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.

This episode of Samso Insights is about understanding the business of gloves and whether this is a long-term investment proposition. The investment dilemma for VIP Gloves Limited (ASX: VIP) Woken by the rude entry of the COVID-19 pandemic, investors are beginning to understand the dynamics of this simple business model where health and safety drive the market. So let me explain what we understand about the business of gloves, as part of PPE that aims to protect all workers. The use of gloves is centered to protect the workplace (Source: Photo by CDC on Unsplash) When I first covered this sector almost six months ago with A COVID-Proof Stock that is not related to Gold: VIP Gloves Limited (ASX: VIP) the market has undergone a roller-coaster ride. In the midst of COVID-19, there was a rush for gloves, masks and sanitisers. When the so-called, miracle cure of a "Vaccine" was touted as fast approaching, the bull run came to an abrupt halt. The opportunity is that there is only one company on the Australian Stock Exchange (ASX: ASX) that manufactures Nitrile gloves. Ansell Limited (ASX: ANN) produces other products so I don't put them in the same category. The other reason is that ANN is not a smallcap company. VIP has just begun its journey on the ASX and one would ask if this was the best year (Figure 1). It rose to prominence in July after the market woke up to its existence and that was followed by a fall in pricing due to market jitters about the arrival of the vaccine. Figure 1: The share price chart for VIP Gloves Limited in 2020. (Source: Commsec) As the world begins to appreciate the timing and the implications for upcoming vaccines, the main market of gloves, in Malaysia, is still turbulent. The main players like Top Glove Corporation Bhd - KLSE: TOPG (7113), Hartalega Holdings Bhd - KLSE: HARTA (5168), Supermax Corporation Bhd - KLSE: SUPERMX (7106) and Kossan Rubber Industries Bhd - KLSE: KOSSAN (7153) have all seen a significant rise of gigantic proportions over the last nine months (Figure 2 and Figure 3). For those investors that participated in VIP during the last 9 months, all eyes and ears were onto these market participants in Malaysia. Their every move on the share price was going to dictate what VIP would do in Australia as investors look for indicators. The is no prize for guessing that the sharp rise was due to COVID-19, not only for VIP but for the whole industry. The appreciation of the share price is mainly due to the rush and speculation of supply shortage and increasing demand. What was interesting is that when the market started to speculate the impact of the coming vaccine, the market did not wait for an answer. Market participants starting to exit quickly and with great volumes. Figure 2: The share price journey over the last twelve months of the top four glove manufacturers listed on the Kuala Lumpur Stock Exchange (KLSE). (modified from Investing.com) You can say that they have all retreated from their highs but I think this is more about profit-taking and the jitters of the market. This whole year is about the unknowns in the market. As most of the speculative money love the volatility, the smart money needs to see direction (perceived) before they leave their money on the table. As you can see in Figure 3, the gains in these stocks are short of being astronomical, when you look at the history of the four market leaders. The sharp rise has made investors glee with envy about the profits they would have made if they were in the Bursa Malaysia (KLSE). Unfortunately, unless you are well versed with that market, you will find it hard to get access to any of these stocks. Figure 3: The share price journey from 2012 to 2020 of the top four glove manufacturers listed on the Kuala Lumpur Stock Exchange (KLSE). (modified from Investing.com) What is the most interesting is prior to the rise due mainly to COVID-19, you can see that the business of gloves already experienced a generous premium (Figure 4). The charts below indicate that these glove companies were very busy paying dividends and creating capital appreciations. If one was to look at the company reports during that time, you would see that they were making money and I would say plenty of it. You cannot become an international player in any sector without making lots of money along the way. The top four glove manufacturers on the KLSE have definitely experienced great income generation over time. Figure 4: The share price journey from 2012 to June 2019 of the top four glove manufacturers listed on the Kuala Lumpur Stock Exchange (KLSE). (modified from Investing.com) The BIG Questions - Is this sector a long-term investment proposition? This is the big question that has created much confusion in the market. I look at the glove sector as a Personal Protection Equipment (PPE) issue. As a geologist and thinking about the Health and Safety (H&S) aspect of our mining industry, the intense level of administration in this sector of the industry is what will drive the use of gloves. Health and Safety driving the market If you look at gloves as a means to keep workers safe, one would understand why the use of gloves will be sustained. In the mining industry where the health and safety of workers is the first point of discussion in any meeting, signs like Figure 5 are a common sight when you enter an Australian minisite or a plant. Figure 5: The common signboard before entering any mine site or plant in Australia. (Source: www.hivismining.com.au) If anyone understands the strict requirements, there is no way that gloves would not become a common use by workers. You can already see the common use of gloves by emergency workers. Population like you and I will not be the main users. In many aspects of the world industrial revolution, we, the general population do not see what is consumed by industry. Figure 6: This is a common sight in Australian cities. Staff giving a strong vision of masks and gloves being used. (Source: Bing Photos) For example, as Australians are fast approaching a "clean" nation in terms of community transmission of COVID-19, the rest of the world are experiencing record daily cases. Cities that were reporting relatively few cases are now reporting a lack of beds. This lack of hospital beds is not limited to the poorer nations, but the more so-called "richer" nations are also experiencing this issue. Supply Issues As the world begins dealing with a new strain of the virus, I cannot see how demand for gloves will decline. Recently, there are reports that Top Glove and another Tier 1 manufacturer of gloves had to close supply chains as their staff was dealing with COVID-19 transmission within their factories. Although this is being managed, this is a reminder that the demand for gloves is not going to slow anytime soon. The future demand may not be "demand" driven, it could be driven by a decreasing supply issue. Any disruption to this supply chain will be catastrophic to the demand logistics. Then there is the nationalistic movement where the "hoarding" of supply by nations or sectors will create further gaps. Some conspiratory comments were being published on the reasons why Top Glove was targeted by the US government for labour issues. Comments were circulated that the real reason was to get Top Glove to direct their supply towards the US as they were just experiencing an unprecedented rise in Covid-19 cases. True or untrue (Fake News), we the general population will never know. It is now becoming common practice for the manufacturers to pass all raw material costs to the buyer already. This is a sign that manufacturers are confident that buyers' demand is strong enough to take this in the pricing, which indicates supplier strength in the market. This is a market where the consumer has no choice but to accept the price. How is this not a great business to be in? I think economists call this an inelastic demand. These are the reasons why I feel that the lack of supply will drive the sector more than increasing demand. I am not saying that there is no demand increase, I just feel that the supply side is not going to keep up. If the supply side is interrupted, the gap is going to grow rapidly. There is a paper written by an individual posted on a blog site in Malaysia that has some good arguments that Supply will never exceed demand. I agree with his statement in general and if one is truthful with the state of the world, you would have to say that this virus is going to hang around a lot longer than we would like to believe. What does this mean for VIP Gloves Limited (ASX: VIP)? Let's look at the current AUD48.46M market capitalisation of the company. It was around the AUD20M mark in July and rose to over AUD100M before subduing to market forces to be swimming at this range for the last couple of months. As a shareholder, one would be excused for thinking that this is going to end where it started at the 3 cent mark. The recent months of trading with an obvious seller in the market has troubled many shareholders. One look at a popular forum site will give plenty of colour to their thoughts. Many past and current shareholders are expressing their frustrations on the counter on a daily basis as the share price seemed to be defying negative gravity (Figure 1). How can a company with such promise be not going up? However, when you look at the released accounts, one would be thinking that this has to be the cheapest stock on the market. Coupled with the comments that I have mentioned above, you would be accumulating this stock with earnest. Evidence of Sales The October quarterly report highlighted a sale receipt of AUD6.6M which was the first clue that the company is generating some decent cash flow. The company only started production sales this year and prior to March, they were selling ar ASP (Average Selling Price) that were much lower than the market leaders. So in the build-up, they would have been slower to take advantage of the rising market ASPs as they were still delivering gloves at the old price. The next sales figures will be interesting as it should cement some resemblance of confirmation of status. Two sets of results that show strong sales growth will be well received by the market, one would think. Expansion In November, the company announced that their order book was full till the end of 2021 and their ASP had increased by 50% in the October to December 2020 quarter. In addition, the expansion of additional lines was coming on stream in December 2020 and April 2021. Figure 7: VIP has experienced a significant increase in its average selling prices (ASP) for its products over the September 2020 quarter by an average Quarter-on-Quarter (Q-o-Q) increase of 70%. (Source: VIP Limited) To show more future potential, the company announced that they were looking to build new facilities on an adjacent block of land and are looking to increase its total capacity to 3.5 billion pieces when completed. Too Much Cash While shareholders are pondering what is happening to the share price, the company appears to be trying hard to appease all these concerns by announcing a dividend policy. A dividend policy means that they got too much cash or major shareholders are wanting some of that "too much cash". There appears to be a lack of need to raise more money and that in most cases is a good sign. What it may mean is that the power players can only get in on the show from the market. Let's hope that is the case as it would be a good catalyst for the share price. In addition to the cash flow from sales, they are about to receive a series of payments from the sale of the land. This will bring another AUD10.3 million into the bank account. They have received AUD3.13 million already and that was used to settle with the bank loan (VIP Gloves Limited Announcement - 31st August 2020). Conclusion VIP suffers from an identity crisis in the ASX and I think investors may also have anxiety due to the operations being in Malaysia. What the company need is to allow investors to understand the gloves sector. Investors need to see and appreciate that this has been a money-making business even before Covid-19 (Figure 4). What this "New Normal" has created is a new level of pricing and demand. The recent announcements which relate to the expansion of more production lines and the recent sales figures should give potential investors some comfort on the viability of the business. Following the sales and expansion news was the dividend policy. I believe that this will be the game-changer as this will cement confidence that the company is confident with its cashflow. I would dare say that there are not too many companies on the ASX with a 50M market capitalisation that is distributing a dividend. The next sales figure should help support the concept that VIP could be "printing money" at this stage. Another compelling note is that the company is paying down its