On 31 December 2018, Doriemus PLC (ASX: DOR) announced that they had signed a binding agreement with Rey Resources Limited (ASX: REY) to obtain a 50% interest (plus operatorship) over the 5,058km² Western Australia onshore petroleum exploration permit block EP487. The statement by the Executive Chairman of Doriemus, David Lenigas mentioned that the first thing they want to do is get a consultant to look at how to incorporate the Fishbones Stimulation Technology. The Fishbones Stimulation Technology reportedly can help generate more profits and create efficient oil flow. In the very tight crude oil industry, any edge to allow efficient oil flow and make more money would be fantastic. What is this Fishbones Stimulation Technology? Fishbones is a provider of unique technology that has defined a new level of precision and efficiency in reservoir stimulation. Using a short pumping operation, numerous titanium tubes are extended from the mother bore to create long channels, delivering significantly improved reservoir productivity. Fishbones, like no other stimulation system available today, guarantees connectivity with your reservoir precisely where planned with the optimal use of valuable resources. The Inventor Fishbones Stimulation Technology was invented by Rune Freyer, a serial entrepreneur that holds many patents and patent applications. His vision was to deliver a shift change in completion method that creates vertical connectivity in the reservoir without the infrastructure, environmental impact and complexity of traditional fracturing treatments. Rune was the inventor, manager and owner of the successful Easywell company (swellpackers) until 2005, and is the Fishbones, principal shareholder. Reasons To Choose Fishbones Increase productivity by connecting the well to the reservoir with up to 300 laterals. Accelerate production by integrating stimulation in your drilling program. Avoid water or unwanted gas by predictable penetration and location of the laterals. Simplify logistics by using rig pumps and significantly fewer fluids. Accelerate progress by avoiding cementing, perforating, cleanouts, running frac strings and other operations. Reduce HSE exposure by reducing the number of operations and working hours. Reduce the environmental impact by reducing emissions and by using fewer fluids. Avoid flow back and disposal of fluid from hydraulic fracturing. Effective reservoir conductivity may be low due to layering or faulting. The layers or faults can be penetrated and drained by Fishbones with the mother bore not even penetrating the faults. Different intervals have different pressures and can be hard to effectively hydraulically stimulate. Fishbones allows you to stimulate zones with different pressure regimes. The Project The Derby Block occurs north of the Fitzroy Blocks and overlies the major road infrastructure in the region. It abuts the northern flank of the Fitzroy Trough and is considered prospective for both conventional oil on this northern flank as well as for significant accumulations of gas in the Laurel regional gas accumulation. REY currently holds a 100% interest in petroleum exploration permit EP487. The block is considered to be predominantly a Wet Laurel Basin Centred Gas play (“BCG”), which is regionally extensive throughout the Canning Basin, with major companies such as Mitsubishi and Buru Energy also having operations further along trend in the area. Existing infrastructure in the area is extensive due to the activities at Mitsubishi’s Valhalla and Asgard gas field operations. Oil Pricing In recent times, the price of oil has had a battering, and it seems that the start of 2019 has not made too much noise. This morning as I write, US Oil is at $45.44 which is slightly down from a recent high of about $47. Remember that the low $42 was around Christmas time 2018. All the recent news that I am hearing and reading seem to be indicating a run back up to $70 per barrel. The oil industry is similar to the iron ore miners in regards to the rush to be efficient in production. Efficient oil flow is critical in a pricing market such as what we are observing now. I remember the time when iron ore took a battering in 2009 with low prices and companies such as Rio Tinto started working on reducing production costs. Now, the iron ore miners are travelling comfortably with the cost of production in the low $20 per tonne (so I am told). I read that some of the oil producers are currently producing at $15/barrel to overcome the low oil pricing. I am suspecting that with all the depressing oil pricing, the use of the Fishbones Stimulation Technology will be helping those marginal wells to make more profits and have more efficient oil flow. How is the Industry? When you review the news in regards to the oil and gas industry, it is business as usual. Industry people are telling me that they are still going about their business but are looking at projects that are more attractive to investors. When you think about it, this makes perfect sense. I have been in the mineral exploration industry for the last 25+ years, and this is how the industry keeps chugging along. When the commodity price takes a turn for the worst, the participants of the industry keeps going. Things are tough currently, but there are a lot of talks of oil going back to the $70/barrel levels. What’s The Good News? Industry participants tell me that it is now increasingly harder to find oil. All the previous discoveries were easy targets. Exploration is getting expensive. All this talk sounds like supply is decreasing, but the big question is whether the increasing use of EV vehicles will make significant changes to the demand equation. In my opinion, this uncertainty is not a bad thing as this will move the price of oil up, for the short term anyway. Like all commodities, the cream of this industry has all been discovered. The Fishbones Stimulation Technology will bring online a lot of projects that were previously not considered. Will this increase future supply? I think not. The real supply player will be the US shale oil players and many people are proposing that they will create an oversupply issue. My call is that the shale oil players will affect supply over time. However, I don’t think it will change the oil price as the price will hang around the sub $100 range even with the Oil Shale players. I can’t see it going over the $100+ levels. Corporate Information REY Market Capitalisation: 53M (12/2018) Shares Outstanding: 212.4M (06/2018) Top 20 Shareholding: 92.7% (2018) DOR Market Capitalisation: 4M (12/2018) Shares Outstanding: 50.4M (06/2018) Top 20 Shareholding: 57.9% (2017) This announcement is exciting as DOR which is spending $1M to get 50% of the “production field” will add significant value to the share price. REY, on the other hand, is not going to have much action as its Top 20 shareholders own 92.7%. It appears to be a Chinese company, and if it is, I am sure that the entire 92.7% holding will be only shared with a handful of non-related entities. It will be tough for anyone to make shareholders get value with that holding percentage. This issue is why I believe that the play is for DOR and with a market cap of 4M, this has to be a great buy. I had a look at the market depth, and the issue will be trying to get a meaningful amount of shares. DOR has a lot of upsides as the Executive Chairman is David Lenigas. David has had a lot of successful corporate activities and the most recent is that of Artemis Resources Limited (ASX: ARV). David is also the Executive Chairman of Artemis Resources Limited (ASX: ARV), Southern Hemisphere Mining Limited (ASX: SUH) and Clancy Exploration Limited (ASX: CLY). That is all that I know. In terms of a “good buy”, I am tempted to go for a punt with DOR. I am currently not a shareholder, but I am going to be following this program. I have invested in one other oil and gas play, and that was Arc Energy in the early 2000s. That was a ride from 11c to $1.20. The story back then was a similar scenario. It was a new story to find oil in the Perth Basin (if I am correct). My “mentor” Geoff Donahue explained to me how the project was going to work and suggested I take a position. That was the best decision. Conclusion Investors should start looking at these technological advances that can make previous sub-standard oil fields profitable. There will be many ASX listed companies such as Doriemus PLC that will benefit from such technology. Previously there was the fracking technology, but this is another advancement. In my opinion, this kind of companies using technology such as the Fishbone Stimulation Technology will make their shareholders very happy. Currently, the ASX is very stagnant, especially within the small-cap resource/oil and gas sector. My thought is that investors should look out for parameters that are generally not on their lists of must-have in a company. I am sure with the depressed oil price, those companies that are in the oil and gas sector will be looking for any edge they can find. Whether DOR makes this venture work is all in a crystal ball at the moment, but the main point of this discussion is the introduction of the Fishbones Stimulation Technology. 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

Originally posted on Smart Money Gains Earlier this month Australian Gold producer St. Barbara ( ASX: SBM ) announced it is acquiring 100% of Canadian gold producer Atlantic Gold ( CSE: AGB ) in a deal valued at $802 million. St Barbara’s offer represents a 41.1% premium to Atlantic’s closing share price on the day of the announcement. This deal comes after Australia’s largest gold company Newcrest Mining purchased close to a billion-dollar stake in Imperial Metals earlier this year. Trends suggest that other Australian companies will be looking at purchasing Canadian assets in the near future. The valuation gap between Australian and Canadian producers is projected to lead to consolidation for mid-tier miners. BMO Capital Markets analyst Brian Quast notes that other potential acquirers could include New Gold (TSX: NGD); Pretium Resources (NYSE: PVG); TMAC Resources (TSX: TMR) and Wesdome Gold Mines (TSX: WDO). Atlantic Gold Company Overview Atlantic Gold began commercial gold production in the Moose River Consolidated mining complex a year ago. The operation consists of two open-pit gold deposits that produced over 90,000 ounces of gold at the low all sustaining cost of C$731 per ounce. The company is awaiting a mining permit for a nearby project and is also exploring other areas of their land holdings. Nova Scotia Gold Mining Gold mining has been a big part of this Canadian Province’s economy. To date, over a million ounces of gold have been produced in the province since mining began in 1861. So far there have been 65 historic gold districts hosting past mining operations. Atlantic Gold’s Neighbour has a massive land position Meguma Gold has extensive land holdings adjacent to Atlantic Gold and that leads gold analysts to believe that there is significant gold content at their properties. With Atlantic producing MegumaGold can expect a ton of appetite for their assets as their exploration program moves forward. This map puts it all in perspective….. MegumaGold Corp. CSE: NSAU OTC: NSAUF FWB: 2CM2 Market Cap: C$13M Shares issued: 96,530,640 The company recently announced promising results from ongoing exploration work including one sample that graded as high as 49.8 grams per ton Au. These samples came from waste rock piles associated with previous mining and certainly confirm gold mineralization. It seems that they have found the location of a gold vein and further work should help uncover more details as to the magnitude of the discovery. Meguma is going to be commencing a drilling program that is designed to confirm, expand and reinterpret the known mineralization on this property. The company has sufficient capital to continue its drill program and their 179,280-hectare land position and 11,147 mineral claims should surely lead to some great findings in the near future. Bottom Line Atlantic Gold has been one of the biggest success stories in Canadian gold mining this year. The company saw it’s share price surged 73% YTD. This acquisition is putting MegumaGold in the spotlight due to the close proximity of the projects. With such a massive land position and experience gold mining veterans MegumaGold has the potential to be the next Atlantic Gold within a few years. 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

