Carbonatite (By Eurico Zimbres Zimbres - Own work, CC BY-SA 3.0) Carbonatites are some of the rarest igneous rocks on the planet, comprising less than 1% of all identified igneous systems. Despite their rarity, they are highly significant in geology and resource economics. Unlike most igneous rocks, which primarily consist of silicate minerals like feldspars and pyroxenes, carbonatites are mainly made up of carbonate minerals, typically calcite, dolomite, or ankerite (refer to the Figure above). Their formation is associated with minor degrees of partial melting of mantle rocks that have an unusually high carbon dioxide content, resulting in magmas with unique geochemical characteristics (Figure 1). Partial melting of the mantle occurs when only a portion of the mantle rock melts due to changes in temperature, pressure, or the presence of volatiles like water. This process generates magma with a composition different from the original mantle, leading to the formation of new crust through volcanic and tectonic activity. These magmas typically ascend and solidify in shallow intrusions, creating ring complexes, plugs, dikes, or sills, often linked to alkaline igneous provinces (Figure 1). Chemically, carbonatites are rich in alkalis (sodium, potassium), volatile elements (including fluorine, chlorine, and carbon dioxide), and trace elements that are economically important. Figure 1: A schematic representation of the potential formation of Carbonatites. (source: [1]) This unusual chemistry explains why carbonatites are such critical hosts for strategic resources. Globally significant deposits like Bayan Obo in China and Mountain Pass in the USA are the world’s most important rare earth element suppliers, while Brazil’s Araxá and Catalão deposits provide the bulk of the world’s niobium (Figure 2). Other carbonatites, such as Palabora in South Africa, are mined for copper and phosphates, supporting industries as diverse as high-tech manufacturing and agriculture. Figure 2: Distribution of carbonatites and carbonatite-related REE deposits, including deposits in production and exploration targets discussed in this paper (source: [5] modified from Woolley and Kjarsgaard [2], Liu and Hou [3] and Verplanck et al. [4]). Because they occur so rarely yet contain such concentrated supplies of strategic commodities, carbonatites are of immense interest in both academic geology and global geopolitics, especially as nations compete for secure sources of rare earths and other critical minerals. Strategic Economic Importance of Carbonatites. Carbonatites, though geologically rare, sit at the heart of some of the most pressing economic and geopolitical issues of the 21st century because they are the primary source of several critical raw materials. Perhaps most importantly, they are the dominant host rocks for rare earth elements (REEs), which are indispensable in modern technologies such as permanent magnets for wind turbines, electric vehicle motors, smartphones, defence systems, and advanced electronics. For instance, the Bayan Obo deposit in Inner Mongolia, China, is not only the world’s largest carbonatite but also the single largest source of REEs globally, giving China a long-standing strategic advantage in controlling REE supply chains. Similarly, the Mountain Pass mine in California—also carbonatite-hosted—remains the United States’ only major REE production centre. In addition to REEs, carbonatites are the world’s primary suppliers of niobium, a metal critical for producing high-strength, lightweight steels used in infrastructure, pipelines, aerospace, and defence. Brazil’s Araxá and Catalão carbonatite complexes together supply over 80% of global niobium demand, effectively making Brazil the near-monopoly producer of this metal. Such concentration of supply in just a handful of carbonatite-hosted deposits has major implications for global markets and supply security. Carbonatites are also important sources of phosphates, a cornerstone of global agriculture. Deposits such as Palabora in South Africa and others in Africa and Brazil provide feedstock for fertiliser production, underpinning global food security. Some carbonatites further contribute secondary products like copper, uranium, fluorite, and titanium-bearing minerals, adding to their economic significance. From a strategic perspective, the rarity of carbonatites, combined with their unique role as suppliers of minerals central to renewable energy, advanced manufacturing, and defence, makes them “choke points” in global supply chains. Nations with large carbonatite-hosted deposits, such as China and Brazil, wield disproportionate influence in these markets, while others, such as the US, Europe, and Australia, are actively exploring or attempting to develop alternative deposits to reduce supply risks. This dynamic ties carbonatites directly into the broader narrative of geopolitical competition between the West and China, as well as international efforts to secure reliable, ethical, and diversified sources of critical minerals. Timeline of the Strategic Economic Importance of Carbonatites. Early 20th Century – Phosphate and Fertilisers The first strategic use of carbonatites emerged in agriculture. Deposits rich in phosphate were mined to produce fertilisers, which became critical in supporting global food production during the agricultural revolutions of the early to mid-20th century. African carbonatite complexes such as Tundulu (Malawi) and others in Brazil played roles in regional phosphate supply. At this stage, carbonatites were viewed largely through the lens of supporting food security. Mid-20th Century – Rare Earth Elements Enter the Scene During the 1950s–1960s, the strategic importance of carbonatites began to shift with the discovery that they contained highly concentrated rare earth elements (REEs). The Mountain Pass carbonatite in California became a major global REE supplier, particularly during the Cold War, when rare earths were increasingly recognised as vital for defence technologies, including sonar, radar, and missile guidance systems. This period marked the first recognition of carbonatites as critical mineral resources beyond agriculture. Late 20th Century – Niobium and Steelmaking By the 1970s–1980s, carbonatites in Brazil (Araxá and Catalão) rose to prominence as the primary global suppliers of niobium. With niobium’s unique ability to strengthen steel without adding weight, it became indispensable in pipelines, construction, aerospace, and automotive industries. Brazil’s dominance over niobium supply—rooted in carbonatite deposits—remains effectively unchallenged today, giving it a rare position of near-monopoly in a globally critical metal. 1990s–2000s – China’s Dominance Through Bayan Obo The Bayan Obo carbonatite complex in Inner Mongolia transformed global REE supply dynamics. By heavily investing in mining and downstream processing, China established near-total control of REE markets by the 1990s. This dominance was reinforced when Mountain Pass production declined due to environmental and cost pressures. REEs became essential for consumer electronics and early clean energy technologies (e.g., wind turbines), cementing carbonatites’ status as central to the modern economy. 2010s – Critical Minerals and Geopolitics As renewable energy and electric vehicles gained momentum, carbonatites gained renewed strategic importance. REEs, niobium, and phosphates became recognised as critical minerals by many governments. China’s restriction of REE exports in 2010, which sent shockwaves through global markets, highlighted the vulnerability of supply chains tied so closely to carbonatite deposits controlled by one nation. This triggered efforts in the US, Australia, and Europe to diversify REE sources and develop projects outside of China. 2020s – Energy Transition and Supply Chain Security Today, carbonatites are at the centre of the energy transition narrative. REEs from carbonatites are vital for permanent magnets in wind turbines and EV motors, while niobium strengthens materials in renewable energy infrastructure. Phosphates remain crucial for global agriculture. As geopolitical tensions between China and the West intensify, carbonatites represent not just mineral wealth but strategic leverage in critical supply chains. Countries such as Australia, Canada, Tanzania, and Greenland are actively exploring or advancing carbonatite-hosted projects to diversify global supply and reduce reliance on China and Brazil. In short: The strategic importance of carbonatites has evolved from fertiliser security (phosphates) → to Cold War defence (REEs) → to industrial infrastructure (niobium) → to global tech and clean energy (REEs & niobium). Investors are generally unaware of Carbonatites and their implications to food security, energy security, and geopolitical competition, making them some of the most strategically significant rocks on Earth. Australian Examples of Carbonatites. Carbonatites are genuinely rare in Australia (Figure 3), but they’re not random. Broadly speaking, it is widely felt that the known occurrences (roughly a dozen-plus to ~28 depending on classification) fall into three broad belts: East Yilgarn, Halls Creek, and Arunta. Like all facts historically, it is always open to changes, but the broad belts align themselves to a specific known geology which ties carbonatites to long-lived alkaline magmatism and deep mantle plumbing—exactly the settings that feed REE, Nb and P systems. Figure 3: Map of identified carbonatites in Australia. (source: [6]) (1) Lake Machattie (Collerson et al., 2016), (2) Mulligan (Collerson et al., 2016), (3) Walloway (Nelson et al., 1988), (4) Euralia (Jaques, 2008), (5) Oolgelima (Swain, 2022), (6) Mordor Igneous Complex (Chandler and Gonza´lez-A´lvarez, 2022), (7) MudTank Carbonatite Complex (Chandler and Gonz´alez- A´lvarez, 2022), (8) Mount Bleechmore (Chandler and Gonza´lez-A´lvarez, 2022), (9) Nolans Bore (Chandler and Gonza´lez-A´lvarez, 2022), (10) Yungal Carbonatite (Chandler and Gonz´alez-A´lvarez, 2022), (11) Copperhead Igneous Complex (Chandler and Gonza´lez-A´lvarez, 2022), (12) Cummins Range (Chandler and Gonza´lez-A´lvarez, 2022), (13) Stansmore (Lycaon Resources, 2022), (14) Pachpadra (Rincon Resources, 2022), (15) Mick Well Carbonatite Complex (Kingfisher Mining, 2022), (16) Mundine Well Dolerite (Chandler and Gonz´alezA´lvarez, 2022), (17) Gifford Creek Carbonatite Complex (Pirajno et al., 2017), (18) Yangibana Granite (Pirajno et al., 2014), (19) Granny Smith (Chandler and Gonz´alez-A´lvarez, 2022), (20) Wallaby Syenite (Chandler and Gonza´lez-A´lvarez, 2022), (21) Mount Weld (Chandler and Gonza´lez-A´lvarez, 2022), (22) Redlings (Marquee Resources, 2022), (23) Mons Carbonatite (Nimy Resources, 2023), (24) Hines Hill (White Cliff Resources, 2022), (25) Ponton (Chandler and Gonz´alez-A´lvarez, 2022), (26) Cundeelee (Chandler and Gonza´lez-A´lvarez, 2022), (27) Leviathan (Strategic Elements, 2022), (28) Moonera (Sensore,2022). East Yilgarn (WA): The headline act is Mount Weld, a Proterozoic carbonatite complex later weathered into one of the world’s richest LREE laterites—a classic case of supergene enrichment over a carbonatite source. Regional geochronology pins the alkaline–carbonatite event at ~2.03 Ga; the ore is dominantly LREE-rich, consistent with global carbonatite signatures. Nearby Ponton Creek/Cundeelee sits in the same alkaline province and reinforces the belt-scale picture. Halls Creek (WA): Cummins Range is a zoned, ~2 × 2 km carbonatite pipe with REE-phosphate-niobium mineralisation. The current (2023–24) resource work repositions it as one of Australia’s largest undeveloped REE–P systems (company-reported MRE in the ~520 Mt @ ~0.31–0.32% TREO and ~4.6% P₂O₅ range; NdPr ~22% of TREO). This is the belt where “pipe-scale” geometry, phosphate association and Nb credits all line up with global carbonatite analogues. Arunta (NT): Mud Tank is the country’s classic textbook carbonatite—730 Ma lenses emplaced along a ductile shear zone, with a broad fenite halo and a long history of vermiculite and zircon (including record-sized crystals) activity. It anchors the Arunta belt alongside carbonatite-related alkaline intrusions (e.g., Mordor), showing that REE fertility here is as much about structure (shear zones) as it is about magma chemistry. Figure 4: A presentation slide from WA1 Resources Limited, which highlights the value proposition of the Luni Niobium deposit. The whole Australian carbonatite landscape changed in November 2022 with the discovery of the Luni deposit by WA1 Resources Limited (ASX:WA1) (Figure 4). This sparked the realisation that the prospective Arunta complex has been harbouring immense value for stakeholders in the region (Figure 5). Encounter Resources Limited (ASX: ENR), which holds the majority of the complex (Figure 5), appears to be holding all the upside and recently declared that its tenement holding could be a world-class carbonatite province. Encounter's exploration results indicate a suite of hybrid styles of carbonatites, which now include potential sources of gold and copper. Figure 5: The carbonatite province that Encounter Resources is promoting, which would change the scale of value if this were to become a reality. As an exploration geologist, I am very excited to see what Encounter discover as the Arunta complex has always been my favourite place to explore as it has been largely untapped for decades due mainly to its remoteness. Regions such as this and that of the Western Gawler Craton in South Australia have had little exploration work till now. Why Mount Weld, Cummins Range, and Gifford Creek/Yangibana matter. Mount Weld demonstrates the weathering-upgrade model: a fertile carbonatite becomes tier-one ore after tropical–subtropical lateritisation concentrates LREE near surface—an exploration clue for other buried carbonatites on cratonic margins. Cummins Range shows pipe-scale tonnage with P & Nb associations, a hallmark of many productive carbonatites globally and a potential multi-commodity value stack. Gifford Creek/Yangibana (Gascoyne) is crucial scientifically: ferro-to calc-carbonatite dykes, fenites and magnetite–biotite intrusions feed a district of LREE “ironstones.” Understanding the carbonatite plumbing has reframed the ironstones from odd veins to carbonatite-linked REE systems, tightening targeting models for HREE/LREE zoning and structural controls. For investors on the ASX, Australia’s carbonatites are few, but they are now lining up as immense value creation as the global minerals exploration players are dealing with geopolitical issues and increasing jurisdiction hurdles as developing regions are playing the nationalisation card. I think that the playbook for stakeholders looking for these styles of mineralisation should start looking at the alkaline provinces, and begin to look at the geological indicators such as fenite halos and carbonatite dykes, and supergene processes that can transform a “fertile but subtle” intrusion into a genuine orebody. In other words—small footprints, big optionality. In Australia, these provinces are present and here are some of the known areas described below in greater detail: Western Australia (WA) Mount Weld (Laverton, Yilgarn Craton) — Classic Proterozoic carbonatite plug (~4 km across) with world-class REE laterite; carbonatite dykes extend kilometres beyond the plug. Ponton Creek / Cundeelee (east of Kalgoorlie) — Large Paleoproterozoic intrusive complex (~10 km) with ultramafic core and apatite-rich carbonatite veins; part of the Eastern Goldfields alkaline suite. Gifford Creek Carbonatite Complex (Capricorn Orogen, “Yangibana district”) — Mesoproterozoic alkaline–carbonatite system (calcite→ferrocarbonatites, magnetite–biotite dykes, fenites); hosts/feeds the Yangibana LREE “ironstone” bodies. Cummins Range (Halls Creek Orogen) — Composite, zoned carbonatite stock (~2 km) with REE–P–Nb mineralisation; one of Australia’s largest undeveloped REE–phosphate systems Copperhead occurrence (Halls Creek area) — Small alkaline intrusion with albitite and local “carbonatite” breccia pods; Paleoproterozoic age (~1821 Ma). Yungul carbonatite dykes (Speewah, East Kimberley) — Narrow carbonatite dykes spatially linked to the Speewah fluorite system along the Greenvale Fault. Granny Smith & Wallaby (near Laverton) — Carbonate-rich dykes/veins reported in the gold camps; some described as late/post-ore carbonatites or debated “carbonatites” related to syenites. Northern Territory (NT) Mud Tank (Harts Range/Strangways) — First recognised Australian carbonatite; lensy bodies with a strong fenite halo; vermiculite mined; famous for zircon. Mordor Igneous Complex (near Mud