Hydrogen fuel cells gain traction

One of the most promising growth areas highlighted by WPIC is the intersection of PGMs and hydrogen technologies in defense.

Proton exchange membrane (PEM) fuel cells, which rely on platinum catalysts, are being tested in land vehicles, naval applications, and unmanned aerial systems.

In South Korea, Hyundai Rotem, a defense subsidiary of Hyundai Motor (KRX:005380,OTC Pink:HYMTF), is developing what it calls the world’s first hydrogen fuel-cell powered military tank. Meanwhile, Ukraine’s Skyeton recently reported the successful test flight of a hydrogen fuel-cell powered unmanned aerial vehicle (UAV).

Hydrogen propulsion could be particularly transformative in the UAV sector, WPIC noted, since fuel-cell systems offer higher energy density and lighter weight compared to traditional batteries, enabling longer flight times and greater operational flexibility.

In the United States, the Department of Defense is studying a “micro hydrogen supply chain” for the Navy that would generate, store, and distribute hydrogen both at sea and onshore.

As governments integrate their defense strategies with climate and energy transitions, PGMs appear set to play an even larger role. Hydrogen fuel cell adoption in military applications could also further deepen this connection.

“Moves to boost defense and aerospace spending could be positive for platinum group metal demand,” WPIC noted, adding that NATO’s spending pledge and industry innovation highlight how PGMs are extensively used in defense and aerospace applications.

Beyond PGMs

While PGMs are indispensable, they are just one part of a wider set of critical raw materials that underpin modern defense capabilities.

Rare earth elements (REEs), for instance, play a decisive role in the performance of advanced military platforms. According to data from Benchmark Mineral Intelligence, an F-35 Lightning II fighter jet requires around 418 kilograms (kg) of REEs, including neodymium and praseodymium in permanent magnets used for flight control and stealth systems.

Naval platforms demand even more: the Arleigh Burke-class destroyer uses about 2,600 kg of REEs, while the Virginia-class submarine requires roughly 4,600 kg, supporting propulsion, sonar, radar, and missile guidance systems.

The above examples illustrate both the massive material intensity of advanced military assets and the strategic vulnerabilities that come with dependence on external suppliers.

NATO has already flagged these risks. In December 2024, it published a list of 12 defense-critical raw materials essential to Allied security, including aluminium, cobalt, graphite, titanium, tungsten, lithium, and rare earth elements alongside platinum.

For the PGM sector, NATO’s spending pledge may prove to be a tailwind. Yet the bigger picture suggests that other similar resources will all form part of the same strategic equation of countries racing to secure the foundations of a stable supply chain.

White House meeting with Trump

Rio Tinto CEO Jakob Stausholm confirmed in a LinkedIn post that he, Rio’s incoming head of copper operations Simon Trott, and BHP CEO Mike Henry met with Trump and Interior Secretary Doug Burgum to emphasize the company’s role in delivering US copper and other minerals.

“Today, I visited the White House with Simon Trott to meet with US President Donald Trump, Secretary of the Interior Doug Burgum, and other officials to discuss Rio Tinto’s crucial role in delivering American copper and other critical minerals,” Stausholm wrote.

Stausholm highlighted the company’s 150-year history in the US and cited a portfolio that stretches from copper and lithium to recycled aluminum and borates. He pointed in particular to Resolution Copper, a joint venture with BHP that could become one of the world’s largest copper mines if approved.

​“Resolution Copper has the potential to become one of America’s biggest copper mines, contributing US$1 billion annually to Arizona’s economy and creating thousands of local jobs in a region where mining has played an important role for more than a century,’ reads the Resolution Copper statement. ​

Local opposition

Despite this, the project has been mired in controversy for more than a decade. Tucked beneath Arizona’s Tonto National Forest, the ore body is considered among the largest untapped copper deposits in the world.

Its backers argue it could supply more than a quarter of US demand for copper, a material used in everything from power grids and electric vehicles to smartphones and fighter jets.

Congress approved the land transfer in 2014 by attaching it to a must-pass defense spending bill, requiring that an environmental review be completed before the deal was finalized.

The underground mine’s construction would then ultimately create a massive crater, encroaching upon a site where Apache groups hold religious ceremonies.

