In May 2021, I had a Coffee With Samso with Paul Lock, the Managing Director of Pan Asia Metals Limited (ASX: PAM), entitled - Pan Asia Metals Limited (ASX: PAM) banks on a Lithium Project with a Low Cost Structure Strategy. This was one of the few occasions when I was surprised by something I heard during a Coffee with Samso. I learnt that Lepidolite actually has a place to play in the Lithium space. The thing is, I have always thought that Lepidolite, as a mica lithium mineral, was inferior and has difficulties in the production of lithium. During my conversation with Paul, I started to realise that things may have changed over the years and if this were true, then the whole Pan Asia Metals strategy would make total sense. This new understanding made me think about how the combination of Lithium and Tungsten could make the perfect storm. So What is Lepidolite? Lepidolite is a lilac-grey or rose-coloured member of the mica group of minerals with chemical formula K(Li,Al)3(Al,Si,Rb)4O10(F,OH)2. Mica is a flaky mineral and is extremely soft. Figure 1: Lepidolite in its natural form. Source: (Geology.com) What lepidolite has is that it is the most abundant lithium-bearing mineral and is commonly associated with rubidium and cesium as by-products. Whether this is a good thing or not, I will have to wait for them to tell me :-). The Tungsten Factor Tungsten or Wolfram is a chemical element with the symbol W and atomic number 74. According to Wikipedia, Tungsten is a rare metal found naturally on Earth almost exclusively as compounds with other elements. It was identified as a new element in 1781 and first isolated as a metal in 1783. Its important ores include tungsten, scheelite, and wolframite, the last lending the element its alternate name. Over the years, Tungsten has been one of the commodities that I have an understanding about the rise and fall of its market. A summary outlook to 2030 by Roskill has painted a moderate to low key projection for the pricing of Tungsten. According to the report, the price of tungsten is deeply affected by the transition to electric vehicles and the US/China trade disputes. The good news is that the Chinese and Russian mines are reaching their mine life which will take some of the supply out. The Pan Asia Metals Limited Story Pan Asia has Lithium and Tungsten projects in southern Thailand. The project lies within the Southeast Asian Tin Belt (SEATB) that stretches from Myanmar towards the Indonesian island of Belitung. The island of Belitung is the birth of the Billiton in BHP Billiton. Billiton’s roots trace back to 1851 and to a tin mine on the Indonesian island of Billiton (Belitung). Figure 2: Pan Asia Metals Limited projects in southern Thailand. (Source: Pan Asia Metals Limited) It is reported that over 50% of the world's tin production is derived from the SEATB region. This region is basically a large granitoid and those that have biotite are where the action starts. The significance of granitoids is that they are synonymous with pegmatites. Pegmatites are where you find the minerals that host incompatible elements that are of interest, such as Lithium, tungsten and tin. The Case for a Lithium Story In April 2021, it was reported that a 8GWh lithium battery plant will be built with a joint venture agreement between zero emission vehicle pioneer Evlomo Incorporated and Rojana Industrial Park Public Co., Limited. (Source: Green Car Progress) Bestmag.co.uk says companies will invest up to $1.06 billion through a new joint venture company with Rojana — a joint venture between Japan’s Nippon Steel and Sumikin Bussan Corporation, and Thailand’s Vinichbutr’s Group — owning 55% shares with the remaining owned by Evlomo. A 1GWH plant at a cost of USD$143 million is expected to start in 2021. An investment of this scale is just the beginning of things to come. Readers should remember that Thailand is a car manufacturer. In my opinion, this is just the start of things to come. The density of Asian countries will mean that the adoption of EVs will be at a faster rate than Europe. I am sure that with these kinds of development, the projects being talked about by Pan Asia will be greatly welcomed. Which country would not want to be able to source their own lithium? It is a no brainer. You can argue if they will be able to mine economically what is in the ground, but you cannot argue the business case. Thailand and Indonesia aim to be regional EV (electric vehicle) production hubs as well as build manufacturing facilities for EV batteries. The Thai government has set a target for electrified vehicles to reach 30% of total domestic vehicle production by 2030 as part of its 3030 EV Production Policy. - Marklines.com Thailand is not a minnow when it comes to car manufacturing in both combustion (Figure 3) and future EVs (Figure 5). I have read that even the Chinese car manufacturer, Great Wall is manufacturing in Thailand. The strength of the car manufacturing industry is made more apparent with a very mature car part producing industry (Figure 4). Figure 3: Passenger car production volume APAC 2020, by country. (Source: Statista) In 1963, the Thai government imposed "local content requirement" (LCR) that sets a minimum number of parts to be included in vehicles in Thailand. LCR is still 60-80% of Thai made parts. LCR can reach 90% for eco-cars and pickups, and is close to 100% for motorcycles (Krungsri.com). Figure 4: The Thailand car manufacturing sector is doing very well. (Source: Asean Briefing) As China becomes more expensive to work in, the influx of companies setting up operations in South East Asia is evidence of the migration of value creation. The established nature of the manufacturing industry in the Indo-China region serves to show that a developed source of lithium would be strongly encouraged by government and capital markets. Figure 4: Number of publicly accessible electric vehicle chargers in Asia Pacific in 2020, by country. (Source: Statista) Corporate (Pan Asia Metals Limited) Current market Capitalisation: 20.8M @ AUD$ 0.155c/share (19th August 2021) Shares on Issue : 126,010,288 (7th July 2021) Key Shareholders: Paul Lock 33.4% | Thai Goldfields NL 16.1 % | Board & Management (55.6%) Figure 5: The share price chart for Pan Asia Metals Limited (PAM), (Source: Commsec) Projects There are four main projects in the portfolio: The Reung Kiet Lithium Project – SEASnW Belt , Southern Thailand – 100% held; The Khao Soon Tungsten Project – SEASnW Belt , Southern Thailand – 100% held; Bang Now Lithium Project – SEASnW Belt , Southern Thailand – 100% held; and Minter Tungsten Project – Lachlan Fold Belt, NSW, Australia – 100% held. These projects are selected based on the following parameters listed below: At or near surface mineralisation, with depth potential; Extensive mineralised strikes; Industry leading grades; Positive metallurgy; Proximity to required infrastructure; Well educated workforce; and Potential for downstream value adding There is a good amount of information on the Pan Asia Metals website. Click Here. Conclusion Over the last couple of months, the world of lithium has taken a leaf out of the crypto trading phrase of " Gone to the Moon" as they would say... Currently, I will admit that I do not understand the underlying demand for lithium. What I do know is that we are in a world of electrification and the rise of the Electric Vehicle and the use of Renewable Energy is just gaining pace. What I don't understand is the apparent depletion of supply. Surely, the ginormous resources of Brine Lithium is more than sufficient for any surge in lithium demand? As the market is making my thoughts amateurish everyday, I now look at projects such as this one with Pan Asia Metals with a different set of glasses. In my conversation with Paul Lock, it appears that the extraction of lithium from lepidolite may have improved. There may be arguments about the validity of the last sentence but what we all have to agree is that a potential of a lithium resources in Thailand's backyard is a big deal. The exit strategy is guaranteed for Pan Asia. From an investment perspective, a company with a market capitalisation of AUD20M with a potential lithium resource has got be of good value. The market for lithium is super hot at the moment and if the current market narrative is correct, this will get larger. Technically, the projects appear to be workable. A series of pegmatites which are bringing in Li at the low 1% grades is perfect. What the company needs is to drill extensively and get a resource out soon to give the market some assurance. Once this has been established, the company will present itself differently. Looking at the maps produced in the presentations and the websites, the geology looks good. The projection of the prospective resource is not overly marketed and I think being in this Tin Belt is very important. The belt runs for a long way and the presence of large granitoids indicate to me that mineralisation is abundant and consistent. No story has a clear run to the finish but I like those that have good entry and exit strategies clearly mapped out. Gratitude Patreon: This is a platform for supporting creators like me. Please consider helping out and pick your reward here: If you would spend some time and support Samso Insights, I would be totally appreciative. So please feel free to pick a reward, or simply chip in any amount that tickles your fancy :-) https://patreon.com/samsomedia Brilliant-Online: Our investment articles are also shared across Brilliant-Online magazine. Check out their investment column. 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. 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Our society reveres our youth. Global trends often take root with the up-and-coming generations before being adopted by the mainstream: think fashion trends, music, technology, social movements, TV shows, and the like. When social media first found favour with late born millennials in the form of Facebook, it quickly dictated the premier cultural zeitgeist to come. Of course, it didn’t take long to be pilloried by older generations with its time-wasting optics. Despite that, everyone and their grandparents ended up with a profile. Today, we know better than stereotyping people and that of which we are unfamiliar with. Or do we? Industrial resource companies often shy away from adopting and integrating the latest image and short form video service platforms, Instagram and reels, Snapchat and TikTok, into their marketing plans. One BIG reason: they just aren’t visual rich industries. Unlike the retail sectors of fashion and beauty or art and design. This means creating content will require more creativity. But that shouldn’t put you off! The phrase ‘thinking outside the box’ is the mantra for all creators, but certainly for the resources and investing spheres when, online. The stereotypes of Instagram being only packed full of pouting influencers and that TikTok is just synchronised teen dance moves that COVID19 breathed life into, isn’t the truth. The truth is they are only a sliver of what can be found on these platforms. There are some truisms when it comes to applying social media to your marketing plans. It’s true that not every social media platform is right for every business. There is no wisdom being on eight platforms simultaneously, but there is wisdom in analysing the cost benefit analysis of each platform. Combine that with an understanding of how it works (check out my handy PDF guide at the end of this article) and you can augment your businesses future exponentially. Don’t stand in your own way Insisting on preconceived notions about social media can mean closing the door on successful tools for your business and that’s short sighted. Our collective technology advancements and ingenuity have moved our society quickly into a future world that not only exists online but is being talked about beyond our 3D reality with augmented and virtual reality and now the Metaverse. Video is by far the most popular entertainment/information medium and TikTok is now the