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In this episode of Coffee with Samso 177, we have Mike Bohm, the Chair, and David Groombridge, CEO of Riedel Resources Limited (ASX: RIE) sharing with us the 2023 version of the Riedel Resources story. The last time we spoke to Riedel Resources was in 2021. In early 2021, I came across the Kingman project when Riedel Resources announced the high grade nature of the project. Listen to our coffee conversation with Mike Bohm and David Groombridge here: The Riedel Resources Limited (ASX: RIE) story so far Riedel Resources is one of those companies that on initial assessment, I was instantly attracted to the geology. As I mentioned, when I first saw the maiden drilling results, I felt that this was something to keep an eye on. As an exploration geologist, what is there not to like? The project area (Figure 1) is reminiscence of the Kalgoorlie goldfields. You will hear Mike and David talk about the fact that if the Kingman project was in Australia, it would have been drilled. It is important to appreciate these words as the easy pickings of the goldfields are all gone. There are no more easy discoveries, but places like the Kingman project have not had the attention and it's like a time warp event. The recent announcement to target a maiden resource for Kingman will go far in maturing the project. This will be the first steps to identifying an economic statement which, according to Mike and David, a toll treating mining solution. What is in the "Potential" basket for the Kingman Project? To look at what else is in the package, I think the best thing is to have a look at an image that was released way back in May 2021 (Figure 2). The geophysical images tell us that there seems to be some magnetic highs which taken with the understanding of the area is significant. There is a known porphyry within 6km from the project. What we know about porphyry is that they occur in clusters and are highly variable in mineralisation. The existence of base metals at Kingman makes me think that there could be a VMS system ( Volcanic Massive Sulphide ) lurking within the project. (Source RIE Annoucnement May 2021 ) When you look at Figure 2, you cannot help but think that there is a lot of cooking mechanisms working in this area. In May 2021, I wrote a Samso Insight which highlighted the regional perspectivity of the area. This Samso Insight brings out why I think this whole region is very prospective. New World Resources Limited (ASX: NWC) has a very high grade VMS project to the south of Kingman. I think it is about 100km south east of Kingman. When I speak to the company for their Coffee with Samso, they speak of the same potential of the region. It is important to have a read of the Samso Insight as that will give you a good understanding of why people like me believe in this region. Samso's Conclusion The most important part of the whole Riedel Resource story is the potential nature of the technical part of the project and Mike Bohm. We have covered the technical part of the project above and I am pretty sure most readers get my point. Why do I say Mike Bohm? He is a proven performer. I have known Mike since 1993 at Ashton Mining. I have never worked with him but talking to him and observing what he was doing, he has always struck me as a no nonsense person who is the consummate professional. Today, working with him, I can see that coming through. Mike is a mining engineer and he was on the Board of Argyle Diamond Mine. I suspected that he had that role because Argyle was all about mining. The Board of Ashton Mining Limited would probably have wanted someone there that knows a thing or two about mining to represent them on the Board of Argyle Diamond Mines. If you look at the companies that Mike has been involved with, you will realise that this is not a man that talks in riddles. He does what he says and his stature on the ASX level is one I am sure he does not want to tarnish. He has worked with major mining companies and he understands what will work and what is a pipe dream. Hence, when Mike says that when they prove up the resource for Kingman and they can truck this to a toll treatment facility, you feel safe that this has been calculated. In all my conversations with companies, I have always stated that the two most important components in your research are technical merits and management integrity. Tune in to the Riedel story here. Chapters: 00:00 Start 00:20 Introduction 01:33 New learnings from the Kingman project. 02:47 Type of mineralisation at Tintic in Arizona. 04:25 Strategic area of high-grade mineral system at Tintic. 08:02 Chasing the high-grade gold in Tintic. 09:48 How should investors interpret the grades and drill holes? 13:20 The advantages of the Kingman project. 16:15 Permitting process in the US. 17:03 Upcoming 7000m RC Drill program and further works. 18:35 Possible challenges in the Kingman Project. 22:18 News flow. 25:23 Why Riedel Resources? 27:32 Conclusion PODCAST Michael Bohm Chair Qualifications: BAppSc (Mining Engineering) Mr Bohm is a qualified mining professional with extensive corporate, project development and mine operations experience in Australia, South-East Asia, Africa, Chile, North America and Europe. A graduate of the Western Australian School of Mines, he has worked as a mining engineer, mine manager, study manager, project manager, project director and managing director. Mr Bohm has been directly involved in a number of new project developments in the gold, nickel and diamond sectors both in Australia and offshore. Mr Bohm's experience includes previous directorships at Ramelius Resources Limited, Perseus Mining Limited, Argyle Diamond Mines and Sally Malay Mining Limited in Australia (ASX) and Ashton Mining of Canada (TSX). He is currently a Non-executive Director of Cygnus Gold and Mincor Resources Limited. Mr Bohm is a member of the Australian Institute of Mining and Metallurgy (AusIMM) and is a member of the Australian Institute of Company Directors (AICD). David Groombridge Chief Executive Officer Qualifications: MEconGeol David is a geologist with a Masters in Economic Geology from the University of Tasmania. His career incorporates 20 years mining industry experience in multiple ore deposit styles, including nickel sulphides, tungsten, SedEx (sedimentary exhalative) and orogenic gold in both underground and surface roles, primarily in resource development and mineral exploration. He spent 12 years across senior management roles at Tectonic Resources and Silver Lake Resources before becoming Exploration Manager for Medallion Metals, where he has worked since 2016, focused on the 1.62Moz Au Eq. Ravensthorpe Gold Project. This WA-based project is a structurally hosted, high-grade gold system similar to the Kingman Project. About Riedel Resources Limited Riedel Resources (ASX: RIE) is an emerging mineral exploration company focussed on advancing the historic high-grade Kingman Gold Project in North-West Arizona. The Kingman Project covers an area of historic gold-silver-lead-zinc mines that were in production from the 1880’s through to the early 1940’s. Diamond drilling in late 2019 confirmed the high grades seen in historic mining. RC drilling in early 2021 hits extensive gold, silver, zinc and lead mineralisation including 3.8m at 98.9 g/t gold and 151 g/t silver from 20.6m at Tintic and 4.6m at 8.39g/t gold from 100.6m at Merrimac. Further drilling subsequently confirmed gold, silver, zinc and lead mineralisation in multiple veins at Jim’s. 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 Subscribe to 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

