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A great outcome for Wide Open Agriculture Ltd (ASX: WOA). To be honest, I was thinking that this was going to happen, but I thought that this would be some way away. However, now that it has happened, I do feel now that Yaxi Zhan was brought in to settle the cash burn and stabilise the business to go forward. In my previous conversation with Yaxi, I was trying to figure out the connection that put her into the Executive Chair position, and I think this agreement is a good clue. There was no indication of the speed at which a distributor was being discussed, but in hindsight, I think this must already be in play. This is a great start for WOA as this is a crucial phase in its global growth strategy. In entering into an exclusive distribution and offtake agreement with Univar Solutions China , a branch of the world's second-largest distributor of chemicals and ingredients, this gives WOA a direct route into a massive market. I don't think this needs any elaboration. Announcement: 30th April 2025 - Wide Open Agriculture Signs Offtake And Distribution Agreement With Univar Solutions China   1st May 2025 - Clarification to Signed Offtake And Distribution Agreement Announcement As we discussed with Yaxi Zhan in the Coffee with Samso on the 6th April 2025 ( A Superfood Story- Lupin Protein Isolate | Wide Open Agriculture Limited (ASX: WOA) | CWS Ep. 204 ), this was a logical step. We touched on the potential of the Chinese market and the fact that there is a natural barrier to entry for the lupin market; China is not having a lot of luck growing lupin. According to a paper in the ARCC Journal (Exploring Lupins in China: Insights into Cultivation and Challenges for Sustainable Agricultural Development: A Review by Se-Jung LIM, March 2025), growing lupins in China has been challenging due to factors such as the suitability of the local climate and soil and the management of diseases. This makes the move by WOA into China more controlled. Hence, this strategic partnership positions WOA very well to accelerate its entry into China’s high-potential market for sustainable, premium plant-based proteins (Figure 1). Figure 1: Yaxi Zhan, Chair, with WOA and Univar representatives at a signing ceremony. The strategic significance of this entry into China cannot be underestimated, as we have to remember that the growth of China is not complete, with a vast majority of the population still searching for "First World" standard of nourishment. I think that there is still a lot to learn about the potential of WOA and what a continued interest from China will mean to revenue. A Strategic Alliance for Growth The agreement grants Univar Solutions China  exclusive rights to market and distribute WOA’s lupin protein products for sustainable, premium plant-based proteins throughout mainland China. Following an initial six-month market preparation period, Univar has committed to purchasing a minimum of 50 tonnes  of product within the first 12 months, subject to mutually agreed pricing. “Partnering with Univar gives us strategic reach in China’s premium food ingredient sector and the local know-how to unlock serious growth opportunities,”– Yaxi Zhan, Executive Chair, Wide Open Agriculture. A crucial element of food security is recognizing that a country like China, despite its substantial GDP growth, needs to feed almost 20 per cent of the world's population while possessing less than 10 per cent of the planet's arable land. The obstacles to maintaining a stable food supply are numerous. They encompass inefficient farming methods, supply chain disruptions, shifting consumption patterns, global trade issues, domestic environmental harm, corruption and data inaccuracies, and a history of food safety scandals ( CSIS - Centre for Strategic & International Studies ). Hence, when we are talking about WOA and its ability to contribute to that part of the business, this is a great revenue earner for a small capitalisation company. I have to say that the clarification that was announced on the 1st of May may be seen as a negative tone, as it clearly is emphasising that there is no immediate revenue impact, but if you read into the message, it is the restating the fact that you have now someone in China that has a vested interest in distributing the products. The Unique Value of Lupin Protein WOA’s lupin protein isolates offer a combination of sustainability, nutritional benefits, and technical performance that appeals to health-conscious consumers and food innovators alike. These clean-label ingredients are suitable for a range of applications, including: Dairy alternatives Meat substitutes Bakery and functional foods Health and wellness products Neutral in taste and colour and highly functional, lupin protein is emerging as a next-generation solution in the global plant-based protein market. The fact that there is a neutral taste and colour will be an important fact for food industry participants. The taste of food and the lack of culturally diversifying issues for lupin make it an ideal inclusion in all food products. The nutritional value, as discussed, is the real hidden value for lupin, especially when you have to provide for a large volume of cross-cultural appetite requirements. “This is a high-potential, premium product that fills a gap in the Chinese market for functional, plant-based proteins,”– Will Wang, Univar Solutions China Key Agreement Highlights Term : 18 months with extension options Exclusivity : Conditional on performance during the initial six-month period Volume Commitment : Minimum of 50 tonnes in the first 12 months after market prep Strategic Collaboration : Includes sales training, co-marketing, and customer sampling Regulatory Compliance : Managed by Univar, with WOA providing food-grade supply Unlocking the Chinese Market With Univar’s extensive distribution network, valued at over $11.5 billion in global sales (2023) , and deep sector expertise across food, nutrition, and advanced materials, WOA gains: A local presence and on-ground support Scalable access to food manufacturers and innovators Increased exposure to one of the world’s fastest-growing food ingredient markets This milestone reinforces WOA’s mission to lead the development of environmentally sustainable ingredients that support both human health and planetary well-being. About Wide Open Agriculture Wide Open Agriculture Ltd (ASX: WOA)  is a publicly listed company focused on developing high-performance, sustainable plant-based ingredients. The company’s core innovations include proprietary lupin protein isolates , recognised for their versatility, clean profile, and nutritional strength. To learn more, visit: www.wideopenagriculture.com.au Concluding Comments from Samso I have liked the Wide Agriculture story from the moment I was aware of its existence, and I have expressed this view in my previous content, as described below: ( Coffee with Samso - Wide Open Agriculture Limited (ASX:WOA) - A Superfood Story—Lupin and Lupin Protein Isolate. ) For me, the lupin story is all about the ability to feed the world population with a plant-based material. I have read some commentary that the next World War will be about food security. Whether this is true or it is some clickbait, I am in no doubt of the importance of having a plant-based protein base that can keep a mass population in a nutritional state that will sustain prolonged life. The downside of this story is that the uptake of lupin in China is slow and protracted. Although I am not convinced of potential downsides at this stage, I am acutely aware that the "grey swan" events have a history of giving investors severe headaches. As investors, we understand that there are two sides to a story , and there is never a sure thing, so this is the risk that all investors need to factor into any decisions. As the quote from Benjamin Franklin acutely lays it out.... For me, introducing an "off-taker" into the WOA journey is a very good start. I have convinced myself that I should be in this stock. Currently, they are softening in the share price, which will help reduce the feeling of missing the boat, but I think I will be stepping up my DYOR efforts in the near future. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

I have to say that this Rae Copper Project in Nunavut (Figure 1), Canada, by   White Cliff Minerals (ASX: WCN)  is slowly unfolding itself as a discovery but I am not getting the vibes from the market. The ASX releases are short of spectacular, but I sense something is not all there because the market is not very excited. There is definitely movement in the station, but somehow they don't seem to be getting into the trucks. More importantly, the trucks seem to be leaving the station empty or very NOT FULL. Figure 1: White Cliff’s Rae Copper Project Area (source: WCN)   When the first assay returned in late April, it caught my eye, and I have to say it caught a lot of other people's eyes, but there seemed to be a lot of discussions as well. I am reminded of the two previous situations when spectacular results were associated with a lot of discussions that were raising doubts, however, those two had a lot of market interest, and in hindsight, the doubters were pretty much drowned out with the euphoria of the rising share price. When the next month came around, May 2025, the narrative had shifted from curiosity to clarity. And now, with the latest 90m intercept at 4% copper from surface, you would think that Rae is no longer just a “promising project” — it’s becoming a genuinely exciting copper system. What’s most encouraging is the consistency of high-grade results, the shallow depth of mineralisation, and the predictable breccia-hosted geology — all hallmarks of a system with scale and not just isolated spikes. What stands out even more is how early-stage drilling isn’t just confirming continuity, but revealing multiple mineralised zones within each hole. As the company is narrating that the mineralisation is open in all directions, White Cliff is steadily proving that Danvers is no one-hit wonder — it’s a copper system that’s taking shape with every metre drilled (Figure 2). Figure 2: Danvers Project. High grade historic copper occurrences present along a regional NE/SW trending fault zone for 7.5km’s. Inset map shows drillhole collars, covering only a fraction of the wider prospective corridor. See ASX announcement dated 23 April 2025 “Extensive sulphides observed in step out drilling at Rae Copper Project” for observations relating to the field samples/rock chips.  (Source: 13 May 2025 WCN announcement) White Cliff Minerals' Managing Director, Troy Whittaker commented: “Danvers continues to just get better and better with each assay we receive. Not only are these high-grade results, once again, from surface but we have now dialled in on high grade zones". Chronology of Discovery: High-Grade Copper, Hole by Hole   To make the review brief, I have focused my sequence of events based on the drilling results. For me, the drilling results will set the stage for developing the story. There have been a lot of discussions in the media, and I feel this is very good for the transparency of information from the ASX. I recommend readers to follow a guy that I have come to know and respect on LinkedIn, Roland Gotthard . Roland is a geologist, and he is actively posting great content on this industry. And I recommend you guys follow his work. I have also reached out to him for his thoughts on this subject. 1. First assay results from Rae Copper Project returns high grade Copper 📅 30 April 2025 DAN25003  kicked things off with (Figure 3): 58m @ 3.08% Cu  and 13.3g/t Ag from 52m Including 18m @ 5.21% Cu from 69m This was the first real test of subsurface potential after high-grade rock chip sampling. It confirmed the presence of a breccia-hosted copper system — shallow, continuous, and better than anticipated. Figure 3: Section of drillhole DAN25003 and DAN25004 (assays pending). Reported intervals are drilled thicknesses, not true thicknesses. (Source: 30 April 2025 WCN announcement) 2. Danvers delivers a globally significant Copper intersection 📅6 May 2025 DAN25008 extends (Figure 4): 175m @ 2.5% Cu  and 8.66g/t Ag from 7.6m Including 14m @ 7.55% Cu  & 25.8g/t Ag from 138m Final 60m averaged 3.9% Cu , ending in 4.46% Cu  at 182.88m Figure 4: Drill section of DAN25008. Reported intervals are considered drilled thicknesses until true thickness can be proved. (Source: 6 May 2025 WCN announcement) This intercept demonstrates vertical scale and suggests the system extends well beyond historic boundaries, with mineralisation still open at depth. 3. Rae Copper Project delivers further high-grade mineralisation with 63m @ 2.23% Copper 📅13 May 2025 DAN25002  delivered (Figure 5): 63m @ 2.23% Cu  from 9.14m Including 15m @ 5% Cu from 18.29m   Figure 5: Section of drillholes DAN25001 and DAN25002. Reported intervals are drilled thicknesses, not true thicknesses. DAN25001 - See ASX announcement dated 6 May 2025 “Danver’s drilling delivers sensational 175m @ 2.5% Copper, hole ends in 4.46% Copper, open at depth” (Source: 13 May 2025 WCN announcement) DAN25004  added (Figure 6): 72m @ 1.08% Cu  from 62.48m Including 14m @ 2.32% Cu from 106.68m   Figure 6: Section of drillhole DAN25003 and DAN25004. Reported interval is drilled thickness, not true thicknesses. DAN25003 see ASX announcement dated 30 April 2025 “First assay results from Rae Copper Project returns high grade Copper”. (Source: 13 May 2025 announcement) 4. Rae Copper Project Delivers Further Outstanding Copper Results with 90m @ 4% Cu from surface 📅21 May 2025 DAN25005  returned the strongest results yet (Figure 7): 90m @ 4% Cu  from surface Including: 18m @ 6.5% Cu  from 26m 1.52m @ 19.45% Cu  from 30m 14m @ 7.7% Cu  from 61m According to the company, this hole was drilled across the mineralised trend, not along it. It was designed to test true width . Combined with previous holes testing depth (like DAN25008, which ended in 4% Cu), the picture is getting clearer: this looks like a broad , continuous , and high-grade  copper system.   