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Announcement High Purity Lupin Oil Extracted from Initial Trials High-Purity Lupin Oil: Early Success in Co-Product Trials Wide Open Agriculture Ltd (ASX: WOA) has announced the successful extraction of high-purity lupin oil  from initial processing trials (Figure 1). The milestone represents a significant technical and commercial step forward, offering both a new revenue stream and a path toward maximising the full value of its lupin feedstock. Figure 1: High Purity Lupin oil extracted from the initial trials (source: WOA) WOA’s trial results confirmed that a novel low-cost extraction method , free from chemical and heat treatments, retains the bioactive integrity of the oil. This means a higher-quality oil with longer shelf life—features that align with consumer demands in the clean-label and natural skincare market. More importantly, this new technique is less capital-intensive and more energy-efficient  than existing extraction flows. It lays the groundwork for future scalability without requiring significant increases in capex. The company confirmed that the commercialisation timeline remains aligned  with guidance shared at the 2025 AGM and Investor Presentation. Natural Ingredients for a Global Skincare Market WOA’s lupin oil is not just a co-product—it’s a potential game-changer in the cosmetics and personal care industry , which is valued globally at over USD $677 billion . Key bioactive compounds found in the extracted oil include Lutein, β-carotene, Oleic acid, Linoleic acid, and β-sitosterol . These compounds deliver a suite of skincare benefits: Antioxidant protection  against free radicals Moisturising and barrier support  for dry or sensitive skin Skin brightening  to reduce pigmentation and acne scarring Improved elasticity  through collagen stimulation Anti-inflammatory properties  for calming irritated skin These features position lupin oil as a premium, natural anti-aging and restorative ingredient suitable for a broad range of product formulations. Building the ‘Whole of Seed’ Model Lupin oil is envisioned as the first commercialised co-product  alongside WOA’s flagship lupin protein isolate. This approach offers strategic benefits— higher revenue per unit of input, shared production costs , and reduced waste . WOA is concurrently working on extracting other co-products such as gamma conglutin  and lupin fibre , advancing its long-term goal of full seed utilisation . These developments are expected to be incorporated into an upcoming feasibility study , assessing the economic case for full-scale commercial production. Yaxi Zhan, Non-Executive Chairperson, commented: “This novel extraction technique, which does not use chemical or heat treatment, preserves the key bioactive compounds in the oil and improves the quality and shelf life of WOA’s current lupin protein isolate product, ensuring delivery of a clean, neutral tasting protein that is increasingly in demand from food and beverage manufacturers.”   Scaling Up: What’s Next? A larger trial is already in preparation . It will produce sample volumes of lupin oil for customer engagement and market testing  across the skincare, personal care, and potentially functional health sectors. In parallel, the company will continue optimisation efforts to increase production efficiency and support the broader commercial rollout of its lupin-based product suite. WOA’s strategic expansion from a core protein business to a vertically integrated ingredient platform reflects a vision for clean, regenerative, and commercially sustainable agriculture . Samso Concluding Comments An interesting development from Wide Open Agriculture with the development of oils. As someone who was involved in the Sandalwood Oil phenomenon, I am very interested in where this is taking Wide Open Agriculture. In the age of direct marketing, innovation from companies is going to make the penetration of markets a lot straightforward. Will it mean that the journey will be easier, that is a good question. If WOA can extract value from every part of their production system, it will make me want more of the business. Lupin oil might sound niche today, but with the right formulation partnerships, WOA could have a compelling product on its hands for a cosmetics sector increasingly leaning toward natural and functional ingredients. I don't know if this will revolutionise the cosmetic industry, but I am happy if they will be part of or add to the existing market. What will Lupin oil mean in terms of uses...etc will be critical. This will definitely be a good topic for discussion when I next talk to Yazi. It is very obvious that there is still work ahead—larger trials, feasibility studies, and market validation—but this is the kind of groundwork that turns innovative R&D into an investable reality. I’ll be watching closely to see how this fits into WOA’s bigger goal of building a whole-of-seed, low-impact ingredient platform. For investors looking at sustainable agrifood companies or the clean beauty supply chain, WOA’s lupin oil initiative is a development worth following. It’s a quiet but meaningful reminder that value often lies in what others throw away—and that’s where WOA might be finding its edge. 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. 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 EQ Resources Successful A$4.0 Million Placement US EXIM Issue Letter of Interest for Mt Carbine EQR Progresses Regional Tungsten Hub Strategy EQ Resources Ltd (ASX: EQR) has just completed an AUD 4M placement which is on top of the recent placement of AUD $18.8M on the 22nd of May 2025. The recent capital raise looks to be consistent with our latest Samso Insight (see below) outlining the potential supply crunch that is happening as we speak. Tungsten: The Quiet Giant – Market Trends and Investment Pathways. On top of the capital raise, the Export-Import Bank of the United States (EXIM) has sent the company a Letter of Interest stating that EXIM is able to consider a 10-year debt facility of up to USD $34 million for capital expenditure and further development of the Mt Carbine Tungsten Mine. This is a clear sign that the Tungsten sector may soon break out if it has not already. In June 2025, EQR released preliminary results from XRT ore sorting trials at its Wolfram Camp Project, revealing encouraging recovery and upgrade outcomes that reinforce its ambition to develop a regional tungsten hub in Far North Queensland. The trials, undertaken in partnership with TOMRA Sorting Solutions and researchers from the University of Queensland’s Sustainable Minerals Institute, focused on two types of surface material: legacy ore and waste stockpiles. Supported by a $250,000 Queensland METS Collaborative Projects Fund grant, the program is part of EQR’s broader strategy to unlock value from historical mine assets using modern sensor-based ore sorting. Samso has been following the EQ Resources story since the early Mt Carbine transformation, and this development continues to showcase how the company is leveraging proven technical capabilities to push the needle on low-impact resource recovery. Preliminary Sorting Trials Deliver 86% Recovery and Significant Grade Uplift at Wolfram Camp 🔸 ASX: EQR 🔸 Location : Far North Queensland, Australia 🔸 Focus : Tungsten recovery through sensor-based sorting 🔸 Partnership : TOMRA Sorting Solutions & University of Queensland SMI 🔸 Funding : A$250,000 QLD METS Grant 🔸 Recovery Highlight : 86% WO₃ from ore stockpile 🔸 Upgrade Factor : Up to 16x in key size fractions Preliminary ore sorting trials conducted at Wolfram Camp (Figure 1) have delivered highly encouraging results, achieving 86% recovery of tungsten from bulk sample material. These trials were part of EQ Resources’ ongoing strategy to evaluate the viability of reprocessing historical surface stockpiles using advanced X-ray Transmission (XRT) sorting technology. Figure 1: Wolfram Camp (source: EQR) The standout result came from the WBS Parrot sample, sourced from an existing ore stockpile, which demonstrated not only strong recovery but also a significant upgrade in grade, up to 16x in key size fractions. These outcomes validate the potential to unlock value from legacy material through low-impact, sensor-based sorting methods. Importantly, the success builds on EQ Resources’ proven track record at Mt Carbine and supports their broader vision of developing a regional tungsten processing hub in Far North Queensland.   Leveraging Proven Sorting Expertise EQR’s deployment of XRT sorting technology is not new. At its flagship Mt Carbine operation, the company has already demonstrated how advanced ore sorting can convert low-grade and previously uneconomic material into viable feedstock. With recoveries exceeding 95% WO₃ and mass yields of just 10–12%, Mt Carbine stands as a benchmark for sustainable and cost-effective tungsten recovery. The Wolfram Camp trial mirrors this approach, aiming to replicate Mt Carbine’s success by tapping into legacy surface material and minimising environmental impact through de-bulking and selective processing. Wolfram Camp Stockpile Sorting Trial: Highlights Sample 1 – WBS Parrot (Ore Stockpile) (Figure 2) Head Grade : 0.09% WO₃ (728 ppm W), 269 ppm Mo Tungsten Distribution : 58% of the sample mass in the -65mm to +26.5mm range (0.08% WO₃) 40.2% of mass in -26.5mm to +6.7mm (0.10% WO₃) <2% fines (<6.7mm) with 0.36% WO₃ Sorting Results: Recovery : 86% of total contained tungsten Grade Upgrades : 0.08% → 0.67% WO₃ in larger size fraction 0.10% → 1.59% WO₃ in finer sorter size (16x upgrade) Mass Yield : o    10% (coarse) and >5% (fine) Mo Recovery : 20–35% depending on size Figure 2: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Parrot Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) This shows that only 5–10% of the feed mass is needed to recover the bulk of tungsten, streamlining downstream processing and significantly increasing resource efficiency. Sample 2 – WBS Combined (Waste Stockpile Composite) (Figure 3) Head Grade : 0.10% WO₃ (772 ppm W), 199 ppm Mo Tungsten Concentration : Fines (-6.7mm) made up 45% of the mass but hosted 75% of total tungsten Larger size fractions showed lesser concentration but meaningful grade improvement Sorting Outcomes: Recovery : 76% W recovery and 28% Mo in the coarse sorter fraction 40% W and 20% Mo recovery in finer sorter fraction Upgrades : WO₃: 0.07% → 0.45% WO₃: 0.03% → 0.46% Fines Pathway : High-value fines can be processed via gravity separation, bypassing the need for further crushing or sorting Figure 3: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Combined Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) These results suggest the waste pile contains considerable untapped value, particularly in the fines, and may