debts which is a clear message that they are looking to create a positive revenue position. Figure 8: This is a common sight in the last 9 months with workers using gloves to do work. (Source: Photo by JC Gellidon on Unsplash) I am a firm believer that VIP is all about PPE. This business is all about keeping employees safe in the workplace (Figure 8). The poor state of affairs around the world is not going to slow down the demand. In the coming time when the vaccines take effect, we are certain that preparations for FULL PPE to protect all workers are absolutely necessary. Figure 9: Britain’s second-largest teaching union says it is locked in an argument with the government over whether personal protective equipment (PPE) should be provided in schools. (Source: www.tes.com) There are now many questions being asked about the amount of protection that will be warranted for workers (Figure 9). What I can say is that, if the Health and Safety regulations in the mining industry is a measurement of progress, the steps for increasing Health and Safety in the other industries will get louder very fast. There will be no insurance agency that will not force industries to have "COVID-19" PPE as a standard requirement for workers. In closing, I believe that the premium in VIP is that it is in the ASX and they are the only way investors can expose themselves in the rubber glove market. For investors, the company is still trying to prove itself as valuable and credible. To their credit, they have done all the right moves in showing growing sales, showing nett profits, paying off debts, declaring dividends and showing expansions. As I have mentioned before, with a market capitalisation of less than AUD50M, there are not many, if any, peers that can list all those items. What investors can blame the company is that there appears to be no Champion leading the company. This may affect the way the company shares its messages to stakeholders but the business is so simple and profitable, one may be excused of not needing this Champion. However, I do feel this critique is valid and it will do well to have this fixed. In my opinion, the way its share price has build a holding price at these levels for a decent period of time tells me that a base has been established and the next sustained growth may come in the next accounts that will be out in February or late January. I would suspect similar figures to come out as the last Appendix 4C in October, if not higher. 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 Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. 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(source: Photo by Thom Milkovic on Unsplash) In 2009, I looked at the Paterson range as a remote place that was full of opportunities for the brave. Logistics was challenging and only a well-funded company would make any headway. One of these opportunities, the Nifty Copper Mine, has now fallen into the hands of a junior player. By all accounts, it appears to be a junior company with a competent management group. If you look at the group, they are operators and this is an operational project. Barry Cahill, the Managing Director of Cyprium Metals Limited (ASX: CYM), who had a Coffee with Samso with me last month clearly stated that Cyprium Metals will be producing copper plate in 2022. A New Copper Producer - An Overnight Success Now if production does take shape in 2022, I think the current valuation for the company would look cheap now. Things are Already Happening in the Paterson Range Although there was the discovery of Telfer (Au, Cu, Ag), Kintyre (U), Woodie Woodie (Mn) and Nifty (Cu) in the 1980s, there have not been too many highlights recently. There has been more activities, but I still would not call it a busy highway. What has been happening in recent times makes this region more accessible and known to the general ASX (Australian Stock Exchange) investor. Today we are looking at the Antipa Minerals and Rio Tinto JV at Citadel, Antipa and IGO Limited with the Paterson Province JV, Greatland Gold Havieron JV with Newcrest, and the discovery of O'Callaghan's Tungsten project by Newcrest (Mineral Resource in 2009). Then there is the Rio Tinto Winu Copper discovery. The Copper Story The sign of a Copper resurgence is now plainly in sight as the Copper metal price is now at over USD4 mark. With the rise of the EV revolution, there is an increasing interest in Copper price, and hence the Nifty Copper mine is going to be of greater interest. The Nifty Copper Deposit The deposit was discovered in the 1980s by WMC Resources Limited. It is 450km east of Port Headland, Western Australia (See Figure 2). The deposit is currently owned by Cyprium Metals Limited. Figure 2: Simplified geologic map of the Proterozoic Paterson orogen, showing the distribution of major stratigraphic units and mineralized occurrences (modified from Hickman and Clarke, 1994). Inset map shows the location of the Paterson orogen in Western Australia. [1] History [2] 1981: Oxide copper was first discovered at Nifty by WMC Limited. 1983: Drilling of the oxide resource led to the discovery of the deep sulphide resource. 1993: WMC commenced an open pit, heap leach, SX-EW operation on the relatively high-grade part of the oxide mineralisation. 1998: Nifty was purchased by Straits Resources Limited with subsequent expansion of the heap leach operation. 2003: Nifty and the surrounding exploration tenure was purchased by Aditya Birla Minerals. 2004: Underground development commenced exploiting the sulphide resource via a decline from the open pit. Construction of the sulphide concentrator commenced in October 2004. 2006: First copper concentrate produced. Open pit mining operations ceased. 2009: Heap leach operations ceased. 2016: Metals X Limited acquired Nifty through takeover of Aditya Birla Minerals Limited. 2021: Cyprium Metals Limited acquires Nifty. Geology [2] Nifty is hosted within the ~850 to 824 Ma Yeneena Supergroup of the >24,000 km2 Neoproterozoic Yeneena Basin, which in turn comprises part of the Paterson Orogen. The Yeneena Supergroup is subdivided into the Throssell Range and succeeding Lamil Groups. The Throssell Range Group is composed of the Coolbro and overlying Broadhurst Formations with the latter hosting both the Nifty and Maroochydore deposits. The deposit is hosted by the upper carbonaceous shale to pelitic schist unit of the Broadhurst Formation, which in the deposit area has been divided into four informal members: the Footwall Beds, the Nifty Carbonate Member, the Pyritic Marker and the Hangingwall Beds. The deposit comprises supergene oxide, sulphide and transitional mineralisation above stratabound hypogene sulphide mineralisation hosted by carbonaceous and dolomitic shales, principally within the Nifty Carbonate Member. Hypogene mineralisation is localised in the north-eastern limb and keel of the 15°SE plunging Nifty Syncline and extends for >1,300 m down plunge. Mineralisation is simple, with the only major sulphide minerals being chalcopyrite and pyrite, with minor sphalerite and galena. What's the big deal with Nifty? What makes me so interested in the Nifty project is the lack of exploration activities for at least a couple of decades. Ideas and technical advances over the last two decades alone would make this place attractive. Add the rising metal price to the mix and you are going to get some excitement in the coming years. The gold exploration and recently the nickel exploration success have come from renewed interest in the sector. With a greater injection of capital into an industry starved of real capital for the last two to three decades, numerous success stories have been appearing. The discoveries over the last 12 months can be said to have been discoveries waiting to happen. All it needed was the added capital. For many geologists, the discoveries were going to happen as soon as capital was added to the mix. The ground were always prospective but was just never explored mainly because of a lack of funding over the years. In Australia, the number of copper producers, especially in the smallcap to midcap level of companies are very rare to nil. The production of copper in Australia is small compared to the rest of the word as you can see in Figure 2. With renewed interest in the metal and the capital market being favourable to fund projects, this could make something like Nifty very valuable. Figure 4: Metals X ASX announcement: 10 March 2020, Nifty Copper Mine Resource Update figure is proportional production over time; data synthesized from U.S. Bureau of Mines (1932–1993), Schmitz (1979), U.S. Geological Survey (1994–2014, 1996– 2017), British Geological Survey (2001–2015), and The Mineral Industry: Its Statistics, Technology, and Trade (published by McGraw-Hill, 1982–1940). Note: data prior to ~1850 is clearly incomplete. [3] Cyprium Metals Limited raised AUD90M to fund for the AUD60M ($24M cash and $36M in Convertible Notes) purchase price with the path to Copper production in 2022. There is a lot of talk about copper projects, but in Australia, there are not many that compare to Nifty in terms of potential time to production. There is a reported oxide and sulphide Mineral Resource of over 650,000 tonnes of copper (Figure 4). This is outside the 714,908 tonnes of copper metal that has been produced since its first production in1993. What is exciting is that the existing resource base remains open both up and down plunge of known mineralisation. With this in mind, the technical studies and in-fill drilling of existing open pit resource will begin soon. The new owners are optimistic in reopening the open pit strategy. If the new owners had said that their strategy is to look at the underground opportunities, I would be not writing this Insight. The open-pit strategy with the current copper metal price should work. However, this is something for the mining engineers to comment. How and where are they going to start will be the next topic of Coffee with Samso with Barry Cahill. As you can see in Figure 5, the existing pit is in place, so I figure we are going to be talking about pit extension or adjacent resources that are not related to the existing pit. Will the New Nifty be any better than the Old Nifty? I have long believed that investing in an old project with legacy issues is merely looking for a disaster to be proven. However, the resource resurgence over the last twelve months has made me think differently. This cycle may be long enough and the project may be robust enough to work. Well, for now, it has made me rethink my thoughts as I see two factors that "seem" to make this cycle different. The first is that the capital markets are now looking for rewards and the amount of funding already in the market is almost creating a self-fulfilling situation. The monetary stimulus that we are seeing and hearing all over this planet will drive economies to go into overdrive. We have all learned that a rising Dr Copper is a sign of economic recovery. It looks like it is happening as seen in Figure 1. The second factor is that the EV Revolution will drive innovation that always leads to an aberration of how things used to work. The influx of capital into industry will make our version of an "Industrial Revolution". Remember, Copper plays a vital role in electronics, vehicles, telecommunications, electrical power generation and distribution systems, domestic and industrial piping, chemicals, currency, and general infrastructure. Can the Resource Increase? I found a paper that had some very interesting facts on initial resource/reserves and actual resources/reserves while mining. According to the paper [3], there is a common trend of growing cumulative production over time (Table 1), showing good conversion of resources to reserves and then mine production (e.g., Mount Isa, Falconbridge). Some sites show a relatively constant total endowment over time (e.g., Alumbrera, Lumwana, Sepon), although many show an increasing endowment over time, with some sites showing major increases (e.g., Olympic Dam, Collahuasi, Ok Tedi, Savannah, Antamina). Table 1: Selected Historical Reserve / Resource Estimates vs. Code-Compliant Estimates (year in brackets) [3] Figure 6 shows a series of graphs that show these relationships. Could this be something that is going to be happening with Nifty? I remember that when Silverlake Resources Limited (ASX: SLR) started their mining in Daisy Milano, many had thought that the LOM (Life Of Mine) would be short. That was in 2008 and they are still mining very well today in 2021. "These positive trends reflect the fact that mineable resources commonly grow for mining projects, demonstrating that the initial reserves and resources are sufficient for justifying mine development but that the geology and/or other factors are able to deliver an expansion of endowment over time. The shorter-term variations in resources and reserves can often be due to a period