Pilbara Minerals Limited ( ASX: PLS) was the flag bearer of the lithium rush. In 2018, this rush took a backward step and there are now many unhappy shareholders. I remember in 2017, the market could not get enough of the commodity. Then the Cobalt hype came in, and that made the market super hot. After all the commotion, there is a reason why the market has gone into hibernation, and I don’t think its got anything to do with a lack of demand. I would describe the latest woes in lithium pricing as a hangover that had to happen. In the run-up to the end of 2017, it was all about the coming of the lithium revolution — the revelation to the market about the demand and the lack of supply. There was also the belief that there was a supply issue. When all the dust settles, I believe that my thoughts and that of the market will be consistent. I believe that this Lithium Hype will finalise at a lower price that is economical to users and buyers. The high prices cannot be sustained and will come down to a level that will work for all participants. Let’s work out what is what first. Before we get into all the details, let’s try and distinguish the different sources of lithium. The hard rock stuff is more accessible to mine and process but is generally more expensive. When the brine guys sort themselves out, they will take over as the leading supplier of lithium. Hard Rock Lithium The primary and more commonly understood types are what is called the hard rock ore. The hard rock lithium comes from pegmatites which are bodies of rock that contain very incompatible elements. These elements are those that nobody wants on their team, so they are the last to form and concentrate within these rock units. They are mainly found in and around granitic rocks as their chemistry is consistent of these rock types. One of the significant characteristics of pegmatites is the vast crystal nature of the minerals. As pegmatites are effective a large quartz vein but with more elements, when the fluids cool, the process of formation is allowed to cool slowly and form larger crystals. See the photo of a spodumene bearing pegmatite below. What makes an excellent hard rock lithium source: Distributed homogeneously throughout the Earth’s crust; Lithium-Cesium-Tantalum pegmatites form in orogenic hinterlands as products of plate convergence; First-order criteria are an orogenic hinterland setting, appropriate regional metamorphic grades, and the presence of evolved granites and common granitic pegmatites; Neither lithium-cesium-tantalum pegmatites nor their parental granites are likely to cause serious environmental concerns; Traditional mining through movement and crushing of ore; Economic grades are between 1% and 2% LiO2; (source: www.tsxmedia.com) Lithium Brines Lithium brines just salt lakes with a high proportion of the lithium element in the solution. The mining process is a combination of concentration and evaporation. There is no shortage of these lakes, but as usual, there are only a few that will have a geological and economic advantage. The mining process is straightforward. Brine, typically carrying 200 to 1,400 milligrams per litre (mg/l) Li, is pumped to the surface and concentrated by evaporation in a succession of artificial ponds, each one in the chain having a greater Li concentration. After a few months to about a year, depending on climate, a concentrate of 1 to 2 per cent Li is further processed in a chemical plant to yield various end products, such as lithium carbonate and lithium metal. What makes a good Lithium Brine: arid climate; closed basin containing a playa or salar; tectonically driven subsidence; associated igneous or geothermal activity; suitable lithium source-rocks; one or more adequate aquifers; and sufficient time to concentrate a brine, economically 1 to 2 per cent LiO² achieved over time and evaporation, then considered economical for processing (source: www.tsxmedia.com) So what happened in 2018? In 2018, it was all about the realisation that lithium is not a super commodity, it was not a commodity that is super-rare. It is like any other commodity. This “light-bulb” moment occurred for the cobalt and REE rush as well, and every other “super-commodity rush” that investors seem to think exists in the marketplace. I am the last person to call myself a market expert, but it is strange that punters talk about reserves and resources when evaluating the stock while it runs from 2c to 55c or dollars? How is that part of a value proposition? Is it worth 2c or 55c a share or $2 per share :-)? When the stock comes back, they call it a miscarriage of justice and say management sucks. How did the management go from Heros to Donkeys over the short space of time? There is no doubt that there is more demand with the EV story but the hype will also back to something that makes economic sense. It cannot sustain the sky-high pricing. If you look at the graphs below, one can see a trend of decreasing price over the 2018 period. If you look at the price chart for Lithium, Cobalt and Nickel, you can see that they all share the same trend. More apparent for Lithium and Cobalt. I am a Nickel and Copper bull so I am a bit surprised with Nickel coming back. As much as I follow the commodities, I was very surprised to see cobalt come back the way it did. Interestingly, I was not that surprised with lithium coming back. What happened to the stocks? When you look at the major players in the industry, they are all in the same place. I like to put the lithium companies into three categories, Producers Resource Explorer In my opinion, there is no need to look at the explorers anymore as they are too late. In reality, anything that has not been discovered or re-marketed is probably not worth looking at as the ship has well and truly sailed. At this stage, the hard rock resources that are not developed or are near development may find themselves a steep hill too hard to climb. For those resources, I do think that if the brine resources come into play, they are going to struggle to make money. Looking at the charts below, one can see the consistent run to a high and all at the same time came back over the year. In my opinion, I think there is only a need to look a the top players in the sector. There is no need to discuss the lower level companies. The market is now maturing so it is all about supply now. Competitors are coming up, and the sooner the company deliver their product, the better. Pilbara Minerals Limited (ASX: PLS) – The first and most well known. Market Capitalisation: 1.23B Outstanding Shares: 1.744B (06/2018) Top 20 Shareholders: 48.1% When you look at the chart above, isn’t that just a very good looking chart? Lately, when it reached the 60c mark, I was telling people that this has to be a good buy. However, as I looked at all the participants in the lithium sector, they all had the same trend. You could be forgiven to have felt all your Christmases had come at the same time. To me, PLS is the one that everyone compares to and they are the first to have made Western Australia a lithium region. I know that Greenbushes and Wogina are big players too but they were really a Tantalum play. Their unique geology is very good. I think they produced up to 60% of the world’s tantalum and now they are a big lithium supplier as well. I have not looked at the geology throughly but I am sure their grades are good too. There is not much to write about PLS that is not known in the public space. I just wanted to highlight the intersection to highlight why as a miner. I don’t think there is a problem with the mine, its all about the market and how the market is repositioning itself. You cant help to find comparisons in the industry. The last one is the iron ore price going down to $40 and then it ran up to $100+ in six months. Now, we are seeing the decoupling of the iron ore pricing with premium ore getting a higher pricing. In my opinion, once you have a good supply, such as the likes of PLS, all you have to wait for is the market to recalibrate. What is the future for the Lithium sector? I think the price of lithium will come back in 2019 and 2020. It probably won’t be as high as before, and if the brine players are successful, it will be lower. The slow down in China is making a dent in the hopes of bulls but I think with patience, these bulls will be proven correct. Fortunately, this slowdown in China has been happening for a few years and it will not have a dramatic end. The Caixin China General manufacturing PMI fell short of expectations in November and may have spooked the markets in general but as you can see the depressing commodity pricing (in the charts above) has been showing this slow down for a long time. The figure below also highlights that there has been a slow and steady decline all 2018 in manufacturing. The dark horse on the market will be the shadow banking issue that is happening in China. This shadow banking issue has got to be the most crucial aspect of the world market as if this was in any other country other than China, the financial market would have felt its wrath a few years ago. As it is a China issue, the Chinese government is orchestrating a soft landing which is probably a good thing for everyone. Xi Jinping How is this done? Why was Xi Jinping able to get his way? Well, my opinion the answer to the two questions comes from the doings of the past government. What I mean is that the last government was too busy pocketing money to care about the consequence. Hence when Xi Jinping came into power and “fixed it’, he was able to curtail any objections by using the “country first’ card and anyone that had not been asked to stay at home indefinitely, would not be speaking loudly. Hence, wielding a big stick, Xi Jinping was able to control the masses and he inevitably created the path for a soft landing. In regards to the Lithium pricing, it is these happenings that give me comfort in saying that lithium will rebound with the continued improvement in the Chinese market. Solid State Batteries This battery will stabilise the lithium market as this new form of cells use less of the other component, nickel and cobalt and uses more lithium. The solid-state battery replaces the liquid or polymer electrolyte found in current lithium batteries with a solid. Saying that this is not proven technology as yet. There are lots of research making this happen it is very likely that this will happen. There is a lot of money being spent in this area and that will probably mean that the technology will make it happen. Benefits of solid-state batteries, smaller higher capacity and allow faster charging cheaper non-flammable – which is very important for car makers and the electric aeroplane sector. A US company, Saki3, has announced that they can make a solid state battery that has twice as much density and at one-fifth the cost. Currently, Panasonic makes Tesla’s battery at %500 a kilowatt-hour. Sakti3 claim it can get the cost of 4100 a kilowatt-hour by the end of the decade. Interestingly. This private company was bought by the Dyson group who is on the path to building its own electric vehicles. Magnis Energy Technology Limited (ASX: MNS) Currently, there is one company in Australia that I found which seems to be in this space. Magnis Energy Technology (ASX: MNS) is the company that has jumped on this sector. I don’t know this company too much, but I remember them as a graphite story related company. I stumbled onto their story while researching for this blog. The chart fits the lithium story I guess. Market Capitalisation: 180M Outstanding Shares: 572.9M (06/2018) Top 20 shareholders: 39.8% What is the Big Issue with Solid State Batteries? As mentioned earlier, in 2015, Dyson (vacuum cleaner Dyson) invested 90M for the US start-up Sakti3 to secure their solid-state battery technology. Recently, Dyson spent an additional 200M pound in August 2018 to set up six test driving tracks for their yet to be built electric vehicles. There are already 400 employees in this automotive team which is in a site that is 17km in length. What is interesting is that nearly a billion pounds of investment went into this battery sector alone. So this industry is not going anywhere. What does this mean? Well, companies such as Pilbara Minerals is suddenly looking cheap as they are the only one, apart from Galaxy Resources looking to be a real lithium supplier. Mineral Resources is also another heavyweight slowly moving in with the Mount Marion project. By the way, they also own 8% of Pilbara Minerals. Looking at the investments that are going into this product, it seems to me that the lithium sector is endorsing this path for the future of EV vehicles or EV products. The traditional lithium batteries are also a big hindrance in the electric aircraft sector. The fact that the current Li-battery has a habit of power surging, it is a big issue for those working in the electric aeroplane space. Conclusion I think this is such a well known topic that there is nothing new that anyone could come up with at this stage. What I tried to highlight is that the Lithium market is down now but I feel very comfortable in saying that the upside is not too far away. I remember a wise man told me once that in any price surge, you should never chase but let it come back to a level where the market is trying to figure things out. Once that happens, the market will take a direction depending on its assessment of the product. I feel that we are at that point. I think since the rush on the lithium market, there have only been one or two shipments of concentrates from Australia. Galaxy Resources Limited (ASX: GXY) was an early player and I do not include them in that list. I remember working for them in 2008 and the lithium rush was nothing compared to what we have experienced in the last 2-3 years. I am not a shareholder in any of the companies listed but for those who have invested in the “blue” lithium stocks, I think there are good times ahead. There will be alternatives ( Hydrogen Cell, Tungsten and Vanadium) as I have written before, but there are no arguments that the lithium battery has the head start and looks like the volume may keep the competitors behind the pack. 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

