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

This episode of Samso Insights is about understanding the business of gloves and whether this is a long-term investment proposition. The investment dilemma for VIP Gloves Limited (ASX: VIP) Woken by the rude entry of the COVID-19 pandemic, investors are beginning to understand the dynamics of this simple business model where health and safety drive the market. So let me explain what we understand about the business of gloves, as part of PPE that aims to protect all workers. The use of gloves is centered to protect the workplace (Source: Photo by CDC on Unsplash ) When I first covered this sector almost six months ago with A COVID-Proof Stock that is not related to Gold: VIP Gloves Limited (ASX: VIP) the market has undergone a roller-coaster ride. In the midst of COVID-19, there was a rush for gloves, masks and sanitisers. When the so-called, miracle cure of a "Vaccine" was touted as fast approaching, the bull run came to an abrupt halt. The opportunity is that there is only one company on the Australian Stock Exchange (ASX: ASX) that manufactures Nitrile gloves . Ansell Limited (ASX: ANN) produces other products so I don't put them in the same category. The other reason is that ANN is not a smallcap company. VIP has just begun its journey on the ASX and one would ask if this was the best year (Figure 1). It rose to prominence in July after the market woke up to its existence and that was followed by a fall in pricing due to market jitters about the arrival of the vaccine. Figure 1: The share price chart for VIP Gloves Limited in 2020. (Source: Commsec) As the world begins to appreciate the timing and the implications for upcoming vaccines, the main market of gloves, in Malaysia, is still turbulent. The main players like Top Glove Corporation Bhd - KLSE: TOPG (7113) , Hartalega Holdings Bhd - KLSE: HARTA (5168) , Supermax Corporation Bhd - KLSE: SUPERMX (7106) and Kossan Rubber Industries Bhd - KLSE: KOSSAN (7153) have all seen a significant rise of gigantic proportions over the last nine months (Figure 2 and Figure 3). For those investors that participated in VIP during the last 9 months, all eyes and ears were onto these market participants in Malaysia. Their every move on the share price was going to dictate what VIP would do in Australia as investors look for indicators. The is no prize for guessing that the sharp rise was due to COVID-19, not only for VIP but for the whole industry. The appreciation of the share price is mainly due to the rush and speculation of supply shortage and increasing demand. What was interesting is that when the market started to speculate the impact of the coming vaccine, the market did not wait for an answer. Market participants starting to exit quickly and with great volumes. Figure 2: The share price journey over the last twelve months of the top four glove manufacturers listed on the Kuala Lumpur Stock Exchange (KLSE). (modified from Investing.com) You can say that they have all retreated from their highs but I think this is more about profit-taking and the jitters of the market. This whole year is about the unknowns in the market. As most of the speculative money love the volatility, the smart money needs to see direction (perceived) before they leave their money on the table. As you can see in Figure 3, the gains in these stocks are short of being astronomical, when you look at the history of the four market leaders. The sharp rise has made investors glee with envy about the profits they would have made if they were in the Bursa Malaysia (KLSE) . Unfortunately, unless you are well versed with that market, you will find it hard to get access to any of these stocks. Figure 3: The share price journey from 2012 to 2020 of the top four glove manufacturers listed on the Kuala Lumpur Stock Exchange (KLSE). (modified from Investing.com) What is the most interesting is prior to the rise due mainly to COVID-19, you can see that the business of gloves already experienced a generous premium (Figure 4). The charts below indicate that these glove companies were very busy paying dividends and creating capital appreciations. If one was to look at the company reports during that time, you would see that they were making money and I would say plenty of it. You cannot become an international player in any sector without making lots of money along the way. The top four glove manufacturers on the KLSE have definitely experienced great income generation over time. Figure 4: The share price journey from 2012 to June 2019 of the top four glove manufacturers listed on the Kuala Lumpur Stock Exchange (KLSE). (modified from Investing.com) The BIG Questions - Is this sector a long-term investment proposition? This is the big question that has created much confusion in the market. I look at the glove sector as a Personal Protection Equipment (PPE) issue. As a geologist and thinking about the Health and Safety (H&S) aspect of our mining industry, the intense level of administration in this sector of the industry is what will drive the use of gloves. Health and Safety driving the market If you look at gloves as a means to keep workers safe, one would understand why the use of gloves will be sustained. In the mining industry where the health and safety of workers is the first point of discussion in any meeting, signs like Figure 5 are a common sight when you enter an Australian minisite or a plant. Figure 5: The common signboard before entering any mine site or plant in Australia. ( Source: www.hivismining.com.au ) If anyone understands the strict requirements, there is no way that gloves would not become a common use by workers. You can already see the common use of gloves by emergency workers. Population like you and I will not be the main users. In many aspects of the world industrial revolution, we, the general population do not see what is consumed by industry. Figure 6: This is a common sight in Australian cities. Staff giving a strong vision of masks and gloves being used. (Source: Bing Photos) For example, as Australians are fast approaching a "clean" nation in terms of community transmission of COVID-19, the rest of the world are experiencing record daily cases. Cities that were reporting relatively few cases are now reporting a lack of beds. This lack of hospital beds is not limited to the poorer nations, but the more so-called "richer" nations are also experiencing this issue. Supply Issues As the world begins dealing with a new strain of the virus, I cannot see how demand for gloves will decline. Recently, there are reports that Top Glove and another Tier 1 manufacturer of gloves had to close supply chains as their staff was dealing with COVID-19 transmission within their factories. Although this is being managed, this is a reminder that the demand for gloves is not going to slow anytime soon. The future demand may not be "demand" driven, it could be driven by a decreasing supply issue. Any disruption to this supply chain will be catastrophic to the demand logistics. Then there is the nationalistic movement where the "hoarding" of supply by nations or sectors will create further gaps. Some conspiratory comments were being published on the reasons why Top Glove was targeted by the US government for labour issues. Comments were circulated that the real reason was to get Top Glove to direct their supply towards the US as they were just experiencing an unprecedented rise in Covid-19 cases. True or untrue (Fake News), we the general population will never know. It is now becoming common practice for the manufacturers to pass all raw material costs to the buyer already. This is a sign that manufacturers are confident that buyers' demand is strong enough to take this in the pricing, which indicates supplier strength in the