LEVRD

AuKing Mining (ASX: AKN) has spent five months turning itself into a Malawi rare earths company. Managing Director Paul Williams joins LEVRD to go through the first assays from Tundulu, the six projects bought from Tusker Minerals, how the basket stacks up against Lindian's Kangankunde and Mkango's Songwe Hill, and how a company with A$1.33 million in the bank funds a maiden resource.

WHAT WE COVERED

- Five months, six projects — what AuKing is turning into

- The Tusker Minerals relationship and how the Malawi deals came together

- A$2.15M of deferred cash owed to Tusker — when it falls due and where it comes from

- The 30 September GEL long-stop and ASX Chapter 11 re-compliance

- First assays: 91m @ 1.51% TREO from 40m, including 15m @ 3.40%

- Three holes down, 28 to go — the read-through to the rest

- 26NH014 and the southern magnetic low step-out

- NdPr at ~14% of the basket against Kangankunde's 20.3%

- The heavies: 8m @ 16.09% HREE+Y/TREO, 42m @ 11.46%

- Where Tundulu's thick-and-moderate holes really sit

- More heavies for less NdPr — is that the trade on offer?

- Maiden MRE before the end of the year — still live?

- Songwe Hill at 38.1Mt @ 1.15% — the closer comparator?

- The newly approved 1,000m hole and what it's chasing

- Whether historical drilling goes into the maiden resource

- Karonga, and the copper spin-off on the table

- GBA Capital's A$9.14M option underwrite at 3c, with the stock at 1.5c

- The termination triggers and the 11.8% fall on 10 September

- Which catalyst actually moves the stock

LEVRD Partners

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This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Auric Mining (ASX: AWJ) has mined gold, made money, and done it twice. Managing Director Mark English joins LEVRD to talk through the A$38 million pulled out of Jeffreys Find and Munda, the Union Jack acquisition that just lifted group inventory 51% to 301,000 ounces, the hire of former Black Cat Syndicate boss Gareth Solly, and the A$137 million plan to build Auric its own mill at Burbanks.

WHAT WE COVERED

- What Auric is today after two completed, profitable campaigns

- "WA's next fully integrated mining house" — what it actually means

- How much of the A$38M is campaign cash, not raised cash

- Union Jack: 102,000oz at 1.02g/t, and why now

- The deal terms — A$6.5M cash, 12.5M shares, A$7M milestones, 1% royalty

- An all-Inferred resource, and the plan to drill it out

- Depth at Union Jack: 16m @ 4.34g/t from 184m

- Gareth Solly's mandate, and how he and Mark split the wheel

- Munda Starter Pit: 8,886oz against a 6,100oz budget

- Grade reconciled 2.46g/t vs 1.80g/t — what the model missed

- Recovery 89.5% vs 83% budgeted — ore or mill?

- How a permitted mill site sold for A$4.4M

- New 600ktpa CIL plant, not a refurb — where the A$137M goes

- Approvals status and the early-2027 construction trigger

- Scoping Study: 141,000oz over 56 months, A$2,843/oz AISC

- Funding the build: more M&A, royalties and streams vs equity

- Lindsay's, the Wardens' Court, and whether Union Jack replaces it

- Spargoville, 10km from Wattle Dam

LEVRD Partners

WA WATER BORES

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James Harrington - 0429 695 538

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This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Critica Limited (ASX: CRI) CEO Jacob Deysel joins LEVRD to unpack one of the more unusual critical minerals stories on the ASX — a single company carrying rare earths, yttrium, gallium, tin and tungsten across two Australian projects.

WHAT WE COVER

- The five-commodity basket

- Which of the five Critica sees the most future demand for, and why

- China's chokehold: ~98% gallium, ~85%+ rare earth processing, ~80%+ tungsten, ~35%+ refined tin — which one the West is furthest from solving

- China's October 2025 export-control package, the 0.1% extraterritorial de minimis rule, and the two lapse dates inside the next ten weeks

- Jupiter Discovery to 97% TREO oxide in 23 months

- 1.8Bt @ ~1,700ppm TREO, 100% Inferred — the 145-hole infill program and when the updated SRK resource lands

- The grade-tonnage curve: 1.8Bt @ 1,700ppm at a 1,000ppm cut-off vs 500Mt @ 2,200ppm at 1,800ppm — can you selectively mine it?

- The 14x upgrade to 3% TREO

- Gallium: nobody produces it commercially from a rare earth clay flowsheet — what work has been done

- A 58% TREO carbonate and a 97% TREO oxide (25.9% magnet oxides, 2.7% yttrium, 0.66% Dy, 0.25% Tb) — who actually buys these baskets

- Mt Lindsay Underground Tin/Tungsten project with a conveyor through an existing disturbed quarry, and what that means for permitting

- Renison Bell at 1.48% tin vs Mt Lindsay at 0.2-0.4% — how much the tungsten changes the equation

- The honest Australian advantage: permitting, geology, or allied government balance sheets

- The April 2026 US-Australia Critical Minerals Framework A$5Bn tranche — Critica wasn't on the list. What gets you on it?