third most downloaded social media app tool, alongside Instagram reels, Facebook stories and Snapchat. It's time to widen your audience and freshen up your biz’s place in the world online. But first, what are the resources and investing communities using when it comes to social media? Which platforms are resource industries currently using? LinkedIn You will find the resource industry and investor relations mainly on LinkedIn. The ‘corporate’ Facebook began in 2002 out of California, USA. Its objective was to be a networking, professional development, and employment hub. Today, it’s still faithful to this genre. I would argue its more about recruitment than anything else as you can see this by the tools it has implemented over the years from up-skilling for premium members, profile indicators for the services you provide, whether you are a seeking a new position, what topics you post about etc. Apart from competition from Twitter, LinkedIn has remained the sole dedicated business themed social media platform. Many professionals have noticed that during the Aussie COVID19 lock-downs it seemed to make bit of a comeback. ‘I don’t really use it, or I don’t know what I’m really using it for’. This is the answer I heard a lot when I asked a sample of Perth professionals what they thought about using LinkedIn for any purpose. Still, we are logging in, so why do we use it? It’s the sole one created for the purpose of business/employment/networking. Professional services or white-collar workers make up most of the users. Premium members have access to free online education programs. Companies and recruiters use it to vet applicants and headhunt new employees. Industry news and sharing personal career updates. LinkedIn = a CRM database of who’s who and who knows who and is willing to show their affiliation. However, I get the sense that while a lot of people say that its good for marketing, its only preaching to the converted. Which is great and easy. However, preaching to the converted silos your business off from others who could be part of your brands conversation and take it into new positive directions. So, while its still helpful for business news, it’s not the best place to reach new audiences, spreading the word about your industry and informing people about your amazing business. That’s why Twitter snuck up on it and stole some of its thunder. So, what about Twitter? Twitter is a fast-moving app which facilitates the news of investments far better than LinkedIn, where changes can take up to two hours to appear. Twitter is in real time. Twitter is powerful for influencing investments and investors and is more influential than LinkedIn. Elon Musk has demonstrated this power (sometimes to his detriment) several times in recent years. Kylie Jenner bemoaned unfavourable changes that Snapchat had made to its app via Twitter, just by making two tweets, sending Snapchat’s stock price down, losing them a cool billion dollars the same day. Apart from the celebrity influence on stocks, ASX businesses use Twitter to keep their investors and followers updated about business news easily. Using Twitter is (almost) fool proof and its only recently that they have updated and added new features to the platform. Twitter allows businesses the autonomy to shape their image far more easily than LinkedIn can and does. Still, Twitter is primarily a short message service of 280 characters or less. Short form video is still the world’s most wanted in terms of media today. How much do you know about how social media works? Read on below and download my Understanding Social Media for Non Users An Overview guide and get to know social medias MO in no time! Social media’s MO No matter which platform you use as an individual or as a business, it’s all about what you put in to dictate what you get out of it. It looks easy. Everybody can upload a photo or write a few sentences and hit post. But if you want to gain traction, there is a 3-part formula that when performed correctly, always works. The 3C's of Social Media Content Creation Strategy Business and marketing plans Everything circles back to your marketing and business plans. Both plans are as important as the other, but many dismiss the marketing arm as something that can be done on the fly or isn’t a serious consideration. Today and in the future your businesses presence online isn’t just imperative, it’s going to be mandatory. As traditional media methods continue shrinking you won’t want to be left behind. If you are in an industry that is not a visual business such as retail, fashion, beauty etc then you need to dig deeper. Your future employees, business partners are all coming up and coming of age on these media platforms. You need to get on their level and discover what they find interesting, what drives and inspires them. Recognising the opportunity Attempting to use a platform particularly one that seems far and away from what you think is relevant to your business can be and is intimidating. Not something a lot of CEO's might want to admit! Who are you talking to on TikTok? Generation Z and a mixture of Millennials and Gen X Gen Z born 1996 - 2010 As unlikely as it seems right now, these young adults mucking around online, will grow up and a good portion of them will be found in the future in these areas: resources industry as your competitors employees entrepreneurs in adjacent industries and/or know influential people that you want to get to know about your biz. Who is Gen Z Broadly speaking, Gen Z’s psychographics consist of strong emotions and preferences about the marketplace en masse. What they value encompasses the raison d’etre of why your business exists. They want all the details before they give you their cash. What do you do and how you do it. Corporate responsibility activity. How do you conduct your business? being transparent and not attempting to hide information will be to your benefit. Gen Z can sniff out a fraud like a bloodhound. Your employees conduct, your businesses effect on the world it is in etc. They are very vocal about social issues and while it can be seen as a negative, if you find favour with them, they will shout your name from the rooftops. Tiktok's latest stats on how it impacts the retail sector are impressive. While its not your industry, the stats speak for themselves in terms of how information about products and services is spread digitally today. Ignoring them is doing your business a future disservice as there is a valuable target audience within them that you need to be talking to. This entire demographic is mostly unaware of things you and I would consider common knowledge from movies to music. They are mostly only aware of businesses that they have seen online in some capacity. If it’s not online, it doesn’t exist. Investing content creation on TikTok The only way to describe what is found on TikTok in the investing genre is abysmal. No-one has taken the time to figure it out right when talking about stocks. Wannabes abound with quick info that anyone with a Wi-Fi connection and a device can find out for themselves. It's generic and doesn’t help anybody. Or it focuses on wannabe crypto experts who were recipients of simple dumb luck and made gains but don’t know anything about how the actual market crypto or otherwise works. On Instagram See above. What they also have in common is that they have no idea on how to reach the audience they are after. You can’t engage investors this way. What is on these platforms currently is a mish-mash of stock charts, crappy graphics (in this day and age!) and stock quotes with rap music overlaid as the soundtrack. The benchmark is low. The resources and investing industry on TikTok Check out Samso Social Outreach Package for the Mining and Investing Industry The opportunity for snaffling this mile wide gap in these areas is ripe for the taking, just like the early bird gets the juicy worms first. Without giving you the actual answers – consider these points. What are the global trends of today? What are the micro trends? Consider all aspects of life. Make a list and see where your business can make inroads. Talk about how you got started. Part of strategic thinking is curiosity and passion. What brought you to where you are today? Read the Understanding Social Media for Non Users An Overview guide and do the Do's list included in the guide and avoid the Don'ts. That way you will understand what agencies are talking about and you will have a new appreciation of the work they do. Once you have figured out the trends that your business can use, try the following out either with your business internally or by working with an agency. Marketing and digital content agencies that understand the resources and investor industries are far and few between. I would hazard a guess that Samso is the only one in Australia that can proffer this highly unique combination. Samso can assist your business and showcase your story to an extended audience. It can help take your marketing strategy further and out of the box and be one of the first businesses in your industry to do so! Telling your businesses story is at the core of what Samso is all about and delivering that information in the top mediums of today, video, and now the opportunity exists for Samso to take your company to the next level. They can help you tell the world what you want them to know but in regular, bite-size formats on multiple platforms. By taking a strategic, targeted slow burn approach, you will see how social media marketing can assist your business and extend your presence globally. Building a credible business reputation on the social media highway is imperative for your presence online. Google Prefers Samso Another perk of working with Samso is that your business will be seen by those searching the keywords associated with your industry, because Google loves the type of content that Samso creates. Even though there is more than one search engine online, Google is number 1. It's even earned a place in our pop culture vernacular with the phrase 'just Google it' as an information solution. Google loves Samso's content both video and long form writing as Google's algorithm categorises long form written content to be over 700 words as more authoritative, authentic and accurate. This is in stark contrast to the plethora of short form videos and blog content found online that only delivers a basic, surface overview of a topic. As long as the content being created consists of quality material (and Google knows when poor SEO techniques are being employed, it's kind of like Santa in that way), it will reward the website with higher ranking results. So when your business features on the Samso website in long form content video or written content its a win-win. You have heard about SEO, well now we have Video Search Engine Optimisation (VSEO). Video is the king of content in today's world. Visual methods of information trump every other format. Still, not everybody is on board with creating it themselves or even hiring experts like Samso to collaborate with and showcase their brand. Samso shares your important company information with a multitude of viewers who are in your target audience, which is priceless. It’s their world and we just live in it It’s a consumer’s world and showing them how your business fits in today’s social climate is one of the best things you can invest in now for the future benefit of your business. Social media has overtaken the traditional forms of marketing with magazines going the way of the dodo, with only a handful of titles remaining and newsagents? What’s that? Yes, we still have the newspaper but even that is slowly being eschewed due to sustainability and the digital forms available online and the ability of Twitter to break the news in real time. What it comes down to is that our old analogue lifestyle is disappearing, and a new digital world is overtaking. Don’t get left behind. Take the leap of faith that you made when you chose to become an entrepreneur/investor and take that energy and run with it! Open up our social media overview for non-users below to understand the fundamental features of introducing it into your marketing resources. Samso Social Outreach Package for the Mining and Investing Industry Contact Us

