Podcasts
Deep dives into market trends, company analysis, and expert interviews
Small Caps: Resolution Minerals hits near-surface gold at Golden Gate South
Craig Lindsay from Resolution Minerals discusses new drilling results from Golden Gate South in Idaho, including near-surface gold intercepts and what they may mean for the wider Horse Heaven project. The conversation also covers tungsten, the Stibnite analog, Fast 41 permitting support in the US, and the timeline to a maiden resource estimate in early 2027. ## Key Highlights - The first three holes at Golden Gate South returned 305.7 metres at 0.64 grams per tonne gold. - Craig Lindsay said the drilling is about 2,000 metres south of Golden Gate North and may connect the two areas. - The company has drilled about 25 holes at Golden Gate South and expects 40 plus holes to be released from September through November. - The total program covers 45 holes for 13,700 metres across Golden Gate. - Resolution Minerals said it has two Fast 41 project designations and is targeting a maiden resource estimate in Q1 2027. ## About Small Caps Small Caps covers ASX small-cap companies, markets and the issues moving Australian investors. Host Craig Lindsay speaks with company executives and industry participants about projects, drilling, funding, regulation and market developments. ## 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. #SmallCaps #ASXInvesting # #AustralianStocks #Investing #Podcast
Kincora Copper plans 25,000m Lachlan Fold Belt drilling
Kincora Copper plans up to 25,000 metres of air-core drilling across Nyngan West, Fairholme, Cowal East and Trundle in the Lachlan Fold Belt of central west New South Wales. Sam Spring explains how the $3 million sole-funded programme fits alongside AngloGold Ashanti-funded work and the company’s hybrid prospect generator model. ## Key Highlights - Up to 25,000 metres of air-core drilling is planned across four projects, covering 340 holes. - Nyngan West has never been drill-tested and is being assessed for ultramafic and Macquarie Arc mineral systems. - Fairholme drilling will target the Gateway gold corridor and the previously untested Narang target. - Cowal East drilling will test structures and geophysical anomalies near the Cowal mine and Marsden discovery. - Trundle drilling will use shallow holes and exploration spacing comparable with work at Northparkes. - Nine diamond holes have been completed at the Adkin Condobolin Project, with full assay results pending. - Geoscience AI has completed 30 reviews to help assess existing projects and new opportunities. ## About Small Caps Small Caps Spotlight covers Australian small-cap companies and the projects, funding and milestones shaping their businesses. The episode is hosted by Sam Spring. ## 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. #SmallCaps #ASXInvesting # #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Austral Resources (AR1.ASX) — Rocklands restart, Rocklands power and the Hammer Metals play
## Episode snapshot - **What’s changed in two months**: CFO appointment, half-year results, funding and transaction updates - **Financial read-through**: profit driven largely by acquisition accounting, with attention shifting to operating momentum - **Mount Kelly / Antil update**: termination of the Antil project agreement to unlock own-copper exposure - **Rocklands restart funding**: **$15 million royalty financing** from QIC for stage two scoping and alternative power studies - **Restart timetable focus**: on-track engineering/procurement with key near-term milestones - **Hammer Metals acquisition**: proposed deal to help secure feedstock and mill utilisation as existing sources deplete ## Key topics covered with David Newling ### 1) CFO appointment — building for the restart era David explains why the timing is right: the company is preparing for the period where **Rocklands is back up and running**, with emphasis on strengthening internal capability across functions such as finance, investor relations and ESG. ### 2) Half-year results — what investors should and shouldn’t over-interpret - The half-year **statutory profit** is highlighted as being **primarily influenced by the gain** associated with the **Durand Pacific (Lady Loretta) acquisition**. - Underlying operations are still shaped by the **Antil arrangement**, which constrained the operating revenue line. - With Antil terminated, the company expects a **more meaningful operating revenue contribution in the back half**. ### 3) Termination of the Antil arrangement — restoring Mount Kelly copper exposure Management describes the strategic effect as giving Austral **its own production material back**, enabling: - **Immediate exposure to the copper price** through own output - A path to **increase the run rate at Mount Kelly** over the back half of the year ### 4) QIC royalty financing — why power is central to Rocklands scaling Austral has locked in **$15 million** in royalty financing to support: - **Stage two scoping** - **Alternative power studies** David frames Rocklands expansion in practical terms: capacity growth isn’t small-scale, and power solutions are a gating factor for the next step in throughput. He also references the relevance of **Copper String** and government expectations