Tank) — Alkaline complex with carbonate-rich veins and dykes (carbonatite-related, older than Mud Tank). South Australia (SA) Walloway (Eurelia/Orroroo area) — Small dykes and plugs of carbonatite within a Jurassic kimberlite–lamprophyre field at the Gawler margin; active modern re-evaluation Oolgelima “Intrusive Complex” (north of Coober Pedy) — Investigated with a carbonatite model (prospective/under study rather than confirmed classic carbonatite). Drilling results of 78m @ 0.31% TREO (incl. 6m @ 1.1% TREO). It is being interpreted as carbonatite-related REE mineralisation tied to Proterozoic rifting. Mount Brady — Carbonates present, but SA government notes they are crustally derived (i.e., not mantle-derived carbonatite). Recent work has produced assays of 0.9% Cu, 2% P, and 1000 ppm REE. Accordingly, the carbonates appear crustally derived, not mantle carbonatites, but linked to multiple mineralising events. Australian Unexplored Regions for Carbonatites? As Australian government mineral resource agencies begin to release data for potential mineral discoveries, the rush to find these areas is increasing with each dataset release. I came across a recent presentation, "Where are South Australia's Carbonatites ? - Dr Mitchell Bockmann - Geological Survey of South Australia - Discovery Day" by Dr Mitchell Bockmann. Recent work by Dr Mitchell Bockmann revisits key sites such as Walloway and Mount Brady (See Figure 3), highlighting both past observations and new insights. The results suggest South Australia has a role to play in the carbonatite narrative, particularly at a time when critical mineral supply chains are front and centre of geopolitical conversations. According to Dr Bockmann, South Australia has flagged additional prospects in South Australia, such as Billeroo North, Umberatana Diatreme, and Mount Brady. Geochronology across the northern Gawler Craton shows repeated thermal and mineralising events after the 1590 Ma Hiltaba–GRV event. Figure 6: Potential new regions of carbonatites to be discovered in Australia. Geological Context Walloway: A diapiric structure intruding Neoproterozoic–Cambrian sediments, with multiple narrow dykes carrying carbonatitic minerals such as perovskite, apatite, zirconolite, and calcite. Geochemistry and mineralogy suggest a carbonated kimberlite parent magma that fractionated into both kimberlite and carbonatite. Oolgelima: Alkaline intrusive complex with drill intersections confirming REE enrichment. Strongly tied to regional mantle structures and the 1460 Ma rifting event in the Northern Gawler Craton. Mount Brady: Previously considered a skarn, now reinterpreted with carbonate-rich assemblages. However, geochemical signatures point to a crustal carbonate source, complicating its classification as a true carbonatite. Exploration Potential South Australia’s carbonatite potential remains underexplored. The confirmed REE–Nb values at Walloway, the promising drill results at Oolgelima, and the polymetallic footprint at Mount Brady highlight an emerging opportunity. Other targets, such as Billeroo North (alkaline complex) and the Umberatana Diatreme (carbonatitic diatreme with alkaline rocks), add further prospectivity. These sites demonstrate that mantle-linked magmatism across the state may hold untapped critical mineral systems. Samso Concluding Comments Mineral exploration is always about the holy grail of discovery; however, in the fast-paced world of the ASX, it is not always the case. The influence of capital required and the ROI on the capital is primarily the major determinant of whether discoveries are made. For those who are in that space of having the passion to seek these discoveries, we are always torn between pleasing that capital requirement and the techniques required to make those discoveries. To add to the confusion and frustrations, the path for mineral exploration is largely determined by the "flavour" of the moment, which ultimately determines which type of projects are funded or not. Carbonatites are now in the limelight, but it has been pretty much unknown prior to the Luni discovery by WA1 Resources. If anything, this discovery had brought the attention of ASX capital towards the search for Carbonatites. Companies such as Encounter Resources Limited are now 100% geared to the search and development of their Carbonatite province (Figure 5). Most ASX investors within the micro-small cap space would not have understood the word carbonatites, but they know about the projects that are hosted by this source rock. Figure 6 clearly identifies numerous projects that are associated with carbonatites, but I would say most investors do not know and, in some way, don't care much about the technicalities of what the source rocks are for their investments. They just care about the ROI, which makes sense, too. For me, as a practising explorer in Australia, South Australia’s carbonatite story is one of hidden potential waiting for modern exploration to unlock. Walloway offers a direct REE–Nb opportunity, Oolgelima strengthens the case for Proterozoic carbonatite-linked REEs, while Mount Brady demonstrates the complexity of crust–mantle interactions in mineralising systems. With critical minerals firmly on the global agenda, South Australia’s carbonatite-related systems should transition from academic curiosity to strategic exploration targets. For investors and explorers, the key takeaway is simple: there is still room for discovery in Australia’s backyard. Figure 7: Interpreted solid geology of the Gawler Craton and Curnamona Province. The Olympic Domain, Central Gawler Gold Province, major IOCG deposits and U–Pb crystallisation age data (Ma) for the Hiltaba Suite and similar-aged intrusives are shown. See Tiddy and Giles (2020) for data sources. Reprinted from Tiddy and Giles (2020, fig 2) with permission from Elsevier. (source: [14]) As a director and shareholder of Taiton Resources Limited (ASX: T88), the concept of carbonatites is new, but having researched what is happening in the province of the West Arunta with WA1 Resources and Encounter Resources, I am encouraged to be thinking about what we have at our Yogi prospect at the Highway project in South Australia. You can read the announcement here: 18th September 2024 - Gravity Anomalism up to 6 mGal Support Highway IOCG Targets The basis of the interpretation is that there is a strong gravity anomaly (Figure 8) that is adjacent to a mag high, which is an IOCG-style scenario; however, as I have mentioned, Encounter does not have as strong a gravity requirement as what is at Luni for WA1 Resources. Figure 8: Yogi residual Bouguer gravity anomaly image over subset inversion model target area. (source: Taiton Resources Limited). The undeniable fact is that Taiton Resources has an extremely strong gravity target sitting below, and it's a target that needs to be drilled. The density source in my opinion, can only be something that is a carbonatite source or from an IOCG-style source, namely haematite; however, the question is if there is mineralisation and if so, then is it economical. Readers should also not that the alternative is also just as plausible and that is the target is just another uneconomical "blob" of something. There is always a binary result and for those people who have worked in the realm of mineral exploration, they will undeniably affirm this potential result from drilling the any Yogi-style target. Figure 9: Yogi prospect long-section of modelled denser core; 3.17 g/cm3 gravity iso-shell (magenta body), within broader dense body 2.97 g/cm3 gravity iso-shell (green wireframe) with modelled 0.025 SI magnetic iso-shell (pink body) interpreted to represent a potential intrusion. (source: Taiton Resources Limited). The compelling nature of this Yogi target is highlighted in Figure 9. Seasoned explorers will say that this is a great target that should be drilled. As much as it is a lottery for Taiton, it is without a doubt a target many explorers will find it hard to walk away without testing it. From a geological point of view, we can learn a lot from the Luni project (Figures 4 and 5) and what Encounter is discovering in their region. The Luni deposit was largely driven by a magnetic and gravity association; however, I am told that the carbonatites discovered on the other side of the tenement boundary blend itself to more of a hybrid combination of factors and have a lesser gravity signature. When you look at Figure 7, there is a distinct separation of the Gawler Gold Province and the Olympic Dam Cu-Au Province, but as a self-proclaimed proponent of this art of geological exploration, I will simply say that there are very few mineral deposits that have the same signature of any kind. Both WA1 and Encounter thought they were seeking an IOCG-style deposit; however, both have now got something drastically different. The Paris Silver deposit was discovered in what was not supposed to be ideal for that style of mineralisation, but that is another enigma of past thinking being too "pigeon-holed" into types and styles and not really understanding the dynamic, mechanical and geochemical nature of metal mineralisation. For those interested, one should check out the latest Coffee with Samso with Jon Hronsky, who is a seasoned mineral explorer and is currently a Non-Executive Director of Encounter Resources Limited. In this Coffee with Samso, we talked in great detail about the Carbonatite movement, which is now potentially another boost to Australia's dominance of mineral resources. Note that Jon is always referring to his concept of Mineral System exploration and I am a firm believer of his thoughts. Find the system, find the deep structures that can deliver the mineralisation and find the depositional environment and you got yourself a deposit. As usual, I guide readers to look at this Samso Insight as my thoughts and views over the last three decades in the industry. In regard to my thoughts on the Yogi prospect, it is driven deeply by my passion as a mineral explorationist with a sense of satisfaction that this is a project driven by myself and the team at Taiton Resources. A discovery would be a fulfilling part of my twilight path in the coming years. Always DYOR and happy investing. Cover photo: Plume from Ol Doinyo Lengai, Jesse Allen. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Plume_from_Ol_Doinyo_Lengai.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research At #SamsoNews, the focus is always on separating signal from noise and grounding every analysis in facts and context. Real insights only emerge when investors take the time to do their own research and look beyond the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. 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Reference: Where are South Australia's Carbonatites? - Dr Mitchell Bockmann - Geological Survey of South Australia - Discovery Day Woolley, A.R.; Kjarsgaard, B.A. Carbonatite occurrences of the world: Map and database. Geol. Surv. Can. Open File 2008, 5796, 1–21. Liu, Y.; Hou, Z.Q. A synthesis of mineralization styles with an integrated genetic model of carbonatite-syenite-hosted REE deposits in the Cenozoic Mianning-Dechang REE metallogenic belt, the eastern Tibetan Plateau, southwestern China. J. Asian Earth Sci. 2017, 137, 35–79. Verplanck, P.L.; Mariano, A.N.; Mariano, A., Jr. Rare Earth Element Ore Geology of Carbonatites. In Rare Earth and Critical Elements in Ore Deposits; Verplanck, P.L., Hitzman, M.W., Eds.; Soc Economic Geologists, Inc.: Littleton, CO, USA, 2016; pp. 5–32. Carbonatite-Related REE Deposits: An Overview by Zhen-Yu Wang, Hong-Rui Fan, Lingli Zhou, Kui-Feng Yang and Hai-Dong She Arianne Ford ᵃ,*, David Huston ᵃ, Jonathan Cloutier ᵃ,ᵇ, Michael Doublier ᵃ, Anthony Schofield ᵃ, Yanbo Cheng ᵃ, Eloise Beyer ᵃ A national-scale mineral potential assessment for carbonatite-related rare earth element mineral systems in Australia. ᵃ Geoscience Australia, Canberra, ACT, Australiaᵇ CODES, University of Tasmania, Australia, Ore Geology Reviews 161 (2023) 105658 Collerson, K. D., Hutton, L., and Murphy, D., 2016, The Diamantina Alkaline Province in western Queensland - exploration potential and geodynamic significance, in Digging Deeper 2016 Extended Abstracts, Queensland Geological Record 2016/06: Brisbane, Geological Survey of Queensland, p. 6. Nelson, D.R., Chivas, A.R., Chappell, B.W., McCulloch, M.T., 1988. Geochemical and isotopic systematics in carbonatites and implications for the evolution of ocean island sources. Geochim. Cosmochim. Acta 52 (1), 1–17. Jaques, A. L., 2008, Australian carbonatites: their resources and geodynamic setting, 9th International Kimberlite Conference, Volume Extended Abstracts 9, p. 1-3. Swain, G., 2022. A ‘Carbonatite’ Model for the Oolgelima Intrusive Complex: South Australia’s next critical minerals project Sub22 Conference: Adelaide. CSIRO, Australia. Chandler, R. and Gonza´lez-A´lvarez, I., 2022, Australian carbonatites: insights on geological characteristics, exploration proxies and national prospectivity for undiscovered carbonatites and associated critical metal mineralisation: CSIRO, EP2022-5026, 63 pp. Pirajno, F., Gonz´alez-A´lvarez, I., Border, A., and Porter, M., 2017, Mount Weld and Gifford Creek rare earth elements carbonatites, in Phillips, N., ed., Australian Ore Deposits, Monograph 32: Australia, Australasian Institute of Mining and Metallurgy, p. 163-166. Pirajno, F., Gonz´alez-A´lvarez, I., Chen, W., Kyser, K.T., Simonetti, A., Leduc, E., leGras, M., 2014. The Gifford Creek Ferrocarbonatite Complex, Gascoyne Province, Western Australia: Associated fenitic alteration and a putative link with the ~1075 Ma Warakurna LIP. Lithos 202-203, 100–119. Caroline Tiddy and David Giles, Suprasubduction zone model in eastern Australia, MESA Journal 93, pages 32–46, Published October 2020 Mineral Exploration Cooperative Research Centre (MinEx CRC) and Future Industries Institute, University of South Australia 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. 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There’s a quiet revolution happening in the world of legumes. While soybeans have long commanded attention on the global protein stage, lupins are now making their case—quietly, steadily, and with substance. For the discerning investor or agronomist, this is more than a trend. It’s an opportunity to get ahead of the curve. Rediscovering an Ancient Crop Lupins have a rich history, stretching from the ancient Mediterranean to the highlands of the Andes (Figure 1). Domesticated species like L. albus, L. angustifolius, L. luteus, and L. mutabilis have long served both nutritional and agricultural purposes. Today, their versatility is driving renewed interest. Figure 1: Global Lupin Groupings (Old World vs New World) (From: Exploring Lupins in China) Australia currently leads the world in lupin production, over 85% of global output (Figure 2). But the crop’s footprint is expanding. Countries from Russia to Uruguay are scaling up (Figure 3). Even China, a latecomer, is now the world’s top lupin importer. Figure 2: Global Lupin Production Maps and Top Producers (From: Exploring Lupins in China) Figure 3: Global Lupin Production Maps and Top Producers (From: Exploring Lupins in China) A Nutritional Story Worth Telling At a time when consumers are scrutinising labels, lupins deliver in spades: high protein (28–48%), low glycaemic index, and rich in dietary fibre and antioxidants. Studies show promising results for managing blood sugar and cholesterol, with gamma-conglutin emerging as a potent insulin mimic. That nutritional potential starts at the plant level. The lupin plant and its nutrient-dense seeds are the biological foundation of these powerful health properties. As shown in Figure 4, these aren’t just ordinary legumes—they’re nutrient-packed vessels loaded with functional proteins, antioxidants, and bioactive compounds. They represent the raw material of what’s now being recognised as a modern superfood. Figure 4: Lupin Plant and Seeds- (a) Lupin Plant; (b) Seeds of white lupins (From: Exploring Lupins in China) In Western Australia, fermentation studies using Bacillus subtilis show an uptick in mineral bioaccessibility, particularly calcium and iron (Table 1 & Table 2). Fermented lupin, akin to a natto-style product, isn’t just healthy—it’s a functional food in the making. Table 1: Mineral Composition - Total mineral content (mg/100 g db) of Australian sweet lupin whole seed and dehulled kernels as affected by processing stage† (From: Bacillus subtilis Fermentation Study) †Mean ± standard deviation, n = 2. Table 2: Bioaccessibility - Mineral bioaccessibility (%) of Australian sweet lupin whole seed and dehulled