The greatest show in ASX Over the last 12 months, the world has gone through one of the most defining moments of human existence. We were living in chaos. However, if you are an investor or trader within the Australian Stock Exchange (ASX), you would have experienced one of the greatest shows in the thirty years. Will the show go on? Figure 1: The recent GameStop squeeze in the US market is an example of how retail investors are swamping markets all over the world. From an investing point of view, this has been the best time to take that punt in a stock. Did we know that this was going to be like this? I was doubtful. Some may say that they did, but I would say that there would be very few out there in the real world who knew. Figure 2: Stock Exchange Index (source: www.igmarkets.com) When you look at the charts in Figure 2, you can understand why the equity markets have been a spectacular place to make money. The trend is still going up but in the last couple of weeks, the gold sector has been taking a battering. When you look at the charts in Figure 4, you can see that the gold companies are almost at the same level as 12 months ago. As many people would remember, that was the whole COVID-19 pandemic rearing its head up. My views on Gold For the precious metals, there is a definite pullback for gold equities, but when you look at the physical gold price, it has not pulled back that much (Figure 3). The gold price in AUD may have dropped, but the producers are still making a lot of margins. At the most expensive AISC, they are still looking at a margin of around AUD$800 per ounce. Let's face it, even at AUD$500, they are making good money. Figure 3: Price of spot gold since 2019. My take on gold is that its movement is going to be dependent on how the market view all the stimulus that has been given out and what else is in store in the coming years. The pandemic has made free-flowing money seem like an everyday occurrence. For the traditionalist, this is a sure sign of inflationary issues. If this is the case, then you would hedge your bet that the gold price should rise. Figure 4: The share price journey of Mid-Tier Australian gold producers and a near-to-production company (ASX: CAI). Gold has been the darling of the market for the last 12 months and it would be no surprise that it would take a retreat. As one technical trader once told me, sometimes the markets need to take a breather before trying to break the new high. Assuming that is the case, this would be a great time to look for good positions. Hence, for those who missed out on stocks that had taken a run previously, this will be a great opportunity to position yourself for the next run. There are still many companies with real value and were unloved by the market. Currently, I can see a few companies that have a great story with discoveries but the market made it unloved. As the experts always say, invest from the top down. That means bet on the bigger "safer" counters first, like the producers and work down. Figure 4a: The share price journey of Lefroy Exploration Limited (ASX: LEX). In saying that the precious metal has taken a backward step, what is good to see is that exploration successes are still being rewarded. Many companies that are explorers now and have discovered some great intercepts are being rewarded (See Figure 4a). One such company at the time of writing is Lefroy Exploration Limited (ASX: LEX). They have recently announced, "Outstanding High-Grade Gold and Copper Mineralisation Intersected at Burns" and this has done wonders for their investors. This is another clear case of good management and good projects and the trust of their investors. As Rick Rule pointed out recently in a Coffee with Samso he made with me in 2020, entitled, Markets and Commodities with Rick Rule he mentioned that gold is sought after as insurance and when people start talking about silver, greed is in the air. Now if you take that as a basis for your investment, you have to feel that the precious metal will continue to be in your favour. What Commodities would be in demand? This one is very simple. We all know that we are looking at the next industrial revolution, with the introduction of electric vehicles. I call this the "Green Evolution" i.e. to have all matters of manufacturing and mining for us resource people, to be green. Green mining is the new catch phrase. So what is needed with this EV Revolution is lithium, graphite, nickel, copper, tin, tungsten, and wait for it ... Uranium. I must point out that this list is just what is in the bright lights. I feel that the mining of these metals is the lowest form of EV Revolution. I believe that the main players would be the ones with processes that make whatever the EV Revolution requires. And they are, for example, Andromeda Metals Limited (ASX: ADN) with their Halloysite, Altech Chemicals Limited (ASX: ATC) with their HPA applications, EcoGraft Limited (ASX: EGR) with the graphite recycling, FYI Resources Limited (ASX: FYI) with their HPA applications taking a lot of the bright lights. Before I am swamped with emails and messages for not mentioning many others, let me say that these companies are what is rolling out of my brain space now. I am sure there are many more out there which I have not learned enough to know at this point in time. Figure 5: Share price chart of EGR and FYI. (source: commsec.com.au) Companies like EcoGraft and FYI Resources (Figure 5) have created so much attention that their share prices have taken a run and whether this trend will continue depends on how well their business plans are executed. What is obvious is that they represent another part of this EV Revolution that does not involve assays, drilling and geologists. My views on Nickel and Copper Nickel and Copper are two metals that have been threatening to show a strong supply shortage for many years. In fact, I even wrote an article " Is the Commodities Shortage a Mirage? " highlighting this issue but it still had not happened. I followed it up with another article nine months later with " Shortages in Metals ". Figure 6: Copper Price Chart. The recent run in copper and nickel will keep many companies like Hot Chili Limited (ASX: HCH), Blackstone Minerals Limited (ASX; BSX), Galileo Mining Limited (ASX: GAL), Cyprium Metals Limited (ASX: CYM) and even the likes of aspiring explorers such as Adavale Resources Limited (ASX: ADD) in the spotlight. What will drive this market is the introduction of the Environmental, Social, and Governance (ESG) factors. There is now a major requirement or a growing requirement for projects to have a "Green" flavour. This will create more work to make things happen and as end-users push for this, I cannot see how you can make this happen without a rise in CAPEX and OPEX. To facilitate all of these requirements, the metal price has to be at a level that is consistent with the demands of the users. My views on Zinc It seems that this is slowly coming to fruition and my other favourite metal, Zinc is also looking to break new highs (Figure 7). This metal has been touting a global shortage for at least the 5 years that I have been following it. When you look at the chart, it is not as impressive as the others that I have mentioned but it appears to be moving. For those that look at charts, prior to the break out, the pattern tend not to be overly impressive. I guess that is why they call it a break-out. Figure 7: Tin and Zinc Price Chart. My views on Tin Tin is another metal that is taking a run. My recent Coffee with Samso with Venture Minerals Limited (ASX; VMS) entitled "Time for Critical Metals - Tin and Tungsten: Venture Minerals Limited (ASX:VMS)" explains how this can become impactful for its shareholders if they are allowed to mine their Mount Lindsay Tin and Tungsten project in Tasmania, Australia. How tin position itself with the EV Revolution will determine how durable this price rise is but it does not take a genius to realise that something may be brewing. A durable run like this will make a company like Venture Minerals re-rate easily by the markets. What may be a double benefit for Venture Minerals is that historically, tungsten prices have followed the rise in tin. That could be a dark horse in this sector. Conclusion? Currently, I do not see the market slowing down. A near term correction may happen, but I feel that for the long term visionaries, it will be a good story. As I mentioned, even though that the gold sector has slowed down, there are still lots of opportunities that are being rewarded. We all know that the ASX growth is not restricted to commodities. Everything is flying and there are lots of professional information that would support the buoyancy that is being experienced in world markets. In my humble opinion, like everything else, caution is the key aspect of investing in this market. The fund management concept of a balanced portfolio at this time could make a lot more sense to all levels of investors, especially the retail investor. Do What the Pros Do! For many years I have been watching the likes of Warren Buffett telling us how to invest and what is the safest way to do things. This is a great time for the small retail players to adopt this same policy for investing in the small-cap industry. The professional investors look for good management, good business models and the rising sector, so we should also look for similar things in the small-cap sector. Warren Buffet has said many times that if he does not understand what the business is and how they're generating the appreciation in capital he does not get into the stock. I think this is a good addition to our style. That thinking would stop people from getting into too many "Casino Investments" with the FOMO (Fear of Missing Out) factor that drives all the bad investing decisions into those "Hot Stocks". Many years ago, a very smart man, Geoff Donahue, had this same attitude. For me, this has been the game-changer in how I look at this market. Will the Great Show in Commodity Markets Continue? I think this run over the last 12 months has more legs to come. The EV Revolution is going to drag even more money into the sector, at least for the next 12 months. The uncertainty in the supply of nickel and the EV metals will create concerns from producers and end-users of these metals. Scott Williamson in one of our Coffees with Samso mentioned that his conversations with end-users that they were uncertain about the supply equation. End-users were not sure if the upcoming demand was going to be a walk, a run or on a rocket. If it comes on a rocket, there are going to be major problems. What his people are telling them is that they are feeling, the rocket version may be a likely scenario. The current rise in copper pricing, the ever-reliable Dr. Copper, seems to be pointing to a buoyant world economy. As the good Doctor is an indicator of world economic growth, it is looking like exciting times for all industries, are here to stay. Personally, the apparent sudden tin price rise may be the clue that the so-called new economy is going to drag all metals back in fashion. This is based on the fact that the new world has to be more efficient and slimmer in costings. The pandemic has made some clear references to having economies be less dependent on human interaction. Robotics and AI are going to be the focus which will mean more innovative thinking on raw materials used. The isolation of China may bring down the monopoly on metals such as REE, tungsten, and tin. If this is the case, there are many companies that will benefit. The effect of this is that the sector will get a continued injection of cash which will continue the resurgence in the mineral resource sector. 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. Download our 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. 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.

