Early learning provider Nido Education Limited (ASX: NDO) made a strong impact during its October ASX listing, becoming the second-largest listed operator in the industry. The company raised $99.2 million by selling 99.2 million shares at A$1.00, delivering a market capitalisation of A$219 million. With the listing, Nido joins G8 Education, Mayfield Childcare, and Embark Education Group to become the fourth listed operator in the industry. Since then, the company used a significant portion of the funds raised to acquire 24 more childcare centres in Victoria, SA, and WA – taking its portfolio to 52 centres in the country. Nido traded steadily between A$0.90 and A$1.00, currently trading at A$0.93 with a market cap of 211.69 million. ( Figure 1) The company’s CY23 revenue from ordinary activities is up 61% to A$93.4 million, as it forecasts positive cash flows for at least the next 12 months. Figure 1: Share price chart (Source: Listcorp) More funds en-route Nido has plans to grow the network of early childhood centres through an incubator model with up to 32 more centres to be added to the portfolio in 2024. Last month, the company signed binding agreements with National Australia Bank (NAB) to establish a $ 67 million debt facility. The debt facility is intended to fund acquisitions over the medium term. Background Australia’s childcare industry is thriving, with revenue expected to reach A$17.2 billion by 2028-29, according to market researcher IBISWorld, driven by government support and extended attendance hours in 2023. Founded in 2021, Nido Education Ltd is a national owner, operator and manager of long-day early childhood education and care services, operating under the Nido Early School brand. The company boasts fifty-two early schools in communities across Australia (Figure 2). In addition, the company also manages forty-three centres on behalf of its partners. This makes a total of ninety-five centres Nido operates or manages, educating and to date, up to 8,361 children each day. Figure 2: Nido Early School Locations are in green with the number of locations labelled. (Source: Nido Website) 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

Reference: This Samso Insights is based on the research paper: "Minerals on the Edge: sediment-hosted base metal endowment above steps in lithospheric thickness" by Czarnota, K., Hoggard, M.J., Richards, F.D., Teh, M., Huston, D.L., Jaques, A.L. and Ghelichkhan, S., 2020. Minerals on the edge: sediment-hosted base metal endowment above steps in lithospheric thickness. In: Czarnota, K., Roach, I., Abbott, S., Haynes, M., Kositcin, N., Ray, A. and Slatter, E. (eds.) Exploring for the Future: Extended Abstracts, Geoscience Australia, Canberra, 1–4. Introduction – The Undercover Frontier As the global energy transition accelerates, demand for base metals like copper (Cu), lead (Pb), zinc (Zn), and nickel (Ni) is booming. Yet, exploration success rates for major discoveries are shrinking worldwide. In Australia—home to an array of world-class resources—the biggest challenge isn’t finding the right rocks, it’s working out where to start looking beneath the post-mineralisation cover that hides up to 80% of the continent’s prospective geology. In this Samso Insights report, we break down a compelling new framework built by Geoscience Australia and collaborators from Harvard, ANU, and Imperial College London. Their research takes a step back—beyond ore systems and basin models—to investigate the deeper control of the lithosphere on sediment-hosted base metal deposits. This Samso Insight aims to summarise the paper and share with readers the work that was done. This is published to share the work and not claim the content as an organic work by Samso. The Search For Base Metals In Australia - The standout finding? 85% of the global sediment-hosted base metal endowment sits within 200 km of the edge of thick lithosphere—the lithosphere–asthenosphere boundary (LAB)—and this trend holds across all geological eras. This is the first statistical global study to show that craton architecture is the strongest predictor of where the world’s giant sediment-hosted deposits occur—including Australia’s yet-undiscovered giants. Mineral Potential Heat Map – Key Highlights (Source: Czarnota et al. 2020) 85% of the world's sediment-hosted base metal deposits occur within 200 km of the edge of thick lithosphere (>170 km depth). This includes all “giant” deposits of >10 Mt of metal, ranging from the Proterozoic to the Phanerozoic. The lithosphere-edge statistical relationship remains robust across all deposit types—whether Pb-Zn clastic-dominated, Mississippi Valley-type, or sedimentary copper. The research reveals a new mineral exploration strategy: target basins sitting over or adjacent to lithospheric steps, not just basin-scale stratigraphy or fault geometry. Within Australia, this model reduces the total exploration area to ~15% of the continent, a globally significant frontier. Estimated undiscovered metal endowment in Australia: ~50–200 Mt of contained metals—worth ~$1 trillion in today's terms. Global Significance (Figure 1 — Global clustering at the 170 km LAB edge) This figure plots PbZn, Cu-sed, and MVT deposit locations globally. Bubble size scales with tonnage; colours denote deposit age. The dominant clustering along the 170 km lithosphere contour is obvious—and statistically unprecedented. The trend? It’s not tied to a particular basement, age, or sediment profile. It seems controlled by the deep thermochemical architecture of the continent. Figure 1: Global clustering at the 170 km LAB edge. (Source: Czarnota et al., 2020) Why the Lithosphere Matters – Rethinking System Architecture Traditional exploration models focus on the sedimentary basin level—fluid sources, rocks, pathways, and traps. This study shows we need to think deeper and broader. When a basin forms along a lithospheric step: (Figure 2 — System schematic (E–O–I–R).) Rifting is mechanically focused, producing thick sediment piles and long-active faults. Subsidence is deeper and more prolonged, giving fluids time and pressure to move metals. Basins remain cooler at depth, due to thicker cratonic roots—extending the thermal window for metal deposition. Preservation potential increases as post-depositional tectonics are lower-energy near stable cratonic blocks. This is how multiple tectonic systems over 2 billion years bred enduring mega-deposits like Mount Isa, Red Dog, or Kupferschiefer. It also explains why smaller, sub-giant deposits still show up elsewhere—but the biggest ones almost always live where the lithosphere was already behaving differently. Figure 2: System schematic - Evaporites, Oxidised sediments, Igneous feeders, Reduction traps (E–O–I–R). (Source: Czarnota et al., 2020) Australia’s Craton-Edge Advantage (Figure 3a — Australia LAB map + deposits) Figure 3a: Australia LAB map + deposits. (Source: Czarnota et al., 2020) In the higher-resolution Australian model, all giant sediment-hosted and IOCG deposits lie within ~100 km of the 170 km LAB contour. The Australian Discovery Potential – 2025+ and Beyond What happens when you apply this lithosphere-edge filter to Australia? ~15% of the total landmass remains highly prospective for sediment-hosted metals after layering in geological proxies such as black shales, evaporites, oxidised sediments, and mafic volcanics. Most of the ultra-prospective zones lie under cover—particularly in WA’s northeast, NT’s interior, and central QLD. Using global averages of metal endowment per km of prospective lithospheric edge, Australia likely contains 50–200 Mt of undiscovered metal, with realistic prospects for multiple new world-class districts. This redefines Australia’s frontier search space: not just in terms of traditional basin architecture, but lithospheric structure and long-term geodynamic stability. Figure 3b visualises the mass-weighted clustering of global sediment-hosted base metal endowment relative to the 170 km LAB contour, mass-weighted for 109 PbZn-CD, 147 PbZn-MVT, and 139 Cu-sed deposits, plus the combined curve. Figure 3b: Global CDF (mass-weighted). (Source: Czarnota et al., 2020) Mineral Potential Heat Map The map in Figure 3c — National mineral-potential heat map, overlays lithospheric depth contours with stacked sedimentary proxy layers from the Australian Stratigraphic Units Database. The result: a data-backed target corridor that narrows down >7.7 million km² to just ~1.1 million km² of the highest priority ground. Figure 3c: National mineral-potential heat map. (Source: Czarnota et al., 2020) Figure 3d — Model performance (CDF vs retained area) below. The performance check of the heat-map in Figure 3c. The solid line shows a mass-weighted CDF of Australia’s known sediment-hosted base metals versus mineral-potential score, while the dark-grey and light-grey curves show the percentage of Australia’s area retained at each cutoff (whole continent vs. the clipped “hot-zone” corridor). The key takeaway: the curve rises steeply for deposits while the area curves stay low—meaning the model captures most metal endowment while screening out most ground, enabling search-space reductions to roughly ~15% of the continent with strong retention of known resources. Figure 3d: Model performance (CDF vs retained area). (Source: Czarnota et al., 2020) Investor Lens — Questions to Ask Management LAB proximity: How far is the ground from the lithosphere–asthenosphere boundary (LAB) 170 km contour? Do internal targets sit within ~100–200 km of the edge? Stacked E–O–I–R evidence: What evidence do you have for Evaporites, Oxidised sediments, Igneous/mafic inputs, and Reduction traps (black shales)? Show sections, logs, or proxy datasets. Passive seismic coverage: Has the area been covered by modern passive seismic / tomography? If so, how does the local LAB pick align with targets? Tenure inside the corridor: What % of the company’s tenure falls inside the high-potential heat-map corridor (Fig. 3c), and how is the drill budget weighted towards it? Samso Concluding Comments When I saw this paper being posted on LinkedIn (My apologies for not noting who posted it initially), I felt that this would be a great Samso Insight. I have been a tragic believer and follower of mineral exploration concepts for a long time, and I hope this insight will help the non-geoscientists gain some insight into this wonderful industry. The paper is all about gaining knowledge of another concept to create predictive clarity. By showing that the mass of global sediment-hosted endowment clusters near the 170 km LAB contour—and that Australia’s giants tighten to ~100 km—the study converts a geodynamic insight into a practical filter. That’s rare in exploration science, and it gives decision-makers something you can map, rank, and budget against. The reason I wanted to bring this paper to the Samso platform is because this is the kind of thinking that will and should drive mineral exploration in 2025. There are countless examples of recent mineral deposit discoveries that sit in the realm of this form of innovative thinking over the last few decades. My favourite story would have to be the discovery of Olympic Dam, which, for