market. This is a market where the consumer has no choice but to accept the price. How is this not a great business to be in? I think economists call this an inelastic demand . These are the reasons why I feel that the lack of supply will drive the sector more than increasing demand. I am not saying that there is no demand increase, I just feel that the supply side is not going to keep up. If the supply side is interrupted, the gap is going to grow rapidly. There is a paper written by an individual posted on a blog site in Malaysia that has some good arguments that Supply will never exceed demand . I agree with his statement in general and if one is truthful with the state of the world, you would have to say that this virus is going to hang around a lot longer than we would like to believe. What does this mean for VIP Gloves Limited (ASX: VIP)? Let's look at the current AUD48.46M market capitalisation of the company. It was around the AUD20M mark in July and rose to over AUD100M before subduing to market forces to be swimming at this range for the last couple of months. As a shareholder, one would be excused for thinking that this is going to end where it started at the 3 cent mark. The recent months of trading with an obvious seller in the market has troubled many shareholders. One look at a popular forum site will give plenty of colour to their thoughts. Many past and current shareholders are expressing their frustrations on the counter on a daily basis as the share price seemed to be defying negative gravity (Figure 1). How can a company with such promise be not going up? However, when you look at the released accounts, one would be thinking that this has to be the cheapest stock on the market. Coupled with the comments that I have mentioned above, you would be accumulating this stock with earnest. Evidence of Sales The October quarterly report highlighted a sale receipt of AUD6.6M which was the first clue that the company is generating some decent cash flow. The company only started production sales this year and prior to March, they were selling ar ASP (Average Selling Price) that were much lower than the market leaders. So in the build-up, they would have been slower to take advantage of the rising market ASPs as they were still delivering gloves at the old price. The next sales figures will be interesting as it should cement some resemblance of confirmation of status. Two sets of results that show strong sales growth will be well received by the market, one would think. Expansion In November, the company announced that their order book was full till the end of 2021 and their ASP had increased by 50% in the October to December 2020 quarter. In addition, the expansion of additional lines was coming on stream in December 2020 and April 2021. Figure 7: VIP has experienced a significant increase in its average selling prices (ASP) for its products over the September 2020 quarter by an average Quarter-on-Quarter (Q-o-Q) increase of 70%. (Source: VIP Limited) To show more future potential, the company announced that they were looking to build new facilities on an adjacent block of land and are looking to increase its total capacity to 3.5 billion pieces when completed. Too Much Cash While shareholders are pondering what is happening to the share price, the company appears to be trying hard to appease all these concerns by announcing a dividend policy. A dividend policy means that they got too much cash or major shareholders are wanting some of that "too much cash". There appears to be a lack of need to raise more money and that in most cases is a good sign. What it may mean is that the power players can only get in on the show from the market. Let's hope that is the case as it would be a good catalyst for the share price. In addition to the cash flow from sales, they are about to receive a series of payments from the sale of the land. This will bring another AUD10.3 million into the bank account. They have received AUD3.13 million already and that was used to settle with the bank loan (VIP Gloves Limited Announcement - 31st August 2020). Conclusion VIP suffers from an identity crisis in the ASX and I think investors may also have anxiety due to the operations being in Malaysia. What the company need is to allow investors to understand the gloves sector. Investors need to see and appreciate that this has been a money-making business even before Covid-19 (Figure 4). What this "New Normal" has created is a new level of pricing and demand. The recent announcements which relate to the expansion of more production lines and the recent sales figures should give potential investors some comfort on the viability of the business. Following the sales and expansion news was the dividend policy. I believe that this will be the game-changer as this will cement confidence that the company is confident with its cashflow. I would dare say that there are not too many companies on the ASX with a 50M market capitalisation that is distributing a dividend. The next sales figure should help support the concept that VIP could be "printing money" at this stage. Another compelling note is that the company is paying down its debts which is a clear message that they are looking to create a positive revenue position. Figure 8: This is a common sight in the last 9 months with workers using gloves to do work. (Source: Photo by JC Gellidon on Unsplash ) I am a firm believer that VIP is all about PPE. This business is all about keeping employees safe in the workplace (Figure 8). The poor state of affairs around the world is not going to slow down the demand. In the coming time when the vaccines take effect, we are certain that preparations for FULL PPE to protect all workers are absolutely necessary. Figure 9: Britain’s second-largest teaching union says it is locked in an argument with the government over whether personal protective equipment (PPE) should be provided in schools. (Source: www.tes.com ) There are now many questions being asked about the amount of protection that will be warranted for workers (Figure 9). What I can say is that, if the Health and Safety regulations in the mining industry is a measurement of progress, the steps for increasing Health and Safety in the other industries will get louder very fast. There will be no insurance agency that will not force industries to have "COVID-19" PPE as a standard requirement for workers. In closing, I believe that the premium in VIP is that it is in the ASX and they are the only way investors can expose themselves in the rubber glove market. For investors, the company is still trying to prove itself as valuable and credible. To their credit, they have done all the right moves in showing growing sales, showing nett profits, paying off debts, declaring dividends and showing expansions. As I have mentioned before, with a market capitalisation of less than AUD50M, there are not many, if any, peers that can list all those items. What investors can blame the company is that there appears to be no Champion leading the company. This may affect the way the company shares its messages to stakeholders but the business is so simple and profitable, one may be excused of not needing this Champion. However, I do feel this critique is valid and it will do well to have this fixed. In my opinion, the way its share price has build a holding price at these levels for a decent period of time tells me that a base has been established and the next sustained growth may come in the next accounts that will be out in February or late January. I would suspect similar figures to come out as the last Appendix 4C in October, if not higher. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au . Remember to Subscribe to our YouTube Channel , Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google .