around future demand. ### 5) Rocklands — evidence for utilisation and what’s still to be proven The company reiterates confidence that the current **3 mtpa** facility can be **fully utilised** through to **at least 2034**, supported by owned assets and planned feedstock sequencing. The “Goldilocks” dilemma for expansion is acknowledged: Austral believes expansion will occur, but the study work will determine the **right size** without creating a power-constrained mismatch. ### 6) Near-term restart milestones to watch David points to signals that the schedule is holding, especially: - **Arrival of the SAG mill on site** (expected this quarter) - Ongoing logistics and permits for **oversized transportation** between New South Wales and Queensland - Regular updates as major “jigsaw pieces” move through installation and commissioning ### 7) Hammer Metals acquisition — securing feedstock continuity Austral’s proposed acquisition of **Hammer Metals** is positioned as strategically compelling because it can provide additional processing feedstock when existing sources begin to deplete. Key strategic reasoning includes: - **Geographic fit** (around **60 km from Rocklands by road**) - Improved ability to manage **timing and consistency** of mill feed - Alignment with Austral’s stated focus on **Queensland-only** strategy David also outlines what’s confident versus what remains too early to claim — particularly around approvals and permit timing. ## Listener takeaways - **Antil termination** appears to be a key step in restoring operational momentum for Mount Kelly. - **Power** is shaping the Rocklands expansion conversation more than any single technical variable. - The company is trying to “de-risk” the restart story with both **funding for studies** and **a feedstock strategy** (Hammer Metals). - For investors, the next catalysts are **equipment and logistics milestones** into the Rocklands restart window, alongside progress on **stage two scoping**. ## What to watch next (practical checklist) - **SAG mill arrival** and ongoing oversized logistics milestones this quarter - **Regular operational updates** as commissioning components land and are installed - **Stage two scoping progress** for Rocklands expansion and the evolving power solution pathway - **Hammer Metals deal progression** through shareholder and regulatory approvals *This episode 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 #AR1.ASX #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Prescient Therapeutics (PTX.ASX) and PTX100’s CTCL pivotal push
## Episode snapshot - **Company:** Prescient Therapeutics (PTX.ASX) - **Lead asset:** **PTX100** (first-in-class small molecule) - **Clinical focus:** **CTCL** (T-cell lymphoma with skin manifestations) - **Programme status:** Global **Phase 2A** dose-optimisation underway --- ## Key discussion points ### 1) What is PTX100 and how does it work? - PTX100 is described as a **small molecule inhibitor of GDTAS1**. - The enzyme is linked to the **RAS pathway**, supporting **prenylation** so mutated RAS proteins can remain active. - By inhibiting GDTAS1, PTX100 aims to **disrupt continuously active RAS-driven signalling** in tumour cells. ### 2) Why CTCL as the first indication? - In earlier **Phase 1B** data for CTCL, management highlighted: - **43% objective response rate** (complete/partial responses) - Remaining patients reported with **stable disease** - Overall **clinical benefit rate of 100%** for the cohort referenced in the discussion - The conversation also framed CTCL as a **high-impact disease** due to skin involvement (itching, disrupted sleep, infections, and social burden). ### 3) Phase 2A progress and recruitment momentum - PTX100 is running as a **global Phase 2A** programme with sites in **Australia, the US and Italy**, and an intention to initiate **France**. - **28 patients dosed** at the time of recording. - A **dose optimisation committee (DOC)** review is planned once there are **10 evaluable patients per arm**. - “Evaluable” is defined in the episode as patients who have received **at least four cycles** of therapy. - The programme is positioned to work towards the **halfway/dose decision milestone towards the end of the year**. ### 4) DOC significance and the next regulatory steps - The DOC is expected to help select the **best dose** among **two dosing arms**. - Following that, the company expects engagement with the **FDA**, including a **Type B meeting**. - The pathway discussed could lead to a **pivotal/registrational approach** depending on outcome and alignment. ### 5) Fast track, orphan designation — what it changes - PTX100 has been discussed as having **FDA fast track designation** in a CTCL subtype (noted in the episode as **Mycosis fungoides**). - The episode also touched on **orphan designation** implications (market exclusivity) and the commercial significance of these regulatory programmes. ### 6) Broader market signals from recent CTCL dealmaking - The episode references a **Sobey**-linked acquisition price (US$580m) for a rival CTCL asset (lacutamab). - Management framed the deal as validating **CTCL’s value** and highlighted differences in fast track scope between assets. ### 7) Platform potential beyond CTCL - Management suggested PTX100’s mechanism targets