Figure 7: Cross-section of DAN25005From PDF: 2025_05_21_WCN.pdf, Page 4 (Source: 21 May 2025 WCN announcement) What This Means: Grade, Geometry, and Growth In copper exploration, you rarely get all three: ✅  Grade  — consistent 2–4% Cu zones with spikes up to 19% ✅  Geometry  — from surface, open-pittable, shallow breccias ✅  Growth Potential  — open at depth and along a 9.5km corridor The good thing for White Cliff’s drilling is that it is doing exactly what you want early-stage exploration to do: confirm the model, expand the footprint, and raise confidence with each result (Figure 8).   Figure 8: Plan view of Danvers licence area. (Source: 21 May 2025 WCN announcement) Eyes on What Comes Next With assays pending and drills ready to return, the coming months could see Rae evolve even further. If continuity continues along the 9.5km corridor and diamond drilling at Hulk delivers, White Cliff may not just be talking about Danvers anymore — they’ll be opening a district-scale play.   Samso’s Concluding Comments There are copper projects, and then there are copper systems. At the moment, Rae is starting to look like the latter. There are still many questions, but I am hoping that this is legitimate and has the long legs to carry to an economical mining proposition. White Cliff Minerals has moved quickly but appears to be methodical — from acquisition, to sampling, to drilling, to discovery. The fruitful path is that the results aren’t random. They appear to show consistency in grade, structure, and geological model. I do feel that this is an important point, and it matters. All the work and results do suggest we’re dealing with something more than a one-hole wonder. What impresses me is the combination of grade and geometry.  These hits start at surface. They run for tens of metres. They occur across multiple holes, from different directions. They’re beginning to outline a breccia system that may stretch for kilometres. That is the kind of system that supports real project economics. And this is still early.  Rae has seen limited drilling, and yet it has already produced grades and widths that rival development-stage assets. As the company steps out along strike and begins diamond drilling at Hulk, the upside remains open. I have a big question that is clear in my mind, and that is the unanswered question as to why the market has not responded. The signals are present but there is an undeniable feeling that the market is not believing it? Personally, I am excited for the length of mineralisation and the grade, which is eye-catching, but my biggest concern is that I am in a room of gold and everybody is walking around it, why?  A Junior Explorer Winning This discovery has not come from a billion-dollar major. It’s a junior explorer , moving methodically, ticking boxes, and staying ahead of the curve. White Cliff Minerals has backed its geological thesis with drill results, and they’re delivering. I remember talking to stakeholders when the company brought in the project, and there was a lot of excitement. Then came the high-grade rock samples. Now, the high-grade drilling results. Exciting times ahead. With $14.4 million  raised and diamond drilling ready to go at Hulk , the next steps are about scaling up. But for now, Rae already has something most projects don’t: a credible, high-grade copper narrative with substance behind it. All it needs now is market excitement, but could this be the last opportunity for eager investors? Irrespective of my thoughts on the lack of market participation, there is no doubt about the drilling results. Could this be a late bloomer, and when the dust settles, the market decides to pay its respect? Only time and further drilling will be the judge, but I am very impressed with the results. For the pessimistic investors who are thinking that there is a catch, you will have to look at the drilling results and make that final call. Stay tuned. The next round of assays could take Rae from recognition… to revaluation. Happy hunting in the markets, and never skip the research. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Declaration: I am a shareholder of Kaiser Reef Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. The conversion of Kaiser Reef Limited (ASX:KAU) into a gold producer through one transaction in a top-tier market is highly commendable. This action suggests that the management might have completed the best deal I've witnessed in my thirty years in this field. To add to the commendation, this deal was done at a rising bullish sentiment for gold. This deal with Catalyst Metals Limited (ASX:CYL) holds greater significance than what is currently available for Kaiser Reef. To grasp the dynamics, it's essential to consider both companies and their management aspects. If my thorough analysis is accurate, any investment in Kaiser now, may potentially yield substantial compound interest over the next five years. Reflecting on history, I believe Kaiser Reef is on the brink of achieving greatness, and with a current market capitalisation of just over AUD $41M (after announcing the acquisition), it's particularly appealing for retail investors once you consider all aspects of the transaction. This is likely as affordable as it gets. Let's try to logically outline why I'm so optimistic about this transaction. Conducting your own research (DYOR) is essential, and as experienced investors often say, there are no free lunches in the investment world where we must part with our hard-earned money. For those who want to skip to the parts of the review, please use the list below. 1.0 What Does The Transaction Mean? 2.0 Terms and Funding of the Transaction 3.0 The Henty Asset - The Value Creation. 4.0 Why Is Henty Almost a "No Brainer" ? 5.0 Henty - Comments on the Production 6.0 Henty - Are there more ounces? - Exploration Upside 7.0 Concluding comments from Samso. 7.1 The Clues of the Future 7.2 The Perfect Storm 1.0 What Does The Transaction Mean? In my opinion, based on my own experience and understanding of the situations, underlying value of transaction ranks with the rise of Silverlake Resources Limited, which is now Vault Minerals Limited (ASX:VAU) (in 2008 through the consolidation of the Daisy Milano Gold Mine Leases), and Northern Star Resources Limited (ASX:NST) (September 2009), acquiring assets over the decades into a gold mining giant. Where Kaiser Reef differs from Silverlake and Northern Star is that it has completed this transaction at a time when the commodity, gold, is at an all-time high, and to make it even more spectacular, it has done this with gold prices having strong sentiments to go even higher in value (Figure 1). Both Northern Star and Silverlake Resources started their journey at a modest gold price and a gold sentiment that was far from being bullish. I remember Silverlake in 2008, when the gold price was in the USD $700s. Yes, that is seven hundred dollars (USD). Figure 1: Gold Price Chart (14/04/2025). (source: www.kitco.com ) 2.0 Terms and Funding of the Transaction Let ' s look at the terms of the transaction (Figure 2). To me, the ease in with which the capital raise has taken place adds support to my narrative that this is a very soft and manageable transaction. When you look at the state of the market, which is very bullish, one would assume that anything you buy would many times its premium. Figure 2: The Terms of the Transaction for Kaiser Reefs Limited. (source: Kaiser Reef Limited). What is the most striking point of this transaction is that the deal is for an ongoing, profit-making gold mine that is operating as we speak. There are no wait times for cash generation; in fact, this is the best deal I have seen, as all you have to do is find the funds, and you are producing and selling gold bars. On the point of raising money to fund part of the acquisition, it appears that was not a problem either (Figure 3). Reading through the news release that outlined the whole transaction, I am sure that management of Kaiser Reef would have thought that this transaction was a no-brainer. Figure 3: The Terms of the Fundraising for Kaiser Reefs Limited. (source: Kaiser Reef Limited). The lack of complexity and a lack of significant hurdles that is usually common in a deal of this nature, tell me that is this is a very friendly sale. In other words, there is definitely a great amount of "working together" in the way the transaction has transpired. I am not concluding any deceit or "non-compliant" components; I am merely highlighting that the deal has all the essence of wanting this deal to happen as a win-win situation from both sides. Peace is not the absence of conflict, but the ability to cope with it -- Mahatma Gandhi Trust is the glue that holds everything together. It creates the environment in which all of the other elements win-win stewardship agreements, self-directing individuals and teams, aligned structures and systems, and accountability can flourish. -- Stephen Covey For those people that have been in business a long time and have had the best deals, I am sure they will understand the underlying value of a win-win situation. 3.0 The Henty Asset - The Value Creation Figure 4: Kaiser Reef Limited project locations in Australia. (source: Kaiser Reef Limited) The Henty Gold operation is situated 23 kilometers from Queenstown in north-western Tasmania (Figure 4), featuring an underground mine and a conventional CIL processing plant with a nameplate capacity of 300,000 tpa (Figure 5). Figure 5: The Henty 300ktpa CIL Plant and Administration Complex. (source: Catalyst Metals Limited) Henty is a high-grade underground gold deposit with well-established infrastructure and significant exploration potential in the mineral-rich Mt. Read Volcanic Belt , which has historically yielded over 8 million ounces of gold. Mining began in 1996, and the mine has since produced 1.4 million ounces of gold at an average mined grade of 8.9 g/t. Figure 6: The Henty acquisition terms. (source: Kaiser Reef Limited) In a climate that would have given Catalyst Metals all the leverage, this transaction (Figure 6) is all about giving Catalyst an exit to create value for Henty while still having a significant holding in Kaiser Reef. The other aspects of the transaction for Catalyst is the access to the production solution for their Victorian assets, although, I still say that the real value is the ability to have a solution for Henty to exudes its real potential in Kaiser Reef. For Kaiser, the obvious is that this will give the company instant value allowing the company to become a gold miner overnight. More importantly, I also see that this transaction will give Kaiser a cash-rich partner who wants this transaction to work well. The sale of Henty is not one that is about disposing of an unwanted or underperforming asset. Kaiser Reef is getting a very good deal from a supportive seller, who will become a supportive shareholder in the future. Looking at the asset from afar with little mining knowledge, this is a good asset with lots of potential. As I have mentioned, there have been many assets that have appeared to have limited upside, but over time, these assets have kept giving value to shareholders. Figure 7: The historical journey for the Henty Gold Mine. (source: Kaiser Reef Limited) The previous owners (Figure 7) have all been Tier 1 , and they have all looked at Henty as an asset. The timing for Kaiser Reef could be perfect, as the rising gold price could be the catalyst that is required to iron out the issues that may have plagued the previous management before getting into a more economical pathway. The rising gold price is the space that incoming owners require to iron out any potential issues that would have been a deal breaker in a lower gold price environment. The divestment allows Catalyst to create value in the asset that otherwise would have been totally ignored by the market if it had sat within the company. As I have mentioned above, the rising gold price has allowed them to divest an unappreciated value to another entity that now has the space to fix any hurdles and create the value-adding that otherwise would have been restrictive in a less buoyant pricing climate. 