Samso Search Results

Announcement Diggers & Dealers Presentation   Ballard Mining Limited (ASX: BM1)  is not entering the gold space quietly. Born from the demerger of Delta Lithium’s gold assets, Ballard arrives on the ASX with a focused strategy, a $30M IPO war chest, and the high-grade Mt. Ida Gold Project (Figure 1) in hand. Its foundation? A 1.1Moz at 3.3g/t Au  JORC Resource, led by the fully permitted Baldock deposit  (930koz @ 4.1g/t Au). Figure 1: Location of Mt Ida Gold Project (source: BM1) This is not a typical early-stage explorer. Ballard’s focus is on drilling, converting resources, and building toward a Reserve while targeting high-grade discoveries  across a 26km stretch of underexplored gold-bearing shear zones. Ballard is drilling aggressively — 130,000 metres  across four rigs — and is well-funded to do so. 🔹 Key Highlights - The Gold Mining Journey. Ballard offers strong growth potential, with high-grade resources and a funded drill program targeting expansion and Reserve conversion across 26km of underexplored ground (Figure 2). Baldock Deposit : 930koz @ 4.1g/t Au, fully permitted, and core to near-term development. JORC MRE : Total 1.1Moz @ 3.3g/t across six gold deposits. Location Advantage : Within ~100km of four processing plants in WA’s prolific goldfields. Exploration Upside : 26km of untested strike (Baldock Thrust and Ballard Fault). Enterprise Value / Resource Ounce : Just $95/oz , well below +2g/t gold developer average of $328/oz. Major Shareholders : Delta Lithium – 46% (escrowed) Hancock Prospecting – 6.2% Mineral Resources – 5.6%   Figure 2: Resource Growth and Development Opportunity of Mt Ida Gold Project (source: BM1) 🔹 Development Pipeline: From Resource to Reserve Ballard is running parallel growth and development programs : Stream Activity Infill Drilling At Baldock to underpin a Maiden Reserve by mid-CY2026 Extensional Drilling Targeting resource growth along strike and at depth Exploration Drilling 50,000m regional targeting new discoveries Studies Mining, metallurgy, geotech, and plant engineering underway Recent infill drilling results include (Figure 3): 3m @ 17.7g/t Au (DFS062) 4m @ 12g/t Au (DFS063) 4m @ 7.3g/t Au (DFS146) Figure 3: BALDOCK – First Infill Results (source: BM1) These support high confidence in the resource and reinforce the project’s potential for early cashflow through high-grade starter pits. 🔹 Exploration Catalysts: Untapped Terrain A 35,000m drill program is planned across the Baldock deposit , targeting extensions and increasing resource confidence as part of Ballard’s aggressive growth strategy (Figure 4). Beyond Baldock, the broader Mt Ida Project holds substantial upside, with 26km of largely underexplored greenstone shear zones . Key targets include: Baldock Thrust Zone : Over 7km of under-drilled terrain with average historic drill depth of just 43m. Ballard Fault : Structurally identical to Baldock, but with minimal historical drilling. High-Resolution Drone Magnetics : Completed in July 2025 — results to guide next wave of exploration. Figure 4: Baldock Thrust Exploration (source: BM1) This area has seen over 671 historic holes , mostly shallow RAB, leaving significant untested potential. Ballard is now deploying modern targeting techniques across this camp-scale system. 🔹 Mineral Rights Structure: Aligned for Success Ballard holds exclusive rights to gold across the tenure via a Mineral Rights Deed  with Delta Lithium. As part of the agreement, Ballard will issue 220 million shares to Delta (or its nominee) in consideration for the gold asset (Figure 5) . The deed establishes a clear and cooperative framework: Enables independent mining of gold and lithium. Allows shared infrastructure and cost efficiencies. Provides step-in rights, pre-emptive rights, and call options — a commercially robust arrangement. Figure 5: Conceptual Designs only to show interaction of gold and lithium (source: BM1) This structure ensures both parties can advance their respective commodities without conflict, while unlocking value from shared development. 🔹 Peer Comparison: Value and Grade Ballard’s ASX-listed gold peers average $198/oz EV per resource, while higher-grade (+2g/t) peers command around $328/oz — highlighting Ballard’s value at just $95/oz. Metric Ballard Peer Group Avg Grade 3.3g/t Au 1.8g/t Au EV/Resource $95/oz $198/oz EV/Resource (+2g/t peers) — $328/oz Ballard’s combination of high grade and low EV/oz is rare. The Company trades below sector averages despite superior resource quality, giving it strong re-rating potential as reserves build. 🔹 Board Composition: Built for Execution  Ballard is led by a proven team with a track record of delivering major outcomes in the Australian gold sector. Simon Lill , Non-Executive Chair , previously guided De Grey Mining from a sub-$1M explorer to a $5 billion takeover by Northern Star (ASX: NST), overseeing the discovery of the Hemi gold deposit — one of Australia’s largest in recent history. Paul Brennan , Managing Director , is a mining engineer with over 20 years of underground operational experience, including senior leadership roles at Saracen Minerals and Calidus Resources, where he oversaw the construction of a 2.4Mtpa gold processing plant. With leadership shaped by real-world execution, Ballard is positioned to convert its gold potential into long-term value. Samso Concluding Comments Ballard Mining Limited ticks all the boxes for a Samso DYOR Priority: grade, scale, strategy, and execution. The Mt. Ida Gold Project offers high-grade production potential in a jurisdiction that understands mining. But more importantly, Ballard isn’t selling a dream— they’re drilling into reality. Their IPO funds are already hard at work, with four rigs pushing to expand the resource base and build toward a reserve. The depth of geological opportunity across the 26km greenstone belt hasn’t been fully priced in. The Baldock deposit, with ounces per vertical metre among the best in its class, serves as a platform, not a peak. This is a story about unlocking potential with discipline and funding , and Ballard appears to be one of the few junior gold developers doing both in parallel. When the project was part of the greater lithium story, the value proposition of the gold side of the project was lost. Spinning it out into Ballard was ultimately the only future, and with the demise of the lithium story, this is a good way of creating more value. I don't think that the project is a 100% no-brainer in terms of success because if it were, this would have been done sooner. Like all projects, there are issues, and similarly, there are solutions. It will take time to show all the bad parts, so take your time to DYOR. For the research-focused investor looking for high-grade gold, competent execution, and a project that’s moving, Ballard Mining deserves your attention. The Samso Way – Seek the Research At Samso, we follow the evidence, not the hype. Ballard’s data-rich, grade-driven approach gives investors real milestones to track and genuine upside to consider. If you’re building a watchlist for WA gold developers, start here. Let’s tell your story. Let’s make it matter. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position or particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Emyria Commences National Expansion with Avive in Brisbane Emyria Limited (ASX: EMD) , a pioneer in evidence-based mental health care, has announced a strategic move into Queensland via a new agreement with Avive Health . This initiative marks the Company’s first Queensland-based clinic and a critical step in Emyria’s nationwide expansion strategy. The new clinic, to be located within Avive’s licensed 63-bed mental health hospital in Brisbane , will house an Empax Centre focused on treatment-resistant depression and Post-traumatic stress disorder (PTSD) . Figure 1: The Avive mental health hospital in Brisbane features a 63-bed facility that combines a restored heritage-listed exterior with a modern, welcoming interior reception area. (source: EMD) This announcement follows closely on the heels of Emyria’s landmark reimbursement agreement with Medibank Private Ltd (ASX: MPL) , underscoring a growing demand for reimbursable, specialised mental health treatments. The Brisbane clinic is expected to begin operations in Q4 CY2025, subject to approvals and fit-out completion.   1. Key Highlights - The Care for Mental Health Solution. ✅  Landmark Agreement: Emyria has secured an exclusive deal with Avive Health to launch its first Empax clinic in Queensland, specifically within Avive’s licensed Brisbane hospital.   ✅ First Right of Refusal:  The agreement includes first rights to expand into Avive-operated hospitals in Victoria and South Australia , supporting further national rollout.   ✅ Capital-Light Expansion Model: Avive provides infrastructure and licensure, while Emyria delivers the full clinical team and Empax programs, enabling cost-effective scaling.   ✅  Strategic Fit:  This initiative aligns with Emyria’s Medibank agreement to deliver reimbursed psychedelic-assisted therapy and addresses high unmet needs in PTSD and treatment-resistant depression.   ✅  Strong Demand & Timeline: The Brisbane clinic is expected to significantly expand patient capacity, with treatments to commence in late 2025.   2. Strategic Rationale and National Expansion Vision Mental health remains one of Australia’s most pressing chronic conditions, with PTSD affecting approximately 1 in 11 Australians and disproportionately impacting women, veterans, and first responders. Emyria’s Empax program responds to this demand with a scalable, clinically validated model that delivers real-world care while capturing actionable data to inform future therapies.   This expansion into Brisbane is a major step in Emyria’s broader strategy, which includes:   Opening additional Empax centres in major Eastern states. Partnering with hospital networks and insurers to support access and affordability. Expanding indications beyond PTSD and TRD. Leveraging real-world data to support regulatory and payer engagement.   The partnership with Avive allows Emyria to embed its Empax protocols directly into Avive’s hospital systems, supporting integrated, high-quality care delivery.   Greg Hutchinson, Emyria’s Executive Chairman , commented:   “This agreement with Avive is a key milestone in our east coast expansion strategy and allows us to bring our innovative Empax model of care to patients in Queensland. Our recent agreement with Medibank was the first of its kind and strong validation of our approach, and we are now building on that momentum to expand patient access to funded, innovative mental health care, nationally.”   Mark Sweeney, Co-CEO of Avive,  added:   “Avive is committed to becoming Australia’s leading provider of innovative, high-quality mental health care. This partnership with Emyria and the establishment of an Empax Centre within our Brisbane facility reflects our ambition to integrate cutting-edge treatments into our service offering.”    Samso Concluding Comments The agreement with Avive represents more than just geographic expansion—it affirms the robustness of Emyria’s scalable, capital-efficient model. With infrastructure costs largely offset through partnerships, the Company continues to extend its clinical footprint without compromising its balance sheet. This is particularly important in the current investment climate, where capital preservation is as important as growth.   For investors, Emyria’s positioning within the reimbursed mental health space, particularly through novel psychedelic-assisted therapies, sets it apart from traditional healthcare players. The alignment with a trusted insurer (Medibank) and now a growing hospital operator (Avive) brings commercial credibility to its strategy.   As the mental health crisis in Australia intensifies, Emyria’s ability to provide structured, data-backed, reimbursable care gives it a real-world advantage. The forward momentum—clinically, commercially, and geographically—is clear.   The Company is building its growth through deliberate partnerships and evidence-based protocols. For investors tracking next-generation healthcare platforms, Emyria offers an intriguing combination of innovation, execution, and early-stage traction.   The Samso Way – Seek the Research At Samso, we encourage readers to engage deeply with Emyria’s strategic evolution. The mental health space is not only a humanitarian priority but also a sector poised for sustained investment attention. The Company’s investor hub and consistent ASX updates offer ample transparency—do the research, ask questions, and stay informed.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Quarterly Activities Report – June 2025 Lion Rock Minerals Limited (ASX: LRM) , formerly known as Peak Minerals Limited (ASX: PUA) has confirmed a major expansion of heavy mineral ( HM ) mineralisation at its flagship Minta Rutile Project  in Cameroon, with a 100% success rate  from all 452 holes drilled (Figure 1) . The program identified mineralisation across a vast 1,500km² zone, demonstrating scale and consistency in both residual and alluvial targets. Figure 1: Mineralised zone at Minta Rutile Project nears 1,500km2. (source: LRM) What makes Minta particularly exciting is the quality of its mineralogy. X-Ray Diffraction (XRD) results confirm that over 93% of the TiO₂ content is from rutile , affirming Minta’s rutile-dominant profile. (Figure 2). Even more promising are the by-products: monazite and zircon are present in notable quantities, with assemblages showing up to 73% monazite, 35% rutile, and 28% zircon. Rare earth content in the monazite is rich in high-value magnet elements like NdPr and DyTb, offering a broader critical minerals narrative for Lion Rock (Figure 3).  Figure 2: Locations of composites tested for mineralogical assemblage by XRD. (source: LRM) Minta Est Reveals Valuable Rare Earth Assemblage - Monazite, Rutile and Zircon. High-value monazite confirmed  at Minta Est with in-situ grades of 0.5%–1.2% TREO  from free-dig material.  Separated using conventional mineral sands processing methods , confirming development simplicity.   Exceptional mineral assemblages  recorded: Up to 73% monazite Up to 35% rutile Up to 28% zircon   Magnet rare earth distribution >25% MREO , including: Up to 22.5% NdPr (light rare earths) Up to 2.7% DyTb (heavy rare earths) Figure 3: Separated monazite from RE1028 alluvial sample at Minta Est. (source: PUA) Oversize Rutile Potential Yet to Be Accounted For Rutile nuggets ranging from 1mm to 30mm in diameter have been identified across the Minta area. These were not included in the <1mm HM assay results. Their eventual inclusion could substantially lift the HM content, giving the current exploration upside yet to be realised. Figure 4: Representation of mineral sand particles versus oversize particles images from sand and oversized particles are not from Minta area – only shown to demonstrate difference in particle size. (source: PUA) Fully Funded for 2025 With Strategic $3.5M Placement A European-based investor injected $3.5 million at $0.035/share—a 12-month high—under voluntary escrow. This funding ensures the company is fully financed for its 2025 work program, including targeted infill drilling, in-country test facility development, and general exploration expansion. Additional Exploration Upside While LRM is focused on Cameroon, it also maintains early-stage assets across uranium (Kitongo and Lolo Uranium Projects in Cameroon), kaolin (Yendon in Victoria), and Green Rocks (WA). The company is awaiting grant approvals for uranium exploration and has undertaken ongoing desktop work on its Australian assets. Notably, it relinquished the Earaheedy (WA) tenement during the quarter.   