Samso Insight Episode 103 is on the current Critical and Essential Minerals debate and what this means for investors, communities and Australia. There are many narratives on what this drive for electrification means for investors. We can all agree that there are no doubts on the demand for critical and essential minerals, but how could this demand spur the next resource bull run? In this episode of Samso Insights, we are talking to Lightning Minerals Limited (ASX: L1M) and Taiton Resources Limited (ASX: T88) about their respective IPOs which were live at the time of the recording. This is a brief insight into the people who are running the companies and what is motivating them to be in this space. Alex Biggs and Noel Ong are experienced members of the mineral exploration sector having been in the same positions not long ago. Alex was on the board of Critical Resources Limited (ASX CRR) before leaving to take over the helm of Lightning Minerals Limited (ASX: L1M) . He shares with us the projects and the strategy of the company. In a time when critical metal stories are in demand, it is not a bad idea to keep an eye on what Alex is doing now. The Taiton Resources story is one that is all about the search for Essential Minerals. The company is going to the IPO with the view that they have found a mineral province that has primarily been overlooked. The mineral province has had historical work showing some very important points, a shallow cover to basement, mineralisation within geophysical targets and CSIRO data indicating an area of hydrothermal activity that is consistent with mineral production. Take time to watch this episode which showcases two companies that are in the Critical and Essential mineral space and a thorough discussion of why this industry is value adding to the community and Australia. Chapters: 00:00 Start 00:20 Introduction 01:09 What is happening with Lightning Minerals Limited ? 02:54 The critical mineral space. 03:49 About Taiton Resources Limited. 06:53 Gold prospect. 09:43 Is the gold prospect a potential to a fast track cash flow? 12:07 Lightning Minerals board: Dr Karen Lloyd. 16:44 Recent development in downstream processing. 18:22 Importance of the mining industry in Australia. 27:55 Comments on people resources. 31:27 The vision for Taiton Resources. 33:20 The vision for Lightning Minerals. 34:30 Conclusion PODCAST About Alex Biggs CEO - Lightning Minerals Limited (ASX: L1M) Mr Biggs is a qualified Mining Engineer and Mechanical Engineer. He has over 20 years’ experience in the engineering and mining sectors including corporate, operations, consulting and finance, including capital raising, both equity and debt as well as deal structuring and significant commercial expertise. Mr Biggs is currently a Non-Executive Director at Metals Australia (ASX) and previously Managing Director of Critical Resources (ASX). He has held management and operational positions at Venturex Resources, Palisade Capital Corporation, Barrick Gold as well as Principal level positions in consultancy and advisory capacities. Mr Biggs is a Member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines. About Lightning Minerals Limited Exposure to the high value and high demand critical minerals commodity markets. Four project areas in Western Australia Battery minerals focus including Lithium, Nickel, Cobalt, Copper and PGEs Clear exploration strategy focused on Lithium and battery minerals Principal focus on Dundas licences – Next to Liontown Resources’ Buldania project About Noel Ong Managing Director - Taiton Resources Limited (ASX: T88) Noel Ong is a geologist with over 30 years of experience in the resource industry. He has extensive mineral exploration and project management experience in the gold, lithium, iron ore (hematite and magnetite), tantalum and the diamond industry. Since 1992, Noel has worked predominantly in the goldfields of Western Australia, Pilbara iron ore fields and the Northern Territory. He has worked with Ashton Mining, Great Central Mines, and held management roles with API Management, Galaxy Resources, Citic Pacific Mining and Silver Lake Resources. Noel is a member of the AusIMM and the Australian Institute of Geoscientists. About Taiton Resources Limited Taiton Resources Limited is an early-stage mineral exploration focussed on discovering large scale mineral deposits in South Australia and Western Australia. ​ The Company has assembled a portfolio of projects across both South Australia and Western Australia. ​ On Admission, the Company's projects will comprise the following: ​ (a) Highway Project , located in South Australia, (b) Lake Barlee Project , located in Western Australia; and (c) Challenger West Project , located in South Australia; ​ The projects have a range of exploration activities planned. The company will be undergoing a series of grassroots exploration and also several walk-up drilling targets. While the Company has developed and designed programs to undertake exploration activities on each of the Projects, it will also pursue and assess other new business opportunities in the resources sector over time which complement its business. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Coffee with Samso Episode 176 is with Justin Osborne, Chair and Crispin Pike, VP, Discovery of Matador Mining Limited (ASX: MZZ) The Matador Mining story has come a long way since our first conversation in April 2020. The developing story is now moving into the next phase as the 2023 field season is beginning. In this episode of Coffee with Samso Episode 176, we are talking to Justin Osborne, Non-Executive Chair and Crispin Pike, the VP of Discovery, sharing the increasing potential of the Cape Ray Shear Zone. The main story for me is that the company is being realistic in stepping back and looking at what else could be the main game in the Cape Ray Shear Zone for shareholders. Although there are existing resources that are already established, the bold and very smart move is to realise that there is more value that has not been realised. The decision is the same strategy taken by the founders of Gold Road Resources where they accepted market discontent on the share price and worked on exploring the region for a bigger prize. That would come as Gruyere which is now over 10 million ounces of gold. The Matador Story Matador Mining listed on the Australian Stock Exchange (ASX) in March 2017. Like all ASX junior mineral exploration companies, there have been many management changes and many projects. My association came in April 2020 with the first Coffee with Samso with the Matador story. The story has come a long way with the latest announcement highlighting a new Mineral Resources Estimate (MRE) as seen in Table 1 below. (Source: Matador Mining Updates Mineral Resource Estimates for Cape Ray ) Mineral Resource Notes (Source: Matador Mining Updates Mineral Resource Estimates for Cape Ray ) Mineral Resources are reported using a cut-off grade of 0.30 g/t gold for open pit and 2.00 g/t gold for underground, and a gold price of US$1750 based on the assumptions presented in Appendix 1 -Section 3 – Mining Factors or Assumptions. The open pit Mineral Resource is constrained using an optimised pit that has been generated using Lerchs Grossman algorithm with parameters outlined in in Appendix 1 -Section 3 – Mining Factors or Assumptions. The underground Mineral Resources are constrained using a 2.00 g/t gold grade shell below the optimised pit based on the assumptions summarised in Appendix 1 -Section 3 – Mining Factors or Assumptions. The Mineral Resource Statement for the Cape Ray Gold Project has been prepared by Trevor Rabb, P.Geo. who is a Competent Person as defined by JORC (2012). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources for the Cape Ray Gold Project have been prepared in accordance with JORC (2012). The number of metric tonnes and contained gold ounces are rounded to the nearest thousand. Any discrepancies in the totals are due to rounding. Mineral Resources for the Cape Ray Gold Project have an effective date of 22 February 2023. One of the most important parts of Matador Mining is that B2 Gold made a strategic investment into the company. A blue ribbon gold miner taking a stake in the story has got to be good news to existing shareholders and those looking at Matador as an investment. The Projects Matador Mining has a portfolio of projects that undoubtedly sits in one of the few Tier 1 regions in the world. The Cape Ray Shear Zone which has a strike of over 120km of potential mineralisation hosts several projects which would have been a flagship project in their own capacity (Figure 1). According to Crispin Pike, the current exploration season will focus on the Malachite prospect and it should be interesting. The previous exploration phase discovered anomalous gold in surface samples which highlights the perspectivity of the area. One of the points to remember about the Matador projects is that there has not been any serious exploration in the region for decades. For this reason, the opportunity for Matador to make discoveries remains high. The resource at