With every company and thought leader I listen to, I am learning more and more about what makes a good mineral province. It is amazing what you learn when you start listening to the stories of people in different industries sharing their knowledge and experiences. Definitely one of the big perks of growing older - we gain experience and insights. We are like wine, the older it is, the more interesting the depth of flavours. In geology, especially mineral geology, I have learned that finding great deposits is all about understanding the regional geology. Once you have understood the provincial aspects, the local geology specifications become clearer. What this means is, investors who want to know the likelihood of discovery, the likelihood of mineral exploration success and hence the probability of investment success should just stop and look at the bigger picture first. I know there are other non-geological aspects that are equally or more important, but one has to recognise that science and facts do not allow the truth to be stretched. The Colombian Story I first came across the Colombian story almost 5 years ago when I came to know about Andes Resources Limited. Andes was unlisted at that time and has now resurfaced with a new name as Los Cerros Limited (ASX: LCL). Prior to this, I have never looked at Colombia as a resource jurisdiction. I suspect this is due mainly to the lack of visibility in the ASX. I was privileged enough to have Jason Stirbinskis on Coffee with Samso - Los Cerros Limited (ASX: LCL) - A High-Grade Gold Porphyry Story in Colombia to talk about the project. While researching for our conversation on Coffee with Samso, I learnt about the prospectivity of this little part of the South American continent. I dare say that I am not the only one who does not know much about the prospectivity of Colombia. What is so Interesting about Colombian Geology ? As we have discussed in a previous Samso Insight - New England Fold Belt - Critical Resources Limited (ASX: CRR) - the importance of understanding the potential of a project/deposit is underlined by the understanding of the tectonic history/controls. What I mean is, do the potential geological controls allow the story to be achievable? Does the stated resource potential have any chance of being attained? The Andes can be divided into the Northern Central and Southern. The Colombian story is in the Northern Andes and it consists of three cordilleras ( Western, Central and Eastern), which are themselves internally complex as well (Figure 1A and 1 B). Figure 1: A: Tectonic scheme of northern South America and the Caribbean (Gómez et al., 2015a, 2015b). [1]. B: Lithotectonic map of the Northern Andes showing the location of the Miocene Buriticá, Quinchía, Marmato, and La Colosa gold deposits (modified from Cediel et al., 2003). [5] This region is complicated in the sense that there are subducting plates and then there is lateral movement of plates as well. As you read, I will try and explain in layman´s terms what it means when I say that the mineralisation can be directly related to the level of magmatism. To put it simply, it appears that certain types of subduction activities do not create volcanic activities and hence, a lack of mineralisation (Figure 1B). Tectonic Activity According to [1], the tectonic framework of Colombia (Figure 1A) is influenced by the interaction between the Caribbean and Nazca oceanic plates, and the South American continental plate, with ocean ridges, oceanic trenches, subduction zones, accretionary prisms,formation belts, transform faults, and several other structural elements, as defined by [2] and [3] based on the findings of numerous researchers (Figure 1A, 3A and 3B). To say this is an oyster of structural complexity would be an understatement. The more I read about the geology, the more it starts to make sense to me. What is obvious is that we are looking at a serious subduction zone - the Northern Andes is a series of plate consumption and plate creation. What this means for the average investor is that the structural component of the cooking mechanism means the mineralisation process is in place. Like all scientific explanations, there are a lot of variables that create outliers, so I will try to stay as basic as I can. Geology and Magmatism It is obvious then, that the rocks (Figure 2) in this area is the product of the subduction zones and the collision of the three plates and the segmentation of plates. Looking at the geological map, you can make a safe assumption that the majority of magmatism is concentrated with the three structural corridors of Western, Central and Eastern Cordillera. Figure 2: Geological map of Colombia. After Gómez et al. (2019).[1] What is interesting is that [4] talked about how the level of volcanism is restricted to the central region, between the eastern portion of the Western Cordillera and the Central Cordillerra. You can see the the results of that paper in Figure 3B below. Figure 3: A: Main geological structures of Colombia. After Gómez et al. (2019). [1] B Seismicity and volcanism of NW South America. Black arrows indicate plate velocity relative to stable South America [Trenkampet al., 2002], red triangles indicate volcanoes. Coloured circles indicate earthquakes recorded during 1993–2009. Earthquake data are downloaded from National Earthquake Information Center website (NEIC, ttp://earthquake.usgs.gov/regional/neic/). [4] It is not surprising then that Epithermal and Porphyry style deposits dominate this province. Tectonic settings like this discussion is the prime candidate for creating a recipe for large high grade deposits that are being discovered in the last decades. That line of red triangles in Figure 3A is also consistent with the known giant deposits that are in Colombia. There is a glimpse of that in Figure 1B where the massive Buritica Gold Deposit headlines that northern trend and the recent discovery of the Alpala (Cascabel) discovery by SolGold sits at the bottom end of that trend in Ecuador (See Figure 4A and 4B). Figure 4: A The summary of the Buritica Gold Mine [6]. B The overview of the Alpala deposit by SolGold. [7] Magmatic Belts and Ore Deposits [5] talks about six magmatic belts with ages from Triassic to Neogene. I won´t bore you with what they mean but it is sufficient to say that they are very young and are forming geologically even as you read these words. In fact, this is not far from the truth as magmatic activities are brewing literally today. As I mentioned earlier, the main type deposits are Porphyry Cu- (Au-Mo) and Epithermal Au-Ag deposits. In the above section, I have listed two known giant deposits. There are still relatively few discoveries and that may be solely due to the geopolitical issues in the past. Figure 5 below is a good depiction of the type of ore deposits in Colombia based on the ages and the structural constraints and the volcanic activity shown in Figure 3B. Figure 5: Gold metallogenic belts and major Mesozoic and Cenozoic intrusive rocks of Colombia (modified from [8], and [9]) [5] There is this consistent reference to that region where we see the most volcanic activity. Conclusion Whenever I do my research when preparing for a Samso Insights, there are always lots to learn. In January 2020, I published Copper Porphyry Districts - Chile & Associates which was a pretty long blog. It was a 12 minute read, and in terms of attention span, it really tested readers. But that Insight was a real eye opener for me. As I mentioned, the Colombian mineralisation story was only something on my radar screen after I did the Coffee with Samso with Los Cerros Limited. I must say that I did not know that there was such a a thing as a high grade porphyry gold deposit. What is interesting is that even today, investors in the Australian Stock Exchange (ASX) are not fully well-versed in the potential of Porphyries and Epithermal deposits as being a giant target. There aren´t too many stories in the market place now that are in the same league as the Los Cerros of the market. Just look at Cadia-Ridgeway (NSW, Australia), Ok Tedi (Papua New Guinea), Bougainville Copper (Bougainville), Batu Hijau (Indonesia), Grasberg (West Papua, Indonesia), Tujuh Bukit (Indonesia), Bingham Canyon Mine (USA), Escondida (Chile)...etc these are mines that go for generations. When I look at what Los Cerros have and the results they are releasing lately, I can´t help but think that the limiting factor for the company is funding. The Quinchia deposit is a well-known Colombian deposit and when you look closer, there are satellite deposits as well. I came across [10] and wanted to share this (Figure 6) as it shows that the Los Cerros project is not some unknown topic. The whole Colombian story is a revelation for me. At this time with the geopolitical situation and the onset of rising interest rates, having a large high-grade gold deposit will be a good story. Figure 6: Location maps of the study areas. A) Middle Cauca Au-Cu belt in northwest Colombia within the Northern Andes. Western Colombia geologic terranes including the Cajamarca-Valdivia para-autochthonous terrane (hatched), the Romeral mélange terrane (black) and western allochthonous terranes (gray) are shown (Cediel et al., 2003). B) Location of principal porphyry and epithermal deposits within the Middle Cauca Au-Cu belt, including the Quinchía district and the El Poma prospect. Occurrences of garnets in late Miocene porphyries and the Colombia Formation mentioned in the text are also indicated. The geologic terranes of western Colombia (see also A) and their major bounding fault systems are labeled. C) and D) Simplified geologic maps of the Quinchía district and El Poma prospect, respectively. Principal porphyry and epithermal deposits within the Quinchía district, as well as garnet-bearing porphyry occurrences at Tesorito and El Poma prospects are indicated. Reference 1. Gómez, J., Núñez–Tello. A., Mateus–Zabala, D., Alcárcel–Gutiérrez, F.A., Lasso–Muñoz, R.M., Marín–Rincón, E. & Marroquín–Gómez, M.P. 2020. Physiographic and geological setting of the Colombian territory. In: Gómez, J. & Mateus–Zabala, D. (editors), The Geology of Colombia, Volume 1 Proterozoic – Paleozoic. Servicio Geológico Colombiano, Publicaciones Geológicas Especiales 35, p. 1–16. Bogotá. 2. Gómez, J., Montes, N.E., Nivia, Á. & Diederix, H., compilers. 2015. Geological Map of Colombia 2015. Scale 1:1 000 000. Servicio Geológico Colombiano, 2 sheets. Bogotá. https://doi. org/10.32685/10.143.2015.936 3. Gómez, J., Nivia, Á., Montes, N.E., Diederix, H., Almanza, M.F., Alcárcel, F.A. & Madrid, C.A. 2015b. Explanatory notes: Geological Map of Colombia. In: Gómez, J. & Almanza, M.F. (editors), Compilando la geología de Colombia: Una visión a 2015. Servicio Geológico Colombiano, Publicaciones Geológicas Especiales 33, p. 35–60. Bogotá 4. Claudio Chiarabba, Pasquale De Gori, Claudio Faccenna, Fabio Speranza, Danilo Seccia, Viviana Dionicio, and German A. Prieto  2015. Subduction system and flat slab beneath the Eastern Cordillera of Colombia. Geochem. Geophys. Geosyst., 17, pp16-27. 5. Guillaume Lesage, Jeremy P. Richards, Karlis Muehlenbachs, Terry L. Spell, 2013. Geochronology, Geochemistry, and Fluid Characterization of the Late Miocene Buriticá Gold Deposit, Antioquia Department, Colombia. Economic Geology; 108 (5): pp1067–1097. 6. https://www.zijinmining.com/ 7. https://www.solgold.com.au/ 8. Aspden, J.A., McCourt, W.J., and Brook, M., 1987, Geometrical control of subduction-related magmatism: The Mesozoic and Cenozoic plutonic history of western Colombia: Journal of the Geological Society of London, v.144, pp. 893–905. 9. Sillitoe, R.H., 2008, Major gold deposits and belts of the North and South American Cordillera: Distribution, tectonomagmatic settings, and metallogenic considerations: ECONOMIC GEOLOGY, v. 103, pp. 663–687 10. Thomas Bissig, Hildebrando Leal-Mejía, Roger B. Stevens, and Craig J.R. Hart, 2017. High Sr/Y Magma Petrogenesis and the Link to Porphyry Mineralization as Revealed by Garnet-Bearing I-Type Granodiorite Porphyries of the Middle Cauca Au-Cu Belt, Colombia. Economic Geology, Vol 112, pp 551-568. 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.

