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Coffee with Samso Episode 200 is a David and Goliath story that could be a second chance for those investors who felt they missed out on past opportunities. The Greatland Gold Plc (AIM:GGP) is the classic case of the need to understand the content of management and the technical aspects of a mineral resource project. Like all investment partitioners, their main challenge is hearing fellow participants overlook the essential elements of comprehending and applying the principles of First Principal's business. I have been in the industry since 1992, and over the past three decades, I've learnt that understanding the sector requires insights from a geologist's perspective, an investor's viewpoint, and those who influence the markets, such as stakeholders (brokers, major investors, and vendors of the company and projects). It's crucial to gather wisdom from experienced individuals and recognise that no two operations, projects, mineral orebodies, or extraction methods are identical. This is evident in the many success stories that have emerged from so-called "unloved" and "impossible" projects that seemed doomed from the start. The list of companies that have been created from these unloved "investment concepts" or the "too Small for Majors" are clearly exemplified recently by the following list below; Northern Star Resources Limited (ASX: NST), Spartan Resources Limited (ASX: SPR) , Genesis Minerals Limited (ASX: GMD) , Westgold Resources Limited (ASX: WGX) , Gold Road Resources Limited (ASX: GOR) , There are numerous others to include on that list, and the surprising fact is that ASX retail investors are slow to invest in these stocks. The issue for these investors is that by the time these stocks gain attention, the capital appreciation for their type of portfolio has decreased, leaving opportunities to institutions and more "sophisticated" investors seeking consistent income generation. Why do I still see Greatland Gold Plc as a viable Proposition for the Retail Investor? Firstly, they are largely unknown to the sector. Currently, they have an AUD $2B market capitalisation hidden on the London Stock Exchange AIM Market platform . If you click on that link, you will see the unimpressive on the London Stock Exchange. What is an AUD billion dollar company hidden in this nature? The answer to that question is one of the first points I make in the Coffee with Samso with Shaun Day, the Managing Director of Greatland Gold. The company is an overnight success that has taken a decade of hard work and sweaty rattling of the tin to keep the doors from shutting. This episode of Coffee with Samso is a perfect companion to our first story on Greatland Gold we published on July 2, 2022, entitled " T he Havieron Gold - Copper Discovery in Patterson Range, Western Australia ". That was now almost 3 years ago, and today, they are a fully fledged miner with the words "Undervalued- Underrated" written all over the story. For those who felt that they have not caught a good investment in a raging bull gold market that seems to have no short-term end, especially in Australian dollars. This will have to be a must-see Coffee with Samso before you begin your process of DYOR. I cannot emphasise the need to spend good quality time to DYOR for Greatland Gold, which is still not listed on the ASX. That will come in June, so better get your knee pads from Bunnings and start resorting to begging, as I am 100 percent sure there will be limited shares available to the common man when their IPO comes around. Get yourself a coffee or your favourite beverage and watch or listen and see if Shaun Day makes any sense: Chapters: 01:28 Start 02:34 Who is Shaun Day? 03:45 How did Greatland buy back the assets? 05:39 Composition of the acquisition price paid by Greatland Gold. 07:34 Significance of Havieron being next to Telfer 09:04 Where is the uplift of Telfer and Havieron for Greatland Gold? 10:31 Reason for the cost of Telfer 13:14 An explanation of the concept of Vertical Ounce? 15:20 Breaking down the potential value of the Telfer Operations. 20:05 The size of the processing capabilities of the Telfer/Havieron Operations. 25:33 Thoughts on the future of mining costs 28:33 Hemi vs Havieron 31:17 What is the status of the ASX Listing? 39:11 Tungsten deposit 46:57 Takeaway from the Greatland story 50:27 Closing remarks 52:15 Conclusion PODCAST About Shaun Day Shaun is Managing Director of Greatland Gold plc. Shaun has over 25 years of experience in executive and commercial roles across mining, infrastructure and investment banking. Prior to joining the Company, Shaun was Chief Financial Officer of Northern Star Resources Limited, an ASX100 company and a global-scale Australian gold producer. Prior to this, Shaun was Chief Financial Officer of SGX-listed Sakari Resources Plc, which operated multiple mines ahead of its takeover. Shaun is a Non-executive Chairman of Blue Ocean Monitoring Limited and a member of the Senate of the University of Western Australia. About Greatland Gold Greatland’s operating asset is its 100% owned Telfer gold-copper mine, one of Australia’s largest gold-copper mining complexes with significant established processing and infrastructure. Greatland’s development asset is its 100% owned Havieron development project, a high-grade gold-copper deposit located 45km west of Telfer that will utilise the Telfer infrastructure to process Havieron ore. In addition to Telfer and Havieron, Greatland holds interests in a significant exploration portfolio, the focus of which is the relatively underexplored surrounding Paterson Province. Ownership of the Telfer infrastructure greatly enhances the potential value of exploration success in Greatland’s Paterson exploration portfolio. Strategy of Greatland Gold Greatland aspires to become a profitable multi-mine resources company by focusing on the responsible and sustainable discovery, development, extraction, processing and sale of precious and base metals. Greatland’s strategy to achieve this growth is built on four horizons: Profitable operation of the Telfer gold-copper mine and pursuit of Telfer mine life extension; Continued advancement of the world class Havieron gold-copper project through to production; Exploration to identify new precious and base metals deposits, with a focus on the Paterson Province surrounding Telfer; and Disciplined assessment and, where compelling, pursuit of new investment and acquisition opportunities in the resources sector. Greatland has assembled a highly experienced team that is committed to delivering our growth strategy. The senior team is supported by a Board with extensive expertise and experience in the global resources sector. Greatland’s leadership team has a track record of success and value creation for shareholders. 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 . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The AusGold Limited (ASX:AUC) Katanning gold project, on paper, should be on the radar of ASX investors, but it appears that there has not been too much chatter. The gold price has recently had a fall, but on a long-term basis, there do not appear to be any events that could make me think that a bearish curve is approaching. The AusGold Limited narrative has captivated me for quite some time, as it has been around for a long period. Since 2019, I've repeatedly reached out to the company to discuss it on Coffee with Samso, but they appear to decline the invitation. At first glance, the Katanning gold project possesses all the essential elements to be a successful gold miner, yet I'm somewhat puzzled by the company's current position despite the excellent gold prices (Figure 1). Figure 1: Gold price in AUD as of 10th March 2025. (source: Goldprice.org ) The gold price for Australian miners has never been this good. With an average AISC (All In Sustaining Cost) of AUD 1,400 in a recent report, it makes good sense to be digging for gold. One of the key parameters that has intrigued me enough now to do a review is the arrival of new management. The changes in the Board and Management were made effective in an ASX release on the 11th of November 2024 ( Board and Management Team Update ) . Whether the Ausgold Limited dilemma is a management or a technical issue will have to be played out now. I am sure existing shareholders must be waiting for the resources to be converted to gold bars, and they must be feeling that the current gold price environment will make the most marginal project viable. For those who want to skip to the parts of the review, please use the list below. 1.0 Ausgold Limited - 2025 2.0 The Journey - The Katanning Gold Project 3.0 The Plan Ahead in 2025 3.1 Definitive Feasibility Study 3.2 Permitting 3.3 Land Access 3.4 Resource Growth and Delivery 4.0 Financing the Katanning Gold Project 5.0 Samso Concluding Thoughts 5.1 Why Do I Like Ausgold? 1.0 Ausgold Limited - 2025 Ausgold Limited currently has a market capitalisation of AUD $173.80M, and its share price is sitting at AUD $0.48 as of 11th March 2025 (Figure 2). There are approximately 356M shares on issue with AUD $19M cash in the bank. As we mentioned, management changed in November following a large placement of AUD $38M in August ( Ausgold completes $38M Institutional Placement ). Figure 2: The Ausgold Limited share price as of 11th March 2025. (source: Commsec) I believe that the introduction of new funds and management will significantly impact this situation. While a market valuation of AUD $173 million might appear out of reach for some investors, it remains an attractive margin when compared to a near gold miner like Meeka Metals Limited (ASX: MEK) , which is close to starting operations with a market capitalization of AUD $306 million. The cash in the bank is a good indication that funding will carry all the necessary studies required for a decision to mine. The next hurdle would be the upcoming DFS (Definitive Feasibility Study), which is supposed to be ready in the second quarter of 2025. That is just round the corner, and I would pretty much say that a positive outcome is predicted. Nobody goes out and does a 19,000 m drilling program and feels wobbly about their DFS. 2.0 The Journey—The Katanning Gold Project Ausgold Limited joined the ASX on December 14, 2009, with seven projects located in Western Australia, Queensland, and New South Wales (Figure 3). One of these projects, Boddington South, would later become the foundation for the Katanning Gold Project in 2025. If I recall correctly, the IPO environment wasn't ideal at that time, with the gold price hovering above USD $900. There had been steady growth since 2007 after it had dropped to around USD $240 in 1999. Figure 3: The Ausgold Limited project locations at the 2009 IPO. (source: Ausgold Limited). The beginnings of the Katanning project came on the 10th of August 2010 with the introduction of the Boddington South Farm In Agreement with the project, which came with a 241,800-ounce JORC gold resource. It was touted as a potential repetition of the Boddington Gold Mine, which had a resource of 26M ounces at that time. A further consolidation of the area came in 2011 when another Farm-In Agreement was signed with Dominion Mining Limited to acquire a 60% interest in their Bullock Pool and Nanicup Bridge prospects, which were adjacent to the Boddington South Project (Figure 4). Figure 4: Location of Bullock Pool and Nanicup Bridge prospects in relation to Ausgold's Boddington South Gold Project. (source: Ausgold Limited). A resource upgrade was announced in August 2017 , moving the global Katanning Gold Project to 785,800 ounces of gold with a resource of 20.98 Mt at 1.17 g/t gold. The main resource centered at the Jinkas South area, which has been the focus of the company's work. Currently, the project has a Probable Resource of 1,280,000 ounces at 1.25 g/t and a Total Resource of 3,040,000 ounces at 1.06 g/t. Figure 5 below is taken from the latest presentation (February 2025). A complete description of the mineral resource is listed in an ASX release on the 4th of September 2023 . Figure 5: The total resource for the Katanning Gold Project. (source: AusGold Presentation). The orebody does look a bit more coherent with the indication that there is a recovery of 90% with a CIL plant and an anticipation of a 10-year mine life. Looking at the one slide in the most recent presentation ( BMO Global Metals, Mining & Critical Minerals Conference ), the Katanning Overview page below in Figure 6 does give an impression that there is a coherent mineralisation. Figure 6: The Katanning Gold Project mineralisation overview. (source: Ausgold Limited). 3.0 The Plan Ahead in 2025 The presentation in February 2025 ( BMO GLOBAL METALS CONFERENCE, INVESTOR PRESENTATION ) has stated a To Do List, which I feel is a fantastic way to gauge the potential hurdles and milestones (Figure 7). In some way, an investor ' s tick list of what is required to make the Katanning Gold Project work is ultimately in this list. There are some big hurdles, and a good understanding of the magnitude of what will work and what will take a long time is important here. Timing is very important for projects such as Ausgold because the rising gold price will attract increasing costs and competition for attention from funding and market appreciation. Figure 7: The Things To Do list for Ausgold to get the go-ahead for the Katanning Gold Mine. (source: Ausgold Limited). 3.1 Definitive Feasibility Study This is probably the easiest box to tick. As I have mentioned, most companies that go down this route will have a good idea of a positive outcome ; otherwise, they would never commit to the cost of the exercise. 3.2 Permitting The permitting process is one that has uncertainty clauses written all over the wall. The best example is the Bird In Hand Gold Project in South Australia, which is operated by Terramin Limited (ASX:TZN) , and the McPhillamys project in New South Wales being operated by Regis Resources Limited (ASX:RRL) . These are two projects that were refused approval by the government at the last hurdle after being encouraged by all stakeholders to proceed. It is safe to say that a lot of money was spent with the knowledge that it was a project supported at all levels of the government. Figure 8: Permitting milestones for Ausgold as part of the approval requirements for the Katanning Gold Mine. (source: Ausgold Limited). The process outlined by Ausgold in the presentation (Figure 8) has some items that may be open to a long lead time for the start of the project. For me, the Traditional Owner Engagement is the most critical. As I have not followed the story in detail, I do not have any idea how sensitive the area is. In addition to the traditional owners, if there are environmental concerns from the government side, that will be critical as well. If I were to take a guess that the area looks like a farming history, the issues would not be too critical. However, as I have pointed out earlier, these matters are not so straightforward these days, so this would require a close watch over the period. The other points highlighted in Figure 8 look to be straightforward, and it should be just a matter of ticking the boxes and keeping the community informed. I am sure that the residents in general will be happy for operations to occur, as it will bring a lot of commercial activities to the local area. 3.3 Land Access I am a bit surprised that this is still an issue. At this stage, I would be thinking that the vendor holding out this long will be having a big smile on his face. One of the difficulties of a project of this nature, being so close to civilisation, is the dealings you will have with private landowners. In Western Australia, these issues tend to be less frequent, as most of the projects tend to be more remote. I think the slide in the presentation makes its point, and my main concern is on the " Land access negotiations for balance of freehold land covering granted Mining Leases are ongoing " and the last point, " Plaints lodged with Mining Warden's Court for a determination on compensation payable to landholders for land covered by a majority of granted Mining Leases. " 3.4 Resource Growth and Delivery I think this part, Resource Growth and Delivery from Figure 7, is the least problematic for the company. I don't mean that this is a trivial issue; however, if the permitting and land access agreements do not get their boxes ticked, that is a deal maker. There is enough work on the resource to allow the mining and processing parts to begin, and the process of delivering the final solution is a well-trodden path that will be easily managed. The BMO presentation has several slides to show the potential growth of the resource, which looks credible, but as I alluded to earlier, the critical part for Ausgold is now all about being able to break ground. 