of lower market prices (e.g., Alumbrera in 2015, Bingham Canyon and Ok Tedi over 2008–2009)" [3] Figure 6: Examples of cumulative mine production (red) plus reserves (yellow) and additional resources (blue) over time for selected mining projects (note the additive nature and varying scales and time periods; all values are Mt Cu; other resources various colours; all data from government yearbooks, company reporting, technical and academic reports). Abbreviations: IOCG = iron oxide copper-gold, VMS = volcanogenic massive sulfide. [3] Figure 6 (cont): Examples of cumulative mine production (red) plus reserves (yellow) and additional resources (blue) over time for selected mining projects (note the additive nature and varying scales and time periods; all values are Mt Cu; other resources various colours; all data from government yearbooks, company reporting, technical and academic reports). Abbreviations: IOCG = iron oxide copper-gold, VMS = volcanogenic massive sulfide. [3] Figure 6 (cont): Examples of cumulative mine production (red) plus reserves (yellow) and additional resources (blue) over time for selected mining projects (note the additive nature and varying scales and time periods; all values are Mt Cu; other resources various colours; all data from government yearbooks, company reporting, technical and academic reports). Abbreviations: IOCG = iron oxide copper-gold, VMS = volcanogenic massive sulfide. [3] What I remember about Olympic Dam is that it started as a Copper mine and ended up being the largest Uranium in the world. If you look at this from a geological and statistical point of view, why would a sizeable mineralisation event that large, assuming there are no known structural events that closed the mineralisation, stop? Long life mines are not uncommon. If the metal price is right and/or management can reduce operational costs, many mines have lasted a long time. Rio Tinto Limited (ASX: RIO) and BHP Limited (ASX: BHP) are mining and shipping their iron ore at around the AUD$20/tonne ( in that range anyway). Newcrest has its Cadia gold mine at negative cost. The combination of copper and gold has meant that the gold is produced at AUD$7.83. What Does This Mean For Investors? For investors, and existing shareholders, I think the market needs to see the ducks lining up. Obviously, management needs to muster the ducks together and start making it happen. At this point, I don't have any reason to doubt that this will not be happening. For me, looking at the company from an investing strategy, taking positions now may not be a bad idea. The way I see this is that a potential copper producer in 2020 with a market capitalisation of AUD25.62M (09/03/2021) looks cheap to me :-). For those that have read till this sentence, a serious amount of DYOR (Do Your Own Research) may not be a bad idea. As I always say, DYOR is a good word, FOMO (Fear of Missing Out) is not a good word :-) Currently, I do not hold any shares in CYM. 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 Reference BRUCE R. ANDERSON,†,* J. BRUCE GEMMELL, AND RON F. BERRY, The Geology of the Nifty Copper Deposit, Throssell Group, Western Australia: Implications for Ore Genesis: Economic Geology, Vol 96, 2001, pp 1535-1565 Metal X Limited website. Gavin M. Mudd1,† and Simon M. Jowitt, Growing Global Copper Resources, Reserves and Production: Discovery Is Not the Only Control on Supply: Economic Geology, Vol 113, No. 6, pp 1235-1267 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. #copper #samsoinsights #mining

As we look back on the last twelve months, it is bewildering how and why a world pandemic could create one of the strongest moves in commodity pricing for decades. Will the Bull keep the Bear in hibernation or is the Bear starting to wake up? Or has the Bear entered the woods already? This commodity price movement has made the mineral exploration sector so hot that you could cook an egg on it. That was how I used to describe the current state of the market to some associates in Singapore. I think this is not too far from the truth as you look at the series of price charts in Figure 1 below. Figure 1: A summary of metal pricing since the Covid-induced crash in March 2020. (Source: www.lme.com) I remember prior to March 2020, the common narrative on metals such as nickel and copper was that there was a shortage on at the LME (London Metals Exchange) and hence the pricing must soon reflect deficit. However, the price increase never materialised which got a lot of commentators wondering. The excitement that is in the market is best represented when you look at the ASX 200 (Figure 2), which is now currently higher than the high prior to COVID, at the time of writing this article. The recovery was observed in all sectors. Even the great Rick Rule was surprised at the rate of recovery. My last conversation with Rick was published on March 5th 2021 Commodities and Equities: Advice from Rick Rule. In this episode, Rick talked about what had happened since our first conversation twelve months before when we had our first two conversations. Gold, Equities, Sprott Management and Australian Gold Exploration - Rick Rule Markets and Commodities with Rick Rule Rick mentioned that he had underestimated the rate of recovery but I think that readers should take note of his initial reservation on the market. Rick may have been wrong on his initial thought in May 2020 but I think the pull back in gold price earlier this year shows that even the market knows that things are moving too fast for its liking. Figure 2: ASX 200 chart for the last 5 years. The S&P/ASX 200 (XJO) is Australia’s leading share market index and contains the top 200 ASX listed companies by float-adjusted market capitalisation. It accounts for 88% (December 2020) of Australia's equity market. (Source: www.marketindex.com) Today, when you talk to industry people, the mood is that the market is slowing down. The hype is lesser talked about and this is certainly a good sign. Why would that be a good sign, you may ask. Let´s see how I can make it clearer. Why is a "slow down" in the resource market a good thing for investors? Over the last twelve months, there has been an increased wave of noise on the ASX being generated by social media and publishers of investor relation products. Samso can be counted as being one of the contributors of the noise. However, Samso would like to think that we are trying to create content that attempts to reduce the noise. The results of our approach can be argued but the point of the statement is that there are many investors out in the market now that have very little understanding. As the market created so much momentum, investors were looking at a 500% or a 1000% gain as an acceptable investment. Anything short of that was looked upon as selling out too low or the trade underperforming. To me, these kinds of news are short of being dangerous. For those that have been following Samso, you would have noticed that we have mentioned continuously that investors should understand the story and not to just base their investment solely on someone's narrated version of investment attributes. Hence, this slow down in the market, or a sense of slowness in the market is a good thing. There was a pull back for many companies and even one of my favourite explorer-turned-potential miner came back (Figure 3). Figure 3: The share price chart for Musgrave Resources Limited (ASX: MGV). (Source: www.commsec.com.au) This pull back all happened across the board in this sector. As you can see, the recovery was imminent but not at the break neck speed from the last twelve months. I and many observers have said that a slow rise is many times better than one that climbs vertically. Hence, the gentle recovery from these stocks are great. Those companies that did not have a strong story behind the rise are now having to work hard to regain some momentum. Don't get me wrong, speculation is still around, but they are not indiscriminate like the previous months. What does all this mean? When you look at the path forward in terms of world economic growth, one has to feel the optimism that is in all miners. Almost everything that you read or watch involves the electrification of the world. I wonder if the "Green Movement" realises that to make the world "Electric" there is going to be a lot of pivoting of businesses. Hence, one would think that the need of the basic building blocks of mining and changing the way we do things now will create more anti-electric actions. When people think of the EV revolution, they think of Lithium, Cobalt, Graphite, REE and recently Nickel. When you think about my earlier statement that to make the EV revolution a reality, the metals that build the infrastructure to create this new world are the not-so-sexy metals such as Molybdenum, Nickel, Copper, Aluminium and Silver (Figure 4). There are more metals involved in the new EV movement than Lithium, Cobalt and Graphite. If you look at Figure 4, you will see the limited roles of these minerals. They may be the VIP guest but if the room is empty, these VIP guests will not be able to do too much by themselves. Figure 4: This graphic takes the data from the World Bank’s Climate Smart Report and outlines what metals each renewable technology will require and their overlapping uses. (Source: www.elements.visualcapitalist.com) There is no denying that there will be an increased need for all the metals that are shown in Figure 4 but the greater spread of needs in all forms of "clean energy" will require a greater expense of metals than most people would realise. I suspect that this will create a greater demand than supply can provide. Mining is not like Baking Bread The process of mining is complicated. It is made even more complicated by the process of proving the viability to mine and then to maintain the sustainability to mine. As we know, the demand-supply curve is the ultimate determinant for the viability of any business but when you add factors such as ESG (Environmental, Social and Governance), Sovereign Issue and lastly an artificial demand to make the EV revolution happen, there is going to be a big strain on supply. Figure 5: The raw material demand of the EV Revolution. (Source: www.elements.visualcapitalist.com) As you look at both Figure 4 and Figure 5, one will notice that there are a lot of minerals being used over a range of products. The process of clean energy is more mineral intensive than the old fossil fuel source of energy. So without getting into a debate about which source of energy is cleaner, we can all agree that we are going to need more minerals than the fossil-fuel revolution. Molybdenum, which has been one of the quietest metals in the recent commodity rush is now treading at levels near the last iron ore boom of 2010. Figure 6: Molybdenum price over the last 15 years. (Source: www.tradingeconomics.com) General investors would not look at Molybdenum as being part of the commodity rush but it is actually a critical component of steel making. It has just been listed on the LME (London Metals Exchange) but the pricing is still strongly controlled by contractual buyers. China is the main player and the price is typically aligned to the perceived demand for steel. Hence, like Dr Copper, it does give an impression that the market players may be indicating an increased demand for steel. The recent rise in the fortunes of Molybdenum is important as it may give a clue to the coming fortunes for the steel making process. This is another clue to the potential of the coming commodity market. If something like Molybdenum is moving in such leap and bounds, what would the rest of the list of metals be doing? Market Prices Are Aligned for Growth The market indicator of progress has been Copper. The term Dr Copper is coined to say that if the good Doctor is up, then the world economy is doing well or going to do well. Copper price has seen some good movement lately with a short hiatus when it lost traction. The drop in price occurred around the same time that iron price dropped to USD180 from a high of USD200+. This has been short lived and it looks like the prices of both commodities have since recovered to their recent levels. Figure 7: (1) Copper price from June 2016 to July 2021. (2) Historical copper price from since 1960. (source: www.macrotrends.net) In 2015, we saw the bottoming of commodity prices in unison. This also followed a unison rise in pricing following the bottom. I uses to tell people that I have not seen minerals and oil all moving in the same direction and many people at that time was saying metals were rising due to a shortage on the LME. Although this was in general correct, the real shift in pricing did not really happen till the end of the COVID crash of March 2020. If you look at Figure 1, you will see the alignment of metal pricing. It looks as if the metal pricing are all being chased by something. What is not so apparent is the