offer an economical recovery path with minimal energy input. Strategic Outlook: Building a Regional Tungsten Hub Executive Chairman Oliver Kleinhempel commented: “These preliminary results highlight the technical potential to unlock value from historical stockpiles at Wolfram Camp using modern sorting techniques. The strong tungsten upgrade from the Parrot stockpile and meaningful recoveries from the waste composite reinforce the viability of this low-impact approach to resource recovery and offer exciting upside as we refine our processing strategy.” The Wolfram Camp work is a direct extension of the Mt Carbine model, where waste is no longer waste, but a resource. Importantly, EQR’s regional hub strategy could generate operating synergies and provide new employment pathways in Far North Queensland by reactivating legacy sites with modern tools. Next steps will involve more bulk sample testing using Mt Carbine’s XRT sorter to assess in-situ ore sortability. These results will be incorporated into future production plans and stockpile re-evaluations. Samso Concluding Comments There is now no doubt that the Tungsten market is going into a critical mode as I have not seen this much interest in this sector since 2012. In fact, I am not sure if there was this much sentiment in 2012 as what I think is in place or coming soon. In the Samso Insight that we published earlier, when we spoke to Oliver Friesen from Guardian Metal Resources Plc, the takeaway was that the critical nature of Tungsten was in play. The US government funding of these projects is also real. So from a market perspective, I think EQR is in a very good place. In addition, the Mt Carbine asset has also been given new life through modern thinking and practical innovation. The application of XRT sorting at Wolfram Camp is not revolutionary on its own—EQR has already done this at Mt Carbine—but what makes this update significant is the validation of a repeatable process. This is about taking a tested technology, applying it to a new site, and achieving early-stage results that suggest meaningful upside. The 86% tungsten recovery and a 16x grade uplift from just a small portion of the original mass are not numbers that can be ignored. They speak to a potential low-impact pathway for generating value from stockpiles that, at a different time, would have simply been discarded. With growing pressure on responsible resource extraction and increasing demand for critical minerals like tungsten, this is the kind of initiative that aligns well with global sentiment. From a broader view, EQR is not just building a tungsten mine—it’s working towards a regional hub model. That means infrastructure leverage, skills development, and an opportunity to apply lessons learned at Mt Carbine to other projects. The support from the Queensland Government and partnerships with TOMRA and the University of Queensland only add credibility to the process. As investors or industry observers, the best approach may be to watch how this regional strategy is pieced together. Early signs are promising, and the technical execution so far has stayed grounded in what works. If this momentum carries forward, Wolfram Camp may become the next pillar in EQ Resources' broader critical minerals strategy. The Samso Way - Seek the Research EQ Resources stands out not for hype, but for its consistent, technical execution, turning legacy assets into real value through innovation. At Samso, we focus on stories like these, where asking the right questions reveals long-term potential. It’s about recognising substance behind the numbers and sharing insights with investors who value depth over noise. 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 AML3D's Largest Custom Arcemy System Online at Austal USA AML3D Expands to UK Defence Market with Alloy Test Contract Investor Presentation - New US defence markets open to AML3D AML3D Expands its Defence Footprint AML3D Limited (ASX:AL3) is forging ahead on its expansion strategy with significant strides into both the United Kingdom and United States defence markets. A recent A$0.83 million contract with BAE Systems UK marks a strategic entry into the UK defence supply chain, with AML3D sourcing 8.5 tonnes of Nickel Aluminium Bronze (NAB) feedstock to support BAE’s feasibility program. This follows sustained relationship-building and signifies the company’s growing credibility in defence manufacturing circles. CEO Sean Ebert emphasized that the BAE Systems contract is just the beginning, forming part of a broader plan to leverage AML3D's advanced manufacturing capabilities from its new US Technology Centre and Adelaide headquarters to support allied defence markets in the UK, Australia, and the US.   Sean Ebert, Chief Executive Officer, commented: “AML3D has been developing its relationship with the BAE Systems for over a year. It is very exciting to see that work translate into an initial contract from BAE Systems. It is even more exciting that this contract is planned to be just the first and I look forward to giving updates on additional contracts as the program progress.” “AML3D is moving into the next phase of our growth strategy, which includes leveraging the extraordinary growth and demand we are experiencing within the U.S. Navy’s Submarine Industrial Base to expand into the Australia and the U.K Defence sectors. Beyond this BAE Systems contract, AML3D is developing opportunities with other companies supporting the U.K. Defence sector. And while winning Defence contracts can take time, I am confident that we will be in a position to announce additional orders from the U.K. and Australian defence sectors to compliment the huge momentum we are seeing in the U.S.”     Key Highlights AML3D secures its first UK Defence contract  with BAE Systems for NAB alloy feedstock supply. Commissioning of the largest custom ARCEMY® system  at Austal USA’s Navy AM Center of Excellence. US operations contribute 80% of revenue , now scaling up with A$19M+ in US defence orders to date . Strong cash position of $32.1M post a successful A$30M capital raise in Dec 2024. Clear pathway into broader US and UK defence markets amid escalating interest in additive manufacturing.    ARCEMY® Commissioned at Austal USA In parallel, AML3D announced the delivery and commissioning of its largest-ever custom ARCEMY® system  at Austal USA, located within the US Navy’s Additive Manufacturing Center of Excellence in Danville, Virginia. This new system—featuring an 11,000kg positioner and a 4m+ linear rail with up to 35m³ build volume—is a milestone in defence-grade additive manufacturing. The deployment reinforces AML3D’s positioning as a technology enabler for the Make Shipbuilding Great Again  initiative led by the US Government. Austal USA is central to this movement, with AML3D providing the critical ARCEMY® infrastructure to embed additive manufacturing (AM) into the Navy’s submarine and surface vessel supply chains. Sean Ebert Chief Executive Officer, commented: “The successful delivery [of] the custom ARCEMY® system to Austal USA (refer to ASX announcement November 20, 2023) aligns with our ambitions to expand the range of U.S. defense work we do. AML3D already has a track record of deploying our WAM Additive Manufacturing technology in support of the U.S. Navy submarine industrial base. Those successes are translating to an adoption of additive manufacturing technology in the wider U.S. Marine Industrial Base, covering shipbuilding and munitions.” “I have recently returned from two weeks in the U.S. While there, I inspected our new U.S. facility in Ohio and met with key stakeholders, including U.S. senators, commercial and defense partners and additive manufacturing education and training bodies. The US Government’s ‘Make Shipbuilding Great Again’ initiatives are set to expand, by a factor of three, the potential U.S. Defense markets AML3D’s additive manufacturing technology can address. Additive is now endorsed for use to support US Navy shipbuilding and missile manufacturing. These are markets AML3D already had plans to access directly and through our relationships with key suppliers to the US Navy Marine Industrial base, such as Austal USA.” “There is increasing confidence within the U.S. defense and commercial sectors in additive manufacturing’s ability to address supply chain constraints and significantly improve supply chain efficiency and quality. This, in turn, gives me great confidence that AML3D will see an acceleration in U.S. Defence contract wins and further success in accessing additional sectors such as U.S. Utilities, Aerospace and Oil and Gas.”   Strong Financial and Strategic Positioning AML3D reported a 206% revenue increase to $4.63 million  for 1H FY2025, with a corresponding 372% rise in gross profit to $3.37 million , largely driven by its US defence contracts. The company’s normalised EBITDA loss narrowed significantly to just $0.17 million. Following an A$30M capital raise in late 2024, AML3D closed the year with $32.1 million in cash , placing it in a strong position to scale its US and UK operations. The US Technology Center in Stow, Ohio is already fulfilling US Navy Submarine Industrial Base orders. AML3D’s relationship with BlueForge Alliance, a strategic procurement partner of the US Navy, continues to deepen following a US$951 million DoD contract awarded to the alliance in 2024. Scaling into Global Defence Ecosystems AML3D's Wire Additive Manufacturing (WAM®) technology is gaining momentum as a disruptive solution to long lead time and high-cost legacy manufacturing. This is particularly vital in defence, where urgent, on-demand supply chains are essential. The company is now actively exploring entry points into guided weapons, hypersonics, naval aviation, and US Army platforms , as well as UK Ministry of Defence projects through its BAE collaboration. Figure 1: WAM® Technology (source: AL3) Through its US subsidiary, AML3D USA Inc., the company has also built high-level bipartisan engagement across Congress, the Department of Defense, and AUKUS-focused bodies. Their strategic relationships include Austal, Huntington Ingalls, and the Navy’s training bodies, such as the ATDM and IALR, which are evaluating ARCEMY® as the go-to solution for training next-gen AM operators. Samso Concluding Comments AML3D’s dual momentum in the UK and US defence sectors presents a significant evolution in its growth narrative. What stands out is not just the contract values, but the strategic positioning—becoming embedded in critical defence supply chains and aligned with national-level manufacturing policy. These are early but strong signals that AML3D’s WAM® platform is being viewed as both viable and scalable. From a Samso point of view, the recent BAE Systems contract may seem small in dollar terms, but its real value lies in the doors it opens. Meanwhile, the commissioning of the largest ARCEMY® unit in the US signals the kind of capacity that can meet substantial future demand. The defence sector isn’t known for overnight wins—it’s about credibility, patience, and delivering when it counts. AML3D appears to be ticking those boxes. The team’s boots-on-the-ground presence and bipartisan endorsements in the US show a maturing strategy that understands how to embed technology into policy-driven ecosystems. For investors, this is a story that is transitioning from early-stage validation into one of long-term execution. If AML3D continues on its current trajectory—leveraging its capital, manufacturing footprint, and strategic partnerships—we may be watching the emergence of a new industrial player that’s relevant across the AUKUS landscape and beyond. Figure 2: AML3D share price chart as of 7th July 2025. (source: commsec) The recent announcements have given the share price a boost (Figure 2) and with a current market capitalisation of just under AUD $135M as of the 7th of July 2025, this is still an early stage. If AML3D start getting substantial projects for the US defence agencies, this will be more than a 10-bagger. For shareholders, it will be fingers crossed and toes crossed. As always, this is not investment advice. But for those following the AML3D story, this appears to be a company that is turning interest into contracts and contracts into traction . With a strong balance sheet and a clear growth strategy, it will be one to watch closely as the story continues to gain strategic relevance globally. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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

Coffee with Samso Episode 90 with Keith Coughlan, Executive Chairman of European Metals Holdings Limited (ASX:EMH) European Metals Holdings Limited (ASX & AIM: EMH, NASDAQ: ERPNF) is positioning itself as the next lithium miner in Europe. And it is perfectly placed within a series of major cathode, battery and automotive manufacturers. I have been looking forward to getting EMH onto Coffee With Samso as it is in a lithium space that is not common to investors. European Metals is mining Zinnwaldite which is a micaceous mineral. A highly complicated mineral chemistry, K Li Fe Al (Al Si 3) O 10(O H , F )2, it comes from the least known lithium mineral to the average investor. The other micaceous lithium mineral is lepidolite . When I first looked at EMH in 2018, the company shares were sub AUD$0.30 which is a far cry from the AUD$1.55 range the company is valued at now with a market capitalisation of AUD271 Million. For a company that is not far from production, the valuation seems reasonable. In this episode, Keith Coughlan shares with us why this project could be a giant killer in the lithium space in a couple of years. The project is strategically placed in Europe and will be the source for all things related to the EV Revolution to European manufacturers. PODCAST About Keith Coughlan Executive Chairman Keith has almost 30 years’ experience in stockbroking and funds management. He has been largely involved in the funding and promoting of resource companies listed on the ASX, AIM and TSX. He has advised various companies on the identification and acquisition of resource projects and was previously employed by one of Australia’s then largest funds. Keith was previously the Non–Executive Chairman of ASX listed Talga Resources Limited. He is currently the Non-Executive Chair of Doriemus PLC and a Non-Executive Director of Calidus Resources Limited. Keith is a member of the Audit & Risk Committee, Remuneration Committee and Nomination Committee. About European Metals Holdings Limited (ASX:EMH) European Metals Holdings Limited (ASX & AIM: EMH, NASDAQ: ERPNF) is the owner of the Cinovec Lithium/Tin Project (“Cinovec”) Cinovec , which is the largest hard rock lithium deposit in Europe. Cinovec is also the fourth largest non-brine deposit in the world and a globally significant tin resource and is fully funded through to Final Investment Decision, expected early 2022. Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet s.r.o. is owned 49% by European Metals and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4Mt at 0.45% Li2O and 0.04% Sn and an Inferred Mineral Resource of 323.5Mt at 0.39% Li2O and 0.04% Sn containing a combined 7.22 million tonnes Lithium Carbonate Equivalent and 263kt of tin reported 28 November 2017 (Further Increase in Indicated Resource at Cinovec South ). An initial Probable Ore Reserve of 34.5Mt at 0.65% Li2O and 0.09% Sn reported 4 July 2017 ( Cinovec Maiden Ore Reserve – Further Information ) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate reported 11 July 2018 (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate ). This makes Cinovec the largest hard rock lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource. The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation. In June 2019 EMH completed an updated Preliminary Feasibility Study, conducted by specialist independent consultants, which indicated a return post tax NPV of USD1.108B and an IRR of 28.8% and confirmed that the Cinovec Project is a potential low operating cost, producer of battery grade lithium hydroxide or battery grade lithium carbonate as markets demand. It confirmed the deposit is amenable to bulk underground mining. Metallurgical test-work has produced both battery grade lithium hydroxide and battery grade lithium carbonate in addition to high-grade tin concentrate at excellent recoveries. Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit and an active 22 kV transmission line running to the historic mine. As the deposit lies in an active mining region, it has strong community support. The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically. 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 to add value to your share portfolio 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 on noel.ong@samso.com.au . About Samso

The global molybdenum market is poised to hit US$466.2 Billion with a CAGR of 4.5% in the next decade (Figure 1). Essential for enhancing the strength and resistance of steel, this transition metal is invaluable for construction and manufacturing. Additionally, molybdenum serves as a crucial catalyst in various chemical processes, further strengthening its role in the current world.  This increased demand from these industries is driving the global market, highlighting molybdenum's pivotal role in modern industrial applications. However, the current market sentiment suggests a scarcity of material, with the index hovering around US$22 per pound of molybdenum. Pundits are concerned about looming supply deficits as mining operations struggle to ramp up production.  Figure 1: Global Molybdenum Market ( Source: Acumen Research)  Structural Shifts In Emerging Economies   Affecting Molybdenum. Emerging economies such as China and India are undergoing structural shifts that are set to boost steel demand.   Rapid urbanisation in China and extensive infrastructure development in India are primary drivers.   These shifts create a robust need for steel-reinforced construction materials, directly impacting the molybdenum market.   As these economies continue to grow, the demand for steel and, consequently, molybdenum, is expected to rise significantly over the forecast period.  Deceleration Of Demand In China's Oil And Gas Sector   Despite the positive outlook, the molybdenum market faces challenges from the Chinese oil and gas sector.   There has been a noticeable deceleration in demand due to a decline in exploration and production activities.   Molybdenum steel bearings, heavily used in these sectors, are seeing reduced demand.   This slowdown in one of the largest consumers of molybdenum creates a mixed outlook for the metal's future, tempering market enthusiasm.  Price Fluctuations And Supply Constraints   In late 2022 and early 2023, molybdenum prices surged to levels reminiscent of the 2005-2008 period, clocking above $US 35/pound (Figure 2).  This price hike was driven by robust demand and tight supply conditions.   However, mid-2023 saw prices ease due to decreasing demand and increased production from Chinese mines.   The market remains vulnerable to supply shocks due to persistently low inventory levels.   Despite weak demand outside China in 2023, strong Chinese demand provided a significant offset, maintaining market stability.  Figure 2: Molybdenum prices since 2022 (Source: Red Door Research)  Rising Production Costs   Production costs for molybdenum have been rising, affecting the overall market dynamics.   Freeport-McMoRan, a major player, reported that primary mine costs have doubled since 2021 (Figure 3).  In China, rising costs are notable due to falling ore grades and increased environmental expenses.   From 2020 to 2023, global demand grew by 18%, driven primarily by China and Indonesia.   This demand surge, coupled with underperformance in by-product supply from copper mines in Chile,Peru and the USA, has led to low stocks, making the market susceptible to supply disruptions.  Figure 3: Molybdenum mine operating profit (Source: Freeport-McMoRan)  Chinese Market Influence   China has been a net importer of molybdenum since 2020, with import levels balancing out in 2021/22 but surging again in 2023.   The country's steady domestic demand growth and fluctuating primary supply are key market factors.  Despite declines in non-Chinese production, Chinese production continues to grow, accounting for over 45% of global output in the second half of 2023.   By-product supply showed growth in 2023 after two years of decline, and this trend is expected to accelerate this year.  Future Outlook   World molybdenum consumption is projected to grow by 4.8% in 2024, with significant recovery in Europe, North America, and Japan.   Since 2020, China and Indonesia have dominated growth, now accounting for nearly 75% of total usage.   Strong demand recovery, combined with declining supply, pushed the market into a deficit from 2021 to 2023.   While the deficit is shrinking as supply grows, the market is expected to balance in 2024/25. However, project delays remain a significant risk.  Industry Challenges And Concerns   The future output of molybdenum faces challenges, particularly from regions like Chile and Peru, due to declining ore grades and geopolitical instability.   North American producers such as Climax, Rio Tinto, and Thompson Creek/Centerra are facing several challenges as well, says analysts.   While summer activity typically remains stagnant, there is a prevailing belief that price increases are more likely than decreases.  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. 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.