kernels as affected by processing stage† (From: Bacillus subtilis Fermentation Study) †Mean ± standard deviation. A Partner in Soil Health Here’s where lupins truly set themselves apart. They aren’t just a food crop—they're ecosystem engineers. With the ability to fix atmospheric nitrogen and mobilise soil phosphorus, lupins enhance soil fertility naturally. Their resilience in poor and acidic soils makes them ideal for regions grappling with degraded farmland. In China, where monocropping and fertiliser overuse have strained soils, lupins offer a way forward. The review underscores the crop’s potential in reducing chemical dependence while improving productivity. It’s not just theory—China’s ongoing research into lupin genetics, mycorrhizal associations, and phosphorus uptake confirms the shift is already underway. Figure 6: Disease Challenges & Breeding Potential - (a) White rot of lupins, (b) Rust, (c) Root rot. (From: Exploring Lupins in China) Figure 6 captures a crucial reality: Lupins, while resilient, are not immune to agronomic challenges. White rot, rust, and root rot are real concerns, particularly as cultivation expands into new geographies. What’s important here is not the threat itself, but the response. The figure serves as a visual reminder of why China’s breeding programs, disease resistance trials, and genetic work are so timely. For a crop with this much promise, these investments are not optional, they’re foundational. Fermentation – The Modern Twist From traditional preparation to probiotic innovation, fermentation unlocks new value in lupins. The Australian study proves that soaking, boiling, and fermentation can elevate nutritional performance while making lupins more bioavailable and palatable. The drop in anti-nutritional compounds post-fermentation is especially valuable for populations managing deficiencies or seeking better nutrient absorption from plant-based foods. It also points to commercial food innovation—fermented lupin snacks, beverages, and supplements aren’t far off. Why Lupins Matter What makes lupins so compelling is their ability to unite nutrition, sustainability, and versatility in a single crop. This is a food that doesn’t just sit on a plate—it works in the soil, supports gut health, balances blood sugar, and may even help tackle rising rates of cardiovascular disease. Lupins thrive where other crops struggle and contribute where many fall short. They are the kind of quiet achievers the food system needs more of. Blood Sugar and Diabetes: Lupin consumption, particularly when added to carbohydrate-rich foods or beverages, has been shown to reduce post-meal blood glucose spikes in individuals with Type 2 diabetes. The conglutin-γ protein is believed to contribute to this blood sugar-lowering effect. Blood Pressure and Cardiovascular Health: Regular intake of lupins, especially in whole form, is associated with lower blood pressure and improved cholesterol levels. Their protein and fibre content may play a direct role in supporting cardiovascular wellness. Satiety and Weight Management: Rich in protein and fibre, lupins increase satiety and can help reduce overall food intake, supporting healthy weight management over time. Gut Microbiome: Emerging research suggests that lupins positively influence the composition and diversity of the gut microbiome, potentially supporting immune and digestive health. Other Benefits: Lupins are loaded with antioxidants, fibre, and essential nutrients. Some studies also indicate their role in lowering LDL ("bad") cholesterol, adding further to their profile as a heart-smart food. Lupins in Action Wide Open Agriculture Limited (ASX: WOA) is proving what lupins can deliver at scale. With its proprietary lupin protein isolates (BP80F and LP90), WOA is capturing global attention for their clean-label, nutritionally complete functionality. Their products harness the whole lupin—protein, fibre, and oil—and apply them to everything from protein powders and beverages to baked goods and cosmetics. WOA frames the challenge clearly: industrial protein systems have broken the nutritional and environmental balance. Their approach? Fix it with a crop that regenerates soil, reduces emissions, and fits into the plant-based protein future without compromise. The company is now scaling sales across Latin America and China, and its recent distribution deal with Univar (US$11.5B revenue) is unlocking China's vast protein and nutraceutical markets. In a world where food needs to nourish people and restore ecosystems, WOA’s lupin portfolio is showing what transformation looks like—from seed to solution. Samso’s Concluding Comments What makes lupins compelling is not just their nutritional profile or their soil-enhancing abilities—it’s the way these traits align with the demands of a changing world. In a market that’s moving towards climate resilience, clean labels, and food security, lupins offer a genuine solution, not a speculative promise. They are ready to fill the gap between agricultural efficiency and human health. One example of this shift in motion is Wide Open Agriculture Limited, which has already tapped into the Chinese market with its lupin-based protein isolates. Their sustainable and premium plant-based proteins reflect the kind of innovation that lupins are enabling—products that meet global consumer demands while staying grounded in regenerative agriculture. We’re watching a crop grow into its role—not just as a supporting act to soy or peas, but as a protagonist in its own right. With global interest picking up and real innovation underway, the momentum around lupins is building. Australia has quietly mastered its cultivation, and countries like China are now exploring how far it can go. For investors, researchers, and policymakers looking at the intersection of science and soil, lupins are an underrated opportunity. This is more than diversification—it’s about participation in a shift. And for those paying attention, this might be the best time to listen to what this quiet crop is telling us. Cover photo: Longspur Lupine - Craters of the Moon, Idaho, Lbreid. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Longspur_Lupine_-_Craters_of_the_Moon,_Idaho.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research At Samso, we believe insight is earned through curiosity, patience, and a willingness to follow the data where it leads. The story of Lupins is a case in point. Beneath the surface of a quiet legume lies a wealth of scientific research, agronomic innovation, and commercial momentum. Whether you're an investor, academic, or just someone who values thoughtful discovery, the message is simple: research reveals what the headlines miss. And in a world of noise, that’s your edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References Rani, P., & Rani, J. (2025). Lupinus: A Multipurpose Crop – Potentialities and Improvements. Annual Research & Review in Biology, 40(1), 87–100. Lim, S.-J. (2025). Exploring Lupins in China: Insights into Cultivation and Challenges for Sustainable Agricultural Development. Legume Research – An International Journal. Wickramasinghe, N., Soares, M., Jayasena, V., Coorey, R., & Johnson, S. K. (2024). The effect of Bacillus subtilis fermentation of Australian sweet lupin on its mineral composition and in vitro bioaccessibility. International Journal of Food Science and Technology, 59(10), 6944–6951. Wide Open Agriculture Ltd. (2025). Investor Presentation – June 2025. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. 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.

Founded in 2004 by Peter Van Der Made, BrainChip Holdings Ltd (ASX: BRN) stands out as an innovative force in the artificial intelligence (AI) landscape, especially in the realm of neuromorphic computing. The company claims to be the world's first commercial producer of neuromorphic processors that can mimic the way the human brain processes sensory inputs. Over the past six months, BrainChip shares have appreciated more than 70% backed by the company’s renewed focus on the Edge AI “explosion” (Figure 1). The company’s shares are currently trading at A$0.29 with a market cap of $A517 million. Figure 1: BRN share price chart (Source: ASX.com) Cutting-edge products set the stage At the core of BrainChip's product line are the MetaTF development environment and the AKD1000 neuromorphic processor (Figure 2). MetaTF facilitates the training and deployment of spiking neural networks (SNNs), accommodating a broad spectrum of data inputs, such as images and videos, across diverse applications like security and industrial automation. The AKD1000 processor itself is a marvel of engineering, featuring 1.2 million artificial neurons and 10 billion synapses, which operate on an event-based processing paradigm. This design ensures highly efficient data processing with minimal power consumption, making it ideal for edge devices. Figure 2: Brainchip products. Expansion and Evolution Throughout 2021 and 2022, BrainChip expanded its market reach by launching development kits for its Akida AI processor and forging strategic partnerships, including a notable collaboration with NVISO and incorporating the Rochester Institute of Technology into its University AI accelerator program. 2023 marked a significant transition, fueled by industry shifts towards generative AI and fluctuating market demands. Despite these challenges, BrainChip seized the opportunity to advance its technology and enhance its market positioning. The launch of the AKD1500, a refined reference chip design, underscored the company's commitment to maintaining a competitive edge. What is Edge AI? Edge artificial intelligence (AI) refers to systems that process and analyse data at the site where it is generated, rather than transmitting it to a centralised server or cloud for processing. This approach is used in devices that operate at the "edge" of the network, such as smartphones, industrial robots, or Internet of Things (IoT) devices. Edge AI has the advantage of reducing latency, as the data does not have to travel over a network to a data centre. It enhances privacy, by processing sensitive data locally rather than sending it to the cloud; and it can reduce bandwidth requirements and operational costs. Common applications include real-time data processing in autonomous vehicles, on-device speech recognition, and security systems. Strategic Strides in 2024 In 2024, BrainChip's strategy pivoted towards capitalising on the burgeoning demand for Edge AI, which promises optimised, cost-effective computing solutions tailored to specific applications, from automotive to consumer electronics. The company's proactive approach is evident in its expansion into new sectors such as SpaceTech and Healthcare, driven by a blend of strategic partnerships and innovative product development. BrainChip's leadership, underpinned by the arrival of Dr Anthony Lewis as the new CTO, a neuromorphic technology trailblazer, is focused on harnessing the potential of Temporal Event Based Neural Nets (TENNs) and other advanced features. This strategic direction not only aims to elevate the company's technological footprint but also to fortify its standing in a competitive market. A Future Shaped by Agility and Innovation The ongoing transformation within BrainChip reflects a broader industry trend towards agile, adaptive business models that prioritise rapid innovation and market responsiveness. By investing in domain-specific expertise and fostering robust industry partnerships, BrainChip is not just reacting to market trends but actively shaping them. This strategy extends beyond technology development to encompass comprehensive market engagement, ensuring that BrainChip remains at the forefront of the AI revolution. Robust Foundation BrainChip's journey began with a pivotal acquisition by Aziana, an Australian mining company, in March 2015, which subsequently led to a reverse merger placing BrainChip on the Australian Securities Exchange. This strategic move was complemented by leadership shifts, with Louis Di Nardo stepping in as CEO and Van Der Made transitioning to Chief Technology Officer. The company's focus then sharpened on commercialising Van Der Made's pioneering AI processor hardware concept. In Conclusion As BrainChip stands poised at the brink of a new era in AI and computing, the journey from a visionary concept in 2004 to a market-driven enterprise in 2024 highlights a saga of perseverance, innovation, and strategic acumen. With a solid foundation and a clear vision for the future, BrainChip is set to redefine the boundaries of what is possible in the AI domain, ensuring its place as a leader in the Edge AI revolution. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here for a more trustworthy source of well-researched and independent information for investors. ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

As we move into 2024, gold is regaining prominence after being overshadowed by critical metals like lithium. Currently priced at $2039 USD/oz, gold has risen by 8.70% in the past year. Known for its role as an investment hedge against inflation, gold is influenced by factors such as the US dollar, central banks, economic uncertainty, and global demand. The post-COVID era, marked by economic instability and government monetary easing, has boosted gold prices as investors seek a safe haven. In Australia, a country rich in untapped gold resources, mining companies like Northern Star Resources, Gold Road Resources, and Resolute Mining are benefiting from this resurgence. Gold’s historical ability to shine in times of economic uncertainty presents a unique opportunity for investors, whether in blue-chip gold stocks or smaller cap opportunities. This blog is perfect for investors looking to capitalise on gold’s rising popularity as a reliable hedge and valuable tool in uncertain economic times. Sign up for your membership on Samso Insights on Patreon now. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Taiton Resources (ASX: T88) is progressing with detailed exploration activities at its recently acquired Kingsgate Project in New South Wales, where a revaluation of historical data has identified potential high-grade quartz reserves. Situated 20 kilometres east of Glen Innes in the New England Batholith, the area has a rich history of mining, primarily for molybdenum and tin, but is now being evaluated for its quartz potential (Figure 1). Spanning 307.6 square kilometres, the Kingsgate Project encompasses two exploration licences in a region known for significant mineral deposits. Historical outputs have included substantial quantities of tin and molybdenum, estimated at 300,000 tonnes and 450 tonnes respectively. Figure 1: Taiton's Kingsgate Project within the New England Batholith (Source: ASX release) High-Purity Quartz Pipes A revaluation of historical data from Auzex Resources, which led exploration efforts from 2004 to 2010, highlighted the presence of high-purity quartz pipes (Figure 2). Figure 2: High-grade molybdenum in quartz pipes (Source: Taiton Resources Limited) These pipes were initially targeted for their molybdenum and bismuth content but are now recognised for their valuable quartz composition Figure 3. The geological makeup of the Kingsgate area includes the prominent Kingsgate Leucogranite and Red Range Microleucogranite. These rock units host the quartz pipes that are central to the current exploration focus, particularly along the intrusive margins of the granite. Figure 3: Kingsgate Diamond Core - Quartz. (Source: Taiton Resources Limited) Leveraging Past Data Building on the groundwork laid by Auzex, Taiton Resources is leveraging extensive past geological mappings, soil sampling, and geophysical surveys. These efforts encompassed comprehensive drilling programs and sophisticated 3D geological modelling, which are critical to the current detailed assessment phase. Noel Ong, Executive Director of Taiton Resources, stated, "The journey for that comes with the granting of the tenement. We at Taiton are excited about the potential of the Kingsgate project. The projected rising demand for both Molybdenum and high-grade silica gives us the confidence of moving the asset forward into production.  "The team accepts that this path is not going to be easy technically, but the greatest asset of the project is that Auzex has done a significant amount of work towards the same pathway which will reduce our potential operating expenses. " Looking ahead The company's approach is to re-examine the previously mined quartz zones to assess the quality and extent of the quartz deposits more accurately. This step is crucial for planning the subsequent exploration and potential development stages. As Taiton Resources continues to explore Kingsgate, the focus is on mapping the extent of quartz mineralisation comprehensively (Figure 4). This includes searching for new clusters of mineralised pipes to potentially expand the project's scope and enhance geological understanding. Figure 4: Goodwins Quartz Pipe. (Source: Taiton Resources Limited) Role of Quartz and High Purity Quartz (HPQ) Quartz, a crystalline mineral primarily composed of silicon dioxide (SiO2), is distinguished by its remarkable physical and chemical properties, making it one of the most versatile and abundant minerals in the Earth's crust. Renowned for its aesthetic diversity, quartz appears in several forms—from pure, transparent rock crystal to richly coloured varieties like amethyst, citrine, and rose quartz. Its wide range of applications extends from decorative items to practical uses in various industries. In the realm of technology, High Purity Quartz is indispensable due to its piezoelectric properties, which enable it to generate an electrical voltage in response to mechanical stress. This quality is crucial for its use in solar panels, semi-conductors, watches, clocks, and advanced communication devices, where precise timekeeping is essential. Additionally, quartz's ability to withstand extreme temperatures and resist corrosion makes it an ideal material for laboratory glassware, electronics, and optical instruments. The durability and non-reactivity of quartz also make it a popular choice for architectural and domestic applications, such as countertops and other surfaces that require longevity and ease of maintenance. These attributes underline the importance of quartz in both everyday applications and high-tech equipment, making it a key material in modern engineering and manufacturing. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here for a more trustworthy source of well-researched and independent information for investors. ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Announcement BLUGLASS RAISES $5.3M; CLOSES SPP ANALYST REPORT: BLG REPORTS STRONG Q3 RESULTS BLG to supply Indian Department of Defence with GaN lasers INVESTOR PRESENTATION Quantum precision ATM Facility - Capital Raise Q3 FY25 Investor Presentation Technology and Funding Agreement with APG Pay Quarterly Activities Report I’ve been keeping an eye on how Artificial Intelligence (AI) continues to make its presence felt in the small-cap space on the ASX. While AI is often associated with big tech names, the more interesting stories—at least for those of us with a curious, investor-focused mindset—are often found in the places where commercial traction is building quietly. The ASX AI Technology sector is still relatively flying below most investors' radar screen, so lets see if we can get more light onto this globally important sector of business. This week, we’re revisiting three companies that have caught our attention: BluGlass (ASX: BLG), Locate Technologies (ASX: LOC), and Spenda (ASX: SPX). Each of these companies recently recorded share price movements that piqued our curiosity, not necessarily as the "top picks," but rather as examples worth reviewing for how AI is influencing their commercial models. BluGlass Limited (ASX: BLG) – AI’s Silent Partner in Photonics Precision When you look at BluGlass, you're not looking at a traditional AI company. But the company’s GaN (Gallium Nitride) laser technologies are foundational to many high-performance, AI-driven systems, particularly in quantum computing, defence, and biotech. In Q3 FY25, BluGlass achieved several commercial and technical milestones: $1.34M in revenue, with a strong pipeline valued between $90–100 million. Record-breaking laser performance, reaching 1250 mW output while maintaining single-mode operation—important for AI-integrated LiDAR and sensing platforms. Recently approved as a supplier to the Indian Ministry of Defence, securing a $230k order. A$7.6 million capital raise (A$2.3 m placement + A$5.3 m SPP) completed mid-2025 to fund manufacturing upgrades and accelerate commercialisation of its GaN laser portfolio BluGlass’s visibility at major conferences such as Photonics West and its deep engagement with global defence primes suggest this isn’t just an R&D play—it’s becoming a commercial hardware enabler for high-end AI systems. Figure 1: BLG Share Price Movement – 12-Month Overview (source: ASX) Performance in 2025 (Figure 1): 1. Secured Major Defence Contracts Approved as a supplier to the Indian Ministry of Defence (April 2025) and secured the first AUD 230,000 order for GaN laser development services. Ongoing CLAWS Hub collaboration with North Carolina State University continued to generate multi-million-dollar U.S. DoD subcontracts, ensuring healthy near-term cash flow. 2. Record-Setting Technical Breakthroughs Achieved world-record 1,250 mW output from a single-mode GaN laser chip in Q3 FY25, preserving single-spatial-mode operation. Secured repeat orders (e.g., AUD 120,000 from UCF’s CREOL) based on clear performance advantages over incumbent laser diodes. Filed three U.S. provisional patents (January 2025) for high-peak-power continuous-wave tunable GaN lasers targeting defence, quantum, and biomedical markets, strengthening IP moat. 3. Revenue Growth & Expanding Pipeline Q3 FY25 revenue rose to A$1.34 million, driven by development contracts, government program payments, and first-production foundry services for a European wafer developer. Active pipeline expanded to ~26 qualified opportunities across quantum, defence, aviation, and biomedical segments, representing A$90–100 million in potential project value. 4. Strategic Advisory Board & Commercial Focus Established an Industry Advisory Board (chaired by Prof. Steven DenBaars and Dr Richard Craig) in Q1 2025 to accelerate go-to-market strategy and shorten lead times from prototype to production. Pivoted from R&D to commercial deployment by hiring key business development executives and showcasing next-gen gain-chip architectures at Photonics West 2025. 5. Strengthened Balance Sheet to Fund Growth Raised A$7.6 million via a placement (A$2.3 m) and Share Purchase Plan (A$5.3 m) in mid-2025 to upgrade manufacturing capacity and support scaling of its GaN laser business .5. Jim Haden, CEO, commented: “This capital is instrumental to our continued growth, facilitating capabilities that underpin our world-class laser performance while providing a funding runway as we convert our growing project pipeline into large-scale, long-term revenues. These discussions and negotiations continue to progress as we work with key industry partners to design-in BluGlass lasers in next-generation quantum, aerospace, and defence applications. The strength of our pipeline reaffirms our project-to-product strategy is the surest path to delivering long-term shareholder value.” For me, BluGlass sits at the hardware layer of the AI revolution. It’s not AI software, but it’s what AI needs to see, sense, and communicate in high-fidelity environments. Locate Technologies (ASX: LOC) – AI in Last-Mile Logistics The company formerly known as Zoom2u is now operating under the name Locate Technologies, and AI has become central to its growth narrative. Here’s what stood out: Capital Reinforcement: Raised A$320k via its ATM facility in June 2025—lifting total proceeds to A$875.7k at A$0.144 per share—to bolster the balance sheet for further AI-driven growth. AI-as-a-Service: Locate2u isn’t just using AI—they’re offering AI tools to customers in logistics. Features like AI photo verification for deliveries, chatbots that answer data queries, and WhatsApp-based notifications show practical, bottom-line applications of AI. Locate2u revenue rose 10% YoY in Q3 FY25, with a growing SME customer base globally. Group-level EBITDA is nearly break-even, reporting–$9k excluding one-offs, indicating tighter control on operations. The real signal here is the integration of AI into operational workflows, not as a gimmick but as a method for cost reduction and customer value enhancement. Their "AI-first, then headcount" philosophy is a clear marker of a business committed to scalable efficiency. Figure 2: LOC Share Price Movement – 12-Month Overview (source: ASX) Performance in 2025 (Figure 2): 1. Balance Sheet Strengthening Raised A$320k via its ATM Facility in June 2025—bringing total ATM proceeds to A$875.7k at A$0.144 per share—providing capital for AI-driven product development and expansion. 2. AI-First Product Differentiation Rolled out AI-powered proof-of-delivery verification, in-app chatbots, automated billing, and WhatsApp notifications, delivering measurable cost savings and service enhancements that drove 10 % YoY growth in Locate2u revenue to A$681k in Q3 FY25. 3. Strategic Rebranding The April 2025 name change from Zoom2u to Locate Technologies clarified its transition to a SaaS logistics platform with embedded AI services, reinvigorating investor interest and resonating with enterprise customers. 4. Operational Efficiency & Profitability AI-enabled automation (route optimisation, driver onboarding) cut operating expenses by 4 % YoY (LTM Q3 FY25), helping the group achieve a near-breakeven underlying EBITDA of–A$9k (ex-one-offs). 5. Sales Engine Expansion Secured ~200 new paying SME accounts and completed multiple enterprise-grade implementations in Q3 FY25, laying the groundwork for consistent ARR growth through 2025 and beyond. It’s a subtle evolution, but one that aligns well with broader enterprise SaaS and logistics automation trends. Spenda Limited (ASX: SPX) – Enabling AI in SME Finance Networks Spenda is different from the first two—it’s a payments and software company building digital infrastructure for B2B transactions. It's AI angle? Automated financial workflows and invoice management that reduce friction in how businesses buy, sell, and get paid. Q3 FY25 showed some solid underlying business momentum: $2.37M in cash receipts, up 160% YoY, and forecast to exceed $4M in Q4. AI partnership with Fresh Supply Co to integrate smart invoice capture and automated payment processing into their SwiftStatement and AR/AP platforms. ISO 27001 Certification achieved in Q1 2025—complementing SOC 2 and PCI-DSS compliance—to enhance trust for data-sensitive AI-enabled SaaS offerings. Spenda may not be a pure AI play, but what they are building—digitised, intelligent payment infrastructure—creates the environment where AI can automate finance across SME networks. Figure 3: SPX Share Price Movement – 12-Month Overview (source: ASX) Performance in 2025 (Figure 3): Explosive Cash-Receipts Growth & Loan Book Monetisation: Q3 FY25 cash receipts surged to A$2.37 M (+160 % YoY) after selling its invoice finance loan book for A$2 M—de-risking the balance sheet and funding core SaaS expansion; management forecasts Q4 receipts > A$4 M. AI-Powered AR/AP Platforms: Partnered with Fresh Supply Co to develop and embed AI components within SwiftStatement (AR) and SpendaAP (AP), automating invoice capture, data extraction, and payment workflows—technology set to be jointly commercialised and complementary to Spenda’s core offerings. These enhancements underpin broader enterprise roll-outs, including customised implementations across the Carpet Court store network under the SOE program. Enterprise-Grade Security Credentials: Achieved ISO 27001 accreditation in Q1 2025—complementing existing SOC 2 and PCI-DSS compliance, which strengthened Spenda’s credibility with larger corporates and government clients and enabled expanded roll-outs such as the Carpet Court SOE implementations. Diversified Growth Channels & Embedded Credit: Virtual-card programme continues to generate high-margin revenues, supporting Spenda’s service diversification. Signed a 10-year Technology & Funding Agreement with APG Pay (A$50 million facility) to launch a closed-loop corporate credit platform, underpinning future high-margin financing services. Lean Operating Model: Normalised monthly cash burn decreased to A$420,000 in Q3 FY25 from A$624,000 in Q3 FY24, reflecting staff cost savings from the invoice finance loan book sale and other cost-control measures. Adrian Floate, Managing Director, commented: “The business is performing well with triple digit annual growth in cash receipts and strong, growing diversified income streams. I couldn’t ask for more from the team, who have performed well. This quarter should see us take a leap forward as we aim to post a record quarter for cash receipts from customers based on strong performance in the month of April.” With key partners like Capricorn and Carpet Court rolling out digitised solutions, Spenda’s AI enhancements could help lower customer acquisition friction and support broader SaaS growth. Samso Concluding Comments As a new player in the ASX AI Technology space, I am interested and want more understanding of how each of these companies—BluGlass, Locate Technologies, and Spenda—has turned targeted AI applications into real commercial traction. BluGlass’s mix of defence endorsements, world-record laser performance, and a growing project pipeline demonstrates that deep technical leadership when focused, can unlock substantial recurring revenue. Their success underscores the value of marrying precision hardware breakthroughs with clear market needs. Locate Technologies shows that AI need not be a headline-grabbing buzzword to drive results. By embedding automation into proof-of-delivery, billing, and customer support, they’ve not only streamlined operations but also nearly breakeven on EBITDA while delivering double-digit revenue growth. Their “AI-first, then headcount” discipline is a model for SaaS businesses aiming to scale efficiently without sacrificing margin. Spenda’s evolution from a loan-book origin to a diversified SaaS and payments platform highlights the power of embedding intelligent automation into finance workflows. The sale of its finance book de-risked the balance sheet, while AI-enhanced AR/AP tools and virtual-card services are setting the stage for sustained high-margin growth. Their ISO 27001 certification further positions them to win enterprise-grade clients who demand robust security alongside innovation. At Samso, we believe the most compelling investment stories emerge where practical AI solutions meet real-world demand. These three companies exemplify that approach—quietly solving concrete problems, winning reputable customers, and building pipelines that support durable, long-term growth. I’ll be keeping a close eye on how they convert these 2025 milestones into persistent revenue streams and expanding margins. Cover photo: Caviar 2340 Hard Drive Circuit Board Side 2, ComputerUserUser. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Caviar_2340_Hard_Drive_Circuit_Board_Side_2.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research I believe lasting investment insights come from rigorous, on-the-ground analysis rather than headline hype: we dive into primary sources—ASX filings, technical papers, and management commentary—to discern which innovations are truly advancing commercial outcomes; by triangulating company announcements, financial metrics, and independent industry data, we aim to separate substantive AI applications from mere buzz, ensuring our recommendations rest on a foundation of verifiable research and tangible market demand. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement INVESTOR PRESENTATION | MARCH 2025 CYM Regains Control of Paterson Exploration Project Nifty Copper Complex Approvals Update Cyprium Bolsters Senior Leadership Team $2.5M Progress Payment on Surplus Generator Sale A Story of Momentum: From Strategy to Execution at the Nifty Copper Complex. Unlocking Nifty’s Asymmetric Potential for Mining and Producing Copper? In March 2025, Cyprium Metals Ltd (ASX: CYM) presented a clear vision to the market—a strategy built on speed, simplicity, and a low-capex restart of the Nifty Copper Complex (Figure 1). The March investor presentation positioned Nifty as a rare brownfield asset with infrastructure already in place, permits largely secured, and over 720kt of copper historically produced. With 91kt of copper still contained in surface stockpiles and an 83Mt @ 0.90% Cu sulphide reserve adjacent to a 3.0Mtpa concentrator, the proposition was bold but grounded (Figure 2). Figure 1: Location of Nifty Copper Mine (source: CYM) The plan is straightforward: restart the SX-EW cathode plant to generate early cash flow, then progress to a full-scale sulphide open pit operation supported by the upgraded concentrator (Figure 3). A combined value of over A$1.1 billion in pre-tax NPV has been cited from the two-phase PFS work. Figure 2: Asset-Rich Brownfield Sets Stage For Rapid Restart (source: CYM) The scale, speed, and strategic optionality put Cyprium in a strong position—yet it’s not just the numbers that are compelling. It’s the disciplined execution of this roadmap that tells us Cyprium may finally be nearing a production restart. Figure 3: SXEW Plant (source: CYM) Strategic Control of the Paterson: A Key Milestone On 23 April 2025, Cyprium regained full ownership of the expansive 1,938km² Paterson Exploration Project following IGO Limited’s withdrawal from the JV. IGO had invested ~$24 million in exploration over five years, generating a large and high-quality dataset. This includes over 36,000m of drilling and significant geophysics across targets like Rainbow, MB01, and the NL05 EM plate—many of which lie near Nifty and Maroochydore (Figure 4). Figure 4: Nifty and Maroochydore location (source: CYM) Cyprium’s Executive Chair Matt Fifield commented: “The Paterson Exploration Project footprint sits adjacent to our Nifty Copper Complex which through its two brownfield processing plants has the ability to process both oxide and sulphide ores, and increases our potential to generate additional meaningful resources from the advanced targets already identified. With strategic control of the ground and exploration process, Cyprium can extend the upside potential of our copper platform in the Paterson. First up is to absorb the information coming at us. IGO has spent five years and $24 million collecting excellent data and building geological models. Their investment and technical excellence have significantly de-risked these tenements, and we will re-integrate this data with our strong understanding of the Nifty Copper Complex and growing confidence in Maroochydore.” This wasn’t just about regaining land. It was about consolidating control of one of Australia’s most prospective copper provinces under a single, production-focused operator (Figure 5). However, one looks at the metrics of the situation, what is certain is that the copper narrative may actually be coming to reality. Figure 5: Location of the Paterson Exploration Project (source: CYM) Investors in the copper space would know very well about the coming of the Almighty Copper Squeeze that will propel the copper price. The coming of the squeeze that has not happened since 2015, but I think the recent news seems to be indicating there is movement in the station. Time will tell, but I do sense a different vibe in the air. The increasing portfolio that CYM had announced may play well in time. Approvals Aligned, Final Hurdle in Sight By 24 June 2025, the Company announced that it had secured all major regulatory approvals required to commence Phase 1 at Nifty—the reactivation of the cathode plant. This includes amendments to the Works Approval (now valid until August 2027), extensions to the Nifty Mine Closure Plan submission (now due April 2026), and updates aligning with evolving state guidelines. Importantly, Cyprium now holds approvals for: 1. Refurbishment of the SX-EW plant and heap leach facility. 2. Construction of new infrastructure; Heap Leach Facility South, acid storage and containment bunds. 3. Ancillary infrastructure to support heap leach operations. 4. Surface mining cutbacks and ROM pad operations. 5. Use of up to 3.875 million kL of groundwater. 6. Metal production up to 30,000 tonnes/year and beneficiation of 9.6Mtpa. 7. Some Native Vegetation Clearing Permits that enable future operational activities. Cyprium’s Executive Chair Matt Fifield commented: “In summary, Cyprium has and continues to maintain the vital approvals that allow us to quickly embark on a phased redevelopment plan, and a constructive working relationship with our regulators as we build Australia’s next great copper company.” The only outstanding item is the Ministerial Consent to proceed—a formality in the broader context. With regulatory risk all but neutralised, Cyprium’s focus now shifts to physical and financial readiness (Figure 6). Figure 6: CYM is executing a straightforward plan at pace (source: CYM) Strengthening the Team: People Matter in Production On 27 June 2025, Cyprium announced two key leadership additions. Jeff Sommers has been formally appointed Chief Financial Officer, bringing deep ASX and institutional finance experience (including roles at Qantas, Lion, AMP, and GenesisCare). He had already been leading enterprise reporting frameworks with execution partner Macmahon, making his transition seamless. Angus Miles, already VP of Corporate Development, now also leads Investor Relations. His background in capital markets and IR roles (notably with GreenTech Metals) makes him well-suited to shepherd Cyprium through the next stage of engagement with equity markets and strategic partners. Cyprium’s Executive Chair Matt Fifield commented: “These are two key appointments that further our mission to build Australia’s next great copper company.” Non-Core Monetisation: Cash from Idle Assets In a further sign of financial pragmatism, Cyprium confirmed on 1 July 2025 that it had received a $2.5 million (AUD) progress payment from the sale of surplus TM-2500 generators. Though completion has been delayed due to shifting U.S. tariffs and logistical constraints, total receipts now stand at $4.3 million, with another $5.0 million expected in Q3. While not transformative in itself, this transaction reflects disciplined capital recycling—unlocking value from underutilised assets to support development without equity dilution. Samso Concluding Comments Cyprium’s journey over the past few months has awakened my view on the path for Cyprium. The string of approvals and announcements has been very encouraging for me, as it’s all about restoring investor confidence through structured progress. In a market where many investors like myself (I was and still am a supporter of the Cyprium story) have been disillusioned and had their value stripped with the declining share price, Cyprium looks like it's finally rebuilding value from the ground up with this brownfield copper asset with a defined execution and a phased strategy. Cyprium is now building momentum to create a story that is about mining and producing copper in Australia. The reactivation of Nifty is now looking more like a speculative aspiration. It appears that it is now backed by real infrastructure, strong datasets, regulatory traction, and a growing operational team. The convergence of permitting success, technical readiness, and strategic asset control—especially through the Paterson consolidation—suggests that Cyprium is quietly repositioning itself as a near-term copper producer in a supply-constrained global market. There’s still work to do—financing, final consent, and operational commissioning all lie ahead—but the heavy lifting of repositioning has already been done. Investors would do well to look past disappointments and assess what’s on the table now: a funded, permitted, and strategically managed pathway to copper production with upside from both Nifty and beyond. Whether you are looking at the heap leach for its cash flow, or the 20-year sulphide reserve for long-term leverage to copper, Cyprium is one of the few ASX-listed plays offering both. Execution risk remains, as with all projects at this stage, but the pieces are undeniably falling into place. Figure 7: Cyprium share price chart as of 17th July 2025 over the last 5 years. (source: commsec) I feel confident now to say that for those seeking exposure to copper with both near-term production and long-term district scale, Cyprium is becoming harder to ignore. I have sold out of my position, but I am now looking at re-entering this investment proposition. With a current market capitalisation of just over AUD $66M, it's small compared to its contemporaries on the ASX. Looking at the 5-year journey of the company (Figure 7), one can see the shareholders' interest in the stock. The anticipation for Cyprium to become a copper producer is still in its copper veins. Figure 8: Cyprium share price chart as of 17th July 2025 over the last 2 years. (source: commsec) The market anticipation is obvious when you drill down over the last 18 months. Unfortunately for shareholders, building a copper-producing story is marred with complexities, and time is definitely a precious commodity. Waiting is not the most common trait for shareholders, but for those who have waited and done some averaging down on entry, pricing may be most rewarded. As I mentioned, the time for the coming of the copper squeeze may be soon, and if my recent enlightening of the Tungsten market is repeated with the copper sector, CYM is going to be a very interesting investment proposition. CYM is now all about turning what was a disastrous copper mining story into a new story that is all about mining and producing copper. Like all of the investments on the ASX, DYOR is critical and coupled with the market anticipation of rising copper prices and the reality of a real copper supply crunch, companies like CYM have to be at the top of the list. Cover photo: Native copper 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper_1.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research What stands out here is how Cyprium has moved from survival to strategic execution. This is not just a story of restarting a mine—it’s a platform play built on undervalued brownfield assets, tier-1 infrastructure, and significant upside from greenfield exploration. The pace of progress since March—from investor presentations to project approvals, land consolidation, and leadership appointments—signals serious intent. For those watching the copper thematic, particularly with a long-term supply deficit in view, this is a story to watch closely. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Axel REE Set to Unlock Brazil’s Rare Earth Potential Axel REE LimitedTakes on Brazil with ASX Listing Brazil-focused critical minerals explorer Axel REE Ltd (ASX:AXL) has begun trading on the ASX following the completion of an IPO that raised A$13.3 million. The Victoria-based debutante is focused on the discovery and development of critical mineral resources, primarily rare earth elements (REE), in Brazil. The company listed on July 23, 2024 losing 32% of its value with an opening price of A$0.135 with nearly 9.4 million shares changed hands. Consequently, Axel’s enterprise value now stands at A$7 million. Figure 1: AXL share price chart for opening day. Focus on Brazilian REE Projects Axel REE’s portfolio comprises over 1,000 square kilometres of REE projects in Brazil, located amongst globally significant mines and REE discoveries, positioning the company strategically within the sector (Figure 2). Axel’s REE Projects are: 1. The Caladão Project is located in northern Minas Gerais, in the Lithium Valley region, approximately 30 kilometres from Sigma Lithium Corp. Initial exploration has revealed shallow total rare earth oxide (TREO) intercepts up to 2 metres at 7,612 parts per million (ppm) and a 35% high-value magnetic rare earth oxide (MREO) proportion. 2. The Caldas Project is situated in the Poços de Caldas Alkaline Complex, an area known for significant ionic adsorption clay (IAC) REE discoveries, including the high-grade Caldeira Resource by Meteoric Resources NL (ASX: MEI). 3. The Itiquira Project in Mato Grosso presents potential as a new carbonatite intrusive discovery spanning 20 kilometres in diameter, which may host REE and niobium. 4. The Corrente Project is a grassroots initiative over a saprolite clay zone in the Corrente Municipality, Piaui State. Figure 2: Location of Axel’s Projects in Brazil (Source: Axel REE Website) Utilisation of IPO Funds The funds raised by the IPO will be primarily used to advance Axel’s exploration portfolio, focusing on drill programs at the Caladão and Caldas Projects. Axel is fully funded to fast-track the Caladão Project towards a maiden resource and to commence extensive drilling at the Caldas Project in the Poços de Caldas Alkaline Complex. Additional exploration activities will be conducted at the Itiquira and Corrente Projects, with funds also allocated for working capital. “With a clear exploration strategy in place and a highly experienced board behind it, we are now fully funded to commence extensive drilling programs and we look forward to delivering strong results for our supportive shareholders,” said Chairman Paul Dickson. “Next Major Player” Axel Non-Executive Chairman Paul Dickson said: “The REE sector in Brazil is growing rapidly following significant discoveries of high-grade ionic adsorption clay-hosted mineralisation in recent years. “Axel has an opportunity to become the next major player in the Brazilian REE exploration sector with plans to advance two major clay-hosted REE projects (Caladão and Caldas) whilst completing preliminary work on a further two REE projects showing significant upside potential.” Board of Directors The Axel Board of Directors comprises an experienced management team with a proven track record in pioneering resource discoveries and extensive experience in capital markets and resource development. Paul Dickson – Non-Executive Chairman: A finance and corporate advisory professional with over 30 years of experience in the finance services industry, Paul Dickson is also the Non-Executive Chairman of Alligator Energy Limited (ASX ) and a founding director at Paradigm Capital, a boutique corporate advisory firm. Dr. Fernando Tallarico – Managing Director: Based in Brazil, Dr. Tallarico has over 30 years of international experience in minerals exploration and grassroots discoveries for junior exploration companies. Previously, he was the Managing Director of Aguia Resources (ASX ), where he played a key role in developing its phosphate and copper portfolio in Southern Brazil. Pat Volpe – Non-Executive Director: The founder of Axel REE, Pat Volpe has over 38 years of experience in minerals and metals exploration, with an extensive history in Brazil. He has been the founder and Chairman of unlisted supply-critical metals exploration companies in Brazil and has developed strong relationships with local explorers and governments. Ian Kiers – Non-Executive Director: With over 27 years of experience in the private equity sector, specialising in mergers and acquisitions (M&A), Ian Kiers is currently the Non-Executive Chairman of SI6 Metals Limited (ASX ) and was the Chief Executive Officer of GBM Group (a Smorgon Private Family Office) for 19 years. REE Sector in Brazil The REE sector in Brazil has seen significant growth in recent years, following the discovery of ionic adsorption clay (IAC) mineralisation in the State of Minas Gerais by several mining exploration companies. Brazil, along with Russia, was ranked as the third-largest country globally in terms of REE resources in 2023, each hosting 21 million tonnes (Mt) of REE resources, according to the US Geological Survey. China and Vietnam are the first and second largest, with 44Mt and 22Mt of resources respectively. In 2022, China dominated global REE production with a 78% market share, followed by the United States’ Mountain Pass project at 15%, and Australia’s Mt Lynas contributed 6%. The remaining 1% came from various other projects worldwide, including those in Myanmar, India, Malaysia, and elsewhere. In Brazil, primary REE mineralisation is predominantly associated with carbonatite and granitic rocks. Economic deposits are concentrated through secondary processes including weathering, ionic adsorption, and sedimentation. The Samso Way – Seek the Research At Samso, we believe insight is earned through curiosity, patience, and a willingness to follow the data where it leads. The story of Lupins is a case in point. Beneath the surface of a quiet legume lies a wealth of scientific research, agronomic innovation, and commercial momentum. Whether you're an investor, academic, or just someone who values thoughtful discovery, the message is simple: research reveals what the headlines miss. And in a world of noise, that’s your edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