4.0 Why Is Henty Almost a "No-Brainer"? Let's have a look at the good points of the Henty Gold Mine, as some very notable points make me feel that Kaiser got a very good deal. Over my three decades in this industry, I have come across and learned of several similar projects, and the common denominator has always been management and the potential upgrading of the resource. Figure 8: The good points list of the Henty Gold Mine (source: Kaiser Reef Limited). As I look at Figure 8 and explore the list of good points, what reminds me of previous projects, such as Daisy Milano (Silverlake Resources), is the resource potential of the Henty operations. I am inferring from the fact that Kaiser Reef is the recipient of the investment by Catalyst Metals in the upgrading of the resource endowment since Catalyst's acquisition in 2020. A 34% increase in the number is the clear upside for Kaiser to upgrade the resource to a reserve status (Figure 9). Figure 9: The key beneficial points of the Henty operations. (source: Kaiser Reef Limited) Another notable point is that the operations ha ve somewhat stabilised. The flattening of the AISC (All In Sustaining Cost) is promising, and the market prediction of a continuing rising gold price must be the icing on the cake. It seems that the list of positive indicators is allowing the ducks to get in line. Whenever we look at operations such as Henty, the key asset can sometimes be not the asset but the management that understands the requirements and the potential to reduce cost or optimise operations. To this point, I feel that one of the major components of this deal could be the man who will drive operations, Brad Valiukas (Figure 10). Brad comes from the very successful operational team of Northern Star Resources Limited (ASX: NST) , and I have been told that he was one of the key members of that team that led the success of the Pogo operations in Alaska . Figure 10: The biography of Brad Valiukas. (source: Kaiser Reef Limited) For those who have not had the pleasure of having conversations with Brad, I can say that my thoughts are consistent with his credentials. I do think that a person like Brad will be instrumental in the success of operations such as Henty. This is not a guaranteed endorsement, but I can comfortably say, from our previous Coffee with Samso conversations, the success of projects such as Henty is usually driven by a special kind of breed of mining-oriented people. Brad comes across as a person who is high on the technical side of the ledger , and the successful type of mining people that I have come across in my line of work all seem to be of the same type as Brad. 5.0 Henty - Comments on the Production As we look into the Henty acquisition, another positive for a non-mining commentator like me will be the optimisation of the mining operations. It goes without saying that Kaiser would be telling the market it will optimise the current operations, and it would not be wrong to scrutinise Kaiser's projection. Over the years, one of the common themes when an acquisition takes place is either that the new guy comes in and imposes their will, and the result is negative, or it works out. I always like to think positively, so I look at every acquisition in the following way: The new guy comes in and believes in the project and gives it love and tenderness, while the previous owner treated the asset as a burden and the unfavoured child. When one looks at the process in this manner, the extra love and tenderness always create a new environment, and in every case, this produces a better result. I saw this at the Silverlake Resource's Daisy Milano , the Spartan Resources regeneration of the Dalgaranga Gold project , and recently, the acquisition of the Telfer project by Greatland Gold Plc . Figure 11: The Henty Production Optimisation Proposal. (source Kaiser Reef Limited) Now , if we look at what Kaiser is promoting as its production optimisation, you will want to consider the previous paragraphs as to whether the increase in mining and production productivity is achievable (Figure 11). Figure 12: The Henty Cost Optimisation Proposal. (source: Kaiser Reef Limited) I think that investors should look at both Figure 11 and Figure 12 and decide if this is achievable for Kaiser Reef. This will be the most important consideration that one can make as a retail investor. If the thinking is that both of these proposals are not achievable, then what is the upside of this transaction? As a retail investor, you would not be wrong in writing this transaction off as one with not too much future. However, if you do think that this is achievable, then this is where the value-adding could be a happy place for investors. 6.0 Henty - Are there more ounces? - Exploration Upside For me, as an investor with geological experience, this is where I feel I have an advantage in "accessing" the upside of Henty. I make this comment with some reservations, as this so-called advantage can sometimes be a handicap in decision-making. However, in the case of Henty, I feel that the hidden value is in the future resources. As we have seen in Figure 9, there is a flattening of the AISC, and the messaging from Kaiser Reef is that production is being "sorted out." Readers have to realise that this is an ongoing concern that Kaiser has purchased. There is no waiting time for "cranking up" production. Once the regulatory boxes have been ticked after the shareholder meeting, Kaiser is a gold miner, and Kaiser Reef will be making money. Currently, there are over 5 years of Reserve and a Resource (Measured and Indicated) representing over 10 years of life. Looking at the annual production of 25,000 ounces, an investor can be excused for thinking that there is not much excitement for the future. For me, I am very comfortable knowing that the experienced management of Kaiser would have been all over the topic of future resources in the early part of the Due Diligence process (Figure 13 and Figure 14). Figure 13: Henty exploration upside. (source: Kaiser Reef Limited). As I have mentioned several times, the Henty information reminds me a lot of the Daisy Milano project with Silverlake Resources Limited (now Vault Minerals Limited (ASX: VAU). I am sure there are many others with similar stories, but I think I have made this point enough times. I don't think the Kaiser management would have gone through with this transaction if there was no potential upside in the exploration ounces. Figure 14: Regional exploration potential in the Henty project. (source: Kaiser Reef Limited). The regional exploration potential is good, but I think that this is of lesser importance than giving the immediate mine life another 5 to 10 years from the near-mine exploration (Figure 13). I consider the upgrading of the existing resources as critical as well (Figure 9). 7.0 Concluding comments from Samso I recently saw an article that described the acquisition of the Telfer gold mine as the deal of the decade, which, for the followers of Samso, you will know that we feel the same (check out the Coffee with Samso here: A Gold Mining Story - Clasping Victory from the Jaws of Defeat ). I agree with the narrative that this was a great deal, and now that I know that Andrew Forrest backed the deal, it all makes sense. Great job for management to make the deal happen. The acquisition by Kaiser Reef Limited of the Henty Gold Mine, on a significantly smaller scale, is one that I see as the seed for the next Northern Star Resources, although the birth of Northern Star came from even more humble beginnings. The Henty Mine transaction will undoubtedly give Kaiser Reef instant cash flow and instant valuation. There is no question about the instant value adding, but what I see is the future potential of the company. Figure 15 below gives you a good summary of what we have discussed in the blog, but what is missing is the future potential that the current management and the potential partners will give Kaiser Reef and what Brad Valiukas has in mind. Figure 15: Henty acquisition overview for the Henty project. (source: Kaiser Reef Limited). I have known Brad for a while now , and my many conversations with him over time gives me the impression that he is a person perfect for shareholders, who want a company to grow in value over time with real projects. My impression of Brad is that he wants to create a gold-producing company with not much fanfare. There is no smoke and mirrors with Brad, and I find that he is very uncomfortable with overelaborating on the potential unless there are facts to back it up. Our Coffee with Samso conversations and our pre- and post-recording conversations make me very comfortable in making this assumption. 7.1 The Clues of the Future The management of Catalyst Metals Limited , led by James Champion de Crespigny as the Managing Director and CEO, strikes me as a conservative and calculative team. The acquisition of the Plutonic Gold Mine and the steering of the company to focus on making the old mine region work gives me the impression that they are serious. To believe that the Plutonic gold region is still fertile and has lots of upside means there has been some serious work done and then to convince the money to back it up shows me that this is a strong group. The reason that the Henty Gold Mine was being divested was to find a home where the value could be appreciated. One has to remember that this asset was still making money, and management would have realised that the future gold price was rising. If they did not have this thinking, why would they have taken the position at Plutonic? In Catalyst Metals, Henty was being overshadowed and underappreciated by shareholders and potential investors. The divestment had to happen, but it would only have been made possible if there was the appropriate vehicle (ASX company) and the appropriate leader, someone who had the skill set and, most importantly, someone who would be a trusted partner. 7.2 The Perfect Storm Brad and Kaiser Reef is the perfect solution , and my comments in the earlier parts of the blog have been written to set up these concluding comments. This transaction is so smooth and so win-win that the intent had to be aligned. You have the right jockey who has the credentials and the availability, and you have the horse that has the right pedigree, the Arabians who are renowned for their stamina and endurance, to run the mile race. The gold mining journey is a long race, and Kaiser Reef has the corporate structure to allow the transaction to fit. The departure of Brad from Aurumin Limited is clearly a big loss for Aurumin and a fantastic win for Kaiser Reef shareholders. When and how the deal was created or concluded is anyone's guess, but to me, Kaiser Reef is the beginning of the next multi-gold asset company. As I have mentioned, my conversations with Brad tell me that his ambitions are not a one-mine company but one that has some similarities to the larger gold mining houses, such as the likes of Northern Star, Newmont, Barrick Gold, Zijin Mining Group, and Shandong Zhaojin Mining Group. Samso commenced writing this blog prior to the 14th of April 2025 (see the date in Figure 1), and since then, there have been a few notations on the upside of Kaiser Reef, which supports my review. I do admit that it is an overstatement on our part to think that Samso has the monopoly on the upside of the company. However, I will say that Samso has the word on why we think the upside is presented, and it is simpler to read than the sophisticated Research Notes from big brokers. I don't know what the total value of Henty will be, but as I have mentioned, projects such as Paulsen, Daisy Milano, the Dalgaranga region, the De Grey Pilbara Gold province, and the likes of the Golden Mile have kept giving up ounces for decades. I feel that it is sufficient to say that the present value of Kaiser will surely be a distant memory when all the dust settles from the shareholder approval in the coming month of May 2025. Many great gold companies have been created with similar assets mentioned and moved on to bigger and better pastures. I think Kaiser Reef Limited is another one, and Samso readers should DYOR with intent. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Assays Confirm High-Grade Uranium-Scandium-Rare Earths The Radium Hill Project in South Australia has long held historical significance as the site of the country’s first major uranium mine. What was once seen primarily as a uranium deposit is now re-emerging as a polymetallic system rich in scandium and rare earth elements (REEs). With new assays from Heavy Rare Earths Limited (ASX: HRE) , this overlooked potential is becoming increasingly apparent—and economically compelling.   Reinterpreting a Historic Mine Heavy Rare Earths Limited’s recent reconnaissance sampling campaign at Radium Hill has unveiled a more complex and valuable mineral system than previously appreciated. The standout assays include: Up to 9,068 ppm (20 lb/t) U₃O₈ 936 ppm Sc₂O₃ 1.89% TREO (Total Rare Earth Oxides) These grades, especially for scandium, place Radium Hill in competitive territory when compared with leading Australian scandium resources. Even more promising is that high scandium grades appear in zones with low uranium content, hinting at potential decoupling of the mineralisation, which could significantly widen the exploration window. Figure 1: Location of reconnaissance rock samples showing assays for oxides of U, Sc and REE (source: HRE) The sampling program, which included grab samples from historical dumps and previously unsampled 1961 drill core, confirmed continuity of high-grade U-Sc-REE mineralisation extending northeast from the historical mine site. This expands the known mineralised corridor to include the Bristowe’s, Radium Hill North, and Bonython prospects. Airborne Geophysics: A New Lens on Structure In early April, a high-resolution airborne magnetic and radiometric survey added another dimension to HRE’s understanding. Compared to the 1995 dataset, the new survey, flown with 25 m line spacing at just 30 m altitude , offers a sharp resolution of the NE-SW structural corridor, revealing complex folding and shearing zones linked to mineralisation.   Figure 2: Radium Hill airborne survey showing major improvement in magnetic (source: HRE)  These geophysical insights will play a central role in creating a 3D structural model to guide drill targeting. The upcoming H2 2025 drill program will be the first significant test of the Radium Hill lode system in over 60 years. Radiometrics Point to Untested Ground The radiometric component of the survey further strengthens the case for systematic exploration. Strong uranium signals not only validate known mineralised areas but also point to additional zones northeast of Bonython Hill that have seen no prior sampling or recorded workings.   Figure 3: Radium Hill U channel radiometric data highlighting elevated readings and exploration targets (source: HRE) The identification of these “blind” anomalies is particularly important. It suggests that Radium Hill may still hold untapped zones of mineralisation, unexposed at surface and undetected by past campaigns limited to conventional surface prospecting methods.   