The global molybdenum market is poised to hit US$466.2 Billion with a CAGR of 4.5% in the next decade (Figure 1). Essential for enhancing the strength and resistance of steel, this transition metal is invaluable for construction and manufacturing. Additionally, molybdenum serves as a crucial catalyst in various chemical processes, further strengthening its role in the current world.  This increased demand from these industries is driving the global market, highlighting molybdenum's pivotal role in modern industrial applications. However, the current market sentiment suggests a scarcity of material, with the index hovering around US$22 per pound of molybdenum. Pundits are concerned about looming supply deficits as mining operations struggle to ramp up production.  Figure 1: Global Molybdenum Market ( Source: Acumen Research)  Structural Shifts In Emerging Economies   Affecting Molybdenum. Emerging economies such as China and India are undergoing structural shifts that are set to boost steel demand.   Rapid urbanisation in China and extensive infrastructure development in India are primary drivers.   These shifts create a robust need for steel-reinforced construction materials, directly impacting the molybdenum market.   As these economies continue to grow, the demand for steel and, consequently, molybdenum, is expected to rise significantly over the forecast period.  Deceleration Of Demand In China's Oil And Gas Sector   Despite the positive outlook, the molybdenum market faces challenges from the Chinese oil and gas sector.   There has been a noticeable deceleration in demand due to a decline in exploration and production activities.   Molybdenum steel bearings, heavily used in these sectors, are seeing reduced demand.   This slowdown in one of the largest consumers of molybdenum creates a mixed outlook for the metal's future, tempering market enthusiasm.  Price Fluctuations And Supply Constraints   In late 2022 and early 2023, molybdenum prices surged to levels reminiscent of the 2005-2008 period, clocking above $US 35/pound (Figure 2).  This price hike was driven by robust demand and tight supply conditions.   However, mid-2023 saw prices ease due to decreasing demand and increased production from Chinese mines.   The market remains vulnerable to supply shocks due to persistently low inventory levels.   Despite weak demand outside China in 2023, strong Chinese demand provided a significant offset, maintaining market stability.  Figure 2: Molybdenum prices since 2022 (Source: Red Door Research)  Rising Production Costs   Production costs for molybdenum have been rising, affecting the overall market dynamics.   Freeport-McMoRan, a major player, reported that primary mine costs have doubled since 2021 (Figure 3).  In China, rising costs are notable due to falling ore grades and increased environmental expenses.   From 2020 to 2023, global demand grew by 18%, driven primarily by China and Indonesia.   This demand surge, coupled with underperformance in by-product supply from copper mines in Chile,Peru and the USA, has led to low stocks, making the market susceptible to supply disruptions.  Figure 3: Molybdenum mine operating profit (Source: Freeport-McMoRan)  Chinese Market Influence   China has been a net importer of molybdenum since 2020, with import levels balancing out in 2021/22 but surging again in 2023.   The country's steady domestic demand growth and fluctuating primary supply are key market factors.  Despite declines in non-Chinese production, Chinese production continues to grow, accounting for over 45% of global output in the second half of 2023.   By-product supply showed growth in 2023 after two years of decline, and this trend is expected to accelerate this year.  Future Outlook   World molybdenum consumption is projected to grow by 4.8% in 2024, with significant recovery in Europe, North America, and Japan.   Since 2020, China and Indonesia have dominated growth, now accounting for nearly 75% of total usage.   Strong demand recovery, combined with declining supply, pushed the market into a deficit from 2021 to 2023.   While the deficit is shrinking as supply grows, the market is expected to balance in 2024/25. However, project delays remain a significant risk.  Industry Challenges And Concerns   The future output of molybdenum faces challenges, particularly from regions like Chile and Peru, due to declining ore grades and geopolitical instability.   North American producers such as Climax, Rio Tinto, and Thompson Creek/Centerra are facing several challenges as well, says analysts.   While summer activity typically remains stagnant, there is a prevailing belief that price increases are more likely than decreases.  The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life there is no such thing as a Free Lunch. Happy Investing and the only four letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Silica, primarily in the form of silicon dioxide (SiO₂), is emerging as a critical mineral, underscored by its pivotal role in various high-tech applications. Silica’s role is heralded by solar photovoltaics (PV), electronics, and renewable energy technologies. Australia has a robust history of research, development and demonstration (RD&D) in downstream solar PV activities. The country has pioneered developments such as the passivation emitter rear contact (PERC) solar cell and advanced solar PV recycling technologies. However, RD&D in midstream activities, such as the production of metallurgical silicon and polysilicon, have been historically lower, says CSIRO. Despite this, Western Australia boasts industrial production of metallurgical silicon, providing a solid foundation for further advancements. Global Demand and Supply Chain Vulnerabilities - The Silica and Solar Energy Story. The global energy transition necessitates a substantial increase in polysilicon production, with estimates suggesting a 10 to 12-fold rise in current capacity by 2030, according to the International Energy Agency (IEA). This surge is crucial for supporting the burgeoning demand for solar PV and electronic products. However, the supply chains are highly susceptible to disruptions due to their concentration in specific regions. For instance, China currently dominates the global polysilicon market, producing over 80% of the world’s supply (Figure 1). Figure 1: Production of silicon metal and polysilicon by country. This concentration poses risks, particularly in light of geopolitical tensions and trade restrictions. Australia, with its rich silica resources, can play a crucial role in diversifying the global silicon supply chain. Nevertheless, achieving this will require enhanced R&D efforts and international collaboration to deliver near-term commercial outcomes and long-term innovations. Midstream Activities Australia's key silicon supply chain gaps focus on the initial stages of midstream value addition and the recovery of high-value metals from solar PV waste (Figure 2). Figure 2: Midstream processing of silica (Source: CSIRO). Metallurgical Grade Silicon Silicon metal, a key feedstock for producing solar and semiconductor-grade silicon, is produced by reducing silica quartz in a furnace using carbon as a reductant. Despite being a mature technology, innovative carbothermal reduction techniques are being developed globally to enhance sustainability, reduce costs, and achieve higher purity levels. For instance, HPQ Silicon in Canada has developed a process to convert quartz into silicon in a vacuum furnace using a plasma arc, achieving higher purities suitable for battery applications. Polysilicon For solar PV supply chains, metallurgical grade silicon is further refined to achieve solar and semiconductor grade purities. Polysilicon is high-purity silicon (6N or above) produced from metallurgical grade silicon, suitable as feedstock for solar panel or semiconductor production. This is possible through chemical vapour deposition (CVD) techniques or alternative metallurgical refining techniques. The industry standard for solar photovoltaic cells is currently 9-11N purity monocrystalline silicon to support the push towards increasingly efficient solar cells. Solar PV Recycling Recycling of crystalline silicon photovoltaic (PV) panels, the dominant panel type in Australia, is another critical area. Current commercial PV recycling primarily involves mechanical processes to recover bulk materials, but significant progress is needed to enhance high-quality material recovery. RD&D efforts focusing on state-of-the-art recycling technologies for high-purity silicon and metal extraction from solar cells can drive cost reductions and improve sustainability, making the PV recycling industry viable. According to a report by the International Renewable Energy Agency (IRENA), global PV waste could reach 78 million tonnes by 2050, underscoring the importance of effective recycling solutions. RD&D Challenges and Opportunities Solar PV supply chains are well established globally, supported by mature extraction and refining technologies. ‘ However, emerging technologies aim to enhance sustainability and cost outcomes driven by extensive decarbonisation efforts. Australia’s current commercial activity in the carbothermal reduction of silicon and research capabilities in the reduction of other metals present opportunities for expanded RD&D in this area (Figure 3). Moreover, the availability of high-grade quartz deposits and potential biomass resources positions Australia advantageously for producing silicon metal with renewable resources. The Australian government’s Critical Minerals Strategy plans to invest A$2 billion in critical minerals projects, highlighting the strategic importance of these resources. Figure 3: Opportunities for Australian RD&D (Source: CSIRO). International Collaboration To overcome the challenges in producing metallurgical and battery-grade silicon, international collaboration and investment in domestic RD&D are crucial. Collaborating with overseas original equipment manufacturers (OEMs) and research organisations can help develop onshore capabilities and ensure sustainable processing practices. For instance, initiatives like BioCarbUp in Norway, which optimises bio-resources for metallurgical processes, could serve as a model for Australia. Samso Concluding Comments Silica, as a critical mineral, holds immense potential for Australia in the context of the global energy transition. Enhancing RD&D activities, fostering international collaborations, and leveraging Australia’s rich silica resources can position the country as a significant player in the global silicon supply chain. Addressing the challenges and seizing the opportunities in midstream processing and recycling will be crucial for achieving this goal and supporting the broader adoption of clean energy technologies. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life there is no such thing as a Free Lunch. Happy Investing and the only four letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The OD6 Metals Limited (ASX: OD6) story was all about the Rare Earths sector, and now we are looking at the Gulf Creek Copper project. Is this OD6 Metals' view of its future? The OD6 story has been frequented on the Samso platform over the last few years, and this new approach suggests that the company is taking a different approach to giving shareholders value. To say that the ASX equity market has been tough for Rare Earth explorers would be the understatement of the century, so it is no surprise that management has created something worth shouting about on the ASX. The Gulf Creek Copper VMS project looks very "interesting" at face value. I was impressed with the new approach when I saw the announcement on October 30th (2024). The historical information released by OD6 definitely made me think this could be an excellent replacement for the company's future. The Gulf Creek project is located approximately 15 kilometers northeast of the town of Baraba and north-northwest of Tamworth in the New England district of New South Wales (Figure 1). The tenement is situated on the Cobbadah 1:100,000 map sheet within the 1:250,000 Manilla map sheet. Figure 1: Location of the Gulf Creek Copper project. (Source: OD6 Metals Limited) Access is readily gained off the Gulf Creek road and then along approximately 1 kilometer of dirt road. The land owner has granted permission to inspect the workings and conduct field work, and a formal minerals exploration access deed is now in place. Figure 2: The OD6 Metals announcement highlights. (Source: OD6Metals Ltd) As an exploration geologist and someone who is also on the corporate side, I like the idea of a VMS (Volcanogenic Massive Sulphide). The brief information shown in Figure 2 does indicate that there is something worthy of a closer look. A good VMS deposit is not easy to find these days, and the Samso platform has featured a few stories, the best of which has been New World Resources Limited (ASX: NWC). Coffee with Samso with New World Resources Limited: A VMS Story - The Antler High-Grade Copper Project - New World Resources Limited (ASX: NWC) New World Resources Limited (ASX: NWC) - High-Grade Copper Story - Antler Project Some other companies like Venture Minerals Limited (now Critica Limited) and Warriedar Resources Limited. Typically, in the minerals exploration sector, Venture/Critica did not find it (I assume), and Warriedar is still working in the area. The Rare Earth OD6 Story. It is no secret in the market that the recent Rare Earths journey has not ended well. The fall from the heights of popularity in the Rare Earth story almost had it written in the script, but to many, me included, I thought this could end differently. The pricing for the three main participants, Dysprosium (Figure 3), Neodymium (Figure 4), and Praseodymium (Figure 5), is the same as it was in 2020, and I must say that climbing that mountain will be a tough task. It is not impossible, but I think it will be a long, hard journey. Figure 3: The Dysprosium price is currently $403.92 per kg (18/11/2024), dysprosium changed –31.24% since 1st Jan 2024 and –38.18% since the start of last year. It lost slightly in value last year and –1.75% compared to its price of $411.10 per kg on Jan 1st 2021. The price increased +17.00% since Jan 1st 2020. If we go back further than 5 years to Jan 1st 2018, when the cost of one kg dysprosium was $238.14, then the increase is +69.61%. (Source: Strategic Metals Invest) The market sentiment is that the Rare Earth Story is no longer on investors' watchlists, but one wonders if the REE story can connect itself to the market insistence on the resurgence of the lithium story. The fall from the peaks of the lithium ride is greater than that of the REE path, as we are now looking at producers getting the rough end of the falling lithium price. Companies that were the darlings of the lithium industry, such as Pilbara Minerals Limited (ASX: PLS) and Mineral Resources Limited (ASX: MIN) , are now 50% less than their peaks. There are no prizes for those who think the share price of MIN may be due to something other than the lithium price, but jokes aside, they are undoubtedly one of the market leaders in Australia for lithium. Figure 4: At today’s price of $109.78 per kg (18/11/2024), neodymium changed –3.02% since the start of 2024. It has lost –47.55% since January last year. Compared to its price of $109.70 per kg on Jan 1st 2021 it has changed +0.07% in value. If we go back further to Jan 1st 2018, when the cost of neodymium was $70.04 per kg, then this rare earth metal has gained +56.74%. (Source: Strategic Metals Invest) When I attended the Rare Earth Conference in Canberra last year, I was impressed at what the US was trying to do to capture market share with its incentives for the industry. I had read a lot of commentary in the past that wrestling the market from the Chinese would take a lot of work. At the beginning of the Rare Earth movement with the Clay deposits, I had to be a fast learner as things were moving fast. My understanding at that time was next to zero. Figure 5: At today’s price of $109.23 per kg (18/11/2024), praseodymium has changed –3.16% since Jan 1st 2024. It changed –49.73% since Jan 2022 and has gained +30.97% compared to its price of $83.40 per kg on Jan 1st 2021 and is up +50.10% since Jan 1st 2020. If we go back to Jan 1st 2018, when the cost of a kilogram of praseodymium was $85.68, then the price has increased +27.49%.(Source: Strategic Metals Invest). As the downturn in bucket pricing of Rare Earths started to show weakness, there was the fear of it going back to the low levels, but there was optimism that it would not do that as there is a new sheriff in town, so to speak. The talk of the US wanting an alternative to the Chinese Permanent Magnets could potentially save the day. Only time will start to tell if this is going to happen. I think the investment highs coming from the "new market" must slow down before hopefully taking a second wind and strengthening. Its like technical traders saying that the first run to break new highs will be followed by other attempts as the bull retreats to rest for the next run. If what I learnt from the trip to the Conference in Canberra last year is the amount of investment that has already happened cannot just stop. The Trump administration aims to "Make America Great Again", so one would probably bet things may or will get significantly better. The OD6 Copper Story Now, the new Gulf Creek Copper project has all the bells and whistles. OD6 is now a copper and Rare Earths story. The best copper project that a small-cap company like OD6 Metals can play with is a VMS (Volcanic massive Sulphide). I encourage readers to check the link out and immerse themselves to understand why a discovery of a VMS is a good thing for someone like OD6 Metals Limited. Like all these old Australian projects, in the state of New South Wales, questions are always asked about the prospectivity and jurisdiction. The Gulf Creek copper project has been around for a long time and according to R.Thom 2007, "The Gulf Creek Copper represents the largest copper mine of its type in the New England region of New South Wales and was primarily mined between 1889 and 1912. Over 35,000 tonnes of Cu ore was mined, delivering an average grade of 5% Cu over the mine life. Higher grades were recovered from some areas such as Fishers Mine, with head grades exceeding 15% Cu. Mine records estimate probable ore reserves up to 50,000 tonnes of ore grading 2.7% copper (Cu) and 4.65% zinc (Zn) remain in the known ore lenses. The deposit is considered to be a Cyprus pyrite style and has not been properly explored since mining ceased almost 100 years ago, creating an exceptional modern exploration opportunity. The mine extended to a depth of 150 metres, a strike length of 400 metres and the ore channel was 30 metres in width. The ore channel hosts 3 parallel lodes known as the Cornish Lode (2m wide @ 6-6.5% Cu, Middle Lode (1.5-2m wide @ 3-3.5% Cu) and the Big Lode (7m wide @ 2-2.5% Cu). Records also indicate strong Zn credits (~ 2 times Cu in the estimated ore reserves) were of little value to historic miners and may become a valuable credit to modern mine assessment. The extensive strike, width and multiple lode nature of the project warrants an immediate drilling program to determine the strike and open pit potential of the mineralisation as well as drilling below the workings to determine the potential for modern underground mining." Identity Crises for OD6 Metals. Introducing a copper project to the OD6 platform has undoubtedly created mixed reactions among shareholders and potential investors in the ASX (Australian Stock Exchange). In my mind, OD6 is synonymous with the Rare Earth journey, but the lack of market interest is a big problem. This problem needs to take a back seat now, as the immediate need for management to create interest in the stock is paramount to the company's survival. This is not something that needs to be spelt out at this stage, but the introduction of the Gulf Creek project is not wrong, as it does show promise as a project. Shareholders have a history of quickly forgetting the reality of an identity crisis as the value of their investments increases, so I am sure time will undoubtedly heal shareholders' worries. Patience OD6 shareholders need to be patient and supportive of management. The ministerial approval required in New South Wales will take months, and the land access will add to that timeline. If the locals are friendly and cooperative, you could add up to three months to the timeline. I read that there was an issue with the permit area regarding being within an area of potential impact on a critically endangered bird species and a threatened species of gum tree. As a result, both the NSW Government and the Commonwealth Government required the previous operator of the area (Comet Resources, 11 January 2024) to undertake several assessments to determine the significance of its proposed activities on the bird and gum tree species. A contractor was engaged, but I don't know the result of that discussion. Some historical readings highlighted a Native Title factor within the project, which was cleared, however, what that means for present owners in the area is unclear to me. Readers will want to consider how the present ruling on Native Tile plays out. Unfortunately, the latest issue with Regis Resources in New South Wales is high on the concerns for mineral explorers and this will be an ongoing issues for potential investors and present shareholders of OD6 Metals. Samso Concluding Comments OD6's strategic move to acquire the copper project is good. In the present ASX market, there is not too much choice for OD6 Metals. The timing required to overcome the points mentioned previously will need to be managed. As always, I assume that management has already looked at all these factors and that all the concerns raised are under control. The Gulf Creek copper project is worth shouting about from a technical point of view. The presentation released by OD6 Metals is worth a detailed read, and as I always say, contact the OD6 management and talk to them. I cannot stress this point enough: spend the time talking to the management, as they are more than happy to discuss these aspects with anyone who genuinely needs to know. Reference: R.Thom, 2007. EL 6492 Gulf Creek, Annual Report for 26th may 2005 to 25 May 2006. Graynic Metals Limited. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. 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