me, was exactly the out-of-the-box (At that time) thinking that led Western Mining to discover what is a Giant discovery. Coffee with Samso: The Olympic Dam Story: An Insight into the Mineral Exploration Genius of WMC Limited For investors, the implication is straightforward: capital should chase this kind of research, not just historical concepts. Technology in 2025 is far superior, and concepts such as passive seismic, for example, are more likely to enjoy better discovery efficiency, especially under cover where line-of-sight geology fails. The days of knocking over a gossan and then making a discovery are now few and far between drinks. Research concepts, such as what is talked about in the paper, are now backed by more sophistication, and it is all about de-risking as much as possible to conserve capital and to make this capital funding stretch longer. For companies, this isn’t a substitute for geoscience fundamentals—it just means that mineral exploration thinking needs to = re-order the sequence. It is too simple to just think about the theory; one still has to do the basics and tick boxes: engage the lithosphere step; stack the mineral system ingredients; then deploy geophysics, geochem, and drilling where the vectors converge. Figure 3d’s performance curve shows that you can keep most of the known metal while cutting most of the ground. It has always been about understanding and executing a systematic path to lower metres per discovery. My mineral exploration concept has been guided by the likes of Jon Hronsky to always look at the bigger narrative. Australia still has room for a new world-class province. The recent discovery of a large number of "new" giant/large mineral deposits is a testament to this kind of thinking. The recent discovery of the West Arunta carbonatites and hence the building of a Tier-1 carbonatite province is the result. The estimate of 50–200 Mt undiscovered across frontier basins isn’t blue-sky—it’s a data-anchored extrapolation along craton edges. In the Samso playbook, that’s enough to justify disciplined, multi-year campaigns focused on edge corridors—because that’s where the science—and history—say the giants live. Cover photo: Sphalerite (GeoDIL number - 1020), Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sphalerite_(GeoDIL_number_-_1020).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research This is the kind of grounded, system-scale research that helps investors and companies spot conceptual edges before they become industry trends. The next North Australian Zinc Belt? It’s probably already mapped—if we know where to look. Reference: This Samso Insights is based on the research paper: "Minerals on the Edge: sediment-hosted base metal endowment above steps in lithospheric thickness" by Czarnota et al., 2020. Published with permission of Geoscience Australia. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to, your specific investment objectives, financial situation, risk profile, tax position, or particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

I came across Terrain Minerals Limited (ASX: TMX) while I was at the 2024 Sydney RIU Conference. After looking at the projects, the story really caught my curiosity. Over the years, I have learnt that all mineral exploration companies have what I call a hidden intrinsic value that always appears to be negative on the surface. If you have been in the industry for three decades, you have seen your fair share of Princes and Princesses and Ugly Ducklings. Terrain has an interesting twist of a Rare Earth project that shows some early indications of Gallium mineralisation. Gallium is a much sought-after metal and this alone makes it worthy of more than just a courtesy look. The second project that is interesting for Terrain Minerals Limited is the Lort River project, an Albany-Fraser Belt tory that is perspective for magmatic nickel-copper mineralisation. There have been many companies chasing another Nova-Bollinger but none has been able to replicate that success. Terrain Minerals is taking a different look and a new pair of eyes could make a difference. Check out this Samso Insight with Justin Virgin, Executive Director of Terrain Minerals who gives us a summary of the projects. 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 the generation of clean energy, the topic of uranium mining is brewing in Australia, especially in Western Australia. The only state and territory in Australia where uranium can be mined is South Australia and the Northern Territory. The Western Australian government took a stance a few years ago to ban the mining of uranium and this has taken its toll on the industry. However, it does seem that the sentiment to overturn that decision is now softening. The mining industry in Western Australia, by far the biggest player in Australia, is facing one of its biggest changes in 2024 and the change may only be starting. The nickel industry is hemorrhaging with the rise of the Indonesian nickel industry. The dominating nature of the nickel industry in Indonesia has taken the world by storm and the result for Western Australia and the rest of the world is that their own mines are now facing closure and a bleak future for those that are still in operation. The biggest player in the industry in Australia is BHP's Nickel West, which is certainly looking at closure and the loss of jobs and income for Australians. 2024 is absolutely turning out to be the year of changing fortunes for Australia in terms of being the commodity mecca of the world. There are real challenges that are not only restricted to nickel (almost a done deal), but there are also negative sentiments towards lithium, rare earths and finally iron ore. The misfortunes in turn could create the necessary heat to make the Western Australian and in large part the Federal government bodies look seriously at uranium as an alternative mining breadwinner. The World According to Jonathan Fisher Jonathan Fisher is the CEO of Cauldron Energy Limited (ASX: CXU) and this Samso Insight discussion is a good introduction to the challenges and the deep misunderstanding of the general population to uranium mining. Jonathan comes from a long history within the nuclear world and in this Samso Insight conversation, he is simply stating facts to explain the debate for the mining process and not about the building of nuclear power plants. Jonathan just wants the myths to be taken out of the discussion and I agree with him that the conversations out in the world have been wrong and largely made erroneously to be facts. Samso's Thoughts There is no doubt in my mind now that the mystery of Uranium Mining and the Nuclear Energy debate is shrouded by a lack of understanding and the perception created by the anti-mining fraternity (based on personal agendas). The narratives that Jonathan Fisher and all the other proponents for Uranium Mining are made simply to make right the wrongs of the loudest critic. One can argue based on personal preferences but the greater good for uranium mining and hence the use of nuclear energy cannot be made by the few, but it must be made for the greater good of the whole decarbonisation outcome for planet Earth. Listen to the Samso Insight Here 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

Recharged from the IPO, Ordell Minerals Ltd (ASX: ORD) made its debut on the ASX last Friday, showcasing a robust portfolio of exploration assets in Western Australia. The company successfully raised a maximum of A$6 million through its initial public offering (IPO) at an issue price of 20 cents per share. With a fully funded treasury, Ordell is set to advance its flagship asset, the Barimaia Joint Venture (JV) Gold Project in the Murchison Province, where it holds an 80% stake. This project is considered an advanced exploration venture with significant historical drill results. With the second day of trading closed, Ordell’s shares peaked at A$0.22, with nearly 1.7 million shares traded to date (Figure 1). Figure 1: Ordell trading volumes (Source: ASX.com) Genesis Minerals Reunion Ordell acquired its 80.2% interest in Barimaia from Genesis Minerals, making Genesis a major shareholder with an 8% stake. The company has also reunited key members of the Genesis team, including former Genesis Chair Tommy McKeith and former Managing Director Michael Fowler. McKeith and Fowler have taken on the same roles at Ordell, alongside industry veteran Darren Gordan as a non-executive director. Furthermore, experienced resources sector executive Graeme Smith is the company secretary. Prime Location in a Tier-1 Mining Jurisdiction Barimaia is located in a Tier-1 mining jurisdiction, near several gold processing plants (Figure 2) It is adjacent to Ramelius Resources’ Mt Magnet mill, 70 kilometres from Spartan Resources’ Dalgaranga mill, and 80 kilometres from Westgold Resources’ Tuckabianna mill. “Located in the heart of one of Western Australia’s most exciting gold districts, Barimaia lies within trucking distance of several gold processing plants, with past exploration confirming strong potential for a shallow resource,” said Managing Director Michael Fowler. Previously, Barimaia was not systematically explored by Genesis due to its focus on assets in the Leonora region. In addition to Barimaia, Ordell holds the Goodia Lithium Project in WA’s Kalgoorlie-Norseman lithium district and the Fisher South Gold Project in the Laverton gold district, both considered promising greenfield discoveries. Figure 2: Barimia Locations (Source: Investor Presentation) Forward Plan Fresh from the ASX debut, Ordell’s immediate focus is the Barimaia Project. The company plans to undertake systematic reverse circulation (RC) drilling along a 2.5-kilometre strike extent at Barimaia, targeting Eridanus-style discoveries (Figure 3). Additionally, aircore drilling is planned to test for strike extensions to the known mineralisation. Fowler stated, “Given its location right on the doorstep of Ramelius’ Mount Magnet gold project, and with strong geological similarities to Eridanus which is currently being mined by Ramelius, our plan is to systematically drill the known 2.5-kilometre strike extent at Barimaia to target Eridanus-type discoveries.” The Goodia Lithium Project in the Kalgoorlie-Norseman lithium district and the Fisher South Gold Project in the Laverton gold district are also on the agenda for further exploration as well. Figure 3: Ordell’s Forward Plan (Source: Investor Presentation) 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

The Havieron discovery, made by Greatland Gold Plc in 2018, is now nearing production in a joint venture with Newcrest Mining. Located just 45km from Newcrest’s Telfer mine, the project benefits from using existing infrastructure, significantly reducing costs and environmental impact. The Havieron deposit holds a strong Probable Ore Reserve and Mineral Resource, positioning it as a promising gold and copper mine in Australia. This blog explores the journey behind the discovery, highlighting the challenges, perseverance, and exploration techniques that led to success. Investors interested in exploration success stories and high-potential gold-copper projects will find this a compelling read, offering insight into one of the most exciting discoveries in recent years. Sign up for your membership on Samso Insights on Patreon now to access more exciting investment stories. 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