An Existing Mineralised System Having worked in the mineral resource industry for the last thirty years, I have seen and learnt a lot about the ins and outs of this industry. I remember asking an associate ten years ago why he knows so much about all the different projects. His answer was ... "Been there; Done that". Once you have been in this industry for that length of time, you will begin to see the tress from the forest every time a new project comes to the surface. Recently, I completed two Coffee with Samso with: Riedel Resources Limited (ASX: RIE) - The Kingman Gold and Silver Project - Riedel Resources Limited (ASX:RIE) and New World Resources Limited (ASX: NWC) - A VMS Story - The Antler High-Grade Copper Project - New World Resources Limited (ASX:NWC). I have learnt a lot from my research when preparing for those Coffee with Samso. I have always known that the North American continent is awash with compelling and giant projects, but I have never paid much attention to the stories there. As they say, there is always something to learn and one never stops being hungry to gain knowledge. In 2018, I had my first introduction to real gold projects from the United States. That was when an associate showed me a couple of projects in Montana. It was small scale but had great geology and potential. I was intrigued why and how this was still in the hands of a small cap company. Over the years, I have heard much about how there were many great projects in the US that one could get one's hands on, but like everything else that is far away. These thoughts inevitably turn into a case of "out of sight, out of mind". Figure 1: The Congress Mine lasted for decades and was the pride of Arizona (source: www.howtofindgoldnuggets.com) The two projects were the US Grant and the Kearsarge gold projects that were held by Transatlantic Mining Corporation (TCO:TSX.V). These two projects are currently in the process of being sold to Endomines (Nasdaq Stockholm: ENDO and Nasdaq Helsinki: ENDOM). From what I remember, the Kearsarge project was being promoted then as having the potential of over 500,000 ounces. These two projects are evidence of good geological projects in the US. It is simply a matter of being active in this space and doing business in a foreign jurisdiction. I was told that it is easier to make these projects happen in the US than in Australia. I can attest to that thinking as when we were in New Zealand, it definitely was a lot easier while, perceptively, it was meant to be more difficult. The photo above of the Congress Mine reminds me of the many old photos of mining towns in Australia. When I did some research on this topic, there were countless photos that depict old mining towns just like those in Australia. Now, you would think that there would be many opportunities to create present-day mining provinces in the US. Not that there are none, it just feels that way for the non-initiated. We are talking about the likes of those that we see in Kalgoorlie, Murchison, Ballarat...etc. Associates shared with me that the reason why you do not see the establishment of newer mining towns is due to their tenure system. Apparently, it is hard to freely consolidate large acreage. There are still many opportunities in the US that are available to small companies and even individuals. You can imagine how my interest got piqued when I came across the projects that Riedel Resources Limited (ASX: RIE) and New World Resources Limited (ASX: NWC) announced. Mineralised Zones - The place to find the action As they say, the best place to find mineralisation is to go where all the cooking is happening. The subduction zones of the world are the main sources of mineralisation and all the biggest deposits are on these margins, or nearby anyway. Figure 2: The world location of the major mineralised systems. Source: [1] In Figure 2, you can see that the major mineralised regions are all placed in the margins of tectonic plates with big porphyry deposits. Some of the ones in China are not listed but I take it that is due to a lack of information, although they may not be classed as porphyry systems at the time of publication. The reason why I like Figure 2 is that porphyry deposits are almost always the biggest style of deposits. They are the mega deposits and it is a good illustration as to the amount of endowment and the amount of "bubbling" that is required to create these deposits. The thinking behind that is, the surrounding areas will also be accepted as "bubbling". So when you take a step down from the world to a country scale, you start to see with more clarity, the concentration of mineral systems along the margin I mentioned in Figure 2. As we take note of the other world margins in Figure 2, it is easy to recognise the "cooking pot" that are in these regions. It is not surprising that when you drill even further down to the project scale (Figure 4), you will see the density of workings, both big and small in these areas. As we all know, the mining of minerals has been happening this way before European migration into these regions. Figure 3: A map showing the occurrences of significant mineral deposits in the United States. The is a clear preference to the subducting plate on the west coast of the Northern American continent. Source [2]. In terms of looking at the local prospectivity, you can imagine the density of prospects all along the western margin of the US (Figure 3 and Figure 4). You can now see how influential these plate margins are in creating mineralising sequences. Remember that these margins are continuously mobilising and creating multiple events of deposition and re-mineralising to create the myriad of deposit types over time periods of millions of years (Figure 4). The La Caridad - Mineral Park Belt The Kingman (RIE) and Antler (NWC) project both lie within the La Caridad - Mineral Park belt which is the dominant northwest trending structural zone. The belt runs for about 650km and is host to several porphyry, VMS and epithermal deposits. The structure is commonly interrupted by northeast-trending features and these spots seem to be coincident with the porphyry plutons [3]. These belts are deep rooted and the region has been exposed to numerous mineralisation events. Figure 4: Map of the western United States cordillera showing ore deposits superimposed on major tectonic elements and Laramide igneous zones, sedimentary basins, and metamorphic belts. The western United States is divided into four generalised geologic provinces (boundaries shown as heavy solid and dashed lines): Pacific margin, Magmatic arc, Cordilleran fold and thrust belt and the Rocky Mountain foreland. The smallest and largest ore deposit symbols represent gross values of about $20 million and $60 billion, respectively. Intermediate sizes of symbols are based linearly on deposit gross values lying between these extreme values. The short dashed line in northern Utah and southern Wyoming shows a segment of the boundary between the Archean basement on the north and Proterozoic basement on the south. It should be noted that although Jurassic accretion and magmatism resulted in complex geologic terranes along the Pacific coastal states, during the Laramide, these regions experienced downwarping and basin development. Specific deposits discussed in the text include: B = Butte and C = Cannivan Gulch deposits in Montana; T = Thompson Creek deposit in Idaho (Modified from Miller et al., 1992). As you can see in below (Figure 5), both projects sit in an apparent corridor with the Mineral Park (Cu-Mo) mine, Copperstone Mine and the Moss Mine (Au). There are several smaller operations in the immediate area but these three major deposits will give a good flavour of what we are dealing with in terms of mineral prospectivity. Let's look at the three deposits to get some idea of how rich this region is for metalliferous geology and why I like the projects owned by Riedel Resources Limited (RIE) and New World Resources Limited (NWC). Figure 5: A map showing the two projects, the Kingman project and the Antler Copper project in the US that has been featured in recent episodes of Coffee with Samso in 2021. These two projects sit in a very mineralised system that has numerous events of deposition and are situated in a distinct structural corridor. Moss Mine source: [4] The Moss mine is a heap leach operation which is owned by Northern Vertex Mining Corporation (TSX-V: NEE). The Moss Mine is a great example of what the local mineralising fluids are producing. It is a gold play that is using heap leach process to extract gold. Geology of the Moss Mine The host rock for the Moss deposit is the Moss porphyry, a uniform monzonite to quartz monzonite porphyry intrusion. It is coarse grained with 4 mm to 10 mm diameter plagioclase phenocrysts with biotite and lesser hornblende. There is also a fine-grained quartz monzonite porphyry, with 1 mm to 2 mm diameter plagioclase phenocrysts with minor biotite and minor magnetite, which is a later phase intrusive that cross-cuts the coarse porphyry and forms an intrusive breccia matrix in places. The gold-silver mineralization is contained within three main veins and their associated stockworks: the dominant Moss Vein; a western extension of the Moss Vein (the “West Vein”); and the Ruth Vein to the south of the Moss Vein. Moss Mine Project drillhole logs and assay database indicate a potential for other mineralized veins that are both similar to and sub-parallel to the Ruth Vein. For purposes of geological domaining they have been termed Vein No. 4. The Moss mineralization is unique in comparison to many other epithermal deposits subject to heap leaching because, within the depths being exploited for mine operations, as they do not exhibit the traditional oxide-transition-sulphide boundaries. The sulphide zone is well below the maximum depth of mining. The primary mineralization consists of free gold in quartz and calcite veins. Resources of the Moss Mine Table 1: The Mineral Resources Estimate for the Moss Mine, Arizona. Source [4] According to the Northern Vertex website, "The Moss Mine is an open pit gold-silver operation, with a favourable strip ratio of approximately 1.85:1 (waste to ore) and minimal haul