a pathway relevant across **multiple cancers**, referencing **RAS pathway involvement** across a broad share of tumours. - The plan is to **complete CTCL** first, then explore additional tumour types, potentially beginning with an **orphan approach**. ### 8) How cell therapy assets fit long-term (CellPrime & OmniCar) - The episode described CellPrime and OmniCar as part of the longer-term asset base. - PTX100 is characterised as the near-term priority for **progress and potential partnering**, with an expectation that Cell therapy programmes may require **specialist partners**. --- ## Milestones investors are watching (next 6–12 months) - **End-of-year DOC review** for Phase 2A dose optimisation - **Dose selection** and subsequent discussions on the **shape of the next pivotal/registrational component** - Continued partner engagement as the programme matures (noted as potentially earlier than a full deal, depending on the dose decision timing) --- ## Final takeaway If the DOC review confirms a clearly differentiated dose with favourable **safety and efficacy** signals, the episode suggests PTX100 could move closer to a **registrational/pivotal pathway**, with regulatory momentum supported by earlier **fast track/orphan** status and market validation from CTCL transactions. ## 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 #PTX.ASX #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Infragreen (IFN) — record FY26, dividends and a $10m buyback
### Key highlights - **Record FY26 results:** - Underlying revenue **up 26%** to **$116.8m** - Underlying EBITDA **up 29%** to **$23.9m** - Underlying NPAT **up 325%** to **$7.1m** - **Capital management in focus:** - **Fully franked final dividend** (up to **1.0 cent** total dividend mentioned) - **$10m share buyback in process** - **Net debt down to $14.1m** (~**0.6x** FY26 EBITDA) - **FY27 outlook:** strong second-half momentum said to be continuing into the new financial year. ### Segment 1: What drove the FY26 “record year”? - Management points to strong operational contributions across the portfolio, particularly **Minamet, Energy Build and Pure Environmental**. - The conversation highlights **record-quarter performance** as the year concluded, and how guidance was exceeded for EBITDA. ### Segment 2: Is the FY27 run-rate sustainable? - Discussion focuses on typical seasonal strength (**May/June**) and whether results reflect **one-offs or underlying momentum**. - Management indicates the outlook looks **particularly good** across the businesses after completing a “go-around the grounds” review. ### Segment 3: Diversification and weather risk - Infragreen’s diversified structure is framed as a risk mitigant: weather impacts can be **concentrated in particular regions**, but the portfolio spans multiple states and business types. ### Segment 4: Dividends, franking and payout policy - Dividend approach referenced as a **25%–50% of NPAT** target range. - FY26 payout said to land toward the **lower end (29%)** to preserve flexibility for buybacks and capital management. - Management emphasises that dividends from operating businesses are **fully franked**, supporting a **healthy franking balance**. - Portfolio dividend flow update: - Dividends received from portfolio businesses **more than doubled** to **$6.3m** - Each business expected to pay **quarterly dividends** ### Segment 5: Net debt and capital allocation - Net debt declined to **$14.1m**, with the parent holding **$8.7m cash** (no borrowings at the parent level mentioned). - Strategy described as a “default position” to **pay down debt for flexibility**, while still pursuing dividends and buybacks based on opportunities and acceptable returns. ### Segment 6: Business-by-business snapshot (FY26 themes into FY27) - **Energy Build:** - Strong growth attributed to construction standards tailwinds (e.g., increased solar adoption under building requirements) - FY27 expected to continue growing, but at a **different rate** than FY26, with a broader product mix (solar panels, smart meters, batteries) and incremental geographic expansion. - **Pure Environmental (divestment process alongside operations):** - Management explains that day-to-day operations continue with a mature team and growth focus, while a sale process is evaluated. - **Minamet Recycling:** - Discussion on **ferris scrap pricing** being softer mid-year, with recovery into the fourth quarter. - Emphasis on the ability to maintain margin through gate pricing adjustments. - **Meriden Energy:** - Earnings leaned on **capacity credit income**. - Capacity credits described as **contracted and visible**, with arrangements extending out to **2041**. ### Segment 7: Pipeline and strategic review - The session references reviewing **57 new platform opportunities** and completing **bolt-on acquisitions**. - Ongoing portfolio activity and potential parallel pursuit of opportunities while sale processes run (as discussed for Pure). ### What to watch next - Whether **second-half momentum** translates into a similarly strong FY27 run-rate. - Continued progress of the **$10m buyback** and how capital is balanced with debt reduction. - Confirmation of dividend trajectory within the **25%–50% of NPAT** target range and franking sustainability. - Updates from each platform business on operational execution and pipeline conversion. --- *Presented by SmallCaps Spotlight. Content based on the provided transcript and company summary details.* ## 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
SmallCaps Spotlight: Market Calm, Gold Momentum & the Small-Cap Watchlist