Just five months into its ASX foray, Great Divide Mining Ltd (ASX: GDM) has identified the potential for lithium and rare earth elements (REE) at the company’s Cape Project within the New Goldfield tenement in Queensland. To fund its gold and critical metals projects, the company floated on the ASX after a $5 million IPO at an offer price of $A0.21, which was oversubscribed. Situated within Queensland, Each of GDM’s projects are believed to have “company maker” potential: Yellow Jack – prospective for gold; Coonambula – prospective for gold-antimony; Devils Mountain – prospective for gold; and Cape – prospective for copper-gold-rare earth The projects sit across eleven tenements in historical mining areas with past exploration and nearby infrastructure. At present, GDM shares have been trading at A$0.28, up 33.3% from the offer price (Figure 1). Figure 1: Share price chart ( Source Listcorp) Lithium and REE potential GDM has revealed during its preliminary exploration results, and desktop studies have identified lithium and REE potential at the Cape Project. Commenting on the find, the company’s CEO Justin Haines said: “Although we are in the infancy of our exploration at New Goldfield, early indications of prospectivity for Lithium and REE are encouraging and present a ‘bonus’ to GDM beyond the priority gold and base metal prospects on this tenement." Moving forward, the company aims to conduct on-site exploration at New Goldfield across its existing gold and base metals targets, as well as this new lithium and REE opportunities (Figure 2). Figure 2: Cape Project Location and Major Mines (Source: ASX website) “Excellent” gold assays from Yellow Jack In January, the company delivered assays described as “excellent” from its diamond drilling program at Yellow Jack (Figure 3). Assays from three diamond drill holes have highlighted ‘significant’ gold hits, including: 12 metres @ 2.70 g/t gold from 25 metres depth in the hole, including 6 metres @ 4.15g/t gold from 30 metres depth, and 6.2 m @ 1.1 g/t Au from 80 m depth in hole 23YJDD217 Figure 3: Yellow Jack Project location and major mines Commenting on these new assay results, Haines said: “We have seen some excellent intercepts from our diamond drilling campaign at Yellow Jack. “In particular, the intercept of 6m @ 4.15 g/t Au in hole 23YJDD219from 30 m depth indicates that the Gold mineralisation is of higher concentration in certain areas and extends further along strike and at depth than initially anticipated. “We are undertaking a full 3D interpretation of the Yellow Jack Gold system, which will be completed over the coming weeks, and are now well placed to consider an update of our previously announced JORC Mineral Resource Estimate of over 51,000 oz contained Gold at Yellow Jack.” Looking ahead GDM is also continuing with the exploration and assessment of its other projects (Figure 4) The Yellow Jack geology and mining studies are continuing to assess the project's commercial potential, with results expected in the coming months. What’s more, planning for exploration works at Coonambula and Devils Mountain is nearing completion in readiness for the commencement of the field season. Figure 4: Forward plan for GDM’s projects (Source GDM website) Samso's Thoughts The GDM story is very typical of the region they are exploring. If you look at Figure 1 and Figure 2, there is evidence of good mineralisation, and there is no doubt that their concepts are valid. This is a gold and copper country, and antimony and molybdenum are commonly associated with mineralisation as well. I am not a big fan of the lithium and REE story, and I hope the company focuses on gold and copper. The results to date are encouraging, but they are still a distance from discovery. This is not a negative point; it just means there is work to do. The one issue with the GDM story and that of all aspiring juniors in this place will be the duration required for an economic discovery. The systems are typically tight, meaning they are small and usually complex to define. This means that the hurdles may create less luck than more luck for discovery. Pacgold Limited (ASX: PGO) is located near the Cape Project with its Alice River Gold project, and it is a good prospectivity comparison. I have just seen its presentation, and it seems that it is on the verge of a decent discovery. I would encourage readers to go and have a look at its presentation and check out the potential. As always, DYOR, keep an eye out for their announcements. 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

The copper sector is now starting to build and the anticipation for a copper boom is well and truly setting in concrete. It feels like the market is finally in sync with the narrative of copper being the next dominant player in the metals race. Pricing on copper may now appear to be on the increase, but if you take into account the potential risk of a supply crunch, the price of copper could go even higher from its all-time high now (Figure 1). Figure 1: Price chart of copper. (Trading Economics) QMines Limited (ASX: QML) is one of the companies in the Australian Stock Exchange (ASX) who are trying to showcase an investment scenario of potential investors. Currently at AUD14M market capitalisation, this company has just completed a Pre-Feasibility Study (PFS) which seems to be indicating a compelling case to be the next copper producer. The PFS is showing a CAPEX of AUD192M, a Net Present Value (NPV) of AUD373M and an Internal Rate of Return (IRR) of 54% with a 10.4yr Initial Mine Life with a 1.8 year payback. These are pretty soft numbers which are indicating a strong case of what QMines is trying to complete. These figures are not set in concrete and may change but it does have a good start to the downstream journey for QMines. For those who are looking at these numbers and thinking that it is attractive, I caution a good old case of DYOR as always. This Samso Insight is a good summary of the QMines story. 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

American mining giant Alcoa Corporation (ASX:AAI) has made its debut on the Australian Securities Exchange (ASX) through a dual listing of Chess Depository Interests (CDIs) - a key milestone ahead of its acquisition of Alumina Ltd. Recently, the company confirmed that the scheme of arrangement under which Alcoa will acquire 100% of the fully paid ordinary shares in Alumina is now legally effective. Both companies collaborated in the AWAC (Alcoa World Alumina and Chemicals) joint venture - one of the largest producers of alumina and bauxite miners globally. Looking ahead, Alcoa’s consolidation of AWAC marks a significant union of resources and expertise within the bauxite aluminium industry. “This transaction provides enhanced opportunities for value creation, including strengthening Alcoa’s position as one of the world’s largest bauxite and alumina producers,” said William F. Oplinger, Alcoa’s President and CEO. What’s more, the company also trades on the New York Stock Exchange (NYSE) under the ticker code AA. Scheme Of Implementation Pittsburgh-based Alcoa entered into a binding scheme implementation seed with Alumina Ltd, under which it will acquire Alumina Ltd in an all-scrip, or all-stock transaction (Figure 1). Alumina shareholders will receive 0.02854 Alcoa shares for each Alumina share, resulting in Alumina Ltd shareholders owning 31.25% of the combined entity and Alcoa shareholders owning 68.75%. As part of the agreement, interests in Alcoa shares will be delivered in the form of CDIs, allowing Alumina shareholders to trade Alcoa common stock via CDIs on the ASX. Importantly, Alcoa has committed to maintaining the CDI listing for at least 10 years. Additionally, two new Australian directors from Alumina Ltd’s Board will be appointed to Alcoa’s Board of Directors upon closing the transaction. “Entering into the Scheme Implementation Deed to acquire Alumina Limited is a milestone on our path to deliver value for both Alcoa and Alumina shareholders,” said Oplinger. Figure 1: Key Milestone for the acquisition (Source: AWAC Website) “Proven Operator” Oplinger added: “Alcoa has been a proven operator of AWAC, and we recognize the value creation opportunities possible under a simplified ownership structure, including the ability to implement AWAC’s operational and strategic decisions on an accelerated basis. “We believe now is the right time to consolidate ownership in AWAC, and we look forward to building on Alcoa’s success and continuing to execute our long-term strategy.” Alcoa’s global operations Alcoa Corporation is a global leader in the production of bauxite, alumina, and aluminium products. Founded in 1888, the company has a rich history of innovation and sustainability in aluminium manufacturing. Alcoa operates in a vertically integrated manner, encompassing every aspect of the aluminium production process. This includes mining bauxite, refining it into alumina, and then smelting the alumina to produce aluminium. The company's comprehensive approach ensures control over quality and supply chain efficiency. The company holds direct and indirect ownership of assets in 27 locations across nine countries on six continents, enabling it to maintain a leading position in the global aluminium market (Figure 2). Figure 2: Alcoa locations around the world (Source: Alcoa Sustainability Report) Transaction Timeline and Future Outlook The acquisition is anticipated to close around August 1, 2024. This strategic move is expected to enhance Alcoa's ownership of core, tier-one assets, and drive long-term value through greater financial and operational flexibility. Alcoa’s entry into the ASX aims to expand its investor base and leverage the Australian market’s potential. 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