Samso Concluding Comments As the Lion Rock Minerals story steadily moves ahead, I am learning that it is simply a mineral sands story that is focusing on rutile—the recent announcement is laying the foundation for understanding that the project is a mineral sands project that is now unfolding the potential mineral assemblages and hence the potential value-adding process. What this also means is that it is a multi-commodity critical minerals hub in Cameroon. The June quarter results demonstrate a rare combination of geological consistency, mineralogical purity, and commercial foresight. The confirmation that over 93% of TiO₂ in the Minta samples is rutile is a material validation for downstream relevance in high-spec titanium markets. What is becoming more apparent is what is the composition of the mineral assemblage—monazite, rutile, zircon—all recoverable through conventional mineral sands processing. These aren’t side notes; they form the basis of a diversified value proposition in both industrial and strategic supply chains. The rare earth content, with high NdPr and DyTb ratios, brings added weight in the energy transition narrative. Strategically, the $3.5 million investment by a European investor reflects more than just capital injection—it’s market alignment. In a time when critical minerals are drawing geopolitical attention, such a placement at a 12-month high (with escrow) is a significant vote of confidence. It gives the company not only funding security but time to test, optimise, and scale its strategy. From where Samso stands, this is potentially a company building a high-margin opportunity. The intersection of titanium, rare earths, and potentially ESG-friendly processing potential makes Minta more than a rutile project—it’s a multi-commodity critical mineral platform. The fundamentals are starting to stack up, and the next quarter will be one to watch. Behind strong results are thoughtful decisions: from choosing the right geology to structuring funding on smart terms. For investors looking to position ahead of the curve, this is a story worth watching. Seek the research, follow the data, and keep an eye on Minta. The Samso Way – Seek the Research Understanding early-stage exploration stories like Peak’s means going beyond headline intercepts. It’s about scale, targeting strategy, funding strength, and leadership. At Samso, we follow explorers who build data-rich, geologically sound roadmaps toward discovery, and Peak Minerals is doing just that. Keep watching as the next assay sets come in and the drill rigs return later in the year. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 210 ppb Au soils results and IOCG / Carbonatite Hosted REE Taiton Resources Limited (ASX: T88)  has released a strong exploration update covering its Highway and Challenger West projects in South Australia, marking important progress on both gold and critical minerals fronts (Figure 1). The latest results highlight standout gold-in-soil values from Challenger West — including the highest recorded to date — alongside further definition of rare earth element (REE) anomalism at the Yogi prospect within the Highway Project. Figure 1: Taiton Resources’ South Australian Assets (source: T88) Together, these outcomes underscore the company’s methodical approach to advancing two highly prospective targets with distinct commodity exposures. With heritage surveys about to commence, Taiton is positioning itself for a busy and potentially transformative second half of 2025, as it moves toward drilling programs aimed at converting these surface anomalies into significant mineral discoveries. Highlights - Shear-Hosted Gold, IOCG and Carbonatite. Challenger West Gold Project : Infill Ultrafine (UF) soil sampling at Area 1 returned the highest gold-in-soil result to date – 210 ppb Au  – within a 1.5km gold anomalous zone coincident with interpreted NNE-trending structures (Figure 2). Figure 2: Challenger West Gold Project (source: T88)   Highway Project – Yogi Prospect : Surface geochemical anomalism in REEs aligns with a >6 mGal gravity anomaly, supporting an IOCG/carbonatite-hosted REE exploration model (Figure 3). Figure 3: Highway Project – Yogi Prospect (source: T88) Heritage Surveys : Commencing mid-August to support Exploration Program for Environment Protection and Rehabilitation (EPEPR) applications for planned drilling. Challenger West – Infill Soil Sampling Delivers Peak Gold Values A 245-sample infill UF soil program on a 50m x 50m grid at Area 1, Challenger West, has defined a 1.5km gold-in-soil anomaly along interpreted NNE-trending structures (Figure 3). Figure 3: Challenger West Area 1 UF soil results underlain by RTP 1VD magnetic image. (source: T88) The program returned the project’s best gold-in-soil result to date – 210 ppb Au . Discrete higher tenor gold zones will be prioritised in upcoming drill programs. Challenger West sits 10km west of the 1.2Moz Challenger gold deposit, where mine infrastructure remains on care and maintenance and is under review for potential restart by Barton Gold Holdings (ASX: BGD). The target style is similar to Challenger’s narrow plunging lodes within the Christie Gneiss. Highway Project – Yogi Prospect Strengthens IOCG/Carbonatite-REE Case First-pass UF soil sampling (59 samples, 200m x 400m spacing) across the Yogi gravity anomaly confirmed (Figure 4): Low-level but broad REE anomalism coincident with the anomaly. Dominance of light rare earth elements (LREE) over heavy rare earth elements (HREE), consistent with typical carbonatite signatures. Figure 4: Highway project Yogi prospect UF soil sample locations underlain by residual Bouguer gravity anomaly image.   (source: T88) The Yogi gravity anomaly measures over 6 mGal on a 1.5km strike within a broader 4 mGal zone across 5km of strike. Its dense source body may represent iron oxide minerals or carbonate-rich carbonatites, supporting the IOCG/REE potential. At the Yogi prospect within the Highway Project, first-pass Ultrafine soil sampling has outlined broad, low-level REE anomalism coincident with a >6 mGal gravity anomaly over a 1.5 km strike, with this alignment supporting its IOCG exploration potential (Figure 5). Figure 5: UF soil TREO gridded sample results overlain by gravity contours. (source: T88) As shown in Figure 6, the REE anomalism is LREE-dominant and aligns with the gravity contours, consistent with IOCG or carbonatite-hosted REE systems, reinforcing the target’s prospectivity ahead of drilling. Figure 6: UF soil LREO / HREO gridded sample results overlain by gravity contours.   (source: T88) The Highway lies within the Gawler Craton, host to major IOCG deposits such as Olympic Dam and Carrapateena. Geochronology shows the area was tectonically active during the Olympic Metallogenic Event. Next Steps Heritage surveys  at both Challenger West and Highway. Submission of remaining soil samples for analysis. Preparation for drill programs targeting the highest tenor anomalies. Executive Director David Low  commented: “We are very pleased with soil results at Challenger West where strong tenor gold (up to 210 ppb Au) coincident with interpreted NNE trending structures gives us great confidence we are on the right path. The results at Yogi continue to build the IOCG / Carbonatite hosted REE target and we know the real proof will be in drilling the gravity anomaly. With heritage surveys commencing mid-month, Taiton is looking to have an exciting second half to the year with drilling planned to come.” Samso Concluding Comments Declaration: I am the co-founder, shareholder and current Non-Executive Director of Taiton Resources Limited. Taiton Resources’ work at Challenger West and Yogi is steadily building a dual-commodity exploration story with genuine scale potential. Taiton is potentially developing a Shear-Hosted Gold, IOCG and Carbonatite narrative as it starts work on testing the targets at Challenger West and the Highway project. The 210 ppb gold-in-soil result at Challenger West is the highest recorded to date and sits within a well-defined structural corridor, giving the planned drilling program clear focus. What is significant about the Challenger soils is that the line of purple soil results in Figure 3 will be a very interesting spot when drilling occurs. Most exploration geologists would be happy with those numbers, even in soils. It is noteworthy to remember that the broad-spaced calcrete sampling that started the discovery of the Challenger Gold Mine had a value of 180ppb. I know it is calcrete, and there is another discussion on how the numbers compare, but I think the anomalous nature of the number speaks for itself. Check out "Challenger Gold Prospect, Gawler Craton, South Australia - Lintern, M.J. (CRC LEME)" At Yogi, the combination of REE anomalism and a significant gravity feature, as illustrated in Figure 4, is a classic signature for IOCG or carbonatite-style systems. The dominance of light rare earths further strengthens the geological model and positions Yogi as a compelling REE target. The Yogi target has to be one of the most interesting projects that I have come across. The gravity target that Taiton has been showcasing over the last few months is very convincing. We all know about geophysical targets, but the degree of density of the target makes you wonder a lot, and the more red wine one has, the more mesmerising it gets. Management is keen to test that target, so let's see what that brings up as a story. These two fronts provide exposure to both gold and critical minerals, offering a balanced exploration profile that can capture market interest across different commodity cycles.  With heritage surveys now in motion, the next phase of drilling will be the real test of whether these surface anomalies can translate into substantial mineralisation at depth. The Samso Way – Seek the Research At Samso, we believe that real investment insight comes from understanding the data, the geology, and the bigger picture behind every announcement. Surface results and gravity anomalies are just the beginning — the real story is revealed when you connect them to the history, the regional context, and the technical details. Always dig deeper, question the narrative, and let the research guide your decisions.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement HRE to acquire all Mineral Rights at Prospect Hill HAV: Havilah Deals Prospect Hill Project to HRE Heavy Rare Earths Limited (ASX: HRE) has entered into a binding Term Sheet with Havilah Resources Limited (ASX: HAV) to acquire an 80% interest in all mineral rights—excluding uranium—at the Prospect Hill project in South Australia. The project lies within the Mt Painter/Mt Babbage Inliers, a subregion of the Curnamona Craton that hosts significant polymetallic mineralisation dominated by tin (Sn) , and is geologically comparable to the Gawler Craton in terms of mineralisation style and igneous history (Figure 1). This transaction grants HRE access to South Australia's most advanced tin target—South Ridge—offering a critical opportunity to fast-track development in a rising tin market. Figure 1: Location of HRE projects in the Curnamona Craton, South Australia. (source: HRE)   Key Highlights  🔹 South Ridge Tin Prospect – A High-Grade, Undervalued Asset Historic drilling at South Ridge confirmed tin mineralisation across a 500 m strike length and to depths of up to 120 m.   Key high-grade intercepts include: 3m @ 4.85% Sn from 44 m (PHRC03) 5m @ 3.32% Sn from 84 m (PHRC55) 6m @ 2.33% Sn from 14 m (PHP-15)   Tin is hosted primarily as cassiterite, with petrology and metallurgy indicating ~80% recovery using gravity processing. 🔹 Regional Geology Context – Mt Painter/Mt Babbage Inliers The Prospect Hill project lies on the northwestern margin of the Palaeo-Mesoproterozoic Curnamona Craton , a well-endowed geological province rich in copper, REEs, and uranium (Figure 2). Figure 2: Regional geology of Palaeo-Mesoproterozoic Mt Painter and Mt Babbage Inliers. (source: HRE)   Mineralisation is associated with Mesoproterozoic granitoid intrusions (~1560 Ma) into the Petermorra Volcanics (Figure 3). Tin-rich systems here are structurally complex, hosting multiple mineralisation styles—shear zones, tourmaline pipes, and skarn-like zones—often associated with fluorine, copper, uranium, and REEs. The geology shares strong parallels with the nearby Gawler Craton and international analogues like the Zaaiplaats tin field in South Africa. The region’s complex structure, including a major E–W fault cutting through the project area, enhances its mineral potential and diversity. Figure 3: Summary of outcropping geology in EL5891 and location of Sn prospects. (source: HRE). 🔹 Strategic Transaction Structure Under the terms of the agreement, HRE will invest a minimum of $1.5 million over a three-year period, which includes 2,500 metres of drilling within the first 18 months and a further 1,250 metres in the following 18 months. Upon meeting these expenditure and drilling milestones, HRE will earn an 80% interest in all minerals (excluding uranium) across the Prospect Hill project. Havilah will retain a 20% interest, which will be free-carried through to the completion of a Bankable Feasibility Study (BFS). In addition, HRE has committed to reimbursing Havilah $1.8 million in historical exploration costs, either from future project cash flows or earlier at HRE’s discretion. 🔹 District-Scale Exploration Upside Additional prospects—Fly Hill, Central Ridge, Black Rock—demonstrate near-surface high-grade mineralisation. Surface rock samples at Black Rock returned up to 58% Sn. Potential for “pipe-style” tin bodies associated with black tourmaline and silica remains underexplored. pXRF soil sampling and trenching programs support continued drill targeting beyond South Ridge .   🔹 Tin Market Catalysts and Critical Mineral Designation Tin has been officially designated a critical mineral by major global economies, including the United States, European Union, Japan, and Australia, reflecting its growing importance in strategic supply chains. Its applications are diverse—ranging from solder in electronics to chemical processes and renewable technologies—making it essential to the global technology and clean energy sectors. Prices remain strong at approximately US$34,000 per tonne, underpinned by persistent supply constraints and robust forward demand through to 2030. In this context, the Prospect Hill project aligns directly with international policy objectives to secure stable, sustainable sources of critical and technology-enabling metals.   