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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A milestone to celebrate: Coffee with Samso reaches our 100th episode today with Mark Strizek, Executive Director of Tietto Minerals Limited (ASX:TIE) YES! We've done 100 episodes of Coffee With Samso! Every single cup of coffee has led to deeper and more insightful conversations with thought leaders across companies, providing investors with comprehensive knowledge and shared experience so they can make their best, well-informed decisions. Our 100th episode warrants a toast (and we have our coffee ready brewing on the pot). So we decided to celebrate by inviting back Mark Strizek, who was our inaugural guest of Coffee with Samso, to share with us his company's journey here on Coffee with Samso Episode 100. I've been chasing this story since 2018 as I believed in Tietto's journey. Now in 2021, it is great to see the results bearing fruit for its shareholders. The message is simple in today's story. Drilling is important. If you do not drill you cannot grow. And I believe this is one of the easiest gold mining stories that I have ever come across. A Simple Gold Mining Story The Abujar Gold Project may be in Côte d’Ivoire, West Africa but don't let the geographical distance scare you off. Let us tell you why it is a simple mining story. Tietto Minerals (TIE) saved over USD60M by having their own drill rigs. This is money Tietto's shareholders have saved since 2018. - Mark Strizek Mark Strizek tells us about how the founder of Tietto, Caigen Wang went about finding and now developing the Abujar Gold Project. One of Mark's stories was that Caigen saw the number of people working in the mine and immediately realised that this is a mine waiting to be developed. Cote d'Ivoire is a place that is rich in minerals and is blessed with greenstones (See Figure below under Abujar Project) It is not that much different to those we see in the Kalgoorlie Goldfields. There have been numerous multi million ounces of gold discovered in the country and the pro-economic government is a bonus. ESG (Environment, Social, Governance) is something that is at the forefront of Tietto's challenges to make the mine a reality. Mark shares with us what has been happening and why they are making this a no-event. There appears to be no deal breaking events in front of the company as they progress aggressively to get the first gold bar poured for shareholders. Tietto is taking ESG seriously and the company has even contracted RPMGlobal to provide specialist ESG advice for their Abujar project. An Ivoirian company, Envitech, has been engaged to conduct the baseline fieldwork to compile an environmental and social impact assessment. (Source: https://www.tietto.com/wp-content/uploads/2020/04/02225304.pdf) Watch the interview: Coffee with Samso Episode 100 Chapters 00:00 Introduction 01:15 Mark presents Samso a 100th Episode present! 01:50 All about the Abujar Gold Project 06:58 It's all about the shareholders 07:46 Why are you comfortable with the Tietto story? 11:58 The Roll of the Dice. 12:31 Focusing on the prize. 13:30 Saving USD60M on drilling. 14:48 What is happening with Tietto now? 23:50 What is the capital market saying about Tietto? 29:36 What could go wrong? 31:50 The Good News. 33:47 What happens from here? 36:22 How does the exploration differ in Africa? 40:26 Conclusion PODCAST About Tietto Minerals Limited (ASX:TIE) Tietto Minerals Limited (ASX:TIE) is focused on fast-tracking the development of the Abujar Gold Project in Côte d’Ivoire, West Africa, targeting first gold in Q4 CY2022. Following an aggressive drilling campaign, Tietto announced an increase in its Mineral Resource Estimate at the Abujar Project in July 2021. This included a growth in gold resources to 87.5Mt @ 1.2 g/t Au for 3.35Moz including: AG mineral resources total 50.3Mt @ 1.5 g/t Au for 2.45Moz (+7% oz Au) APG mineral resources total 36.7Mt @ 0.7 g/t Au for 0.87Moz (+24% oz Au) These results boost the Abujar Indicated Resources by 49% to 43.4Mt @ 1.3 g/t Au for 1.85Moz of contained gold, representing more than 55% of the Abujar project ounces. Tietto has a 50,000m diamond drilling program underway targeting de-risk and resource growth using its fleet of six diamond drill rigs. The program includes: Infill drilling at AG targeting first two years of production. Resource growth from drill testing of targets located within 10km radius of proposed AG mill. Drill testing high priority regional targets. Tietto is rapidly advancing Abujar's development with an early work program including front end engineering and design (FEED) and site and camp construction underway. In April 2021, Tietto completed the Abujar Gold Project Pre-Feasibility Study (PFS) for an open-pit 3.5Mtpa operation. Highlights included: Forecast annual production of 200,000 ounces gold in first year of production; more than 168,000 ounces per annum over the first 6 years of project Maiden Open Pit Probable Reserves of 15.7Mt ROM at 1.7 g/t Au for 860,000oz (over 65% conversion of Indicated Resources) LOM mining inventory inclusive of Ore Reserves of 9Mt ROM at 1.5 g/t Au for 1.1Moz2 at Average All‐in Sustaining Costs (AISC) of $839/oz 2.8 year pay back from commencement of construction on $230 million capex (including pre‐production mining and contingency) Strong economics ‐ pre‐tax NPV (5%) of $363M, IRR 53% and post‐tax NPV (5%) of $266M, IRR 42% based on an average gold price of US$1506/oz. Tietto expects to deliver a Definitive Feasibility Study (DFS) for Abujar in Q3 CY2021. Abujar Gold Project Côte d’Ivoire, West Africa The Abujar Gold Project is located approximately 30km from the major regional city of Daloa in central western Côte d’Ivoire. It is close to excellent regional and local infrastructure to facilitate exploration and development being only 15km from the nearest tarred road and grid power. The Abujar Gold Project is comprised of three contiguous tenements with a total land area of 1,114km2, of which less than 10% has been explored. It features an NNE‐orientated gold corridor over 70km striking across three tenements. In April 2021, Tietto announced results of the Abujar Gold Project Pre-Feasibility Study (PFS) for an open-pit 3.5Mtpa operation. Highlights included: Forecast annual production of 200,000 ounces gold in first year of production; more than 168,000 ounces per annum over the first 6 years of project; Maiden Open Pit Probable Reserves of 15.7Mt ROM at 1.7 g/t Au for 860,000oz (over 65% conversion of Indicated Resources) LOM mining inventory inclusive of Ore Reserves of 22.9Mt ROM at 1.5 g/t Au for 1.1Moz at Average All‐in Sustaining Costs (AISC) of $839/oz 2.8-year pay back from commencement of construction on $230 million capex (including pre‐production mining and contingency) Strong economics ‐ pre‐tax NPV (5%) of $363M, IRR 53% and post‐tax NPV (5%) of $266M, IRR 42% based on an average gold price of US$1506/oz. Full details are available in the Abujar PFS announcements. 