The Normandy Minerals IPO raised the maximum A$12 million, and the Western Australian gold explorer lists on the ASX as NMD on Monday 5 October 2026 [R3][R5]. The company was incorporated in November 2025. It has put together about 1,621 square kilometres of ground in the Marda-Diemals region, about 130 kilometres north of Southern Cross [R1][R2]. Two historical gold mines are inside that ground. The company has not reported a mineral resource, which is an estimate of the tonnes and grade of gold in the ground. The IPO money is meant to pay for the drilling that could lead to one. This review is based on the prospectus dated 14 August 2026 and the pre-quotation disclosure of 1 October 2026. The Normandy Minerals IPO Offer Normandy offered up to 60 million shares at 20 cents each. The minimum raise was A$8 million and the maximum was A$12 million [R1]. The offer closed on 4 September 2026. On 25 September the company issued 60,000,000 shares and raised A$12,000,000 before costs [R3]. Euroz Hartleys was the lead manager, the broker that ran the offer. The offer was not underwritten, which means no broker had agreed to buy shares that were left unsold [R1]. The company now has 118,364,685 shares on issue [R4]. At the issue price that is a market capitalisation, the number of shares multiplied by the price, of A$23,672,937 [R1]. The prospectus timetable gave 29 September 2026 as the expected first day of trading. The ASX now lists it as Monday 5 October 2026 at 12.00pm Sydney time [R5]. TABLE 01 below sets out the terms. The full document is the Normandy Minerals prospectus on the company website. The Halleys, Mt Jackson and Perrinvale Gold Projects Normandy describes itself as a gold exploration company [R1]. It holds, or has agreements over, 62 tenements in three project areas (FIG. 01). A tenement is a licence from the state to explore or mine a defined block of land. About 1,285 square kilometres is granted and the rest is under application [R1][R2]. FIG. 02 shows where the three projects are. Halleys is in the north, Mt Jackson is to its south and Perrinvale is a separate block to the east. TABLE 02 lists every tenement by project. Of the 62 tenements, 43 are granted and 19 are in application [R2]. Normandy names Halleys as its priority project. It covers about 553 square kilometres and includes the Halleys East open pit (PLATE 01) [R1]. Beacon Minerals mined the pit between late 2013 and May 2015. The ore was trucked more than 300 kilometres to mills owned by other companies, which is called toll treatment. A total of 78,000 tonnes of ore was processed at an average grade of 8.27 grams of gold per tonne, and about 18,300 ounces of gold were recovered [R1][R2]. This is a historical production figure, as is the Clampton figure below. Neither describes what remains in the ground. Halleys has two parts (FIG. 03). Halleys District is 8 tenements over about 31 square kilometres around the Halleys East pit. Its drilled prospects include Phil, Crabman, 120, Eastside, Albert and GLR. Halleys Regional is the other 23 tenements, where earlier work was mostly soil sampling and shallow drilling [R1][R2]. Mt Jackson is the second project, at about 801 square kilometres. Its main feature is the Clampton Shear Zone, a corridor of faulted rock more than 35 kilometres long. The Clampton mine produced about 7,800 ounces from underground workings between 1933 and 1950, at a grade of 25.4 grams of gold per tonne [R1]. Mt Jackson also has two parts (FIG. 04). The Clampton Shear Zone area is 15 tenements over about 252 square kilometres on the western side, and it holds the three granted mining leases. Drilled prospects near the Clampton mine include Andromeda, Yarbu, Sandplain, Tiger, Gossan East and Bullseye. Mt Jackson Regional is 14 tenements over about 549 square kilometres, with limited drilling [R1]. Perrinvale is the third project and the earliest in stage, at about 267 square kilometres [R1]. It is two granted exploration licences, E30/530 and E30/532, about 145 kilometres north-west of Kalgoorlie. The greenstone belt there runs for 23 kilometres and has had limited gold exploration [R1]. What the Independent Geologist Reports SRK Consulting wrote the Independent Geologist’s Report in the prospectus, an outside technical review dated 13 August 2026. It reports historical drill holes around and beneath the Halleys East pit with gold outside the mined area as drawn (FIG. 05). Table 4.1 of the report lists hole BRC135 at 14 metres at 45.3 grams per tonne from 86 metres down the hole [R2]. It is not marked as mined out. Several of the highest-grade intercepts in the same table are marked as mined out. These are downhole lengths, which means the distance measured along the drill hole. The report says true thicknesses are not known and that no top-cut, an upper limit on very high assays, has been applied [R2]. SRK concludes the ground has “material exploration upside”, with “strong brownfields potential” at Halleys and the Clampton Shear Zone [R2]. Brownfields means exploring next to an old mine. SRK also lists technical risks. At most prospects the gold is defined by short intervals, typically 1 to 8 metres, in shallow or widely spaced holes. Some historical data lacks survey and quality control records. SRK says verification drilling “will be required before any Mineral Resources can be declared” [R2]. Normandy plans to twin selected holes. A twin hole is a new hole drilled within 1 to 2 metres of an old one to check its result [R2]. Two items are treated differently within the documents. Samso quotes each version as published. The JORC Code is the Australian standard for reporting mineral resources. Section 5.3.2 of the prospectus says Beacon reported an Inferred Mineral Resource at Halleys East in 2012. Inferred is the lowest confidence category. SRK says Beacon’s resources “are not JORC 2012 compliant and are therefore not reported here” [R1][R2]. Table 4.2 of the SRK report lists the BRC135 intercept at 43.2 grams per tonne, against 45.3 in Table 4.1 [R2]. Normandy Minerals Use of Funds With A$250,000 of existing cash, the company has A$12.25 million to allocate over two years (FIG. 06) [R1]. Exploration takes A$9.15 million, which Samso calculates as about 75 per cent of the total. Halleys receives A$4.25 million, Mt Jackson A$3.75 million and Perrinvale A$1.15 million [R1]. Listing costs are A$1.1 million. That includes the lead manager’s fee of 6 per cent of the money raised, which is A$720,000. The Managing Director’s package is A$364,000 a year including superannuation [R1]. The prospectus expects the funds to cover two years of operations. Its risk section says it is “highly likely” the company will need to raise more equity or debt after that [R1]. Normandy Minerals Capital Structure and Escrow Before the IPO there were 46,200,100 shares. Of these, 45,600,000 were sold in June 2026 at 2.5 cents each, one eighth of the IPO price. This was a seed raising, a funding round before the IPO, and the buyers were outside investors and some directors. A further 11,500,000 shares went to tenement vendors, including 2,000,000 to settle the plaints described below [R1]. Escrow is an ASX restriction that stops a holder selling for a set period. A total of 52,614,585 shares are escrowed, which Samso calculates as about 44 per cent of the shares on issue (TABLE 03) [R3]. Of these, 28,037,500 are held for 24 months from quotation and 24,577,085 for 12 months from their date of issue. The share registry report shows escrow classes ending on 10 June, 23 June and 25 September 2027 [R4]. None of the IPO shares are escrowed [R3]. Managing Director Joshua Conner is the largest shareholder. He holds 18,400,100 shares, or 15.55 per cent, almost all through Oak & Compass Pty Ltd. Of these, 18,200,000 were bought in the seed raising [R1]. The top 20 holders have 70.49 per cent [R4]. Directors and managers also received 18,359,341 performance rights. A performance right becomes a share at no cost if a milestone is met [R3]. Almost all of the directors’ rights, 16,610,268 of 16,939,341, depend on share price hurdles of 22, 24, 26 and 28 cents. Each hurdle is a volume-weighted average price, or VWAP, measured over the whole first year of trading. The rest need a resource of at least 1,000,000 ounces of gold, a safety target or a first-pass mine study, each with a 26 cent VWAP over three years [R1]. BDO, the independent expert, concluded the issue is fair and reasonable to other shareholders [R1]. Leadership Commentary Non-Executive Chairman Bradley Rogers wrote the following in his letter in the prospectus [R1]. “The Directors believe the combination of a quality, strategically consolidated asset base, a clear exploration strategy and an experienced Board and management team provides an attractive platform from which to seek to deliver value for Shareholders.” The same letter says an investment in the company “should be considered highly speculative”. Mr Rogers is Managing Director of Jupiter Mines (ASX: JMS) [R1]. Risks and What the Prospectus Does Not Settle Part of the company’s title was before the courts at the prospectus date. A subsidiary, Mining Projects Management Group (MPMG), was in a joint venture in which AU KT Pty Ltd held 75 per cent of certain tenements. On 20 July 2026 the Supreme Court of Western Australia found that AU KT was deemed to have withdrawn and had to transfer its 75 per cent to MPMG. AU KT has appealed. On 6 August 2026 the Court ordered its seal placed on the transfer forms after AU KT did not sign them. An application to pause the transfer was withdrawn the next day [R1]. The company says it “remains confident” and that the appeal does not stop the planned work [R1]. Separately, 9 of the 31 Halleys tenements and 14 of the 29 Mt Jackson tenements were under plaint [R1]. A plaint is a legal challenge to a tenement lodged in the Warden’s Court, which hears mining disputes in Western Australia. Normandy agreed to issue 2,000,000 shares to settle the plaints. The pre-quotation disclosure confirms the settlement deed has completed. It also says there are “no legal, regulatory, statutory or contractual impediments” to exploring the granted tenements [R3]. The disclosure does not mention the appeal. At its date, the prospectus said the company “is yet to conduct its own exploration activities” [R1]. What is known about the gold comes from the records of earlier explorers. The company has no mineral resource reported under the JORC Code [R1]. Drilling has since started. On 5 October 2026, its first day on the ASX, Normandy announced that a diamond drill rig is working at the Halleys East pit. A diamond rig cuts a solid core of rock. The first program is about 2,000 metres in 12 to 15 holes, and the company expects the first assays within 3 to 4 weeks. It expects to start about 6,000 metres of reverse circulation drilling, a faster method that returns rock chips, in October [R6]. No results have been reported. All Halleys and Mt Jackson tenements are within the area of the Marlinyu Ghoorlie native title claim. The prospectus says the company may have to negotiate with native title parties before any mining [R1]. The prospectus discloses one related party acquisition. A tenement application is being bought from Black Horse Minerals, an entity controlled by Mr Conner, for up to A$2,971 [R1]. Near-term Milestones to Watch The first assays from the Halleys East diamond drilling, which the company expects within 3 to 4 weeks of 5 October 2026 [R6]. Data compilation and twin holes, to check the historical intercepts [R2]. The first drilling programs, planned at 7,000 to 13,000 metres at Halleys and 3,500 to 6,000 metres at Mt Jackson over two years [R1]. The outcome of the AU KT appeal [R1]. A first mineral resource estimate, which the prospectus says will follow “if results allow” [R1]. The first escrow releases, from June 2027 [R4]. Samso Concluding Comments Normandy has put together ground around two old gold mines and raised money to drill it. The independent geologist reports historical drill holes with gold outside the mined area at Halleys East. The same report says the historical data has to be checked before a resource can be declared. At a time when "good" gold projects are in high demand, Normandy has done well to secure not only what looks like a decent project but one that has a continuous tenure for potential upside. Samso has reviewed two other Western Australian floats in this series, the Wiluna Mining IPO and the Parbo Resources IPO. SAMSO TAKE Halleys East was mined at 8.27 grams per tonne, with ore trucked more than 300 kilometres, on a pit design that used a gold price of A$1,600 an ounce [R1]. That history is why this ground was worth putting together. The first year of work is to verify the old results. Twin holes and step-out drilling, which means holes drilled further out from the known gold, will test them. Will the twin holes repeat the old intercepts, and will the title survive the appeal? THE OTHER WAY TO READ THIS The cautious reading is that the company has only just started drilling and has not reported a resource, and SRK says the historical data needs checking. Almost all of the directors’ performance rights depend on the share price in the first year, not on exploration results. About 44 per cent of the shares are escrowed, and seed investors paid 2.5 cents. The constructive reading is that A$9.15 million of a A$12.25 million budget goes into exploration, the old mines produced high grades, and the Managing Director is the largest shareholder. VOCABULARY IPO. Initial public offering. The first sale of a company’s shares to the public, before it lists on a stock exchange. Prospectus. The legal document a company lodges with the regulator, ASIC, to offer shares to the public. Tenement. A licence from the state to explore or mine a defined block of land. Escrow. An ASX restriction that stops a holder selling shares for a set period. JORC Code. The Australian standard for publicly reporting exploration results, mineral resources and ore reserves. Mineral resource. An estimate of the tonnes and grade of mineralisation in the ground, reported under the JORC Code. Grams per tonne. The grade of gold in rock. One gram per tonne is one part per million. Downhole length. The length of an intercept measured along the drill hole. It can be longer than the true thickness of the zone. Toll treatment. Paying another company to process ore at its mill. Brownfields. Exploration next to an existing or old mine. Twin hole. A new drill hole placed beside an old one to check its result. Plaint. A legal challenge to a mining tenement, lodged in the Warden’s Court of Western Australia. Performance right. A right to receive a share at no cost if a stated milestone is met. VWAP. Volume-weighted average price. The average share price over a period, weighted by the number of shares traded at each price. References [R1] Normandy Minerals Ltd, Prospectus, dated and lodged with ASIC on 14 August 2026. normandyminerals.com.au [R2] SRK Consulting (Australasia) Pty Ltd, Independent Geologist’s Report, 13 August 2026. Annexure A of the Prospectus. [R3] Normandy Minerals Ltd, Pre-Quotation Disclosure, ASX announcement, 1 October 2026. [R4] Normandy Minerals Ltd, Top 20 Holders and Distribution Schedule, ASX announcements, 1 October 2026. Both are as at 25 September 2026. [R5] ASX, Upcoming floats and listings, read on 2 October 2026. [R6] Normandy Minerals Ltd, Drilling From Day One, ASX announcement, 5 October 2026. Cover photo: front cover of the Normandy Minerals Ltd Prospectus dated 14 August 2026, page 1. Reproduced from the prospectus. 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. 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The E79 share price closed at 3.4 cents on 22 September 2026, 61.9 per cent above its July low. For two months the stock traded between 2.1 and 2.9 cents, and more than half of the rise came in one session. The E79 Gold Mines share price has risen since the middle of July. Every figure is as at the close of Tuesday 22 September 2026, from the daily trading record for E79, checked against the ASX company page for E79 [R1]. For scale, 353,555,680 shares on issue at 3.4 cents is a market value of about A$12.0 million, which is Samso's arithmetic. Samso has followed E79 Gold Mines since a Coffee with Samso interview in March 2025, and the earlier coverage of its projects is listed at the end. This is a Samso Chart Read, the series on how to read stock charts. Samso takes the share price on its own terms, states each measure with the window it is taken over, explains what the measure is, and says what would make the reading wrong. There is no Samso Call in a Chart Read, and no entry, exit, target or position size. Samso does not tell anyone where to trade a price. How to use this piece Every technical term is explained in plain English where it first appears, and all of them are collected again in the vocabulary box at the back. TABLE 01 in section 4.00 puts every measure in one place with what it reads. The bracketed numbers, like [R2], are sources. The reference list at the end names the document behind each one, so any figure here can be checked against the record it came from. 1.00 THE FIRST IMPRESSION. The Move Since the July Low FIGURE 01 plots the closing price, the price set at the end of each day's trading, for the last two years [R2]. The lower panel enlarges the months since June 2026. On 21 July 2026 E79 closed at A$0.021, its lowest close since 24 September 2025. On 22 September it closed at A$0.034. That is a rise of 61.9 per cent over 45 trading sessions. A session is one trading day. Up to the close of 21 September the stock had gained 28.6 per cent. The 22 September session added another 25.9 per cent on its own. In cents, 0.7 of the 1.3-cent rise came in that one day. The close of A$0.034 is the highest since 18 May 2026. 2.00 THE RANGE. Support, Resistance and the Rising Lows From early August to mid-September the price moved inside a band of less than one cent. It closed at A$0.028 on six trading days between 7 August and 15 September and never closed above it. The highest price reached in that time was A$0.029, on 24 and 28 August. The lowest closes rose. The lowest close in July was A$0.021, in August A$0.023 and in September A$0.024. A price a stock keeps failing to close above is called resistance. A level it keeps holding above is called support. A rising floor under a flat ceiling is the shape the charting tradition calls an ascending triangle. The pattern is described in Robert D. Edwards and John Magee's Technical Analysis of Stock Trends, 1948, one of the standard texts of chart reading [R7]. The name describes a shape and does not forecast what follows. Whether it was an ascending triangle can only be judged after the price moves. The ASX sets the smallest amount a price can move, called the price step or tick. Below 10 cents it is 0.1 of a cent [R6]. The whole ceiling, A$0.028 to A$0.029, is one price step. At 2.8 cents one step is 3.6 per cent of the price. 3.00 THE BREAK. The 22 September Session On 22 September E79 opened at A$0.028, traded between A$0.028 and A$0.034, and closed at A$0.034, the top of the day's range. That was seven price steps above the previous close of A$0.027. The daily record does not show how many shares traded at 3.4 cents or whether the closing auction set that price. It traded 1,281,631 shares. That is 12.8 times the median volume of the 20 sessions before it, which was 100,000 shares. The median is the middle value of a set once it is lined up in order. It describes an ordinary day better than an average, which one busy day drags upwards. The close was above A$0.029, the highest price of the previous 55 sessions. That level is the upper line of a Donchian channel, named for Richard Donchian, a commodity trader commonly credited as one of the earliest to follow a written set of rules. Curtis Faith's Way of the Turtle, 2007, describes the channel in use [R8]. A close outside the channel is what traders call a breakout, meaning a move out of the range rather than a bounce inside it. The heaviest session of the whole period came a week earlier. On 15 September 1,747,775 shares traded and the price closed unchanged at A$0.028, right at the ceiling. Traders read heavy trading with no price change at a ceiling as sellers being met by buyers until the sellers run out. The price then eased to A$0.026 over the next three sessions. That is an interpretation of the pattern. The trading record does not say who bought or who sold. The ASX announcements record for E79, read on 23 September 2026, shows nothing lodged since 9 September [R1]. The 22 September session did not follow a company release. Trading on 23 September was under way when this was written and is not included. 4.00 THE MEASURES. Every Measure in One Place TABLE 01 lists each measure the piece uses, what it is in plain English, and what it reads at the close of 22 September 2026. 5.00 THE MOVING AVERAGES. What the 10-Day, 50-Day and 200-Day Averages Say A moving average is the average of the closing prices over a set number of past days, worked out again each day. It smooths out the daily jumps so the direction underneath shows. A longer window moves more slowly. Reading the 200-day average as the divide between a rising and a falling market is a market convention. It has a long history of use and a mixed record in testing. On no-trade days the record repeats the previous close, and every average here counts those days. FIGURE 02 draws three averages against the price for the last 250 sessions. The 10-day exponential moving average (EMA) is at A$0.0278 and the price is 22.4 per cent above it. Exponential means recent days count for more than older ones, so the line turns quickly. The 50-day simple moving average (SMA), where every day counts equally, is at A$0.0255 and the price is 33.1 per cent above it. That line is rising, 2.7 per cent higher than 20 sessions ago. The 200-day simple average is at A$0.0288. The price closed 18.2 per cent above it, the first close above that line since 4 June 2026. The line itself is flat. Over the last 120 sessions it has stayed between A$0.0275 and A$0.0288, and it is 0.6 per cent higher than 20 sessions ago. The 50-day average is still below the 200-day. Traders call the 50-day crossing above the 200-day a golden cross. On this chart it has not happened. 6.00 MOMENTUM AND TREND STRENGTH. What MACD and ADX Say Momentum measures show how fast a price is moving rather than where it is. MACD, short for moving average convergence divergence, tracks the gap between a 12-day and a 26-day exponential moving average. It then compares that gap with a nine-day average of itself, called the signal line. It is widely attributed to Gerald Appel, an American money manager and newsletter writer, who developed it in the late 1970s. He set it out in his booklet The Moving Average Convergence-Divergence Trading Method [R9]. FIGURE 03 shows MACD at +0.00087 against a signal line of +0.00032. MACD crossed above its signal line on 14 September and moved back above zero the same day. Above zero means the shorter average has moved above the longer one. ADX, the average directional index, measures how strong a trend is without saying which way it points. Direction comes from two companion lines, the directional indicators, +DI for upward pressure and -DI for downward. All three come from J. Welles Wilder's New Concepts in Technical Trading Systems, 1978, the book that also gave the market the relative strength index [R10]. Calling a reading above 25 a trend is a convention, and sources give slightly different cut-offs. FIGURE 04 shows ADX at 17.60. It has been under 25 for 113 sessions. The two direction lines are far apart, with +DI at 72.29 against -DI at 23.56. Most of that gap opened on 22 September. Recent pressure points up, and the strength reading still describes a range. ADX is smoothed twice over 14 days, so it is slow to respond to one large session. No-trade days also enter ADX, +DI and -DI. They narrow the average daily range, which makes one large session move the direction lines further. 7.00 THE TURNOVER. Volume and Turnover Since the July Low Volume is the number of shares traded. Turnover is the dollar value of them. On a share priced in cents, turnover is the better guide, because a large number of cheap shares can still be a small amount of money. FIGURE 05 plots daily volume for the last 120 sessions with the 20-day median drawn across it. Median daily turnover over the 20 sessions before 22 September was A$2,600, and five of those 20 had no trades at all. Over 60 sessions the median was A$1,161, with 18 no-trade days. About A$320,600 of stock changed hands in the 45 sessions from 22 July, and about A$43,600 of it on 22 September. Both are Samso's arithmetic at each day's closing price, so they overstate a day like 22 September, when some shares traded lower. Since the July low, 6.59 million shares traded on the 15 days the price rose and 2.75 million on the 11 days it fell. Sessions that closed unchanged, including 15 September, are in neither count. Traders call heavier trading on up days accumulation. The term describes volume. The record does not show who was buying. Releases the company marked price-sensitive, meaning likely to move the share price, came on five days between 21 July and 22 September [R1]. Two of those days had no trades at all. They were 29 July, the airborne geophysical survey release, and 21 August [R4]. The quarterly reports on 30 July and the 27 August release [R5] came on sessions that traded 4,000 shares each. Only the Cue heritage protection agreement on 3 August came with heavy trading, 1,653,829 shares and a 9.1 per cent rise [R3]. Most of the rise since July came on days without a release. The other way to read this A range of eight price steps on a few thousand dollars a day is a thin base for a pattern. On a stock this lightly traded, one or two holders can set the ceiling and one buyer can clear it. The ascending triangle may describe who happened to be trading rather than a change in the market's view. And until the price holds above A$0.029 on more than one day, the break is a single observation. 8.00 WHAT WOULD CHANGE THIS READING. The Old Range, Turnover, ADX and the 50-Day and 200-Day Averages Closes back inside the old range. A close at or below A$0.028 would put the price back under the ceiling it cleared on 22 September. The break would then read as one session rather than a change in the range. Turnover above the median for several sessions. Several sessions in a row above the 20-day median, without a release behind them, would say the interest is more than one day's. ADX rising through 25. A strength reading above 25 with +DI still above -DI would be the first time since April that this measure described a trend. The 50-day average crossing the 200-day. Until then, the 200-day average does not show the rise that the shorter averages show. 9.00 SAMSO CONCLUDING COMMENTS. What the E79 Share Price Chart Supports The chart supports the view that E79 has moved up since July. The lowest close has risen each month, the price has closed above a ceiling it failed to clear six times, and it is above all three moving averages. Up-day volume has run well ahead of down-day volume. The chart also shows limits to that reading. More than half of the rise came in one session, and the ceiling it cleared is one price step wide. ADX has not described a trend in 113 sessions and the 200-day average has not turned. The move has run on median turnover of one to three thousand dollars a day. Samso Take The rising lows since July are what give this chart some substance. They were built slowly, over two months of thin trading. The 22 September session is what made the chart look different. Now that the price has cleared 2.9 cents, will trading stay heavier, or go back to a few thousand dollars a day? Previous Samso Coverage of E79 Gold Mines Every earlier Samso post on E79 Gold Mines, newest first. The gold entry is the Coffee with Samso interview rather than a written piece. THE CUE GOLD PROJECT 24 FEB 2026 E79 Gold Mines Defines 40+ Gravity Drill Targets at Cue Gold Project. The high-resolution gravity survey at Cue and the drill targets it produced. 1 JAN 2026 E79 Gold Mines Exercise Option at the Cue Gold Project. E79 exercising its option over Cue and the start of exploration there. 5 OCT 2025 E79 Gold Acquire Cue Gold Project in WA's Day Dawn Goldfield. The agreement to acquire the Cue Gold Project, south of the Day Dawn goldfield. LAVERTON SOUTH, MOUNTAIN HOME AND THE INTERVIEW 21 NOV 2025 E79 Gold Mines Updates Air-Core Assays and Gold Nugget Discoveries At Laverton South. Air-core assay results and gold nugget finds at Laverton South. 