Sunday Edition: 7th December

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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.

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Yesterday we wrote about silver’s second “post ASX close, Friday night surge” in a row.

...which means ANOTHER big Monday for ASX silver stocks tomorrow morning.

(plus some share price catalysts in our other stocks we are looking out for as 2025 draws to a close.)

To read our Saturday note, click here.

This morning we watched this video with some great updates on the silver price and the “generational cup and handle” formation breakout - watch it here.

(caution - this guy is generally very bullish on silver, take what he says with a grain of salt)

We are overweight silver stocks so we like the video because it tells us what we want to hear - in psychology this is called “confirmation bias”.

Over to US critical metals...

We also read this article where the JP Morgan CEO talks about the bank investing into strategic US projects and critical minerals (after initially talking about Europe being cooked and why that’s a strategic issue for the USA) - Read it here.

Best bits:

JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway.

Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”

US critical minerals remains one of our favourite themes for 2026 - and we just participated in the LKY placement... LKY is scheduled to come out of halt tomorrow morning.

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

Quick Takes: GEN, MTH, BKB, HAR, PNN, TG1, PUR, ONE, ILA, SGQ, WCE, TTM

Deep Dives: Silver stocks, RML, IVR

GEN signed a Letter of Intent (LoI) for project financing on its iron ore project in Gabon.

GEN’s signed LoI is with Chinese state owned Sino-Hunan International Engineering and Development Co., Ltd (SHICO) who has completed over 200 projects across 30+ countries.

The deal (if it gets finalised) would see SHICO fund 60% of the US$200M that GEN needs to get its project into production.

GEN’s now got four non-binding MoU’s for offtake, a deal for infrastructure, a deal for energy and permitting in place - now we just need to see those deals go from expressions of interest to binding commitments and they could be game changers for GEN.

MTH had an exploration update out this week and has a third rig arriving to site in “early January” next year.

MTH is drilling with two rigs right now - the initial target is a doubling of the existing 373k oz gold, 11M oz silver resource.

Getting that third drill rig turning on site early next year is something we are really looking forward to.

Especially with MTH drilling its high grade silver targets, where samples are showing grades of up to 4,520g/t Ag.

This week MTH also announced the acquisition of an option on a new project ~20km from its existing project. MTH’s new project has a 4-leveled historic mine and 60t processing plant:

BKB released sampling results (grades up to 1,570g/t silver) from waste stockpiles at its US silver project.

BKB’s grades are relatively high compared to other similar sized deposits - so it makes sense for the waste dumps from previous mining runs to have high grade silver in them.

Sampling won't be representative of the entire stockpile of waste dumps but at today’s silver prices that material could make for good blending ore to get BKB’s ~$150M+ processing infrastructure producing again.

HAR started drilling at its US gold project in California’s Mother Lode region (the center of the original Californian gold rush).

This is the first time anyone will drill this project in ~12 years. HAR is following up previous hits that returned 1.2m with average gold grades of 108g/t gold and 3.7m at 108.7g/t gold. Fingers crossed, we get a few hits like that with this round of drilling.

Here is a photo of HAR’s rig in action:

PNN completed the acquisition of its Brazilian rare earths project.

PNN now owns 100% of the project - ahead of a deeper drill program it plans to start in early 2026 and then a maiden resource which the company says will also happen in Q1 of 2026.

PNN also put out drill results on the project later in the week.

This week we also learnt that PNN is electing not to proceed with its acquisition of a US rare earths asset, following a period of due diligence.

The US rare earths exploration asset was a key reason for us originally Investing in PNN, however it was an early stage exploration asset. Obviously PNN did not see enough during due diligence to warrant further investment in exploration here.

We continue to hold PNN as we like the look of its Brazilian rare earths asset, and will be watching its deeper drilling with interest in early 2026.

TG1 released sampling results from its WA gold project ~8km from $7BN Ramelius Resources.

