Gold's allure in the investment landscape is not merely a consequence of its tangible value but stems from its intricate role in financial history and its enduring economic fundamentals. As a cornerstone asset, gold has transcended centuries, bolstering its stature as a versatile and strategic investment choice. Its ability to act as a hedge against inflation, a diversifier in portfolio management, and a beacon of stability in tumultuous markets highlights its multifaceted appeal. This timeless appeal is further solidified by gold's performance as a long-term investment, maintaining its purchasing power and offering competitive returns compared to other asset classes (Figure 1). Figure 1: Gold performance over the past 20 years (Source: World Gold Council) Gold’s multifaceted demand Gold's demand dynamics are as diverse as its uses, spanning from investment and jewellery to industrial applications and central bank reserves. This diversity in demand sources provides a stabilising effect on its price, as different sectors respond to economic variables in varied ways. Investment demand for gold, for instance, often increases in response to economic uncertainty or geopolitical tensions, as investors seek a safe haven for their capital. Conversely, the demand in jewellery and industrial sectors tends to rise with economic growth, as consumer confidence and industrial demand grow. The central bank's role in gold demand further exemplifies its strategic importance. Central banks hold gold as part of their foreign exchange reserves, providing a foundation of trust and stability in their financial systems. The accumulation of gold by central banks, especially in times of economic uncertainty, underscores their confidence in gold as a store of value and a tool for financial stability. Figure 2: Gold’s sources for demand Portfolio diversification The inclusion of gold in investment portfolios is not just about capital appreciation but also about risk management. Gold’s low correlation with other financial assets makes it an excellent tool for diversification, helping to reduce portfolio volatility and protect against market downturns. The ability of gold to perform well during periods of high inflation, currency devaluation, and economic recessions highlights its role as a financial safe haven. Liquidity and market dynamics Gold’s high liquidity is another compelling reason for its inclusion in investment portfolios. It can be easily bought and sold in global markets, providing investors with flexibility and access to cash when needed. The gold market's depth and breadth, with active trading in bullion, coins, futures, and exchange-traded funds (ETFs), ensure that gold can be liquidated efficiently, making it a reliable asset in both stable and volatile market conditions (Figure 3). Figure 3: Gold is liquid across key investment platforms The future of gold in the ESG landscape As the investment landscape evolves, gold's role continues to adapt as well. The integration of ESG criteria into investment decisions has brought new dimensions to gold’s appeal. Investors are increasingly considering the environmental and social impacts of their investments, and gold, when sourced responsibly, aligns with these sustainable investment objectives. The gold mining industry’s efforts to improve environmental and social governance practices are crucial in maintaining gold’s attractiveness to modern investors. Moreover, the potential of gold to mitigate climate-related risks adds to its strategic value in portfolios. As the global economy grapples with the transition to a low-carbon future, gold's stability and lack of direct emissions make it an attractive asset for investors looking to reduce their environmental footprint. Concluding Reflections The strategic allocation to gold in investment portfolios is a practice grounded in centuries of economic history, yet it remains relevant in today’s dynamic financial landscape. Gold's unique combination of historical significance, economic stability, and diverse market demand, coupled with its role in modern sustainable investment practices, cements its status as a foundational asset in investment portfolios. As financial markets continue to evolve, the timeless allure of gold, characterised by its resilience and adaptability, ensures its continued significance in achieving balanced and diversified investment strategies. 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. 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Sun Silver Rises on ASX Debut as Maverick Springs Shines Fresh from its IPO, which raised A$13 million, Sun Silver Ltd (ASX: SS1) is pushing forward with its Maverick Springs Silver-Gold Project in Nevada. The project boasts an inferred mineral resource of 292 million ounces of silver equivalent, positioning it as one of the largest silver resources on the ASX. Since listing, Sun Silver’s shares surged 175%, reflecting investor confidence. The company’s immediate focus includes resource development through infill and extensional drilling, aiming to upgrade the resource classification and expand the current resource. Nevada’s top-tier mining environment reinforces Sun Silver’s strategy, especially as global demand for silver, driven by industrial uses like solar energy, continues to grow. For investors keen on silver’s critical role in renewable energy, Sun Silver’s well-positioned assets offer an exciting opportunity. Sign up for your membership on Samso Insights on Patreon now to learn more. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. 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

As part of the Samso evolution, welcome to our weekly review of the different sectors on the ASX. Samso will give a short highlight of what has come across our radar each week and share our thoughts so that investors can start some DYOR. The ASX Biotech Review is all about performance and innovation, with a clear demonstration of commercialisation in the biotech sector on the ASX. What's on offer in this ASX Biotech Review? When it comes to spotting undervalued potential in ASX stories, I often look for companies that are not only developing novel technologies but also demonstrating clear paths to commercialisation. The other category is what the opportunities are. This month, three small-cap names on the ASX have really caught my attention: Memphasys Limited (ASX: MEM), Control Bionics (ASX: CBL), and dorsaVi Ltd (ASX: DVL). Each is on a very different mission, but all three are making measurable progress, and their recent share price performance looks like investors are starting to notice. Memphasys Limited (ASX: MEM): Transforming Fertility and Animal Health So why did I choose Memphasys Limited (ASX: MEM) for this review? It's an interesting business, a biotechnology company specialising in fertility solutions for both human and animal applications. It has a market capitalisation of AUD9.91M (7th June 2025)and a fairly stable share price range for the last 2 years, with a high of just over AUD $0.02 and a low of AUD $0.005. The biotech sector is like the mineral exploration business: High Risk-High Reward. At the centre of it all is the Felix™ System, a sperm separation device designed to improve outcomes in human assisted reproductive technology (ART). The company hit a major milestone in March 2025 with the successful completion of its pivotal Phase III clinical trial. The data showed Felix achieved embryo utilisation rates statistically superior to Density Gradient Centrifugation (DGC), and non-inferior to the Swim-Up method — the gold standard in ART. This is a game-changer for IVF clinics globally. Why do I find this interesting? According to MEM, the global fertility market is substantial and growing. For instance, the equine artificial insemination market alone was valued at USD 681.1 million in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2032. Memphasys's technologies, like the Felix™ System, have the potential to capture a share of this expanding market, especially as they continue to gain clinical validation and regulatory approvals. Let's face it, it's still touch and go, but let's say if this is successful, then an MC of under AUD $10M is going to be re-rated. Just as compelling is a growing network of partnerships: distribution agreements with Vitrolife (Japan, Canada, NZ), and ongoing discussions with Heranova in China and labs in Brazil. All of this feeds into their commercialisation pathway and regulatory submissions for CE Mark (Europe), TGA (Australia), and CDSCO (India). Strategic Partnerships and Collaborations (source: Memphasys Limited) Vitrolife Group: Memphasys has secured a five-year exclusive distribution agreement with Vitrolife Japan KK, a subsidiary of the global leader in IVF technologies. This partnership has successfully integrated the Felix™ system into several high-volume clinics in Japan's private health sector. Additionally, the agreement has been extended to include distribution rights in Canada and New Zealand, facilitating Memphasys's entry into these early access markets. Heranova Lifesciences: In December 2024, Memphasys signed a Letter of Intent with Heranova, a Hong Kong-based biotech company specializing in women's health. This collaboration aims to launch and distribute the Felix™ system in the Greater China region, leveraging Heranova's extensive experience in medical device distribution. Monash