mix of metals that are experiencing such attention. Tin is another one of the forgotten metals from the past. Even this humble little metal has taken a leap in its price (Figure 8). An article by Wood MacKenzie entitled - Tin – the forgotten foot soldier of the energy transition tells a great story about why Tin may become the next Cobalt (remember when it ran to USD92K). It is a great read which basically says that up to 90% of the world´s supply may be affected by ESG. If that is the case, the current high price of USD32K could be sustained or may even reach a much higher price. Figure 8: (1) Tin pricing from June 2016 to July 2021. (2) Historical Tin pricing from 1973 to 2021. (Source www.lme.com and www.tradingeconomics.com ) So What Does All this Mean? I have to say that in my 30 years in the mineral resource industry, I have never felt that this continuing run of good fortunes in my industry may actually have very long legs. When you have seen as many boom-bust cycles as an exploration geologist, you are constantly in disbelief of any market rise. The need to execute the EV revolution will create the situation for a greater need for all metals. In Figure 4, we see that there are five metals that are spread over a minimum of 5 sources of renewable energy. The fact that we are needing more Nickel, Copper, Aluminium, Molybdenum and Silver tells me that the shortage that was been narrated in the last 7 years will get worse. The shortage of base metals such as Nickel and Copper is well known and there are no arguments, but now the equation will be significantly and critically imbalanced. The recent dip in copper and iron ore price was very short lived as we are now seeing that the price is near or as high. There were talks that the Chinese government was trying to instigate selling pressure to decrease the price of metals but it seems that has not happened. If the Chinese selling theory was correct, then potential rise of future metal prices will be a matter of fact. I don't think Lithium supply will be a driver as there is no shortage of Lithium. If the world needs more supply, there will be investment and producers will just produce more to meet the demand. Nobody needs to find more Lithium. Now, Nickel Sulphides is another story. There is actually a problem with finding more metal and because of that, the price of Nickel will rise. An additional factor for pushing nickel prices up is the projected demand. If you cannot find more and you cannot feed supply, you have a growing problem. The issue with Copper is not a lack of supply. It is a lack of mines and mining grades. The current mines are all mining lower grades and hence the cost of production will rise. Similarly, like the search for nickel sulphides, projected demand and the slow process of market equilibrium will create tension in price and supply. As the world wakes up from a pandemic, the increasing need to revitalise the world economy itself will make the need for metals a priority. In my opinion, there is ample evidence to support a continued run on commodity prices. Another reason why I think this market is here to stay is that brokers are telling me that a portion of the industry will only look at AUD10M to AUD15M raise for new IPO. The other half of the broking industry is telling me that they can do the small AUD6M raise but also to get in the back of the line of six other companies waiting. All this work and money, coupled with an extremely tight labour market, is why I cannot see a slow down anytime soon. 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.

May 2020 was kind of a D-Day for the glove making sector. The KLSE (Kuala Lumpur Stock Exchange), where the world's largest producers congregate, had one of those light bulb moments where investors pulled into all the glove makers. The run was exceptional as you can see in Figure 1. Figure 1. Share price charts for the biggest four glove manufacturers in the KLSE. (source: Investing.com) The glove sector has been doing exceptionally well in the last decade but this May, it took a turn for the stratosphere. If anyone ever doubts the seriousness of COVID-19, think again. Speaking to punters from Malaysia, the run was short of spectacular. Just so that readers get an appreciation of the run, these companies are not your penny stocks, they are companies with a market capitalisation in the billions. Figure 3, taken from a research note by CGSCIMB on 15th July, gives a good summary of the nature of these companies. As you can see from the charts, those investors were making up to 10 baggers depending on when you got on the train. Supermax Corporation Berhad (SUPM) was the best performer with punters getting in at RM1-RM2 and its now RM17.70 on Friday (17th July 2020). This is also after the sector correcting up to 10%. The price is now higher than before the correction. When you compare that to the previous Research Note by the same company on June 23rd 2020, the number has changed significantly. Remember that we are talking about a one month difference. Hartalega Holdings added USD4B to its market capitalisation, and Top Glove Corporation has added nearly USD5B to its value. Where do we think this demand is coming from? It is obvious that COVID-19 is a major cause of this run, aided by the global uncertainty of when this will come to an end. There is a school of thought that this will become a virus that the world has to live with for a long time. If this is the case, Figure 5 below will not end the way it is drawn. Year-on-year growth of 10% for the next three years may actually be severely underestimated. As you can see in Figure 5, the previous virus incidents created spikes but they were followed with a decline in growth however, the general curve is one that is rising. When you look at what happened in the past with SARS, MERS, H1N1 and EBOLA, the world did not stop. The world did not stop in unison with any veracity. The next three-year projection in Figure 5 is theoretical in nature hence if you look at what the virus is doing around the world, one would have to re-evaluate the potential growth of these companies. Robustness of the Sector In the week beginning 13th July 2020, the heavyweights of the glove industry in Malaysia took hiding of 5% to 8%. A total of USD2B was wiped out collectively. This would be a big number except that these giants of glove-making have made 100s of percentage growth and significantly more billions in growth. Companies like Supermax have not only recovered but also increased their share price from the previous high. Whatever the sceptics may want to say, investors are voting with their money and supporting these companies every discount they get. Even Top Glove, who had a detention notice from the US Customs at the end of the week, could do no wrong. Time will tell how Top Glove gets over this bump on the road but what is wrong for Top Glove will only mean a supply shortage. And a shortage in supply will be great news for the rest of the sector. For those that understand the concept of inelastic demand, this sector is the king of that economic term. Buyers of gloves are telling me that they are paying 50% deposits and every new order is being met with a new higher price. Who would not want a business like this? Secret Component of the Glove Sector Nitrile gloves which are the higher value of the gloves are made from synthetic materials. No need for rubber trees. The main component is Nitrile Butadiene Rubber (NBR). NBR is a copolymer. A copolymer is a polymer that is made from several species of monomer. NBR is made by a process of copolymerization which binds butadiene and acrylonitrile. Acrylonitrile enhances the chemical resistance, while butadiene creates flexibility and tear resistance of nitrile gloves. Looking at Figure 6, I believe that the glove makers are enjoying a healthy margin. I read an article that the price of NBR was supposed to go up in 2019. As you can see, that was not the case and the combination of a steep decline in raw material cost and a rising selling price is a recipe for many happy investors. The greatest asset these nitrile glove manufacturers have is that their raw materials are synthetic. Hence, that means they are grown in a "lab" and there is little motivation to be costly, at this stage anyway. Is this a COVID-19 boom story? There is no doubt that the onset of COVID-19 has been a catalyst. However, the "rubber gloves" industry has been doing well for a long time. Many investors forget that the use of gloves has been increasing and not just in the medical sector. The increasing number of industries using gloves have been increasing as well. It is also noted that the use of PPE (Personal Protective Equipment) has been increasing as well, especially in the use of masks. What is interesting in all this rush for better hygiene is that the average person in the ASX (Australian Stock Exchange) does not even know which company is getting rewarded for the market demand. Most investors don't even know how to get a part of this journey. When you look at the share price charts in Figure 1, there is no doubt that the magnitude of COVID-19 is a major catalyst for the demand. What punters will need to decide is how long is this "New World" going to be finished. Will this be a permanent New World Order? If so, will the demand for PPEs such as gloves be ongoing? Conclusion For Malaysian investors, the glove-making industry is well known. Malaysian companies have been in this industry for a very long time. My understanding of this industry, by comparison, is still very fresh. However, looking at numerous research reports and talking to industry experts over the last few months have definitely opened my eyes and ears to what makes this sector click. When I looked over the charts in Figure 1, I was amazed and disturbed that there has been so much growth in such a short time. The word "Bubble" comes to mind. This is even more enhanced when I looked at the charts closer at the previous bullish trends over the last eight years. Figure 7 and Figure 8 show this journey and you can see the ups and downs over time and then the high lift in May this year. This period is not related to SARS nor H1N1. The sharp drop looks like it was dividend paid. The Financial Report dated March 2014 seems to indicate that its dividend paid. If this geologist has read the report correctly, this makes for interesting thoughts. The two charts showing a run and paying dividends has put my fears aside about the "Bubble". This was all during so-called "normal" trading situations. The COVID situation has stopped the world and this is by no means a "normal" situation. Hence the large rise could be argued to be "normal". What will power this further will be dependent on how long this "New World Order" takes to settle. In my opinion, I believe that the world we live in from here onwards will look nothing like what was pre-COVID. COVID-19 and the potential next COVID-19 will mean that the expectancy of hygiene will be reflected in the increase and sustained use of basic PPE. We are not going to walk around in "sperm suits" but I think the wider use, and the wide common availability of masks and gloves will be here to stay. As for glove manufacturers, the continued money-making habits are not going away anytime soon. 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. www.samso.com.au 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