Silica, primarily in the form of silicon dioxide (SiO₂), is emerging as a critical mineral, underscored by its pivotal role in various high-tech applications. Silica’s role is heralded by solar photovoltaics (PV), electronics, and renewable energy technologies.  Australia has a robust history of research, development and demonstration (RD&D) in downstream solar PV activities.   The country has pioneered developments such as the passivation emitter rear contact (PERC) solar cell and advanced solar PV recycling technologies. However, RD&D in midstream activities, such as the production of metallurgical silicon and polysilicon, have been historically lower, says CSIRO.  Despite this, Western Australia boasts industrial production of metallurgical silicon, providing a solid foundation for further advancements.  Global Demand and Supply Chain Vulnerabilities - The Silica and Solar Energy Story. The global energy transition necessitates a substantial increase in polysilicon production, with estimates suggesting a 10 to 12-fold rise in current capacity by 2030, according to the International Energy Agency (IEA).   This surge is crucial for supporting the burgeoning demand for solar PV and electronic products.   However, the supply chains are highly susceptible to disruptions due to their concentration in specific regions.   For instance, China currently dominates the global polysilicon market, producing over 80% of the world’s supply (Figure 1).  Figure 1: Production of silicon metal and polysilicon by country. This concentration poses risks, particularly in light of geopolitical tensions and trade restrictions.  Australia, with its rich silica resources, can play a crucial role in diversifying the global silicon supply chain.   Nevertheless, achieving this will require enhanced R&D efforts and international collaboration to deliver near-term commercial outcomes and long-term innovations.  Midstream Activities   Australia's key silicon supply chain gaps focus on the initial stages of midstream value addition and the recovery of high-value metals from solar PV waste (Figure 2).  Figure 2: Midstream processing of silica (Source: CSIRO).   Metallurgical Grade Silicon   Silicon metal, a key feedstock for producing solar and semiconductor-grade silicon, is produced by reducing silica quartz in a furnace using carbon as a reductant.   Despite being a mature technology, innovative carbothermal reduction techniques are being developed globally to enhance sustainability, reduce costs, and achieve higher purity levels.   For instance, HPQ Silicon in Canada has developed a process to convert quartz into silicon in a vacuum furnace using a plasma arc, achieving higher purities suitable for battery applications.  Polysilicon   For solar PV supply chains, metallurgical grade silicon is further refined to achieve solar and semiconductor grade purities.  Polysilicon is high-purity silicon (6N or above) produced from metallurgical grade silicon, suitable as feedstock for solar panel or semiconductor production.  This is possible through chemical vapour deposition (CVD) techniques or alternative metallurgical refining techniques.   The industry standard for solar photovoltaic cells is currently 9-11N purity monocrystalline silicon to support the push towards increasingly efficient solar cells.  Solar PV Recycling   Recycling of crystalline silicon photovoltaic (PV) panels, the dominant panel type in Australia, is another critical area.   Current commercial PV recycling primarily involves mechanical processes to recover bulk materials, but significant progress is needed to enhance high-quality material recovery.  RD&D efforts focusing on state-of-the-art recycling technologies for high-purity silicon and metal extraction from solar cells can drive cost reductions and improve sustainability, making the PV recycling industry viable.   According to a report by the International Renewable Energy Agency (IRENA), global PV waste could reach 78 million tonnes by 2050, underscoring the importance of effective recycling solutions.  RD&D Challenges and Opportunities   Solar PV supply chains are well established globally, supported by mature extraction and refining technologies. ‘  However, emerging technologies aim to enhance sustainability and cost outcomes driven by extensive decarbonisation efforts.   Australia’s current commercial activity in the carbothermal reduction of silicon and research capabilities in the reduction of other metals present opportunities for expanded RD&D in this area (Figure 3).  Moreover, the availability of high-grade quartz deposits and potential biomass resources positions Australia advantageously for producing silicon metal with renewable resources.  The Australian government’s Critical Minerals Strategy plans to invest A$2 billion in critical minerals projects, highlighting the strategic importance of these resources.  Figure 3: Opportunities for Australian RD&D (Source: CSIRO). International Collaboration   To overcome the challenges in producing metallurgical and battery-grade silicon, international collaboration and investment in domestic RD&D are crucial.   Collaborating with overseas original equipment manufacturers (OEMs) and research organisations can help develop onshore capabilities and ensure sustainable processing practices.   For instance, initiatives like BioCarbUp in Norway, which optimises bio-resources for metallurgical processes, could serve as a model for Australia.  Samso Concluding Comments   Silica, as a critical mineral, holds immense potential for Australia in the context of the global energy transition.   Enhancing RD&D activities, fostering international collaborations, and leveraging Australia’s rich silica resources can position the country as a significant player in the global silicon supply chain.   Addressing the challenges and seizing the opportunities in midstream processing and recycling will be crucial for achieving this goal and supporting the broader adoption of clean energy technologies.  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. 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.

The OD6 Metals Limited (ASX: OD6) story was all about the Rare Earths sector , and now we are looking at the Gulf Creek Copper project. Is this OD6 Metals' view of its future? The OD6 story has been frequented on the Samso platform over the last few years, and this new approach suggests that the company is taking a different approach to giving shareholders value. To say that the ASX equity market has been tough for Rare Earth explorers would be the understatement of the century, so it is no surprise that management has created something worth shouting about on the ASX. The Gulf Creek Copper VMS project  looks very "interesting" at face value. I was impressed with the new approach when I saw the announcement on October 30th (2024). The historical information released by OD6 definitely made me think this could be an excellent replacement for the company's future. The Gulf Creek project is located approximately 15 kilometers northeast of the town of Baraba and north-northwest of Tamworth in the New England district of New South Wales (Figure 1). The tenement is situated on the Cobbadah 1:100,000 map sheet within the 1:250,000 Manilla map sheet. Figure 1: Location of the Gulf Creek Copper project. (Source: OD6 Metals Limited) Access is readily gained off the Gulf Creek road and then along approximately 1 kilometer of dirt road. The land owner has granted permission to inspect the workings and conduct field work, and a formal minerals exploration access deed is now in place. Figure 2: The OD6 Metals announcement highlights. (Source: OD6Metals Ltd) As an exploration geologist and someone who is also on the corporate side, I like the idea of a VMS (Volcanogenic Massive Sulphide) . The brief information shown in Figure 2 does indicate that there is something worthy of a closer look. A good VMS deposit is not easy to find these days, and the Samso platform has featured a few stories, the best of which has been New World Resources Limited (ASX: NWC). Coffee with Samso with New World Resources Limited: A VMS Story - The Antler High-Grade Copper Project - New World Resources Limited (ASX: NWC) New World Resources Limited (ASX: NWC) - High-Grade Copper Story - Antler Project Some other companies like Venture Minerals Limited (now Critica Limited) and Warriedar Resources Limited. Typically, in the minerals exploration sector, Venture/Critica did not find it (I assume), and Warriedar is still working in the area. The Rare Earth OD6 Story. It is no secret in the market that the recent Rare Earths journey has not ended well. The fall from the heights of popularity in the Rare Earth story almost had it written in the script, but to many, me included, I thought this could end differently. The pricing for the three main participants, Dysprosium (Figure 3), Neodymium (Figure 4), and Praseodymium (Figure 5), is the same as it was in 2020, and I must say that climbing that mountain will be a tough task. It is not impossible, but I think it will be a long, hard journey. Figure 3: The Dysprosium price is currently $403.92 per kg (18/11/2024), dysprosium changed –31.24% since 1st Jan 2024 and –38.18% since the start of last year. It lost slightly in value last year and –1.75% compared to its price of $411.10 per kg on Jan 1st 2021. The price increased +17.00% since Jan 1st 2020. If we go back further than 5 years to Jan 1st 2018, when the cost of one kg dysprosium was $238.14, then the increase is +69.61%. (Source: Strategic Metals Invest) The market sentiment is that the Rare Earth Story is no longer on investors' watchlists, but one wonders if the REE story can connect itself to the market insistence on the resurgence of the lithium story. The fall from the peaks of the lithium ride is greater than that of the REE path, as we are now looking at producers getting the rough end of the falling lithium price. Companies that were the darlings of the lithium industry, such as Pilbara Minerals Limited (ASX: PLS)  and Mineral Resources Limited (ASX: MIN)  , are now 50% less than their peaks. There are no prizes for those who think the share price of MIN may be due to something other than the lithium price, but jokes aside, they are undoubtedly one of the market leaders in Australia for lithium. Figure 4:  At today’s price of $109.78 per kg (18/11/2024), neodymium changed –3.02% since the start of 2024. It has lost –47.55% since January last year. Compared to its price of $109.70 per kg on Jan 1st 2021 it has changed +0.07% in value. If we go back further to Jan 1st 2018, when the cost of neodymium was $70.04 per kg, then this rare earth metal has gained +56.74%. (Source: Strategic Metals Invest) When I attended the Rare Earth Conference in Canberra last year, I was impressed at what the US was trying to do to capture market share with its incentives for the industry. I had read a lot of commentary in the past that wrestling the market from the Chinese would take a lot of work. At the beginning of the Rare Earth movement with the Clay deposits, I had to be a fast learner as things were moving fast. My understanding at that time was next to zero.  