Marathon Gold (5.1M ounces Au) and Big Ridge (0.9 to 1.4M ounces of Au - see Figure 3) is a clear sign that decent mineralisation does occur. Matador owning 800,000 ounces of Au is proof that there will be more to discover. The Hermitage Project (Figure 3) is what makes me think that the exploration strategy that Matador is embarking on is the correct one. Hermitage, in my opinion, could be a multi million ounce project as it has the hallmarks of a fertile system. Structurally, it looks positive, geochemically, the association of Antimony and Arsenic is common in large sulphidic gold systems. As always, the proof is in the pudding and I am keen to see work done on the project. Looking at Figure 3, the magnetic imagery looks promising and from my conversation with Matador, they are excited to get on the ground as well. They can see the potential. Samso's Conclusion What Matador represents for shareholders and potential shareholders is a repeat of the Gold Road story. The strategy of taking a step back to look at exploration to create more value with discoveries to supplement the existing resources is one from the books of Gold Road Resources. It is no surprise as the management are one and the same. When you look at Figure 3, it helps speak the path the company took and the rewards that came with that process. The move to exploration is a bold move but it is the only way to realise the potential of the Cape Ray Shear Zone. Don't forget the Hermitage Project is soon to come online and that could bring in an injection of value that has not been discussed greatly in the market. When I look at Matador, I cannot help but think of the long journey and the test of funding to create value from a strike of 120km in an area that has had little to no mineral exploration. There are very few Tier 1 regions in the world where you have this opportunity. It is good to remember that the easy pickings are all gone, which leave many projects isolated and unloved due to the nature of the mineral exploration process. Historically, the discoveries all come from two pools of situation - one is the easy pickings, the projects where explorers literally kicked the mineralised rocks while walking about the project area. The second is from projects that have been overlooked, projects that were labeled as "All the Exploration has been Looked At", or the area is too expensive. Hence, in conclusion, my thoughts are that Matador has got itself a great project and it seems that corporately, the big boys are finally investing in the story. The introduction of B2 Gold as a strategic partner is a clear sign that there is belief outside management of the perspectivity of Matador Mining Limited. Chapters: 00:00 Start 00:20 Introduction 01:25 Overview of Matador’s mining jurisdiction. 02:39 A rundown on Matador Mining’s 2023 exploration program. 04:01 Matador Mining focused on Cape Ray Shear Zone and Hermitage. 06:40 Discussion about pivoting to regional exploration. 15:37 The cover in Malachite. 17:13 The strategy of exploration in Malachite. 21:33 Challenges with seasonal exploration programs. 23:43 How does Matador prioritise projects? 28:28 Geophysics in leading the path to discovery. 30:09 The Hermitage Project. 36:31 News flow. 37:54 Why Matador Mining? 40:24 Conclusion PODCAST About Justin Osborne Non-Executive Chairman Mr Osborne has over 35 years experience as an exploration, mining and development geologist, is a Fellow of the Australasian Institute of Mining and Metallurgy and holds a Bachelor of Science, Honours (First Class) from La Trobe University of Victoria. Up until June 2021 Mr Osborne was Executive Director at Gold Road Resources (ASX: GOR) playing a pivotal role in the discovery, development and construction of the world class Gruyere Gold Mine (8Moz Au) which currently produces approximately 350,000oz Au per annum. Mr Osborne previously held senior positions on the exploration executive team of Gold Fields Ltd, including Vice President Development Strategy – Growth and International Projects, and General Manager Near Mine Exploration covering all international mining operations; and management roles with WMC Resources at the Kambalda Nickel and St Ives Gold operations. Mr Osborne is also a Non-executive Director at IGO Limited (ASX:IGO), Hamelin Gold Limited (ASX:HMG) and Astral Resources NL (ASX:AAR). About Crispin Pike VP, Discovery Crispin Pike is Matador’s VP Discovery and leads the on-ground exploration activities for Matador Mining in Newfoundland. Following a 9 year career with Inco/Vale working across the Americas he has spent the last 6 years with the Geological Survey of Newfoundland and Labrador. Crispin brings his deep Newfoundland geology expertise and international experience in structural geology and geophysics to Matador’s exploration programs. About Matador Mining Limited (ASX: MZZ) Matador Mining Limited (ASX:MZZ / OTCQB:MZZMF / FSE:MA3) is an exploration company focused on making gold discoveries in Newfoundland, Canada. The Company is one of only four gold companies with a defined gold Mineral Resource, currently 837,000 ounces grading 2 grams per tonne. Matador is well positioned with an extensive land package comprising 120-kilometres of continuous strike along the under-explored, multi-million-ounce Cape Ray Shear, a prolific gold structure in Newfoundland that currently hosts several major mineral deposits. Additionally, the Company holds 27-kilometres of continuous strike at the Hermitage prospect which is located on the highly prospective Hermitage Flexure. Matador acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada. The Cape Ray Gold Project The Cape Ray Gold Project ( Cape Ray or the Project ) covers approximately 120km of strike along the highly prospective, yet under explored Cape Ray Shear located in Newfoundland, Canada. The Project hosts a current resource of 837,000oz Au at 2g/t Au, across four deposits, all of which are within 15km of strike. A 2020 Scoping Study ( ASX announcement 6 May 2020 ) highlighted that Cape Ray has the makings of an excellent gold project, with low estimated All In Sustaining Operating costs (US$776/oz Au), strong IRR (51% post Tax) and rapid payback (1.75 year). These strong outputs were driven by the Project’s high grade, yet shallow gold mineralisation, (average head grade of 2.6g/t au during the first four years of production – 88,000oz Au per annum) that ranks the Project as one of the highest grade, undeveloped open pit projects globally. However, prior to commencing a Pre-Feasibility Study, the Company identified the requirement to grow the Resource further to ensure the initial 7 years mine life assumed in the Scoping Study is increased. To achieve this, the Company believes a blend of expansion drilling around known deposits as well greenfield exploration to test the vast, yet under explored Project area is the optimal strategy. The Company therefore outlined the most expansive exploration program for the 2021/22 season, including: 45,000 metres of diamond drilling; Five power auger drill rigs; 80 kilometre Heli-Mag program; and Inaugural winter exploration program. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Mining HQ Podcasts Ep. 15 - 18:58 Many companies are going to stand out in 2022. There were 191 IPOs last year and we will probably see the same number coming out this year. Investors should always remember that mineral exploration is for the long haul, so Noel´s thoughts for potential investors is to look out for companies that have real projects. What this means is, pay attention to projects that have a real chance of discovery. Noel talks about his pick of five types of companies for 2022: Bulk Commodity Potential Gold Miner A Given Miner A Copper Producer in the making A budding explorer with great potential. Examples of companies in each space: Black Canyon Limited (Manganese) (ASX: BCA) - MC of 10M Great Boulder Resources Limited (ASX: GBR) - MC of 54M Matador Mining Limited (ASX: MZZ) - MC of 65M Cyprium Metals Limited (ASX: CYM) - MC of 80M Cosmo Metals Limited (ASX:CMO) - MC of 9M Or go to 18:58 - https://open.spotify.com/embed-podcast/episode/0do3nQGjjKgaH9ewjiwiMJ Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