HRE’s non-executive Chairman, John Byrne, commented: “Prospect Hill is not just a historical asset—it’s a high-quality tin system with the potential to become a near-term producer. Our ability to move quickly reflects the maturity of the project and our technical confidence.” Dr Chris Giles, Technical Director of Havilah, commented : “We are pleased to partner with HRE again—this deal unlocks tin potential at Prospect Hill while retaining upside through our equity and project interest. Their proven exploration discipline and shareholder alignment give us confidence in their ability to deliver.” Samso Concluding Comments Heavy Rare Earths Limited is building a portfolio of projects that will drive its new strategy. Acquiring the Prospect Hill project that combines historical high-grade intercepts, metallurgical confidence, and multi-style exploration upside—all underpinned by a capital-efficient earn-in structure- is not a bad move. For ASX investors, the story here is scale plus simplicity. South Ridge isn’t a greenfields wild card—it’s a known tin system, drill-tested and ripe for a resource estimate. Combine that with tin’s re-emergence as a critical mineral of geopolitical and technological relevance, and Prospect Hill becomes more than just a regional play—it’s a strategic foothold in the coming clean-tech supply race.   Figure 4: The price chart for tin as of 8th August 2025. (source: Trading Economics). If HRE delivers on its intent, South Ridge could rapidly emerge as Australia’s next critical tin development. The broader Prospect Hill system, with its pipe-style and pod-style mineralisation, may well be the real prize. Looking at the current tin price chart (Figure 4), the momentum for a tin narrative on the market could be perfect timing for HRE. Heavy Rare Earths have a market capitalisation of just under AUD $10M and if the tin price momentum fits well with the advancement of the Prospect Hill project, the perfect storm could be near. I think this is a must DYOR. The Samso Way – Seek the Research The Prospect Hill deal is built on a deep dataset—90 drill holes, 4,500+ soil samples, metallurgical studies, and petrology—not hype. It is a reminder that in mineral exploration, past work often lays the foundation for future success. Investors should take note of the quiet efficiency of this agreement and the technical substance behind the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Multiple Gold Zones in First 8 Mile Drill Hole Miramar Resources Limited (ASX: M2R)  has reported a promising start to its RC drilling program at the 8 Mile prospect, part of the Gidji JV Project north of Kalgoorlie. The first hole, GJRC029, intersected multiple gold zones and ended in mineralisation, confirming the potential extension of Northern Star’s nearby 8-Mile Dam deposit onto Miramar’s ground and reinforcing the project's prospectivity for a significant gold discovery (Figure 1).  Figure 1: The Gidji JV Project and 8-Mile Dam in relation to Kalgoorlie and surrounding deposits. (source: M2R) Executive Chairman Allan Kelly  commented:   “We are encouraged by the multiple gold intercepts in our first RC hole at 8 Mile,” said Executive Chairman Allan Kelly. “The results support our view that gold mineralisation from 8-Mile Dam extends onto our ground, and we now have several follow-up targets from aircore and IP data to pursue.” “We are planning additional geophysical surveys to refine our drilling strategy and believe 8 Mile could host significant gold potential given its location and geological setting.”   🔹 Key Highlights - A Mineral Exploration Business. Multiple Gold Zones Intersected: Miramar Resources’ (ASX: M2R) first reverse circulation (RC) drill hole at the 8 Mile prospect (hole GJRC029) intersected several zones of gold mineralisation and ended in gold mineralisation at 504m downhole (Figure 2). Strategic Location Near Major Deposits: The 8 Mile prospect lies within the Gidji JV Project, ~15km north of Kalgoorlie and adjacent to Northern Star’s 8-Mile Dam deposit (7Mt @ 1.4g/t Au for 313,977oz), confirming potential strike continuity of mineralisation. Strong Geological Indicators: Mineralisation is hosted within the 8 Mile mafic unit, with notable sulphide development (including arsenopyrite), elevated arsenic via portable XRF readings, and visible fuchsite, indicative of hydrothermal alteration typically associated with orogenic gold systems. Initial Drilling Programme: GJRC029 tested an IP anomaly thought to reflect sulphide-rich gold zones. Despite significant deviation from the planned azimuth, the hole intersected thick westerly-dipping altered mafic units and returned notable results such as: ⮞ 3m @ 2.67g/t Au from 243m (incl. 1m @ 6.51g/t)  ⮞ 18m @ 0.94g/t Au from 480m (incl. 4m @ 2.83g/t and 1m @ 6.04g/t) Next Steps and Additional Surveys: Results are pending for four additional RC holes targeting offset IP anomalies. Infill gravity and sub-audio magnetic (SAM) surveys are being planned to refine future RC and/or diamond drilling programs. Figure 2: Cross section showing GJRC029 about the 8 Mile mafic unit and the IP anomaly. (source: M2R) 🔹 Gidji JV Project Context Miramar’s 80%-owned Gidji JV Project spans ~15km of the Boorara Shear Zone in WA’s Eastern Goldfields. Despite being surrounded by established gold operations (e.g., Kalgoorlie Super Pit, Kanowna Belle), Gidji has remained underexplored due to transported cover and the crosscutting Gidji Paleochannel.  Systematic aircore drilling since late 2020 has led to multiple supergene gold discoveries and several compelling bedrock targets. Miramar views Gidji as having genuine potential to evolve into a new gold camp with multiple deposits.  🔹 Exploration Update – Broader Portfolio at Gascoyne Regions Projects (Figure 3) At the Bangemall Ni-Cu-PGE Project , Miramar is progressing with its EIS-co-funded airborne magnetic and VTEM surveys, with approximately 20% of the program completed. These surveys are designed to identify conductive anomalies associated with nickel, copper, and PGE mineralisation across the underexplored region. At the Chain Pool SEDEX Project , the Company is preparing for a follow-up field trip focused on further soil and rock chip sampling. This work aims to advance the understanding of the high-grade sedimentary exhalative (SEDEX) system's prospective for copper, lead, zinc, and silver. In line with its strategic focus, Miramar has also initiated the divestment of non-core assets , including the Glandore and Randalls Gold Projects in the Eastern Goldfields. These sales processes are part of the Company’s efforts to streamline its portfolio and allocate resources toward its highest priority targets.   Figure 3: Gascoyne Regions Projects (source: M2R) 📍 Drill Details – GJRC029 Summary 243–246m: 3m @ 2.67g/t Au Including 1m @ 6.51g/t Au 252–254m: 2m @ 0.48g/t Au 374–375m: 1m @ 0.32g/t Au 378–379m: 1m @ 2.85g/t Au 480–497m: 18m @ 0.94g/t Au Including 4m @ 2.83g/t Au Including 1m @ 6.04g/t Au   501–504m: 3m @ 0.52g/t Au  (end of hole mineralisation)   *Note: All intercepts use a 0.25g/t Au lower cutoff, with up to one sample of internal dilution. Samso Concluding Comments Miramar continues to present a tightly managed exploration story with a sharp geological focus. The Gidji JV Project, particularly the 8 Mile prospect, has matured from early-stage data collection into serious drill targeting, culminating in the intersection of multiple gold zones in its very first RC hole.  The 8 Mile target is compelling due to its proximity to known deposits, its geological signature, and early signs of system continuity. Ending a 504m RC hole in mineralisation is the kind of exploration result that commands follow-up.  Importantly, the Company’s layered targeting approach—combining aircore, IP, SAM, and gravity—reflects a methodical and technically sound strategy. The presence of sulphides, arsenopyrite, fuchsite, and anomalous arsenic detected by handheld XRF provides tangible indicators that this is not a one-off intercept, but part of a broader mineralised system. This story is not about chasing hype—this is about doing the work. Some investors may say that management needs to create the hype, but as long as I have known the key management of the company, this is not in their DNA. They are all about getting into the business of mineral exploration in a cost-effective manner, and that is maximum funds into the ground and not about funding a lifestyle company. Gidji has always had the ingredients of a significant gold system, and with each program, Miramar gets closer to unearthing its true scale. The first RC hole is just the start.  For investors seeking early-stage exposure to a potential emerging gold camp in Kalgoorlie’s backyard, Miramar is again demonstrating it has the geological smarts and the operational intent to deliver value. Miramar Resources is what I call a company that is a Mineral Exploration Business. Check out the latest Coffee with Samso with Allan Kelly:   The Samso Way – Seek the Research What sets stories like this apart is their grounded execution. While speculation abounds in early-stage gold exploration, Miramar’s work is grounded in structure, method, and data. The story isn’t about hype—it’s about following the rocks, reading the systems, and drilling with purpose.     Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The new cold war that is gaining momentum globally is fast creating vast opportunities for jurisdictions hosting commodity projects that have an inelastic demand. Commodities that fall into a real critical supply shortage are all getting a rejuvenation that is now making headlines. Commodities such as bauxite are now starting to get investors' attention. Bauxite is the main source of Aluminium, and most investors did not even know that it is also the main source of the now very sought-after metal, Gallium. Western Australia has had a dominant and long history with bauxite, with Alcoa and Worsley Alumina (now South 32) being giants in this sector and dominating the bauxite story for decades. Bauxite was first discovered in 1821 by a French geologist by the name of Pierre Berthier near the village of Les Baux in southern France. Bauxite consists mostly of the aluminium minerals gibbsite (Al(OH) 3 ), boehmite (γ-AlO(OH)), and diaspore (α-AlO(OH)), mixed with the two iron oxides goethite (FeO(OH)) and haematite (Fe 2 O 3 ), the aluminium clay mineral kaolinite (Al 2 Si 2 O 5 (OH) 4 ) and small amounts of anatase (TiO 2 ) and ilmenite (FeTiO 3 or FeO·TiO 2 ). Bauxite appears dull in luster and is reddish-brown, white, or tan. [3] (source: Wikipedia). The recent nationalisation of projects in Guinea has thrown added pressure on the supply crunch in the business of bauxite, as end users are struggling already with the global "cold war" rhetoric that is creating headaches for all stakeholders in the industry. According to SMM (Shanghai Metals Market), shortages in 2024 have driven price increases that are now looking to overflow into 2025. Bauxite is not abundant in the biggest consumer, China, and although this may be great for players in the industry, the issue lies in the lack of an economical resource that can sustain a long-term source. My interest in the bauxite business started in 2020 when I published " The Best Small-Cap Bauxite Companies on the ASX , " which really made me gain the understanding that, in some way, the bauxite mining business is a smaller-scale version of the mega iron ore industry that drives the Pilbara region Iron Ore business in Western Australia. This Samso Insight is all about compiling a story that gives investors a current view of the bauxite business on the ASX. Let's delve into the whole bauxite story and see if we can simplify all the smoke that is currently doing the rounds on mainstream media. This is an intense Samso Insight, and readers have to have patience as we try and build an extensive context around why I think there are reasons to start taking note of what could be an extensive value-creating sector for ASX investors. To help navigate the Samso Insight, the chapters below will try and help readers stay focused on the review. The Realisation of the Importance of Bauxite. Aluminium: A Metal for the Modern World. Global Supply and Geopolitical Landscape. Top 5 Bauxite Resource Holders Globally. Guinea (source: African News) Australia (source: Geoscience Australia and FTM Machinery) Vietnam (source: Yahoo Finance and SMM) Brazil (source: FTM Machinery) Indonesia Highlights of Major Australian Bauxite Resources. Key Bauxite Companies Investors should be looking for in the ASX. Metro Mining – Bauxite Hills Mine (Cape York, QLD) Australian Bauxite Limited (ASX: ABx) - Building a Multi-State Resource Footprint. Western Yilgarn Limited: A Rising Bauxite Developer. Julimar West: High-Grade, Shallow, and Strategically Located. Expanding Footprint: Cardea and New Norcia Projects. Strategic Timing and ESG Advantage. Canyon Resources Limited. The Minim Martap Resource Canyon Market Performance. Arrow Minerals Limited. Niagara Bauxite Project – Progress to Date Licence Renewal Uncertainty Arrow Minerals Market Situation. VBX Limited. Wuudagu Project Takapinga Project Samso Concluding Comments The Real Underlying Value Proposition Investors Need to Consider. A Potential Game Playing Out in The Western Australian Bauxite Sector. The Samso Way – Seek the Research The Realisation of the Importance of Bauxite. Investors in Australia will need to understand that when we talk about bauxite, there is only really one major group that dominates the bauxite industry. They are Rio Tinto, Alcoa or Alcoa Australia and South 32. These three companies and their projects make up what we know as the Australian Bauxite business. Bauxite mining typically involves a large footprint, and in jurisdictions where this creates a sensitive conversation, it will create unnecessary attention. In Australia, Alcoa is now talking about applying for more ground to expand its operations in the Darling Range. The application is now creating migraines for management as it is creating upheaval among the environmentalists and the Not in My Backyard Crew (NMB Crew). Alcoa Media Release: Huntly Mine Transition and Pinjarra Refinery Production Increase. Aluminium: A Metal for the Modern World. Bauxite is a mineral of immense strategic value, serving as the primary ore of aluminium. In the context of a world steadily shifting toward decarbonisation, electrification, and infrastructure growth, bauxite has become an indispensable commodity. Aluminium is foundational to countless industries, from aerospace and automotive manufacturing to packaging, consumer