4.0 Financing the Katanning Gold Project In this current market of a rising gold price and a world that is inflationary, this would be the easiest part of the process. If all the above issues are resolved, the money is already in the bank. In my previous post on the changing mood of the market, " 2025 - The Year of The Golden Snake - Has The Market Catalyst Surge Its Head? ", even with the turbulence created by President Trump, there is definitely more appetite to raise money , especially in the gold sector. This year of the Snake, 2025, may well be the inflection point for the equity market, with the dust settling from the last two years of a bearish tone. The recent article from Bloomberg, " Gold Climbs as Investors Seek Safety Amid Tariff Flip-Flop , " is a good example of the appetite for gold at the moment. “That’s going to be a tailwind for gold,” said Stephen Jury, global commodity strategist at JPMorgan Private Bank, in an interview. Increasing talk of the possibility of a recession in the US will likely lead to an environment where rates and the dollar may head lower, according to Jury. “That’s going to set up a very constructive scenario for a higher gold price in the second half of this year.” - Bloomberg The Trump administration's imposing tariffs will just drive up pricing, and it will be interesting to see if productivity increases or decreases over time. Old-school thinking is that the tariffs are a form of subsidies, and that promotes a decrease in productivity. Former Treasury Secretary Lawrence Summers said Tuesday there’s almost a 50-50 likelihood of the US tipping into a recession this year due to a range of policy steps from the Trump administration that are undermining confidence. Gold has advanced 11% this year, hitting successive records. The rally has been driven by fears about the disruption caused by the Trump administration, central-bank buying and speculation the Fed may cut interest rates further. Lower borrowing costs tend to benefit non-yielding gold. Spot gold gained 0.9% at $2,916.17 an ounce at 12:16 p.m. in New York. The Bloomberg Dollar Spot Index slid 0.3%. Silver, palladium and platinum all advanced. source: Bloomberg 5.0 Samso Concluding Thoughts While working on this review, my understanding of the Ausgold business began to develop (Figure 9). Throughout my acquaintance with the business, I must admit that I hadn't focused much on the details of the project. I knew they had been drilling for resources for several years, which is a challenging period for shareholders, leading to the narrative of not realizing the value and, rightly or wrongly, blaming management. I've often mentioned that timing is key, and for Ausgold, 2025 could be the year when the company's value fully matures. In our industry, there's a saying that the initial discoverer rarely reaps the rewards; it's usually the latecomer who receives all the recognition. I believe that the recent rise in gold prices has allowed the current management to benefit from the efforts of those who previously worked on this project. Figure 9: Aerial view of the Katanning Gold Project. (source: Ausgold). This is not to say that the new management waltzed in without effort. I am sure current management had to work to make the structure suitable for all concerned. The current size and the potential for resource growth will be the key to success. If all the requirements for moving forward are met, the road is much easier now for Ausgold than, say, two years ago. At the moment, I see a couple of possibilities for Ausgold. The first is that they continue and progress to mining the Katanning Gold Project. The second is an M&A situation, but I feel that the size of the project may not allow this to be on the shopping list of many of the mid-tier or major players. Looking at the background of the current management, it does feel like the aim of taking Katanning to production would be high on their agenda. 5.1 Why Do I Like Ausgold? The Ausgold story has been one of consolidation and patience. The journey that started in 2009 has created what the Katanning Gold Project is today. It has been a long journey, but it has been one that has not had any stumbles. The painfully slow generation of resources over the years is very different from some other companies that are trying to make headway in this gold - centric market. The Ausgold rise to fame is very different from Kairos Minerals Limited (ASX:KAI) with the Mt York Gold Project, which has been an isolated project in the Pilbara for many years. Mt. York is another one of those isolated resources that has been neglected for decades while all the sexy metals made headlines. I am very wary of projects that never had the attention, and when the gold price starts heading up, the narrative is now that this can make money. There is also the Callidus Resources Limited and the Dalgaranga Gold Mine disaster. I remember looking at these projects in 2019-2020, and I thought it was very marginal at that time, and there were many narratives that pointed to deficiencies in the business. Unfortunately, both these projects went south, and I am sure there are many unhappy shareholders. A mining project's economic viability will not necessarily get better just because the underlying commodity price has gone up. Let's look at gold. In the 1990s, gold miners were mining happily at USD $450 an ounce, but today, a gold price at that range would not work. A project that failed at that time does not translate automatically to success in the new gold price. The current gold price of USD $2,900 is still sending companies broke. There are still projects that will not work. Hence, my thinking is that if a project did not work in the past, it may not be a workable project even at today's price. For those reasons listed above, Ausgold is looking much cleaner and lacks skeletons. As I pointed out, the permitting and land access need to be sorted, and assuming they all come into shape, Ausgold is about to shine. I hope this review will help readers start looking at the company and 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.

At the recent Future Facing Commodities Conference  in Singapore, Australia's High Commissioner to Singapore, His Excellency Allaster Cox ,  emphasized the pivotal role of critical minerals in the ongoing global transition towards clean energy and advanced technologies. As we all know now, these minerals are essential components in industries such as electric vehicles, semiconductors, and defence systems, with demand projected to rise significantly in the coming decades.​ According to the International Energy Agency's 2024 Global Critical Minerals Outlook , mineral demand is expected to double by 2040 under current policies, with lithium demand increasing fivefold and nickel demand doubling (Figure 1). More ambitious decarbonization scenarios could see even greater increases, highlighting the sector's critical importance to the global economy and strategic supply chains, particularly in the Asia-Pacific region.​ Figure 1: Market value of key energy transition minerals in the Announced Pledges Scenario and the Net Zero Scenario, 2023-2040. (source: IEA.org ) Australia stands out as a global leader in the production of these essential minerals:​ Lithium : 49% of the world's supply​ Cobalt : 4th largest producer​ Nickel : 6th largest producer​ Rare Earth Elements : 3rd largest producer​ (after China and the USA) Copper : 4th largest producer​ Beyond its rich geological endowments, Australia boasts significant expertise in mineral extraction and a strong track record as a reliable producer. The Australian government is actively investing in the sector through initiatives such as the Critical Minerals Strategy , which focuses on developing strategically important projects, attracting foreign investment, and fostering international partnerships. Additionally, the Resourcing Australia's Prosperity initiative  represents a 3.4 billion investment aimed at advancing geological mapping and exploration.​ For investors, His Excellency reiterated Australia's commitment to supporting the critical minerals sector, which translates into numerous opportunities. The government offers various levels of support for projects involving minerals like lithium, manganese, nickel, and rare earth elements. Furthermore, Australia's collaborations with countries such as the US, EU, UK, India, Japan, and Korea through initiatives like the IEA Critical Minerals Working Party  and the Sustainable Critical Minerals Alliance  enhance the potential for international partnerships and market expansion.​ In conclusion, His Excellency stated that investing in Australia's critical minerals sector not only promises substantial returns but also positions investors at the forefront of the global energy transition, contributing to the development of sustainable and strategic supply chains worldwide. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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.

Rumble Resources Limited (ASX:RTR) has been of interest to me for quite some time, and its recent recovery from a significant drop in share price has captured my attention. From a company standpoint, I am thinking that the new strategy is striking all the right chords in waking up the bull from a near 4-year hibernation. From a technical perspective, Samso spotted the value way before the discovery hole for the Earaheedy project way back in March 2021. I had tried to approach management at that time to host their prospective project on a Coffee with Samso but was kindly turned down. A while later, the company put out a release on the 19th of April 2021, " Major Zinc-Lead Discovery at Earaheedy Project, Western Australia , " and that was when the share price took to the sky (Figure 1). Figure 1: The share price chart of Rumble Resources Limited (ASX:RTR) (source: commsec) Reflecting my views on the optimistic market outlook for 2025, Rumble seems to have a new management team with what seems to be an effective strategy. I believe it may be worthwhile to assess the potential of the existing project portfolio. Over the last few weeks, I have started to express my belief in a market shift ( 2025—The Year of The Golden Snake—Has The Market Catalyst Emerged? ) and am wanting to discover potential under-the-radar opportunities and decide which ones have the potential to advance. As retail investors, we can't choose the perfect timing or the right investment without conducting research. For those who want to skip to the parts of the review, please use the list below. 1.0 The Rumble Resources 2025 Plan 1.1 New Message 2.0 The Prize Project - Western Queen Gold Project 2.1 History and Resources 3.0 Western Queen Gold Project - 2025 3.1 New Results 4.0 Western Queen South Gold Project - The comparison to the Never Never Gold Deposit. 5.0 Western Queen Gold Project - The Other Targets 6.0 Western Queen Gold Project - The Tungsten Story 7.0 Samso Concluding Thoughts 1.0 The Rumble Resources 2025 plan. After examining the most recent presentation from the RIU Conference in Fremantle, it seems to represent a promising new beginning for Rumble Resources. My initial impression is that analyzing Rumble Resources' Vision and Mission statements and employing some creative thinking, would be an effective way to uncover the deeper meaning and initiate the DYOR process. It is always a good way to understand what the company wants us to see as their path forward. With a current market capitalization of AUD $40M, 940M shares issued, and about AUD $4.6M in the bank, it’s a solid start. One anomaly I noticed is that the Earaheedy project might be generating value that doesn't align with market sentiment. This is a legacy "asset" that won't disappear in a quick fashion, so I'm unsure if this will be a concern in the future. 1.1 New Message Rumble Resources is now all about the Western Queen Gold project and targeting open-pit mining and toll processing in 2025. This new strategy is fully funded by the Bain Group , an Indian-based mining company that has agreed to fully finance the project's development with up to AUD $35M ( Development of Western Queen Gold Project ). The release does state that it is an Indicative Non-Binding Term Sheet, but I am not sure if this is now a binding proposition. This would be a good question for Peter Harold, the Managing Director and CEO, if I could convince him to do a Coffee with Samso. With gold prices surging and investor interest in the precious metals sector rising, Rumble’s near-term production story is why it got me curious enough to do this discussion. “When you've got a gold project in a gold environment like we're in, you've got to get into production as soon as you can.” — Peter Harold, MD & CEO 2.0 The Prize Project—Western Queen Gold Project (source: Rumble Resources Limited website) The Western Queen Gold project lies 110km NW of Mt Magnet within the Yalgoo Mineral Field of Western Australia and comprises two mining leases, M59/45 and M59/208, and 2 exploration tenements, E20-0967 and E59-2443, which are 100% RTR. The Project has 3 nearby operating gold processing mills (see Figure 2). The closest mill is the Dalgaranga Mill (48 km), which has a capacity of 2.5 Mtpa. The Checkers Mill (Mt. Magnet) has a capacity of 1.9 Mtpa, and the Tuckabianna Mill has a capacity of 1.2 Mtpa. Figure 2: Rumble Resources Limited's Western Queen Project Location and Neighbouring Gold Processing Facilities (source: Rumble 2025 RIU Presentation) 2.1 History and Resources The Western Queen Gold Project has historically produced 215,000 ounces of gold from two mined deposits: the Western Queen (Central) Mine (189,500 oz) and the Western Queen South Mine (25,500 oz). In August 2021, an updated Mineral Resource Estimate (MRE) reported a 35% increase in total resources, now at 2.1Mt @ 2.42g/t Au for 163,268 ounces. Indicated Resources grew significantly, rising 145% to 1.1 Mt @ 1.95 g/t Au for 67,145 ounces. The combined open-cut and underground resources are detailed in Table 1. Table 1 — Western Queen Project Resource Estimate (source: Rumble Resources Website ) 3.0 Western Queen Gold Project—2025 Rumble has upgraded the resource by 76% to date, and the resource is now up to 286,600 ounces from 