Our curiosity about Scandium was piqued by the Samso Insight we released on April 6, 2026. As I delved deeper into the industry, my fascination with the metal and its obscure market grew. This is another essential critical metal that every ASX investor should be considering right now. For those who have read the Samso Insight, as shown below, the pressing question is: how can I gain exposure to this sector? I was curious about this question as well, so I began examining the three companies I mentioned in the Samso Insight. To my surprise, discovering the exposure was straightforward. Scandium is concentrated in the Fitfield area, New South Wales, Australia (Figure 1), and there are only three major players to consider. Figure 1: Australia’s Scandium hotspot (source: OzMin database, Geoscience Australia) Two of the three companies, Sunrise Energy Metals Limited (ASX: SRL) and Rio Tinto Limited (ASX: RIO) are valued at just under AUD $1.5B and AUD $63.63 respectively. Rimfire Pacific Mining Limited (ASX: RIM) is a modest AUD $38.75M and is currently at AUD $0.015, a penny stock in all its glory. Hence, this makes Rimfire Pacific Mining Limited (ASX: RIM) as the only one that will fit comfortably within the realms of the average investor on the ASX. I spent a bit of time talking to David Hutton, who is the CEO and Managing Director of the company. and this prompted this Green Samso News article. The Business of Rimfire Pacific Mining Limited Rimfire is building a scandium resource base in the Fifield district of New South Wales, with the Murga deposit which sits alongside established deposits such as Syerston, placing it within a known geological setting for this critical mineral. Interestingly, the three main deposits, Murga, Syerston (Sunrise Energy Metals Limited) and Burra (Rio Tinto) sit within kilometres from each other on the same geology with one very distinct difference, Murga does not have the same amount of Fe content which apparently is important in the processing stage. This announcement reflects a material update to the Mineral Resource Estimate (MRE), which is a core step in defining scale, grade, and potential development pathways. The increase in tonnage and contained scandium is relevant from an investor perspective as it changes the size and positioning of the project within the district. The broader context is the company’s stated strategy to build a globally significant scandium inventory across multiple deposits at Fifield. Murga Scandium Resource Expansion Defines Scale and Growth Potential The Murga Scandium Deposit is located within the Fifield district in central New South Wales, approximately 70 km northwest of Parkes (Figure 2). It sits adjacent to the Syerston scandium deposit and forms part of Rimfire’s broader scandium portfolio. The updated Mineral Resource Estimate replaces the previous Murga North resource and exploration target, consolidating the deposit into a single, larger inferred resource. The estimate is reported under the JORC Code (2012) using a 100ppm scandium cut-off grade. The mineralisation is hosted within a laterite and saprolite profile developed over ultramafic intrusive rocks. This style is consistent with other scandium deposits in the district and reflects a weathering-driven enrichment process. Figure 2: Location of Murga Scandium Deposit within the Fifield District. (source: Rimfire Pacific Mining Limited) Rimfire Pacific Mining Limited – Murga Scandium Resource Increase and Exploration Upside Updated Inferred Mineral Resource of 56.1Mt @ 138ppm Sc (212ppm Sc₂O₃) for 7,760 tonnes of scandium (11,900 tonnes Sc₂O₃) Resource remains open laterally and potentially at depth, indicating further growth potential (Figure 3). Mineralisation defined over a ~15km² area with multiple zones Figure 3: Scandium block grade distribution across Murga resource. (Rimfire Pacific Mining Limited) Recommended drilling (Figure 4) includes: 100m x 100m step-out drilling for expansion 50m x 50m infill drilling for grade improvement Metallurgical test work planned to determine scandium recoveries Potential for low iron scandium mineralisation (~16% Fe) to support lower-cost atmospheric leaching processing Rimfire’s total scandium inventory at Fifield now 10.6kt Sc (16.2kt Sc₂O₃) Figure 4: Areas of recommended exploration and infill drilling. (source: Rimfire Pacific Mining Limited) The Scandium Business of Rimfire Pacific Mining Limited Rimfire Pacific Mining Limited is focused on critical minerals exploration, with scandium as a primary target within the Fifield district of New South Wales. The company holds multiple scandium prospects including Murga, Melrose, and Currajong, along with additional exploration upside at the Malamute prospect. The Murga deposit forms part of a broader strategy to build a scalable scandium resource inventory. The company’s portfolio is centred on laterite-hosted scandium mineralisation associated with ultramafic intrusive complexes, which are known to host scandium, cobalt, and nickel. The Fifield region provides geological continuity across multiple deposits, allowing Rimfire to develop a district-scale position rather than a single isolated project. Management Commentary Management notes that the updated Mineral Resource Estimate reflects improved geological understanding and confirms the scale of the Murga deposit. The company highlights that defining a large, geologically variable system requires iterative drilling and modelling, and that recent work has improved understanding of grade distribution and orientation. The focus now shifts to additional drilling and metallurgical testing to expand and upgrade the resource, with the broader objective of increasing the total scandium inventory across the Fifield projects. Near-term Milestones to Watch Regulatory approvals for further drilling programs Commencement of step-out and infill drilling at Murga Metallurgical test work to confirm scandium recovery pathways Evaluation of atmospheric leaching processing potential Further drilling at Malamute prospect (Rabbit Trap Project) Ongoing expansion of the overall Fifield scandium resource inventory Samso Concluding Comments When i look at the current market, the heat has gone out of the gold sector, in terms of the speculation within the mineral exploration sector. The gold producers are in a level of their own and they are still laughing all the way to the bank. I cannot see this slowing down for a long time. So don't get me wrong when I say that the heat is cooling down. Without a major discovery, it is very hard to see where we can find a place to take a "punt". I like Tungsten but try find a decent deposit that will give you the exposure of a potential discovery. The metal price is now heading into the Solar System. working its way through the planets and enroute to the next galaxy. Can we take a ride, as for now, I have not found anything that is obvious (Critica Limited and Tungsten Mining are the only one worth looking at but they don't seem to be firing with all cylinders). I never saw Scandium coming into the conversation of "positioning" but since completing the Samso Insight on Scandium and having a conversation with Rimfire Pacific Mining Limited, I think I see the light coming out of Scandium and RimFire as the next potential play. I encourage readers to DYOR and speak to David Hutton as he has a very interesting and potentially compelling story for you. The facts for Rimfire may seem hard to understand for new investors to this sector, in terms of the metal pricing, the metal consumption and the market leading to the Why Scandium and Why RimFire. What is simple to visualise are things like this updated Mineral Resource Estimate for Murga showing a material increase in tonnage and contained scandium (Figure 5). The scale of 56.1Mt positions the deposit as a significant component within the Fifield scandium district. The resource remains classified as Inferred, which reflects the current drill spacing and level of geological confidence. Figure 5: Block grade distribution showing mineralised zones across the deposit. (source: Rimfire Pacific Mining Limited) In terms of metal volume, this only accounts for about 16,000T of Scandium Oxide which is not as high as Sunrise Energy Metals with about 33,000T and Rio Tinto with 22,000T. According to my rough research, Sunrise Energy Metals and Rio Tinto may be at its limit in terms of resource upside but Rimfire, if ducks line up appropriately, they have some more upside and could rival Rio in that 22,000T level. For those that have remembered that I mentioned the lower Fe content for Murga, apparently, this is something that will be very positive for processing and could bring the grade for Murga closer to its higher counterparts, meaning that the difference in grades could be negated in the processing stage. However, grade is King and this "theory" is still to be proven. It will be very interesting how the story progress with time. The deposit geometry is described as flat-lying laterite over ultramafic rocks, which is consistent with similar scandium systems in the region. The continuity appears to be laterally extensive, with multiple zones identified across a broad footprint. The open nature of the resource suggests that additional drilling may increase both tonnage and grade (Figure 6). Figure 6: Exploration targets highlighting areas open for expansion. (source: Rimfire Pacific Mining Limited) The processing pathway is noted as a key factor, with the potential for atmospheric leaching due to lower iron content. This is different from higher iron deposits that require high-pressure acid leaching. Metallurgical test work will be required to confirm recovery assumptions and processing costs. The next stage of work includes drilling to improve resource confidence and test extensions, along with metallurgical studies. These steps are required before advancing toward development studies. The timing of these activities is subject to approvals and operational planning for the June 2026 quarter. Market Implications For a company that is potentially in a very hot sector, the share price chart below (Figure 7) seem to be a bit confusing. One would think that there is a lot more interest in the stock, so this is probably a good place to develop questions that would stop you taking on this "punt" Figure 7: Share price chart for Rimfire Pacific Mining limited. (source: commsec) Rimfire is a early stage story and one of the obvious strategy is to develop the resource and wait for your neighbours to come knock on the door. Rio Tinto and Sunrise Energy are both looking at building a plant to extract Scandium so a third company doing that would probably be a bit too much to consider. Personally, I would definitely be playing the card of come and take my ore since the ore has less Fe which would most likely be a better feedstock? Comparing market capitalisation, there is a lot of gap between AUD $38M and AUD1B or AUD $63B, so a number somewhere in between will probably be a good place for shareholders of Rimfire. There are obvious reasons why there is a big gap in the valuation but it is something to ponder. Figure 8: The share price chart for Sunrise Energy Metals Limited. (source: commsec) The share price of Sunrise Energy was AUD $0.25 on the 7th April 2025 (Figure 8) and today it is AUD $10.58, so is this something that Rimfire could replicate? I realise that the two projects are in a different stage and my understanding of the story is probably needing for conversations with the company but I am liking the potential. I am guessing that the disparity in value may have something to do with the grade and that the Chair of the company is Robert Friedland but for those readers interested in the story of Rimfire, your discovery of the reason will be probably what you will need to know asap. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. 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 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. Never bite off more than you can chew is my parting comment. 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 initiative 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.