31 OCT 2025 E79 Gold Mines Finds High-Grade Rock Chips At Mountain Home Copper-Gold Footprint. Rock chip results at the Mountain Home copper-gold project in the Northern Territory. 3 OCT 2025 E79 Gold Mines Discovers Two Coherent Gold Anomalies at T14 South. The final air-core assays at T14 South, Laverton South. 24 SEP 2025 E79 Gold Mines updates Strong Gold Hits at T14 South Project. Earlier drilling results from T14 South. 6 JUN 2025 E79 Gold Mines Sharpens the Drill Bit in Laverton South. Drilling plans at Laverton South. 20 MAY 2025 E79 Gold Mines Unveils New Drill Targets at Laverton South. New drill targets defined at Laverton South. 3 MAY 2025 E79 Gold Secures 100% Ownership of Mountain Home Project with Reduced Royalty Terms. E79 moving to full ownership of Mountain Home. 1 MAR 2025 Coffee with Samso - E79 Gold Mines Limited (ASX:E79) - Mineral Explorer Perfectly Primed for Value Creation. The Coffee with Samso interview with E79 management. The vocabulary, in plain English Closing price The price set at the end of each day's trading. On the ASX it is set by an auction after normal trading ends, not simply by the final trade. Trading day, or session A day the exchange is open. There are about 254 in a year, so 120 sessions is roughly six months and 20 is roughly a month. Support and resistance Support is a price a stock keeps holding above. Resistance is a price it keeps failing to close above. Both describe where trading has stalled before. Neither is a promise about where it stalls next. Ascending triangle A chart shape with a flat ceiling and a rising floor. It is described in Robert D. Edwards and John Magee, Technical Analysis of Stock Trends, 1948, one of the standard texts of chart reading. The name describes a shape, not an outcome. Breakout A price closing clear of the range it has been trading in, usually on heavier trading than normal, which traders read as a possible start of a move. Donchian channel The highest high and the lowest low over a set number of past sessions, drawn as two lines. Named for Richard Donchian, a commodity trader commonly credited as one of the earliest to follow a written set of rules. Curtis Faith's Way of the Turtle, 2007, describes the Turtle traders using the 55-day version. Moving average The average closing price over a set number of past days, worked out again each day. Reading the 200-day as the divide between a rising and a falling market is a market convention with a long history of use and a mixed record in testing. Exponential moving average A moving average that counts recent days for more than older ones, so it turns faster than a simple average of the same length. Golden cross The 50-day average crossing above the 200-day. A widely watched convention. MACD Short for moving average convergence divergence. The gap between a 12-day and a 26-day exponential moving average, compared with a nine-day average of itself called the signal line. Widely attributed to Gerald Appel, an American money manager and newsletter writer, in his booklet The Moving Average Convergence-Divergence Trading Method. Samso has not verified a first publication year. ADX, or Average Directional Index A measure of how strong a trend is rather than which way it points, from J. Welles Wilder, New Concepts in Technical Trading Systems, 1978. The same book introduced the relative strength index, one of the most used measures on a trading screen. Calling a reading above 25 a trend is a convention, and sources give slightly different cut-offs. +DI and -DI The two directional indicators, the companion lines to ADX, also Wilder's. +DI measures upward pressure and -DI downward. Whichever is higher is the direction the recent pressure points. Volume and turnover Volume is the number of shares that changed hands in a day. Turnover is their dollar value. On a share priced in cents, turnover is the better guide to how much trading there really was. Accumulation Chart language for more volume on days the price rises than on days it falls. It describes the volume. The trading record does not say who was buying. Median The middle value once every day in a window is lined up in order. It describes an ordinary day better than an average, which one very busy day can drag upwards. Price step, or tick The smallest amount a price can move. The ASX sets it by price band, and below 10 cents it is one tenth of a cent. References and sources Each bracketed number in the text, such as [R2], points to the entry with that number below. Prices and the number of shares traded cover every trading day from 7 October 2021, the company's first day of quotation, to 22 September 2026, which is 1,254 of them. Dates are the exchange's own, in Sydney time. The previous close, the five-day volumes, the shares on issue and the 52-week range were cross-checked against the ASX company page for E79 on 23 September 2026 and match. No bar was taken on the day it traded, so the 23 September session is excluded. The adjusted close equals the close on all 1,254 bars and the corporate-action record is empty, so nothing in the price line has been restated. Every chart is an original Samso illustration of sourced data, and no company figure or diagram has been reproduced. Every percentage, median and dollar figure in the piece is Samso's arithmetic on that price series. The price steps are from the ASX. Market-sensitive figures are stated as at the close of 22 September 2026 and change daily. [R1] ASX, E79 Gold Mines Limited (E79) company page and market announcements, asx.com.au, read 23 September 2026. Source for shares on issue, the 52-week range, the previous close, the five-day volumes used as a cross-check, and the announcement titles, dates and price-sensitive flags. [R2] Daily price and volume bars for E79, 7 October 2021 to 22 September 2026, 1,254 trading days, retrieved 23 September 2026 and dated in Sydney time. The price series behind every figure, TABLE 01 and the cover. [R3] E79 Gold Mines, Cue Gold Project Heritage Protection Agreement Executed, ASX announcement, 3 August 2026. [R4] E79 Gold Mines, E79 Advances Towards Initial Drill Program at Cue Gold Project After Achieving Key Milestone, ASX announcement, 21 August 2026. One of the price-sensitive releases counted in section 7.00. [R5] E79 Gold Mines, E79 Expands Cue Gold Project with Option Secured over Strategic Tenement, ASX announcement, 27 August 2026. One of the price-sensitive releases counted in section 7.00. [R6] ASX, Australian equities trading, asx.com.au. Source for the minimum price steps, which are 0.1 cent up to 10 cents, 0.5 cent from 10 cents to $2.00, and 1 cent at $2.00 and above. [R7] Robert D. Edwards and John Magee, Technical Analysis of Stock Trends, 1948. One of the standard texts of chart reading, where support, resistance and the triangle patterns are described. Its place in bringing moving averages into the charting canon is widely attributed. [R8] Curtis Faith, Way of the Turtle, 2007. The published account of the Donchian channel in a rule-based trading system, including the 55-day break. [R9] Gerald Appel, The Moving Average Convergence-Divergence Trading Method. The widely attributed origin of MACD. The copies in circulation are later reprints and no first publication year has been verified for this build. [R10] J. Welles Wilder Jr, New Concepts in Technical Trading Systems, 1978. The origin of the Average Directional Index, its two directional lines and the relative strength index. 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. Investors can explore our four core platforms: Coffee with Samso Samso Insights Samso News Samso Research 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 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 This article is general information only. It is not financial product advice and it does not take into account any reader's objectives, financial situation or needs. It contains no price targets, no valuations and no recommendation to buy, hold or sell any security. Companies named in this article are used as historical illustrations of events that have already occurred and no view is expressed on their current merits. Readers should consider obtaining advice from a licensed financial adviser and should conduct their own research before making any investment decision. Samso and its associates may hold interests in companies mentioned. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso, Samso Insights, Samso News and Samso Research are four ways into the same work. Interviews, long-form research, short takes on announcements and company-specific studies. Every one of them is about how to think about investing rather than what to buy. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies Samso News is independent research commentary for general information only. Nothing in this article is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed. Market-sensitive numbers change daily. Samso or associated parties may hold positions in, or have commercial arrangements with, companies mentioned. Seek professional advice before making investment decisions. © Samso 2026 · samso.com.au

As investors, we are always looking for the next investment, and this search is one of the most common headaches for all investors, especially those like me, in the retail end of the spectrum. We are always the last to know about the things we need to know, and we are the ones that help the "Purple Circle" create their wealth, and to top it all off, we are also the ones that help them exit their positions. As we enter 2026, there is no doubt that all eyes are on Gold and Silver, and closely followed by Copper. I am confused if eyes are still on Antimony, but I suspect there are fewer looking at that now, as the whole Antimony chatter is getting long in the tooth for most investors. I think the heat may have cooled. Figure 1: The gold and silver price chart as of 7th January 2025 over the last 10 years. (source: macrotrends) The gold and silver price rise has long been seen as a marriage of the best friends (Figure 1). Although the quantum of the prices is significantly different, the way they "copy" each other is like a suckerfish to a whale. Every time you see a whale, you will see the suckerfish. Suckerfish (remoras) on a Whale Shark. (source: Divemagazine.com) The narrative for copper is stronger, and with all the talk of AI and the clean energy transition, copper was always going to appreciate, as it's like the backbone metal of civilisation, like iron ore and the hated oil and gas. There is no doubt in my mind that the value appreciation will continue (Figure 2). It is not a rare metal, but the abundance required makes it critical in the sense of future extraction. Figure 2: The copper price chart over the last 45 years as of 7th January 2025. (source: Macrotrends) I know there will be a lot of views on other metals that are going to play a big role, but I think the ones I have mentioned clearly overshadow the other metals. I have not put lithium up as a clear show stopper because I think the discussion of how lithium or EV is going to change the world is not just co mmon speak. It is not, in my opinion, a revelation anymore. Like Vanadium or High Purity Quartz, these are not old news, and frankly, it does not excite people. A great example is Molybdenum, which is looking like it's going to establish a strong case for all-time high pricing (Figure 3), but the market is not that excited. Anyone who is in the sector has been saying that the market is typically short on supply with an increasing demand for the metal. Figure 3: The molybdenum price chart since 2006. (source: Daily Metals) There has been a lack of investment into new mines and existing mines in the US, and most likely in China, are depleting with no new resources to replenish existing reserves. Does the market get excited? No, in fact, I used to say that the market does not even know how to spell the word. So what Does All This Mean In October 2025, I had a coffee with an associate, and we had a discussion in a cafe that got me thinking that the current gold price run may just be the start of something much larger in scale than I had ever thought would happen in my lifetime. He told me that a Bank in Europe is telling buyers of gold that delivery is a 6-month wait. If this is true, then are we looking at a shortage of major metals? “This isn’t a theme trade. This is a supply-chain reality trade.” Does this mean that the global shortage of these "critical" metals is going to cause the Clean Energy Revolution to take five and slow down, simply due to the fact that there are just not enough materials to build this new world we are being told is coming? As in all supply crunches, does this mean that we are just going to have to accept an increase in metal prices and hence an increase in the pricing of pretty much everything civilisation requires to make our world tick? What if the discussion of cryptocurrencies is all heading to stable coin representation? The last time I looked, the top 67 cryptocurrencies have a market capitalisation of billions, and the top 11 have multiple billions. Now, if all start to go towards stable coins, then the gold price may just be heading higher. The good news is that there is plenty of gold to extract, but the future demand for gold as a hedge for stable coins may change the availability. What happens If The Metal Is Important And Hard To Find, Like Tungsten? In 2012, when I was promoting a tungsten project, one of the exercises was to find and detail projects that I could compare and contrast for my presentations and discussions with shareholders and potential investors. Tungsten sample from the Kirwan Hill Tungsten Project in New Zealand. (source: Samso) AS my research grew deeper, it became apparent that there were not that many operational projects, either in the mining or exploration stage. Interestingly, there were not that many exploration projects. The list below is a summary of the main projects (Figure 4) at that time: Dolphin Tungsten Project — King Island Scheelite Ltd (ASX: KIS) now Group 6 Metals Limited (ASX: G6M) - King Island, Tasmania (Australia). Promoted on the back of a Definitive Feasibility Study (DFS) released in March 2012 and related development messaging. Mt Carbine Tungsten Project — Carbine Tungsten Ltd (ASX: CNQ) now EQ Resources Limited (ASX: EQR) - Far North Queensland (Australia). Promoted through 2012 investor/market materials positioning Mt Carbine as a restart/upgrade tungsten business. Nui Phao Tungsten Project - Masan High-Tech Materials (part of the Masan Group) - Polymetallic deposit with scheelite-hosted tungsten, alongside significant fluorspar, bismuth, and copper mineralisation. Reserves (approximate): ~55–83 million tonnes of ore defined, grading around 0.2–0.21 % tungsten (WO₃) — a very substantial resource base. Watershed Tungsten Project — Vital Metals Ltd (ASX: VML) - North West of Cairns, Queensland (Australia). Promoted in 2012 around feasibility and permitting, including financing to complete DFS work Barruecopardo Tungsten Project — Ormonde Mining plc (LSE: ORM) - Salamanca Province, Spain. Promoted during 2012 as it moved off a completed DFS (Q1 2012) into permitting, funding, and offtake discussions. Sangdong Tungsten Project — Woulfe Mining Corp. (TSX-V: WOF at the time) - South Korea. Promoted strongly in 2012 with a Sangdong Feasibility Study (effective June 2012) and ongoing market communications. There was also a connection to Warren Buffett through his company, IMC International Metalworking Companies (IMC), a subsidiary of Berkshire Hathaway. In 2012, IMC invested significantly in Woulfe Mining Corp. (which owned the mine) to secure a major supply of tungsten, a strategic metal for IMC's metal-cutting tool manufacturing in South Korea, positioning Sangdong to become a vital source for the global tungsten market. Hemerdon / Drakelands Tungsten-Tin Project — Wolf Minerals (ASX: WLF at the time) - Devon, United Kingdom. Widely promoted in the 2011–2012 window on the back of its DFS and development narrative as a major non-China tungsten supply option. Cantung Tungsten Mine — North American Tungsten Corp. (TSX-V: NTC at the time) - Northwest Territories (Canada). Promoted in 2012 as a restart/production resumption story (road reopening enabling production restart). Figure 4: Location of Tungsten projects being promoted in 2012. (source: Samso) As I am writing this blog, I have just realised that apart from the project I was promoting, there was only one other company that was promoting tungsten exploration, and that was Tungsten Mining Limited (ASX: TNG), which had just listed at the end of 2012. They were promoting a project called Kilba (Figure 5), which had a JORC-compliant Indicated and Inferred Resource of 5.0MT @ 0.27% WO3 that was announced on the 31st May 2013. Figure 5: Location of the Kilba Tungsten project. (source: TGN ASX Release 12th June 2013) Today, the majority of the projects are no longer in a near-production state. I am told that Nui Phao has reduced its production (though with the current pricing, they may be doing better). The Barruecopardo Tungsten Project appears to be in production, and Sangdong is "near" production. None of the projects is in a big production state; however, with the recent surge in pricing, things may start to look different soon. The Tungsten narrative is largely driven by the following: "China dominates it, and now the Trump factor has come to save it, but the market is somehow not interested, even when the metal price (ATP) is surging to an all-time high of USD $900 per mtu (metric ton unit). If you strip away the noise, tungsten’s 2026 story is simple: it sits at the intersection of defence, industrial capability, and supply-chain leverage. It’s not a “new economy” metal, but it has become a strategic economy metal—because so much of the upstream and processing chain still runs through China. Price reality check: what the market is actually saying (2025–early 2026) On the pricing front, APT (Ammonium Paratungstate) remains the benchmark reference point used across the industry, because it’s the key intermediate feeding most downstream tungsten products. Metal Recent market pricing snapshots show APT (CIF Rotterdam) sitting in a high band late 2025 into early 2026, alongside elevated China APT pricing. Metal A useful “market narrative” datapoint that’s been cited publicly is the view that APT moved materially higher across FY2025 and into 2026, reinforcing the idea that tungsten is trading above older baselines (regardless of the exact source you prefer). “When a minor metal holds high prices for long enough, it stops being a spike and starts looking structural.” The true driver: policy and permissions, not geology The tungsten market in 2026 is heavily shaped by export controls/licensing frameworks and policy signalling, especially out of China. Reuters has reported China expanding export restrictions to include tungsten-related products (among other critical minerals) using a licensing approach tied to national security framing. “Supply isn’t just ‘how much is mined’—it’s ‘how much can move’.” Will the “Fanya shadow” appear in 2026 The Fanya Metal Exchange was a China-based metals trading platform from 2011 to 2015 that accumulated huge rare-metal inventories (including tungsten in the form of ammonium paratungstate). When it collapsed in 2015, investors were left unable to withdraw funds, and courts seized the metal holdings. A lot of the stockpiles were later sold or absorbed by state-linked buyers. “Fanya taught the market what hidden inventory can do. 2026 is about controlled inventory and controlled flows.” How Big Were the Stockpiles? Analysts looked closely at the Fanya data in its final years: Reported holdings for tungsten (in the form of ammonium paratungstate, or APT) were allegedly around 29,000+ tonnes, or approximately as much as 30% of China’s annual production at one point. It stored significant quantities of other metals too — including large amounts of indium, bismuth, and rare earths — which in some cases were multiple times annual world output. These stockpiles were stored in warehouses across China under the exchange’s control. Why the Stockpiles Matter to Markets The existence — and then liquidation — of these stockpiles had major effects on metal prices and supply dynamics: Price Suppression from Overhang When the exchange collapsed, and authorities seized its inventory, there was concern that the sudden release of metal onto the market would depress prices — especially for tungsten and other hard-to-produce metals. At times, analysts suggested that if the Fanya APT stocks were released, prices could fall back to levels seen in earlier market lows, because a large overhang would flood available supply. Price Volatility Before Collapse During Fanya’s accumulation phase (2011–2014), speculative buying and accumulation pushed prices up because physical supply was being warehoused rather than hitting the open market. This distortion was widely blamed for significant price spikes during that period. What Happened to the Stockpiles After the Collapse? After Fanya froze operations in 2015: Chinese courts seized the exchange’s metal inventories. Some metals (like indium and antimony) were auctioned off or bought in bulk by large state outfits such as China Minmetals Auctions were conducted via online platforms like Taobao, often below market value, making it unclear how much of the backlog was fully absorbed or held strategically by state actors rather than released into open commerce. Not all stockpiled metals have been transparently returned to market: some were bought privately, some moved into strategic government inventories, and some may still be held in various forms under Chinese oversight. Is the Fanya Stockpiles Still Relevant? In 2025–2026, the Fanya Metal Exchange stockpile issue is generally not a major direct driver of tungsten markets anymore, though it still comes up in historical context. The relevance of the Fanya Shadow is no longer an issue for the following reasons: Less Direct Impact on Prices Now The bulk of the ex-Fanya APT stockpiles has been seized and at least partially absorbed into industry inventories or held by corporate/state buyers. Small Caps Market commentary and price behavior in late 2025/early 2026 focus much more on current supply tightness, geopolitical export controls, and Chinese production/export policy, rather than potential liquidation of Fanya stocks. Discovery Alert+1 In other words, the idea that a large stockpile could suddenly hit the market and pull prices down is less relevant now than it was a decade ago. Current Drivers That Matter More Recent supply/demand dynamics are shaped by: Chinese export controls and licensing strategies affecting tungsten supply globally. Geopolitical tensions and diversification of supply chains (e.g., Western buyers seeking non-China sources). Strong prices and tight inventory levels in the tungsten market through late 2025/early 2026, with prices at elevated levels and market participants in a wait-and-see mode. These factors are driving price trends and investment interest now far more than the remnants of Fanya stockpiles. Tungsten Price Trends (2025–2026): What the Market Is Really Responding To Now. 1. Prices: Structurally Higher, Not Speculative Through late 2025 into early 2026, tungsten prices (typically referenced via APT – Ammonium Paratungstate) have remained elevated and relatively firm compared to the long-term average. This is not being driven by financial speculation (as seen during the Fanya years), but by: Persistent supply tightness Limited new mine development Rising strategic demand, particularly from defence, aerospace, and advanced manufacturing The market tone is best described as tight but orderly. 2. China Policy Is the Dominant Lever China remains the key swing factor in tungsten pricing, but the influence today is policy-driven rather than inventory-driven. Key factors: Export licensing and quota controls on tungsten products Environmental and energy-cost pressures on domestic producers Strategic retention of critical metals, aligned with broader industrial policy Rather than flooding the market, China’s behaviour in 2025–26 has leaned toward controlled supply, which supports higher floor prices. 3. Inventory Levels Are Thin Unlike the 2012–2015 period: Western inventories are low There is no visible overhang equivalent to the Fanya stockpiles Buyers are increasingly working on just-in-time or short-term contracts This makes the market more sensitive to: Temporary supply disruptions Export approval delays Geopolitical or trade-policy shocks 4. Demand Is Shifting from “Industrial” to “Strategic.” Traditional demand drivers (hard metals, tooling, wear-resistant alloys) remain solid, but the growth is coming from: Defence and munitions Aerospace and space applications Energy transition technologies High-performance electronics This matters because strategic buyers are less price-elastic — they prioritise security of supply over marginal price movements. 5. What This Means for New Projects In 2026, tungsten is increasingly viewed as: A strategic metal, not just a cyclical commodity A sector where permitting, jurisdiction, and ESG profile matter as much as grade One where credible non-China supply attracts disproportionate interest Projects with: Simple metallurgy Clear permitting pathways Potential domestic or allied-nation offtake are being assessed through a longer-term strategic lens, not short-cycle commodity pricing. Samso Concluding Comments For those who have been following our coverage of tungsten, you will have seen our multiple posts on this space and realised that the next excitement among the ASX hopefuls is the rush into the tungsten space. The incredible fact is the surge in the price of tungsten in mtu. We have been raising awareness among investors on the potential rise to fame for a long time. In fact, the very first episode of Coffee with Samso was on tungsten, and that was in 2019 (A conversation about Tungsten). What is an MTU? - A Metric Ton Unit is defined as 1% of a metric ton (1,000 kg) and therefore equals 10 kilograms. Tungsten is primarily traded in the form of Ammonium Para Tungstate (APT) or tungsten concentrates, with prices quoted per MTU of tungsten trioxide ( WO3) content. Since that time, the price of tungsten has gone from sub USD $300 per mtu to a mind-boggling USD $1,000 per mtu as we write this blog today on 9th January 2026. The Samsop platform started covering tungsten again in earnest in May 2025, and the price then was in the USD $400 mark. Since that period, it has been an incredible rise to today's price in a very short time frame, and for those companies that are now rushing into this space, the big question is really about where they are going to find a tungsten deposit that can become economical, and this is the main issue that will keep driving the price. This Samso Insight is highlighting this very point, as what I see today is no different from when I was promoting a tungsten project in 2012. The main difference is the influx of exploration projects that seem to be banking on the Trump factor, and the focus is really on US projects. If one looks at what is available for mining, there are really not that many. If this continues to be the case, and we all know that developing a producing mine is something that takes years and in most cases decades. If that is the case, then you will have to think hard about what the sustainable price for tungsten will be if the lead time to relieve the supply crunch is the only way to reduce the surging price, and when that will happen. Figure 6: An article taken from SMM. (source: SMM) The article (Figure 6) from SMM (Shanghai Metals Market) is the perfect way to close this discussion. If you read the heading, it tells of a stable market that is very ordinary. The underlying truth is that the price have surge to a level now that is more than 300% times what it would have been 12 months ago. If there is no obvious relief in supply (assuming there is no Fanya Shadow lurking), what will be the ultimate multiple for the price before it is considered a stable market? Cover photo: Fluorine, scheelite, calcite (Chine), Parent Géry. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Fluorine,_scheelite,_calcite_(Chine).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. 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 diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing and remember, always DYOR. 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. 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.