163,268 ounces historically. Figure 3 highlights the existing historical pits and the potential mineralisation beneath, anchoring the future of the mining process. Figure 3: Western Queen Gold Deposit Longitudinal Section – Highlighting Previous Production, Resources and Potential New Resource Areas. (source: Rumble Resources Limited) For those still awake, it's important to understand the strike length. For those unfamiliar with the term "Strike," it refers to the distance of potential mineralisation. The 2.7 km strike length is what Rumble is relying on for its mining narrative. Rumble is concentrating on Western Queen South, which contains 85,000 ounces across the two smaller deposits within their current mining plan. 3.1 New Results On February 17, 2025, Rumbles announced the results of Phase 1 drilling: " High-grade gold and tungsten assays returned from Phase 1 drilling at Western Queen . " The objective of Phase 1 drilling was to evaluate several shallow positions, which revealed two new high-grade lodes beneath Princess, under a pegmatite intrusion (Figure 4). Figure 4: Drilling from Rumble's First Phase drilling program is shown here through a longitudinal section of the Princess deposit showcasing the newly discovered high-grade lodes, illustrating their parallel southward plunging orientation in relation to the existing Western Queen Central lode. (source: Rumble Resources Limited) The drilling appears to be consistent with the extent of the mineralising body, which is great, but whether they will make it economically viable in the future will be important. The noted tungsten mineralisation is very interesting, and with grades of greater than 0.2% WO₃, this could be a positive addition to the economics. Tungsten is an interesting commodity, as it is one of the metals that are controlled by China, and it has hit the news front with China restricting its flow of the metal. which could throw a very positive spin for Rumble. My experience with tungsten will throw caution to the wind on this news, but in our uncertain nature of the business, it looks more than interesting for now. 4.0 Western Queen South Gold Project—The comparison to the Never Never Gold Deposit. In Peter Harold's presentation at the RIU Conference in Fremantle, he compares the Western Queen mineralisation to that of the Never Never deposit, which is being developed by Spartan Resources Limited (ASX:SPR) . Figure 5 below illustrates his thoughts on the likely similarity of mineralisation and the potential upside of the Western Queen South deposit. Figure 5: Rumble Resources Limited Western Queen South comparison to Spartan’s Never Never (to scale). (source: Rumble 2025 RIU Presentation) Peter describes that the Never Never has over 2M ounces, and Western Queen South has only been drilled down to 300m and hence has the potential to be open with depth. This concept is good in principle. This concept is not new, and as many exploration and mining geologists will agree, the potential is always there, but reality is another ball game. The positive spin to that thought is that a consistently mineralised system that looks like it is at the Western Queen South deposit typically tends to continue with depth. Most times when they "disappear," it would be a truncation, or a cutting off, of the mineralised body. If that were to happen, then the task would be to identify where it has been "moved" to, in terms of directions. 5.0 Western Queen Gold Project - The Other Targets As most of the focus for Rumble has been on Western Queen South and Western Queen Central, there appears to be a potential upside along the other part of the shear zone (Figure 6). Figure 6: Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics. (source: Rumble 2025 RIU Presentation) There is another 2km stretch between the Duke and Cranes deposits that remains largely unexplored, with some significant findings like 14m @ 4.7 g/t Au. It is good to remember that over the past 5 to 10 years, the reinterpretation of existing serial magnetics has been highly successful in targeting. Recently, geochemical sampling has been overtaken by the growing preference for geophysics. Explorers have come to realise that technology is transforming our understanding of what lies beneath the surface, and in many cases, geophysics is more economical. While I am a strong advocate of geochemistry, when it comes to probing deep below the surface, the timing of results and sometimes the funding required, geophysics offers numerous advantages. 6.0 Western Queen Gold Project — The Tungsten Story As mentioned earlier, the tungsten story adds some real meat to the whole Rumble story. The occurrence of Tungsten with gold is not a new concept, but the grades that have been reported at the Western Queen project are very enticing. Some readers may remember that I have mentioned in the past that I was involved in a tungsten project around 2012. When I am looking at the results in one of the slides from the RIU presentation (Figure 7), the grades of up to 4.58% WO₃ and one submeter of 18.35% WO₃ are a tungsten miner's dream. Figure 7: A presentation slide during the RIU conference that highlights a potential tungsten mix to the Western Gold project. A photo of the core looks like the mineralisation is dense and consistent with a likely mature mineralising system. (source: Rumble Resources Limited) The other major tungsten deposit that sits within a stone's throw from the major Telfer gold deposit is the famous O'Callaghan deposit in the Patterson Range. Time will tell what is in store with the tungsten part of Rumble's story, but the market is very hard to commercialise. 7.0 Samso Concluding Thoughts The Rumble story is finally taking a positive turn for shareholders after spending a long period on the bearish side. Shareholders, who have endured a prolonged downturn, haven't had much to celebrate since the initial surge to over AUD $0.60 in 2021, followed by a gradual decline with little noteworthy progress (Figure 8). Figure 8: Rumble Resources Limited share price chart since 2015. (source: comssec). Looking back on the Rumble Resources share price, as I have mentioned earlier, I approached management many times to get the story on Coffee with Samso to talk about the Earaheedy project, which, with the size, grade, and potential size, would have gone well. My thoughts are that the gold mining play with the support of the Bain Group is the perfect recipe and timing. I do think that the Earaheedy project is not a good fit. The best option for the Earaheedy project is to spin it out into another entity and let Rumble be a full-fledged gold play. This is not to say that the Earaheedy project has no value, but in the context of the very sensitive mineral exploration sector, this will lead to confusion as to where the underlying value proposition is. The Western Queen and all of its potential need to be the centre of attention. I am sure I am not saying anything that the management is not already planning, as this is the standard operandi for companies like Rumble. As I am not a mining engineer and I have not looked at the mining potential in great detail, I cannot comment on that part of the Rumble story with any authority. I take what has been presented as valid. In saying that, I do have some questions, but I am hoping that management will accept my invitation to come to Coffee with Samso. What is apparent currently is that the share price curve is flattening out now over the last 12 months (Figure 9). This is a good sign, and the ups and downs are expected, but the time is now for management to deliver what they are promising. Figure 9: Rumble Resources Limited share price chart for the last 12 months. (source: comssec). 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 on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Sino Iron Magnetite project in the early days. Western Australia’s iron ore landscape is undergoing a significant transformation as magnetite emerges as a major player in the sector. For years, hematite has been the dominant force in the industry, but recent developments are signalling a shift in market trends. ( Source: Andrew Todd, "Billionaires bullish on magnetite as new hematite discoveries slow," The Sydney Morning Herald, November 4, 2024. Read the full article here .) The magnetite phenomenon has been in my mind for a while now, and since getting back into the market with Cyclone Metals Limited (ASX:CLE) , I am starting to see that the Australian market is finally embracing the cleaner iron-ore process. My first involvement with Iron-Ore was around 2005, and as I have mentioned in my posts, the magnetite business was new in 2007 for me and, in a large part, for most of the people I worked with at that time. The Sydney Morning Herald article, which I missed when it was first published, was a great summation of the West Australian/Australian magnetite rise to favouritism. It has not gone unnoticed that this generation of a bullish tone is driven by the top end and not driven by the small-cap companies. Fortescue Metals Group Making a Statement: A Changing Market Dynamic Hematite has long been favoured due to its naturally high iron content, typically ranging between 60% and 63%. However, new hematite discoveries have slowed, prompting miners to revisit magnetite, which occurs at lower grades (20-30%) but can be beneficiated to produce a high-grade product exceeding 66% iron content. This beneficiating process was always looked upon as a barrier to the market , but it seems that this is no longer mentioned, which is interesting. For those who may not know, magnetite does occur in very high grades, as in up to 70%. Fortescue Metals Group (ASX:FMG) has led the charge, investing US$3.9 billion in its Iron Bridge magnetite project in Western Australia (Figure 1). Despite the high capital expenditure required to process magnetite, FMG achieved a premium of US$28 per dry metric tonne for its magnetite product in the September quarter compared to hematite. This significant price difference is driving renewed interest in magnetite ( source: Sydney Morning Herald ). Figure 1: Fortescue Metals Group’s Iron Bridge Magnetite Project (Source: Fortescue Metals Group: Iron Bridge Project .) What is interesting is that when the iron ore boom started in the early 2000s, FMG was being doubted by the majority of commentators in the industry due to technical deficiencies and the inability to sustain the funding for the business. In 2025, Andrew Forrest has proven everybody wrong and done astonishingly well. As I observe him transitioning into magnetite, I wonder what insights he has about the market now compared to when he first began, which fueled his initial drive. Could he be aware of shifts in demand from China, given his close ties to the Chinese market? While the green iron concept is still viewed as inferior by traditional haematite iron ore enthusiasts, might he possess knowledge that aligns with his vision? Not One Billionaire But Two: Andrew Forrest and Gina Reinhart are Backing Magnetite as Well. As I mentioned, the staggering highlight about this story is that it is being driven by the billionaires, and not just any billionaires, but Iron Ore Mining magnates Andrew Forrest (Figure 2) and Gina Rinehart (Figure 2A). Andrew Forrest's Iron Bridge magnetite project, which first produced and shipped ore in 2022, is located 1435 km south of Port Hedland on Nyamal Land in Western Australia. It is a magnetite mine owned by a joint venture between FMG Magnetite Pty Ltd (69%) and Formosa Steel IB Pty Ltd (31%). The mine has a capacity of 5-9 Mtpa and produces a high-grade wet concentrate product that is transported to Port Hedland through a 135-kilometre-long specialist slurry pipeline. Figure 2: A perfect identification of Andrew Forrest, which makes the March 2025 Time magazine a perfect read. (Source: Time Magazine) The Iron Bridge site is aiding Fortescue's shift towards Real Zero, aiming to be the first magnetite deposit to run on renewable energy by 2030. Fortescue Real Zero is the plan to eliminate the company's scope 1 and scope 2 emissions across FMG's Australian iron ore operations, without voluntary carbon offsets. For the benefit of our planet, our shareholders, and future generations. -FMG Gina Rinehart’s Hancock Prospecting has taken a controlling stake in the Mt Bevan magnetite project, a multi-billion-dollar operation north of Kalgoorlie. The project boasts an estimated 1.29 billion tonnes of magnetite and a 25-year mine life, with iron content potentially exceeding 70%, making it highly attractive to global steelmakers. Figure 2A: Gina Reinhart is making waves in the Magnetite Sector. (Source: Forbes Magazine) Notably, Legacy Iron Ore, which retains a 29.4% interest in Mt Bevan, is backed by India’s state-owned National Mineral Development Corporation (NMDC). With Indian Prime Minister Narendra Modi discussing the project’s significance with Rinehart, it is clear that magnetite is becoming a strategic resource for global steel production. Figure 3: Mt Bevan Magnetite Project Map (Source: https://legacyiron.com.au/projects/mt-bevan/ ) This project has been around for decades and came into notice during the last iron ore boom in 2005. As I have mentioned in previous blogs, projects such as this have been spending the last two decades trying to find a solution, so is the time to shine happening in the form of companies like Hancock Prospecting and FMG? Yilgarn and Esperance: The New Iron Ore Frontier As we talk about the magnetite projects, I am starting to imagine what it would have been like for the ports, such as Esperance, if the iron boom of 2005 had been sustained. There are several iron ore deposits in the Yilgarn that would have required an exit to market through Esperance, so if it is happening, the region may add iron ore to its suite of economic commodities. Figure 4: Map of Western Australia’s Iron Ore Regions (Source: https://www.researchgate.net/figure/ron-Ore-Deposits-and-Oakajee-Location-Map-Western-Australia_fig6_266318573 ) In 2025, the emergence of large-scale magnetite projects in the Yilgarn region suggests that Western Australia’s iron ore industry will be expanding beyond the traditional Pilbara stronghold. Companies such as Macarthur Minerals Limited (ASX:MIO) are making moves in the region with the Lake Giles Moonshine magnetite project, which holds over 1.2 billion tonnes of iron ore resources (Figure 5). However, looking at the corporate activities, I am not sure if this will become a reality. As the market improves, numerous hopefuls will attempt to attract market interest, necessitating a significant amount of DYOR from readers to ensure a sufficient level of due diligence is conducted to understand the anticipated surge of iron ore projects. Figure 5: The location of the Lake Giles project (source: Macarthur Minerals Limited). Macarthur’s strategic sale of its hematite assets at the Ularring project to Gold Valley has also unlocked significant financial potential. With offtake agreements in place and export infrastructure available at the Port of Esperance, Macarthur Minerals may indeed be making strategic moves. However, with a market capitalisation of just over AUD $6M, it would need some strengthening of its balance sheet before getting into a business that is traditionally the home of the major mining companies. Figure 6: Lake Giles Moonshine Project (Source: https://macarthurminerals.com/projects-item/moonshine-magnetite-project/ ) It is important to understand that in an industry like iron ore, unless you have a unique