Samso’s Concluding Comments The Radium Hill story is a historical part of the South Australian uranium journey. The marketing or shall we say, the new journey for Heavy Rare Earths Limited is tapping into an underexplored polymetallic opportunity by integrating fresh data, legacy drilling, and a targeted sampling strategy. While there is some new news from the multi-commodity angle—uranium, scandium, and REEs—all highly strategic in today’s critical minerals narrative, the angle, from our point of view, is a new start. This project is a reminder that there is value often left behind in plain sight, especially when market sentiment shifts. With HRE planning drill testing in H2 2025, the next phase of work could prove transformative, not just for the company but for Radium Hill’s long-overdue comeback. Heavy Rare Earths is wisely taking a layered approach—combining historical data, fresh assays, and modern geophysics. This strategy doesn’t just revisit the past; it reshapes the narrative. The economical implications of the project is still very new so don't get caught up with the investment of hype. As I have said many times, the investing strategy of this sector is all about taking positions and understanding the journey. The combination of ethical management, the power of management, the technical merits and potential of scale in the projects and LUCK are the key combination of important factors to note. HRE has a market capitalisation of just under AUD $9M so its got a lot of value to give. A recent rise in share price is a good sign to get yourself on the DYOR journey. Keep an eye on this one. It’s not just about what has been mined, but what’s still waiting to be discovered.   Happy Investing and remember, always DYOR.     To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Johnson Range Delivers High-Grade Hits: What That Really Means When we talk about "high-grade" in gold exploration, the term can sometimes lose its meaning in a market awash with numbers and drilling updates. But now and then, an announcement cuts through the noise, and Aurumin 's latest results from the Gwendolyn deposit at the Johnson Range Gold Project do just that. To me, this is more than just a tick-the-box resource upgrade campaign. What we’re seeing is a quiet but decisive unlocking of value, one that aligns with a strong macro backdrop (gold holding above A$5,000/oz) and Aurumin’s growing momentum in Western Australia’s gold corridor. This drilling campaign is the first at Johnson Range since 2013, and Aurumin didn’t just dust off an old model—they revalidated it with data. The standout hit of 6m @ 16.5g/t Au (including 1m @ 76.1g/t Au) isn’t just flashy—it’s strategically shallow, beginning at just 65 metres depth. Several intercepts start even closer to surface, like 7m @ 9.3g/t Au from just 16m downhole. This changes the development equation. With Gwendolyn already sitting on a granted mining lease and surrounded by processing options, it’s not a stretch to see how this could evolve quickly from a resource upgrade into mine planning. Aurumin's Managing Director, Daniel Raihani , commented:  “The assay results from our first drilling program at Johnson Range in more than a decade have exceeded expectations. These high-grade intercepts confirm the strength of the Gwendolyn deposit and support a resource upgrade — a key step in positioning this asset for near-term development. “Importantly, several of the strongest results are from shallow depths, including 7m @ 9.3g/t Au from just 16m downhole. This highlights the potential for a low-strip, low-cost open pit mining scenario, which is particularly attractive given the current gold price environment. “With gold trading above A$5,000/oz, the timing is ideal to progress this asset. Our technical team is now advancing resource modelling and planning the next phase of drilling. We anticipate further news flow in the months ahead as we continue to drive Johnson Range toward development and integrate it into our broader Sandstone gold production strategy. The Numbers That Matter Aurumin drilled 18 RC holes for a total of 1,353 metres across three high-priority zones (Figure 2), targeting the top 80 metres of the deposit (Figure 1 & Figure 3). This wasn’t about chasing deep, speculative structures—it was about validating what’s already there and converting Inferred resources into indicated ones. Figure 2: Gwendolyn Target areas over block model. Mineralisation 100m below surface area is based on geological modelling. It does not constitute a Mineral Resource and is subject to further exploration. There is no guarantee that further work will result in resource estimation. (source: AUN) Key Intercepts: 6m @ 16.5g/t Au from 65m – incl. 3m @ 32.1g/t Au and 1m @ 76.1g/t Au (GWRC250008) 7m @ 9.3g/t Au from 16m – incl. 2m @ 23.4g/t Au (GWRC250013) 9m @ 3.6g/t Au from 111m – incl. 2m @ 13.3g/t Au (GWRC250002) 20m @ 1.28g/t Au from 12m – incl. 1m @ 5.30g/t Au (GWRC250011) Figure 1: Plan View of Gwendolyn Deposit with Aurumin April 2025 Drilling (source: AUN) Figure 3. Gwendolyn cross-section showing drilling and existing resource model. (source: AUN) These grades, especially at such shallow depths, reinforce the potential for a low-strip, open-pit mining operation. That’s important because in the current market, low-cost ounces are the real currency. Location, Location, Location Gwendolyn sits within the Johnson Range Project, located between Southern Cross and Sandstone in WA. Importantly, it’s on a granted mining lease and within trucking distance to several mills (Figure 4 of the announcement shows proximity to processing options). This infrastructure optionality de-risks the path to production. Figure 4. Johnson Range Location Map with Potential Processing Options (source: AUN) Let’s not forget that the broader Sandstone Operations now boast a 950koz gold resource across multiple deposits, including the Central Sandstone Project acquired in 2022. Strategic Implications From a business strategy perspective, this drilling is doing more than improving the resource category. It’s feeding into: Mine permitting studies Scoping-level economic evaluations Modelling for future pit design Further drilling for down-dip and strike extensions There’s a bigger play here: integrating Gwendolyn as a satellite feed or standalone pit in Aurumin’s Sandstone gold hub strategy. A Little History – And A Lot of Upside Gwendolyn isn’t a discovery. It has a mining history dating back to the 1980s, including a bulk sample by Vector Resources in 2014 that produced over 3,000 ounces at a recovered grade of 3.35g/t Au. That historical data gives Aurumin a solid baseline to build from , and what they’re uncovering now suggests there's more left in the tank. Samso’s Concluding Comments These drilling results are simply getting set for a mining proposition. Recently, Aurumin announced that they have executed a binding agreement with Newcam Minerals Pty Ltd ("Newcam"), which is a private company that will manage the development of the Johnson Range and Mt. Dimer gold projects. The results will be part of the process of getting the Feasibility studies underway and completed. Investors should look back at the ASX releases by Aurumin and see that the Johnson Range is a mineable project. The rising and surging gold price is making this asset come alive. There are going to be some serious dollars to be made. In some way, the longer proposition may be that Aurumin look at putting the Sandstone project into a production phase, and then you are talking about some serious business. On the other hand, with all the mergers and acquisition activities happening, one would see Aurumin as fair game for the bigger gold players. I think time will show that the value that is not being given to Aurumin may ultimately be an investor's gift. Samso has had several conversations with the company, and there is no doubt about the hidden value. Hidden or Underappreciated. Take your pick. DYOR. Stay grounded. Think forward.   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

16th May 2025 Welcome to our weekly distribution of Samso News. This edition and we are introducing our new initiative with our coverage on the Biotech sector. As Samso continue to move into a new phase in 2025, one of the first things we would like to do is to expand our coverage into other ASX sectors. This week, we are introducing the biotech / medical sector. Our intent is to seek meaningful or ethical (Samso Interpretation of ethical) and potentially profitable parts of the ASX for our investing community. This week's mixture of mineral explorers and biotech companies brings an interesting thought. From an investing point of view, the perceived risk and reward outcome and pathway for mineral explorers and biotech companies are similar. It is a high-risk and high-potential outcome scenario. Check out our posts to launch Samso News: Gidji JV Delivers Again: Miramar Strikes More Gold in Kalgoorlie’s Backyard Actinogen’s Xanamem®: A Promising Leap in Alzheimer’s and Depression Treatment Alterity Therapeutics Hits Milestone in Fight Against MSA with Promising Phase 2 Results Heavy Rare Earths Limited (ASX: HRE) Ramps Up Uranium Exploration Across South Australia and Western Australia. AI-116: A New Hope in the Fight Against Dementia. Mapping Australia’s Hidden Copper-Gold Giants: The IOCG Revolution. What You Need To Do: Subscribe to Samso HERE Click Support Us and choose one of the ways to support us commercially. In future, to help further support our platform, we will publish Pay-Per-Use Content that will be special editions. Clarity and confidence in investments Samso is a platform that offers exclusive access to industry knowledge and advancements across various business sectors. It provides timely information and updates in one place, giving serious investors a competitive advantage.  Supporting Samso will allow continued immersion in a world of insights that go beyond the ordinary, learning from influential CEOs and thought leaders who are shaping industries.  If you're a dedicated and passionate investor, it's time to support a bolder approach and take your investment knowledge, experience, and skills to the next level by supporting Samso. ------ 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 Get Deeper Insights The latest and most reliable information from experienced sources that are completely unbiased is 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.

Samso News is all about Making News Simple. Our strategy is now to make the Samso platform a one-stop shop for companies and potential investors to come and find independent and balanced insights on ASX stories. Experienced investors are well-acquainted with our Coffee with Samso and Samso Insights , so the addition of Samso News is our way to add value to the platform. This is our way of making the Samso platform dynamic and current with the flow of how messages are being narrated and consumed in the changing times we face globally. The idea of Samso News is to make ASX Releases less of a daunting document to read. Samso has over three decades of industry experience, allowing our team to dissect the highlights and allow a discussion to make it simple for retail investors. Reading ASX Releases and Understanding Their Potential Meaning Is Critical for Retail Investors. Investment has changed in a big way. There is now no clear independent content that allows a discussion in the mineral exploration sector. The majority of the mass media are not from the industry and pushing content that is only being promotive. There are no informed discussions, and allowing a balanced view of the news. Since our beginnings in 2018, Samso has created a platform for passionate investors to explore their interests and hear from important companies in different industries that are making a difference. Our content has always been in the form of a discussion, and we highlight what the potential upside and issues that could be a major or minor distraction to the development of mineral projects. If you struggle as an investor to find a platform that gives you the latest and most reliable INDEPENDENT information from experienced sources, then the new Samso News solves this problem by offering independent content that is completely unbiased. If the content is sponsored, you will know about it, and our intent with the content will always be balanced and not biased by the sponsorship. Check out our posts to launch Samso News: Wide Open Agriculture Limited (ASX:WOA) - Wide Open Agriculture Partners with Univar to Tap into China’s Booming Plant-Based Market. E79 Gold Mines Limited (ASX:E79) - E79 Gold Secures 100% Ownership of Mountain Home Project with Reduced Royalty Terms. Ausgold Limited (ASX:AUC) - Exceptional High-Grade Gold Intercepts Reinforce Growth Potential at Katanning. Andromeda Metals Limited Achieves Breakthrough in High Purity Alumina (HPA) Production. What You Need To Do: Subscribe to Samso HERE Click Support Us and choose one of the ways to support us commercially. In future, to help further support our platform, we will publish Pay-Per-Use Content that will be special editions. Clarity and confidence in investments Samso is a platform that offers exclusive access to industry knowledge and advancements across various business sectors. It provides timely information and updates in one place, giving serious investors a competitive advantage.  Supporting Samso will allow continued immersion in a world of insights that go beyond the ordinary, learning from influential CEOs and thought leaders who are shaping industries.  If you're a dedicated and passionate investor, it's time to support a bolder approach and take your investment knowledge, experience, and skills to the next level by supporting Samso. ------ 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 Get Deeper Insights The latest and most reliable information from experienced sources that are completely unbiased is 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.