When it comes to a remarkable mineral discovery in Australia, the search for the Argyle Diamond Mine in the Kimberley Region of Western Australia stands out. The discovery of the Argyle Diamond Mine was unparalleled in every aspect of the project. This Samso Insight is all about Ewen Tyler and how he narrates a discovery of a lifetime. Ewen Tyler is the man who is credited as the "Father of the Argyle Diamond Mine". I will have to say that as much as all Discovery Journeys is a team game, there had to be a driver and a man to take the heat. The diamond project in Australia was not only the largest and highest quality, but also marked a significant milestone as the first major diamond deposit discovery outside the De Beers cartel and the Russian Federation. A History of the Argyle Diamond Mine (Source: Wikipedia) The Argyle Diamond Mine (Figure 1) was a diamond mine located in the East Kimberley region in the remote north of Western Australia. Argyle was at times the largest diamond producer in the world by volume (14 million carats in 2018[1]), although the proportion of gem-quality diamonds was low. It was the only known significant source of pink and red diamonds (producing over 90% of the world's supply), and additionally provided a large proportion of other naturally coloured diamonds, including champagne, cognac, and rare blue diamonds. Mining operations ceased in November 2020, after 37 years of operations and producing more than 865 million carats of rough diamonds. Mine operator Rio Tinto plans to decommission the mine and rehabilitate the site at least through 2025.[2][3] The Argyle diamond mine is also notable for being the first successful commercial diamond mine exploiting a volcanic pipe of lamproite, rather than the more usual kimberlite pipe; much earlier attempts to mine diamonds from a lamproite pipe in Arkansas, United States, were commercially unsuccessful. The Argyle mine is owned by the Rio Tinto Group, a diversified mining company that also owns the Diavik Diamond Mine in Canada and the Murowa diamond mine in Zimbabwe. Figure 1: The Argyle Diamond Mine My Fascination for Diamonds and Diamond Exploration This episode of Samso Insights will be remembered as one of my favorites. It was a true privilege to have the opportunity to hear Ewen Tyler's remarkable story. His ability to persevere in the search for a diamond source is truly extraordinary. I have been fascinated by diamond exploration since my time working on my Honours Thesis at the University of Western Australia. In fact, my interest in gems predates my university experience. As Ewen eloquently stated, "Only Fools Will Explore for Diamonds." This sentiment is shared by those who have experienced the challenges and hardships of diamond exploration. It is safe to say that only passionate explorers can truly appreciate the immense difficulties faced by diamond explorers, often with little to no reward. Sit back and prepare to be captivated by one of the most compelling tales of persistence and gamesmanship in the pursuit of a "potential" diamond find. This interview has largely been guided by Stuart Kells' book, "Argyle - The Impossible Story of Australian Diamonds" shedding light on the previously unknown business aspects of the Olympic Dam discovery. Kells' narrative provides invaluable insights into the boardroom dynamics that shaped this remarkable journey. Purchase the book from Amazon Samso's Conclusion Today, the diamond exploration industry is virtually non-existent, with only one noteworthy active company remaining. The focus has shifted to existing miners, as the cost of exploration has become prohibitively high. In the realm of mineral exploration, the risk-reward ratios are no longer worth discussing. The story of Argyle is inspired by the renowned pink diamond, but as Ewen Tyler explains, these stones were not initially considered. The success of Argyle lies in its remarkable marketing efforts, which effectively conveyed the value of the stones and made the mining process viable. In my view, nothing surpasses the beauty of a well-coloured stone (Figure 2). While some may argue that a high-quality white stone is superior, a truly stunning stone is one that makes a statement. Its value lies in the story it tells and the history it carries. By watching this interview, you will understand that the value of the Argyle stones was primarily derived from the captivating Argyle story. Figure 2: A range of Argyle's best diamonds Video Chapters 00:00:00 Start 00:00:15 Introduction 00:01:00 The Ewen Tyler Story - The beginning 00:13:02 Rex Prider Factor 00:14:46 Start of the search for diamonds in Australia 00:17:21 Introduction of Rio Tinto 00:18:22 Path to Ellendale 00:20:14 Business of Ellendale 00:20:52 Discovery of diamonds in Smoke Creek 00:21:25 Bringing context into the search area 00:22:16 Team Argyle 00:24:41 Arrangement with the Western Australian Government 00:28:27 The Rio Tinto Lifeline 00:29:42 Early signs of the discovery of Argyle 00:31:34 Waiting Game - The Process and The Secrecy Game 00:33:53 Ewen earned the title of The Father of Argyle Diamond Mine 00:37:02 Arriving at Argyle 00:38:05 Unbelievable Grade of Diamonds 00:39:43 Smoke Creek and Limestone Creek - First sighting of the Argyle Pink Diamond 00:40:42 The Mythical Value of the Pink Diamonds for Argyle 00:42:50 Economic Study of the Argyle Diamond Mine 00:43:17 Funding the mining of Argyle Diamonds 00:50:08 First Nation Discussions 00:53:47 The Birth of the Marketing Gunnies of the Argyle Diamonds 01:00:31 Webb Diamond Project 01:01:28 Other sources of diamond projects 01:03:49 Ewen Thoughts on Mineral Exploration 01:05:34 Importance of the Team in Mineral Exploration 01:07:04 Is there an Impossible Exploration Discovery? 01:08:53 Conclusion About Ewen Tyler AM Born in England in 1928, Ewen was educated in Western Australia and completed an Honours Degree in Geology at the University of Western Australia in 1949. He went to Tanganyika in 1950 as a geologist at the Geita Gold Mine, then the largest producer in East Africa. He left as the Underground Manager in 1958. He went to London in 1959 as an economic geologist doing mining valuations. The affairs in Africa brought about by independence led to him to bring a delegation of Belgian mining men from Union Miniere du Haut Katanga to Australia, to look for investment opportunities. He returned to Australia in 1969 to see how they were getting on, and amongst other things start a search for platinum and diamonds on a low-key basis. Platinum was a failure but after ten years of searching, he found the Argyle Diamond Mine. He was the Technical Director of Ashton Mining from its foundation. He was made a Member of the Order of Australia (AM) in 1991 for "Services to the Australian diamond mining industry and the community. In 1992 Ewen Tyler received The Clunies Ross National Technology Award for The Outstanding Application of Science and Technology. He was subsequently asked to chair a number of exploration companies. Clunies Ross National Science and Technology Award The Clunies Ross National Science and Technology Award was first awarded in 1991, and was established under the Ian Clunies Ross Memorial Foundation. The Award is presented to people who have made major contributions to science and its application for the economic, social or environmental benefit of Australia. From 2002 the Award was administered by the Australian Academy of Technological Sciences and Engineering: the Award is sometimes referred to as the ASTE Clunies Ross Award. Between 1991 and 2015 multiple Awards were presented each year. In 2015 the Academy reorganised the Awards into three categories: the Clunies Ross Entrepreneur of the Year; the Clunies Ross Knowledge Commercialisation Award; and the Clunies Ross Innovation Award. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here for a more trustworthy source of well-researched and independent information for investors. ------ Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.on your financial future. Coffee with Samso Experience ------ References Zimnisky, Paul (21 May 2018). "Global Diamond Supply Expected to Decrease 3.4% to 147M Carats in 2018". Kitco. Retrieved 9 November 2020. Rachminov, E. (2009). The Fancy Color Diamond Book: Facts and Secrets of Trading in Rarities. New York: Diamond Odyssey. ISBN 978-9659149902. ^ "Pink Diamonds: Origins and Locations". VMKdiamonds. Retrieved 25 July 2023.

The timing may be now for investors to take notice and understand the ASX Healthcare sector, as some signs are showing that a counter-cyclical opportunity may be in play in 2025. Timing is the key, and this Samso Radar Weekly Review may be the beginning of the understanding process. This is our second Samso Radar - Weekly Review, and this week we are looking at the Health Care sector on the ASX. Over the years, Samso has been focusing on the mineral resource small-cap sector on the ASX, and with our new evolution in 2025, we are spreading our wings to create more balanced content over more sectors on the ASX. The health care sector on the ASX frequently resembles a battleground of hopefuls—innovative companies that are both advancing boundaries and contending with regulatory frameworks, clinical data challenges, and market scepticism. However, occasionally, you encounter those rare small-cap companies that are not only enduring the chaos but are also driving significant progress. As we slowly work through the blog, you will start to develop a picture of Samso and feel that investors should be taking some notice of the ASX Healthcare sector now. It's all about the counter-cyclical way of investing. On the Australian Securities Exchange (ASX), the Health Care sector is defined as comprising companies whose primary business activities are related to: Providing medical services, manufacturing medical equipment or drugs, and facilitating the provision of health care to patients. This sector includes a wide range of businesses, typically grouped into two main industry groups under the Global Industry Classification Standard (GICS) used by the ASX: 1. Health Care Equipment & Services This includes companies involved in: Medical equipment production (e.g., diagnostic devices, surgical instruments) Health care services such as hospitals, clinics, diagnostics labs, and aged care providers Distribution of medical products Examples: CSL Limited (ASX: CSL), Sonic Healthcare (ASX: SHL), Ramsay Health Care (ASX: RHC) 2. Pharmaceuticals, Biotechnology & Life Sciences This includes companies engaged in: Drug discovery and development Biotech research and diagnostics Nutraceuticals and health-related supplements Clinical trials and regulatory approval Summary Definition - ASX Healthcare Sector ASX Health Care Sector: Companies engaged in the development, manufacturing, distribution, or provision of medical or health-related products and services—including biotechnology, pharmaceuticals, medical devices, hospitals, and diagnostics. Samso's Picks for Discussion This Week. Over the past few months, I have been focusing on the next wave of globally disruptive business, and that is AI. I have been exposing myself to the realms of AI to better understand what developments have been in the business environment. One of the key categories for my search to gain new insights is to discover where AI is used to help the human species, other than making money. This search has led to a review of companies in the Health Care sector on the ASX, where their business focuses on AI. The goal is to identify companies currently in the market and perform a quick analysis of their business and potential as an investment opportunity for retail investors. What better method to discuss AI than by utilising ChatGPT to generate a list for our evaluation? According to ChatGPT, these companies signify a rising trend of incorporating AI into healthcare services to tackle the challenges linked to an ageing population. Their innovations are designed to enhance the quality of care, increase operational efficiency, and promote independent living for seniors. 1. InteliCare Holdings Ltd (ASX: ICR) InteliCare specializes in AI-powered home monitoring solutions for seniors. Their platform utilizes smart sensors and predictive analytics to detect changes in daily routines, enabling early intervention and supporting independent living. The company has formed partnerships with aged care providers like Hardi Aged Care and Bolton Clarke to implement its technology in residential settings. 2. PainChek Ltd (ASX: PCK) PainChek has developed a clinically validated smartphone application that uses AI to assess pain levels in individuals who cannot communicate effectively, such as those with dementia. The app analyses facial expressions to detect pain, facilitating better pain management in aged care facilities. 3. CARETEQ Ltd (ASX: CTQ) CARETEQ offers assistive living technologies, including AI-driven medication management systems. In partnership with StrongRoom AI, CARETEQ aims to digitize medication records in aged care facilities, enhancing compliance and reducing errors. 4. Alcidion Group Ltd (ASX: ALC) Alcidion provides healthcare analytics and informatics solutions that incorporate AI for clinical decision support. Their platforms are used across hospitals and aged care facilities to improve patient outcomes through real-time data analysis and predictive insights. 5. Beamtree Holdings Ltd (ASX: BMT) Beamtree focuses on health data analytics, offering AI-powered decision support tools like RippleDown. These tools assist clinicians in making informed decisions, which is particularly beneficial in managing the complex care needs of the elderly. 6. Sonic Healthcare Ltd (ASX: SHL) Sonic Healthcare has invested in AI through its joint venture with Harrison.ai, forming Franklin.ai. This collaboration aims to develop AI solutions for pathology, enhancing diagnostic accuracy and efficiency, which can indirectly benefit aged care by improving disease detection and management. What Does It Mean for Shareholders, Investors, and the End User? The question for us is to discover how effective these innovations are or will be for practical uses in the real world. The challenge for the "truth" of the effectiveness or the practical use by the end user, the ultimate proof of concept, can be difficult, as we all know. The strength of the bank balance and the funding required to allow that process to happen will ultimately determine success. This truth is, in many ways, shrouded in mystery, as the lack of funding could limit the success of the innovation, and the acceptance from shareholders to increase their exposure could halt the progression of the innovation. Does that mean that the innovation is not successful? Does the halting of further work mean that the technology will not work? This leads to the next part of the equation: Is the market loving the concept? Is the market supporting its long-term potential viability? Market Acceptance Let's have a look at what the market thinks about each of these companies. These companies we are reviewing were not picked to highlight anything other than that they have their business in the AI realm and are in the Health Sector on the ASX. My intention is to show where they are in the market and whether their innovations are accepted by the market forces, which, ultimately, for a publicly listed company, is the ultimate litmus test. This will be a lengthy review, so please use the links below to navigate yourself through the review: 1. InteliCare Holdings Ltd (ASX: ICR) 1.1 Core Technology and Offerings 1.2 Industry Applications 1.3 Market Situation 2.0 PainChek Ltd (ASX: PCK) 2.1 Core Technology: AI-Driven Pain Assessment 2.2 Applications Across Healthcare Settings 2.3 Global Expansion and Regulatory Approvals 2.4 Financial Highlights 2.5 Market Situation 3.0 CARETEQ Ltd (ASX: CTQ) 3.1 Core Business Operations 3.2 Key Developments Impacting Share Price 3.3 Market Situation 4.0 Alcidion Group Ltd (ASX: ALC) 4.1 Core Offerings 4.2 Strategic Developments 4.3 Market Position 5.0 Beamtree Holdings Ltd (ASX: BMT) 5.1 Business Overview 5.2 Key Events Impacting Share Price 5.3 Financial Performance (FY2020–FY2024) 5.3.1 Net Income: 5.3.2 Operating Cash Flow: 5.4 Market Conditions 6.0 Sonic Healthcare Ltd (ASX: SHL) 6.1 Business Overview 6.2 Key Events and Milestones 6.3 Financial Performance (FY2020–FY2024) 6.3.1 Revenue: 6.3.2 Net Profit After Tax: 6.3.3 Cash Flow Analysis 6.3.4 Operating Cash Flow: 6.3.5 Free Cash Flow: 7.0 Samso Concluding Comments 1.0 InteliCare Holdings Ltd (ASX: ICR) InteliCare Holdings Ltd (ASX: ICR) is an Australian technology company specializing in AI-driven predictive analytics solutions for the aged care, disability, and healthcare sectors. Established in 2016 and headquartered in Leederville, Western Australia, the company offers a Software-as-a-Service (SaaS) platform designed to enhance independent living and support caregivers through real-time monitoring and data insights. 