project like Fenix Resources Limited (ASX:FEX) , the large bulk mining projects of billions of tonnes will never happen for junior companies. Fenix Resources was talking about 6 million tonnes of extremely high-grade DSO material. When you look at aspiring iron ore miner Cyclone Metals Limited (ASX:CLE) , they have a big brother in VALE paying the bills. That is a very big difference in capability to complete the process of mining and delivering greater than 70% Fe pellets to customers. The Future of Magnetite in WA As the demand for higher-grade iron ore increases due to environmental and efficiency concerns in steel production, magnetite’s ability to produce a cleaner, high-purity concentrate is a major advantage. As I mentioned previously, with iron ore billionaires leading the charge and infrastructure in place to support large-scale exports, magnetite could play a central role in Western Australia’s next iron ore boom. The magnetite revolution is no longer a question of “if” but “when.” As more companies enter the space and technological advancements make beneficiation more cost-effective, the Yilgarn region and the Port of Esperance could soon rival the Pilbara as a powerhouse for iron ore production. (Source: Andrew Todd, "Billionaires bullish on magnetite as new hematite discoveries slow," The Sydney Morning Herald, November 4, 2024. Read the full article here . ) 5.0 Samso Concluding Thoughts The magnetite evolution , or rather re-evolution, is looking more interesting by the day. Companies like Champion Iron Limited (ASX:CIA) in Canada are making a lot of money selling these iron pellets at close to 74% Fe content and making a lot of cash. Apart from FMG and CITIC (Sino Iron Project) , there are no other players in the magnetite sector. The South Australian Green Iron initiative is still in its infancy stage, so the scene is set for some interesting scenarios for investors. In my opinion, the establishment of an iron ore mining scenario is a long-term proposition in creating it and also in the benefits of revenue. As retail investors, we are going to have to find someone that has enough leverage, and betting on FMG is almost the only option, unless you look at the potential of Fenix Resources Limited (ASX:FEX) making a play for this sector in the future. The other options are Champion Iron, but are they overpriced? The next option is the new kid on the block with Cyclone Metals Limited. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Gold is finally in the limelight with the new generation of metals stepping out with the reducing market sentiment. For many years, the gold loyalists have been up in arms that the gold sector was largely ignored. The gold price is now at an all time high (Figure 1), and it was only in the last couple of years that the general market (ASX Punters in the small-cap sector) attention was focusing on gold equities. If you’ve been following the gold market and social media commentaries, discussions about the benefits of investing in gold have been a recurring theme over the past decade. The most significant signals emerged after 2020, driven by increasing political uncertainties, rising interest rates, and escalating geopolitical tensions between the West and China. Figure 1: Gold price chart since 1972. (source: Kitco) The escalating anti-eastern sentiment—primarily characterized by tensions between the West and China—and the perceived threat of China's expanding influence should, in theory, push more investors toward the safety of gold. If this is the view of the investing community, then entering the gold sector would be a no-brainer. As illustrated in Figure 2, the last significant gold price movement was in mid-2022, climbing from under USD 1,800 and gaining more than USD 1,000 since then. and surprisingly, small-cap investors didn’t capitalise on this trend earlier. However, this may be partly attributed to the relatively small pool of emerging or small-cap miners listed on the ASX. Figure 2: Gold price chart over the last 5 years. (source: Kitco). Rick Rule Thoughts In my Coffee with Samso  episode with Rick Rule in May 2020, titled "Coffee with Samso - Episode 037: Markets and Commodities - Views from Rick Rule,"   Rick did emphasised that investors should be loading up on gold ( Click here to listen ). Rick mentioned that investors outside of Australia (at that time) had been entering gold equities, while the Australian investors were still missing. My discussion with Rick took place in May 2020 and it feels as if the Australian investors got distracted with the Lithium bull run and are now late in entering the gold production story. It’s no surprise that Rick Rule made those comments, as he mentioned that he had witnessed nine recoveries in the gold market throughout his career. His perspective undoubtedly comes from a wealth of experience and a deep understanding of market cycles. A Good Technical Project Flourishing with the Perfect Timing. The ASX (Australian Stock Exchange) mineral exploration industry is an exciting sector, and it is never boring. It is consistently dynamic in its activities for eager investors. Whether that is a good cocktail for investors is up for debate, but it is a sector of the ASX that has been a major part of my "investing" playground. Gambling or Investing? Timing is everything, and investors in mineral exploration are constantly on the lookout for the next great "thing" or what I call the next great "story." As I have mentioned in my previous writings, having triggers that can help you limit your risks is always a good thing. It is the creation of a scientific reason for making the investment decision. The main trigger for me is the technical viability of the project. We all know that there are numerous "issues" that will make or break a project, and nobody can counter a "Black Swan" event, so one has to discover some form of a tangible decision-making process. Nobody can predict a Black Swan event. The Tolu Minerals Connection In the context of our discussion, the emergence of a "Gold Story," I think Tolu Minerals Limited (ASX: TOK) may be a prime example of a good technical project that appears to have added significant value. With a climate of "Good Timing," the concept may grow further in time. I came across the story of Tolu Minerals Limited (ASX: TOK) in August 2022 in an episode of Rooster Talk entitled Tempest Minerals Limited (ASX: TEM) Acquires Producing Asset - Tolukuma and Mt Penck Projects. Tempest Minerals Limited was acquiring the Tolukuma gold mine from the current management. This was a very complicated transaction that ultimately ended up with the IPO (Initial Public Offer) of Tolu Minerals in Mar 2024. Samso Insights published a review of that event entitled: "Tolu Minerals Accelerates Gold Exploration in the Pacific “Ring of Fire” . I have a history with Papua New Guinea (PNG) and I think this helps me a good understanding of the ins and outs of working in a very challenging political and social-economic environment. Figure 3: The share price chart for Tolu Minerals Limited as of 31st January 2025. (source: Commsec) The share price chart for Tolu Minerals (Figure 3) is why I think this is worth reviewing for Samso Insights . Let's review the details and understand the whole Tolu Minerals Limited business. For those who want to skip to the parts of the review, please use the list below. 1.00 Who is Tolu Minerals Limited? 1.10 Tolukuma Gold Mine: 1.20 Exploration Focus: 1.30 Management: 1.40 Listing: 2.0 The Tolukuma Gold Mine [1] 3.0 Geology of the Tolukuma Gold Mine 4.0 Corporate Details Some Key News Release: 5.0 Samso Concluding Thoughts References: About Rick Rule 1.00 Who is Tolu Minerals Limited? Tolu Minerals Limited (ASX: TOK) is an Australian exploration and development company that focuses on gold, silver, and copper projects, primarily in Papua New Guinea (PNG). The company is developing the Tolukuma Gold Mine  and several other projects in PNG's highly prospective mineral belts. 1.10 Tolukuma Gold Mine: This is the company's flagship project. Located in the Central Province of PNG, approximately 100 km north of Port Moresby, the Tolukuma Gold Mine is a high-grade gold and silver mine (Figure 4). Figure 4: Tolu Minerals tenement locations. ( source: Tolu Minerals Limited) Tolu Minerals acquired the mine in 2022 and is focused on revitalising it, including restoring infrastructure, conducting exploration, and increasing production. 1.20 Exploration Focus: Tolu Minerals is also exploring additional regional opportunities, including the Tolukuma Structure  (adjacent to the existing mine) and the Mt. Penck Project  in West New Britain. These projects are part of the company's broader strategy to expand its asset base in PNG's rich mineral terrain. 1.30 Management: The company is led by a team with significant experience in exploration, mining, and project development, particularly in PNG, which is known for its complex and challenging geological environments. 1.40 Listing: Tolu Minerals is listed on the Australian Securities Exchange (ASX) under the ticker TOK . The company aims to leverage its assets and expertise to create value for shareholders, particularly with the growing interest in resource markets. Tolu Minerals is positioning itself to benefit from the recovery and growth of the resource sector in PNG, with a particular focus on gold and precious metals. 2.0 The Tolukuma Gold Mine [1] The Tolukuma Gold Mine is in the Goilala District of Central Province, Papua New Guinea, approximately 100 kilometers north of Port Moresby (Figure 5 and Figure 6). Discovered in 1986 by Newmont, the mine commenced operations in 1995 and focuses on high-grade epithermal gold and silver deposits. Over two decades, it produced around 1 million ounces of gold at an average recovered grade of 14 grams per tonne, peaking at 21.3 grams per tonne, along with approximately 50 grams per tonne of silver in the form of gold/silver doré. In 2015, operations ceased due to escalating costs, primarily stemming from incomplete infrastructure projects such as a 70-kilometer access road and maintenance issues with the 3 MW hydroelectric power facility. The mine entered liquidation in 2018. Tolu Minerals acquired the mine in September 2022, obtaining all existing operating and environmental permits. As of August 2022, the Tolukuma project reported a JORC (2012) Mineral Resource Estimate of 1,610,000T at 10 grams per tonne gold and 38 grams per tonne silver, totaling 503,000 ounces of gold and 1,950,000 ounces of silver. Figure 5: Tolukuma existing mine site. (source: Tolu Minerals Limited) Tolu Minerals has outlined plans to complete the remaining 23 kilometers of the access road to connect the mine to the Hiritano Highway, dewater the mine to access existing resources, conduct an environmental baseline assessment, refurbish the hydroelectric power plant, and upgrade key site infrastructure to support resource development and exploration. 3.0 Geology of the Tolukuma Gold Mine (A summary taken from PorterGeo - www.portergeo.com.au ) The Tolukuma gold deposit is classified as a low-sulphidation adularia-sericite epithermal system and is located in Papua New Guinea’s Central Province, approximately 100 kilometers north of Port Moresby. Figure 6: Location of Tolu Minerals Limited two gold projects in Papua New Guinea. (source: Tolu Minerals Limited) The oldest geological formations in the Tolukuma region are the Kagi Metamorphics, part of the metasedimentary sequence within the Cretaceous to Eocene Owen Stanley Metamorphics. These rocks underwent deformation during the middle Miocene. Locally referred to as the Auga Beds, the Kagi Metamorphics consist of slate, siltstone, sub-greywacke, feldspathic sandstone, limestone, and pebble conglomerate, with some zones containing highly carbonaceous material. Overlying these rocks unconformably are the late Miocene to Pliocene volcanics and interbedded sediments, intruded by subvolcanic equivalents of the Mt Davidson Volcanics. These basic-to-intermediate volcanic rocks were deposited within a 10 to 20 km-wide north-south trending graben. The Tolukuma mineralisation is hosted within these volcanics and sediments. Pliocene deformation created NW- and NE-trending vertical tensional fractures with minimal displacement. At the Tolukuma deposit, the Kagi Metamorphics appear to be in fault contact with the Mt Davidson Volcanics, which host the mineralisation. These volcanics include intermediate to basic pyroclastics (such as fine ash flow tuffs, feldspathic crystal tuffs, and lithic tuffs) and lavas, predominantly hornblende-feldspar porphyritic andesites, with occasional basaltic components. Narrow porphyritic andesite-to-basalt dykes are common throughout the area. Gold mineralisation is contained within several sub-vertical quartz vein zones in the Mt Davidson Volcanics. These are primarily aligned along two 115° striking faults, spaced 500 meters apart, as well as within a north-trending dilational zone connecting the two structures. Vein thickness ranges from 1 to over 10 meters, averaging 2 to 3 meters. The southern fault and dilational zone form the Tolukuma vein, which hosts the majority of the high-grade gold (>5 g/t Au). In contrast, the northern fault, known as the 120 vein, typically has lower and more variable gold grades. High-grade mineralisation (>5 g/t Au) is present over a vertical interval of up to 275 meters. The veins primarily consist of quartz, which, when strongly mineralised, appears as a white saccharoidal variety with abundant pseudomorphs after carbonates. Pyrite is common, with lesser amounts of base metal sulphides (typically <1%). Other vein minerals include clay, manganosiderite, adularia, albite, and leucoxene. Adularia is often found in association with quartz. The veins are categorized into simple and banded veins, vein breccias, brecciated veins, and hydrothermal breccias. Alteration around the veins includes early pervasive propylitisation, while phyllic (illite-quartz-pyrite) and argillic (illite-smectite) haloes extend tens of meters outward into the host rocks. The drill indicated resource quoted in 1988: 1.07 Mt @ 22.0 g/t Au at a cut-off of 4 g/t Au. Reserves and resources quoted in 2003:  (from Durban Roodepoort Deep Ltd, website):   Proven and Probable Reserve: 160,000T @ 15 g/t Au for 2.4 t Au        Measured, Indicated, and Inferred Resource: 300,000T @ 29.9 g/t Au for 9.0 t Au 4.0 Corporate Details The company's IPO appears to have had a very turbulent path. Looking at the announcements during that IPO timing, the company had to submit three Supplementary Prospectus. I used to be told that one was already too many Supplementary Prospectus. Anyway, I don't know the reason, and it is no longer a point of discussion at this time of writing this review. Tolu Minerals was finally admitted and quoted on the ASX on the 9th of November 2023. At the writing of this review, Tolu Minerals Limited has a market capitalisation of AUD103M which gives them approximately 113,186,813 shares on issue. That is not a bad start since being admitted into the ASX. Some Key News Release: Date Announcement 21 January 2025 Appointment of Executive Group Geologist 20 January 2025 Update on Key Projects 02 December 2024 Corporate Presentation 14 November 2024 Taula drilling extends Tolukuma Gold Mineralisation 24 October 2024 Placement 09 September 2024 Initial Airborne MT Results 25 June 2024 Commencement of Airborne MT Survey 29 April 2024 Mt Penck Polymetallic Targets 19 April 2024 Placement 29 January 2024 Mt Penck Results 13 November 2023 Taula Assay Results and Tolukuma Exploration Targets 09 November 2023 Top 20 Shareholders According to the presentation released on the 2nd December 2024, Tolu Minerals has raised AUD67M since the IPO, and the last raise in October 2024 put AUD26.7M into the bank. Clearly, the potential for producing gold bars is motivation for the investments with a rising global gold price. 