brazil rare earths strategy takes shape (Chairman update on this weeks news updates)

WCE - Elizabeth Hill results point to a bigger silver story (CEO drill results interview)

AUZ - RIU Investor Roadshow - August 2026 (MD presentation)

Oil & Gas - US Push to Economically Isolate Iran Runs Into China (Bloomberg Podcasts)

Scandium - Sunrise Energy Chairman Robert Friedland on the future of scandium mining (Quest Means Business)

Sunrise is the company that sits next door to our Investment AUZ, both of these projects share the same ore body.

Gold - TRUMP KILLED THE U.S. DOLLAR, CENTRAL BANKS DUMPING BONDS - w/ Luke Gromen (Mario Nawfal)

Rare earths - Defense Industry Needs US Government Support on Rare Earths, Says Northrop Gruman CEO (Bloomberg Podcasts)

PR1 - CEO Rocco Tassone explained the science behind TEMPERON, its thermal management product.

PAT - An update on community relationships with the Pachamayo Community in southern Peru.

TTM - Behind the scenes across its gold-silver copper projects in Ecuador.

ONE - Demand for care is growing faster than clinician supply; the fix is increasing workforce capacity by cutting administrative burden.

AVM - On site in Mexico with MD Adam McKinnon and technical adviser Joel Sidoruk talking through the exploration plans.

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.