electronics, construction, and the renewable energy sector. What sets aluminium apart is its remarkable versatility. Lightweight yet strong, aluminium offers durability, corrosion resistance, and excellent conductivity. It's also infinitely recyclable without loss of quality, which positions it as a metal of choice in a circular economy. These properties, combined with the metal's role in building electric vehicles, solar panels, and high-voltage transmission infrastructure, have elevated demand for aluminium—and by extension, bauxite—to unprecedented levels. Global aluminium production now exceeds 70 million tonnes annually, requiring over 300 million tonnes of bauxite each year. This demand is projected to rise steadily, with a compound annual growth rate of approximately 3% to 5% through 2030. Global Supply and Geopolitical Landscape - Bauxite and Aluminium. The supply landscape, however, is becoming increasingly complex. While Australia remains the world's leading producer of bauxite, output from Guinea has surged in recent years due to Chinese investment and off-take agreements. China, as the world's largest aluminium producer, has grown heavily reliant on bauxite imports to feed its refining capacity. However, Guinea's political instability and periodic export disruptions have exposed the fragility of global supply chains. As such, countries and industrial players are seeking alternative, geopolitically stable sources of bauxite, and Australia—particularly Western Australia—is emerging as a preferred jurisdiction. Figure 1: Historical bauxite mining activity in the Darling Range region of Western Australia, showcasing typical red-oxide terrain and open-cut techniques. (source: WA Today). As fuel to the scarcity of bauxite and hence the refinement of Aluminium, Guinea’s military government officially announced the return of mining tenements on May 16, 2025 . Information Minister Fana  Soumah confirmed in a televised address that President Mamady Doumbouya had issued a decree repossessing 51 mining licences  covering bauxite, gold, diamond, graphite, and iron concessions, and that these had been “returned free of charge to the state”. Just over a week later, on May 27, 2025 , the government additionally cancelled 129 exploration permits , citing the need to free up unused concessions and tighten resource control. Government measures implemented by Guinea will only fuel the demand and the rush for bauxite for future global needs. As of 2025, the top five largest bauxite resources  globally are located in countries that dominate both production and reserves due to their high-quality deposits and large-scale mining operations. Top 5 Bauxite Resource Holders Globally. 1. Guinea ( source: African News ) Estimated Resources:  ~40 billion tonnes Key Region:  Boké, Boffa, Kindia Notes:  Guinea holds the world’s largest bauxite reserves, mostly high-grade, gibbsite-type ore ideal for low-cost refining. The Sangaredi and Boffa mines are among the most significant in the world. 2. Australia (source: Geoscience Australia and FTM Machinery ) Estimated Resources:  ~20–24 billion tonnes Key Regions: Weipa (Queensland)  – operated by Rio Tinto Gove (Northern Territory) South-West WA (e.g., Darling Range)  – including projects by Alcoa, South32, and Western Yilgarn Limited (ASX: WYX) Notes:  Australia is the world’s largest producer  of bauxite. Its deposits are lateritic, shallow, and close to key refining hubs. Australia's operations are also among the most environmentally regulated. 3. Vietnam (source: Yahoo Finance and SMM ) Estimated Resources:  ~11 billion tonnes Key Region:  Central Highlands (Dak Nong and Lam Dong provinces) Notes:  Vast reserves, but underdeveloped due to infrastructure and environmental concerns. Long-term potential remains strong. 4. Brazil (source: FTM Machinery ) Estimated Resources:  ~10–11 billion tonnes Key Region:  Pará (Porto Trombetas, Juruti, Paragominas) Notes:  Brazil is a major exporter and refiner. Its high-grade bauxite is key for the global alumina market. 5. Indonesia Estimated Resources:  ~3–5 billion tonnes Key Region:  West Kalimantan and Riau Islands Notes:  Resources have grown rapidly with exploration. Indonesia has recently restricted raw ore exports to promote domestic refining. Highlights of Major Australian Bauxite Resources. Australia’s major deposits include: Weipa (Qld):  Among the world’s largest, with decades of high-grade production by Rio Tinto. Darling Range (WA):  World-class deposits, host to Alcoa and South32  operations, and Western Yilgarn’s Bauxite Project . Gove (NT):  Managed historically by Rio Tinto, now under rehabilitation. New players:  Smaller companies like Australian Bauxite Ltd  and Western Yilgarn Ltd (ASX: WYX)  are exploring niche, high-grade, or value-added opportunities (e.g., rare earths in bauxite residue). Key Bauxite Companies Investors should be looking for on the ASX. As we look at the small end of the ASX market, there are only a few companies that stand out. In fact, there are only seven companies that cross my mind that are worth discussing. Table 1 below lists the companies and their respective projects and resources. The leader of the pack is Canyon Resources Limited and followed by Metro Mining Limited in terms of resource size and the low SiO2 levels. Table 1: A list of companies in the ASX small-cap sector that have a notable resource. This is adapted from a table from a presentation by the ABX Group dated 30th April 2025. Company ASX Code Project Stage Resource (MT) AL2O3 SiO2 1.0 - ABx Group Limited ABX Binjour Exploration 37 38.20% 14.60% 2.0 - ABx Group Limited ABX Taraiga Exploration 37.9 39.20% 5.20% 3.0 - Metro Mining Limited MMI Bauxite Hills Production 118.7 49.20% 14.10% 4.0 - Western Yilgarn Limited WYX Julimar West Exploration 168.3 36.10% 14.70% 5.0 - VBX Limited VBX Wuudagu Exploration (PFS) 95.9 39.40% 13.40% 6.0 - Arrow Minerals Limited AMD Niagara Exploration (MRE) 185 42.3% 2.7% 7.0 - Canyon Resources Limited CAY Mirim Martap Exploration (PFS) 1,027 45.30% 2.70% 1.0 ABX | ASX - 18th June 2018 - 2.0 ABX | ASX - 31st May 2012 - 3.0 MMI | ASX - 13th May 2024 - 4.0 WYX | ASX - 26th February 2025 - 5.0 VBX | ASX Prospectus - Independent Geological Report - 6.0 AMD | ASX - 7th August 2024 - 7.0 CAY | ASX - 25th May 2021 All projects are in Australia except for Arrow Minerals (Guinea) and Canyon Resources (Cameroon). Metro Mining – Bauxite Hills Mine (Cape York, QLD). Check out: The Best Small-Cap Bauxite Companies on the ASX. Metro Mining Limited (ASX: MMI) operates its flagship Bauxite Hills Mine across the Bauxite Hills and Skardon River tenements, located approximately 95 km north of Weipa on Queensland’s Cape York Peninsula. Figure 2: Metro’s flagship project is the Bauxite Hills Mine (Mine), which is a single operating mine located 95 kilometres (km) north of Weipa in Western Cape York in Far North Queensland, with a total tenement package covering approximately 825km2. (source: Metro Mining) As of 31 December 2024, the project boasts a JORC-compliant resource of 114.4 million tonnes, with proven and probable reserves totalling 77.7 million tonnes . The deposit is considered high-grade, averaging 49.8% available alumina (Al₂O₃) and 13.3% reactive silica (SiO₂) —well suited for low-temperature refining. The geological model adopts conservative cutoff grades of ≥45% Al₂O₃ and ≤15% SiO₂, supporting a robust classification of the mineable ore. Mining at Bauxite Hills is conducted via free-dig methods with no requirement for beneficiation, relying instead on simple screening. Production capacity was recently upgraded to 7 million tonnes per annum (Mtpa), with potential for expansion to 8 Mtpa through planned debottlenecking. A notable infrastructure upgrade includes the deployment of the Ikamba floating loading terminal, capable of handling vessel loads exceeding 9 Mtpa, which has enhanced logistics efficiency and reduced freight costs. As of Q3 2025, shipment pricing remains in line with seasonal benchmarks, and the company anticipates sustained strong Free-On-Board (FOB) revenue through the remainder of the year. Australian Bauxite Limited (ASX: ABx) - Building a Multi-State Resource Footprint. Australian Bauxite Limited (ASX: ABx) maintains a strategic portfolio of approximately 37 tenements  spanning across Tasmania, Queensland, and New South Wales (Figure 3). The company’s exploration and development efforts are centred on several promising deposits, including Campbell Town  and Bald Hill  in Tasmania (Figure 5), Binjour  in Queensland (Figure 4), and Inverell, Guyra, and Taralga  in New South Wales. This diverse geographic exposure has enabled ABx to gradually define one of the most accessible and flexible bauxite resource bases in Eastern Australia. Figure 3: Location of ABx Group Bauxite projects. (source Abx Group). As of 2019, the company’s total JORC-compliant mineral resource  stood at approximately 137.1 million tonnes , comprising 72.7 million tonnes of Indicated  and 64.4 million tonnes of Inferred  resources. Notably, Tasmania’s Campbell Town and Bald Hill deposits collectively account for around 3.5 million tonnes , while the remaining inventory is distributed across Queensland and New South Wales, with Binjour  being a key development focus in the north. Figure 4: Location of Sunrise Bauxite Project at Binjour, QLD. (source: Abx Group) The company’s bauxite is predominantly composed of high-grade gibbsite trihydrate , characterised by low levels of contaminants and well-suited for low-temperature alumina refining . ABx’s deposits typically exhibit a thickness of 3.5 to 9 metres , with consistent mineralisation across the profile. The alumina-to-silica (A/S) ratio , a critical quality metric in bauxite processing, ranks favourably, placing ABx’s material in the “good to excellent” category based on industry benchmarks. The Bald Hill project  in Tasmania marked ABx’s transition into production, with its first shipment completed in Q3 2015 . Since then, the company has maintained a strong focus on infill drilling and regional exploration across the broader Eastern Australian Bauxite Province . Efforts are also underway to optimise product specification across multiple production hubs , including potential processing centres at Campbell Town and Portside , aiming to enhance grade consistency and meet a broader spectrum of end-user requirements. Figure 5: Location of ABx Group Tasmanian bauxite projects. (source: Abx Group) Western Yilgarn Limited: A Rising Bauxite Developer? (source: Western Yilgarn Limited) This backdrop provides fertile ground for junior explorers like Western Yilgarn Limited (ASX: WYX), which is positioning itself to become a significant bauxite supplier. Western Yilgarn holds a suite of promising tenements in the Darling Range of Western Australia, one of the most prolific and high-quality bauxite regions globally. The company's flagship Julimar West Bauxite Project hosts an inferred mineral resource estimate of 168.3 million tonnes at 36.1% total alumina, including a high-grade subset of 97.1 million tonnes at 40.5% available alumina. These grades are particularly significant given the low reactive silica content, which is critical for efficient Bayer processing. Figure 6: Map illustrating mining tenements and surrounding conservation zones in the Darling Range, indicating the spatial context of Western Yilgarn’s projects. (source: walkgps ) Figure 6 is a detailed map showing existing Alcoa/Worsley leases in the Darling Range region, with clear indications of potential expansion zones, helping readers visualise the geographical layout where Western Yilgarn operates. Julimar West: High-Grade, Shallow, and Strategically Located. Julimar West's mineralisation is shallow (Figure 7), occurring from surface to approximately eight metres depth across seven distinct zones. The project benefits from its proximity to established transport infrastructure, including rail corridors and ports such as Fremantle, Kwinana, and Bunbury. This logistical advantage enhances its potential as a Direct Shipping Ore (DSO) operation, allowing quicker market access and reduced capital requirements. Metallurgical testing has confirmed that the ore is gibbsite-dominant, making it particularly amenable to low-temperature refining, which is less energy-intensive and more environmentally sustainable. Figure 7: Mining operations in Western Australia showing active excavation of bauxite using modern heavy machinery, as it typically mines the shallow nature of bauxite. (source: https://www.alcircle.com/ ). Expanding Footprint: Cardea and New Norcia Projects. Further strengthening Western Yilgarn's position is its Cardea project suite (Figure 8), which includes Cardea 1, 2, and 3. Cardea 2 recently delivered a maiden inferred resource of 20 million tonnes at 32.1% total alumina. Notably, within this figure lies a high-grade component of 2.15 million tonnes grading at 35.7% available alumina. Drilling results have been promising, with shallow intersections returning excellent alumina grades and low reactive silica, indicative of high metallurgical quality. Cardea 3, a more recent acquisition, adds another 16.57 million tonnes at 34.2% alumina to the company’s resource base, further consolidating its footprint in the region. Together, the Julimar West and Cardea projects now account for an estimated 205 million tonnes of inferred bauxite resources. This scale, when combined with favourable grade characteristics and a low-strip mining profile, positions Western Yilgarn as one of the most advanced and economically viable bauxite developers among Australia’s emerging explorers. The company’s strategic location in the Darling Range—close to world-class alumina refineries—provides a unique advantage in terms of cost competitiveness and ESG performance. Adding another layer of potential is the New Norcia Bauxite-Gallium Project, which reflects Western Yilgarn’s forward-looking approach. Gallium is a critical metal used in semiconductors, LEDs, and solar panels, and its inclusion as a strategic target aligns the company with broader critical mineral agendas in Australia and globally. While still in early exploration stages, this project hints at the company’s long-term vision to diversify its commodity base and enhance its strategic value. Figure 8: Location map showing the New Norcia Projects area with nearby major infrastructure. Strategic Timing and ESG Advantage. What makes Western Yilgarn’s portfolio particularly compelling is its timing. With global bauxite supply tightening due to Guinea’s export volatility and rising Chinese demand, secure and scalable Australian supply is now in high demand. Western Yilgarn's projects are not only of high quality but also backed by sound infrastructure and regulatory stability, making them prime candidates for development and future offtake agreements. Additionally, the company's transparent reporting, regular resource updates, and systematic exploration campaigns indicate a well-managed