Aurumin Limited (ASX: AUN) is poised for a transformative year in 2024, having overcome the financial hurdles of the previous year. Brad Valiukas, Managing Director, highlighted the company's refreshed strategic direction following a successful fundraising initiative, which has led to a debt-free and cash-rich position. The company is now centred on its Sandstone Gold Operations, a project situated 520 kilometres northeast of Perth, emerging as the core of Aurumin's operational strategy. This project, along with the Birrigrin and Johnson Range Projects, brings the company’s total gold resource to 946,000 ounces positioning Aurumin in the gold landscape (Figure 2). The company is trading at A$0.048, up a staggering 60% from the start of the year (Figure 1). Figure 1: Share price chart (Source: ASX.com) Strategic focus and financial health Valiukas underscored the strategic pivot to the Sandstone Gold Operations, which now stands as Aurumin's flagship project. This “hub-and-spoke” operation encapsulates the company’s vision of becoming a significant operator and developer in the region. The company's financial reset in 2023 has paved the way for a series of strategic moves aimed at capitalising on its undervalued assets. According to Valiukas, the market significantly undervalues Aurumin when considering the replacement costs of its gold resources, infrastructure, and developmental potential. This valuation gap presents a unique opportunity for growth and investor engagement as the company advances its operational goals. Figure 2: Aurumin locations ( Source: AUN website) Exploration strategy Aurumin has embarked on an aggressive exploration and development schedule at Sandstone. The early 2024 drilling campaign has been marked by efficiency and strategic targeting, with 38 reverse circulation holes completed, spanning a total of 3,888 metres. This initial drilling phase tested seven new open pit targets based on multiple geological models, reflecting Aurumin’s commitment to expanding its resource base and understanding of the project’s geology. The company's exploration strategy is intricately linked to its production aspirations, with the immediate goal of defining and expanding the ore inventory for a potential open pit operation. The focus is not just limited to existing resources but extends to new targets within the mining leases, all strategically located within three kilometres of the existing processing plant infrastructure, which underscores the operational synergy Aurumin aims to achieve. On completion of the first pass drilling on new targets (Figure 3), Valiukas said: “Drilling has been efficient and completed ahead of schedule. “Priority and composite samples will be sent to the lab this week and we look forward to results being returned, and then following up with the next round of drilling.” Figure 3: Targets at Sandstone. Current Drill Targets in Red ( ASX release) Market dynamics and gold investment outlook Valiukas also provided insights into the broader market dynamics affecting the gold sector. He cited several global economic factors that are reigniting interest in gold investments, including sustained inflationary pressures, geopolitical tensions, and shifts in monetary policies by central banks. Notably, the discussions around non-regulated digital currencies and the move by some U.S. states to reintroduce gold and silver as legal tender are creating a favourable environment for gold as a strategic investment. Future projections and investor relations Looking ahead to the remainder of 2024, Aurumin is optimistic about its operational and financial trajectory. The company is well-prepared to leverage its enhanced financial flexibility, having retired debts and secured funding for continued exploration. The strategic disposition of non-core assets like the Mt Dimer Mining Tenements, alongside the progression of the Mt Dimer iron ore transaction, illustrates Aurumin's adeptness at optimising its asset portfolio to fund its core operations. For potential investors, the company’s focus on operational excellence and resource expansion, combined with strategic asset management, positions it as a resilient and growth-oriented enterprise in the gold mining sector. 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 111 is with Mimmo, founder of Mimmo's Gourmet Gelato. This Samso Insight is all about the inner passion of business. Today we look at the Passion and Perseverance that are built into those that pursue the life of an entrepreneur. It is not so much about seeking glory but about the fulfilment of the passion that dwells deep. Tony Goode brings us a riveting story, that on the surface, perhaps bears no interest to the business community, apart from the delicious thought of Gelato, but when you sit back and listen, one will feel all the essence of what it takes to follow your passion. The story of Mimmo's Gourmet Gelato is more than the sweet taste of Gelato. It is about the realisation of one man's dream, and the understanding of what drives a person to showcase his dream and the confidence to share it. As Tony dives into the conversation, we see the light that is burning bright in Mimmo. Many have tasted the products and I have seen with my own eyes, the genuine appreciation of his art. I have personally tasted Mimmo's Gelato and I will say that the taste is good as it is, but when you know the hard work that has gone into it with his passion, it tastes even better. Mimmo talks about wanting to bring his passion to the general public and sharing what he loves with the new generation. He wants his legacy to be loved and then carried on for those that have not experienced it. When you listen and watch Mimmo's interview, there is no doubt as to his sincerity in wanting the new generation to carry on the tradition of making and appreciating Gelato in its original form. What is the difference between Gelato and Ice Cream? The word “gelato” is simply the Italian word for ice cream, derived from the Latin word “gelātus” (meaning frozen). Gelato v.s. Ice Cream Gelato contains less ‘air’ than ice cream giving it a much richer flavour, whilst making it dense, fluid and creamy. BUT, gelato is actually different from the traditional recipe of ice cream because it is lighter, having a lower butterfat content than traditional ice cream. Generally, gelato uses more milk rather than cream. Ice cream often uses egg yolks, whereas gelato does not. To put some percentages on it, gelato typically contains 4-8% fat, versus the 14-16% found in ice cream. Finally, gelato is stored and then served at a higher temperature compared to ice cream. Chapters 00:00 Start 00:20 Introduction 02:03 Mimmo shares the Journey. 05:39 The Second Run to Realise the Mimmo Dream. 06:04 Difference in the Mimmo Recipe. 07:05 How does Mimmo Gourmet Gelato business work? 08:08 Why Mimmo is in Schools. 09:30 The story of the Special Client. 10:59 The Celebrity that touched Mimmo. 14:00 The rising popularity of Mimmo Gelato. 15:27 What advice would Mimmo give to New Entrepreneurs? 16:45 Mimmo Wisdom. 19:01 Mimmo's Gourmet Gelato. 19:35 Conclusion PODCAST About Mimmo and Mimmo's Gourmet Gelato Founder Mimmo’s Gourmet Gelato is the creator’s own, made in small batches from only the finest natural ingredients and the freshest fruits available. All our niche gelato and sorbet are prepared with pride and made fresh to order daily with authentic Italian flavours and ingredients. Indulge yourself in Perth’s finest and tastiest, Perth Royal Show 2014, 2015, 2016, 2017, 2018 & 2019 award winning gelato, with flavours like Honey Comb Bliss, Bacio, Cheesecake Meringue, Red Velvet – just to name a few. Mimmo also produces gelato for cafés, restaurants and ice creameries, in 5L wholesale containers and will work with clients to suit their flavour requirements. Display trays of gelato also available. We now have introduced our very own mobile gelato cart to bring our award winning gelato to you. We will be wheeling our bright orange gelato cart at many venues around Perth including festivals, private parties and functions and for that something special at weddings. Mimmo’s Gourmet Gelato pop up cart, allows us to go anywhere, anytime to provide your next function with a selection of gelato and or sorbet to suit any occasion and to tantalise your guests' taste buds. 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 ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

West Cobar Metals (ASX: WC1) has reported high-grade scandium hits at its Salazar rare earth element (REE) project in Western Australia, positioning itself to capitalise on the growing demand for this "green metal." With notable drill results including 13 metres at 207 ppm scandium, the project highlights significant potential for scalable extraction. Scandium, vital for creating stronger, lightweight aluminium alloys used in aerospace and defence industries, is becoming increasingly valuable, with prices nearing US$1 million per tonne. This blog is ideal for investors interested in scandium, rare earth elements, and critical minerals, offering a timely opportunity to explore West Cobar's strategic advantage in this emerging market. Sign up for your membership on Samso Insights on Patreon now to read the full story. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Taiton Resources Ltd is accelerating its mineral exploration efforts and opening production pathways across Australia, emphasising the development and discovery of significant mineral deposits. The company's strategic focus lies in exploring and developing projects within New South Wales, South Australia, and Western Australia, each selected for their significant mineral potential (Figure 1). Figure 1 : Taiton Portfolio ( Source: Taiton Website) In New South Wales, the Kingsgate Molybdenum and High-Purity Quartz project, acquired in January 2024, stands out as a key asset. Previously operating as a high-grade Molybdenum-Bismuth mine, Kingsgate is poised for a return to production under Taiton’s stewardship, aiming to capitalise on its historical success. In the renowned Olympic Dam province of South Australia, Taiton Resources is advancing the Highway Project. With exploration activities ramping up since early 2023, the project holds potential for uncovering large-scale, economically viable deposits of molybdenum, gold and Ni-cu-PGE (Nickel – copper -platinum group elements). Also in South Australia, the Challenger West Project is exploring high-grade gold and other minerals, including Uranium and Rare Earth Elements. Located in the established Challenger Gold province, this project has demonstrated promising preliminary results through studies and exploratory fieldwork, suggesting a strong potential for significant mineral discoveries. The Lake Barlee Project in Western Australia is another strategic endeavour by Taiton, focusing on gold exploration. The project is modelled on the geological features of the well-known 2.6-million-ounce Big Bell deposit, located in the Cue region, indicating substantial prospects for gold findings. Moving forward, Taiton has kicked off its 2024 exploration program with sampling programs initiated across its