IVF Group: Memphasys has conducted pivotal clinical trials for the Felix™ system in collaboration with Monash IVF Group across nine active sites in Australia. The trials have confirmed the system's best-in-class performance in sperm selection for assisted reproductive technology (ART), paving the way for global commercial expansion. Then there’s RoXsta™ A complementary platform measuring oxidative stress. While initially tested in livestock fertility, it’s gaining serious traction for broader diagnostics. Their RoXsta Mega Cell High-Throughput Assay processes 96 samples in under an hour, which is a leap ahead of legacy systems that take up to 16 hours. This opens doors in both human and veterinary diagnostics. Dr David Ali - CEO & Managing Director: “We are thrilled that RoXsta™ can be so readily scaled, with the Mega Cell High-Throughput Assay device representing a further commercial opportunity for the Company. To date, much of the focus has been on smaller-scale assessments of RoXsta™, ensuring the results are accurate and the device is capable of being deployed in a commercial setting.” “The success of these pilot studies suggest Memphasys can move into the next development phase, identifying significant opportunities and optimising antioxidant testing for both commercial and research-led laboratories.” With a recent $1.275 million raise and an R&D rebate loan facility in hand, Memphasys is well-capitalised to keep the momentum going. Figure 1: Memphasys Limited (ASX: MEM) share price chart. 9source: commsec) Highlights in 2025 Clinically validated success of Felix™ as a best-in-class ART solution. Accelerated global commercial rollout in China, Brazil, and the UAE. RoXsta™ expansion into high-throughput diagnostics with veterinary and human applications. Strengthened funding base via $1.275M placement and R&D-backed loan. Growing strategic partnerships with Vitrolife and Heranova. Control Bionics (ASX: CBL): Assistive Tech Meets Global Expansion What makes Control Bionics stand out to me is their blend of real-world impact and commercial smarts. Their core IP is the NeuroNode® — a wearable EMG device that allows people with conditions like ALS or cerebral palsy to communicate and control devices using muscle signals. Already approved across the US, Australia, and Japan, NeuroNode is now entering a new growth phase. Recently, the company moved to a wholesale distribution model. In October 2024, a new US insurance code enabled standalone NeuroNode sales, opening up a whole new market of channel partners. They’ve already secured distribution agreements with SmartBox in the UK and are piloting new partnerships in the US and Europe. Even more interesting is how they are extending their tech into new verticals. Their DROVE module, for example, retrofits power wheelchairs for autonomous navigation. TGA approved and now heading for FDA submission, it adds a mobility dimension to their assistive communication dominance. And the NeuroStrip™? It’s their latest offering — a paper-thin, miniaturised EMG device already being trialled in sports science, rehabilitation, and health diagnostics. First revenue from NeuroStrip is expected in Q4 FY25, and their partner in Japan, StrokeLab, is leading a 100-patient study on Parkinson’s. CBL’s ability to translate IP into commercial applications is exactly what I like to see. Jeremy Steele – CEO: “We are delivering strong sales, cash collection and meaningful progress on our growth initiatives.” “We’ve found strong commercial appetite for our core IP, the NeuroNode, through our NeuroNode Only strategy. We’ve rolled out this technology now to multiple distributors (both in pilot and contract phases) in multiple geographies.” Figure 2: Control Bionics (ASX: CBL) share price chart since 2022. (source:commsec) Highlights in 2025 US reimbursement code enabled NeuroNode standalone sales. Strategic distribution wins in UK (SmartBox) and Japan. New revenue potential through NeuroStrip™ and autonomous wheelchair tech (DROVE). Highest US and Australian revenue in years alongside leaner operations. SaaS revenue emerging from NeuroStrip cloud software. dorsaVi Ltd (ASX: DVL): AI-Driven Injury Prevention in the Real World dorsaVi, for me, is the pick of the three companies. I like small-cap companies applying deep tech to real-life problems. dorsaVi is one of those. Their core tech — FDA-cleared wearable sensors and now an AI-powered video movement analysis platform — is finding strong uptake in elite sports, clinical rehab, and high-risk workplaces. Their latest product release, a first-in-class 3D motion analysis test, identifies ACL injury risk by capturing rotational torque forces that 1D force plates miss. For a physiotherapist or a sports team, that’s a leap forward in injury prevention. Over 80 clinics adopted their AI video platform within four months of launch. That’s impressive scalability. Dr Andrew Ronchi – CEO: “This technology represents a paradigm shift in sports injury prevention. Our AI-driven 3D motion analysis offers unprecedented accuracy in assessing knee mechanics in the clinic—something the industry has never had access to outside of biomechanics labs. We believe this innovation will become the new standard in ACL injury prevention and rehabilitation, delivering tangible benefits for athletes, teams, and clinicians worldwide.” And they’re making waves in the US: collaborating with top sports physician Dr. Chirag Patel (ESPN Resident Expert), working on injury mitigation with elite athletes across the NFL, NBA, and MLB. Plus, they’re securing security and tech clearances with a major US clinical franchise network — a move that could expand them across thousands of clinics. Most recently, they signed a three-year deal with SANO Health to deploy ViSafe+ Premium across remote mining sites. It’s a reminder that workplace safety remains a huge, and often overlooked, commercial opportunity. Figure 3: dorsaVi Ltd (ASX: DVL) share price chart since 2021.(source: commsec) Highlights in 2025 Launched 3D ACL injury test with AI-powered knee analysis. Rapid uptake of AI-powered video platform across >80 clinics. Strategic deal with ESPN’s injury expert, Dr. Chirag Patel. Expanded use of ViSafe+ through mining deal with SANO Health. Cleared path toward large-scale clinical rollout in the US. Samso Concluding Comments Each of these companies brings a different approach to biotech, but they all aim to deliver validated technology, targeting large addressable markets, and converting innovation into actionable business outcomes. Their progress across clinical, regulatory, and commercial fronts is why I am making the time to check them out. Do not forget that the biotech sector is a very volatile sector of the ASX, and it is as unforgiving as the mineral exploration stories. What appears to be a cat may not eventually turn out to be a cat. My point is as much as the facts tell the story, be aware that market sentiments are definitely in play, and the cash burn rate of these companies is just as bad as those in the mineral exploration game. Final Analysis Memphasys has bridged clinical validation with global partnerships. Control Bionics has transformed a life-changing assistive technology into a commercially viable growth engine. dorsaVi, meanwhile, is evolving from a niche wearable tech firm into a scalable AI-driven diagnostics and safety platform. That is what it boils down to, and I think each business has exponential growth; we just need to find the details and follow the ins and outs of the business they are promoting. Don't get me wrong, this is a sector I am now interested to learn and these three companies have their own unique value to me. dorsaVi is my pick of the 3 compnaies, especially with recent market excitement, and the business is in high-value markets that are always needing to fine-tune their products, and that is the athletes that make their business. Anything that is in the sports business is worth noting. At Samso, we focus on unearthing stories that matter — companies that are building quietly, solving real problems, and forging global pathways from local innovation. These three biotech stories are not about hype; they’re about traction. If you value diligence over noise and fundamentals over flash, these are the names to watch. Stay curious. Stay sharp. And remember — the smartest investments are often made before the headlines hit. Join us at www.samso.com.au to explore more ideas like these and be part of a community that believes in thinking deeper, investing better, and staying ahead of the curve. References Memphasys Limited. (2025). ASX Announcement – 14 April 2025 and 8 May 2025. Retrieved from https://www.memphasys.com Control Bionics Limited. (2025). Quarterly Activities and Cash Flow Report – 31 March 2025; Investor Presentation – May 2025. Retrieved from https://www.controlbionics.com dorsaVi Ltd. (2025). ASX Announcements – 3 Feb, 18 Mar, 30 Apr, 30 May 2025. Retrieved from https://www.dorsavi.com ASX. (2025). Share Price Charts for MEM, CBL, DVL. Retrieved from https://www2.asx.com.au 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. Cover photo: Petri Dish with HEK293 (NIH BioArt 653), NIAID, Ryan Kissinger. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Petri_Dish_with_HEK293_(NIH_BioArt_653).png). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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.