At the Future Facing Commodities Conference in Singapore, Global Lithium Founder Joe “Mr Lithium”   Lowry dissected the recent tumultuous journey of lithium prices and predicted future market trends of the metal that is in the epicentre of the world’s energy transition.  "We've been through a ride in lithium price. It's been pretty dramatic," stated Lowry.   He pointed out the sharp increase to US$80,000 and subsequent fall, prompting questions about the causes of such volatility and the current pricing situation (Figure 1).  Lithium prices are showing signs of recovery, recording a +20% increase over the past month alone, after it witnessed 80% collapse in December (Figure 2).  However, several analysts are critical of an immediate rebound as surplus remains sizable.  Figure: 1: Joe Lowry’s tweet from the conference highlighting lithium prices from 2020-2023 (Source : Twitter)   “Living off the inventory”   Lowry attributed the price bubble to panic buying in 2022, coupled with excess capacity in China's lithium-ion battery supply chain, which he believes will continue to induce market fluctuations.   He observed a reactionary pattern in Chinese purchasing behaviour, stating, "When they see the price start to ease and come down, they stop buying. And they start living off the inventory."   This strategic move contributes to price instability, as stakeholders anticipate further declines before committing to new purchases.  Has lithium bottomed out?   Addressing the question of whether lithium prices have bottomed out, Lowry cautiously suggested, "I'm not going to say it has for sure, but I think it's going to happen this year."   He underscored the interconnectedness of the lithium market with the broader narrative of electric vehicle (EV) growth, which, despite being politicised, especially in the U.S., remains robust.  "When I started, there was no commercial lithium-ion battery. And now, it's really all about batteries."   This shift has significantly influenced the market dynamics and cost structures associated with lithium production and supply.  Figure 2: Lithium prices in 2023 and 2024 (Source: Bloomberg)   Critiqued Oversupply Perception   Lowry critiqued the market's oversupply perception, arguing that it often overlooks the nuanced realities of inventory drawdowns and supply chain complexities.  In his concluding remarks, Lowry urged the audience to adopt a discerning approach to market information, especially from China, and to recognise the varied landscape of lithium pricing.   He stressed the importance of diligent analysis for investors, highlighting the spectrum of prices across different markets and the need to understand the underlying factors driving these variations.  The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Mineral exploration is a complex and evolving field that has undergone significant advancements over the years. It involves a meticulous process of discovery, as exemplified by projects like Olympic Dam, which required almost two decades of planning and a decade of execution. The understanding of geology and manually handling exploration techniques, which was once laborious and time-consuming, is rapidly becoming obsolete. one noticeable trend in the exploration industry is the decline of diamond exploration In the rapidly evolving landscape of decarbonisation and clean energy, it's understandable that investors and geoscientists may prioritise exploring commodities like lithium and more recently, rare earth elements. The field of mineral exploration has undergone significant changes since I entered it in 1992. The methods and technologies we use have evolved dramatically over time. However, one noticeable trend in the exploration industry is the decline of diamond exploration. In this episode of Samso Insight 113, we delve into a captivating discussion with Thomas Reddicliffe about the extensive search for the largest diamond mine. It's a topic that has intrigued many over the years, and we're excited to bring you this insightful conversation. If you've been following Samso, you might recall our previous discussion on the discovery of Olympic Dam. That was quite a journey in itself, and now we have the opportunity to explore the world of diamond exploration with Thomas Reddicliffe. Thomas joined the scene in 1976, towards the end of the discovery process. He provides us with a fascinating narrative of the glory days of diamond exploration and brings us up to speed on recent developments, from even just a few years ago. It's truly a remarkable journey that he shares with us. Of course, there are many other thought leaders who could have contributed to this Samso Insight, and these will come in time. For now, we are lucky to have Thomas with us, so we hope you enjoy this episode and gain valuable insights into the world of diamond mining. The Olympic Dam Story: An Insight into the Mineral Exploration Genius of WMC Limited. The inspiration to get Samso Insight Episode 113 completed is my appreciation of what it took to discover Argyle. The book by Stuart Kells entitled "Argyle - The Impossible Story of Australian Diamonds" which you can purchase on Amazon or Melbourne University Press (MUP) , was the impetus for my eagerness to try and document as much as I can to make sure the story is on the Samso Platform. Samso's Conclusion Diamond exploration is a specialised form of mineral exploration that is facing challenges and changes that involve non-geological factors, particularly in "developed" jurisdictions. Diamonds have long captivated people of all ages and are widely recognised as one of the most well-marketed commodities in the world. Diamonds are crystalline forms of carbon that are created deep within the Earth under high temperatures and extreme pressures. At surface air atmospheric pressure (one atmosphere), diamonds are less stable than graphite, and therefore, the thermodynamic conditions favour the decay of diamond (δH = -2 kJ/mol). Historical records indicate that diamonds were known to burn during Roman times (Magill School of Computer School). It is worth noting that the marketing efforts of De Beers have played a significant role in establishing and sustaining the diamond market. Diamonds, regardless of scientific knowledge, are cherished and adored today as a beautiful crystal that brings joy to everyone. From the perspective of a geoscientist, the search for diamonds holds great excitement and intrigue. I consider myself fortunate to have entered the field during a time when diamond exploration was at its peak. In the 1990s, the quest for diamonds was in its final decade of glory, and the expertise of many experienced practitioners has since become scarce. The individuals who had mastered the art of diamond exploration are now approaching the end of their careers, and I worry that their valuable skills will be lost. While new geoscientists will undoubtedly acquire the necessary knowledge and techniques through a structured learning process, there are certain intangible skills that can only be honed through years of practice. It is these skills that I fear may be forgotten, and relearning them would be akin to reinventing the wheel. Chapters: 00:00 Start 00:20 Introduction 02:10 Diamond exploration - a discussion 03:19 Rundown of the search in 1973 10:04 Pragmatic approach to exploration 11:27 Treating indicator minerals for analysing 13:12 Ellendale discovery 16:27 Lamproites and Kimberlites 19:26 Discussion about the economic side 22:06 The situation after Ellendale 24:12 Was there a difference between indicator minerals? 26:05 The last 10 years of active diamond exploration 27:15 Would the technology today help with the exploration cost? 28:19 Was stream sampling more effective? 29:25 Is there still an “Argyle” today? 34:36 Discussion about Argyle 42:21 The future of the diamond industry 53:17 Conclusion PODCAST The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. About Thomas Reddicliffe BSc (Hons) Geology University of Queensland, 1974 MSc Ore Deposit Geology University of Western Australia, 1999 Mr Tom Reddicliffe has over 40 Years of largely Australian focused exploration, evaluation and feasibility experience over a range of commodities but with a focus on diamonds. He commenced his career as a field geologist with Ashton Mining Ltd and was involved in the early Kimberley (Aust) diamond exploration with the AEJV (Ashton Exploration Joint Venture) which led to the discoveries of the Ellendale and Argyle diamond deposits, and was also involved in the early evaluation of both deposits. Subsequently he became the Australian Exploration Manager for Ashton Mining Ltd and held this position for 16 years until Ashton was taken over by Rio Tinto in 2001. During this time he conceived and implemented the exploration which resulted in the discovery of the Merlin kimberlite field and was responsible for the initial evaluation of the diamond deposit. Mr Reddicliffe was a senior executive of Striker Resources/North Australian Diamonds Ltd, was appointed to the Board as Technical Director in 2004 and became CEO in 2007, a position he held until 2011. NADL, later to be renamed Merlin Diamonds, was focused on the evaluation of the Merlin diamond pipes. In 2007, he also assisted in the spinout and successful listing of NADL subsidiary company Top End Uranium and subsequently became CEO. Striker Resources/North Australian Diamonds (NADL) provided 10 years of small company corporate experience inclusive of promotion, capital raising, investor relations, new floats, and defending the company from takeover bids. In 2012 Mr Reddicliffe joined GeoCrystal Limited, an unlisted public company, as Technical Director and directed the company’s diamond exploration activities which were focused on the newly discovered Webb kimberlite field located in central Australia. He stepped down from the board in 2022. Mr Reddicliffe joined the Sorrento Resources group in 2019 to manage their diverse range of gold, iron ore, nickel, diamond and mineral sand projects. He joined the board of Errawarra Resources Limited (ASX: ERW) as a non-executive director upon its listing in late 2020 and was appointed Executive Chairman in 2022. Errawarra is a gold and nickel focused explorer. He is a foundation Executive Director of GreenTech Metals Limited (ASX: GRE) which listed in early 2022 and which is focussed on the exploration for battery minerals He is also a non-executive Director of Gibb River Diamonds in early 2020. 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. Read Brilliant Investments