Announcement: OpenLearning Converts ECA Debt to Equity Transforming Educational Financing for Future Growth In a fast-evolving education sector, Open Learning Limited (ASX: OLL) is charting a bold course through its AI-powered Learning Management System (LMS). A recent milestone highlights this ongoing journey: a debt-to-equity conversion with the Education Centre of Australia (ECA) . This is OpenLearning’s largest shareholder, and this transaction demonstrates long-term confidence in the company's direction. This conversion eliminates $2.12 million in debt. It also gives ECA a 60.67% stake in the company, up from 50.74%, at a 25% premium to the 30-day weighted average price (VWAP). Notably, no additional funds have been accessed from the $1 million facility that remains available. Rupesh Singh, Managing Director of ECA and Director of OpenLearning, remarked: “I remain firmly committed to OpenLearning's technological innovation and long-term vision. The Company has consistently increased its SaaS platform revenue while simultaneously reducing costs and moving closer to break-even. These achievements, combined with the vast potential in the global EdTech sector, give me strong confidence in the company's future and its value to all stakeholders.” A Next-Gen AI Platform for Lifelong Learning OpenLearning’s platform is designed for more than just content delivery. It fosters discovery and innovation. The product suite encompasses: AI-assisted course creation via CourseMagic Biomedical content delivery through Best Network Student recruitment and marketplace via The Uni Guide These innovations complement the company’s flagship LMS and serve over 3 million learners across more than 230 education providers worldwide. Q1 2025 Trading Highlights SaaS Revenue Growth: Over 15% Year-over-Year (YoY) growth with 12 consecutive quarters of Annual Recurring Revenue (ARR) growth. Debt Clearance: The complete conversion of the $2.12 million debt to ECA into equity. Rising B2B SaaS Revenue: Increased revenue per customer driven by AI adoption. Geographic Strengths: Australia, Malaysia, Indonesia, India, and the Philippines. Strategic Focus: Plans to expand into high-growth education and training markets. “This quarter marks a significant step forward for OpenLearning as we expand the use of our platform beyond short courses and micro-credentials to support on-campus and blended learning. Our sustained investment in aligning our LMS with the functionality expected by institutions is now translating into a growing sales pipeline and larger contract opportunities.” — Adam Brimo, CEO , OpenLearning Expansion Through Execution: Asia-Pacific in Focus With established roots in Australia and Malaysia, OpenLearning is poised for rapid expansion. The company is capitalizing on its strong reputation. Their current efforts include: India: Partnership with Gujarat University for course delivery. Philippines: Three reseller agreements are already in place. Indonesia: Growing institutional adoption of the platform. OpenLearning estimates a $260 million revenue opportunity across these key regions. Growth potential is high, especially in vocational, compliance, and corporate training segments. Strategic Developments Influencing Growth An intriguing aspect to this announcement is its implications beyond mere financial transactions. ECA’s decision to convert debt into equity indicates confidence in OpenLearning's strategic vision and operational execution. OpenLearning is constructing what modern learners demand: a flexible, AI-powered platform that integrates learning, credentials, and career pathways. The focus is not just on survival but on sustainable growth and global expansion. In the competitive ASX EdTech space, OpenLearning is emerging as the quiet outperformer with a global reach and a solid product-market fit. With a sub-AUD $10 million market capitalisation, it represents a valuable opportunity in the sector. However, as with many ASX hopefuls, time will be the revealing factor. The surge in online education makes the success of these well-established platforms all the more likely. The share price chart illustrates notable peaks, yet the general trend remains subdued. Over time, OLL has the potential to build a strong brand. This suggests that a long-term view of its opportunities is a prudent strategy. Happy Investing and remember, always do your own research (DYOR). To support our independent work, please visit our Support Page . Your assistance in any form is greatly appreciated. This initiative is part of Samso's ongoing mission since our inception in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice or an offer to subscribe for, purchase, or sell the investment product(s) mentioned. It does not consider your specific investment objectives, financial situation, risk profile, taxation position, or particular 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 . This book provides insights into geological models sought by mining companies, helping investors understand which portfolios can be more lucrative. Click here to download this eBook . If you find this article informative, please share it. I aim to write on topics that are interesting and have investment potential. It’s not easy to find valuable stories. If you or your organization see the benefit in what Samso is trying to achieve and wish to share your journey, contact me at noel.ong@samso.com.au . About Samso Samso is a trusted platform providing dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed about market trends, investors can enhance their financial decisions by combining expert guidance with their own research.

Announcement: NEUROSCIENTIFIC TO ACQUIRE LEADING STEM CELL TECHNOLOGY NeuroScientific Biopharmaceuticals Ltd (ASX:NSB ) has made a decisive move with its proposed acquisition of StemSmart™ , a patented mesenchymal stromal cell (MSC) technology. This isn’t just another biotech transaction — it signals a strategic leap into the fast-growing field of regenerative medicine, positioning NSB to capitalise on one of the most promising frontiers in modern healthcare. StemSmart, developed by Isopogen WA Ltd, has already shown compelling clinical outcomes in patients with refractory Crohn’s disease . The product has demonstrated anti-inflammatory and immunomodulatory effects, making it a potential game-changer across a range of immune-mediated conditions. “We’re incredibly excited to add mesenchymal stem cell technology to our growing portfolio. This acquisition not only complements our existing pipeline of therapeutic peptides, but also strategically positions us at the forefront of next-generation biologics.”— Dr. Anton Uvarov, Founding Director, NSB A Snapshot of the Acquisition NeuroScientific is acquiring 100% of Isopogen WA Ltd. — the company behind StemSmart. As part of the acquisition: NSB will issue 85.7 million fully paid shares  and 57.1 million performance shares , with the latter linked to clinical milestones. A Special Access Program targeting fistulising Crohn’s disease  will kick off post-acquisition, a condition notoriously difficult to treat. A successful clinical response in at least 4 of 12 trial participants will trigger conversion of the performance shares. NSB has already secured firm commitments to raise $3.5 million , adding to a projected $7.5 million cash on hand  post-transaction. Why StemSmart™ Stands Out StemSmart MSCs are bone marrow-derived cells enhanced through a proprietary manufacturing process. Their strength lies in how they modulate the immune system , secreting factors that reduce inflammation and encourage tissue repair. In an earlier Phase 2 trial , 78% of patients showed clinical improvement, and 44% achieved full remission . These outcomes were achieved without major adverse effects — a rarity in Crohn’s disease treatment. StemSmart has also been used under compassionate access programs, with encouraging responses in adults and children suffering from graft-versus-host disease (GvHD) and other severe conditions. The Broader Impact This acquisition doesn’t just bring in a technology — it extends NSB’s footprint from neurodegenerative drug development into broader immune-inflammatory arenas. StemSmart’s potential applications span Crohn’s Disease  (US$13.8 billion market by 2026) Kidney Transplant rejection Lung disorders  (US$33 billion market by 2034) GvHD  and broader autoimmune conditions Notably, the FDA’s recent approval of an MSC therapy by Mesoblast  has reignited global confidence and funding in the MSC space. With regulators like the TGA offering pathways such as the Special Access Scheme , NSB is well-placed to accelerate clinical development in Australia and beyond. What Comes Next? NSB will initially target fistulising Crohn’s disease  through a Special Access Program. If successful, the program will transition into Phase 1/2 clinical trials , with parallel plans for advancing trials in lung diseases and other inflammatory disorders. On top of that, NSB will continue to progress its existing asset, EmtinB™ , now focused on ophthalmology applications such as glaucoma. Two preclinical studies are slated for the next 12 months, reflecting a dual-pronged development strategy across cell therapies and peptide-based treatments . Samso’s Concluding Comments The market is making this announcement feel like a real pivot moment for NeuroScientific. Reading into the research, the acquisition does not appear to be just adding another biotech project to the shelf — it’s making a bold claim to leadership in the regenerative medicine space (Figure 1). In the same way that early adopters of immuno-oncology or mRNA saw exponential momentum, NSB is now tying itself to the next wave in cell-based therapy. Figure 1: Share price chart for NeuroScientific Biopharmaceuticals Ltd (ASX:NSB) since 2022. (source: Commsec) The market perception of NSB has been steady the last 18 months, and it's very clear that this acquisition has excited investors. The last excitement for the share price was in April 2024 (Figure 1 and Figure 2). The fact that the share price at the time of publishing looks like it's holding well is a good sign for the value created. The previous highs did not hang around long enough to create any value other than hot air. Figure 2: Share price chart for NeuroScientific Biopharmaceuticals Ltd since 2024. (ASX:NSB). (source: Commsec) According to the company, the partnership with Isopogen WA is also one to watch closely. The clinical data isn’t theoretical — it’s based on real patients, with real outcomes. And in an environment where biotech valuations are climbing, NSB is positioning itself for long-term value creation through validated science and an addressable market worth billions. The story is far from over, but this chapter is starting strong.   Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In my opinion, Tungsten should be one of the most critical metals on any investor's watchlist. The scarcity of the metal as an economical deposit, in my opinion, makes this metal high on the list. There are a few market factors that make Tungsten a very volatile commodity, and the China influence makes this metal difficult to predict in terms of its market value. I have had a direct experience in this space, and I have seen it at its high in 2012 and low since then. The pricing and demand for the metal are shrouded in mystery, as the China market has absolute control. Tungsten is not a new metal , and the tungsten market has been in existence. It has been growing more with the development of heavily armoured warships, penetrative ammunitions, and automotive industry at the beginning of the twentieth century [1]. As you can see in Figure 1, the price of Tungsten has been relatively flat apart from the peaks which represented World War 1 (1915-1918), Korean War (1951-1956), 1973-1978 and 2005, with a moderate rise during World War 2. Figure 1: Evolution of the tungsten inflation-adjusted price per metric tonne from 1900 to 2018. [1] A more recent pricing for tungsten that uses the MTU unit, which is more akin to the market understanding these days, can be seen in Figure 2. The peaks around 2012 and 2014 have not been reached as yet since that time; however, I am hearing noises of the metal price reaching those heights again. You can compare the highs between 2012 and 2014 in Figures 1 and 2. The sign of recovery can be seen in Figure 2 from 2016, and the continuation of that is in Figure 3. Figure 2: The chart shows the tungsten price per metric tonne unit (10Kg) of ammoniumparatungstate (APT), a commonly traded form of tungsten. It is also the most important precursor to the majority of tungsten products. It is sold in bulker bags or lined drums up to 1T in weight. ( www.marketcap.com.au ) The recovery from pricing is an interesting fact even though the price has yet to breach the USD400 mark. This is going to be an important stage, in my opinion, as a slow, steady breach, for me, will mean that the price is more sustainable. The price in 2014 was very sudden, and I think the market was not mature enough to take advantage of that, I think. The falling tungsten price from that peak has been ongoing since 2015, and the tungsten space has been pretty desolate since that time. Figure 3: The tungsten price chart from 2019 to 2024. ( www.g6m.com.au ) I have seen a few stories try to rise from the ashes over that time, especially in the last three years, but it is only in 2025 that I have seen the price start to move in the right direction. Tungsten is not flashy. It doesn’t headline the battery revolution. But what it lacks in glamour, it makes up for in military-grade resilience. There is a good reason for seeing those peaks in Figure 1 when there is conflict. With the recent Gaza conflict and ongoing conflict in Ukraine, there is good reason to see the spike in the pricing. History has a good habit of repeating itself. For decades, it sat quietly beneath the radar of investors and strategists. Today, that has changed. As the geopolitical chessboard reshapes mineral markets, tungsten has stepped out from the shadows. For investors paying attention, is this one of the peaks related to an unusual amount of use in armaments, or is this the supply chain transformation finally in motion? Use the chapters below as guideposts for navigating the tungsten story: 1.0 From Specialty Metal to Strategic Asset 2.0 When Prices Move, Signals Matter 3.0 Policy, Procurement, and Power 4.0 Group 6 Metals Limited (ASX:G6M) – Mining Tungsten 4.1 Resource (source: Group 6 Metals Limited) 4.2 Offtake Agreements 4.3 Restructuring of Company 5.0 Guardian Metals Resources PLC (LON: GMET, OTCQX: GMTLF) – A Potential Giant Dark Horse. 