OD6's US critical minerals project keeps getting bigger...

Our US critical minerals Investment OD6 Metals (ASX: OD6) just announced first assays from its fluorspar project in Nevada.

OD6 announced the acquisition of this asset back in early March.

We Invested in OD6 because we think the US critical minerals macro thematic is only going to get stronger in 2026.

And because we think niche critical minerals will be the winners of the next wave of capital coming into the sector.

Fluorspar has been on the US critical minerals list since it was first introduced in 2018.

Fluorspar is an essential input in the AI semiconductor chip manufacturing process, nuclear fuel processing and aerospace/defence technologies.

At the moment the US is 100% reliant on imports for its domestic fluorspar needs and over 60% of the market is controlled by China. (source)

OD6 is the only small cap company we know of on the ASX with a fluorspar asset - inside US borders…

(source)

The key takeaway for us from today’s results was that one of OD6’s prospects is a lot bigger than originally mapped on the project…

Basically where OD6 already knew there was outcropping mineralisation, the structures go “undercover” momentarily and then re-appear to the north as a continuation of what OD6 already knew:

(source)

AND this is all from just one prospect (Mammoth) - one of the many targets sitting across an 8km trend that OD6 has mapped outcrops across.

We covered the increase in size in our last OD6 note here: OD6: Multiple surface outcroppings... are they connected?

(source)

Today’s sampling results returned rock chip grades up to 53.2% fluorspar.

For context - anything above ~30% is considered pretty high grade - ASX listed Tivan whose project sits in the NT has a resource of 43.2mt at 8.3% fluorspar. (source)

Tivan is capped at $692BN and has Japanese Conglomerate Sumitomo Corporation as its JV partner on its project…

OD6 is capped at $26M, its project sits in the US, plus has produced fluorspar in the past from outcrops at grades as high as 44.9%. (source)

Check out the Tivan comparison we did in our initiation note here: Fluorspar has also done well on the ASX before

What’s next for OD6?

🔄 Additional assay results from Quinn

Today’s results are from just one of OD6’s multiple prospective areas.

OD6 has an exploration program planned with more rock chip/channel sampling as well as soil sampling and mapping to come.

So we should see a fair bit of newsflow (and results) from the program done back in Feb and the program OD6 is planning to run over the coming weeks.

We note today’s announcement explicitly said OD6’s geological advisor - Dr Darren Holden - would be mobilising to site shortly to guide “the exploration program, supporting future drill targeting”.

🔲 Drill target development and permitting

Once the surface program is complete, OD6 will be ready to drill its project.

Two geologists are being deployed for detailed mapping and channel sampling of the Horseshoe and Mammoth deposits plus reconnaissance across the wider project area.

Here are the milestones we are tracking in the lead up to OD6’s first drill program:

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