Investing on Equity Markets Investing in small-cap stories on the ASX (Australian Stock Exchagne) in 2025 can seem overwhelming, especially for beginners. With the abundance of information available, it is crucial to know how to sift through it effectively to make informed decisions. As I have been in this industry for over 30 years and as an investor prior to the 1987 stockmarket crash, this blog will just outline some of my own experience and insights as to what has wroked for me over those years. This is not a recommendation nor a blog that is a receipe for successful investing. At best, it will be a guide through various strategies to consider as you plan your investing path with your own financial choices. For those investors who swim in the small-cap sector, you may think that your requirements may be vastly different to those that "invest" in the higher-cap companies. In my opinion, I would say that it is not. The need to understand the stock and all the parts that make that stock a business is fundamentally the same. It is the scale of the information that is different. Investing in ASX Small-Cap Stories. Informed decisions stem from a thorough understanding of market dynamics and personal financial goals. Instead of reacting to trends or news headlines, successful investors base their choices on research and evidence. They analyse data, assess risks, and evaluate the potential of various assets. To illustrate the importance of informed decision-making, let's consider the example of two investors: Investor A buys stocks based on a hot tip from a friend, while Investor B conducts detailed research on the company's performance, market conditions, and future potential. A close-up view of stock market data offers insight for informed investing. Investor A may make short-term gains, but without a strategy, they risk significant losses when the market turns. In contrast, Investor B, who invests with a solid understanding, is more likely to achieve sustainable growth over time. Research and Analysis for Informed Decisions The first step in making informed decisions is conducting comprehensive research. This involves collecting relevant data about the investment landscape, specific industries, and individual assets. A good approach is to use various resources to broaden your perspective. Start with financial news outlets, corporate earnings reports, and investment analysis platforms. For example, consider sites that offer detailed company profiles, stock analysis, and investment insights. Eye-level view of an analyst reviewing market research for informed investment decisions. According to a survey by the Financial Industry Regulatory Authority (FINRA), nearly 80% of successful investors spend time analysing their investments. This research allows them to understand key metrics like price-to-earnings ratios, dividend yields, and company growth rates. For those investors who are looking at the small-caps, be aware of platforms that are promotive, look out for content that is balanced and create a discussion. There are many platforms out in the space that merely repeat the content from the companies. Look for content providers who create organic discussions and are not promoting the company's highlights. Actionable Tip: Create a checklist of crucial metrics to evaluate each potential investment, and track your findings systematically. Setting Clear Investment Goals Another vital factor in making informed decisions is having clear, realistic investment goals. It is important to identify what you want to achieve with your investments, whether it's saving for retirement, purchasing a home, or funding a child's education. Your goals will influence the types of investments you pursue and your risk tolerance. For instance, if your goal is long-term wealth accumulation, you might lean towards stocks or index funds, willing to withstand short-term fluctuations. Conversely, if you need access to your funds in the near term, you might prefer bonds or high-yield savings accounts. Consider this insightful statistic: A study conducted by the CFA Institute found that 70% of investors who set clear goals were more likely to achieve their desired financial outcomes. Diversification: The Key to Mitigating Risk Diversification is one of the most effective strategies for minimising risk in an investment portfolio. By spreading investments across various asset classes, sectors, and geographic regions, you reduce the impact that any single investment could have on your overall portfolio. For example, instead of investing solely in technology stocks, you could allocate funds to real estate, commodities, and international markets. This mixed approach helps to stabilize your returns and build a more resilient investment strategy over time. A wide-angle view of a portfolio pie chart illustrates diversification strategies. Moreover, research from Morningstar reveals that well-diversified portfolios tend to outperform less diversified ones in the long run. This reinforces the idea that a balanced approach can lead to more sustainable growth. As a serial investor in the small-cap sector, the diversification for us will still be focusing on a spread of sectors, but for those that play solely in one sector, such as the small-cap mineral resources, diversification will come in the form of different commodities and/or different stages of exploration and mining. ASX Resources' Sector Heat Map (source: commsec) Actionable Tip: Review your portfolio regularly to ensure it reflects your risk tolerance and investment goals, making adjustments as necessary. Learning from Mistakes and Successes Every investor will face ups and downs. The key to becoming a successful investor in the mineral resource sector is to learn about the company in regards to the management and the major shareholders. The small-cap mineral resource sector is notorious for share prices taking off and then leaving the buyers at the top of the run to hold on to the baby. To master the roller coaster ride, you will have to talk to industry participants, and one of the best ways is to get onto a couple of social media platforms like X and LinkedIn. Look for the people who post information, but beware of those who are just posting for promotions. I have to admit that there are not a lot that I know who I would recommend, except for Roland Gotthard, who is a serial poster on LinkedIn. Roland is a straight as you are going to get, and he is very capable in a technical aspect. A typical post from Roland Gothard. I am sure there are more that are in the same category, but none that I could name as I don't know them intimately. I have had several conversations with Roland, and I have met him in person. I feel his genuine intent, and that is the only reason I would recommend his content. In my experience, most of the time my investment failed, I made the wrong timing decision in an exit, so learning from your mistakes is a very important trait to develop. Research for entry and timing for exit. I was told once, and this theory has never failed me: Always have a reason for entry, and when that reason changes for whatever reason, that is your exit trigger. Statistic Alert: According to a report by TD Ameritrade, over 60% of investors believe that their past mistakes have ultimately made them better at investing. Utilising Technology for Information In today's fast-paced environment, using technology can vastly improve your decision-making process. There are numerous tools available designed to assist investors in analysing data, tracking trends, and managing portfolios efficiently. Online platforms and apps offer everything from market news alerts to real-time stock tracking. For example, services like Bloomberg or Yahoo Finance provide updates that can help you stay on top of the market changes. Additionally, several robo-advisors use algorithms to create personalized investment strategies based on your goals and risk tolerance. This technology can provide automated insights, letting you focus on strategy and long-term growth. Actionable Tip: Explore different investment apps and tools to find the ones that suit your style best. Make technology work for you. Building a Support Network Lastly, consider the power of a strong support network. Surrounding yourself with knowledgeable individuals can accelerate your learning and provide new perspectives. This network can include family, friends, financial advisors, or even online communities where you can discuss investment strategies. One significant advantage of such networks is the ability to share experiences and insights. Engaging with others allows you to ask questions and gain access to resources you might not have encountered alone. Important Note: Ensure that the individuals you turn to for advice are experienced and knowledgeable in investing practices. Using trusted resources can further enhance the quality of the support you receive. Concluding Comments from Samso Investing wisely is a skill that requires continuous learning, research, and strategic planning. By implementing the strategies discussed, you can significantly improve your decision-making process. Remember, informed decisions come from a combination of data analysis, setting clear goals, mitigating risks through diversification, learning from past experiences, leveraging technology, and building a supportive network. The underlying habit for investors, based on my experience, is to be patient. My best investments have come from long-term positions that are measured in years. There are short-term wins, but again, with my experience, the biggest losses have been from short-term positions. There have been big, long losses, but the magnitude of the loss compared to the wins was minimal. 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. Our content is well researched and is only created if the team see a merit in discussing the company story. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. 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 is my parting comment. As they say, Rome was not built in a day, and the Great Wall took is a great phenomenon because it took centuries to build. 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. Cover photo: Brussels Stock Exchange (1), Bernard Lee. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Brussels_Stock_Exchange_(1).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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.