Announcement MESOBLAST MAINTAINS MOMENTUM WITH FDA ON ACCELERATED APPROVAL PATHWAY FOR REVASCOR® IN ISCHEMIC HEART FAILURE AND LABEL EXTENSION FOR RYONCIL® IN ADULTS WITH GVHD Mesoblast Limited (ASX:MSB; Nasdaq:MESO), the recognised global developer of allogeneic cellular medicines, has released an important update that reflects both regulatory momentum and commercial progress across its core programs in inflammatory diseases. The company has reaffirmed its strategic positioning with the U.S. Food and Drug Administration (FDA), achieving key milestones across two flagship products—Revascor® and Ryoncil®. FDA Alignment on Accelerated Pathway for Revascor® In early June, Mesoblast engaged the FDA in a Type B meeting under the Regenerative Medicines Advanced Therapy (RMAT) designation for Revascor® (rexlemestrocel-L). This discussion centred on progressing toward a potential Biologics License Application (BLA) for Revascor in patients with ischemic heart failure with reduced ejection fraction (HFrEF) and inflammation. There was general alignment with FDA on critical filing elements, including: Chemistry, manufacturing & controls (CMC). Potency assays required for commercial product release. Confirmatory trial design and primary endpoints post-approval. Mesoblast is now awaiting formal minutes from the FDA meeting to determine its next steps and timeline for potential BLA submission. Ryoncil®: Expansion into Adult GvHD Market Underway Ryoncil® (remestemcel-L-rknd), already FDA-approved for paediatric use in steroid-refractory acute graft versus host disease (SR-aGvHD), is now progressing toward label extension into the adult patient population. A pivotal clinical trial is planned in collaboration with the NIH-funded Bone Marrow Transplant Clinical Trials Network (BMT-CTN), with meetings scheduled for early July. This advancement, if successful, would make Ryoncil® the only FDA-approved mesenchymal stromal cell (MSC) therapy for both paediatric and adult SR-aGvHD indications. Commercial Uptake and Coverage Milestones for Ryoncil® Since its commercial availability on 28 March 2025, Ryoncil® has exceeded internal expectations across all key uptake metrics: Over 20 transplant centres are expected to be onboarded by quarter-end. The therapy is now covered for over 220 million insured lives across the U.S. 37 of 51 states already provide Medicaid coverage via orphan drug lists or medical exception pathways. By 1 July 2025, Ryoncil® will be covered across all 24 million remaining Medicaid lives, ensuring nationwide reimbursement access. Chief Executive Dr. Silviu Itescu commented, “We are very pleased with the momentum of interactions with FDA on both our cardiac and GvHD programs. We are also encouraged by the strength of the Ryoncil® commercial launch, the rate of hospital onboarding, physician adoption, and payor coverage exceeding our expectations in the ten weeks since commercial launch.” An update on product sales is expected in the company’s quarterly activities report at the end of next month. About Mesoblast – Platform, Manufacturing and Global Reach - Cellular Therapies. Mesoblast continues to lead in developing off-the-shelf cellular therapies based on mesenchymal lineage cells. These products are designed to address severe inflammation by releasing targeted anti-inflammatory signals that regulate multiple immune pathways. RYONCIL® is the first and only FDA-approved MSC therapy, currently indicated for paediatric SR-aGvHD and under further development for adult GvHD and inflammatory bowel disease. Revascor® is in advanced development for ischemic heart failure and chronic low back pain. The company has established strategic partnerships across Japan, Europe, and China. Mesoblast also maintains a robust global IP portfolio of over 1,000 patents and applications, ensuring commercial protection into at least 2041. Their proprietary manufacturing enables industrial-scale production of cryopreserved, globally deployable, cell-based medicines. Samso Concluding Comments What’s worth noting is how Mesoblast has quietly navigated two highly demanding regulatory and commercial landscapes simultaneously. The alignment with the FDA on Revascor® is not a green light, but it is certainly a promising signal. When regulators and companies find common ground on CMC and endpoint design, it’s often a sign of substantial groundwork already in place. The early uptake and payer support for Ryoncil® speak to both a clear medical need and execution from the Mesoblast team. That 37 states already provide Medicaid support, and full U.S. state-level coverage is expected by July, shows the company’s discipline in working through reimbursement channels—a process that many underestimate in terms of difficulty and time. While the actual sales figures for Ryoncil® remain to be seen, the groundwork has been laid for commercial traction. If Mesoblast can deliver continued uptake and demonstrate durable outcomes across both adult and paediatric GvHD cases, it may significantly strengthen its standing not only with the FDA but in global therapeutic markets. For investors and followers of the cellular medicine space, this latest update from Mesoblast may be one to bookmark. As always, the true story will be told in data and uptake—but for now, there’s tangible progress to acknowledge. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

When it comes to a remarkable mineral discovery in Australia, the search for the Argyle Diamond Mine in the Kimberley Region of Western Australia stands out. The discovery of the Argyle Diamond Mine was unparalleled in every aspect of the project. Episode 115 of Samso Insights is all about Ewen Tyler and how he narrates a discovery of a lifetime. Ewen Tyler is the man who is credited as the "Father of the Argyle Diamond Mine". I will have to say that as much as all Discovery Journeys is a team game, there had to be a driver and a man to take the heat. The diamond project in Australia was not only the largest and highest quality, but also marked a significant milestone as the first major diamond deposit discovery outside the De Beers cartel and the Russian Federation. A History of the Argyle Diamond Mine (Source: Wikipedia) The Argyle Diamond Mine (Figure 1) was a diamond mine located in the East Kimberley region in the remote north of Western Australia. Argyle was at times the largest diamond producer in the world by volume (14 million carats in 2018[1]), although the proportion of gem-quality diamonds was low. It was the only known significant source of pink and red diamonds (producing over 90% of the world's supply), and additionally provided a large proportion of other naturally coloured diamonds, including champagne, cognac, and rare blue diamonds. Mining operations ceased in November 2020, after 37 years of operations and producing more than 865 million carats of rough diamonds. Mine operator Rio Tinto plans to decommission the mine and rehabilitate the site at least through 2025.[2][3] The Argyle diamond mine is also notable for being the first successful commercial diamond mine exploiting a volcanic pipe of lamproite, rather than the more usual kimberlite pipe; much earlier attempts to mine diamonds from a lamproite pipe in Arkansas, United States, were commercially unsuccessful. The Argyle mine is owned by the Rio Tinto Group, a diversified mining company that also owns the Diavik Diamond Mine in Canada and the Murowa diamond mine in Zimbabwe. Figure 1: The Argyle Diamond Mine. My Fascination for Diamonds and Diamond Exploration This episode of Samso Insights will be remembered as one of my favorites. It was a true privilege to have the opportunity to hear Ewen Tyler's remarkable story. His ability to persevere in the search for a diamond source is truly extraordinary. I have been fascinated by diamond exploration since my time working on my Honours Thesis at the University of Western Australia. In fact, my interest in gems predates my university experience. As Ewen eloquently stated, "Only Fools Will Explore for Diamonds." This sentiment is shared by those who have experienced the challenges and hardships of diamond exploration. It is safe to say that only passionate explorers can truly appreciate the immense difficulties faced by diamond explorers, often with little to no reward. Sit back and prepare to be captivated by one of the most compelling tales of persistence and gamesmanship in the pursuit of a "potential" diamond find. This interview has largely been guided by Stuart Kells' book, "Argyle - The Impossible Story of Australian Diamonds" shedding light on the previously unknown business aspects of the Olympic Dam discovery. Kells' narrative provides invaluable insights into the boardroom dynamics that shaped this remarkable journey. Purchase the book on our Amazon Affiliate link: Samso's Conclusion Today, the diamond exploration industry is virtually non-existent, with only one noteworthy active company remaining. The focus has shifted to existing miners, as the cost of exploration has become prohibitively high. In the realm of mineral exploration, the risk-reward ratios are no longer worth discussing. The story of Argyle is inspired by the renowned pink diamond, but as Ewen Tyler explains, these stones were not initially considered. The success of Argyle lies in its remarkable marketing efforts, which effectively conveyed the value of the stones and made the mining process viable. In my view, nothing surpasses the beauty of a well-coloured stone (Figure 2). While some may argue that a high-quality white stone is superior, a truly stunning stone is one that makes a statement. Its value lies in the story it tells and the history it carries. By watching this interview, you will understand that the value of the Argyle stones was primarily derived from the captivating Argyle story. Figure 2: A range of Argyle's best. Chapters: 00:00:00 Start 00:00:15 Introduction 00:01:00 The Ewen Tyler Story - The beginning 00:13:02 Rex Prider Factor 00:14:46 Start of the search for diamonds in Australia 00:17:21 Introduction of Rio Tinto 00:18:22 Path to Ellendale 00:20:14 Business of Ellendale 00:20:52 Discovery of diamonds in Smoke Creek 00:21:25 Bringing context into the search area 00:22:16 Team Argyle 00:24:41 Arrangement with the Western Australian Government 00:28:27 The Rio Tinto Lifeline 00:29:42 Early signs of the discovery of Argyle 00:31:34 Waiting Game - The Process and The Secrecy Game 00:33:53 Ewen earned the title of The Father of Argyle Diamond Mine 00:37:02 Arriving at Argyle 00:38:05 Unbelievable Grade of Diamonds 00:39:43 Smoke Creek and Limestone Creek - First sighting of the Argyle Pink Diamond 00:40:42 The Mythical Value of the Pink Diamonds for Argyle 00:42:50 Economic Study of the Argyle Diamond Mine 00:43:17 Funding the mining of Argyle Diamonds 00:50:08 First Nation Discussions 00:53:47 The Birth of the Marketing Gunnies of the Argyle Diamonds 01:00:31 Webb Diamond Project 01:01:28 Other sources of diamond projects 01:03:49 Ewen Thoughts on Mineral Exploration 01:05:34 Importance of the Team in Mineral Exploration 01:07:04 Is there an Impossible Exploration Discovery? 