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I am a shareholder of E79 Gold Mines Limited (ASX: E79), and I am liking the new potential of the new consolidated 65km² landholding in the Day Dawn goldfield, immediately south of Westgold’s Great Fingall Gold Mine (1.2Moz @ 19.2g/t Au). In this update, we discuss the completion and identification of numerous geophysical targets. As we all know, anomalies are just an area of interest and it has no direct correlation to mineralisation but the high-resolution gravity survey have a history in this region. It is a method used successfully in the district to define cross-cutting structures within favourable host rocks. From a mineral exploration point of view, this is a good start. It is good to see that the company has placed themselves in the "blue sky" stage of the game and that is exciting for an investor. Announcement Gravity Survey Identifies Multiple Priority Drill Targets - 16 February 2026 ( view announcement ) High-Resolution Gravity survey Completed at Cue Gold Project - 2 February 2026 ( view announcement ) About E79 Gold Mines Limited (ASX: E79) E79 Gold Mines Limited is an Australian gold-focused exploration company with projects located in Western Australia and the Northern Territory. E79 Gold Mines Limited’s strategy is centred on identifying and advancing structurally controlled gold systems within established mineral provinces. Its portfolio comprises approximately 2,403km²  of tenure across three key regions: Cue Gold Project – Murchison Gold Province, WA ~65km² landholding in the Day Dawn goldfield. Located immediately south of Westgold’s Great Fingall Gold Mine (historical production of 1.2Moz @ 19.2g/t Au). Target style: high-grade quartz reef-hosted gold associated with cross-cutting structures in the Great Fingall Dolerite  and Meekatharra Formation greenstones . Current focus area for drilling and gravity-defined structural targeting. Held through Cue Metals Pty Ltd, 90% owned by E79 Gold. This project forms the Company’s primary near-term gold exploration focus. Laverton South Gold Project – Laverton Tectonic Zone, WA ~272km² tenure. Located within the Yilgarn Craton. Region known for significant gold endowment (>30Moz). Exploration targeting structurally controlled gold systems. Northern Territory Projects – McArthur Basin Includes Mountain Home (~1,366km²) and Jungar Flats (~698km²). Located within the McArthur Basin, recognised as the world’s largest Zn-Pb accumulation. Prospectivity for copper, gold, and diamonds. Represents longer-term base and precious metals optionality. Corporate Snapshot (Recent ASX Disclosures) ASX Code: E79 - E79 Gold Mines Limited Market capitalisation: ~A$10–14M (based on recent announcements) Shares on issue: ~325–353 million ASX Release 1 – 2 February 2026 High-Resolution Gravity Survey Completed at Cue Gold Project Source:  E79 Gold Mines Limited Introduction – Survey Completion Across the Entire Project Area On 2 February 2026, E79 Gold Mines Limited announced completion of a project-wide high-resolution gravity survey at the Cue Gold Project in the Murchison region of Western Australia (Figure 1). Figure 1: Processed ground gravity data over the Cue Gold Project (source:  E79 Gold Mines Limited) The Cue Gold Project covers approximately 65km² and is located immediately south of the historical Day Dawn goldfield, home to the Great Fingall Gold Mine, which historically produced 1.2Moz at an average grade of 19.2g/t gold (Figure 2 and Figure 3). Figure 2: Cue Gold Project location plan and surrounding gold operations (source: E79 Gold Mines Limited) The geological setting comprises the Great Fingall Dolerite intruding the Meekatharra Formation greenstones. Gold mineralisation in the district is associated with cross-cutting structures within these units. High-resolution gravity data has been used successfully by operators in the region to identify structures that are not visible in other datasets. Figure 3: Aerial view of Cue Gold Project relative to Great Fingall and Break of Day (source:  E79 Gold Mines Limited) Highlights – Survey Specifications and Data Quality 3,474 gravity stations surveyed across the project. 100m x 100m spacing in the western half. 200m x 200m spacing in the eastern half. Survey conducted using a Scintrex CG-5 Autograv gravity meter. Instrument precision better than 0.01 milligals. Elevation precision ±5cm via RTK GPS. 40-second readings at each station. Base station readings taken at the beginning and end of each day. Processing undertaken by experienced third-party specialists. Target generation expected within 2–3 weeks. The survey lines were oriented east-west to cross interpreted stratigraphy. E79 Gold Mines Limited Management Commentary CEO Ned Summerhayes stated that acquiring the high-resolution gravity dataset is key to understanding discovery potential. He referenced the demonstrated use of gravity data at Day Dawn and Break of Day in identifying mineralised structures through preferred host rocks. Near-term Milestones to Watch Completion of gravity data processing and interpretation. Definition of priority drill targets. Drill program planning. Progression of heritage agreements. Advancement of pending tenure applications. ASX Release 2 – 16 February 2026 Gravity