Highway and Challenger West Projects – which will remain its focus. Kingsgate High-Grade Molybdenum Project The Kingsgate Project, positioned within the prolific New England, spans over 15,000 square kilometres across northern New South Wales and south-eastern Queensland. This exploration territory, a mere 20 kilometres east of Glen Innes and approximately 600 km north of Sydney benefits from its proximity to significant infrastructure and accessibility via major highways (Figure 2). Figure 2: Kingsgate Project location (Source: ASX release) Historically, this region has been a significant producer of tin and molybdenum, with estimated historical outputs of 300,000 tonnes of tin and 450 tonnes of molybdenum, primarily during the late 19th and early 20th centuries. The geological framework of Kingsgate features two primary rock units: the Kingsgate Leucogranite and the Red Range Microleucogranite. These formations are crucial to the area's mineralisation, hosting a diverse array of metal deposits including molybdenum, bismuth, tungsten, and tin. The landscape is notably punctuated by 109 molybdenum-bismuth quartz pipes, which are aligned in clusters along the eastern margin of the granite, suggesting a highly fractionated magmatic environment conducive to rich mineral deposits. Extensive exploration activities have been undertaken by Auzex Resources Limited between 2005 and 2010, following earlier explorations by entities such as Carpentaria Exploration Co. and A.O.G. Minerals. Auzex’s comprehensive exploration programme encompassed detailed geological mapping, rock chip and soil sampling, as well as advanced geophysical surveys like radiometric and gradient array IP/resistivity (Figure 3). Figure 3: Simplified Geology of Kingsgate with soil and rock chip sampling completed by Auzex Resources Limited ( Source: Auzex Resources) The initiative also included significant drilling efforts, with over 318 reverse circulation drill holes and 12 diamond drill holes, collectively exceeding 15,000 metres of drilling depth aimed at extensive 3D modelling of the quartz pipes and their associated mineral layers. This robust suite of exploration techniques has not only confirmed the presence of significant mineralisation but also refined the understanding of the complex geological interactions within the Kingsgate area. The strategic combination of historical data and modern geoscientific methods has rendered the Kingsgate Project a cornerstone of potential economic and scientific development, presenting a compelling case for continued investment and research in this mineralogically diverse region. Highway Project Located 590 kilometres from Adelaide and 186 kilometres north of Port Augusta, the Highway Project traverses a strategic area bisected by the Stuart Highway. The project remains the primary focus for the company, as it plans a “systematic” exploration of it through 2024. Near the essential stopover of Glendambo, the project benefits from accessible roads like Bil La Kalin Road and Hawks Nest Bore Road, with additional support from an all-weather airstrip at Glendambo. Figure 4: Highway Project Location (Taiton Website) This project is characterised as hosting a substantial molybdenum-enriched polymetallic porphyry or an intrusive-type mineral system, previously unrecognised by earlier explorations. The area's geological intrigue is further highlighted by magnetic lineaments east of Lake Labyrinth in the Gawler Craton, interpreted as indicative of basin structures related to intra-cratonic rifting coincident with the Olympic Metallogenic Event. Recent geological reassessment has provided significant insights. Historical drill logs and new zircon geochronological analysis suggest that lower Gawler Range Volcanics are interlayered with older stratigraphic units (Figure 5). This includes zircon grains extracted from shallow depths which imply hydrothermal mixing of fluids enriched in lead, uranium, and rare earth elements. These findings correct previous age datings to around 1598 ± 8.8 Ma, contemporary with the Olympic Metallogenic Event. Figure 5: Distribution of drill holes with re-dated zircons returning a U-Pb age coincident with an OME age-extension. Such new data has both academic and economic significance (Source : Taiton Website) Additionally, a hydrogeochemical survey conducted by CSIRO in the vicinity of the Merino Prospect has identified indicators of an active hydrothermal system at shallow depths. Exploratory efforts in 2023, including an Ultra-Fine sampling program, uncovered significant molybdenum mineralisation at Merino, with subsequent drilling confirming the scale and continuity needed for economic viability. Building on these findings, Taiton's 2024 exploration strategy involves shifting focus from Merino to explore other prospects with potential for preservation and richer mineralisation. This includes the Garfield Prospect and new areas like Pluto and Snoopy. These efforts are part of a comprehensive plan to evaluate the region for a variety of mineralisations, including precious metals, base metals, and rare earth elements. The ongoing exploration aims to enhance the understanding and development potential of the Highway Project, promising to position it as a significant contributor to South Australia's mining landscape. Challenger West Prospect Located in the heart of South Australia's mining territory, the Challenger West Prospect emerges as a significant point of interest within the Gawler Craton, particularly in the Mulgathing Province's Christie Subdomain (Figure 6). The prospect is strategically positioned on gravity ridges that herald the geological intricacies of the area. These ridges form part of the gneissic formations of the Christie Mineral Field, a region known for its complex metamorphic history and significant mineral deposits. Figure 6: Challenger West locations (Source: ASX release) Historically, the discovery of the nearby Challenger Mine revolutionised exploration in the area through calcrete sampling, a method that led to extensive mineral explorations across South Australia for over fifteen years. Despite its past efficacy, recent evaluations have pointed out limitations to this approach, prompting a shift towards more sophisticated geological assessments. Taiton executive director Noel Ong said: “We have always held the view that Challenger West has the potential to not only discover another Challenger Gold Mine but other metals.” The company has kicked off its maiden exploration program at Challenger West. The exploration comprises a reconnaissance ultrafine soil sampling program at an initial three “high priority” prospect areas at the project. The Challenger West Prospect offers a compelling study of the transformational power of high-temperature geological processes. It is believed that the area's gold was initially deposited in Archaean para- and orthogneisses, with subsequent high-grade metamorphic events during the Palaeoproterozoic era reshaping its distribution. These processes, involving partial melting and melt migration, facilitated the formation of gold-enriched leucosomes within the migmatites, creating new avenues for gold accumulation. The current geological models and reprocessed data position Challenger West as a frontier for new gold discoveries. The alignment with historic and geophysical data provides Taiton Resources with a robust foundation to potentially uncover significant mineral deposits. The presence of gravity highs, similar to those found in the Challenger Mine's terrain, offers promising indicators for the prospectivity of this area. Lake Barlee Project The Lake Barlee Project is strategically positioned within the Yilgarn Craton in Western Australia, a region celebrated for its rich mineral resources. The project is notably located on an expansive intermittent playa salt lake, the second largest in the state, approximately 293 kilometres north of Southern Cross and 65 kilometres southeast of Youanmi (Figure 7). This region is underlain by the Southern Cross Granite–Greenstone Terrane, a significant geological feature of the Archaean Yilgarn Craton. Figure 7: Location of Lake Berlee Project (Source: Taiton Website) The area is bounded by contrasting terranes and is traversed by numerous shear zones such as the Youanmi and Yuinmery Shear Zones, which define the highly prospective geological boundaries critical for mineral exploration. Lake Barlee’s geology is predominantly characterised by Cenozoic playa sediments and less commonly by greenstone belts, with the terrane primarily consisting of granitoid formations. Despite limited outcroppings, the greenstones have been identified beneath the lake via aeromagnetic surveys, suggesting hidden geological complexities conducive to orogenic gold mineralisation. Historic and ongoing exploration activities have focused on the potential for gold, uranium, and potash within these formations. Notable explorations include high-grade orogenic gold mining at Halleys East and extensive potash explorations by Parkway Minerals. Recent interpretations of aeromagnetic data by Taiton have further highlighted the potential for significant mineral deposits. The surveys suggest the presence of linear anomalies indicative of high-strain Archean metavolcanic sequences, similar to those hosting the large-scale gold deposits found at the Big Bell mine. The combination of advanced geophysical techniques and the geological setting at Lake Barlee positions it as a promising site for future mineral exploration and potential economic development in Western Australia’s mining sector. 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 112 is with Anna Petts, Program Coordinator - Characterising South Australia's Cover at Geological Survey of South Australia. To many people the Gawler Craton is famous for IOCG deposits (Iron Oxide Copper Gold). The most famous mine, Olympic Dam started the rush for these giant deposits. When it was announced that there was this monster of a drill intercept, RD10 with 145m at 2.2% copper together with uranium and gold, this news created a rush like the wild west where everyone flocked to the region. Subsequent to the rush, two other famous discoveries were made and they are Prominent Hill and Carrapateena. However, it was not until 2001 when Prominent Hill was discovered and in 2005 that Carrapateena was discovered. All this action was in the eastern region of the Gawler Craton and this region was named the Olympic Metallogenic Belt or the IOCG Belt. Figure 1: The Olympic Cu-Au Province in the context of the geology of southern Australia. The main lithotectonic units of the Gawler Craton and Curnamona Province are shown and are interpreted from surface observation and geophysical data. The Olympic Cu-Au Province occurs in the eastern Gawler Craton and also indicated is the Central Gawler Gold Province, a gold-dominated metallogenic province formed during the same early Mesoproterozoic tectonic event that formed the Olympic Cu-Au Province. Inset shows the location of the Gawler Craton and Curnamona Province in the context of major Archean and Proterozoic terranes of Australia. (Source: Reid, Anthony. (2019). The Olympic Cu-Au Province, Gawler Craton: A Review of the Lithospheric Architecture, Geodynamic Setting, Alteration Systems, Cover Successions and Prospectivity. Minerals. 9. 371. 10.3390/min9060371. The complexity of the surrounding area is not for the faint hearted as they are still arguing about the origins and formation of Olympic Dam. Figure 1 gives a high level summary of the Gawler Craton and its different geological events. There is no doubt that there is no simple answer, but what the mineral explorers do know very well, is that their Return On Investment (ROI) here is not high. For this reason, the Gawler remains one of the least explored regions on the Australian continent. Hence, this discussion with Anna Petts is all about the prospectivity of the Gawler and what the Geological Survey of South Australia is doing to help explorers have the edge and the resources to understand and explore the region. Gold Discovery in the Gawler Craton In 1995, there was the discovery of a gold mine in the other half of the Gawler Craton - the more "boring" part which birthed the Challenger Gold Mine. This set up a rush to the area, but, till today, there is still no Challenger replica. To me, this has got to be one of the mysteries of Australian mineral exploration. If you draw a radius of 100km from the Challenger Gold Mine, there is nothing that is better than a prospect to be found (Figure 2). It will be pretty safe to say that the lack of discoveries is probably due to the fact that the last 20 years of exploration has been few and far between due to a lack of exploration funding and the historical low ROI in looking for minerals in the Gawler Craton. Figure 2: The spatial emptiness of big discoveries within the Gawler Craton. The comparison to a typical mining town like Kalgoorlie, there are too many producing assets to count. (Source: Taiton Resource Limited) Why I like the Gawler Craton My first introduction to the Gawler Craton was way back in 2019 when I looked over the Jumbuck project. Figure 2 was the result of that exercise when I was involved in trying to list a company with the project. I could see that there had not been any serious exploration in the region. The conversation that I had with people was that it is hard to make discoveries. The geophysics were not picking anything up. There was not enough data out publicly that companies could use to make discoveries. The lack of success was biting into exploration funding. Imagine a province like the Gawler Craton that still hides major discoveries. Look at the statistical probability of not finding another Challenger. This has to be a great place for the average mineral explorer who has the courage to test their exploration skills. Looking at the western province of the Gawler, the western part of the Stuart Highway, there are no producing mines currently. There are three deposits (Challenger is closed) that exist and two are currently being drilled out to see if they make the cut to become producing gold mines. In one conversation, I was told that while drilling for iron ore, they came across a Gossan. This shows the variability of the area. It was only two to three years ago that the south-western part of the Gawler was identified as a new nickel sulphide area. Samso's Conclusion So what do I make out of this conversation with Anna? What I got out of it is that there is now a flow of data that is being made public for explorers. The understanding of the Gawler is going to take a magnitude step forward in the near future, if not already. The testing of theories is now being played out with companies such as: Indiana Resources Limited (ASX: IDA), Cobra Resources Limited PLC, Investigator Resources Limited (ASX: IVR), Petratherm Limited (ASX: PTR), Barton Gold Holdings Limited (ASX: BGD), Marmota Limited (ASX: MEU) Taiton Resources Limited (ASX: T88) The company that I am involved with is testing the concept that there is an unloved and unrecognised mineral system in between the Olympic Dam Belt and the Gawler Craton gold province (See Figure 3). The concept of a theory like this can be easily considered to be shooting with a long bow, but the recent announcement has made good evidence that there could be some truth to the madness. Figure 3: The region that Taiton Resources Limited is testing its theory that there is a mineral system in the region (Red) which is now proven to be tapping the same source as the Olympic IOCG Belt (Green). The zircon test has come back with age of 1597.8 Ma, which is atypical of Olympic Dam. (Source: Taiton Resources Limited). The concept is that the red region (Figure 3) has been misinterpreted in the past and there lies a mineral system that may be fertile and endowed with mineralisation. This is the postulation and as mineral explorers, we are supposed to be testing the boundaries of belief. The role of the explorer is to come up with the ideas and the concept, and of finding minerals where others have missed. The role of the Geological Survey is to provide the tools and the solutions to aid discovery. After speaking with Anna, I feel that the Geological Survey is contributing a lot at the moment. The theory for Taiton Resources came about due to the data release in around 2020. The idea was born and the money was raised to test the theory. As a director of the company and as the person who spoke to the vendor of the Highway project, David McSkimming, I will say that the theory for Highway is the best I have heard. I like the idea that there is a different thinking to understanding the mineral system in this region. What the company has done to date has proven that this theory is still valid. Not only have we proven that our original story is valid, but we also think that we could be on the edge of two tectonic events and that would mean we are sitting on the margin of a major structural feature. We all know that major structural features are the blessings for an exploration project. None of what I had described would have been possible without the work generated by the Geological Survey of South Australia. Anna has clearly described what the Survey is doing and what datasets are now available. The new datasets will allow future explorers to take on what is potentially the last mineral province that has not been searched with intent for the last twenty years. Chapters: 00:00 Start 00:20 Introduction 01:51 About Anna Petts 02:24 Disclaimer 03:04 The potential at Gawler Craton 06:07 The cover at Gawler Craton 10:39 Uncovering the lack of recent significant exploration stories 16:52 The exploration government initiatives 20:05 Potential mining hotspots 25:17 Understanding the overall complex of the big discoveries 29:01 Prospectively at Gawler Craton 32:31 All about the Ultrafine+ project 44:39 Potential mining location worth looking at 46:10 Conclusion PODCAST About Anna Petts Anna has a passion for mineral exploration within regolith cover and has worked all over Australia, for research and in professional minerals industry roles. Anna’s role at the Geological Survey of South Australia at the Department for Energy and Mining focuses on providing working solutions to regolith ‘problems’ with the state government, and liaising with federal groups, researchers and stakeholders in order to advance our understanding of the state's geology and how it has shaped the landscape and regolith terrain. About Geological Survey of South Australia The Geological Survey of South Australia (GSSA) collect, manage and deliver information and knowledge of South Australia’s geology, particularly for its mineral resources prospectivity. Please click here to find out more about the Geological Survey of South Australia: Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. 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 ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Investing in mineral exploration stocks on the ASX can offer exciting opportunities, but it also carries unique challenges. With over 30 years of experience as a geologist in the industry and being an investor since the late 1980s, I have witnessed both the highs and lows of the mineral resource market. I have seen projects go from a Uranium project to being a Phosphate project in 6 months (The Uranium Bubble of 2007 - Figure 1) and Nickel to Gold or vice versa, in a similar time frame. source: By Celuca - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=11896366 Figure 1: The monthly uranium spot price during the 2007 uranium bubble. Knowing the complexities in this sector is vital for making informed investment choices. In this article, I will try and discuss four key factors which I think are important to consider: management, market sentiment, project viability, and major shareholding. Management: The Backbone of Any Small-Cap Mineral Exploration Company. To start, closely examine the management team of any mining company. The expertise and backgrounds of board members can greatly influence a company's success. Consider the following aspects: Technical Expertise: Some board members may have scientific backgrounds related to the specific minerals being explored. For instance, if a company focuses on lithium mining, having a geologist with experience in lithium deposits can be beneficial. Market Knowledge: Others may have a strong grasp of market trends. A team member with a history of navigating funding challenges can also offer insights crucial for raising capital. Capital Market Capability: The ability to work with the capital market and have the network to source funding is a good asset to have. markets change all the time, and in this sector, the wind changes are measured in months; the nimbleness of the company to adapt to changes via funding is crucial. Networking Strengths: There is no small-cap sector without the "market-makers". The ASX does not like that term, but the reality of the sector is that without these guys/personalities, there will be no sector. The ability of the "Network" to promote the company, the projects and the business is paramount to the success of any small-cap company, irrespective of whether you are talking about mining, mineral exploration, biotech, IT or services. The Flag Bearer: The role of the Managing Director or CEO is particularly significant. This individual often steers the company and executes strategies on the ground. Their ability to manage daily operations can significantly shape the company's future. Most importantly, they are the person who communicates with the public and is the conduit for the significant shareholders and the retail investors. Assessing their past track records is essential. For example, if a CEO previously led a company to discover a lucrative gold deposit, this history can be a valuable indicator of future success. AS I mentioned, they need to indicate their ability to have the "network" to bring together strong major shareholding and engage with new investors. Market Sentiment: The Pulse of Small-Cap ASX Mineral Exploration Sector Next, we turn to market sentiment, which primarily shapes the Small-Cap ASX Mineral Exploration Sector. The mineral market is cyclical, where some commodities experience rising and falling popularity