Dementia is one of those global health issues that quietly grows in the background until it becomes impossible to ignore. It does not carry the drama of a sudden outbreak or the headlines of a breakthrough cancer drug, but its impact is profound. It affects memory, judgement, independence and identity. It affects families as much as patients. It changes the economics of healthcare systems. Most importantly, it grows with age, which means ageing societies around the world are facing a challenge that is structural, not temporary. The World Health Organization estimates that more than 55 million people live with dementia globally, with nearly 10 million new cases every year. It is now one of the leading causes of disability and dependency among older people worldwide. Figure 1: Application of AI in the healthcare scene is now a norm with an influx of technologies and strategies to utilise the age of Scientific Intelligence. (source: Phillips) There is now enough coverage on AI working in the healthcare providing the very essence of productivity, chatbots, software automation and market hype. When we talk about AI, I don't feel that is still in one particular field of business. There is now no doubt in 2026 that Ai is in every conceivable business globally. The use of AI for the management of Dementia is not about replacing doctors or neurologists. It is being developed to help detect disease earlier, improve diagnostic accuracy, support carers and make healthcare systems more efficient. Personally, the use of AI may still be inefficient in the field of dementia as I don't think that the actual diagnosis of dementia is set in stone yet. There are theories out there but I am yet to be convinced. Lets see what the research tells us. Why Dementia Is So Difficult to Diagnose One of the realities often overlooked by the public is that dementia is not a single disease. It is a syndrome caused by multiple underlying conditions. The most common cause is Alzheimer’s disease, but vascular dementia, Lewy body dementia, frontotemporal dementia and mixed pathologies are also common. That complexity matters. Figure 2: Survival probability differed across primary etiologic diagnoses of dementia types. (source: [2]) Two people can present with similar memory problems yet have different underlying causes. One may respond to certain treatments, another may not. One may progress slowly, another rapidly. This is why diagnosis can take months, involve specialist referrals, imaging, cognitive testing, blood work and family history. Hence, it is very easy to understand that in many countries, there are simply not enough specialists to manage the growing demand. This creates a gap between what medicine knows and what healthcare systems can deliver. That gap is where AI is beginning to work. AI as a Diagnostic Assistant, Not a Replacement A landmark 2024 study published in Nature Medicine [1], developed an AI system trained on multimodal patient data to distinguish between multiple dementia causes. The system used combinations of medical history, cognitive testing, imaging and other available information. The significance was not just accuracy. The model was able to work with incomplete data sets, which reflects real-world medicine where every patient does not arrive with perfect records. Researchers also found that when neurologists used the AI system alongside their own judgement, diagnostic accuracy improved materially versus clinicians working alone. What this study may represent here is that the human touch is still critical as every person that shows some signs of dementia is different. Real world situations will show that the age and the severity of the symptoms will vary greatly. Another study in 2024 which was published in Communications Medicine [2], developed machine-learning models to predict dementia patient mortality. The results showed that it may be possible to predict whether a patient diagnosed with dementia will survive or die within 1, 3, 5, or 10 years. The study found that the prediction models can work well across patients from different parts of the US and across patients with different types of dementia. In the study [2], results showed that regardless of whether or not dementia patients suffered from cancer or heart conditions, global CDR (Global Clinical Dementia Rating) score remained significantly associated with mortality, suggesting that even among dementia patients with comorbidities (i.e., other causes of death such as cancer and cardiovascular disease), dementia-related causes are likely still the dominating factors of mortality (Figure 3) . Figure 3: To illustrate the relationship between dementia severity and survival, we performed a survival analysis based on global clinical dementia rating (CDR) scores (Fig. 1C). The overall median survival time in global CDR score at 0 was not reached, with 5- and 7-year survival rates of 93.7% and 90.1%, respectively. The overall median survival time in global CDR scores at 1, 2, and 3 was 141.8 months (95% CI 128.8–NA), 75.0 months (95% CI 69.0–81.0), 27.3 months (95% CI 25.3–29.3), respectively. With increasing global CDR score, which represents more severe cognitive impairment, patients generally showed worse outcomes. (source: [2]) Ultimately, the study [2] revealed that machine-learning models have utility in predicting dementia patient mortality at various survival-time thresholds. Parsimonious models (a statistical or machine learning model that achieves the best balance between predictive power and simplicity, using the fewest possible predictor variables to explain a phenomenon. It follows the principle of Occam's razor, favoring simple models over complex ones to avoid overfitting, improve interpretability, and ensure the model generalizes well to new data.) can be developed when limited clinical features are available, and dementia type-specific models can be used for distinguishing heterogeneous patient populations. If cross-validated and carefully implemented at the primary care level, such predictive models can improve personalized care of dementia. What this study highlighted was that the key predictive factor was a memory test, which is already used to diagnose and stage dementia. The ability of these models to identify dementia patients at a heightened risk of mortality could aid clinical practices, potentially allowing for earlier interventions and tailored treatment strategies to improve patient outcomes. Again, this is still telling us that the use of AI is assisting rather than replacing traditional healthcare practices. From personal experiences, dementia has yet shown why there is an increasing diagnosis rate recently. I feel the use of AI with its ability to churn through data and compare and contrast will help highlight any trends that could be used as a predictive tool in the future. The Value of Earlier Detection Dementia care has historically been reactive. Families notice symptoms late. Doctors assess when decline is visible. By then, progression may already be advanced. AI may help shift the timeline earlier. Researchers are now using machine learning models to analyse subtle patterns in: speech changes writing behaviour gait and movement retinal scans MRI patterns electronic health records cognitive test trends over time For example, recent research in Nature Portfolio showed AI systems using retinal imaging could identify early Alzheimer’s disease and mild cognitive impairment using non-invasive eye scans. The logic is simple: the retina can reflect vascular and neurological changes linked to the brain. This matters because cheaper, faster and scalable screening tools may allow earlier referral pathways. In practical terms, that could mean years of extra planning time for patients and families. Why This Matters Financially The dementia story is not only medical. It is economic. Late diagnosis often means crisis management: emergency admissions, carer burnout, accelerated residential care needs and higher hospital costs. Earlier diagnosis can support: medication management home modifications family planning risk reduction strategies structured care pathways clinical trial recruitment Governments know this. So do insurers and hospital systems. If AI can improve earlier recognition at scale, it becomes an economic tool as much as a clinical one. That usually attracts investment. AI in Daily Dementia Care Another area growing quietly is AI-enabled support tools for carers and aged care providers. This includes systems that can monitor behavioural change, identify wandering risk, detect falls, optimise medication reminders and personalise communication prompts. Generative AI may also help produce memory prompts, simplified conversations, multilingual support and caregiver training tools. These uses may not be glamorous, but they are commercially relevant because they solve labour shortages in aged care and improve quality of life. The Risks That Cannot Be Ignored Medical AI must deal with privacy, consent and bias forma sample that is not the same as the typical medical data sample sets. Dementia patients will be vulnerable, and many lose decision-making capacity over time. Any system collecting voice data, movement data or medical history must meet a higher ethical standard. There is also the issue of false positives. Telling someone they may be developing dementia when they are not can create psychological harm. Missing a real case can delay care. As the process is not about cure, one may say why is it important to diagnose it? In a world that is fast demanding evidence due to the speed of broadcasting news, responsible deployment will be extremely cautious and this may delay outcomes. Where Investors Should Look For investors, the AI-dementia theme is broader than a single stock pick. It can sit across several sectors: diagnostic imaging companies digital health software hospital workflow providers aged care technology platforms wearable sensor businesses pharmaceutical trial-enrolment platforms cloud healthcare infrastructure Some opportunities may not market themselves as dementia businesses at all. They may simply own enabling technologies that happen to solve dementia-related problems. That is usually where markets are slowest to price value. How Samso Sees the Story The market often chases AI stories linked to advertising, social media or speculative software multiples. Those sectors may generate headlines, but healthcare creates stickier value when products work. Have a look at Echo IQ Limited (ASX: EIQ). They are an AI company that is in the "medical" arena by providing