- What it actually takes to get a US, Japanese or Korean strategic investor interested at a A$61M market cap

LEVRD Partners

WA WATER BORES

The best water drillers in Australia

James Harrington - 0429 695 538

https://www.wawaterbores.com.au/

MINING SELECT

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Instagram ► https://www.instagram.com/levrdmatty/

Tiktok ► https://www.tiktok.com/@levrdmatty

Facebook ► https://www.facebook.com/levrdtrading

Linkedin ► https://www.linkedin.com/company/levrd/

This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Scott North from Kamoa Capital joins me for the Weekly Wrap.

On the desk this week: Kaoko Metals (ASX: KAO) and that ripper copper run in Namibia, Talon Metals (TSX: TLO) dropping high-grade nickel-copper from the Vault Zone, why the copper market is looking properly bullish, two gold mergers that make all the sense in the world but could drag out forever, St Barbara's (ASX: SBM) cash pile burning a hole in the pocket — plus Matty's usual degenerate trading antics.

More from Scott & Kamoa Capital:

Website: https://kamoacap.com

The Drill Down (twice-daily newsletter): https://kamoacap.com/the-drill-down

LEVRD Partners

WA WATER BORES

The best water drillers in Australia

James Harrington - 0429 695 538

https://www.wawaterbores.com.au/

MINING SELECT

Find a Mining job RIGHT NOW!!

https://www.miningselect.com.au/

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LEVRD Socials

X ► https://x.com/mattmichaelOG

Instagram ► https://www.instagram.com/levrdmatty/

Tiktok ► https://www.tiktok.com/@levrdmatty

Facebook ► https://www.facebook.com/levrdtrading

Linkedin ► https://www.linkedin.com/company/levrd/

This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Paul Bennett takes us through where Medallion Metals (ASX:MM8) actually sits on the build — Macmahon announced, box cut underway, ball mill landing in Fremantle on 17 September and first Ravensthorpe ore still pinned to Q2 CY2027. We also get into the $60 million raise, a Gem intercept of 5.3m @ 33.3g/t Au and 1.7% Cu, a Hillsborough Deeps hit that looks more like a copper lode than a gold one, and the $2.1 million early production circuit that underwrites a $20 million toll treating agreement before the plant is even converted.

What we covered:

- Macmahon's ~$240M contract, box cut progress and when the jumbo starts cutting the portal

- Spotted Quoll infrastructure moved to Ravensthorpe — what it's saved off the $138M pre-production capital

- Q2 CY2027 first ore: the 1-2 month slips, and whether the date holds

- Development ore vs first stoping

- The $60M raise — opportunistic, or a shift toward extensional growth

- Kundip: 5.3m @ 33.3g/t Au, 1.7% Cu at Gem, and whether confirmatory drilling moved the reconciliation

- Hillsborough Deeps: 13.5m @ 3.3g/t Au, 5.1% Cu, 26g/t Ag — true width, concentrate grade, and whether MM8 is still a gold company

- The $2.1M repurposed flotation circuit and the 200,000t @ $100/dry tonne toll agreement

- Lounge Lizard — validated historics, a granted lease 600m from Flying Fox portal, and the 6,700m program

- McMahons pit results, Teddy Bear and the wider Forrestania target set

- The Q4 CY2026 maiden Forrestania MRE — and whether Forrestania is a resource story or an infrastructure story

- The bottleneck on the road to 100,000oz a year: mill, development rate or ore supply

LEVRD Partners

WA WATER BORES

The best water drillers in Australia

James Harrington - 0429 695 538

https://www.wawaterbores.com.au/

MINING SELECT

Find a Mining job RIGHT NOW!!

https://www.miningselect.com.au/

Download the app and start the hunt

LEVRD Socials

X ► https://x.com/mattmichaelOG

Instagram ► https://www.instagram.com/levrdmatty/

Tiktok ► https://www.tiktok.com/@levrdmatty

Facebook ► https://www.facebook.com/levrdtrading

Linkedin ► https://www.linkedin.com/company/levrd/

This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Adam Oehlman returns to the desk three months after his first sit-down, and this time he's got assays. Sierra Nevada Gold (ASX: SNX) has finished 28 holes at the As Safra Copper-Gold Project in Saudi Arabia, stretched the Central Copper Zone from 400m to more than 800m of strike, and stumbled onto a polymetallic breccia 400m south of where it was aiming — the highest-value intercept in the entire program. Off the back of it, SNX has raised $12.85 million and near-doubled Phase 2 to 25,000m plus 10.5km of trenching. We go through what beat the base case, what didn't work, where the gold went, and what happens to Nevada.