1.1 Core Technology and Offerings InteliCare's platform integrates smart home sensors, wearable devices, and AI algorithms to monitor various aspects of an individual's daily life, including: Activity Levels: Tracking movement patterns to identify deviations that may indicate health issues. Behavioral Patterns: Analysing routines to detect anomalies. Health Metrics: Monitoring vital signs and other health indicators. Sleep Patterns: Assessing sleep quality and duration. The system provides caregivers and healthcare providers with 24/7 access to live health and well-being data, enabling proactive interventions and personalised care plans. 1.2 Industry Applications InteliCare's solutions are utilized across various settings: Residential Aged Care: Enhancing resident safety and care quality. Home Care: Supporting independent living with remote monitoring. Disability Support Services: Providing tailored monitoring solutions. Notably, the company has partnered with organisations like Hardi Aged Care and Mecwacare to implement its technology in multiple facilities, aiming to improve care delivery and operational efficiency. 1.3 Market Situation When we look at the market participation of ICR, it is not a pretty picture. The declining share price (Figure 1 and Figure 2) would not make shareholders happy. However, for the mature small-cap investors, this also smells of opportunity. The company is struggling with cash flow, and the profit-loss balance is on the wrong side for now. Figure 1: ICR Life Time Share Price Chart as of the 13th June 2025. (source: commsec) The stock reached its 52-week high of A$0.027 in July 2024 and hit a low of A$0.005 in June 2025. ICR share performance is obviously, from the shareholders' point of view, underperforming compared to the Australian healthcare services sector, which saw a 102.9% return. To make the pain worse, when the share performance of ICR is compared to the broader Australian market, which returned 6.8% over the same period, shareholders and potential shareholders must want to ask some questions. Figure 2: ICR Share Price Chart for the last 12 months as of the 13th June 2025. (source: commsec) Over the past 12 months, InteliCare Holdings Ltd (ASX: ICR) has experienced a significant decline in its share price (Figure 2). As of June 2025, the stock is trading at approximately A$0.006, marking a decrease of about 33% from its price a year earlier. There have been some highlights over the last 2 months for InteliCare Holdings Ltd (ASX: ICR), and how they have affected the share price decline would make an interesting discussion for all the stakeholders involved in ICR. 1. Strategic Partnerships and Deployments: In January 2025, InteliCare announced the commencement of deployment planning for its platform with Hardi Aged Care, signalling a strategic move into aged care services. In April 2025, the company entered into an agreement with Mecwacare, a Victorian aged care provider, to trial its AI-powered care platform. 2. Financial Reports and Performance: The company's Quarterly Operations Report and Appendix 4C Cash Flow Report, released on April 30, 2025, highlighted ongoing operational activities and financial positions. Earlier, in February 2025, InteliCare released its Interim Financial Report, providing insights into its financial health and performance metrics. 3. Capital Raising and Shareholder Activities: In August 2024, director Greg Leach participated in a placement, acquiring additional shares, indicating confidence in the company's direction. Earlier in June 2024, InteliCare successfully raised $2 million to support its growth initiatives and convert its robust pipeline. 4. Financials: InteliCare's share price has been volatile, with a 52-week range between A$0.005 and A$0.027. The company reported a net loss of A$2.37 million with a revenue of A$662,000. What all this means is that with a market capitalisation of AUD $2.92M and a clear negative cash flow position, will the business of ICR be moving much further? 2.0 PainChek Ltd (ASX: PCK) PainChek Ltd (ASX: PCK) is an Australian health technology company that has developed the world's first regulatory-cleared medical device for automated pain assessment using artificial intelligence (AI) and facial recognition technology. The company's flagship product, PainChek®, is a mobile application designed to assess pain in individuals who are unable to communicate effectively, such as those with dementia, disabilities, or pre-verbal. 2.1 Core Technology: AI-Driven Pain Assessment PainChek® utilizes a smartphone or tablet camera to analyze facial expressions in real-time, detecting micro-expressions associated with pain. This AI-powered analysis provides an objective pain score, enabling caregivers to assess and manage pain more accurately. The application also integrates with the Numerical Rating Scale (NRS) for individuals who can self-report, offering a comprehensive solution for pain assessment across varying communication abilities. 2.2 Applications Across Healthcare Settings The PainChek® system is employed in various healthcare environments, including Aged Care Facilities: Assisting in the assessment of pain for residents with cognitive impairments. Home Care: Enabling remote monitoring and pain assessment for individuals receiving care at home. Hospitals: Integrating with electronic health records to provide consistent pain assessments. Infant Care: Assessing pain in pre-verbal infants through facial expression analysis. 2.3 Global Expansion and Regulatory Approvals PainChek® has received regulatory clearance in multiple countries, including Australia, the United Kingdom, and Canada. The company has been actively pursuing U.S. FDA De Novo clearance for its adult application, with a decision anticipated in mid-2025. Successful FDA approval would grant access to the extensive U.S. aged care market, encompassing over 1.7 million beds. 2.4 Financial Highlights Market Capitalization: Approximately AUD 73.7M Revenue (TTM): AUD 3.03M Net Loss (TTM): AUD 8.17M Annual Recurring Revenue (ARR): AUD 4.8 million, with over 100,000 contracted licenses. PainChek Ltd continues to innovate in the field of pain assessment, aiming to improve the quality of care for individuals with communication challenges. For more information, you can visit their official website:https://www.painchek.com/ 2.5 Market Situation The share price journey of Painchek Limited since 2019 is one that draws a lot of questions on the viability of the business. Looking at the list of announcements listed below, one would think this was a growing positive sentiment, but as you can see in Figure 3, at the end of October, there looks like a major selling event. 29th April 2024: Morrison Govt $5M Grant for PainChek Trial in Aged Care 27th May 2024: International Market Milestone Achieved with UK Distribution 19th June 2024: $4.15M Placement to Fast-Track International Expansion 2nd July 2024: PainChek Partners with MCRI for Infant App PainFaces Study 24th July 2024: PainChek Granted US Patent for Pain Assessment Invention 6th August 2024: Singapore Regulatory Clearance Received. Allium Agreement 5th September 2024: UK market presence building with recruitment of UK BD Head 17th October 2024: Partnership with Ward Medication for national roll out Figure 3: PainChek Limited share price chart since 2019 as of 13th June 2025. (source: commsec) That selling event kept going till September 2023, and a recent rise in share price fortune in January 2025 (Figure 4). There was a recent spate of announcements, which was probably initiated by the company releasing news in regards to its FDA submission and a reseller agreement with BESTMED followed by an entitlement offer to shareholders to raise AUD $5.1M, giving fresh energy to the share price. Figure 4: PainChek Limited share price chart for the last 12 months as of the 13th June 2025. (source: commsec) The latest interest in the company could indicate a resurgence in the investing community for the story, as there do not seem to be any company releases about any setback on the story, not that I saw anyway. The decline in stock price in 2019 most likely was a profit-taking process, and one would not blame shareholders who were in the stock prior to the run. Don't forget that the decline was on the eve of COVID, and that probably made things worse. In Figure 3, you can see the rise after COVID, which was the post-COVID recovery curve typical of most stocks globally. Like most of the health/biotech stories, the gestation period to commercialisation is very long, and in most cases, there are no updates in between, so no news means no honey for shareholders, and we all know that investor patience is very limited. 3.0 CARETEQ Ltd (ASX: CTQ) Careteq Limited (ASX: CTQ) is an Australian health-tech company specializing in medication management services for the health, aged, and home care sectors. The company focuses on enhancing healthcare safety and clinical outcomes through its key platforms: Embedded Health Solutions (EHS) and HMR Referrals. 3.1 Core Business Operations Embedded Health Solutions (EHS): EHS provides comprehensive medication management services in residential aged care settings. This includes conducting Residential Medication Management Reviews (RMMRs), which involve evaluating and managing patients' medication regimens to prevent medication-related harm. EHS also offers clinical governance services to ensure compliance with healthcare standards and regulations. HMR Referrals: This platform streamlines the process of Home Medicines Reviews (HMRs) by connecting general practitioners (GPs) with accredited pharmacists. The system facilitates electronic referrals directly from the GP's practice management software, ensuring secure and efficient communication. HMRs are critical for patients at risk of medication misadventure, as they involve a pharmacist reviewing the patient's medications to identify and resolve potential issues. By integrating EHS and HMR Referrals, Careteq aims to create a unified medication management ecosystem that spans both residential and home care settings. This integration is expected to enhance service delivery, improve patient outcomes, and drive operational efficiencies. 3.2 Key Developments Impacting Share Price Several significant events have influenced Careteq's share price movements: January 2022: Careteq listed on the ASX, attracting initial investor interest. August 2023: The company acquired the remaining 45% stake in Embedded Health Solutions Pty Ltd for AUD 2.4 million, gaining full control over its operations and solidifying its focus on medication management and clinical governance. October 2024: Careteq divested its Sofihub business for approximately AUD 0.58 million to streamline operations and improve cash flow. February 2025: Announced a strategic partnership with MedicAlert Foundation Australia to enhance medication safety for Australians with complex medical conditions. March 2025: Reported its first positive EBITDA in the first half of FY25, indicating a significant step towards profitability. 3.3 Market Situation Careteq Limited is a new player on this list, and its share price performance is not one to admire (Figure 5). It appears that the introduction to the ASX healthcare sector for CTQ has not been a good experience, but as you are noticing, there is a trend happening with this sector over the last 5 years. Figure 5: Careteq Limited share price chart since 2022 as of the 13th June 2025. (source: commsec) Reading the ASX releases, there do not seem to be any revelations on the business. The acquisition of Embedded Health Solutions appears to be the key product, and the recent announcement of a Strategic Partnership with Medi Alert could be the beginning of business to come. With a market capitalisation of AUD $2.6M as of the 13th June 2025, one would have to assume that things are still very early, and from a punter's point of view, this could be what we call " A Cheap Punt". The business of medication management will become a big market as healthcare moves to more self/home management. The homecare packages that are now ingrained in Australian aged care are a prime example of where the business of medication management, either by medical practitioners or home carers, will be a focal point of business in the coming years. Figure 6: Careteq Limited share price chart for the last 24 months as of the 13th June 2025. (source: commsec) From an investing point of view, the steady share price over the last 18 months (Figure 6) may indicate that the market is now happy where it is, and any sellers may have already left. There was some market activity in late 2023 with the acquisition of Home Medicines Review Platform, but that led to a sell-down again in early 2024, but since then, it's been pretty steady. 4.0 Alcidion Group Ltd (ASX: ALC) Alcidion Group Limited is an Australian health technology company dedicated to revolutionizing healthcare delivery through innovative software solutions. Founded in 2000 and headquartered in South Yarra, Victoria, Alcidion has established a significant presence in Australia, New Zealand, and the United Kingdom, serving over 400 hospitals across more than 95 healthcare organizations. Alcidion currently has a market capitalisation of AUD $127.5M (as of 13th June 2025) and currently has a share price of AUD $0.09. 4.1 Core Offerings At the heart of Alcidion's product suite is Miya Precision, a modular, cloud-native platform designed to enhance clinical decision-making and streamline healthcare operations. Built on the Fast Healthcare Interoperability Resources (FHIR) standard, Miya Precision facilitates seamless data integration across various healthcare systems, enabling real-time access to patient information. Key components of Miya Precision include Clinical Decision Support (CDS): Provides clinicians with evidence-based recommendations to improve patient outcomes. Electronic Patient Record (EPR): Offers a comprehensive, longitudinal view of patient health information. Patient Administration System (PAS): Manages administrative tasks such as admissions, discharges, and transfers. Patient Flow Management: Optimizes patient movement through healthcare facilities, enhancing efficiency. Virtual Care and Remote Patient Monitoring: Supports telehealth initiatives, allowing for continuous patient engagement outside traditional settings. Integrated Operations Centre: Provides a centralized dashboard for monitoring and managing hospital operations. In addition to Miya Precision, Alcidion offers other notable products: Smartpage: A secure, smartphone and web-based communication system for hospital staff, facilitating efficient task management. Patientrack: A bedside monitoring solution that assists in early detection of patient deterioration. Silverlink PCS: A patient administration system acquired to expand Alcidion's EPR capabilities. 4.2 Strategic Developments Alcidion has demonstrated a commitment to growth and innovation through strategic partnerships and product enhancements Generative AI Integration: Collaborated with Google Cloud to incorporate generative AI capabilities into Miya Precision, aiming to reduce administrative burdens and support clinicians in decision-making processes. UK Market Expansion: Secured a 10-year contract with North Cumbria Integrated Care NHS Foundation Trust for the deployment of Miya Precision as their Electronic Patient Record system, marking a significant milestone in Alcidion's UK expansion. Financial Performance: As of FY24, Alcidion reported revenues of AUD 37.1 million, with 74% being recurring revenue, and maintained gross margins exceeding 86%. 4.3 Market Position The Alcidion story started in 2000, and since that time, it has had a good following over that time (Figure 7). There was the hype of its share price high in mid-2021, but that has come back since that time and is now looking to be back on that rising journey again. Alcidion looks like a legitimate healthcare business, and like all businesses, there are the ups and downs and the constant battle with market perception and what is the reality of the business cycle. Figure 7: Alcidion Group Limited (ASX: ALC) share price chart since its IPO in 2000 as of the 13th June 2025. (source; commsec) Looking at the cash flow question, Alcidion has not achieved profitability over the past five fiscal years. Here's a summary of its financial performance during this period: Net Income (FY2020–FY2024) FY2020 (ending June 30, 2020): Net loss of approximately AUD 2.24 million. FY2021: Net loss of approximately AUD 4.41 million. FY2022: Net loss of approximately AUD 3.62 million. FY2023: Net loss of approximately AUD 8.42. FY2024: Net loss of approximately AUD 4.97 million. These figures indicate that while Alcidion has experienced revenue growth, it has consistently reported net losses during this period. In the world of accounting, the net loss may be due to the potential that the company has been focusing on expanding its product offerings and market presence, and the increased operational costs have negatively impacted the overall profitability. For a business that seems to be achieving a flow of product development and market penetration, as long as funding to add cash flow continues to come from the market, I see some good points to think about a potential investment in Alcidion. 