a data-driven healthcare business building a scalable diagnostic platform anchored in real clinical need. The main business for Echo IQ is in the cardiovascular diagnostics space, using artificial intelligence to analyse echocardiograms and assist physicians in identifying complex conditions such as aortic stenosis and heart failure. Check out the Coffee with Samso with Echo IQ: What investors need to look out for is to recognise a story that has a tool that can save clinician time, improves diagnosis and lowers system cost, customers tend to keep paying. Dementia is also not cyclical. It is linked to demographics. Ageing populations in Australia, Japan, Europe, China and North America make this a long-duration structural theme. That means the demand side of the equation is unlikely to disappear. The harder question is which companies can turn useful science into scalable commercial products. That is where investors need discipline. Samso Concluding Thoughts Artificial intelligence will not cure dementia. It may never “solve” dementia in the simple sense many headlines suggest but it will definitely do something equally important. What AI is required to do is to help detect decline earlier and allow doctors to work faster and more accurately. What carers will want is to help them manage overwhelming workloads and governments will want to reduce cost pressures on healthcare systems already under strain. For investors, look out for a story that is not dramatic but show a clear incremental, useful and valuable commodity that will make a difference to the stakeholders in the unfortunate world of dementia. Finding a story that can solve someone's headache are the best investment stories of all. Sources & References Xue, C., Kowshik, S.S., Lteif, D. et al. AI-based differential diagnosis of dementia etiologies on multimodal data. Nat Med 30, 2977–2989 (2024). https://doi.org/10.1038/s41591-024-03118-z Zhang, J., Song, L., Miller, Z. et al. Machine learning models identify predictive features of patient mortality across dementia types. Commun Med 4, 23 (2024). https://doi.org/10.1038/s43856-024-00437-7 Cover photo: 23 0048618 Convair Negative Image - Brain scan (53837199668), San Diego Air & Space Museum Archives. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:23_0048618_Convair_Negative_Image_-_Brain_scan_(53837199668).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

After a dismal IPO in late October, during which shares dropped nearly 50%, Chariot Corporation Ltd (ASX: CC9) immediately hit the ground at its flagship Black Mountain Project in Wyoming, looking to turn the tides in its favour. At the outset, the company faced challenging early winter conditions that led to issues such as freezing of the water source, water and diesel lines, water truck breakdowns, and blocked access roads—not to mention the gloomy lithium prices. However, as results started to come in from the company’s maiden drill program, Black Mountain, things started to take a turn for the better for the North American Lithium explorer who intersected ‘significant’ lithium and base metal hits – which the company described as “stunning”. Interestingly, this is the first hard rock lithium discovery through drilling in Wyoming. The company has expanded its land position in Wyoming to 206% and increased its Wyoming lithium portfolio to 93.9% - cementing its confidence in the project. Chariot shares are trading as high as $A0.31 today, up 24% from the opening price ( Figure 1). Figure 1: Chariot share price chart (Source: Google Finance). “Stunning” Results Black Mountain’s maiden drill program has delivered strong initial hard rock lithium results with multiple mineralised lithium intersections from the first three holes. During the program, all holes intersected high-grade spodumene mineralisation, confirming the potential of the Black Mountain LCT pegmatite swarms (Figure 2). Figure 2: Plan View of the Black Mountain Project, showing the pegmatite outcrops (dark red) and interpreted folded geometry (in light red) along with the Northwest and Southeast Cross-Section Lines and Drill Collars (Source: ASX release). Notable results include: BMDDH23_01 15.48m @ 1.12% Li2O and 79ppm Ta2O5 from 2.74m, including 4.27m @ 2.46% Li2O and 128 ppm Ta2O5 from 9.94m; BMDDH23_02 14.33m @ 0.84% Li2O and 61ppm Ta2O5 from 1.83m, including 2.29m @ 3.09% Li2O and 138ppm Ta2O5 from 10.67m; and BMDDH23_03 18.81m @ 0.85% Li2O and 98ppm Ta2O5 from 45.26m, including 5.79m @ 1.08% Li2O and 105ppm Ta2O5 from 47.55m. These drill results confirm the potential of the Black Mountain lithium caesium tantalum (LCT) pegmatite swarms, with the assays returning individual lithium and tantalum values of up to 3.79% lithium and 230ppm tantalum. Furthermore, the company is optimistic it may have intersected the peripheral portion of a potentially larger base metal mineral system, with selected intervals grading up to 0.6% copper, 1.0% zinc and 15.4% lead. Wyoming Expansion As part of its Wyoming expansion, Chariot has now increased its landholding in Wyoming to 218 contiguous claims, resulting in a 206% increase in project tenure area (Figure 3). The Black Mountain project now comprises 352 claims covering 2,686 hectares of tenure. Meanwhile, Chariot increased its ownership of Wyoming Lithium Pty Ltd from 91.9% to 93.9% via a share subscription to reimburse Chariot for exploration expenses incurred at the Wyoming Lithium Projects. Figure 3: Black Mountain Project – expanded footprint ( Source: ASX release). Looking Ahead As of February, drilling continues with eight holes completed to date, and assay results for the subsequent five holes are pending and expected to be announced by next month. This information will be used to design a more extensive 5,000- to 10,000-metre phase 2 resource definition drill program, which is expected to kick off in the September quarter. In anticipation of the Phase 2 resource drill Program, the initial focus will consist of detailed re-logging of the Phase 1 Program drill core along with a detailed petrographic study of the mineralisation and selection and submittal of samples for initial metallurgical testing. At the same time, the existing rock chip and soil sampling program will be extended to the north and east to close off the open lithium and base metal anomalies. In addition, the company plans to run a preliminary IP/Resistivity survey over the area of anomalous Zn-Pb soil geochemistry to assist in siting several holes to test the nature of this base metal mineralisation in September and December quarter of 2024. Company Background Chariot has twelve lithium projects, including two core projects and a number of exploration pipeline projects, which Chariot's majority own and operate. The core projects include the flagship Black Mountain Project in Wyoming, USA and the Resurgent Project (prospective for claystone lithium) in Nevada and Oregon, USA ( Figure 4). Figure 4: Chariots Wyoming portfolio. Wyoming is a tier 1 mining jurisdiction with a long history of gold, uranium, coal and industrial minerals mining and production, accounting for approximately 20% of the state’s GDP in 2023. Wyoming is currently the 8th largest oil and gas producer in the U.S.A. with a well-established oil field services industry. Chariot has already engaged a number of oil field service providers to provide various services for the phase 1 drilling program at Black Mountain and anticipates further leveraging of the available local oil field service providers for future exploration and mine development activities. 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

As we welcome 2024, one of the most anticipated settling of dust conversation is what is happening with the lithium sector. Is there going to be a resurgence like that of 2019? Is this the end of the lithium rush? Is this the beginning of the process of the balancing of demand and supply? The past four years can be referred to as the Lithium Years, as there was a significant focus on lithium as a commodity. Investors on the ASX were heavily investing in stocks and taking advantage of the volatility, often without sufficient knowledge. Those who failed to question the technical aspects may have missed out on potential profits. As the lithium sector began to slow down, an article highlighted that many investors had overlooked the fundamental geological aspects of projects during the lithium bull run. The writer mentioned numerous examples of geology that would not have sustained long-term success, but these concerns were largely ignored. Consequently, there has been a lot of negative commentary about companies and doubts about the sector's validity. The writer suggests that this is a common occurrence after a period of intense market speculation, similar to the previous three years. Figure 1: Pilbara Minerals Limited (ASX: PLS) price chart over the last 5 years. Pilbara Minerals Limited (ASX: PLS) is industry standard if one wants to see the valuation of a lithium mining company. As usual, when one looks at a price chart of a producing business, the chart looks positive. However, when you look at Figure 2, which is a chart of both a hard rock and a brine lithium story, which is largely based on the hype, which has no relevancy to the geology and the factual data of a long term sustainable story, it's a different view. Figure 2: A common price chart of lithium explorers over the last 5 years. The top chart is one of a brine story and the bottom relates to a hard rock proposition. As I have been, and am currently involved in ASX companies and am well aware of the promote, I am not pointing fingers at anyone. My point is that there is a need to first understand the geology and then look at the potential of the story. Not all stories will work and not all stories make the first hurdle of discovery. What I think about the Future for Lithium During this time of year, it is common to hear predictions that demand will increase after Chinese New Year. While there is some truth to this, the bottleneck and high pricing in the lithium sector are not helping its prospects. In my opinion, the optimistic outlook that was prevalent in the early stages of the lithium journey has significantly diminished for the medium to long term. However, it is worth noting that a future focused on China is likely to have great potential. My belief in a reduced blue sky perspective stems from the current narrative that the market will witness the emergence of sodium and vanadium batteries in the near future. Although it may take time for the timing and market acceptance