Solstice Minerals has a major copper discovery in Western Australia and

appears set to develop a super pit of copper 100 kilometres south of Meekatharra.

Guest Bio

Nick Castleden is Managing Director and CEO of Solstice Minerals Limited (ASX: SLS). He

is a geologist with more than 25 years' experience in mineral exploration and development,

holding a BSc (Hons) in Geology from the University of Western Australia. He has worked

with Mt Isa Mines, Perilya Mines, MPI Mines and LionOre across exploration, project

generation and management roles in Africa, North and South America and Australia, with

particular expertise in Western Australian gold, nickel and base metal exploration. Prior to

joining Solstice, he was Managing Director of Apollo Consolidated Ltd until its acquisition by

Ramelius Resources in late 2021. He commenced as CEO and Managing Director of

Solstice Minerals in January 2023.

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should

seek personalised advice before making any investment decisions.

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tZHbdy6EhCC

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Company Website: https://solsticeminerals.com.au/

Key Insights

The Nanadie discovery is open in every direction.

Solstice's Nanadie Copper-Gold Project, roughly 100km south-east of Meekatharra in WA's

Murchison district, is currently traced along 1.2km of strike with a mineralised host gabbro

100-200 metres wide. Recent deep diamond drilling shows the system remains wide open at

depth, while RC drilling is extending it further north and south, giving Solstice multiple

avenues for near-term resource growth.

Deep drilling is confirming scale, not just a surface story.

A 629-metre hole returned multiple long runs of over 1% copper, and a follow-up hole drilled

to roughly 800 metres hit similar high-grade material in the same host rock before running

out of drill rods. Castleden points to these paired deep intercepts as evidence of a genuinely

large volume of mineralised rock, with potential for a second, underground stage of the

deposit beneath the open pit.

The resource is expected to grow materially from its starting point.

Solstice acquired an existing Inferred Mineral Resource of roughly 40 million tonnes,

compiled from several previous owners' drilling with no clearly defined margins. Castleden

says the company's own drilling has already shown the deposit extends well beyond that

footprint in every direction, and expects the next resource update to be materially larger than

the one it started with.

A strong balance sheet is funding an aggressive, dilution-free drill campaign.

With around $45 million in cash and no debt, Solstice can keep multiple rigs turning without

needing to raise capital in the near term. The stock now has three broker analysts covering

it, and six analysts are visiting the site the following week, reflecting growing institutional

interest in a rare tier-one scale copper discovery in Western Australia.

Solstice remains firmly in exploration mode, with a separate gold asset as a bonus.

The board and management, all geologists with meaningful equity in the company, are

focused squarely on drilling out Nanadie rather than mine planning at this stage, with early

metallurgical, water and flora-fauna studies just getting underway. Solstice also holds a

separate gold package near Cue that it has flagged publicly it may look to monetise or spin

out into a new company.

Noronex has put its foot on a substantial tin project in Alaska. It has a historical resource, and the emphasis will be on establishing a JORC resource and then growing this to capitalise on booming global demand for tin. Tin is on the US Critical Minerals list, but there are no tin producers in America.

Guest Bio

James Thompson is Chief Executive Officer of Noronex Limited (ASX: NRX), an ASX-listed mineral explorer advancing the newly optioned Sleitat tin-tungsten-silver project in Alaska alongside its Kalahari Copper Belt interests in Namibia and Botswana. He was appointed CEO in July 2026, coinciding with Noronex securing an exclusive option over Sleitat. Thompson has been involved with Noronex since 2018, when he became a director of the company's founding copper subsidiaries, before being appointed an executive director of the company in May 2021. He holds a Bachelor of Commerce and a Bachelor of Laws, and began his career as a chartered accountant with KPMG. Over a 25-year career he has built investment experience with firms including Macquarie Bank, Quadrant Private Equity and Viburnum Funds, where he has served as Investment Director since 2014. He has also been a founder and director of numerous other ASX-listed and private resource companies over the past decade, spanning the base, precious and battery metals sectors.

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

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Company Website: https://www.noronexlimited.com.au/

Key Insights

Sleitat gives Noronex a rare, near-term entry into US tin supply.

Noronex has secured a 60-day option to acquire 100% of the Sleitat tin-tungsten-silver project in Alaska, targeting a historical (non-JORC) estimate of 25.9 million tonnes at up to 0.37% tin, representing an estimated 58,000 to 96,000 tonnes of contained tin. With the US holding no domestic tin production and tin formally designated a critical mineral by the US government, the deal places Noronex in a category with almost no ASX-listed peers targeting US tin supply.

