Podcasts
Deep dives into market trends, company analysis, and expert interviews
SmallCaps Spotlight: Barton Gold (BGD.ASX) — Drilling Momentum, PFS/DFS Pathway & Capital Discipline
## In this episode - Barton Gold’s latest operational updates across Challenger, Tunquillia (Tunkelia) and Tolmer - What phase two infill assay results mean for resource continuity, grade distribution and open pit extensions - How updated drilling has widened upside (thickness/grade, potential extensions) while de-risking feasibility work - Scenario modelling, metallurgical test work and geotechnical studies moving into the PFS/DFS process - Capital allocation priorities: studies vs drilling, and maintaining balance-sheet flexibility - Milestones targeted for **1Q CY2027** (Challenger DFS and Tunquillia PFS) ## Key themes from the conversation ### 1) Drilling momentum across the portfolio Alexander Scanlon highlights a broad set of drilling activities over the past six months, including: - **Challenger:** ~10,000 metres of RC drilling aimed at resource upgrading/“category” upgrading, with some new high-grade mineralisation and potential open pit targets identified. - **Tunquillia/Tunkelia:** ~58,000 metres of drilling designed to lift mineralisation from prior study levels towards **measured and indicated** status, supporting the PFS pathway. - **Tolmer:** infill drilling on a **high-grade silver discovery** located between the Challenger and Tunquillia hubs. ### 2) Turning drill results into bankable studies Scanlon explains how latest results are feeding into: - **Challenger feasibility** (definitive feasibility study), leveraging the **fully permitted Central Gawler mill**. - **Tunquillia pre-feasibility** (PFS), including assessment of a second mill for larger-scale operations. ### 3) Resource conversion strategy and de-risking A key goal is accelerating the project underwriting by targeting: - conversion of mineralisation into higher-confidence categories (measured/probable/reserves pathway), - and focusing on higher-grade portions of mineralisation that can support an **accelerated payback profile**. ### 4) Capital discipline after the placement Barton ended the June quarter with **$31.9m cash** after a **$25.9m institutional placement**. Management’s approach: - drilling expenses were largely funded by last year’s budget, - the placement primarily supports the completion of key milestones (including **Challenger DFS**, **Tunquillia PFS**, and a **mining lease application**), - maintaining a **funding buffer** for follow-on opportunities (including further drilling decisions at Tolmer depending on infill results). ## Timing and milestones - **Challenger DFS** and **Tunquillia PFS**: targeted for completion/publication in **1Q CY2027**. - Ongoing metallurgical and geotechnical work to support study outcomes. ## Production note *This episode is a podcast-style discussion based on the provided transcript and background materials. For full details, listeners should refer to Barton Gold’s ASX announcements and presentations.* ## Company snapshot - **Company:** Barton Gold (BGD.ASX) - **Focus:** South Australian gold development with a hub-and-spoke growth approach and the intention to scale production over time. ## Disclaimer This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions. ## Contact & Social - Website: SmallCapsSpotlight.com.au - Email: hello@smallcapsspotlight.com.au - Twitter: @SmallCapsSpot - LinkedIn: SmallCaps Spotlight #SmallCaps #ASXInvesting #BGD.ASX #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Flagship Minerals (FLG) — Isidora gold/copper milestones, Whipsaw copper upside & Calsoon tungsten pathway
## Episode overview In this edition of **SmallCaps Spotlight**, host *James Whelan* speaks with **Paul Lock (Managing Director)** of **Flagship Minerals (ASX: FLG)**. Paul walks through: - Why **gold and copper** remain the primary strategic focus after the **$5.8m cash sale** of the **RK Lithium project** - The latest **environmental baseline** and technical work underway at the **Isidora Gold Project** in **Chile** - Expected timing for key **assay, MRE update, PFS, and EIA/mining licence** steps - The investment thesis behind **Whipsaw** (copper prospect) and potential corporate actions - An update on **Calsoon tungsten** and how Flagship may monetise the asset --- ## Flagship at a glance **Flagship Minerals (FLG)** is an **ASX-listed pre-revenue** explorer and development company advancing projects with an emphasis on: - **Gold and copper** in **Chile** (and Canada mentioned in the company overview) - Core value focus on the **Isidora Gold