01:08:53 Conclusion PODCAST Reference: Zimnisky, Paul (21 May 2018). "Global Diamond Supply Expected to Decrease 3.4% to 147M Carats in 2018". Kitco. Retrieved 9 November 2020. Rachminov, E. (2009). The Fancy Color Diamond Book: Facts and Secrets of Trading in Rarities. New York: Diamond Odyssey. ISBN 978-9659149902. ^ "Pink Diamonds: Origins and Locations". VMKdiamonds. Retrieved 25 July 2023. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. About Ewen Tyler AM Born in England in 1928, Ewen was educated in Western Australia and completed an Honours Degree in Geology at the University of Western Australia in 1949. He went to Tanganyika in 1950 as a geologist at the Geita Gold Mine, then the largest producer in East Africa. He left as the Underground Manager in 1958. He went to London in 1959 as an economic geologist doing mining valuations. The affairs in Africa brought about by independence led to him to bring a delegation of Belgian mining men from Union Miniere du Haut Katanga to Australia, to look for investment opportunities. He returned to Australia in 1969 to see how they were getting on, and amongst other things start a search for platinum and diamonds on a low-key basis. Platinum was a failure but after ten years of searching, he found the Argyle Diamond Mine. He was the Technical Director of Ashton Mining from its foundation. He was made a Member of the Order of Australia (AM) in 1991 for "Services to the Australian diamond mining industry and the community. In 1992 Ewen Tyler received The Clunies Ross National Technology Award for The Outstanding Application of Science and Technology. He was subsequently asked to chair a number of exploration companies. Clunies Ross National Science and Technology Award The Clunies Ross National Science and Technology Award was first awarded in 1991, and was established under the Ian Clunies Ross Memorial Foundation. The Award is presented to people who have made major contributions to science and its application for the economic, social or environmental benefit of Australia. From 2002 the Award was administered by the Australian Academy of Technological Sciences and Engineering: the Award is sometimes referred to as the ASTE Clunies Ross Award. Between 1991 and 2015 multiple Awards were presented each year. In 2015 the Academy reorganised the Awards into three categories: the Clunies Ross Entrepreneur of the Year; the Clunies Ross Knowledge Commercialisation Award; and the Clunies Ross Innovation Award. 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. Read Brilliant Investments

There’s a quiet revolution happening in the world of legumes. While soybeans have long commanded attention on the global protein stage, lupins are now making their case—quietly, steadily, and with substance. For the discerning investor or agronomist, this is more than a trend. It’s an opportunity to get ahead of the curve. Rediscovering an Ancient Crop Lupins have a rich history, stretching from the ancient Mediterranean to the highlands of the Andes (Figure 1). Domesticated species like L. albus, L. angustifolius, L. luteus, and L. mutabilis have long served both nutritional and agricultural purposes. Today, their versatility is driving renewed interest. Figure 1: Global Lupin Groupings (Old World vs New World) (From: Exploring Lupins in China) Australia currently leads the world in lupin production, over 85% of global output (Figure 2). But the crop’s footprint is expanding. Countries from Russia to Uruguay are scaling up (Figure 3). Even China, a latecomer, is now the world’s top lupin importer. Figure 2: Global Lupin Production Maps and Top Producers (From: Exploring Lupins in China) Figure 3: Global Lupin Production Maps and Top Producers (From: Exploring Lupins in China) A Nutritional Story Worth Telling At a time when consumers are scrutinising labels, lupins deliver in spades: high protein (28–48%), low glycaemic index, and rich in dietary fibre and antioxidants. Studies show promising results for managing blood sugar and cholesterol, with gamma-conglutin emerging as a potent insulin mimic. That nutritional potential starts at the plant level. The lupin plant and its nutrient-dense seeds are the biological foundation of these powerful health properties. As shown in Figure 4, these aren’t just ordinary legumes—they’re nutrient-packed vessels loaded with functional proteins, antioxidants, and bioactive compounds. They represent the raw material of what’s now being recognised as a modern superfood. Figure 4: Lupin Plant and Seeds- (a) Lupin Plant; (b) Seeds of white lupins (From: Exploring Lupins in China) In Western Australia, fermentation studies using Bacillus subtilis show an uptick in mineral bioaccessibility, particularly calcium and iron (Table 1 & Table 2). Fermented lupin, akin to a natto-style product, isn’t just healthy—it’s a functional food in the making. Table 1: Mineral Composition - Total mineral content (mg/100 g db) of Australian sweet lupin whole seed and dehulled kernels as affected by processing stage† (From: Bacillus subtilis Fermentation Study) †Mean ± standard deviation, n = 2. Table 2: Bioaccessibility - Mineral bioaccessibility (%) of Australian sweet lupin whole seed and dehulled kernels as affected by processing stage† (From: Bacillus subtilis Fermentation Study) †Mean ± standard deviation. A Partner in Soil Health Here’s where lupins truly set themselves apart. They aren’t just a food crop—they're ecosystem engineers. With the ability to fix atmospheric nitrogen and mobilise soil phosphorus, lupins enhance soil fertility naturally. Their resilience in poor and acidic soils makes them ideal for regions grappling with degraded farmland. In China, where monocropping and fertiliser overuse have strained soils, lupins offer a way forward. The review underscores the crop’s potential in reducing chemical dependence while improving productivity. It’s not just theory—China’s ongoing research into lupin genetics, mycorrhizal associations, and phosphorus uptake confirms the shift is already underway. Figure 6: Disease Challenges & Breeding Potential - (a) White rot of lupins, (b) Rust, (c) Root rot. (From: Exploring Lupins in China) Figure 6 captures a crucial reality: Lupins, while resilient, are not immune to agronomic challenges. White rot, rust, and root rot are real concerns, particularly as cultivation expands into new geographies. What’s important here is not the threat itself, but the response. The figure serves as a visual reminder of why China’s breeding programs, disease resistance trials, and genetic work are so timely. For a crop with this much promise, these investments are not optional, they’re foundational. Fermentation – The Modern Twist From traditional preparation to probiotic innovation, fermentation unlocks new value in lupins. The Australian study proves that soaking, boiling, and fermentation can elevate nutritional performance while making lupins more bioavailable and palatable. The drop in anti-nutritional compounds post-fermentation is especially valuable for populations managing deficiencies or seeking better nutrient absorption from plant-based foods. It also points to commercial food innovation—fermented lupin snacks, beverages, and supplements aren’t far off. Why Lupins Matter What makes lupins so compelling is their ability to unite nutrition, sustainability, and versatility in a single crop. This is a food that doesn’t just sit on a plate—it works in the soil, supports gut health, balances blood sugar, and may even help tackle rising rates of cardiovascular disease. Lupins thrive where other crops struggle and contribute where many fall short. They are the kind of quiet achievers the food system needs more of. Blood Sugar and Diabetes: Lupin consumption, particularly when added to carbohydrate-rich foods or beverages, has been shown to reduce post-meal blood glucose spikes in individuals with Type 2 diabetes. The conglutin-γ protein is believed to contribute to this blood sugar-lowering effect. Blood Pressure and Cardiovascular Health: Regular intake of lupins, especially in whole form, is associated with lower blood pressure and improved cholesterol levels. Their protein and fibre content may play a direct role in supporting cardiovascular wellness. Satiety and Weight Management: Rich in protein and fibre, lupins increase satiety and can help reduce overall food intake, supporting healthy weight management over time. Gut Microbiome: Emerging research suggests that lupins positively influence the composition and diversity of the gut microbiome, potentially supporting immune and digestive health. Other Benefits: Lupins are loaded with antioxidants, fibre, and essential nutrients. Some studies also indicate their role in lowering LDL ("bad") cholesterol, adding further to their profile as a heart-smart food. Lupins in Action Wide Open Agriculture Limited (ASX: WOA) is proving what lupins can deliver at scale. With its proprietary lupin protein isolates (BP80F and LP90), WOA is capturing global attention for their clean-label, nutritionally complete functionality. Their products harness the whole lupin—protein, fibre, and oil—and apply them to everything from protein powders and beverages to baked goods and cosmetics. WOA frames the challenge clearly: industrial protein systems have broken the nutritional and environmental balance. Their approach? Fix it with a crop that regenerates soil, reduces emissions, and fits into the plant-based protein future without compromise. The company is now scaling sales across Latin America and China, and its recent distribution deal with Univar (US$11.5B revenue) is unlocking China's vast protein and nutraceutical markets. In a world where food needs to nourish people and restore ecosystems, WOA’s lupin portfolio is showing what transformation looks like—from seed to solution. Samso’s Concluding Comments What makes lupins compelling is not just their nutritional profile or their soil-enhancing abilities—it’s the way these traits align with the demands of a changing world. In a market that’s moving towards climate resilience, clean labels, and food security, lupins offer a genuine solution, not a speculative promise. They are ready to fill the gap between agricultural efficiency and human health. One example of this shift in motion is Wide Open Agriculture Limited, which has already tapped into the Chinese market with its lupin-based protein isolates. Their sustainable and premium plant-based proteins reflect the kind of innovation that lupins are enabling—products that meet global consumer demands while staying grounded in regenerative agriculture. We’re watching a crop grow into its role—not just as a supporting act to soy or peas, but as a protagonist in its own right. With global interest picking up and real innovation underway, the momentum around lupins is building. Australia has quietly mastered its cultivation, and countries like China are now exploring how far it can go. For investors, researchers, and policymakers looking at the intersection of science and soil, lupins are an underrated opportunity. This is more than diversification—it’s about participation in a shift. And for those paying attention, this might be the best time to listen to what this quiet crop is telling us. The Samso Way – Seek the Research At Samso, we believe insight is earned through curiosity, patience, and a willingness to follow the data where it leads. The story of Lupins is a case in point. Beneath the surface of a quiet legume lies a wealth of scientific research, agronomic innovation, and commercial momentum. Whether you're an investor, academic, or just someone who values thoughtful discovery, the message is simple: research reveals what the headlines miss. And in a world of noise, that’s your edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References Rani, P., & Rani, J. (2025). Lupinus: A Multipurpose Crop – Potentialities and Improvements. Annual Research & Review in Biology, 40(1), 87–100. Lim, S.-J. (2025). Exploring Lupins in China: Insights into Cultivation and Challenges for Sustainable Agricultural Development. Legume Research – An International Journal. Wickramasinghe, N., Soares, M., Jayasena, V., Coorey, R., & Johnson, S. K. (2024). The effect of Bacillus subtilis fermentation of Australian sweet lupin on its mineral composition and in vitro bioaccessibility. International Journal of Food Science and Technology, 59(10), 6944–6951. Wide Open Agriculture Ltd. (2025). Investor Presentation – June 2025. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Axel REE Set to Unlock Brazil’s Rare Earth Potential Axel REE LimitedTakes on Brazil with ASX Listing Brazil-focused critical minerals explorer Axel REE Ltd (ASX:AXL) has begun trading on the ASX following the completion of an IPO that raised A$13.3 million. The Victoria-based debutante is focused on the discovery and development of critical mineral resources, primarily rare earth elements (REE), in Brazil. The company listed on July 23, 2024 losing 32% of its value with an opening price of A$0.135 with nearly 9.4 million shares changed hands. Consequently, Axel’s enterprise value now stands at A$7 million. Figure 1: AXL share price chart for opening day. Focus on Brazilian REE Projects Axel REE’s portfolio comprises over 1,000 square kilometres of REE projects in Brazil, located amongst globally significant mines and REE discoveries, positioning the company strategically within the sector (Figure 2). Axel’s REE Projects are: 1. The Caladão Project is located in northern Minas Gerais, in the Lithium Valley region, approximately 30 kilometres from Sigma Lithium Corp. Initial exploration has revealed shallow total rare earth oxide (TREO) intercepts up to 2 metres at 7,612 parts per million (ppm) and a 35% high-value magnetic rare earth oxide (MREO) proportion. 2. The Caldas Project is situated in the Poços de Caldas Alkaline Complex, an area known for significant ionic adsorption clay (IAC) REE discoveries, including the high-grade Caldeira Resource by Meteoric Resources NL (ASX: MEI). 3. The Itiquira Project in Mato Grosso presents potential as a new carbonatite intrusive discovery spanning 20 kilometres in diameter, which may host REE and niobium. 4. The Corrente Project is a grassroots initiative over a saprolite clay zone in the Corrente Municipality, Piaui State. Figure 2: Location of Axel’s Projects in Brazil (Source: Axel REE Website) Utilisation of IPO Funds The funds raised by the IPO will be primarily used to advance Axel’s exploration portfolio, focusing on drill programs at the Caladão and Caldas Projects. Axel is fully funded to fast-track the Caladão Project towards a maiden resource and to commence extensive drilling at the Caldas Project in the Poços de Caldas Alkaline Complex. Additional exploration activities will be conducted at the Itiquira and Corrente Projects, with funds also allocated for working capital. “With a clear exploration strategy in place and a highly experienced board behind it, we are now fully funded to commence extensive drilling programs and we look forward to delivering strong results for our supportive shareholders,” said Chairman Paul Dickson. “Next Major Player” Axel Non-Executive Chairman Paul Dickson said: “The REE sector in Brazil is growing rapidly following significant discoveries of high-grade ionic adsorption clay-hosted mineralisation in recent years. “Axel has an opportunity to become the next major player in the Brazilian REE exploration sector with plans to advance two major clay-hosted REE projects (Caladão and Caldas) whilst completing preliminary work on a further two REE projects showing significant upside potential.” Board of Directors The Axel Board of Directors comprises an experienced management team with a proven track record in pioneering resource discoveries and extensive experience in capital markets and resource development. Paul Dickson – Non-Executive Chairman: A finance and corporate advisory professional with over 30 years of experience in the finance services industry, Paul Dickson is also the Non-Executive Chairman of Alligator Energy Limited (ASX ) and a founding director at Paradigm Capital, a boutique corporate advisory firm. Dr. Fernando Tallarico – Managing Director: Based in Brazil, Dr. Tallarico has over 30 years of international experience in minerals exploration and grassroots discoveries for junior exploration companies. Previously, he was the Managing Director of Aguia Resources (ASX ), where he played a key role in developing its phosphate and copper portfolio in Southern Brazil. Pat Volpe – Non-Executive Director: The founder of Axel REE, Pat Volpe has over 38 years of experience in minerals and metals exploration, with an extensive history in Brazil. He has been the founder and Chairman of unlisted supply-critical metals exploration companies in Brazil and has developed strong relationships with local explorers and governments. Ian Kiers – Non-Executive Director: With over 27 years of experience in the private equity sector, specialising in mergers and acquisitions (M&A), Ian Kiers is currently the Non-Executive Chairman of SI6 Metals Limited (ASX ) and was the Chief Executive Officer of GBM Group (a Smorgon Private Family Office) for 19 years. REE Sector in Brazil The REE sector in Brazil has seen significant growth in recent years, following the discovery of ionic adsorption clay (IAC) mineralisation in the State of Minas Gerais by several mining exploration companies. Brazil, along with Russia, was ranked as the third-largest country globally in terms of REE resources in 2023, each hosting 21 million tonnes (Mt) of REE resources, according to the US Geological Survey. China and Vietnam are the first and second largest, with 44Mt and 22Mt of resources respectively. In 2022, China dominated global REE production with a 78% market share, followed by the United States’ Mountain Pass project at 15%, and Australia’s Mt Lynas contributed 6%. The remaining 1% came from various other projects worldwide, including those in Myanmar, India, Malaysia, and elsewhere. In Brazil, primary REE mineralisation is predominantly associated with carbonatite and granitic rocks. Economic deposits are concentrated through secondary processes including weathering, ionic adsorption, and sedimentation. The Samso Way – Seek the Research At Samso, we believe insight is earned through curiosity, patience, and a willingness to follow the data where it leads. The story of Lupins is a case in point. Beneath the surface of a quiet legume lies a wealth of scientific research, agronomic innovation, and commercial momentum. Whether you're an investor, academic, or just someone who values thoughtful discovery, the message is simple: research reveals what the headlines miss. And in a world of noise, that’s your edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Announcement High-Res Mag Survey Extends Au & Cu Target Area at Lorraine Pivotal Metals Limited (ASX: PVT) has revealed encouraging results from its latest high-resolution magnetic survey over the Lorraine property, a critical part of its 100%-owned Belleterre-Angliers Greenstone Belt (BAGB) project in Quebec, Canada (Figure 1). The program has significantly enhanced the geological understanding of the Lorraine area, unveiling new structural features and target zones for high-grade copper, nickel, platinum group metals (PGMs), and gold exploration. Figure 1: Pivotal holds a significant 157km² position in the highly prospective BAGB mineral belt. (source: PVT) 🔷 Key Survey Highlights – Expanding the Horizon - Au-Cu-Ni-PGM ✅ Magnetic Survey Complete: 287.75 line-km of high-resolution drone-based magnetic data collected over Lorraine, processed into magnetic field derivative maps (Figure 2). Figure 2: 2025 high-resolution magnetic survey (TMI) and expanded target corridor at Lorraine (source: PVT) ✅ High-Grade Gold Corridor Extended: New structural breaks and folds indicate eastward extensions towards the Roy gold occurrence (Figure 3). Figure 3: Lorraine Mine Gold and Copper Highlights (source: PVT) ✅ Bonanza Grade Gold Reaffirmed: Historic intercepts such as 28m @ 45 g/t Au support the area's prospectivity. ✅ New Gabbroic Intrusions Detected: Magnetic signatures suggest multiple new gabbroic bodies—potential hosts for Cu-Ni-PGM sulphide mineralisation, akin to the historic Lorraine and nearby Kelly Lake and Blondeau deposits. ✅ Field Activity Ongoing: Mapping, sampling, and trench validation underway; further geophysical surveys planned for Q3 2025. This high-resolution dataset will feed directly into drill targeting strategies for both gold and polymetallic sulphide systems across the Lorraine project, which remains largely undrilled across the expanded corridor. Managing Director Ivan Fairhall commented: “This high-resolution magnetic data supports our active regional exploration program at Lorraine. The property already hosts multiple high-grade magmatic base metals and high-grade gold discoveries, which demonstrate a widespread mineralising system that is substantially underexplored.” Fairhall added that the eastward corridor revealed by the survey presents a near-virgin terrain, representing a compelling opportunity to vector from known mineralisation into discoveries across the BAGB. 🔷 BAGB Prospectivity: A High-Grade System in an Underexplored Belt The Lorraine project forms part of a wider 295-claim package spanning the prolific Belleterre-Angliers Greenstone Belt. Pivotal holds strategic coverage over prospective volcanic and intrusive terrains historically known for hosting magmatic Cu-Ni-PGE and shear-hosted gold systems. Significant past intercepts from the Midrim and Alotta areas (Figure 4) underscore the potential: 💠Midrim (MR 17-01): 9.4m @ 4.3% Cu, 3.5% Ni, 4.6 g/t 3E from 56.6m 💠Midrim (MR 00-05): 4.3m @ 5.2% Cu, 6.6% Ni, 7.2 g/t 3E from 57.2m 💠Midrim (MR 01-29): 18.9m @ 2.1% Cu, 1.5% Ni, 2.4 g/t 3E from 17.6m 💠Alotta (ZA 18-05): 11.3m @ 2.2% Cu, 2.2% Ni, 3.1 g/t 3E from 61.2m 💠Alotta (ZA 18-08): 9.2m @ 2.8% Cu, 2.6% Ni, 3.6 g/t 3E from 85.2m 💠Alotta (ZA 19-05): 17.0m @ 2.9% Cu, 1.5% Ni, 3.3 g/t 3E from 54.0m Figure 4: Regional location of the BAGB project area and its Baby, Lac des Bois, and Belleterre greenstone belt segments showing the location of Pivotal's tenements and known mineral occurrences (source: PVT) These results point to a robust and high-grade polymetallic system with clear potential for further discovery. (*Notably, the Lorraine project borders Vior Inc.’s Belleterre Gold Project to the east, which historically produced 750koz Au at 10.7 g/t and is currently undergoing a 100,000m drill campaign.) 🔷 Infrastructure Advantage – A Strategic Location Located just 85 km south of Rouyn-Noranda in the Abitibi region, the BAGB project area is exceptionally well-serviced (Figure 5): Proximity to road and rail networks Hydro-powered electrical grid (5.5c/kWh) Skilled workforce and major smelters nearby (Glencore’s Horne & Sudbury) With over 100 historic mining operations in the region and Agnico Eagle forecasting 14 Mt/year of spare milling capacity from 2028, any discovery here has clear development advantages. Figure 5: BAGB projects location map to nearby current and historic mining and milling operations (source: PVT) 🔷 Exploration Next Steps Pivotal’s team is remobilising in July for detailed fieldwork focused on: Mapping structural controls of gold-bearing veins Geochemical soil surveys to define trenching targets Surface EM surveys targeting magmatic sulphide intrusions The goal is to integrate structural, geophysical, and geochemical datasets into a pipeline of drill-ready targets by late 2025. Samso Concluding Comments The Pivotal Metals (ASX: PVT) story is fairly simple. It's an early stage, and a contingent of companies has moved to seek greener pastures in Canada. It is hard to say that these are better projects because there are also issues in the North American continent that come with having a business in this sector. The historical results are definitely promising, but I don't have an affinity with Canadian early-stage exploration projects. What seems to work are projects such as Champion Iron and Cyclone Metals with their iron ore projects, which are at the production stage. I find that there are few to very limited success stories that come from greenfield Canadian projects. A stock to keep in mind, but I don't think there is much excitement. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

After writing the last post on Misunderstanding Dementia – A Common Issue, I have developed more passion to share the awareness of Dementia. The response I received were all very complimentary. Interestingly, when talking to people, they are still fixated on the memory loss as the primary symptom. In this post, I want to share on some of my research on the good things that you can do as friends and family of dementia. I find it challenging to write this post as I am never one to dwell on negatives. However, over the years of caring for my parents, I have a great appreciation for the aged care industry. Watching these people who cared for us all those years now become people that do things you are not accustomed to is not pleasant. I don’t think this is anything new as every reader will agree. Cultural Issue To many people still feel the embarrassment and taboo of talking about these topics. I think the ethical side and those from the older generation is very much to blame. I am slowly realising these issues as I speak to more people. I feel that the misunderstanding is a result of not wanting to be associated with the stigma of an illness such as Dementia. It is not due to a lack of understanding of facts… As they say, we immigrants bottle our culture and we take it out and use it as when we see fit. However, the place where we come from has been progressing with time and when we look back, we find that we have indeed been living in a culture that has been stuck in a bottle. When I was trying to get my last post out to the general public, I started to see that there are many associations here in Australia. To my surprise, Malaysia and Singapore had a few too. I should touch on that in upcoming posts. Reading the news from those places made me think that people like me should share our thoughts on this topic. I call my self a “Banana” (Yellow on the outside and white on the inside), and we should help bridge the gap. Life Continues But in a Different Way In my opinion, as bad as this topic is, my parents are still relatively healthy. For example, my mother is now playing mahjong and cards four times a week (when they go to the Chung Wah Community Centre) and she has never played that over the years. She only started playing cards after going to the centre. I cannot speak highly enough about what the Community Center means to us. The staff are great at making the experience fun and comfortable. There are many people with different level of care there and are well cared. I do encourage that friends and family of the aged do check these places out. Another topic for the next blog… 🙂 My parents look forward to going there. They bring their newspaper, snacks (homemade by us :-), and they come back telling us of who they met and what they did…. who did what, who was funny… who was a pain…etc. There was even someone who made Texas style BBQ sauces and they bought some back for us. All of them are living a whole new, different life but they are existing and relatively enjoying their life. Having dementia, as bad as it is, has many positives as well. My mum now plays mahjong and cards… 🙂 Recently, she was also trying to play pool. Community Centre - Willeton Centre. How the Community Centre Works. The great thing about the community centre is that participants get to mingle and mix with together. A van comes in the morning to pick them up between 8:30 and 9 am and takes them back around the 2:30 pm mark. I have been there and they are able to do the following, Group Exercise Play Games such as Mahjong. Not sure if old Asians play scrabble 🙂 Staff are there to encourage communication, They have morning tea, lunch, afternoon tea and even dinner if required. Watch television. The greatest benefit is that they are able to do relatively normal things. They still think of what they want to eat, and respond pretty well to conversations. It may not be what we consider as normal conversations, but it is still a conversation. There are many sad stories but its how you make of a situation. Speaking to a relative who has family in Melbourne last night, there is a lot of people who do not know of these kinds of help. I encourage readers who are in similar situations to seek these kinds of help. Whether you are in Australia or another country, the relief from 24hr care will help maintain good relations. On the occasion, there is an outing that happens and they go to see places. They were taken to go fishing one time too. Now that is a good life. The Inspiring Stories. I felt inspired by a guy in the US who made a documentary about his mother and dementia. The way he goes about doing things shows that you can still have normal conversations, it’s just on different topics. There was a video they went out to have ice cream. When you have acted as a carer, you notice the small things. You say to yourself, wow, we can also do that, now that is a good idea, why did we not think of that….etc Unfortunately, that video is no longer available. In the video you can see the sad side or the encouragement side. I prefer to see a great effort he makes to create a difference in the story. I encourage readers to share their comments and create awareness that there is life even with the discomfort of this illness. There is a video on a Dementia Village that I attached to my post on Dementia, where there was this social worker who had the best attitude in dealing with the awkward behaviours of citizens of the village. I have started the video below at the stage where she was being interviewed, From my experience, I do find that the carers all have this kind of mindset, or at least similar. Having seen a few carers over the years, they are a special breed of people. They give respite to the primary carers and I tell you, it is very appreciated. It also makes life easier. My advice for all carers is to make sure you take full advantage of these services. I appreciate that many of these services may not be affordable for many people but it is worth seeking the alternatives. Personally, the more I learn about the issues, the easier it is for me to deal with situations. It is not about me expressing my assumed knowledge, it is all about sharing that its a work in progress. Some Interesting News – Promising News There is an article talking about that there are ways you can do to prevent Dementia. This was published by The Economic Times, titled Good News: Now, dementia can be predicted 10 years in advance. It quotes research that was done by the University of Copenhagen in Denmark. “If those individuals at highest risk can be identified, a targeted prevention with risk-factor reduction can be initiated early before disease has developed, thus delaying onset of dementia or preventing it,” said Ruth Frikke-Schmidt, a professor at the University of Copenhagen. The study looked at data on 1,04,537 people in Copenhagen, Denmark, and linked it to diagnoses of dementia. Researchers found that a combination of age, sex and a common variation in the APOE gene could identify high-risk groups, with a seven per cent risk for women and six per cent risk for men in their 60s. There was a 16 per cent and 12 per cent risk, respectively, for people in their 70s; and a 24 per cent and 19 per cent risk, respectively, for those aged 80 years and … Dementia Rates Declining? There was one article that I thought was interesting. The article mentioned that researchers found that those who completed high school were less prone to develop symptoms of dementia. They talk about being healthy to reduce cardiovascular issues. Doing this may have some influence on the risk of adopting symptoms of dementia. However, another result showed a rather surprising result. This was that overweight and obese study participants actually had a lower risk of dementia than others. (source: https://www.senioradvisor.com/blog/2017/01/the-good-news-about-dementia-rates-theyre-dropping/) They mentioned that this is still too early to be factual, as other studies connect excess weight with heart disease, which can raise dementia risk. The reasoning may be that the extra weight late in life might offer some protection against cognitive decline. Is It True? To me, that may have some truth. When I recently spoke to a pharmacist he mentioned that in traditional medicine, people are taught that if you have high cholesterol, you must remove it. In fact, that level of cholesterol is the basic building blocks for the other parts of the system. Removing it will dampen that body sequence to develop its own “medicine”. Anyway, I am no medical practitioner but when this was explained, it was really interesting. Here are some facts from a recent search with ChatGPT - July 2025. Declining Age‑Specific Rates in High‑Income Countries A growing number of cohort studies from the Americas and Europe show a 13% drop in dementia incidence per decade over the past ~25 years. In the U.S., the age‑adjusted prevalence among those 65+ fell from roughly 12.2% in 2000 to 8.5% in 2016 — a decline of about one-third. A recent JAMA Network Open study found lower prevalence in more recent birth cohorts—21.2% in the U.S., 38.9% in Europe, and 28.3% in England—compared to older cohorts at the same age. Multi-country data (U.S., UK, parts of Europe) show prevalence dropping significantly across successive generations, especially among women. Global Context & Mixed Signals Globally, the age-standardized dementia prevalence is relatively flat, with only a +0.1% change from 2019 to 2050 (95% UI: –7.5 to +10.8). Worldwide Alzheimer’s disease incidence rates have stayed stable overall, slightly rising in some regions but declining in others . A recent Lancet Public Health review confirmed that age‑specific incidence and prevalence have decreased in many high‑income settings, though results vary, particularly among the very oldest . Why This Happened (High‑Income Countries) ? Factors likely contributing to declines include: Better cardiovascular health: improved treatment of hypertension, cholesterol, and diabetes. Reduced smoking rates. Increased education, building cognitive reserve. Enhanced hearing and vision care, alongside public-health improvements. These "birth cohort" effects mean newer generations enter old age with lower dementia risk Any decrease in dementia rates is good news, not only for seniors and their families, but also for public health. Dementia is the most costly condition a person can face, because it can progress slowly over many years, during which patients require round-the-clock supervision to prevent wandering, falls, and distress. Caring for a loved one with dementia is more than a full-time job, and professional care is expensive. The Alzheimer’s Association says the total cost of caring for people with dementia in the US was $236 billion in 2016. My Research However, my research from the Australian Institute of Health and Welfare show, Global Prevalence & Incidence (Updated July 2025) 57 million people worldwide had dementia in 2021—over 60% living in low- and middle-income countries. Nearly 10 million new cases are diagnosed each year globally. That’s approximately one new diagnosis every 3 seconds Projected Growth The number of people living with dementia is expected to nearly double from 55 million in 2020 to 78 million by 2030, and hit 139–152 million by 2050 A more recent estimate suggests a rise to around 153 million by 2050 . There is a link available to the Australian Bureau of Statistics on Dementia. Whether the rates are increasing or not, the fact of the matter is that people need to care in the best possible way. As the world is going into an ageing period of our history, we are going to see more issues than less. Like everything old, it needs TLC and maintenance is not going to be cheap. I was inspired to write this follow up after talking to a few people who gave me the impression that there was this downhill slope when you have dementia. Life is still worth living and it is up to us who are “normal” to make it as comfortable as possible for them. Also Check For:- Dementia Awareness- A Common Issue of Misunderstanding 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. 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Announcement Completion of Acquisition and Operational Update Avira Resources Ltd (ASX: AVW) has made a number of announcements over the past several months that suggest a period of repositioning. While not a traditional IPO in the sense of a new listing, the company has completed a capital restructuring, including an Options Prospectus, and appears to be preparing for a more active exploration season in 2025. This article pulls together key developments from their recent announcements to give readers a clearer picture of where the company is headed and what has changed since the start of the year. 🔷The Tangadee Story – What’s on the Ground - Copper - Nickel - Zinc According to Avira’s latest announcements, the company now holds three exploration licences in the Ashburton Region of Western Australia (Figure 1): E52/4411 E52/4439 E52/4413 Figure 1: Location of the Tangadee Project in the Ashburton region of Western Australia (source: Avira Resources Limited) These three tenements, collectively called the Tangadee Project, span 779 km² and are described as having potential for sediment-hosted Cu-Zn sulphide and magmatic Cu-Ni sulphide mineralisation. The project lies across the faulted contact of the Edmund and Collier Basins in the Capricorn Orogen, an area that has attracted several explorers, including Teck Australia, Dreadnought, Bellavista, Miramar, and Greatland Exploration (Figure 2). Figure 2: Explorers are currently active within the vicinity of Avira’s Tangadee Project area(source: Avira Resources Limited) The company has identified three late-time EM conductors from historical VTEM surveys (2018, 2023) (Figure 3). These are the basis for their initial drill targeting. According to the company, no previous drilling has been carried out across these tenements. Historic lag samples have returned up to 1080 ppm Cu and 190 ppm Cu with 560 ppm Pb from GSWA samples. Figure 3: E52/4411: Summary of historical exploration and location of EM Target 1 on VTEM image (source: Avira Resources Limited). Avira has stated that fieldwork is planned for mid-2025, including access assessments, mapping, and consultation with native titleholders. This will precede potential drill testing of the EM conductors—Targets 1, 2, and 3—which are situated near the Mount Vernon Fault and in structurally complex fold hinge zones. 🔷 What’s Happening in Sweden – The Puolalaki Project Avira also holds an exploration permit in Sweden known as the Puolalaki Project, located in the Gällivare mining district. The project contains both Nickel-Copper sulphide mineralisation and zones of gold ± Cu-W-Mo mineralisation, based on historical exploration by LKAB and others. In late 2023, the company intersected high-grade gold at the base of hole PUO23005, which was originally targeting a deep EM conductor. This led to a reassessment of the gold potential. According to Avira, discussions are currently ongoing with a Swedish-based gold explorer regarding a potential farm-out, but no binding agreement has been entered into as of the latest updates. The company has indicated that while these discussions are preliminary, they are part of a broader strategy to realise value from the project without overextending internal resources. 🔷 Corporate Activity – Options and Placements - A Copper - Nickel - Zinc Corporate Investment with A Deeper Meaning? In February 2025, Avira issued a Prospectus offering up to 48,435,500 new AVWOB options at $0.001 each, exercisable at $0.015 on or before 30 June 2027. This was a follow-on from the expiry of a previous series of options (AVWOA) and appears to have been designed to provide long-term optionality for existing holders. In March and April 2025, Avira also announced a $506,000 placement in two tranches, priced at $0.007 per share, with 1-for-1 free attaching AVWOB options. Tranche 1 raised ~$253,000 and was completed on 4 April 2025. Tranche 2 and the associated options remain subject to shareholder approval. These moves suggest a capital strategy that aims to maintain optionality while minimising dilution, particularly during early-stage exploration activities. This is a typical Corporate investment that may be laying the groundwork for the pathway to increase shareholder value. What readers need to understand is that this is a Copper-Nickel-Zinc story that is required for corporate investment activities to create the company narrative that will drive the story. 🔷 Management’s Strong Hand David Deloub (Executive Director): 20+ years in finance and public company management; focuses on strategy and corporate structuring. David Wheeler (Non-Executive Chairman): Brings decades of board experience across ASX-listed entities; provides governance oversight. James Robinson (Non-Executive Director): Background in legal structuring and commercial negotiation. Capital Approach: Fundraising appears to be deliberately modest and timed around key project developments. Project Strategy: According to announcements, technical efforts are focused on untested EM conductors and ground with known anomalies. Governance Style: Decisions to explore farm-outs and carefully staged placements suggest a cautious and structured approach. Samso Concluding Comments Avira Resources (ASX: AVW) is working on repositioning themselves. The company appears to have reframed its direction, particularly with the Tangadee Project. Technically and geologically, from what they’ve shared, the area hasn't seen much in terms of previous drilling, yet the presence of late-time EM conductors and historical copper anomalies makes it something to watch. It's the kind of ground that, based on their current approach, could reveal more as the work progresses. On the Swedish front, the Puolalaki Project has been a consistent part of the story, and now there seems to be a renewed focus on the gold potential. According to their latest updates, they’re looking into a possible farm-out, which suggests they’re considering different ways to unlock value without stretching internal resources. It’s early days, and there’s no guarantee anything will materialise, but the fact that discussions are underway shows they’re keeping their options open. The most important aspect of this company is that it appears to be a house stock for the CPS Capital Crew. Typically, the projects are coming in to earn equity in the company and from this point of view, I would safely say that this definitely a good DYOR. This is what I would call the perfect Bottom Drawer Investment. The valuation could move very quickly when their timing is set. In the meantime, patience is the name of the game. As always, doing your own research and engaging with the company's available information is the best way to get a feel for where it’s all heading. 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It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. 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