to align, there is enough information available to suggest that these power storage solutions will meet the demand. It is undeniable that these new players will have a place in the market. Figure 3: Illustration of the various electrode structures in sodium-ion batteries (Source: By Jang-Yeon Hwang, Seung-Taek Myung, Yang-Kook Sun, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=61410788). The truth is that the lithium story, like any other story, has taken many years to unfold. It may seem like an overnight success, but it has actually been a long time in the making. Therefore, it is reasonable to assume that the new players in the battery storage market, such as sodium and vanadium variants, will also face a similar reality. However, if lithium prices remain high or rise again, alternative and replacement options will emerge more quickly. The ultimate factor that will determine the success of these battery storage alternatives is time. However, history has shown that betting against a market driven by China has been a poor choice in the past. Final Thoughts The lithium market is a crucial component of our daily lives, much like hydrocarbons. While there is a growing movement to reduce the use of hydrocarbons and plastics, it is important to recognise that completely eliminating them would have severe consequences for our world. The continuous growth of the electric vehicle (EV) industry serves as a strong indicator that the lithium market is here to stay. However, this growth also means that there will be a consolidation in the industry, leading to the removal of underperforming projects by various ASX companies. As a result, early players with exploration projects in their early stages may face challenges. Decreasing Lithium Price The decrease in pricing is likely a result of an excess supply due to concerns about reduced Chinese subsidies, rather than a breakdown in the lithium industry. This is commonly referred to as "destocking" in technical terms, and I believe it holds true in this case. It is important to remember that lithium itself is not rare, but finding economically viable deposits is what is truly rare in all commodities. The demand for lithium is driven more by the desire to meet unrealistic timelines and the bottleneck in the downstream process. There is a significant disconnect between investors' rush for profits and the actual understanding of the commercial aspects, as evidenced by the stark contrast between how companies present their downstream processes and the reality of the Chinese process. There is a good interview by Kitco Mining entitled "Lthium supply disappearing - Rodney Hooper on why $1,200 per tonne is a key level of support" with Rodney Hooper. It goes through with great detail the status of the lithium pricing issues. What Does This All Mean for Investors? For those investors who may have missed out on the recent surge in the lithium market or have experienced losses along the way, now is a favourable time to reassess certain stocks and position yourself for the next five to ten years. It is widely acknowledged by credible investors in the media that investing is a marathon, not a sprint, so I won't dwell on that topic. However, I can confidently say that 2024 presents a second opportunity for investment. There are numerous stocks that offer great potential for positioning. Among the small-cap companies, there are a few that I personally find intriguing and believe are worth considering. Please note that this is not a recommendation to purchase these stocks, but rather an illustration of compelling stories that have already proven their worth or have the potential for success. 👉🏻 Delta Lithium Limited (ASX: DLI) Delta is one of those stories that have a lot of promise but in a falling market interest, they are going to be facing cash reserve issues. They have a big operation so if they are going to go into a cash-saving mode, it will be interesting. The share price has taken a battering and I fear it may still have more to go. The project has had some issues and they have been working through it the last couple of years, but with the low pricing, you would have to be cautious on the entry price. For this reason, I think there may be more downsides to come. What I like is that if there is a resurgence of the price, this will be one of the stories that will reap rewards. In my opinion, this is one of the more promising stories on the market. DYOR is a must and keep them on your watch screen. 👉🏻 St George Mining Limited (ASX: SGQ) This is a pure greenfield play and as much as I am not bullish on lithium exploration plays, they have a good corporate partner, Shanghai Jayson New Energy Co. Ltd. Shanghai Jayson New Energy is the largest shareholder in the company and I am sure they are looking to consolidate in this space. That means they should have no further funding issues. This does not mean that they are guaranteed to find an economic lithium resource. However, it may mean that they will have sufficient resources to give their exploration program a better chance of finding the elusive prize. Their portfolio looks substantial but balancing their funds on the spread of projects will be interesting. Samso Concluding Comments I haven't closely followed this sector due to its rapid and intense fluctuations. I felt that there was little time for a proper understanding of projects or technical assessment. Everything was new, including the methods of exploring lithium. However, I am now interested because the market has re-valued these stocks, making it easier to identify technically attractive options without the distractions of an excessively heated market. I believe that the sector will regain balance, and rational discussions will prevail. The transition to a decarbonised and electrified world is inevitable. Renewable energy and mining will play a crucial role in shaping our future. The importance of lithium and its associated metals cannot be denied. I have chosen Delta Lithium and St George as examples because they represent opposite ends of the lithium spectrum in terms of mineral exploration stories. Delta is at the forefront, having made a discovery and now focusing on developing a downstream process. On the other hand, St George is just beginning its exploration journey but is well-funded, which is a significant advantage. Take your time, make wise choices, and now is a good opportunity to DYOR and enter this space with confidence, knowing that the previously overheated valuations are in the past. 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 News Samso Insights 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

The final debutante for 2023, Enlitic Inc (ASX: ENL) hit the boards on December 19th after a successful $A21 million capital raise to accelerate the company’s commercialisation in the AI-powered medical diagnostics space. The Colorado-based outfit listed on the ASX via chess depository interests (CDI) currently trading at A$0.65, down 27% from the IPO offer price. Using artificial intelligence, the company is developing products that manage medical imaging data in radiology and licences such products to healthcare providers and original equipment manufacturers. Looking ahead, Enlitic has multiple software releases scheduled for FY2024, set to boost delivery to contracted customers and advance the capabilities of the product and the company’s strategy. Figure 1: ENL share price chart Company Overview Enlitic is a software development company that uses AI to develop software products that manage medical imaging data in radiology (such as MRI, CT scans, X-ray and ultrasound images) and licenses such products to healthcare providers. Its technology features a host of AI-powered modules that enable data standardisation, de-identification, anonymisation and workflow simplification. The company’s mission is to "revolutionise" healthcare by leveraging AI and data, empowering evidence-based decision-making, enhancing research, and transforming healthcare delivery. The Enlitic solution is built upon a software framework, creating a network between applications. It houses an ecosystem that enables and supports the exchange of information or content between different interdependent applications. The framework facilitates communications between modalities, Enlitic applications, Electronic Medical Records and PACS. What are Enlitic’s applications? Enlitic currently offers the following key products (Figure 2): ENDEX™: a medical imaging solution that standardises and structures data from medical images - this is Enlitic’s core product; and ENCOG™: de-identifies medical imaging data. Enlitic also has in development the following two products in its pipeline: ENCODE™: will seek to improve data quality that impacts coding and reimbursement; and ENSIGHT™: will seek to leverage interoperability with data analysis Figure 2: Real-world medical image database (Source: company website) What’s been happening lately? In 2023 alone, Enlitic has secured 10 successful contractual agreements. Following suit, Enlitic has expanded its subscription license agreement recently with leading diagnostic services provider Unilabs Laboratoire d’Analyses Médicales to provide its ENDEX software to Unilabs’ radiology business. Unilabs is one of Europe’s largest diagnostics companies with a network of over 180 imaging centres, conducting more than 5 million imaging exams annually. Unilabs will implement Enlitic’s ENDEX software across its radiology business to normalise its medical image data to a consistent clinical nomenclature and to connect relevant clinical content across its different clinic systems. The new agreement incorporates the remainder of Enlitic’s 2021 contract with Unilabs’ TMC business which resulted in a 10% increase in radiologist productivity, with faster reporting and the ability to handle higher exam volumes. FY24 outlook In the first two months of 2024, Enlitic continued to progress the conversion of its customer opportunity pipeline with several US customer agreements moving through the proof-of-concept phase towards license agreements. Throughout 2024, Enlitic aims to continue to grow its customer base and pipeline by leveraging its direct and OEM sales force to reach customers across key global markets. Enlitic also began collaborating with its distribution partners, developing joint go-to-market plans and developing sales training activities. Furthermore, the company is also developing data monetisation strategies in collaboration with its customers and healthcare providers with a view to brokering the sale of data on behalf of its customers. Samso's Thoughts It's amazing how the world of AI is now penetrating everyday life with levels of normality. Industries far and wide are now adopters of AI and in many cases, the technology is applied without any fanfare. Commercialisation of technology is now a common aspect of the industry. The use in the medical industry gets more attention as human beings need reassurance of its validity but in the movie industry, it is widely accepted. Mining and mineral exploration where I am mostly involved, the technology is now mainstream. The understanding and acceptance of AI in the medical industry will be where it would thrive the most and this is where companies like Enlitic are going to make headlines. As we can see, the commercialisation with contracts is the key for Enlitic. I am looking at this industry more now and like many investors in the ASX, I am doing some serious DYOR. Keep your portfolio options open and reach out to the management of the company and get your own thoughts processed in line. 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