5.0 Samso Concluding Thoughts The gold sector is currently attracting significant attention, particularly in the small-cap segment. As we all know, the lower end of the market, often referred to as the "speculative" end of the ASX, is widely regarded as the most dynamic part of the industry. It's worth remembering that following 2020, the small-cap sector raised nearly AUD 2 billion within just 18 to 24 months—a wave of activity I haven’t witnessed in over 30 years of experience, both as a geologist and a member of the investing community. The critical question now is whether TOK can bring the project into production, given the longstanding challenges that the Papua New Guinea mining industry has faced over the decades. Drawing from my experience with PNG's mineral sector, one of the key lessons I've learned is that there are figurative minefields to navigate at every turn. I’ve been aware of the Tolukuma Gold Mine for some time. As mentioned in previous discussions, I’ve always wondered why this project has not been further developed. Despite its history of mining operations and promising grades, this question had never been fully explored. When the project reappeared on my radar in 2022, it again piqued my interest. Based on my experience, I doubted whether the Tolu Minerals story would progress. The concern for me comes from my previous experience with the cost of working in the It’s encouraging to see that I may be mistaken. The progress Tolu Minerals Limited has achieved since its listing is a promising development. While there’s still considerable work ahead, the company’s solid funding support suggests that the light at the end of the tunnel is shining brighter this time. Whether this will ultimately lead to gold bar production for current investors remains the ultimate test, but the rising gold price is certainly adding to the optimism. As I’ve previously stated, timing is crucial, and Tolu Minerals investors are certainly benefiting from that right now. The recent merger between Northern Star Resources Limited (ASX: NST) and De Grey Mining Limited (ASX: DEG) clearly demonstrates that the gold sector is heading in the right direction. Whether Tolu Minerals can pull everything together and make this project a reality is yet to be seen. However, one thing I’ve learned over the decades in the mineral resources sector, is that having money in the bank is paramount. The best grades and projects won’t come to fruition without the necessary financial backing. From my experience working inside ASX companies, all the talk in the world is only as valuable as the size of your bank balance. Please do your own research, and happy investigating! 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: Tolu Minerals Limited About Rick Rule Rick Rule is a prominent investor and entrepreneur, best known for his expertise in natural resources and precious metals investing. He has over four decades of experience in the resource sector and is considered one of the leading figures in mining, oil, gas, and energy investments. Key Highlights about Rick Rule: Background: Rick Rule has built a reputation as a savvy and disciplined investor with a deep understanding of the resource sector's cyclical nature. He is particularly well-known for investing in junior mining and exploration companies, often identifying opportunities overlooked by others. Professional Career: Sprott U.S. Holdings: Rick was formerly the President and CEO of Sprott U.S. Holdings, a subsidiary of Sprott Inc., a global leader in resource investments. At Sprott, he managed significant portfolios and built relationships with institutional and retail investors worldwide. He has been involved in numerous successful resource and mining ventures, often working with junior companies to unlock value for shareholders. After leaving Sprott, he continued his involvement in the resource sector through personal investments and speaking engagements. Links: https://sprottusa.com/managed-accounts/sprott-rule-managed-account/ Investment Philosophy: Rick Rule is known for his contrarian approach to investing, often seeking opportunities during downturns in the resource market when assets are undervalued. He places a strong emphasis on due diligence, focusing on companies with strong management teams, high-quality assets, and the ability to survive industry cycles. He is a vocal advocate of precious metals, particularly gold and silver, as a hedge against economic uncertainty and inflation. Public Speaking and Education: Rick frequently speaks at conferences, webinars, and other forums about resource investing and economic trends. He is well-respected for his insights into the global economy, commodities markets, and financial trends. He often emphasizes the importance of understanding the risks and rewards of investing in natural resources, particularly in the volatile junior mining sector. Philanthropy: Beyond investing, Rick Rule is also involved in philanthropic efforts, particularly in areas related to education and resource stewardship. Current Activities: Rick continues to participate in the resource sector as a private investor, focusing on precious metals, uranium, and other natural resources. He is known for conducting “portfolio rankings,” where he invites investors to submit their resource investments for review, offering advice and insights. Rick Rule's ability to navigate the complex and often volatile resource markets has earned him a loyal following among investors. His expertise, combined with his willingness to educate others, has made him a respected figure in the industry. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

As we move into 2025, investors are most likely looking for a fresh start with some new stories and ideas of where they can invest or "Take a Punt". Let's be honest, for us, the retail investors in this sector of the ASX (Australian Stock Exchange) , we are the so-called professional participants in a roller coaster ride that is commonly compared to the Casino. For those seasoned players in the small-cap sector on the ASX, and especially those that live predominantly in the resource sector, 2025 is looking to have some fresh legs (we hope, anyway). The last two years have been hard, and there are probably still many "investors" who are still stuck in the lithium run who have not taken the hard medicine of taking the loss and looking set in other alternative stories. Personally, I am fortunate enough to have missed that run and missed out on all the wins. In hindsight, my insistence on an inability to believe the might of the premium status of lithium in the EV revolution proved to be correct; however, I have to admit that I was doubting myself for a while in the early days. In saying that, over the many decades of taking that "Punt" within the confines of the ASX, I think the might of the EV revolution is yet to come. I have noticed that when a new story develops, whether it's lithium, nickel, iron ore, etc, there is always the initial hype, which is then followed by a correction, which is then followed by the boring part of real value creation, once the dust settles. I guess, this boring value creation period is what the "real money" feast on and always seems to be the correct strategy. So What Are The Stories in 2025 As usual, Samso has been looking out for new stories, and in 2025, I think that there are some that should be on investors watchlist, and hence some good old DYOR would need to be done. There are also some old products, such, as copper, that should be back on the radar that have been forced to take a backseat as investors grapple with short-term gains against long-term glory. I think the journey of nett zero emissions and the clean energy narrative will take on a new level of interest and may begin to create a Fear Of Missing Out (FOMO) in 2025. This increase in attention may create a third certainty in life, after death and taxes. Since 2020 the ASX market has been monopolised by the lithium narrative, and as a result, everything else has been pretty much ignored and hopefully, till now. The investing community understands that investments are typically shrouded in mystique and for as long as I have been involved in the ASX, the key in defining what makes the ASX ticks is all about researching to a level that measures your own risk and reward appetite. All I hope to do here is to share my thoughts and give those interested a trigger to begin that process. 1.0 What Can We Learn From Copper ? 2.0 The Exotics of 2025 3.0 Zeotech Limited (ASX: ZEO) 3.1 Zeotech - Products 4.0 Corporate Matters 5.0 What Does this All Mean? 5.1 New Management and Advancement of Business 6.0 Samso's Final Words 6.1 Zeotech Makes Sense The need to have a balanced view is sometimes very hard to do in an industry where investors know that the rising share price is the only determining factor that measures our success. We cannot measure our success with how much or how little we know about the subject matter. Sometimes, we win knowing a lot, and other times, we know very little. What we can measure is how we got ourselves into that position to allow us the opportunity to, as they say, take that "punt". In my opinion, the need for information is to allow us to take that position so that we are in the game. 1.0 What Can We Learn From Copper ? Dr. Copper as the market calls Copper has been around since the first day the human species started to make the planet Earth their domain. I like to use Dr. Copper as a barometer on how investors should react in 2025 on the ASX. As you can see in Figure 1, the price of copper is gaining a bit of strength over the last 5 years, but the sentiment for a demand surge has been called for at least a decade, but the reality on the equities front has been far from spectacular. Figure 1: Copper price chart since 1990. (Source: Trading Economics ) It's true that the ASX small-cap sector currently lacks any genuine quality players, but this presents a great opportunity to begin exploring the list. I used to believe that Cyprium Metals Limited (ASX: CYM) had real potential before the management change. If the previous management had secured funding (debt) before the interest rates began rising weekly, CYM might have been quite intriguing today. Investors should realize that finding and developing a cost-effective copper mine takes decades, but its ability to generate revenue lasts for many decades more. Some of the top-producing copper mines have been in operation for over 50 years. Why do we need all this copper, you ask? Well, look around and see what you are using that does not need copper. The simple fact is that metals such as copper are the backbone of civilisation, and the demand will not decline. What is declining is the supply, and lets leave that discussion for another time. The challenge for "punters" is to find a sustainable product that has a prolonged value and cannot be easily manufactured or generated. As we move into a world where we are more innovative in thinking and in utilisation, these "Exotics" could become a more profound feature in the investing community. 2.0 The Exotics of 2025 I have coined the term "Exotics" to describe a few products that are being promoted as essential items to complement the no-emission narrative. While I am not a believer that the pricing of lithium will recover to being a premium product, I am definitely a believer in products that will be aimed at narrating the reduction of the emission story. This is not to say that lithium is not part of that narrative; I just feel that lithium is now just one of the components and is no longer the "superstar". I feel that the age of post-COVID is all about reduction in emissions. The journey is not about whether you are pro global warming or not; the reality is that the path to a reduction of emissions is the main game. The serious nature of this sentence is clearly identifiable with the Australian government having established a full-time department to facilitate this topic, the Department of Climate Change, Energy, the Environment and Water . The quote below is straight out from the department: Australia and the world are undergoing the biggest and fastest economic transformation since the industrial revolution. Action to reduce emissions will help prevent the worst impacts of climate change, but will also create a boom in new jobs and new industries. The government’s ambition for a future made in Australia will form a comprehensive, coordinated and practical strategy to seize these opportunities. As the path to net zero will require innovation and investment across all sectors, the Australian Government is continuing to take major steps to realise the opportunities of an efficient, productive, high-wage net zero economy and make Australia a renewable energy superpower. - Department of Climate Change, Energy, the Environment and Water . The government has set up a Net Zero emission plan and is 100% serious in making this a focus. This is why I say the age of the Exotics is just being made known to the investing world. I am not saying that the traditional metals are to be ignored, but if we, the retail investors, are to have a chance in getting closer to the front seats in this game, we need to think more exotic. Figure 2: Australia's energy-related emissions and net-zero carbon budget, BNEF's Economic Transition Scenario and New Zero Scenario. (Source: Mining.com.au ) Whether we are talking about the transition to a cleaner energy or to a reduction in emissions, I see great opportunities as this timing is like moving from horse carriages to automobiles. We are still early in the conversation, and the new "Super Products" are coming on, and like all new products, the promotions are coming in quick and fast. The introduction of exotic commodities to tackle the reduction in sending "nasties" to our atmosphere is what we are talking about, so let's take this journey here on Samso and get informed. 