Coffee with Samso Episode 60 with Kado Muir, Founder of Marnta Sandalwood. It takes a soulful journey to understand how to share and create a business that is using the land in a sustainable manner. When you hear Kado Muir speaks about his life philosophy and the history of his family, you get a sense of calmness and fulfilment. I have known Kado since 1988 when we met on the basketball court at the University of Western Australia. Even at that age, I have always felt that he had a higher calling. Cut to 2021, and you get a sense that there is a lot of wisdom in those grey hairs. Over time, I have seen Kado go through many experiences in different areas. In this episode of Coffee with Samso, it was great to hear about his journey and how those experiences have created and shaped Marnta Sandalwood . The whole topic of Indigenous Australia and living in a sustainable manner in harmony with the land has intrigued me for many years. I recently spoke about this interest of mine with Mark Anderson from FISH . We did a Rooster Talk in May 2020 called Breaking the Inter-Generational Curse where we discussed extensively about the plight of the Australian Indigenous culture. This episode of Coffee with Samso is a great follow-up on that first chat as I thoroughly enjoyed Kado´s insightful and wise sharing. Kado shared with us some of these topics: Wealth generation and sharing His parents' life and the books his father wrote How they lived and worked How prospecting for gold gave him the deposit to his first house Being the first Indigenous Australian to go to university The books he has written and the creating of Marnta Sandalwood. Links to the books that are mentioned in this episode of Coffee with Samso. Working Together Book https://www.blurb.com/bookstore/invited/8504947/adeab2196a8fe56e66c00b4e683ae8d1c1cf61c8 APB, Dooley and Me https://www.amazon.com.au/Apb-Dooley-Me-Recollections-1968-1970/dp/0646411497 Ten Bush Foods https://www.blurb.com/bookstore/invited/8504749/23a61aed1ee5e99705469aae5689f3ab96e90e7b PODCAST About Marnta Sandalwood Marnta Sandalwood is an Aboriginal owned sandalwood harvesting, seeding and oil product company based in Leonora, Western Australia. Kado and Deeva Muir set up the business to create employment and opportunities for their children and other Aboriginal people in the northern Goldfields region. The business is committed to the sustainable harvesting and management of Sandalwood trees in the wild: We only harvest dead sandalwood trees in the wild. We plant seeds to promote new growth and sustain the species. We create oils for luxury skincare and fragrance from dead sandalwood trees and sandalwood nut oil harvested from sandalwood trees grown on Western Australian plantations. We are committed to a sustainable future for Aboriginal people, living and working on the land caring for a species of plant that has supported and sustained Aboriginal people for generations. We work with others who share our ethics and vision for sustainability. About Kado Muir Mr Kado Muir is a Wati, a Goldfields Aboriginal cultural and community leader and an anthropologist/archaeologist with many years’ experience working in Aboriginal heritage, language preservation and maintenance, traditional ecological/education and native title research. From an early age, Kado grew up living in the bush and his passion is to “look after country, community and culture¨. Kado is a community based cultural heritage and environmental activist. He has led campaigns against uranium mining in Western Australia and is part of that national network. He has been pushing for the mining industry to adopt responsible practices in Aboriginal heritage and to stop destroying Aboriginal sites and sacred places. Kado is a cultural leader who has preserved his Ngalia language and helped develop Australian curriculum content incorporating Aboriginal knowledge into education curriculum. Kado operates a number of businesses including an Aboriginal art business, a sandalwood company, a culture-focussed podcast and an Aboriginal heritage consultancy business. He is an advocate promoting alternative community-based enterprises. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au . Remember to Subscribe to our YouTube Channel , Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google .

The last three months feels like an episode of The Twilight Zone . Who would have imagined the world as we had known would come to a complete halt? Financially, calling it anything but a catastrophic Armageddon would be an understatement. The stock market went on a spin downwards, and the ride back was just as mind-blowing. source: Photo by Jamie Street on Unsplash Coming out of the downturn, I was looking for stocks that would be resilient to the volatility and have a robust business that would take on the "new world"—looking for that "Buffett" effect. Gold related stocks and investments were a given but what followed was something that I had not counted on. As I am a resource-laden investor, things started to look good for resource-related stocks. Most of the market recovered in the middle of March and had the distinctive "V" recovery. Almost every company that was not directly COVID-affected started to improve and companies releasing results were rewarded handsomely. Capital markets were alive and transactions were getting closed left, right and centre. The Discovery I started to seek stocks that would balance the portfolio. First on my list was a prominent list of hygiene and COVID friendly stocks. In 2015, I was in a meeting with some associates in Kuala Lumpur, Malaysia, and I remembered that they were talking about the "rubber glove" industry. They commented that the KLSE (Kuala Lumpur Stock Exchange) was all about these companies. Stocks such as Top Glove (MK: TOPG), Supermax (MK: SUCB), Kossan (MK: KRI) were riding high. It was here that my little understanding of the sector was born. I have to say that it was not until the last six months, where I gained a better understanding of the industry. When COVID happened, most people started to look into hand sanitiser, masks, plastic screens and gloves. What is hidden behind COVID is the fact that many of the hype will bring a saturation of the market. During the lockdown stages, one could not get hand sanitiser, gloves, disinfectants ( which were only good for bacteria and not viruses) or masks. You could not even get rubbing alcohol to make hand sanitiser at home. Now, they are being sold everywhere and at a fraction of the price. The glove makers were making a good profit even before COVID. Since then, the market has been growing at near 10% per year. It was growing at 6% the last time I saw reports in 2015. As you can see in the graph below, this is Year on Year growth and spiking whenever one of these viruses appears. Remember, this is growth. A recent May 12, 2020 research report (Maybank IB Research) showed that Top Glove (MK: TOPG) have sales secured until April 2021. There have been several reports that the manufacturers are all booked until the end of 2021. Producers in Vietnam are indicating similar demands. Due to the strength of the market, the ASPs ( Average Selling Price) can change up to 1-2 months before delivery. Also, there have been 3-5% of total quarterly sales where the ASPs were substantially higher than the market ASPs. The report that was published by Maybank IB Research quoted the following, We raise our FY20-22E EPS by 54%/112%/5%, projecting for its EPS to increase by 128%/35% in FY20-21E and to fall 50% in FY22E. Those figures are mesmerising, and this company has a present market capitalisation of slightly less than AUD7B. Top Glove is the worlds largest rubber glove manufacturer by volume, with 70 billion pieces per annum. When Australian consumers go shopping these days, there is no shortage of face mask and hand sanitiser but if you look closely, gloves are slowly beginning to disappear from shelves. When one takes stock of what we use more, even decades ago, the use of gloves is higher than and other PPE equipment. In an average "inspection", one does not change a "sperm suit" or masks after every inspection. What you do change after every review is gloves. If you go and take a blood sample, look at how many times the nurse/technician change gloves. In Australia, we are all facing a great outcome in regards to COVID, except for our poor Victorian counterparts, there is a sense of complacency as we feel that COVID is under control. The average person thinks that we have beaten this issue, but at the same time, there is the fear of multiple potential waves. When I see the glove industry, I don't think the business is this "pandemic" as you can see in the chart above. Rubber Gloves "ain't" Rubber Gloves The fascinating part about rubber gloves is that they are not all the same. Like every industry, the deeper you dig the more complicated the details become and hence, this where we need to explain. Like the old saying, the devil is in the details. What is Nitrile? ( source: www.glovecompany.com.au ) Nitrile is a synthetic rubber compound used as a disposable glove material. Nitrile has been around for a while, but only recently it's become more affordable, which explains why it's gaining popularity throughout medical, food and cleaning industries. Nitrile has a higher puncture resistance than any other glove material. Nitrile also has a better chemical resistance than Latex or Vinyl gloves. What allows Nitrile gloves to become a standard medical supply for hospitals and emergency personnel is their hypoallergenic attribute. Nitrile gloves are powder-free and hence are more comfortable to remove from the box. They are incredibly durable and puncture-resistant. They can also withstand exposure to oils, solvents, and chemicals which typically degrades regular latex gloves. What is Latex? (source: www.glovecompany.com.au ) Latex comes directly from rubber trees. Latex gloves are the most commonly used disposable gloves because they have been the only durable disposable glove material option on the market. However, now many hospitals and clinics have begun replacing their latex gloves with nitrile gloves. Nitrile gloves are where all the action is and will be. They are the "EV" of the glove industry. As you can see from the brief above, the market is heading to the Nitrile product. The durability properties and its low allergy reaction make this an excellent product for use. One can visualise how advantageous this product is over latex. Nitrile gloves are of higher value and they are sold to the higher market, such as Europe and the US. Ultimately, it means more profits to the manufacturer. According to a report by a research firm (Acumen Research and Consulting), the global nitrile butadiene rubber (NBR) latex market is expected to grow at a CAGR (Compound Annual Growth Rate) of around 15.4 % over the forecast period 2019 to 2026 and reach the market value of over US$ 2,860.1 million by 2026. Rubber Gloves Market? Today, when we think of gloves, invariably, our minds think of COVID. No matter if you are thinking of Nitrile or Latex, COVID is how we measure this market. There are no arguments that COVID has and will play a significant part, but one must remember that this is bigger than any PANDEMIC. China is a giant in its own right and is a dominant player, but any increase in supply will be absorbed into the domestic demand. That leaves the rest of the world. A recent report by CGSCIMB quoted the following, 7.7bn (9.9% of total incoming Cina nitrile glove capacity) will be ready by 4Q CY20, assuming there are no supply disruptions (Potential second wave of COVID in China). Any current producers will have no problem competing in a sector that is really in an inelastic global glove demand. As you can see below, China is a relatively small player in this industry. The major producers in Malaysia dominate the local industry. Interestingly, Chinese glove manufacturers are not Nitrile dominated. The Chinese domestic use per capita is small (6) in comparison to the US (150) and Europe (100). Hence the demand increase domestically will be eating into andy potential Chines supply increase. There is also the diversification of these "essential manufacturing" into a nationalistic position and that will curtail any potential competition from China. In addition, the cost of manufacturing in China is also higher than the Malaysian producers which are not surprising. For several years, the rising cost of manufacturing in China has seen many industries move into Indochina to maintain profit margins. Another factor that is helping these Malaysian producers is the material cost. The Nitrile gloves are made from NBR (Nitrile Butadiene Rubber) and as you can see the graph below, the price has been declining. VIP Gloves Limited ( ASX: VIP ) VIP Gloves Ltd, formerly Voltage IP Limited, is engaged in manufacturing of Nitrile gloves. The Company owns KLE Products Sdn. Bhd. (KLE), which is a Malaysian manufacturer of conveyor chain systems and components that service the rubber glove manufacturing industry. KLE manufactures a range of roller conveyor chains and former holder sets according to customer specifications. KLE supplies to various glove manufacturers in Malaysia and overseas with its product set. VIP Glove Sdn. Bhd. is a subsidiary the Company, which is formed as a special purpose vehicle to implement its strategy of expansion into the rubber glove manufacturing industry. It is also focused on the procurement, installation and commissioning of over two glove manufacturing lines. --- Reuters