Miramar Resources Limited (ASX: M2R) may be one of the few true mineral exploration companies on the Australian Stock Exchange (ASX). When you digest the content of this sector, there are few companies that were created for discovery. However, there is a big divide in terms of how you make money "investing" into these companies. As we approach 2025, is art of making money in mineral exploration a deep mystery, and backing the right horse is more about knowing the owners, trainers, and jockeys than understanding the horse or the track. I have looked at Miramar since February 2021 when we first made the first Coffee with Samso. It was a prized discussion for me as Allan Kelly was the man who discovered the Andy Well Gold Mine. The vehicle Allan used for the discovery was Doray Minerals Limited, which was eventually taken over by Silver Lake Resources Limited (ASX: SLR). The fortunes of Miramar has taken a tumble since that first Coffee with Samso. The market capitalisation of Miramar is now sitting at AUD1.75M (as of 13th December 2024). It is a far cry from its listing valuation of AUD 14M when they first came on the ASX scene. The original investors and those that have come along the ride during the period will be questioning their wisdom at this stage. The Miramar story has been one of my favourites to cover over the five years of creating the Samso platform. Those who have watched the Coffee with Samso series would have seen the great interaction between Allan Kelly, the company's Executive Chair and myself. As we are both from the exploration side of our geological journey, it was very easy to have a great conversation about the ins and outs of all the projects in Miramar. What has been the biggest change is the company's changing fortune over the last two years. Miramar has not been singled out, as the last two years have not spared the majority of the small-cap ASX companies. The bottom has fallen out of Miramar. It now trades at AUD $0.005, a true penny stock (see below).a genuine Miramar Resources Limited share price as of 13th December 2024. (Source: Commsec) Allan Kelly is still the man in charge, but the lack of success and wealth destruction of participants in this sector of the ASX over the last two years have meant that there is next to no strength in any bulls that may be in the stock. This is definitely not good for the souls of management and the supporters, but that is what this side of the ASX is all about and has been the case since I entered the industry in 1992. To understand my thoughts, lets first look at what business are we in..... 1.0 The ASX Small-Cap Mineral Exploration Conundrum? 2.0 Early Thoughts 3.0 How It All Started? 4.0 Management 5.0 The Projects 5.1 Gidji JV - Eastern Goldfields Projects - Western Australia 5.2 Glandore - Can It Make The Grade? 5.3 LangWell 5.4 Whaleshark - The Potential Real Gem for Miramar 5.5 Bangamall - A Dark Horse within the Miramar Stable. 6.0 Conclusion - The Samso Blueprint for the Miramar Story 7.0 What Does It Mean for Investors? 8.0 Samso Concluding Thoughts 1.0 The ASX Small-Cap Mineral Exploration Conundrum? The whole small-cap mineral exploration ASX sector is commonly described as a casino where investors accept the high risk and the incredibly unpredictable nature of the investment. As a long term partitioner and participant in this sector of the ASX, I resonate with that description because most people who invest in these companies don't care about the inner technical parts of the story. They are merely keen on how credible the story is and how it will excite the market, leading to a surging share price. This kind of thinking is not wrong, as it has made many people a lot of money, and personally, in the early part of my "investing" episodes, I have also made a few good bets. For the readers who are golfers, this is that feeling of having a really bad 17 holes and that last perfect drive off the last tee makes you come back with gusto to do it all over again. However, as we mature in the "wisdom of life," my views have changed after making many short-term investments that have become long-term holding investments, for which I am sure there will be many people who share this view. Hence, the issue with this investment strategy is that we are not always part of the inner group that control the ins and outs of the company, either on the technical or the corporate side which I call the "Purple Circle". The filtering or the unravelling of the story often leads to us, the retail part of the game, holding the baby when the "Purple Circle" have already excited. Over the years of learning on the job, my thinking has changed. Now, I like to think that the way to measure our interest in putting our hard earned money into a company must have some resemblance of "truth" or "high probability" that the project has some form of upside. I would also like to think that the guy looking after the operations knows what he or she is doing and is putting his hand on his heart in being sincere with his messaging. As we all know, this is also not a guaranteed winning method of investing, but for me, it allows me to have some tangible way to measure my entry and exits from the stock. A company like Miramar gives me the "feeling" that there is a genuine attempt to make an economic discovery, and when I speak to Allan Kelly, there is sincerity in his message. Don't get me wrong, I understand very well that Allan's best intentions are mutually exclusive to his ability to create reality. 2.0 Early Thoughts Is Miramar Resources a good company with upside for discovery, absolutely. The company has good management and the projects are all prospective, from an exploration point of view. Allan is the driving forces of the exploration and he has a team of very competent people. The journey of discovery has always been challenging which is always at a conflict with the general shareholders and the brokering fraternity. When an exploration geologist look at the task at hand, which is to make a discovery, they are never under any misunderstanding that the prize of discovery is always measured in anything other than years. This concept of measuring discovery in years is the major hurdle in maintaining a constant market capitalisation for companies such as Miramar. Exploration companies are a form of what I call a Spending Company with no income stream. Hence there is a continuing need to raise funds which inevitably falls into a cat and mouse game for brokers in the form of the source of funding and the entry price. The price of the company share price is always at the mercy of this game and those that take the blame are the likes of Allan. Over the journey that Samso has been covering Miramar, I think the level of difficulty for the company to make a discovery has gone up a few levels. The company has now shifted focus from the Kalgoorlie Goldfields to the Gascoyne as it starts exploration activities in the Bangamall and Whaleback project regions. Lets have a look at the company and get some context into the discussion to come with this compilation of details. Lets work through the projects that the company started with and understand the journey till now. Please be aware that the compilation of information is at the best I could do and its more to do with the setting of context of the discussion than the details. 3.0 How It All Started? Miramar Resources Limited (Miramar) was admitted into the ASX on the 21st October 2020. There was 42,227,520 fully paid ordinary shares quoted on the first day of trading and the lead Manager was Shaw and Partners. Table 1 below are some details of the restricted securities at the time of listing. These can can viewed as the incentive milestones for the receiving participants in the company. It is a good guide for the level of "eagerness" to make discoveries and hence create an uplift in the share price. On the downside, it is also a guide on the timing when a load of shares may come onto the register and potentially deflate the price at that time or slow down the rising share price. Table 1: Restricted Securities [ Annoucnement 21st October 2020] No. of Shares Details Escrowed Period Details 4,987,500 Fully Paid Ordinary Shares 26 June 2021 ​ 6,495,080 Fully Paid Ordinary Shares 22 October 2022 ​ 1,350,000 Fully Paid Ordinary Shares 22 October 2021 ​ 3,000,000 20c Options 22 October 2022 On or Before 26th June 2025 6,650,000 20c Options 26 June 2021 On or Before 12 months after listing. 1,560,000 20c Options 22 October 2022 On or Before 24 months after listing. 6,000,000 25c Options 22 October 2022 On or Before 24 months after listing. For those who are interested in the Top 20 List at the time of the admission, check this link: [Top 20 List - 21st October 2020]. 4.0 Management When you are looking over the credentials of a typical mineral exploration company, you like to see the credentials listed within the Miramar corporate snapshot. Leading the list is Allan Kelly with over 25 years of experience in the industry with credentials and he was the Founding Managing Director of Doray Minerals. Doray made the discovery of the Andy Well Gold Mine about 45km north of Meekatharra. Figure 1: Miramar Resources Limited - Corporate Snapshot - 21 October 2021. (Source: Market Index) The presence of Marion Bush on the list makes two geologists on the Board which is a rare sight these days. The concept of a mineral exploration company without a strong technical presence appears to be common these days. As I mentioned earlier, the art of managing an exploration company on the ASX is more than having geologists on the Board. There is a lot of merit in having an experienced ASX small-cap practitioner on the Board leading the story. There are many names in the industry that are non-geologists, who have made many investors wealthy. My point is that in the case of Miramar, the leadership with geological skills is a positive. Another feature of management is that Allan has a strong presence on the share register which aligns people with the direction of the company. The mutual interest in making the share price and the market capitalisation of the company to go upwards is a good thing. 5.0 The Projects One of the biggest dilemma in a small cap mineral explorer is how many projects is too many or too little. As an exploration geologist myself, I feel that companies like to have the spread of projects to re-risk. In the case of Miramar, the spread of projects does look at stretching the budget but as it has turned out, the shifting of focus to the Gascoyne may have its benefits. From the recent announcements and the latest presentation, you are in no doubt that there is a shift in the direction of the company. Miramar is now all about the Capricorn Orogen Projects, Whaleshark and Bangemall (See Figure 2). Interestingly, these two projects were what got me interested in Miramar. Contrary to the trends in the small cap mineral explorer sector, the companies that make the impact are those that make discoveries of size. There are too many companies making discoveries that are not scalable. Investors need to back companies that are chasing Elephants and the downside to that is the Risk-Reward of these kind of projects. Jon Hronsky recently spoke on an episode of Coffee with Samso in 2021(see link below) about the need to examine the Risk-Reward position of investors who back well-balanced grassroots portfolios and brownfield projects. The Risk-Reward Myth of Mineral Exploration: Jon Hronsky Jon recently repeated this thought on an episode of Money of Mine, where he talks about how, when you look at the real picture, the actual risk is lower for a grassroots story than that of a brownfield concept. This has to be taken in context of his discussion, but many punters forget this or, in many cases, they don't care because their investment concept is based on following the money :-). My initial thought on Miramar was that the Gidji JV was a hidden gem because it was a good-sized portfolio right in the Kalgoorlie goldfields. To have that kind of size in that region was a big surprise for me. The surprise I had during the episode of Coffee with Samso was a legitimate realisation of why Miramar was so actively working on that project. Figure 2: Miramar Resources Limited - New Strategy - 21 June 2021, Gold Coast Investmentstory. Showcase. (Source: Market Index) Lets have a quick reminder of the projects to get some context and background of the company. 