Sunday Edition: 7th September

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.

On Friday Trump hosted a high profile dinner with 33 power players from Silicon Valley.

The agenda - powering American AI dominance.

A quick side note: the two guys on the left (ie NOT Mark Zuckerberg, Donald Trump, Melania Trump or Bill Gates) are Chamath Palihapitiya and David Sacks, also from the All In Podcast.

We have been fans of the All In Podcast for a long time.

I randomly ran into Chamath and David back in 2022 (before All In Pod became famous) - on the streets of Milan when I was there for a friend's wedding, spoke to them and got a photo:

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)

It’s a bit surreal seeing them now sitting so high in the halls of global power... (and this photo with me now coming back to probably haunt them).

Also, you're welcome, anyone out there who likes listening to the All In Podcast.

Another fun fact - Chamath said no to the SS1 IPO at 20c when I showed it to him (“too small for his minimum cheque size”). Chamath is a large shareholder of MP Materials, maybe I’ll send him LKY next.

... anyway enough of that, back to the White House tech dinner.

Silicon Valley is investing a lot into AI, semiconductors, data centres infrastructure, and we think that US mining and energy industries are set to benefit in a big way.

Apple invested US$600M into US-based rare earths mine MP Materials, and Bill Gates is heavily invested in US-based uranium and nuclear energy projects.

(Both Apple CEO Tim Cook and Bill Gates attended this dinner)

We discussed US critical minerals in our Saturday weekender, along with the crazy week in precious metals where gold hit all-time highs and silver broke through US$41.40/oz...

Read the Saturday weekender here: Gold Hits All-Time High, Silver Breaks Out, Is This the Big Run?

Stocks we covered this week: CAY, SGQ, L1M, WCE, SS1, HAR, TG1, ION, KAU, CND, MTH, ILA, EIQ

CAY doubled the NPV on its bauxite project to US$853M in its DFS. First shipment of bauxite scheduled for Q1 2026.

SGQ released its first batch of RC drill results showing high grades of rare earths and niobium, including 41m @ 4.52% TREO at its rare earths / niobium project in Brazil.

L1M is set to drill its Queensland gold-copper project from the week beginning September 15th. 1,300m of diamond drilling is planned across 5 targets under historical open pit mining, and previous near surface, high grade drill results.

WCE began phase 2 of its exploration program at its Elizabeth Hill project including preliminary discussions with a nearby processing plant, at a time the silver price broke through $40/oz.

SS1 published drill results from its ongoing silver exploration program with a further extension to its already giant 480M ounce silver eq resource of 54.1m @ 137g/t AgEq assay.

HAR dewatering is well underway with drilling expected to begin in the coming weeks aiming to convert the current 286koz gold non JORC resource estimate to a JORC compliant one by year's end.

TG1 announced results of 3D IP modeling at its Mt Boggola project that showed prior drilling from Newcrest missed the top of the chargeability target. Heritage surveys booked for the end of September ahead of planned drilling.

IonDrive (ASX:ION)

This week ION announced a binding agreement to source feedstock for rare earths recycling in the USA with Colt Recycling.

Colt is one of the USA’s largest and most advanced eWaste recycling companies.

The agreement is to test if ION’s tech can successfully recover rare earths from Colt’s eWaste - inside US borders.

This news comes just as the US Department of Defence is forking out hundreds of millions for US-based recycling projects.

Read More: ION: Signs binding agreement for rare earths recycling in the USA

Kaiser Reef (ASX:KAU)

KAU kicked off an 18-hole, 1000m exploration drilling programme at Maldon in Victoria.

Located just 4.1km from its own operating plant, KAU will test under the Eagle Reef deposit that historically produced 491,000 ounces of gold.

We’ve recently seen what a big exploration drill hit in Victoria can do.

ASX explorer Falcon Metals share price is up ~10x after hitting a 2.4m at 8.4g/t gold discovery hole in early July.

So over to you KAU, in a few weeks we should see if KAU can deliver its own new gold discovery in Victoria.

(Noting that the past performance of Falcon is not an indicator of future performance of KAU)

Read More: KAU: Gold exploration drilling has begun. Gold’s next leg up also begun...

Condor Energy (ASX:CND)

From 27th August to 3rd September, CND’s share price was up over 28% on no news... but why?

What we do know is that CND shares a common director with Invictus Energy (ASX: IVZ).

IVZ was up nearly 500% since it announced a major financing agreement with members of the Qatari ruling Royal Family.

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.

We think the market might be starting to price in Scott potentially using his new and future contacts, networks and connections in helping CND pull off some type of deal of its own...

Read More: CND: Share price up on IVZ mega deal? CND director Scott Macmillan suddenly very well connected...

Silver hits 14 year high - what happens next?

Thursday morning the silver price hit ~US$41.50 per ounce.

That’s officially the highest level silver has traded at since October 2011.