Samso on Mining HQ Podcasts Ep. 16 - 25:12 Noel is going for gold in this episode. During tough times and war times, the price of gold goes up. It can be a powerful asset in its own right. Noel shares his thoughts on WA gold explorers, medium producers that are benefitting from the price surge. What are his thoughts on the gold sector for gold explorers? Noel reminds listeners to bear in mind PMT - Patience Management & Technicals as the best insurance and the key to everything. Which companies in the gold exploration space take his fancy? Emu NL (ASX:EMU) Kingwest Resources Limited (ASX:KWR) Great Boulder Resources Limited (ASX:GBR) Matador Mining (ASX:MZZ) Calidus Resources Limited (ASX:CAI) Go to 25:12 Or go to 25:12 - https://open.spotify.com/episode/3TBUPJbp2iTpsTxAgB3Tdd Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

Coffee with Samso Episode 156 is with William Potma, Chief Geologist and Crispin Pike, VP, Discovery of Matador Mining Limited (ASX: MZZ) Matador Mining has changed their strategy to be more exploration focused. I can see this as a very calculated approach. A focus to look for the "Holy Grail" is a smart move. This is a technical episode where we discuss what makes Cape Ray tick and how management will tackle the concept of discovery. Warren and Crispin brings a lively discussion on the How, the Why, the Where and the With What. This is a must have discussion as the size of the project is hard to conceptualize for the average investor. The magnitude of 120km of strike length may be big but it's the location of the secondary and tertiary structural points that will make discoveries. Many geoscientists in this area will agree that there are many big deposits, and big economic deposits that have come from these secondary and tertiary points. For those that want to understand the technical aspects of the Matador story, this is a great time to make a coffee or tea, sit back and enjoy this Coffee with Samso. Chapters: 00:00 Start 00:20 Introduction 01:45 Warren Potma and Matador Mining. 04:27 Crispin Pike and the progress of exploration activities. 07:40 Geophysics as a dominant tool used by exploration. 08:49 Discussion about big projects. 12:33 Shallow drilling at Cape Ray. 13:16 Is Cape Ray geologically unique? 14:57 What is the market sentiment for Matador and the Gold sector? 16:45 Thoughts on the project as the Exploration Manager. 19:24 Challenges of the project. 22:24 Jurisdiction matters. 25:19 The Hermitage Project. 28:44 Could Hermitage be a first tier project? 29:30 Are regional structure controls dominating the Mineralisation? 31:13 Finding the next bigger deposits. 32:10 How big can the Matador projects end up? 33:41 News flow. 35:51 Takeaway from Coffee with Samso. 38:17 Conclusion PODCAST About Warren Potma Chief Geologist Mr Potma is a highly experienced exploration manager, with a successful career spanning over 25 years. He was most recently Principal Geologist for CSA Global, where he provided specialist consulting services to exploration and mining companies. Prior to his time at CSA Global, Warren was Exploration Manager for Hot Chili, an ASX listed company with a portfolio of projects in Chile. Warren’s geology team also delivered a maiden Ore Reserve and provided all the geological and geometallurgical inputs required for the Productora Pre-Feasibility Study. Prior to this, Warren held the position of Exploration Manager for Silver Swan Group/Caravel Minerals following his departure from a very successful eight years with the CSIRO where he led the Mineral Systems and Targeting applied research stream which focused on developing and applying exploration technologies and methodologies across the Australian exploration and mining sector. Warren holds a Master’s degree in structural geology from Monash University, and is a member of both the AIG and AUSIMM. About Crispin Pike VP, Discovery Crispin Pike has come on as Exploration Manager having worked for the Geological Survey of Newfoundland and Labrador for six years, and prior to that with 9 years with INCO/Vale on projects across North and South America. About Matador Mining Limited (ASX: MZZ) Matador Mining Limited is an exploration company that is listed on the Australian Stock Exchange (ASX). The company has its main project in the south-western area of Newfoundland, Canada. The Project is about 25 km northeast of the coastal town of Port aux Basques and is located on the Cape Ray shear, one of the most prospective, yet under-explored gold regions in North America. The Company is the largest holder of ground along the Cape Ray shear, with approximately 120 km of continuous strike along the shear. The Company’s tenement boundary is located approximately 50 km along strike from Marathon Gold’s (MOZ.TSX) 4.2Moz Valentine Lake Gold Project. The Cape Ray Gold Project The Cape Ray Gold Project ( Cape Ray or the Project ) covers approximately 120km of strike along the highly prospective, yet under explored Cape Ray Shear located in Newfoundland, Canada. The Project hosts a current resource of 837,000oz Au at 2g/t Au, across four deposits, all of which are within 15km of strike. A 2020 Scoping Study ( ASX announcement 6 May 2020 ) highlighted that Cape Ray has the makings of an excellent gold project, with low estimated All In Sustaining Operating costs (US$776/oz Au), strong IRR (51% post Tax) and rapid payback (1.75 year). These strong outputs were driven by the Project’s high grade, yet shallow gold mineralisation, (average head grade of 2.6g/t au during the first four years of production – 88,000oz Au per annum) that ranks the Project as one of the highest grade, undeveloped open pit projects globally. However, prior to commencing a Pre-Feasibility Study, the Company identified the requirement to grow the Resource further to ensure the initial 7 years mine life assumed in the Scoping Study is increased. To achieve this, the Company believes a blend of expansion drilling around known deposits as well greenfield exploration to test the vast, yet under explored Project area as the optimal strategy. The Company therefore outlined the most expansive exploration program for the 2021/22 season, including: 45,000 metres of diamond drilling; Five power auger drill rigs; 80 kilometre Heli-Mag program; and Inaugural winter exploration program. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Author: Steve Morgan, Managing Director, ESG Capital It is one of the most common questions we get asked as ESG consultants. The simple answer is that you must start with an awareness of what it means specific to your company. All companies are in some way unique, therefore your ESG strategy should take this into account. We recommend Boards and company leaders begin with 6 simple questions. These give an insight into the knowledge that leaders have on ESG topics specific to their organisation as well as the presence (or lack of) a proper process in place. 1. Are we clear on the ESG topics that are and will become material to our business? Material topics, according to the Global Reporting Initiative (GRI) , are topics that reflect an organisation's significant economic, environmental, and social impacts; or that substantively influence the assessments and decisions of stakeholders. These topics are determined in part by the scale and reach of your company, the industry you work within and where you operate. What is material in an ESG sense to a company today will not necessarily be in a years' time. Boards need to be regularly reflecting (at least every 2 years) on their material topics whilst planning for future topics based on trends and company evolution. Companies can end up with a lot of topics that could be considered material. Sometimes too many on which to have a meaningful impact. To manage this, boards then need to apply the process of principled prioritisation, weighing up the influence the issue has on stakeholder assessments and decisions, and the significance of the company’s ESG impact. These defined issues then form a core part of any ESG strategy and reporting efforts. 