Survey Identifies Multiple Priority Drill Targets at Cue Gold Project Source:  E79 Gold Mines Limited Introduction – Target Definition from Interpreted Gravity Data On 16 February 2026, E79 Gold Mines Limited announced that interpretation of the processed gravity survey has identified over 40 drill targets across the Cue Gold Project (Figure 4). From these, 12 high-priority targets have been defined. These targets combine: Cross-cutting structural features Preferred host rocks Occurrence on granted tenements Figure 4: – Drape of gravity image over Cue Gold Project (source:  E79 Gold Mines Limited) The announcement confirms that the Great Fingall Dolerite extends further across the project than previously recognised. The Great Fingall Dolerite hosts the Great Fingall Mine located 8km along strike to the northeast (Figure 5). Figure 5: Drape of gravity over solid geology with interpreted drill targets (source:  E79 Gold Mines Limited) Highlights – Breakdown of High-Priority Targets Overall Target Definition Over 40 gravity-defined targets across the project. 12 high-priority targets selected for initial drill testing. Targets occur within Great Fingall Dolerite, Meekatharra Greenstone, and eastern sequence. Great Fingall Dolerite Targets Five high-priority targets interpreted as cross-cutting structures through the Great Fingall Dolerite. Includes the Riptide Prospect: 4m @ 0.3g/t Au from 16m (LAC586) 4m @ 0.6g/t Au from 32m (LAC802) 28m @ 0.4g/t Au from 143m (arsenopyrite altered dolerite) Limited deeper drilling completed historically. Remaining four targets largely untested. Meekatharra Greenstone Targets Five high-priority targets. Combine gravity highs and lows with interpreted cross-cutting structures. Notable ~600m long gravity high units orthogonal to NE-trending stratigraphy. Host rocks include basaltic greenstone sequence. Eastern Targets Two high-priority targets in eastern geology sequence. Area mapped as granite, but drilling confirms sediments and intermediate rocks. Northern extension of MBA23: 4m @ 4.4g/t Au from 35m within foliated intermediate volcanics. Next Steps Confirmed Drill planning over priority targets. Heritage clearances in progress. Tenure applications advancing. E79 Gold Mines Limited - Management Commentary CEO Ned Summerhayes stated that interpretation indicates a greater extent of the Great Fingall Dolerite than previously recognised. He noted structural complexity within the Meekatharra Formation and confirmed the Company intends to test priority targets with drilling. Near-term Milestones to Watch Heritage clearance completion. Drill rig mobilisation. Initial drill testing of 12 high-priority targets. Further interpretation of gravity and magnetic datasets. Ongoing target ranking refinement. Samso Concluding Comments The two ASX releases show the progression from data acquisition to target definition. The first announcement confirmed completion of a high-resolution gravity survey across the full project area (Figure 1). The second announcement confirmed interpretation of that dataset and identification of priority drill targets (Figure 4). The gravity survey has mapped structural corridors through the Great Fingall Dolerite and Meekatharra Formation (Figure 5). These units are recognised host rocks for gold mineralisation in the district. Historical production at Great Fingall provides regional context. The definition of 12 high-priority targets across multiple geological domains indicates structural repetition and potential scale (Figure 5). The Riptide Prospect demonstrates existing anomalism within the dolerite, while the eastern targets show high-grade historical intersections. The obvious next phase will be to drill test these gravity-defined structures. Heritage clearances and tenure progression are required prior to drilling. The announcements provide a defined pathway from geophysical targeting to drill execution. E79 Gold Mines Limited has outlined a dataset-driven exploration approach at Cue. The gravity survey results provide the basis for initial drill programs aimed at testing cross-cutting structures within recognised host rocks. Further updates are expected as drilling plans advance. Market Implication - The Investor Lens As I have mentioned in the beginning of this blog, I am a shareholder of E79 Gold Mines Limited and the recent placement is keeping investors like myself happy (Figure . With a market capitalisation of just below AUD $15M, this is a good level for some excitement, once drilling begins to happen. Like my other gold punt, Miramar Resources Limited (ASX: M2R), the location is great for a discovery. With producers within reach for an acquisition, a discovery of any economical size will have an exit in the short term. If they do discover something that the neighbouring producers feel is too small, the rising gold price will make sure that the interest is reinvigorated. In all my previous coverage of E79 Gold Mines Limited, I have mentioned that I am a big fan of the management so this will be an interested upcoming months as we await drilling programs. Figure 6: The share price chart for E79 as of 20th February 2026 (source: commsec) 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.   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.