Market Capitalisation: 25.35M Outstanding Shares: 745.66M Top 20 Shareholders: 71.70% (2020, www.commsec.com.au) As far as I can figure it out, VIP was an RTO (Reverse Take Over) in 2015? and they shifted to be a manufacturer of Nitrile gloves soon after the listing on the ASX. From comments observed in forums, I am gathering not much has been formalised till now. Conclusion VIP has a very uninteresting history apart from a period of "action" in April. However, this is one of those exciting stocks that I hear Warren Buffet talks about, that gem in the market that seems to have all the fundamentals in place but is unloved. As a shareholder , I feel that this has fundamentals with inelastic demand, what more could you ask for in a business. The research will show you that there are numerous disgruntled shareholders and a series of unfaltering comments about the motives and actions of the directors. I have read them but a very good friend of mine, Geoff Donahue, gave me two points to remember (he may have given me more, but I can't remember). Firstly, always smell the roses and don't rush around like a headless chook. Secondly, always go into a stock for the story and always leave when that story changes negatively. The rest is just noise. Now VIP gives me exposure to the "Glove Industry" and into the Nitrile Glove Industry, and it is an ASX listed stock. Governance is important. It has a great story, the sector has a great story, and its market capitalisation is still reasonable. Those Malaysian companies such as Top Glove are all trading at 20 x Earnings, and my rough estimate on VIP tells me that it is probably trading at significantly less. To me, VIP is a minnow in an ocean of whales. However, the recent capital raising appears to be signs that the company may be starting to move into qualification for the bigger league. Like all of our investments, there is never a guarantee. However, going through the process of trying to understand the fundamentals behind the company story is one that is essential. In closing, when you look at the comparison Malaysian companies, Hartalega Holdings has an annual production of 35.6 billion and Top Glove with 70.1 billion. But their market capitalisation is similar at USD9.5B and USD9.8B respectively. The P/E ratio for CY20F and CY21F are 34.6/40.2 for Hartalega and 19.6/14 for Top Glove. The reason for that stems in that Hartalega (96%) is producing the more profitable (higher value) Nitrile gloves than Top Glove (47%). Guess what VIP Gloves Limited is producing, Nitrile Gloves at a market capitalisation of just over AUD20M. #healthcare #COVID Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso

Samso Insight Episode 111 is with Mimmo, founder of Mimmo's Gourmet Gelato . This Samso Insight is all about the inner passion of business. Today we look at the Passion and Perseverance that are built into those that pursue the life of an entrepreneur. It is not so much about seeking glory but about the fulfilment of the passion that dwells deep. Tony Goode brings us a riveting story, that on the surface, perhaps bears no interest to the business community, apart from the delicious thought of Gelato, but when you sit back and listen, one will feel all the essence of what it takes to follow your passion. The story of Mimmo's Gourmet Gelato is more than the sweet taste of Gelato. It is about the realisation of one man's dream, and the understanding of what drives a person to showcase his dream and the confidence to share it. As Tony dives into the conversation, we see the light that is burning bright in Mimmo. Many have tasted the products and I have seen with my own eyes, the genuine appreciation of his art. I have personally tasted Mimmo's Gelato and I will say that the taste is good as it is, but when you know the hard work that has gone into it with his passion, it tastes even better. Mimmo talks about wanting to bring his passion to the general public and sharing what he loves with the new generation. He wants his legacy to be loved and then carried on for those that have not experienced it. When you listen and watch Mimmo's interview, there is no doubt as to his sincerity in wanting the new generation to carry on the tradition of making and appreciating Gelato in its original form. What is the difference between Gelato and Ice Cream? The word “gelato” is simply the Italian word for ice cream, derived from the Latin word “gelātus” (meaning frozen). Gelato v.s. Ice Cream Gelato contains less ‘air’ than ice cream giving it a much richer flavour, whilst making it dense, fluid and creamy. BUT, gelato is actually different from the traditional recipe of ice cream because it is lighter, having a lower butterfat content than traditional ice cream. Generally, gelato uses more milk rather than cream. Ice cream often uses egg yolks, whereas gelato does not. To put some percentages on it, gelato typically contains 4-8% fat, versus the 14-16% found in ice cream. Finally, gelato is stored and then served at a higher temperature compared to ice cream. Chapters 00:00 Start 00:20 Introduction 02:03 Mimmo shares the Journey. 05:39 The Second Run to Realise the Mimmo Dream. 06:04 Difference in the Mimmo Recipe. 07:05 How does Mimmo Gourmet Gelato business work? 08:08 Why Mimmo is in Schools. 09:30 The story of the Special Client. 10:59 The Celebrity that touched Mimmo. 14:00 The rising popularity of Mimmo Gelato. 15:27 What advice would Mimmo give to New Entrepreneurs? 16:45 Mimmo Wisdom. 19:01 Mimmo's Gourmet Gelato. 19:35 Conclusion PODCAST About Mimmo and Mimmo's Gourmet Gelato Founder Mimmo’s Gourmet Gelato is the creator’s own, made in small batches from only the finest natural ingredients and the freshest fruits available. All our niche gelato and sorbet are prepared with pride and made fresh to order daily with authentic Italian flavours and ingredients. Indulge yourself in Perth’s finest and tastiest, Perth Royal Show 2014, 2015, 2016, 2017, 2018 & 2019 award winning gelato, with flavours like Honey Comb Bliss, Bacio, Cheesecake Meringue, Red Velvet – just to name a few. Mimmo also produces gelato for cafés, restaurants and ice creameries, in 5L wholesale containers and will work with clients to suit their flavour requirements. Display trays of gelato also available. We now have introduced our very own mobile gelato cart to bring our award winning gelato to you. We will be wheeling our bright orange gelato cart at many venues around Perth including festivals, private parties and functions and for that something special at weddings. Mimmo’s Gourmet Gelato pop up cart, allows us to go anywhere, anytime to provide your next function with a selection of gelato and or sorbet to suit any occasion and to tantalise your guests' taste buds. 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.

Client Testimonial from Amanda Buckingham, Managing Director and CEO of Warriedar Resources Limited (ASX: WA8) . Beyond a good strong brew, Coffee with Samso is a natural environment for experts and those passionate in the mineral exploration industry to come together to share exciting thoughts. Amanda Buckingham: "Coffee with Samso is a thoroughly enjoyable experience and gives you (the CEO/MD) the opportunity to discuss your project in a relaxed and open environment, with someone who understands exploration and can pivot the conversation appropriately. I believe this encourages a more genuine dialogue and gives the shareholder or potential investor a deeper insight into the thought processes of the company leader. I also enjoy a good cup of coffee." Having a Coffee with Samso is certainly a wonderful way to start your morning. Guests who have come over for a conversation with Noel or Tony have enjoyed the experience, and we have had returning guests as well, which is a great way to see the development of the story of a company. We know our coffee conversations have inspired investors to do what Noel always recommends - Do Your Own Research (DYOR). And that is made possible because of the compelling conversations that have piqued their interests. About Amanda Buckingham Managing Director Dr Buckingham is a geophysicist who has been involved in mineral exploration for over 25 years. She co-founded Fathom Geophysics in late 2007, an award winning and industry leading geophysical consulting group based in USA and Australia that has developed the world's best technology for targeting under cover. Dr Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto; as well as listed juniors in both Canada and Australia and several years consulting at SRK. Dr Buckingham co-founded Cygnus Gold Limited [ASX: CY5] and Desert Minerals Limited [ASX: DM1]. She is currently a director of several private companies, and a research fellow at the University of Western Australia. About Warriedar Resources Limited (ASX: WA8) Warriedar Resources Limited (ASX: WA8) is an advanced gold and copper exploration business with an existing resource base of approximately 2 Moz gold across Western Australia and Nevada, and a robust pipeline of high-calibre drill targets. Our focus is on rapidly building our resource inventory though modern, innovative exploration. We are well funded for our planned aggressive drilling programs through 2023. Golden Range and Fields Find Projects Our Golden Range and Fields Find Projects in Western Australia sit in the middle of the highly active Murchison exploration and mining province, which hosts substantial deposits of both gold and base metals. The world-class Golden Grove VMS camp sits just 3 km from our tenure boundary, with the host sequence for that cluster of deposits extending south onto our ground. We believe that the opportunity presented by applying modern geophysical and exploration techniques to our tenure is enormous. We are set to drill over 40,000 metres at Golden Range and Fields Find during 2023, targeting discovery of both gold and base metals mineralisation. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Client Testimonial from Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD) . Coffee with Samso for Guy Le Page while keeping the conversation flowing easily and naturally is also valuable because of Noel's interview style of getting straight to the point. Guy Le Page: "Noel has a loyal following of his Coffee with Samso segment with the interview process getting straight to the point of the things that matter to investors. What is happening, where is the company going and where is the stock going. Easy to understand and easy to digest." Samso's coffee conversations are all about sharing compelling stories, and providing real insights that truly matter to investors. For ASX companies, Samso provides a space for them to tell their stories straight from the horse's mouth, bringing about clarity and a deeper understanding of what companies are doing. About Guy Le Page Non-Executive Director B.A., BSc (Hons), MBA, MAusIMM, FFIN Mr Le Page is currently a Director & Corporate Adviser of RM Corporate Finance specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. Mr Le Page was Head of Research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July of 1998. As Head of Research, Mr Le Page was responsible for the supervision of all Industrial and Resources Research. As a Resources Analyst, Mr Le Page published detailed research on various mineral exploration and mining companies listed on the Australian Securities Exchange. The majority of this research involved valuations of both exploration and production assets. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology, and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies. Mr Le Page holds a Bachelor of Arts, a Bachelor of Science and a Masters’ Degree in Business Administration from the University of Adelaide, a Bachelor of Applied Science (Hons) from the Curtin University of Technology and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. About Mount Ridley Mines Limited (ASX:MRD) Mount Ridley Mines Limited is undertaking the exploration of a significant deposit of valuable clay-hosted rare earth elements in Western Australia. The Project was initially acquired for its nickel and copper sulphides potential and is now recognised as being prospective for ionic clay REE deposits. Currently, this style of deposit is mined and processed only in China and Myanmar. In November 2020 Mount Ridley Mines Limited (“MRD”) commenced a review of data for its namesake Mount Ridley Project and surrounding area. The review concluded that areas of the Biranup and Nornalup geological provinces in south-eastern Western Australia have the potential for REE mineralisation, and in particular, the style of mineralisation referred to as Ionic Adsorption Clay (IAC-REE). Globally, deposits of IAC-REE are most significant in southern China and are the world’s main source of heavy Rare Earth Elements. The Project REE mineralisation occurs as large, horizontal, near surface, sheet-like lenses up to a depth of 89 metres. REE mineralisation is interpreted to be present within the in-situ saprolite clay horizon. Patchy lower grade zones occur within transported cover which may vector towards stronger REE mineralisation deeper within the regolith. Geological Survey of Western Australia (DMIRS) mapping [1] shows that the Mount Ridley Project REE mineralisation occurs within the weathered mantle (regolith) of the Recherche Super-suite, which is described as “granitic and mafic gneiss; may include intrusions of Esperance Super-suite”. While the source of the REE mineralisation is currently unknown, a detailed sample and litho-geochemistry dataset from bottom of hole aircore samples have been established which includes whole-rock chemical analyses, sample pulps and some end-of-hole air core samples. These samples and data are being studied by the Company’s consultant geochemist to identify the primary rock-type and whether units are REE-enriched. Re-assay of 950 air core samples (162 pending) returned significant REE values over an apparent strike in excess of 25 km with over 20 samples returning >1,000 ppm Mineralisation remains open in all directions with a peak value so far at the Keith’s Prospect from MRAC0711 with 10,461ppm (1.05%) from 23m downhole. Significant REE intersections have been identified and grouped into 5 prospects – Winston’s, Keith’s, The Lake, Tyrell’s and Marcellus. Planning underway for a 25,000m aircore program to test newly acquired tenements in addition to step-out and infill holes. [1] (DMIRS) Department of Mines, Industry Regulation and Safety 1:100,000 Interpreted Bedrock Geology Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 170 is with Brett Hazelden, Managing Director and CEO of OD6 Metals Limited (ASX: OD6) . The space in the Rare Earth sector is maturing fast and the understanding of the sector is highly sought after by investors and companies. Brett Hazelden is again, giving us a masterclass on all aspects of the Rare Earth Industry. The Story of OD6 Metals Limited (ASX: OD6) OD6 Metals is all about Rare Earths Elements (REE) in the southern region of Western Australia. It is located just north of the town of Esperance. As we were doing this Coffee with Samso, the market capitalisation of the company was around AUD26M and the share price was sitting around AUD 0.25. The company is focusing on both the Grass Patch and Splinter Rock project which have both undergone drilling campaigns defining potential resources. The most recent announcements have highlighted the recent activities at both projects. Figure 1: Project locations for OD6 Metals Limited. (source: OD6 Metals) The Word According To Brett Hazelden For those readers that have been following the Samso platform, you will know that the last two Coffee with Samso has been in this commodity space. The general specifications of the Rare Earth sector is fundamentally the same. We all know what the metals do and why they are important. As I have said many times, the key to the Clay Rare Earth sector is all about how to solve the downstream processing. The unlocking of this will open a floodgate of opportunities for both investors and companies. What are the Key Points of the Unlocking of the Downstream Process? One of the benefits of talking to so many industry leaders is that I am learning all the recent technologies and thinking processes. What the small cap industry excels in is the ability to think fast and nimble to get the story on track. In the world of Rare Earth, Clay Rare Earth deposits, there is such a thing as "Refractory" and "Free Leaching" deposits. When I heard that, I had a light bulb moment. My first thought was that companies with free leaching clay deposits will be first cap of the "unlocking" process. As everything is so new, this is one way of prioritising which company or what to look for in "stories". There are many other factors but I guess this is a great way to understand what companies have in respect to the geology and the potential of future deposits. Samso Conclusion There is nothing new for OD6 Metals Limited. The path forward is to generate tonnage and grade while they are looking for the answer to the processing part of the equation. The unknown part of the equation is not about the ability to extract the Rare Earths from the clays, as Brett mentioned. The question is what is the process to do this with best practice environmental process that will pass the test of time and the ESG signoff. The biggest asset that OD6 Metals (apart from the obvious) is that the adjacent assets owned by other companies in the region are also facing the same issue and have similar resources. The collective group is making this region a Rare Earth province. I have mentioned previously that my thoughts are that the government conversations indicate to me, that there is a potential of creating a Rare Earth downstream industry in Australia. The current political rhetoric with the rising China Cold War stance may indeed force the Australian government to react and this would be a great occasion for all those involved in the Southern Region of Western Australia. Chapters: 00:00 Start 00:20 Introduction 01:13 Who is OD6? 01:54 How has the Airborne Electromagnetic Survey (AEM) worked for OD6. 03:40 OD6 is more about Size than Depth. 04:36 How has your understanding changed? 07:41 Differences between Grass Patch and Splinter Rock. 10:50 Differentiating Refractory styles to Free Leaching Styles of the REE Clays. 14:25 Are the Chinese more Clay or Ionic styles? 19:00 Can Ionic clay be a major commodity industry? 20:23 How much has the rare earth market changed? 22:15 How does the rare earth market situation translate to the equity market? 23:45 Why OD6? 26:39 Current market 27:53 Conclusion PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Brett Hazelden Managing Director & Chief Executive Officer BSc, MBA, AICD Mr Hazelden is a Metallurgist who brings over 25 years’ experience serving the Australasian resources industry. His experience includes being a Company Director, Managing Director, CEO, Project Manager, Study Manager and originally a Metallurgist in an operating environment. Mr Hazelden brings a diverse range of capabilities from exploration, project development studies, research and development, project approvals, offtake agreements, equity raising, debt financing plus mergers and acquisitions. He has worked across multiple commodities including potash, gold, copper, zinc, lead, iron ore, tungsten, salt, diamond and now rare earth sectors. Most recently, Brett was the Co-founder and Managing Director/CEO of Kalium Lakes (ASX:KLL). Mr Hazelden was appointed as a Director on 1 April 2022. Mr Hazelden is not considered to be an independent Director as he is engaged in an executive capacity. About OD6 Metals Limited (ASX: OD6) OD6 Metals is an Australian public company with a purpose to pursue exploration and development opportunities within the resources sector. The Company holds a 100% interest in the Splinter Rock Project and Grass Patch Project which are located in the Goldfields-Esperance region of Western Australia, about 30 to 150km north of the major port and town of Esperance. The projects are considered prospective for clay rare earth elements (REEs), with the Company’s aim of delineating and defining economic resources and reserves to develop into a future revenue generating operational mine. Clay REE deposits are currently economically extracted in China who is the dominant world producer. Rare earth elements (in particular, Nd and Pr), are becoming increasingly important in the global economy, with uses including advanced electronics, permanent magnets in electric motors and electricity generators (such as wind turbines) and consumer electronics. Why OD6 Metals? Emerging REE major new clay province in WA, potentially competitive with China’s deposits. Dominant land position with over 4,800 km2 Located close to Esperance port, sealed roads and renewable energy infrastructure. Extensive Clay REE in 10 to 37m thick blanket over very large areas . Wide intersections of TREO with excellent Nd-Pr concentrations of 20% Multiple targets for potentially globally significant REE resources. Excellent regional metallurgy. Clay REE’S are typically low capital intensity and high margin product. Significant supply shortage forecast due to rapid demand increase for renewable power, electric vehicles and electronics. Critical metals being prioritised by Governments around the world (need for diversity of supply away from China). 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 Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au . Remember to Subscribe to our YouTube Channel , Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google .