All three of our silver Investments are currently either drilling OR have assays pending, meaning new results could drop any minute.

Here are the three silver stocks we have in our Portfolio:

1. Sun Silver (ASX: SS1) - the biggest pre-production silver asset on the ASX and in the USA. SS1’s current resource estimate sits at 480M ounces silver equivalent. It could also host a giant antimony resource.
   
   
2. Mithril Silver and Gold (ASX: MTH) - 373k ounce gold, 11M ounce silver JORC resource estimate in Mexico. MTH is about to have three rigs on the ground and grow that resource to a ~2.5-3M ounces gold equivalent resource estimate over the next 12-14 months.
   
   
3. West Coast Silver (ASX: WCE) - aiming to extend the Elizabeth Hill silver mine. Elizabeth Hill was the highest grade silver mine in Australia when it was last in production in the 1990s. WCE is trying to extend the leftover resources at the mine and hopefully make a repeat discovery on its regional targets.
   
   

Read More: Silver hits 14 year high - what happens next? Here’s our ASX silver stocks

How ILA could earn $200-500M revenue in the next 12 months

How is a $68M capped biotech company armed with only Phase 1 clinical data able to generate $200 - $500M in cash within the next 12 months?

It involves:

• An “Animal Rule” decision from the FDA (we will know this next quarter)
• A Priority Review voucher (worth hundreds of millions)
• An upfront government stockpiling contract to protect against bioterrorism (potentially worth hundreds of millions)...

We will know if Island Pharmaceuticals (ASX:ILA) is successful in this strategy within the next 12 months (with that FDA decision next quarter the next big ‘unlock’).

Read More: $68M capped ILA - $200-500M revenue in the next 12 months.... how?

Quite a few gold articles we found this week, with the commodity hitting record levels...

Bloomberg - Gold surged past $3,500 an ounce, hitting record highs as investors brace for potential Fed rate cuts and escalating geopolitical uncertainty.

Bloomberg - With gold shining brighter than ever, here are the ways gold investors are seeking returns amongst market chaos and geopolitical turbulence.

Bloomberg - Xi Jinping flexed China’s growing global influence this week, using strategic partnerships with Putin and Modi, major energy deals, and a new development bank to signal that Beijing won’t be dictated to by the US.

Reuters - China’s central bank has been aggressively buying gold since 2023, helping to push prices to record highs as Beijing seeks to diversify from the dollar and potentially boost its gold reserves over 5,000 tons.

FT - The World Gold Council is set to pilot a digital form of gold in London, allowing fractional ownership and use as collateral, potentially transforming the $900bn bullion market by making the static asset more flexible.

Bloomberg - With gold surging past $3,500 an ounce, President Trump’s attacks on the Federal Reserve stoke fears of a weaker dollar, higher inflation, and policy volatility, making the precious metal an increasingly attractive safe haven.

Forbes - Uranium is surging as tight supply from major producers and rising global nuclear demand fuel prices climbing from $64/lb in March to $76.65/lb, while forecasts are from $87/lb by Christmas to a potential $125/lb if the rally accelerates.

ASX listed medical imaging company 4DX moved up nearly 225% this week on the back of securing FDA clearance and a Category 3 CMS code for its medical imaging technology in the US.

We are hoping that our medical AI medical imaging Investment EchoIQ (ASX:EIQ) can repeat the success of 4DX if it can also secure Category 3 CMS code - a decision with the US Centre for Medicaid and Medicare services is scheduled for this month.

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.

Canyon Resources (ASX: CAY) - DFS - Staging development Cannacord Genuity

St George Mining (ASX:SGQ) | Webinar with John Prineas | 03/09/25 St George Mining (ASX:SGQ | FSE S0G)

Island Pharmaceuticals Ltd - 2025 TechKnow Invest Roadshow. Island Pharmaceuticals (ASX: ILA)

Unlocking U.S. Critical Minerals | Locksley Resources Webinar Locksley Resources (ASX: LKY | OTCQB: LKYRF)

Locksley Resources: From 2c to 30c – That’s a hell of a critical minerals play! Locksley Resources (ASX: LKY | OTCQB: LKYRF)

WEBINAR: Resolution Minerals (RML.ASX) US Drive on Antimony & Tungsten to Nasdaq? Resolution Minerals (ASX: RML | OTCQB: RLMLF)

Resolution Minerals Ltd. (OTCQB: RLMLF | ASX: RML) Resolution Minerals (ASX: RML | OTCQB: RLMLF)

Lightning Minerals set to drill Mt Turner gold targets Lightning Minerals (ASX:L1M)

An AI Solution to A Cardiovascular Problem | Echo IQ Limited (ASX: EIQ) | CWS Ep. 208 Echo IQ (ASX: EIQ)

Gold and Silver Going Bonkers. And If You Think That's Crazy, You Should See The Miners

Domestic Critical Minerals and Materials Supply Chains Workshop (US DoE)

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.