What we covered:

- Phase 1 in review

- Central Copper Zone: 400m to 800m+ of strike, and whether it's one continuous body or a stack of skarn lenses

- ASDD0009's 16m @ 1.49% Cu (incl. 2m @ 4.95% Cu) vs ASDD0012's 38m @ 0.54% Cu — bulk tonnage or selective high grade

- The gold question — what Phase 2's gold zones need to deliver

- The polymetallic breccia: ASRC0012's 11m @ 1.15g/t Au, 108.7g/t Ag, 0.21% Cu, 4.64% Zn, 1.88% Pb — found under cover, off-target

- As Safra Southeast — the IP target that was the priority going in, and how it actually rated

- North Central: 15.8% Cu in rock chips over a 500m trend, never drilled

- Seven live opportunities, a 5.5km corridor, a 12km geochem footprint

- Phase 2: why 15,000m became 25,000m+, and whether $12.85M actually gets it done

- The balance sheet — the raise, the Saudi drilling rebates and current runway

- Nevada: what forced the formal commercialisation process seven weeks after "no fire sale", price expectations, and how discussions are tracking

- More tenements in the Kingdom, and whether Sierra Nevada Gold is still the right name

LEVRD Partners

WA WATER BORES

The best water drillers in Australia

James Harrington - 0429 695 538

https://www.wawaterbores.com.au/

MINING SELECT

Find a Mining job RIGHT NOW!!

https://www.miningselect.com.au/

Download the app and start the hunt

LEVRD Socials

X ► https://x.com/mattmichaelOG

Instagram ► https://www.instagram.com/levrdmatty/

Tiktok ► https://www.tiktok.com/@levrdmatty

Facebook ► https://www.facebook.com/levrdtrading

Linkedin ► https://www.linkedin.com/company/levrd/

This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Ballard Mining (ASX:BM1) MD Paul Brennan sits down with LEVRD to unpack the Mt Ida gold project: a 1.0Moz @ 3.5 g/t Baldock resource, seven granted mining leases, a full permitting stack, $61.8m in the bank — and no mill. We get into the Delta Lithium mineral rights split, what Aurenne's 2.5Mtpa plant next door really means and how the MRE → Reserve → DFS → FID timeline is tracking toward H1 2027.

What we covered:

- BM1's ground, resource and tenure explained

- Mineral Rights Deed

- Where the lithium sits relative to the gold

- Delta's 34.4%

- MinRes's position in BM1 today

- West Knell mining lease, metallurgy and geotech

- 150km of drilling since February — MRE timing and the 1.5Moz question

- Baldock at depth: 3m @ 23.6 g/t at 689m, 300m below the resource

- 91% CIL recovery and the effect of Copper

- Copper credit: Ballard's or Delta's?

- West Knell 9m @ 27.1 g/t — satellite pit or a second Baldock?

- Who Aurenne are and the current state of talks

- $30–40/t own plant vs ~$120/t toll treating — and the gold price where that flips

- What's still outstanding before turning dirt

LEVRD Partners

WA WATER BORES

The best water drillers in Australia

James Harrington - 0429 695 538

https://www.wawaterbores.com.au/

MINING SELECT

Find a Mining job RIGHT NOW!!

https://www.miningselect.com.au/

Download the app and start the hunt

LEVRD Socials

X ► https://x.com/mattmichaelOG

Instagram ► https://www.instagram.com/levrdmatty/

Tiktok ► https://www.tiktok.com/@levrdmatty

Facebook ► https://www.facebook.com/levrdtrading

Linkedin ► https://www.linkedin.com/company/levrd/

This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

NewPeak Metals (ASX: NPM) Managing Director Mark Purcell joins LEVRD to unpack Las Opeñas — the San Juan, Argentina gold-silver project that just returned 657m @ 0.30g/t AuEq from surface in LODH-027, about 45m from July's discovery hole.

Covered in this episode:

- Company history — Dark Horse Resources to NewPeak Metals, and what Purcell brought from Goldman Sachs, Rothschild, Rio Tinto, Peabody and SQX Resources

- The geology: low-sulphidation epithermal, gold-dominant phase sitting above a base-metal phase, and a preserved top of system under autobreccia lava

- LODH-027's 657m @ 0.30g/t AuEq from surface, and why the pairing with July's discovery hole matters more than either hole alone

- Gold grade strengthening to the west — genuine vector, or an artefact of where the rigs went?