5.1 The Pilot Mountain Tungsten Project 6.0 Almonty Industries – First Mover with Long Legs 7.0 EQ Resources – When Technology Meets Scale 8.0 TGN – Low-Cost Entry, High Leverage  9.0 Tungsten’s Unmatched Industrial DNA 10.0 The Refining Bottleneck Few Are Talking About 11.0 Concluding Comments by Samso 11.1 Is Tungsten really rare? 11.2 The US Factor - The Catalyst for Tungsten Dominance? 11.3 Final Thoughts 1.0 From Specialty Metal to Strategic Asset Research shows that Tungsten is a specialty metal and is mostly used in defence. There are also other uses, such as a replacement for lead in uranium reactors and building space-age uses for its density and strength properties (Figure 4). However, the recent tightening of supply from China effectively red-flagged tungsten. Surprisingly, the West took notice this time, and the whole critical minerals discussion started to raise its head. Hence, Tungsten is now considered mission-critical . Interestingly, it turns out you can’t build precision-guided munitions, advanced semiconductors, or hypersonic weapons without it. That’s not a future trend—that’s happening now. Figure 4: The tungsten price chart from 2019 to 2024. ( www.g6m.com.au ) As Almonty Industries highlighted, “Tungsten is the most important among all raw materials” for armor-piercing ammunition, missile components, radiation shielding, and hypersonic weapons. 2.0 When Prices Move, Signals Matter This realignment has set the stage for what Project Blue analysts called “critical months ahead” for ASX tungsten companies in 2025. APT prices tell the story. From US$335/mtu to US$385/mtu in just months (Figure 5). This is not speculative froth. It’s a structural revaluation. For a metal that rarely sees big price swings, that’s saying something. Figure 5: Tungsten APT fob China (per mtu WO3) prices USD/mtu, 2025. (source: Argus Metals) Investors need to understand that tungsten doesn’t behave like other commodities. It has inelastic demand and almost no substitutes. That’s exactly the setup we look for. This really positive trait for tungsten would normally be a strength, but for some unexplained reason, my experience has shown me that this is what makes the whole tungsten market a mystery and incredibly hard to master.  3.0 Policy, Procurement, and Power Policy now drives price. The U.S. Reeshore Act, Europe’s anti-dumping extensions, and NATO’s critical mineral alerts all point in one direction: reduce dependency on Chinese tungsten. If this is to come into reality, there is going to be a shortage of this metal, as geologically, they don't appear commonly as an economical deposit. Crucially, defence contractors are now paying premiums for secure supply. The shift is no longer speculative—it is procurement-driven. For countries with advanced defence and semiconductor industries, that’s no longer optional. Strategic autonomy is now a procurement mandate. That’s good news for companies in Australia, Portugal, South Korea, and Canada. 4.0 Group 6 Metals Limited (ASX:G6M) – Mining Tungsten Group 6 Metals Limited is an Australian mining company focused on the redevelopment of the Dolphin Tungsten Mine on King Island, Tasmania . Formerly known as King Island Scheelite Limited, the company rebranded in November 2021 to reflect its emphasis on tungsten, a critical mineral in Group 6 of the periodic table. Recently, there has been a major restructuring of the company, and that has had a major impact on the company, and in my opinion, this is really the major issue with this story. 4.1 Resource (source: Group 6 Metals Limited) The Dolphin Project contains a 2012 JORC compliant reserve and resource, which currently stands at: Dolphin Indicated Mineral Reserves of 4.43Mt at a grade of 0.92% WO3 (at 0.2% WO3 cut-off for open pit reserve, 0.7% WO3 for underground reserve) Dolphin Probable Mineral Resources, including the Mineral Reserves, of 9.6Mt at a grade of 0.90% WO3 (at 0.2% WO3 cut-off) The Bold Head Satellite deposit contains an Indicated and Inferred Resource of 1.76Mt @ 0.91% WO3 (0.4% WO3 cut off) The value, or rather the significance, of the Dolphin resources is that it rates well against other known deposits in the world and is currently the highest grade tungsten deposit in the world (Figure 6). Figure 6: A diagrammatic representation of the Dolphin Tungsten deposit compared to other know tungsten deposits in the world. 4.2 Offtake Agreements One of the most significant aspects of the Group 6 story is the existence of an off-take agreement in place. A metal like Tungsten is not easily traded, and these agreements underpin the viability of the mining process. With the supply crunch taking a steroid-fuelled rise in the last few months, these agreements may now seem trivial or a liability; however, they would have been the critical aspect for the development of the in previously. Wolfram Agreement (April 2019) Partner:  Wolfram Bergbau und Hütten AG (subsidiary of Sandvik AB) Offtake Volume:  1,400 tonnes of WO₃ (tungsten trioxide) over 4 years Equivalent to:  ~2,200 tonnes of tungsten concentrate Traxys Agreement (September 2021) Traxys is a trader and merchant dealing in physical commodities within the metals and natural resources sectors. With over 450 employees across more than 20 global offices, the company manages logistics, marketing, distribution, supply chain management, and trading activities, achieving an annual turnover exceeding USD 7 billion. Based in Luxembourg, Traxys specializes in sourcing, trading, marketing, and distributing non-ferrous metals, ferro-alloys, minerals, industrial raw materials, and energy. The Traxys Group caters to a wide range of industrial clients, providing a comprehensive array of commercial and financial services. As a privately held company, Traxys is owned by its management team, The Carlyle Group (NASDAQ:CG) , and affiliates of Louis M. Bacon, the founder of Moore Capital Management, LP, and Moore Strategic Ventures, LLC, Mr. Bacon’s private investment firm. These two agreements collectively secure a significant portion of offtake for the Dolphin Tungsten Mine and establish G6M's credibility with reputable international partners in the critical minerals and metals trading space. 4.3 Restructuring of Company ( source: Quarterly Activities and Cash Flow Report to 31 December 2024 ) I think this statement from the new Executive Chair will outline the issues. Group 6 Metals Executive Chairman Kevin Pallas said: The quarter to 31 December 2024 saw the Company struggle to achieve the improvements to its process plant performance that are needed to ensure viable ongoing operations at the Dolphin Tungsten Mine. There were continued delays in decision making on key process plant component changes and configuration adjustments, coupled with poor supplier relations. Further, despite the Moelis strategic review process, the Company has not been able to source external investment on favourable terms resulting in a lack of liquidity that has led to constraints on operational improvements and essential plant maintenance. Safety performance has been disappointing. A program of safety improvement is underway which includes filling leadership roles and improving the work environment through a combination of engineering improvements and targeted safety improvement campaigns. It became abundantly apparent that something had to change, and a major recapitalisation plan with the Company’s senior lending group was agreed by the Company. The Company is working towards being able to put the recapitalisation plans to shareholders for approval at a general meeting at the earliest opportunity. In anticipation of this, during the quarter the senior lenders have provided$14.0M of interim funding to allow for operations at the Dolphin Tungsten mine to continue pending the approval of the recapitalisation plan. There have been several changes to the board and management since announcing the recapitalisation plan. Since these changes were made in early December, the board has been very active in assessing the prospects of the Company and supporting plans to remediate performance in the short-term, aimed at not only securing the future of the mine, but to allow the Company to realise the potential of tungsten mining in Tasmania. Of the $14.0M advanced by the senior lenders in the quarter, $4.75M was provided since the change in board and management following announcement of the recapitalisation plan at the beginning of December 2024. A capital improvement program has commenced with goals to remediate a significant plant maintenance debt, accelerate process plant design improvements, and bolster production resilience generally. A program such as this takes time and capital to implement, but most importantly it requires strong leadership and focus. The program is now underway and steady incremental productivity improvements are becoming evident. Efficient mining activities and achievement of ore delivery targets is a standout positive outcome in the quarter. We progressed well through the mining sequence in the Dolphin open cut pit and exposed the high-grade C lense ore body with excellent strip ratios, which is a great credit to the mining team. We now look forward to positive outcomes from the upcoming EGM at which we expect the recapitalisation plan to gain shareholder approval, thus empowering further business improvement initiatives. 5.0 Guardian Metals Resources PLC (LON: GMET, OTCQX: GMTLF) – A Potential Giant Dark Horse. Guardian Metal Resources PLC  (LON: GMET, OTCQX: GMTLF) is a UK-based mineral exploration company focused on critical and precious metals, with primary operations in Nevada, USA. Established in 2021 and formerly known as Golden Metal Resources PLC until June 2024, the company is strategically positioned to contribute to the U.S.'s domestic supply of essential minerals, particularly tungsten, amid global supply chain concerns. Figure 7: A snapshot of the corporate information of Guardian Metals Resources PLC (source: Guardian Metal Resources). As you can see in Figure 7, the company is travelling well, and having a tungsten resource in the USA is now, with Trump Making USA Great Again, backing will make the future of Guardian Metal more than interesting. 5.1 The Pilot Mountain Tungsten Project The Pilot Mountain project (Figure 8) is a 5,908-acre project located 200km southeast of Reno and 20km east of Mina, Nevada. It hosts a Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% W03 with significant Cu-Ag-Zn credits. Pilot Mountain was a project that was purchased from Thor Mining Limited PLC (ASX/AIM:THR), which is now rebadged as Thor Energy PLC, in September 2021 ( US1.8M Sale Option - Pilot Mountain Project ). Figure 8: Pilot Mountain Tungsten project. (source: Guardian Metal). 6.0 Almonty Industries – First Mover with Long Legs Almonty (ASX:AII) deserves attention. Sangdong Mine in South Korea is coming online mid-2025, backed by offtake agreements and floor pricing from Plansee’s GTP unit in the U.S. Add Panasqueira in Portugal and future processing in New York and Pennsylvania, and you’re looking at a Western tungsten backbone. It’s rare to see a mid-cap miner with such clarity of purpose and geopolitically aligned infrastructure. They’re not just building a mine—they’re plugging a supply chain hole (Figure 9). Figure 9: Almonty – Securing America’s Future in Tungsten Supply. (source: Almonty) For investors looking at geopolitical alignment as an investment filter, Almonty offers both scale and compliance. 