In 2026, the uranium narrative is looking like it is no longer forming, like how most of these narratives develop in reality. This is the very reason why I am looking at Boss Energy Limited (ASX: BOE), a producing uranium story that may be giving potential investors an opportunity to get in with a discount, even when they have a market capitalisation of over AUD $600M. Today, research is showing that the discussion is now being expressed through observable market behaviour. Not so long ago, most observers will remember that this sector was about a forward-looking thematic built on energy transition and supply concerns has transitioned into a phase where pricing (Figure 1), contracting, and policy alignment are all moving in the same direction. In other words, it is all "talk" Figure 1: Spot uranium price has fallen about 10% year-to-date but much of this decline was probably due to Trump geopolitical antics, but GlobalX believes that the pricing will stabilise and reset as soon as things smooth over time as these political maneuverings do. (source; globalxetts.com.au) According to GlobalX, the decline in uranium prices is not expected to continue significantly (Figure 1). Long-term contracts, which are agreements between mining companies and utility firms, account for over 70% of the uranium market. Despite the drop in spot uranium prices since January 2024, long-term uranium prices have remained stable, staying above US$80 per pound with substantial contracting activity. This indicates that utility firms are confident in the sustained high price of uranium and continue to prioritize securing their supply. If you look into the insides of the story now, the demand conversation is now something that you can touch rather than conceptual. Global nuclear generation has reached record levels, and the build-out of reactors—particularly across Asia—continues to progress, even with the "Green" discussion of no nuclear. In the meantime, global supply of uranium is dwindling (Figure 2), primarily due to the lack of exploration over the decades. Figure 2: Commercial uranium fuel supplies reached their peak in 2021, due to underutilization during global lockdowns, at 65 million pounds (approximately 30% of global supply). However, they have since decreased to just 17.5 million pounds in 2024 (around 9% of global supply). Predictions indicate that 2024 will be the last year nuclear operators will have access to significant reserves. Commercial inventories are expected to drop below 7 million pounds, or 3% of global supply, and remain at this low level for the foreseeable future. With production projected to stay below global reactor needs from now until 2030 and beyond, the uranium market may soon face a new era of scarcity. (source: livewiremarkets.com) Why Is Samso Talking About Boss Energy Limited The recent share price (Figure 3) performance of Boss Energy Limited has drawn attention because it contrasts with the broader uranium narrative. Boss Energy Limited currently has a market capitalisation of AUD $664M. The uranium price has strengthened again, and several global producers have seen positive market responses. Figure 3: The share price chart for Boss Energy Limited. (source: commsec) From the lens of a retail investor, the share price path of Boss Energy Limitedis clearly not one that would be fitting for a company that is a uranium producer at a time when the sector momentum is rising. What this makes me think is that it is not whether uranium is working as a theme, but how the market is differentiating between companies within that theme. This Samso News looks at Boss Energy through a peer comparison lens, focusing on where it sits relative to global uranium producers and why the valuation gap persists. Introduction – Uranium Strength vs Equity Divergence A while ago, I had a lesson from Mike Young who was then the Managing Director of Vimy Resources Limited, a uranium developer that was later merged with Deep Yellow Limited (ASX: DYL). It was here that I first learned about the difference in spot and contract pricing and how they work in the business of uranium. Hence, to understand the uranium business, one must first know about how the spot price and the contract price intermingle with each other and they are required to work like a symbiotic cell (see Figure 1). The current strong conversations is that the uranium sector is moving through a strong pricing cycle, with spot prices rising materially over the past two years and returning to elevated levels in early 2026 (Figure 1). At the same time, what appears to be happening is that uranium equities are no longer moving in a uniform manner. The market has shifted from a theme-driven rally to a company-specific assessment phase. Boss Energy Limited, now transitioning into production at Honeymoon and holding exposure to Alta Mesa, is part of this transition. The share price performance suggests the market is no longer valuing the company on future potential alone, but on operational delivery and consistency. The Business of Boss Energy Limited – Focus: Uranium Production Boss Energy Limited is an Australian uranium company focused on restarting and operating its flagship Honeymoon Uranium Project in South Australia. The business is built around in-situ recovery (ISR) mining, which extracts uranium by circulating solutions through permeable ore bodies rather than conventional open pit or underground methods. This approach generally results in a lower physical footprint and reduced upfront capital intensity compared to traditional mining, which is central to the company’s operating model. Figure 4: The Honeymoon Well operations. (source: Boss Energy Limited) The Honeymoon project (Figure 5) is a previously producing uranium operation that has been refurbished and redeveloped to align with current market conditions and processing improvements. The company’s strategy has been to bring this asset back into production, leveraging existing infrastructure while optimising processing efficiencies, particularly through advancements in ion exchange and resin-based recovery systems. Boss Energy is trying to position itself as a near-term and scalable uranium producer, rather than an early-stage explorer. Figure 5: Australian Uranium deposits. (source: World Nuclear Association) From a commercial perspective, the business is aligned with the uranium contracting cycle. Like any uranium company, Boss Energy has been progressively establishing long-term sales agreements with utilities, which is consistent with how the uranium industry typically operates. The processing plant at Honeymoon, which has been refurbished as part of the restart, uses ion exchange (IX) to recover uranium from the pregnant solution. Operational updates through 2024–2026 indicate that the plant has moved through commissioning into steady-state optimisation, with resin performance, recovery efficiency, and throughput forming the key operational metrics. Ion Exchange (IX) - Uranium Mining Ion exchange (IX) in uranium mining is a process used to pull uranium out of a liquid solution after it has been dissolved underground. In an ISR operation like Honeymoon, a solution is pumped through the orebody and brings dissolved uranium back to the surface. This liquid is called the pregnant solution because it contains uranium. Figure 6: The In-situ Uranium Recovery Process. (source USNRC) The ion exchange step then passes this solution through tanks filled with special resin beads. These beads are designed to attract and hold uranium ions, effectively stripping the uranium out of the liquid. The remaining liquid is then recycled back underground, while the uranium is later removed from the resin and processed into a solid product (yellowcake). In simple terms, ion exchange is a filtering and capturing step, where uranium is selectively taken out of the solution so it can be recovered and sold. In terms of production, Boss Energy has mentioned a nameplate capacity of approximately 2.45 million pounds U₃O₈ per annum. The ramp-up phase through 2024 and into 2025 has been focused on progressively increasing output toward this level, rather than achieving full production immediately. Early production has been measured in hundreds of thousands of pounds per quarter, reflecting the staged wellfield development and the time required to reach optimal ISR flow conditions. On the resource side, the Honeymoon Project hosts a JORC Mineral Resource of approximately 71–72 million pounds U₃O₈, which underpins a long mine life. Within this, a portion has been converted into an Ore Reserve that supports the current production plan, typically in the order of 30+ million pounds U₃O₈, providing the basis for initial mine scheduling and economic extraction. Beyond Honeymoon, the company maintains exposure to additional uranium assets, including interests in exploration and development projects, which provide optionality for future growth. However, the core of the business remains centred on achieving steady-state production and operational reliability at Honeymoon, as this underpins both cash flow generation and market positioning. In the broader context of the uranium sector, Boss Energy represents a company transitioning from development into production, with its value proposition tied to execution—bringing an existing asset back online efficiently and participating in a market that is increasingly driven by long-term supply security and contracting behaviour. Table 1: A comparison of market capitalisation to show the range of valuation in the sector. Company Market Cap (Approximately April 2026) Cameco Corporation ~A$70B Paladin Energy Ltd ~A$5.6B Boss Energy Limited ~A$0.65–0.70B Lotus Resources Limited ~A$0.35–0.40B Peninsula Energy Limited ~A$0.25B Coming back to the earlier question we posed in the discparity in the share price and valuation and the potential of Boss Energy, Table 2 below may give some insights. These are my opinion and thoughts and I am the first to say these comments in the table is more about my lens as a retail investor. Table 2: Market Acceptance and the stage of proejcts. Category Companies Market View Premium Producers Cameco Fully accepted, lower perceived risk Accepted Restart Paladin Largely accepted but monitored Prove-It Producers Boss, Lotus Conditional acceptance High-Risk Turnarounds Peninsula Discounted until proven Samso Concluding Comments The coming of the uranium prophet has been on the cards for a long time. There has been a few false starts but I think the time for the uranium sector is near. I feel that the sector has moved into a phase where company-specific factors are more influential than thematic exposure. This has resulted in differing valuation outcomes across producers, and for me, this means opportunities are being presented. Boss Energy Limited sits within a group of companies that are transitioning into production and it is accepted that this stage typically carries a higher level of scrutiny from the market. The comparison with global peers shows that scale, operating history, and market familiarity play a role in valuation. Companies that demonstrate these attributes tend to attract stronger market support. For Boss, the pathway to a different valuation profile appears to be linked to continued operational delivery rather than external market conditions. Cover photo: URANIUM MILL JUST OUTSIDE OF MOAB. THE ORE COMES FROM A MINE ABOUT 25 MILES AWAY. THE REGION IS RICH IN URANIUM AND POTASH. THESE MINERALS ARE THE BASIS OF THE TWO MAJOR INDUSTRIES OF THE AREA, David Hiser. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:URANIUM_MILL_JUST_OUTSIDE_OF_MOAB._THE_ORE_COMES_FROM_A_MINE_ABOUT_25_MILES_AWAY._THE_REGION_IS_RICH_IN_URANIUM_AND..._-_NARA_-_545611.jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. 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 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. Never bite off more than you can chew is my parting comment. 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 initiative 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.

Abstract EchoIQ Limited (ASX: EIQ) is a Sydney-based medical technology company whose software, EchoSolv, reads the measurements from an echocardiogram and tells a cardiologist how likely it is that the patient has a serious heart condition they might otherwise miss. This is the first Samso Research Workup on a company outside resources, and the reason for the exception is that EchoIQ presents the same problem a pre-production explorer presents. That problem is a valuation built on what happens next, revenue close to nothing and a binary event in the middle of the story. On 8 September 2026 the FDA issued a Not Substantially Equivalent determination on the 510(k) application for EchoSolv HF, the heart failure product. The shares fell from A$1.28 to A$0.64 the following day, a fall of 50 per cent, and on to A$0.485 by 14 September. On 17 September the company said the matters the FDA cited were limited to aspects of the statistical analysis supporting clinical validation, with no concerns identified on the underlying technology, and that clearance could be achieved over the coming quarters. The shares closed at A$0.710 on 21 September. That characterisation is the company's. The FDA has published nothing. The determination does not affect EchoSolv AS, the aortic stenosis product cleared in October 2024, which continues to be sold in the United States. What the clearance established is narrower than most commentary suggests. EchoSolv AS is cleared as an adjunct to echocardiography, not as a screening test or a diagnostic. Three performance figures circulate and they come from three different datasets. The 0.986 quoted almost everywhere appears in both the Australian derivation study and the Boston cohort. The figure the FDA reviewed was an AUROC of 0.948 on a third dataset, and in the reader study five cardiologists improved from 0.865 unassisted to 0.883 assisted, which did not reach statistical significance. There is a genuine body of peer-reviewed evidence behind the product, produced largely by the same company-linked investigator group, and all four published studies are retrospective. The more consequential problem sits in reimbursement rather than regulation. EchoIQ has no dedicated billing code in the United States, having been refused a Category III code twice in 2025, and bills under an unlisted cardiovascular code at US$100 to US$150 to the hospital, of which it receives 30 to 60 per cent. Its closest comparable business, Ultromics, holds a code, a payment classification and a published rate of about US$316 paid to the hospital. The consequence shows in the accounts. Over the six months to 30 June 2026 the company processed roughly twenty thousand echocardiograms and recorded A$737 of revenue in that half, against A$91,646 for the full year. Receipts from customers in the Appendix 4C were nil in each of four consecutive quarters. Samso found no disclosure of the number of live paying sites. Against that, the balance sheet is strong. The company reported cash at bank of over A$105 million as at July 2026 following a A$110 million placement, against an operating burn of roughly A$2.7 million a quarter. It has the time and the money to take another run at the FDA and to keep selling EchoSolv AS while it does. No director sold a share in FY2026, though directors are constrained by trading windows, so an absence of selling carries less weight than a purchase does. One director added shares on market for A$227,757 and one added shares on exercise. The Samso Call on EchoIQ is Time to Look at Taking a Position, and section 15 sets out the five things behind it and the one question it does not settle. The nearest dated item is the 30-day window to file a request for supervisory review of the determination. That window runs from the date of the FDA's decision, which the company has not disclosed, so the closing date is not on the public record. Contents 1 EchoIQ, the Determination and the Recovery 10 Revenue, Cash and Capital Structure 2 What EchoIQ Does, in Plain English 11 Pro Medicus, Mayo Clinic and What the Determination Does to Them 3 Aortic Stenosis and the Diagnosis Gap 12 The Data Strategy and the Product Pipeline 4 What the FDA Cleared in EchoSolv AS 13 Peer Comparison 5 The Clinical Evidence Behind EchoSolv AS 14 What Has to Go Right, and What Could Go Wrong 6 EchoSolv HF and the Determination of 8 September 2026 15 Samso Concluding Comments 7 What a Not Substantially Equivalent Determination Means, and What Follows It 16 References and Sources 8 Reimbursement and the Route to a Payment Code 17 Disclaimer 9 The Commercial Engine EchoIQ Limited - Snapshot

The Davyhurst Project is located approximately 120 km north west of Kalgoorlie within the North Eastern Goldfields of Western Australia. This large scale project comprises 112 mineral tenements totalling approximately 1,336 square kilometres. This coverage provides approximately 200 strike kilometres of greenstone sequences prospective for gold as well as sulphide nickel and base metal mineralisation. The Company is focused on unlocking significant value from the company’s strategic and prospective landholding. To achieve this, the Company will target resource development activities at five advanced projects, namely Riverina, Waihi, Siberia, Callion and Golden Eagle. This work aims to deliver a robust Definitive Feasibility Study to underpin the future development of Davyhurst. The project has a 1.2 Mtpa conventional CIP processing facility with associated infrastructure, including an extensive road network, 160 man camp, administration & workshops buildings and a large bore field. The tenement package is accessed from Kalgoorlie by a series of well-formed, unsealed shire roads and haulage roads. Airstrips are located at Davyhurst (Callion) and Mt Ida (Bottle Creek). ” — Eastern Goldfields Monarch Gold Mining Company Limited (No longer trading) consolidated the project around 2008. Since the consolidation, there has not been any work done in the area due to the corporate activities and the insolvency of entities involved. In 2008, I was working for a private company doing some iron ore work, and I learnt that Monarch was going to end up in tears as there were issues with the project. It was not a matter of not having the gold. It was more a fact that the extraction was not simple, and it may have something to do with the chemistry or the structure of the ore bodies. I cannot recall if it was specific to the gold being refractory or some issues with copper, or some structural complexity within the orebody, like Blackham Resources Limited (ASX: BLK) in Wiluna. Anyway, the conclusion was that the projects would struggle. Don’t get me wrong. I am not saying this is a lemon project. I am a firm believer that lemons if used appropriately, can be used to make lemonade. And we all love lemonade. You have to remember that around that time, gold was still around the sub $1000 mark and we were almost on parity with the USD. Mining services cost were at an all-time high. Iron ore was all the buzz, and nothing outside that sector was exciting. I remembered in 2008, Silverlake was putting out great news, and there was no traction. Gold was not a flavour of the month. The once vibrant town of Kalgoorlie was almost a ghost town. Diggers and Dealers were just acceptable. In fact, at that time, attendance numbers were not very attractive. So funding and market interest for gold projects were not high on the agenda. The Resource There is no doubt about the potential of the project. As you can see in the table below that was printed in the Eastern Goldfields website, there is ample gold in the ground. The grade is also decent compared to what is out there in the market. These days, anything above 2g/t is excellent. It will be interesting what the new guys will do with the project. What don’t I like? As an eternal optimist, there is nothing currently that I don’t like. I am assuming that the new management has seen what has not worked and had put contingencies in place so as to not make the same mistakes. The bad news around Eastern Goldfield’s demise is a sad state affair for the investors, but a repeat of the same ways of operation would be the single worst factor for the new entity. Geologically, there are apparent issues, but with technology and the market changing so fast in the last decade, I don’t think there are any deal breakers. There will be some projects that don’t stack up but the key for me here is adequate funding. I am assuming that the money raised had a fantastic plan — a new idea that has taken into account price movements and technical hurdles. As I mentioned previously, there is a big difference in the market sentiment now as compared to 2008. Like the diagram below, as in the movie, The Raiders of the Lost Ark, let’s make sure there are no surprises. What is of concern would be the significant tenement commitment to the Mines Department. I would think that cost would be running into the millions of dollars. Raising AUD23M does not seem to be a lot of money if you take all this cost of administration into consideration. OPEX may appear to be on the light side. The high wages that seem to be synonymous within this industry to the top management is one that I have always found hard to comprehend. Company management teams are customarily incentivised with lots of performance share and options, but yet they are paid high wages. What do I like? I like the fact that there is a significant strike length and you have mineralisation throughout the project. When there is smoke, there is fire. This phrase is my favourite when looking for a deposit in the mineral resource industry. For nearly 20 years, this substantial tenement holding that has not had any exploration or mining activities. You would view that as a good thing. It is as close to virgin exploration land as you can get today. In terms of exploration, one always look at what may be left undiscovered or unexplored. Look at Bellevue Gold Mines (ASX: BGL), Northern Star Resources Limited (ASX: NST) at Kundana, Acacia with Higginsville and the list goes on. They went and found significant deposits that were not looked at, or not given the funding to look at in the past. I have learned over time that miners don’t venture too far out of their operations as they need to concentrate on what they have. There is limited exploration, and in the 19980s and 1990s when many small producers were in the sector, there was just not enough capital to be distributed to ensure proper near mine exploration. This lead to future opportunities for new players in the market. I am not sure of the real factors that lead to the downfall of Eastern Goldfields, but many would suspect management. While this may be true, in many cases, a lack of funding can lead to poor management decisions not due to ignorance but due to a need for e=relocation of funds. Hence, now that the dust has settled and all the bloodletting has stopped with, one would hope that the future ahead could be positive for the new entity. 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