Opponents, led by the San Carlos Apache, have fought the project in court for years, with limited success until the CA’s Monday ruling.

Terry Rambler, chairman of the tribe, welcomed the appeals court’s decision. He noted that Rio Tinto and BHP are headquartered in Australia, and Rio’s largest shareholder is a Chinese aluminum company.

“I look forward to sitting down with the administration and providing factual information that will help protect American assets,” Rambler said in a Reuters report, adding that he believes the copper from the Resolution project will be exported to China.

However, Rio insists that all of Resolution’s copper would stay within the country if the mine is approved. The company operates one of just two active copper smelters in the country at its Kennecott site in Utah.

At Kennecott, Rio Tinto produces about 20 percent of the country’s refined copper each year. The company has also recently expanded into lithium processing with the acquisition of a facility in North Carolina — the only active producer of lithium metal in the Western Hemisphere.

“Copper is essential to modernizing the nation’s infrastructure, supporting domestic manufacturing and securing America’s global competitiveness,” the company said in a recent report where it also cited its investments in both traditional mines and new, lower-impact extraction technologies.

Investor Insight

Combining near-term discovery and development strategy, Alice Queen is positioned to unlock significant shareholder value through its high-impact gold projects in Fiji and Australia. Supported by strategic investors, it offers a rare blend of near-term exploration upside and longer-term development potential.

Overview

Alice Queen (ASX:AQX) is a gold exploration company targeting district-scale discoveries and near-term production opportunities. The company’s flagship project is the Viani gold project in Fiji, where early drilling results point to a major epithermal gold system similar to other epithermal gold systems hosted on the Pacific Ring of Fire with Fiji also hosting the 10 Moz Vatukoula gold mine. With a portfolio spanning the Pacific Ring of Fire and Australia’s most prolific gold belts, Alice Queen combines geological potential with strategic capital access.

The company’s secondary asset, Horn Island, contains over half a million ounces of gold in a JORC-compliant resource. A previously released scoping study (2021) for Horn Island indicates an NPV of over AU$500 million, after an internal update on the numbers at AU$5,000/oz gold. Discussions with development partners are underway to unlock value from this asset, which could produce more than AU$800 million in free cash flow over a projected eight-year mine life.

Alice Queen’s shareholder registry is anchored by Gage Resource Development (51 percent) and includes significant long-term, and well-funded Australian investors. The company is pursuing a balanced strategy of value creation through drilling success, strategic partnerships and asset-level monetization.

Company Highlights

• High-impact Discovery at Viani in Fiji: Drilling at the Viani project has confirmed a significant low-sulphidation epithermal gold system with mineralization over a ~5 km strike, with assay results from recent drilling expected imminently.
• Established Gold Resource at Horn Island: The Horn Island project hosts a 524,000 oz JORC-compliant gold resource and is being advanced through potential development partnerships, offering near-term monetization opportunities.
• Strategic Financial Backing: Backed by major shareholder Gage Resource Development, a subsidiary of Beijing-based Gage Capital (US$1.6 billion AUM), ensuring access to growth capital and long-term support.
• Exceptional Leadership: Led by a highly experienced management team with a successful track record in global business and resource development.

Key Projects

Viani Project

The Viani gold project, located on Vanua Levu, Fiji’s second-largest island, is emerging as Alice Queen’s flagship exploration asset, with strong early indications of a large-scale, high-grade, low-sulphidation epithermal gold system. The project covers more than 200 sq km of underexplored ground within Fiji that hosts the Vatukoula gold mine, a +10 Moz deposit located on Fiji’s main island, Viti Levu. Viani’s main prospect, Dakuniba, has been the focus of extensive historical and current surface work, including trenching, rock chip sampling and limited historical drilling, which have collectively defined a mineralized corridor extending over ~5 km in strike length. Assay results from the maiden program have confirmed depth potential of high-grade gold to 175 m.

