OD6 extends fluorspar structures across project in Nevada, USA

Our US critical minerals Investment OD6 Metals (ASX: OD6) just released new sampling results from its Nevada fluorspar project, including the highest grades seen at the project to date.

We already know OD6's project has high grade fluorspar from surface.

And that the project has a history of fluorspar production, with ~26,000 tonnes at 44.9% fluorspar mined from the Horseshoe pit back in the 1950s.

There is a resource here too, although OD6 can't announce it publicly because it dates back to 1956, so it is clearly not JORC compliant.

Since acquiring the project, OD6 has mostly acquired and processed historic data on the project.

AND completed several rounds of surface exploration (sampling/mapping work) to extend the known structures ahead of a drill program.

Today OD6 announced results from another six samples which returned 97%+ fluorspar grades, including three samples returning 99.9% - near pure fluorspar:

(source)

The key takeaway for us is that OD6’s key targets are continuing to get bigger (based on what OD6 can see above ground).

We have mentioned before the potential for some of these targets to be joined by the same mineralisation underground, and today's results give further signs of this.

Should that be the case, the tonnage at the project would increase rapidly.

(Although we need to see drilling to give us the definitive result on whether the mineralisation links up, and if so, whether the grades are economic.)

Today's sampling shows signs that a 700m corridor with outcropping mineralisation between Rocket, Big Jim and the Spar Mine:

(source)

This is now the third large target area at the project, adding to Horseshoe and Mammoth.

(source)

OD6 also included some commentary today on its potential production routes:

(source)

We have said before that with grades this high (from trenching too, not just surface sampling), a DSO (direct ship ore) operation with minimal processing could be a way into production, selling the lower grade metspar product first.

From there, OD6 can add on what is required to target the higher grade acidspar market.

All of this sits in the US, which currently imports 100% of the fluorspar it consumes, with more than 60% of global supply coming from China.

OD6 also mentioned earlier in the week that acidspar prices were up ~29% over the past three quarters to US$654/t.

For context - fluorspar is a critical mineral used in hydrofluoric acid, AI chips, batteries and defence tech, and the US was 100% net import reliant for it in 2025.

There are 2 different types of fluorspar markets to supply into (depending on grades):

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

OD6 has sampled both metspar and acidspar grades across its project:

So we are ALSO hoping OD6 can follow ~A$110M capped Ares Strategic Mining, which landed a US Government contract worth up to US$250M for its Nevada fluorspar project.

See our Ares comparison from our latest OD6 note here:Why did the Pentagon give a US$250M contract to a A$102M capped Canadian small cap?

What's next for OD6?

🔄 Target generation for US fluorspar project

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
• ✅ Historic drill results
• 🔄 Digitisation of scanned paper maps and cross-sections into a 3D geological model
• ✅ Soil/channel sampling
• 🔲 Geophysics
• 🔲 Drill targets generated

Strategic / Government Engagement for fluorspar in the US

• 🔲 Engage with US Department of War, Department of Energy, or DLA regarding domestic fluorspar supply
• 🔲 Explore strategic partnerships or offtake discussions
• 🔄 OTC listing -underway (source)