The project is genuine brownfields, not a speculative punt.

Sleitat was discovered and drilled by Cominco in the 1980s, including a standout historical intercept of 30 metres at 1.5% tin, with the US Bureau of Mines later compiling the historical resource estimate from that work. Thompson notes Noronex has since re-examined the preserved drill core using XRF technology and confirmed high-grade tin exactly where expected, giving the company confidence to move straight toward a JORC-compliant exploration target rather than starting from scratch.

Deal terms are structured to avoid dilution before drilling begins.

The acquisition is weighted toward deferred and milestone-based payments tied to future resource growth, requiring only around $1.5 million upfront in cash and scrip, funded from Noronex's existing treasury. Thompson says the company can complete due diligence, exercise the option and define an exploration target without raising capital, only tapping equity markets once it is ready to fund drilling.

Tin's supply-demand fundamentals underpin the investment case.

Thompson points to International Tin Association forecasts of continued deficits and roughly 25% demand growth by the mid-2030s, driven by solder use in semiconductors, AI data centres, electric vehicles and solar panels. With Indonesian producers shifting to costlier offshore dredging and no US tin production since the 1990s, he argues the timing is right for new, low-cost, shallow open-pit style supply to enter the market.

Kalahari copper exposure is now fully funded by South32.

Noronex's roughly one-million-hectare copper package across Namibia and Botswana is being advanced under an earn-in with South32, which is funding up to $20 million of exploration over five years to earn a 60% interest, with a further drilling program planned for around October. Thompson frames this as free-carried upside sitting alongside the new tin flagship, while Noronex retains a tight share register, with more than 50% held by its top 20 shareholders.

Lac Gold has 1.66 million ounces of resources at the Rouyn Gold Project in Canada. Two rigs now drilling, with the potential to add a third or even a fourth. The name of the game is to grow the resource in what is a highly desirable address for gold deposits.

Guest Bios

Andrew Stocks — Managing Director, Lac Gold Limited (ASX: LAC)

Andrew Stocks is Managing Director of Lac Gold Limited (ASX: LAC). He is a mining engineer with more than 35 years' experience in corporate leadership across the resources sector, including project development, capital allocation and strategy. Prior to Lac Gold, he was Managing Director and CEO of ASX-listed Iron Road Limited, where he led the company through feasibility work on the Central Eyre Iron Project in South Australia. Earlier in his career he was Managing Director and CEO of Siberia Mining Corporation through its merger with Monarch Gold, and served as Vice President of Operations at London-based Crew Gold Corporation.

Matthew Keegan — Executive Director, Lac Gold Limited (ASX: LAC)

Matthew Keegan is Executive Director of Lac Gold Limited (ASX: LAC) and the geologist who originally identified and secured the Rouyn Gold Project. He brings more than 25 years' operational, corporate and investment experience across gold, nickel, iron ore and coking coal, including mine geology roles with Rio Tinto, BHP's Nickel West and Barrick, and a period as an investment analyst with resource-focused private equity firm Sentient Equity Partners. He is a member of the Australasian Institute of Mining and Metallurgy.

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

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Company website: https://lacgold.com/

Key Insights

Unlike the early-stage exploration stories the podcast usually profiles, Lac Gold arrived on the ASX already holding a JORC resource of 1.66 million ounces of gold (15.8Mt at 3.28g/t) at its Rouyn Gold Project in Québec's Abitibi gold belt. Managing Director Andrew Stocks and Executive Director Matthew Keegan acquired the project privately for around C$25 million (C$5 million cash plus a C$20 million vendor finance facility at 5% straight-line interest, with no warrants or options attached), before listing via a reverse merger with Ardiden Limited that completed in late 2025.

Rouyn sits on the Piché Group trend within the Cadillac–Larder Lake fault zone, in the same neighbourhood as Abitibi giants such as Canadian Malartic, LaRonde, Lapa and Kerr-Addison, which together account for roughly 200 million ounces mined over the past century. Keegan says the project's shallow drill depth reflects a century of disjointed ownership rather than poor geology: 73 separate mining claims were only consolidated under one owner in recent years, and the ground was mined intermittently in the 1950s and 1980s during periods of low gold prices rather than being systematically explored.

Lac Gold currently has two diamond rigs running 24/7 at Rouyn, advancing roughly 200 metres a day combined, with a third rig being brought on and a fourth available if the economics stack up. Cold Québec winters don't interrupt the program — the frozen ground makes drilling easier. Results to date show continuity, width and grade in known zones, while step-out holes are revealing broad mineralised halos that vector toward high-grade shoots, across at least 150 targets identified along the deposit's six-kilometre strike.