TG1 sampled up to 39.3g/t gold from previously unmapped historic workings, only 8km from Ramelius’ Dalgaranga plant - Dalgaranga was where the recent Spartan Resources discoveries were made (before Ramelius came in with a $2.5BN merger deal on the company).

It's very early days for TG1 - but you just never know what can come from a micro cap early stage explorer - hopefully those historic workings are the surface expressions for something bigger below.

PUR completed due diligence on the acquisition of its gold and silver project in Argentina.

Hopefully that means not long before we see a few holes drilled into the project.

We are here for a giant discovery like Cerro Negro, ~100km away - so where PUR decide to put those first few drill holes will be interesting.

ONE traded up as much as 16.4% this week after its AGM on Monday evening, Melbourne time.

We listened in on the AGM address and the commentary on new markets and ONE’s sales pipeline stood out to us the most.

ONE’s sales pipeline is at the highest point it's ever been (>180 prospects, 48,000 endpoints) and CEO James Fitter explicitly said “Several of the late-stage opportunities we’ve been pursuing are expected to close in the coming months, adding further new customer logos to our roster”.

Check out the audio recording of the AGM here.

ILA added another $1M cash to its balance sheet from option exercises.

The option exercises included ILA’s management team and major shareholders adding to ILA’s ~$8M cash balance.

ILA also made an additional submission to the FDA and that additional feedback on the development program “is expected by 2 January 2026”.

A nice new year catalyst to look forward to for ILA.

SGQ had an update out on a recent community day it held, attended by over 200 stakeholders.

Community support is one of those things that doesn’t really get too much of a mention in ASX releases - but it's very important if you want to get a project developed.

Especially when the project is the largest hard rock carbonatite hosted rare earth deposit on the continent...

WCE signed an MoU with Artemis Resources for potential use of their nearby processing plant.

We already know that WCE’s project has a ~46.8kt @ 2,700g/t silver for 4.05Moz remnant resource non-JORC resource estimate (source).

If the drilling that WCE has done to date can add to that (and convert it to JORC status), the MoU could give WCE some optionality on what it does with its Elizabeth Hill silver project.

We note this part of WCE’s ground sits on existing mining leases - so a lot of the permitting is already sorted too.

TTM now has ~52 days of exclusivity period with Lingbao Gold for its 3.1M ounce gold, 22M ounce silver project in Ecuador.

The exclusivity here means Lingbao has sole negotiation rights with TTM to do a deal on its project in Ecuador without a competing bid.

Lingbao just raised ~A$227M and explicitly said it would use 80% of those funds for “mergers and acquisitions”.

In a recent announcement, TTM also said Lingbao were preparing for a second site visit to look at infrastructure and mines in the area, so we wait to see what may come of this.

Monday’s silver update

Silver gapped up ~6% last Saturday morning (November 29th, Australia time).

So on Monday December 1st, silver stocks had the first chance to react to that big move in silver prices... and they did not disappoint - just about every single one in our Portfolio was up 5-10%+.

Friday night's silver price surge was important because it convincingly broke out of what professional chart readers call a “technical cup and handle” formation, one that has been “brewing” (sorry) over the last 50 years.

Which means that the silver price is now in unchartered territory.

And if the “50 year cup and handle breakout” crowd are to be believed, we should see another leg up in the silver price over the near/medium term:

Here are all 8 silver stocks we have in our Portfolio: SS1, BKB, MTH, RCM, AVM, IVR, WCE, PFE.

Read more: Today should be interesting....

Resolution Minerals (ASX:RML)

RML announced assay results from three more drillholes this week.

RML hit 200m+ gold intercepts in all three holes, extending the strike of its large discovery to ~600m (and the depth to 280m+).

Five out of six drill holes ended in gold mineralisation.

RML has another 45 holes planned and has ~3,000m of strike to test, with permitting in place to run that drill program over the coming months.

It’s a bit too early to speculate on the size of the gold resource here as we are only 6 holes in, but based on what we have seen so far, if these kinds of hits continue, it's shaping up to be a big one.