5.1 Gidji JV - Eastern Goldfields Projects - Western Australia (See Table 2 for a list of related announcements) The Gidji JV Project is located within the Eastern Goldfields approximately 15km north of Kalgoorlie. The Project has 15km of strike along a major structure, the Boorara Shear Zone, and is underexplored despite proximity to numerous gold operations. The Gidji JV (Figure 3) is one of the few projects that a 100,000 to 300,000 ounces discovery would be sufficient to monetise. The Miramar's approach to exploration is all about the commercial viability of the potential exploration discovery. Hence, the concept is that is always about the discovery of an economic discovery. Figure 3: Miramar Resources Limited - Gidji JV Project . The figure highlight the prospectivity of the neighbouring mining centres. (Source: Miramar Annoucnement - 10th August 2022) When I first looked at the Gidji project, I thought it was a small tenement and I was puzzled why was the company focusing on the Gidji JV. I did not realise that it had a 15km segment of a major shear sone, the Boorara Shear Zone. The fact that this is a piece of land in a very rich mineral province makes this a project. Figure 4: A drilling history of the Gidji JV showing the different prospects within the project. (Source: Miramar RIU Explorers Conference - February 2023). This kind of property do not come on the market often. The fact that Miramar has its hands on the tenements is a major win. Figure 4 highlights the prospective ground with the drilling history. If you look at Figure 4 closely, you will see that Miramar has done a lot of work. If anyone has watched the Coffee with Samso with Allan Kelly you would have felt his excitement and optimism for the project. Mineral Exploration is in my blood and I resonate with everything Allan has said. I also understand that frustration when the results are not helping you sell the merits of the project. We will discuss the merits of the Marylebone Exploration Target in the deeper part of this discussion. Table 2: Announcements Related to Gidji JV Project. ANNOUNCEMENTS DATE ​Large Marylebone Exploration Target Highlights Significant Gold Potential at Gidji JV. ​2nd February 2023 ​PGE Results Highlight Gidji JV Nickel Potential ​5th December 2022 ​Significant Gold Results from "Highway" Target. ​10th August 2022 ​Further High-Grade Gold Results from Gidji JV. 1st August 2022​ Multiple High-Grade Gold Results from Gidji JV. 30th June 2022 Gidji JV Project - Exploration Update 29th June 2022 Gidji JV - Exploration Update. 26th May 2022 Miramar to Accelerate Gidji JV Drilling Programmes Following $2.4M Raising. 3rd May 2022 Potential for Multiple Large Deposits at Gidji JV. 13 April 2022 Multiple High-Grade Gold Results From Gidji JV 8th April 2022 Nickel Sulphide Targets Identified at Gidji JV 10th March 2022 Gidji JV Project - Exploration Update 4th March 2022 New Target at Gidji JV Increases Camp-Scale Potential 10th January 2022 Gidji drilling results indicate potential new gold camp 10th January 2022 Gidji JV Exploration Update 22nd December 2022 Significant Gold Results from Gidji JV Drilling 7th October 2022 Multiple High-Grade Gold Results from Marylebone 23rd September 2021 Gidji JV Tenements Granted 13th September 2021 Aircore Drilling Grows Marylebone 2nd August 2021 New Aircore Results Upgrade Gidji Targets 29th June 2021 RC and Aircore Drilling Underway At Gidji JV 3rd June 2021 Aircore Drilling Extends and Upgrades Marylebone 11th may 2021 Gidji JV Project Exploration Update 6th May 2021 Gidji Diamond Drilling - Additional Information 15th April 2021 Gidji Drilling Extends Runway and Hits Visible Gold 12th April 2021 Drilling Underway at Gidji 16th March 2021 High-grade gold at Gidji upgrades targets. 11th February 2021 Gidji drilling intersects visible gold and outlines multiple 1st February 2021 Drilling Underway at Gidji 1st December 2020 Coffee with Samso and Rooster Talk Chapters: Discovery of the Primary source at Gidji : Miramar Resources Ltd (ASX: M2R) - Rooster Talk 63 - Published The Gidji Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 27th May 2022 A New Gold Camp in the Kalgoorlie Goldfields - Gidji Gold Project - Miramar Resources Ltd (ASX: M2R) - Published 20th February 2022 Mineral Exploration Success - Discovery at Marylebone - Miramar Resources Limited - Episode 118 - Published 1st November 2021 5.1.1 Nickel Potential at the Gidji JV. On the 19th January 2023, Miramar announced significant PGE results at the Gidji JV promoting the nickel sulphide potential of the project. Now this is not a surprise as the Norseman-Wiluna Greenstone Belt is one of the richest mineral province in the world. It is home to several large nickel deposits. The immediate Kalgoorlie region is also a host to several nickel Sulphide and lateritic nickel deposits (Figure 4). Figure 4: Gidji JV showing nearby nickel occurrences. (Source: Miramar Resources Limited, Annoucnement 19th January 2023) The lack of historical results for nickel in the Gidji JV is probably the main hurdle in promoting the nickel sulphide area. Good results (Figure 5) are present for the company but with the lack of interest in nickel in Australia will make this concept not worth mentioning. Figure 5: A plan showing aircore holes from the Gidji JV showing maximum nickel in hole over UAV magnetics. 5.1.2 Marylebone Exploration Target - Potentially a Red Herring to Pursue Gidji JV. On the 2nd February, Miramar released an Exploration Target for the Marylebone prospect within the Gidji JV indicating an initial shallow gold target of 1.3 to 3.1 million tonnes, at a grade of 1.2 1.5g.t Au (Figure 6). Figure 6: Drill plan of the Gidji JV project outlining the Exploration Target. (Source: Annoucnement 2nd February 2023) As the exploration rolled on in Gidji, it became apparent that the Marylebone prospect was going to become the highlight with consistent drilling results. One of the issue with Gidji is the lack of a solid intersection that could bring substance to the smoke. There just needs to be more work required. I understand that the Exploration Target at Marylebone is justified and has some merits. However, without the obvious smoking gun, I would caution spending more money here. The lack of funding and the lack of love for a gold story makes this path dangerous. It appears that management may have already moved on which is probably a good move. 5.1.3 The Gidji JV Quandary. When exploration was happening in a big way at Gidji, I was really optimistic for a discovery. The theories were good and optimistic. However, missing smoking gun put an end to the hopes for Miramar. The results that kept coming out was typical of projects that had been worked but lacked substance. The Eastern Goldfields are littered with these projects. As usual, I still had optimism because I have seen so many projects that was showing all the signs of no discovery but suddenly, the persistence lead the team to a discovery. The Gidji JV optimism was all about being surrounded by over 20 million ounces of gold production with a radius of less than 30 km (Figure 3). Allan Kelly says "it is the cheapest house on the on the best street". The optimism is on song and has merits. The Kalgoorlie gold system is a proven system so the promise of Gidji having the potential to accumulate a reasonable resource either from supergene enrichment, alluvial or otherwise is not incorrect. There is no doubt that the upside for Gidji lie in its location. As I mentioned earlier, if Miramar could find a minimum of 100,000 ounces, it would be easy to monetise in that region. The potential to find something in the 1M ounce range looks good too. As Miramar accumulated data (Figure 6), there is clear evidence of some form of gold mineralisation occurring. Figure 6: Miramar Resources Limited - Gidji JV highlighting significant results from the new “Highway” target. . (Source: Miramar Annoucnement - 10th August 2022) The last annoucnement that mentioned Gidji was way back on the 10th August 2022 and they released the results below: GJAC717 – 5m @ 0.87g/t Au from 48m, including 1m @ 1.87g/t Au GJAC718 – 1m @ 2.9g/t Au from 52m GJAC721 – 4m @ 2.95g/t Au from 48m, including 3m @ 3.78g/t Au GJAC725 – 8m @ 0.77g/t Au from 48m, 4m @ 1.13g/t Au GJAC727 – 1m @ 2.53g/t Au from 51m The issue for management and major shareholders is that one can take only that much teasing. You can see in Figure 6 that there are a few purple results (high grade) and you have to wonder what do we do there ? They are still not data points that are leading to an economic discovery. In geology, we always say that there are three factors that make a potential discovery. The first is the Source, the second is a need for a Pathway and the third is the need for a Trap. At the moment, Miramar is missing all three here in Gidji. 5.1.4 Current Status of the GidJi JV As it turned out, at the moment, Lady Luck was not at Gidji and the discovery remains elusive. Currently, it appears that the market forces have influenced the move away from Gidji to the Gascoyne projects. I dont see this as a bad move, nor is it a consolidatory strategy. In fact, Allan himself mentioned this in the Coffee with Samso. Allan is realistic on what can be achieved. Allan is a believer of the the golden rule in this game, one must never fall in love with your project. 5.2 Glandore - Can It Make The Grade? (See Table 3 for a list of related announcements) The Glandore project to me was an odd project. It was one that had some prospect but I could not see the real potential. Sometimes, potentials in the game of mineral exploration do not come in a standard form. This area of the Kalgoorlie Goldfields has had a lot of attention. One of the frustrating part of the region is gold is everywhere. Figure 5: Miramar Resources Limited - Glandore Gold Project. (Source: Miramar Annoucnement - 4th October 2022) Once you have worked in this part of the region for long enough, you will understand that this region has been uncovering gold for a long long time. You become complacent to the hidden giants. Hence, the exploration geologist in me will acknowledge that there is something at Glandore that could become an economic discovery. The first indication of potential mineralisation was released on the 12th September 2022, and is listed below and the cross-section of the drilling can be seen in Figure 6. According to the release, GDDD001 was subsequently terminated at 78.66m after testing the interpreted position of the two high grade veins seen in the historic drilling. Significant results from GDDD001 are as follows: 2.0m @ 2.45g/t Au from 32m, (includes 0.46m interval of lost core) 1.3m @ 3.34g/t Au from 47m (followed by 0.3m interval of lost core) 0.7m @ 13.85g/t Au from 65.98m (includes coarse visible gold) 0.8m @ 3.58g/t Au from 71.2m Glandore could be a Maxwell or Randalls (Figure 5) which are now being mined by Silver Lake Resources Limited (ASX: SLR). The number of drill intercepts in the follow up announcements is a testament to the prospectivity of the project. Figure 