Figure 5: At today’s price of $109.23 per kg (18/11/2024), praseodymium has changed –3.16% since Jan 1st 2024. It changed –49.73% since Jan 2022 and has gained +30.97% compared to its price of $83.40 per kg on Jan 1st 2021 and is up +50.10% since Jan 1st 2020. If we go back to Jan 1st 2018, when the cost of a kilogram of praseodymium was $85.68, then the price has increased +27.49%.(Source: Strategic Metals Invest). As the downturn in bucket pricing of Rare Earths started to show weakness, there was the fear of it going back to the low levels, but there was optimism that it would not do that as there is a new sheriff in town, so to speak. The talk of the US wanting an alternative to the Chinese Permanent Magnets could potentially save the day. Only time will start to tell if this is going to happen. I think the investment highs coming from the "new market" must slow down before hopefully taking a second wind and strengthening. Its like technical traders saying that the first run to break new highs will be followed by other attempts as the bull retreats to rest for the next run. If what I learnt from the trip to the Conference in Canberra last year is the amount of investment that has already happened cannot just stop. The Trump administration aims to "Make America Great Again", so one would probably bet things may or will get significantly better. The OD6 Copper Story Now, the new Gulf Creek Copper project has all the bells and whistles. OD6 is now a copper and Rare Earths story. The best copper project that a small-cap company like OD6 Metals can play with is a VMS (Volcanic massive Sulphide). I encourage readers to check the link out and immerse themselves to understand why a discovery of a VMS is a good thing for someone like OD6 Metals Limited. Like all these old Australian projects, in the state of New South Wales, questions are always asked about the prospectivity and jurisdiction. The Gulf Creek copper project has been around for a long time and according to R.Thom 2007, "The Gulf Creek Copper represents the largest copper mine of its type in the New England region of New South Wales and was primarily mined between 1889 and 1912 . Over 35,000 tonnes of Cu ore was mined , delivering an average grade of 5% Cu  over the mine life. Higher grades were recovered from some areas such as Fishers Mine, with head grades exceeding 15% Cu. Mine records estimate probable ore reserves up to 50,000 tonnes of ore grading 2.7% copper (Cu) and 4.65% zinc (Zn) remain in the known ore lenses. The deposit is considered to be a Cyprus pyrite style and has not been properly explored since mining ceased almost 100 years ago, creating an exceptional modern exploration opportunity. The mine extended to a depth of 150 metres, a strike length of 400 metres and the ore channel was 30 metres in width. The ore channel hosts 3 parallel lodes known as the Cornish Lode (2m wide @ 6-6.5% Cu, Middle Lode (1.5-2m wide @ 3-3.5% Cu) and the Big Lode (7m wide @ 2-2.5% Cu).  Records also indicate strong Zn credits (~ 2 times Cu in the estimated ore reserves) were of little value to historic miners and may become a valuable credit to modern mine assessment. The extensive strike, width and multiple lode nature of the project warrants an immediate drilling program to determine the strike and open pit potential of the mineralisation as well as drilling below the workings to determine the potential for modern underground mining." Identity Crises for OD6 Metals. Introducing a copper project to the OD6 platform has undoubtedly created mixed reactions among shareholders and potential investors in the ASX (Australian Stock Exchange). In my mind, OD6 is synonymous with the Rare Earth journey, but the lack of market interest is a big problem. This problem needs to take a back seat now, as the immediate need for management to create interest in the stock is paramount to the company's survival. This is not something that needs to be spelt out at this stage, but the introduction of the Gulf Creek project is not wrong, as it does show promise as a project. Shareholders have a history of quickly forgetting the reality of an identity crisis as the value of their investments increases, so I am sure time will undoubtedly heal shareholders' worries. Patience OD6 shareholders need to be patient and supportive of management. The ministerial approval required in New South Wales will take months, and the land access will add to that timeline. If the locals are friendly and cooperative, you could add up to three months to the timeline. I read that there was an issue with the permit area regarding being within an area of potential impact on a critically endangered bird species and a threatened species of gum tree. As a result, both the NSW  Government and the Commonwealth Government required the previous operator of the area (Comet Resources, 11 January 2024) to undertake several assessments to determine the significance of its proposed activities on the bird and gum tree species. A contractor was engaged, but I don't know the result of that discussion. Some historical readings highlighted a Native Title factor within the project, which was cleared, however, what that means for present owners in the area is unclear to me. Readers will want to consider how the present ruling on Native Tile plays out. Unfortunately, the latest issue with Regis Resources in New South Wales  is high on the concerns for mineral explorers and this will be an ongoing issues for potential investors and present shareholders of OD6 Metals. Samso Concluding Comments OD6's strategic move to acquire the copper project is good. In the present ASX market, there is not too much choice for OD6 Metals. The timing required to overcome the points mentioned previously will need to be managed. As always, I assume that management has already looked at all these factors and that all the concerns raised are under control. The Gulf Creek copper project is worth shouting about from a technical point of view. The presentation released by OD6 Metals is worth a detailed read, and as I always say, contact the OD6 management and talk to them. I cannot stress this point enough: spend the time talking to the management, as they are more than happy to discuss these aspects with anyone who genuinely needs to know. Reference: R.Thom, 2007. EL 6492 Gulf Creek, Annual Report for 26th may 2005 to 25 May 2006. Graynic Metals Limited. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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.   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 on noel.ong@samso.com.au . About Samso

At the Future Facing Commodities Conference in Singapore, Global Lithium Founder Joe “Mr Lithium”   Lowry dissected the recent tumultuous journey of lithium prices and predicted future market trends of the metal that is in the epicentre of the world’s energy transition.  "We've been through a ride in lithium price. It's been pretty dramatic," stated Lowry.   He pointed out the sharp increase to US$80,000 and subsequent fall, prompting questions about the causes of such volatility and the current pricing situation (Figure 1).  Lithium prices are showing signs of recovery, recording a +20% increase over the past month alone, after it witnessed 80% collapse in December (Figure 2).  However, several analysts are critical of an immediate rebound as surplus remains sizable.  Figure: 1: Joe Lowry’s tweet from the conference highlighting lithium prices from 2020-2023 (Source : Twitter)   “Living off the inventory”   Lowry attributed the price bubble to panic buying in 2022, coupled with excess capacity in China's lithium-ion battery supply chain, which he believes will continue to induce market fluctuations.   He observed a reactionary pattern in Chinese purchasing behaviour, stating, "When they see the price start to ease and come down, they stop buying. And they start living off the inventory."   This strategic move contributes to price instability, as stakeholders anticipate further declines before committing to new purchases.  Has lithium bottomed out?   Addressing the question of whether lithium prices have bottomed out, Lowry cautiously suggested, "I'm not going to say it has for sure, but I think it's going to happen this year."   He underscored the interconnectedness of the lithium market with the broader narrative of electric vehicle (EV) growth, which, despite being politicised, especially in the U.S., remains robust.  "When I started, there was no commercial lithium-ion battery. And now, it's really all about batteries."   This shift has significantly influenced the market dynamics and cost structures associated with lithium production and supply.  Figure 2: Lithium prices in 2023 and 2024 (Source: Bloomberg)   Critiqued Oversupply Perception   Lowry critiqued the market's oversupply perception, arguing that it often overlooks the nuanced realities of inventory drawdowns and supply chain complexities.  In his concluding remarks, Lowry urged the audience to adopt a discerning approach to market information, especially from China, and to recognise the varied landscape of lithium pricing.   He stressed the importance of diligent analysis for investors, highlighting the spectrum of prices across different markets and the need to understand the underlying factors driving these variations.  The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- 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. ------ 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. Coffee with Samso Experience

Mineral exploration is a complex and evolving field that has undergone significant advancements over the years. It involves a meticulous process of discovery, as exemplified by projects like Olympic Dam, which required almost two decades of planning and a decade of execution. The understanding of geology and manually handling exploration techniques, which was once laborious and time-consuming, is rapidly becoming obsolete. one noticeable trend in the exploration industry is the decline of diamond exploration In the rapidly evolving landscape of decarbonisation and clean energy, it's understandable that investors and geoscientists may prioritise exploring commodities like lithium and more recently, rare earth elements. The field of mineral exploration has undergone significant changes since I entered it in 1992. The methods and technologies we use have evolved dramatically over time. However, one noticeable trend in the exploration industry is the decline of diamond exploration. In this episode of Samso Insight 113, we delve into a captivating discussion with Thomas Reddicliffe about the extensive search for the largest diamond mine. It's a topic that has intrigued many over the years, and we're excited to bring you this insightful conversation. If you've been following Samso, you might recall our previous discussion on the discovery of Olympic Dam. That was quite a journey in itself, and now we have the opportunity to explore the world of diamond exploration with Thomas Reddicliffe. Thomas joined the scene in 1976, towards the end of the discovery process. He provides us with a fascinating narrative of the glory days of diamond exploration and brings us up to speed on recent developments, from even just a few years ago. It's truly a remarkable journey that he shares with us. Of course, there are many other thought leaders who could have contributed to this Samso Insight, and these will come in time. For now, we are lucky to have Thomas with us, so we hope you enjoy this episode and gain valuable