based on economic conditions. For instance, in 2021, the price of copper surged by over 50% due to demand from electric vehicle production and renewable energy projects. If there is an anticipated increase in demand from a supply shortage, share prices can see rapid growth. In 2021 and 2023, the market was only interested in lithium and rare earths and gold companies with legitimate stories were largely ignored. Funding to develop gold and other non-lithium stories was hard to achieve. Today, gold is strongly in favour, and lithium is not visible anymore. Unfortunately, this occurs all too frequently, so investors need to be either very quick to take positions or take a counter-cyclical position. In my opinion, whether you are looking at the short or long-term position, the ability to understand the market sentiment is important. Using platforms like Samso, Morning Star, Proactive, Stockhead, the Australian Financial Reveiw or MiningNews to be informed on matters such as the current trend of investment sentiments is one of the ways to stay ahead of the curve. It's also important to align the company's narrative with market trends. For example, companies focusing on critical minerals like nickel or cobalt should clearly outline how their projects align with the growing demand from battery manufacturers. Investors should critically assess whether a company has a plan to adapt to emerging market shifts. Companies that successfully navigate these trends can offer more stability and greater potential for returns. Project Viability: Assessing Exploration Potential At the core of any mineral exploration company is its project potential. Evaluating a project requires understanding its likelihood for resource discoveries and the pathway to market. Key aspects to consider include: Geological Assessment: Are the exploration targets well-defined? For example, a recent discovery of a gold vein 100 meters deep could indicate promising potential for further exploration. Infrastructure Availability: Access to transportation, power, and water sources is vital. Projects located near existing mining operations can reduce costs and risks. Investor Sentiment: For instance, in 2020, companies focused on lithium and rare earth elements secured funding more readily due to their rising importance in technology and renewable energy sectors. A project that captures the attention of capital markets is likely to have a brighter future. In 2025, investors want to be exposed to gold, so marketing a gold project is going to be the smart pathway. With the rising interest in uranium, this could be a longer-term proposition, even though one would think that it's been beaten to death. Some investors even go as far as to say that uranium could be the best counter-cyclical commodity to take a position. Market: Similarly, an understanding of what is no longer in the interest of investors must be understood. Today, the market sentiment for rare earth is missing in action. Even the darling of post-COVID, lithium, which had the lion's share of interest from investors, is no longer in vogue. Understanding all of these facets enhances investor confidence. Companies that can demonstrate effective exploration strategies and viable resource estimates will stand out in the competitive mineral exploration landscape. Major Shareholding: The Influence of Key Investors A company's major shareholders can reveal a lot about its future. Experienced investors often provide stability and confidence, especially in volatile market conditions. Having a major shareholding that has a content of the "influencers" of the market is attractive. Having those big names in the share registry is a good place to be, especially for the small retail players. Consider the following: Investor Types: Some major shareholders are short-term players, while others focus on long-term growth. For example, if a resource-focused hedge fund invests heavily in a company, it often indicates its belief in the company's long-term potential and can lead to synergies that enhance outcomes. Board Representation: The composition of the board often reflects the interests of significant shareholders. An alignment between management and major investors can lead to smarter strategic decisions that boost shareholder value. Having influential shareholders can offer advantages, such as better access to funding and partnerships. For example, if a major investor has connections in the mining sector, this can lead to lucrative partnerships or joint ventures. Samso’s Concluding Comments With three decades in this industry, I've experienced both the exhilarating highs and challenging lows. The journey of investing in mineral exploration stocks is complex but can be incredibly rewarding with the right mindset. This industry is commonly compared to a casino, and in some ways, that is not far from the truth. Like all "masters" of the casino, they create a "scientific" path to decrease that risks and their implied rewards. In the equity game, to be ruthlessly truthful, this is pretty much the same. In this sector, the major shareholders and "inner-santum" are the major factors for the path of the companies. I call them the "Purple Circle" and they pretty much are the weather forecasters. Understanding the interactions between effective management, market sentiment, project viability, and major shareholding is essential. By conducting thorough research in these areas, you can make more informed investment decisions. In conclusion, investing in gold, metals, or critical minerals goes beyond just numbers; it involves grasping the narratives that drive them. As the landscape constantly evolves, staying attuned to these elements will help guide your journey through the ASX mineral exploration space. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: U12G-CORE SAMPLES, NEVADA TEST SITE - DPLA - 136f2118b20294eadc5a6dc4e00b1a90, U.S. Department of Energy, National Nuclear Security Administration. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:U12G-CORE_SAMPLES,_NEVADA_TEST_SITE_-_DPLA_-_136f2118b20294eadc5a6dc4e00b1a90.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In the crowded corridors of medtech innovation, like most industries, the excessive use of buzzwords is a normal day in the office—AI-powered, minimally invasive, precision diagnostics. In the case of Optiscan Imaging Limited (ASX: OIL) with transformative tech, a clear path to market, and the traction to back it up. Optiscan Imaging Limited (ASX: OIL) is a Victorian-based company developing an AI-induced microscope. It’s a reimagining of how we see medicine—literally. With its patented digital confocal laser endomicroscopy, Optiscan is taking the guesswork out of diagnostics and the delays out of surgery. Opitiscan is all about the process to enable real-time, sub-micron visualisation of cells and tissues during surgery, without ever having to send a sample to the lab. A super microscope that can process information? Like my recent understanding of the power and usefulness of AI globally, the realities that Optiscan is talking about are no longer science fiction; it is now looking like a reality. Not Just the Tech—It’s the Traction What’s turning heads now is not just the tech—it’s the traction, especially the collaboration with the prestigious US medical group, the Mayo Clinic. In mid-2024, Optiscan signed a Know-How Agreement with Mayo, kicking off a co-development project focused on robotic-assisted breast cancer surgery. Fast-forward to 2025, and the milestones are already stacking up. Together, Optiscan and Mayo have built and tested prototypes that integrate Optiscan’s imaging system directly into robotic surgery platforms. This includes real-time, high-resolution imaging within the surgical field, validated through compatibility tests and preclinical studies. As Optiscan CEO and Managing Director, Dr Camile Farah, commented: “This collaboration clearly highlights the versatility of our imaging platform. It will set the stage for the platform’s application across a range of clinical settings, improving both surgical precision and patient care. Optiscan and the Mayo Clinic are now busy developing a structured development process, which will have multiple milestones to guide the design, testing, and validation of this imaging system." “Mayo Clinic’s commitment to innovation aligns perfectly with Optiscan’s vision. The work we are doing together aims to enhance the standard of care in breast cancer surgery by integrating state-of-the-art imaging into the robotic surgical process, with potential to deliver better outcomes for patients while advancing the future of robotic-assisted surgical procedures." A Glimpse Through the Lens: - A Surgical Microscope with an Edge. Optiscan Imaging is not just developing next-gen medical imaging tools—it’s laying the groundwork for a globally scalable digital health platform (Figure 1). From world-first imaging precision to real-time surgical guidance, the company’s unique positioning spans multiple high-growth markets. For us, retail layman investors, a super-surgical microscope? Figure 1: OIL’s Growing Footprint & Sales Pipeline (source: OIL) Here's how Technology, Markets, and Momentum are coming together for Optiscan: A Technology with Clarity—Down to the Sub-Micron Optiscan’s platform represents a generational leap in imaging. At its core is a digital confocal laser endomicroscopy (CLE) system capable of delivering live images at 1000x magnification with a resolution of 0.55 microns. That’s sub-cellular precision—enough to differentiate between healthy tissue and cancerous margins as a procedure is underway. What makes this breakthrough particularly compelling is that it’s tissue-agnostic and doesn’t rely on time-consuming image stitching or mosaicking. With Z-stack capability, it can section tissues in 3D, layer by layer, giving a surgeon or pathologist an unprecedented live look into what’s happening at a microscopic level. Add to that its ability to integrate seamlessly with AI pipelines and robotics, and you're no longer talking about a tool—you’re looking at a platform. And that platform is now getting noticed. The Market Opportunity – Scaling Across Verticals Optiscan isn’t limiting itself to clinical use. The company has its sights set on five major verticals: Clinical, Veterinary, Life Sciences, AI, and Robotics. Its expanding product suite includes (Figure 2): InVue™ – Focused on surgical applications InForm™ – For digital pathology InVivage® – Specialised for oral diagnostics ViewnVivo® – A life sciences tool gaining traction in the US, EU, and China Together, these products are targeting segments worth: $10 trillion in global clinical care $144 billion in life sciences $20.9 billion in AI-powered diagnostics Figure 2: Expanding Product Range - Clinical & Life Sciences (source: OIL) With distribution agreements already in place across APAC, China, Europe, and the US, Optiscan is building a commercial presence to match its technological edge. This is not a company chasing niche opportunities. This is a platform approach with global scalability. Real Momentum, Not Just Hype While the vision is big, the delivery is