Washington has set a hard deadline of 1 January 2027. Australian producers are on the right side of it, but only if they can prove where every gram came from. Australian critical minerals producers have been handed their clearest opening yet into the United States defence supply chain, after President Trump signed an executive order closing the loophole that let American contractors keep buying Chinese magnets, tungsten and tantalum. Executive Order 14415, signed on 20 July 2026 and published in the Federal Register three days later, does not create a new ban. It enforces an existing one. US law already bars the defence department from buying certain materials produced in a “covered nation”, a list containing only China, Russia, North Korea and Iran. Australia is not on it. The order is unusually candid about why it was needed. Its opening section states that despite the longstanding prohibition, defence contractors have historically under-prioritised domestic production and resilience. That is an admission that the existing law has not been working. How the escape hatch worked, and how it closes The statute has two release valves. The first lets the Secretary waive the prohibition for a specific end item when a specific covered material of satisfactory quality and quantity cannot be obtained when needed at a reasonable price. Each such waiver runs for a maximum of 36 months. The second is a national security waiver, allowing delivery of an item containing covered material from a covered nation where the Secretary determines in writing that accepting it is necessary to United States national security interests. Contractors have leaned on the first valve heavily, because for most of these materials no tested, approved, available Western alternative existed. Qualifying a new supplier into a defence programme is slow, expensive and thankless work, and when a compliant Chinese supplier sits there at a fraction of the price, nobody volunteers to do it. From 1 January 2027, the order shuts the first valve and narrows the second. Routine non-availability waivers stop. A contractor still wanting one must submit a formal mitigation plan, accepted by the Secretary, that identifies the non-compliant source, documents evidence of exhaustive efforts to find compliant material, describes the steps to remove the non-compliant material from the supply chain, and sets a strict projected timeline for doing so. National security waivers survive, but they now require a request from the Secretary or a service Secretary to the Assistant to the President for National Security Affairs. Routing that decision through the National Security Council is a meaningful change of altitude. A waiver that was previously an acquisition matter becomes a White House matter. The sharpest clause is Section 2(c). A contractor's failure to qualify a domestic source no longer constitutes non-availability, unless that contractor can demonstrate active, adequately funded and ongoing efforts to qualify one. In plain terms, “we couldn't find anyone else” stops being an acceptable answer if you never seriously looked. There is a penalty tail. Where the Secretary determines a contractor has engaged in fraud or deliberately misled the government in its mitigation plan, or has knowingly failed to implement it, the order directs him to exercise all appropriate contractual remedies and permits referral to the Attorney General for investigation and possible prosecution. Section 4(b) is blunter still: failure to qualify an alternative source becomes grounds to suspend or terminate task orders, decline to exercise contract options, and terminate the existing contract. That is the real weapon. Not a fine, but the threat of losing the work. Why 1 January 2027 The date is not arbitrary, and this is the detail most commentary has missed. Legislation passed in 2021 amends the same statute on exactly that day. From 1 January 2027 the department may not enter into a contract for any covered material mined, refined, or separated in a covered nation, rather than only material melted or produced there. The same amendment narrows a widely used carve-out. The exception for commercially available off-the-shelf items currently excludes items that are 50 per cent or more tungsten by weight. From January 2027, that exclusion widens from tungsten to every covered material. So the waiver door and the traceability net move together. A contractor relying on a Chinese input buried three tiers down will find, on the same morning, that the input is more clearly caught, the off-the-shelf shortcut is narrower, and the exemption is gone. Figure 1. The two changes that matter land on the same day. Everything else is process around them. The list is shorter than “critical minerals” suggests The covered materials are narrower than most investors assume. “Critical minerals,” as a phrase, now encompasses roughly 60 commodities. The statute this order enforces does not. As it currently stands, the list is samarium-cobalt magnets, neodymium-iron-boron magnets, tungsten metal powder, tungsten heavy alloy and components containing it, tantalum metals and alloys, and molybdenum. Molybdenum was added in December 2025. Germanium and gallium join on 18 December 2027 under the same legislation. Two of the six current entries are tungsten. One is tantalum. Only two relate to rare earths. That matters for a market that has spent three years treating “critical minerals exposure” as a synonym for rare earths. Figure 2. The statutory list is specific and short. Broad “critical minerals” exposure is not the same as exposure to this order. Australia's Tungsten Paradox Tungsten has the highest melting point of any metal, which is why it goes into armour-piercing rounds, cutting tools and anything that runs hot. China dominates production. Australia ranks second in the world for tungsten resources, according to Geoscience Australia and peer-reviewed assessments of the national inventory, yet supplies only around one per cent of global output. Figure 3. Resource endowment without production capacity. The order raises the value of closing that gap. Tantalum, tungsten or molybdenum produced from recycled material is exempt where the contractor can show the recycled material was produced outside a covered nation and the melting and further processing takes place in the United States or in the country of a qualifying foreign government. Australia appears on the qualifying country list used to implement that concept in United States defence acquisition regulation, alongside Canada, Japan, the United Kingdom and around two dozen others. From 18 December 2027 the same exception extends to gallium and germanium. The practical reading is that Australian downstream processing of recycled tungsten, tantalum and molybdenum sits inside a statutory exemption, not merely outside a prohibition. For a country with substantial tungsten resources and an existing hard-metal recycling industry, that is a specific and under-discussed opening. It would be worth confirming the current qualifying country schedule before building a business case on it, since these lists are amended. Two other exceptions matter less to Australian producers but tell you where the pressure is heading. Off-the-shelf items are exempt, on the narrowing basis described above. Electronic devices are exempt unless the Secretary determines domestic availability of a particular device is critical to national security, and Section 2(f) of the order directs the Secretary to review how that electronics exemption is currently being applied. That is the single largest remaining gap in the regime, and the order has put it under review. Figure 4. Compliant supply is not only a domestic question. Four of the routes that stay open run through allied and US-financed sources The catches Being Australian is not sufficient. Section 3 requires contractors to submit a complete indentured Bill of Materials, tracing every component back to the origin of the raw materials across all supplier tiers. It also requires screening every supplier for foreign ownership, control or influence from a covered nation, defined broadly enough to capture influence that exists but is never exercised. Two consequences follow. First, an Australian mine that ships concentrate to China for separation is not producing compliant material once the January 2027 language bites. The premium attaches to the chain, not the deposit. Second, an ASX-listed company with a substantial Chinese shareholder or offtake counterparty can be caught despite mining in Australia. Registers and offtake books are now due-diligence documents. The clause nobody is discussing Section 6 may be the most commercially significant provision for Australian developers. Nothing in the order impairs acquisition of critical minerals produced by a foreign project financed, guaranteed or insured by the US Export-Import Bank or the Development Finance Corporation, or supported by the US departments of State, War, Commerce or Energy. That is a protected lane, written into the order, for foreign projects carrying United States government money. American financing has stopped being merely cheap capital and become a compliance position. It sits alongside Project Vault, the US Strategic Critical Minerals Reserve announced in February 2026 and backed by an EXIM loan of up to US$10 billion plus roughly US$2 billion in private capital, which the order also carves out. Two reality checks Defence volumes are small. Global magnet demand is dominated by electric vehicles, wind turbines and industrial motors, and defence consumption is a modest share of it. This order creates high-value, low-volume, certification-heavy demand. It does not move the bulk price deck. Any company whose investment case rests primarily on defence demand is selling a story the tonnages will not support. Qualification takes years. Getting a material tested and approved into a specific weapons platform is a multi-year exercise. The order concedes as much: Section 4(c) gives the Secretary 90 days simply to produce a strategy for accelerating testing and qualification, including identifying regulations to rescind. When a policy document has to commission a plan to speed up its own approvals process, that tells you how slow the process is. Revenue from this shift lands well after the announcements. What happens next Implementing guidance is due within 180 days, with a further 90 days for the regulations themselves. Those will matter more than the order, because they settle whether “allied” means “preferred” or merely “permitted”. The preamble commits to sourcing “domestically or from allied nations”, but the operative sections build only a mechanism for removing Chinese material, not a preference for Australian material over American. Two cautions. Defence is a small share of global magnet demand, so this creates high-value, low-volume, certification-heavy business rather than a shift in the bulk price deck. And qualifying a material into a weapons platform takes years, which is why Section 4(c) gives officials 90 days simply to devise a strategy for speeding that up. The opening is real. The revenue is not imminent. FOUR QUESTIONS FOR ANY COMPANY CLAIMING EXPOSURE • Is its output on the covered materials list, directly or through a product it feeds? • Can it document chain of custody from pit to delivered product, and where does the trail go cold? • Does its share register or offtake book create a foreign ownership, control or influence problem? • Is it inside the Section 6 financing perimeter, or should it be? Cover photo: Scheelite; mica, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite;_mica.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 initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try 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 insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Coffee with Samso | Episode 213 | London - UK, Perth - Western Australia. Guest: Oliver Friesen – CEo & Executive Director, Guardian Metals Resources Plc (LON: GMET - OTCAX: GMTLF) Introduction In this episode of Coffee with Samso, I speak with Oliver Frieson, the CEO and Executive Director of Guardian Metals Resources PLC, about one of the most compelling but under-discussed metals in the global supply chain — tungsten. With prices at all-time highs, export bans in place from China, and increasing geopolitical interest, tungsten is now firmly at the centre of the strategic resources conversation. Guardian Metals, listed on the LSE and OTC, is a rare story that began long before the market caught on — positioning itself as a serious player in the US critical minerals space. This Coffee with Samso explores the macro forces driving the tungsten narrative, the market imbalance between China and the West, and Guardian’s role as a key part of the solution. This is a conversation that is highlighted only because the underlying business is not in the headlines. The Business of the Company: Focus – US Tungsten Projects Guardian Metals Resources has two strategic assets: Pilot Mountain, Nevada – One of the largest historical tungsten projects in the US, previously mined during World War II and advanced with a robust ongoing PFS process. Tempuite, Nevada – Formerly the largest producing tungsten mine in the US during the 1980s, now being revitalised with a current drill program and site refurbishment underway. With processing infrastructure already existing in Nevada and strong institutional support, Guardian is aiming to bring both mines into production before the end of the current US administration. Global Tungsten Market – Highlights from the Conversation China Has Weaponised Supply Since Feb 2025, Chinese exports of tungsten have virtually ceased. China continues to import and stockpile tungsten despite being the largest producer — creating a supply/demand distortion. Domestic Chinese prices have exceeded international prices — a counterintuitive signal suggesting internal demand pressures. Western Supply Gap is Real Global tungsten demand: ~100,000–120,000 tonnes/year. Western world mine production: ~10,000 tonnes/year. Net gap outside of China/Russia/North Korea: ~40,000–50,000 tonnes/year. New Equilibrium Price Forming Historically, tungsten projects needed USD $500+/MTU to be viable. Current prices: USD $620–630/MTU with upside momentum. Guardian’s projects were viable even at pre-2020 pricing norms — giving them a competitive advantage in a rising-price environment. Leadership Commentary – Oliver Frieson’s Perspective Oliver brings a unique lens — a geologist by trade, Canadian by background, and now building a US-focused tungsten strategy from London. He shared: Guardian’s five-year journey into tungsten (well before the current hype). Why he believes domestic mine supply is now a national imperative. How Guardian has already received US Department of Defense funding for its Pilot Mountain project. The critical difference between companies "mining the market" and those genuinely positioned to deliver a sellable product. "We’ve spent five years building this position. Now everyone is paying attention, but we were early — and we have the right assets in the right place." About the Projects Pilot Mountain: Located in mining-friendly Nevada. Historical producer during WWII. Ongoing PFS+ study with engineering, metallurgy, geotech, and mine design in progress. Pilot North staked as potential hub-spoke satellite to main project. Tempuite: Previously produced 0.45% WO3 grades – high for tungsten. All infrastructure still on site: mill foundation, substation, office. Currently undergoing resource upgrade drilling. Goal is to bypass scoping and move into DFS-level work. How Samso Understands the Investment Memo for the Company Guardian Metals is a real-time case study in: Early contrarian entry into a critical metal market Operating in one of the only jurisdictions with full processing infrastructure Holding assets with historic production, existing infrastructure, and proven metallurgy Aligning with national strategy: awarded US DoD funding, exploring within strategic minerals legislation In a field crowded with hype, Guardian is already executing. Samso Concluding Comments Guardian’s story is a reminder that real value often comes from being early. From my early experience with the Tungsten story, the current macro picture for tungsten is unprecedented — geopolitical shifts, price surges, and the weaponisation of exports all highlight how exposed the West has become. Guardian’s Nevada projects are ticking the right boxes — grade, infrastructure, timing, jurisdiction. There’s real substance here, and it’s worth keeping a close eye on as both projects move forward. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 02:41 Introduction 03:13 Summary of Oliver Friesen 04:38 Update on the Tungsten Market 08:34 The Rarity Conversation of Tungsten. 15:01 The Conversation about the Economics of the Tungsten market. 22:16 How High Could the Tungsten Price go and What is the Sustainable Price? 28:00 About the Guardian Metals Projects? 31:41 What is the Upside of Guardian? 36:48 What stage are the projects at for Guardian? 41:12 The Guardian share price journey. 42:06 How can Investors be encouraged to take position in Guardian Metals. 46:06 Is the Critical Minerals hype translating to actual work on the ground? 49:05 What other Tungsten projects can work out there? 55:53 What should investors look for to help them guide an Tungsten investment. 59:47 Closing Comments 01:01:23 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. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights 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. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso 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 this Coffee with Samso episode, I went back to Adelaide to sit down with the people who were there when Prominent Hill was found — the discovery that became one of South Australia’s defining IOCG (Iron Oxide Copper-Gold) stories. This is not a corporate recap. It is a first-hand account of what actually happened in the lead-up to discovery, how the target was chosen, what the drillers and geologists saw in the core shed, and why a single drilling decision could have changed everything. The team shared the backstory from the early tenement holders right through to the Uranus prospect becoming the Prominent Hill IOCG deposit— and the reality is simple: discovery is often a chain of decisions, relationships, and technical judgement made under uncertainty. Coffee with Samso | Episode 215 | Adelaide Markets | Adelaide | South Australia The Discovery that Proved Mineral Exploration for Deposits Under Cover. Guest: Derek Carter – Managing Director (later Chair) of Minotaur during the discovery period Tony Belperio (Exploration Lead) – Exploration Manager Barry Van Der Stelt (Contract Geologist) – first recognition of copper Peter Reid (Senior Geologist) – senior geologist involved in the Prominent Hill work 1) Prominent Hill Was Not a “New” Area — It Was a Patiently Reworked Story A key point in the conversation was that the Mount Woods ground had history well before Minotaur. The tenements were originally held by Metals X, who worked the region from the late 1980s onward, focusing on magnetic features and drilling at least one early target. Later, Burmine Limited entered the picture, and then Normandy/Poseidon ran a helicopter-based gravity survey across the area. Burmine Limited (ASX code: BUR1) was an Australian-listed gold and minerals exploration and mining company active in the late 1980s and early-to-mid 1990s. It was primarily focused on Western Australian gold projects, notably operating the Copperhead mine near Bullfinch. This matters because it shows the reality of exploration cycles: ground can be worked, tested, and even partly understood — but still not properly unlocked until the right targeting logic arrives. 2) The Technical Pivot: Magnetics Were Useful, But Gravity Was the Key The story turned when the targeting mindset shifted. Earlier programs were chasing magnetic features — and while they were hitting copper-bearing magnetite breccias, there was a ceiling to the grades being intersected. The breakthrough came when the team could simultaneously interpret magnetics and gravity, and start looking at where these anomalies were offset from each other. The concept was simple but powerful: Magnetic anomaly = something magnetic Gravity anomaly = something dense Offset between the two can be the clue to a different part of the IOCG alteration system This is where the conversation became very “real exploration”: data doesn’t tell you it’s mineralised. It tells you where you should be brave enough to test. 3) 3D Modelling Was a “Game Changer” — And It Was New Back Then One of the most important takeaways was how early this team was in adopting 3D inversion modelling. Today we treat 3D models as routine. Back then, it was cutting-edge. The team explained how the modelling allowed them to rank targets properly, separate those already drilled from those not tested, and better understand the geometry of gravity and magnetic responses. In Samso terms: this was one of those moments where technology didn’t replace geology — it amplified it. 4) “Uranus 1” — The Discovery Hole That Almost Looked Like Nothing The drill hole that changed everything was Uranus 1. Barry Van Der Stelt described the core and is the kind of detail that explorers remember for life: The core was so hematite-rich it was hard to even see textures. The team was washing core just to interpret it. The operation was low-budget — even the core cutting was done on a basic brick saw setup. Then came the moment: blue specks appearing after the core had sat for a couple of days. That blue tarnish was the first real visual signal of copper — and it triggered the call that brought the team running. This was also a reminder that Prominent Hill echoed the Olympic Dam story: sometimes the copper is not obvious until it’s tested, altered, or routinely assayed. 5) The Numbers Were Bigger Than Anyone Expected The team admitted they initially thought they might have something like “30 metres of ~1% copper.” Then assays came back with results that were materially stronger, including: a high-grade copper interval around 4% copper over ~30m, and broader zones around ~1% copper that they simply could not visually recognise in hematite breccia. Later, deeper drilling confirmed additional IOCG-style signatures, including: copper-gold mineralisation and uranium increasing at depth, reinforcing the Olympic Dam-style system interpretation. 6) The Sliding Doors Moment: Drilling the Flank, Not the Core This is one of the most valuable exploration lessons in the episode. After the discovery hole, infill gravity shifted the interpreted peak of the anomaly by several hundred metres. The team realised they had not drilled the very centre. The irony is that drilling into the “peak gravity” later hit barren, intensely altered hematite-silica core, which is now recognised as central IOCG alteration. The team openly discussed the risk: in 2001, if they had drilled the core first and hit barren alteration, they might have walked away. That is a brutal truth about exploration: a discovery can be decided by where you hit a system first. 7) The Business Reality: Minotaur Had Only 19% — But It Was Enough to Reap the benefits of the Prominent Hill IOCG Discovery. One of the most interesting parts of the conversation was the structure. Minotaur’s maximum share of the project was 19%, while the major partner (BHP/Billiton through the merger timeline) held the majority position. Minotaur’s “cost” for that 19% wasn’t cash — it was local geological knowledge and management. The team framed it with a simple idea that still applies today: Better to own a piece of something real than 100% of something you can’t fund. This is a proper junior-to-major alliance lesson, and it explains how big discoveries are sometimes possible in down cycles. 8) Capital Cycles Still Matter The group reminded us that this happened during a period when market attention was elsewhere — the dotcom era, when exploration was not “in fashion.” And yet, the discovery still drove a dramatic market response: strong share price movement, heavily oversubscribed shareholder participation, major legal/accounting work managing scale and compliance. The point wasn’t hype. It was showing how quickly markets can change when geology delivers. What This Episode Really Shows This Coffee with Samso episode is a reminder that discovery requires: Local knowledge (not just imported models) Funding and deal-making (alliances matter) Technical courage (you still have to drill the target) Open-minded thinking (don’t get trapped by one model) A tolerance for failure (because near-misses are common) Prominent Hill wasn’t found because everything was obvious. It was found because the team kept moving forward, making decisions with imperfect data, and backing their judgement. Samso Concluding Comments For me, episodes like this are part of documenting the real value chain of discovery. A lot of people talk about the “next Olympic Dam” like it’s a marketing phrase. This conversation shows what that actually looks like in practice: long lead times, multiple parties, tight budgets, imperfect data, and a team that had the discipline to keep testing. If you want to understand how IOCG discoveries really happen — this is one to watch. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 00:10 Introduction 02:00 Introducing the Team 02:23 Derek Carter introduces the team 02:52 The Beginning 07:42 What was the capital being raised at that time? 08:25 The beginning of the Mt. Woods JV 10:13 Why did Billiton come to minotaur for the JV? 11:09 How was the funding being sourced for the journey? 12:56 The 3D Inversion Concept from Billiton. 14:30 How Uranus was chosen. 14:47 The offset of Gravity and Magnetics Triggered the Discovery Hole. 16:04 The Barren Core 16:45 The Flanks of these anomalies where the goodies are. 17:05 What level of confidence did the team have before the drilling? 18:44 The description of the copper mineralisation at Prominent Hill Discovery hole. 20:41 The sequence of discovery - Timing. 22:36 Realising the Discovery 25:12 A Sliding Door Moment. 26:26 Geochemistry Supporting the Discovery 27:47 The Share Purchase Plan - Share Price Movement 30:13 What percentage did Minotaur have in the JV? 31:38 The Reason why BHP left the JV. 31:59 The BHP Divestment. 34:06 The Oxana Acquisition 34:51 Was the BHP Alliance the Critical Part of the Journey. 35:58 Would the Technology today had helped the Discovery? 36:48 Advice To Aspiring People wanting to make Discoveries - Derek and Tony 38:30 Is the Geological Knowledge Less Important than Marketing Now? 39:50 Advice To Aspiring People wanting to make Discoveries - Barry and Peter 41:59 Should New Ideas be pushed even If the odds are stacked against it. 43:48 Discoveries are made over a long term strategy. 45:11 Is Capital still hard to get ? 45:48 What was the model for Minotaur prior to Discovery? 47:16 The Minotaur JV model 49:42 Toro Energy IPO 51:14 Is there another Olympic Dam ? 51:43 Thanking the Team 52:12 Last Words 53:12 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 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. 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.