insights into the world of diamond mining. The Olympic Dam Story: An Insight into the Mineral Exploration Genius of WMC Limited. The inspiration to get Samso Insight Episode 113 completed is my appreciation of what it took to discover Argyle. The book by Stuart Kells entitled " Argyle - The Impossible Story of Australian Diamonds " which you can purchase on Amazon or Melbourne University Press (MUP) , was the impetus for my eagerness to try and document as much as I can to make sure the story is on the Samso Platform. Samso's Conclusion Diamond exploration is a specialised form of mineral exploration that is facing challenges and changes that involve non-geological factors, particularly in "developed" jurisdictions. Diamonds have long captivated people of all ages and are widely recognised as one of the most well-marketed commodities in the world. Diamonds are crystalline forms of carbon that are created deep within the Earth under high temperatures and extreme pressures. At surface air atmospheric pressure (one atmosphere), diamonds are less stable than graphite, and therefore, the thermodynamic conditions favour the decay of diamond (δH = -2 kJ/mol). Historical records indicate that diamonds were known to burn during Roman times ( Magill School of Computer School ). It is worth noting that the marketing efforts of De Beers have played a significant role in establishing and sustaining the diamond market. Diamonds, regardless of scientific knowledge, are cherished and adored today as a beautiful crystal that brings joy to everyone. From the perspective of a geoscientist, the search for diamonds holds great excitement and intrigue. I consider myself fortunate to have entered the field during a time when diamond exploration was at its peak. In the 1990s, the quest for diamonds was in its final decade of glory, and the expertise of many experienced practitioners has since become scarce. The individuals who had mastered the art of diamond exploration are now approaching the end of their careers, and I worry that their valuable skills will be lost. While new geoscientists will undoubtedly acquire the necessary knowledge and techniques through a structured learning process, there are certain intangible skills that can only be honed through years of practice. It is these skills that I fear may be forgotten, and relearning them would be akin to reinventing the wheel. Chapters: 00:00 Start 00:20 Introduction 02:10 Diamond exploration - a discussion 03:19 Rundown of the search in 1973 10:04 Pragmatic approach to exploration 11:27 Treating indicator minerals for analysing 13:12 Ellendale discovery 16:27 Lamproites and Kimberlites 19:26 Discussion about the economic side 22:06 The situation after Ellendale 24:12 Was there a difference between indicator minerals? 26:05 The last 10 years of active diamond exploration 27:15 Would the technology today help with the exploration cost? 28:19 Was stream sampling more effective? 29:25 Is there still an “Argyle” today? 34:36 Discussion about Argyle 42:21 The future of the diamond industry 53:17 Conclusion PODCAST The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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. About Thomas Reddicliffe BSc (Hons) Geology University of Queensland, 1974 MSc Ore Deposit Geology University of Western Australia, 1999 Mr Tom Reddicliffe has over 40 Years of largely Australian focused exploration, evaluation and feasibility experience over a range of commodities but with a focus on diamonds. He commenced his career as a field geologist with Ashton Mining Ltd and was involved in the early Kimberley (Aust) diamond exploration with the AEJV (Ashton Exploration Joint Venture) which led to the discoveries of the Ellendale and Argyle diamond deposits, and was also involved in the early evaluation of both deposits. Subsequently he became the Australian Exploration Manager for Ashton Mining Ltd and held this position for 16 years until Ashton was taken over by Rio Tinto in 2001. During this time he conceived and implemented the exploration which resulted in the discovery of the Merlin kimberlite field and was responsible for the initial evaluation of the diamond deposit. Mr Reddicliffe was a senior executive of Striker Resources/North Australian Diamonds Ltd, was appointed to the Board as Technical Director in 2004 and became CEO in 2007, a position he held until 2011. NADL, later to be renamed Merlin Diamonds, was focused on the evaluation of the Merlin diamond pipes. In 2007, he also assisted in the spinout and successful listing of NADL subsidiary company Top End Uranium and subsequently became CEO. Striker Resources/North Australian Diamonds (NADL) provided 10 years of small company corporate experience inclusive of promotion, capital raising, investor relations, new floats, and defending the company from takeover bids. In 2012 Mr Reddicliffe joined GeoCrystal Limited, an unlisted public company, as Technical Director and directed the company’s diamond exploration activities which were focused on the newly discovered Webb kimberlite field located in central Australia. He stepped down from the board in 2022. Mr Reddicliffe joined the Sorrento Resources group in 2019 to manage their diverse range of gold, iron ore, nickel, diamond and mineral sand projects. He joined the board of Errawarra Resources Limited (ASX: ERW) as a non-executive director upon its listing in late 2020 and was appointed Executive Chairman in 2022. Errawarra is a gold and nickel focused explorer. He is a foundation Executive Director of GreenTech Metals Limited (ASX: GRE) which listed in early 2022 and which is focussed on the exploration for battery minerals He is also a non-executive Director of Gibb River Diamonds in early 2020. 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 . 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 on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments. Read Brilliant Investments

Announcement MESOBLAST MAINTAINS MOMENTUM WITH FDA ON ACCELERATED APPROVAL PATHWAY FOR REVASCOR®  IN ISCHEMIC HEART FAILURE AND LABEL EXTENSION FOR RYONCIL®  IN ADULTS WITH GVHD Mesoblast Limited (ASX:MSB; Nasdaq:MESO) , the recognised global developer of allogeneic cellular medicines, has released an important update that reflects both regulatory momentum and commercial progress across its core programs in inflammatory diseases. The company has reaffirmed its strategic positioning with the U.S. Food and Drug Administration (FDA), achieving key milestones across two flagship products—Revascor® and Ryoncil®. FDA Alignment on Accelerated Pathway for Revascor® In early June, Mesoblast engaged the FDA in a Type B meeting under the Regenerative Medicines Advanced Therapy (RMAT) designation for Revascor® (rexlemestrocel-L). This discussion centred on progressing toward a potential Biologics License Application (BLA) for Revascor in patients with ischemic heart failure with reduced ejection fraction (HFrEF) and inflammation. There was general alignment with FDA on critical filing elements, including: Chemistry, manufacturing & controls (CMC). Potency assays required for commercial product release. Confirmatory trial design and primary endpoints post-approval. Mesoblast is now awaiting formal minutes from the FDA meeting to determine its next steps and timeline for potential BLA submission. Ryoncil®: Expansion into Adult GvHD Market Underway Ryoncil® (remestemcel-L-rknd), already FDA-approved for paediatric use in steroid-refractory acute graft versus host disease (SR-aGvHD) , is now progressing toward label extension into the adult patient population. A pivotal clinical trial is planned in collaboration with the NIH-funded Bone Marrow Transplant Clinical Trials Network (BMT-CTN), with meetings scheduled for early July. This advancement, if successful, would make Ryoncil® the only FDA-approved mesenchymal stromal cell (MSC) therapy for both paediatric and adult SR-aGvHD indications. Commercial Uptake and Coverage Milestones for Ryoncil® Since its commercial availability on 28 March 2025, Ryoncil® has exceeded internal expectations across all key uptake metrics: Over 20 transplant centres are expected to be onboarded by quarter-end. The therapy is now covered for over 220 million insured lives across the U.S. 37 of 51 states already provide Medicaid coverage via orphan drug lists or medical exception pathways. By 1 July 2025, Ryoncil® will be covered across all 24 million remaining Medicaid lives, ensuring nationwide reimbursement access. Chief Executive Dr. Silviu Itescu commented, “We are very pleased with the momentum of interactions with FDA on both our cardiac and GvHD programs. We are also encouraged by the strength of the Ryoncil® commercial launch, the rate of hospital onboarding, physician adoption, and payor coverage exceeding our expectations in the ten weeks since commercial launch.” An update on product sales is expected in the company’s quarterly activities report at the end of next month. About Mesoblast – Platform, Manufacturing and Global Reach - Cellular Therapies. Mesoblast continues to lead in developing off-the-shelf cellular therapies based on mesenchymal lineage cells . These products are designed to address severe inflammation by releasing targeted anti-inflammatory signals that regulate multiple immune pathways. RYONCIL®  is the first and only FDA-approved MSC therapy, currently indicated for paediatric SR-aGvHD and under further development for adult GvHD and inflammatory bowel disease. Revascor®  is in advanced development for ischemic heart failure and chronic low back pain. The company has established strategic partnerships across Japan, Europe, and China . Mesoblast also maintains a robust global IP portfolio of over 1,000 patents and applications , ensuring commercial protection into at least 2041. Their proprietary manufacturing enables industrial-scale production of cryopreserved, globally deployable, cell-based medicines. Samso Concluding Comments What’s worth noting is how Mesoblast has quietly navigated two highly demanding regulatory and commercial landscapes simultaneously. The alignment with the FDA on Revascor® is not a green light, but it is certainly a promising signal. When regulators and companies find common ground on CMC and endpoint design, it’s often a sign of substantial groundwork already in place. The early uptake and payer support for Ryoncil® speak to both a clear medical need and execution from the Mesoblast team. That 37 states already provide Medicaid support, and full U.S. state-level coverage is expected by July, shows the company’s discipline in working through reimbursement channels—a process that many underestimate in terms of difficulty and time. While the actual sales figures for Ryoncil® remain to be seen, the groundwork has been laid for commercial traction. If Mesoblast can deliver continued uptake and demonstrate durable outcomes across both adult and paediatric GvHD cases, it may significantly strengthen its standing not only with the FDA but in global therapeutic markets. For investors and followers of the cellular medicine space, this latest update from Mesoblast may be one to bookmark. As always, the true story will be told in data and uptake—but for now, there’s tangible progress to acknowledge. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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.