2. Is our view of these topics informed by data captured from our stakeholders and do we review this consistently as our business and the context we operate in evolves? Material topics must be informed through a stakeholder engagement process to ensure all stakeholders have the opportunity to communicate what matters to them. This starts with identifying or ‘mapping’ stakeholders and working out the best way to give them the opportunity to contribute. Common methods include online surveys, direct calls, and workshops. It is important to document this process for records and if you will be seeking assurance of your report. Stakeholders can be both entities and individuals including: Employees Shareholders Suppliers Local communities Indigenous communities Government and regulators NGO’s Stakeholder inclusiveness is an important principle when developing an ESG strategy or report. The organisation needs to ensure it connects with those stakeholders they cannot be in constant dialogue with, as well as those who are unable to express their views through traditional methods or through proxies. Data must then be captured and analysed by leaders to crystallise an accurate and representative list of material topics. 3. Have we set up a suitable ESG framework that incorporates recognised global frameworks and standards? ESG frameworks and standards are plentiful and somewhat overwhelming for many company leaders. They exist, just like international accounting standards do, as a tool for the accurate, transparent, and comparable disclosure of a company’s material ESG topics. Whilst it is still a developing space, there are several global leaders including: Global Reporting Initiative ( GRI ) Sustainable Development Goals ( SDGs ) Value Reporting Foundation ( VRF ) Task force for Climate Related Financial Disclosures ( TCFD ) World Economic Forum ( WEF ) These dominate the global ESG reporting landscape and as a result, investors and ratings agencies seek these frameworks out when evaluating a business. One of the early challenges with ESG is selecting the most suitable ESG framework and/or standards. For example, junior ASX listed resources companies may find that the SDGs are sufficient for their initial strategy and reporting cycle. Mid cap resources companies that are producing and, in the process generating high emissions may want to engage with GRI and TCFD. 4. Are we using our view on current and future material topics to guide the development of our core business strategy? Gone are the days where a company can have an ESG strategy that sits separate to its core business. Investors and other stakeholders now demand ESG is integrated into the operations and strategy of a company. Risks must be managed, and opportunities explored through the ESG lens to protect capital and unlock value. Recent examples of the importance of this can be found throughout the passenger vehicle industry. Tesla , which is now the most valuable car company in the world has a mission statement that is “to accelerate the worlds transition to sustainable energy.” (www.tesla.com) Now as the leading global EV brand, it has built a powerful early mover advantage over its competitors through executing on a strategy that was driven by awareness of the climate crisis and its implications on the auto industry. 5. Are we executing our strategy effectively and efficiently, having a positive impact on our material topics? Sir Winston Churchill once said, “However beautiful the strategy, you should occasionally look at the results.” Whist it starts with strategy, impact on ESG must be measured through a mix of qualitative and quantitative results. Most of the global reporting frameworks and standards provide KPI’s for material topics. Establishment of a baseline for a company’s material topics is critical for measurement of impact and to communicate this with investors and stakeholders. Outside of the results, execution of ESG strategy relies upon properly resourcing ESG initiatives, having the right skills and knowledge supporting ESG efforts and a genuine commitment from the company leaders on ESG. 6. Are we effectively communicating with our investors and other stakeholders in relation to our view on future ESG material topics and our strategy on these? Communication of ESG is traditionally done through an ESG or sustainability report. These can range from short (up to 20 pages) to very long (up to 120 pages). Whilst it is commonplace for these to be standalone, there is a trend towards integrating these reports into a company’s annual report. Good ESG reporting needs to be communicated in a well-structured, visual document that can tell a story. More importantly, this story needs to be backed by data. Outside of the traditional annual sustainability or ESG report, companies are innovating with more regular disclosures on ESG for investors & stakeholders through ASX/press releases. We expect that these methods will continue to be the dominant communication tools but that they will be complemented through impactful corporate videos and other more dynamic media. Good ESG strategy and reporting takes time and expertise but getting started is easier than you think. With the introduction of inevitable ESG reporting requirements in the years ahead, the cost of not acting now is likely to be significantly higher than the cost of acting. ESG Capital are an ESG Consultancy that work with public and private companies across APAC. Our value-driven approach focuses on the opportunities for value creation through ESG strategy and reporting. We believe the companies that choose ESG today will be the leaders of tomorrow. www.esgcapital.com.au Contact@esgcapital.com.au 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 . 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 .

Samso Insight Episode 105 is with a legendary journalist in the Australian Minerals Industry, Ross Louthean. Ross Louthean is a journalist who has been active in this industry since the 1970s and he has seen everything that has come across the ASX, good and bad. This is a special episode of Samso Insights as I try to get the legendary Ross Louthean to share his thoughts on our mineral exploration industry. Our conversation centered on his experiences over the years and how the industry has changed since the early days of "punting" the stocks that is in the everyday lives of small cap investors today. I will be getting Ross back on Samso Insights as he has many more nuggets of wisdom to share and one episode will not do it justice. So look out for more content from Mr. Louthean in the coming future. Dont forget to check out https://www.australiannickelbook.com/ where you can purchase the book on Australia's nickel Adventure. Chapters 00:00 Start 00:20 Introduction 01:11 About Ross 02:35 How do you stand out from the crowd? 04:13 Strength of commodities 07:15 Paid journalism 08:55 Any regrets about past stories? 12:21 Golden years in New Zealand? 15:03 Sharing about a processing hub. 18:15 Is it harder to find discoveries now? 19:53 Long term commodities. 20:36 The Lithium and Rare Earths story. 24:25 The Poseidon Story. 27:55 All-in sustaining costs in mines. 29:08 Looking back at Kalgoorlie and other mining towns. 30:21 How do companies stand out from the crowd? 32:05 Words of wisdom to mining companies. 32:54 What should gold miners do to get up on the podium? 34:01 Words from Ross. 35:43 Conclusion PODCAST About Ross Louthean Journalist Ross Louthean began his media life in the engine room of WA Newspapers in the early 1960s. He wrote for the West Australian and Daily News, and then joined the Whyalla News and after 18 months became regional journalist for ABC News in Port Pirie. Ross was then transferred to the same position in Kalgoorlie at the start of the nickel boom and two years later joined the Daily News as a business and political writer, then became a freelance writer with a photographer in Kalgoorlie for several publications. He was later lured to Sydney by Max Newton to edit The Australian Miner but with changes in that empire, he returned to Perth to launch the National Miner and later the Register of Australian Mining for Lang Hancock. Later he started Mining Monthly and Lodestone Press. When this business was sold, Ross developed ASX listed Resource Information Unit. When the company was delisted, he left to develop Louthean Media (later Paydirt Media) before becoming a freelance writer working for overseas publications and websites. This journey led to the partnership with Carl Knox-Robinson to develop NZResources.com which ran for several years before the changing political views in New Zealand made it unviable. Louthean writes for friends' websites and remains on the committee of Diggers & Dealers, and co-wrote three books “The Mining Revolution (on diamonds), “Australia’s Nickel Adventure” and “Doug McGay Story - From Paddy Hannan to Genghis Khan” . Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Samso Insight Episode 107 is with Andrew Drummond who is the author of two books, Rocks In Our Heads and More Rocks In Our Heads. Andrew Drummond is a seasoned geologist who has seen and done numerous things that can only be described in a book and on Samso Insights. The book is a compilation of stories that showcase the extraordinary lengths which geologists are willing to go for the love of the job. This is a great insight into the thinking and the passion that make geologists such a special breed. Geologists do what they do for the love of the adventure and the discovery. I think this is the nearest profession that takes the mind into the realms of adventure - the kind of adventure that is promoted in movies such as "Raiders of the Lost Ark". These guys are the "Indian Jones" of the world. The guy sitting in the African, South American, Mongolian pubs after a day´s work is what this book brings to the everyday readers. People today think that the guy in the office is the real geologist or the guy sitting on a drill rig logging cores. They are not the ones that make these jobs available. It is the one who goes into the heat, rain, and sometimes dangerous places that makes projects work. A story that I know which is not in any of the books, is that of Caigan Wang, the Managing Director of Tietto Minerals Limited (ASX: TIE) who has the sheer tenacity of going into the business of Africa to get the project for the company. The story of Caigan Wang is a story that could be in the two books written by Andrew Drummond is all about. If you want to have a good read about how some of these non-Australian projects work and not work, or have an understanding of the amount of work that is required, get these books and get ready for the real adventure of exploration. You can get these books by emailing Andrew Drummond at andrew@ajdrummond.com.au. or visit www.morerocksinourheads.com.au Chapters 00:00 Start 00:20 Introduction 01:29 Andrew Drummond - Introduction. 02:54 The Background of Rocks In Our Heads. 05:52 The Essence of the Book. 06:24 Rob Duncan - A Chopper In Poli, Cameroon, 1975. 10:03 Do the old levels of determination still exist? 11:22 Tony Gates - East Timor, 1999. 14:49 Andrew on the future of the mineral exploration sector. 19:10 Rome was not Built in a Day. 22:11 The rollercoaster ride of a Geologist. 23:34 The exploration surprises. 24:14 Are there still Giant deposits to be discovered? 26:03 Where could be the next Frontier? 28:00 The Wild Card discovery of Julimar. 28:36 The Key of a Mineral System Exploration. 29:09 The Difficulty of Making a Discovery - More Rocks In Our Head. 31:05 More Rocks In Our Heads - Ore Bodies are Hard to Monetise. 33:09 The Hard stories of Real Mineral Exploration. 34:20 How do you Convince the Market you have a Good Project? 37:26 The Opportunities of a Big Brother. 38:30 The Motivation of the Chase to Discovery. 41:26 Andrew´s reflection on the two books. 42:22 Conclusions PODCAST About Andrew Drummond Author and Geologist Andrew has recently retired from the mineral industry. He had a strong and successful background in the identification and acquisition of major mineral properties and projects; promoting and raising and managing of capital for their advancement; and in listing and managing public companies. He has been a, or the, principal driver of ASX-listed Zephyr Minerals NL (now Lepidico Minerals Ltd), Westonia Mines Ltd (now Evolution Mines Ltd), Bonaparte Diamond Mines Ltd, and Minemakers Ltd, for each of which he has been an executive director. He has also been a director of several other ASX-listed and public unlisted companies, and of companies listed on the Toronto or Namibian stock exchanges. Andrew had extensive experience in exploration, feasibility and mining in Australia, New Zealand, Namibia, The Philippines, Russia, China and several other countries. Andrew is a geologist, having graduated with B.Sc (Hons) from Adelaide University in 1973. He is a FAusIMM, MGSA, and MAIG. He has recently collected and edited a suite of stories, by largely Australian geologists concerning their efforts trying to find, deal upon or develop mineral deposits in far flung and exotic parts of the world. The stories have been published as "Rocks In Our Heads". The second book is called "More Rocks In Our Heads". Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Coffee with Samso Episode 126 This story from Alex Biggs, Managing Director of Critical Resources Ltd (ASX: CRR) is gathering momentum for Critical Resources Limited in the Lithium and Zinc space. Alex gives us a rundown on the 2022 path for the company with Mavis Lake Lithium project , the Halls Peak Base Metal project and the new acquisition of Plaid and Whiteloon Lake Lithium projects. When I first looked at Critical Resources Limited , I was interested in the Halls Peak project and this story is now at the cusp of drilling for lithium in Canada. As we all know, lithium is the magic word, and with the onset of a world of No Emission and electrification of power, this is going to be a space that will continue to grow. One of the major factors that will affect demand is the jurisdiction of projects. What that means is that the ESG factor is not only going to play a role but a major one in determining the demand for your product. Chapters 00:00 Start 00:15 Introduction 00:54 Alex Biggs update 01:39 Halls Peak 05:03 Potential of Halls Peak. 07:18 The New England Fold Belt is Prospective. 07:57 What's the money market telling you? 10:02 What's the time frame on drilling in Canada? 11:29 Taking a big tenement area in Canada. 13:17 Realisation that the demand for Lithium batteries is bigger than first thought. 15:07 Key driver of future Critical metals demand is the emergence of EV and ESG. 17:04 The role of Jurisdiction. 18:02 Decoupling of world from reliance on China and the market expectations on confidence in 2022. 19:23 Consistent flow of news is key. 20:50 What is the news flow for the next 12 months? 23:05 Conclusion PODCAST About Alex Biggs Managing Director Alex Biggs is a qualified Mining Engineer, educated at the Western Australian School of Mines. He has experience in operations, consulting and finance with a focus on feasibility studies, financial modelling, project evaluation and project management. He also has experience in capital raising, both equity and debt as well as deal structuring and significant commercial expertise. Alex has a strong focus on underground and open-pit hard rock mining in multiple commodities. He has held various positions at companies including Venturex Resources, Palisade Capital Corporation, Barrick Gold as well as Principal positions in consultancy and advisory capacities. Alex joins Critical Resources as Chief Executive Officer to further the company’s assets and build a strong, sustainable future for the company and its shareholders. About Critical Resources Limited (ASX: CRR) Critical Resources Limited is a base metals exploration and development focused company headquartered in Perth, Western Australia and is listed on the Australian Securities Exchange (ASX: CRR). The Company has the Halls Peak Base Metal Project in NSW and has recently acquired the Mavis Lake Lithium Project in Canada. Mavis Lake Lithium Project The Mavis Lake Lithium Project is 19 kilometres east of the town of Dryden, Ontario. The Project is in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west. The region boasts excellent infrastructure with hydro-power located a few kilometres to the southwest of the project. The region is a well-established lithium province with multiple projects located within the vicinity. Previous drill programs have yielded high-grade Li2O intercepts including 55.25m at 1.04% Li2O from 80.75m in drill hole MF18-531,4 and 26.30m at 1.70% Li2O from 111.9m inc. 7.70m at 2.97% Li2O from 130.5m in drill hole MF17‐491,3 presenting significant exploration potential. Latest ASX Announcements - Lithium Project Acquisition ESS: Sale of Mavis Lake Lithium JV Interest Canadian High Grade Lithium Asset Binding Terms Sheet Signed Airborne Survey to Start Immediately at Mavis Lake Lithium Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso stories are also featured on Brilliant-Online. Read their investment column and subscribe to Brilliant-Online so you don't miss a beat.