BlinkLab, a trailblazer in neurodevelopmental diagnostics, is gearing up for its ASX listing, with the anticipated listing date slated for April 4, 2024, under the security code "BB1". With the subscription period concluding last week, this novel outfit is set to break into the ASX with its smartphone-based application integrated with an electronic platform, designed to perform neurometric tests that could be used on children as young as 18 months of age. Through this IPO, Blinklab is poised to garner A$7 million by offering 35 million ordinary fully paid shares at an issue price of A$0.20. The company focuses on the development and commercialisation of smartphone-neurobehavioural testing and will aid in the diagnosis of autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD), schizophrenia and other neurodevelopmental conditions. Upon listing, BlinkLab’s primary focus is to complete the necessary regulatory clinical studies and obtain the necessary regulatory approvals to bring the BlinkLab device to market initially as a diagnostic tool for ASD. Figure 1: Blinklabs indicative timeline (Source: Prospectus) What is the BlinkLab device? The BlinkLab Device combines fundamental neuroscience with state-of-the-art artificial intelligence and machine learning. The tests do not depend upon any verbal or social interaction and could be used at a very early age for children as young as 18 months old. “This marks a significant advancement, considering traditional diagnoses typically occur around five years of age, often missing the crucial early window for effective intervention,” says chairman Brian Leedman. Figure 2: How it works (Source: company website) The mobile device-enabled environment allows real-time detection of facial expressions, including eyes and eyelids, and uses encrypted data transfer and storage to protect patient privacy (Figure 2). The results from these responses are recorded by smartphone and uploaded to a confidential and secure online platform and the data is analysed using automated facial recognition and image processing techniques. The device consists of: the BlinkLab App: a mobile application available for download in the App Store for patients, caregivers and/or parents, effectively a front-end tool that helps collect test subjects’ information and responses to the BlinkLab Tests in real time; the BlinkLab Portal: the back end includes a fully built secure database and content management system (CMS) as well as an experimenters’ portal that allows for full customisation of the neurometric tests as well as data analysis, annotation and visualisation tools. Unmet need BlinkLab is entering the market at a time when the NDIS in Australia has come under scrutiny for the tremendous cost to the Australian taxpayer for which ASD diagnosis and treatment in children is the single largest expenditure. This smartphone-based ‘screening test’ will aid healthcare providers to identify these children at a much younger age than presently available providing a pathway to effective treatment and better outcomes for the child and their parents. Children with ASD are usually diagnosed between ages 2-4 years, with speech delays being among the first concerns for parents (Figure 3). However, with the help of the BlinkLabs app, infants at high risk for ASD may be assessed before full manifestation of the disorder – which the company believes is “transformational”. Figure 3: Typical ‘testing and diagnostic’ landscape of ASD (Source: IPO prospectus) Background BlinkLab was incorporated on August 17, 2021, to accelerate the development and commercialisation of intellectual property developed at Princeton University relating to smartphone-neurobehavioral testing. Before that, the company’s management team was engaged in extensive research and development of the underlying technology. Approximately A$4.4 million has been spent on the development of the BlinkLab Technology to date which has been funded by Government grants, industry sponsorships, and various seed raising following incorporation. The funds raised before incorporation were primarily used to develop and validate the diagnostic capabilities of the platform, whereas the funds raised from Seed Raising and Pre-IPO Capital Raising were used toward software development and clinical studies. A Word From Samso To me, the name Brian Leedman is one that I see frequently in this medical technology space in the ASX. I have known that name for the last 10 years and he has been very successful in this space. I am not surprised to see his name mentioned in this IPO. No doubt, I am sure this will be well supported. The space of neurobehavioural studies is close to me as I am a strong advocate of treating, caring and understanding mental illness. As this is a concept of Artificial Intelligence and machine learning, I would be very keen to know more about the applications and the rate of success. Mental illness is a growing disease because we are now learning the big spectrum that exists in society. Over the last 5 years, I have been involved in the understanding and caring part of the mental illness world so I am appreciating the potential upside of BlinkLab. Let's hope they make the IPO and generate some great innovation towards what is a massive market if the technology that BlinkLab is proposing works for its intentions. 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

Petratherm Limited (ASX: PTR) is intensifying exploration across its Woomera and Mabel Creek projects in South Australia, both targeting significant Iron Oxide-Copper-Gold (IOCG) deposits. The region mirrors the geology of globally important mining operations like BHP’s Olympic Dam and Carrapateena, positioning Petratherm to capitalise on the growing demand for copper and rare earth elements, critical for renewable energy and technology. At Woomera, exploration at the Winjabbie South and Rocky Well prospects shows promising copper mineralisation, with drill results suggesting similarities to other high-grade IOCG systems. Meanwhile, the Mabel Creek project, covering 3,798 square kilometres, has revealed potential for rare earth and copper mineralisation, particularly at the Area 5 target. This blog is essential reading for investors looking to tap into the critical minerals market. Sign up for your membership on Samso Insights on Patreon to read the full story. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. 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

Sino Iron Magnetite project in the early days. Western Australia’s iron ore landscape is undergoing a significant transformation as magnetite emerges as a major player in the sector. For years, hematite has been the dominant force in the industry, but recent developments are signalling a shift in market trends. (Source: Andrew Todd, "Billionaires bullish on magnetite as new hematite discoveries slow," The Sydney Morning Herald, November 4, 2024. Read the full article here.) The magnetite phenomenon has been in my mind for a while now, and since getting back into the market with Cyclone Metals Limited (ASX:CLE), I am starting to see that the Australian market is finally embracing the cleaner iron-ore process. My first involvement with Iron-Ore was around 2005, and as I have mentioned in my posts, the magnetite business was new in 2007 for me and, in a large part, for most of the people I worked with at that time. The Sydney Morning Herald article, which I missed when it was first published, was a great summation of the West Australian/Australian magnetite rise to favouritism. It has not gone unnoticed that this generation of a bullish tone is driven by the top end and not driven by the small-cap companies. Fortescue Metals Group Making a Statement: A Changing Market Dynamic Hematite has long been favoured due to its naturally high iron content, typically ranging between 60% and 63%. However, new hematite discoveries have slowed, prompting miners to revisit magnetite, which occurs at lower grades (20-30%) but can be beneficiated to produce a high-grade product exceeding 66% iron content. This beneficiating process was always looked upon as a barrier to the market, but it seems that this is no longer mentioned, which is interesting. For those who may not know, magnetite does occur in very high grades, as in up to 70%. Fortescue Metals Group (ASX:FMG) has led the charge, investing US$3.9 billion in its Iron Bridge magnetite project in Western Australia (Figure 1). Despite the high capital expenditure required to process magnetite, FMG achieved a premium of US$28 per dry metric tonne for its magnetite product in the September quarter compared to hematite. This significant price difference is driving renewed interest in magnetite (source: Sydney Morning Herald). Figure 1: Fortescue Metals Group’s Iron Bridge Magnetite Project (Source: Fortescue Metals Group: Iron Bridge Project.) What is interesting is that when the iron ore boom started in the early 2000s, FMG was being doubted by the majority of commentators in the industry due to technical deficiencies and the inability to sustain the funding for the business. In 2025, Andrew Forrest has proven everybody wrong and done astonishingly well. As I observe him transitioning into magnetite, I wonder what insights he has about the market now compared to when he first began, which fueled his initial drive. Could he be aware of shifts in demand from China, given his close ties to the Chinese market? While the green iron concept is still