5.0 Beamtree Holdings Ltd (ASX: BMT) Beamtree Holdings Ltd (ASX: BMT) is an Australian health technology company specializing in artificial intelligence (AI) and data analytics solutions for the healthcare sector. The company provides tools that enhance clinical decision-making, automate coding processes, and improve data quality, aiming to optimize patient care and operational efficiency. 5.1 Business Overview Beamtree's core offerings include RippleDown: An AI-driven decision support system that automates clinical interpretations, reducing manual workload and enhancing accuracy. PICQ (Performance Indicator Coding Quality): A tool that assesses and improves the quality of clinical coding, ensuring accurate health data for analysis and reporting. RISQ (Record Integrity and Statistical Quality): A solution that identifies and rectifies data quality issues within health records, ensuring reliable information for decision-making. These products are utilized by healthcare organizations in Australia and internationally, including partnerships with the UK's National Health Service (NHS) and healthcare providers in Saudi Arabia. 5.2 Key Events Impacting Share Price Several significant events have influenced Beamtree's share price trajectory: 2021: Acquisition of Potential(x) and Ainsoff Pty Ltd, expanding Beamtree's analytics capabilities and product offerings. 2022: Secured a five-year contract with Ampath for RippleDown, valued at approximately A$10.1 million. 2022: Established contracts with four NHS hospital trusts in England to implement RippleDown, marking a significant entry into the UK market. 2024: Won a €2.3 million (approximately A$3.95 million) contract to deliver PICQ in the Republic of Ireland, further expanding its international presence. 2025: Announced strategic contract wins for autonomous coding solutions, indicating growing adoption of its AI technologies. These developments have contributed to fluctuations in Beamtree's share price, reflecting investor response to the company's growth initiatives and market expansion. 5.3 Financial Performance (FY2020–FY2024) Over the past five fiscal years, Beamtree has demonstrated revenue growth but has not achieved consistent profitability. 5.3.1 Net Income: FY2020: Profit of A$0.38 million. FY2021: Loss of A$0.39 million. FY2022: Loss of A$4.45 million. FY2023: Loss of A$6.91 million. FY2024: Loss of A$5.11 million. 5.3.2 Operating Cash Flow: FY2020: Positive A$1.05 million. FY2021: Positive A$0.24 million. FY2022: Negative A$2.32 million. FY2023: Positive A$0.77 million. FY2024: Negative A$0.49 million. 5.4 Market Conditions Compared to the previous companies that we have reviewed, BMT has had a relatively steady journey since it was admitted to the ASX (Figure 8). Apart from the rise in interest prior to 2022, BMT would have a fairly flat curve, which is a good sign. As you read, the financial performance for BMT over the last six years has been steady, even though it is not a stellar performance in terms of numbers. Figure 8: BMT share price since 2019 as of the 13th of June 2025. (source: commsec) I find that reviewing companies that are based on a revenue-to-performance model, unlike those that are in the mineral resources sector, where discovery is the main feature and revenue comes later in the production stage. In many cases, companies in the small-cap "mining" sector nearly reach the "production" stage. From an observer who is looking at a company that currently has a market capitalisation of AUD $90M, the last 24 months of trading do look like a decent time to do some serious DYOR to see if this is a viable entry price, if there is interest in taking a position in the stock. The financials may not look flashy over the last four years from a net income point of view, but if you look at the cash flow, there are some positive years within that period. That shows to me that the business does exist, and potentially, traction is what it needs, and time in the market is required. Notwithstanding technical breakdowns, I do think that I am seeing some trends in this sector. 6.0 Sonic Healthcare Ltd (ASX: SHL) Sonic Healthcare Limited (ASX: SHL) is a leading global provider of medical diagnostic services, including pathology, radiology, and primary care medical services. Headquartered in Sydney, Australia, the company operates across Australia, New Zealand, the United States, Germany, the United Kingdom, Switzerland, Belgium, and Ireland. Sonic Healthcare is the largest medical laboratory provider in Australasia and Europe and ranks third in the United States. Sonic Healthcare Limited is the big brother of the previous five companies in terms of market penetration and sustenance. Sonic has a market capitalisation of AUD $1.9B currently, and its share price is a handsome AUD $26.89 as of the 13th June 2025. 6.1 Business Overview Sonic Healthcare's core operations encompass Pathology/Laboratory Medicine: Providing clinical laboratory services to clinicians, hospitals, and patients. Diagnostic Imaging/Radiology: Offering imaging services, including MRI, CT scans, and X-rays. Primary Care Medical Services: Operating Australia's largest network of primary care medical centres through its Independent Practitioner Network (IPN). The company's strategy focuses on combining local medical leadership with the infrastructure and resources of a global organization, ensuring high-quality and personalized healthcare services. 6.2 Key Events and Milestones 1987: Listed on the Australian Stock Exchange as Sonic Technology Australia Ltd. 1990s-2000s: Expanded through numerous acquisitions in Australia and internationally, including in New Zealand, the United States, and Europe. 2002: Acquired The Doctors Laboratory, the UK's largest private pathology practice. 2007: Entered the German market by acquiring Bioscientia Healthcare Group. 2019: Acquired Aurora Diagnostics in the United States, enhancing its presence in the American market. 2024: Announced the acquisition of German laboratory group LADR for €423 million (approximately A$698 million), aiming to strengthen its European operations. 6.3 Financial Performance (FY2020–FY2024) Sonic Healthcare has demonstrated consistent financial performance over the past five fiscal years: 6.3.1 Revenue: FY2020: A$6.83 billion FY2021: A$8.75 billion FY2022: A$9.34 billion FY2023: A$8.17 billion FY2024: A$8.97 billion 6.3.2 Net Profit After Tax: FY2020: A$527.7 million FY2021: A$1.32 billion FY2022: A$1.46 billion FY2023: A$684.98 million FY2024: A$511.1 million Looking at the numbers, it is no surprise that the spike in revenue and profit during FY2021 and FY2022 was primarily due to increased demand for COVID-19 testing services. The takeaway point here is that companies in this sector, if they gain market share, are looking at multiples of income and capital appreciation that would leave shareholders very happy. 6.3.3 Cash Flow Analysis One would not be guessing that the cash flow for Sonic Healthcare would be anything but strong and impressive, especially when compared to those previous companies we have discussed. The list below highlights the last five years of financials. 6.3.4 Operating Cash Flow: FY2020: A$1.36 billion FY2021: A$2.04 billion FY2022: A$2.23 billion FY2023: A$1.47 billion FY2024: A$1.07 billion 6.3.5 Free Cash Flow: FY2020: A$1.13 billion FY2021: A$1.77 billion FY2022: A$1.08 billion FY2023: A$600.9 million FY2024: A$823.6 million These figures indicate that Sonic Healthcare has been generating substantial cash flows, supporting its operations, acquisitions, and shareholder returns. 6.4 Market Conditions Sonic Healthcare is the more famous brother of the last five companies reviewed. In some ways, the share price journey of Sonic Healthcare (Figure 9) is something that the previous companies would like to have, and especially if they can maintain the steady rising curve of capital appreciation for shareholders. The growth of Sonic since its admission to the ASX in 1987 is spectacular to see; however, the decline in valuation since 2020 is interesting to see. Figure 9: Sonic Healthcare Limited (ASX: SHL) share price over 30 years as of 13th June 2025. (source: commsec) When you look at the sector in general, this is the obvious trend, and it is across the board and Sonic Healthcare (Figure 10) is leading the way. It would be interesting now to see if the giants of the sector will lead a recovery, and if this is a sector issue, does this mean that taking positions in the health sector during this period could be the ideal situation? Figure 10: Sonic Healthcare Limited (ASX: SHL) share price over the last 5 years as of 13th of June 2025. (source: commsec) Only time will tell, but understanding the business of Sonic Healthcare and why the sector trend of a downward slide in share price fortunes is happening across the sector will be high on the things-to-do list. 7.0 Samso Concluding Comments This has been a long blog to complete, and as I write, I feel the need to complete the factual review and a discussion on the sector-wide sentiment. As I complete the arduous task of researching and then commenting on each company, I get the feeling that the general market has been experiencing a decline in the last 5 years. There are pockets within the sector that are experiencing the opposite, but this is the same in every sector. While some are struggling to raise funds or are struggling to get their business some market traction, others are booming. As I looked at the charts of the bigger, more common names or the better-performing stocks in the sector, I saw the same proportion of winners and losers as the other sectors. What does strike me is that it feels like the companies that are out there doing business and are doing the two-step forward and one-step back scenario are worth getting a better understanding of, and then looking for that optimum entry price. I won't bother with more of my thoughts, but I think if you get to this stage of the blog, I want to thank you for your perseverance and your patience. Please take your time to further educate yoursel, as this review is more about bringing awareness of the sector to readers than a recommendation of the stocks discussed. As usual, please take note of the Samso Philosophy and enjoy the journey. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. Cover photo: Laboratory, test tube Fortepan 95220, Fortepan, donor Magyar Földrajzi Múzeum / Kerekes J. Zoltán. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Laboratory,_test_tube_Fortepan_95220.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. 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Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. 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On a path to becoming Australia's first zero-carbon copper producer, QMines Ltd (ASX:QML) is bolstered by robust pre-feasibility study (PFS) results for its flagship Mt Chalmers Copper and Gold Project in central Queensland. Encouragingly, the PFS demonstrated that Mt Chalmers is a technically and financially robust project. “With improving base metals prices associated with supply constraints, Mt Chalmers represents a low cost, high margin and long-life project with immediate upside from three satellite deposits and a large exploration package,” said chairman Andrew Sparke. This development comes as copper prices hit a 15-month high, increasing by 15% in just two months, amid growing concerns over supply constraints and an escalating demand forecast. The supply concerns, underscored by years of underinvestment, project shutdowns, and a scarcity of significant discoveries, are set against a backdrop of heightened global demand driven by the energy transition’s reliance on copper. Furthermore, QML has also declared a maiden ore reserve of 9.6 million tonnes of proved and probable resources from the PFS (Figure 1). Figure 1: Mt Chalmers JORC 2012 Ore Reserve Estimate, Proved and Probable category contained metal and grades. (Source: QMines) Key outcomes The PFS assesses the development of a standalone copper and gold mining and processing operation at Mt Chalmers, utilising a three-stage open pit operation and processing that material onsite. Highlights of the study include: supports stand-alone 1Mtpa process plant; capital cost estimate of A$191 million; initial mine life estimate of 10.4 years; life of mine revenue of A$1.64 billion; life of mine free cashflow of A$636 million; and net Present Value (NPV8) of $373 million, 54% IRR. Meanwhile, metals produced during the initial life of the mine include 65,000 tonnes of copper, 160,000 ounces of gold, 30,600 tonnes of zinc, 1.8 million ounces of silver and 583,000 tonnes of pyrite. An immediate upside of the PFS is the significant growth options identified with the Sulphide City, Scorpion and Woods Shaft deposits not currently in the mine plan. Figure 2: Key PFS outcomes and assumptions (Source: QMines) About Mt Chalmers Mount Chalmers is situated 17 kilometres Northeast of Rockhampton in Queensland (Figure 3). The company owns 100% of the project which includes the high-grade historic Mt Chalmers copper and gold mine. The project comprises 316 square kilometres of tenure that include a number of known VHMS deposits not currently in resource demonstrating significant growth potential. Figure 3: Location and Infrastructure at the Mt Chalmers project. (Source: QMines) Mt Chalmers already hosts four known deposits, two of which (Mt Chalmers and Woods Shaft) are currently in resource. Significant upside remains as QMines seeks to convert two other deposits into resources (Botos and Mount Warminster) and by making further discoveries. Encouragingly, the mineralisation is near surface, relatively flat-lying and remains open in a number of directions. As a shallow high-grade deposit that is close to the coast and has significant infrastructure, QMines believe that substantial value may be unlocked by transitioning towards production. Thoughts from Samso QMines is what we could call a boutique copper producer. It does not have a big resource to have a Life of Mine of 30 years and it does not have very high grades. What QMines has is a Pre Feasibility Study (PFS) that points to a low CAPEX and a good revenue with an Inter Rate of Return (IRR) of 54%. What that is indicating at this stage is a robust money-making product. For those who have followed the Samso journey of content, you will know that the end game for companies like QMines is to return value to shareholders. Good management is critical and after speaking to Andrew Sparke, I feel that there is truth to the madness in this sector. The journey for QMines has been almost 3 years and the journey has been hard and full of hurdles. For the long and suffering shareholders from the listing in 2021, this is a hard pill to digest. The copper price is now at an all-time high and the narrative for copper is at its strongest. Traditional copper supplies are being stretched and their cooperating costs are only going to go up. Do your own research (DYOR), speak to Andrew and formulate your own opinion. My thoughts are that luck which is being manifested in good demand, good narrative, good pricing and a future lowering in borrowing cost makes a nice soup for those looking for exposure in the copper producing sector. Look out for our Samso Insight discussion with Andrew Sparke which will be released soon. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. 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Ordell Minerals: A New Opportunity in a Bearish Market Ordell Minerals Ltd is aiming to raise up to A$6 million through an IPO, targeting gold, lithium, and base metal exploration in Western Australia. The funds will focus on advancing the Barimaia JV project, a strategically located gold exploration asset, alongside new ventures like the Goodia and Fisher South projects. The company is led by a seasoned board, including key figures from Genesis Minerals, renowned for their track record of value creation in the mining industry. With exploration set to begin shortly after ASX listing, Ordell is poised to capitalize on its prospective assets and experienced leadership. Need support with Doing Your Own Research? Sign up for your membership on Samso Insights on Patreon now. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso