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.*

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