3.0 Zeotech Limited (ASX: ZEO) Late last year I came across Zeotech Limited (ASX: ZEO) , a mineral resource company that, according to the website, is developing advanced materials for a sustainable future. We are developing sustainable processes to produce advanced materials and investigating the application of their unique properties to deliver positive global impact. - Zeotech Limited I admit that when I first came across the company, I had a hard time understanding the business of the company. Apart from knowing the CEO, James Marsh, I was and am still learning the business. As I looked more into the business of Zeotech, I became aware that this is like a Resource Tech story. I have yet to approach James to get a closer understanding (Work in Progress), but looking at the business from afar, this is a bit of an industrial minerals play with a bit of technology that seems to be the theme of another company that we will have a chat about as well. Let's have a look at the announcement on the 10th December 2024 - Methane Control Field Trial Deliver Promising Results . Figure 3: Simulated landfill configurations located at Griffith University. (Source Zeotech Limited ASX release.) That release on the 10th of December highlights that the the company’s two zeoteCH₄® showed in tests with Griffith University a reduction in methane emissions with an average (mean) efficiency of 70-85%. The development is still too early to have conclusive proof of its efficiency, but one can see the potential of the product. From what I can understand, the implementation of the zeoteCH₄® is akin to putting a topsoil over areas such as landfills to filter out methane release (Figure 4). Figure 4: Diagrammatic representation of how the zeoteCH₄® product will be used. (source: www.zeotech.com.au 3.10 Zeotech - Projects Zeotech lists the following projects on the website, which makes this company more about products than mineral resource projects. Methane Emissions Control Soil Carbon Sequestration and Nutrient Management Carbon Capture and Utilisation By-product Treatment and Utilisation Kaolin Projects Toondoon Kaolin Project Abercorn Kaolin Project The company website does give a good brief of each project. As far as I understand, Zeotech has a unique Kaolin product that has been tested to show they have properties that are allowing them to create their own proprietary products that are used in the business of capturing the emission of carbon. I will not go into the technical aspect of the project at this stage but when and if I get a chance to get James Marsh on a Coffee With Samso , I am sure, James will be able to articulate that with more accurately. James is no stranger to the Samso Platform so it will be great to have him back to communicate about Zeotech. 4.0 Corporate Matters At the writing of this blog, Zeotech is sitting at a market capitalisation of AUD81.56M with a share price of AUD $0.044. This would give the company about 1.8B shares on issue. Figure 5: The Zeotech Limited share price chart. (souce: Commsec) On the 19th of August 2024, Zeotech announced the appointment of James Marsh as the Chief Executive Office (CEO), effective 9th September 2024. James Marsh gave a good presentation at the recent Noosa Mining Conference on the 15th of November 2024 which outlined the business of Zeotech. Here are some notable news releases from Zeotech: 10th December 2024 - Methane Control Field Trials Deliver Promising Results 19th November 2024 - QLD Govt Funding Secured for Metakaolin Feasibility Study 28th October 2024 - Zeotech Executes MOU with Holcim Australia 3rd July 2024 - Bulk Zeolite Sample Sent to Protekta North America 22nd April 2024 - High Reactivity Metakaolin to Advance Low Carbon Cement 30th January 2024 - Methane Control Trials Advance Infield to Cleanaway Landfill 13th November 2023 - Trials Deliver Promising Methane Oxidation Efficiency 1st September 2022 - Completion of Toondoon Project 31st August 2022 - Commencement of Legal Proceedings against Zeotech 12th April 2022 - Opportunities for Zeolite-Based Greenhouse Gas Mitigation 30th November 2021 - Pilot Program Update - First Continuous Closed-Loop Circuit 6th September 2021 - Griffith University Delivers Promising Agronomic Results 23rd August 2021 - ZEO Acquires High-Grade Kaolin Project within Approved ML 16th February 2021 - Zeolite Pilot Plant Program Commences 1st December 2020 - Change of Name and ASX Code 28th October 2020 - Commercial Grade Zeolite Produced from Li Process Residue 8th July 2020 - Board Restructure and Chair Appointment 9th June 2020 - Early market interest in Synthetic Zeolite Technology 21st May 2020 - Zeolite Technology Intellectual Property Protection Filing 7th April 2020 - Exclusive Licence Agreement to Produce Synthetic Zeolite 7th April 2020 - Board Restructure and Executive Appointment 17th October 2019 - Acquisition of Abercorn High Purity Alumina Project Complete 13th August 2019 - Metalsearch to Acquire High Purity Alumina Project The list of notable news releases broadly gives a summary of the journey of Zeotech as the company transitioned from 2019 to the current management. There are a lot more items which are listed in the Investor Information section of the website. 5.0 What Does this All Mean? The Zeotech story is not a new concept, as we remember there was EcoGraf Limited (ASX: EGR) and FYI Resources Limited, which is now called Cadoux Limited (ASX: FYI) back in 2021. The vertical integration pathway is popular with ASX companies, but I feel the investor patience still needs a process of hand-holding and a lot of patience. My experience in the ASX tells me that the inner circle, the "purple circle", is very much informed, and the companies that have the support are going to have a lot of traction, but to convince the general investor, the retail sector, and investors like myself, there is still a lot of work to be done. The retail market is generally impatient, and most investors are not used to the long gestation periods that are required with projects such as the one Zeotech is selling. The whole Zeotech story started in 2019, and the value created came in the heights of the 2020 bull run (Figure 5) and has since slowed and had a consistent decline with the general state of the bearish sentiment. In terms of market capitalisation (MC), I am guessing that most small-cap investors will not like the AUD81M number. I have to agree as there are many great "Punts" which have MC at sub-AUD5M which makes a great position to take on any appreciation. However, for a product like Zeotech, if they do get it right and the timing has arrived, AUD81M is very cheap. My thinking is that the new world order of clean energy and all the clean products that we are embracing, a product that can reduce carbon emission would be like the beginning of the computer age. The key for investors is to watch the space and talk to management. What I have learnt over the last 5 years of Coffee With Samso is that management do want to engage and they are doing everything they can to engage with all forms of investors. They all know that the core supporters, from founding shareholders to the significant shareholders can only take them so far and the holistic engagement with the investing community is still the holy grail. 5.1 New Management and Advancement of Business The new management and the recent release of the findings with the Methane, government funding, and the MOU with Holcim do give me a sense that there is more than a good speech for the Zeotech story. I am guessing that the combination may seem to have sparked a renewed interest with a recent jump in share price movement. What that translates to is anybody's guess, but if the latest Noosa presentation by James Marsh is an indicator of things to come, there may be a good reason to start the DYOR process on Zeotech. James did do wonders for the initial share price movement for Andromeda Metals Limited (ASX: ADN), however, history is clear that the Andromeda story has not ended well (Figure 6). Figure 6: The share price chart for Andromeda Metals Limited. (source: Commsec). How or who was responsible for the decline is not something we retail investors will ever have an answer to. Personally, I did not follow the entire story, but what I know is that it is never about what it seems. 6.0 Samso Concluding Thoughts As I am looking at Zeotech, I cannot help but be reminded of the likes of EcoGraf Limited (ASX: EGR) and Cadoux Limited (ASX: CCM), formerly FYI Resources Limited. One could go as far as comparing it to companies such as Blackstone Minerals Limited (ASX: BSX) with their vertical integration of their nickel sulphide project in Vietnam. The value creation journey for EcoGraf (Figure 7) and Cadoux (Figure 8) is not a great role model for investors looking at Zeotech, but sometimes, timing is critical. You could have a great idea or a great product but if you are too early or late, that is not a good thing. Figure 7: Share price chart for EcoGraf Limited. (source: Commsec) If you look at the share price chart for Andromeda, EcoGraf, and Cadoux, the three share price chart are almost in perfect symmetry, so it looks like the three companies caught the same bug. As investors, we must always remember that the market is always changing, and there is definitely less market understanding for this type of commodity/story. It is not like gold or copper or lithium, where the investing community can easily understand the fundamentals. Figure 8: Share price of Cadoux Limited (formerly FYI Resources Limited). (source: Commsec) Projects such as that Zeotech are promoting, are all going to take time and the triggers for success are normally subtle to start, especially for the retail side, and with time it will lead to larger news. Selling this type of story is not easy and may approach the level of very hard, but it is not impossible. This is not your typical mineral resource project that is widely promoted on the ASX. I am not saying that it is not a good project; in fact, I am taking the time to write because I like the concept. In fact, James Marsh with Andromeda was looking to do something like this as well, but as I said, how, what, and why the Andromeda story ended up in tears could be solely a case of timing. There will be much commentary on the reasons, but I have seen some significant disasters turn into a gem and vice versa. 6.1 Zeotech Makes Sense I don't think the Zeotech story is comparable to that of Andromeda, EcoGraf, or Cadoux, but it is the same pathway. It appears that Zeotech has more merits with the backing of government funding and the collaboration with the University. I am a big fan of thinking outside the norm, so I am very skewed in my thinking for taking that extra risk when it comes to predicting future pathways for all aspect of my life. As you read through the news release, you will start to see the runs on the board and the proof of concept being announced by the company. All these steps take time, and the great news is that it has been done. I did mention that this story has been on the move since 2019, and that is now nearly 6 years of work that has been completed, meaning that the boring hard work that takes time has been done. Commercialisation or monetisation of the Zeotech concept may be just around the corner, and the market cannot deny that the clean energy and no-carbon or less-carbon-emission train will only gain traction as we go beyond 2025. Planet Earth is building solar and wind farms as if they were the only energy source available. It is not a revelation that I feel the reduction of carbon emission space will be the next "Flavour"; however, I am not sure if the timing is 2025 or 2030. All projects require the balance of funding and storytelling, and the combination will be the telling factor for the survival of Zeotech and the other companies in this space. To conclude, Zeotech may or may not happen as an investment for investors, but as I mentioned in the start of this discussion, one needs to take an alternative look at investments, otherwise we will just be another sheep in the herd. History tells me that when I am in that situation, I do feel that I am completely at a lost of my investment entry and exit decisions. 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 on noel.ong@samso.com.au . About Samso

Content The Report That May Have Been The Nostradamus Moment for Tin Market Plenty of Tin Supply What does this mean for Investors? The Australian Tin Story Australian Tin Provinces Tasmania, the most important tin producer in Australia The Other Tin Provinces in Australia Porphyry Style Tin Deposits The Holy Grail of Renison Bell Tin Mine The Rentails Project - Retreatment of Renison Tailings (Mining Technology) The historical timeline for Renison Bell Tin Mine Conclusions Tin Players Back in 2012, I was in a meeting where people were saying how the tin price needed to break USD25,000 for tin mining to be positive. At that time, not only was the market not excited about the tin price, it was not even excited about the tin metal. When I talk to people today, this sentiment seems to be almost the same. Tin price is now at historical highs but there seem to be not that much excitement around. Tin is a metal that I have been following casually over the last 15 years. It became more of a notable metal since 2012 when I got involved in the Tungsten story, because there is a subtle relationship between the pricing of tin and tungsten. Figure 1: Tin price since 1960s. As you can see there is clearly a breakout since March 2020. The pandemic story is very consistent with all other metals. (source: Trading Economics) I have to be truthful in saying that I was completely taken by surprise at the rate in which tin has risen in price. As I write this Insight, the price of Tin is USD50,025. This is an incredible rate of passage for tin which has been largely ignored as a strategic metal. Most investors would think of tin as a soldering component. While it is not exactly a bright light of excitement, the rate of its rise has to be more than a few traders playing games. The Report That May Have Been The Nostradamus Moment for Tin Market. On 20th April 2021, Julian Kettle, Senior Vice President, Vice Chair Metals and Mining of Wood Mackenzie, wrote an article titled Tin – the forgotten foot soldier of the energy transition. I have referred to this article many times in many of my narrations on Coffee with Samso and social media posts. The essence of the article comes down to this paragraph: However, the issues of ESG risk and limited projected supply associated with tin mining, coupled with the challenge of tin recovery from the waste stream, mean that demand could significantly outstrip supply. To quote Samuel Coleridge Taylor’s The Rime of the Ancient Mariner , tin threatens to become a case of “water, water everywhere, nor any drop to drink”. Tin is an incredibly resourceful metal. It has been in existence since humans learnt how to use metals. Like iron and copper and nickel, it has been a mainstay of the existence of the human species. However, the perceived importance of Tin is way down the list. Julian Kettle makes the argument that up to 90% of tin supply is now at risk of not having the appropriate ESG (Environment Social and Governance) requirements. It is not a big secret that the main style of mining tin is not what you would class as an environmental champion. What this means is that while the demand for tin may not outpace the mining of the metal, the risk of the supply being limited due to non-compliant ESG may well do so. Hence, the supply could be so severely restricted such that the demand will outpace mining and hence put a lot of pressure on the price. Plenty of Tin Supply As you can see in the diagram below, there is no supply issue. There is plenty of tin awaiting mining. Figure 2 : The world supply of tin and the jurisdiction where these resources are located. (Source: Wood Mackenzie ) I came across an old article that gave a good description of the Southeast Asian Tin Belt Here is a part of the abstract to show the dominance of world tin supply that may soon be at risk of non-compliant ESG: The Southeast Asian Tin Belt is a north-south elongate zone 2800 km long and 400 km wide, extending from Burma (Myanmar) and Thailand to Peninsular Malaysia and the Indonesian Tin Islands. Altogether 9.6 million tonnes of tin, equivalent to 54% of the world’s tin production is derived from this region. The Main Range Granitoid Province in western Peninsular Malaysia, southern Peninsular Thailand and central Thailand is almost entirely made up of biotite granite (184-230 Ma). Tin deposits associated with these granites contributed 55% of the historic tin production of Southeast Asia. Simple veins arc the most abundant type of hydrothermal ore deposit, constituting 