### In this episode - **Big tech signal check:** NVIDIA posts a **$96bn quarter** and beats expectations—yet the stock still **wobbles after hours**. - **Rates and the Fed:** The market is now pricing a **hike, not a cut**. - **Bond buyback chatter:** Discussion of whether potential **Treasury-funded bond buybacks** could keep yields contained. - **US dollar impact:** A softer US dollar helps explain **gold’s rally**. - **Commodities snapshot:** - **Gold:** Moves from roughly **US$4,160/oz to near US$4,700/oz**; central-bank buying (including China) remains a key structural theme. - **Silver:** Seen as highly correlated to gold, with expectations of upside. - **Oil:** Despite Middle East tensions, oil looks set for a **breakdown**. - **Currency angle:** A note on the **Aussie vs USD** cross—framed as something markets may be watching closely. ### Why it matters for small caps When **yields, the US dollar, and risk appetite** shift, smaller Australian companies can feel it quickly—through: - financing costs and refinancing risk, - currency translation for revenues/materials, - equity sentiment (especially where growth stories depend on capital markets). ### Small-caps watchlist — coming up next In the wrap, the hosts tee up **this week’s small caps worth watching**, using the macro backdrop to frame what to monitor: - balance sheet resilience in a rates-sensitive environment, - earnings quality versus accounting noise, - commodity-linked exposure where relevant (notably gold/silver themes), - and sector winners/losers as the market rotates. ### Important note This episode is 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: Barton Gold (BGD.ASX) — de-risking Tunkillia, Challenger and the next restart pathway
## Episode overview - **Barton Gold snapshot (BGD.ASX):** Dual-hub gold development strategy in South Australia, combining mill restart optionality with flagship project scale. - **Near-term focus:** Potential **operations restart** using the **fully permitted central Gawler Mill**. - **Flagship development:** **Tunkillia** (1.6Moz gold product project) progressing **resource upgrades** and **PFS work**. - **Other key workstreams:** **Challenger** drilling and study inputs, plus **Tolmer** silver infill drilling. ## Key discussion points ### 1) What’s changed in the last six months? - **Challenger project:** Approximately **10,000m** drilled to support **resource upgrading** and identify **new high-grade mineralisation** and further **open-pit potential**. - **Tunkillia (large-scale) drilling:** Completion of a **58,000m** drill-out designed to convert mineralisation from earlier study categories toward **measured/indicated** outcomes. - **Tolmer silver:** **Infill drilling** at the high-grade silver discovery between **Challenger and Tunkillia**. - **Studies underway:** Scenario modelling and metallurgical testing feeding **Challenger definitive feasibility** and **Tunkillia pre-feasibility**, including mill leverage at **Gawler** and planning for a **second mill** at Tunkillia for large-scale operations. ### 2) Tunkillia phase two infill: what the results are telling the team - Results are broadly **in line with expectations**, indicating strong **conversion** potential through the JORC category ladder. - Focus on converting the **central, higher-grade zone** into a development-ready component capable of **accelerated payback**. - **Upside themes** highlighted: - **Higher grade indications** tied to oxide-zone structure opportunities (potential **grade/volume and cash-flow** uplift within the same pit concept). - **Thicker pit-end extensions** than previously anticipated. ### 3) Study timetable: what’s targeted and why it matters - **Tunkillia PFS** and **Challenger DFS** targeted for **completion/publication in Q1 calendar 2027**. - Additional drilling was inserted mid-program to expand resource and strengthen metallurgical and geotech datasets. ### 4) Capital allocation and balance sheet flexibility - Post placement positioning supported by a **$25.9m institutional placement** and a cash balance cited around **$31.9m** at the end of the June quarter. - Management’s approach: funding key milestones while retaining **flexibility** for value-adding follow-ups (e.g., potential incremental work at Tolmer if infill supports additional upside). - Operational continuity planning: mention of **diesel stockpiling** to reduce supply risk for field operations. ## Targets and themes to watch next - **JORC upgrades across the portfolio** following drilling completion. - **PFS/DFS outputs** and the quality of the transition from mineral resources toward **reserves** and financing-ready economics. - **Milestone-driven capital strategy**: using reduced execution risk to improve options for **lower-dilution funding**. ## Disclaimer This podcast is for information purposes only and does not constitute financial advice. Always consider the latest ASX announcements and seek independent professional advice.