Roughly half the world's tungsten lives in skarn: a hard, ugly, calc-silicate rock that forms where a hot granite leans against limestone. Strip away the market noise and this is a story about chemistry at a contact. Here is how it works — in pictures. Samso Insights Research Insights Understanding Tungsten - Part 1 Geology Series WHAT THIS PIECE COVERS 1.00 THE SHORT VERSION A skarn is a chemical handshake between two rocks. 2.00 THE SETTING The recipe in cross-section, and how a tungsten skarn is made. 3.00 TWO PROCESSES, ONE ROCK Baking versus rebuilding, and why geologists keep them separate. 4.00 THE TWO ACTS Prograde then retrograde, and how tungsten moves twice. 5.00 THE FINGERPRINT What a tungsten skarn is made of, besides the tungsten. 6.00 ZONATION Distance from the granite works as a thermometer. 7.00 TWO FLAVOURS Reduced against oxidised, and why the split still matters. 8.00 THE EXPLORER'S TRICK Why scheelite glows under ultraviolet light, and how that finds it. 9.00 KNOW YOUR ORE MINERAL Scheelite in skarns, wolframite in veins, and what each tells you. 10.00 IN PRACTICE, AT HOME The Australian skarn, King Island and beyond. 1.00 — THE SHORT VERSION A skarn is a chemical handshake between two rocks The theory : a rising granitic magma will naturally proceed to a cooling phase as it makes contact against a limestone, leading to the granite exhaling hot, metal-bearing fluid into a rock that is almost pure calcium carbonate (Figure 1). Where the two meet, the limestone is rebuilt into a coarse, dense rock packed with calcium-silicate minerals. That rebuilt rock is the skarn. When the fluid is carrying tungsten, the calcium it strips from the limestone locks the tungsten up as scheelite — calcium tungstate, CaWO₄. The short version of what a skarn is now explained. Just remember that a tungsten skarn needs four ingredients in the same place: a fertile granite, a carbonate host, heat, and a plumbing system to move fluid. Miss one and you get no ore. The diagrams below walk through each of them. Skarn A coarse-grained calc-silicate rock formed by the chemical replacement of carbonate rock (limestone or dolomite) near an igneous intrusion. The ore-grade, fluid-built variety is sometimes called tactite. Scheelite CaWO₄ — calcium tungstate, the dominant tungsten ore mineral in skarns. About 80% WO₃ by weight. Heavy (SG ≈ 6), pale, and famously glows blue under ultraviolet light. 2.00 — THE SETTING The recipe, in cross-section - the creation of a tungsten skarn This is the picture to carry around. A granite pluton rises into a layered sequence of sediments (Figure 1). The heat alone bakes the surrounding rock into hornfels. But where the carbonate layers sit against the granite — and especially where faults give fluid a path — the limestone is chewed out and replaced by skarn. Scheelite concentrates right at that reaction front. Figure 1: The tungsten-skarn system. Heat bakes a metamorphic aureole; fluid from the granite (blue arrows), guided by faults, replaces the carbonate host with calc-silicate skarn (orange). Scheelite concentrates at the reaction front. Schematic by Samso, after standard skarn models (USGS Open-File 02-195; Meinert et al.). Samso take Notice what does the work: it is the carbonate, not the granite, that makes a tungsten skarn. The limestone supplies the calcium that traps tungsten as scheelite. No carbonate at the contact, no skarn — which is exactly why explorers map the marble, not just the granite. 3.00 — TWO PROCESSES, ONE ROCK Baking versus rebuilding Two different things happen near the intrusion, and geologists keep them separate. Contact metamorphism is heat alone — the rock recrystallises but its chemistry barely changes. Metasomatism is the active one — fluid floods in and physically swaps elements in and out of the rock. Ore-grade skarn is built by metasomatism. Figure 2: Heat alone turns limestone into marble (left). Fluid-driven metasomatism rebuilds it into calc-silicate skarn and drops scheelite (right). Schematic by Samso, after Geology Science & ITIA descriptions. 4.00 — THE TWO ACTS Prograde, then retrograde — and tungsten moves twice Skarns build in two acts as the system heats then cools. The hot prograde stage grows anhydrous minerals — garnet and pyroxene — and drops the first, fine scheelite. As the system cools, the wetter retrograde stage overprints it with amphibole, mica and fluorite, and crucially re-dissolves and re-concentrates the scheelite into coarse, high-grade masses. The best ore is usually retrograde. Figure 3: Tungsten precipitates twice. Early prograde scheelite is fine and molybdenum-rich; cooling retrograde fluids re-dissolve it and re-deposit it as the coarse, high-grade ore that mines chase. Schematic by Samso, after Newberry & Einaudi (1981) and Kwak & Tan (1981), King Island. Why does the ore move twice? Because the two processes produce two distinct types of scheelites. The prograde process — characterized by heat and dryness — crystallizes garnet and pyroxene, depositing the first scheelite at the marble front. This scheelite is fine-grained, dispersed throughout the rock, and typically molybdenum-rich, as molybdenum easily integrates into scheelite formed from these early high-temperature fluids. The retrograde process is where the value lies. As the pluton cools and the fluid becomes water-rich and more acidic, hydrous minerals such as amphibole, mica, epidote, and fluorite overprint the anhydrous framework. The initial scheelite that isn't trapped within garnet dissolves and re-precipitates as coarse, molybdenum-poor masses, usually accompanied by sulfides. The USGS skarn model clearly states: early scheelite near the marble front is generally remobilized and redeposited in coarse-grained, high-grade masses within the zones of hydrous alteration. Three factors make retrograde ore highly desirable, all of which are commercial. Grade where the richest tungsten is typically found with the hydrous, retrograde minerals. In the Processing stage, the coarse scheelite separates cleanly and can be recovered through inexpensive gravity separation, whereas the fine prograde scheelite is the sub-10-micron material that eludes gravity (the issue addressed in Part 2). The third factor is quality. The molybdenum, which was a disadvantage in the early scheelite, is removed during remobilization, resulting in cleaner retrograde scheelite. THE KILBA TELL You can read the retrograde signature straight off the metallurgy. Research is showing that the Kilba deposit (ASX: TGN) — a skarn / calc-silicate system against the Kilba granite in WA's Ashburton carries its tungsten as coarse-grained scheelite that responds to conventional gravity separation, and 2015 testwork produced an extremely high-grade concentrate. Coarse, gravity-recoverable and high-grade is the fingerprint of retrograde-remobilised ore: Kilba sits at the good-ore end of the curve above. The same story, across Australia The model is played out in the Australian deposits. The textbook case is the King Island (Dolphin) mine, where a classic 1981 study traced the exact sequence . The early Mo-rich scheelite with garnet and pyroxene, then coarse Mo-poor scheelite and molybdenite during the retrograde overprint. Read Table 1 below as a context map for what "prograde, then retrograde" means on the Australian project. Table 1: Australian tungsten deposits with Prograde and Retrograde examples. that Sources: Kwak & Tan (1981), Economic Geology 76(2), King Island (Dolphin); USGS skarn model (OF 02-195); JORC resource/reserve figures from company disclosures — Tungsten Mining NL (Kilba, Mt Mulgine, Big Hill, Watershed), Group 6 Metals (Dolphin), Venture Minerals (Mount Lindsay), EQ Resources (Mt Carbine). The Mt Mulgine molybdenum interpretation is Samso's, built on the reported Mo grades. Deposit (ASX) Where Style Resource & grade The prograde → retrograde tell King Island / Dolphin (G6M) King Island, TAS Scheelite skarn (Grassy Granite) Dolphin ~3.0 Mt @ 0.73% WO₃ (probable reserve) Kwak & Tan (1981) traced early Mo-rich scheelite with garnet–pyroxene, then coarse Mo-poor scheelite + molybdenite in the retrograde overprint — the model deposit. Mt Mulgine (TGN) Murchison, WA Porphyry / vein-stockwork W–Mo (greenstone) ~72.2 Mt @ 0.18% WO₃ (~186–220 ppm Mo) The molybdenum credit is the prograde-scheelite signature; large, lower-grade disseminated system. Kilba Ashburton, WA Skarn / calc-silicate 7.2 Mt @ 0.19% WO₃ Coarse, gravity-amenable, very high-grade concentrate — the retrograde end. Big Hill Pilbara, WA Scheelite (calc-silicate) ~11.5 Mt @ 0.15% WO₃ Same skarn-style scheelite. Mount Lindsay (CRI) NW Tasmania Sn–W magnetite skarn ~45 Mt @ 0.2% Sn, 0.1% WO₃ Polymetallic skarn with the same prograde (magnetite-garnet-pyroxene) → retrograde architecture. Watershed (TGN) ~130 km N of Cairns, QLD Calc-silicate-hosted scheelite TGN development project Another calc-silicate / skarn-style scheelite system. Mt Carbine (EQR) Far North QLD Wolframite in quartz veins (greisen) Australia's primary W producer The counter-example — a vein / greisen deposit, not a skarn, so it does NOT follow the prograde → retrograde model. 5.00 — THE FINGERPRINT What a tungsten skarn is made of A skarn announces itself by its minerals apart from the tungsten minerals that we have discussed such as scheelite (Figure 5) and wolframite. The diagnostic pair is garnet plus pyroxene and in tungsten skarns garnet usually dominates. Add the retrograde overprint and a few accessories, and you have the assemblage a geologist logs at the drill rig (Figure 4). Figure 4: The skarn assemblage. Anhydrous garnet and pyroxene form first; a hydrous retrograde overprint carries the high-grade scheelite and the sulphides. Compiled by Samso from USGS, mindat.org and Meinert skarn classifications. Those legend entries aren't abstractions — name a line and a famous deposit shows it. China's Shizhuyuan (Hunan), a world-class W–Sn–Bi–Mo–F skarn, carries exactly the prograde set: garnet, pyroxene, vesuvianite and wollastonite, with scheelite and bismuthinite between the grains. Its ore, though, sits mostly in the retrograde overprint of fluorite, epidote, amphibole and magnetite. Korea's giant Sangdong deposit is the textbook in miniature — you can walk from an outer, low-grade pyroxene–garnet zone, through an amphibole–biotite zone, into a quartz–mica core where the grade is highest. Both say what Part 1's curve does: the rich ore tracks the hydrous, retrograde minerals. Figure 5: Scheelite, the orange-brown pseudo-octahedral crystals, on muscovite. Its high density (SG ≈ 6) is a field giveaway. Specimen located from Mt Xuebaoding, Pingwu County, Mianyang Prefecture, Sichuan Province, China. (Source: Wikimedia Commons ) The garnet-versus-pyroxene balance also flags the skarn's "flavour" (section 7.00). Garnet-dominant, andradite-rich systems like Shizhuyuan are oxidised and tend to carry more molybdenum in their scheelite; pyroxene-dominant, hedenbergite-and-pyrrhotite systems like Canada's Cantung and Mactung are reduced, and their highest grades again sit in the retrograde amphibole and biotite facies. The minerals you log are already telling you the deposit type, the molybdenum penalty, and where the best ore should be. Named deposits that show the fingerprint A spread of well-studied tungsten skarns — two from China, three from elsewhere — and the assemblages that define them: Table 2: Sources: Shizhuyuan — Lu et al. (2003, Economic Geology 98(5)); Yang/Newberry Shizhuyuan studies; Xianglushan — comparative scheelite geochemistry, Shizhuyuan vs Xianglushan (oxidising vs reducing fluids). Sangdong — Almonty Korea project geology; Seo et al. genetic model (prograde wollastonite–garnet–clinopyroxene → pyroxene–garnet; retrograde amphibole–biotite → quartz–mica). Cantung / Mactung — Elongo et al. (2020) and CanTung E-Zone studies (reduced grossular–hedenbergite–pyrrhotite; highest grade in hydrous retrograde facies). King Island — Kwak & Tan (1981). Framework: Newberry & Einaudi (1981); USGS OF 02-195. Deposit (country) Skarn type Prograde assemblage Retrograde / ore assemblage The tell Shizhuyuan (Hunan, China) Oxidised, garnet-rich (W–Sn–Bi–Mo–F) Garnet · pyroxene · vesuvianite · wollastonite (+ interstitial fluorite, scheelite, bismuthinite) Fluorite · epidote · amphibole · chlorite · magnetite + scheelite, wolframite, molybdenite Ore mostly in the retrograde skarn; higher-Mo scheelite from oxidising fluids. Xianglushan (Jiangxi, China) Reduced-type W skarn Garnet–pyroxene skarn + layered sulphide–scheelite Scheelite (lower-Mo), sulphides The reduced counterpart to Shizhuyuan — cleaner, lower-Mo scheelite. Sangdong (South Korea) Zoned giant W(–Mo) skarn Wollastonite–garnet–clinopyroxene → pyroxene–garnet (outer, low grade) Amphibole–biotite → quartz–mica core (highest grade); scheelite >95% of W, minor wolframite, molybdenite Grade climbs inward with the hydrous overprint (~0.3% → ~3% WO₃). Cantung / Mactung (Canada) Reduced (high-grade) Grossular garnet + hedenbergite pyroxene (+ abundant pyrrhotite) Amphibole + biotite skarn (highest grade); scheelite tracks pyrrhotite; chalcopyrite, bismuth Textbook reduced W skarn — ore in the hydrous retrograde facies. King Island / Dolphin (Australia) Garnet–pyroxene skarn (Grassy Granite) Garnet · pyroxene hornfels; early Mo-rich scheelite Coarse Mo-poor scheelite + molybdenite (retrograde amphibole) The Kwak & Tan (1981) model deposit (also in §4.00). 6.00 — ZONATION Distance from the granite is a thermometer Walk away from the pluton and the skarn changes in an orderly way, because the fluid cools as it travels. At King Island's Dolphin mine, scheelite-bearing fluids ran at roughly 500°C at the granite contact and cooled to about 300°C some 500 m out. Garnet sits proximal (andradite-rich nearest the contact), pyroxene takes over distally, and the richest ore tends to sit near the marble front where the chemistry tips over. Figure 6: Skarn zonation. Proximal garnet gives way to distal pyroxene and finally marble; the high-grade scheelite clusters near the reaction front. Temperatures from the King Island (Dolphin) study. After Kwak & Tan (1981), Economic Geology, King Island (Dolphin) zoning study. 7.00 — TWO FLAVOURS Reduced versus oxidised — and why it matters In 1981 Newberry and Einaudi split tungsten skarns into two families, and the split still frames how geologists think. Reduced skarns form deeper, in carbon-bearing host rocks, with hedenbergite-rich (ferrous) mineralogy and often higher grade. Oxidised skarns form shallower, in hematite-bearing hosts, with andradite-rich (ferric) mineralogy. The distinction predicts grade, by-products and metallurgy. Figure 7: The reduced/oxidised division of Newberry & Einaudi (1981), based on host-rock chemistry, iron oxidation state and depth. It is shorthand for what grade and metallurgy to expect. After Newberry & Einaudi (1981), via the EarthSci / USGS skarn literature. 7.50 — The Mo tell: molybdenum writes the conditions into the crystal Section 7 sorted skarns into reduced and oxidised by the company they keep. But there is a finer signal hiding inside the scheelite — its molybdenum content — and it records the fluid one pulse at a time. Here is the catch that trips people up, and it looks at first like it contradicts the table above. The reduced/oxidised split tells you whether a system carries molybdenum — and reduced tungsten skarns very often are W–Mo deposits. But whether that molybdenum ends up locked inside the scheelite is a different question, and the answer runs almost the opposite way. Molybdenum only slips into the scheelite lattice — substituting for tungsten — when the fluid is oxidising enough to carry it as Mo⁶⁺. Turn the fluid reducing and the molybdenum walks off to build its own mineral, molybdenite, leaving the scheelite clean. So a high-Mo scheelite is the fingerprint of an oxidising pulse, not a reduced one. Figure 7.5: Where molybdenum goes. Oxidising fluids load Mo⁶⁺ into the scheelite lattice; reducing fluids divert it into molybdenite and leave the scheelite low-Mo. The same deposit can record both as it cools — at Yaogangxian the molybdenum in scheelite falls roughly an order of magnitude from the early oxidising stage to the late reducing one, and both generations are ore. Schematic by Samso, after Hsu (1977) and Li et al. (2023), Ore Geology Reviews. You can watch this play out inside a single orebody. At Yaogangxian in South China, the early retrograde scheelite grew from an oxidising fluid and carries around 1,800 ppm molybdenum (Figure 7.5). The later sulphide-stage scheelite — grown as the system cooled and turned reducing, with pyrrhotite everywhere — carries roughly 240 ppm. Same deposit, same granite, an order of magnitude less Mo in the crystal, purely because the redox shifted. And crucially, both generations are ore. The redox state changed the flavour of the scheelite without ever stopping it forming — which is the quiet lesson that oxygen state is not the master switch on whether tungsten drops out, just on what comes with it. Samso take This is where the geology reaches the bank. Molybdenum in scheelite is a penalty element in a tungsten concentrate — APT buyers want it low — so an oxidised, high-Mo orebody forces a choice: strip the Mo out, or sell it as a molybdenite credit. Western Australia's Mt Mulgine is the local case in point: its scheelite carries molybdenum, which is exactly why the flowsheet there is built to pull two products rather than one. Read the Mo number in the rock and you are reading a processing-and-pricing decision that is fixed long before the plant is designed. So is lattice Mo a bad thing for getting the tungsten out? It depends entirely on the form, and this is the crux. Molybdenum sitting as its own mineral, which is molybdenite is the easy case. Molybdenite floats off cleanly in processing and can even be sold separately. Molybdenum dissolved into the scheelite lattice is the hard case. Because it is built into the crystal, no amount of gravity, magnetic or flotation work can reject it — it rides with the tungsten straight into the concentrate. It does not lower how much tungsten you recover, but it contaminates the concentrate with a penalty element, forcing an extra chemical step downstream: the Mo dissolves alongside the tungsten during alkaline digestion and then has to be precipitated back out as a sulphide to reach APT specification. So a high-Mo scheelite is genuinely the awkward one — you carry a de-molybdenisation cost you cannot avoid with physics, and because the Mo is dispersed in the lattice rather than present as discrete molybdenite, you cannot bank it as a by-product credit either. The severity tracks the grade: a few hundred ppm is usually manageable, while a properly powellitic (Mo-rich) scheelite becomes a real concentrate problem. 8.00 — THE EXPLORER'S TRICK Why scheelite glows — and how it gets found Scheelite has a gift for explorers: under short-wave ultraviolet light it fluoresces a bright sky-blue. Swap some tungsten for molybdenum and the glow shifts toward cream-yellow — so the colour itself hints at composition. Geologists have mapped skarns at night with UV lamps for a century, and the trick still re-opens old mines by lighting up ore left in the walls. Figure 8: The same rock, two lights. Pure scheelite glows blue under short-wave UV; molybdenum shifts it to yellow. This single property turns a UV torch into a tungsten exploration tool. Schematic by Samso; fluorescence behaviour per Wikipedia (Scheelite), mindat.org and Geology.com. In my previous life working on a tungsten project in New Zealand, the identification of scheelite was indeed a sight to see (Figure 8.5). In my opinion, the Kirwan Hill project still remains one of the untapped tungsten occurrences that could be a game changer if the project was worked on in 2026. Figure 8.5: A scheelite core sample form the Kirwan Hill Tungsten Project, New Zealand. The sample shows scheelite in brecciated unit and occurs as coarse grains as well as in a disseminated form. Samso take Fluorescence is not a party trick — it is a low-cost mapping vector. A handheld UV lamp run over outcrop, drill core or mine walls converts an invisible problem into a visible one. For a small-cap explorer, that is meaningful: cheap nighttime traverses can rank targets before a single expensive metre is drilled. 9.00 — KNOW YOUR ORE MINERAL Scheelite (skarns) vs wolframite (veins) Tungsten comes in two ore minerals, and which one you have tells you a lot about the deposit. Skarns and their carbonate-bound calcium overwhelmingly carry scheelite. The other major ore, wolframite, belongs more to granite-hosted veins and greisens. They look, behave and process differently. Figure 9: The two tungsten ore minerals. Scheelite dominates skarns and gives up its calcium-tungstate identity under UV; dark wolframite belongs to the vein/greisen world. Compiled by Samso from ITIA, mindat.org and mineralexpert.org. The main importance for investors is to understand that Wolframite is the Fe cousin of Scheelite who is a Calcium variant. Discovering these tungsten minerals separately is ok, however, if they are associated in the same ore body, it will create issues in the processing part of the business. Wolframite will be magnetic and as thee ore bodies are commonly associated with magnetic minerals, the separation using a magnetic separator will be hampered. These are some aspects that investors need to keep in mind. IN part 2 of the Understanding Tungsten series, we will introduce the issues for Scheelite as the calcium variant of a tungsten mineral. 10.00 — IN PRACTICE, AT HOME The Australian skarn: King Island and beyond Australia's exemplary tungsten skarn is Dolphin, located at Grassy on King Island. It features scheelite in garnet-pyroxene skarn surrounding the Devonian-Carboniferous Grassy Granite, discovered in the early 1900s and intermittently mined for a century. It exemplifies the classic characteristics: carbonate host, granite contact, fault control, and retrograde high-grade ore. In Western Australia, Mt Mulgine (Tungsten Mining NL, ASX: TGN) contains scheelite with molybdenum, highlighting that the predicted Mo content in the geology becomes a significant factor in processing and pricing downstream. Figure 10: Selected Australian tungsten settings. Skarn-hosted scheelite (Dolphin, Mt Mulgine) contrasts with vein/greisen wolframite (Mt Carbine). Positions indicative only. Compiled by Samso from Group 6 Metals, Tungsten Mining NL and Geoscience Australia disclosures. But Dolphin is neither the biggest nor the only Australian skarn. The country's largest tungsten resource is O'Callaghans (Greatland Resources, ASX: GGP), about 10 km south of Telfer in WA — a flat-lying polymetallic skarn where scheelite- and wolframite-bearing amphibole–pyroxene–garnet rock replaces limestone above the reduced O'Callaghans granite. Its December 2025 resource is ~70 Mt at 0.35% WO₃ with copper, zinc and lead by-products, and the proposed flowsheet is pure Part 2: flotation for the base metals, then magnetic separation and gravity to recover the tungsten. Two more wear the classic fingerprint. Kilba (TGN, Ashburton WA) is scheelite in skarn / calc-silicate against the Kilba granite — and, as section 4 noted, its coarse, gravity-amenable scheelite is a textbook retrograde signature. Molyhil (Thor Mining, ASX: THR), 220 km north-east of Alice Springs, is a scheelite–molybdenite–magnetite skarn — a small but genuine W–Mo skarn that wears its molybdenum on its sleeve. Is Watershed a skarn? Not quite — and that's the point The most useful example is the awkward one. Watershed (TGN, 130 km north of Cairns) sits in the Hodgkinson Formation — a pile of deformed metasediments (conglomerate, psammite, slate), not a clean limestone. It carries genuine skarn minerals (garnet, clinopyroxene, actinolite), so the rock is calc-silicate / skarn-altered; but the scheelite was largely emplaced in shear-controlled veins and then upgraded during later metamorphism. The published work describes it as a "metamorphic tungsten upgrade after a magmatic-hydrothermal event" — a hybrid that sits between a contact skarn and a metamorphic / vein deposit. Its resource is large and low-grade (~49–70 Mt at ~0.11–0.14% WO₃). Cookes Creek is a similar matter of degree. It isn't a single named skarn but a granite-and-workings cluster in WA's Gascoyne; the defined resource on its margin — Big Hill (~11.5 Mt at 0.15% WO₃) is vein-hosted scheelite within a tremolite-rich calc-silicate unit: skarn-affiliated, but vein-controlled rather than a classic replacement body. So I would call this a hybrid and not a yes/no in regards to being a skarn deposit. Table 3: Australian Tungsten Deposits nd their relationship to being a skarn mineralisation. Sources: O'Callaghans — Greatland Resources (ASX: GGP) December 2025 Mineral Resource (~70 Mt @ 0.35% WO₃) and Newcrest skarn geology; Dolphin — Group 6 Metals / Kwak & Tan (1981); Kilba, Big Hill, Watershed, Mt Mulgine — Tungsten Mining NL disclosures; Molyhil — Thor Mining (ASX: THR) / NT Geological Survey; Mount Lindsay — Venture Minerals (ASX: VMS); Mt Carbine — EQ Resources (ASX: EQR). Watershed geology — Hodgkinson Formation / Mossman Orogen studies (the deposit is described as a metamorphic tungsten upgrade of a Carboniferous magmatic-hydrothermal system). Deposit (owner) Setting Skarn? O'Callaghans (Greatland, GGP) Polymetallic W–Cu–Zn–Pb replacement of limestone above the O'Callaghans granite, Telfer WA ✓ Classic skarn — largest in Australia Dolphin / King Island (G6M) Scheelite in garnet–pyroxene skarn at the Grassy Granite contact, TAS ✓ Classic skarn Kilba Scheelite in skarn / calc-silicate against the Kilba granite, Ashburton WA ✓ Skarn / calc-silicate Molyhil (Guardian Metals) Scheelite–molybdenite–magnetite skarn, Aileron Province NT ✓ Skarn (W–Mo) Mount Lindsay (Critica Limited) Sn–W magnetite skarn, NW Tasmania ✓ Skarn (Sn–W) Watershed (TGN) Scheelite in calc-silicate / skarn-altered metasediments + shear veins, Hodgkinson Fm, FNQ ~ Skarn-altered — not a classic carbonate skarn Big Hill / Cookes Creek Vein scheelite in a tremolite-rich calc-silicate unit on the Cookes Creek granite margin, WA ~ Calc-silicate-hosted, vein-controlled Mt Mulgine (TGN) Porphyry / vein-stockwork W–Mo in greenstone + greisen, Murchison WA ✗ Not a skarn (porphyry / vein) Mt Carbine (EQR) Wolframite in quartz veins / greisen, Far North QLD ✗ Not a skarn (vein / greisen) — SAMSO CONCLUDING COMMENTS The geology is the moat Like all mineral deposits, when it comes to classificating a deposit style type to define deposits as occurring the same way, I find that no single deposits ever sits in the same framework that an institution demands. My experience has shown me that a broad framework of conditions will work but when a discussion starts, everything seems to just falls apart and the final conclusion always seem to fall back to individuality rather than a group classification. Hence if we strip a tungsten skarn back and it is almost elegant in a Type case of a skarn tungsten deposit. It is a granite heat source, source rock, that breathes fluid into a limestone, the limestone gives up its calcium, and tungsten is locked away as scheelite at the reaction front. I think for reader, it is away to remember all the factors we have discussed in this Samso Insight, but I would not hold these points as a hard and fast rule to understanding skarn tungsten deposits. Everything an investor cares about downstream, grade, by-product molybdenum, how hard the ore is to process, whether a UV torch can cheaply find more is written into that geological setup before any mining decision is made. That is the reason Samso keeps coming back to the rocks and the process that creates the minerals and hence, the metal abundances. In a critical-minerals cycle full of noise, the contact between a granite and a carbonate is one of the few things that does not move with the headlines. Understand the skarn, and the tungsten story stops being a ticker and starts being a deposit. References & sources U.S. Geological Survey — Environmental Geochemistry of Skarn and Polymetallic Deposits, Open-File Report 02-195 (Chapter H). Skarn classification and W-skarn behaviour. Newberry, R.J. & Einaudi, M.T. (1981) — reduced vs oxidised tungsten skarn division; summarised in the EarthSci.org / USGS skarn literature. Meinert, L.D. et al. — World skarn deposits classification (resource split ~48% skarn). Via tungsten beneficiation review literature. Kwak, T.A.P. & Tan, T.H. (1981) — "The geochemistry of zoning in skarn minerals at the King Island (Dolphin) Mine," Economic Geology 76(2): 468–497. Bowman, J.R. et al. (1985) — CanTung E-Zone scheelite skarn isotope study, Economic Geology 80(7): 1872–1895. Geology Science — "Skarn deposits" overview; "Scheelite: properties, formation, occurrence." Wikipedia — Scheelite (CaWO₄, fluorescence, occurrence); cross-checked with Britannica and mindat.org (min-3560). Group 6 Metals Limited (ASX: G6M) — Dolphin Tungsten Project overview & exploration pages. Mineral Resources Tasmania — King Island geology documents; Callaghan (Resource & Exploration Geology) Dolphin/Bold Head report. International Tungsten Industry Association (ITIA); mineralexpert.org — scheelite vs wolframite mineralogy & WO₃ contents. Tungsten Mining NL (ASX: TGN) — Mt Mulgine (scheelite + molybdenum) disclosures. Hsu, L.C. (1977) — “Effects of oxygen and sulfur fugacities on the scheelite–tungstenite and powellite–molybdenite stability relations,” Economic Geology 72: 664–670. Li, W.