At a market capitalisation of roughly A$70 million against 1.66 million ounces, Lac Gold is trading at about A$42 an ounce in the ground, versus a peer average Stocks puts at two to three times that level. Management frames the opportunity in two parts: closing that valuation gap on the existing resource, and applying the same (or a better) per-ounce multiple to new ounces added through the drill bit.

Alongside Rouyn, Lac Gold holds the Pickle Lake Gold Project in Ontario, inherited through the Ardiden merger. The company has since acquired the historic, high-grade Golden Patricia deposit from Barrick, a past producer that yielded gold at an average grade of around 16.5 grams per tonne. Historical data from the site is being digitised, with a modest ground program of roughly 5,000 metres of drilling planned once that work is complete.

Tetragon Energy has just listed on the ASX. It holds some highly prospective acreage off the Philippines coast. It aims to bring in a big multinational partner to help fund the exploration program, in the hope of making a major oil and gas discovery.

Guest Bio

Conrad Todd is Managing Director of Tetragon Energy (ASX: TET), a newly listed Southeast Asian-focused oil and gas explorer targeting large-scale gas discoveries offshore and onshore the Philippines.

He brings more than 44 years' experience in oil and gas exploration and development, having held senior technical and management roles including Exploration and Development Manager for Cooper Energy in Australia and for Lundin in Malaysia, Chief Geophysicist and New Business Manager for LASMO in Indonesia, and Chief Geophysicist for Occidental in Oman. At Lundin, he led the subsurface team behind a complex mixed oil and gas field producing 20,000 barrels of oil per day, while at Cooper Energy he ran the geoscience department through a period in which the company's market capitalisation grew from $20 million to $200 million.

Conrad was Managing Director of Triangle Energy (ASX: TEG) from 2022 to 2026, and led the spin-out of its Philippines assets to form Tetragon Energy. He has also worked in mergers and acquisitions and reserve auditing for RISC, co-founded Vizier Energy Consulting, and served as a Non-Executive Director of Pilot Energy.

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

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Company Website: https://www.tetragonenergy.com.au/

Key Insights

Tetragon's Sulu Sea permits sit inside a proven, underexplored Borneo-style petroleum province

Tetragon holds a 37.5% operated interest in SC-80 and SC-81, two deepwater blocks in the southern Sulu Sea directly adjacent to Borneo, a basin that has already yielded billions of barrels of oil and hundreds of trillions of cubic feet of gas. The blocks already contain two undeveloped discoveries totalling roughly 470 billion cubic feet of gross 2C gas resources, drilled by ExxonMobil between 2008 and 2010 before Asian gas prices collapsed in 2014-15. With regional gas prices now roughly three times higher, Todd says the economics of these existing discoveries have changed substantially.

The Halcon prospect anchors a potentially company-making exploration target

The largest prospect on the permits, a basin floor fan named Halcon, carries a conservatively estimated most-likely recoverable resource of 2.7 trillion cubic feet of gas. Around 4,000 square kilometres of existing 3D seismic data is being reprocessed using modern techniques, a process expected to take about a year and materially sharpen the company's confidence in both the discovered gas and the exploration upside. Todd expects an updated, likely larger, resource estimate for Halcon within the next few months.

A farm-out to a major, not drilling success, is the first re-rating catalyst

Because the blocks sit in 1,500-2,500 metres of water, Tetragon cannot fund a well on its own and is instead targeting a farm-out to a major or supermajor such as Petronas, Eni or Shell. Todd points to comparable ASX-listed companies with 3D-seismic-defined exploration plays that have re-rated by up to ten times their market capitalisation simply on securing a partner prepared to fund drilling, well before any well is spudded.

The onshore Cagayan Basin project offers a faster, lower-risk path to cash flow

Tetragon's 100%-owned onshore permit, SC-82 on Luzon, 250km north of Manila, hosts the Nassiping-2 gas discovery, first drilled in 1984 and later flow-tested by another operator. With Manila's power grid short of gas and a high-voltage line just 700 metres from the well site, Tetragon plans to firm up the resource with seismic or airborne gravity and magnetics work and a single follow-up well costing about $8-9 million, then generate and sell electricity on site rather than build a 250km pipeline to Manila. First-pass economics put the value of this project at $90-150 million.