22 April 2021 - Tietto secures SAG Mill for 3.02Moz Abujar Gold Project 3 May 2021 - Tietto rapidly advancing Abujar Gold Mine development In July 2021, Tietto increased its Mineral Resource Estimate for the Abujar Gold Project following a 54,000m diamond drilling campaign. As a result of the campaign, gold resources grew to 87.5Mt @ 1.2g/t Au for 3.35Moz: AG mineral resources total 50.3Mt @ 1.5 g/t Au for 2.45Moz (+7% oz Au) APG mineral resources total 36.7Mt @ 0.7 g/t Au for 0.87Moz (+24% oz Au) These results are an increase in indicated resources by 49% to 43.4Mt @ 1.3g/t Au for 1.85Moz of contained gold, representing more than 55% of the project ounces. Full details of the increased Mineral Resource Estimate are available in the ASX announcement dated 12 July 2021. Plans for 2021 A 50,000m diamond drilling campaign is underway targeting de-risk and resource growth using Tietto’s fleet of six diamond drill rigs. The campaign includes: Infill drilling at AG targeting first two years of production. Resource growth from drill testing of targets located within 10km radius of proposed AG mill. Drill testing high priority regional targets. Tietto is rapidly advancing Abujar development with early work program including front end engineering and design (FEED), and site and camp construction underway. Tietto is targeting first gold at Abujar in Q4 CY2022. Tietto expects to deliver a Definitive Feasibility Study (DFS) for Abujar in Q3 CY2021. About Mark Strizek Executive Director Mr Strizek has more than 20 years of experience in gold exploration, resource development and operations of open pit and underground projects ranging from the Kalgoorlie super pit to high grade projects such as Frogs Leg in the Eastern Goldfields, Western Australia. Prior to joining ASX-listed Vital metals limited as Chief Executive Officer, Mr Strizek was involved in project development of mineral, coal and petroleum resources in both Australia and Papua New Guinea. 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

Rooster Talk Episode 37 with Ralph Winter, Director of Moho Resources Limited (ASX:MOH) Moho Resources Limited (ASX: MOH) updates us on the East Samson Dam. The journey to mining at East Samson Dam is now getting closer to fruition as the company works towards their first JORC resource. With the gold pricing repositioning for another move upwards, timing for Moho could not be better. In this Rooster Talk Episode 37, Ralph Winter shares with us what the company is doing on the exploration front and how they are focusing on making the mining of East Samson Dam a reality. The takeaway from this episode is that Moho is now valued at $8M and the company is about to make mining and hence self-funding a reality. With things looking positive here, this may be the time for investors to do some DYOR and consider MOH as a potential investment opportunity. Chapters 00:00 Introduction - What has been happening 01:47 Update on the JORC Resource 04:10 What Empress Spring means to Moho 05:39 When could you be mining at East Samson Dam 07:45 Investors like Moho even more as a low market cap explorer 08:38 How is the Burracoppin project? 11:35 Why the management is quality 12:32 New flow 16:36 The Nickel Chairman factor 18:00 Conclusion PODCAST About Ralph Winter Commercial Director, Moho Resources Limited 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

The Olympic Dam Story: An Insight into the Mineral Exploration Genius of WMC Limited A discussion why understanding mineral systems is important to exploration discovery. The Discovery of Olympic Dam is the next Exploration Discovery story. The story is about the search for copper and is one of the longest searches for a commodity. In 1957, Western Mining Corporation Limited (ASX: WMC) initiated a search for Copper which started a sequence of events that led to the discovery of the largest known mineral deposit in 1976. It would take the company another two years before they understood the magnitude of their discovery. Olympic Dam was the third discovery by WMC in 10 years. The significance of the discovery is that it would be another twenty years before the next big deposit, Prominent Hill was to be discovered. Carrapateena which is the next major discovery in that area was only discovered in 2005 on the western edge of Lake Torrens and only 70km southeast of Olympic Dam. WMC was created in 1933 and was taken over by BHP in 2002. In 2009, Olympic Dam had a resource of 9.1BT of resource and it was 4.4 times bigger than the initial resource that WMC had announced. It was worth USD863B. In 2017, it was reported that there was 120MT of Cu eq (equivalent) and it would take 500 years to deplete the resource at that time. The Story of the Olympic Dam was documented in the book "The Olympic Dam Story" by David Upton. I was able to track down David and arranged to meet him to get his view of the discovery and to talk about his book on this episode of Samso Insights. I hope this episode brings out the essence of the hard work and perseverance of the WMC group to search and discover a once-in-a-lifetime deposit such as Olympic Dam. I am a big believer of mineral exploration. My thoughts are that the low hanging fruits of mineral discovery was a couple of decades ago. One of the key points to take from this conversation with David and from the book is that discoveries are made from understanding mineral systems. These mineral systems make or break the concept of discovery. In the book, the key aspect of the discovery was that WMC, with their incredible understanding of geoscience looked out for mineral systems that would host copper. The exploration strategy was to look for these systems that would be "cooking" and hence have the best chance of being mineralised. WMC had a theory that they need to look for a mineral system that had altered basalts. These altered basalts would be the deciding factor that brought about discovery. The giants to be found are all undercover or in areas that have been misunderstood or neglected such as Tropicana, Nova-Bollinger, Winu, Havieron, Julimar, and Fosterville, just to name a few. Check out David Upton's website : https://precompetitive-review.com/ Video Chapters 00:00 Start 00:20 Introduction 01:36 How it started. 09:21 The journey to look for copper. 12:55 Communicating with shareholders. 15:57 The work culture in Western Mining. 19:35 The search for Mineral Systems. 24:05 Discussion of new technologies and ideas. 27:42 The need for interpretation of data. 30:14 The complexity of the Olympic Dam. 32:52 Political issues of Uranium. 35:06 What drives the exploration? 37:37 The drilling. 39:07 What is David Upton up to these days? 41:04 The vast amount information available. 42:46 Why read the The Olympic Story? 45:51 Summary of the Olympic Dam Story. 49:35 Conclusion Discover more on our Exploration Discovery series. The Discovery of Gruyere. Havieron Gold Copper Discovery Discovery of West Musgraves About David Upton Researcher and writer with a deep knowledge of the resources and energy industries. Geology graduate and author of the well-known mining and exploration history, The Olympic Dam Story. Publisher of Precompetitive-review.com, Australia's only single source of news and analysis on precompetitive geoscience for mineral exploration. 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

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

Coffee with Samso Episode 88 with Barry Cahill, Executive Director of Cyprium Metals Limited (ASX:CYM) Cyprium Metals Limited is now a step closer to creating a product that will ride on the EV Revolution that is on a rising tide. It has been about three months since our first Coffee with Samso : A New Copper Producer - An Overnight Success, with Barry Cahill where he announced the acquisition of the Nifty Copper Project. The process was always going to be long and boring as the company was gearing up on the mining perspective. The ramp up to mining for a project like this is not simple and refurbishing a mining project is that much more complicated. In this episode, I was interested to know what is happening at the mine site and the regional exploration activities. We know that planning and ramping up is a matter of procedure and administration. There is no doubt about the business. The resource and the technology are not questioned. We are talking about True and Tested technology. This is why excitement has been brewing and a robust mining plan is being refined. This is most evident in the discovery of more metal in gaps that were left untouched by the previous operator. Barry shares with us the recent drilling results which appear to have added more metal content to his spreadsheet. As he says, what appears to be waste is not payable dirt. Exploration has started in the IGO JV and that will just take its course as activities on the ground gain momentum. Barry shares his thoughts on the recent announcement on the drilling results from Nanadie Well and we also discuss the increased prospectivity of the project. PODCAST About Barry Cahill Executive Director Mr. Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management. In particular, his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development. He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018. Mr. Cahill has previously been executive director of a number of public companies including operations director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc. About Cyprium Metals Limited (ASX:CYM) Cyprium Metals Limited (ASX: CYM) is an ASX listed company with copper projects in Australia. The Company has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The Company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value. The Company has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation. Paterson Copper Projects This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project. The Nifty Copper Mine (“Nifty”) is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 732,200 tonnes of contained copper (i). Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material. The Maroochydore deposit is located ~85km southeast of Nifty and includes a shallow 2012 JORC Mineral Resource of 486,000 tonnes of contained copper (ii). Aeris Resources Limited (ASX: AIS, formerly Straits Resources Limited) holds certain rights to “buy back up to 50%” into any proposed mine development in respect of the Maroochydore Project, subject to a payment of 3 times the exploration expenditure contribution that would have been required to maintain its interest in the project. An exploration earn-in joint venture has been entered into with IGO Limited on ~2,400km2 of the Paterson Exploration Project. Under the agreement, IGO is to sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure of $11 million over the first 3.5 years. Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a pre-feasibility study (PFS) on a new mineral discovery. Murchison Copper-Gold Projects Cyprium has an 80% attributable interest in a joint venture with Musgrave Minerals Limited (ASX: MGV) at the Cue Copper-Gold Project, which is located ~20km to the east of Cue in Western Australia. Cyprium will free-carry the Cue Copper Project to the completion of a definitive feasibility study (DFS). The Cue Copper-Gold Project includes the Hollandaire Copper-Gold Mineral Resources of 51,500 tonnes contained copper (iii), which is open at depth. Metallurgical test-work has been undertaken to determine the optimal copper extraction methodology, which resulted in rapid leaching times (refer to 9 March 2020 CYM announcement, “Copper Metal Plated”, https://cypriummetals.com/copper-metal-plated/). The Nanadie Well Project is located ~650km northeast of Perth and ~75km southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/887. The Cue and Nanadie Well Copper-Gold projects are included in an ongoing scoping study, to determine the parameters required to develop a copper project in the region, which provides direction for resource expansion work. (i) Refer to CYM ASX announcement dated 17 November 2021 “Updated Nifty Copper Mineral Resource Estimate” (ii) Refer to MLX ASX announcements: 10 March 2020, “Nifty Copper Mine Resource Update” and 18 August 2016, “Annual Update of Mineral Resources and Ore Reserves” (iii) Refer to CYM ASX announcement: 29 September 2020, “Hollandaire Copper-gold Mineral Resource Estimate” 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

Coffee with Samso Episode 63 with Scott Williamson, Managing Director of Blackstone Minerals Ltd (ASX:BSX) Important announcements from Blackstone Minerals Limited (ASX:BSX) that say Nickel is the game. Blackstone Minerals has taken a big step in announcing two major news to the market over the last week. Firstly there was the divestment of all their non-Ta Khoa projects into a new company. Secondly, on the 22nd January, Blackstone Minerals announces partnership with Trafigura Pte Ltd for the supply of nickel and cobalt products as part of Blackstone Minerals' downstream strategy. Blackstone Minerals is taking steps to become a significant global, green nickel product supplier catering to the battery market. The divestment and the partnership with Trafigura is a clear sign that Blackstone Minerals is gearing up for the production end of the spectrum. Scott discussed the supply crunch that is coming thick and fast due to the EV (electric vehicle) revolution. This revolution is coming at a faster rate than more industry participants have expected. Scott Williamson explains what is happening in the EV world. In this episode of Coffee with Samso, Scott Williamson talks to us about what is really happening in the EV market space. He shares with us some inside understanding of the market and what his partners in the EV race are saying. The EV revolution is coming thick and fast and a nickel sulphide supply crunch is going to happen. As we have learnt in previous episodes of Coffee with Samso, the whole exploration side of the Ta Khoa project is on its way up and finding more metal. Scott tells us that this side of the business is basically status quo. What Scott wants the market to understand is that Blackstone Minerals is being driven to the production side due to market forces. These market forces are getting stronger and it will cause a supply shortage situation which would place the company in a very healthy position in time to come. Is Blackstone Minerals Limited fairly valued at the moment? If you ask the average investor, they will find it safe to say that equities are not being reflected with the potential market demand for commodities. This is most likely true to some degree as the market is slowly waking up to the reality of the rush of the EV uptake. Several years ago, most people were talking about the coming of electric vehicles and the onset of renewable energy. The former is definitely happening with a rush, and from what Scott is telling us, the demand is coming on much faster than the anticipation from the market. As for renewable energy, I think there is evidence that the uranium boom is not too far away. The widespread use of solar energy and the need for batteries to store the surplus energy is what will drive this side of the market. It will probably not be the driver that could be called a revolution from an industrial need, but it will cause some ripple effects. So if you look at the current market capitalisation of Blackstone Minerals, you will not be too far off the mark to bet that there is going to be a lot of added value to come. PODCAST About Scott Williamson Managing Director Blackstone Minerals Limited Qualifications: BEng (Mining), BCom, MAusIMM Scott Williamson is an experienced Managing Director with a demonstrated history of working in the mining and metals industry. He is skilled in Open Pit and Underground Mining, Corporate Finance, Investor Relations and Project Planning. A strong business development professional with equity capital markets experience, Scott graduated from West Australian School of Mines and Curtin University of Technology. Scott holds a WA First Class Mine Manager’s Certificate and is a member of the Australasian Institute of Mining and Metallurgy. About Blackstone Minerals Limited Blackstone Minerals Limited (ASX: BSX) is developing the district-scale Ta Khoa Project in Northern Vietnam where the company is drilling out the large-scale Ban Phuc Nickel-PGE deposit. The Ta Khoa Nickel-PGE Project has existing modern mine infrastructure built to International Standards including a 450ktpa processing plant and permitted mine facilities. Blackstone Minerals also owns a large landholding at the Gold Bridge project within the BC porphyry belt in British Columbia, Canada with large scale drill targets prospective for high-grade gold-cobalt-copper mineralisation. In Australia, Blackstone Minerals is exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone Minerals has a board and management team with a proven track record of mineral discovery and corporate success. The Ta Khoa Nickel-Copper-PGE Project The Ta Khoa Nickel-Copper-PGE Project is located 160 km west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanised underground nickel mine from 2013 to 2016. The Ta Khoa Nickel-Copper-PGE Project Previous project owners invested more than US$136m in capital and generated US$213m in revenue during a 3.5-year period of falling nickel prices. The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years. Existing infrastructure associated with the project includes an internationally-designed 450 ktpa processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250-person camp. Since commencing maiden drilling in August 2019, Blackstone Minerals has made significant progress at Ta Khoa, drilling over 9,000 m of diamond core in more than 47 holes into the Ban Phuc DSS deposit and the highly prospective King Cobra discovery zone. An initial scoping study evaluating mining and processing options is well advanced, including potential in-country downstream processing to deliver high-value nickel sulfate into Asia’s rapidly expanding electric vehicle (EV) industry. The recently announced MOU with Asia’s largest and the world’s second-largest EV battery cathode manufacturer, Ecopro BM Co Limited represents a significant step toward making this a reality. 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

Is China still reliable for the iron ore trade? Iron ore is a prevalent commodity in Australia and an important export for our economy. Whether it is their recent real estate crisis in their internal economy or their complicated relationship with Australian mineral exports, what is highly relevant for Australians to consider is: Is China still reliable for iron ore trade? Let's contextualise the story Iron ore demand has plummeted amid China's reduction in steel use, according to ANZ commodities analysts. The pressure on the iron ore industry has even caused several Australian mining groups to shut down operations temporarily. However, the fall in the market is allusive to a much bigger problem regarding the world's biggest iron ore consumer: China. China has made its aim clear; to reduce their pollution output by reducing an association with the steel production and the iron ore industry. The CCP has been open about aiming to keep its emission low by restricting steel output to 1 billion tonnes since 2016. As one of Australia's foremost consumers of iron ore, China's sudden lack of demand has caused dramatic shifts in mineral prices. In a discussion with Samso CEO, geologist and mineral expert Noel Ong, he explains, "The EV (electronic vehicle) revolution needs iron ore. It is not just about Lithium. You cannot make the lithium factory, the lithium processing, etc. without steel". Hence, the goal of lowering pollution output may be noble, but the likelihood of such a rapid decrease in steel production seems unviable. He further explains, "The good news for iron ore is that China is dependent on iron ore. Growth in China will need iron ore." These goals, some claim, were formed considering China will be hosting the upcoming Winter Olympics. Thus, the perception is that China wants to promote their nation as advanced in the global race to decarbonise during a time of great publicity. Yet, others have linked China's actions to a much more complex economic dilemma. Evergrande: the next Global Financial Crisis? This September, it was revealed that China’s Evergrande Group, the nation's most prominent real estate firm, had accrued a massive debt. The crisis quickly established itself as a dangerous catalyst for Beijing's property market, its investors and beyond. After the implementation of some policies in 2020, the real estate sector of China has been cracked down on by governments for their vast amassing of debt, with developer giant Evergrande having racked up over US$300 billion in liabilities. Quickly following Evergrande’s inability to make a scheduled bond payment to international holders, Evergrande was forced to cease trade - causing a reprieve in China's demand for iron ore. The impact of a crisis not even fully formed has seen a significant injury to the Australian iron ore industry. Australia saw AUD $150 billion from exports, 80% of this coming from China in 2020, making even the slightest fall in iron ore value or demand a highly volatile blow to our economy. As a vitally important commodity to the Australian economy, the fate of iron ore (and much more) is now the ball in the court of the potentially collapsing Evergrande. Which it really shouldn't be. For many reasons, some compare the disaster that would follow Evergrande's collapse to another Global Financial Crisis. The iron ore market has been giving investors the run around for months, seeing the price of iron ore soar to US$200 in May, followed by a plummet in September to under US$100. Following the fall, it went public that Evergrande possessed the most immense debt pile in the country. With a debt of over US$360 Billion ranging in the form of bank loans and various borrowings, the second-largest real estate developer in China was exposed to be on the brink of bankruptcy. The global consequences of this concern those with stakes in the iron ore industry and beyond. Evergrande risks leaving property underdeveloped despite 1.5 million people having already paid deposits with potentially nothing to show. Additionally, they are now selling their assets at significant discounts. Currently, Evergrande owes US$669 million in coupon payments by the end of the year and US$7.7 billion in maturing debt due next year. China walks a thin line with recent legislation The real estate giant's aggressive loan taking came back to them when the Chinese government in August of 2020 cracked down on leverage in the real estate industry to evade a financial crisis - ironically, potentially causing a different one (there's an iron pun in here somewhere). The CCP introduced a policy of "three red lines" to govern real estate developers. The policies are designed to police the way investment companies rack up debt. By introducing a metric to measure a company's debt tolerance, violators will face restrictions on how much they can loan and from whom. They force deleveraging to improve the real estate sector, cause credit rating changes and create opportunities for bond investors. China implemented the lines as concern grew for rising debt levels and surging land prices to protect the Chinese real estate. The reasoning behind the three red lines: 1. To lower house prices: China has seen a significant rise in house prices over the last few decades, making property largely unaffordable. 2. To lower land market prices: House prices rise when developers buy and hoard land to bid off later. 3. To funnel money into other economic sectors: China's real estate sector accrues massive capital. By moving funds away from real estate, the instability of the real estate sector (which is prone to fluctuation) is not as much of a liability. When the rest of the economy isn’t so dependent on one area, it is therefore not as vulnerable. Overall, these policies have obviously been implemented to protect the real estate sector. This industry is one of China's most important aspects of the economy. The chain of reaction between real estate and other sectors of China is strongly linked, and therefore needs to be protected to be sustained. Despite the reasoning behind these rules, their implementation had consequences similar to those they have been set up to prevent. Evergrande immediately violated all three red lines and is now unable to engage in any further loans. The stagnancy of this cash flow has tremendous implications on other companies and the economy's ability to execute a trade. China cut off the lifeline for Evergrande, but will they be able to pick up the pieces that fall in its wake? For these reasons, many are making some alarming comparisons between Evergrande and the Lehman Brothers. Despite this extreme comparison, especially considering the safeguards that have been out in place since 2008, the uncertainty of Evergrande's fate is anxiety-inducing for those that would be affected by the shockwave of its possible collapse. The fate of Evergrande is mainly dependent on the Chinese government's actions which will have to choose between sticking behind its tough stance on debt restrictions or bailing out its real estate sector. The Chinese property development crisis would have disastrous impacts on stakeholders and anyone connected to them. The Chinese real estate market would also take a hit as Evergrande would have to 'fire sell' its assets and property, causing a depression in the rest of the market. According to the Financial Times, the real estate sector makes up 29% of the country's GDP. Hence, a wound to China is a wound to all, as attested by the harm done to Australia's iron ore industry. In economic terms, this is called 'contagion'—a name befitting, as this crisis's impact would have similar weight to the seriousness of COVID-19. Contagion is a financial phenomenon that acts similarly to bacteria's passing, but the infection is an economic failure. The missing of obligations by Evergrande could cause other companies and other countries to miss their commitments. As a result, predicting and planning finances becomes a lot more difficult, and debt accrues. Thus, it is part of the chain reaction despite sectors such as the iron ore industry not being directly exposed to Evergrande. Although the Chinese government has made it clear they have no intention of rescuing Evergrande, what they have done is inject liquidity of US$18.6 billion into the banking system, according to a Bloomberg article. Additionally, Evergrande has an opportunity of negotiating with its creditors to haircut their debt, that is, to restructure the amount they agreed to pay back. Seen as unavoidable by some, a haircut to their debt may be agreed upon given the stakes are so high. Many countries' economies have not fully recovered from the impact of the recent pandemics and no longer have the funds to soften the blow of a financial hit. In light of panic surrounding Evergrande, China has declared all cryptocurrency transactions, such as Bitcoin, illegal. The ban prevents any capital flight, where assets quickly flow out of the nation- causing an onset global financial crisis. Moreover, the recklessness of the 'three red lines' policy seems to be more problematic for global powers who should heed the actions of China if they want to protect their trade. What has China's property industry got to do with Australia? When I first contemplated this topic, I was baffled how a Chinese real estate company's debt could affect Australian mining companies to close shop. However, upon researching, what opened to me was an extreme scepticism for how reliable China was as a trade partner. If the health of our economy relies so heavily on China's real estate market, Australian miners should look to the more promising urbanisation incline in India, Africa and Indonesia. Look to December of 2020 for an insight into China's unreliability as a trade partner. Late last year, China set up a blockade against Australian coal imports that left ships stranded and mining companies confused, according to the New York Times. The game Beijing played with Australian exporters seemed in retaliation for Australia's demand for an inquiry into the origin of COVID-19. The shipment later found trade in India, an increasingly more urban country. People have never lived more in urban areas than today. According to the UN, in 2018, 55% of the global population lives in cities, a number expected to rise to 68% by 2050. The need for iron ore may be deteriorating, but this is likely to decrease after decades of increased urbanisation in India, Pakistan, and Indonesia. Africa is also growing their cities, and Japan is still our major importer of minerals. So the need for steel is not going anywhere anytime soon. Noel Ong comments, "Non-China growth will happen, the US will have their second industrial revolution, the second and third-tier nations will grow and equilibrium will take its place again... iron ore will find a price medium". What are the political implications? The Australian relationship with China has been somewhat strained recently, some perceiving China's reduction in consumerism with iron ore being their pulling away from dependence on Australian commodities. In some ways, China's dependence on Australia's minerals has given Australia a sort of veto power over China- as the supplier to necessary materials; we hold the ability to restrict them. This assessment was formed considering the various ethical conflicts Australia has called out China for in recent years; cyber-attacks and the Chinese made devices containing government spy technology being examples. This month, Microsoft has made major restrictions for China via their online service 'LinkedIn' over allegations that China has been silencing journalists via the website. Perhaps China has halted trade of coal, wine and wheat with Australia over the years out of sheer retort. However, China has had just as much power over us as major consumers of iron ore- an influence that mining companies should be wary of. China, The WTO and more There is indeed a delicate symbiosis between China and Australia. Some could argue it is currently in an imbalance that could affect us just as badly in the global political arena. Personally, I find it a stretch by miles to argue that China would sabotage their largest economic sector to jab countries in the process of their own destruction. Indeed, I even think the nation has a right to reduce its carbon footprint as quickly as possible, as does any country. Their attitude towards pollution and attempt to control their real estate sector could even positively influence Australia. However, the recklessness of their policies, the bullying of smaller nations, and the petty disruption of trade are cause enough to provoke Australia to drift from Chinese markets. However, these actions are not different to those used by other "big brothers" of the past. We all know that China's legal system is entirely inaccessible. Narratives would be correct in saying that it is too ambiguous to stay in a trade agreement with China if you are a small company because a breach in the contract is difficult to reprimand via a government as unforthcoming as Beijing. Sovereign states have issues so a small company would have no chance. At the time of China's barricade in 2020, Prime Minister Scott Morrison claimed that China banning iron ore would breach World Trade Organisation rules. Australia took China to the WTO for bans on wine and barley trade, which hasn't met a conclusion yet. China's relationship with the WTO is one of broken promises and these actions are the same of all "big brothers". According to the Information Technology and Innovative Foundation, "China has failed to meet numerous WTO commitments on issues such as industrial subsidisation, protection of foreign intellectual property, forcing joint ventures and technology transfer, and providing market access to services industries". Australia is still following up with the WTO regarding wine and barley and advocate for some reprimanding for China's leniency on the rules. From here, the WTO could make an established ground for China to exit trading with Australia in terms of iron ore safely and fairly. Additionally, China has been taking action in Africa to establish an iron ore mine in Africa's Guinea iron ore province. The idea of the new mining hub is for China to establish a different source of iron ore trade to assert independence from Australia. Although sparking fear, the enterprise is arguably a strategy in the trade war. Samso CEO Noel Ong reassures, "African iron ore will not be economically competitive, and unless China wants to be competitive with growing markets, it will buy from Australia again. Remember, it is not about price alone; it is also about the quality of the iron ore." Not all doom for Iron Ore in Australia I claim to be an expert in the mineral market or global economics no more than economists claim to be fortune-tellers. From my research on the topic, the consensus on this issue seems to be coming from a place of panic. However, the ASPI (Australian Strategic Policy Institute) claims that there is ground for some optimism regarding this story. David Uren of APSI reassures that despite the plunging iron ore market, the possibility of it surging as it did in May of this year isn't entirely unlikely. He also mentions that despite China having a 2016 5-year-plan to reduce steel output, the enterprise currently is not going to schedule for them. While the Chinese government planned for the top 10 steelmakers in the country to produce 60% of the steel used for Chinese infrastructure by the end of the 5-year-plan, local steel production only rose 2 per cent from 36%, according to ASPI. So reducing dependency on Australia will come both as a struggle and for a price. "Commodity cycles exist because it is cyclical" - Noel Ong, Samso CEO Final Thoughts It is a scary thought to imagine the damage that could be done to a global economy having already been hit with two years of a pandemic, but the Evergrande crisis provoked thoughts on this and so much more. Indeed, for Australians, Australian miners and stakeholders, the plummet of the iron ore market has confronted us with contemplating our future with China, their reliability as trade partners and the extent that we should be reliant on them. Industrialisation and mass urbanisation is yet to hit many countries. Australia will benefit as we pivot to these precious markets to offload our abundant resources. China is set on their steel output decreasing. Their trade with Australia is being challenged; yet, as hard they pull away from Australia, the mining industry is still more experienced and contains higher-quality products here than in most countries. I have optimism for Australia's mining industry, but China's Evergrande crisis should be heeded cautiously by China and all, for when big things fall, they fall hard. Author: Lucia Darcy, Samso Insights Contributor Lucia Darcy is an up and coming writer, columnist and essayist with her roots in social and philosophical academia. Lucia is a current Literary Studies student who aims to start her career as a copywriter and freelancer by engaging with various companies and topics. Her involvement with Samso is based on a shared curiosity for investment, mining and global economics. She believes that although her approach to each blog is from a place of learning, her writing is for people like herself - novices and autodidacts who wish to educate themselves on a range of matters. 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. 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.

Coffee with Samso Episode 46 with Christian Easterday, Managing Director of Hot Chili Limited (ASX: HCH) Why the market did not like the latest Mineral Resource Estimate (MRE) The anxious wait for shareholders of Hot Chili Limited (ASX:HCH) for the latest Mineral Resource Estimate (MRE) on the Cortadera Copper-Gold Project is over. What resulted was an anticlimax and the much-praised rising of the share price did not eventuate. The MRE was actually pretty good, however, the retail market just did not like it. I speak to Christian Easterday about the lack of interest in the share price and what the numbers mean for the future of the company. As a shareholder of the company, I must admit that there was a sense of disappointment but I cannot see how this company can stay at a market capitalisation so far from what it has in asset value. This episode of Coffee with Samso delves into all these questions. At the conclusion of the conversation, I cannot help but think that this company has so much more value than what the market is valuing it at the moment. Christian shares with us what is happening in the background and the potential corporate activities that may happen in the coming months. Watch the interview: Coffee with Samso Episode 46 PODCAST Please let us know your thoughts and send us any comment 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. About Hot Chili Limited (ASX:HCH) Hot Chili is an ASX listed copper explorer and developer with an exciting portfolio of projects at low altitude in Region III on the coastal range of Chile. The Company is developing a central copper hub named Costa Fuego, which combines all three of its projects (Cortadera, Productora and San Antonio) into what is considered to be one of the most desirable copper development locations in the world. With a combined Mineral Resource base of 2.9Mt copper, 2.7Moz gold, 9.9Moz silver and 64Kt molybdenum, the addition of the maiden Cortadera mineral resource ranks Costa Fuego amongst the largest copper Mineral Resources along the Chilean coastal range. Cortadera Copper Project Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company. The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling. For further information on the Cortadera Maiden Resource please click on this link ASX Release- Maiden Resource at Cortadera Hot Chili’s combined Costa Fuego project now ranks as one of the world’s largest low-altitude, clean concentrate (no arsenic), copper-gold Mineral Resources not controlled by a major mining company, in what is considered to be one of the most desirable copper development locations in the world. Importantly, Cortadera lies 14km from the Company’s large-scale Productora copper development and adjacent to the high-grade El Fuego satellite copper projects. In February 2019, Hot Chili announced the execution of a formal Option Agreement to acquire a 100% interest in Cortadera. Since announcing the deal, Hot Chili has delivered six of the world’s best copper-gold porphyry drill results from Cuerpo 3 (the largest of the four porphyries discovered to date), confirming Cortadera as one of the most significant copper-gold discoveries of the past decade in Chile. Productora Copper Project Productora is one of the best located large-scale copper developments globally- (coastal range of Chile, low altitude, infrastructure rich, low capital intensity). Mineral Resources already stand at 1.5Mt copper and 1Moz gold, with an Ore Reserve of 167Mt established which underpins long life, bulk open-pit production, over a 10-year mine life, with first 8 years production averaging 66kt copper and 25koz gold annually. Productora is 100% owned by a Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a Joint Venture company, 80% owned by Sociedad Minera El Corazón Limitada (a 100% subsidiary of Hot Chili Limited), and 20% owned by CMP Productora (a 100% subsidiary of Compañía Minera del Pacífico S.A (CMP). El Fuego Copper Project To achieve the Company’s expanded growth strategy, Hot Chili has executed agreements to secure majority interest in two of the regions’ highest grade and most substantial underground mines- San Antonio and Valentina, collectively known as El Fuego. El Fuego is located 20km east of Productora, where the Company has completed a first-pass 5,000m drilling programme across two consolidated high grade copper mines (San Antonio and Valentina), which had seen little previous modern exploration owing to their private ownership for over 50 years. The majority of drilling was directed towards San Antonio which had reportedly produced approximately 2M tonnes grading 2% copper and 0.3g/t gold and 17g/t silver from shallow depths since mining commenced in 1964. Selected significant results 9m grading 2.0% copper from 132m down-hole depth, 6m grading 2.1% copper from 65m down-hole depth, 19m grading 2.0% copper from 61m down-hole depth (including 11m grading 2.4% copper), 15m grading 1.7% copper from 80m down-hole depth, 10m grading 1.6% copper from 58m down-hole depth (including 4m grading 2.7% copper), 5m grading 2.5% copper from 31m down-hole depth (including 2m grading 4.3% copper), Successful first-pass drilling at El Fuego has highlighted a shallow copper deposit which will add further scale to Hot Chili’s targeted high-grade resource inventory. About Christian Easterday Mr. Easterday is a geologist with over 20 years of experience in the mineral exploration and mining industry. He holds an honours degree in geology from the University of Western Australia, a masters degree in Mineral Economics from Curtin University of Technology and a masters degree in Business Administration from Curtin’s Graduate School of Business. Mr. Easterday has held several senior positions and exploration management roles with top-tier gold companies including Placer Dome, Hill 50 Gold and Harmony Gold, specialising in structural geology, resource development and mineral economic valuation. For the past eight years, Mr. Easterday has been involved in various aspects of project negotiation. This work has involved negotiations and valuations covering gold, copper, uranium, iron ore, nickel, and tantalum resource projects in Australia and overseas. Mr Easterday is a member of The Australian Institute of Geoscientists. 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 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