Another Samso Insight for the Metals and Mining sector Here's what I learnt from Rick Rule on what drives rapid market reaction and finding those Warren Buffet moments. Is this market sustainable or is it a bubble waiting to explode? Read on to find those golden nuggets. Was 1987 the mother of all crashes? In my nearly 30 years in the mineral resource industry, I have never seen or participated in a rush like the last five months. Prior to the stock market crash of 1987 when I was sitting in the Reid Library (University of Western Australia) counting what percentage of the Porsche 911 I had, I thought this was the easiest thing. Investing in equities was simple. The crash came and that car was no longer in the picture. Just as well it was in theory. As it turns out, for me, that crash would turn out to be one of many "crashes" for me to experience over the last three decades. As a geologist, there would be even more ups and downs. If we had thought that the 1987 crash was a mother of all crashes, the chart below will tell a different story. The 2008 drop would have to be the biggest and that was due to naughty bankers. Rightfully too as they are the masterminds of the world financial system. The recovery was pretty fast for the bigger companies. For the rest of the small-cap sector, and the mineral resources sector, it was literally being dragged through the desert and then the thorny bushes and then through the salt fields. And when we resurfaced, we found that the water source was not working and those that worked were leaking. For those people who were in the corporate sector, raising money was a hard slog. I remember listing my company in 2009 and then wondering how we were going to raise more money in the future. Equity markets - 2020 Today, August 2020, for me, in terms of investing in shares this is a surreal feeling of Deja Vu for me. I have seen stocks take off from $0.005 to $0.072 on not much news and activity. The company has not announced anything so how is one to make an informed decision. This is not to say that the company is bad, it is what the market, in general, has been doing since that faithful last week in March. The company I am referring to is, of course, Kairos Minerals Limited (ASX: KAI). The Pilbara has this history of sparking a rush lately with the Conglomerate Gold rush in late 2017 and now what I call the Hemi Goldrush. The Hemi Goldrush is all about the discovery of the Hemi gold deposit by De Grey Mining Limited (ASX: DEG). De Grey made an announcement on 17 December 2019 and it was on for the young and old. Anyone that had something that was close by and had some essence of similarity would attract the attention of eager punters. You would have thought that was the case but, punters were still few and far between. As you can see the share price of Kairos was pretty much underwater until that last week of March The share price for De Grey did not really start to move until February and took off around the same time as the whole market in the last week of March 2020. Hemi was touted as the next gold mine in the Pilbara and that may still be the case. It was a brand new discovery that made De Grey the darling of the market. Not too long before the discovery, when the company was trying to raise money, they were being shunned and how fortunes favour the brave. On another chapter, Calidus Resources Limited (ASX: CAI) which was completing a Feasibility Study on its Warrawoona Gold Project seemed to be on hiatus. Everyone was waiting for the completion of the study. Hence this meant that they were not attracting too many suitors but again, sprang to life on the last week of March. I am starting to feel that there is something different about this market. The market factors were looking different and investors are doing things differently. Rapid Market Reaction Uncertainty crept in and the wonderful four-letter word FEAR was driving the price of gold up. As the gold price started to move up and the reality of COVID became clear, for some reason, the market went into overdrive. Companies that had just an inkling of money being raised, potential projects being acquired was driving share prices in multiples of 10x and 20x. Everything was on the move. Investment decisions were being made not on technical merit but that fact the stock was going to "fly". When I looked at some of these projects on its technical merit, I was puzzled at what was so good and why on earth would anyone want to put money in them. It became clear that the market was no longer reacting to substance but rather on the power of a driving market. There were conversations about money being raised everywhere. There are too many examples to list and too many names to mention that were influencing the rising sentiment. During this time, I had a couple of conversations with Rick Rule and we had a couple of Coffee with Samso to talk some sense of this market. Rick Rule is the Senior Managing Director of Sprott Inc. and the President & CEO of Sprott US Holdings. Check out these episodes of Coffee with Samso with Rick Rule Gold, Equities, Sprott Management and Australian Gold Exploration (Not the best of recording) Markets and Commodities with Rick Rule Rick shares some great points and the one that sticks to my mind are the following: People buy GOLD when they FEAR They buy Silver when they are GREEDY. If the price of gold is at a level that is considered more than a demand vs Supply vs Insurance, there is something drastically wrong in our world. In the beginning, Invest first and Speculate later. I have taken on board these comments and I am looking at this market and thinking that one should now start to Invest and Speculate later. All the first three statements are now in play. This is not to say that the market is about to blow up, but rather to say that it is time to look at the substance rather than the speculative "plays". What is Substance? Let us look at some of the ones that are pretty obvious in the market now. One would ask the obvious question. Have they peaked? Is the gold price going to come back? Are we going to see a major pullback? The answer to this question is simple. DYOR (Do Your Own Research) and don't let FOMO (Fear Of Missing Out) drive your thinking. I would look for near producers that are undervalued and have lots of upside for growth. I agree that there are very little left in this category but I have two that I feel will do well (Hint: Don't stop reading now :-)...). If you look hard enough, you will find them. Warren Buffet finds them so you can as well. As he says, he only needs to find one or two a year and that will do him well. When he finds them, he goes in big. After many years of "speculating", I am now a practitioner of this method. This is a sign of old age and preparing for a slower pace of life :-) I am now in the school of "trying" to find those Warren Buffet moments and then backing the truck into it. There are many opportunities to "punt" but there are only one or two that you will "invest". Which Commodity? In terms of Gold, I think that the government stimulus which is happening all over the world now will keep gold price buoyant and most likely go up depending on how COVID plays out. Remember that prior to COVID, the inflationary issues associated with printing too much money was already rearing it head out of the pack. As for the base metals, I think all major and minor economies are just entering the next phase of rebuilding and so base metals will attract strong demand. I believe that copper will be the star of this batch. Dr. Copper is never wrong! There is the transition to EV (Electric Vehicles) and Renewable Energy, so the likes of Nickel, Lithium, Cobalt (?), REE and Uranium will be in strong demand. I just had an interesting conversation with an associate who is heavily into the trading of Spodumane (Li). He has some good reasons that point to a Lithium recovery. Hard rock lithium recovery. What do I like? I like Blackstone Minerals Limited (ASX: BSX) because they have a very good project in Vietnam. This is a mine waiting to happen. This is a mine within the market for Nickel Sulphide. This is a mine with a great partner in EcoPro. So what is there not to like? My only regret is that I had to sell my holdings way too early. Looking at Figure 6, I am sure they are going to be a shining nickel company. Let us hope management still remembers how to spell Samso. I have been a great sideline supporter of this project from late last year. I am pretty sure the share price was around $0.15. Currently sitting over $0.40 is a true testament to the hard work from the management of the company. One that I have a holding in and I am happy shareholder is Hot Chili Limited (ASX: HCH). Again, from my DYOR article on porphyry deposit in Chile - Copper Porphyry Districts - Chile & Associates - I have learnt that this is well managed and is a giant waiting to come out of the woods. There have been a couple of Coffee with Samso with Christian Easterday and I remember our discussion was on how the public never really understood the potential of the adjacent porphyries in El Fuego. If you watch the Coffee with Samso and the Rooster Talk I have done with Christian, you will slowly understand that this is one of those Warren Buffet moments. Even at the $0.039, the market capitalisation is only AUD77M. Go figure that. Conversations with Christian Easterday Coffee With Samso A Giant Copper - Gold Porphyry Story, Chile Tier-1 Copper-Gold Porphyry Deposits Rooster Talk Unveiling the Giant Copper Deposit - Hot Chili Limited (ASX: HCH) The beauty of HCH is that the market is still unaware of the value creation. The persistence of management to keep delivering milestones is commendable. it is not easy to stick to this task for ten years and work through some tough times. Conclusion I don't think this market is going to burst. However, I do feel that the small-cap market is now so speculative, the safest way is to look for value. I know this last statement goes against everything that a small-cap "investor" would do. My thoughts are based on the fact that this market is the best I have seen. In fact, if you look around the world, almost every exchange that I have some insight to is up and is as active as the ASX. The advice from Rick Rule is resonating in my mind as I write this. Invest first and speculate later. Gold is rising so FEAR is in the air. Silver is rising so GREED is near. The best way for me to create some form of insurance is to find those Warren Buffet moments. 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

Samso Insight Episode 99: The world of marketing has been changing since the onset of the internet. Digital marketing is now at its most mature where it has evolved into a precise targeting tool. There are many misconceptions that digital marketing is all about posting pretty pictures and random phrases on social media platforms. The word engagement is often used too loosely to mean someone is listening to or watching your marketing. In this episode of Samso Insights, we are talking to Ali Raza from Invicta Agency. Ali has a wealth of experience in this field and we have been talking about engagement, targeting of engagement and what digital marketing can do in terms of minimising the cost of marketing. Today's Samso Insights is about reaching out to connect with customers and providing the story of business. The translation and the projection of messaging is really important as the subtle points often create the most impact. In the world of mineral exploration companies in the Australian Stock Exchange (ASX), there is a lack of understanding of the need to have a brand. The aspect of branding is the key to every business that is out in the marketplace. The act of branding is also the cornerstone of every human being. We brand and market ourselves individually every day to our families and friends. In some ways, branding is the end result of a digital marketing phase. Marketing in its traditional form is no different to today's digital marketing conversations. The formula is the same but the way we do it is different. I remember a video I watched a decade ago where the narrative was that the hunter who goes into the forest to hunt for customers comes out empty handed. He meets a guy and asks, "Why are there no customers in the forest?" The reply was, "The customers are now all around water holes called Google, LinkedIn, Twitter...etc." As Ali Raza points out, the digital marketing space is all about Recent, Frequent and Relevant. It is this change in view points that is key in getting noticed in the marketplace today in 2022. Chapters: 00:00 Start 00:20 Introduction 01:13 Ali talks about Invicta. 03:48 Is there a platform that works for a specific industry? 10:55 The types of content. 11:59 Fitting the content into the marketing strategy. 13:37 How important is branding? 16:55 A sector where branding is less relevant. 20:27 How important is viewership? 25:46 The concept of retargeting. 31:03 Does subtleness work? 34:31 Building the strategies. 48:44 Narrating the value of the product. 51:17 The evolvement of digital marketing. 54:56 Invicta moving forward. 59:27 Massive untapped opportunities. 1:00:26 Conclusion PODCAST Digital Marketing can be an intriguing and exciting area to explore, and here´s more to get you interested. I interviewed Veronica Lind, Business and Marketing Strategist of Vermilion Pinstripes and CEO of Brilliant-Online about her concept of Modern Marketing. She shares Vermilion Pinstripes´ mission to make businesses happy and what Branding for ASX Companies looks like. It´s all about helping brands build business confidence and refining their relationships with customers and business peers, through marketing and communications technology. About Ali Raza CEO & Director Ali Raza is a digital growth expert and the founder and CEO at Invicta Agency. He’s advised a host of companies, over the last 15 years, on designing marketing and sales systems to reach new audiences, scale revenue and drive brand growth. About Invicta Agency Invicta Agency is a digital growth firm that designs demand generation and sales enablement strategies for growth-driven companies. The team at Invicta leverages a range of digital platforms, design and development, to enable organisations to scale their revenue, brand and audiences. 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 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.

On the 5th of July, a friend told me about this great stock called Invex Therapeutics Ltd (ASX: IXC), that ran from an IPO price of AUD$0.40 to a close of AUD$1.08. As always, I was intrigued. After some research, I found out that it’s a biotech stock with the famous Mr Andrew Forrest as a significant shareholder. As we all know, sometimes stocks run via association with a high profile investor but I wanted to find out what got Mr Forrest interested enough to put his hard earned money into this company. I am assuming that he had done his research :-). According to the company presentation, the business is repurposing a drug called Exenatide for neurological conditions involving raised intracranial pressure such as Idiopathic intracranial hypertension (IIH). The biotech space has numerous “wonder drugs” that end up in tears, and I wonder if this is another one of those. When the stock price rose so spectacularly, I began to wonder and decided to do some Samso research. I know that the most likely case for the run is the “Twiggy” factor, but I was more interested in why the “Twiggy Factor” featured in this story. We all know that the price will eventually run out of steam. However, if there is a good story, that will carry more weight. What is the “Cure” of the Story? Idiopathic Intracranial Hypertension or IIH is a simply severe headache caused by increased pressure around the brain that can lead to blindness. There is no detectable cause. The main symptoms are a headache, vision problems, ringing in the ears with the heartbeat, and shoulder pain. Complications may include vision loss. The current understanding of population risk is diet. It appears that people who fit into the obese category are most at risk. According to Wikipedia, about 2 per 100,000 people are newly affected per year, and the condition most commonly affects women aged 20–50. Women are about 20 times more likely to be affected by the disease than men. Idiopathic Intracranial Hypertension was first described in 1897. I know that I am making light of the symtoms and I do realise that the condition is more than a severe headache. It’s like my sister-in-law telling my wife that contraction pain is just like bad period pain. How wrong was that and silly for my wife to take advice from someone who had not given birth to a child yet. The company strategy is to develop a “cure” that will make a significant change. The Company Invex Therapeutics Ltd (ASX: IXC) is a biopharmaceutical company focused on the treatment of neurological conditions derived from or involving raise intracranial pressure, such as Idiopathic Intracranial Hypertension (IIH), acute stroke and traumatic brain injury. The research is backed by the University of Birmingham, WK by Dr Alexandra J Sinclair. Dr Sinclair will be the Chief Scientific Officer of IXC. Dr Sinclair is a clinician and global leader in the treatment and pathophysiology of IIH. The concept surrounds a drug called Exenatide. This is a drug that has already been approved for therapeutic use in humans by the European Medicines Agency (EMA) and the US Food & Drug Administration (FDA) for the treatment of type II diabetes, can reduce intracranial pressure. Exenatide is a glucagon-like peptide-1 receptor agonist first approved in 2005 for the treatment of type II diabetes. IIH is a condition of unknown cause but associated with obesity, younger age and females. IIH results in raised pressure in the brain and can cause daily headaches and loss of sight by compressing the nerves supplying the eye (papilloedema). Dr Sinclair demonstrated in animal models that Exenatide, given subcutaneously (under the skin), had been able to reduce intracranial pressure by reducing the cerebral spinal fluid secretion via action on the choroid plexus, in a dose-dependent manner. Currently, Phase II Proof of Concept Study is now underway exploring the possibility of reducing intracranial pressure in patients with IIH. Results of this study are expected to be completed in the first half of 2020. The company will receive the rights to patents on the applications of Exenatide for both the European Union and the United States after the IPO. At this stage, the company will also be acquiring the relevant Intellectual Property from The University of Birmingham. Management of the company looks well-credentialed, Dr Jason Loveridge, Chairman Experienced life science investor & CEO Prof Alexandra Sinclair, Executive Director and Chief Scientific Officer Global scientific & clinical leader in IIH Mr David McAuliffe, Non-Executive Director – Founder of numerous life science companies Ms Narelle Warren, Non-Executive Director and Company Secretary Expertise in finance and compliance Corporate Information Market Capitalisation: 64.63M (ASX) Outstanding shares: 55M (ASX) Top 20 Shareholding: 80.06% (ASX) There is no need to comment on the share price chart. I am assuming that the steam is running out and the market is now coming back to a point where it is figuring out what to do. Whether the price will continue to rise or go back to a more realistic price range, only time will tell. Repurposing Approved Drugs – An Established, Successful Business Model The concept of repurposing approved drugs for other industry is not a new thing. It has been happening for decades. I liken this issue of Repurposing to taking these “purpose” made drugs with their “side-effects” and making them useful in treating other problems. One such product is Thalidomide. Thalidomide was first promoted to help with sleeping disorders in the late 1950s. First introduced and made accessible in Germany, Thalidomide became over the counter and was as commonly used as aspirin. Around the 1960s, Australian obstetrician Dr William McBride discovered that the drug alleviated morning sickness. He started recommending that this was a great drug for his pregnant patients. The result was that this drug caused severe congenital disabilities. The drug inhibited the healthy development of babies, causing many of them to be born with shortened, absent or flipper-like limbs. Now, decades later, thalidomide is being used to treat a skin condition and cancer. It’s being investigated as a treatment for many other disorders. The concept was that instead of inhibiting human tissue growth, it could help to inhibit the growth of cancerous cells. According to an online medical site, Mayo Clinic, research into potential uses for thalidomide has determined that thalidomide may be an effective treatment for several conditions. The Food and Drug Administration (FDA) has approved thalidomide (Thalomid) for treating: Skin lesions caused by leprosy (erythema nodosum leprosum) Multiple myelomas Thalidomide has shown promise in treating: Inflammatory diseases that affect the skin, such as cutaneous lupus and Behcet’s disease HIV-related mouth and throat ulcers, as well as HIV-related weight loss and body wasting Cancer, including blood and bone marrow cancers, such as leukaemia and myelofibrosis, as well as cancers found elsewhere in the body The same issue of restricting growth in human development is being used to limit the growth of cancer cells. This is the theory of repurposing drugs for other causes. The significance of what Invex Therapeutics is doing with Exenatide. As I mentioned earlier, Exenatide is a drug currently being used to help people with Type II diabetes. I do not profess to know these biomedical terms and facts other than what I read from my research. My research does tell me that Exenatide is an accepted product for its intended treatment of Type II diabetes. As I mentioned before, I am trying to figure out why or at least what is the attraction to the science behind the spectacular share price movements. What Invex is saying in terms of its strategy is that they have the technology and the Intellectual Property to repurpose Exenatide. Invex will be the first mover in this sector and this will give them a great advantage. In my fact-finding mission, I noticed this profile of Dr Sinclair on the website of The University go Birmingham, Dr Sinclair now works as a Clinician Scientist with a role combining clinical neurology with translational research into idiopathic intracranial hypertension and the neuroendocrine aspects of headache. Dr Sinclair and her research group recently hosted a high profile visit from NASA. NASA are interested in Dr Sinclair’s expertise on raised Intracranial pressure stemming from her leading Idiopathic Intracranial Hypertension clinical service at University Hospital Birmingham coupled with her translational science portfolio at the University of Birmingham. Her recent discovery of the novel use of Glucogon-like peptide 1 receptor agonists to reduce intracranial pressure are of particular interest to the NASA team in their quest to reduce brain pressure during long duration space travel and allow them to go beyond the Moon. The NASA visitors were: Dr JD Polk, Chief Health and Medical Officer, Dr Terrance Taddeo, Johnson Space Centre Chief Medical Officer, Dr Mike Barratt, Physician and Astronaut, Dr Victor Schneider, Physician Liaison to the NASA Human Research Programme and Dr John Allen, Audiologist and member of the Human Exploration. As part of the visit Dr JD Polk gave a sold-out key note talk. My Thoughts What troubles me the most is that I cannot understand the importance of IIH to commerce. I do not know why commerce is interested in a condition that is not spectacular in the number of patients. After all, according to the research out in the Google world, the consensus is that the “cure” to IIH is diet. Looking closely at the presentation, I finally saw the key to this business. There is no approved drug to treat this condition. This is the problem with the presentation that is posted on the internet. There is no audio to tell us the key points. If there were video or audio available, it sure is not freely available or easily searchable. In the Keynote speech by Dr JD Polk at The University of Birmingham, I got two hints on where the demand may be coming from in terms of the fascination from commerce. Firstly, Dr Sinclair mentioned that the health system in the UK is experiencing an increase in incidents. That would mean that there is a real need to seek a solution. Like all statistics, if the numbers are at a stage of being mentioned in the UK, it would be the same in other regions of the world. The one things we know about health conditions is that it is agnostic of race, religion or any other separations. The second point was that the NASA medical team talked about how the weightless nature of space cause intracranial pressure and they affect the astronauts in the same ways to those on earth. These are people who are not obese and are at their peak health who are experiencing Intracranial Pressure. With this in mind, I feel that this is like a lot of health conditions that are not in the spotlight but are common in the medical world, such as the medical conditions, adrenoleukodystrophy (ALD), which is made famous by the movie Lorenzo’s Oil. There were not that many people diagnosed with the state but the discovery of the “Lorenzo’s Oil made a world of difference to the patients. The fact is that the discovery of Lorenzo’s oil made that condition treatable. The discovery of a way forward to treat IIH would give existing sufferers of this condition a way to be treated. Conclusions Irrespective of the share price, I am very interested to know more about this strategy. Biotech stories tend to be a hit and miss story. The risks are very similar to a mineral explorer looking for the motherlode. I don’t mean to make light of this story, especially when I don’t feel that I am fully informed, but the historical journey of biotech stocks have not been the best. However, there have been some spectacular winning stories too. What we all know at this point is that the spectacular share price movement has made a lot of investors happy and as they say, Happy Shareholders, Happy Company. I will be keeping an eye on the story and hopefully, I can convince the management to meet and have a Coffee with Samso to discuss what I feel is a fascinating story. 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. www.samso.com.au 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