Samso Insights Episode 102 The Story So Far In recent months, Rare Earth Elements (REE) has taken a turn from a forgotten story into one where it is taking some shine away from Lithium. When I first looked into the world of REE, there was only a handful of companies on the Australian Stock Exchange (ASX) with REE. The Rare Earth story has always been dominated by China. Investors in this sector know that all things REE flow from China and they control the market. In the post-COVID era, the changing face of geopolitics appears to be altering the narrative. There is now a concerted effort by Western governments to support and encourage the REE sector. The comments that I received prior to COVID was that the price differentiation from Chinese sources were creating a large void in the competition. I am not sure if the movement is creating a true or false path to an economically viable REE market. Time will tell if all the talk will create a true sustainable marketplace for REE outside of China. What are Rare Earth Elements? Investors who look at the REE story must have a good understanding of the type of elements that are "abundant" in grade and volume. Once you have a good understanding of that, you then need to understand if there are metallurgical issues. Personally, I am still trying to do my own research. The rare earth elements (REE) are defined by the International Union of Pure and Applied Chemistry (IUPAC) as the group of 17 elements that include scandium, yttrium and the 15 lanthanoid elements (also called lanthanides) lanthanum through to lutetium (Table 1). The name “rare earth” was given by early chemists in reference to the difficulty in separation of the elements from each other (Chakhmouradian and Wall, 2012). For convenience, geologists usually group REE into the light REE (La-Sm, LREE) and heavy REE (Eu-Lu, Y, HREE). Sometimes, as is often done by chemists, it is useful to add a mid REE category, for Sm-Dy. Didymium, originally a mixture of Nd and Pr, neighbouring elements that are particularly difficult to separate from each other, is a term used in commercial applications to refer to the LREE, La, Nd, Pr after separation of Ce. (source: Rare Earth Elements : Frances Wall, in Encyclopedia of Geology (Second Edition) , 2021) There is a firm understanding that Neodymium (Nd) and Praseodymium (Pr) are the two sexiest elements of the list. These are the ones that are most widely sought after when we look at an REE project. They are part of the permanent magnet story. Table 1 show the suite of REE and their uses. One can see that there are multiple uses and I challenge the average punter to tell me what grade or volume is good. Table 1: Rare earth element (REE) properties and uses. Cation radius values from Krishnamurthy and Gupta (2015). Crustal abundance from Taylor and McLennan (1985), Sc from webelements.com . Uses from www.rsc.org/periodic-table . In Table 1, you will also see the complexity that lies in just reading the numbers that companies put out in their announcement. I am no expert in this sector and the complicated nature of REE makes it hard to have an educated opinion on this topic. I am still struggling to get a firm understanding of what is viable as an economic story, especially now with the flow of ionic REE clays. The Old Guards in the REE sector When I first started to look into this sector, I was looking at Arafura Resources Limited (ASX: ARU) and Northern Minerals Limited (ASX: NTU) . I think Lynas Corporation (ASX: LYC) was around, however, I am not that sure if I had known about it. Hastings Technology Metals Limited (ASX: HAS) was just a minnow of what it is today but I am also thinking that this was not a household name at that stage. Let's look at some of the older guards of this sector. These companies have been around for a long time and they enjoyed the rise of the market around 2010-2011. The bear market for the REE has seen some hardships and one company, Lynas, has risen above all players with some innovative strategies and some very hard work. As you can see in Figure 1, Northern Minerals has had a long history but the share price journey has not been kind. This may be due to the 5B shares issued and a market that has not ben kind to the shareholders. Figure 1: The share price chart for Northern Minerals Limited since 2006. (source: www.commsec.com.au) In the case of Arafura , they have been seeing a fair bit of attention lately which is pretty much in line with the market sentiment. ARU has a market capitalisation of 525.9M (28 September 2022) with about 1.8B shares issued. Figure 2: The share price chart for Arafura Resources Limited since 2006. (source: www.commsec.com.au) Lynas, which in my opinion is the only real REE player outside China, is the stand out performer. They are the only producer, so you would expect them to be the best performing company in this sector. Lynas has a market capitalisation of AUD$6.634B with just over 905M shares issued. As you can see, there is a big gap between these three REE players. Figure 3: The historical share price chart for Lynas Corporation Limited. (source: www.commsec.com.au) The up and coming player is Hastings Technology Metals Limited (ASX: HAS) . Hastings has had a long, hard road to get to where they are now. They have a market cap of AUD432M with 116M shares issued. If I am not mistaken, there was a consolidation of shares which may have happened at the right time. Hastings is one of the beneficiaries of the recent rush into the REE sector. Figure 4: The historical share price chart for Hastings Technology Metals Limited. (source: www.commsec.com.au) Ionic Clays Recently, the REE market is being introduced to REE in clays. I have learnt about these clays and as the definition described below mentions, they are abundant in China and Myanmar. The grades are always lower than the hard rock versions (Northern Minerals and Arafura) but they are cheaper and easier to extract. In China and Myanmar, traditionally, the methods used to extract the REE are not the most environmentally friendly. The miners would not be winning any ESG ( Environmental, Social, and Governance ) awards. According to a definition from Science Direct , Ion adsorption-type REE deposits (also called ion adsorption clays or weathered crust elution deposits) consist of REE adsorbed to the surface of the clay minerals, kaolinite or halloysite (Sanematsu and Watanabe, 2016). They are the world's main source of HREE and mined almost exclusively in southern China (and in Myanmar). The key ingredients are most often an underlying granite , although deposits also form on alkaline rocks (Estrade et al., 2019), and the existence, prior to weathering, of soluble REE-bearing minerals in the granite, such as REE fluorcarbonates, eudialyte and allanite . Formation of clays, by alteration of feldspar in the weathering profile, releases REE from the mineral into the weathering profile such that they can be adsorbed onto the surface of the clays (Fig. 5). Weathering should not be too intense so that breakdown of the clay or dissolution of the REE do not occur. Figure 5: A simplified profile through an ion adsorption-type REE deposit. (source: Science Direct ) Modified after Sanematsu K and Watanabe Y (2016) Characteristics and genesis of ion adsorption-type rare earth element deposits. Reviews in Economic Geology 18: 55–79. Which Companies are into Ionic Clays? As I mentioned earlier, there is an increasing trend of companies coming out with REE occurrences and they are getting a lot of attention. This trend seems to have taken some of the limelight that Lithium had been basking in for the last few months. Companies are re-assaying their drill core and drill spoils to check for REE. It's kind of like the early stage of the lithium boom when gold companies were re-analysing their core for lithium as they learnt that those boring pegmatites were carrying a mineral call spodumene which is a lithium bearing mineral. Previous companies that have been on the Samso platform are doing just that with Indiana Resources Limited (ASX: IDA) and Venture Minerals Limited (ASX: VMS) . Their respective announcements in relation to the REE story are listed below. What is most interesting about the recent rush of REE Ionic Clay stories is that I am starting to see who may have the source and who may be just getting some "hits". Indiana Resources Limited: FINAL ASSAYS CONFIRM SIGNIFICANT REE DISCOVERY CENTRAL GAWLER CRATON Venture Minerals Limited: Venture unearths REE mineralisation immediately adjacent to Tin Zones at Mount Lindsay As I learn about this topic, I am now looking at Venture Minerals closely as the recent discovery could mean positive credits to their tin-tungsten project. I cannot speak for other projects as I don't have intimate knowledge. What I can say is that if Venture Minerals can create more intersections of REE in the project, then this will make a very interesting mix for their aspiration to mine Mt Lindsay. In Figure 6, which I have taken from the Venture Minerals announcement, you can see that the REE are being found within the ore body. Whether this is a good thing or not, I will need to have a chat with Andrew