When it comes to a remarkable mineral discovery in Australia, the search for the Argyle Diamond Mine in the Kimberley Region of Western Australia stands out. The discovery of the Argyle Diamond Mine was unparalleled in every aspect of the project. Episode 115 of Samso Insights is all about Ewen Tyler and how he narrates a discovery of a lifetime. Ewen Tyler is the man who is credited as the "Father of the Argyle Diamond Mine". I will have to say that as much as all Discovery Journeys is a team game, there had to be a driver and a man to take the heat. The diamond project in Australia was not only the largest and highest quality, but also marked a significant milestone as the first major diamond deposit discovery outside the De Beers cartel and the Russian Federation. A History of the Argyle Diamond Mine (Source: Wikipedia) The Argyle Diamond Mine (Figure 1) was a diamond mine located in the East Kimberley region in the remote north of Western Australia . Argyle was at times the largest diamond producer in the world by volume (14 million carats in 2018 [1] ), although the proportion of gem-quality diamonds was low. It was the only known significant source of pink and red diamonds (producing over 90% of the world's supply), and additionally provided a large proportion of other naturally coloured diamonds, including champagne, cognac, and rare blue diamonds. Mining operations ceased in November 2020, after 37 years of operations and producing more than 865 million carats of rough diamonds. Mine operator Rio Tinto plans to decommission the mine and rehabilitate the site at least through 2025. [2] [3] The Argyle diamond mine is also notable for being the first successful commercial diamond mine exploiting a volcanic pipe of lamproite , rather than the more usual kimberlite pipe; much earlier attempts to mine diamonds from a lamproite pipe in Arkansas , United States, were commercially unsuccessful. The Argyle mine is owned by the Rio Tinto Group , a diversified mining company that also owns the Diavik Diamond Mine in Canada and the Murowa diamond mine in Zimbabwe. Figure 1: The Argyle Diamond Mine. My Fascination for Diamonds and Diamond Exploration This episode of Samso Insights will be remembered as one of my favorites. It was a true privilege to have the opportunity to hear Ewen Tyler's remarkable story. His ability to persevere in the search for a diamond source is truly extraordinary. I have been fascinated by diamond exploration since my time working on my Honours Thesis at the University of Western Australia. In fact, my interest in gems predates my university experience. As Ewen eloquently stated, "Only Fools Will Explore for Diamonds." This sentiment is shared by those who have experienced the challenges and hardships of diamond exploration. It is safe to say that only passionate explorers can truly appreciate the immense difficulties faced by diamond explorers, often with little to no reward. Sit back and prepare to be captivated by one of the most compelling tales of persistence and gamesmanship in the pursuit of a "potential" diamond find. This interview has largely been guided by Stuart Kells' book, "Argyle - The Impossible Story of Australian Diamonds" shedding light on the previously unknown business aspects of the Olympic Dam discovery. Kells' narrative provides invaluable insights into the boardroom dynamics that shaped this remarkable journey. Purchase the book on our Amazon Affiliate link: Samso's Conclusion Today, the diamond exploration industry is virtually non-existent, with only one noteworthy active company remaining. The focus has shifted to existing miners, as the cost of exploration has become prohibitively high. In the realm of mineral exploration, the risk-reward ratios are no longer worth discussing. The story of Argyle is inspired by the renowned pink diamond, but as Ewen Tyler explains, these stones were not initially considered. The success of Argyle lies in its remarkable marketing efforts, which effectively conveyed the value of the stones and made the mining process viable. In my view, nothing surpasses the beauty of a well-coloured stone (Figure 2). While some may argue that a high-quality white stone is superior, a truly stunning stone is one that makes a statement. Its value lies in the story it tells and the history it carries. By watching this interview, you will understand that the value of the Argyle stones was primarily derived from the captivating Argyle story. Figure 2: A range of Argyle's best. Chapters: 00:00:00 Start 00:00:15 Introduction 00:01:00 The Ewen Tyler Story - The beginning 00:13:02 Rex Prider Factor 00:14:46 Start of the search for diamonds in Australia 00:17:21 Introduction of Rio Tinto 00:18:22 Path to Ellendale 00:20:14 Business of Ellendale 00:20:52 Discovery of diamonds in Smoke Creek 00:21:25 Bringing context into the search area 00:22:16 Team Argyle 00:24:41 Arrangement with the Western Australian Government 00:28:27 The Rio Tinto Lifeline 00:29:42 Early signs of the discovery of Argyle 00:31:34 Waiting Game - The Process and The Secrecy Game 00:33:53 Ewen earned the title of The Father of Argyle Diamond Mine 00:37:02 Arriving at Argyle 00:38:05 Unbelievable Grade of Diamonds 00:39:43 Smoke Creek and Limestone Creek - First sighting of the Argyle Pink Diamond 00:40:42 The Mythical Value of the Pink Diamonds for Argyle 00:42:50 Economic Study of the Argyle Diamond Mine 00:43:17 Funding the mining of Argyle Diamonds 00:50:08 First Nation Discussions 00:53:47 The Birth of the Marketing Gunnies of the Argyle Diamonds 01:00:31 Webb Diamond Project 01:01:28 Other sources of diamond projects 01:03:49 Ewen Thoughts on Mineral Exploration 01:05:34 Importance of the Team in Mineral Exploration 01:07:04 Is there an Impossible Exploration Discovery? 01:08:53 Conclusion PODCAST Reference: Zimnisky, Paul (21 May 2018). "Global Diamond Supply Expected to Decrease 3.4% to 147M Carats in 2018" . Kitco . Retrieved 9 November 2020. Rachminov, E. (2009). The Fancy Color Diamond Book: Facts and Secrets of Trading in Rarities . New York: Diamond Odyssey. ISBN 978-9659149902 . ^ "Pink Diamonds: Origins and Locations" . VMKdiamonds . Retrieved 25 July 2023. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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. About Ewen Tyler AM Born in England in 1928, Ewen was educated in Western Australia and completed an Honours Degree in Geology at the University of Western Australia in 1949. He went to Tanganyika in 1950 as a geologist at the Geita Gold Mine, then the largest producer in East Africa. He left as the Underground Manager in 1958. He went to London in 1959 as an economic geologist doing mining valuations. The affairs in Africa brought about by independence led to him to bring a delegation of Belgian mining men from Union Miniere du Haut Katanga to Australia, to look for investment opportunities. He returned to Australia in 1969 to see how they were getting on, and amongst other things start a search for platinum and diamonds on a low-key basis. Platinum was a failure but after ten years of searching, he found the Argyle Diamond Mine. He was the Technical Director of Ashton Mining from its foundation. He was made a Member of the Order of Australia (AM) in 1991 for "Services to the Australian diamond mining industry and the community. In 1992 Ewen Tyler received The Clunies Ross National Technology Award for The Outstanding Application of Science and Technology. He was subsequently asked to chair a number of exploration companies. Clunies Ross National Science and Technology Award The Clunies Ross National Science and Technology Award was first awarded in 1991, and was established under the Ian Clunies Ross Memorial Foundation. The Award is presented to people who have made major contributions to science and its application for the economic, social or environmental benefit of Australia. From 2002 the Award was administered by the Australian Academy of Technological Sciences and Engineering: the Award is sometimes referred to as the ASTE Clunies Ross Award. Between 1991 and 2015 multiple Awards were presented each year. In 2015 the Academy reorganised the Awards into three categories: the Clunies Ross Entrepreneur of the Year; the Clunies Ross Knowledge Commercialisation Award; and the Clunies Ross Innovation Award. 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 . 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 on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments. Read Brilliant Investments