Announcement Exceptional Gallium Mineralisation Continues into Area B at Caladão Project Significant REE Results Expand Caldas Project's Footprint March 2025 Quarterly Report From Prospectus to Progress: 🆕 IPO Review Since debuting on the ASX in May 2024, Axel REE Limited (ASX: AXL) has maintained its strategic exploration push across two key Brazilian projects—the Caldas Rare Earths Project and the Caladão Gallium-REE Project (Figure 1). The company has taken significant steps forward in its goal to define high-value clay-hosted rare earth and gallium mineralisation, both critical to the future of electrification and green technologies. Figure 1: Location Map of the Caldas project tenements inside and outside the Caldera (source: AXL) 🔷 ASX Snapshot – Axel REE Limited (ASX: AXL) ASX Code: AXL Listing Date: 23 July 2024 IPO Offer Price: $0.25 Current Share Price (as at June 2025): $0.078 Market Capitalisation: $12.21 million Industry Group: Materials 🔷 What Has Axel Done Since Listing - Rare Earths or Gallium story? In May 2025, Axel reported significant high-grade REE results from its Caldas Project in the Poços de Caldas Alkaline Complex, with highlights including: CAL-AUG-022: 8.8m @ 5,309ppm TREO (26% MREO) from surface CAL-AUG-024: 10.8m @ 3,683ppm TREO (32% MREO) CAL-AUG-025: 11.4m @ 3,608ppm TREO (21% MREO) All drill holes returned intercepts above 1,000ppm TREO, confirming thick, clay-hosted mineralisation across the Caldera. Notably, mineralisation remains open at depth, suggesting room for resource growth through deeper drilling (Figure 2). Figure 2: Cross-section of auger drill prospects inside the Caldera, showing REE mineralisation remains open at depth. The Axel Board commented: “The consistent flow of high-grade TREO results continue from our shallow augerdrilling program inside the Poços de Caldas Alkaline Complex. The grades reported are consistent with major discoveries made by neighbours including Meteoric Resources NL (MEI) and Viridis Mining and Minerals Limited (VMM). Importantly, the high grade TREO mineralisation is increasing at the end of auger holes, demonstrating the mineralisation is open at depth and amenable to deeperdrilling.” Following this, in June 2025, the Company expanded its footprint at the Caladão Project in Brazil’s Lithium Valley, reporting: Gallium grades up to 128g/t Ga₂O₃ from surface in Area B (Figure 3) Significant lateral continuity across Areas A and B, with intercepts like: ⚬ 16m @ 75g/t Ga₂O₃ (CLD-AUG-351) ⚬ 8m @ 88g/t Ga₂O₃ (CLD-AUG-393) Figure 3: Geological map of Caladão Area B, highlighting the distribution of Gallium intersections, using a 50 g/t Ga2O3 cutoff. (source: AXL) Continued strong REE intercepts (Figure 4): ⚬ 11m @ 2,718ppm TREO (CLD-AUD-310) ⚬ 9m @ 1,618ppm TREO (CLD-AUG-332) Non-Executive Chairman, Paul Dickson, commented: “The latest Gallium assay results from Caladão continue to demonstrate both high grades and remarkable lateral and vertical continuity across both Area A and now Area B. This consistently mineralised profile supports our strategy to rapidly define a significant maiden gallium and REE resource in area B in addition to the Mineral Resource Estimation for gallium and REE in area A, which is in the MRE calculation phase with SRK. These results highlight both the continuity and scalability of gallium mineralisation, supporting our strategy for rapid resource development for REE and gallium in the Caladão Project.” Figure 4: Distribution of TREO intercepts at Area B over Geological map. (source: AXL) Both projects are progressing toward maiden Mineral Resource Estimates (MRE), with SRK Consulting engaged. The initial MRE for Caladão Area A is due mid-2025 (Figure 5). Figure 5: Caladão Project with Area A and B over Geology. (source: AXL) 🔷 Use of IPO Funds – Summary (Actual vs Budget) As at 31 March 2025, Axel REE Limited reported a total expenditure of $3.97 million, compared to the $13.82 million projected in its Prospectus for the 24 months following listing. The most significant variance relates to exploration, where only $1.43 million has been spent out of the forecasted $9.85 million, largely due to the early stage of the Company’s post-listing timeline. Having listed on the ASX on 19 July 2024, Axel is still within the first 8 months of its 24-month planned expenditure period. The Company confirmed it remains on track to meet its overall budgeted use of funds, with a substantial portion of exploration activity—including drilling and the delivery of a maiden Mineral Resource Estimate at the Caladão REE-Gallium Project—scheduled for the months ahead. This measured rollout reflects a strategic pacing of capital deployment while prioritising technical milestones. 🔷 Share Price Performance Since Listing Since its ASX debut on 23 July 2024 at an IPO offer price of $0.25, Axel REE Limited (ASX: AXL) has experienced a measured evolution in its share price. Following an initial period of subdued trading, the share price began to build momentum in April 2025 on the back of consistent drilling success across its Brazilian rare earths and gallium assets. A pronounced rally in May saw the stock surge past $0.09, driven by strong exploration updates and growing recognition of the Company’s clay-hosted REE potential. While still trading below IPO levels, Axel’s share price trend suggests the market is starting to respond to the underlying technical progress—a pattern not uncommon in the early chapters of emerging exploration stories. Figure 6: AXL’s Share price as of 23 June 2025 (source: ASX) Samso Concluding Comments Axel REE Limited has results emerging from both the Caladão and Caldas projects, and it looks like the Company is positioning to play a serious role in telling the story in the rare earth and gallium supply chain—two commodities poised to benefit from the ongoing energy transition. As the maiden MREs near completion and deeper drilling programs commence, investors may find themselves at a turning point. While the current market capitalisation sits below its listing valuation, the fundamentals being built are arguably stronger than they were at IPO. Axel is a company that sits in that limbo market space where it has what would have been a decent REE project, but that market has fallen out of favour with ASX investors. The Gallium story is one that is yet to be played out, but I think the market has some serious flaws for participants in the Gallium space. I am no expert in that space, but I think this is a very small market, and with China being the man behind the screen playing the puppets, I think this will not end well for ASX small-cap players. As always, seek the research — because that’s where the real story unfolds. The Samso Way – Seek the Research Axel REE’s story is a reminder that real value lies beneath the surface. While the market response may lag, the company’s consistent technical results across Caldas and Caladão highlight a strong foundation in critical minerals. With high-value MREO grades and Tier-1 geology, Axel is positioning itself as a serious long-term player in the REE and gallium space. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. 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