A clean spin-out structure and a strong ASX debut give investors direct leverage to the Philippines story

Tetragon was spun out of Triangle Energy (ASX:TEG) via an in-specie distribution, with Triangle shareholders holding half of the new company alongside $4 million raised in an IPO priced at 20 cents a share. The stock listed this week and closed its first day at 25 cents. Todd notes the Philippines government is actively courting international explorers, offering domestic gas producers LNG-equivalent pricing, a starkly different regulatory stance to Australia's east coast gas reservation debate.

Andean silver has three avenues to share price growth, resource increases, upgrading inferred resources to measured and indicated, and undertaking economic studies to show how profitable this project can be.

Guest Bio

Matthew Allen joins The Hole Truth fresh from his appointment as Managing Director of Andean Silver Limited (ASX: ASL, OTCQX: ADSLF), having stepped up from the role of Chief Executive Officer, which he took on in February 2026 after serving as the company's Chief Financial Officer from December 2024. Allen brings more than 20 years of multi-sector business experience as an entrepreneurial leader in financial analysis, mergers and acquisitions, forecasting and strategic planning, with prior roles at Global Lithium Resources, Hastings Technology Metals and Otto Energy. He has completed the Australian Institute of Company Directors' Company Directors Course. Allen now leads Andean Silver's push to convert and grow the resource base at its 100%-owned Cerro Bayo Silver-Gold Project in Chile's Aysen region, and to advance the studies needed to underpin a future restart of the historic operation.

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

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Company Website: https://www.andeansilver.com/

Key Insights

Three Clear Avenues to Value Growth

Newly appointed Managing Director Matt Allen sets out Andean Silver's three-pronged value strategy at Cerro Bayo: continuing to grow the overall resource through drilling, converting Inferred ounces into the higher-value Measured and Indicated categories, and running economic studies to quantify the project's production and cash flow potential. Allen argues each driver reinforces the others, with the recent resource upgrade providing the scale and confidence needed to justify moving into feasibility work.

A 230% Jump in Indicated Resources Underpins the Next Phase

Andean's latest Mineral Resource Estimate delivered a 230% increase in Indicated resources, reflecting close to 30,000 metres of infill drilling completed over the past 12 months. Allen notes the update was also the first to constrain the resource within mineable shapes rather than a simple grade cut-off, making the reported ounces more directly relevant to future mine planning. Around 4.7 million of the project's 20 million tonnes are now classified as Indicated, with the company targeting 70% Measured and Indicated at the next update.

Restart Economics Take Shape After Decades of Production History

Cerro Bayo has more than 30 years of production history and was placed into care and maintenance in 2022, when silver was trading below US$10 an ounce — a stark contrast to the roughly US$60 an ounce environment Andean is now planning a restart into. Continued drilling within 1.5 kilometres of the existing process plant, including deepening known mineralisation at the Cascada deposit by around 200 metres, has given the company confidence in a mine life beyond ten years. Feasibility work now underway will also weigh whether to expand the plant from 500,000 tonnes per annum toward 750,000–1 million tonnes, targeted for delivery in the second half of calendar 2027.

First Drilling in Over 20 Years Targets the High-Grade Cerro Bayo District

Two additional rigs are being mobilised to the Cerro Bayo district, a historic underground mining area roughly ten kilometres from the Laguna Verde process plant that once produced at close to 700 grams per tonne silver-equivalent head grade. The area has not been drilled in more than two decades, despite ongoing surface mapping by Andean's exploration team identifying extensions to known vein systems. Assay results are expected before the end of the year, with the company also planning ahead to next-generation greenfield targets along the Droughtmaster–Sinter Hill corridor.

Structural Tailwinds Support the Silver Price Outlook

Allen points to a market undergoing a genuine shift, with silver's industrial applications in solar photovoltaics, electronics and medical uses increasingly driving demand alongside its traditional precious metals role. On the supply side, silver remains relatively inelastic, with the majority of global production coming as a by-product of lead, zinc and copper mining rather than from dedicated silver projects. Allen notes the market has now recorded six consecutive years of supply deficits, underpinning a price that has moved from single digits historically to around US$60 an ounce today, comfortably above most industry all-in sustaining costs.

Description: Strategic Energy Resources is about to embark on an extensive drilling campaign at three copper and gold projects in Queensland. Two of these will be funded by big JV partners. There's known mineralisation at each. The drill rigs will be turning almost non-stop between now and Christmas with assays to flow.