Liontown Resources Limited (ASX: LTR) had a spectacular result from its latest drilling. On the 20th May 2019, the company released the headline numbers (See image below). I am always a sucker for significant intercepts. As I have always said, there is nothing better than a great long length of intercept. You can see the market expectation with the stock rising from 2c territory to nearly 10c. Corporate Information Market Capitalisation: 31M Outstanding Shares: 1.1B Top Twenty Shareholding: Approx. 50% (Tim Goyder: 18%) From the share price chart below, you can see the market liked the results. I agree that it is still too early to say if this price rise is going to be supported. I think in this market, it is hard to say. Buyers are scattered, and the majority of the buyers are punters who are not the “sticky” money. The fear in the market is also not encouraging punters to stick around. The uncertainty in the lithium market is another factor. A recent chat with industry people highlighted that there is just no retail trade. The T+2 system in the market is not allowing “real punters” to do their thing, and that is to “gamble” on these kinds of situations. What is the Fuss? The fuss is all about this nice diagram you see below which is part of the Kathleen Valley Lithium project. The announcement of a 90m of intercept with grades of 1.3% Li2O has excited the market. The project has a current “resource estimate”. The results were in line with the ongoing story, and I think this shows that the Kathleen Valley project has some good legs. Whether it turns out to be a profitable mine is another story. The cross sections show where the intercepts were and how they appear with the other pegmatites. The drill plan location plan (Figure 1) does give an impressive look at the potential of the area. The ongoing issue for mineral resource deposits such as this is that the real possibility is not observable yet. Many punters assume the best, but for those trying to prove economic viability, there is still a long way to go. You can see in Figure 2 the orientation of the pegmatites. As promising as the story is being told, I am cautious as to how this story will end. From an exploration point of view, there is a good reason for excitement. The grades are looking consistent and without knowing other aspects of the mineralogy, it is hard to have any firm conclusion on the outlook. Notwithstanding all the doubts, this is indeed an exciting time for the company and the story. Currently, there is an excellent strike length of 600m, which I would assume that the company will want to extend. The intercept is deep, but it does give a level of optimism that there is endowedment of the system in the region. Some of these pegmatites can be very wide and be reasonably consistent. I am not sure if the grade is sufficient to make everything work. I remember that the figure needs to be higher. As I have always mentioned in my previous articles, it is more about the end size than a spectacular grade. All the deposits, irrespective of the commodity is about the mining grade and the mining tonnage, which then will be determined by the AISC (All-In Sustaining Costs). As you can see in Figure 2, the pegmatite layers are pretty deep down. I remember my Galaxy days when I was freezing in the paddocks logging the drill chips. They were very shallow, and at that time, it was considered deep. If I am not mistaken, they were no more than 20m+ below but were stacked with waste in between. I am not saying that this is not going to happen as a mining proposition, but I think it is worth a thought. Liontown also has the Buldania project, and that looks interesting too. Beautiful thick intercepts that are carrying some grade. However, I think, for now, Kathleen Valley is giving some needed profile to this lithium sector. Always good to see people have exploration success and making our small-cap exploration sector buoyant and full of hope. That is what drives this industry, and job creation is always a welcome result. 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. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

The last three months feels like an episode of The Twilight Zone. Who would have imagined the world as we had known would come to a complete halt? Financially, calling it anything but a catastrophic Armageddon would be an understatement. The stock market went on a spin downwards, and the ride back was just as mind-blowing. source: Photo by Jamie Street on Unsplash Coming out of the downturn, I was looking for stocks that would be resilient to the volatility and have a robust business that would take on the "new world"—looking for that "Buffett" effect. Gold related stocks and investments were a given but what followed was something that I had not counted on. As I am a resource-laden investor, things started to look good for resource-related stocks. Most of the market recovered in the middle of March and had the distinctive "V" recovery. Almost every company that was not directly COVID-affected started to improve and companies releasing results were rewarded handsomely. Capital markets were alive and transactions were getting closed left, right and centre. The Discovery I started to seek stocks that would balance the portfolio. First on my list was a prominent list of hygiene and COVID friendly stocks. In 2015, I was in a meeting with some associates in Kuala Lumpur, Malaysia, and I remembered that they were talking about the "rubber glove" industry. They commented that the KLSE (Kuala Lumpur Stock Exchange) was all about these companies. Stocks such as Top Glove (MK: TOPG), Supermax (MK: SUCB), Kossan (MK: KRI) were riding high. It was here that my little understanding of the sector was born. I have to say that it was not until the last six months, where I gained a better understanding of the industry. When COVID happened, most people started to look into hand sanitiser, masks, plastic screens and gloves. What is hidden behind COVID is the fact that many of the hype will bring a saturation of the market. During the lockdown stages, one could not get hand sanitiser, gloves, disinfectants ( which were only good for bacteria and not viruses) or masks. You could not even get rubbing alcohol to make hand sanitiser at home. Now, they are being sold everywhere and at a fraction of the price. The glove makers were making a good profit even before COVID. Since then, the market has been growing at near 10% per year. It was growing at 6% the last time I saw reports in 2015. As you can see in the graph below, this is Year on Year growth and spiking whenever one of these viruses appears. Remember, this is growth. A recent May 12, 2020 research report (Maybank IB Research) showed that Top Glove (MK: TOPG) have sales secured until April 2021. There have been several reports that the manufacturers are all booked until the end of 2021. Producers in Vietnam are indicating similar demands. Due to the strength of the market, the ASPs ( Average Selling Price) can change up to 1-2 months before delivery. Also, there have been 3-5% of total quarterly sales where the ASPs were substantially higher than the market ASPs. The report that was published by Maybank IB Research quoted the following, We raise our FY20-22E EPS by 54%/112%/5%, projecting for its EPS to increase by 128%/35% in FY20-21E and to fall 50% in FY22E. Those figures are mesmerising, and this company has a present market capitalisation of slightly less than AUD7B. Top Glove is the worlds largest rubber glove manufacturer by volume, with 70 billion pieces per annum. When Australian consumers go shopping these days, there is no shortage of face mask and hand sanitiser but if you look closely, gloves are slowly beginning to disappear from shelves. When one takes stock of what we use more, even decades ago, the use of gloves is higher than and other PPE equipment. In an average "inspection", one does not change a "sperm suit" or masks after every inspection. What you do change after every review is gloves. If you go and take a blood sample, look at how many times the nurse/technician change gloves. In Australia, we are all facing a great outcome in regards to COVID, except for our poor Victorian counterparts, there is a sense of complacency as we feel that COVID is under control. The average person thinks that we have beaten this issue, but at the same time, there is the fear of multiple potential waves. When I see the glove industry, I don't think the business is this "pandemic" as you can see in the chart above. Rubber Gloves "ain't" Rubber Gloves The fascinating part about rubber gloves is that they are not all the same. Like every industry, the deeper you dig the more complicated the details become and hence, this where we need to explain. Like the old saying, the devil is in the details. What is Nitrile? (source: www.glovecompany.com.au) Nitrile is a synthetic rubber compound used as a disposable glove material. Nitrile has been around for a while, but only recently it's become more affordable, which explains why it's gaining popularity throughout medical, food and cleaning industries. Nitrile has a higher puncture resistance than any other glove material. Nitrile also has a better chemical resistance than Latex or Vinyl gloves. What allows Nitrile gloves to become a standard medical supply for hospitals and emergency personnel is their hypoallergenic attribute. Nitrile gloves are powder-free and hence are more comfortable to remove from the box. They are incredibly durable and puncture-resistant. They can also withstand exposure to oils, solvents, and chemicals which typically degrades regular latex gloves. What is Latex? (source: www.glovecompany.com.au) Latex comes directly from rubber trees. Latex gloves are the most commonly used disposable gloves because they have been the only durable disposable glove material option on the market. However, now many hospitals and clinics have begun replacing their latex gloves with nitrile gloves. Nitrile gloves are where all the action is and will be. They are the "EV" of the glove industry. As you can see from the brief above, the market is heading to the Nitrile product. The durability properties and its low allergy reaction make this an excellent product for use. One can visualise how advantageous this product is over latex. Nitrile gloves are of higher value and they are sold to the higher market, such as Europe and the US. Ultimately, it means more profits to the manufacturer. According to a report by a research firm (Acumen Research and Consulting), the global nitrile butadiene rubber (NBR) latex market is expected to grow at a CAGR (Compound Annual Growth Rate) of around 15.4 % over the forecast period 2019 to 2026 and reach the market value of over US$ 2,860.1 million by 2026. Rubber Gloves Market? Today, when we think of gloves, invariably, our minds think of COVID. No matter if you are thinking of Nitrile or Latex, COVID is how we measure this market. There are no arguments that COVID has and