OD6 expands US fluorspar project landholding

Our US fluorspar Investment OD6 Metals (ASX: OD6) has just expanded its project area in Nevada, USA…

OD6’s project now covers areas that could host extensions to the known Fluorspar at surface - now covering an 8km mineralised corridor:

Here is a look at the current project area, what has been claimed today and an additional claim that is in progress, also showing the key target area of interest in blue:

(source)

OD6 is basically locking up more ground around the area’s that previously produced fluorspar from a small-scale mining operation in the 1950s.

(Producing ~26,000 tonnes of material at an estimated grade of 44.9% fluorite). (source)

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

We are Invested in OD6 to see the company drill out the project and define a resource and get it into production as quickly as possible.

While there is demand for niche critical minerals inside US borders - that the US has a high level of import reliance on.

The US imports 100% of its fluorspar with zero domestic production.

China controls ~60% of the global supply.

Fluorspar is also listed as one of the 12 strategic defence critical minerals cited by the Pentagon - it goes into missile guidance electronics, semiconductor etching, jet fuel, nuclear power and batteries.

It was also flagged as one of nine materials with the highest shortfall risk for the US military in a major conflict scenario:

(source - from the full paper)

Just 6 weeks before we Invested in OD6, the US Department of War awarded a US$169M supply contract (ceiling US$250M) to Ares Strategic Mining - a development-stage fluorspar company in Utah.

(source)

That deal was a strong validation signal for us that the US wants Fluorspar and a big part of why we Invested in OD6.

OD6 is - as far as we know - the only ASX-listed company with a pure-play fluorspar asset in the US.

Check out our full initiation note for OD6 here, in that note we go through:

• OK but what is fluorspar? Does the US REALLY need it?
• Fluorspar has also done well on the ASX before
• 11 reasons why we Invested in OD6
• We think OD6 is in the right place at the right time - USA good, Nevada, even better
• What is the macro theme behind OD6?

For the latest from OD6’s management check out the webinar from last week here:

OD6 Metals Limited (ASX: OD6) | Investor Briefing Webinar | 10 March 2026

The 11 Reasons We Invested in OD6

Here is a quick reminder of the 11 reasons why we Invested in OD6 from our initiation note:

1. Low market cap with room to re-rate higher.
2. OD6’s Fluorspar asset is in Nevada, USA. We have had past success in Nevada.
3. OD6’s projects have produced fluorspar in the past but have never been drilled.
4. OD6 is a ASX listed first mover into US fluorspar assets
5. Fluorspar is listed as one of the 12 strategic defence critical minerals in the US -
6. The US Department of War awarded a US$169-250M supply contract to another US based fluorspar asset in January 2026
7. China controls 60% of Fluorspar supply
8. There is a listed Fluorspar success story on the ASX capped at $974M
9. Capital is flowing into US critical minerals macro thematic
10. OD6 can follow the “US critical minerals playbook”
11. Free kick on “one of Australia’s largest and highest grade clay hosted rare earths deposits”

What do we want to see OD6 do next?

🔄Complete the acquisition of the project

We want to see OD6 complete acquisition of the US Fluorspar project, this will give it full unencumbered access to help it progress the asset.

Milestones:

• 🔄 Due diligence process completed
• 🔲 Option to acquire exercised
• 🔲 Acquisition completed

🔲 Target generation for drilling

We want to see OD6 sample in and around the old workings on its project, run some geophysics and generate high priority drill targets ahead of its maiden drilling program.

Milestones:

• 🔲 Rock chips
• 🔲 Channel sampling
• 🔲 Soil sampling
• 🔲 Geophysics
• 🔲 Drill targets generated

🔲 Drilling and a maiden resource estimate

We want to see OD6 drill out and define a maiden JORC resource estimate for its project, this is something that likely won't begin until the targets have been generated from the above milestone.

Milestones:

• 🔲 Drilling starts
• 🔲 Drilling results
• 🔲 Maiden JORC Mineral Resource Estimate