6: Glandore East cross section 6590320mN showing drilling at that stage. (Source: Miramar Annoucnement - 12th September 2022) On the 4th October, Miramar released an annoucnement that "GDDD002 was drilled approximately 40m south of GDDD001 and intersected granodiorite, intruded by multiple felsic porphyry dikes and quartz veins (+/- sulphides) and coarse visible gold in a quartz vein at 152.5m, before being terminated at 169.06m." Figure 7: GDDD002 showing visible gold in quartz vein within altered granodiorite at 153.17m. Main cluster of gold is approximately 1mm across with several smaller grains on and beneath the surface of the core. (for scale, blue circle is approximately 7mm across). (Source: Miramar Annoucnement - 4th October 2022) Glandore, like most of the gold exploration projects all suffer from the lack of excitement in the market. Gold has been off the dancing table for a while now and this makes it hard to get market traction. Technically, I have learnt to like this project and at the same time, I understand the difficulty in promoting the upside. The last announcement to date on Glandore was on the 19th December 2022 which is still giving some indication that there is a mineral system yet to be uncovered (Figure 8). However, I have a feeling that the small intercepts at this stage may be encouraging hope but the reality is that the race to discovering a major project may be running out of funding. Figure 8: Glandore East showing diamond drilling and aircore gold footprint (red outline). (Source: Miramar Annoucnement - 19th December 2022) As I see the outcome of Glandore, the search for something that will mimic Majestic (Figure 9) is credible but it is not going to happen soon. The lack of resources to pursue this search will determine the fate of the project. As we have mentioned in the early parts of this discussion, this is one of the reasons there are so many projects which showed promise but are left languishing in the never never. Figure 9: The potential of the Glandore project. (Source M2R 19th December Annoucnement) Table 3: Announcements Related to Glandore Project. ANNOUNCEMENTS DATE ​Gold Intersected in Deepest Glandore East Hole. ​8th December 2022 ​High-Grade Gold in Step-Out Hole at Glandore East ​1st December 2022 ​Glandore East Assays Confirm More High-Grade Gold. ​3rd November 2022 Visible Gold Intersected in Second Glandore East Diamond Hole- Amended ​4th October 2022 ​Visible gold Intersected in Second Glandore East Diamond Hole. 4th October 2022 ​Diamond Drilling Recommences at Glandore. ​19th September 2022 High-Grade and Visible Gold Intersected at Glandore. ​12th September 2022 ​Miramar Expands Glandore Project. ​30th May 2022 ​Glandore Results Upgrade Large Gold Footprint ​15 January 2022 ​Very Large Gold Footprint Outlined at Glandore. ​1st December 2021 ​High-Grade gold Results from Glandore Drilling. ​8th September 2021 Coffee with Samso and Rooster Talk Chapters: The Glandore Gold Project Story - A Discussion : Miramar Resources Ltd (ASX: M2R) - Rooster Talk - Published 22nd August 2022 The Glandore Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 3rd June 2022 5.3 LangWell (See Table 4 for a list of related announcements) The Lang Well Project (Figure 10) is located in the Murchison region of Western Australia, roughly halfway between the Deflector (Silver Lake Resources Limited) and Golden Grove (29 Metals Limited) mining operations. The Project consists of one granted and one pending Exploration Licence, covering 291 square km, and is considered prospective for gold and/or REE mineralisation. Table 4: Announcements Related to Lang Well Project. ANNOUNCEMENTS DATE ​Shallow REE Mineralisation Discovered at Lang Well Project. 27th February 2023 Lang Well REE Drilling Completed 8th February 2023 ​Drilling Underway at Lang Well REE Target 31st January 2023 ​Large REE Targets Identified at Lang Well Project 20th September 2022 ​Lang Well Project - Exploration Update 17th June 2022 ​Detailed Magnetic Survey Underway at lang Well Project. 21 April 2022 Multiple Pegmatites Identified at Lang Well Indicate Significant REE +/- Lithium Potential. ​5th April 2022 Coffee with Samso Chapter: The Lang Well Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 10th June 2022 Figure 10: The Lang Well project. (Source Miramar Resources Limited 31st January 2023 Annoucnement) The results coming out from the drilling program towards the end of 2022 has pretty much sealed the fate of this project. I think the company has divested the project and life has moved on. 5.4 Whaleshark - The Potential Real Gem for Miramar (See Table 5 for a list of related announcements) The Whaleshark Project (“Whaleshark” or “the Project”) is located approximately 40km east of Onslow, in the Ashburton region of Western Australia. The geology is a large folded Proterozoic Banded Iron Formation and granite complex under approximately 100m of later Carnarvon Basin sediments. Miramar considers Whaleshark as an IOCG potential. Iron Oxide Copper Gold deposits are a highly prized discovery and are made famous by the likes of Olympic Dam, Prominent Hill, Carrapateena and Hillside in South Australia, and Ernest Henry and Mount Elliot in Queensland. BHP Billiton, the owner and operator of Olympic Dam, claims that the site is the world’s largest multi-mineral deposit, valued at around US$ 1,000 billion. The total resources exceed 9 billion tonnes of ore, containing an average grade of 0.8 % copper, 280 ppm uranium oxide, 0.76 g/t gold and 3.95 g/t silver. This massive ore body also holds the title of hosting the world’s largest known deposit of uranium. (Source: Geology for Investors) Geology for Investors has a good description of IOCG style deposits - Click Here. Figure 11: The Whaleshark project. (Source: Miramar Resources Limited 7th November 2022 Annoucnement) On the 7th November 2022, Miramar announced that a recently completed aircore drilling program had confirmed the presence of copper mineralisation which indicated that there are some resemblances to the Earnest Henry IOCG deposit. The drilling program had outlined large copper and multielement anomalies suggestive of buried iron oxide copper gold (IOCG) mineralisation (Figure 12). Allan Kelly Comments: “The first pass aircore drilling at Whaleshark has successfully outlined large multi-element anomalies in several elements generally associated with IOCG mineralisation,” Mr. Kelly said. “The scale, magnitude, and suite of elements seen at Whaleshark is very similar to the large Ernest Henry IOCG deposit in Queensland, which is our target at Whaleshark. “We are therefore eager to get back to Whaleshark next year and refine targets for deeper RC and/or diamond drilling,” he said. Figure 12: Whaleshark aircore drilling showing maximum copper in hole over 2VD magnetic image. (Source: Miramar Resources Limited 7th November 2022 Annoucnement) In the announcement released on 14 December 2022, Miramar commented that the comparison of results from air-core drilling at Whaleshark with published results from research carried out at the Prominent Hill IOCG deposit in South Australia indicate the potential for the rare earth element (REE) anomalism seen at Whaleshark to be related to buried IOCG mineralisation. Table 5: Announcements Related to Whaleshark Project. ANNOUNCEMENTS DATE Copper Mineralisation Confirmed at Whaleshark 4th September 2023 ​Diamond Drilling Underway at Whaleshark 7th August 2023 ​Whaleshark Project 14th June 2022 ​Successful EIS Application for Whaleshark Diamond Drilling 21 April 2023 ​Significant Basement Copper and Cobalt Results Upgrade Whaleshark IOCG Potential 14th February 2023 Whaleshark REE Results Upgrade IOCG Potential 14th December 2022 ​Aircore Drilling Confirms IOCG Potential at Whaleshark. 7th November 2022 ​Drilling Underway at Whaleshark Copper-Gold Project ​19th August 2022 ​Large IOCG Targets Outlined at Whaleshark 13th December 2021 ​Whaleshark Soil Survey Outlines Numnerous Large Targets 3rd September 2021 ​Whaleshark Project Tenement Granted ​9th February 2021 The latest release on the 4th of September has given the project some evidence of finding the elusive copper mineralisation. Allan makes the comment that the drilling results confirmed the presence of bedrock sulphide mineralisation (Figure 13) at Whaleshark because this indicates that the MMI and air-core anomalies have a bedrock source. Figure 13: Chalcopyrite “seam” in shear zone within biotite granodiorite (WSDD002 – 231.6m). (Source: Miramar Resources Limited) Allan continues to say, " This is the most significant evidence of the potential for IOCG mineralisation at Whaleshark since the project was first highlighted by WMC Resources in the mid-1990’s”. Given the strong relationship between copper mineralisation and iron oxides in this style of deposit, our next step will be to drill test the other MMI, gravity and air-core anomalies associated with the Banded Iron Formation at each end of the NW-trending structure” Here are some Coffee with Samso and Rooster Talk conversations with Allan where he describes the ins and outs of the Whaleshark project. Coffee with Samso and Rooster Talk Chapters: IOCG - Miramar Resources Limited (ASX: M2R) | Coffee With Samso Ep. 164 - Published 16th December 2022 The Whaleshark Project Story - A Discussion : Miramar Resources Ltd (ASX: M2R) - Rooster Talk - Published 19th August 2022 Developing a Ni-Cu-PGE, Uranium and REE Story - The Whaleshark - Miramar Resources Ltd (ASX: M2R) - Published 21st February 2022 Whaleshark is a true mineral exploration project. It is born to be a conceptual play. The upside of discovery is the prize of an IOCG however, the level of difficulty level is many times more than a Gidji or a Glandore. The discovery is difficult and the verification and the resource-building exercise is just a difficult and will be measured in years. However, if the company succeeds in striking the core or can show evidence of a fertile and endowed system within the project with a large intercept (for example, something in the range of >100m with >0.5% Cu), then we will see great capital appreciation in the value of the company. Investors need to realise that any discovery, especially at this stage will require patience. It is important to remember that discoveries of any type will take many stages for confirmation. You don't hear of the stages of discoveries because in most cases, the market sentiment or the company's endurance changes focus and the project is left languishing. For these reasons, I do feel that chasing an IOCG style of mineralisation can be a double-edged sword. The prize is great but the journey is long and expensive. As a reminder of the probability of success, there are many companies chasing this dream in South Australia and there is still only one operating IOCG mine and two that are near production. Olympic Dam was discovered in 1975 and the first production was in 1988. If Miramar continues to gain market support, then Whaleshark may see the production table, if not, the initial drilling better be good. 5.5 Bangamall - A Dark Horse within the Miramar Stable. (See Table 6 for a list of related announcements) The Bangemall story is little known as exploration activities has just begun. It has taken the company a long time to get on the ground and of all the projects, I like this one the most. Table 6: Announcements Related to Bangemall Project. ANNOUNCEMENTS DATE Approvals Received for Mount Vernon Drilling 24th July 2023 High Priority Ni-Cu-PGE Targets Identified at Mount Vernon 25th May 2023 ​Multiple Large REE Targets Identified at Dooley Downs 17th January 2023 ​Large REE Targets Identified at Dooley Downs ​14th November 2022 ​Diamond Occurrence and Large Uranium anomalies identified within Bangemall Project. 