-S., Ni, P., Pan, J.-Y., et al. (2023) — “The genetic association between vein and skarn type tungsten mineralization in the Yaogangxian tungsten deposit, South China,” Ore Geology Reviews 159: 105544 (open access, CC BY-NC-ND). Cover photo: Skarn (tactite) (GeoDIL number - 511), Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Skarn_(tactite)_(GeoDIL_number_-_511).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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. 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Samso Insights | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Tungsten, the metal. Prior to a few months ago, the word "tungsten" would have been foreign to most people, and I dare say that the majority of investors on the ASX would struggle to understand its significance or prospectivity, even now in September 2025. There is definitely no argument that it is one of those commodities that rarely makes headlines, yet it quietly underpins some of the most critical sectors of the global economy. As I read the tea leaves today in 2025, the strategic importance of tungsten is unparalleled, and the scarcity of the metal, along with its dominance by a single nation, China, which has been discussed for a decade, is now at potentially critical levels. The issue has finally reared its head, and the solution is not easily found nor easily implemented. There is going to be a lot of pain, and before any market volatility can be calmed. The tungsten space has had very little movement since the early 2010s, leading to a lack of opportunities for investors to get a position because there simply has not been any positive news. The intriguing part of the tungsten space is that not only has there been not much news on the positive pricing trends, but there is also a lack of understanding of what makes the industry tick, from the geological and the technical requirements to gain favour from the capital market. The good news is that I think there is now movement in both the pricing, which is now at all time high, and for ASX investors, there is a AUD $3.78M market cap company with what I think compares very well with giant deposits like The Sisson project in Canada. Terra Uranium Limited (ASX: T92) has acquired an interesting project in New South Wales, Australia, which I think could make shareholders of the company some good returns in the coming future. The historical data reminds me of the time that I was working in the Tungsten sector and it compares very well with the Watershed project in Queensland and the Sisson project in British Columbia, Canada. For this Samso Insight, I am going to make a direct comparison to the Sisson project as I feel that this is the market leader, it will be the nearest tungsten project to be in production that has all the hallmarks for being a long life economical tungsten mine. What Is Driving the Lack of Tungsten? A major problem with the Tungsten Supply issue, similar to the challenges faced in the REE conflict that the "West" is striving to overcome or at least gain progress in, is the severely limited tungsten mining and processing capabilities outside of China. Figure 1: Location of the Sangdong and Boguty Tungsten Mine (Almonty and www1.hkexnews.hk) Projects like the Sangdong Tungsten Mine and Kazakhstan’s Boguty mine (Figure 1) contribute minimally relative to global demand. Processing bottlenecks and underdeveloped beneficiation infrastructure further hinder diversification. Investors looking for a play in this space are continuously playing a losing game. My experience in this commodity space began in 2012, and I will say that I have not seen one winning project. The list I have of projects is all losers, which reflects the technical deficiencies and the lack of market support via price and capital funding for such projects. The Price Factor One of the biggest factors that has plagued the success of tungsten projects has been the price of Ammonium Paratungstate (APT). The APT price has always been used to measure the market, and that has not had a good run until now. For those interested, Samso published an in-depth look into the tungsten industry in May 2025, "Tungsten: The Quiet Giant – Market Trends and Investment Pathways," where we first discussed the rising tungsten pricing to levels in the USD400+ mtu. As you can see in Figure 2 below, that is now at $USD 520/mtu. Figure 2: Price of Tungsten products and the Tungsten price trend as of 18th August 2025 in RMB. (source: www.ctia.com.cn) Once you accept that the pricing is now at an all-time high, then let's consider factors such as the irreplaceable nature of tungsten from military applications and aerospace engineering to everyday tools and electronics. What obscures the sexiness of tungsten from the everyday investor is that, unlike gold or copper, the tungsten story is less about glamour and more about geopolitics, supply chains, and the reality of doing business in a market dominated by China. Figure 3: Uses of Tungsten (source: samaterials.com) Understanding the business of tungsten is not just about geology—it is about strategy, economics, and a resource that has become central to the conversation on critical minerals. Tungsten Is Not just Another Metal Tungsten is not just another industrial metal—it is a strategic asset, and its price is taking off like a rocket (Figure 2). Its unmatched hardness, density, and resistance to heat make it indispensable in sectors ranging from defense and aerospace to energy and high-tech manufacturing (Figure 3). Yet despite this demand, investment opportunities outside China remain extremely limited, placing a premium on any project with the scale and economics to enter production. The fact that the scarcity is amplified by the ongoing geopolitical tension between the West and China may bring some question as to the durability of the price rise, but when you start to understand the economical geology nature of tungsten in terms of the economic geology. With China controlling nearly 80% of global tungsten supply, Western governments are acutely aware of their vulnerability to supply shocks. The result is a growing push to diversify supply chains, secure critical minerals through domestic or allied sources, and back projects that can shift the balance of dependence. For investors, the tungsten sector is no longer just a resource play—it is becoming a frontline in the broader strategic competition between East and West. The Geological Reasons why Tungsten is going to have a Supply Crunch. The other factor that the capital market ignores is that to find and develop an economical tungsten deposit is very hard. Firstly, the nature of tungsten geology is that it does not occur as an economical scenario every time you have tungsten mineralisation. If you look at the global types of economical deposits, they are the low-grade and large tonnage style mines. To add complications, there are the byproducts, and some have items such as radioactive minerals (commonly in small quantities that are enough to spook investors and the potential metallurgical issues), and if you throw ESG issues, that will be the nail in the coffin scenario. The other geological influence is the presence of by-products that require extra processing, creating cost implications that negatively reflect the outcome of the economical equation. The Sisson project is Molybdenum-Tungsten, and 15 years ago, when Molybdenum was not worth a lot, that held back Sisson as a good project. Today, when Molybdenum is in a shortage and pricing is finally buoyant, there is now a boost in energy for the Sisson story. Figure 4: The Sisson partnership that is driving the fortune of the Sisson Tungsten and Molybdenum Mine. (source: The Sisson Partnership). This is pretty much all the drivers controlling the tungsten story. For all the critical minerals that are talked about in the media, it seems that Tungsten may be the first of the ranks that is in reality mode now. Path To Understanding the Tungsten Story. To understand the Tungsten Story and what makes a sustainable and economical Tungsten Story, one must first look at the metal and the global examples. Personally, my thoughts are that there are two examples that are in front of my mind in terms of a potential economical project, that I know well enough to say, and that are the Sisson and Watershed projects. To keep things simple, I have chosen the Sisson project to discuss here. True to the Samso platform, I will try an compare the Terra Uranium Limited (ASX: T92) recent acquisition of the Tungsten-Molybdenum project in New South Wales, Australia, to give ASX investors something to think about from a small capitalisation entry to the tungsten story. Looking at the ASX release (Terra Uranium to Acquire Largest Tungsten Project in NSW), I am reminded of my days looking at tungsten projects, and there are hallmarks of a potential to become a world-class concept. A recent ASX release with some rock chips is giving some good indications that mineralisation does exist (Deepwater Rock-Chips 3% Tin, 13.7% Tungsten & 6% Molybdenum). This region is renowned for IRGS (Intrusion Related Gold Systems) and tin, tungsten, molybdenum and potentially lithium. It's just the ideal geological environment to find the later-stage metal deposition from the incompatible suite of elements on the periodic table. So let's get into the main part of this Samso Insights with the following chapters to help navigate the details of this Samso Insight. Why is Tungsten Unique? The Sisson Project Project Background & Infrastructure History & Current Status History Current Stage Economic & Development Highlights Recent Developments & Funding Technical Details: Resources, Mining & Processing Mineral Reserves and Resource Estimates Mining & Processing Plan Processing The Terra Uranium Project The Acquisition at a Glance Exploration and Development Potential A Multi-Phase Hydrothermal System Evidence from Historical Drilling Metallurgical Evidence – Unlocking Value Why Geology Matters for Investors Geological Comparisons – Henderson-Style Potential Why is Tungsten Unique? One of the key properties of tungsten is that it is one of the densest metals, but contrary to popular thinking, it’s not the very densest. Here’s the breakdown: Tungsten (W): Density ~ 19.25 g/cm³ Osmium (Os): Density ~ 22.59 g/cm³ → the densest naturally occurring element. Iridium (Ir): Density ~ 22.56 g/cm³ → almost as dense as osmium. Platinum (Pt): ~21.45 g/cm³. Gold (Au): ~19.32 g/cm³ (slightly denser than tungsten). So tungsten is extremely dense (comparable to gold), but osmium and iridium are denser. What makes tungsten unique is that, while it isn’t the absolute densest, it combines very high density with the highest melting point of any metal (3,422 °C), which is why it’s so valuable for industrial and defense applications. 1. Highest Melting Point of Any Metal 3,422 °C (6,192 °F) — higher than any other pure metal. Enables use in applications exposed to extreme heat (rocket nozzles, turbine blades, plasma torches, light bulb filaments). 2. Very High Density 19.25 g/cm³ — comparable to gold and almost twice as dense as lead. This density makes it ideal for kinetic penetrators, armour-piercing ammunition, counterweights, and ballast in aerospace. 3. Exceptional Hardness & Strength In carbide form (tungsten carbide), it’s one of the hardest known substances (≈9 on Mohs scale). Critical for cutting tools, drilling bits, and wear-resistant machinery. 4. Resistance to Thermal Expansion Very low coefficient of thermal expansion. Maintains dimensional stability under rapid heating/cooling cycles → key for high-precision equipment. 5. High Tensile Strength at Elevated Temperatures Retains strength even when red-hot. Used in applications where other metals would soften (e.g., aerospace components, furnace elements). 6. Chemical Stability Highly resistant to corrosion and oxidation. Useful in harsh industrial and chemical environments. The Sisson Project (source: The Sisson partnership) Field technicians at Northcliff’s Sisson tungsten-molybdenum project in central New Brunswick. (source: Canadian Mining Journal - Credit: Northcliff Resources) The Sisson Partnership is dedicated to developing the Sisson Project, a modern, long-life open-pit mine for tungsten and molybdenum, situated on Crown land in central New Brunswick, about 100 km northwest of Fredericton (Figure 5). It emphasizes responsible and ethical mining, with a focus on sustainability and respect for local communities and the environment, aiming to become a North American leader in the production of these critical minerals. (Source: The Sisson Partnership) Figure 5: Location of the Sisson Project in Canada. (source: The Sisson Partnership). Project Background & Infrastructure. (source: The Sisson partnership) The project site is well-served by existing infrastructure—roads, highways, railways, power lines, deep-sea ports, and water supplies—helping to reduce development costs. Initial mineralization was discovered in 1978, with extensive drilling and resource evaluation completed by 2012. A positive Feasibility Study was finalized in January 2013, outlining a 27‑year mine life supported by open‑pit mining and onsite processing, including an ammonium paratungstate plant. History & Current Status. (source: The Sisson partnership) History Discovery: 1978 by Kidd Creek; drilling extended into 2009 under Geodex. Northcliff acquired 70 % in 2010, and the remaining 30 % by mid‑2012; Todd Minerals (a sub of Todd Corporation) invested around C$14 million to gain an 11.5 % stake, with Northcliff (88.5 %) as operator. Positive Feasibility Study completed in January 2013, affirming a long-life, open-pit development. Current Stage Northcliff is working to update feasibility, complete engineering, secure financing, and finalize offtake agreements before advancing to a construction decision. Economic & Development Highlights. According to the 2013 Feasibility Study: Construction phase: ~500 jobs. Permanent operations: ~300 jobs. Estimated capital expenditure: C$579 million. Estimated pre‑tax Net Present Value (NPV, at 8% discount): C$714 million. Internal Rate of Return (IRR): 20.4%. Payback period: ~4.1 years. Recent Developments & Funding (source: The Sisson partnership) US Funding: In May 2025, the U.S. Department of Defense awarded USD $15 million (approx. C$20.7 million) under the Defense Production Act to support the project’s pre-construction phase. Canadian Funding: In August 2025, Natural Resources Canada granted C$8.21 million for updating the feasibility study and basic engineering as part of its Global Partnerships Initiative, complementing the U.S. contribution. The combined C$29 million in bilateral funding underlines Canada and the U.S.'s commitment to securing the supply of these critical minerals, reinforcing North American competitiveness and supply chain resilience. As of mid‑2025, Northcliff has invested around C$70 million to date in studies, environmental approvals, and development activities. Timeline to Construction: The CEO of Northcliff, Andrew Ing, has suggested that with these investments, the project is nearing a construction decision, and that actual mining (i.e., digging) might begin in roughly five years, though past figures may no longer reflect updated capital cost estimates. Technical Details: Resources, Mining & Processing (source: The Sisson partnership) Mineral Reserves and Resource Estimates The project is estimated to host 334 million tonnes of proven and probable ore, grading approximately 0.066 % tungsten trioxide (WO₃) and 0.021 % molybdenum, containing roughly 22.2 million metric tonne units (mtu) of WO₃ and 154.8 million pounds of molybdenum (Figure 6 and Table 1). Figure 6: Sisson deposit geology and mineralisation. (source: Northcliff Resources) Geological setting: Hosted in structurally controlled zones (I, II, III, and Ellipse) adjacent to the Howard Peak Granodiorite. Mineralization is within narrow, northwest-trending quartz-sulphide veins (scheelite for tungsten, molybdenite for molybdenum). Table 1: Sisson deposit Mineral Resource. (source: NorthCliff Resources) Mining & Processing Plan Mining: Scheduled as a conventional open-pit operation using truck-and-shovel methods, targeting a daily mining rate of around 30,000 dry metric tonnes per day. Processing Crushing, grinding, and flotation to produce separate tungsten and molybdenum concentrates at an on-site plant. Unique to Canada, the project includes an Ammonium Paratungstate (APT) plant, using alkali pressure leach technology. Annual production projections include 557,000 mtu of APT and 4.1 million pounds of molybdenum concentrate. The Terra Uranium Project - A Tungsten and Molybdenum Gift. Terra Uranium Limited (ASX: T92) has taken a decisive step beyond its uranium focus, announcing the acquisition of Dundee Resources Pty Ltd, which holds an undeveloped tungsten–molybdenum project in New South Wales (Figure 7). The move comes as tungsten prices surge to 12-year highs—above USD $450/MTU—driven by rising demand across military, aerospace, and advanced technology sectors. Figure 7: Tenement location plan for the Terra Uranium Limited new project. (source: Terra Uranium). The project is located in the highlands of New South Wales and has a strong history of tin mining and strong mineralising history of molybdenum, and is a well-sought-after place for prospectors hunting for sapphires and semi-precious stones. The Acquisition at a Glance The agreement secures Terra Uranium's 100% ownership of Exploration Licence EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects. Among these, Glen Eden stands out as a significant mineral system hosting tungsten, molybdenum, tin, and bismuth. Previous drilling has shown consistent mineralisation with intervals such as: 282m @ 0.28% WO₃ equivalent from 7m (0.11% MoS2, 0.02% SnO2 and 0.08% WO3) 235m @ 0.25% WO₃ equivalent from 15m (0.10% MoS2, 09.03% SnO2 and 0.06% WO3) 392m @ 0.14% WO₃ equivalent from 3m (0.06% MoS2, 0.01% SnO2 and 0.025% WO3) Notably, metallurgical test work conducted by Amoco in 1981 demonstrated strong recoveries—66% tungsten, 58% tin, and 86% molybdenum—indicating the potential to generate saleable concentrates. Exploration and Development Potential Glen Eden is defined by a 500m-wide greisen breccia and stockwork complex hosted in rhyolitic volcanics. The mineralised system remains open at depth beyond 385m, and geological modelling suggests similarities to deep-seated molybdenum–tungsten deposits such as Henderson in the U.S. A JORC-endorsed Exploration Target estimates between 20–30Mt grading 0.18–0.29% WO₃ equivalent to depths of 100–150m. While conceptual at this stage, Terra Uranium has confirmed plans to launch a drilling campaign aimed at converting this target into a JORC-compliant resource within the next two years. Historical soil sampling has created a large footprint of potential mineralisation in the main area (Figure 8). Figure 8: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited). A Multi-Phase Hydrothermal System The project area is dominated by a hydrothermally altered rhyolitic volcanic sequence, mapped over an area of approximately 1,500 metres by 800 metres. Within this alteration halo sits a 500-metre-wide central greisen and breccia complex, which forms the core of the mineralised system. Geologists have identified three distinct phases of mineralisation: Phase 1 – Hydrothermal Alteration Early alteration halos consisting of sericitic, phyllic, and potassic assemblages. This broad zoning indicates the system was driven by a substantial intrusive body at depth, which remains unexposed at surface. Phase 2 – Greisen and Vein Development An irregular greisen breccia and stockwork zone developed within the rhyolitics. Mineralisation here includes molybdenite (MoS₂), wolframite (WO₃), cassiterite (SnO₂), and bismuth minerals, pointing to a polymetallic system with multiple saleable commodities. Phase 3 – Overprinting Brecciation Later structural events created more intense veining, brecciation, and stockwork zones. These overprint earlier mineralisation, effectively recharging and enriching the system. This multi-phase history is significant because it indicates the system has been reactivated and re-mineralised multiple times, increasing the probability of high-grade shoots at depth. Evidence from Historical Drilling Past explorers, including Carpentaria Exploration (1960s) and Amoco Minerals (1980s), drilled to depths of nearly 400 metres. Mineralisation remained open at depth in all directions, suggesting the system extends much further than tested (Figure 9). Some key intercepts include: 282m @ 0.28% WO₃ equivalent from 7m (GENSW80-1) 235m @ 0.25% WO₃ equivalent from 15m (GENSW80-2) 392m @ 0.14% WO₃ equivalent from 3m (GENSW81-5) Notably, these were not narrow, high-grade veins but broad, bulk-minable zones, consistent with the potential for a large tonnage system. Figure 9: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited). Metallurgical Evidence – Unlocking Value Historical test work on Glen Eden ore has already demonstrated promising metallurgical recovery rates: 66% tungsten recovery 58% tin recovery 86% molybdenum recovery These results show that not only is the mineralisation significant in scale, but it also has the potential to produce marketable concentrates, strengthening the commercial case for development. Why Geology Matters for Investors From an investor’s perspective, Glen Eden represents more than just another exploration play. Its geology suggests: Large-scale system – with alteration halos, breccia pipes, and stockworks supporting a bulk-mining model. Polymetallic upside – tungsten, molybdenum, tin, silver, and bismuth offer multiple revenue streams. Exploration potential – mineralisation remains open at depth, with modelling pointing to deeper, high-grade zones. Critical mineral leverage – tungsten and molybdenum are both classified as critical minerals, giving the project strategic importance. In short, the geology of Glen Eden provides the foundations for a project that could evolve into one of Australia’s most important non-ferrous critical mineral deposits. Geological Comparisons – Henderson-Style