Homodeus Research

Can Black Canyon (ASX) turn its Wandanya manganese discovery into a new Western Australian mining operation as global manganese supply tightens? In this episode of the Homodeus Research Podcast, Managing Director Brendan Cummins discusses Black Canyon’s Wandanya Manganese Project in Western Australia’s Pilbara and the recently defined 23.6 million tonne mineral resource. Brendan explains the high-grade component of the resource, the potential to produce direct shipping ore (DSO), and metallurgical work showing manganese grades around or above 40% can potentially be achieved through relatively simple dense-media separation. The conversation also covers Wandanya’s complementary iron ore mineralisation, with the project potentially producing both manganese and iron ore through relatively straightforward crushing, screening and beneficiation. Black Canyon is assessing a development concept targeting an approximately 10-year mine life, with potential manganese production of up to around one million tonnes per annum. Brendan discusses the current scoping study, environmental and heritage work, permitting, infrastructure and haulage to Port Hedland. Management sees late 2028 as a potentially realistic production target if the required studies, approvals, financing and development milestones are achieved. The episode also explores the outlook for global manganese supply, including potential disruption from Gabon, the value of high-grade manganese to ferroalloy producers and growing interest from potential customers and strategic partners. Finally, Brendan discusses offtake strategy, project funding, the longer-term potential of the Balfour Manganese Field and why Black Canyon sees Wandanya as the foundation for building a broader manganese business in the eastern Pilbara. TOPICS COVERED • Black Canyon and the Wandanya Manganese Project • 23.6Mt maiden mineral resource • High-grade manganese mineralisation • Direct shipping ore (DSO) potential • Producing ~40% manganese product • Dense-media separation and simple processing • Complementary iron ore resource • Potential ~10-year mine life • Scoping study and development strategy • Environmental and heritage approvals • Infrastructure and haulage to Port Hedland • Potential late-2028 production target • Global manganese supply and demand • Gabon supply risk • Manganese pricing • Customer and smelter requirements • Offtake and strategic partnerships • Funding and project development • Balfour Manganese Field • Exploration upside • Investor Q&A

Can Solvar (ASX) accelerate growth as its Australian loan book passes $1 billion and lending originations move to record levels? In this episode of the Homodeus Research Podcast, CEO Scott Baldwin discusses Solvar’s specialist non-bank lending business across automotive and commercial asset finance through its Money3, Automotive Financial Services (AFS) and Benji brands. Scott explains how Solvar’s Australian loan book has grown beyond $1 billion, supported by strong originations through Money3 and the expansion of Benji into small-business and commercial asset finance. The conversation explores Solvar’s customer segments, distribution through brokers, dealers and direct channels, its approach to credit risk and bad debts, funding capacity and why loan-book growth is an important leading indicator for future revenue. Scott also discusses the strategic exit from New Zealand and redeployment of capital into Australia, including the ongoing New Zealand litigation and the rundown of the remaining loan portfolio. The discussion covers Solvar’s capital-management strategy, including fully franked dividends, its substantial franking-credit balance and management’s policy of distributing at least 70% of earnings through dividends. The episode also explores regulatory scrutiny of automotive finance, Solvar’s investment in governance and technology, the use of AI, potential M&A opportunities and what management believes investors may be overlooking about the business. TOPICS COVERED • Solvar’s $1bn+ Australian loan book • Record lending originations • Money3, AFS and Benji • Used-car and automotive finance • Commercial and small-business lending • Solvar’s target customers • Broker, dealer and direct distribution • Credit quality and bad debts • Funding capacity and warehouse facilities • Net interest margins and risk appetite • Exit from New Zealand • New Zealand litigation update • Fully franked dividends • 70%+ dividend payout policy • Share buybacks and capital management • ASIC and automotive-finance regulation • Technology and AI • Potential M&A • Market-share opportunities • Investor Q&A

Can Volt Resources (ASX) build a meaningful position in America’s emerging high-purity graphite supply chain? In this episode of the Homodeus Research Podcast, CEO Prashant Chintawa discusses Volt’s strategy to focus increasingly on high-purity and ultra-high-purity graphite for industrial, energy storage and defence-related applications, with Alabama becoming the centre of the company’s planned US downstream operations. Prashant explains Volt’s plan to establish a Customer Application Center and commercial-scale graphite refinery in Alabama, using technology based on a high-purity graphite process already operated commercially in Ukraine. The conversation covers Volt’s recently secured non-dilutive US government funding, the broader US policy push to develop domestic critical-mineral supply chains, and how government grants, potential customer offtake agreements and private financing could support construction of the planned Alabama refinery. Prashant also discusses the size of the US purified graphite market, Volt’s focus on industrial applications rather than capital-intensive battery-anode material, its flexible raw-material sourcing strategy and ongoing customer qualification work. The episode also covers Volt’s Ukraine graphite operations, geopolitical and supply-chain risks, the recent loss of two mining licences in Tanzania, and why the company is increasingly concentrating its strategic efforts on graphite and North America. Management also outlines near-term catalysts including further non-dilutive funding opportunities, completion of the Alabama definitive feasibility study, establishment of the Customer Application Center and progress toward customer partnerships and offtake agreements. TOPICS COVERED • Volt Resources’ graphite strategy • High-purity and ultra-high-purity graphite • Alabama Graphite Refinery • US Customer Application Center • Non-dilutive US government funding • US critical minerals policy • Financing the Alabama refinery • Customer qualification and offtake agreements • US graphite supply dependence • Industrial graphite applications • Graphite pricing and economics • Flexible feedstock and dual-sourcing strategy • Ukraine graphite operations • Zavalievsky Graphite • Tanzania mining licence update • Definitive feasibility study • Capacity expansion • Near-term catalysts • Investor Q&A

Can Strata Minerals (ASX) turn its newly defined gold resource into a near-term producing asset while continuing to unlock a much larger exploration opportunity? In this episode of the Homodeus Research Podcast, Managing Director Pete Woods discusses Strata Minerals' flagship Zellica Gold Project in Western Australia's Yandamindra district and the company's strategy to transition from explorer toward gold production. Pete explains Strata's recently announced maiden JORC-compliant resource of 42,000 ounces at 1.61 g/t gold, with 68% in the indicated category. The current resource has been defined over approximately one kilometre of strike and remains open at depth and along strike. The conversation explores the broader prospective gold corridor of roughly 10 kilometres, where historical sampling, rock chips, old workings and limited drilling indicate potential for further discoveries beyond the existing resource. A key focus is Strata's binding mining services and profit-share agreement with BML Ventures. Under the arrangement, BML is expected to fund pre-development, mining and haulage from its balance sheet, with profits shared after costs are recovered. This gives Strata a capital-light pathway toward potential production while retaining ownership of its licences and exposure to further exploration success. Pete also discusses metallurgy, permitting, grade-control drilling, toll-treatment processing, infrastructure, the Auric Mining precedent, and the company's ambition to potentially begin mining in the second half of 2027 if regulatory, technical and development milestones are achieved. The episode also touches on Strata's Penny South and Biranup gold projects, upcoming magnetic survey results, resource growth potential and the key catalysts investors should watch as the company advances Zellica. TOPICS COVERED • Strata Minerals and the Zellica Gold Project • Maiden 42koz JORC gold resource • 1.61 g/t gold resource grade • Resource growth at depth and along strike • Approximately 10km prospective gold corridor • BML Ventures mining and profit-share agreement • Capital-light pathway to gold production • BML's Auric Mining case study • Toll-treatment processing strategy • Metallurgy and historical recoveries • Permitting and development approvals • Grade-control drilling • High-resolution magnetic survey • Regional exploration and new discoveries • Penny South Gold Project • Biranup Gold Project • Potential H2 2027 mining timeline • Funding and shareholder dilution • Upcoming catalysts • Investor Q&A

Can Elk Range Mining (ASX) unlock a historically productive but underexplored gold district in Idaho using modern Australian exploration techniques? In this episode of the Homodeus Research Podcast, CEO and Managing Director Edward Keyes discusses Elk Range Mining's recently listed Idaho Gold Project and the company's strategy to build value around the brownfields Friday Gold Mine. Edward explains why Elk Range was attracted to the Orogrande Shear Zone, a roughly 25-kilometre mineralised corridor containing historic mines, shafts and resources that have seen comparatively little modern exploration. The discussion focuses on Elk Range's maiden drilling campaign at Friday, where the first hole extended well beyond historical drilling and encountered multiple occurrences of visible gold. Assay results were pending at the time of the webinar. Edward also discusses historical drilling including 113 metres at 5.2 g/t gold, ending in a high-grade interval, and how the company is using modern drilling, sampling and photon-assay techniques to better understand the nuggety high-grade mineralisation. The conversation also covers Elk Range's existing underground development, permitted processing plant and site infrastructure, the pathway to converting historical foreign resources into JORC-compliant resources, and the exploration potential at Buffalo Gulch and Deadwood. Management also outlines its district-consolidation strategy, with Elk Range actively assessing potential M&A opportunities while advancing organic growth through drilling. The episode explores the significance of Agnico Eagle's investment in neighbouring ground, Elk Range's existing infrastructure advantage, funding following its IPO, and why management believes the broader Idaho district could host a much larger gold system. TOPICS COVERED • Elk Range Mining and the Idaho Gold Project • Friday Gold Mine • Maiden drilling campaign • Visible gold encountered in the first drill hole • Historical high-grade gold intercepts • Orogrande Shear Zone • District-scale exploration opportunity • Existing underground mine infrastructure • Oro Grande processing plant • Converting foreign resources to JORC standards • Photon assay and nuggety gold • Buffalo Gulch exploration potential • Deadwood Project • Agnico Eagle's investment in the district • Idaho as a mining jurisdiction • M&A and district consolidation strategy • Funding and capital allocation • Upcoming assay results and catalysts • Investor Q&A