52% of all known primary tin-tungsten deposits. Complex infilling-dominated deposits of the sheeted-vein or stockwork type are less abundant (10% of primary deposits). Other types arc replacement-dominated deposits (24%). tin-tantalum mineralized pegmatites (12%) and breccia deposits (1%). Placer tin deposits derived from the primary tin mineralization in the pre-Miocene basement are the major source of tin. The oldest terrestrial sediments deposited on the extensively peneplaned basement have a Miocene-Pliocene to Lower Pleistocene age. These sediments, which arc up to 60 m thick, host the most important placers. They are overlain by younger alluvial strata or marine sediments, which are up to 25 m thick and usually do not contain minable tin mineralization. Fluvial allochthonous bottom placers are of major economic importance. Fluvial residual bottom placers, fluvial above-bottom placers and alluvial-fan placers are also significant. Eluvial, colluvial and littoral placers arc of minor importance. What does this mean for Investors? When we look at where investors can participate in the Tin Story, in my opinion, jurisdiction is at the top of the list. Since I have had previous history in trying to find good tin projects, I have to say, today, I would stick to Class 1 jurisdiction. Most of the "better" projects are in what investors today will perceive as hard places to work. Tin is notorious for being in places that are not the best in terms of jurisdiction. I have even heard that Spain and Portugal have issues lately. The rest of the hot spots are in Burma and Indonesia. In saying that, there are many projects that are in so called hard jurisdiction and they are doing extremely well. When I make the comment that these places are hard to work, I also accept and do want readers to understand, it is a case by case scenario. Elementos Limited (ASX: ELT) is a prime example. They are doing extremely well and they have their tin project in Spain. Some people tell me Spain is a hard place to work but ask ELT and you will get a different answer. As such, the Wood McKenzie article that I mentioned above, does make me think that the rising tin price is here to stay. I will not be surprised if the price goes higher over time. Of course, as usual, this will be counter balanced with alternatives that flow in to reduce costs. However, if there was an alternative to tin, we would have seen some of that by now. The again, I may have not seen it or am not yet aware of any. About 85% of all historically mined tin of about 27 million tonnes Sn is from a few tin ore provinces within larger granite belts. These are, in decreasing importance, Southeast Asia (Indonesia, Malaysia, Thailand, Myanmar), South China, the Central Andes (Bolivia, Southern Peru) and Cornwall, UK. Hence, if a region has an issue, they are all going to have the same issue. The Australian Tin Story Tin (Sn) and Tungsten (W or WO3) have a coexisting relationship that is due to the way Granites fractionate (cools down and create compounds, well, sort of). The scientific explanation is a bit more complicated. Tin mineralisation is all about granites and the way they fractionate, meaning the way they release the metals out from the melt/magma. Hence, this is where it gets complex about how great a place is or not. There are a lot of studies on this but I think we can skip all that science. Currently, the Renison Bell mine is the only tin producer and it has been so for the last 50 years. The Renison Bell deposit is what I would call the Holy Grail of tin deposits. As you will discover, the Australian tin story is really about Tasmania. The region that surrounds Renison Bell is the Mecca of the tin story. I will even say that if you look at the geology of the area, the lack of real exploration has probably hidden other metal discoveries. The recent mineral exploration market has had an injection of funding that it has not seen in my 30+ years of being involved in this industry. Discoveries are now being made and this is what the Renison region will get once companies such as Venture Minerals Limited (ASX: VMS) deploy their money. I have now learned that Stellar Resources Limited (ASX: SRZ) is also in the region, but I have not really heard about their activities. This is one of the issues with the noisy market space too. If you do not stick your head out and shout about your projects, the market seems to simply ignore your presence. Elementos Limited has the Cleveland Tin deposit and that is also within a stones throw from Renison. Australian Tin Provinces [1] The major tin districts lie in Eastern Australia where they are in two major provinces in the Lachlan Fold Belt - The Wagga Belt and in Tasmania. There are some minor areas in Queensland which I won't cover in this Insight. The Sn provinces of eastern Australia form part of a discontinuous circum-Pacific belt of Phanerozoic Sn provinces and lie within a Phanerozoic fold and thrust belt system: Tasman fold belt system - the western margin of which is defined by the Tasman line. The major provinces (Figure 3:[A]) are located in northeastern and western Tasmania, in the Central. Lachlan Fold Belt (the Wagga Sn belt) - in New England and in northern Queensland (Cooktown, Herberton-Mount Garnet, and Mount Carbine provinces). Figure 3: [A] The major Sn provinces of the Tasman fold belt system, eastern Australia. 1 = northeast Tasmania, 2 = western Tasmania. 3 = Wagga Sn belt, 4 = New England, 5 = North Queensland. [B] The Wagga Sn belt of the central Lachlan fold belt. [1] Tasmania, the most important tin producer in Australia Tasmania has a variety of tin mineralisation which include sheeted veins, greisen, stockwork, carbonate replacement, proximal skarn, and fault lode deposits [2]. Tasmania hosts the Renison Bell Tin Mine which has an inferred resource of 18.55 million tonnes @1.57% Sn. All tin mineralization in Tasmania is spatially associated with Devonian-Carboniferous granites, which intruded Mesoproterozoic to Early Devonian predominantly sedimentary sequences during the Tabberabberan orogeny. A summary of tin deposits in Tasmania is listed in Table 1. The stand out deposits are Renison Bell and Mount Lindsay. In fact, if you look at the tonnage, it is about the same, but the grade for Renison is 5 times greater. Table 1 : Summary of Major Primary Tin Deposits in Tasmania - Data compiled from Australian Securities Exchange (ASX) company reports, historical reports from Mineral Resources Tasmania, and Corbett et al. (2014) The Other Tin Provinces in Australia While I am researching for information on this topic, I am realising that there is little information on tin deposits outside of Tasmania. I know that there are some tin occurrences in New South Wales, but I did not realise that there was very little literature on the facts of these deposits in the public domain. The only major tin area in Eastern Australia that seems to come up in searches is the site of the Taronga Tin Project near Emmaville in New South Wales. This is an open-pit mine that is considered the fifth largest undeveloped tin project. It was owned by AusTinMining and was recently sold to a London based company for AUD$34M. According to the website of AusTinMining, the project contains the following: 57,000t contained tin 26,000t contained copper 4.4Moz silver Pre-Feasibility completed in 2014 permitted for initial 410,000t trial mine Porphyry Style Tin Deposits I never knew that there are tin deposits that are sourced from a porphyry. The Ardlethan Porphyry-Style tin deposits (Figure 4) were the most productive on the Australian mainland [1]. According to [4], the mineralisation occurs within a series of bifurcating breccia pipes that are hosted by the Mine granite. Between 1912 and 1986, these pipes produced about 30,000 tonnes of tin. The Ardlethan tin deposits are derived from the Ardlethan granite creating a series of Greisen style deposits amongst the breccia pipes. These deposits sit in the so called Wagga Tin Belt. Figure 4 : The geologic setting of the Ardlethan granite in eastern Australia. The Tasmanides of eastern Australia are shown, including the Lachlan orogen, Thomson orogen, and New England orogen (NEO). Granites of the Wagga-Omeo belt of the Lachlan orogen are shown in dark gray. The location of the Ardlethan granite is marked by the black box, and the geologic units of this area are shown in B. B) Geologic units of the Ardlethan region including the Ardlethan granite (red), the Garnet porphyry (GQFP; green), the Mine granite (blue), Ordovician sediments (dark gray), and Devonian sediments (light gray). Mineralized zones, including greisen and breccia hosted deposits, are colored yellow. The locations of tourmaline samples collected for isotopic analysis are marked by an X with the sample number. The location of the schematic cross section through the breccia pipes (panel C) is marked by A-A’. C) Schematic cross section of the Ardlethan deposit. Breccia pipes occur within the Mine granite but are inferred to converge on the Ardlethan granite. Breccia pipes are labeled as follows: 1 = Mine breccia pipe, 2 = Carpathia-Blackreef breccia pipe, 3 = Stackpool-Godfrey breccia pipe, 4 = White Crystal breccia pipe. The Mine porphyry occurs within these breccia pipes and contemporaneous with the brecciation event. [4]. Map and cross section edited from [5]. From memory, apart from what I think is the Taronga Mine, there are not too many tin occurrences that will make headlines. Whether it´s a matter of not enough exploration or if it's because there just isn't enough geology happening for a Renison-style discovery, time will tell. Th upside of this is that if there are similar "Renison" or something close to it, the current market for mineral exploration is good. On current trends, this is still looking as being sustainable and again, time will be the true indicator. The Holy Grail of Renison Bell Tin Mine Renison is located on the west coast of Tasmania, approximately 15km north-east of Zeehan. The Renison Bell Tin Mine is a 50%/50% JV between Metals X Limited and Yunnan Tin Group and is called the Bluestone Mines Tasmania JV. It is the biggest and I think, the only tin operation in Australia. According to the Meals X website, the mine sold 2,175 tonnes of tin metal. A rough estimate if sold at an average price of AUD$30,000 per tonne would give receivables of near AUD64M. That is not bad. You may ask, what is the big deal with Renison? Well, it has been producing about 8,000 t of tin per annum which at today´s price would make this very profitable. What makes Renison special is that it is mining at over 1% Sn, which makes it one of the largest known primary tin deposits. Today, the Metals X website shows that it still has a Resource of 18.5M tonnes at a grade of 1.57%. In amongst that resource is another 26,600 tonnes of Copper. The Ore Reserve Estimate is below: Table 2 : The Ore Reserve for Renison Bell. (Source: Metals X Website. ) Rentails is the Renison tailings retreatment project. The Rentails Project - Retreatment of Renison Tailings ( Mining Technology ) Based on an updated feasibility study completed in 2017, Rentails is proposed to retreat the historical tailings for more than 11 years at an average rate of two million tonnes per annum (Mtpa). The concentrator dams are expected to produce approximately 2,200tpa of copper in a high-grade copper matte and 5,400tpa of tin in a high-grade tin fume product. The project is aimed at recovering tin from around 22.5Mt of tailing deposits at an average grade of 0.44% tin and 0.23% copper from the historic ore processing at the Renison mine. The historical timeline for Renison Bell Tin Mine 1890: Discovery by George Renison Bell (alluvial cassiterite) and commencement of production. 1958 : Acquisition of Renison by the Mount Lyell Mining and Railway Company Limited – commencement of modern era of Renison. 1980s-90s: Mine operated under Renison Goldfields Consolidated (RGC). 1998: Acquisition of Renison by Murchison United. 2004: Acquisition of Renison and Mt Bischoff by Bluestone Tin Limited, refurbishment program completed and commissioning of operations at Renison. 2005: Suspension of operations at Renison due to low tin prices. 2006: Merger of Bluestone Tin Limited and Metals Exploration Ltd to form Metals X Limited. 2008: Resumption of mining at Renison and at Mt Bischoff. 2009: Resumption of operation of processing plant. 2009: Feasibility Study completed for Renison Tailings Retreatment Project. 2009: Sale of 50% of Renison to Yunnan Tin Group of China and formation of Bluestone Mines Tasmania Joint Venture. 2010: Closure of Mt Bischoff mining operations. 2018: Construction and commissioning of new 3-stage crushing circuit and ore sorter. Conclusions Tin should be one of the hottest commodities on the watch screen of investors but it is still relatively unknown. The complexity of tin goes past trying to find a deposit that has the grade. The one topic of tin that I have not touched on is the processing. If the tin is too soft, it will grind too small and float away. So, when you are looking for tin, you have to find one that has the properties for you to mine and process for it. Yes, it is that hard. Hence, we look at Renison who has been mining tin for 50 years. If you look at the Ore Reserves listed in Table 2, you will appreciate why I call Renison the Holy Grail. There is no doubt that the likes of Venture Minerals and Stellar Resources that are playing in the Tasmanian space would be keen to find another Renison. Due to my association with Venture Minerals, I have more of an understanding of their projects. I know of several others in the area but I cannot comment much on the projects. Venture is closely aligned with the same geology that is feeding Renison so future exploration will make things very interesting for the company. Remember, they have had a BFS done on Mt Lindsay way back in 2012: Bankable Feasibility Study delivers more than $550 million in Net Revenue: Mt Lindsay Tin/Tungsten Project The prices adopted was: Tin - US$23,800/t (Currently US$41,826) Tungsten - US$392/mtu (The last I saw, it was around the US$350/mtu) Copper - US$8,000/t (Currently US$10,165) I would think that Venture Minerals will be taking advantage of the high prices and start putting a mine plan together. Chasing the Renison geology will be the smartest thing they could do for themselves. If they find the grade that Renison has, this will confirm the world class status of Mount Lindsay. In the public domain, I cannot see anyone that could come close to what Venture Minerals is offering. Tin Players Metals X Limited (ASX: MLX) - Renison Bell, Tasmania Thomson Resources (ASX: TMZ) - Bygoo,NSW Aus Tin Minng (ASX: ANW) - Taronga, NSW Elementos (ASX: ELT) - Oropesa, Spain and Tasmania European Metals Limited (ASX: EMH) - Cinovec, Czech Republic Venture Minerals Limited (ASX: VMS) - Mt Lindsay, Tasmania Stellar Resources Limited - Heemskirk, Tasmania 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. References: Walshe,J.L., Solomon, M, Whitford, D. J. Sun, S-S And Foden, J. D. 2011. The Role of the Mantle in the Genesis of Tin deposits and Tin provinces of Eastern Australia. Economic Geology, V106. pp 297-305 Denholm,J.L., Stepanov,A. S., Meffre,S., Bottrill, R. S. and Thompson, J.M. 2021. The Geochronology of Tasmanian Tin Deposits Using LA-ICP-MS U-Pb Cassiterite Dating. Economic Geology, V116, No. 6, pp 1387-1407. Corbett, K.D., Quilty, P.G., and Calver, C.R., 2014, Geological evolution of Tasmania: Geological Society of Australia, Special Publication 24, 623 p. Carr, P, Norman, M.D., Bennett, V.C. and Belvin, P.L. 2021 Tin Enrichment in Magmatic-Hydrothermal Environments Associated with Cassiterite Mineralization at Ardlethan, Eastern Australia: Insights from Rb-Sr and Sm-Nd Isotope Compositions in Tourmaline. Economic Geology, V116, No. 1, pp 147-167