what matters—and Optiscan is delivering. In just 12 months: • It has hit all key milestones in its Mayo Clinic collaboration • Built and tested robotic-integrated prototypes • Progressed multiple devices along the regulatory pathway for launches starting in 2026 • Initiated AI and telepathology development with partners like Prolucid and Monash University Financially, the company is on solid ground: • FY24 income was up ~33% to $3.53M • FY25 is projected to grow further by ~20% to $4.2M (Figure 3) • Cash reserves stood at $11.2M in FY24 and $7.1M as of February 2025 Figure 3: Projected increased revenue from sales and other income. (source: OIL) Support from CRC-P grants, R&D tax incentives, and growing product revenue gives Optiscan the fuel it needs to scale. It's not often you see an early-stage company showing this level of momentum, especially with multiple products on track for commercialisation over the next 36 months. A Platform Built for the Future This isn’t just a “better microscope.” It’s a horizontally and vertically integrated digital health solution—combining live imaging, AI diagnostics, robotic compatibility, and remote access via telepathology. Imagine a future where: Surgeons don’t just remove tumours—they verify margins in real time Pathologists can diagnose from anywhere in the world with live streaming Robotic systems aren’t just automated—they’re visual and intelligent And AI interprets microscopic images on the fly, providing decision support in surgery Optiscan is building that future. Concluding Comments from Samso From a Melbourne-based operation to a global health tech innovator, the company is ticking off milestones across sectors and geographies. The recent update on its collaboration with the Mayo Clinic signals more than just good progress—it signals proof of scalability. The agreement is what investors like to see. To my simple interpretation, Optiscan is an instrument enabler, and the technology may be its value proposition in what would be a very competitive industry. As the company edges closer to key product launches across oral, veterinary, and surgical applications, the investment thesis strengthens. We’re not looking at a single-device company. We’re witnessing the growth of a digital health ecosystem, underpinned by a unique imaging technology, global partnerships, and recurring revenue potential. The speed at which they deploy will be critical. When you break the business down to simple business 101, it is as simple as simply getting your products out to market as fast as possible and getting your customers to be dependent on your services and IP so that it is uneconomical to change. With $11.2 million in cash at FY24 and a FY25 income forecast pushing beyond $4 million, Optiscan looks like they have the resources to get things happening. As always, investors should do their own research, but this is one microscope that may just reveal more than meets the eye. Definitely a worthy candidate to keep an eye on. Has a decent market capitalisation at just over AUD $96M, but if they get the revenues in, this will be multiples more, one would hope. Happy investing. And remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: US Navy 080607-N-9689V-008 (surgeons using an operating microscope), U.S. Navy photo by Mass Communication Specialist 3rd Class Joshua Valcarcel. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:US_Navy_080607-N-9689V-008_Cmdr._Kenneth_Kubis_and_U.S._Air_Force_Capt._Tighe_Richardson_use_an_operating_microscope_while_performing_cataract_eye_surgery_to_return_sight_to_Marylin_Kansi,_a_12-year-old_girl_from_Cotabato.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Embark on an odyssey into the world of Clay Rare Earths, a captivating journey through uncharted mineral potential. In today's Samso Insight Episode 114, we had the privilege of engaging with Dr. Diana Zivak, a distinguished Senior Geologist from the Geological Survey of South Australia. Dr. Zivak skillfully shares a wealth of knowledge that goes beyond traditional boundaries. Her articulate discourse invites viewers and listeners on a captivating journey as we explore information that resonates with the public. Dr. Zivak, an esteemed expert contracted by the Geological Survey of South Australia, has provided valuable insights into the Clay Rare Earths journey. Her observations have shed light on the remarkable qualities and limitless possibilities of this geological phenomenon. For followers of the Samso story, the hopeful excitement about the geological potential of South Australia is widely recognised. This episode of Samso Insights is an absolute treat for those who are into exploration and innovation. Explore the fascinating world of the Clay Rare Earths Story, where Chemistry and Geology intertwine to reveal new possibilities for progress and prosperity. Dr. Diana Zivak's groundbreaking work has revolutionised our knowledge of geological wealth, sparking curiosity among those who are uncovering the untapped potential of South Australia. Samso's Conclusion The Clay Rare Earth sector is an ongoing learning experience, with few claiming to have complete knowledge. Currently, the market serves as the ultimate judge of this sector's dynamics. Rising stock prices are seen as a sign of success, while falling share prices are viewed as unfavourable. The current knowledge is based on a measurement that may not be the most authoritative. According to Dr. Diana Zivak, the industry is uncovering numerous Clay Rare Earth projects, each with its own characteristics. These projects are not identical, resulting in different enrichment processes for each deposit. The complex terrain adds complexity to the search for the best project formula. West Cobar Metals, through its Salazar deposit, has identified Gallium, which could potentially be a precursor to other valuable by-products in the Salazar project. In my opinion, it is important to have faith and perspective when considering the long-term outlook for the REE market. I believe that maintaining a positive outlook for all commodities is crucial, especially considering the ongoing efforts towards decarbonisation. During our conversation, Dr. Diana Zivak and I explored the vast possibilities that exist in South Australia. This discussion is of great importance considering the limited amount of focused mineral exploration in this area. Despite valid historical factors, the potential for discovery remains untapped. The geological landscape of South Australia still holds many mysteries waiting to be uncovered. As the Geological Survey continues to release data, those who take early action have the opportunity to reap significant benefits. Chapters: 00:00 Start 00:20 Introduction 01:48 About Dr. Diana Zivak 06:17 Where is technology today in terms of the analytical part? 09:13 The clay hosted rare earths story 19:19 Is Geomorphology a factor? 25:22 Heavy rare earth metals 31:56 Discussion about the Gawler 42:22 Multi-commodity processing 45:14 Discussion about lithium in South Australia 49:55 Different mineralisation styles 53:02 Closing comments 56:05 Conclusion PODCAST About Diana Zivak Diana Zivak, an accomplished geologist with a decade of experience in academia and mining, specialises in diverse geological aspects including tectonics, geochronology, geochemistry, and mineral chemistry. Her proficiency extends to various analytical techniques such as laser ablation, ICPMS, and electron microscopy. Presently a postdoctoral researcher at the University of Adelaide, Diana is leading projects on REE enrichment in Queensland's phosphorites and provenance analysis of Murray Basin's mineral sands. She also contributes actively as a councillor for the Geological Society of Australia (GSA) and co-Chief of GSA's Early Career Geoscientist Advisory Panel (ECGAP), reflecting her commitment to empowering emerging geoscientists. Diana's ethos revolves around embracing complex geological challenges with fervour and resolute determination. About Geological Survey of South Australia The Geological Survey of South Australia (GSSA) collect, manage and deliver information and knowledge of South Australia’s geology, particularly for its mineral resources prospectivity. Please click here to find out more about the Geological Survey of South Australia: Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. 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 ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Far Northern Resources (ASX: FNR) is gearing up for significant exploration and drilling across its gold and copper assets in Northern Queensland and the Northern Territory, following a successful IPO. The company’s flagship Empire Project recently returned high-grade assays of up to 12.64% copper and 4.12 g/t gold, indicating promising mineralisation and strong production potential. With a robust exploration pipeline, including the Bridge Creek and Rock Reef projects, Far Northern Resources is well-positioned for near-term growth. For investors looking to tap into high-grade copper and gold prospects, Far Northern Resources offers a compelling opportunity. Find out why by subscribing to Samso Insights on Patreon now. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Samso Insights Episode 109 Content Part 1 – Trending Renewable Energy Part 2 – The Product Part 3 – Pricing; Cost Factors and Boundaries Part 4 – Technology Part 5 – Australian Politics Part 6 – Is it a Green Gold Rush? Last year, we shared about how Green Hydrogen is set to change the world and gave an overview of the subject. Today, we deep dive into whether Green Hydrogen will be the next gold rush. Part 1 – Trending Renewable Energy You might have heard the buzz around renewable energy source - green hydrogen. I often saw news articles about it but would never read them. I knew next to nothing about it. Until recently. Another topic that I’ve ignored was investing. I assumed only wealthy corporate suits were involved in investing, not marketing students. Today I decided to challenge my preconceived notions and learn about green hydrogen. I quickly concluded that green hydrogen is a future resource that everyone should know more about, not just investors. If I were to start investing today, this is one option I would investigate. But that’s just me, and maybe it will be you too. So allow me to introduce you to green hydrogen. Part 1.1 - Hydrogen 101 The What? Green hydrogen is the carbon free renewable energy source that has gained popularity in recent years as a potential fossil fuel replacement. In a bid to halt the environment’s rising temperature, which can cause untold disaster, the only way to do so is with a carbon free energy source. Renewable energy is part of the green energy process to be truly emission free. It's being touted as the holy grail of carbon free energy for the globe and for good reason. Germany and countries in Asia have been very keen and busy investing in its research and development. Hydrogen Cheat Sheet Hydrogen has several colour gradations. Below is a quick rundown on the hydrogen grades that matter. Grey hydrogen is what 95 percent of the world uses with no emission capturing to offset the negative effects of its use. Blue hydrogen is a modicum better with a small attempt to capture emissions, but this process uses more energy to do so. Brown hydrogen is created with brown coal through gasification. These emissions are released into the air, but if they are stored, they can be referred to as blue hydrogen. Green hydrogen is created with renewable energy sources. This means its emission free and the by-product of burning green hydrogen is water. These variations on hydrogen are important as you will see as we continue. Part 1.2 - Renewable Fuelled Future The Why? Back in 1992 the Earth Summit that was held in Rio de Janeiro had developed countries agree that an attempt at halting the greenhouse effect was imperative. Those countries vowed to get the CO2 emissions down to match 1990 numbers. That was far from the end of it though. For the next 19 years, a debate raged back and forth on whether climate change was indeed real despite the science. Fast forward to the Paris Agreement of 2015, the international treaty was signed by 196 countries in the agreed bid to reduce global temperature by 1.5C. But some countries weren't willing to sign on with a definite commitment. Australia was one of those that did not sign on. (The Paris Agreement , 2016) Since the Paris Agreement, the fight to end climate change has really picked up the pace. Swedish teen activist Greta Thunberg furthered the climate change cause like no other before her. Generation Z and millennials rallied around her, supporting their shared belief in climate change and they spread their gospel online via Twitter. Which brings us to today. Naysayers still exist out there who don’t think climate change is real. There are also those that think green hydrogen is not a viable solution for ending climate change. The Who? So, to be clear, Australia is positively engaged with creating renewable energy sources. It's just not at the rates of our overseas friends. It was time for me to read some of those articles I have been ignoring for months and years. Well not all of them, but I read all I could from the September and October 2021 news articles and industry information on how green hydrogen is created. I read about what barriers green hydrogen faces and investigated why Australia is dragging its heels to sign on to the Paris Agreement. I wanted to know everything that a potential investor wants to know. Or anyone who is spending their money would need to know. These are the essentials: is this sector real, are the projects real, is the business real? Having this information gives investors confidence in an industry, particularly a nascent one. What's the scoop? I found out that green hydrogen is at the top of global agendas. Governments and company interests lie in green energy project actioning and investing for good reason. Green hydrogen is being promised to deliver the following: Efficiency Emission free energy Support energy systems Supply stability What I wanted to know now is, if a green hydrogen future is possible, what will it entail? Part 1.3 - Overseas Developments Global green hydrogen news Germany Clearly in the driver’s seat of green hydrogen innovation, recently invested 8 billion Euros in 62 EU backed hydrogen projects (Meza, 2021) France Companies Total and Engie have teamed up to create the biggest site in France to produce green hydrogen from renewable electricity. (Total and Engie Partner to Develop France's largest site for the production of green hydrogen from 100% renewable electricity, 2021) USA Sitting President Biden has committed the US to achieve 50-52 percent greenhouse gas reduction by 2025. The news was delivered during the Leaders’ Summit on Climate that President Biden held between April 22 - 23, 2021. (FACT SHEET: President Biden Sets 2030 Greenhouse Gas Pollution Reduction Target Aimed at Creating Good-Paying Union Jobs and Securing U.S. Leadership on Clean Energy Technologies , 2021) Canada Canada's second top retirement fund is the first to say no more to oil assets and yes to green hydrogen. (Keidan, 2021) Japan x Australia Japan’s biggest hydrogen supplier Iwatani Corp plus 5 other parties are in feasibility talks to create green liquid supply chain between Japan and Australia. It has the potential to create up to 100 tonnes per day by approximately 2026. (Obayashi, 2021) Mongolia German researchers are interested in the south Gobi region of Mongolia for green hydrogen plant location due to the ideal topographical features. (Matalucci, 2021) Mauritania A 10GW green hydrogen project could be utilising Africa’s first offshore wind farm. (Collins, New 10GW Green Hydrogen Project in Mauritania could include Africa's first offshore wind farm, 2021) China China’s president Xi Jinping announced that from now China won’t be building any more new coal fuelled energy projects. Their banks followed suit and shortly after also stated that there will be zero funding for coal powered projects outside of China effective from the last quarter of 2021. (Sun, 2021) China has committed to net-zero emissions by 2060. (Tan, Thurbon, Mathews, & Young-Kim, 2020) China’s Hydrogen Alliance has a goal for Beijing to install 100GW of green hydrogen by 2030. (Collins, 'China should install 100GW of Green Hydrogen by 2030 says Beijing Supervised Body, 2021) Green hydrogen’s online presence as a topic of discussion and as a commercial proposition clearly show the worldwide commitment to climate change. The EU, in particular Germany, and Asian countries are taking to renewable energy sources like the proverbial duck to water. What about us? Australia’s first green hydrogen ASX listed company, Province Resources Limited, Managing Director, Mr David Frances, is in the process of leading the green resources charge in Australia. Province Resources has the second largest Green Hydrogen project in the country located in Carnarvon, Perth, Western Australia. Mr. Frances commented that Australia has the chance to play a focal role in green hydrogen exploratory phases. This would be beneficial after our horror years of bushfires and flooding. Green hydrogen is a true challenge that will create critical changes for the Earth, humanity, and the history of renewable energy production. Even though the Australian federal government is slow to adopt green hydrogen officially, there are other Australians creating organisations for its support. Analyses into our climate change policies have revealed that they are underdeveloped. This has instead supported the continued investment into fossil fuels. (Lowe, 2021) Call for Support ‘Twiggy’ Forrest has launched a green hydrogen organisation called GH2 to encourage and motivate carbon emission reduction. Its mission is to have one quarter of the world using green hydrogen by 2050. GH2 will be chaired by Malcolm Turnbull and the goal is to bring government and developing organisations together to ramp up support for green hydrogen. We now will move on to the product specs in Part Two. Part 2 – The Product 6 Current Key Aspects of Green Hydrogen 1. It’s not ‘new’ tech You could be forgiven for thinking that this is all brand-new technology, but electrolysis, the process of splitting water bonds into hydrogen and oxygen, is 100 years old. Getting green hydrogen technology to a place of widespread adoption is new. 2. It’s not a one and done job/transition phase If humans never worked out how to burn carbon, we would not be where we are today. Carbon has played an essential part of human development, there is no doubt. But green hydrogen won’t be able to replace fossil fuels overnight but preferably within the deadlines given of 10 – 30 years. (Jovan & Dolanc, 2020) Globally we use a mix of grey, brown, blue, renewable energy and nuclear energy sources. 3. It's weight conscious It is a light product. For storage and transportation, it's either kept at a temperature of – 253°C liquefied or compressed at a high temperature. (Huang, 2019) 4. Transportation The factors that will influence transportation are dependent on the distance the product is travelling domestically or in export. Different products require different methods for their travel. 5. We can’t use it now, but we can in the future Will we be able to repurpose existing infrastructure for green? Yes. Certain infrastructure can be retrofitted and repurposed, such as the existing pipelines for green hydrogen. Green hydrogen is cheaper to be distributed via pipelines rather than cables. Pipeline conversion requires this checklist: Conditions of the pipeline - is it fit for purpose? Cleaning Quality assurance Hydrogen compression Valve integrity and seals Measuring equipment for chromatograph Operational software Pipeline alternative conduits: Marine terminals Shipping Truck loading Railway in gaseous hydrogen carriers or specialised containers Liquid organic hydrogen carriers Liquefied hydrogen Pressurised hydrogen Synthetic gas Ammonia Methanol (ENTSOG, 2020) The modification of existing pipelines not only saves on infrastructure production but will also keep prices lower than expected. There is some concern about metal deterioration in the pipelines if reused. This is in respect to material integrity, unusual interior pressure changes and simultaneously being in the presence of atomic hydrogen. The likelihood of pipelines being subjected to this highly specific triad of concerns is very low. (Findlay, 2020) 6. Storage Storing green hydrogen in the EU consists of three options: Salt caverns Depleted fields Aquifers In Australia storage of green hydrogen as a solid is looking to be the ideal method. Storage as a solid provides these three benefits: Decreased costs Safety Easier processing for overseas While we wait for green hydrogen will we compromise with blue and brown instead? Australia and the US use and proffer blue hydrogen as a ‘cleaner’ alternative to grey hydrogen. It’s promoted by our government and the gas industry as an ideal way to integrate the transition. Blue hydrogen is used for generating electricity and storing energy. However, it also needs extra energy to capture and store the emissions. Approximately 10 – 20 percent of carbon generated can’t be caught and stored. (Giovannini, 2020) Brown hydrogen is particularly bad for carbon emissions. Each time it is produced it creates 10 to 12 tonnes of carbon. This is then released into the atmosphere, along with the emissions created by the system employed. The reality is that blue hydrogen will probably figure in the integrative process due to the current support of the Australian federal government, politicians, and key corporations. Part 3 – Pricing; Cost Factors and Boundaries Research and development With the zero emission targets, green hydrogen as the renewable energy source is the only option. A functional green hydrogen economy has three important aspects: Production Storage and delivery Consumption – converting to other energy sources (Huang, 2019) Industries such as: aviation long haul transportation steel shipping chemical plants require massive amounts of energy and need to be emission free by 2100. Green and Grey Current prices Green hydrogen costs approximately $3 per kilogram. However, its price has already dropped 40% since 2015 and is expected to continue to fall. (Rais, 2021) Grey hydrogen costs approximately $2.20 per kilogram. (Giovannini, 2020) But it won’t remain so for much longer with market forces indicating a price rise. The EU emissions trading system also charges $20 - $25 EUROS per tonne of CO2 to bring it into their countries. Green hydrogen is the only option to reach zero emissions compared to blue and brown. The global push to end climate change is optimistic and increasing daily. Currently there are 228 large scale green hydrogen projects in operation worldwide. These projects are equal to approximately 300 billion dollars and consist mostly of governments that have officially pledged a commitment to zero emissions. 24 of them are in Oceania. (Magill, 2021) A report by the Hydrogen Council and McKinsey & Company stated that: “75 countries representing over half the world’s GDP have net-zero carbon ambitions and more than 30 have hydrogen-specific strategies.” (Magill, 2021) Part 4 – Technology Technology costs lie in these areas: renewable electricity production research and design of the electrolyser stack which needs to be updated to industrial size standardisation of balance of plant components Renewable Electricity This is the most expensive aspect of green hydrogen production today. For a truly zero free emissions product, renewable electricity is mandatory. Finding the ideal topography is essential as wind and water are essential ingredients in the creation of green hydrogen. Electrolyser Technology The electrolyser stack is where research and development are needed to create green hydrogen in the amounts necessary to reduce costs. The Polymer Electrolyte Membrane (PEM) is the category of electrolyser that would be used in the synthesis of green hydrogen. Inside the Electrolyser Stack - The stack inside the electrolyser is where the action of splitting of water into hydrogen and oxygen occurs. Plant - The balance of plant encompasses the remaining parts of the electrolyser. It consists of: water and power supply water purifier compression hydrogen processing buffering of hydrogen and electricity Both the balance of plant and stack share similar pricing, but the balance of plant has more potential for cost to be decreased. The stack requires scalability from 1MW today to 20MW. For small scale production the stack represents almost 50 percent of the costs, but at larger productions it drops considerably to approximately 30 percent. Another cost-effective aspect to note is to standardise the components used to create the surrounds of the plant as well as the plant design. To summarise, the electrolyser design and components need optimisation to provide the necessary expandability and manufacturing to create green hydrogen. Production efficiencies need further augmenting to reduce the cost of electricity. Electrolyser equipment needs to be resilient and robust to enable costs to be extended in tandem with larger production output. (Bianco & Blanco, 2020) Part 5 – Australian Politics Can’t see the wood for the trees Province Resources are being supported with their project by the WA government for their Carnarvon project. (see Coffee With Samso Episode 93) Together they are creating a framework for green hydrogen to guide the processes and procedures required for their project. By collaborating, they will come up with a comprehensive plan as well as a fiscal regime including royalties. On the other hand, the Australian federal government is of the slow burn mindset. The federal government’s concern is that there will be job losses in mining and agriculture and that is why they are not wholly on board. Along with the federal government there is the fossil fuels lobby and individual politicians that would prefer to go the slow route. ‘If rapid scale-up takes place in the next decade, green hydrogen is expected to start becoming competitive with blue hydrogen by 2030 in a wide range of countries – e.g., those with electricity prices of USD 30/MWh – and in applications.’ (Bianco & Blanco, 2020) Part 6 – Is it a Green Gold Rush? Part 6.1 - Will interest in raising capital for green hydrogen projects die off or remain stable? Some see green hydrogen as being a ‘flavour of the month’ case with no longevity. All the signs are pointing to the interest in renewable energy sources with green hydrogen being the real deal. Currently the level of global support from EU governments, Asia, policy makers, financial institutions, and tech giants etc continues to accelerate. Google Maps, which covers approximately 98 percent of the Earth will now display low carbon emission travelling destinations. This move is predicted to save approximately 1 million tonnes of carbon dioxide a year announced Google’s CEO Sundar Pichai. (Milmo, 2021) Every week there is a plethora of green energy updates from around the world. Part 6.2 - In 15 – 20 years what industries will be likely to use green hydrogen? Which industries would potentially take up green hydrogen first? The schematic diagram above identifies the fields and industries that are likely to adopt green hydrogen when available. Mr. Frances also stated on Coffee With Samso Episode 93 that the following are the series of shifts that would occur with the adoption of green hydrogen. The first shift would be to gas blending - combining a percentage of green hydrogen with a current energy form. Domestic and export of green hydrogen to a country like Japan. Long haul transportation and smaller trucking companies. Then the crucial areas for decarbonisation - creating green steel, aluminium, and cement. Cement production is the single largest producer of carbon emissions. Human side to renewable energy source conversation We are a society that expects immediate gratification, yesterday. We forget that great discoveries take time and what we can’t live without, say the transformation of the mobile phone to the smartphone, has had its teething issues. Obstacles often come before breakthroughs and that is where the R&D and support come in. For now, it appears that we will continue to employ fossil fuels during their phase out for the foreseeable future. Part 6.3 - Conclusion Ultimately, it’s always better to be part of the solution, then continue to be part of the problem. I will be keeping an eye on green hydrogen as it progresses through continued research and exciting developments. I credit it for getting me interested in looking into investing. Investing allows you to be part of the bigger picture for altruistic, purely fiscal reasons or both. I know I will see green hydrogen in use sooner rather than later. The way forward The way forward is going to be a combination of these factors: Continued Research & Development Innovation & Scalability & Standardisation Tech adoption, when will we fully commit as a country? Government support at a local and federal level Collaborations and partnerships of like-minded businesses to successfully solve the challenges of an emission free future. References Bianco, E., & Blanco, H. (2020, November 01). Green Hydrogen: A guide to policy making. Retrieved from irena.org: https://www.irena.org/publications/2020/Nov/Green-hydrogen Collins, L. (2021, September 22). 'China should install 100GW of Green Hydrogen by 2030 says Beijing Supervised Body. Retrieved from rechargenews.com: https://www.rechargenews.com/energy-transition/china-should-install-100gw-of-green-hydrogen-by-2030-says-beijing-supervised-body/2-1-1071599 Collins, L. (2021, September 28). New 10GW Green Hydrogen Project in Mauritania could include Africa's first offshore wind farm. Retrieved from rechargenews.com: https://www.rechargenews.com/energy-transition/new-10gw-green-hydrogen-project-in-mauritania-could-include-africas-first-offshore-wind-farm/2-1-1074316 FACT SHEET: President Biden Sets 2030 Greenhouse Gas Pollution Reduction Target Aimed at Creating Good-Paying Union Jobs and Securing U.S. Leadership on Clean Energy Technologies . (2021, April 22). Retrieved from whitehouse.gov: https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/22/fact-sheet-president-biden-sets-2030-greenhouse-gas-pollution-reduction-target-aimed-at-creating-good-paying-union-jobs-and-securing-u-s-leadership-on-clean-energy-technologies/ Findlay, C. (2020, September 11). What's your purpose? Reusing gas infrastructure for hydrogen transportation. Retrieved from siemens-energy.com: https://www.siemens-energy.com/global/en/news/magazine/2020/repurposing-natural-gas-infrastructure-for-hydrogen.html Giovannini, S. (2020, November 13). 50 Shades of (Grey and blue and green) hydrogen. Retrieved from energy-cities.eu: https://energy-cities.eu/50-shades-of-grey-and-blue-and-green-hydrogen/ Huang, Z. (2019, March 19). Hydrogen fuels rockets, but what about daily life? Retrieved from theconversation.com: https://theconversation.com/hydrogen-fuels-rockets-but-what-about-power-for-daily-life-were-getting-closer-112958 Jovan, D. J., & Dolanc, G. (2020, December 14). Can Hydrogen Production be Economically Viable Under Current Market Conditions. Retrieved from mdpi.com: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjW8-PXsa3zAhVpIbcAHRz5Cg4QFnoECCEQAQ&url=https%3A%2F%2Fwww.mdpi.com%2F1996-1073%2F13%2F24%2F6599%2Fpdf&usg=AOvVaw2OVBPUcL4UfJcf-lJ0OUDA Keidan, M. (2021, September 29). Canada's second largest pension fund says first to exit oil assets. Retrieved from reuters.com: https://www.reuters.com/business/sustainable-business/canadas-second-largest-pension-fund-caisse-reveals-new-climate-targets-2021-09-28/ Lowe, I. (2021, October 6). 5 Reasons Why the Morrison Government Needs a Net Zero Target, Not Just A Zero Plan. Retrieved from theconversation.com: https://theconversation.com/5-reasons-why-the-morrison-government-needs-a-net-zero-target-not-just-a-flimsy-plan-169015?utm_medium=email&utm_campaign=Latest%20from%20The%20Conversation%20for%20October%206%202021%20-%202079020518&utm_content=Latest%20from% Magill, J. (2021, February 24). Europe, Asian Nations Leading the World in Hydrogen Development. Retrieved from forbes.com: https://www.forbes.com/sites/jimmagill/2021/02/24/europe-asian-nations-leading-the-world-in-hydrogen-development/?sh=6acc6fb54112 Matalucci, S. (2021, September 28). The Hydrogen Stream: Mongolia's Potential for Producing Green Hydrogen at $3.30kg. Retrieved from pv-magazine.com: . https://www.pv-magazine.com/2021/09/28/the-hydrogen-stream-mongolias-potential-for-producing-green-hydrogen-at-3-30-kg/ Meza, E. (2021, May 28). Germany invests 8 billion euros in 62 EU backed hydrogen projects. Retrieved from cleanenergywire.org: . https://www.cleanenergywire.org/news/germany-invests-8-billion-euros-62-eu-backed-hydrogen-projects Milmo, D. (2021, October 6). Google Maps to show the lowest carbon route for car journeys. Retrieved from theguardian.com: https://www.theguardian.com/technology/2021/oct/06/google-maps-to-show-the-lowest-carbon-route-for-car-journeys Obayashi, Y. (2021, September 15). Japan, Australia to build Green Hydrogen Supply Chain. Retrieved from maritimeprofessional.com: https://www.maritimeprofessional.com/news/japan-australia-build-green-hydrogen-370613 Rais, A. (2021, March 5). Green Hydrogen is the future . Retrieved from process-worldwide.com: https://www.process-worldwide.com/green-hydrogen-is-the-future-a-1005639/ Sun, Y. (2021, September 28). China Will No Longer Build Overseas Coal Power Plants - What Energy Projects Will It Invest In Instead? Retrieved from theconversation.com: https://theconversation.com/china-will-no-longer-build-overseas-coal-power-plants-what-energy-projects-will-it-invest-in-instead-168614 Tan, H., Thurbon, E., Mathews, J., & Young-Kim, S. (2020, October 8). China Just Stunned the World With Its Step-Up on its Climate Action - And the Implications for Australia may be Huge. Retrieved from theconversation.com: https://theconversation.com/china-just-stunned-the-world-with-its-step-up-on-climate-action-and-the-implications-for-australia-may-be-huge-147268 Total and Engie Partner to Develop France's largest site for the production of green hydrogen from 100% renewable electricity. (2021, January 13). Retrieved from TotalEnergies.com: https://totalenergies.com/media/news/press-releases/total-and-engie-to-develop-france-s-largest-site-of-green-hydrogen Media Partner Brilliant-Online: Our investment articles are also shared across Brilliant-Online magazine. Check out their investment column. Subscribe to Brilliant-Online. 