viewed as inferior by traditional haematite iron ore enthusiasts, might he possess knowledge that aligns with his vision? Not One Billionaire But Two: Andrew Forrest and Gina Reinhart are Backing Magnetite as Well. As I mentioned, the staggering highlight about this story is that it is being driven by the billionaires, and not just any billionaires, but Iron Ore Mining magnates Andrew Forrest (Figure 2) and Gina Rinehart (Figure 2A). Andrew Forrest's Iron Bridge magnetite project, which first produced and shipped ore in 2022, is located 1435 km south of Port Hedland on Nyamal Land in Western Australia. It is a magnetite mine owned by a joint venture between FMG Magnetite Pty Ltd (69%) and Formosa Steel IB Pty Ltd (31%). The mine has a capacity of 5-9 Mtpa and produces a high-grade wet concentrate product that is transported to Port Hedland through a 135-kilometre-long specialist slurry pipeline. Figure 2: A perfect identification of Andrew Forrest, which makes the March 2025 Time magazine a perfect read. (Source: Time Magazine) The Iron Bridge site is aiding Fortescue's shift towards Real Zero, aiming to be the first magnetite deposit to run on renewable energy by 2030. Fortescue Real Zero is the plan to eliminate the company's scope 1 and scope 2 emissions across FMG's Australian iron ore operations, without voluntary carbon offsets. For the benefit of our planet, our shareholders, and future generations. -FMG Gina Rinehart’s Hancock Prospecting has taken a controlling stake in the Mt Bevan magnetite project, a multi-billion-dollar operation north of Kalgoorlie. The project boasts an estimated 1.29 billion tonnes of magnetite and a 25-year mine life, with iron content potentially exceeding 70%, making it highly attractive to global steelmakers. Figure 2A: Gina Reinhart is making waves in the Magnetite Sector. (Source: Forbes Magazine) Notably, Legacy Iron Ore, which retains a 29.4% interest in Mt Bevan, is backed by India’s state-owned National Mineral Development Corporation (NMDC). With Indian Prime Minister Narendra Modi discussing the project’s significance with Rinehart, it is clear that magnetite is becoming a strategic resource for global steel production. Figure 3: Mt Bevan Magnetite Project Map (Source: https://legacyiron.com.au/projects/mt-bevan/) This project has been around for decades and came into notice during the last iron ore boom in 2005. As I have mentioned in previous blogs, projects such as this have been spending the last two decades trying to find a solution, so is the time to shine happening in the form of companies like Hancock Prospecting and FMG? Yilgarn and Esperance: The New Iron Ore Frontier As we talk about the magnetite projects, I am starting to imagine what it would have been like for the ports, such as Esperance, if the iron boom of 2005 had been sustained. There are several iron ore deposits in the Yilgarn that would have required an exit to market through Esperance, so if it is happening, the region may add iron ore to its suite of economic commodities. Figure 4: Map of Western Australia’s Iron Ore Regions (Source: https://www.researchgate.net/figure/ron-Ore-Deposits-and-Oakajee-Location-Map-Western-Australia_fig6_266318573) In 2025, the emergence of large-scale magnetite projects in the Yilgarn region suggests that Western Australia’s iron ore industry will be expanding beyond the traditional Pilbara stronghold. Companies such as Macarthur Minerals Limited (ASX:MIO) are making moves in the region with the Lake Giles Moonshine magnetite project, which holds over 1.2 billion tonnes of iron ore resources (Figure 5). However, looking at the corporate activities, I am not sure if this will become a reality. As the market improves, numerous hopefuls will attempt to attract market interest, necessitating a significant amount of DYOR from readers to ensure a sufficient level of due diligence is conducted to understand the anticipated surge of iron ore projects. Figure 5: The location of the Lake Giles project (source: Macarthur Minerals Limited). Macarthur’s strategic sale of its hematite assets at the Ularring project to Gold Valley has also unlocked significant financial potential. With offtake agreements in place and export infrastructure available at the Port of Esperance, Macarthur Minerals may indeed be making strategic moves. However, with a market capitalisation of just over AUD $6M, it would need some strengthening of its balance sheet before getting into a business that is traditionally the home of the major mining companies. Figure 6: Lake Giles Moonshine Project (Source: https://macarthurminerals.com/projects-item/moonshine-magnetite-project/) It is important to understand that in an industry like iron ore, unless you have a unique project like Fenix Resources Limited (ASX:FEX), the large bulk mining projects of billions of tonnes will never happen for junior companies. Fenix Resources was talking about 6 million tonnes of extremely high-grade DSO material. When you look at aspiring iron ore miner Cyclone Metals Limited (ASX:CLE), they have a big brother in VALE paying the bills. That is a very big difference in capability to complete the process of mining and delivering greater than 70% Fe pellets to customers. The Future of Magnetite in WA As the demand for higher-grade iron ore increases due to environmental and efficiency concerns in steel production, magnetite’s ability to produce a cleaner, high-purity concentrate is a major advantage. As I mentioned previously, with iron ore billionaires leading the charge and infrastructure in place to support large-scale exports, magnetite could play a central role in Western Australia’s next iron ore boom. The magnetite revolution is no longer a question of “if” but “when.” As more companies enter the space and technological advancements make beneficiation more cost-effective, the Yilgarn region and the Port of Esperance could soon rival the Pilbara as a powerhouse for iron ore production. (Source: Andrew Todd, "Billionaires bullish on magnetite as new hematite discoveries slow," The Sydney Morning Herald, November 4, 2024. Read the full article here.) 5.0 Samso Concluding Thoughts The magnetite evolution, or rather re-evolution, is looking more interesting by the day. Companies like Champion Iron Limited (ASX:CIA) in Canada are making a lot of money selling these iron pellets at close to 74% Fe content and making a lot of cash. Apart from FMG and CITIC (Sino Iron Project), there are no other players in the magnetite sector. The South Australian Green Iron initiative is still in its infancy stage, so the scene is set for some interesting scenarios for investors. In my opinion, the establishment of an iron ore mining scenario is a long-term proposition in creating it and also in the benefits of revenue. As retail investors, we are going to have to find someone that has enough leverage, and betting on FMG is almost the only option, unless you look at the potential of Fenix Resources Limited (ASX:FEX) making a play for this sector in the future. The other options are Champion Iron, but are they overpriced? The next option is the new kid on the block with Cyclone Metals Limited. 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. Cover photo: Magnetite (GeoDIL number - 1390), Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Magnetite_(GeoDIL_number_-_1390).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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 on 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.

At the recent Future Facing Commodities Conference in Singapore, Australia's High Commissioner to Singapore, His Excellency Allaster Cox, emphasized the pivotal role of critical minerals in the ongoing global transition towards clean energy and advanced technologies. As we all know now, these minerals are essential components in industries such as electric vehicles, semiconductors, and defence systems, with demand projected to rise significantly in the coming decades.​ According to the International Energy Agency's 2024 Global Critical Minerals Outlook, mineral demand is expected to double by 2040 under current policies, with lithium demand increasing fivefold and nickel demand doubling (Figure 1). More ambitious decarbonization scenarios could see even greater increases, highlighting the sector's critical importance to the global economy and strategic supply chains, particularly in the Asia-Pacific region.​ Figure 1: Market value of key energy transition minerals in the Announced Pledges Scenario and the Net Zero Scenario, 2023-2040. (source: IEA.org) Australia stands out as a global leader in the production of these essential minerals:​ Lithium: 49% of the world's supply​ Cobalt: 4th largest producer​ Nickel: 6th largest producer​ Rare Earth Elements: 3rd largest producer​ (after China and the USA) Copper: 4th largest producer​ Beyond its rich geological endowments, Australia boasts significant expertise in mineral extraction and a strong track record as a reliable producer. The Australian government is actively investing in the sector through initiatives such as the Critical Minerals Strategy, which focuses on developing strategically important projects, attracting foreign investment, and fostering international partnerships. Additionally, the Resourcing Australia's Prosperity initiative represents a 3.4 billion investment aimed at advancing geological mapping and exploration.​ For investors, His Excellency reiterated Australia's commitment to supporting the critical minerals sector, which translates into numerous opportunities. The government offers various levels of support for projects involving minerals like lithium, manganese, nickel, and rare earth elements. Furthermore, Australia's collaborations with countries such as the US, EU, UK, India, Japan, and Korea through initiatives like the IEA Critical Minerals Working Party and the Sustainable Critical Minerals Alliance enhance the potential for international partnerships and market expansion.​ In conclusion, His Excellency stated that investing in Australia's critical minerals sector not only promises substantial returns but also positions investors at the forefront of the global energy transition, contributing to the development of sustainable and strategic supply chains worldwide. 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. Cover photo: Fish rock north of port hedland, unknown author. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Fish_rock_north_of_port_hedland.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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.