distances to the crushing plant. The most economic and effective way to process the ore is through crushing, agglomeration and heap leaching followed by processing at the on-site Merrill Crowe metal recovery plant and refinery to produce gold and silver doré bars. According to the Company's Feasibility Study (2015), throughput at the Moss Mine was expected to be 5,000 tonnes per day (tpd), however since commissioning was announced in 2018, throughput has been significantly higher due to exceptional performance of the crushing plant and operational team, which set a one-day throughput record of 13,000 tonnes. " Copperstone Mine The high-grade Copperstone Gold Mine is located in LaPaz County, in western Arizona, in the United States. It is within the Walker Lane mineral belt where it intersects gold provinces in Southern California and Western Arizona. Arizona Gold Corp. (TSX: AZG ; OTCQB: AGAUF) acquired the Copperstone gold mine located in Arizona in 2014. The mine is fully permitted with significant mining infrastructure, mineral resources and processing infrastructure in place. Between 1987 and 1993, the Copperstone mine produced up to 500,000 ounces of gold. Geology of the Copperstone Mine According to the website of Arizona Gold Corp, gold mineralization at Copperstone occurs principally within the moderate to low-angle Copperstone Fault which has been interpreted to be a listric fault associated with the underlying Moon Mountain detachment fault. Gold occurs as native flakes within fault breccia, gouge and shear zones related to the faulting. The wall and host rocks are typically Triassic sediments and Jurassic quartz latite volcanics. Gold is commonly associated with hematite, chlorite, quartz, manganese oxide and copper oxide mineralization. In the case of the Copperstone Mine, the gold is not encapsulated in sulphides or silica, and the ores do not contain active carbon. This means that the ores at Copperstone are not refractory. This is a consequence of the fact that these ores appear to be comprised of “original”, or “primary”, or “hypogene” oxides minerals. Figure 6: At the bottom of the Copperstone pit. (Source [8]) Mineral Park The Mineral Park orebody is associated with a complex of late Tertiary monzonitic rocks within two main stocks intruding Middle Proterozoic lithologies (Figure 6). Economic Cu mineralisation is only present within the supergene blanket, with hypogene grades of 0.1 to 0.15% Cu and 0.04% Mo. The deposit is located within north-western Arizona, about 125 km to the north-west of Bagdad and lies within the Arizona-New Mexico Basin and Range Province. [5] According to [6], the now delisted owner of Mineral Park, Mercator Minerals (TSX: ML; US-OTC: MLKKF), released an estimate of the reserves at Mineral Park in July 2013. The new estimate pegs reserves at 369 million tons (335 million tonnes) grading 0.12% copper, 0.037% moly and 0.08 oz. silver per ton. This replaces the previous estimate of 389 million tons (353 million tonnes) of 0.138% copper, 0.04% moly and 0.08 oz. silver. Tonnage has dropped by 5%, and copper and moly grades have slid by 13% and 8%. The latest reserve contains 876 million lb. copper, 273 million lb. moly and 31 million oz. silver. Another 72 million lb. copper will be recovered through leaching. This compares to the previous estimate of 1 billion lb. copper, 310 million lb. moly and 31 million oz. silver, plus another 86 million lb. copper estimated to be recovered from leach ore, notes Laurentian Bank Securities’ analyst Christopher Chang. Figure 6: Mineral Park mine from the air, 2008. [7] Large scale copper mining began in the old Mineral Park district in 1963 when Duval Corporation began the open pit operation. The mine changed hands and owners several times and was acquired by Mercator Mineral Park Holdings of British Columbia in 2003. In December 2014 the mine closed as the company filed for bankruptcy.[7] On January 20, 2015, it was reported that Origin Mining Company, a subsidiary of the Canadian company Waterton Global Resources who also own Elko Mining Group and Carlin Resources LLC in Nevada, had purchased the property. [7] What Does Mineralisation Mean For The Average Investor? On the 18th May 2021, Northern Vertex Mining Corporation (TSX-V: NEE) announced a drilling intercept of 28.96m at 2.28g/t Au and 28.84 g/t pf Ag which was part of the near mine exploration. This included the following, 9.15 meters grading 4.90 g/t Au and 57.18 g/t Ag for the Moss vein in drillhole AR20-359R 4.6 meters grading 4.01 g/t Au and 27.97 g/t Ag for the Ruth Vein in drillhole AR20-364R Drilling indicates consistent intersections of elevated gold and silver mineralization along more than 500 meters of the Ruth Vein, approximately 100 meters south of the crest of the Moss Center pit. In March 2021, Riedel Resoruces Limited announced the following results, 3.8m @ 98.9 g/t gold & 151 g/t silver from 20.6m including - 1.5m @ 230.8 g/t gold and 359g/t silver from 20.6m 1.5m @ 15.56 g/t gold & 29 g/t silver from 28.2m 4.6m @ 4.44 g/t gold & 7.8 g/t silver from 18.3m including - 2.3m @ 7.62 g/t gold & 12 g/t silver from 18.3m 4.6m @ 4.24 g/t gold from 10.7m and 2.3m @ 2.82 g/t from 29m 1.5m @ 11.46 g/t gold & 35 g/t silver from 20.6m 1.5m @ 39.3 g/t gold & 323 g/t silver from 37.3m 18.3m @ 2.22 g/t gold & 11g/t silver from 100.6m including - 4.6m @ 8.39 g/t gold & 39 g/t silver from 100.6m Figure 7: A schematic cross-section of the first drilling program by Riedel Resources Limited at the Tintic prospect. The results that Riedel announced in March 2021 have some consistency with those that were observed by Northern Vertex. As we all know, it is not appropriate to compare apples with oranges, but when you consider the potential spatial relationship the two projects have in terms of the structural corridor, you would have to consider this as a positive resemblance. When you look at the gold grades that were discovered at Tintic (Figure 7) and Merrimac (Figure 8), the first thing that came to my thoughts is that the fluids must be rich and the source must be able to sustain this kind of numbers. Scientifically, one cannot believe that this is a freak of random occurrence as the surrounding area appears to be carrying numbers too. Figure 8: A schematic cross-section of the first drilling program by Riedel Resources Limited at the Merrimac prospect. [10] What is of more interest to me is their second drilling program as they uncovered a couple of mineralised bodies (Figure 10). The first intercept was literally from the surface and the other around the 40m down the drill hole. The gold grade was not spectacular but the combination was VERY interesting. This program showed that the mineralised strike that Riedel has is prime for gold, silver, zinc, lead.... Smelling like a VMS to me :-) or a variation of something more exotic. The mix of metals is very interesting and as an every optimistic exploration geologist, I am smelling something more than a quartz vein with some gold. This second program triggered a lot of selling on the Riedel share price which was bizarre (Figure 9). To me, this was a fantastic result, you have just confirmed mineralisation further along strike. The results also boast confidence that your mineralisation is more widespread. In addition, the mixture of metals tells you that you have a very fertilised source and it is mineralising within your tenement boundary. Figure 9: Price chart for RIE. Source: [www.commsec.com.au] Another point is that the mineralisation is shallow, very shallow. A first up drilling program revealing consistent mineralisation but the market sold it down. The negative sentiment from the market tells me that there is a disconnect between what is in the ground and what the market understands is in play. I feel that the market is not appreciating the discovery and confirmation of mineralisation along strike. To get that kind of results on a first up drilling program has been misinterpreted as a failure. Hence, if investors see some merit with my interpretation of events, this may have brought a good entry value for new investors or those that have felt that they missed out previously. With a current market capitalisation of AUD18.51M (26th May 2021), thanks to the sell down, it makes an interesting value proposition. Figure 10: The Jims prospect drilling result. [10] Similarly, New World Resources announced the following on the 20th May 2021, Excellent results returned from the recently discovered “South Shoot”, including: 17.1m @ 3.3% Cu, 9.5% Zn, 1.2% Pb, 34.8g/t Ag and 0.16g/t Au from 396.2m (17.1m @ 5.5% Cu-equivalent*) in ANT56 – the deepest hole drilled to date in the South Shoot; and 11.1m @ 4.4% Cu, 9.7% Zn, 0.5% Pb, 29.6g/t Ag and 0.26g/t Au from 289.9m (11.1m @ 6.4% Cu-equivalent*) in ANT47 – approximately 250m up-dip from ANT56.  