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 If you find this article informative and useful, please help me share the information. I try to write 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. Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. 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Coffee with Samso Episode 66 with Ralph Winter, Director of Moho Resources Limited (ASX:MOH) Moho Resources Limited (ASX: MOH) is another step closer to realising its ambition to mine East Samson Dam. As the junior mineral resource sector continues to blossom in the sunshine of happy investors, Moho Resources is gearing up to be a self-funded explorer. Work continues at the East Samson Dam project to provide technical guidance for their upcoming JORC resource. In this current episode of Coffee with Samso, Ralph Winter fills us in on what is happening with the company since our last Coffee With Samso Episode 42. Our conversation touched on: Drilling confirms consistency at East Samson Dam. Exploration work at Burracoppin has started and there appears to be some early success in vectoring mineralisation. Water samples form Empress Springs have shown to be effective in delineating mineralisation models. Ongoing exploration planning for the projects. “Moho’s exploration team continue to make excellent progress at East Sampson Dam. The initial phase 2 RC drill results extend gold mineralisation down plunge at the southern end of the prospect and highlight the potential to discover additional gold mineralisation at the prospect” - Mr Shane Sadleir, Moho Managing Director PODCAST About Ralph Winter: Specialising in corporate affairs & finance, marketing & promotion and business development in both exploration and development companies, Ralph was involved in the listing of Trafford Resources Limited, Ironclad Mining Limited, Robust Resources Limited, Mineral Products. He is also currently a Director of Breast Cancer Care WA and Owner of Australian Remote Assistance. About Moho Resources Limited Silver Swan North: The Silver Swan North project is located about 50km northeast of the regional mining centre of Kalgoorlie in Western Australia. The project covers approximately 55km2 and encompasses granted tenements within the Kalgoorlie terrane. Moho believes that the Silver Swan North project area is considerably underexplored and highly prospective for gold and nickel mineralization. Moho will focus on shear hosted and porphyry related gold mineralization and identifying komatiite-hosted nickel sulphide deposits. The Silver Swan North project sits on the eastern flank of the Kanowna/Scotia dome within the Boorara domain. The regional Mount Monger-Moriarty fault runs through the middle of the project area, which effectively straddles two major tectonic domains, the Kurnalpi terrane to the east, and the Kalgoorlie terrane to the west. Burracoppin: The Burracoppin project is located within the Southwest terrane, the southwestern element of the Archean aged Yilgarn Craton in Western Australia. The project tenements consist of five granted exploration licenses and two exploration licenses under application covering approximately 480 sq. km. The Burracoppin project is located close to two regional shears and in particular on the aero-magnetic well defined north-south regional shear which is also associated with Tampia gold mine mineralization to the south. The operating Edna May mine is located approximately 22km east of the Burracoppin project area, in the Westonia Greenstone Belt. Empress Springs: The Empress Springs Project is located 50 km to the south of the town of Croydon and comprises thirteen adjacent exploration permits with a total area of 2,889 km². The project is located about 25km due south of the town of Croydon and 700km west-northwest of Townsville in North Queensland. The Croydon Goldfield, which extends from north of the town, contained over 300 gold occurrences with historical production estimated at 1.2Moz of Au. The Empress Springs project is a joint venture with IGO Limited (IGO). Moho considers Empress Springs has the potential to host large Tier 1 gold deposits due to the presence of the intersection of significant interpreted structures within the tenements, some of which penetrate down to the earth’s mantle and are potential fluid flow paths and traps for mineralization, mafic dyke swarms reflecting major melting episodes, and coherent gold, antimony and bismuth anomalies coincident with the regional structures and gravity anomalies. 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. 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

Rooster Talk Episode 50 with Brad Underwood, Managing Director of Galileo Mining Limited (ASX: GAL) says the company is not shying away from exploration. A systematic approach is now testing their palladium prospect in Norseman, Western Australia. Over time I have encouraged investors in the Australian Stock Exchange or ASX Limited (ASX: ASX) who are looking for a company that actually spends the majority of their funds on good exploration, to look at Galileo Mining Limited (ASX: GAL). Since early 2018, when the company listed on the ASX, they have undergone 14 drill programs. Brad Underwood, Chair and Managing Director of Galileo Mining Limited (ASX: GAL), shares with us the technical merits of their projects in today's Rooster Talk. This episode talks about the exploration thinking behind the drilling in Norseman where Galileo is seeking a potential Ni-Cu-PGE target. The 10,000m drilling program has started and the targets are starting to look interesting as the geophysical anomalies appear to be guiding towards a possible source. The Jimberlana dyke in Norseman has always been a potential exploration target but has largely being ignored in the company's tenure. Watch the interview: Rooster Talk Episode 50 Chapters: 00:00 Start 00:20 Introduction 01:08 Brad Updates. 01:48 The prospectivity of Norseman. 03:04 The thinking behind the Jimberlana Dyke. 04:54 The significance of geological analogy for current targets in Norseman. 06:48 What do the targets mean? 08:08 Is there a big Halo of mineralisation? 08:38 Can the geophysical target be non-mineralisation? 09:53 What will happen going forward? 10:34 Last Words from Brad. 11:22 Conclusion The Jimberlana Dyke is similar to known geology that has sources of Palladium. PODCAST About Galileo Mining Limited (ASX:GAL) Galileo Mining is a resources company listed on the Australian Securities Exchange (ASX) under the code GAL and is exploring for base metals in south-east Western Australia. The company has 100% ownership of its Norseman Project and has Joint Ventures with the Creasy Group over highly prospective tenements in the Fraser Range. The Norseman Project is located adjacent to the regional town of Norseman in an infrastructure-rich area of Western Australia. A bitumen highway runs parallel to the project area and is less than 10km from the Company’s current JORC cobalt-nickel resources. The Norseman Project includes numerous areas with potential for further cobalt discoveries as well as additional nickel and copper prospects. The Fraser Range Project covers two zones of the extensive Fraser Range geological belt. The Fraser Range is known for the world-class Nova nickel-copper-cobalt mine discovered by Sirius Resources in 2012. Galileo’s northern Fraser Range tenement is 80km from the operating Nova mine while the southern tenements are just 30km from the mine. Galileo is targeting Nova style nickel-copper-cobalt mineralisation in the Fraser Range and has a deep level of experience in the region. The company was originally privately owned by renowned prospector Mr. Mark Creasy, and Galileo Managing Director Mr. Brad Underwood spent eight years as General Manager of the Creasy Group’s exploration at the Fraser Range and Norseman. Galileo Mining listed on the ASX in May 2018, raising $15 million in IPO funding. Mr. Creasy continues to be the largest shareholder, controlling approximately 31 percent of the company. ASX-listed miner Independence Group (ASX: IGO) and Mineral Resources’ founder Chris Ellison are included within the Company’s top five largest shareholders. Galileo Key Milestones 2003 – Registered as a private company wholly owned by Mark Creasy 2004 – Acquired the Norseman project 2006 – Initial drilling conducted at Norseman 2017 – Maiden JORC Resource completed at Norseman 2018 – Acquired interest in the Fraser Range project 2018 – Launched on the ASX as a public company About Brad Underwood Chair and Managing Director Brad Underwood is the Chairman and Managing Director of Galileo Mining. Mr. Underwood is a geologist with over 18 years of experience in exploration, prospecting and mining. He has been involved in copper, gold, nickel and cobalt discoveries and the development of numerous prospects over a variety of commodities. Previous conversations with Brad Watch the previous Coffee With Samso conversation with Brad here. Galileo's strategic focus on nickel, copper and cobalt in tier-1 mining jurisdiction. Listen to the Rooster Talk conversation with Brad here. Focusing on the science and techniques of nickel exploration - the easy process and potential issues. Featured on Brilliant-Online Galileo Mining Limited shares Methodical Approach to the Search for Nickel and Palladium 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. Download eBook VMS (Volcanogenic Massive Sulfide) Deposits Explained In simple terms, Volcanic-associated Massive Sulphide (VMS) deposits are caused by underground metal-rich volcanoes rising and creating a cooking environment. I suggest you download this eBook which explains the VMS and 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. Share to Grow 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 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 Outreach 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