3rd October 2022 ​New Ni-Cu-PGE Targets Identified at Bangemall 23rd June 2022 ​Multiple Large EM Anomalies Identified at Mt Vernon. 3rd February 2022 ​Em Survey Commenced Over Key Bangemall Ni-Cu-PGE Target. ​25th January 2022 ​Multiple EM Conductors Identified within Bangemall Ni-Cu-PGE Project Tenement Application. 1st September 2021 ​Bangemall Ni-Cu-PGE Project Tenement Granted. ​6th January 2021 Coffee with Samso and Rooster Talk Chapters: Bangemall – Other Commodities? - Miramar Resources Limited (ASX: M2R) - 14th December 2022 Bangemall – Is this a Misunderstood Mineral System? - Miramar Resources Limited (ASX: M2R) - Published 12th December 2022 Significance of Uranium-Thorium Anomalies - Miramar Resources Limited (ASX: M2R) - Published 9th December 2022 The Bangemall Ni-Cu-PGE / Carbonatite project - Miramar Resources Limited (ASX: M2R) - 7th December 2022 The Bangemall Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 17th June 2022 The Ingredients for a Ni-Cu-PGE discovery - The Bangemall Project - Miramar Resources Ltd (ASX: M2R) - Published 21st February 2022 6.0 Conclusion - The Samso Blueprint for the Miramar Story So what do I think about Miramar? From a project point of view, the path that is being taken is fated. What I mean is that the state of the market and the rate of success at Gidji JV has made the company take a natural path toward Whaleshark. Allan Kelly would be the first to agree. There was a lot of work that had gone into Gidji and the lack of success has taken its toll on the company. The state of the equity market has not helped the cause of the company. The rising monetary policies that we have seen in Australia and the rest of the world have pretty much-taken risk out of the funding equation. With the incoming of President Trump and the incoming tarrifs will make funding mineral exploration very difficult. The atypical risk-reqard issues is ahrd enough diuring the good times, but with the impending tarrif war, it may just be a bridge too far. Miramar has felt the decreasing support for mineral exploration plays on the ASX and this is what the small-cap industry is all about for investors. This sector is all about the roller-coaster ride of boom and bust. 7.0 What Does It Mean for Investors? Investors can take comfort that the projects were not "hot air". The exploration strategy, in my humble opinion, was not inconsistent with any other company. The market sentiment since the company was listed has been what I would call anomalous. What I mean is that the two years after COVID-19 have been extraordinary. In my 30+ years in this industry, the amount of money raised during that period was definitely not normal. The market sentiment in the last 24 months is typical of the boom-bust cycle in the small-cap minerals exploration business. There is nothing "different" about the market. The recent announcements are clearly now chasing the Gascoyne projects but the dwinbdling market interest is not a good thing for Miramar. There is no going back to Gidji JV and Glandore, in my opinion. I really cannot see any value, for the moment, in going back there as another "failed" program in those projects will definitely put them to bed permanently. Unless there is surplus funding that cannot to allocated to Whaleshark or Bangamall, there will be no further work on those projects. In this business, there is always the acquisition factor which is always being considered by management. I am sure that the Miramar management is evaluating other prospects constantly and if there is something that appears to be value-adding to the Miramar story, that will be considered. 8.0 Samso Concluding Thoughts Miramar is in a state of flux in that it is now trying to make good of what is left in the portfolio. The search for an IOCG discovery is going to be hard and it will be costly. The latest announcement that talked about bedrock copper mineralisation is a small glimpse of the potential. What that new information also reveals is that there is a lot of work ahead. Allan Kelly is an experienced operator and I am sure that there may be other irons in the fire as we conclude this discussion. As for now, my thoughts are that the remaining projects that Miramar is working on look promising but how far the company goes with the projects will be determined by a combination of drilling success, funding appetite, equity market status, and the resolve of directors to remain active in finding other potential new projects. With such a low market capitalisation, the corporate vultures will be out there and I am sure the conversations are already happening. Investors may want to look at taking positions for a corporate play rather than a technical benefits. This is very typical of the lifespan of companies such as Miramar. The recent mergers and acquisitions in the sector is very typical of the changing cycle of boom and bust. It is a repeating historical cycle and it is easy to google lots of content out there that will show we are at the eve of the next bull run. Will this mean that Miramar will be a target for a redirection for new investors, will this mean that new life is required for the current investors to recoup their previous investments, this is something that will pan out over the coming months. Historical events may also show that a discovery from existing project will propel the fortunes and this is why serious and experienced investors in the sector call this the only game in town and the Casino is always full of surprises. Further references Coffee with Samso Miramar Resources Limited (ASX: M2R) - Surprises in the Bangemall: Carbonatites and IOCG - Episode 164 Project Updates at Miramar Resources Limited (ASX: M2R) - Episode 145 Mineral Exploration Success - Discovery at Marylebone - Miramar Resources Limited - Episode 118 Mineral Exploration - Creating Value Organically - Miramar Resources Limited (ASX: M2R) - Episode 68 Rooster Talk Miramar Resources Ltd (ASX: M2R) Exploration Update: Gidji - Glandore - Whaleshark - Rooster Talk 63 Discovery at Gidji, Bangemall and Whaleshark - Miramar Resources Limited (ASX: M2R) - Episode 52 About Allan Kelly Executive Chairman Mr. Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr. Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr. Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr. Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr. Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr. Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr. Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the Institute of Brewing and Distilling (IBD). About Miramar Resources Limited (ASX:M2R) Miramar Resources Limited is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields, the Murchison and Gascoyne regions. The portfolio of exploration projects has high potential for new gold discoveries within trucking distance of existing operations and for the discovery of nickel-copper-platinum group element (PGE) mineralisation. Miramar aims to create shareholder value through discovery and the Board has a proven track record of successful discovery, development and production. Latest ASX Announcements Miramar Resources' exploration projects Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Based on the multidisciplinary study undertaken by CSIRO and OD6 Metals A Landscape Built for Rare Earth Element Discovery The Splinter Rock clay-hosted REE prospect, located northeast of Esperance within the east Albany–Fraser Orogen in Western Australia, has emerged as one of the most scientifically compelling regolith-hosted REE systems in the country (Figure 1). A multidisciplinary study led by CSIRO has produced the first integrated geological, geophysical, mineralogical, and geochemical characterisation of this emerging clay-hosted REE district. The research addresses the fundamental question: 1. How do REEs concentrate within the deep weathering profiles of Southern WA 2. What does this mean for future economic extraction? Figure 1: Simplified geology map of the east Albany–Fraser Orogen showing the Splinter Rock project area (source: Ore Geology Reviews Volume 186, November 2025, 106929) What stands out is the scientific rigour placed on decoding the regolith architecture, clay mineral distribution, palaeo-valley development, and REE-hosting mineral phases—all necessary precursors to understanding true clay-hosted REE potential. The Business of the Prospect: Why Splinter Rock Matters In the Clay-Hosted REE System Splinter Rock sits within a highly weathered terrain shaped by long-term tectonic uplift, prolonged weathering, and episodic marine transgressions. The geological context presents a unique combination of: REE-fertile Booanya Suite source granites Deep, clay-rich palaeo-valleys acting as natural traps for weathered materials Well-developed saprolite horizons enriched in kaolinite and secondary REE minerals A regolith profile thick enough to host meaningful accumulations of TREO This regolith-dominated system is fundamentally different from hard-rock REE systems. Its behaviour, mineralogy, and extraction implications require a precise understanding of the weathering sequence, mineral hosts, and mobility of REEs over geological time. Figure 2 demonstrates the basement geological framework, showing Splinter Rock aligned with Booanya Suite intrusions and major shear zones of the east Albany–Fraser Orogen—a structural and lithological setting well suited for developing REE-enriched weathering profiles. Figure 2: Basement geology, structural setting, and project location (source: Ore Geology Reviews Volume 186, November 2025, 106929) Highlights: What the Multidisciplinary Study Reveals (Key Findings) 1. A Well-Defined Four-Layer Regolith Model The study identifies a consistent, mappable vertical sequence across the project: Layer 1: Upper transported cover — sands, clay, calcrete Layer 2: High-conductivity transported clays, including the black clay unit, where present Layer 3: Saprolite — the primary REE-rich zone Layer 4: Saprock — less weathered basement transitioning to fresh granite This model comes directly from integrating AEM conductivity layering, downhole geochemistry, and hyperspectral mineralogy, and is clearly illustrated in the schematic regolith stratigraphy (Figure 3). Figure 3: Regolith Layers and Landforms at Splinter Rock (source: Ore Geology Reviews Volume 186, November 2025, 106929) 2. AEM Geophysics Maps the Palaeo-Valleys Controlling REE Distribution Electromagnetic (AEM) data clearly delineate deep palaeo-valleys containing thick conductive clay sequences—key hosts of REE-enriched saprolite: The thickest