Potential Geochemical signatures and alteration patterns suggest Glen Eden may share similarities with Henderson (USA), one of the world’s largest molybdenum–tungsten deposits. Like Henderson, Glen Eden exhibits: Multi-phase breccia and greisen development Persistent molybdenite and wolframite mineralisation Open mineralisation at depth, indicating potential high-grade shells This geological model underpins the JORC-endorsed Exploration Target of 20–30Mt grading 0.18–0.29% WO₃ equivalent to depths of 100–150 metres. The Other Notable Tungsten Projects Hemerdon Tungsten Project: Geology and Resource: (Figure 10) Ore Reserves: ~101.2 million tonnes grading 0.14% tungsten (WO₃) and 0.03% tin (Sn). Mineral Resources: ~351.5 million tonnes at 0.12% tungsten and 0.03% tin. Figure 10: Hemerdon Site layout. (source: Tungsten West). Sangdong Tungsten Project: Geology and Resource. Proven and probable reserves: around 7.9 million tonnes with grade ~0.45% WO₃. Measured & indicated resources: approximately 8 million tonnes at ~0.49% WO₃; inferred resources total ~52.8 million tonnes at ~0.44% WO₃. These figures place Sangdong (Figure 11) among the largest high-grade tungsten deposits in the world. Figure 11: Sangdong Tungsten Mine in South Korea. (source: Wikipedia). Nui Phao Tungsten Project: Geology and Resource. (Figure 12) Ore Reserves: Estimates range from ~55 million tonnes to 66 million tonnes of ore, with average WO₃ (tungsten trioxide) grades of 0.21%. It’s recognized as one of the largest tungsten deposits outside China, featuring a polymetallic composition including fluorspar, bismuth, and copper. Figure 12: Sangdong Tungsten Mine in South Korea. (source: Wikipedia). Samso Concluding Comments The tungsten narrative is typically flying under the radar, and I am really surprised at how low-key this is compared to the Antimony hype, which seems to be taking a journey of greater excitement since it started 12 months or so ago. Even the recent rush for the clay rare earths is making more waves than Tungsten, which is at its APT price at an all-time high (Figure 2). The APT price at USD520/mtu is a lot higher than in 2012, when it was hovering in the USD420/mtu range. When I had the conversation with Oliver Friesen a few months ago, we were talking about a potential price that was around the USD 460/mtu, so you can imagine my surprise when I saw that while researching for this Samso Insight. Tungsten has long since been what I call a dark metal, meaning that the demand vs. supply narrative is shrouded in mystery. It is very hard to visualise the real market. When you look at the global demand and then you look at what is outside of China, you will start to see why it is so hard to visualise where the supply can come from. If my thoughts are correct that there are few economical tungsten projects outside China, then the scarcity issue is in Defcon 1 critical status. The Market Leaders In The Last Tungsten Boom. In 2012, there was talk of the Hemerdon (Drakelands) tungsten‑tin project, Sangdong and Nui Phao Mine coming on stream. At that time, the Sangdong mine was the most talked about, as there were some comments that Warren Buffett was backing it. These three projects were the most advanced, and they were all going to feed into the supply of tungsten. What happened in reality was that Nui Phao was the only one that produced, but it never reached its potential. At that time, as I said, these projects were the market leaders, and they were going to be the superstars of the "Western" tungsten production world (Figure 13). The fact that in 2025, we are only seeing small production figures coming out from Nui Phao and an APT price in the USD 520/mtu levels should be giving investors and shareholders of tungsten projects hugs of excitement. Where is the new production going to come from, and could the tungsten price be setting its new base level? Figure 13: M&I resource tonnes and WO3 grade of major world projects. The Dolphin project is located on King Island in Australia. Nui Phao is in in Đại Từ District, Thái Nguyên Province, northern Vietnam—around 80 km from Hanoi. The Drakelands deposit is about 7 miles northeast of Plymouth, near Plympton in Devon, England. The Sisson project is in NorthEast Canada. (source: QuotedData) Could the new pricing levels be the catalyst for capital to start seeking projects such as Glen Eden? Could the market situation give the small-cap company with a market capitalisation of less than AUD $5M the edge it needs? All these questions should be asked, and the market will have to get itself familiar with the real, critical nature of tungsten. There just isn't enough tungsten to bring out from the ground now. So what does that mean for the end-users? Real Companies That Will Feel The Supply Crunch. What does it mean for companies that make bullets and ammunition, including global defence conglomerates like BAE Systems, General Dynamics Corporation, and Northrop Grumman Corporation, as well as specialized ammunition manufacturers such as Ammo Inc., Hornady, NIOA, Remington Arms, Sellier & Bellot, and Winchester Repeating Arms Company? What about the major airplane manufacturers, including Boeing and Airbus, for large commercial aircraft, while Lockheed Martin and Northrop Grumman focus on military aircraft? Other key players include Embraer and Bombardier for regional jets, Textron Aviation (which owns Cessna and Beechcraft) for general aviation, and emerging companies like COMAC from China and Mitsubishi from Japan. Where are they going to find their tungsten for their production? The issue is that there are just no other projects that you can go and dig some up now. Like all mineral projects, it is a long-term proposition and the capital markets may be just waking up to something that has a real supply issue, unlike lithium, REE, Copper...etc. To date, the Hemerdon and the Sangdong projects have not produced any tungsten, and as far as I am able to find out, Nui Phao is struggling with production targets. In summary, the so-called Western projects have been a complete failure. With the APT price at the USD520/mtu levels, could this be real evidence for the revitalisation of the tungsten industry? Will the market fall and repeat the last boom-bust cycle? According to Oliver Freisen, the supply crunch is real. He mentioned that even Boeing is worried. In support of his comments, the price in China is rising and coupled with reports that China is again a net importer of tungsten concentrate, one would be assured that Oliver's words could be ringing true. What does it mean if this is a real supply crunch? Well, if you look at the current projects, there are not many that I would say will make the all-important economical milestone. The Spanish and Portuguese projects may get up, but historically, they have had issues. The last time around, I was told that the "government" and "pseudo-government" bodies were moving goal posts. There were too many issues with deals and counter-deals for access and approvals. In my opinion, looking at the Chinese deposits, they were all low-grade and high tonnage mines. This is supported by my conversations with the Chinese geological consultants. So if this is the path, that puts out a lot of projects like Los Santos, Barruecopardo, Borralha and Vila Verde and Panasqueira. Figure 14: Tungsten Reserve comparison with what I call the Portuguese and Spanish Tungsten projects. (source: Group 6 Metals Limited) The high-grade Dolphin Tungsten Mine (Australia) has had its second failure recently, and that may be a sign of what can work and what cannot work. The diagram below, Figure 14. It is a great depiction of the smaller end of town that I don't think will be able to be a functional economical proposition. I may be wrong, but I am sure that in time, I should be proven correct. History does not lie; once uneconomical, mining projects never become instantly (without an upgrade or a material change to the geology or resource) economical with a rising metal price. The cost follows the same gradient of the curve. Bridging the Supply Deficient Gap. What does this mean for the industry to bridge the gap? Well, these were projects such as Glen Eden, in my humble opinion, that come into their own. What little information is available is mixed with the understanding that the geological environment is suited for this kind of mineralisation. There is a good chance that Glen Eden will become something like a Sisson. Sisson is characterised by its association with Tungsten and Molybdenum, and the early results at Glen Eden are showing just that from its historical work. One of the great wonders of geology is that although each deposit is different in its structure, the fundamentals of the geology that created the mineralisation are similar. If you have the same cooking mechanics and you are getting similar fruits, the likelihood of a similar style is in place. The big question is the magnitude. Comparing Sisson and Glen Eden I have specifically chosen to compare Sisson with Glen Eden because of the similar style, and Glen Eden is outcropping, which will make the mining proposition more economical from this point of view. I believe that the next Tungsten mine will be Sisson, and with time, this will be a significant player with the backing of the US government. Figure 15: Molybdenum price chart since 2016. (source: Daily Metal Price). What Sisson and potentially Glen Eden will have, which was a liability in the past but is now potentially an added value that the other project doesn't have, is the presence of Molybdenum. As you can see in Figure 15, the slow rise of Molybdenum to its 2009 high is now within reach. The critical nature of Molybdenum is high on the list as well, and this will be something that both Sisson and Glen Eden will have that could make the project more economical. As far as critical mineral projects go, I think the Tungsten space can be considered a polymetallic heaven. Glen Eden shows great potential for creating newsflow that could make it a global significance. The three drilling intercepts below are what sparked my interest in Glen Eden. 282m @ 0.11% MoS2, 0.02% SnO2 and 0.08% WO3. 235m @ 0.10% MoS2, 09.03% SnO2 and 0.06% WO3 from 15m. 392m @ 0.06% MoS2, 0.01% SnO2 and 0.025% WO3 from 3m. Whenever you have that level of drill intercepts, it indicates some serious cooking mechanism in place. What the company needs to do now is to get onto the ground and start making more sense of the geology and develop what could be a globally significant tungsten-molybdenum deposit. Don't get me wrong, Glen Eden is going to take a while before it becomes anywhere being considered a mining proposition, but for the shareholders, that value creation will bring them good rewards as they establish firstly a resource and then its viability as an economical mining deposit. Cover photo: Molybdenite (GeoDIL number - 1068), Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Molybdenite_(GeoDIL_number_-_1068).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Behind every mineral, there’s a deeper story of timing, strategy, and market context. At Samso, we dig past the surface to understand what really moves the needle. Do the research. Ask the right questions. That’s how value is found. 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. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and 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.

The company is advancing the Glen Eden Tungsten Project in New South Wales, where historical drilling has outlined a large polymetallic system containing tungsten, molybdenum, tin and bismuth. Terra Critical Minerals Limited (ASX: T92) is moving closer to modern drilling at its Glen Eden Project in New South Wales. The project's historical exploration has outlined a broad tungsten-molybdenum-tin-bismuth mineralised system carrying an Exploration Target of 20–30 million tonnes at 0.18–0.29% WO₃ equivalent. Meanwhile, the latest development here is the receipt of full land-access approval across the project, but the more important investment story is what that access may now allow Terra to test. Glen Eden contains an approximately 500-metre-diameter greisen, stockwork and breccia complex within a much broader hydrothermal alteration system measuring approximately 1,500 metres by 800 metres. Historical drilling has returned mineralised intervals extending for hundreds of metres, while the existing Exploration Target has been defined to only around 100–150 metres depth (Figure 1). Figure 1: Glen Eden Project Overview Map with drilling and soil geochemistry (Source: ASX Announcement) That combination of scale, historical drilling and relatively shallow definition is what makes Glen Eden interesting. The question now is whether modern drilling can validate that historical picture and begin converting it into a contemporary JORC Mineral Resource. Key Highlights Glen Eden hosts an Exploration Target of 20–30Mt at 0.18–0.29% WO₃ equivalent. The Exploration Target is currently defined to only approximately 100–150 metres depth. Historical drilling includes: 282m at 0.28% WO₃ equivalent from 7m; 235m at 0.25% WO₃ equivalent from 15m; and 392m at 0.14% WO₃ equivalent from 3m. The mineralised core is approximately 500m in diameter. The broader hydrothermal alteration system extends approximately 1,500m by 800m. Historical drilling has reached approximately 395m vertical depth. Terra says the interpreted mineralised system remains open at depth and that deeper parts of the system remain largely untested. The Exploration Target also contains an average 121ppm bismuth, which is not included in the tungsten-equivalent calculation. Full land-access approval has now been secured, allowing Terra to progress towards a modern drilling program once remaining environmental, heritage and statutory requirements are completed. What Is Glen Eden? Glen Eden sits within Terra's New England critical and precious metals portfolio in New South Wales (Figure 2). The project is characterised by a large hydrothermal system developed within rhyolitic volcanic rocks. Terra describes an initial alteration zone extending approximately 1,500m by 800m. Within this sits an irregular approximately 500m-diameter core complex comprising veining and greisen breccias, which has subsequently been overprinted by more intense stockwork and greisen brecciation. This is important because Glen Eden is not being presented as a collection of narrow isolated tungsten veins. The geological model is of a much broader intrusive-related mineralising system. Beyond the central greisen complex, Terra reports a wider alteration halo containing sericitic, phyllic and potassic alteration, which the company considers indicative of a potentially large mineralised system. The intrusive source itself has not been exposed at surface and, according to Terra, has not been intersected by historical diamond drilling. Historical 3D modelling undertaken by Amoco in 1981 proposed that deeper, untested parts of the system may contain a larger molybdenum-tungsten style deposit. That historical interpretation is not a modern resource model, but it does give Terra a clear geological concept to test. Figure 2: Location of T92 New England Projects and nearby deposits (Source: ASX Announcement) The Historical Drilling Is Hard to Ignore The part of Glen Eden that stands out most strongly is the width of some of the historical mineralised intervals. Terra highlights: GENSW80-13: 282m at 0.28% WO₃ equivalent from 7m. GENSW80-24: 235m at 0.25% WO₃ equivalent from 15m. GENSW81-55: 392m at 0.14% WO₃ equivalent from 3m. For an exploration project, those widths immediately raise questions about the scale and geometry of the mineralised system. They should not, however, be confused with a Mineral Resource. The intersections are historical and the project has not yet undergone the modern drilling required to establish the continuity, geometry and grade distribution needed for a contemporary resource estimate. But they provide Terra with something many early-stage explorers do not have: a substantial body of drilling already indicating that mineralisation exists over considerable widths. Historical exploration between 1963 and 2006 comprised 18 holes through the core zone for a total of 3,388 metres, with the deepest hole reaching approximately 395m vertically. The task for Terra is therefore not simply to discover whether Glen Eden is mineralised. It is to determine what the historical work means when tested using modern exploration standards. A 20–30Mt Exploration Target — But Only Near Surface The existing Exploration Target is perhaps the most important part of the Glen Eden story. Terra reports: 20–30Mt at 0.05–0.08% WO₃, 0.02–0.04% SnO₂ and 0.07–0.10% MoS₂, corresponding to approximately 0.18–0.29% WO₃ equivalent. The company has also identified an average 121ppm bismuth within the same target, with bismuth excluded from the metal-equivalent calculation. What makes the target particularly interesting is its depth constraint. It has been calculated to only approximately 100–150 metres depth. Yet historical drilling extends substantially deeper, reaching approximately 395m vertically, and Terra says the interpreted mineralised system remains open at depth. That creates what may ultimately become one of the key exploration questions at Glen Eden: Is the current Exploration Target describing only the shallow expression of a materially larger mineralised system? There is not yet enough modern exploration to answer that. But that is precisely why drilling matters. Figure 3: Glen Eden Project Overview Map with Historical drilling (Source:: ASX Announcement) What the Cross-Section Shows for Terra Critical Minerals The project cross-section presented in Figure 3 gives some visual context to the Glen Eden story. It shows historical drill holes distributed across approximately 500 metres of the interpreted core zone, with a number of holes extending through broad interpreted zones of alteration and mineralisation. Significantly, the diagram also marks the mineralised system as open beneath the historical drilling. The accompanying plan view shows tungsten and molybdenum soil geochemistry distributed around the approximately 500m core target zone and helps demonstrate that Terra is dealing with a substantial geological footprint rather than a single discrete occurrence. For investors looking at exploration projects, these figures help explain why modern drilling is likely to be the defining next step. Tungsten Is Only Part of the Mineral System Although Glen Eden is increasingly being positioned as a tungsten project, the mineralisation is polymetallic. The Exploration Target contains tungsten, tin and molybdenum, together with identified bismuth. That diversity is geologically consistent with the intrusive-related greisen system Terra is targeting. It also means that understanding Glen Eden will eventually require more than simply reporting tungsten grades. The value of the project, should exploration prove successful, will ultimately depend on the distribution, recovery and potential economic contribution of the different metals within the system. At this stage, however, it remains too early to assign economic value to those components. The immediate requirement is geological definition. Modern Drilling Is the Real Test Terra's next major objective is to drill the existing Exploration Target and begin generating the modern dataset needed to assess a pathway towards a maiden JORC Mineral Resource. The company states that drilling will proceed once site access and remaining statutory approvals are completed. The land-access announcement therefore matters because it brings that drilling closer. In the June quarterly, Terra had specifically identified Glen Eden land access, permitting and drill planning as current activities, with finalising access and approvals and confirming the drilling program identified as the next milestone. The latest announcement shows tangible progress against that stated plan. However, the important event for Glen Eden will not ultimately be the access agreement. It will be the drill results that follow. What Investors Need to Remember There is a significant distinction between an Exploration Target and a Mineral Resource. Terra explicitly states that the potential quantity and grade of the Glen Eden Exploration Target are conceptual in nature. Insufficient modern exploration has been completed to estimate a Mineral Resource, and there is no certainty that the planned infill drilling will ultimately result in one. That qualification should remain front and centre. The appeal of Glen Eden is not that Terra already has a 20–30Mt resource. It does not. The appeal is that Terra has inherited a substantial historical dataset indicating a large mineralised footprint, unusually broad historical intersections and an Exploration Target defined over only a comparatively shallow part of the interpreted system. The company now has to prove what that historical work is worth. Samso Concluding Comments Glen Eden is becoming a much more interesting project than simply a tungsten exploration story built around an access announcement. The land-access approval is useful because it advances the project towards drilling, but the real story sits in the geology. There is an approximately 500m-diameter mineralised core, a broader 1.5km by 800m hydrothermal system, historical drilling measured in hundreds of metres and a 20–30Mt Exploration Target currently confined to the upper 100–150 metres. That is enough geological evidence to make modern drilling meaningful. What I find most interesting is the mismatch between the shallow depth of the existing Exploration Target and the substantially deeper interpreted mineralised system. Historical drilling has already reached around 395 metres vertically, yet Terra's target has been constrained to only 100–150 metres. That leaves an obvious question about what sits beneath it. At this point, it would be easy to get carried away with the historical widths. The right approach is to recognise them for what they are: evidence that Terra has something substantial to investigate, but not yet proof of an economic deposit. That distinction is important. The next drilling program needs to establish continuity, confirm grades using modern methods, improve the geological model and determine whether Glen Eden can progress from a conceptual Exploration Target into a JORC Mineral Resource. If Terra can do that, the conversation around Glen Eden changes substantially. Until then, this is an exploration story — but it is one with enough historical evidence and geological scale to warrant attention. Market Implications Terra Critical Minerals has a market capitalisation of just under AUD $8M, and they are sitting on what could be a "workable" tungsten story. The land access question has held me back in making commentary, but now that is completed, this is going to be a story that could make waves. Figure 4 The share price chart for Terra Critical Minerals Limited as of the 24th August 2026. (source: Commsec) For those who have been following the Samso journey, you will know well that I have been calling tungsten as the real critical story. My past experience with this commodity goes back to 2011 when I was involved in the Kirwan Tungsten project in the South Island of New Zealand. The geology of Glen Eden is very similar to Kirwan, and I feel that the potential size of Eden could be the one that makes Terra Critical stand out when the work on the geological side begins. I am a recent shareholder of the company because land access is the first of many important steps for the company. It goes without saying that land access is the most critical, as it allows boots on the ground. For those that have followed the tungsten story, there is not many companies that have a market capitalisation of AUD 8M and hold what, in my opinion, is the most exciting tungsten project on the ASX. Our recent Understanding Tungsten series is a must-read for those wanting to know my enthusiasm for Glen Eden. There are Part 2 and Part 3, which will complete the understanding of why having the right type of tungsten project is very important (see below). Part 1: Part 2: Part 3: Cover photo: Scheelite 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite_1.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 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. 