- Why the announcement withheld cross-sections: "too sparse and ambiguous to accurately predict geometries"

- Location: 70km from Veladero, 110km from Hualilan, shared access roads with BHP and Lundin's Vicuña, collars at 3,310–3,391m and year-round access

- San Juan as a jurisdiction

- Tansey — 43m @ 0.75g/t Au from 157m — and why a real result is now flagged for farm-in or divestment

- The balance sheet — $4.57m spent, $5.6m of listed investments sold, the Lakes Blue Energy holding, and the $3.5m placement at 1.3c

- Newsflow into Christmas

LEVRD Partners

WA WATER BORES

The best water drillers in Australia

James Harrington - 0429 695 538

https://www.wawaterbores.com.au/

MINING SELECT

Find a Mining job RIGHT NOW!!

https://www.miningselect.com.au/

Download the app and start the hunt

LEVRD Socials

X ► https://x.com/mattmichaelOG

Instagram ► https://www.instagram.com/levrdmatty/

Tiktok ► https://www.tiktok.com/@levrdmatty

Facebook ► https://www.facebook.com/levrdtrading

Linkedin ► https://www.linkedin.com/company/levrd/

This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Copper M&A is running hot, Boss Energy fronts up with another disappointment, and Robert Friedland pulls more money out of Washington. Matt Michael (LEVRD) and Scott North (Kamoa Capital) run through the week that was in mining.

On the desk this week:

- Copper M&A — who's buying, who's next

- Firefly Metals study + the North Queensland copper story

- Lynas Rare Earths and that cash balance

- Boss Energy disappoints again

- DevEx hit dusters

- Atomic Eagle get back into Niger

- Friedland lands more U.S. government money

- Tungsten — the investment case nobody was watching

THE DRILL DOWN — Scott's free twice-daily natural resources briefing from Kamoa Capital. Exploration results, capital markets, deals and policy, curated for people who actually work in the sector.

Subscribe free: https://news.kamoacap.com/subscribe

More from Kamoa Capital: https://kamoacap.com

LEVRD Partners

WA WATER BORES

The best water drillers in Australia

James Harrington - 0429 695 538

https://www.wawaterbores.com.au/

MINING SELECT

Find a Mining job RIGHT NOW!!

https://www.miningselect.com.au/

Download the app and start the hunt

LEVRD Socials

X ► https://x.com/mattmichaelOG

Instagram ► https://www.instagram.com/levrdmatty/

Tiktok ► https://www.tiktok.com/@levrdmatty

Facebook ► https://www.facebook.com/levrdtrading

Linkedin ► https://www.linkedin.com/company/levrd/

This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573.

Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs.

Do not follow my trades, they are for entertainment purposes only.

CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video.

FSG: https://levrd.live/pages/fsg

This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy.

While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only.

Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given.

No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.

Tronox came onto the Lion Rock Minerals (ASX: LRM) register at 5.6 cents in October 2025 and has publicly named the Minta project in Cameroon as a potential feedstock source for a rare earths plant it's seeking up to US$600m of US and Australian export credit agency funding for. The stock is now around 2.0 cents, down roughly 70% in a year, with no Mineral Resource Estimate and under A$7m in the bank.

Theuns de Bruyn ran Sierra Rutile through its ASX listing, the Area 1 suspension, a government breach notice and a takeover at 18 cents. He and Grant Scott have now relocated permanently to Cameroon to develop Minta. We go through the Tronox relationship, whether Minta is a Rutile or Rare Earth project (or both), and what has to land in the next twelve months.

WHAT WE COVERED

- Tronox's 5.6c entry, its US$600m ECA-backed rare earths plant, and whether the Minta feedstock link is a real offtake conversation or still aspirational

- Lessons bought from Sierra Rutile journey

- Why two Sierra Rutile executives left for a A$60m company with no resource, no reserve and three quarters of cash

- Rutile 101: what it is, why only ~450,000t a year exists against ~9Mt of ilmenite, and why 95% TiO2 beats 50%

- Minta's geography, the Douala and Kribi port distances, and the real state of the infrastructure

- 8,800km2 vs "approximately 5,000km2 of prospective ground" - which number investors should use

- Two orebodies, one licence: shallow residual rutile vs monazite-rich alluvial traps at Minta Est - one project or two?

- The 0.5%-1.2% indicative in-situ TREO range, the 118-hole Dormer program, and what to look for when assays land

- A$6.865m at 30 June, A$2.132m burned in the quarter - where the money goes next

- MRE in H2 2026, "later this year", or just an initial Exploration Target - what investors should actually expect

- The Kitongo and Lolo uranium permits, Duncan Craib, and whether a spinout or sale is coming

- The three things that have to be delivered in twelve months for this to have been the right job to take

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