clay packages occur to the south-east. The conductivity layering correlates strongly with regolith stratigraphy. Layer 3 (saprolite) maps precisely to where TREOY grades peak (Figure 4). Figure 4: Thickness of the saprolite (Layer 3) interpreted from AEM (source: Ore Geology Reviews Volume 186, November 2025, 106929) The highest TREOY concentrations consistently occur within the saprolite, just above the saprock. To see how this looks in a section, Figure 5 takes a slice through the Centre prospect. The AEM conductivity profile maps the layered regolith architecture from transported cover down into saprolite and saprock, with the strongest REE grades sitting neatly in the saprolite horizon just above the basement. Figure 5: AEM conductivity cross-section across the Centre prospect, showing layered regolith and TREOY distribution (source: Ore Geology Reviews Volume 186, November 2025, 106929) 3. Mineralogical Work Confirms REE-Hosting Phases, Not Ion-Adsorbed Clays Contrary to Chinese-style ion-adsorption deposits, Splinter Rock (Figure 6) shows: REE-phosphate minerals (rhabdophane/monazite) increasing with depth Al-REE phosphates (e.g., Ce-florencite) in upper saprolite Minor REE-fluorocarbonates (e.g., parisite/synchysite) No strong evidence of significant ion-adsorbed REEs This has major implications for leaching behaviour, processing routes, and economic potential. Figure 6: SEM images of REE phosphates and fluorocarbonates (source: Ore Geology Reviews Volume 186, November 2025, 106929) 4. Geochemistry Confirms Saprolite as the True REE Host Key chemical signatures include: TREOY up to 6600 ppm directly above saprock Strong correlation between kaolinite crystallinity and REE enrichment Potassium spikes marking the saprolite–saprock boundary Black clay layers possessing very high TOC and S, indicating a transported, estuarine influence (Figure 7) Together, these create a strong decision-making framework for differentiating economic saprolite vs. non-economic transported cover. Figures 7: Drill hole SRAC0220 intersected the black clay layer at the Centre prospect (source: Ore Geology Reviews Volume 186, November 2025, 106929) In areas where the black clay horizon is missing (Figure 8), everything below the sandy cover transitions straight into a clay-dominated profile, with colours shifting from orange–red through to darker grey tones. Figures 8: Drill hole SRAC0226 in the Centre prospect without the black clay layer (source: Ore Geology Reviews Volume 186, November 2025, 106929) 5. A Complete Regolith Evolution Model for Exploration Targeting The study reconstructs the geological weathering and palaeo-environmental history (Mesoproterozoic → present), showing: Granite emplacement Deep weathering in Mesozoic humid conditions Eocene valley incision Marine transgression and organic-rich sedimentation Miocene aridification and saline groundwater development In simple terms, the work shows how REEs have moved through the landscape and ended up concentrated in the saprolite. The block model (Figure 9) and AEM data back this up by mapping out the old valleys, where the cover gets thicker in the lowlands, and the geology lines up with what the drill holes are actually hitting in the ground. Figure 9: Block diagram of erosional vs. depositional regimes (source: Ore Geology Reviews Volume 186, November 2025, 106929) Samso Take: Interpreting the Science Behind Splinter Rock This work gives us much more confidence that the Splinter Rock REE story is not guesswork but grounded in solid science. The system is now described in a way that explorers and investors can actually hang their hat on. The study outlines a project where: • The source rocks are clearly defined • The key mineral hosts are identified • The regolith processes are mapped out • The palaeo-valleys hang together structurally • The saprolite is confirmed as the main enrichment horizon For an emerging clay-hosted REE province in Western Australia, this level of detail is not common. It puts OD6 and its scientific partners a step ahead of the usual early-stage regolith REE stories. About The Splinter Rock clay-hosted REE Prospect (Western Australia) The Splinter Rock prospect sits in a deeply weathered granitic terrain where the regolith has been stripped, reworked, and infilled over a long period of time. The profile steps down from thin or absent cover on the higher granitic areas into thicker clay-dominated sequences developed along palaeo-valleys. Figure 3 illustrates the schematic regolith stratigraphy along a SE–NW transect at Splinter Rock, showing how the transported cover, saprolite, and saprock stack up across the granitic terrain and where the key REE-hosting horizons sit in that profile. The saprolite consistently delivers the highest TREOY grades, making it the primary exploration and processing focus. Figure 10 helps put this into a map view, showing how the different soil types and regolith regimes are distributed across the project area and where the key prospects sit along those trends. The simplified regolith-regime map highlights the transition from erosional highs into depositional lowlands, which is where the thicker clay packages — and the better-developed saprolite — are most likely to occur. Figure 10: Soil classification and simplified regolith-regime map for the Splinter Rock project area (source: Ore Geology Reviews Volume 186, November 2025, 106929) Near-Term Milestones to Watch Based on this work, the next phase is less about “finding” Splinter Rock and more about proving how it can work in practice. The value now sits in tightening up the mineralogy, the leach response, and the scale of the system. Mineralogical refinement o Pin down the balance between monazite and rhabdophane in the REE phosphates o Work out how much of the REE inventory sits in primary vs. secondary phases Leachability testing o Test how these REE-hosting minerals actually respond to leaching o Use those results to see which processing routes are realistic and which are not Regolith model expansion o Push the AEM + geochemistry framework out across more of the tenement o Check that the four-layer regolith model and saprolite focus hold up at scale Palaeo-valley targeting o Drill deeper into the SE palaeo-valley zones highlighted as thicker and more prospective o Confirm continuity of saprolite-hosted TREOY along those valley trends These steps will ultimately decide whether Splinter Rock can move from being a technically impressive clay-hosted REE system on paper to a project that is scalable and economically defensible in the real world. How Samso Understands the Investment Memo for Splinter Rock From where I sit, Splinter Rock looks less like a blue-sky story and more like a technically advanced regolith-hosted REE system that has already done a lot of the hard geological work. It is backed by credible, multi-disciplinary science rather than just a few good drill intervals and a slide deck. The project benefits from: Confirmed REE mineral hosts – we know where the REEs sit and in what minerals, not just that they are “in the clays”. Strong geological controls – the link to Booanya Suite granites, palaeo-valleys, and saprolite development is now well defined. Saprolite-based enrichment rather than guesswork in the cover – the highest TREOY sits in a clear, mappable horizon. Clear exploration vectors – AEM, regolith mapping, and geochemistry all point to how and where to grow the system. A depth of geological data that is well ahead of most REE juniors – particularly in the regolith-hosted space. For me, the question at Splinter Rock is no longer “Is there a system here?” – the geology says there is. The real task now is to show that the REE mineral hosts can be leached and processed in a way that stacks up economically and environmentally. Samso Concluding Comments For me, one of the most important outcomes of this work at Splinter Rock is that it takes a lot of the guesswork out of the clay-hosted REE story. Many regolith REE narratives are built on limited data and broad assumptions, but here the integration of AEM, hyperspectral logging, SEM, XRD, and detailed geochemistry creates a coherent picture of how the system works from surface down to saprock. That moves Splinter Rock out of the realm of “interesting anomaly” and into the category of a system that is genuinely understood in three dimensions. The confirmation that REEs are largely hosted in secondary phosphates and minor fluorocarbonates, rather than being dominantly ion-adsorbed on clays, is a critical distinction. Western Australia does not share the same climatic and weathering history as the classic Chinese ion-adsorption districts, and this study reinforces that point. The long-lived weathering history, changes in groundwater, and evolving redox conditions all appear to have pushed the system towards more stable mineral hosts over time. That is a different processing challenge, but at least the mineralogical reality is now on the table rather than assumed. The palaeo-valley framework and regolith architecture emerging from the AEM and mapping work also give Splinter Rock a strong geomorphic and structural context. Instead of isolated high-grade intervals with uncertain continuity, the project is now framed within an interpreted network of incised, granite-sourced valleys infilled with transported and residual clays. That kind of model is what allows explorers to think about scale, repeatability, and where to place the next dollar of drilling with more confidence, rather than chasing spotty geochemical highs. In the end, this study should be seen as a starting platform, not a final answer. Science has done its job in defining the architecture, the mineral hosts, and the key controls on REE distribution. The focus now has to shift towards metallurgical testwork, leachability studies, and an honest assessment of deleterious elements and processing complexity. If the REE-bearing phases at Splinter Rock respond favourably to leaching and the project can demonstrate a technically and environmentally defensible flowsheet, then this body of work will have laid the groundwork for a credible development story. If not, it will still stand as a reference model for how to properly characterise a clay-hosted REE system in Western Australia—something the broader industry can learn from. References: Reid, N., Thorne, R. L., Iglesias-Martinez, M., Lampinen, H. M., Davis, A., Bamforth, T. G., Spaggiari, C., Fan, R., Webster, N. A., Pinchand, T., Cribb, B., & Hazelden, B. (2025). Multi-disciplinary characterisation of the splinter rock clay-hosted REE prospect, Western Australia. Ore Geology Reviews, 186, 106929 (https://doi.org/10.1016/j.oregeorev.2025.106929) Cover photo: Western Australia Sizzles Under Summer Heat (MODIS 2025-12-28), MODIS Land Rapid Response Team, NASA GSFC. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Western_Australia_Sizzles_Under_Summer_Heat_(MODIS_2025-12-28).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way — Seek the Research Every REE project has a story; Splinter Rock now has the science to back it. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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.