Guest Bio

Dr David DeTata is the Managing Director of Strategic Energy Resources Limited (ASX: SER), a role he has held since 2021, and has been central to forming and executing the company's strategy of Frontier Discovery. An accomplished scientist and exploration executive, he brings more than 20 years' experience leading technical programs across government, public and private organisations. He is a graduate of The University of Western Australia and serves on the Science Advisory Committee of the Mineral Exploration Cooperative Research Centre (MinEx CRC). At Strategic Energy Resources, Dr DeTata leads the company's undercover exploration push targeting the concealed extensions of the world-class Mt Isa Inlier, including the Canobie, Bulimba and Diamantina copper and gold projects in Queensland.

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

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Company Website: https://strategicenergy.com.au/

Key Insights

Three Drilling Programs, One Tight Market Cap

Strategic Energy Resources is offering investors leveraged exposure to exploration through three sequential diamond drill programs across its Canobie, Diamantina and Bulimba copper and gold projects in Queensland — more than 3,000 metres of drilling across five targets, all carrying known mineralisation. With a market capitalisation of around A$9 million, a tight register following a recent consolidation and capital raise, and two major shareholders holding roughly 17–18%, even modest exploration success could move the stock materially.

Majors Are Funding the Bills — and SER Gets Paid to Operate

Two of the three programs are funded by major partners. At Canobie, Fortescue (via subsidiary FMG Resources) is in its third year of drilling and can earn up to 80% by funding $8 million of exploration. At Bulimba, Sumitomo Metal Mining Oceania can earn up to 80% through $6 million of spend and 7,500 metres of drilling over five years, and up to 90% on completing a feasibility study. SER remains the operator on both joint ventures and collects an operator fee of around 10%, spreading exploration risk while retaining discovery upside.

Canobie: Chasing the Gravity Target Next to the Mineralisation

Canobie sits on the Quamby Fault trend, the same structure that hosts the Ernest Henry mine roughly 140 kilometres to the south, but undercover to the north. Last year's drilling at the Charcoal Bore prospect intersected low-level copper-gold mineralisation in an offset magnetic and gravity target. Crucially, the mineralisation was found where the rig clipped the gravity feature rather than the magnetic one — so this program returns to drill the centre of that gravity target in search of higher grade, alongside the high-priority Alcala target.

Bulimba: A Conceptual Gold Play That Attracted a Global Major

The Bulimba Gold Project lies roughly 50 kilometres northwest of Chillagoe in northeast Queensland, on a structural trend (the Palmerville–Gamboola Fault Zone) that hosts the Mungana and Red Dome gold-copper district. SER identified the ground as a conceptual, undrilled intrusion-related gold systems (IRGS) play and quickly attracted Sumitomo. The first six months of the partnership will see more than a million dollars spent, beginning with airborne gravity and passive seismic surveys ahead of the first drill hole at the Coral Trout prospect, which also carries Queensland Government grant funding.

Diamantina: An Anglo American Cast-Off With a 25%-Copper Hit

The 100%-owned Diamantina Copper-Gold Project, 280 kilometres south of Cloncurry, was acquired from Anglo American after roughly $20 million of prior spend — Anglo stepped back as part of its tie-up with Teck, retaining shares and a royalty rather than walking away entirely. SER picked it up for the price of around two drill holes (cash plus shares). Historical drilling includes 161 metres at 0.4% copper with a higher-grade 17.3 metres at 1.76% copper, plus a vein hit of 0.67 metres at 25.6% copper. A $275,000 Queensland Government CEI grant funds the first hole, sited about 400 metres from that high-grade intersection, with the program fully funded by last week's $1.5 million capital raise.

Greenvale has just put its foot on a big lump of land. It says it's highly prospective for uranium in the Northern Territory. It already has extensive known mineralisation and resources, but it believes this is just the start of the game. The exploration program is already underway and Neil Biddle and Alex Cheeseman are wasting no time in pushing the case for their project

Guest Bio

Neil Biddle is the Executive Chairman of Greenvale Energy Limited and joins The Hole Truth as one of the most experienced figures in Australian hard-rock exploration. A geologist and Corporate Member of the Australasian Institute of Mining and Metallurgy, he has more than 35 years of professional and management experience across precious metals, base metals, iron ore and battery minerals exploration in Australia and overseas. He is best known as a founding director of Pilbara Minerals, where he oversaw the acquisition, drill-out and development of the world-class Pilgangoora lithium project, helping take the company from a small-cap shell to a multi-billion-dollar lithium producer. He was also a founder of Bardoc Gold and the founding managing director of TNG Limited, and now leads Greenvale's push to build a substantial uranium portfolio in the Northern Territory.