Sulphate of Potash (SOP) is indeed an agricultural phenomenon within the mining industry and probably should not be treated as a commodity. I don’t think the retail investing community fully appreciate the sector or is probably too impatient. Like all things in life, we pigeon hole our thoughts. I feel that SOP should be treated as an agricultural product. A product that should not have any connection to the typical mineral commodity community. The whole SOP industry is now pretty mature with several companies already way down the road on feasibility and mining studies. Technology is now pretty off the shelf, and new players will need to be innovative in how they approach the market. My optimism for the Sector I think we are seeing signs that we may be fast approaching a period where we cannot seem to grow enough food to feed the increasing population on this planet. The only way we can sustain our needs is to increase yield without knocking down more acreage. It is this thinking that I got interested in this topic of the whole potash fertiliser thing and how it will improve the quality of food being grown and also increase yield. In terms of an investment opportunity, I have read many stories on how deserts are being transformed into an oasis. Now that is a great concept, but I know they must be putting something in that soil other than water to make that happen. Hence unless we get the big evil Thanos (for those that don’t know, Watch The Avengers: Endgame) to come and click his fingers and wipe out half of the human population, we better find a better way to feed ourselves without poisoning each other. On the way, it would be nice to be able to latch on a sector that has no limits, like aged care and childcare. Is there room for New Players? SOP is a premium potassium fertiliser required for healthy plant growth, plant metabolism, optimisation of crop yields and quality of produce. It is a necessary fertiliser for high value, chloride sensitive crops such as avocados, cocoa, coffee beans, grapes, berries and tree nuts, as well as arid and acidic soils. Potassium is also of vital importance for human health where it is required for normal cell function, maintenance of cardiovascular health and prevention of stroke and coronary heart disease. Companies that are new to the market have one great advantage, and that is the ability to pick a strategy that works and one that will give them a competitive edge. Assuming that they have got an acreage with SOP and the tenements can be granted. SOP projects will need 100s of square kilometres of salt lake playa and interpreted paleochannels (ancient underground rivers). It would be ideal to have early exploration that has established a JORC Compliant Exploration resource/target as a minimum. You would also want to be close to infrastructure. In the above Figure 1 and Figure 2, an example of a live SOP IPO project, (Trigg Mining Limited), it appears that their projects are well-connected to transport and energy infrastructure. Many roads and tracks access the projects and two gas pipelines passing directly through the area. Nearby airstrips are located at the nearby working mines, as well as the commercial airport at a nearby town. These kinds of infrastructure are almost mandatory for bulk commodity projects to reach the market. So What is Sulfate of Potash (SOP) and Muriate of Potash (MOP) (Source: Agrimin, Investingnews, Salt Lake Potash) According to my google search, Sulfate of Potash contains 50% potash and 17% sulfur to crops. This potassium sulfate fertiliser is chloride-free and has a low salt index, less than half that of muriate of potash. Crops that are sensitive to chloride require SOP. SOP demand is driven by high-value crops, where the cost of fertiliser has less of an impact on crop profitability. The negative part of SOP is the high cost of production. The Mannheim Process is costly, and it also produces an unwanted hydrochloric acid by-product. MOP is the primary input in the process and represents approximately 75% of the production cost. Some other SOP Facts SOP currently sells for approximately AUD$900+/t (2019) The global market for SOP is ~7Mtpa, and ~70,000tpa is consumed in Australia annually (100% is imported) Market grade specifications for SOP are deemed to be >50% potassium oxide (K2O), > 17.5% sulphur (S) and <1.5% chloride (Cl) 50% of the SOP used globally is manufactured via the Mannheim Process, and the balance is extracted from ancient salt lakes What is The Mannheim Process (source: Wikipedia) The Mannheim process is an industrial process for the production of hydrogen chloride and sodium sulfate from sulfuric acid and sodium chloride. The Mannheim furnace is also used to produce potassium sulfate from potassium chloride. The Mannheim process is a stage in the Leblanc process for the production of sodium carbonate. MOP or Muriate of Potash or Potassium Chloride is the most common of potash fertiliser. The form of fertiliser is only for crops that love chloride and for soils that are chloride deficient. The negatives are the chloride can be toxic to the crops and the soil. The needs have primarily driven the demand for MOP for food. The decreasing yield is ignored as the demand has exceeded that ratio. I think some of this demand is also coming from an Increase in wheat farming. I read in one research that there is a rise in carbohydrate form of food as the “third world” is getting self-sufficient in that form of food. It is a cost-effective way of allowing them to get into a self-sustaining cycle. As for what I call those in the “first-world” problems, they are acknowledging that there is a need to “clean-up”, I do feel that if companies can produce SOPs and make money, they will prevail. This is like what the iron-ore industry is witnessing with the high-grade ores being favoured as China comes to grips with cleaning up the pollution that is generated with lower grade ore being used in steel mills. What a typical SOP Project has to deal with? The SOP is dissolved in brine contained in sediments below and around the salt lakes, which is affected by: • The capacity of the sediments to retain brine. • Variability of the brine chemistry throughout the aquifer system. • The ability of the sediments to release brine during abstraction. • Viability of abstracting the brine at the required rates • Effect of brine abstraction on the regional hydrogeology and environment. The new thinking in SOP manufacturing is a non-Mannheim process such as that described in the diagram below. Several companies are now entertaining this process. Effectively you could say that this process is similar if not identical to that used in Dampier to process their salt. Are there any other players in the SOP sector. The whole potash industry has been around for many years. As I mentioned, it started with the phosphate flavour, and I remember this was off the back of the uranium rush back in 2006 or even earlier. It kind of went for a six month hard run on uranium and then it was phosphate. The Potash rush came later, and of late it has been quiet, for me anyway. Researching this article, I noticed that some of these companies have been established and are travelling pretty good. I did see some news in this sector about 12 months ago, but as I mentioned, I never ventured into any research. I have listed some of the better-known companies to me below from my research. However, there are probably more advanced or better-known companies not listed here. – Agrimin (ASX: AMN) – Danakali (ASX: DNK) – Reward Minerals (ASX: RWD) – Salt Lake Potash (ASX: SO4). What is the positive aspect of New Entrants? One advantage for a late player coming into this sector is that they will be able to get the best practice that is being developed without needing to go through the hard yards of trial and error. For example, to negate the high manufacturing cost, many current companies are talking about doing what I call the “Dampier Way”. Evaporating the brine and then shipping what is left as “concentrates”. I believe that it is a more straightforward process, and it has worked a charm for the salt sector. A couple of years ago, I stumbled onto a group wanting to mine salt in Somaliland. The concept was pretty easy. In Somaliland, the evaporation rates are apparently the best. The proposal was to evaporate the seawater and capture the moisture to be stored for agriculture. I showed this project some of my contacts in Asia, and there was some interest. The timing was not the best for the participants, and they stopped the negotiations due to internal issues back in China. However, the business proposition was perfect. Mine the salt, use the evaporated moisture for agriculture and create a sparse land of no agricultural use into an oasis of farms. What are the negatives for New Entrants? Here are some of the challenges that I see, and they are common issues such as, – Define a resource – Feasibility Studies – Funding for ongoing work. Funding is always an issue. However, if you can make the money want you, it is all smooth sailing from that moment. How do you do that? In the normal metal space, and I guess in oil and gas too, you need to show that your project is robust and have all the development ROI sorted. SOP has one other factor. As a product, SOP is described as having an inelastic demand. This means that the demand for the product is not subject to price movements, or instead not at the mercy of price movement. Hence, they have the market on their side. Require A Resource Of course, it is a given that resources will need to be established and then it needs to show the economics. But at least if they get to define a useful resource, funding will be easier to target with a good marketable product. Defining the resource will have its challenges in that the product is in solution, and they can move, literally. My experience with the salt lake hosted uranium projects have taught me that defining a resource could be tricky. As the commodity is in solution, an influx of groundwater and groundwater movement will affect the potential resource for the better or the worse. This will lead to issues in your feasibility studies. Probably not a big problem but I think that it will probably cost more? The upside to this is that new entrants to this market will get all the upside from work related to brine hosted lithium and potash deposits in the last five years. In discussion with associates, we spoke about how the “Americans and the Russians” love brine hosted lithium and think hard rock lithium is a waste of time. Hence, in my opinion, drawing on that expertise to understand brine hosted deposits will be important if not critical. The good news is that the skills are there and not in the development phase. You could almost measure it as an item that you could buy off the shelf. In Conclusion I like things that are simple. Sometimes when you are too early into the market, you don’t get any love and similarly when you are too late. How many people invest at the right time? Well, that is the million dollar question. There were many winners in the early part of the Potash run, but I think it is not too late to look at this market now. As for new players, again, this could be the second wave. Investment in the resource market, in general, is not short term. There have been very few companies that have started and was in production within five years. I see any new entrants, either as an RTO or an IPO, as a way of getting into a sector at a reasonably lower valuation compared to what is already out there. Companies will take advantage of best practice in developing the projects as all the hard work have already been done. In some way, the dust has settled and it is now clear to see what works and what does not. Sometimes a rebuild is cheaper and faster than a renovation. —Clean China Policy— As for the pricing, management needs to take care of market perception. I have this view because the demand for this commodity is going to surface and surface quickly soon. China is now in a clean-up phase, and the environment is the number one priority. You only have to look at the iron ore market where higher grade ores are getting premium as they are allowing the steel mill to meet environmental requirements. This thinking is consistent with my thoughts on uranium coming into the picture as it is by far without out any competitor the cleanest fuel in the market. It has less carbon footprint than any other so-called renewable energy source. It will be the cheapest clean energy alternative. This cleaner way of doing business is a factor that is mostly missed by out investing circles. Food source and the simple fact of high yield and low environmental damage will be in the front of China policy, not saying that it is not already. For an investor, I feel this sector is going to be like the base-metal sector, you cannot live without it, but you can live without lithium and cobalt. It is absolutely a risk, but what is not? 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