SmallCaps Spotlight: Macro Metals (M4M.ASX) on monetising non-core assets and scaling WA iron ore plus mining services
## Episode highlights - **Agbaja disposal (Nigeria):** why the non-core divestment was meaningful for Macro Metals, including the role of sale proceeds in strengthening working capital. - **Non-dilutive growth strategy:** how Macro aims to advance its West Australian asset base and mining services division without continually diluting shareholders. - **Mining services + mine development:** Macro’s evolution from exploration to a diversified model—winning contracts, then funding development organically. - **Partnership model:** entering arrangements (e.g. right-to-mine/profit share or joint venture structures) to reduce exploration risk for the company. - **Yandi South (WA iron ore) update:** the CID resource characteristics, low phos qualities, and why the tenure’s limited exploration improves upside. - **Planned next steps:** mapping, sampling, drilling target definition, and updating the resource to contemporary JORC compliance. ## What to listen for - The thinking behind the **Agbaja divestment** and how it ties into Macro’s broader portfolio focus. - How **mining services revenue** can act as a funding engine for development. - The **near-border exploration opportunity** at Yandi South given adjacent Pilbara operations. ## Company snapshot **Macro Metals (M4M.ASX)** is positioning as an Australian **iron ore-focused** mining and mining services business, with a portfolio centred on Western Australia’s **Pilbara** region. --- *Note: This podcast episode is based on the provided transcript and context. For the latest material information, please refer to Macro Metals’ ASX announcements and investor presentations.* ## 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 #M4M.ASX #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Iltani Resources (ILT.ASX) — Orion Silver–Indium moves to scoping study
## Episode snapshot - **Company:** Iltani Resources (**ILT.ASX**) - **Project:** **Orion Silver–Indium Project** (100% owned), Herberton district, North Queensland - **Focus of today’s chat:** RC drilling progress, early satellite prospect results, and metallurgical work feeding into scoping study timing. ## Key discussion points ### 1) Orion drilling: infill, confidence, and high-grade intercepts - The team is in an **infill stage**—upgrading last year’s drilling ahead of a **scoping study targeted for 2026 / early 2027**. - Management highlights **wide intercepts** (including **silver equivalent** performance) across **Orion West and Orion East**, supporting the case for a **robust open pit**. - The conversation also references **very high grades** (including intervals of **over ~1,000 g/t silver equivalent per metre**), with **grade framed as central to economics**. ### 2) What’s “proven” vs “still unknown” - **Mineable continuity:** drill results are building confidence in how mineralisation hangs together in the **current open-pit shell level**. - **Unproven areas:** - **Future drilling focus** shifts toward **extensions** (including areas around **Orion north/along vein one**) once current targets are completed. - **Depth potential** remains **less understood**, as current work is concentrated on the shell-level mineralisation. - The **source of metals** is not yet fully resolved and is slated for future investigation. ### 3) News beyond Orion: Union Jack RC drilling and VTEM validation - Iltani also recently announced **RC drilling at the Union Jack prospect**, around **11 km from Orion**. - **Visible lead, zinc and copper sulphides** were reported in **three holes**. - The team says results align with **airborne VTEM target modelling**, including intercepts hitting **stratified mineralisation where expected**—an encouraging sign for the exploration approach. - **Assays are pending**, with follow-up steps discussed once results land, potentially including **downhole work**. ### 4) Commercial picture: Orion first, satellites “cream on top” - Management’s messaging is that **Orion must stand on its own economically**. - **Satellite deposits** (such as Union Jack and other regional targets) are framed as additional upside once Orion’s scoping and commercial case are advanced. ### 5) Metallurgy and payability: proving indium recovery - The pathway to scoping study includes: - **Ore sorting testwork** via **TOMRA** using **segregated