Impressive results also returned from the “Main Shoot”, including a total of 19.3m of mineralisation in the deepest hole New World has drilled to date, comprising: 14.3m @ 2.3% Cu, 6.8% Zn, 0.3% Pb, 22.4g/t Ag and 0.28g/t Au from 614.0m (14.3m @ 3.8% Cu-equivalent*) and 5.0m @ 2.2% Cu, 2.9% Zn, 0.1% Pb, 10.8g/t Ag and 0.27g/t Au from 639.3m (5.0m @ 2.7% Cu-equivalent*) in ANT53 Figure 11: . Long Section through the Antler Deposit showing the location of the Company’s drill holes (gold and green colours), with historical underground workings, historical drilling and select significant intersections in previous drilling (white text boxes). [9] When you add the results that New World announced to the mix of drilling results from Kingman and Moss, I cannot help but agree that this corridor, that previous authors have highlighted, is consistent to mineral mineralisation. There is no doubt in my mind that this corridor is abundantly mineralised. In their presentations and in the Coffee with Samso, Riedel and New World Resources talk about a long strike length of mineralisation and readers should look at that with more interest. Readers should keep thinking about the fluid action that is creating all the nice numbers. When you look at Figure 11, you should be able to get a good sense of what I am talking about. This long section view is one of the best methods of visualising how the potential ore body is plunging/dipping. So What Does All This Mean? If you look back at Figure 2, you would notice that Tintic was named and it was classified to have Ag, Pb, Zn and Cu. The drilling results that Riedel announced indicate similar metals being analysed. So if you deduce this as having similar source magma, then this should be expected. Tintic is along strike from Jim's (Figure 12) and there seems to be a "cluster" of mineralisation. Merrimac, which was part of the first drilling program, some high grade gold numbers too. So you have Antler which is an obvious VMS to the south, Tintic which has been classified as VMS-type at the very least and Jim's showing some VMS properties, the pieces seem to point to similar types of potential deposits. As we are moving up the perspective view (Figure 12), you will see the major copper mines (porphyry related) to the south and the potential of creating of clusters around the Kingman, Antler and Mineral Park region. I do realise that there is a fair bit of postulating happening here but from an exploration point of view, I cannot help but see the northwest corridor happening in the same way. I would say that if you looked at the local geology around each of those red dots to the south, you would most likely see similar things to Kingman and Antler. Figure 12: The spatial relationship between the Kingman and the Antler project. Conclusion I hope I have painted a good enough story to show the reasons why I think the La Caridad - Mineral Park Belt is a cooking pot for metal deposits. The presence of porphyry systems along this structural corridor which is obviously deeply sourced is the perfect machine to create numerous deposits stretching the whole 650km. It is no coincidence that in every part of the world where these tectonic margins exist, you get a lot of metals being precipitated out of the magma. The numerous porphyries being documented in the southern part of the La Caridad - Mineral Park belt is clear evidence of a fertilised system. The biggest issue for both companies is to keep finding money because they need the flow of funds to keep up with drilling. What I am confident is that they do not have to worry about finding mineralisation. References [1] - Sillitoe, R.H. 2010 Porphyry Copper Systems - Economic Geology V105, pp 3-41 [2] - Long, Keith R., DeYoung Jr, John H., Ludington Steve. 2000, Significant Deposits of Gold, Silver, Copper, lead, and Zinc in the United States, Economic Geology, Vol. 95, pp 629-644. [3] Hildenbrand T.G., Berger Byron, Jachens R.C., and Ludington Steve, 2000, Regional Crustal Structures and Their Relationship to the Distribution of Ore Deposits in the Western United States, Based on Magnetic and Gravity Data, Economic Geology, Vol. 95, pp 1583-1603. [4] www.northernvertex.com [5] www.portergeo.com.au [6] www.northernminer.com [7] Wikipedia [8] www.arizona-gold.com [9] www.newworldres.com Gratitude Patreon: This is a platform for supporting creators like me. Please consider helping out and pick your reward here: If you would spend some time and support Samso Insights, I would be totally appreciative. So please feel free to pick a reward, or simply chip in any amount that tickles your fancy :-) https://patreon.com/samsomedia Brilliant-Online: Our investment articles are also shared across Brilliant-Online magazine. Check out their investment column. 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. Download our 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. 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. #gold #samsoinsights #mining

Coffee with Samso Episode 76 is with Jon Hronsky, of Western Mining Services Mineral Exploration has always been thought of as highly speculative and hence is a high-risk investment. Jon Hronsky, a geoscientist who has been on the scene in the last 37 years shares his thoughts on why this is actually not true. I met Jon way back in late 1989 when I was in the second year of my undergraduate geology studies. I have been following his work since then and value his high-level (regional) targeting strategies. One of the hardest things to research is the myriad of projects that exist in companies in ASX. Over the years, I have been asked many times what I think of the projects in different companies. What is hard to comment on is the legacy that exists in these projects. If you do not know the history or the content of management, it is extremely difficult to give a "correct" answer. The general consensus is that if there is a historical record of mineralisation, it will be a better project. As many experienced proponents of this sector will tell you, this is not anywhere near sufficient information to make an "intellectual" comment. There is way too much information required before one can come anywhere near the point of making an "educated" estimation. Jon Hronsky comes from a breed of mineral explorers who look at the picture and this is what I call the need for the right ingredients. I am talking about greenfield projects where the "out of the box" thinking has taken the "risk" to chase the potential. These kinds of projects normally offer the greatest rewards for investors. In this episode, Jon shares with us his thoughts on mineral exploration and why he thinks the Empress Springs project is a great example of the First Mover Strategy for Moho Resources Limited (ASX; MOH). Jon has looked at the work that was initiated in conjunction with Ryan Noble from the CSIRO and he made the following comments: This is the biggest coherent anomaly I have seen. - Jon Hronsky on the Empress Springs project. This was part of the Coffee with Samso entitled "Applying Scientific Sampling Methods into Mineral Exploration - CSIRO" Another interesting point that came up during our chat is that Jon shares very similar thoughts about the level of risk in exploration projects. The risk for investors is realistically less for greenfield exploration as opposed to advanced projects. I have included time stamps for the video below: Chapters: 0:39 Jon Hronsky Introduction 2:42 Where is the Current Market Going? 5:50 Renewed Funding Giving Life to Projects 6:39 Time to Understand Project and Management Quality 7:52 The Empress Spring Story: Moho Resources Limited (ASX: MOH) 13:51 First Mover Strategy 14:39 The Olympic Dam Discovery Analogy 15:00 The Bigger Deposit is the Easiest to Find. 15:23 The Upside Down Lightning Bolt Theory 20:10 Understanding the Pathway of Source Rocks 21:16 The Project Generator Model for Exploration Company 22:50 The Boddington Gold Mine 24:07 The New Exploration Region 25:11 The Myth of Risk - Reward Ratio 25:38 The Beauty of Exploration 26:08 Exploration Vs. Brownfields 27:25 The Biggest Challenge for an Investor 28:08 Reasons to be a member for the CET ( Center for Exploration Targeting) PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Jon Hronsky Jon Hronsky OAM (BAppSci, PhD) Chairman of the Board of the Center for Exploration Targeting in Western Australia Chairman of the Australian Geoscience Council (the peak body for geoscience organisations in Australia) Adjunct Professor at both the University of WA and Macquarie University. Jon Hronsky has more than thirty-five years of experience in the global mineral exploration industry, primarily focusing on project generation, technical innovation and exploration strategy development. He has worked across a diverse range of commodities and geographies, and has particular expertise in targeting nickel sulfide and gold deposits. His targeting work led to the discovery of the West Musgrave nickel sulfide province in Western Australia. His experience includes leadership roles in both major mining and junior mining companies, and he has consulted globally for the last 12 years. In January 2019 he was awarded the Order of Australia Medal for services to the mining industry. Jon is currently Chairman of the Board of the Center for Exploration Targeting in Western Australia, Chairman of the Australian Geoscience Council (the peak body for geoscience organisations in Australia) and an Adjunct Professor at both the University of WA and Macquarie University. He was the 2009 Society of Economic Geology Distinguished Lecturer. Jon joined WMS in 2007. Prior to that, he was Manager-Strategy & Generative Services for BHP Billiton Mineral Exploration and Global Geoscience Leader for WMC Resources Ltd. About Western Mining Services Western Mining Services (WMS) provides the best in geoscientific and risk management advice and services to mineral explorers globally. WMS offers a range of essential services: Advice on exploration strategy development both brownfield and greenfield Review and critique of mineral exploration strategies, plans and programs Assistance with the organisational structures Metallogenic framework and mineral targeting studies that deliver viable greenfield targets Brownfield and near-mine studies and target generation Support for target validation at all scales Technical due diligence and new opportunity analysis Deal terms review and evaluation Commercial risk analysis WMS' proven track record: Over the last 12 years, WMS helped more than sixty companies pursue exploration programs and opportunities globally. The resulting rewards include the largest gold-copper skarn discovery in the Americas and major nickel and gold discoveries in Australia. Over 600 students attended their popular Senior Exploration Management (SEM) Course which, by many accounts, ranks as “one of the best”. WMS offers the SEM Course annually in Perth WA and Denver CO, and also offers the course in-house for clients who want a course tailored to their strategy and exploration program. WMS developed an on-line Senior Exploration Management (SEM) course that tracks in-person SEM Course and that will make excellent, experienced training services more available to exploration groups worldwide. WMS Team is experienced, focused and eager to help achieve the mineral exploration mission. Please contact us, and let’s discuss how we can help. CONTACT JON HRONSKY m/ +61 417992518 e/ jon.hronsky@wesminllc.com w/ https://www.wesminllc.com/ 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. 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.