RML’s US CEO Craig Lindsay ran through the results in a webinar this week which you can check out here.

RML’s gold discovery is on the western side of an intrusion that could be what hosts $4.7BN Perpetua Resources’s 6M ounce gold, 200M lb antimony deposit.

The average grade on Perpetua’s 6M oz gold deposit is ~1.42g/t - with mineralisation ranging from 0.25 g/t gold to over 2 g/t gold.

A big part of why we are Invested in RML is to see if its project can host something similar - and the results so far are looking good (check out our full note below to see why).

Read more: RML: Major gold discovery unfolding - 5 holes hit gold mineralisation from surface to end of hole... 45 drill holes still to come...

Investigator Silver (ASX:IVR)

IVR owns 100% of one of Australia’s highest grade, pure play silver projects, in South Australia.

IVR has a 57M ounce silver JORC resource estimate with an average grade of 73g/t.

IVR completed a Pre Feasibility Study (PFS) for its project back in 2021, and it's already done pretty much all of the required technical and engineering design work, including:

• processing plant designs,
• pit designs
• production scheduling.

The 2021 study delivered some preliminary economics:

• All in Sustaining Costs of A$17.45/oz
• Base case silver price of US$24.70/oz = A$34.30/oz
• A pre-tax Net Present Value (NPV) of $202M and
• free cash of A$487M.

The important takeaway is that this economic study was done using a A$34.30 per ounce silver price.

Today the silver price is nearly 3x that of the 2021 price - ~A$89 per ounce...

IVR’s Definitive Feasibility Study (DFS) is expected to be completed in early 2026 and use a much higher silver price to reflect the current market.

In a slide in IVR’s most recent presentation, IVR said that a silver price increase >100% (meaning ~A$70 per ounce silver) would add >$1BN in free cash flow to the project economics...

We wonder what this week’s ~A$89/oz silver would do to those numbers...

(Source)

MST Senior Analyst Michael Bentley has a 16c price target on IVR using a US$45 silver price - and using US$60 per ounce (which is a lot closer to spot right now) had a valuation of ~23c per share...

IVR closed the week trading at 7.2c per share.

(source: MST IVR report)

While the research report is very detailed, remember analyst price targets are no guarantee to come true, they are based on a number of assumptions that may prove incorrect.

Here is a video of IVR’s CEO Lachlan Wallace speaking to the MST analyst.

Read more: IVR: Better re-do that economic study for your silver mine... now that the silver price has tripled...

Titan Minerals (ASX:TTM) - Multi-million Ounce Gold Project set to be Unlocked

Kitco - Central banks went on a gold-buying spree in October, led by Poland and Brazil, as emerging markets boost reserves amid global uncertainty.

Kitco - There’s been a lot of ink spilled over gold’s bull market and the fundamentals behind this three-year rally. But one thing has been missing for much of it: silver.

Bloomberg - The US government is buying stakes in critical minerals firms to challenge China, with deals in MP Materials, Lithium Americas and now Vulcan Elements.

US Department of State - US and DRC forge strategic partnership to secure critical minerals, boost mining, infrastructure, and energy projects for regional stability and long-term economic growth.

FT - AI, organoids and digital twins are sparking a fast shift away from animal testing as regulators begin phasing out primate experiments as drugmakers chase faster, cheaper, more ethical research.

American West Metals (ASX: AW1) - West Desert Shapes Up as a US Critical Minerals Gem MST Access

Power Minerals (ASX: PNN) - A diversified critical minerals growth story East Coast Research

Kaiser Reef (ASX: KAU) - Inside Kaiser Reef: Brad Valiukas on Growth Plans, Henty Progress and Australia’s Gold Market

Advance Metals (ASX:AVM) - Investor Webinar - 28 November 2025

Resolution Minerals (ASX: RML | OTC: RLMLF) - Investor Webinar | December 2025

We Spent a Day in New York’s Diamond District to See the Gold Rush

The untold story beneath Texas’ oil fields

Palmer Luckey On The Military Of The Future

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.