7.0 EQ Resources – When Technology Meets Scale As far as I understand, EQ Resources would be one that has real knowledge of APT pricing, as they have "shipped" some ore. According to EQ, the March 2024 prices have climbed 21% in USD and 27% in AUD, driven by steadily rising demand and a sharp supply shock following China’s February 2025 export controls (Figure 10). The market has been repricing access, not just product, rewarding those who are operational, credible, and already in the flow of production. That’s where EQ Resources (ASX: EQR) stands out. With operating assets at Mt Carbine in Queensland and Saloro in Spain, EQR isn’t waiting for the price to catch up—they’re already shipping into long-term offtake agreements. Their integration of XRT sorting and gravity circuit upgrades has boosted throughput and recovery just as buyers are scrambling to de-risk their supply chains. Figure 10: A period of a rising tungsten price (source: EQR) What makes EQR compelling is the combination of timing, jurisdiction, and process innovation. While others are still optimising feasibility studies, EQR is exporting concentrate into Western systems. In a rising price environment backed by structural geopolitics, that kind of real-time leverage is rare—and hard to ignore. 8.0 TGN – Low-Cost Entry, High Leverage  Tungsten Mining (ASX:TGN) plays a different hand. With significant resources at Mt. Mulgine and near-term development potential at Hatches Creek, TGN’s staged development strategy allows it to scale with market conditions. Processing historical stockpiles first lowers their capex exposure while offering immediate revenue upside as prices climb. Tungsten Mining’s Chairman, Gary Lyons , commented: “The maiden Mineral Resource Estimate for the 100% owned Hatches Creek Project is nearing completion. This marks a pivotal step in unlocking value from one of the Northern Territory’s most historically significant, yet underexplored, polymetallic projects. “This milestone represents a significant step in advancing the Hatches Creek Project and will assist in guiding future exploration and development activities.”  Tungsten Mining may be pre-production, but its resource base offers real torque. In a market shaped by rising defence and tech demand, TGN is a leveraged play on price momentum. 9.0 Tungsten’s Unmatched Industrial DNA Industrial Backbone: Tungsten’s extreme physical properties—most notably its density, strength, and the highest melting point of any metal at 3,422°C—make it indispensable in high-temperature, high-stress environments. Tungsten carbide tools are critical in the aerospace, automotive, and medical industries, maintaining precision and durability where other materials fail. Semiconductor Essential: In chip fabrication, Tungsten Hexafluoride (WF₆) is vital for depositing thin conductive layers used in advanced integrated circuits. WF₆ is a gaseous compound of tungsten and fluorine that decomposes during chemical vapor deposition (CVD) to form thin tungsten films. As demand surges for AI processors, cloud infrastructure, and smaller, faster electronics, WF₆ becomes even more central. Tungsten enables the reliability and performance needed in next-generation electronics. Defence and Hypersonics: Militaries rely on tungsten for its sheer mass and impact power. It's used in armour-piercing shells, missile penetrators, and aircraft counterbalances. Tungsten's heat resistance and density are unmatched for hypersonic weapons—technologies that demand materials capable of withstanding extreme forces. Its role in national defence is no longer peripheral—it's foundational. 10.0 The Refining Bottleneck Few Are Talking About Mine is only half the equation. The real choke point is in the processing, and right now, China dominates the downstream flow. That’s why Almonty’s build-out of U.S.-based processing capacity is a game-changer. It’s also why EQ Resources’ supply partnerships with Elmet in the U.S. are strategically important. Western governments are beginning to act, offering incentives for refining and conversion projects. When policy aligns with execution, new value is unlocked quickly. 11.0 Concluding Comments by Samso Tungsten has always been a specialist’s metal, and it does look like the narrative is shifting. What once sat in the background of mining portfolios is now being reshaped by defence urgency, semiconductor innovation, and geopolitical strategy. The world is re-learning just how foundational this metal truly is. The term Critical Metals or Critical Minerals, I feel, has lost its importance in regard to its meaning. Critical in my vocabulary is "hard to find", you cannot do without it, and in many forms, metals like lithium, rare earths, gallium, antimony, tungsten, etc, are important, but I would not say they are critical in the strict sense of the meaning. There are several metals in the lists that I would say are pseudo-critical or at least closer to being critical when they are hard to find in an economical amount, and these are antimony and tungsten. I highlight these two metals because I feel comfortable speaking about them in a meaningful manner. I won't touch on antimony now, as I will have another Samso Insight on that metal coming out soon, but let's talk about tungsten. 11.1 Is Tungsten really rare? When we talk about this topic, we need to specify if we are talking about reserves as a stockpile or if we are talking about the reserves that are still in the ground. As we all know, the stuff that is in the ground will take at least a decade to be sold as a usable material, so the timeline for that will affect supply, but it does not mean it's rare. If we are talking about the resource in the ground, there is actually no shortage of that, as a Google search will tell you that there are several large, undeveloped deposits, with two that I know of. One is in Canada, the Sisson Tungsten-Molybdenum Project in New Brunswick , and the other is in Western Australia, which is the O'Callaghan's Tungsten project . These are large deposits, and the fact that they have not been developed makes me think that the whole "Critical" nature of the story is not consistent with reality. This whole question of criticality is even worse if you take into account China discovering even larger deposits recently ( Large Tungsten Mine Discovered in China ). Whether you believe the China news or not, there is definitely no doubting that there seems to be a good source of tungsten in the ground globally. (source: www.lowyinstitute.org - A campaign rally in Flint, Michigan (Emily Elconin/Bloomberg via Getty Images) So, what does the metal need to make the potential of being Critical Metal a reality? The solution: - Bring in Mr Trump and the new Anti-China rhetoric with the lack of new mines. Today, that is happening. The beginning of the journey is happening, and investors will start to see the potential for a Tungsten Dominance that will be significantly larger than the recent Lithium and Rare Earth journey. 11.2 The US Factor - The Catalyst for Tungsten Dominance? When I started doing my research for this Insight, I was looking for the reasons why there is so much commentary, and there was even an article somewhere (which I cannot find again) that mentioned pricing in the USD $400 plus. As I have been close to this sector for a while, I felt that this was worth doing this Insight. I saw Oliver Friesen, the CEO and Executive Director of Guardian Metal Resource PLC, speaking in an interview, and I sought him out to get some current information. I had heard of the Chinese ban on exporting tungsten, and basically, Oliver has confirmed that, coupled with the "Make America Great" campaign, the tungsten supply is pretty much super tight. In fact, the price is currently USD 415 mtu, and a practical price of USD 450 mtu plus is probably more reflective of current pricing. Oliver explains that the price started to move in earnest the last few months, and it looks like the same narrative continues; there is going to be a shift to a critical supply shortage, a real supply shortage. He mentions that even companies like Boeing are concerned. In addition, I found an article from the Shanghai Metal Market (SMM) talking about how drone warfare is driving a silent surge in tungsten pricing— How Drone Warfare is Driving a Silent Surge in Tungsten Prices? If all these "news" are somewhat factual and legitimate, then the comments from Oliver will have weight and could finally drive the Tungsten market. 11.3 Final Thoughts For me, there is no doubt that the narrative for Guardian Metals is now all about Tungsten Dominance. Fortunately, for the likes of Guardian Metal, the slogan of President Trump, saying "Making America Great Again", will be the factor that will drive the whole Tungsten dominance. To add significance to this thought, I am told that Guardian Metals is in line for over USD6 M of grants from the US government, which highlights the real push for making Tungsten a headline for being on the Critical Metal list. As we have discussed, the pricing for tungsten has been on the downside since its rise in 2012, and could this be the actual factor that could drive pricing above and beyond? For ASX investors wanting a piece of the action, I will caution jumping into those that I have mentioned or those that I have not mentioned in the ASX. The train has definitely left the station, so the risk of negative news driving a fall like that historically is on the rise. The ASX does not have a good stock of tungsten companies with what I call a real project at a stage of running the mining story. If you look at just the "mining the market" investment opportunities, I do not have any comments at this stage. Group 6 has had a history of attracting lots of so-called "smart money" into the project when it was well understood that the high-grade resource just does not work. I remember back when things were good in 2012, I had discussed with a very big hitter in the resource fund game, and we both agreed that the Dolphin project would just be a money pit. Unfortunately, we are proven correct. I have not followed up on EQ, but I think some interesting things are happening lately. As for Tungsten Mining, it does have the Watershed project, which it bought for AUD 15M (was overpriced), that would surely be in the black at this stage. I know that project fairly well, and I am sure it will pass the Feasibility test at the pricing today. In the broader picture of critical minerals, tungsten is proof that not all value lies in visibility. The most strategic assets are often the least understood—until markets, militaries, and manufacturers collide. And in tungsten, they already are. For investors who recognise timing and context, this is a story of revaluation. The groundwork is laid. Now it’s about following the execution, watching the policy response, and positioning ahead of the mainstream. Happy hunting in the markets, and never skip the research. Reference: Foucaud, Yann & Filippov, Lev & Filippova, Inna & Badawi, Michael. (2020). The Challenge of Tungsten Skarn Processing by Froth Flotation: A Review. Frontiers in Chemistry. 8. 10.3389/fchem.2020.00230. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

23rd May 2025 Welcome to our weekly distribution of Samso content. We have had a busy week as we transition now to posting at least one Samso News per day. This week, we have decided to compile both Samso News and A Samso Insight for the collection. As we have been saying, Samso in 2025, is all about transitioning into an independent space and we will continue to increase our coverage with a move into all things AI in the coming weeks. This week, we have continued to publish a wider range of content and with the daily post, subscribers will be getting more content from us. In time we will be including sporadic "Exclusive" content just for subscribers to give you guys more value. This week we continue with a mixture mineral explorers and AI Learning theme. Most investors are not exposed to a wide spread of sectors in the ASX and I think it is nice to get a taste of other potential stories. The perceived risk and reward outcome may appear to be very different but I think the simple task of identifying what is a comfortable investing space is not very different. One just needs to look at the details and your appetite of risk. Check out this week's Samso News and Samso Insights : Emyria’s Empax Clinics: Scalable Psychedelic Therapy Meets Growing National Demand OpenLearning (ASX: OLL): Reinventing Education Through AI and Strategic Agility. E79 Gold Mines Unveils New Drill Targets at Laverton South. Kaiser Reef (ASX: KAU): Henty Gold Mine Acquisition Signals Step-Change in Production Ambitions. Minta Rutile Project—Awakening a New Titanium Frontier in Cameroon. What does a Copper Deposit Discovery Look Like? What You Need To Do: Subscribe to Samso HERE Click Support Us and choose one of the ways to support us commercially. In future, to help further support our platform, we will publish Pay-Per-Use Content that will be special editions. Clarity and confidence in investments Samso is a platform that offers exclusive access to industry knowledge and advancements across various business sectors. It provides timely information and updates in one place, giving serious investors a competitive advantage.  Supporting Samso will allow continued immersion in a world of insights that go beyond the ordinary, learning from influential CEOs and thought leaders who are shaping industries.  If you're a dedicated and passionate investor, it's time to support a bolder approach and take your investment knowledge, experience, and skills to the next level by supporting Samso. ------ 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 Get Deeper Insights The latest and most reliable information from experienced sources that are completely unbiased is 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.