Radonjic, Managing Director of Venture Minerals Limited to find out. Figure 6: Reward geology map with La + Ce soil anomalies, drill hole location and gravel sample locations. (Source: Venture Minerals Limited) Lessons Learnt So Far In my need to get some more of these stories onto the Samso platform, I have only been successful in getting Mount Ridley Mines Limited (ASX: MRD) to talk about their Mount Ridley Project in Episode 150 entitled " Mount Ridley Mines Limited (ASX:MRD) - A Rare Earth Story. " What came out of the Coffee with Samso episode was that everyone is still learning about what they have, how much, what it means as an asset and what they need to do to monetise this asset. What is very obvious to me now is that we need to think of the ionic clay story like an alluvial gold story. The parts that make any alluvial story tick will most likely be the same for an ionic clay project. In the conversation with Guy Le Page in the Mount Ridley story, he mentions this very point. There are still lessons that are required to be learnt in how to treat the REE within the clays. What will make everything work is the presence of good infrastructure. This is very important. Fortunately for MRD and VMS, that they do have. In VMS, the REE could be the missing link to the Mount Lindsay project. The sweet sauce that is required to make the whole Tin-Tungsten project work could well be the presence of REE. The Problem with REE Ionic Clays According to Samso The issue with REE is that they are not RARE. The only people who are experts and know what they are dealing with are the Chinese. These are the facts of the REE industry. The extraction of REE from the clays in principal is very simple. The science to extract the REE from the clays is where the problem begins. What I have learnt and appear to understand is that the measurement of a good Ionic Clay REE deposit is not in the grade nor the volume. It is the proficiency of extracting the REE out of the clay. I cannot go into details of the process because I don't know enough. I try to glean what I can from conversations with people in the industry and it all made sense when we were talking. I am sure in time, there will be enough understanding for the average investors who are putting their money into companies. Check out this article: A Short Review on REE Recovery from Ion-Adsorption Clays . Conclusions This Samso Insight is a brief commentary on my thoughts about the current energised REE sector within the ASX. I don't have enough information to fully understand what is a good project nor what is a bad project. There is no doubt that there are REE stories coming out constantly, and investors who are looking at these announcements must surely be as confused as I am. What I have learnt is that the extraction is possible and that has been proven by the Chinese models. There is no secret in this part of the conversation. As we know in any mining operation, there are many parts to consider and these parts can move so the variables to consider are important. As I mentioned earlier, in the conversation with Guy Le Page, there are still lessons to learn in terms of the treatment of the ore. There are ESG factors that will be a barrier which companies must consider. I had a revelation as I was researching this Insight. REE mining could be a credit to a complementary mining process. Like the potential of Red Dirt Metals Limited (ASX: RDT) having a known gold resource alongside their lithium project. The credit from the gold mining will significantly reduce the cost of mining. The credit created will ultimately allow the extraction of the lithium ore at a lower cost. When I saw the announcement that came from Venture Minerals, my immediate thought was that if they can monetise the REE, this could definitely create a positive credit flow into their flow charts. What may have been a marginal mining project may well suddenly become very profitable. For Venture Minerals who are already in the Critical Mineral space, this may enhance their stature in the future of mining with a greener environment and be at the forefront of the business of Green Energy. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Coffee with Samso Episode 130 is with Andrew Paterson, Managing Director of Great Boulder Resources Limited (ASX: GBR) I have been an advocate for mineral exploration for a long time and the recent discovery of Side Well Project continues to confirm my narration. I have been chasing the Great Boulder story for a long time. I think I started the chase in 2020 and today I have finally managed to get Andrew Paterson on the show. I would have liked to have gotten the story before the recent discoveries, but that seems to be the Samso luck. We may have missed out on a few stories but after having this conversation, I think there are still more to be made. When I first looked at Great Boulder Resources, they were a company with a market capitalisation of less than AUD10M. Today as I write this, they are sitting at AUD52M. As a punter myself, one can see this as a 5 bag investment that has been played out. However, if you look at what the company has (a discovery) and doesn't have (a resource or even the initial information of building a resource), the AUD52M market cap is the premium you would pay for a safer "punt". As we all know, "investing" in these kinds of companies is a hit and miss at the best of times, but in my opinion, in these extraordinary times in this sector, it is worse. I cannot stress enough the need to look deep into the technical aspects and the management of the company. There are so many factors out there currently that could threaten to make the life we now have even more tense and complicated. We don´t have to look further than the situation in Ukraine and the inflationary circumstances of the post pandemic world. Investments of all sorts must be more calculated than before and putting your money into exploration stocks comes with even greater risks. Great Boulder has some great stories, and the fact that this is a new discovery in a new tectonic setting is very attractive. Patience is key for Great Boulder, and by the looks of things, they have most likely discovered a new mineral camp or province. Take your time and watch this Coffee with Samso. I encourage viewers to reach out to Andrew and ask him questions. Andrew comes across as a straight shooter and is technically versed to share his thoughts. You will see in the video that he has not once taken the blue sky narrative. Instead, he keeps his expectations at the reality level and at the same time, he opens up thoughts of what could be if things go their way. Chapters: 00:00 Start 00:20 Introduction 02:22 How is Andrew's mining experience helping his current position in GBR. 05:43 The Side Well Story. 09:42 What was the target that discovered Side Well? 11:34 Is this a new camp or province for gold mineralisation? 15:47 Is the epithermal system creating the higher gold grade? 16:22 Diamond drilling is happening now. 16:39 Is continuation of mineralisation expected? 17:33 The 500m prospective 500m gap. 18:35 Is the geophysics helping exploration? 19:31 Wellington Project. 21:15 The nearology concept. 21:34 Whitehead Project. 22:50 The grades and intercepts at Whitehead is not small. 24:32 Will the prospectivity of Whitehead create an issue for GBR in terms of work required? 25:58 Focusing on what is best for the company is critical. 26:47 Gold market conversation. 29:32 What is the News flow? 32:32 Where is the confidence of drilling results coming from? 35:51 Is your understanding of geophysics and geochemistry driving your drilling confidence? 37:51 What would you say to investors who think the share price uplift is over? 38:59 GBR value should be higher with the potential to come. 40:13 Last words from Andrew. 42:36 Conclusions PODCAST About Andrew Paterson Andrew is a geologist with over 25 years’ experience in mining and exploration in Australia and PNG. After graduating from WASM in 1993, he spent several years in surface and underground gold and nickel mining operations around the WA Goldfields before moving into a management role with Harmony Gold. Since then, Andrew has managed diverse programs exploring for gold, nickel, iron ore and lithium for companies including Atlas Iron and Focus Minerals. In 2016 Andrew was part of the management team that recapitalised Kingston Resources, leading to Kingston’s successful acquisition of the 2.8Moz Misima Gold Project in PNG. About Great Boulder Resources Limited (ASX: GBR) Great Boulder is a mineral exploration company looking for gold and base metals in Western Australia. With over 1,000km2 of tenements spread across its key projects at Kalgoorlie, Meekatharra and Yamarna the Company is leveraged for exploration success. Having made two large-scale copper-nickel sulphide discoveries at Yamarna within two years of listing, GBR has a track record of exploration success backed by a strong technical team. Early-stage exploration success on the gold projects in recent months have now set the Company up for an exciting year ahead. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Also featured on Brilliant-Online