Samso has had a late entry to looking at looking at G11 Resources Limited (ASX: G11) as it explores for copper and gold within Tasmania’s Mt Read Volcanic Belt, a region that hosts the Mt Lyell Copper-Gold Mine and several other base metal and gold deposits. The Company’s focus is on structurally controlled mineralisation along the Great Lyell Fault, which is the main structural control to the Mt Lyell ore system. Samso has previously covered G11 in relation to: G11 Resources Limited – New Copper-Gold EM Drill Targets Identified at Linda Project This latest ASX Release dated 26 February 2026 outlines the identification of additional copper-gold drill targets generated from a geophysical review of historical VTEM data within the Linda Project. This summary reflects the factual disclosures made in the ASX release dated 26 February 2026 below: New Copper / Gold drill targets identified – 26 February 2026 ( view the announcement ) Introducing the G11 Resources Limited Update: New EM Targets Defined Along the Great Lyell Fault at Linda Project On 26 February 2026, G11 Resources Limited announced the identification of new copper-gold drill targets within the northern portion of EL6/2024 (Linda Project), located in Tasmania’s Mt Read Volcanic Belt. The Company has commenced a systematic exploration program comprising: Diamond drilling (currently underway at the Zig Zag anomaly; ~2,400m program) Geophysical review and interpretation along the underexplored northern extent of the Great Lyell Fault New Copper Gold drill targets i… The Great Lyell Fault is the primary structural control that hosts the ore bodies of the Mt Lyell Copper-Gold Mine near Queenstown, Tasmania New Copper Gold drill targets i…. The newly defined EM (electromagnetic) anomalies are located in the Comstock Valley area , interpreted to sit near a structural juncture along the Great Lyell Fault and a northwest–southeast fault corridor (Figure 1). Figure 1: G11 Resources tenements showing geophysical drill targets overlaid on geology, structure and adjacent Mt Lyell deposits. This map shows the relationship between the new EM targets, the Great Lyell Fault, and the Mt Lyell ore bodies. (source: G11) Highlights: EM Anomalies Identified Along Strike from Copper Chert Ore Body Key factual points from the ASX Release include: Systematic review of geophysical data over EL6/2024 has defined new EM anomalies in the northern portion of the Linda Project New Copper Gold drill targets i… These anomalies are located along strike from the Copper Chert ore body Targets occur near an interpreted structural juncture involving the Great Lyell Fault The strike extent north of Mt Lyell remains very poorly explored, with limited historic drilling and no modern systematic exploration New Copper Gold drill targets i… G11 Resources Limited will apply for drill approvals with Mineral Resources Tasmania (MRT) to test the new targets New Copper Gold drill targets i… The EM targets were generated through reprocessing and 3D interpretation of a 2011 heli-borne VTEM survey originally conducted by Geotech Airborne Pty Ltd New Copper Gold drill targets i…. The survey: Totalled 926 line kilometres Line spacing: 250m Nominal terrain clearance: 48m New Copper Gold drill targets i… G11 Resources Limited and its consultant geophysicist analysed Conductivity-Depth Inversion (CDI) slices at 450m depth to model conductivity anomalies beneath the project, forming the basis of the new drill targets. Figure 2: Image 1 & 2 - Diamond rig currently drilling the Zig Zag anomaly, with Copper Chert deposit in the background. (source: G11) Figure 3: Regional location plan showing Sedgwick Bluff (EL11/2025), MRV (EL33/2022), and Linda (EL6/2024) relative to Mt Lyell and other western Tasmanian mines. (source: G11) About the Company G11 Resources Limited is an ASX-listed exploration company focused on copper and gold exploration within the Mt Read Volcanic Belt in western Tasmania. The Linda Project (EL6/2024): Located east and south of the Mt Lyell Mining Centre Acquired via Tenement Sale Agreement with Iltani Resources Limited (ASX: ILT) announced 22 December 2025. No encumbrances or royalties No native title in place Tenement in good standing. The Mt Read Volcanic Belt hosts world-class mineral deposits including Mt Lyell, Henty, Rosebery, Hellyer, and Renison Bell. Management Commentary The ASX Release confirms that G11 has: Defined additional EM drill targets beyond the current Zig Zag drilling program Identified targets in structurally favourable positions along strike from known Mt Lyell mineralisation Completed a systematic geophysical review of historical datasets Initiated steps to apply for drill approvals to test the new targets. The announcement does not report any new drilling results. Near-term Milestones to Watch Based on the ASX Release, upcoming work includes: Completion of ~2,400m diamond drilling at Zig Zag Application for drilling approvals over new Comstock Valley EM targets Additional ground-based geophysical surveys including DHEM, MLEM, IP, CSAMT, gravity and magnetics. Surface geochemical sampling (rock chips, soils, stream sediments) RC and diamond drill testing of high-priority coincident anomalies. Down-hole electromagnetic (DHEM) (source: Develop ) An exploration method for conductive mineralisation, particularly in areas where the ability of surface EM to define a target is limited either by large depths or by interfering conductive bodies such as overburden, shallow sulphides and peripheral mineralised horizons. DHEM allowed explorers to widen the search radius of boreholes, when used in the search of massive sulphides. MLTEM: Moving Loop Transient Electromagnetic Surveying (source: Wireline Services Group ) MLEM surveys are an effective way to image a target through multiple EM coupling (transmitter-receiver relative to target) scenarios with the potential to cover kilometers of tenement per day. MLEM is an ideal follow up to airborne EM, soil sampling and/or geological surveys. Induced Polarization (IP) (source: Surface Search Inc. ) Induced Polarization (IP) is a geophysical method used extensively in mineral exploration and mine operations. The IP survey is very similar to electrical resistivity tomography (ERT). Resistivity and IP methods are often applied on the ground surface using multiple four-electrode sites. In an IP survey, in addition to resistivity measurement, capacitive properties of the subsurface materials are determined as well. As a result, IP surveys provide additional information about the spatial variation in lithology and grain-surface chemistry. CSAMT Surveys (source: ClearView Geophysics Inc. ) CSAMT (Controlled Source Audio-frequency Magnetotellurics) are an effective way to image the ground resistivity by collecting ‘soundings’ at each location. Readings taken in the ‘Scalar-Mode’ use one magnetic sensor which is oriented perpendicular to several 25-metre or 50-metre electrical dipoles. Samso Concluding Comments It is important to note that the EM anomalies generated are located along strike from the Copper Chert ore body and at a structural junction of the Great Lyell Fault (Figure 1). What does that man for those wondering? Well, it comes back to the old location, location, location scenario. This is important as well. The Great Lyell Fault is the primary structural control to the Mt Lyell Copper-Gold Mine. The northern strike extension within G11 Resources Limited ground is described as poorly explored with limited historical drilling as illustrated by the regional geological setting as shown in Figure 3. No historical drilling is a blessing but we all know that it is not necessary a tick of approval in terms of finding economical mineralisation or any mineralisation. The targets are based on conductivity anomalies interpreted from CDI depth slices derived from the 2011 VTEM survey data. For any potential investors, it is now about the drilling and what that brings in terms of news flow. Market Implication - The Investor Lens A market capitalisation of over AUD $44M is always going to deter the retail punters. The market is now primed and one can either feel the vulnerability of a pull back or the anxiety of missing out on potential gains. As we see the price of gold sky rocketing and now the added pressure of the escalating hostilities in Iran and Israel, what will that mean for the mineral exploration sector that is promoting the discovery of gold and copper. The share price chart for G11 Resources Limited (Figure 4) does look really steady and if that is an indication of the strength, a discovery will make things rally interesting. Figure 4: The share price chart for G11 Resources Limited as of the 2nd march 2026. (source: commsec). Management comes with a good list of success and that should give incoming investors some guide on the level of risk. This is always a good measure to have as these are the people who control the spending. ASX companies have a real good history of spending a heap of money in a very short period of time, so a good management team is always a good box to tick when accessing your investment priorities. 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.   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.