Alex Cheeseman is the Managing Director of Greenvale Energy Limited and joins The Hole Truth to drive the company's exploration agenda on the ground. A highly experienced Australian resources executive with more than 20 years' experience, he has worked across general management, corporate finance, strategy, commercial, operational and project development roles in the mining, energy and engineering sectors. Appointed Chief Executive Officer in May 2025 and elevated to Managing Director in March 2026, he leads Greenvale's exploration programs across its uranium projects in the Northern Territory and Queensland, as well as the advancement of the Alpha Torbanite project.

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

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Company Website: https://greenvaleenergy.com.au/

Key Insights

A District-Scale Uranium Bet in a Proven Province

Greenvale has secured uranium exploration rights over roughly 2,466 square kilometres in the Pine Creek Orogen of the Northern Territory, acquired from Patronus Resources and combined with its adjoining Douglas River ground to form the new Thunderball Uranium Project. Management draws a direct geological analogy to Canada's Athabasca Basin, arguing the southwest portion of the Pine Creek region is highly prospective for unconformity-style uranium yet has been only lightly explored for the past several decades following early discoveries such as Ranger and Jabiluka.

Thunderball as the Anchor Deposit and Drilling Focus

The package includes the high-grade Thunderball deposit, which carries a historical inferred resource of around 829,000 tonnes at approximately 924 ppm uranium oxide for about 1.7 million pounds of contained uranium under the older JORC 2004 code. Greenvale plans to test extensions at depth and along strike with the aim of releasing an updated, JORC 2012-compliant resource. Cheeseman argues that a conventional hard-rock deposit in the order of 15 to 20 million pounds of high-grade uranium would represent a walk-up mine, framing the existing resource as a starting point rather than the prize.

A 20-Kilometre Trend of Repeatable Targets

Thunderball sits on the edge of the Hayes Creek fault zone, which management describes as a major mineralising plumbing system running around 20 kilometres into Greenvale's northernmost Douglas River tenement. With recent airborne radiometrics flown over the area, the company expects to define a trend hosting numerous hard-rock and paleochannel calcrete-hosted targets, including a 32-kilometre uranium-rich paleochannel that was drill-ready in 2012. The thesis rests on unconformity-style systems clustering rather than occurring in isolation, given the source granite has been shedding uranium into the system for an estimated 1.2 billion years.

A Strengthening Uranium Macro Backdrop

Biddle and Cheeseman argue the project is timed to a strengthening uranium cycle, noting that producers such as Cameco and Kazatomprom have signalled they are not incentivised to bring on new capacity until prices reach significantly higher levels than the current spot price. They point to rising long-term price forecasts from analysts, growing nuclear build-out in China, the United States and Europe, and Europe's reclassification of nuclear as green energy as evidence that capital is beginning to flow toward junior uranium explorers after years of underinvestment.

Optionality Beyond Uranium: Oasis and Alpha Torbanite

Beyond the Northern Territory, Greenvale retains its advanced, high-grade Oasis Uranium Project in Queensland — a roughly 90-square-kilometre uranium anomaly being progressed with geophysics and ground geochemistry ahead of potential drilling next year. The company is also advancing its Alpha Torbanite project, which hosts a 28-million-tonne inferred resource and is positioned to supply Australia's fully imported, roughly billion-dollar bitumen market. With test work progressing through specialist processors toward independent certification, and bitumen prices rising on Middle East supply disruption, the project adds further optionality to the investment case.

Killi Resources (ASX: KLI) has just acquired an exceptional iron ore project in Western Australia. It will produce iron ore which is very different from anything else produced in Australia. Killi Resources has just acquired an exceptional iron ore project in Western Australia. It will produce iron ore which is very different from anything else produced in Australia. This product will be in hot demand among the new generation of low-emission steelmaking facilities around the world.

Guest Bio

Hamish Halliday is a Non-Executive Director of Killi Resources Limited (ASX: KLI), a geologist with around 30 years of corporate and technical experience across the resources sector. He has been involved in the discovery and funding of multiple large-scale mineral projects across five continents. Halliday founded Adamus Resources, which he grew from a A$3 million float into a multi-million-ounce emerging gold producer, overseeing the discovery of the Southern Ashanti Gold Project in Ghana. He also co-founded a number of other successful junior mining companies, including Gryphon Minerals, Venture Minerals, Renaissance Minerals, Alicanto Minerals and Blackstone Minerals. At Killi, he is focused on advancing the Lodestone Iron Ore Project alongside the Richardson Street group and Chairman Nev Power, the former Fortescue Managing Director.