Looking for the next money tree on the ASX, have a good look at Nuheara Limited (ASX: NUH). Nutheara Limited makes Hearing Aids with a difference. The company, Nuheara Limited (ASX: NUH) recently announced that they had been selected by the United Kingdom’s (UK) National Health Service (NHIS) to provide hearing solutions to adults and children with mild to moderate hearing loss. Now prescribed alongside traditional hearing aids means that they are real participants in a billion dollar industry. Nuheara Limited has also partnered with Specsavers which is a fantastic distribution partner. However, in my view, the main game is the health industry. The health industry has limitless customers. As we all know, the two sectors that never run out of customers are childcare and aged care. The critical aspect is that a loss in hearing in an ageing population is more than a common coincidence. Nuheara making hearing aids with a difference is a sure way to get noticed in an industry that have billions to share. My Involvement My involvement with Nuheara Limited started in 2015 by way of an investment in a small company called Wild Acre Metals Limited. They took on this new technology called “Wearable Hearing Aids”. I thought that Bluetooth earbuds are not exactly new and what is the whole excitement. As my position was not significant at all, I just let the entire scenario play out but I was not impressed. In fact, for a long time, I did not think much of the technology. I guess it was nearly18 months later that I looked into the technology and was impressed. This lack of interest was because I had minimal exposure to the stock. But I did make up to 5 times my investment, so that made up for it :-). Corporate Information Nuheara Limited was born out of a Reverse Takeover (RTO) of Wild Acre Metals Limited and formally incorporated in early 2016. However, the announcement of the transaction started in 2015. Market Capitalisation: 66M (12/2018) Shares Outstanding 891.5M (06/2018) Top 20 %: 38.6% (Two directors, Justin Miller and David Cannington own 7.1% each) What is the Technical Aspect of the Story In a very simplistic way, the Nuheara earbuds allow the user to change the frequency of sound based on the environment you are present. If you are at a construction site or a restaurant or in an aeroplane, it works to allow the user to change the ambient noise and improve the sound of what you want to hear. As I understand, if you are talking to someone in a construction site, you can cut out the ambient noise and allow you to listen to that person’s voice. Similarly, in a crowded area, you can use it to cut out the surrounding talking and concentrate on the person you are talking to directly. I remember when I first bothered to look into the Nuheara Limited’s product, I was surprised that it is not just a Bluetooth earbud, but it does all these functions. I was amazed at what the fuss was all about at that time. I seem to have an issue with looking into details 🙂 The products range looked very stylish and wearing that would not look like your traditional hearing aids which spells Old Man So What’s the Big Deal? Now that we are all at the twilight of our lives (I am anyway…) when things such as an improvement to our health are so apparent. As a gadget freak, I own three rather expensive wireless earbuds, and god knows how many noise cancelling headphones. Now researching this product, I am tempted to buy the buds myself. Imagine that we have an app on our phone (a gadget we seem to cannot live without and cannot stop touching every 5 seconds.) that allows us to manipulate the sounds we hear. We can cut out the surrounding noise and only listen to what we want to hear, and I am not talking about music. I love the idea that we can cut the sound of the machines and isolate the voice of the person we want to talk to directly. Having spoken to several people who are wearing hearing aids, their biggest complaint is that sounds are all pouring into the head. They cannot isolate. The ability to do this is a big deal. I recently paid $200+ for a Jabra earbud. It is great to use, but it has some of the functionalities while you are playing music but not as a hearing aid. Now I believe that the Nuheara Limited iQbuds are both. The other factor is the use of these buds in industrial applications. As a geologist, we are always working close to noisy drilling rigs, and we wear earplugs. These earplugs protect our eardrums from the constant loud noise. Imagine wearing these buds to do that, but it is connected to all the technology to play music….etc So What’s The Business? Now, this is an excellent question? There are a heap of brands out there in the market. Let’s not kid ourselves. We are a species of the animal kingdom that loves brands. Brands make us feel the quality. Even the perceived quality comes from the name and the perceived quality of the name. We are such simpletons. But you need to understand the message Nuheara is trying to sell. They are not headphones, and I feel that many people out in the general public will miss this message. When you look at the diagram below, Nuheara had placed the IQBuds in a sector that is different from headphones. How is it different? The best analogy that between fossil fuel cars and Electric cars, the general public can understand the clear distinction. However, when you ask people about dementia, they think of memory loss issue, but when you talk to carers, it is the character change that drives them nuts (see my post on dementia). I fear that Nuheara is in this confusing category. The market will lump them into the headphone industry. There is a danger that customers cannot differentiate between a hearing aid and a hearing aid with a difference. The diagram above represents where Nuheara Limited is in the market. The traditional hearing aid industry is an $8B market but is only selling 13M devices p.a. as opposed to the conventional headphone industry of the same market value, but it sells 300+M devices p.a. When you look at those numbers, it’s an important reason to be in the industry. There are several videos on the website that explains the IQ buds. The videos are great as it makes it clear why they are not just another Bluetooth device. Share Price Movement In Figure below, you can see that the share price journey has been volatile, but if you smooth the curve out, it has not been too exciting. Listing at a low of 2.5c in early 2016 and now being 7c is not what I would call impressive. Fortunately for me, my exit was well timed, but that was because I had a small shareholding and the capital gain warranted a departure. If I had a more substantial holding, my modus operandi has always been to exit when the story changes. In this case, that would have meant that I would be still a shareholder. Technically, the 5-year chart does show that it is trending upwards and trying to break the resistance level at 15c would appear to be approaching. I am never one to make bold predictions on individual stocks solely on technical analysis but when you couple the recent announcements and the chart, I do feel very comfortable in predicting that the share price will test 15c again. Technically, when I look at the 3-year chart, there is more clarity on my thoughts on breaking that 15c level — lots of bullish sentiments and setting new higher lows. As I am an advocate of horizontal support, I see several support levels. It seems like the bulls are busy creating new highs, but the bears come in to set the lows before the bulls are back in there setting new highs again. My Thoughts I have to admit that I am now more intrigued about Nuheara Limited than before I started writing this blog. The more I have learned about its potential, the more I feel its a reality. So what does all this mean? In my opinion, the Hearing Aid industry is only going to get bigger. My parents paid thousands for their hearing aid, and they tell me that it is too annoying to wear them which is also consistent with other people wearing hearing aids. If the IQbuds can deliver what they are marketing, they will conquer the market. In regards to a view of its share price, I feel that the currently released announcements are good signs of a good foundation and the market accepting the company strategy. Surely the oversubscribed placement in December 2018 is a testament to the direction of the company. For me, that placement at 7.5c is now below the current share price, and this is representing good value. Conclusions Remember that once you go past the age of 35, everything in our body is deteriorating including our hearing. I once read that once we reach 21 years old, everything is going downhill. If there are still people, who think that the hearing aid industry is a small market you need to have a look at a company called Amplifon . It retails and fits hearing aids and supplies correlated services aimed at the solution of problems related to the loss of hearing. The Group operates in Italy, France, Spain, Portugal, Switzerland, Austria, Holland, the United States, Hungary, and Egypt. Amplifon operates through a network of distribution centres and licensee network affiliates. In Q3 of 2018, they had a revenue of 303.2M Euro and a nett income of 10.6M Euro (Bloomberg) In August 2018, Bloomberg reported that its IPO had returned almost 1000% since IPO. Hearing Aids market Size Projected To Reach $6.5 Billion By 2024 (www.grandviewresearch.com) The global hearing aids market was valued at USD 4.5 billion in 2015 and is expected to reach a value of USD 6.5 billion by 2024, according to a new report by Grand View Research, Inc. Key factors driving the market expansion include the dramatic increase in ageing population of 65 years & above and the associated loss of hearing and growing demand for new-generation instruments that are technologically enhanced and enriched equipment with better aesthetics. As per the data published by the WHO (2013), the prevalence of the same disease in adults over age of 65 years is expected to be five times more than that for the individuals below 65 years of age. It also estimates that in the developing nations around 20% of the people with hearing loss require hearing aids and less than 3% of them are expected to be using it. 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

Tusker Minerals' Rutile Story Has Moved – And It’s Now About Scale What stood out early in the discussion is how much ground the company has covered — literally. The Cameroon portfolio has grown into something meaningful: The Central Rutile Project now sits at just under 9,000 km². Additional licences have been added to create a contiguous footprint. Active exploration is ongoing across multiple targets. This isn’t a small exploration play anymore. When you start talking about this kind of landholding in a residual system, you are thinking in terms of province-scale potential. And that’s really the angle here — not a single deposit, but the possibility of a new rutile province. Samso Concluding Comments The Tusker Minerals Rutile is still an early-stage story, but it is progressing. The dust is settling, and I feel the narrative is clearer. You can see what Tusker is trying to build — a rutile-focused exploration play with scale in Cameroon and optional upside in Malawi. The infrastructure work in Cameroon is a big tick for me. That’s not something you do if you’re thinking short-term. Zimba adds another layer. It’s early, but it has the right signs. If that turns into something meaningful, it changes the story again. For now, this is about watching the results. If they start showing consistency, the market will catch up. Chapters 00:00 Start 02:21 Introduction to Tusker Minerals Limited 06:09 Cliff - walking us through the latest ASX Release. 10:27 Can Tusker see any continuation of the mineralisation? 11:41 Is Malawi more a Titanium or a Rare Earth story? 12:42 How Do Tusker want potential investors to view its narrative? 14:39 The Titanium Market 16:17 Is Graphite still a component of the business? 17:55 Is the recent hostilities in the Middle East affecting operations? 19:40 Any competition in Cameroon? 20:56 Where does Cliff see the future value creation come from? 22:30 What thoughts of disasters would keep Cliff awake at night? 24:05 Why would investors look at Tusker Resources? 26:02 What is the Capital market saying about the Titanium market? 28:05 A Good reporting standard. 29:07 Conclusion Tusker Minerals Operations Cameroon – Where the Real Work Is Happening Cliff was very clear on this. Cameroon is the focus. What I like here is that they are not just poking holes in the ground and hoping for the best. They’ve gone a step further and set up the infrastructure to actually run the exploration properly: In-country office Local technical team Heavy mineral sands laboratory in Yaoundé That last point is more important than most people realise. If you’ve worked in Africa, you know that logistics and assay turnaround can kill momentum. What Tusker has done is bring that process in-house — meaning faster results, better control, and importantly, reporting rutile percentages instead of generic heavy mineral numbers. That tells me they are thinking ahead. Malawi – The Surprise That Changes the Narrative Then we get to Malawi. The Mzimba project wasn’t originally pegged for rutile — it was lithium ground. But this is where having good people on the ground matters. They saw the indicators: Heavy minerals visible on surface Right weathering profile Correct host rocks And the numbers backed it up: Around 50% of samples above 1% TiO₂. Peaks up to 1.88% TiO₂. More importantly, mineralogy confirmed rutile, not ilmenite. That’s the difference. And keep in mind — they’ve only tested about 7% of the project area. That’s early days, but the signals are there. 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. Our content is well-researched and is only created if I see merit in discussing the company's story. 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 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. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. Support Page 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.