  Ren, S.K., Walshe, J.L., Paterson, R.G., Both, R.A., and Andrew, A., 1995, Magmatic and hydrothermal history of the porphyry-style deposits of the Ardlethan tin field, New South Wales, Australia: Economic Geology , v. 90, p. 1620–1645. Lehmann, Bernd. 2020. Formation of tin ore deposits: A reassessment. Lithos 402-403, Article 105756. Schwartz, M.O., Rajah, S.S., Askury. A.K., Putthapiban, P. and Djaswadi, S. 1995 The Southeast Asian Tin Belt. Earth Science Reviews 38, pp 95-293

Rooster Talk Episode 60 is with David Riekie, Executive Director - Adavale Resources Limited (ASX:ADD) Focusing on the Dominant land holding in the East African Nickel Belt. David Riekie, the Executive Director of Adavale Resources is here to update us on the exploration activities of the company. It has been a while since we had Adavale on the Samso platform. This episode of Rooster Talk is all about the East African Nickel Belt. As in all of the exploration stories that have merits, the process is usually lengthy and is filled with ups and downs. Over the years of hearing all sort of stories, the ones that reap rewards have always been the nondescript types. Their process is always very subtle or even silent...and then a discovery happens. When that happens, investors get the feeling that it is an overnight success. Trust me, it is never an overnight success. The easiest example is the discovery made by Galileo Mining Limited (ASX: GAL) - Galileo Mining Limited (ASX: GAL) - Palladium Discovery - Persistent Mineral Exploration Rewarded. I do feel that Adavale falls into this type of category. Great exploration potential in a known Nickel belt. As we discover in this episode of Rooster Talk, Adavale is all about the East African Nickel Belt. I have interviewed many companies with different stories but the ones that are most memorable are the green roots categories. These are the stories that need strong minds and character, and a focused management for success. Management needs to be believers of the story. As I heard from a recent podcast, Entrepreneurs need to believe their own Bull#@&t. Adavale is a story that has been developing for over 12 months and if you look over the recent videos with Allan Ritchie, the focus on developing the Tanzanian assets has not changed. Previous Videos with Adavale Resources Limited In this episode, David highlights that the East African Belt is the key to the Adavale story. What we need to appreciate is that this belt could be the Kambalda Nickel Belt . Take some time out and watch what David has to share. Chapters 00:00 Start 01:05 David updates. 04:59 How Geophysics is helping Adavale. 07:22 The refinement with Geophysics. 10:09 How should investors capture the ADD Story? 13:46 What has the feedback been from investors? 16:44 What is the Jurisdiction standing? 20:04 How has the market turbulence affected Adavale? 22:59 What is the News flow for investors? 24:26 Why Adavale? 25:51 Conclusion PODCAST Download this eBook This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). Download our eBook now About David Riekie - Executive Director Adavale Resources Limited (ASX: ADD) David is an experienced director in the capacity of both Executive and Non-Executive roles of ASX listed companies. His career has spanned multiple continents. Within Africa Namibia, Tanzania, Eritrea, South Africa, DRC and Mozambique are notable. He has overseen exploration and resource development, scoping and feasibility studies, production optimisation, stakeholder engagement, acquisition programs and expansion initiatives. David most recently has served on the Boards of remote power generation and energy solutions specialist Zenith Energy Limited (ASX: ZEN) and independent uranium producer Paladin Energy Limited (ASX: PDN). David also served as interim CEO to Poseidon Nickel Limited (ASX: POS). David holds a Bachelor of Economics and a Graduate Diploma of Accounting from Flinders University and has been a member of the Australian Institute of Chartered Accountants since 1986. About Adavale Resources Limited (ASX: ADD) Adavale Resources Limited (ADD) holds 100% of the Kabanga Jirani Nickel Project (“the Project”) consisting of six granted licences and one application covering nearly 1145km2. These licences are adjacent and along strike from the world’s largest undeveloped nickel sulphide resource, namely The Kabanga Deposit which contains a measured, indicated and inferred resource of 58Mt @ 2.62% Ni (Barrick and Glencore, 2014). The ADD licences are located along a trend of mafic/ultramafic intrusions known as the Kabanga Musongati belt and contain Nickel Sulphide ores and PGE concentrations. Project 1 – Nickel – Kabanga Jirani Nickel Project, Tanzania Adavale Resources Limited also holds 100% of the Lake Surprise Project with three exploration tenements covering nearly 396 km2 within part of the highly prospective sedimentary uranium province within the northern part of the Lake Frome Embayment. These tenements lie within a flat, semi-arid landscape located just to the north of the Flinders Range in South Australia. These include EL 5892 comprising 92km2 , EL 5893 comprising 167km2 and EL 5644 of 137km2. These are known as the: Jubilee Prospect Mookwarinna Prospect Canegrass Swamp Prospect Project 2 – Uranium – Lake Surprise, South Australia The Lake Surprise Project Area is located in South Australia, 550km north of Adelaide, and 70km East of Marree. The company holds 3 tenements, EL5892, EL5893, and EL5644 with a total area of 396 km2. Adavale explored the original tenements in this area between 2007 and 2011 with 486 holes drilled in that period. 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 Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au . Remember to Subscribe to our YouTube Channel , Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google . Samso-Brilliant Distribution Partnership Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

On a path to becoming Australia's first zero-carbon copper producer, QMines Ltd (ASX:QML)  is bolstered by robust pre-feasibility study (PFS) results for its flagship Mt Chalmers Copper and Gold Project in central Queensland.  Encouragingly, the PFS demonstrated that Mt Chalmers is a technically and financially robust project.  “With improving base metals prices associated with supply constraints, Mt Chalmers represents a low cost, high margin and long-life project with immediate upside from three satellite deposits and a large exploration package,” said chairman Andrew Sparke.  This development comes as copper prices hit a 15-month high, increasing by 15% in just two months, amid growing concerns over supply constraints and an escalating demand forecast.  The supply concerns, underscored by years of underinvestment, project shutdowns, and a scarcity of significant discoveries, are set against a backdrop of heightened global demand driven by the energy transition’s reliance on copper.   Furthermore, QML has also declared a maiden ore reserve of 9.6 million tonnes of proved and probable resources from the PFS (Figure 1).  Figure 1: Mt Chalmers JORC 2012 Ore Reserve Estimate, Proved and Probable category contained metal and grades.  (Source: QMines) Key outcomes   The PFS assesses the development of a standalone copper and gold mining and processing operation at Mt Chalmers, utilising a three-stage open pit operation and processing that material onsite.  Highlights of the study include:   supports stand-alone 1Mtpa process plant;  capital cost estimate of A$191 million;  initial mine life estimate of 10.4 years;  life of mine revenue of A$1.64 billion;  life of mine free cashflow of A$636 million; and  net Present Value (NPV8) of $373 million, 54% IRR.  Meanwhile, metals produced during the initial life of the mine include 65,000 tonnes of copper, 160,000 ounces of gold, 30,600 tonnes of zinc, 1.8 million ounces of silver and 583,000 tonnes of pyrite.  An immediate upside of the PFS is the significant growth options identified with the Sulphide City, Scorpion and Woods Shaft deposits not currently in the mine plan.  Figure 2: Key PFS outcomes and assumptions   (Source: QMines) About Mt Chalmers    Mount Chalmers is situated 17 kilometres Northeast of Rockhampton in Queensland (Figure 3). The company owns 100% of the project which includes the high-grade historic Mt Chalmers copper and gold mine.   The project comprises 316 square kilometres of tenure that include a number of known VHMS deposits not currently in resource demonstrating significant growth potential.  Figure 3: Location and Infrastructure at the Mt Chalmers project. (Source: QMines) Mt Chalmers already hosts four known deposits, two of which (Mt Chalmers and Woods Shaft) are currently in resource.  Significant upside remains as QMines seeks to convert two other deposits into resources (Botos and Mount Warminster) and by making further discoveries.  Encouragingly, the mineralisation is near surface, relatively flat-lying and remains open in a number of directions.  As a shallow high-grade deposit that is close to the coast and has significant infrastructure, QMines believe that substantial value may be unlocked by transitioning towards production.    Thoughts from Samso QMines is what we could call a boutique copper producer. It does not have a big resource to have a Life of Mine of 30 years and it does not have very high grades. What QMines has is a Pre Feasibility Study (PFS) that points to a low CAPEX and a good revenue with an Inter Rate of Return (IRR) of 54%. What that is indicating at this stage is a robust money-making product. For those who have followed the Samso journey of content, you will know that the end game for companies like QMines is to return value to shareholders. Good management is critical and after speaking to Andrew Sparke, I feel that there is truth to the madness in this sector. The journey for QMines has been almost 3 years and the journey has been hard and full of hurdles. For the long and suffering shareholders from the listing in 2021, this is a hard pill to digest. The copper price is now at an all-time high and the narrative for copper is at its strongest. Traditional copper supplies are being stretched and their cooperating costs are only going to go up. Do your own research (DYOR), speak to Andrew and formulate your own opinion. My thoughts are that luck which is being manifested in good demand, good narrative, good pricing and a future lowering in borrowing cost makes a nice soup for those looking for exposure in the copper producing sector. Look out for our Samso Insight discussion with Andrew Sparke which will be released soon. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. 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

Samso Insight Episode 119 is with Andrew Sparke, Executive Chair of QMines Limited (ASX:QML) . As the copper price continues to reach all-time high status (Figure 1), companies such as QMines Limited suddenly comes as an interesting proposition. The resource is small but a recent Pre-Feasibility study is showing that the number could work. In this episode of Samso Insights, we have Andrew Sparke giving us a rundown on what could be a copper producer in Queensland, Australia. Figure 1: Copper price chart. (Source: Trading Economics) The supply issue for copper has long been talked about and the market seems to have finally caught onto the nearing desperate nature of supply. The aging copper mines are facing rising cost and some of the major mines are also facing sovereign issues. To add to the supply issue, several developing mines are facing question on jurisdiction. I like companies like QMines as they are always undervalued and are constantly facing funding issues. As the market tightens, these stories begin to get noticed and their valuation begins to move. This is not an endorsement of QMines in any way, as there are still hurdles that could be deal breakers for the company. My comment is merely an observation that has stood the test of time historically. Check out the Samso Insight conversation with Andrew and make your own decision. Samso's Conclusion QMines is a company that may offer investors an opportunity to get in on the copper run. We are looking at a rising commodity story that is still early in its journey with many unknowns of either trivial or deal breaker hurdles. Andrew has explained how the story should work but as we know, he is the Executive Chair and his thoughts would deemed to be slightly biased. That being said, my view is that one has to look at the options out there in the market place for a story that will fit the current narrative of "Need More Copper". QMines, assuming that the numbers continue to stack up, will be one of the ones on my watchlist. Fortunately for us punters, the low valuation of companies due to a bearish sentiment in commodities has somewhat naturally reduced our risk. As for the copper price, if it is to be believed, has a lot of legs to go. Some narratives have gone further and put the copper price at a level much higher than Figure 1. I agree that it will go higher but I don't have an understanding on how high. There are no doubts that the old copper mines are facing rising costs and this is not a small margin. One must remember that if household living expenses are stated to have increased in the 30% mark, the increase of 30% or more in a mine will make a big difference. I would say that the cost of mining any commodity at the depths that these old copper mines are at will be significant. At the end of the day, DYOR is the key to any decision making and one has to keep a keen eye on the copper space. When you think about what the implication will mean, the opportunity for shareholder value adding is enormous. Chapters: 00:00 Start 00:20 Introduction 00:57 Andrew introduces QMines 02:45 Going through the details of PFS 07:05 The upside of Mt Chalmers 09:36 Any Metallurgical Issues? 11:25 The Products 11:37 The Pyrite Value Story 12:57 Where is the disconnect with value and share price? 15:19 The issue of using Copper Equivalent number 17:30 The Pros and Cons of taking a position in QMines 23:17 The Copper Market 26:06 Why QMines? 20:57 Timing for Investors Exit? 27:43 THE CAPEX Advantage 28:45 Conclusion PODCAST About Andrew Sparke Executive Chair Mr Sparke has over 15 years’ experience that includes IPO’s, private placements, secondary market transactions and listed company compliance. Mr Sparke has served as director of a number of ASX listed resources companies including Alt Resources Ltd (ASX:ARS) and Torian Resources Ltd (ASX:TNR). Mr Sparke is the founder of Olive Capital, an Australian boutique investment house that has advised numerous ASX listed companies on capital raising and corporate transactions. About QMines Limited (ASX: QML) QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. The Company owns rights to 100% of The Mt Chalmers (Cu-Au) and Develin Creek (Cu-Zn) deposits. The Company's Mt Chalmers and Develin Creek projects are located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers and Develin Creek projects now have a Measured, Indicated and Inferred Resource (JORC 2012) of 15.1Mt @ 1.3% CuEq for 195,800t CuEq.1, 2 QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. 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