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Announcements: Maiden 20Mt Bauxite 2012 JORC MRE over Cardea 2 Investor Presentation Massive 168Mt Bauxite 2012 JORC MRE – Clarification From Clarification to Confirmation: Building a Bauxite-Driven Foundation Western Yilgarn Limited (ASX: WYX) has recently reinforced its standing in the Western Australian bauxite landscape with a significant update to its Mineral Resource base. Following a clarification to the ASX on 5 March 2025, the Company has confirmed a massive 168.3Mt Inferred Mineral Resource Estimate (MRE) under the 2012 JORC Code for its Julimar West Bauxite Project. Just days later, on 17 June 2025, Western Yilgarn announced an additional 20Mt bauxite resource from the Cardea 2 Project, pushing its total JORC-compliant bauxite inventory to 188Mt. This sequence of updates positions Western Yilgarn as an emerging participant in the high-grade bauxite market, capitalising on its landholding within the Darling Range—a region globally recognised for its high-quality gibbsite-rich deposits (Figure 1). Figure 1: Location Map showing the Julimar West Project area with nearby major infrastructure (source: WYX) Key Highlights from the Julimar West Bauxite Project (E70/5111) (Figure 2) Inferred MRE (JORC 2012): o 168.3Mt @ 36.1% Al₂O₃ and 14.7% total SiO₂ using a ≥25% Al₂O₃ cut-off o 97.1Mt @ 40.5% Al₂O₃ and 11.3% total SiO₂ using a ≥35% Al₂O₃ cut-off Geometry & Location (Figure 1): o Covers a contiguous 348km² area along a 49km strike o Mineralisation from surface to 8m depth across seven defined zones Metallurgical Advantage: o Predominantly gibbsitic bauxite—ideal for low-temperature Bayer process o Low reactive silica (<5%), favourable for Direct Shipping Ore (DSO) export Figure 2: Julimar West MRE (source: WYX) With a robust dataset comprising 5,765 drillholes over 32,405m and previous metallurgical test work confirming DSO potential, the Company is moving toward drill approvals across four defined growth zones within the tenement. The Cardea 2 Project: Strategic Add-On Resource (E70/6702) (Figure 3) Maiden Inferred MRE (JORC 2012): o 20Mt @ 32.1% Total Al₂O₃ and 26.3% Total SiO₂ using a ≥25% Al₂O₃ cut-off o 2.15Mt @ 35.7% Available Al₂O₃ and 2.8% Reactive SiO₂ using a ≥25% Available Al₂O₃ cut-off Project Footprint: o 2.8km strike, averaging 1.3km width o Mineralisation extends from surface to 5.5m vertical depth Strategic Advantage: o Located just 16.5km southeast of Julimar West o Proximal to Perth and key port/logistics corridors Figure 3: Location Map showing the Cardea 2 Projects area with nearby major infrastructure (source: WYX) The Company plans to advance metallurgical bomb digest testing across Cardea 2 to enhance conversion rates of Total Al₂O₃ to Available Al₂O₃. This could further derisk the DSO pathway for this asset. Supporting Metrics and Capital Position ASX Code: WYX Share Price (29 April 2025): $0.034 Market Capitalisation (5 March 2025): $4.6 million Cash Position (as at 31 December 2024): $670,000 Shares on Issue: 123,809,548 Options on Issue: 80.6 million Weighted Average Exercise Price: $0.13 Expiry Dates: Between April 2025 and November 2027 Top 20 Shareholders Hold: 57.71% of issued capital Major Shareholders: Oceanic Capital Pty Ltd, St Barnibas Investments Pty Ltd & Payzone Pty Ltd – 24.97% Mr Glen Goulds – 5.9% Alladrenalin Pty Ltd – 3.7% The company is guided by an experienced Board, including Peter Lewis (Chairman), Pedro Kastellorizos (Non-Executive Director), and others with deep domain expertise. WYX Share Price Trends: A Closer Look The current share chart for Western Yilgarn (ASX: WYX) shows the stock trading at $0.025, with fluctuations between $0.021 and $0.048 over the past six months (Figure 4). The price has softened slightly since early May, though volume spikes in April and June suggest renewed market interest. Figure 4: WYX Share Price Chart as on 17 June 2025 (source: ASX) Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos commented: “We are extremely pleased with the outcomes of our Bauxite Resource Estimations at the Cardea 2 Project. The result confirms strong scalability and significant potential to increase tonnage through further exploration. Importantly, the current resource is located within trucking distance of a multi-user railway - an advantage that comes at a time of record alumina and bauxite prices”. “The Cardea 2 Bauxite Project, together with our extensive Julimar West Bauxite Project, represents a compelling opportunity to deliver shareholder value, create jobs in local communities, and establish Western Yilgarn as a new, independent, and e supplier of high-quality bauxite. Our technical team is confident that the bauxite deposits offer substantial upside potential, with room for further resource growth towards the western portion of the Exploration Licence. Planning is already underway for the next phase of drilling across untested zones within the Cardea 2 and Julimar West areas, aimed at expanding the current mineralised footprint.” Samso’s Review: Prospectivity, Location, and Next Steps Western Yilgarn's prime strategy is now to establish a resource base before transitioning into feasibility and potentially development phases. The proximity of Julimar West and Cardea 2 to existing infrastructure and their metallurgical compatibility with low-energy refining processes add logistical and economic value. Exploration remains key to Western Yilgarn’s next steps. The untested areas—particularly Zones 1 to 4 at Julimar West and the western side of Cardea 2—highlight the potential for resource expansion. Moreover, the Company's engagement with metallurgical testing and planning for regulatory approvals reflects a realistic and incremental growth approach. Samso Concluding Comments From the perspective of a developing resource narrative, there’s no overstatement here—it’s early days for Western Yilgarn. However, their 188Mt bauxite resource puts them in the right place, both geologically and strategically. The updates confirm that work is being done, targets are growing, and the data is shaping a clear direction forward. At a market cap of under $5 million, the Company’s resource base may raise eyebrows in the context of current bauxite demand outlooks, especially with China's and the Middle East’s hunger for DSO-grade material. The cash position is modest, and there lies some of the challenges. For those looking for the negatives or not yet positives, I see the land access and the cash position. In my opinion, I don't see the ability to attract funding as an issue for the market. Bauxite is a good product, and it does look like Western Yilgarn has the goods. I suspect it will be down to whether the majority shareholders want to dilute themselves, as it's only a sub-AUD $5M market capitalisation. Land access will be the one that will take time. It can happen very fast or very slow, so this game is all about patience, and Who Dares Waits ultimately will be the winner. Samso will be watching closely for the metallurgical testing outcomes and exploration activity across the Julimar and Cardea corridors. Investors should take the time to understand the geology, the regional infrastructure, and the scale of the opportunity. It’s still a developing story, but Western Yilgarn’s groundwork is increasingly difficult to ignore. For a AUD $5M market capitalisation company, this is something one should seriously contemplate DYOR. It's a bauxite-bulk tonnage Julimar waiting to happen. As always, I encourage investors to do the work — read the technical, track the drilling updates, and watch how the next 6–12 months unfold. There’s no rush to conclusions here. But there’s a story worth following. The Samso Way - Seek the Research Western Yilgarn’s unfolding story is a good example of why investors should always dig deeper than the headline. At Samso, we focus on the why behind every update — not just what was said, but what it could mean. With decades of industry insight behind us, we aim to make sense of the details that often get overlooked. We ask the questions that others don’t, because in our experience, those are the questions that help investors make better decisions. It’s not about hype — it’s about perspective. 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. Cover photo: Bauxite - Bauxite, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Bauxite_(GeoDIL_number_-_156).jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Land Access Agreement Signed at Julimar West Bauxite Project – 20 January 2026 (view the announcement) Today's Samso News is all about the execution of a land access agreement for Western Yilgarn to begin what could be the building of a large-scale bauxite portfolio in a tier-one jurisdiction, and potentially creating a partnership with a bauxite giant. From an investor's point of view, this execution of the land access agreements will now mean that the West Julimar Bauxite project can start the value-adding process. Introduction – Unlocking Growth at West Julimar, Western Australia Western Yilgarn NL (ASX: WYX) has executed new land access agreements over Zones 100 and 200 at its West Julimar Bauxite Project in the Darling Range of Western Australia (Figure 1). These agreements provide access to extensive areas of lateritic bauxite immediately adjoining and between the Company’s existing JORC-compliant Mineral Resource areas, opening a clear pathway for potential resource expansion. Figure 1: West Julimar location map highlighting newly signed access areas over the Bauxite MRE Zones (source: WYX). The Business of Western Yilgarn NL: Bauxite and Critical Minerals Development in Western Australia Western Yilgarn is a Western Australia–focused resource company developing a growing portfolio of bauxite assets within the Darling Range, one of Australia’s key bauxite–alumina corridors. The Company is building scale across multiple bauxite projects, supported by JORC-compliant resources and proximity to infrastructure and refineries. Alongside bauxite, Western Yilgarn NL is also advancing nickel and gallium opportunities across the Western Yilgarn region, pursuing a multi-commodity strategy designed to create multiple long-term development pathways. Highlights – Land Access Unlocks Direct Resource Growth Pathway at West Julimar New land access agreements executed over Zones 100 and 200 at the West Julimar Bauxite Project, securing access across most of the laterite–gravel system hosting the Company’s core bauxite assets. West Julimar currently hosts a combined inferred JORC Mineral Resource of 104.8 Mt, comprising: Zone 100: 42.6 Mt @ 31.8% Al₂O₃ Zone 200: 62.2 Mt @ 36.4% Al₂O₃ Figure 2: Western Yilgarn’s Total JORC (2012) Bauxite Resources (source: WYX). Newly accessible ground directly adjoins and links Zones 100 and 200 across a continuous geological system, extending beyond existing Mineral Resource boundaries. Previous drilling was constrained by land access rather than geology, meaning current resource limits reflect tenure boundaries, not the full extent of mineralisation. Secured access enables systematic drilling to test lateral and strike extensions of known mineralisation and the area between the two deposits. · Multiple undrilled laterite plateaux are now available for assessment, expanding the pipeline of near-term exploration targets. Initial field programs will include mapping, geochemical sampling, rock chips, and environmental work ahead of drill targeting. Provides a clear pathway to materially expand the current 104.8 Mt bauxite resource through low-cost, shallow aircore and auger drilling across a proven laterite system. Leadership Commentary Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos commented: “The newly signed agreements provide access to ground that was previously unavailable for drilling and now links and surrounds the Company’s two defined bauxite deposits” “Previous drilling that defined Zones 100 and 200 was largely restricted to areas where land access was available at the time. As a result, Mineral Resource boundaries in many places terminate at tenure or access limits rather than geological limits.” Near-term Milestones to Watch Following the execution of the access agreements, key near-term developments include: Commencement of mapping, sampling, and environmental programs across newly accessible ground Definition of drill targets between and beyond Zones 100 and 200 Shallow aircore and auger drilling to test laterite-hosted bauxite extensions Potential updates to the West Julimar Mineral Resource footprint These steps will determine whether the geological continuity translates into formal resource growth. Samso Concluding Comments This announcement is not about discovery hype but about unlocking the ground needed to grow a bulk commodity project. Without land access, even high-quality geology cannot be converted into resources. Western Yilgarn has positioned itself to test the full extent of a continuous bauxite system linking Zones 100 and 200. This is how long-life bauxite provinces are built — step by step, by expanding known systems. The grades at West Julimar are already competitive for Darling Range–style bauxite. Expanding tonnage around existing deposits is lower risk than starting from scratch. For investors, this is a reminder that early-stage value creation in bulk commodities often comes from scale. Western Yilgarn has now created the conditions needed to pursue that scale in a disciplined way. Market Implication - The Investor Lens I think that the access agreement will now make people like me think that the narrative is possible. We know that bauxite in the Darling Range is a very sensitive topic and any talks of expansion will be long and most likely full of hurdles. The Western Yilgarn NL Bauxite story will now be all about putting all the details together and hopefully, it hangs together for a market that is in short supply. Figure 3: Western Yilgarn’ s share price chart as of 20th January 2026. (source: CommSec). The value proposition for WYX is very clear. The access agreement means that work can be done. We know that there is a resource on the ground that some bauxite giants will be looking at closely. So with a market capitalisation of just under AUD 5M, this is going to be an interesting asset for big companies that need the resources. The share price is still not creating waves (Figure 3). In fact, the share price chart does not even appear to be creating ripples at this stage. I encourage readers to have a read of the company's projects and do some serious DYOR. I have been very conservative on this stock as there was always the issue of land access to be sorted before any form of excitement is allowed to surface :-). I will be following this very carefully. Cover photo: Bauxite - Bauxite, Darla Sondrol. 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The new cold war that is gaining momentum globally is fast creating vast opportunities for jurisdictions hosting commodity projects that have an inelastic demand. Commodities that fall into a real critical supply shortage are all getting a rejuvenation that is now making headlines. Commodities such as bauxite are now starting to get investors' attention. Bauxite is the main source of Aluminium, and most investors did not even know that it is also the main source of the now very sought-after metal, Gallium. Western Australia has had a dominant and long history with bauxite, with Alcoa and Worsley Alumina (now South 32) being giants in this sector and dominating the bauxite story for decades. Bauxite was first discovered in 1821 by a French geologist by the name of Pierre Berthier near the village of Les Baux in southern France. Bauxite consists mostly of the aluminium minerals gibbsite (Al(OH)3), boehmite (γ-AlO(OH)), and diaspore (α-AlO(OH)), mixed with the two iron oxides goethite (FeO(OH)) and haematite (Fe2O3), the aluminium clay mineral kaolinite (Al2Si2O5(OH)4) and small amounts of anatase (TiO2) and ilmenite (FeTiO3 or FeO·TiO2). Bauxite appears dull in luster and is reddish-brown, white, or tan.[3] (source: Wikipedia). The recent nationalisation of projects in Guinea has thrown added pressure on the supply crunch in the business of bauxite, as end users are struggling already with the global "cold war" rhetoric that is creating headaches for all stakeholders in the industry. According to SMM (Shanghai Metals Market), shortages in 2024 have driven price increases that are now looking to overflow into 2025. Bauxite is not abundant in the biggest consumer, China, and although this may be great for players in the industry, the issue lies in the lack of an economical resource that can sustain a long-term source. My interest in the bauxite business started in 2020 when I published "The Best Small-Cap Bauxite Companies on the ASX," which really made me gain the understanding that, in some way, the bauxite mining business is a smaller-scale version of the mega iron ore industry that drives the Pilbara region Iron Ore business in Western Australia. This Samso Insight is all about compiling a story that gives investors a current view of the bauxite business on the ASX. Let's delve into the whole bauxite story and see if we can simplify all the smoke that is currently doing the rounds on mainstream media. This is an intense Samso Insight, and readers have to have patience as we try and build an extensive context around why I think there are reasons to start taking note of what could be an extensive value-creating sector for ASX investors. To help navigate the Samso Insight, the chapters below will try and help readers stay focused on the review. The Realisation of the Importance of Bauxite. Aluminium: A Metal for the Modern World. Global Supply and Geopolitical Landscape. Top 5 Bauxite Resource Holders Globally. Guinea (source: African News) Australia (source: Geoscience Australia and FTM Machinery) Vietnam (source: Yahoo Finance and SMM) Brazil (source: FTM Machinery) Indonesia Highlights of Major Australian Bauxite Resources. Key Bauxite Companies Investors should be looking for in the ASX. Metro Mining – Bauxite Hills Mine (Cape York, QLD) Australian Bauxite Limited (ASX: ABx) - Building a Multi-State Resource Footprint. Western Yilgarn Limited: A Rising Bauxite Developer. Julimar West: High-Grade, Shallow, and Strategically Located. Expanding Footprint: Cardea and New Norcia Projects. Strategic Timing and ESG Advantage. Canyon Resources Limited. The Minim Martap Resource Canyon Market Performance. Arrow Minerals Limited. Niagara Bauxite Project – Progress to Date Licence Renewal Uncertainty Arrow Minerals Market Situation. VBX Limited. Wuudagu Project Takapinga Project Samso Concluding Comments The Real Underlying Value Proposition Investors Need to Consider. A Potential Game Playing Out in The Western Australian Bauxite Sector. The Samso Way – Seek the Research The Realisation of the Importance of Bauxite. Investors in Australia will need to understand that when we talk about bauxite, there is only really one major group that dominates the bauxite industry. They are Rio Tinto, Alcoa or Alcoa Australia and South 32. These three companies and their projects make up what we know as the Australian Bauxite business. Bauxite mining typically involves a large footprint, and in jurisdictions where this creates a sensitive conversation, it will create unnecessary attention. In Australia, Alcoa is now talking about applying for more ground to expand its operations in the Darling Range. The application is now creating migraines for management as it is creating upheaval among the environmentalists and the Not in My Backyard Crew (NMB Crew). Alcoa Media Release: Huntly Mine Transition and Pinjarra Refinery Production Increase. Aluminium: A Metal for the Modern World. Bauxite is a mineral of immense strategic value, serving as the primary ore of aluminium. In the context of a world steadily shifting toward decarbonisation, electrification, and infrastructure growth, bauxite has become an indispensable commodity. Aluminium is foundational to countless industries, from aerospace and automotive manufacturing to packaging, consumer electronics, construction, and the renewable energy sector. What sets aluminium apart is its remarkable versatility. Lightweight yet strong, aluminium offers durability, corrosion resistance, and excellent conductivity. It's also infinitely recyclable without loss of quality, which positions it as a metal of choice in a circular economy. These properties, combined with the metal's role in building electric vehicles, solar panels, and high-voltage transmission infrastructure, have elevated demand for aluminium—and by extension, bauxite—to unprecedented levels. Global aluminium production now exceeds 70 million tonnes annually, requiring over 300 million tonnes of bauxite each year. This demand is projected to rise steadily, with a compound annual growth rate of approximately 3% to 5% through 2030. Global Supply and Geopolitical Landscape - Bauxite and Aluminium. The supply landscape, however, is becoming increasingly complex. While Australia remains the world's leading producer of bauxite, output from Guinea has surged in recent years due to Chinese investment and off-take agreements. China, as the world's largest aluminium producer, has grown heavily reliant on bauxite imports to feed its refining capacity. However, Guinea's political instability and periodic export disruptions have exposed the fragility of global supply chains. As such, countries and industrial players are seeking alternative, geopolitically stable sources of bauxite, and Australia—particularly Western Australia—is emerging as a preferred jurisdiction. Figure 1: Historical bauxite mining activity in the Darling Range region of Western Australia, showcasing typical red-oxide terrain and open-cut techniques. (source: WA Today). As fuel to the scarcity of bauxite and hence the refinement of Aluminium, Guinea’s military government officially announced the return of mining tenements on May 16, 2025. Information Minister Fana  Soumah confirmed in a televised address that President Mamady Doumbouya had issued a decree repossessing 51 mining licences covering bauxite, gold, diamond, graphite, and iron concessions, and that these had been “returned free of charge to the state”. Just over a week later, on May 27, 2025, the government additionally cancelled 129 exploration permits, citing the need to free up unused concessions and tighten resource control. Government measures implemented by Guinea will only fuel the demand and the rush for bauxite for future global needs. As of 2025, the top five largest bauxite resources globally are located in countries that dominate both production and reserves due to their high-quality deposits and large-scale mining operations. Top 5 Bauxite Resource Holders Globally. 1. Guinea (source: African News) Estimated Resources: ~40 billion tonnes Key Region: Boké, Boffa, Kindia Notes: Guinea holds the world’s largest bauxite reserves, mostly high-grade, gibbsite-type ore ideal for low-cost refining. The Sangaredi and Boffa mines are among the most significant in the world. 2. Australia (source: Geoscience Australia and FTM Machinery) Estimated Resources: ~20–24 billion tonnes Key Regions: Weipa (Queensland) – operated by Rio Tinto Gove (Northern Territory) South-West WA (e.g., Darling Range) – including projects by Alcoa, South32, and Western Yilgarn Limited (ASX: WYX) Notes: Australia is the world’s largest producer of bauxite. Its deposits are lateritic, shallow, and close to key refining hubs. Australia's operations are also among the most environmentally regulated. 3. Vietnam (source: Yahoo Finance and SMM) Estimated Resources: ~11 billion tonnes Key Region: Central Highlands (Dak Nong and Lam Dong provinces) Notes: Vast reserves, but underdeveloped due to infrastructure and environmental concerns. Long-term potential remains strong. 4. Brazil (source: FTM Machinery) Estimated Resources: ~10–11 billion tonnes Key Region: Pará (Porto Trombetas, Juruti, Paragominas) Notes: Brazil is a major exporter and refiner. Its high-grade bauxite is key for the global alumina market. 