There’s a quiet revolution happening in the world of legumes. While soybeans have long commanded attention on the global protein stage, lupins are now making their case—quietly, steadily, and with substance. For the discerning investor or agronomist, this is more than a trend. It’s an opportunity to get ahead of the curve. Rediscovering an Ancient Crop Lupins have a rich history, stretching from the ancient Mediterranean to the highlands of the Andes (Figure 1). Domesticated species like L. albus , L. angustifolius , L. luteus , and L. mutabilis  have long served both nutritional and agricultural purposes. Today, their versatility is driving renewed interest. Figure 1: Global Lupin Groupings (Old World vs New World) (From: Exploring Lupins in China ) Australia currently leads the world in lupin production, over 85% of global output (Figure 2). But the crop’s footprint is expanding. Countries from Russia to Uruguay are scaling up (Figure 3). Even China, a latecomer, is now the world’s top lupin importer. Figure 2: Global Lupin Production Maps and Top Producers (From: Exploring Lupins in China ) Figure 3: Global Lupin Production Maps and Top Producers (From: Exploring Lupins in China) A Nutritional Story Worth Telling At a time when consumers are scrutinising labels, lupins deliver in spades: high protein (28–48%), low glycaemic index, and rich in dietary fibre and antioxidants. Studies show promising results for managing blood sugar and cholesterol, with gamma-conglutin emerging as a potent insulin mimic. That nutritional potential starts at the plant level. The lupin plant and its nutrient-dense seeds are the biological foundation of these powerful health properties. As shown in Figure 4, these aren’t just ordinary legumes—they’re nutrient-packed vessels loaded with functional proteins, antioxidants, and bioactive compounds. They represent the raw material of what’s now being recognised as a modern superfood. Figure 4: Lupin Plant and Seeds- (a) Lupin Plant; (b) Seeds of white lupins (From: Exploring Lupins in China ) In Western Australia, fermentation studies using Bacillus subtilis show an uptick in mineral bioaccessibility, particularly calcium and iron (Table 1 & Table 2). Fermented lupin, akin to a natto-style product, isn’t just healthy—it’s a functional food in the making. Table 1:  Mineral Composition - Total mineral content (mg/100 g db) of Australian sweet lupin whole seed and dehulled kernels as affected by processing stage† (From: Bacillus subtilis Fermentation Study)  †Mean ± standard deviation, n = 2. Table 2: Bioaccessibility - Mineral bioaccessibility (%) of Australian sweet lupin whole seed and dehulled kernels as affected by processing stage† (From: Bacillus subtilis Fermentation Study )  †Mean ± standard deviation. A Partner in Soil Health Here’s where lupins truly set themselves apart. They aren’t just a food crop—they're ecosystem engineers. With the ability to fix atmospheric nitrogen and mobilise soil phosphorus, lupins enhance soil fertility naturally. Their resilience in poor and acidic soils makes them ideal for regions grappling with degraded farmland. In China, where monocropping and fertiliser overuse have strained soils, lupins offer a way forward. The review underscores the crop’s potential in reducing chemical dependence while improving productivity. It’s not just theory—China’s ongoing research into lupin genetics, mycorrhizal associations, and phosphorus uptake confirms the shift is already underway. Figure 6: Disease Challenges & Breeding Potential - (a) White rot of lupins, (b) Rust, (c) Root rot. (From: Exploring Lupins in China ) Figure 6 captures a crucial reality: Lupins, while resilient, are not immune to agronomic challenges. White rot, rust, and root rot are real concerns, particularly as cultivation expands into new geographies. What’s important here is not the threat itself, but the response. The figure serves as a visual reminder of why China’s breeding programs, disease resistance trials, and genetic work are so timely. For a crop with this much promise, these investments are not optional, they’re foundational. Fermentation – The Modern Twist From traditional preparation to probiotic innovation, fermentation unlocks new value in lupins. The Australian study proves that soaking, boiling, and fermentation can elevate nutritional performance while making lupins more bioavailable and palatable. The drop in anti-nutritional compounds post-fermentation is especially valuable for populations managing deficiencies or seeking better nutrient absorption from plant-based foods. It also points to commercial food innovation—fermented lupin snacks, beverages, and supplements aren’t far off.   Why Lupins Matter What makes lupins so compelling is their ability to unite nutrition, sustainability, and versatility in a single crop. This is a food that doesn’t just sit on a plate—it works in the soil, supports gut health, balances blood sugar, and may even help tackle rising rates of cardiovascular disease. Lupins thrive where other crops struggle and contribute where many fall short. They are the kind of quiet achievers the food system needs more of. Blood Sugar and Diabetes:  Lupin consumption, particularly when added to carbohydrate-rich foods or beverages, has been shown to reduce post-meal blood glucose spikes in individuals with Type 2 diabetes. The conglutin-γ protein is believed to contribute to this blood sugar-lowering effect. Blood Pressure and Cardiovascular Health:  Regular intake of lupins, especially in whole form, is associated with lower blood pressure and improved cholesterol levels. Their protein and fibre content may play a direct role in supporting cardiovascular wellness. Satiety and Weight Management:  Rich in protein and fibre, lupins increase satiety and can help reduce overall food intake, supporting healthy weight management over time. Gut Microbiome:  Emerging research suggests that lupins positively influence the composition and diversity of the gut microbiome, potentially supporting immune and digestive health. Other Benefits:  Lupins are loaded with antioxidants, fibre, and essential nutrients. Some studies also indicate their role in lowering LDL ("bad") cholesterol, adding further to their profile as a heart-smart food. Lupins in Action Wide Open Agriculture Limited (ASX: WOA)  is proving what lupins can deliver at scale. With its proprietary lupin protein isolates (BP80F and LP90) , WOA is capturing global attention for their clean-label, nutritionally complete functionality. Their products harness the whole lupin—protein, fibre, and oil—and apply them to everything from protein powders and beverages to baked goods and cosmetics. WOA frames the challenge clearly: industrial protein systems have broken the nutritional and environmental balance. Their approach? Fix it with a crop that regenerates soil, reduces emissions, and fits into the plant-based protein future without compromise. The company is now scaling sales across Latin America and China, and its recent distribution deal with Univar (US$11.5B revenue) is unlocking China's vast protein and nutraceutical markets. In a world where food needs to nourish people and restore ecosystems , WOA’s lupin portfolio is showing what transformation looks like—from seed to solution. Samso’s Concluding Comments What makes lupins compelling is not just their nutritional profile or their soil-enhancing abilities—it’s the way these traits align with the demands of a changing world. In a market that’s moving towards climate resilience, clean labels, and food security, lupins offer a genuine solution, not a speculative promise. They are ready to fill the gap between agricultural efficiency and human health. One example of this shift in motion is Wide Open Agriculture Limited, which has already tapped into the Chinese market with its lupin-based protein isolates. Their sustainable and premium plant-based proteins reflect the kind of innovation that lupins are enabling—products that meet global consumer demands while staying grounded in regenerative agriculture. We’re watching a crop grow into its role—not just as a supporting act to soy or peas, but as a protagonist in its own right. With global interest picking up and real innovation underway, the momentum around lupins is building. Australia has quietly mastered its cultivation, and countries like China are now exploring how far it can go. For investors, researchers, and policymakers looking at the intersection of science and soil, lupins are an underrated opportunity. This is more than diversification—it’s about participation in a shift. And for those paying attention, this might be the best time to listen to what this quiet crop is telling us. The Samso Way – Seek the Research At Samso, we believe insight is earned through curiosity, patience, and a willingness to follow the data where it leads. The story of Lupins is a case in point. Beneath the surface of a quiet legume lies a wealth of scientific research, agronomic innovation, and commercial momentum. Whether you're an investor, academic, or just someone who values thoughtful discovery, the message is simple: research reveals what the headlines miss. And in a world of noise, that’s your edge. 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 Rani, P., & Rani, J. (2025). Lupinus: A Multipurpose Crop – Potentialities and Improvements. Annual Research & Review in Biology, 40(1), 87–100. Lim, S.-J. (2025). Exploring Lupins in China: Insights into Cultivation and Challenges for Sustainable Agricultural Development. Legume Research – An International Journal. Wickramasinghe, N., Soares, M., Jayasena, V., Coorey, R., & Johnson, S. K. (2024). The effect of Bacillus subtilis fermentation of Australian sweet lupin on its mineral composition and in vitro bioaccessibility. International Journal of Food Science and Technology, 59(10), 6944–6951. Wide Open Agriculture Ltd. (2025). Investor Presentation – June 2025. 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. 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