Declaration: I am a shareholder of Peak Minerals Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. Astute investors will vouch that there is no such thing as a perfect investment opportunity, and this is Samso encourage followers to instead look for the ideal Risk-Reward proposition. However. Investors continue to look for that perfect investment opportunity that is, for some reason is extremely hard to find. For investors in the ASX (Australian Stock Exchange) mineral exploration sector, what does an ideal Risk-Reward proposition look like? Well, from my perspective, what we see commonly on the Samso platform is that the larger percentage of people we come across do one of two things: educate themselves and know the facts and ignore or filter out the noise, or just listen to the noise and hope for the best :-). Investors often talk about “genuine discoveries,” and they often point to big gold systems, new copper belts, or rare earth anomalies. But now and then, a story emerges that goes beyond the usual noise—a story that rewrites the map. That story, right now, is the Minta Rutile Project  in Central Cameroon . This reminds me of the time we published the story of Champion Iron Limited (ASX:CIA) and Canyon Resources Limited (ASX:CAY)   On the 26th February 2019, we published a Samso Insight on Champion Iron ( Champion Iron Limited (ASX: CIA, TSX: CIA) - An emerging Iron Ore company ) who were and are still mining magnetite ore in Canada. This was one of the best stories to come out during that period. In my opinion, this is remains a great story that has a version two in Cyclone Metals Limited (ASX:CLE) . The Canyon Resources Limited story was published on the 11th March 2020 ( The Best Small-Cap Bauxite Companies on the ASX ) and that was a bauxite story in Cameroon. That was the first time I started to learn about a bulk commodity story that was not iron ore. The Champion Iron and Canyon Resources stories helped me understand that these kinds of projects lead to real value propositions for the small-cap ASX companies. This is the very reason, the Peak Minerals story resonated with me after understanding the immense value creation that came from Champion Iron, Canyon Resources and now Cyclone Metals. It is comforting to see that Canyon, whose project is in Cameroon, is progressing into the final mining process as we speak ( Port Access Approval Received as Last Key Item for FID at Minim Martap Bauxite Project ). What better way to give comfort to the potential questions on jurisdiction risk? Figure 1: Location of the Minta project in Cameroon. (source: Peak Minerals Limited) Spanning approximately 8,800km²  (Figure 1) and backed by 18 granted exploration permits  and 3 applications , Minta is not just about geology—it’s about timing, market demand, and vision. It’s the kind of project that redefines a company, a region, and potentially, an entire commodity space. A Discovery Rooted in Forgotten Archives As I have mentioned, I met up with the CEO of Peak Minerals, Casper Adson, and we had a good chat about the project and how this opportunity for the company came about with good fortune and some tenacity from the Directors. At the heart of this discovery is Phil Gallagher , Non-Executive Director of Peak Minerals Limited , a geologist with over a decade of in-country experience in Cameroon. Armed with nothing more than local knowledge, historical whispers, and a dusty French BRGM report  from the 1950s—scanned, handwritten, and, of course, entirely in French—Phil and his local partners went back to basics. Non-Executive Director Phil Gallagher commented: “It’s a genuine discovery in an area that nobody realized held rutile—except maybe the French, briefly, seven decades ago.” Initial field samples were flown back to Perth. What came back from the lab wasn’t just positive—it was electric . The samples confirmed high-grade residual and alluvial rutile , along with angular rutile nuggets —a rarity in the mineral sands space. This was no coincidence. This was a new rutile province . A Rare Gem in the Titanium Supply Chain Rutile is a premium feedstock in the titanium industry, boasting up to 95% TiO₂ content , compared to the 45–65% typically seen in ilmenite. As Casper Adson , CEO of Peak Minerals, explains: “There hasn’t been a new rutile discovery globally since Sovereign Metals ’ Kasiya Project five years ago. The scarcity is real. Rutile production has dropped from a million tonnes per year to just half that.”  What makes rutile so compelling is not just its rarity—it’s the value uplift  it brings to processors and end users. With titanium feedstocks in high demand and supply tightening, projects like Minta are being viewed with renewed urgency. Fresh Results Confirm the Scale – 28km of Mineralisation Unfolds In a follow-up announcement dated 21 May 2025 , Peak Minerals reported another step change in the Minta discovery story. The second batch of drill results reveals a 28km mineralised strike , extending significantly northwest of the initial discovery holes (Figure 3). Importantly, every hole intersected Heavy Mineral (HM)  content from surface to the end of hole, with some standout intercepts (Figure 2): 3.1m @ 8.4% HM 6.8m @ 2.8% HM 3.5m @ 5.0% HM 1.2m @ 8.5% HM 6.3m @ 2.4% HM Figure 2: Inset from Figure 3 showing detail of significant HM intercepts across 28km at Minta Rutile Project. (source: PUA ASX Announcement 21 May 2025 )   All this across wide spacing, in an area never previously tested by modern methods. The 63.2% rutile assemblage  in discovery holes remains the benchmark, and the kicker is that these numbers do not yet include  the +1mm rutile nuggets , which could significantly boost total HM grades when assays come in.  Casper Adson, CEO, Peak Minerals, summed it up best: “These results reinforce the scale of the Minta Project, underscoring its potential as a new source of rutile and potentially a globally significant rutile province” Figure 3: Minta Rutile Project confirms a further 28km zone of mineralisation adjacent to discovery hole of 4m at 1.05% rutile. (source: PUA ASX Announcement 21 May 2025 )   What Does it Mean? This is a very important step in defining the potential for the Minta project. In my opinion, that is also a shareholder opinion; the results has kind of validated the potential size of the project ASX release on the 12th May 2025 - Discovery of Rutile Province in Cameroon . The size implication can now be backed up with some facts, and you can see that in Figures 2 and 3 above. The 28km strike length is very important, and the regional potential is highlighted in Figure 4 below. Time will tell whether my assumptions are vindicated but the signs are looking positive at the moment. One other major factor to consider is that the oversized samples have not been factored into the assays. This will be like isolating the supergene numbers from your drilling intercepts in a gold project. We all know that the grades are typically higher and more consistent in the supergene layer, so adding that into your "good" results will definitely impact positively, assuming that the oversize particles from Minta are carrying higher numbers. What’s Next for Minta? Phase 1 drilling is complete over a broad 1km x 10km grid. Phase 2 is now underway, extending reconnaissance across the 7,000km² tenement, with a further 134 drill holes planned (Figure 4). These are targeting both residual rutile zones and the structural basement rocks believed to be the source of high-grade shedding. Sample preparation and analysis will continue through the wet season, with selected samples also being tested for gold, particularly in the northeast, where artisanal activity and granitic intrusions coincide. The company aims to define higher-grade zones  for focused infill drilling and to advance the project towards a maiden Mineral Resource Estimate  by 2026.  Figure 4: Minta Rutile Project Phase 2 planned residual drilling (source: PUA ASX Announcement 21 May 2025 )     Why Cameroon? Why Now? There’s a quiet but firm shift happening in Cameroon. According to Phil, three mining licenses have recently been granted , including one from his previous venture. Construction has already begun. “The Ministry of Mines is supportive. The country wants mining to happen—it’s not just policy, it’s action.” In a world where securing large-scale tenure in underexplored terrain is increasingly difficult, Cameroon stands out as one of the last great frontiers . Minta, until recently, wasn’t just underexplored—it was unexplored . Samso’s Concluding Comments The Minta Rutile Project is a rare and refreshing example of what genuine mineral discovery looks like. It’s not just about high-grade rutile—it’s about rediscovering forgotten geological potential and breathing new life into a region that was left untouched for over half a century. What Phil and the team have achieved, starting with historical BRGM data and turning it into a large-scale, drill-confirmed discovery, is the kind of story we don’t see often in today’s exploration landscape. In a world where rutile supply is dwindling and demand for titanium feedstocks is climbing, Minta couldn’t have come at a better time. The combination of residual, alluvial, and nugget-style mineralisation across thousands of square kilometres makes this more than a single deposit—it hints at an emerging province. With assays still pending and more drilling underway, it’s clear that we’re only scratching the surface of what’s possible here. Figure 5: A model showing the styles of HMS rutile mineralisation on major HMS projects globally and on the Minta Rutile Project deposit model. (source Peak Minerals Limited) One of the exciting aspects of the project is the potential mineralisation style, which the company is proposing for its Minta project. As you can see in Figure 5, the model shows the different styles in which a rutile deposit could be deposited. The different styles are created depending on their life cycle over the geological time of mineralisation (creation), weathering, and erosion. The potential of Minta, if proven to be correct, is that it may be similar to what Sovereign Metals Limited is proposing for its deposit in Malawi. A deposit that stems from the development of a regolith weathering profile , which ultimately is a process of enrichment in situ, is the best scenario for Sovereign Metals and maybe Peak Minerals. It is the best mineralisation environment to be in, as there has been no loss of bulk through the process of erosion. You are basically in the pot that is brewing the broth. In closing, I think the latest ASX release may have allowed some form of comparison with Sovereign Metals and that may give investors and potential investors some kind of understanding of the potential size for Minta. If you take the current known size of the mineral resource that Sovereign has released to the market, a comparison to potential of Minta, that conversation will be interesting. Now we all know that this is paper comparisons at this stage, and paper results are good for many things other than our wishes and expectations. Cameroon’s rise as a mining destination adds another layer of significance, as I have mentioned with the Canyon Resources Bauxite project. With government support, available ground, and a growing appetite for investment, the country appears to be ready to host a new generation of mineral projects. The Minta project isn’t just leading that charge—it’s setting the tone and joining the many profitable mining projects in Africa. For those watching the titanium market, this is one discovery you don’t want to ignore.   Happy investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.