A Magnetite Iron Ore Project Sitting Where the Market Is Going - Steel Decarbonisation In this episode of Coffee with Samso, we are having a conversation with Iron Bear Resources Limited (ASX: IBR) again since March 2025. The business has progressed and we are now anticipating the release of the Pre Feasibility Study which will be the platform that begins the studies towards a Decision To Mine. As a shareholder of the company, these are exciting times as the path forward is all about creating the building blocks that will shape the valuation of the business. Currently at AUD $50M, this has got to be the most undervalued stock on the ASX. The story is now about creating the understanding of where the steel industry is heading. This is the beginning of a Magnetite Iron Ore story that is all about Steel Decarbonisation. Iron Bear’s project sits in the Labrador Trough in Canada, a region already proven by operators such as Rio Tinto, Champion Iron, and BHP. The infrastructure exists, the geology is understood, and the industry has been operating there for decades. What makes Iron Bear different is not just the size of the resource. It is where that resource fits into the future of steelmaking. The Iron Bear story is not about discovery risk. It is now all about execution. This is a project that already sits within an established iron ore province, with infrastructure, scale, and a partner that understands the market better than most. The key shift is the steel industry itself. Decarbonisation is not optional, and the move toward direct reduction steelmaking is creating a demand for high-grade inputs that are not widely available. From a Samso lens, this is a story where the market may not yet be fully connecting the dots. The involvement of a major like Vale changes the development equation, but it also requires investors to look beyond traditional junior mining narratives. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Audio Podcast Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Chapters 00:00 Start 03:09 What is Iron Bear and why does the project matter today? 05:23 How does Iron Bear fit into the global iron ore and steel decarbonisation story? 18:41 Why is the market not fully valuing Iron Bear’s story? 23:29 Is the Market not Appreciating the Vale Partnership 28:31 What makes the geology unique compared to other large-scale iron ore systems? 30:54 Are the geological details consistent? 31:46 What are the key risks investors should understand? 34:00 How is Iron Bear addressing social licence and environmental responsibility? 39:32 Are the current geopolitical concerns pushing the thought of Nationalism ? 41:38 What are the key milestones and work program ahead? 44:25 What could drive a re-rating in valuation? 45:49 Corporate Activities and Vale Relationship. 47:23 Conclusion 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. Our content is well-researched and is only created if I see merit in discussing the company's story. 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 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. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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. Never bite off more than you can chew is my parting comment. 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 initiative 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. If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has 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.

OD6 Metals Ltd (ASX: OD6) has commenced a Downhole Electromagnetic (DHEM) survey at the Gulf Creek Copper Project, located near Barraba in northern New South Wales (Figure 1). The program marks a significant technical step forward in assessing the project’s volcanogenic massive sulphide (VMS) copper potential, following the completion of four diamond drill holes and earlier reverse-circulation (RC) drilling completed in 2025. Announcement Down Hole EM Survey Commences at Gulf Creek Copper Project 5 December 2025 (click here to view the announcement) Figure 1: Location of Gulf Creek Copper Project (source: OD6) The Business of the OD6 Metals Focus – Projects OD6 continues to advance its dual-commodity strategy: Splinter Rock Rare Earth Project (WA) – a large-scale clay-hosted REE system with demonstrated metallurgical recoveries via heap leach and nanofiltration technologies. Gulf Creek Copper-Zinc Project (NSW) – a historical high-grade copper mine with strong geophysical signatures suggesting the presence of deeper and potentially untested VMS systems. This announcement focuses on the copper asset and OD6’s systematic technical approach to defining drill-ready targets beneath and beyond historic workings. Highlights – DHEM Survey to Vector the Next Phase of Copper Drilling High-Priority DHEM Survey to Target Massive Sulphide Extensions DHEM surveying will commence over the weekend, utilising four recently completed diamond drill holes and earlier RC holes to detect conductive anomalies indicative of massive sulphide copper targets (Figure 2). Figure 2: Plan overview of the 7 holes planned to have DHEM (source: OD6) Mitre Geophysics designed the program and is being executed by Gap Geophysics Australia, with final processed results expected early in the New Year. Phase 2 drilling has no diamond holes at Big Bend, Northwest, West Limb, and below the historic Gulf Creek Mine (Figure 3). Figure 3: Plan view of OD6 Drilling completed to date overlain on 1st vertical derivative of magnetics with \ the priority targets Big Bend, North West, West Limb, and the historic Gulf Creek Mine (source: OD6) Drilling has confirmed: interbedded sedimentary and exhalative chert horizons, hydrothermal alteration typical of VMS systems, minor sulphides and hydrothermal magnetite, alignment with a Besshi-style VMS model. All holes were designed to enable DHEM acquisition to model off-hole conductors that may represent massive sulphide lenses not intersected by drilling (Figure 4). Figure 4: Long section illustrating magnetic modelling and subsurface targets. (source: OD6) Drilling will temporarily pause to allow acquisition and interpretation so that 2026 drilling can be more efficient and targeted. Approvals remain in place for up to 25 holes / ~7,500m of drilling (Table 1). Table 1. Drill Hole Details. All coordinates in GDA94 Zone 56. Leadership Commentary Managing Director Brett Hazelden commented: “The commencement of DHEM surveying marks the next important step in unlocking the copper potential at Gulf Creek. This technique has a strong track record of identifying high-grade sulphide bodies that drilling alone may miss. With multiple holes now completed across several target zones, we are well-positioned for the DHEM survey to guide our next phase of drilling in 2026. We are pleased to have drilled the previously untested Big Bend, West Limb and Northwest targets, all of which confirmed the presence of VMS-style stratigraphy. This provides strong encouragement for ongoing exploration targeting. Gulf Creek continues to complement our flagship Splinter Rock Rare Earth Project by providing OD6 with exposure to a high-grade copper asset in a proven district at a time when copper prices are at record highs.” About the Project The Gulf Creek Copper Project (EL8492) lies within a historically productive district where the Gulf Creek Mine produced exceptionally high-grade copper (2–6.5% Cu) in the early 1900s. Remarkably, little modern exploration has occurred over the past century. Gulf Creek mineralisation is associated with: Besshi-style VMS systems, chalcopyrite-sphalerite massive to semi-massive sulphides, exhalative cherts, siltstones, and basalts, strong magnetite association enabling geophysical targeting. The 2025 drilling program (GCDD007–010) targeted magnetic/gravity anomalies modelled at depths of 100–600m, with hole depths ranging from 240.5m to 328m. These holes now form the backbone of the DHEM survey. Near-term Milestones to Watch Processed DHEM Results (Early New Year) – ranking of conductive responses across Big Bend, West Limb, Northwest, and Gulf Creek Mine lodes. Target Prioritisation for 2026 RC Drilling – RC drilling preferred as the next phase due to faster and more cost-effective penetration once off-hole conductors are defined. Laboratory Analyses of Diamond Core – samples are being finalised for dispatch. Further Geophysical Integration – including modelling of conductors located within 100m of drill holes to support vectoring toward massive sulphides Samso Concluding Comments One of the reasons I am following OD6 with intent is that I believe that the investment case for OD6 is now significantly enhanced with its "Near To" production Rare Earth story and the potential of finding a VMS here at Gulf Creek. The value proposition for ASX investors should now be a definite SamsoDYOR. AS the Gulf Creek narrative continues to develop along a technically credible pathway with the commencement of DHEM, the search for the ingredients for a VMS system is the excitement. DHEM is particularly valuable in a structural environment like Gulf Creek, where conductive sulphide lenses may sit just metres to tens of metres off existing drill traces. The historical mining is evidence that these sulphides exist. Defining and realising scale will make this venture "easy". We know that this is not easy, but I hope my point is taken, metaphorically. Many important VMS discoveries globally were made only after downhole surveys revealed conductors that drilling narrowly missed. OD6 now stands at that inflection point—where each conductor identified can immediately be ranked, tested, and incorporated into a refined drill plan. Finally, Gulf Creek offers diversification alongside Splinter Rock without detracting from OD6’s core strategy. The Company’s ability to progress a world-class rare earth system while methodically exploring a high-grade copper district speaks to its capability and technical breadth. Investors should watch the upcoming DHEM results closely, as they may redefine the forward exploration trajectory in the New Year. Market Participation One of the indications for me is the rising valuation of the shares and the market capitalisation, which is now almost AUD $16M. Figure 5 below shows what is a potential upward movement of value as the share price has been buoyant since the middle of 2025. Figure 5: The OD6 share price chart as of 22nd December 2025. (source: CommSec) There is no mistake in thinking that there is no sure thing in investments, and I think that OD6 is now seriously carrying two potential "wins"; this makes the bet safer. If the Rare Earth story takes off, the value creation is obvious. A good result from the survey will enhance the chances of drilling what could be a mineralised VMS in an area where infrastructure is abundant, and the cost of production is significantly reduced. Cover photo: CORE SAMPLES, NEVADA TEST SITE, Department of Energy. National Nuclear Security Administration. Sandia National Laboratories. 3/1/2000. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CORE_SAMPLES,_NEVADA_TEST_SITE_-_DPLA_-_344a80c6542b9421f65b34db561bdfcf.jpg) The Samso Way – Seek the Research Strong projects emerge from disciplined technical work—always follow the data, not the noise. 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.