Project** --- ## Strategy update: lithium sale, focus on gold & copper Paul explains that following the **RK Lithium project sale for $5.8m cash**, Flagship’s current approach prioritises projects where the company believes it can improve the probability of success. **Key points discussed:** - Management’s view that **gold and copper** sit in **larger, deeper markets** than lithium - A philosophy that when deploying **shareholder funds**, the company wants exposure to markets where there is a **credible pathway to development** (including cost-curve positioning considerations) --- ## Isidora Gold Project (Chile): environmental baseline & technical milestones ### Environmental work: EIA baseline studies Paul says baseline studies commenced **late 2025**, with the team working through multiple seasons in Chile. **What’s included:** - Seasonal baseline collection (flora and fauna) - A more **conservative “hypothetical mine footprint”** approach that also incorporates: - mine plan - **transport corridors** - **energy corridors** - **water corridors** **Why this matters:** - Flagship aims to reduce future schedule pressure by running broader baseline work **in parallel** with progressing studies (rather than waiting until later feasibility steps) ### Metallurgical and recovery thresholds Paul indicates that following metallurgical drilling and trenching, the company expects numbers to start coming through **later in the year**. - Timing for results: **around November** (conservative timing) - Management references historic metallurgical work and is testing leaching on **sulphides** to move **recoveries towards ~80%** (as described in the discussion) - Trenching/drilling is designed to check **consistency of mineralisation** across the orebody --- ## Catalysts: next 6–12 months Paul outlines a staged roadmap: **Milestone 1 (update and assays):** - Assays from trenching and related work expected to feed into updates **into late Sep / October** - A **short targeted drilling programme** planned to target mineralised zones **unclassified in the current MRE**, particularly in the **top of the orebody** - MRE update: **around December** **Milestone 2 (PFS):** - **PFS targeted for early next year** **Milestone 3 (EIA / licensing):** - **EIA delivery and mining licence submissions expected in 1H 2027** --- ## Whipsaw (copper): thesis and potential corporate action Whipsaw is presented as a pathway to add **material copper exposure** while Flagship seeks to drive Isidora toward **cashflow**. **Highlights from the discussion:** - Whipsaw location: **southern British Columbia**, near the US border, with access described as relatively straightforward (near highways/freeways) - Exploration target discussed: **~0.5 to 1 billion tonnes at ~0.2% to 0.4%** (as per the conversation) - Geological/operational points: - **drill-supported exploration target** - **at surface** nature highlighted - setting described as within forestry, potentially improving practical access for early-stage work **Near-term objective:** - Use historical data and potentially geophysics to “put some meat on the bones” - Potentially **spin out** Whipsaw into a **new listing vehicle** (described as an in-species distribution of shares) - A pathway to progress toward **PFS**, with comparisons drawn to Canadian peer valuation ranges at PFS --- ## Calsoon tungsten: update and monetisation pathway Flagship also holds the **Calsoon/Kasuan tungsten** asset. **Management themes:** - Tungsten described as having had past mining activity and strong historical performance - Paul characterises the deposit style as **high-grade, pure “fewerite style”** and indicates drilling exists but higher-density infill is needed - Near-term work described as an **exploration target** update - Strategy preference: **spin out** or pursue a **cash deal** - rationale: Flagship is not positioned as a specialist critical/metals company --- ## Where to from here? For FLG investors, the near-term watchpoints are: - **Assays** and incorporation of trenching/trial drilling into the **updated MRE (December)** - Progress toward an **early next-year PFS** - Timing around **EIA and mining licence submissions (1H 2027)** - Any formal developments around **Whipsaw** (spin-out roadmap, technical updates) - Continued progress and potential monetisation steps for **Calsoon tungsten** --- ## Disclaimers This podcast is for information only and does not constitute financial advice. Always consider risks, including resource estimation, permitting, metallurgical variability, market dynamics, and execution risk common to pre-development companies.
SmallCaps Spotlight: Aland Equity Group’s Capital-Light Property Funds Play
## Episode Overview - **Host:** James Whelan - **Guest:** David Nolan, Managing Director, **Aland Equity Group (AEG)** (ASX) ## What we cover ### 1) AEG’s strategic shift: equities to funds management - AEG has launched a **capital-light property fund strategy**—moving away from its legacy model towards acting more as a **fund manager and co-investor**. ### 2) The “Chinnery’s” property funding deed (core of the strategy) - Anchored by a **10-year agreement** linked to a large-scale residential development site in **Bungendor, NSW** (described as ~1,000 acres / ~3,200 lots). - The structure is designed so AEG can embed a **defined development margin** while **outsourcing physical execution** to third parties. ### 3) Defined development margins (including a stated 30%) - Nolan reiterates the concept using a residual land value / pricing methodology approach. - The key idea: as lots move through the development cycle, the methodology aims to preserve a **margin framework** to support defined returns. ### 4) Capital-light and risk reduction: “funds first, balance sheet later” - In the example discussed, the **fund does not necessarily acquire title upfront**—the landowner retains title until purchase by the end buyer. - **Modest funding** may be required, sourced via a **debt facility** that is described as **non-recourse to AEG**. - Nolan contrasts this with traditional development models where companies often carry **capital risk, acquisition risk, and dilution risk**. ### 5) Recent update: Elm Grove / Elmgrove Heights (56-lot parcel) - AEG subsidiary enters arrangements to establish a **100% AEG-owned fund**. - The fund is described as having **exclusive sales and marketing rights** for **56 lots**. - Execution and sales/marketing are planned to be **externally contracted**, with costs including **marketing costs** and subdivision “last mile” contributions (council contributions). - The discussion includes an estimate of **$75,000 per lot**, noting the campaign timeframe (12 months) and that market conditions can shift. ### 6) Related-party governance: ASX Listing Rule 10.1 - The land parcels are associated with **AEG chairman Alex Brinkmeyer**. - Nolan explains how the company approaches the **related-party regime**, including the process of obtaining **shareholder approval** and an **independent expert’s report** concluding that transactions are **fair and reasonable** to non-related shareholders. - The “multiple” alignment point is emphasised: Brinkmeyer is positioned to share upside with other shareholders. ## Key takeaways for small-cap investors - AEG’s thesis centres on **defined-margin economics** and **capital-light execution**. - The structure aims to reduce **balance-sheet exposure** via **non-recourse debt** and (in the example) **no immediate land acquisition by the fund**. - Any related-party transactions face **formal governance steps**, including independent expert review and **shareholder votes** under Listing Rule 10.1. ## What to watch next - Updates as the **related-party approvals** are progressed and shareholder voting processes are completed. - Evidence of how the model performs as sales/marketing campaigns progress—particularly given the sensitivity of property pricing to market conditions. --- *Disclaimer: This podcast content is for general information only and does not constitute financial advice.* ## Disclaimer This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions. ## Contact & Social - Website: SmallCapsSpotlight.com.au - Email: hello@smallcapsspotlight.com.au - Twitter: @SmallCapsSpot - LinkedIn: SmallCaps Spotlight #SmallCaps #ASXInvesting # #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Polymetals Resources (ASX: POL) — Endeavour mine restart, cashflow ramp and high-grade drilling
## Episode snapshot - **Who:** Linden Sproule, Polymetals Resources (ASX: POL) - **Topic:** Endeavour mine restart progress, production ramp-up, and high-grade drilling results ## Key themes ### 1) Deal milestone: Endeavour acquisition formally completed - Polymetals explains the long-running acquisition process, including the completion of the **environmental bond replacement/payment**. - With **100% ownership** now in place, the project is positioned to move forward without the prior senior security overlay. ### 2) Why Endeavour matters for the Cobar Basin story - Endeavour is a **long-history Cobar Basin mine** (discovered 1974; developed 1982; continuous operations until care and maintenance in 2020). - A major factor behind restart economics was resetting a previous **royalty structure** (from 100% silver streaming to a smaller **net smelter royalty** over silver, lead and zinc), helping restore mine viability. ### 3) Production ramp-up and early cashflow - Management highlights that the restart is now roughly around its **first year of production** and that the operation is still **ramping up**. - Polymetals also notes that the business delivered its **first quarter of net free cash flow** after months of production. ### 4) Mill capacity and “feeding the beast” - The mill has **nameplate capability of ~1.2Mtpa**, but the operation is currently running **~30–40% of nameplate**. - The team is looking to bring **additional ore sources** into the existing deposit and mill system. ### 5) High-grade main-load drilling: adjacent intercepts - Polymetals discusses strong high-grade drilling from the **main load**. - A key planning point: mineralised intercepts begin **very close to drill cuttings’ starting points** (adjacent positioning), supporting the case for **fast monetisation** into the mine plan. - The company is working towards an **updated resource**, then transitioning into **updated reserve and mine-plan** work. ### 6) Near-term planning and bottlenecks - The biggest operational bottleneck is framed as **securing enough ore feed** to match the mill’s capacity. - The company is de-risking through **underground drilling and mine-plan re-modelling**, with a focus on confidence to provide market guidance. - Management expects key technical work to complete **over the next ~two months**, supporting guidance development. ## What to watch over the next 90 days - **More drill releases** over the coming months following two recent drill updates. - **Updated resource/reserve and mine-plan outputs** feeding into how quickly additional mineralisation can be brought into production. ## Investor takeaway Polymetals’ near-term narrative is centred on turning high-grade drilling success at Endeavour into a clearer production pathway—supported by (1) a completed acquisition milestone, (2) mill capacity optionality, and (3) mine-planning work to enable stronger, more consistent guidance as the ramp progresses. ## Guest - **Linden Sproule** — Polymetals Resources (ASX: POL) ## Host - **James Whelan** — Small Caps ## Disclaimer This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions. ## Contact & Social - Website: SmallCapsSpotlight.com.au - Email: hello@smallcapsspotlight.com.au - Twitter: @SmallCapsSpot - LinkedIn: SmallCaps Spotlight #SmallCaps #ASXInvesting #POL.ASX #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Mont Royal Resources (MRZ) — moving from PEA to PFS with First Nations at the centre
### Episode highlights - **PEA momentum:** Updated preliminary economic assessment for the Ash monazite-dominant carbonatite project in Quebec, including a **~30-year mine life** and **post-tax NPV exceeding C$2B**. - **Transitioning to pre-feasibility (PFS):** Why MRZ isn’t rushing straight into PFS, and what work can be extracted over the next **~six months**. - **First Nations engagement as a critical path:** Nicholas outlines recent on-site discussions, the importance of agreements with **multiple First Nations groups**, and how feedback is being incorporated. - **Logistics and footprint changes:** Movement of the project narrative from an earlier northbound framing to **south into the Sheffieldville area**, creating a “very different logistic story” for communities. - **Capex “sweet spot” work:** How MRZ has pulled project economics back towards a more realistic hard-rock cost profile—while also exploring ways to **reduce the project size** and potentially **stage development across generations**. - **12-month plan and baseline studies:** Focus on restarting/opening camp facilities and **baseline studies** early next year, aligned with cash burn. - **Funding strategy (non-dilutive + partners):** Increased engagement with **provincial/federal government** and industry interest, with a goal of support ahead of next study milestones. - **Northern Lights soil sampling:** A non-core but necessary spend to maintain tenements has been redirected into a **till-sampling programme targeting gold** linked to structures from the East Main resource (assays expected soon). - **Metallurgy and fluorspar:** Continued work to extend beyond mixed-rare carbonate stages, including hydromet test work and potential **separation/oxide value opportunities**, plus ongoing technology partner conversations with strong interest from **Europe and the US**. ### Key takeaway MRZ’s next phase is about **de-risking execution**—not just through technical studies, but by building a smoother runway for the project via **meaningful First Nations engagement, baseline work, logistics planning, and staged engineering improvements**—while keeping optionality through concurrent exploration at Northern Lights. ### About Mont Royal Resources (MRZ.ASX) Mont Royal Resources is developing the **Ash from Rare Earths** and **fluorspar** project in Quebec, anchored by a monazite-dominant carbonatite deposit and progressing from PEA to the next study steps. > Disclaimer: This podcast is for information purposes only and does not constitute financial advice. ## Disclaimer This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions. ## Contact & Social - Website: SmallCapsSpotlight.com.au - Email: hello@smallcapsspotlight.com.au - Twitter: @SmallCapsSpot - LinkedIn: SmallCaps Spotlight #SmallCaps #ASXInvesting #MRZ.ASX #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Blake and James (AAA.ASX) — navigating sentiment, liquidity and the “six–to–twelve month” outlook
## Episode highlights - **Conference read-through (Noosa mining conference):** why deal-making momentum exists even while sentiment stays cautious. - **Investor “pregnant pause”:** capital on the sidelines until there’s clearer visibility for the next **6–12 months**. - **Demand themes:** continued attention on **copper and uranium** as the world keeps “turning”. - **What good investability looks like:** quick, credible storytelling—investors want conviction, not just presentation slides. - **Manager insight:** fund managers are being selective in **tight, liquid markets** where mistakes are punished. ## Where Blake and James fits (AAA.ASX) Blake and James is included in this spotlight episode as an example of the kind of small-cap story investors are actively scanning for: companies that can articulate why they’re investable **now**, not just when conditions improve later in the cycle. ## Key questions for listeners - What milestones would help Blake and James convert market uncertainty into **measurable progress**? - In a “cautious but not broken” backdrop, what makes a small cap **fundable** versus merely **followed**? - How should investors think about timing—especially the **next 6–12 months**—when sentiment is waiting for clarity? ## Disclaimer This podcast is for information only and does not constitute financial advice. Markets are volatile and risks apply—please do your own research.
SmallCaps Spotlight: Infragreen (ASX:IFN) — Recycling cashflow + clean energy buildout
## Episode snapshot - **Guest:** Martin McIver, CFO, Infragreen Group Limited (**ASX: IFN**) - **Focus:** How IFN builds and grows a portfolio to generate defensive, long-term cashflows - **Key themes:** Portfolio approach (recycling + clean energy), strategic review, **$10m buyback**, FY26 guidance and cash metrics ## Infragreen in a nutshell Infragreen is an Australian-New Zealand essential infrastructure investor with an operating investment focus on two main areas: 1. **Recycling & resource recovery** — taking scrap metal and hazardous waste and turning it into usable outcomes while reducing disposal volumes. 2. **Clean energy & transition** — including **commercial solar** and **peaking power** opportunities. The CFO describes the model as backing founders and partnering early, supporting growth from initial scale (around the **$5m EBITDA** range referenced in the interview) towards larger targets (potentially **$30–50m EBITDA** over time), using both **capital and strategy**. ## Portfolio structure and growth pillars IFN currently operates with **four businesses** and plans to add additional direct investments roughly every **18 months to two years**. The growth pillars discussed include: - **Organic growth** of invested businesses - **Increasing stakes** over time (to manage risk early) - **Bolt-on acquisitions** (extra sites) - **Adding more businesses** to scale the overall portfolio ## What’s inside the two segments? (examples) ### Recycling & resource recovery - **Hazardous & regulated waste treatment** (predominantly **Pure Environmental** operating in **Queensland** and **WA**): - Handles **liquid wastes** and other packaged waste streams - Treats and recycles where possible, reducing what ultimately requires disposal - Focus examples mentioned include wastewater/oily waters and drill muds from onshore drilling programmes - **Metals recycling**: - **Scrap metal** processed on site - Locations mentioned: **Western Australia, Victoria, and New Zealand** - Processing includes sorting, packaging, and export ### Clean energy & transition - Growth driver highlighted in the prospectus: **energy build** - Management said the **first half was on track**, and they’re pleased with performance based on prior disclosures ## Strategic review & why the buyback matters ### April strategic review Martin explains that the strategic review was prompted by the view that IFN’s **share price was significantly below the underlying value** of its businesses. Management attributes this largely to **investor sentiment** rather than operational underperformance. The review explored ways to **bridge the valuation gap**, including: - **Portfolio optimisation** (including whether any businesses should be sold and redeployed) - Considering **strategic investors** - Evaluating **capital allocation options** broadly ### May market buyback (up to $10m) Management also chose to pursue an **on-market share buyback** (up to **$10m**) because: - They believe shares offer value **relative to estimated underlying business value** - Buying shares under what they consider fair value can help **reward continuing shareholders** **Progress so far:** Martin noted the buyback is **still early**; they paused around the need to observe **blackout rules until results**. ## FY26 guidance and performance notes Management referenced **current guidance** for FY26, including: - **EBITDA (look-through):** **$22.5m to $25m** - **Revenue:** **$113m to $121m** - Comparatives discussed included FY25 levels (EBITDA and revenue referenced in the interview) On trading, Martin said they remain **comfortable with guidance** and did not indicate a need to change it. ## The cashflow metrics investors should watch Two metrics were emphasised as particularly important: 1. **Cash conversion:** EBITDA (pre finance and tax) converting into **net free cash flows** 2. **Dividends received:** IFN’s ability to generate cash from invested businesses and **receive dividends** (as a demonstration of cashflow “horsepower”) Management intends to provide **more business-by-business clarity** around net free cash flow and related receipts. ## Near-term watchlist (next 90 days) Key timing points mentioned: - **Reporting after markets close:** **26 August** - **Investor call / course call:** **27 August** - Ongoing updates between that period and the **AGM in November**, including anything arising from the **strategic review** and other material business milestones ## Bottom line In this conversation, Martin frames Infragreen as a portfolio-driven cashflow story: invest in essential infrastructure, build businesses through execution and M&A, then return value to shareholders—while using a strategic review and an on-market buyback to address perceived valuation disconnect. --- *This podcast summary is for information only and does not constitute financial advice.* ## Disclaimer This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions. ## Contact & Social - Website: SmallCapsSpotlight.com.au - Email: hello@smallcapsspotlight.com.au - Twitter: @SmallCapsSpot - LinkedIn: SmallCaps Spotlight #SmallCaps #ASXInvesting #IFN.ASX #AustralianStocks #Investing #Podcast
Impact Minerals webinar: Broken Hill and Dora East exploration update
In this webinar, Mike Jones outlines Impact Minerals’ exploration thesis for the Broken Hill project in New South Wales and discusses work completed at Dora East. Key topics covered: - Why Broken Hill remains a major exploration focus - The company’s participation in BHP’s Explore programme - The geological concept being tested for copper mineralisation at depth - The role of mafic sills, alteration and structural interpretation - High-grade zinc, silver, lead and copper results from Dora East - Use of handheld XRF data to help interpret folding and alteration patterns - Comparison of Dora East with the scale of the Broken Hill ore body This content is based on the webinar transcript provided and is for general information only. It does not constitute financial product advice or a recommendation to trade securities.
Kaoko Metals (ASX: KAO) - Copper exploration update in Namibia
Host: Gerard O'Donovan In this webinar, Gerard O'Donovan outlined Kaoko Metals’ focus as a recent ASX-listed exploration company targeting copper in Namibia. He discussed the company’s two main projects, the Chalcos Copper-Silver Project and the Carabib Copper-Gold-Tungsten Project, along with the broader geological setting in the Kyoko Copper Belt and Otavi subgroup. Topics covered: - Recent listing on the ASX on 8 May - Chalcos Copper-Silver Project and reported surface grades - Carabib Copper-Gold-Tungsten Project and drill intercepts - Namibia’s mining-friendly jurisdiction and infrastructure - Exploration strategy and near-term drilling plans - Capital structure, register and funding position - Leadership team and in-country personnel - Geological context and comparison with nearby projects General information only. Not financial, investment or geological advice. Seek independent professional advice before making any investment decision.
American West Metals Webinar Review: Storm Copper and West Desert
Host: Dave O’Neill, Managing Director, American West Metals (ASX: AW1) Topics covered: - Storm Copper Project in Nunavut, Canada - West Desert project in Utah, USA - resource update and maiden reserve work - proposed near-term open pit development pathway - ore sorting and beneficiation approach at Storm - logistics and location considerations - critical minerals at West Desert, including indium, silver, gold and gallium - project funding and offtake remarks discussed in the presentation Selected points from the webinar: - The company stated Storm has over 300,000 tonnes of copper in resource, with most of it indicated. - The company said a maiden reserve for Storm was being prepared. - Dave O’Neill described Storm as a potential near-term open pit producer. - The presentation discussed West Desert as a base metal project with exposure to critical metals. - The presentation also referred to ore sorting, beneficiation and a planned fine circuit to improve recoveries. General information only. Not financial, investment or legal advice.