core** (high/medium/low grade handling). - **Flotation testwork** by metallurgical consultants in **Brisbane**. - The schedule discussed targets an improved understanding through **late year (around November/December)** to support the scoping study work. - The key theme: **in situ grade only matters if indium is recoverable economically**. ## Dates and timelines mentioned (indicative from discussion) - **Scoping study:** **2026 / early 2027** (with work streams building toward it) - **Metallurgical work:** ore sorting and follow-on flotation testwork progressing toward **planning inputs by ~November/December** - **Union Jack assays:** hoped for in **~5–6 weeks** after drilling (as discussed) ## What to watch next - **Full assay results** flowing from both the Orion infill program and **Union Jack**. - **Metallurgical outcomes** demonstrating recoveries—especially for **zinc/indium-bearing concentrates**. - Drilling transitioning toward **extensions** and deeper questions after the current program’s priorities. --- *This episode 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 #ILT.ASX #AustralianStocks #Investing #Podcast
SmallCaps Spotlight: Sky Metals (ASX:SKY) on the Tallebung PFS — tungsten’s moment
## Episode snapshot - **Guest:** Oliver Davies, Managing Director, **Sky Metals (ASX:SKY)** - **Focus:** The released **Tallebung Pre-Feasibility Study (PFS)** - **Theme:** How **tungsten and silver credits** underpin a **low-cost tin** producer ## Key discussion points ### 1) Why this PFS matters - Sky Metals is advancing its **Tallebung project** in New South Wales, targeting **tin** with valuable **silver** and **tungsten** co-products. - Management highlights that the PFS puts **tungsten front and centre**, showing how it adds material value to the project. ### 2) Headline operational & economic takeaways - The tungsten and silver contributions are positioned as supporting **covering operating costs (op-ex)**, enabling a **low-cost tin** outcome. - Management references strong headline metrics from the PFS, including: - **NPV ~US$116m (8% discount)** - **EBITDA ~US$222m (base case)** based on spot pricing - A capital requirement of around **~US$140m capex** - Execution focus: the potential to move quickly into production given the **brownfields** nature of the site. ### 3) Processing metallurgy: why the flow sheet looks robust - The study is supported by **~four years of ongoing work** to nail down the flow sheet. - Management points to the project’s **deposit characteristics**—notably coarse mineralisation of tin, tungsten and silver—as helping make processing comparatively straightforward. - The approach emphasises **sorting/dense media style concepts (all-sorting)**, described as **proven** in similar tungsten/tin contexts (examples cited include Tasmania and Queensland projects). ### 4) What capital & offtake discussions mean for development - The PFS is framed as a strong base to engage and progress **offtake partnerships**. - Management notes supportive critical minerals activity in NSW and highlights the proximity of broader investment to the region. ### 5) What investors should watch next (6–12 months) - Near-term priorities include: - **Optimising tungsten recovery**, with the current recovery described as **tied to a tin-focused flow sheet** and an intention to improve tungsten performance. - **Ongoing drilling** to expand the resource base and potentially **extend mine life**. - Clear message on risk: **commodity price sensitivity** remains a key factor, though management argues the project’s simplicity and multiple metal credits provide some insulation. ## Main takeaway - The standout story of the Tallebung PFS is **tungsten’s contribution**: it strengthens economics and supports a **low-cost tin** thesis, while management prepares a focused path to **improve tungsten recovery** and **build the resource base**. ## Caveat / risk to keep in mind - **Commodity prices** (particularly for tungsten, tin and silver) can move outcomes; management’s key mitigating point is the project’s **robust, simplified configuration** and the **co-product credit structure**. ## About SmallCaps Spotlight SmallCaps Spotlight brings you conversations with ASX small-cap leaders—focused on what the market needs to know and the milestones that matter. ## 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 #SKY.ASX #AustralianStocks #Investing #Podcast