Gold mineralization is hosted in banded quartz veins and quartz-adularia stockworks associated with strong argillic and silicic alteration, indicative of a classic low-sulphidation system. Alice Queen has conducted detailed geochemical sampling and geophysical interpretation to delineate drill targets, with Phase 1 diamond drilling that commenced in December 2024. The current program comprises an initial three-hole diamond campaign (approximately 1,000 metres), targeting depth extensions of the mapped surface mineralization. The first hole, 24VDD001, intercepted zones of epithermal-style veining, with visible alteration and sulphide mineralization. The geophysical signature of the host rocks reveals zones of magnetite destruction associated with alteration, providing a critical exploration vector for further target generation. Over a dozen discrete structural targets have been identified within the broader 7 km hydrothermal corridor.

The company is exploring follow-up drilling and potential geophysical (ground mag) surveys as a way to identify where the structures that host the mineralisation broaden or dilate to refine these targets. The scale, alteration style and structural setting of the Viani system suggest the potential for a significant gold discovery, with parallels to other globally productive vein-hosted systems in the Pacific Rim.

Horn Island Project

Horn Island, located in the Torres Strait approximately 17 km off the northern coast of Queensland, is a development-stage project with an existing JORC 2012-compliant mineral resource estimate of 16.7 Mt at 0.98 g/t gold for 524,000 ounces of contained gold in the indicated and inferred categories. The project is classified as an intrusion-related gold system, characterized by sheeted vein systems, broad hydrothermal alteration, and disseminated gold mineralization associated with late-stage felsic intrusives.

The resource is centered on a historical open-pit gold mine and remains open to the northwest, with several additional prospects—including the Southern Silicified Ridge—identified within the project area. The mineralized zone is hosted in altered andesitic volcanics and quartz-feldspar porphyry intrusives, with gold associated with pyrite, arsenopyrite, and quartz-carbonate veining.

The project has full community backing, including a 7.5 percent free-carried interest held by the local Kaurareg Aboriginal People. It benefits from excellent infrastructure, including daily commercial flights, ferry access to nearby Thursday Island, and shipping links to Cairns and Weipa.

Alice Queen is currently engaged with several interested parties in partnership discussions about Horn Island via Argonaut PCF. The company is optimistic that a partnership deal can unlock significant shareholder value and reduce dilution.

Sabeto Project

The Sabeto Project is located within the Sabeto Valley on Fiji’s main island, Viti Levu, and sits within a 15 km east-west trending structural corridor that hosts both epithermal and porphyry-style mineralization. The project is situated between the historic Vuda gold prospect and Lion One’s (ASX:LLO) operating Tuvatu gold mine, which is hosted within the Nawainiu Intrusive Complex —the same intrusive suite that underlies the Sabeto project area. Sabeto is interpreted to host a sub-volcanic porphyry copper-gold breccia system, with historic drilling confirming broad zones of alteration and anomalous copper and gold values coincident with a ‘bullseye’ ZTEM resistivity high anomaly. This geophysical feature is interpreted as representing a buried intrusive centre, possibly related to porphyry-style mineralization.

The upcoming drill program at Sabeto is designed to test three priority targets, all defined by surface geochemistry, geophysical signatures and diatreme-style breccias. Proposed diamond hole A will test west of previous holes SBDD0001 and SBDD0004, targeting potential lateral continuity of the mineralized intrusive. Hole B aims to drill beneath an outcropping diatreme breccia with gold-copper anomalies, and under a significant gold soil anomaly 300 meters northwest of hole SBDD0003. Hole C will test the southern extent of a copper-anomalous diatreme breccia zone identified in mapping. The planned 1,800-meter program is expected to begin, following completion of the Viani Phase 1 campaign and will further test the scale and fertility of the porphyry system at Sabeto.

Boda East & Mendooran Projects

Located in the heart of the Lachlan Fold Belt (LFB), one of Australia’s most fertile porphyry terranes, Alice Queen’s Boda East and Mendooran projects are early-stage copper-gold exploration assets. Boda East lies immediately adjacent to Alkane Resources’ (ASX:ALK) Boda and Kaiser deposits, which host large-scale porphyry-style copper-gold mineralization. Geological mapping and drilling at Boda East have confirmed the presence of porphyritic intrusives, hydrothermal breccias and disseminated sulphide mineralization, consistent with porphyry-related alteration. Eleven holes have been drilled to date, with several intersecting pathfinder elements and anomalous copper-gold grades. Further drilling is planned to vector toward the core of the system.

The Mendooran project, situated further south in the LFB, targets large porphyry copper-gold systems associated with the Molong Volcanic Belt. Historic drilling and surface sampling have identified alteration halos and geochemical anomalies typical of porphyry environments. These projects provide optionality and long-term upside exposure to bulk-tonnage copper-gold mineralization and may be attractive candidates for joint venture or strategic partnerships with larger players active in the region.

Management Team

Jianying Wang – Non-executive Chairman

Chairman of Beijing Gage Capital Management, Jianying Wang oversees US$1.6 billion in assets and brings extensive experience in global M&A and equity investment. He has supported Alice Queen through multiple funding rounds.

Andrew Buxton – Managing Director

Andrew Buxton is the founder of Alice Queen and former managing director of Kidman Resources, He brings over 25 years of experience in capital markets and resource company management, and leads the company’s exploration and development strategy.

Dale McCabe – Executive Director

A co-founder of Alice Queen, Dale McCabe has managed operational rollouts and exploration execution since 2015. For more than two decades, he worked in the IT sector and brings broad project coordination experience.

Paul Williams – Non-executive Director

Currently managing director of ASX-listed AuKing Limited (ASX:AKN), Paul Williams is an experienced mining and resources executive with over 30 years of experience across multiple commodities and multiple jurisdictions.

Investor Insight

Horizon Minerals’ near-term cash-flow potential, large-scale gold resource base, and strategic processing infrastructure in the prolific Western Australian Goldfields position the company to transition into a sustainable, standalone mid-tier gold producer. Recent acquisitions, operational start-ups and high-grade resource expansions strengthen Horizon’s ability to leverage record gold prices and deliver consistent shareholder returns.

Overview

Horizon Minerals (ASX:HRZ,OTC:HRZMF) is an emerging standalone gold producer strategically positioned in the heart of Western Australia’s world-class goldfields. The company has built a robust portfolio of high-quality gold projects complemented by significant base and precious metal resources, all within easy haulage distance of key processing infrastructure.

Horizon currently holds 1.8 Moz of resources across 1,386 sq km of exploration tenure.

Following the transformational merger with Poseidon Nickel in early 2025 and the acquisition of the Gordons project in August 2025, Horizon now controls a total mineral resource of 1.82 million ounces (Moz) of gold at an average grade of 1.84 grams per ton (g/t), along with substantial silver, zinc, nickel, cobalt and manganese resources.

Central to Horizon’s growth strategy is the 2.2 Mtpa Black Swan processing facility, acquired through the Poseidon transaction. Located just 40 km north of Kalgoorlie, the plant is currently on care and maintenance but is fully permitted and connected to power and water. A low-capex refurbishment and conversion to a gold CIL circuit is underway, forming the backbone of Horizon’s plan to establish a sustainable ~100,000 ounce per annum production profile from late 2026.

The Black Swan processing facility is at the heart of Horizon’s stand-alone gold production strategy.

In parallel, Horizon is generating strong near-term cash flow from ore sales and toll milling arrangements at its Boorara and Phillips Find operations, respectively, both of which have delivered first gold in 2025. These operations, together with high-grade satellite deposits such as Burbanks, Penny’s Find, Cannon and the newly acquired Gordons Dam, will provide the feedstock for Black Swan’s initial five-year mine plan.

The company’s consolidated 1,386 sq km landholding spans some of the most prospective geological trends in the Goldfields, offering a mix of advanced development assets, near-mill open pits, and highly prospective exploration ground. With approximately 50,000 metres of drilling budgeted for FY25–26, Horizon is targeting both resource growth and upgrades in confidence across its portfolio.

Leveraging record gold prices and a strong balance sheet, Horizon is now at an inflection point – transitioning from a developer with multiple growth options into a fully integrated, cash-generating, standalone Western Australian gold producer.

Company Highlights

• Emerging standalone gold producer with an extensive WA Goldfields portfolio and a total mineral resource of 1.82 million ounces gold plus significant silver, zinc, nickel, cobalt and manganese resources.
• Acquisition of Poseidon Nickel delivers the 2.2 million tonnes per annum (Mtpa) Black Swan processing facility, strategically located 40 km north of Kalgoorlie, with refurbishment studies underway for conversion to a gold carbon-in-leach (CIL) plant.
• Acquisition of the Gordons project from Yandal Resources adds 77 sq km of tenure near Black Swan, including the Gordons Dam deposit (365 kt @ 1.7 grams per ton gold for 20 koz) with strong exploration upside.
• Continuous cash flow generation from two producing mines, via the ore sale agreement for Boorara (~AU$30 million estimated free cashflow at AU$3,600/oz) and the joint venture toll milling agreement at Phillips Find.
• Record gold prices (>AU$5,000/oz) underpin robust margins and fund ~50,000 metres of drilling in FY25–26, targeting both resource growth and confidence upgrades.
• Combined landholding of 1,386 sq km in Western Australia’s most productive gold belts, following the Poseidon and Gordons acquisitions

Key Projects

Boorara Gold Project

The Boorara gold project, located just 15 kilometres east of Kalgoorlie-Boulder, is Horizon’s cornerstone operation and the foundation of its near-term cashflow strategy. Over the past decade, extensive reverse circulation and diamond drilling has defined a substantial JORC 2012 mineral resource of 10.53 Mt grading 1.27 g/t gold for 428,000 ounces. Boorara is strategically positioned within trucking distance of multiple third-party processing facilities and only two kilometres from Horizon’s 100-percent-owned Nimbus silver-zinc project.

Mine operations at the Boorara gold project

Open pit mining commenced in August 2024, marking the start of Horizon’s transition to gold production. First ore was exposed and mined in late September 2024, with the inaugural gold pour achieved in January 2025. Mining operations are planned over approximately 14 months, with processing to occur over 19 months. A binding ore sale agreement with Paddington Gold provides for the processing of 1.24 Mt of Boorara ore at their Paddington mill until Q2 2026. The agreement is forecast to deliver more than AU$30 million in free cash flow at a gold price of AU$3,600/oz, with upside potential given current spot prices exceeding AU$5,000/oz.

Importantly, Boorara is not just a standalone deposit; it is the central baseload feed source in Horizon’s integrated production plan. It will be supplemented by higher-grade satellite ore from projects such as Burbanks, Penny’s Find, Cannon, Phillips Find and Gordons Dam. This blend of tonnage and grade is designed to optimise mill feed once Black Swan is recommissioned, extending the life of mine and improving overall project economics..

Phillips Find Gold Project

The Phillips Find gold project, 45 kilometres northwest of Coolgardie, is a high-grade goldfield with a production history of about 33,000 ounces. Horizon is advancing the project under a low-risk joint venture with BML Ventures, which funds and manages all mining and operational activities.

First ore was mined in late 2024, with the initial gold pour in February 2025 from toll treatment at FMR Investments’ Greenfields mill. Early campaigns processed 56,300 dry tonnes at 1.63 g/t gold for 2,807 ounces, sold at an average AU$4,894/oz, generating approximately AU$13.7 million in gross revenue to the JV.

Milling agreements include capacity at the Greenfields mill from February to June 2025 and a September-October 2025 campaign for 70,000 tonnes at Focus Minerals’ Three Mile Hill plant. An additional 80,000 tonnes of capacity has been reserved at Greenfields for future ore, giving Horizon strong processing flexibility while complementing production from Boorara and other satellite deposits.

Burbanks Gold Project

Horizon’s high-grade growth asset, the Burbanks gold project, lies nine kilometres southeast of Coolgardie on the prolific Burbanks Shear Zone. With historical production exceeding 420,000 ounces, Burbanks now hosts 465,000 ounces at 2.80 g/t gold across open pit and underground resources. The deposit remains open in all directions, and recent drilling has demonstrated strong potential for significant extensions, with a major 30,000 metre drill campaign underway to support the Black Swan five-year mine plan.

Gordons Project

In August 2025, Horizon expanded its near-mill project pipeline with the acquisition of the Gordons project from Yandal Resources. This 77 sq km package, only 10 kilometres from the Black Swan facility, includes the Gordons Dam deposit with 20,000 ounces in resource and multiple drill-ready prospects, such as Star of Gordon and Malone. The strategic location and exploration upside of Gordons make it an ideal fit for Horizon’s centralised processing strategy.

Black Swan Processing Facility

Existing flotation circuit and planned changes to facilitate gold production at Black Swan

At the heart of Horizon’s stand-along gold production strategy is the Black Swan processing facility, secured through a February 2025 merger with Poseidon Nickel. This 2.2 Mtpa concentrator, currently on care and maintenance, is being refurbished and converted to include a gold CIL circuit. All necessary approvals are in place, and engineering studies led by GR Engineering are progressing towards first gold production from Black Swan in late 2026. The plant’s location and capacity offer Horizon the ability to unlock value from its own resources and potentially treat stranded third-party ores.

Other Projects

Cannon Underground Project

• Fully permitted high-grade underground project 30km ESE of Kalgoorlie
• Pre-feasibility study complete

Penny’s Find

• High-grade UG project with MRE of 0.43Mt @ 4.57g/t Au for 63koz
• Pre-feasibility completed December 2024

Nimbus Silver-Zinc Project

• 12.1 Mt @ 52 g/t silver, 0.2 g/t gold, 0.9 percent zinc for 20.2 Moz silver, 77 koz gold, 104 kt zinc
• High-grade core: 0.26 Mt @ 774 g/t silver, 12.8 percent zinc
• Concept study supports concentrate production pathway

Management Team

Ashok Parekh – Non-executive Chairman

Ashok Parekh has over 33 years of experience advising mining companies and service providers in the mining industry. He has spent many years negotiating mining deals with publicly listed companies and prospectors, leading to new IPOs and the initiation of new gold mining operations. Additionally, he has been involved in managing gold mining and milling companies in the Kalgoorlie region, where he has served as managing director for some of these firms. Parekh is well-known in the West Australian mining industry and has a highly successful background in owning numerous businesses in the Goldfields. He was the executive chairman of ASX-listed A1 Consolidated Gold (ASX:AYC) from 2011 to 2014. He is a chartered accountant.

Warren Hallam – Non-executive Director

Warren Hallam is currently a non-executive director of St Barbara Limited and Poseidon Nickel Limited, and non-executive chairman of Kingfisher Mining Limited. Hallam has built a strong track record over 35 years in operations, corporate and senior leadership roles across multiple commodities. This includes previous Managing Director roles at Metals X Limited, Millenium Metals and Capricorn Metals. Hallam is a metallurgist with a Master in Mineral Economics from Curtin University.

Grant Haywood – Managing Director and Chief Executive Officer

Grant Haywood brings over three decades of experience in both underground and open-cut mining operations. During his career, he has served in senior leadership capacities in various mining companies, guiding them from feasibility through to development and operations. His experience spans various roles within junior and multinational gold mining companies, predominantly in the Western Australian goldfields, including positions at Phoenix Gold, Saracen Mineral Holdings, and Gold Fields. He is a graduate of the Western Australian School of Mines (WASM) and has also earned a Masters in Mineral Economics from the same institution.

Julian Tambyrajah – Chief Financial Officer & Company Secretary

Julian Tambyrajah is an accomplished global mining finance executive with more than 25 years of industry expertise. He is a certified public accountant and chartered company secretary. He has served as CFO of several listed companies including Central Petroleum (CTP), Crescent Gold (CRE), Rusina Mining NL, DRDGold, and Dome Resources NL. He has extensive experience in capital raising, some of which includes raising US$49 million for BMC UK, AU$122 million for Crescent Gold and AU$105 million for Central Petroleum.

Stephen Guy – Chief Geologist

Stephen Guy is a geologist with over 25 years of experience in the mining industry, specialising in exploration, production, and project start-ups for both open pit and underground operations. His career spans key regions in Australia, including Western Australia, New South Wales, and Queensland, where he has collaborated with leading companies such as BHP, Newcrest, St Barbara Gold, Fortescue Metals Group (FMG), and Gindalbie Metals. Guy’s expertise covers a diverse range of commodities, including gold, copper, nickel, base metals, and iron ore.

Rob Waugh – Non-Executive Director

Rob Waugh is a senior mining executive with more than 35 years’ experience in the resources sector, operating predominantly in gold and base metals. With a strong track record of exploration and discovery success, Waugh has held senior exploration management roles at WMC Resources and BHP and was previously the managing director of Musgrave Minerals, which was acquired for AU$200 million by Ramelius Resources in 2023.