5. Indonesia Estimated Resources: ~3–5 billion tonnes Key Region: West Kalimantan and Riau Islands Notes: Resources have grown rapidly with exploration. Indonesia has recently restricted raw ore exports to promote domestic refining. Highlights of Major Australian Bauxite Resources. Australia’s major deposits include: Weipa (Qld): Among the world’s largest, with decades of high-grade production by Rio Tinto. Darling Range (WA): World-class deposits, host to Alcoa and South32 operations, and Western Yilgarn’s Bauxite Project. Gove (NT): Managed historically by Rio Tinto, now under rehabilitation. New players: Smaller companies like Australian Bauxite Ltd and Western Yilgarn Ltd (ASX: WYX) are exploring niche, high-grade, or value-added opportunities (e.g., rare earths in bauxite residue). Key Bauxite Companies Investors should be looking for on the ASX. As we look at the small end of the ASX market, there are only a few companies that stand out. In fact, there are only seven companies that cross my mind that are worth discussing. Table 1 below lists the companies and their respective projects and resources. The leader of the pack is Canyon Resources Limited and followed by Metro Mining Limited in terms of resource size and the low SiO2 levels. Table 1: A list of companies in the ASX small-cap sector that have a notable resource. This is adapted from a table from a presentation by the ABX Group dated 30th April 2025. Company ASX Code Project Stage Resource (MT) AL2O3 SiO2 1.0 - ABx Group Limited ABX Binjour Exploration 37 38.20% 14.60% 2.0 - ABx Group Limited ABX Taraiga Exploration 37.9 39.20% 5.20% 3.0 - Metro Mining Limited MMI Bauxite Hills Production 118.7 49.20% 14.10% 4.0 - Western Yilgarn Limited WYX Julimar West Exploration 168.3 36.10% 14.70% 5.0 - VBX Limited VBX Wuudagu Exploration (PFS) 95.9 39.40% 13.40% 6.0 - Arrow Minerals Limited AMD Niagara Exploration (MRE) 185 42.3% 2.7% 7.0 - Canyon Resources Limited CAY Mirim Martap Exploration (PFS) 1,027 45.30% 2.70% 1.0 ABX | ASX - 18th June 2018 - 2.0 ABX | ASX - 31st May 2012 - 3.0 MMI | ASX - 13th May 2024 - 4.0 WYX | ASX - 26th February 2025 - 5.0 VBX | ASX Prospectus - Independent Geological Report - 6.0 AMD | ASX - 7th August 2024 - 7.0 CAY | ASX - 25th May 2021 All projects are in Australia except for Arrow Minerals (Guinea) and Canyon Resources (Cameroon). Metro Mining – Bauxite Hills Mine (Cape York, QLD). Check out: The Best Small-Cap Bauxite Companies on the ASX. Metro Mining Limited (ASX: MMI) operates its flagship Bauxite Hills Mine across the Bauxite Hills and Skardon River tenements, located approximately 95 km north of Weipa on Queensland’s Cape York Peninsula. Figure 2: Metro’s flagship project is the Bauxite Hills Mine (Mine), which is a single operating mine located 95 kilometres (km) north of Weipa in Western Cape York in Far North Queensland, with a total tenement package covering approximately 825km2. (source: Metro Mining) As of 31 December 2024, the project boasts a JORC-compliant resource of 114.4 million tonnes, with proven and probable reserves totalling 77.7 million tonnes. The deposit is considered high-grade, averaging 49.8% available alumina (Al₂O₃) and 13.3% reactive silica (SiO₂)—well suited for low-temperature refining. The geological model adopts conservative cutoff grades of ≥45% Al₂O₃ and ≤15% SiO₂, supporting a robust classification of the mineable ore. Mining at Bauxite Hills is conducted via free-dig methods with no requirement for beneficiation, relying instead on simple screening. Production capacity was recently upgraded to 7 million tonnes per annum (Mtpa), with potential for expansion to 8 Mtpa through planned debottlenecking. A notable infrastructure upgrade includes the deployment of the Ikamba floating loading terminal, capable of handling vessel loads exceeding 9 Mtpa, which has enhanced logistics efficiency and reduced freight costs. As of Q3 2025, shipment pricing remains in line with seasonal benchmarks, and the company anticipates sustained strong Free-On-Board (FOB) revenue through the remainder of the year. Australian Bauxite Limited (ASX: ABx) - Building a Multi-State Resource Footprint. Australian Bauxite Limited (ASX: ABx) maintains a strategic portfolio of approximately 37 tenements spanning across Tasmania, Queensland, and New South Wales (Figure 3). The company’s exploration and development efforts are centred on several promising deposits, including Campbell Town and Bald Hill in Tasmania (Figure 5), Binjour in Queensland (Figure 4), and Inverell, Guyra, and Taralga in New South Wales. This diverse geographic exposure has enabled ABx to gradually define one of the most accessible and flexible bauxite resource bases in Eastern Australia. Figure 3: Location of ABx Group Bauxite projects. (source Abx Group). As of 2019, the company’s total JORC-compliant mineral resource stood at approximately 137.1 million tonnes, comprising 72.7 million tonnes of Indicated and 64.4 million tonnes of Inferred resources. Notably, Tasmania’s Campbell Town and Bald Hill deposits collectively account for around 3.5 million tonnes, while the remaining inventory is distributed across Queensland and New South Wales, with Binjour being a key development focus in the north. Figure 4: Location of Sunrise Bauxite Project at Binjour, QLD. (source: Abx Group) The company’s bauxite is predominantly composed of high-grade gibbsite trihydrate, characterised by low levels of contaminants and well-suited for low-temperature alumina refining. ABx’s deposits typically exhibit a thickness of 3.5 to 9 metres, with consistent mineralisation across the profile. The alumina-to-silica (A/S) ratio, a critical quality metric in bauxite processing, ranks favourably, placing ABx’s material in the “good to excellent” category based on industry benchmarks. The Bald Hill project in Tasmania marked ABx’s transition into production, with its first shipment completed in Q3 2015. Since then, the company has maintained a strong focus on infill drilling and regional exploration across the broader Eastern Australian Bauxite Province. Efforts are also underway to optimise product specification across multiple production hubs, including potential processing centres at Campbell Town and Portside, aiming to enhance grade consistency and meet a broader spectrum of end-user requirements. Figure 5: Location of ABx Group Tasmanian bauxite projects. (source: Abx Group) Western Yilgarn Limited: A Rising Bauxite Developer? (source: Western Yilgarn Limited) This backdrop provides fertile ground for junior explorers like Western Yilgarn Limited (ASX: WYX), which is positioning itself to become a significant bauxite supplier. Western Yilgarn holds a suite of promising tenements in the Darling Range of Western Australia, one of the most prolific and high-quality bauxite regions globally. The company's flagship Julimar West Bauxite Project hosts an inferred mineral resource estimate of 168.3 million tonnes at 36.1% total alumina, including a high-grade subset of 97.1 million tonnes at 40.5% available alumina. These grades are particularly significant given the low reactive silica content, which is critical for efficient Bayer processing. Figure 6: Map illustrating mining tenements and surrounding conservation zones in the Darling Range, indicating the spatial context of Western Yilgarn’s projects. (source: walkgps) Figure 6 is a detailed map showing existing Alcoa/Worsley leases in the Darling Range region, with clear indications of potential expansion zones, helping readers visualise the geographical layout where Western Yilgarn operates. Julimar West: High-Grade, Shallow, and Strategically Located. Julimar West's mineralisation is shallow (Figure 7), occurring from surface to approximately eight metres depth across seven distinct zones. The project benefits from its proximity to established transport infrastructure, including rail corridors and ports such as Fremantle, Kwinana, and Bunbury. This logistical advantage enhances its potential as a Direct Shipping Ore (DSO) operation, allowing quicker market access and reduced capital requirements. Metallurgical testing has confirmed that the ore is gibbsite-dominant, making it particularly amenable to low-temperature refining, which is less energy-intensive and more environmentally sustainable. Figure 7: Mining operations in Western Australia showing active excavation of bauxite using modern heavy machinery, as it typically mines the shallow nature of bauxite. (source: https://www.alcircle.com/). Expanding Footprint: Cardea and New Norcia Projects. Further strengthening Western Yilgarn's position is its Cardea project suite (Figure 8), which includes Cardea 1, 2, and 3. Cardea 2 recently delivered a maiden inferred resource of 20 million tonnes at 32.1% total alumina. Notably, within this figure lies a high-grade component of 2.15 million tonnes grading at 35.7% available alumina. Drilling results have been promising, with shallow intersections returning excellent alumina grades and low reactive silica, indicative of high metallurgical quality. Cardea 3, a more recent acquisition, adds another 16.57 million tonnes at 34.2% alumina to the company’s resource base, further consolidating its footprint in the region. Together, the Julimar West and Cardea projects now account for an estimated 205 million tonnes of inferred bauxite resources. This scale, when combined with favourable grade characteristics and a low-strip mining profile, positions Western Yilgarn as one of the most advanced and economically viable bauxite developers among Australia’s emerging explorers. The company’s strategic location in the Darling Range—close to world-class alumina refineries—provides a unique advantage in terms of cost competitiveness and ESG performance. Adding another layer of potential is the New Norcia Bauxite-Gallium Project, which reflects Western Yilgarn’s forward-looking approach. Gallium is a critical metal used in semiconductors, LEDs, and solar panels, and its inclusion as a strategic target aligns the company with broader critical mineral agendas in Australia and globally. While still in early exploration stages, this project hints at the company’s long-term vision to diversify its commodity base and enhance its strategic value. Figure 8: Location map showing the New Norcia Projects area with nearby major infrastructure. Strategic Timing and ESG Advantage. What makes Western Yilgarn’s portfolio particularly compelling is its timing. With global bauxite supply tightening due to Guinea’s export volatility and rising Chinese demand, secure and scalable Australian supply is now in high demand. Western Yilgarn's projects are not only of high quality but also backed by sound infrastructure and regulatory stability, making them prime candidates for development and future offtake agreements. Additionally, the company's transparent reporting, regular resource updates, and systematic exploration campaigns indicate a well-managed and credible operation. Environmental, Social, and Governance (ESG) performance is another important aspect. Western Australia has a strong track record in regulating sustainable mining practices, and Western Yilgarn’s shallow open-cut mining strategy, combined with its proximity to infrastructure, reduces its environmental footprint. This is particularly attractive to downstream buyers and aluminium producers who are increasingly being held to higher environmental standards. Check out some recent Samso News on Western Yilgarn Limited: Western Yilgarn NL (ASX: WYX) - Massive 188Mt Bauxite Resource Footprint Emerges in Western Australia. High-Grade Discovery of Gallium - Ida Holmes Junction Project. Canyon Resources Limited. (source: Edison Group | GlobeNewswire | Reuters | Wikipedia | Canyon Resources Limited) Check out: The Best Small-Cap Bauxite Companies on the ASX. Canyon Resources (ASX: CAY) is steadily advancing its 100%‑owned Minim Martap Bauxite Project, nestled in the Adamawa Region of central Cameroon, near the village of Minim and strategically located adjacent to both rail infrastructure and the Atlantic port of Douala. Figure 9: Canyon Resources Limited Minum Martap bauxite project in Cameroon. (source: Canyon Resources Limited). The Project is supported by a Bankable Feasibility Study (BFS), which was completed in 2022 and underpinned by a large and high-grade Mineral Resource Estimate. An initial 20-year Life of Mine (Ore Reserve) was defined in June 2022. In July 2024, Canyon’s subsidiary, Camalco Cameroun SA, signed a Mining Convention with the Government of Cameroon to mine and export alumina and bauxite at Minim Martap on the grant to the Company of a mining permit (Figure 10). Figure 10: A timeline for the progress of the Minim Martap bauxite project for Canyon Resources Limited. (source: Canyon Resources Limited). The signing of the Mining Convention marks the culmination of an extensive approval process, allowing Canyon to proceed with development plans for the Project and is a testament to the strong partnership and collaboration between Canyon and the Government of Cameroon. Development commenced following the company’s rebranding from Castlemaine Resources in 2010, with exploration permits secured over the Makan, Ngaoundal, and Minim-Martap licences. A pivotal milestone was achieved in August 2020, when the Government of Cameroon granted the project its mining licence, clearing the path for a feasibility study and project financing. The Minim Martap Resource The JORC-compliant resource stands at around 1,027 million tonnes, grading 45.3% Al₂O₃ and 2.7% SiO₂, with an Ore Reserve of 109 million tonnes at an upgraded grade of 51.1% Al₂O₃ and 2.0% SiO₂, declared in February 2025. The project has been designed as a 6.4 Mtpa direct-shipping ore operation over a 20-year mine life, underpinned by a robust rail-to-port integration strategy, targeting first shipments in 2026. Figure 11: The Minim Martap resource as of April 2025. Significant growth potential, as the current mine plan & production target presented in the 2022 Bankable Feasibility Study (BFS) are based on the proved reserves, representing only c. 10.6% of the total resources. (source: Canyon Resources Limited). Canyon Market Performance. Since mining licence approval and the updated Ore Reserve announcement, Canyon has attracted new capital, including a US$140 million credit facility secured in late May 2025. Figure 12: The share price chart for Canyon Resources as of 18th July 2025. (source: commsec). The share price has reflected this momentum: trading at just AU$0.07 in mid-2024, the stock surged to a 52-week high of AU$0.30 by May 21 2025, and now sits around AU$0.26, marking a ~249% gain year-over-year—outperforming the ASX All Ordinaries benchmark. Figure 13: The share price chart for Canyon Resources since October 2022. (source: commsec). Arrow Minerals Limited. (source: ABN Newswire) Arrow Minerals has two projects in Guinea, West Africa. The Niagara Bauxite Project (Niagara, Niagara Project), for which Arrow holds an option to acquire, and the Simandou North Iron Project (Simandou North, SNIP). Both Niagara and Simandou North are located within trucking distance to the Trans Guinean Railway (TGR) that is currently under construction by Winning Consortium Simandou. The location of the Niagara Project relative to the TGR offers substantial advantages for its development, including future access to multi-user rail and port infrastructure (Figure 14). Figure 14: Project location plan for Arrow Minerals Limited. (source: Arrow Minerals Limited). Arrow Minerals (ASX: AMD) has reported a maiden JORC Resource of 185 Mt at its Niagara Bauxite Project in Guinea, featuring robust grades of 42.3 % Al₂O₃ and a notably low 2.7 % SiO₂. The resource includes over 75% classified as Indicated, placing it within a 14 km² high‑grade zone, alongside ongoing exploration and the imminent Scoping Study. Extensive drilling (184 holes to date) confirms shallow, premium‑grade bauxite, and third‑party off‑take and strategic partnership talks are underway. Niagara Bauxite Project – Progress to Date An exploration target estimate from August 2024 suggested a potential of 170–340 Mt with ~40–46% Al₂O₃ and 1–4% SiO₂, though still conceptual in nature. Drilling began in October 2024, focusing on three of nine priority targets. Approximately 2,000 m across ~150 holes and up to 10 bulk samples were planned to support resource estimation and metallurgical work for a scoping study in H1 2025. By March 2025, a maiden Mineral Resource was declared: 185 million tonnes at 42.3% Al₂O₃ and 2.7% SiO₂, confirming high quality and supporting viability for a starter operation near the soon-to-be‑operational Trans‑Guinean Railway (~100 km away). ASX Announcement 25th March 2025: Premium DSO Potential in Maiden Mineral Resource Licence Renewal Uncertainty On the 19th May 2025, Arrow Minerals went into a trading halt and subsequently a voluntary suspension (May 19) from the ASX as media reports emerged that the Guinean government was reviewing or potentially cancelling a range of exploration tenements, including Arrow’s Niagara Bauxite and Simandou North Iron projects. The exercise of Arrow’s acquisition option for Niagara remains conditional on a permit renewal of at least two years. They have not yet exercised the option, pending resolution of the permit status. Meanwhile, the company has continued scoping-level studies (mining, logistics, financial modelling) and engaged with stakeholders to affirm its development credentials and push for rapid resolution. As of July 2025, the company remains in ASX suspension while seeking confirmation on the status of its exploration permit. Should the government confirm at least a two-year tenure renewal, Arrow will be positioned to advance the acquisition and potentially move toward a starter‑scale bauxite operation. ASX Announcement 21st July 2025: Amendment to Agreement - Niagara Bauxite Project Arrow Minerals Market Situation. Arrow has had had subdue journey over the last 5 years as it progressed the bauxite story. The recent consolidation of the share price, followed by the licence issue, has not been favourable to shareholders. A 20 to 1 consolidation, followed by the recent bad news, is not the best news for shareholders. Figure 15: The share price chart for Arrow Minerals Limited as of 25th July 2025. (source: commsec). The recent ASX release on the amendment of the transaction agreement is not adding any joy to the story. VBX Limited. (source: VBX Limited) VBX Limited, incorporated in 2013 and headquartered in West Perth, Western Australia, is focused on the exploration and development of high-grade bauxite resources. The company’s flagship asset is the Wuudagu Bauxite Project, located approximately 15 km west of Kalumburu on Wunambal Gaambera country in northern Western Australia (Figure 16). Beyond Wuudagu, VBX also holds the Takapinga Project in the Northern Territory, offering further exploration upside. Figure 16: Project location plan for VBX Limited. (source: VBX Limited). This project positions VBX as a promising player in the global bauxite market, particularly due to its proximity to infrastructure and high-quality resource profile. Leading the company is Managing Director Ryan de Franck, supported by a team of directors and executives who collectively hold around 50% of the company’s shares, indicating a strong level of internal alignment and commitment to long-term project development. VBX listed on the ASX under ticker VBX on 17 June 2025, raising AUD $10 million via an IPO priced at $0.60/share. The IPO was heavily oversubscribed and backed by institutional investors such as Deutsche Balaton, Lowell Resources Fund, and Terra Capital. Upon listing, the stock surged ~15% intraday as the market welcomed its debut. The share price has since settled down to AUD $0.58 as it begins its ASX journey (Figure 17). Figure 17: The share price chart for VBX Limited as of 25th July 2025. (source: Market Index). Wuudagu Project VBX Limited (ASX: VBX) is progressing its Wuudagu Bauxite Project in Western Australia. The company's IPO prospectus and ASX listing materials outline a combined Indicated and Inferred JORC resource of approximately 96 Mt of high‑quality, low‑silica bauxite (Figure 18). Figure 18: The total resource that is currently in the VBX portfolio at the IPO stage (source: VBX Limited). VBX emphasises the ore’s Guinea‑style specifications, including premium grade and favourable logistics, and is targeting a 10+ year mine life underpinned by a 59 Mt Ore Reserve at Wuudagu C. The company aims to enter production by FY 2026, with over half the resource footprint yet to be drill-tested. VBX plans to surface-mine, beneficiate (removing silica), haul via road, and trans‑ship ore from a coastal jetty, aiming for 3.5 Mtpa production over an initial 10‑year mine life (~36 Mt). ASX Announcement 17th June 2025: Australian Bauxite Developer VBX Lists on ASX Figure 19: The total resource at Wuudagu C (source: VBX Limited). According to VBX, the Pre-Feasibility Study (PFS) at the Wuudagu highlights (Completed Early 2025) the following, Pre-tax NPV (8%): AUD $821 million IRR: 136% Payback Period: 16 months Initial Capex: AUD $125 million All-in Sustaining Cost (AISC): AUD $54/t CFR China Average Annual EBITDA: AUD $143 million Product Grade: ~45.4% Al₂O₃ and ~3.6% SiO₂ As of 30th June, VBX has started its drilling program to support the Wuudagu DFS, as the ASX release dated 30th June 2025 - Drilling program underway to support Wuudagu DFS. Takapinga Project The Takapinga bauxite project consists of two exploration licence applications covering approximately 1,118.5 km² on Melville Island in the Northern Territory Figure 20). This exploratory asset is much larger in scale than the company’s flagship Wuudagu site, with roughly 314 km² of mapped lateritic bauxite target areas at known deposits like Cache Point and Goolumbini, along with broader regions identified as pisolitic bauxite potential. Location: Melville Island, Northern Territory Size: ~1,118 km² total, with ~314 km² of bauxite targets Initial Targets: Cache Point, Goolumbini, widespread pisolitic bauxite Status: Exploration licence applications lodged; early-stage asset Infrastructure: Near existing airport, port, and accommodation Potential: High-scale exploration upside and strategic growth opportunity beyond Wuudagu. Figure 20: The Takapinga Project (source: VBX Limited). Still in early-stage exploration, Takapinga offers significant upside with its large-scale licence area—around nine times bigger than the Wuudagu Plateau—yet remains underexplored compared to VBX’s well-advanced primary project. VBX is leveraging progress at Wuudagu while building the early groundwork at Takapinga, making it a key longer-term development target if early drilling results prove encouraging. VBX has flagged the Takapinga Project as a major growth lever, capitalizing on Melville Island’s substantial target area size and its potential for future resource definition. As an early-stage asset, it represents an opportunity to significantly expand VBX’s bauxite footprint beyond its Western Australian operations. Samso Concluding Comments For ASX investors in the small end of town, the small capitalisation sector of the ASX, bauxite mining or the business of bauxite, is not well understood. There is little media coverage for this bulk commodity as it has largely been dominated by the major players. Aloca, the Darling Range and bauxite are largely accepted as the bauxite industry, and most investors in the ASX will not be able to mention any other player in the industry. When I wrote about Metro Mining and Canyon Resources back in 2020, there was no other significant company that was in the bauxite space. Till today, I challenge anyone to show that there is any other significant story other than that I have mentioned. In recent times, Arrow Minerals in Cameroon is probably the only other player that started to sing the bauxite song, but with the government nationalising the country's mineral business, that is now not looking good for the company. If you have had the patience and the sustenance to have gone through this review, the only new players that have some form of significance are VBX Limited and Western Yilgarn Limited. One can add ABx to that list, but there are some important perception that needs to be overcome before I feel a smoother journey is in the coming. The Real Underlying Value Proposition Investors Need to Consider. At the time of writing, VBX is sitting at a market capitalisation of AUD $22m, Western Yilgarn is at AUD $4M, and ABX Group Limited is at AUD $9M. These are the hopefuls in the sector, while Metro Mining is in a league of its own with a market capitalisation of AUD $426M. Unfortunately, Metro Mining, in my opinion, does not have the leverage in multiple bags of value, which is more apparent with the other three stories, VBX Limited, Western Yilgarn and ABx Group Limited. Looking at Table 1, I view that the true value proposition for investors will not be driven by the grades alone. Don't get me wrong, the technical aspect is important, but the business that is happening in Australia is now more than numbers. It's about the ability to deliver an economic solution in the midst of an environmentally sensitive mining jurisdiction. A Potential Game Playing Out in The Western Australian Bauxite Sector. The success of a mining business in Australia is now all about appeasing the ESG factor, having the infrastructure and how the mining process can be economised. It is one thing to have a mineral discovery with tonnes and grade, it is entirely different to see the commercialisation of that resource, as the barriers to overcome, the jurisdiction and social barriers are higher in Australia. There is no secret that Alcoa and South32 are looking for more feed, and looking at the players in Table 1, the only one that has the advantage of location is Western Yilgarn. It has the advantage of being in the dry wheatbelt of Western Australia, trucking distance to existing processing facilities and two major bauxite players wanting and needing feed. It's like a marriage made in heaven. It is a marriage proposition that is still in the early stages of a good idea. As we all know, the devil is in the details, so it is still very early to make any comment that carries weight. It is still just a good thought, and if I am correct, taking a position now after some serious DYOR would be a good idea. Alcoa and South32 have similar grades and silica content, so optimising the ore from Western Yilgarn will not be a major obstacle. In addition, a company with a market capitalisation of AUD $4M is going to be a lot easier to have a discussion about collaboration, consolidation, Joint Venture or M&A. The virtues of opportunities in the mining industry are something that is not earned but is bestowed upon by the God of Lady Luck. Western Yilgarn is in a very unique position as it appears to have stumbled onto the good fortune of Lady Luck. How this will proceed with time is never set in concrete, but for the ASX investors, as I have already mentioned, this is definitely one for some serious DYOR. VBX is steep in the Kimberley region, and working with the traditional owners will be a very important part of their success. The fact that they have an established PFS and appear to have a clear path to establishing a mining business is encouraging. I do like the fact that they have a low silica content, which is on par with Canyon Resources, Arrow Minerals and ABx Group. Bauxite in Australia is unique in that there are no other real players other than Metro Mining in Queensland. With global demand for both bauxite and aluminium indicating an upside trend (like everything else), the search for the next reliable and sustainable source of bauxite will be the next challenging focus for the likes of Alcoa and South 32. Like Tungsten, Bauxite is the sleeper at the moment for ASX investors. DYOR and Happy Investing. Cover photo: Bauxite (GeoDIL number - 156), Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Bauxite_(GeoDIL_number_-_156).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References: "Guinea holds approximately 7.4 billion tonnes of bauxite—about 23–25 % of world reserves" Wikipedia+11Africanews+11PIIE+11Geoscience Australia+1Wikipedia+1DataM Intelligence+3Reuters+3Wikipedia+3. "Australia contains around 22 % of global bauxite deposits, with reserves between 5.8 and 6 billion tonnes" Wikipedia. "Vietnam's bauxite reserves are estimated at 5.4–5.8 billion tonnes, with some reports claiming up to 11 billion tonnes". "Brazil has around 2.63 billion tonnes (~9 %) and Indonesia about 1.17 billion tonnes (~4 %) of global bauxite reserves". Geological Survey (U.S.) (1986). Geological Survey Professional Paper. U.S. Government Printing Office. p. 2-PA20. "The Clay Minerals Society Glossary for Clay Science Project". Archived from the original on April 16, 2016. "Aluminium". Minerals Education Coalition. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. 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