Client Testimonial from Allan Kelly, Executive Chairman of Miramar Resources Limited (ASX:M2R) . Natural, seamless and digestible - these are the strong points of Coffee with Samso for Allan Kelly, and it's helping investors absorb information quickly and easily. Allan Kelly: " The ‘ Coffee with Samso ’ extended interview format has allowed us to fully explain Miramar Resources’ exploration strategy, techniques and projects to our audience of subscribers. The conversational and relaxed style allows the interview to flow naturally and seamlessly from one topic to another – so it’s just like talking to a friend. Noel’s geological background and genuine interest in exploration allows him to ask relevant questions and breaks topics down into bite-sized chunks so investors can understand and digest the information more easily. Noel’s interviews and marketing have become a valuable part of our investor relations program and we will continue our relationship with him as the Miramar story evolves." About Allan Kelly Executive Chairman Mr. Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr. Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr. Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr. Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr. Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr. Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr. Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the Institute of Brewing and Distilling (IBD). About Miramar Resources Limited (ASX:M2R) Miramar Resources Limited is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields , the Murchison and Gascoyne regions. The portfolio of exploration projects has high potential for new gold discoveries within trucking distance of existing operations and for the discovery of nickel-copper-platinum group element (PGE) mineralisation. Miramar aims to create shareholder value through discovery and the Board has a proven track record of successful discovery, development and production. Latest ASX Announcements Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 164: Exploration work has begun at the Bangemall project and it's starting to come up with very interesting results. Allan Kelly, Executive Chair of Miramar Resources Limited (ASX: M2R) narrates this story. When we did the first episode of Coffee with Samso with Miramar Resources, I liked the Bangemall and Whaleshark projects. To me, these two had potentially a big pay day if the results came out well. The plan at that time was always to begin activities at these projects but the focus was at Gidji. This episode of Coffee with Samso is all about the Bangemall. In some ways, the Bangemall is the western end and the Whaleshark project is the eastern end members of the Gascoyne/Ashburton complex, respectively. This region has been a neglected part of the Western Australian mineral exploration world till about 12 months ago. The reason I am interested in these projects is that they lie in these mobile belts that have hosted many mineral deposits. For those people who have been following the Samso series of videos, you will have come across the many conversations about finding great deposits in regions once neglected. The Bangemall and Whaleshark projects are another example. If you had watched the earlier conversations with Allan Kelly, you would have heard him talking about the reasons why he picked these projects. The Bangemall Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 The Whaleshark Project Story - A Discussion : Miramar Resources Ltd (ASX: M2R) - Rooster Talk The recent market darling has been dealing with the discovery of Rare Earths in clays. I have made several comments about the need to differentiate between potential economic discoveries and a discovery. In the case of the guys in the Gascoyne-Ashburton region, they are looking for hard rock versions. They are looking for carbonatites or equivalents. Companies have projects and they must choose the one that gives the company the greatest value. This is one of the best traits of good management. One should never fall in love with the projects. If there is a favorable outcome for the company, the strategy must allow for divestments. Check out the episode and always, DYOR. Chapters: 00:00 Start 00:20 Introduction 00:46 Miramar market cap. 01:24 The Bangemall Ni-Cu-PGE / Carbonatite project. 10:44 What do the uranium-thorium anomalies mean? 12:20 Bangemall - a Misunderstood Mineral System ? 16:08 A big cooking system with possibilities of other commodities. 23:19 Updates on the Eastern Goldfields Projects. 27:41 Lake Systems. 30:28 IOCG. 37:34 Whaleshark, Bangemall and Gidji. 40:47 News flow. 44:10 How do you want investors to see Miramar moving forward? 47:00 Conclusion PODCAST About Allan Kelly Executive Chairman Mr. Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr. Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr. Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr. Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr. Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr. Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr. Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the Institute of Brewing and Distilling (IBD). About Miramar Resources Limited (ASX:M2R) Miramar Resources Limited is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields , the Murchison and Gascoyne regions. The portfolio of exploration projects has high potential for new gold discoveries within trucking distance of existing operations and for the discovery of nickel-copper-platinum group element (PGE) mineralisation. Miramar aims to create shareholder value through discovery and the Board has a proven track record of successful discovery, development and production. Latest ASX Announcements 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-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 145: A detailed conversation with Allan Kelly, Executive Chair of Miramar Resources Limited (ASX: M2R) on each of Miramar's projects. This episode of Coffee with Samso is all about the details of the projects in Miramar Resources. I have made a special effort to make this the longest Coffee With Samso because I wanted to highlight the details of each project. I wanted Allan Kelly to tell us as much as possible about why he likes the projects and what his intentions are for each project. I think we have achieved the objective to get details for each project. We also got Allan to talk about what makes each project tick. The conversation has been fantastic and the result is a video that is just over an hour. This is a special episode of Coffee with Samso for all those viewers wanting to learn about the Miramar projects. In addition, viewers get a first hand introduction to what makes an exploration company work and allows Allan to showcase how to explore for minerals. Gidji is more than smoke. We have more than 1km of +2grams and 5 grams hits in there. Could this be a supergene deposit? The prize is the bedrock. For Allan Kelly, there is no doubt that he is aware of the potential of Gidji. He believes that Gidji alone will be sufficient for any company to work on. However, the potential of the other projects is too enticing to let go. The time stamps below will help those unable to watch the whole video at one go. This is more than a conversation about the projects of Miramar. This is a discussion about what you need to know about how to pick projects, how to operate exploration programs and what the best deployment methods are to find yourself a mineral deposit. Chapters: 00:00 Start 00:20 Introduction 00:55 The Capital Raise that Needed to be Done. 03:05 Good timing on the placement. 04:10 The Gidji Story - Allan narrates the story. 16:57 What does Gidji need to wake Investors up? 18:27 Gidji is more than a smoking gun. 19:15 What is the Worst case, OK case and Best case scenario for Gidji? 23:24 Mineral Exploration is not an Overnight Process. 24:52 Does the potential of Gidji keep Allan awake at night? 29:02 Is there a model for Gidji? 33:08 The Glandore story. 39:11 What will the diamond drilling create for Miramar? 41:06 The Lang Well Story. 47:09 Good REE results will create a good solution for Miramar. 47:37 The Whaleshark Story. 53:04 Bangemall Project. 55:11 The realistic pathway for the projects. 56:33 The upside of testing theories. 57:18 The potential of Gidji can be easily misunderstood. 58:18 News Flow from Miramar. 01:00:51 The Miramar Pitch. 01:02:09 Conclusions PODCAST About Allan Kelly Executive Chairman Mr. Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr. Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr. Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr. Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr. Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr. Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr. Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the Institute of Brewing and Distilling (IBD). About Miramar Resources Limited (ASX:M2R) Miramar Resources Limited is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields , the Murchison and Gascoyne regions. The portfolio of exploration projects has high potential for new gold discoveries within trucking distance of existing operations and for the discovery of nickel-copper-platinum group element (PGE) mineralisation. Miramar aims to create shareholder value through discovery and the Board has a proven track record of successful discovery, development and production. Latest ASX Announcements Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso

Coffee with Samso Episode 28 with George Bauk, Northern Minerals Limited (ASX: NTU) I believe that the REE market has large gaps between investors that really understand the market and those that think they do.  I am very comfortable to say that I fall into the latter group as I have not invested in this sector before. This episode of Coffee with Samso has George Bauk from Northern Minerals Limited (ASX: NTU) talking to us about recent news on the REE market.  There has been a lot of news lately about US government discussions with Australian counter agencies in regards to a realignment of priorities with the REE industry. I do hear a lot recently that there is a demand for investing in REE companies.  As I have mentioned in the previous Coffee with Samso with George, most investors don’t really know what this REE do.  Permanent magnets are the main story and there are still investors out there that realise the urgency to get into this business but they are still unclear of the reasons. PODCAST Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso