OD6 - exploration underway at US fluorspar project
Our US critical minerals Investment OD6 Metals (ASX: OD6) just kicked off its first systematic exploration program at the Quinn Fluorspar Project in Nevada.
The first time the project is being explored in ~60 years…
OD6 has the option to acquire the project which has a historic resource (that can’t be announced because it isn't up to JORC resource standards), rock chips with fluorspar grades up to 94% and an old pit that previously produced Fluorspar in the 1950’s.
Despite that old resource and a history of production - the project’s actually never been drilled before.
So we don't really know the size/scale of the project…
(source)
Fluorspar is on the US critical minerals list and currently the US is 100% reliant on imports for its domestic needs.
Fluorspar is used in military applications such as the production of missile systems, military electronics and jet fuel plus an essential role in AI semiconductor chip production, batteries, nuclear power and aerospace.
(see our deep dive into fluorspar here)
A few months ago US gave an initial US $169M contract (potentially up to US$250M) to Ares Strategic Mining - which for us was a signal from the Pentagon they are out looking for Fluorspar supply domestically.
(source)
We are Invested in OD6 because as far as we know it is the only company on the ASX with a Fluorspar asset in the USA.
We think 2026 will be a continuation of what we saw happen in 2025 for the whole US critical minerals macro thematic.
Instead of the focus being on a few minerals - we think it will be the year where the US government (and corporates) broaden their horizons and go for the niche industrial minerals that are actually extremely critical in their respective supply chains.
The hardest part of having that conviction and making Investments according to it is guessing which critical mineral becomes “hot” next.
No one knows for sure, but we are going long on niche critical minerals that fit a certain criteria:
- It has to be on the US critical minerals list - ✅ Fluorspar is on the US critical minerals list. Fluorspar has also been identified as one of the nine materials with the highest shortfall risk for the US military in a major conflict scenario.
- Where the US is near or at 100% import reliance - ✅ The US has zero domestic fluorspar production and China controls ~60% of global production.
- Where the mineral is being used in advanced technologies (and preferably defence, AI, robotics or advanced energy). - ✅ Fluorspar is required for missile systems, military electronics and jet fuel.
- Where the US government has sent out signals to the market that it NEEDS supply - ✅ The Department of War awarded a US$168.9M supply contract to a company with a similar, development-stage asset in Utah, USA. So we have very recent evidence of the US government putting its money down to secure a supply of fluorspar. (source)
See our full initiation note on OD6 where we lay out our Investment thesis in detail here.
More on OD6’s exploration program
The initial phase of exploration is for:
- 320 soil samples targeting the known high-grade parts of the project.
- Stream sediment sampling across ~40 different sites, and
- Mapping and channel sampling program scheduled for April
We are especially interested in seeing OD6 test the outcrop all along the ~8km mineralised corridor OD6 defined last week.
(source)
What's next for OD6?
🔄 Soil sampling and stream sediment results - due shortly
Assay results from OD6’s earlier rounds of rock chip and channel sampling are currently pending lab analysis.
🔲 Mapping and channel sampling - April 2026
Two geologists are being deployed for detailed mapping and channel sampling of the Horseshoe and Mammoth deposits plus reconnaissance across the wider project area.
Milestones:
- 🔄 Rock chips
- 🔄 Channel sampling
- 🔄 Soil sampling
- 🔲 Geophysics
- 🔲 Drill targets generated
🔄 Due diligence and option exercise
OD6 is still completing due diligence on Quinn as part of its exclusive option agreement.
We want to see this progress through to a completed acquisition.
Milestones:
- 🔄 Due diligence process completed
- 🔲 Option to acquire exercised
- 🔲 Acquisition completed