will play a significant part, but one must remember that this is bigger than any PANDEMIC. China is a giant in its own right and is a dominant player, but any increase in supply will be absorbed into the domestic demand. That leaves the rest of the world. A recent report by CGSCIMB quoted the following, 7.7bn (9.9% of total incoming Cina nitrile glove capacity) will be ready by 4Q CY20, assuming there are no supply disruptions (Potential second wave of COVID in China). Any current producers will have no problem competing in a sector that is really in an inelastic global glove demand. As you can see below, China is a relatively small player in this industry. The major producers in Malaysia dominate the local industry. Interestingly, Chinese glove manufacturers are not Nitrile dominated. The Chinese domestic use per capita is small (6) in comparison to the US (150) and Europe (100). Hence the demand increase domestically will be eating into andy potential Chines supply increase. There is also the diversification of these "essential manufacturing" into a nationalistic position and that will curtail any potential competition from China. In addition, the cost of manufacturing in China is also higher than the Malaysian producers which are not surprising. For several years, the rising cost of manufacturing in China has seen many industries move into Indochina to maintain profit margins. Another factor that is helping these Malaysian producers is the material cost. The Nitrile gloves are made from NBR (Nitrile Butadiene Rubber) and as you can see the graph below, the price has been declining. VIP Gloves Limited (ASX: VIP) VIP Gloves Ltd, formerly Voltage IP Limited, is engaged in manufacturing of Nitrile gloves. The Company owns KLE Products Sdn. Bhd. (KLE), which is a Malaysian manufacturer of conveyor chain systems and components that service the rubber glove manufacturing industry. KLE manufactures a range of roller conveyor chains and former holder sets according to customer specifications. KLE supplies to various glove manufacturers in Malaysia and overseas with its product set. VIP Glove Sdn. Bhd. is a subsidiary the Company, which is formed as a special purpose vehicle to implement its strategy of expansion into the rubber glove manufacturing industry. It is also focused on the procurement, installation and commissioning of over two glove manufacturing lines. --- Reuters Market Capitalisation: 25.35M Outstanding Shares: 745.66M Top 20 Shareholders: 71.70% (2020, www.commsec.com.au) As far as I can figure it out, VIP was an RTO (Reverse Take Over) in 2015? and they shifted to be a manufacturer of Nitrile gloves soon after the listing on the ASX. From comments observed in forums, I am gathering not much has been formalised till now. Conclusion VIP has a very uninteresting history apart from a period of "action" in April. However, this is one of those exciting stocks that I hear Warren Buffet talks about, that gem in the market that seems to have all the fundamentals in place but is unloved. As a shareholder, I feel that this has fundamentals with inelastic demand, what more could you ask for in a business. The research will show you that there are numerous disgruntled shareholders and a series of unfaltering comments about the motives and actions of the directors. I have read them but a very good friend of mine, Geoff Donahue, gave me two points to remember (he may have given me more, but I can't remember). Firstly, always smell the roses and don't rush around like a headless chook. Secondly, always go into a stock for the story and always leave when that story changes negatively. The rest is just noise. Now VIP gives me exposure to the "Glove Industry" and into the Nitrile Glove Industry, and it is an ASX listed stock. Governance is important. It has a great story, the sector has a great story, and its market capitalisation is still reasonable. Those Malaysian companies such as Top Glove are all trading at 20 x Earnings, and my rough estimate on VIP tells me that it is probably trading at significantly less. To me, VIP is a minnow in an ocean of whales. However, the recent capital raising appears to be signs that the company may be starting to move into qualification for the bigger league. Like all of our investments, there is never a guarantee. However, going through the process of trying to understand the fundamentals behind the company story is one that is essential. In closing, when you look at the comparison Malaysian companies, Hartalega Holdings has an annual production of 35.6 billion and Top Glove with 70.1 billion. But their market capitalisation is similar at USD9.5B and USD9.8B respectively. The P/E ratio for CY20F and CY21F are 34.6/40.2 for Hartalega and 19.6/14 for Top Glove. The reason for that stems in that Hartalega (96%) is producing the more profitable (higher value) Nitrile gloves than Top Glove (47%). Guess what VIP Gloves Limited is producing, Nitrile Gloves at a market capitalisation of just over AUD20M. #healthcare #COVID 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. www.samso.com.au 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 Insight Episode 100: As we progress to a world of clean energy and a No Emission life, the hard path of implementation begins. The hard part of all the conversations about decarbonisation and a perfect world of less carbon, less emission to no carbon and no emission is the implementation of some real world details. In this episode we have Matthew Bowen and Adel van der Walt from Jackson McDonald and Joe Wyder from DMIRS speaking with Tony Goode. Matthew and Adel share with us their experience in a sector which seems to be a world of smoke and mirrors. The average citizen of the world always has an opinion they want to express about the clean world. However, as you take the conversation further, they seem to lack an understanding of how that will work in practice. When we talk about the mining sector, there are so many parameters that need to be considered. Most importantly, we mustn't forget that mining is a business after all, and if there are no profits, then there will be no mining. This discussion is all about how we are going to have clean energy for mining and how all proponents of this industry must work together to have best practice. There are some real working examples of cleaner energy which we discuss in today's Insights, and you can see it in the images below. King Island and Rottnest Island are prime examples of how important hybrid power systems are to the clean energy process. One interesting message that came from this episode is that clean mining will consume more energy. People who want clean mining need to understand that to achieve the clean power world, there is a need for more mining. More clean mining means more energy will be consumed. Source: Hydro Tasmania King Island Renewable Energy Integration Project (link) and Rottnest Island Project (link), 31 August 2022 Make sure you have a good cup of your favorite beverage and tune in to this episode of Samso Insights. As stale as you may think the heading is, as you watch the episode, you will begin to get engrossed with this stimulating concept of implementing the decarbonisation process. Chapters: 00:00 Start 00:20 Introduction 03:05 The state of the clean world status. 07:17 Why do we Decarbonise? 03:18 Changing of mindsets. 14:10 How does the Decarbonisation process look? 15:55 Carbon Consumption - The Business of Mining. 21:41 Clean Mining will consume more power. 22:21 Small Vehicle Fleet on Alternative Fuel. 23:43 NASA testing alternative fuel options. 24:25 Is hydrogen cells for the big trucks? 24:57 The birth of hybrids. 25:32 Difficulties of hydrogen. 26:01 Alternative fuel will determine Mine Design. 27:08 The issue with Lithium ion batteries. 28:06 State Government Hydrogen Committee. 32:02 The coming of the Mineral Revolution. 33:39 The Purchase Agreement. 35:21 DMIRS New Implementation supporting Decarbonisation. 39:29 Resources provided by DMIRS. 40:54 Jackson McDonald contribution to the Power Agreement templates. 43:38 Agreements are made from the miners' perspective. 51:28 The impacts and opportunities for Indigenous communities. 52:36 Challenges of Hybrid vs Conventional power generators. 53:51 Opportunities to help indigenous communities. 54:50 The wealth creation opportunities from the renewable energy space. 57:51 Concluding comments from Matthew Bowen. 01:00:20 Conclusion PODCAST About Adel van der Walt Partner - Jackson McDonald Adel is a senior energy projects and corporate commercial lawyer. She advises on contract preparation, negotiation and interpretation. Her experience spans a wide range of commercial and project documentation in the energy and mining sectors, including project development, corporate structuring and project operational documentation, including service agreements, management agreements, offtake contracts, distribution, marketing and supply contracts. Adel is an experienced transactions lawyer who advises on in and out-bound investments and mergers and acquisitions in the mining and oil and gas sectors. She is a legal due diligence expert and regularly assists companies operating in the mining and oil & gas industries to conduct effective small and large scale due diligence investigations. Adel also advises her clients in respect of a wide range of corporate and regulatory matters. As a leading energy and projects lawyer in our Energy and Regulation team, Adel advises businesses over the entire life cycle of energy projects. Her clients include gas and electricity providers, buyers and sellers, pipeline and network companies, alternative energy companies and energy consumers, including major project and asset owners. Some recent relevant work include assisting a company with the development of a hybrid gas/wind/solar/battery renewable energy power facility and associated construction and power purchase agreements. Prior to 2009, Adel practised in South Africa where she specialised in mining transactions and operational work, and advised clients on transactions and due diligence investigations in respect of projects in South Africa and other parts of Africa. About Matthew Bowen Partner - Jackson McDonald Matthew is a commercial lawyer practicing in energy law, infrastructure access, competition and trade practices law and statutory drafting and interpretation. He advises clients in a range of industries on commercial agreements, energy contracting and statutory compliance. He has helped negotiate and implement large scale and long term contracts, including project implementation under State Agreements and State Development Agreements. Acting for the State government, Matthew has drafted and helped develop statutory and regulatory regimes, including several licensing and third party access regimes in gas and electricity. He is experienced in both government and industry liaison. Matthew’s infrastructure access experience includes advising private and public sector clients regarding third party access to gas pipelines, electricity networks, rail, mining and resource development infrastructure, telecommunication facilities, railways, harbours and water pipelines, and regarding competition law and policy generally. He has advised both asset owners and access seekers. Matthew also advises clients on trade practices matters including misuse of market power, exclusive dealing, price fixing and anti-competitive arrangements. About Joe Wyder Principal Policy Analyst, Energy Industry Development Energy Policy WA Department of Mines, Industry Regulation and Safety 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.