and credible operation. Environmental, Social, and Governance (ESG) performance is another important aspect. Western Australia has a strong track record in regulating sustainable mining practices, and Western Yilgarn’s shallow open-cut mining strategy, combined with its proximity to infrastructure, reduces its environmental footprint. This is particularly attractive to downstream buyers and aluminium producers who are increasingly being held to higher environmental standards. Check out some recent Samso News on Western Yilgarn Limited: Western Yilgarn NL (ASX: WYX) - Massive 188Mt Bauxite Resource Footprint Emerges in Western Australia. High-Grade Discovery of Gallium - Ida Holmes Junction Project. Canyon Resources Limited. (source: Edison Group | GlobeNewswire | Reuters | Wikipedia | Canyon Resources Limited ) Check out: The Best Small-Cap Bauxite Companies on the ASX. Canyon Resources (ASX: CAY) is steadily advancing its 100%‑owned Minim Martap Bauxite Project, nestled in the Adamawa Region of central Cameroon, near the village of Minim and strategically located adjacent to both rail infrastructure and the Atlantic port of Douala. Figure 9: Canyon Resources Limited Minum Martap bauxite project in Cameroon. (source: Canyon Resources Limited). The Project is supported by a Bankable Feasibility Study (BFS), which was completed in 2022 and underpinned by a large and high-grade Mineral Resource Estimate. An initial 20-year Life of Mine (Ore Reserve) was defined in June 2022. In July 2024, Canyon’s subsidiary, Camalco Cameroun SA, signed a Mining Convention with the Government of Cameroon to mine and export alumina and bauxite at Minim Martap on the grant to the Company of a mining permit (Figure 10). Figure 10: A timeline for the progress of the Minim Martap bauxite project for Canyon Resources Limited. (source: Canyon Resources Limited). The signing of the Mining Convention marks the culmination of an extensive approval process, allowing Canyon to proceed with development plans for the Project and is a testament to the strong partnership and collaboration between Canyon and the Government of Cameroon. Development commenced following the company’s rebranding from Castlemaine Resources in 2010, with exploration permits secured over the Makan, Ngaoundal, and Minim-Martap licences. A pivotal milestone was achieved in August 2020, when the Government of Cameroon granted the project its mining licence, clearing the path for a feasibility study and project financing. The Minim Martap Resource The JORC-compliant resource stands at around 1,027 million tonnes, grading 45.3% Al₂O₃ and 2.7% SiO₂, with an Ore Reserve of 109 million tonnes at an upgraded grade of 51.1% Al₂O₃ and 2.0% SiO₂, declared in February 2025. The project has been designed as a 6.4 Mtpa direct-shipping ore operation over a 20-year mine life, underpinned by a robust rail-to-port integration strategy, targeting first shipments in 2026. Figure 11: The Minim Martap resource as of April 2025. Significant growth potential, as the current mine plan & production target presented in the 2022 Bankable Feasibility Study (BFS) are based on the proved reserves, representing only c. 10.6% of the total resources. (source: Canyon Resources Limited). Canyon Market Performance. Since mining licence approval and the updated Ore Reserve announcement, Canyon has attracted new capital, including a US$140 million credit facility secured in late May 2025. Figure 12: The share price chart for Canyon Resources as of 18th July 2025. (source: commsec). The share price has reflected this momentum: trading at just AU$0.07 in mid-2024, the stock surged to a 52-week high of AU$0.30 by May 21 2025, and now sits around AU$0.26, marking a ~249% gain year-over-year—outperforming the ASX All Ordinaries benchmark. Figure 13: The share price chart for Canyon Resources since October 2022. (source: commsec). Arrow Minerals Limited. (source: ABN Newswire ) Arrow Minerals has two projects in Guinea, West Africa. The Niagara Bauxite Project (Niagara, Niagara Project), for which Arrow holds an option to acquire, and the Simandou North Iron Project (Simandou North, SNIP). Both Niagara and Simandou North are located within trucking distance to the Trans Guinean Railway (TGR) that is currently under construction by Winning Consortium Simandou. The location of the Niagara Project relative to the TGR offers substantial advantages for its development, including future access to multi-user rail and port infrastructure (Figure 14). Figure 14: Project location plan for Arrow Minerals Limited. (source: Arrow Minerals Limited). Arrow Minerals (ASX: AMD) has reported a maiden JORC Resource of 185 Mt  at its Niagara Bauxite Project in Guinea , featuring robust grades of 42.3 % Al₂O₃  and a notably low 2.7 % SiO₂ . The resource includes over 75% classified as Indicated, placing it within a 14 km² high‑grade zone , alongside ongoing exploration and the imminent Scoping Study. Extensive drilling (184 holes to date) confirms shallow, premium‑grade bauxite, and third‑party off‑take and strategic partnership talks are underway. Niagara Bauxite Project – Progress to Date An exploration target estimate from August 2024 suggested a potential of 170–340 Mt with ~40–46% Al₂O₃ and 1–4% SiO₂, though still conceptual in nature. Drilling began in October 2024, focusing on three of nine priority targets. Approximately 2,000 m across ~150 holes and up to 10 bulk samples were planned to support resource estimation and metallurgical work for a scoping study in H1 2025. By March 2025, a maiden Mineral Resource was declared: 185 million tonnes at 42.3% Al₂O₃ and 2.7% SiO₂, confirming high quality and supporting viability for a starter operation near the soon-to-be‑operational Trans‑Guinean Railway (~100 km away). ASX Announcement 25th March 2025: Premium DSO Potential in Maiden Mineral Resource Licence Renewal Uncertainty On the 19th May 2025, Arrow Minerals went into a trading halt and subsequently a voluntary suspension (May 19) from the ASX as media reports emerged that the Guinean government  was reviewing or potentially cancelling  a range of exploration tenements, including Arrow’s Niagara Bauxite  and Simandou North Iron  projects.  The exercise of Arrow’s acquisition option  for Niagara remains conditional on a permit renewal of at least two years . They have not yet exercised the option , pending resolution of the permit status. Meanwhile, the company has continued scoping-level studies  (mining, logistics, financial modelling) and engaged with stakeholders to affirm its development credentials and push for rapid resolution. As of July 2025, the company remains in ASX suspension while seeking confirmation on the status of its exploration permit. Should the government confirm at least a two-year tenure renewal, Arrow will be positioned to advance the acquisition and potentially move toward a starter‑scale bauxite operation. ASX Announcement 21st July 2025: Amendment to Agreement - Niagara Bauxite Project Arrow Minerals Market Situation. Arrow has had had subdue journey over the last 5 years as it progressed the bauxite story. The recent consolidation of the share price, followed by the licence issue, has not been favourable to shareholders. A 20 to 1 consolidation, followed by the recent bad news, is not the best news for shareholders. Figure 15: The share price chart for Arrow Minerals Limited as of 25th July 2025. (source: commsec). The recent ASX release on the amendment of the transaction agreement is not adding any joy to the story. VBX Limited. (source: VBX Limited) VBX Limited, incorporated in 2013 and headquartered in West Perth, Western Australia, is focused on the exploration and development of high-grade bauxite resources. The company’s flagship asset is the Wuudagu Bauxite Project, located approximately 15 km west of Kalumburu on Wunambal Gaambera country in northern Western Australia (Figure 16). Beyond Wuudagu, VBX also holds the Takapinga Project in the Northern Territory, offering further exploration upside. Figure 16: Project location plan for VBX Limited. (source: VBX Limited). This project positions VBX as a promising player in the global bauxite market, particularly due to its proximity to infrastructure and high-quality resource profile. Leading the company is Managing Director Ryan de Franck, supported by a team of directors and executives who collectively hold around 50% of the company’s shares, indicating a strong level of internal alignment and commitment to long-term project development. VBX listed on the ASX under ticker VBX on 17 June 2025 , raising AUD $10 million  via an IPO priced at $0.60/share . The IPO was heavily oversubscribed and backed by institutional investors such as Deutsche Balaton, Lowell Resources Fund, and Terra Capital. Upon listing, the stock surged ~15% intraday as the market welcomed its debut. The share price has since settled down to AUD $0.58 as it begins its ASX journey (Figure 17). Figure 17: The share price chart for VBX Limited as of 25th July 2025. (source: Market Index). Wuudagu Project VBX Limited (ASX: VBX) is progressing its Wuudagu Bauxite Project  in Western Australia. The company's IPO prospectus and ASX listing materials  outline a combined Indicated and Inferred JORC resource of approximately 96 Mt  of high‑quality, low‑silica bauxite (Figure 18). Figure 18: The total resource that is currently in the VBX portfolio at the IPO stage (source: VBX Limited). VBX emphasises the ore’s Guinea‑style specifications , including premium grade and favourable logistics, and is targeting a 10+ year mine life underpinned by a 59 Mt Ore Reserve  at Wuudagu C. The company aims to enter production by FY 2026, with over half the resource footprint yet to be drill-tested. VBX plans to surface-mine, beneficiate (removing silica), haul via road, and trans‑ship ore from a coastal jetty, aiming for 3.5 Mtpa production  over an initial 10‑year mine life  (~36 Mt). ASX Announcement 17th June 2025: Australian Bauxite Developer VBX Lists on ASX Figure 19: The total resource at Wuudagu C (source: VBX Limited). According to VBX, the Pre-Feasibility Study (PFS) at the Wuudagu highlights (Completed Early 2025) the following, Pre-tax NPV (8%) : AUD $821 million IRR : 136% Payback Period : 16 months Initial Capex : AUD $125 million All-in Sustaining Cost (AISC) : AUD $54/t  CFR China Average Annual EBITDA : AUD $143 million Product Grade : ~45.4% Al₂O₃ and ~3.6% SiO₂ As of 30th June, VBX has started its drilling program to support the Wuudagu DFS, as the ASX release dated 30th June 2025 - Drilling program underway to support Wuudagu DFS . Takapinga Project The Takapinga bauxite project consists of two exploration licence applications covering approximately 1,118.5 km² on Melville Island in the Northern Territory Figure 20). This exploratory asset is much larger in scale than the company’s flagship Wuudagu site, with roughly 314 km² of mapped lateritic bauxite target areas at known deposits like Cache Point and Goolumbini, along with broader regions identified as pisolitic bauxite potential. Location : Melville Island, Northern Territory Size : ~1,118 km² total, with ~314 km² of bauxite targets Initial Targets : Cache Point, Goolumbini, widespread pisolitic bauxite Status : Exploration licence applications lodged; early-stage asset Infrastructure : Near existing airport, port, and accommodation Potential : High-scale exploration upside and strategic growth opportunity beyond Wuudagu. Figure 20: The Takapinga Project (source: VBX Limited). Still in early-stage exploration , Takapinga offers significant upside with its large-scale licence area—around nine times bigger than the Wuudagu Plateau —yet remains underexplored compared to VBX’s well-advanced primary project. VBX is leveraging progress at Wuudagu while building the early groundwork at Takapinga, making it a key longer-term development target if early drilling results prove encouraging. VBX has flagged the Takapinga Project as a major growth lever , capitalizing on Melville Island’s substantial target area size and its potential for future resource definition. As an early-stage asset, it represents an opportunity to significantly expand VBX’s bauxite footprint beyond its Western Australian operations. Samso Concluding Comments For ASX investors in the small end of town, the small capitalisation sector of the ASX, bauxite mining or the business of bauxite, is not well understood. There is little media coverage for this bulk commodity as it has largely been dominated by the major players. Aloca, the Darling Range and bauxite are largely accepted as the bauxite industry, and most investors in the ASX will not be able to mention any other player in the industry. When I wrote about Metro Mining and Canyon Resources back in 2020, there was no other significant company that was in the bauxite space. Till today, I challenge anyone to show that there is any other significant story other than that I have mentioned. In recent times, Arrow Minerals in Cameroon is probably the only other player that started to sing the bauxite song, but with the government nationalising the country's mineral business, that is now not looking good for the company. If you have had the patience and the sustenance to have gone through this review, the only new players that have some form of significance are VBX Limited and Western Yilgarn Limited. One can add ABx to that list, but there are some important perception that needs to be overcome before I feel a smoother journey is in the coming. The Real Underlying Value Proposition Investors Need to Consider. At the time of writing, VBX is sitting at a market capitalisation of AUD $22m, Western Yilgarn is at AUD $4M, and ABX Group Limited is at AUD $9M. These are the hopefuls in the sector, while Metro Mining is in a league of its own with a market capitalisation of AUD $426M. Unfortunately, Metro Mining, in my opinion, does not have the leverage in multiple bags of value, which is more apparent with the other three stories, VBX Limited, Western Yilgarn and ABx Group Limited. Looking at Table 1, I view that the true value proposition for investors will not be driven by the grades alone. Don't get me wrong, the technical aspect is important, but the business that is happening in Australia is now more than numbers. It's about the ability to deliver an economic solution in the midst of an environmentally sensitive mining jurisdiction. A Potential Game Playing Out in The Western Australian Bauxite Sector. The success of a mining business in Australia is now all about appeasing the ESG factor, having the infrastructure and how the mining process can be economised. It is one thing to have a mineral discovery with tonnes and grade, it is entirely different to see the commercialisation of that resource, as the barriers to overcome, the jurisdiction and social barriers are higher in Australia. There is no secret that Alcoa and South32 are looking for more feed, and looking at the players in Table 1, the only one that has the advantage of location is Western Yilgarn. It has the advantage of being in the dry wheatbelt of Western Australia, trucking distance to existing processing facilities and two major bauxite players wanting and needing feed. It's like a marriage made in heaven. It is a marriage proposition that is still in the early stages of a good idea. As we all know, the devil is in the details, so it is still very early to make any comment that carries weight. It is still just a good thought, and if I am correct, taking a position now after some serious DYOR would be a good idea. Alcoa and South32 have similar grades and silica content, so optimising the ore from Western Yilgarn will not be a major obstacle. In addition, a company with a market capitalisation of AUD $4M is going to be a lot easier to have a discussion about collaboration, consolidation, Joint Venture or M&A. The virtues of opportunities in the mining industry are something that is not earned but is bestowed upon by the God of Lady Luck. Western Yilgarn is in a very unique position as it appears to have stumbled onto the good fortune of Lady Luck. How this will proceed with time is never set in concrete, but for the ASX investors, as I have already mentioned, this is definitely one for some serious DYOR. VBX is steep in the Kimberley region, and working with the traditional owners will be a very important part of their success. The fact that they have an established PFS and appear to have a clear path to establishing a mining business is encouraging. I do like the fact that they have a low silica content, which is on par with Canyon Resources, Arrow Minerals and ABx Group. Bauxite in Australia is unique in that there are no other real players other than Metro Mining in Queensland. With global demand for both bauxite and aluminium indicating an upside trend (like everything else), the search for the next reliable and sustainable source of bauxite will be the next challenging focus for the likes of Alcoa and South 32. Like Tungsten, Bauxite is the sleeper at the moment for ASX investors. DYOR and Happy Investing. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References: " Guinea holds approximately 7.4 billion tonnes of bauxite—about 23–25 % of world reserves"  Wikipedia+11Africanews+11PIIE+11 Geoscience Australia+1Wikipedia+1 DataM Intelligence+3Reuters+3Wikipedia+3 . "Australia contains around 22 % of global bauxite deposits, with reserves between 5.8 and 6 billion tonnes"  Wikipedia . "Vietnam's bauxite reserves are estimated at 5.4–5.8 billion tonnes, with some reports claiming up to 11 billion tonnes". "Brazil has around 2.63 billion tonnes (~9 %) and Indonesia about 1.17 billion tonnes (~4 %) of global bauxite reserves". Geological Survey (U.S.) (1986). Geological Survey Professional Paper . U.S. Government Printing Office. p. 2-PA20. "The Clay Minerals Society Glossary for Clay Science Project" . Archived from the original on April 16, 2016. "Aluminium" . Minerals Education Coalition. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and

Announcement Arcemy X Operational at the Largest Public Utility in USA   AML3D Limited (ASX: AL3)   has marked a significant milestone in its US expansion strategy with the successful commissioning of its large-scale ARCEMY® X system at the Tennessee Valley Authority (TVA) , the largest public utility in the United States. This deployment not only finalises a substantial contract valued at approximately A$1.97 million but also sets the stage for AML3D’s broader push into the energy and utilities sector. Key Highlights – ARCEMY® X at TVA - US Public Utility. Major System Commissioned:  ARCEMY® X system successfully commissioned at TVA’s Muscle Shoals facility in Alabama, completing the TVA contract’s final milestone and triggering payment of the final 10.5%. First from Stow, Ohio Facility:  This system is the first ARCEMY® X unit to be delivered from AML3D’s newly operational US Technology Centre in Stow, Ohio. Strategic Entry into Energy Sector:  This installation marks AML3D’s first contract in the US Energy & Utilities sector, building upon its strong foundation in US Defence. Validation through Competitive Tender: TVA selected AML3D’s technology through a competitive procurement process, underscoring the industrial capability and value of ARCEMY® solutions. Growth Beyond Defence:  AML3D’s US Growth strategy now targets broader sectors, including Aerospace, Nuclear, Oil & Gas, and Marine industries. efence Expansion Continues:  Following success in the US Navy Submarine Industrial Base, AML3D is now embedded in the broader Marine Industrial Base. A Letter of Intent from the US Navy highlights potential demand for up to 100 ARCEMY® systems and 400 parts in 2026, scaling up to 1,600 parts by 2030.   Sean Ebert, Managing Director of AML3D , commented:   “Delivery of the TVA ARCEMY® X order is a strong endorsement of AML3D’s decision to focus on the US and our US Growth strategy... The TVA contract marks our entry into the Energy and Utilities sectors and we are working hard to open opportunities across several other markets, including Aerospace and Oil and Gas.”   Pete Goumas, President of AML3D US , commented:   “It’s great to have successfully delivered the first ARCEMY® system built at our recently opened Technology Centre in Stow, Ohio... We are becoming ever more embedded in the US Navy’s SIB supply chain and now expanding into other sectors.”   About AML3D Limited Founded in 2014 and listed on the ASX, AML3D Limited is a technology-driven disruptor in the global metal additive manufacturing space. It leverages its patented Wire Additive Manufacturing (WAM®) process to provide high-integrity, on-demand, certified industrial parts. Its flagship ARCEMY® systems are Industry 4.0-enabled solutions that offer significant efficiency and ESG advantages over traditional metal fabrication methods like casting and forging. AML3D supports industries such as Defence, Aerospace, Maritime, Oil & Gas, and Manufacturing with a mix of hardware, design engineering, software, and contract manufacturing services.   Samso Concluding Comments AML3D continues to demonstrate that its growth story is more than just ambition—it's a structured entry into critical industrial supply chains. The successful commissioning of the ARCEMY® X system at the Tennessee Valley Authority is a good contract milestone; it is tangible proof that the company’s technology holds weight in highly regulated, technically demanding environments. The decision to establish a US Technology Centre in Stow, Ohio, is already paying dividends, with the TVA installation being the first major delivery from this hub. The significance of this cannot be overstated—it signals readiness to deliver at scale, locally, and aligns AML3D with the US domestic supply chain narrative. From a market perspective, the expansion from the US Defence Industry into US Public Utilities and the outlook for sectors like Aerospace and Oil & Gas show the company’s ability to grow horizontally while maintaining vertical depth in Defence. The referenced demand from the US Navy—100 systems and potentially 1,600 parts by 2030—is a clear indicator of long-term, recurring revenue potential. For investors, the story here is about validated technology, growing strategic relevance, and a company that is quietly embedding itself into the industrial fabric of the US. These are the types of foundations that underpin sustainable growth, not hype, but execution. The Samso Way – Seek the Research When a company begins to cross sectors with a proven technology platform, backed by contracts in defence and now public utilities, the market should take notice. AML3D’s evolution in the US provides a reference case for how industrial tech companies can build durable international footprints—one deployment at a time. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement ACW presents key clinical data at AAIC dementia meeting Actinogen Medical Limited (ASX: ACW) has added another important milestone in its clinical development journey, showcasing new data that reinforces the mechanism and therapeutic promise of Xanamem® (emestedastat). The company’s Chief Medical Officer, Dr Dana Hilt, and Senior Clinical Scientist, Dr Jack Taylor , are presenting a scientific poster at the prestigious Alzheimer’s Association International Conference (AAIC 2025) in Toronto, the world’s largest platform for dementia research and discussion. Their poster— Validating the Cortisol Hypothesis: Xanamem Demonstrates Positive Clinical Effects by Lowering CNS Cortisol in MDD —presents data that supports the targeted inhibition of cortisol in the brain as a meaningful intervention for patients with moderately severe major depressive disorder (MDD). The poster summarises statistically and clinically significant benefits from the XanaCIDD Phase 2a trial and reinforces the enzyme target that underpins Xanamem’s development pathway.   Key Highlights & Summary - The Path to A Solution for Dementia. 1. Clinical Data from the XanaCIDD Trial The trial involved 167 MDD patients with treatment-resistant depression and mild cognitive impairment.   Patients received 10 mg of Xanamem or placebo once daily for 6 weeks in a double-blind design. The trial demonstrated (Figure 1):   A 2.7-point improvement on the MADRS scale (Cohen’s d = 0.43, p = 0.02) post-treatment. A 4.16-point improvement in SSRI-concurrent patients (Cohen’s d = 0.64, p = 0.03). PGI-S improvements were also recorded, confirming patient-reported reductions in symptom severity. Figure 1: Xanamem displaying clinically significant improvements in depression. (source: Actinogen) A higher proportion of patients receiving Xanamem achieved ≥50% reductions in Montgomery-Asberg Depression Rating Scale (MADRS) scores and reached symptom remission compared to placebo (Figure 2). Figure 2: Patients treated with Xanamem showed higher rates of both clinically meaningful improvement (≥50% reduction in MADRS scores) and remission (MADRS scores <10) compared to placebo, indicating a stronger overall therapeutic response in depressive symptoms. Importantly, Xanamem was well tolerated with a safety profile comparable to placebo. No serious drug-related adverse events were reported.   2. Xanamem's Mechanism and Broader Implications Xanamem is a first-in-class, once-daily oral inhibitor of the 11β-HSD1 enzyme, designed to lower brain cortisol without affecting systemic production. Cortisol is strongly implicated in neurodegenerative and mood disorders, with chronic elevation known to damage neurons and impair cognition. The XanaCIDD trial validates that reducing cortisol via Xanamem improves depressive symptoms, affirming the role of this pathway in both MDD and Alzheimer’s disease.   3. Phase 2b/3 Alzheimer’s Disease Trial – XanaMIA A major late-stage program currently underway, testing Xanamem in 220 patients with mild to moderate Alzheimer’s disease. The primary endpoint is the CDR-SB score, with interim data expected in January 2026 and final results in Q4 2026. A 24-month open-label extension (XanaMIA-DUR) is also planned, set to commence in early 2026. Dr Dana Hilt, Chief Medical Officer at Actinogen , commented:   “The positive results from the XanaCIDD depression trial of Xanamem validate Xanamem’s mechanism of action and 10 mg daily dose. We are confident that the current Phase 2b/3 XanaMIA trial can generate the confirmatory data needed to support future global regulatory approvals.”   With the cortisol hypothesis increasingly gaining attention in neuropsychiatric research, Xanamem’s dual-pathway targeting of both mood and memory-related disorders presents a compelling development strategy.   Samso Concluding Comments From a Samso perspective, this update is a promising continuation of what the company is trying to achieve as the ultimate prize for the business. Actinogen has long signalled its belief in cortisol’s pivotal role in brain health, and the data from the XanaCIDD trial brings critical clinical validation to that theory. The ability to show both mechanistic and symptomatic improvements, particularly in a condition as complex as major depressive disorder, speaks volumes about the potential crossover efficacy for Alzheimer’s disease. While drug development remains an inherently risky endeavour, especially in neurology, this kind of peer-reviewed, data-driven progress offers reassurance to long-term investors watching the Actinogen story unfold. As the company moves towards key readouts in 2026 for Alzheimer’s disease, this MDD data gives the market a valuable glimpse into Xanamem’s broader utility. For investors, it’s a signal that Actinogen is aligning solid clinical science with commercial ambition—and that’s a formula worth paying attention to. Figure 3: The actinogen share price chart as of 11th May 2025. (source: commsec). Actinogen is one of the many health related companies that seem to be close to the holy grail of discovery/ A discovery of success with what Actinogen is trying to do will be a game changer for the company as anything that alleviates patients with Dementia symptoms would be lucrative. With a current market capitalisation of AUD $79.42M. It does seem expensive for a punt, but if the path is near the end of the race, this may turn out to be a cheap punt. What I have learnt over the years in the mineral exploration industry and what I am quickly learning from the biotech sector is that the path to glory is a positive log scale with the biotech sector. The mineral exploration sector kind of goes the other way. As you get closer to realising the discovery is moving from a resource to a reserve, the interest in the stock diminishes. The excitement goes away, and the slow decline in share prices begins until production happens. Hence, the higher market capitalisation for the company may actually be a truer indication that confidence is in the stock, and the anticipation of a share price value rising may be closer.   The Samso Way – Seek the Research At Samso, we’re always focused on the science behind the story. A company like Actinogen Medical may operate in a space where volatility and sentiment often obscure fundamentals, but here, the evidence speaks for itself. Clinical proof, peer-reviewed validation, and a well-defined regulatory strategy are the cornerstones of compelling biotech narratives. Xanamem is delivering those pillars, step by step. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Iron Bear Project Scoping Study Cyclone Metals Limited (ASX: CLE)  has released the results of its Scoping Study for the flagship Iron Bear Project , located in the Labrador Trough, Canada — a region that has been a cornerstone of North America’s iron ore industry for over 70 years. The study outlines the potential for a world-class, long-life magnetite operation , producing premium iron ore products that are aligned with the growing demand for low-carbon “green steel” . Figure 1: Iron Bear Regional Location (source: CLE) The Scoping Study evaluates three production scenarios — Low Case (12.5Mt p.a.) , Base Case (25Mt p.a.) , and High Case (50Mt p.a.) — underpinned by a JORC 2012-compliant Mineral Resource  of 16.66 billion tonnes at 29.3% Fe , including 2.15 billion tonnes in the Indicated category . With a conservative iron ore price assumption of USD 90/t (62% Fe benchmark, 2035 real terms) and staged development, the project demonstrates strong economics, robust margins, and sustainable development credentials. This is the beginning of what could be a world-class Green Iron Ore and Green Steel story that is setting the tone for the Green Energy, Low-Emission stage. Project Highlights – The Development of a Green Iron Ore and Green Steel Story - Base Case Scenario A1 The Base Case targets 25Mt p.a.  of high-grade products over an 18-year Life of Mine (LOM) : The operation is planned to produce 16 million tonnes per annum of Blast Furnace (BF) magnetite concentrate , with a grade of 69.8% Fe  and a silica content of 3.4% SiO₂ , aligning with premium specifications sought by global steelmakers. In addition, it is designed to deliver 9 million tonnes per annum of Direct Reduction (DR) pellets , grading 71.0% Fe with a low silica content of 1.1% SiO₂ and high metallisation properties, demonstrated by a Cold Compression Strength (CCS)  of 346kg , making them highly suitable for low-carbon steel production routes. Key Metrics: Post-tax NPV8%:  USD 9.79 billion IRR:  18.6% Pre-production CAPEX:  USD 4.426 billion OPEX FOB Pointe Noire:  USD 46.1/t (BF), USD 67.8/t (DR) Payback Period:  6 years 9 months Stripping Ratio:  0.34:1 (Figure 2) Mineral Resource Utilisation:  71% Indicated, 29% Inferred over LOM The production ramp-up is phased: Year 2 – 12.5Mt p.a. concentrate capacity Year 5 – 17.5Mt p.a. with pellet production added Year 6 – Full 25Mt p.a. capacity achieved Figure 2: Material Moved and Strip Ratio - 25Mt p.a. / Base Case - Scenario A1, B5, C9 (source: CLE) Premium Product Advantage Metallurgical testwork confirms that Iron Bear can produce tier-one magnetite concentrates  suitable for both blast furnace  and direct reduction  steelmaking routes. These high-grade, low-silica products command pricing premiums due to their ability to: High-grade magnetite products from the Iron Bear Project are designed to enhance furnace productivity, reduce carbon emissions per tonne of steel produced, and provide flexibility for blending with lower-grade ores to optimise overall steelmaking efficiency. This positions Iron Bear to supply key markets in Canada, USA, Europe, and MENA,  where low-carbon steel initiatives  are driving demand for premium feedstocks. Sustainability and ESG Focus Cyclone Metals has embedded sustainability into the project design: 100% renewable energy  for the concentrator and associated facilities — sourced from the proposed 60MW Menihek hydro plant  and 280MW wind farm , with a 315kV transmission link to Churchill Falls in later phases. Dry tailings  and progressive pit backfilling  to minimise environmental footprint. Employment and ownership opportunities for local Indigenous groups . This ESG-driven approach supports not only social licence but also access to funding streams increasingly tied to environmental performance. Infrastructure and Logistics The study proposes transporting 25Mt p.a. of blast furnace concentrate by rail from the Iron Bear site near Schefferville to the Sept-Îles/Pointe-Noire ports in Quebec, using and upgrading existing networks operated by Tshiuetin Rail Transportation (TSH) , Quebec North Shore and Labrador Railway (QNS&L), and Société ferroviaire et portuaire de Pointe-Noire (SFPPN).  This plan leverages proven rail corridors, requiring targeted upgrades to deliver a technically feasible and economically viable transport solution. Figure 3: Iron Bear Renewable Assets Location (source: CLE) The logistics model allows for efficient movement of high-grade concentrate and DR pellets to market. Capital and Operating Costs CAPEX  (Base Case): USD 4.426B pre-production, including: Mining – USD 252M (pre-production) Concentrator – USD 830M Pelletising – USD 1.05B Power – USD 1.137B Rail – USD 588M Port – USD 127M Contingency – USD 975M OPEX  (FOB Pointe Noire, Year 6 steady-state): BF Concentrate – USD 46.19/t DR Pellets – USD 67.77/t The capital cost estimate follows AACE Class 5 guidelines , with an accuracy range of -25% to +50% . Costs are in USD (April 2025 base date) and include direct, indirect, contingency, and future escalation provisions  for project planning and investment decisions. Development Pathway and Vale Partnership The Pre-Feasibility Study (PFS)  will commence shortly, targeting completion by Q2 2026 . The project’s de-risking and funding pathway is underpinned by a Development Agreement with Vale S.A. , one of the world’s largest iron ore producers: Phase 1  – USD 18M (funded by Vale) for PFS, drilling, and environmental baseline work. Phase 2  – Up to USD 120M (funded by Vale) for bankable feasibility, environmental impact assessments, and Impact Benefit Agreements with First Nations. Upon completing Phase 2, Vale can earn 75% equity  in the Iron Bear Project. The agreement is designed to leverage Vale’s technical, operational, and financial capacity to secure the estimated USD 4.426B pre-production funding  at Decision to Mine. Figure 4: Iron Bear JV Strategic Plan (source: CLE)   Risk Management The Scoping Study identifies environmental, operational, and financial risks, including: Water management, tailings stability, biodiversity, and greenhouse gas emissions  – The project must address comprehensive environmental management requirements, including controlling and treating water used in processing, ensuring the long-term stability and safety of tailings storage facilities, protecting sensitive biodiversity in the project area, and implementing strategies to minimise and offset greenhouse gas emissions throughout operations. Infrastructure and geotechnical challenges in sub-Arctic conditions  – Operating in the Labrador Trough’s sub-Arctic climate brings engineering and construction challenges such as permafrost, deep frost penetration, heavy snow loads, and extended winter conditions, which impact infrastructure design, mine development, and year-round logistics. These factors demand specialised geotechnical solutions and robust construction standards to ensure operational resilience. Market volatility in iron ore pricing  – The project’s financial performance is sensitive to fluctuations in global iron ore prices, which are influenced by factors such as steel production trends, demand shifts in key markets, supply disruptions, and broader macroeconomic conditions. Managing this volatility will require prudent market strategies, flexible offtake arrangements, and potential hedging measures. The partnership with Vale mitigates several risks by providing technical expertise, funding for studies, and potential capital support at development decision points. Strategic Positioning in the Magnetite Market Iron Bear’s combination of scale, grade, infrastructure access, and ESG credentials places it in a favourable position relative to global magnetite peers. Comparable projects in the Labrador Trough and globally have been successfully funded at Decision to Mine stage, particularly where premium-grade magnetite products are produced. The timing is also notable, as the steel industry transitions towards direct reduction and low-carbon pathways , demand for high-grade magnetite concentrates and DR pellets is expected to strengthen, especially in Europe, North America, and MENA. Paul Berend, Cyclone’s CEO and Managing Director, commented,   “The Iron Bear Scoping Study highlights an extraordinary opportunity to develop a sustainable and low-cost iron ore mining and processing operation, in a first world mining jurisdiction. With the support of our partner Vale, Iron Bear is poised to become strategic large-scale producer of highquality magnetite products, which are critical to unlock low carbon steel production. The Scoping Study supports our ambition to generate outstanding financial returns for our shareholders and create long term economic and social benefits for the indigenous and local communities adjacent to the project area. We are actively de-risking the project and developing sustainable mining scenarios, including systematic rehabilitation of mined areas, dry tailings and using 100% renewable energy for the concentrator complex. I would like to thank our project team which has developed such an exceptional study. The team continues to deliver outstanding results, and we are looking forward to advancing to the next engineering milestone, the Pre-Feasibility Study, which will be awarded in the coming weeks and completed by Q2 next year.” Samso Concluding Comments This latest ASX release is effectively showcasing the Iron Bear Project as a global green iron ore and green steel project. Almost 12 months ago, Cyclone Metals unveiled to the ASX the potential value proposition of such a project, and this scoping study, in my opinion, sets the stage for what is to come in the coming months. The scoping study is identifying that the process to production is achievable. The study highlights (Figure 5) that the scale, quality, and infrastructure are all present, and the economics remain strong even under conservative pricing assumptions. The premium product profile is its real differentiator, giving it a seat at the table in the emerging low-carbon steel supply chain. Don't forget that the price used is not the price for the premium products; there is a lot of room for error. Figure 5: Highlights from the Cyclone Metals Iron Bear Scoping Study. (source: Cyclone Metals Limited). From a development perspective, the Vale partnership  is a major de-risking factor, both technically and financially. It creates a clear funding pathway through PFS, BFS, and into Decision to Mine — a stage where large-scale magnetite projects traditionally secure capital through a blend of equity, debt, and offtake agreements. The partnership is what makes the Cyclone story very different from your traditional mineral resource exploration (Cyclone is not an exploration story) to a production story. The fact that Vale is playing big brother with one hand on the prize cannot be underestimated. Cyclone Metals is currently at AUD $0.075 and has a market capitalisation of just under AUD $83M is still destined for growth. The next 12–18 months will be critical. Delivery of the PFS by mid-2026, continued technical validation of product quality, and Vale’s Phase 2 decision will be the milestones to watch. Should all align, Iron Bear could well become one of the next generation’s cornerstone magnetite projects — and a strategic supplier in the decarbonisation of steel. Figure 6: The share price chart for Champion Iron Limited (ASX: CIA) as of 12th August 2025. (source: commsec). The competitor or a similar narrative to the whole Iron Bear story is that of Champion Iron Limited, which is currently sitting on a valuation of AUD 2.27B with a share price of AUD $4.31 as of the 12th August 2025 (Figure 6). In terms of a guide to what Cyclone could become, this is a good barometer. Take a pick where you think the share price for Cyclone could be valued at in time, but I think it is safe to say that it will be north of where it is now. For those who have been following Samso, I have always made this comparison, and I think positioning at a market capitalisation in the sub-AUD $100M range is not a silly idea. As always, DYOR. I am a shareholder, and I am a happy one. The Samso Way – Seek the Research Strong projects are built on detailed studies, solid partnerships, and clear market alignment. The key is to look beyond headlines, understand the assumptions, and see how each milestone reduces risk, turning potential into a bankable opportunity.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Gallium Discovered at Ida Holmes Project in WA Western Yilgarn Limited (ASX: WYX)  has confirmed a significant surface discovery of high-grade gallium mineralisation at its Ida Holmes Junction Project in the Yilgarn Craton, Western Australia (Figure 1) . The initial reconnaissance program has returned standout rock chip assays, positioning the Company as a key player in the emerging critical minerals sector. With gallium identified by global authorities as a technology-critical element essential for semiconductors, LEDs, and solar panels, this development could place Western Yilgarn on the radar of strategic investors and downstream supply chain partners. Figure 1: Western Yilgarn Projects, Located in the Yilgarn Craton (Source: WYX) Pedro Kastellorizos, Non-Executive Director,  commented: “These early-stage findings highlight the Project’s significant mineral potential, particularly given the minimal historical exploration conducted across the area. While gallium is the primary exploration focus at Ida Holmes Junction, Western Yilgarn also holds a gallium-focused exploration licence over the New Norcia Bauxite-Gallium Project in the highly prospective Darling Range just north of Perth.”   Key Highlights – Gallium Discovery at Ida Holmes Junction 1.      High-Grade Gallium Confirmed: Surface sampling at Ida Holmes Junction returned exceptionally high-grade gallium assays , with values up to 195.5 g/t Ga  (or 262.79 g/t Ga₂O₃) in sample 30032 (Figure 2). Additional standout results include: 146.0 g/t Ga (196.25 g/t Ga₂O₃) – sample 30030 135.5 g/t Ga (182.14 g/t Ga₂O₃) – sample 30026 117.5 g/t Ga (157.94 g/t Ga₂O₃) – sample 30031 97.9 g/t Ga (131.60 g/t Ga₂O₃) – sample 30025   Figure 2: E36/1020 high-grade gallium rock chip results (source: WYX) 2.      System Open in All Directions: Rock chip anomalies were found over two tenements — E36/1020 and E36/1080,  located ~21 km apart , suggesting the mineralised system remains open along strike  and in lateral extent. 3.      Reconnaissance Sampling Success: 21 samples were collected during the June 2025 helicopter-borne reconnaissance. The average grade returned was 58.33 g/t Ga , with mineralisation hosted in pisolitic agglomerates.   4.      Strategic Location: The Ida Holmes Junction Project lies ~50 km southwest of the Agnew Gold Mine , and in proximity to BHP’s Leinster and Mt Keith nickel operations , as well as Delta Lithium’s Mt Ida Project.   5.      Follow-Up Program Planned: Western Yilgarn is currently planning follow-up soil and rock chip sampling  to delineate the mineralised zones and assess strike extensions. Project Context – Ida Holmes Junction & Regional Positioning 1.      The Project sits at the intersection of two major structures:  Holmes Dyke and Mt Ida Fault, a setting favourable for diverse mineralisation styles.  2.      The Company holds additional tenure over the New Norcia Bauxite-Gallium Project  in the Darling Range, WA.  3.      This further aligns with Western Yilgarn’s focus on critical metals  and strategic commodity exploration.   2025 Gallium Sampling Summary (Selected Results) 1.      