Coffee with Samso Episode 122 Today's mineral exploration story is about Cooper Metals Limited (ASX: CPM) chasing for Copper and Gold. Ian Warland, Cooper's Managing Director, an exploration geologist with more than three decades of experience shares the concepts of the Cooper Metals story. When I first looked at Cooper Metals I was surprised at the location of their tenure in Mt. Isa which is right in the heart of the Mt. Isa Inlier. It is very much like the Miramar Resources story with the Gidji JV in Kalgoorlie. The Mt. Isa East project is literally within stones throw from major deposits. There are deposits with world class numbers that are within the same region. I am not saying that there is a like for like resemblance in the geology but it tells me that the region is a melt of mineralisation. A nearology story that has proven success and the fruits are well endowed. There is no doubt that Cooper Metals will find smoke in their exploration as they recently announced some great rock chips from existing trenches (Mt Isa East rock chip assays up to 35.3% Cu and 7.96g/t Au). "Copper is where you see it on the surface", says Ian Warland. My thoughts are that the Queensland project is the one to watch for now. As Ian mentioned, their next step is to fly a new geophysical survey which will give them more detailed understanding on where the potential mineralisation can be found. The next targets for the company is the Yarmana Gold project and the Gooroo Gold project in Western Australia. These are more early stage projects but their potential is not to be ignored. I like the Yarmana Gold project as there are tenements that are adjacent to the world class Gruyere Gold mine which is owned by Gold Road Resources Limited (ASX: GOR). The Gooroo Gold project may be my third choice but the recent change in understanding of the greenstone presence within the Gullewa Greenstone belt may be more than interesting. The Project area is located within the Archaean Gullewa Greenstone belt in the Murchison Province of the Archaean Yilgarn Craton. The area is prospective for Archean gold and Volcanic Massive Sulphide deposits. Silver Lakes (ASX: SLR) Deflector Cu-Au deposit is located ~ 26km north of the Gooroo Project. Let's listen to these chapters 00:00 Start 00:20 Introduction 01:05 Ian Warland introduces Cooper Metals Limited. 01:58 How did Cooper Metals get the projects? 05:14 How much of a correlation does surface mineralisation have with discovery? 08:00 Why did Cooper get the opportunity of these projects? 10:28 Neighbours in Mt. Isa are finding great results. 11:43 Comments on the recent announcement. 11:59 Copper is where you see in on the surface. 13:41 Was there a model of chasing nearby projects prior to listing on the ASX? 15:59 Geophysics have come a long way. 16:18 Reasons why Geophysics today, can change the prospectivity of a project. 17:21 The other projects. 18:12 The Gooroo Project. 19:45 Chasing concepts is how to find new deposits. 21:04 The Yarmana Project. 21:53 The Endless possibilities of Mineral Exploration. 23:35 Why the discoveries are being made from projects not loved/unloved. 25:20 What is the plan going forward? 27:32 Is there a labour issue for the company? 28:44 How long will this resource boom continue? 31:38 What is Ian's last words to investors? 33:21 The positives of the Cooper Metal story? 34:40 Uranium potential 35:47 Concluding comments from Samso. 36:49 Ian's concluding comments. 37:23 Potential for Copper Metals. 37:59 Conclusions Podcast About Ian Warland Managing Director A highly experienced and successful geologist with 25 years’ experience in Australia and internationally over a wide range of commodities. Notably, a career highlight, was being joint recipient for “Explorer of the Year” in 2006 for the discovery of the Jacinth and Ambrosia zircon-rich mineral sand deposits. Ian holds a Bachelor of Applied Science Geology with First Class Honours and university medal from the University of Technology Sydney. He also has a Graduate Diploma of Applied Finance and Investment and an Associate Diploma in Environmental Control. In the last ten years Ian has worked primarily in the junior exploration sector as a geological consultant and in senior management positions for Musgrave Minerals and Marmota. After leading Twenty Seven Co Ltd as their CEO for the last three years, Ian is now Managing Director of Cooper Metals. About Cooper Metals Limited Cooper Metal’s flagship Mt Isa East Cu-Au Project covers over 1300 sq km of tenure with numerous historical Cu-Au workings and prospects already identified for immediate follow up exploration. The Mt Isa Inlier is highly prospective for iron oxide copper gold (IOCG) and shear hosted Cu +/- Au deposits. Mt Isa East is complimented by two early stage Projects in WA within proven well mineralised districts. The Yamarna Gold Project located along strike from Gold Roads 6.16 Moz world class Gruyere Gold Deposit (ASX: GOR) has an extensive length of untested Dorothy Hills Shear Zone that was important in the formation of Gruyere < 10 km to the southeast. Lastly the Gooroo Cu and Au Project covers newly identified greenstone belt ~20 km from Silver Lakes Deflector mine. The 26 km expanse of covered greenstone belt has had almost no exploration and was only added to government geology maps in 2020 after reinterpretation of geophysical data. Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. 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-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 70 is with Rick Rule, Senior Managing Director, Sprott Inc., and President & CEO, Sprott U.S. Holdings Learning is best done when you actually listen. In this episode of Coffee with Samso, I recommend listening well. Just over twelve months ago, I was browsing through LinkedIn and saw Rick Rule giving an interview and wondered if he would be interested to have a Coffee with Samso. I was thrilled he readily agreed. Rick Rule is on his third Coffee with Samso and the timing is impeccable as this is almost twelve months since our first conversation. That was when the pandemic had just started and everyone was thinking it would perhaps be chaotic for a while. As most investors know, this was followed by an equity rise not seen for many decades. The chaos was far from short-term. It has already been a year. Check out our Insight on The Best Equity Investment Since the 1980s for more insights on this. In this Coffee with Samso, Rick shares with us some pointed topics as we work through some of the issues that we have faced and will face in the coming months. As precious metals take a step backward recently, the anticipation of the EV Revolution has sparked a race where investors were seen rushing to expose themselves to the Lithium market. We also discuss this rush as well as the recent interest in the REE and Silver. Rick reminds investors that Rare Earths Elements (REE) and Lithium are not rare. Where you want to position yourself is at the processing end of this sector. Do not chase the market noise/narrative but instead understand and believe the story of the company. And that's why Samso is proud to bring you stories direct from ASX companies! The recent "hot news" on REE and Silver which have captivated the market sentiment is not really making Rick excited. Make sure you tune in to understand why this is the case. Rick offers to review your resource share portfolio here Look out for the part where Rick offers to review your resource share portfolio. All you need to do is go to the link below and list your resource stocks and he will personally rank them from 1 to 10 (1 = best and 10 = worst). He will personally make comments on stocks that he knows as well. If you include charts in the question line, he will include Barron's gold mining chart which is a 50-year gold equities chart and a 100-year chart on commodities chart. https://sprottusa.com/brokerage-services/rankings/ PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Rick Rule Senior Managing Director, Sprott Inc. President & CEO, Sprott U.S. Holdings Rick Rule began his career in the securities business in 1974 and has been principally involved in natural resource security investments ever since. He is a leading resource investor specialising in mining, energy, water utilities, forest products and agriculture, and has originated and participated in hundreds of debt and equity transactions with private, pre-public and public companies. Mr. Rule is also the Founder of Global Resource Investments, President and CEO of Sprott U.S. Holdings, Inc. and a member of the Sprott Inc. Board of Directors. He is a frequent speaker at industry conferences and has been interviewed for numerous radio, television, print and online media outlets concerning natural resource investment and industry topics. Mr. Rule is frequently quoted by prominent natural resource oriented newsletters and advisories. About Sprott Sprott is a global asset manager providing investors with access to highly-differentiated precious metals strategies. Sprott's in-depth knowledge, experience and relationships separate them from the generalists. Sprott’s specialised investment products include innovative physical bullion trusts, managed equities, mining ETFs, as well as private equity and debt strategies. They also partner with natural resource companies to help meet their capital needs through brokerage and resource lending activities. Sprott is a global asset manager with offices in Toronto, New York and London. Sprott’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. Sprott today serves over 200,000 global clients and has approximately $16.3 billion in assets under management. A Rich History The company was founded in 1981 by Eric Sprott, an early champion of precious metals investing. Sprott has grown steadily over the past four decades through organic initiatives and acquisitions and has expanded its role far beyond its original focus as an institutional brokerage serving mostly small- to mid-cap Canadian natural resources companies. Today, their reach is global, and they are proud of their deep roots in the sector. Sprott’s unique expertise benefits both the investors and issuers. Their disciplined approach to investing, their focus on risk management and their ability to quickly assess and complete projects is built on more than 35 years of experience working with management teams across different project types and geographies. Their unique capabilities allow them to provide flexible financing solutions across the mining life cycle and to match global investor demand with a strong pipeline of investment opportunities. Contrarian Sprott goes against the grain when investing. Precious metals offer low correlation to other assets and can serve as natural hedges. In a time of increasing uncertainty about global markets and geopolitics, they are committed to providing investors with access to these assets and supporting the companies that produce them. Innovative Although precious metals have been coveted for thousands of years, Sprott believes there are significant new opportunities for investors and issuers in the sector. They continue to demonstrate this through investment innovations such as physical bullion trusts, factor-based ETFs, managed equities, and private equity and debt strategies. Aligned Sprott is committed to aligning the interests of their clients, shareholders and employees. This is demonstrated by their high level of employee share ownership, as well as by significant participation by Sprott and employees in their strategies. 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. 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.

Rooster Talk Episode 45 with Thomas Line, Chief Executive Officer of Taruga Minerals Limited (ASX:TAR) as they look for a potential Giant Copper deposit at the Wyacca Project. Announcement: 30th August 2021 Drill Results and Exploration Update – Wyacca Project Expect a great geology discussion on what the latest announcement means for the company and why the results to date give him the confidence to find a giant motherlode. Thomas gives us a detailed explanation of the VTEM™ (Versatile Time Domain Electromagnetic) figures and what they mean. He also gives a thorough explanation of how they are helping to model the ongoing exploration strategy. More importantly, he explains the importance of having a systematic process of understanding and executing a good exploration plan. It is useful to see how someone like Thomas thinks when he is interpreting the direction of the copper mineralisation at the project scale. Watch the interview: Rooster Talk Episode 45 Thomas shares with us the following aspects of the company: Why Wyacca? How to understand VTEM? What do the current results mean at Wyacca? Using Plate Modelling to differentiate non copper bearing sulphides. What is the news flow for Taruga? Wyacca has the potential to be a major copper discovery. Historical High Grade Copper mining at up to 40% Cu. Chapters: 00:00 Introduction 01:08 How are the recent results help your thinking at Wyacca? 05:29 All about Powder Hill 09:16 Coincidence of VTEM and Drilling - Is this a practical rule? 14:37 Exploration strategy to differentiate non copper bearing sulphides. 15:50 How the different VTEM timing mean for Taruga? 20:45 The reason why Taruga is a copper mineralising Tindelpina shale unit. 21:36 The plans for Taruga in the next 12 months. 23:13 Conclusions PODCAST About Taruga Minerals Limited (ASX:TAR) Taruga Minerals Limited (Taruga or the Company) is a mineral exploration company listed on the Australian Securities Exchange (ASX:TAR) with a focus on acquiring and developing highly prospective Gold, Copper and precious metals exploration projects in Australia. CEO Thomas Line is supported by a highly credentialed Board, and has provided the Company with exposure to the exciting, under explored, High-Grade Flinders, Torrens and Mt Craig Copper-Gold-Silver Projects, South Australia. Wyacca The Wyacca Mine (Cu) is located in the northern portion of the MCCP, Adelaide Fold Belt and was the first operational small-scale mine in the MCCP area. About Thomas Line Chief Executive Officer Thomas is the project-generator and vendor of Strikeline Resources and its three highly-prospective South Australian projects and has been responsible for their development to date. Thomas is an experienced geologist and project manager with 10 years’ experience in mining, exploration and resource development. Thomas holds an honours degree in geology, is a member of the Australian Institute of Company Directors (AICD) and is committed to the successful future development of the Flinders, Torrens and Mt Craig copper projects. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. 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

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. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.