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Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

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Company Website: https://www.killiresources.com.au/

Key Insights

A Rare, High-Grade Magnetite Body Unlike Anything Else in Australia

Killi's newly acquired Lodestone Iron Ore Project hosts a fully recrystallised, coarse-grained magnetite body that Halliday describes as a geological freak. Granites on either side have reworked the mineralisation so the silica–magnetite bonds break apart easily, with grains up to five millimetres across — roughly 100 times coarser than nearby banded iron formations such as Karara. It is more analogous to high-grade bodies seen in Canada, Sweden and South America than to typical Western Australian iron ore.

Built for the Green-Steel, Electric Arc Furnace Market

The project's key commercial point of difference is that its product can supply the new generation of low-emission steelmaking facilities, whereas most Western Australian iron ore cannot. Electric arc furnaces are where the industry's growth is concentrated, using gas as a reductant rather than coking coal and offering around 80% lower CO2 emissions. Only about 3% of seaborne iron ore is direct-reduction (DR) grade, creating a structural supply shortage that Killi aims to help fill — and Halliday points to Champion Iron spending around half a billion dollars to lift its product toward DR grade as evidence of the premiums on offer.

Simple, Low-Cost Processing and Premium Product

Because the ore is so coarse and breaks apart easily, Killi can produce a 68–69% Fe concentrate from a 250-micron grind — about ten times coarser than Karara — pointing to a simple processing circuit. The project delivers around 33–40% mass recovery, with concentrate grades targeted at 69–70% Fe at very low impurities. Halliday frames the investment case as clipping the margin at both ends: lower production costs and a higher price, which ultimately translates into stronger free cash flow.

Standout Location with Existing Infrastructure

Lodestone sits roughly 200 kilometres from the Port of Geraldton, which has spare capacity, with grid power, a sealed road and a rail line running straight to the port — Halliday notes you can stand on the discovery outcrop and see all of it. With no need to build anything beyond the mine gate, the capital required is far smaller than a typical magnetite development, opening the door to a modest, low-capital start-up to generate early cash flow.

A Substantial Resource with Major Growth Upside

Killi already has an inferred resource of 110 million tonnes, but that tests only about 20% of a magnetite system extending some 25 kilometres of strike. The company plans to start drilling within weeks and aims to quadruple the resource toward roughly half a billion tonnes over the next 12 to 18 months. Running metallurgy, engineering with Sedgman and offtake discussions in parallel, Killi is targeting a pre-feasibility study in the second half of next year and a final investment decision within two to two-and-a-half years. The acquisition is backed by an A$15 million placement, lifting cash to around A$18.5 million, and a heavyweight team including Chairman Nev Power and Steve Parsons' Richardson Street group.

AusQuest has outlined a big copper footprint at its project in Peru. Extensive shallow mineralisation has already been defined. The question is, is there high-grade material below this? The company is just starting a deep drilling programme in the hope of finding the high-grade source, which could be a company maker.

Guest Bio

Graeme Drew is the Managing Director and Co-Founder of AusQuest Limited, with more than 40 years' experience in the mineral exploration industry in Australia and overseas. Prior to co-founding AusQuest, he held senior roles as an Exploration Manager with CRA Exploration (CRAE) and Rio Tinto Exploration in both Western and Eastern Australia. He has wide-ranging experience in the search for and evaluation of base and precious metals, including copper, gold, nickel, uranium, zinc and diamonds, and leads AusQuest's exploration strategy across its portfolio of porphyry copper, IOCG and base-metal projects in Peru and Australia.

Produced by Resource Media

The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

Links

The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.ausquest.com.au/

Key Insights

Large, Near-Surface Copper Footprint Defined AusQuest's Cangallo Project hosts a copper (+/– gold) porphyry system extending more than 1,500 metres in length, several hundred metres in width and over 400 metres in depth, sitting within roughly 50 metres of surface. The 100%-owned discovery was made through the company's own RC drilling, with no prior drilling on the project, giving AusQuest full ownership of the upside.

The Deeper Drilling Test — Smoke vs Fire With most drilling so far confined to the deeply weathered, oxidised top 300 metres, AusQuest is now starting a deeper diamond drilling program of approximately 5,000–6,000 metres (holes to 800–1,000 metres) to test whether a higher-grade hypogene source sits beneath the extensive shallow mineralisation. A meaningful intercept at depth could be a significant re-rating event for the company.

Potential Near-Surface Starter Pit The shallow, low-grade oxide material (averaging ~0.25–0.3% Cu) may carry standalone value. Because it is leachable oxide with effectively no strip ratio, and is located near the coast in a low-cost desert setting close to infrastructure, AusQuest is undertaking metallurgical test work to assess recoveries and the potential for an economic open-pit, leachable resource.

Strategic Location and Copper Tailwind Cangallo's coastal location around 8 kilometres from the Peruvian coast — close to the Pan-American Highway and power lines, away from agriculture and at low elevation — is a key value driver versus higher-altitude Andean peers. A rising copper price, with forecasts of US$15,000–16,000+ per tonne, adds further leverage to both the shallow resource and any deeper discovery.

Compelling Risk/Reward at a Modest Valuation At a market capitalisation of around A$70 million, Drew argues AusQuest is undervalued relative to peers holding comparable oxide copper resources across the Americas. Having transitioned from greenfields explorer to a brownfields evaluation story, the company offers investors leverage to exploration success as the deeper drilling program gets underway.

PMET is closing in on a key economic assessment of a huge lithium project in Canada. The project is set to be the fifth biggest budget main producer in the world. Meaning it is ideally placed to be a key supplier to North American and European markets looking to diversify from China. 

Guest Bio

Ken Brinsden is CEO, President and Director of PMET Resources (ASX: PMT / TSX: PMET). He is a Mining Engineer with nearly 30 years of experience across surface and underground mining operations, spanning mine management, production, brownfield and greenfield development, and executive and board leadership across multiple commodities. Ken graduated from the Western Australian School of Mines in 1993 and has held roles at WMC Resources, Normandy, Central Norseman Gold Corporation, GoldFields, Iluka Resources and Atlas Iron. He joined Pilbara Minerals as Chief Executive Officer in January 2016 and was appointed Managing Director and CEO in May of that year, leading the company's transformation from a junior explorer into one of the world's leading lithium raw materials producers and achieving entry to the ASX 100. Ken is a member of the London Metal Exchange's Lithium Committee and is now based in Québec, where he is leading the development of the Shaakichiuwaanaan Project — the largest lithium pegmatite resource in the Americas.

Produced by Resource Media

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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

Key Insights

PMET's Shaakichiuwaanaan Project Is Positioned to Become One of the World's Largest Lithium ProducersLocated in the Eeyou Istchee James Bay region of northern Québec, the Shaakichiuwaanaan Project holds the largest lithium pegmatite resource in the Americas. PMET's completed CV5 Feasibility Study targets production of up to 800,000 tonnes per year of spodumene concentrate at full capacity, which would place it in the top five hard rock lithium operations globally — a scale Ken Brinsden compares directly to the industry benchmark, Greenbushes.

Stationary Energy Storage and EV Trucking Are the Demand Forces the Market Is Underestimating Brinsden reveals that stationary battery energy storage now accounts for 40% of global lithium-ion battery demand — a figure unthinkable just 18 months ago. He argues the next wave is diesel replacement in commercial trucking, enabled by megawatt-scale charging and larger battery packs, and that the compounding effect of cheaper cells across new applications means the market will continue to be surprised by the pace of demand growth.

Shaakichiuwaanaan Is a Rare Triple-Commodity Critical Minerals Asset Beyond its world-class lithium endowment, the Shaakichiuwaanaan property hosts the world's largest known pollucite-hosted caesium deposit — located in the CV13 pegmatite — as well as one of the largest tantalum resources globally. Caesium is used in oil and gas drilling fluids, industrial catalysts and pharmaceuticals; tantalum is in strong demand for electronics, defence and aerospace. Brinsden explains how both co-products will contribute meaningful cost credits when the expanded feasibility study is released.

Volkswagen's PowerCo and Koch Technology Solutions Provide Strategic Validation at Scale In a first for the Volkswagen Group, the automaker has taken a direct equity stake in PMET and signed a 10-year lithium spodumene offtake agreement through its battery subsidiary PowerCo. PMET has also launched a relationship with Koch Technology Solutions — a major US industrial conglomerate — focused on advancing value-added caesium chemicals production from Shaakichiuwaanaan, deepening the project's integration into North American critical minerals supply chains.

Government Backing From Canada and Germany Underpins the Path to Mine Authorisation PMET has received letters of support from Export Development Canada and Germany's KfW IPEX-Bank as it advances through the Environmental and Social Impact Assessment process. Brinsden sees Canada's drive to diversify its supply chains — particularly in the context of shifting geopolitical dynamics and its deepening ties with Europe — as a powerful structural tailwind for Shaakichiuwaanaan as it targets a final investment decision in the second half of 2027.