Sample 30032 (Figure 3): ⮞ 195.5 g/t Gallium (Ga) ⮞ 262.79 g/t Gallium Oxide (Ga₂O₃) Figure 3: Gallium mineralisation within hard pisolitic agglomerate yielding 195.5 g/t Ga from sample 30032 (source: WYX)   2.      Sample 30030 (Figure 4): ⮞ 146.0 g/t Ga ⮞ 196.25 g/t Ga₂O₃ Figure 4: Gallium mineralisation within hard pisolitic agglomerate yielding 146 g/t Ga from sample 30030 (source: WYX) 3.      Sample 30026: 135.5 g/t Ga 182.14 g/t Ga₂O₃   4.      Sample 30031: 117.5 g/t Ga 157.94 g/t Ga₂O₃   5.      Sample 30025: 97.9 g/t Ga 131.60 g/t Ga₂O₃   6.      Average grade across 21 samples: 58.33 g/t Ga   7.      All samples collected from tenements E36/1020 and E36/1080 Hosted within hard pisolitic agglomerates      Mineralised zones remain open in all directions   Bauxite Portfolio – A Growing Critical Minerals Inventory Western Yilgarn has also been advancing its JORC 2012-compliant bauxite resource base , positioning the Company as a future supplier to aluminium and gallium markets:   Global Inferred Bauxite Resource (by Total Al₂O₃ & SiO₂): 205Mt @ 34.1% Total Al₂O₃ and 23.7% Total Silica Available Al₂O₃ & Reactive Silica (Inferred Resource): 43.05Mt @ 30.7% Available Al₂O₃, 6.43% Reactive SiO₂   Western Yilgarn’s bauxite portfolio is anchored by four key projects that collectively support its strategic focus on aluminium and gallium-linked critical minerals. The Julimar West Project  leads with a substantial JORC 2012 Inferred Resource of 168 million tonnes , forming the foundation of the Company’s bauxite inventory. Complementing this are Cardea 2  and Cardea 3 , with resources of 20 million tonnes  and 16.57 million tonnes  respectively, both located within the highly prospective corridor targeted for gallium and bauxite co-mineralisation. The New Norcia Project , hosting 39.27 million tonnes , adds further scale and diversification, particularly as it aligns with Western Yilgarn’s gallium exploration focus in the Darling Range.   Samso Concluding Comments Gallium may still be under the radar for most retail investors, but the strategic importance of this metal is becoming harder to ignore, especially as global supply faces geopolitical constraints. Western Yilgarn ASX release on the existence of high-grade gallium mineralisation at surface is a meaningful step forward in what could become a major critical minerals story.  I don't know what the grade number means. The number appears to be high, and I assume that may be high gallium, but I think the underlying context may be of more significance: minimal prior exploration, strong geological architecture, and proximity to infrastructure and established mining operations. When combined with the Company’s established bauxite portfolio, a compelling narrative emerges — one that aligns with clean energy tech supply chains and future-facing demand. Gallium is well known to be strongly associated with bauxite, so with a bauxite resource well located in the area, one would be holding higher hopes for a Gallium story coming out of Western Yilgarn than some of the hopefuls on the ASX lately. This is still an early-stage exploration, but the markers are promising. The strategic foresight to accumulate gallium-rich assets across two districts — Ida Holmes and New Norcia — positions Western Yilgarn as one of the few ASX juniors actively aligned with gallium-focused value chains. With follow-up work on the way, this story warrants close attention. The Samso Way – Seek the Research Gallium is not your typical commodity. It’s not traded on the LME, and pricing is opaque. That makes first-mover geological insight even more valuable. Western Yilgarn is beginning to build a technical and strategic foothold in this space. For investors who follow emerging tech metals, it’s a project — and a company — worth watching. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement ION EXCHANGE TECHNOLOGY IMPROVES PROCESSING FLOWSHEET AT THE SPLINTER ROCK RARE EARTH PROJECT   NANOFILTRATION TECHNOLOGY REDUCES ACID REQUIREMENTS BY OVER 80% AT THE SPLINTER ROCK RARE-EARTH PROJECT  OD6 Metals Limited (ASX: OD6) has announced a significant step forward in rare earth processing at its flagship Splinter Rock Rare Earth Element (REE) Project  in Western Australia (Figure 1). The integration of Ion Exchange (IX) and Nanofiltration (NF) technologies into the heap leach flowsheet is yielding transformational results—enhancing impurity removal, reducing acid consumption, and increasing recovery efficiency.  This innovation not only slashes processing costs but also consolidates Splinter Rock's position as Australia's leading clay-hosted rare earths project. Figure 1: Splinter Rock Project  location (source: OD6) Managing Director Brett Hazelden  commented: “Our flowsheet development has been led by a clear vision—delivering a high-quality product that meets the needs of global customers. We’ve focused not only on product purity and recovery but also on reducing capital and operating costs to ensure robust project economics.” “Integrating Ion Exchange into our flowsheet allows us to de-risk and improve the impurity removal process, specifically targeting aluminium, iron, uranium and thorium—key drivers of product payability.” “The combined heap leaching and impurity removal process flowsheets that we have tested in conjunction with ANSTO are currently being assessed by CPC Engineering to determine the optimal development pathway.” “It is also pleasing to see the Hon Madeleine King MP discussing Rare Earths at the Diggers and Dealers Mining Forum this week. The innovations of heap leach, nanofiltration and ion exchange strongly position the Splinter Rock Rare Earth Project for potential government support moving forward.” Key Highlights - Rare Earth Processing Creating Value for OD6 Metals Limited. Ion Exchange (IX) Enhances Product Purity IX technology effectively removes iron (Fe), aluminium (Al), uranium (U), and thorium (Th), resulting in a cleaner rare earth product . Nd and Pr recoveries post-impurity removal remain strong at ~75% . Losses of REEs during the IX process are minimal (<1%). Uranium and Thorium Removal Improves Payability ANSTO testing confirms U and Th levels in final product are <0.001 wt% , broadening appeal to global offtake markets and enhancing pricing potential. Acid Reduction through Nanofiltration 84.5% hydrochloric acid (HCl)  recovery enables major reduction in reagent use. Acid consumption cut from 37.2 kg/t to ~7.5 kg/t , improving environmental and cost profiles. 94% of REEs retained  in the retentate; only 6% in the recycled acid stream. Efficient Heap Leach Recoveries at Inside Centre 79% recovery  for Magnetic Rare Earth Elements (MagREE). ~80% for Nd and Pr; 60–70% for Dy and Tb. Recovery trends improve with longer leach durations (80+ days) . Optimised Processing and Flowsheet Design Simplified heap leach–nanofiltration–ion exchange–impurity removal circuit. Eliminates high-cost infrastructure like leach tanks and thickeners. Downstream circuit size reduced by 69%, leading to smaller plant footprint and lower CAPEX . Ongoing Engineering Evaluation CPC Engineering is conducting an Optioneering Study  to determine the optimal development pathway for Splinter Rock, considering cost, recovery, scalability, and product quality. Processing Innovation at Splinter Rock The incorporation of IX and NF technologies is part of a broader flowsheet evolution aimed at cost-effective and scalable processing. The updated flowsheet (Figure 2) includes:  Figure 2: Indicative processing steps including Heap Leach, Nanofiltration, plus Ion Exchange & Impurity Removal (source: OD6). Heap Leach  is the foundation—an energy-efficient, scalable approach well suited to the Splinter Rock deposit’s mineralogy. Nanofiltration follows, recovering over 80% of hydrochloric acid, concentrating REEs in the retentate, and significantly reducing downstream processing volume. Ion Exchange  plays a key role in selectively removing impurities like Fe, Al, U, and Th while preserving valuable rare earth elements. Impurity Removal  is then carried out through a two-stage, pH-controlled precipitation process that improves both product purity and overall REE recovery (Figure 3). The Chemistry: Ion Exchange reduces REE loss and improves IR efficiency. NaOH preferred for pH control: Stage 1 (~3.5), Stage 2 (~4.1–4.4). Final product precipitated at pH 7.1–7.5. ~5% Nd/Pr loss; ~75% overall REE recovery. Dy/Tb optimised at lower pH in future work.   Figure 3: Impurity Removal Curve showing decreasing Al and Fe concentration as pH is increased (source: OD6) Finally, Mixed Rare Earth Carbonate (MREC) Precipitation trials are underway to produce a saleable rare earth carbonate or hydroxide product, with results expected to further optimise the final flowsheet. Inside Centre Prospect: Flagship Performance. The Inside Centre area is the current focus of development and metallurgical testing: Indicated Resource:  119Mt @ 1,632ppm TREO. Heap Leach Recoveries: 79% for MagREEs ~80% for Nd & Pr 60–70% for Dy & Tb Long Leach Duration Effect:  Ongoing recoveries observed after 80+ days. Low Strip Ratio:  Adds to the project’s low-cost profile. Less than 10% of the project area explored , providing significant growth runway. Next Steps OD6 has completed a suite of metallurgical testwork, with final results for the Mixed Rare Earth Product , either as Mixed Rare Earth Carbonate (MREC) or Mixed Rare Earth Hydroxide (MREH) —expected shortly. These outcomes will help confirm product quality and recovery efficiency across the full flowsheet. In parallel, CPC Engineering is progressing an Optioneering Study  aimed at selecting the optimal development pathway. This study will weigh cost, recovery, scalability, and product specifications to guide final flowsheet design. Completion is expected within the current quarter. To validate the process at a larger scale, OD6 plans to undertake pilot-scale testing using approximately one tonne of diamond core material. This work will produce kilo-scale quantities of MREC product to support offtake discussions and further optimisation. Further downstream, the company is also assessing options for converting the mixed rare earth carbonate or hydroxide into individual rare earth oxides . This step is critical for aligning final products with market demand and broadening potential customer reach. Technology in Focus: What is Ion Exchange (IX)? IX is a chemical process where ions are exchanged between a liquid and a resin (Figure 4). In the Splinter Rock process: IX removes impurities, eg Fe, Al, U, and Th  with high selectivity. Operates at low temperatures and requires minimal energy. <1% of REEs lost  in the IX process. This step enables a smaller, more efficient downstream circuit  and helps meet strict export requirements.   Figure 4: Example of an Ion Exchange system (source: OD6) Technology in Focus: What is Nanofiltration (NF)? NF uses pressure-driven membranes to separate substances by size and charge (Figure 5). In REE processing: It recovers over 80% of HCl . Concentrates REEs in the retentate for further processing. Reduces downstream circuit volume by ~69% . Operates efficiently in remote, modular setups . Figure 5: Example of a Nanofiltration system and the membrane utilised (source: OD6) Samso Concluding Comments The clay-hosted REE story is one that I have been re-following with interest lately. For those who have been following Samso since the first Coffee with Samso with Brett Hazelden, you would know that we have been big fans of the developments of the sector. In our first episode together, I asked Brett to tell us how this clay-hosted REE business works. You can watch that conversation below. OD6 Metals Limited (ASX: OD6) - The Rare Earth Elements Story: The sector has had a terrible two years with REE prices experiencing a steep decline. I have been watching this space closely to see how the outcome of the big US push to have a second train for the REE downstream process. I have been wanting to get content made to follow this process, and companies that have been in this space have been shy to speak out. In fact, several have moved on from this story and are now focusing on other commodities. OD6 Metals may be the last man standing in Australia, and it looks like it continues to lead from the front in redefining the economics of clay-hosted rare earth projects in Australia. The recent news, and I do not claim to understand, may start conversations again. The recent ASX release showing that nanofiltration and ion exchange are now proving their value in both cost reduction and processing efficiency, OD6's Splinter Rock is evolving beyond a resource story—it’s becoming a demonstration of smart engineering and disciplined innovation. Does this mean that while many rare earth developers are still working through the basics, OD6 is advancing into value engineering? According to OD6, the acid recovery rates, high REE retention, and processing simplification are not just theoretical—they’re backed by rigorous ANSTO testing and flowsheet modelling. These are the practical steps that derisk development and add weight to long-term value propositions. What’s especially encouraging is that all of this is being achieved on just a fraction of the tenement footprint. With less than 10% explored and a Tier-1 resource already defined, the growth runway is compelling. The addition of nanofiltration and IX simply improves the project’s scalability and economic integrity. Figure 6: OD6 share price chart as of 7th August 2025. A market capitalisation of AUD $4.65M is making any new input to the business of OD6 very attractive to investors. (source: commsec). The market capitalisation of under AUD $5M will make any value adding to the OD6 very attractive for serious DYOR (Figure 6). As the "Western" narrative of creating a new train of downstream REE processing business work, the refinement of the OD6 REE story will definitely create a First-Mover advantage for the likes of OD6 Metals Limited. Figure 6 shows that there is still a lot of value that can be recovered from its share price highs of 2022. For those tracking Australia’s role in the global rare earths supply chain, Splinter Rock represents more than just a deposit—it’s a test case in how technology and geological advantage can combine to produce low-cost, high-margin production in a geopolitically strategic sector. OD6 is quietly building something significant. The market may not be pricing that in—yet. The Samso Way – Seek the Research In clay-hosted rare earths, success hinges on innovation. OD6’s partnership with ANSTO, emphasis on practical flowsheet engineering, and disciplined testwork progression is a textbook example of how to derisk development. As investors, look to where margins are created, not just in the ground, but in how it's processed. At Splinter Rock, the value is engineered in.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position or particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.