Aluminium Scandium Master Alloys: Pioneering the Future of Aerospace and Automobiles ( Stanford Advanced Materials ) Scandium (Sc) is one of those elements that rarely makes headlines, yet its influence cuts across some of the most important industrial and technological shifts underway today. Despite a market that remains small in both scale and visibility, scandium’s unique properties - particularly its ability to strengthen aluminium alloys and enhance the performance of solid oxide fuel cells place it in a position of disproportionate strategic value. The Source of Scandium Scandium is rare, not as in crustal abundances but in substantial accumulations. Scandium-rich minerals are rare, there are only a dozen mineral species that are identified in the Earth's materials [13]. Today, we know that Scandium are commonly found in laterites. While laterites are commonly associated with REE (Sc belongs to the rare-earth elements (REE) group) and Sc, the concentration of the minerals is vastly different. and hence the accumulation of Sc is not easily discovered. It is important that not all lateritic profiles are rich in Scandium Typically, scandium is commonly concentrated in lateritic regolith developed over mafic–ultramafic rocks. Concentrations reported in Australia, New Caledonia, the Caribbean, the Philippines, China, the Ivory Coast and Guinea reach 100 ppm in the Fe oxyhydroxide-rich horizons developed over peridotites[13].  In eastern Australia, exceptional concentrations, reaching 800 ppm [13] ´ have been recognised over mafic–ultramafic intrusions (Figure 1). I have to say that i did not know that Australia is a rich source of scandium which in the scheme of the scandium market, it does add to the fact that Australia is is now known to be a critical minerals powerhouse. Figure 1: Location and geological context of the major lateritic Sc occurrences found in eastern Australia (1: Syerston–Flemington, site of study, 2: Hylea, 3: Owendale, 4: Nyngan, 5: Sconi, 6: Pacific Express). Scandium contents are given according to Byrne (2017); Gordon (2018); Moller et al. (2017); Ricketts and Duyvesteyn (2018); Bell (2018) and Durack (2018), respectively. The Role of Laterites Laterites are a major component of the CZ. These regolith result from intense subaerial weathering of rocks in tropical environments, forming alteration layers frequently reaching several tens of meters in thickness. Laterites occur over 30 % of the Earth continents and represent 80 % of the volume of the soil mantle, thus having a major influence on the geochemical budget of weathering (Nahon, 2003). This crust fragment was collected in the Atlantic Ocean west of Africa. Metallic crusts in the deep seas of the Arctic Ocean including the Norwegian economic zone are very enriched on scandium Photo: Jan Steffen / GEOMAR (source: www.geoforskning.no ) Like other regoliths, laterites result from the transfer of chemical elements between the different horizons of the CZ. However, the conditions in which laterites form are an extreme case of rock weathering. What is Scandium? Scandium is primarily found in two minerals, Thortveitite (ScYSi2O7) and Kolbeckite (ScPO4·2H2O), which do not occur in sufficient volumes to justify industrial mining. These minerals are located in Madagascar and the Iveland-Evje and Tørdal regions of Norway, but none of these deposits are currently being exploited. Typically, scandium is found in small, isolated pockets within pegmatite formations, making industrial extraction challenging, despite the fact that they yield beautiful mineral samples. Scandium , sublimed - dendritic , high purity 99.998 % Sc/TREM. As well as an argon arc remelted 1 cm 3 scandium cube for comparison. (source: Wikipedia - Scandium ) The primary source of scandium is secondary extraction from waste products following bauxite processing. A smaller amount is obtained from scandium mining and extraction from laterite soils. Deposits with industrial potential exist in China, Kazakhstan, Australia, the United States, and Russia. In China, scandium is found in tin ores, tungsten ores, iron deposits, and Rare Earth Element deposits, while in Russia, it is associated with Rare Earth Element deposits and uranium mining. There is speculation about deep ocean deposits, though their extraction remains hypothetical.  Research is ongoing into other land resources. The Norwegian and Madagascan deposits are linked to gabbro and pegmatite formations but are not used for production. Currently, scandium is produced through calcio-thermic reduction of ScF3, obtained by fluorination of the oxide. Utilising Scandium The main way scandium is utilised is as a minor alloying element in aluminium, where even very small additions—typically less than 0.5%—can significantly enhance the metal’s strength, weldability, and resistance to heat and corrosion. This creates high-performance aluminium–scandium alloys that are lighter yet stronger than conventional materials, making them particularly valuable in aerospace, defence, and increasingly in advanced transport applications. The scandium mineral thortveitite from Kåbuland mine in Iveland. Photo: Ronald Werner, Wikipedia Commons - Sources: Norsk geologisk ordbok, scandiummining.com   (source: www.geoforskning.no ) The role of scandium here is not about bulk consumption, but about performance enhancement—refining the grain structure of aluminium and stabilising it under stress. In practical terms, this allows manufacturers to reduce weight without compromising structural integrity, which translates directly into fuel efficiency, payload gains, and longer service life. The effect of Sc addition on the microstructure and mechanical properties of a high-Zn-concentration Al (Al–49Zn) alloy. (source: Science Direct ) This article provides context for understanding the significance of scandium. Unlike iron ore or copper, its importance is not based on volume but on functionality and application. Scandium plays a crucial role in areas like aerospace-grade aluminum and new clean-energy ceramics, positioned at the crossroads of lightweight engineering and energy efficiency. The challenge and opportunity with scandium arise from its scarcity, fragmented supply chains, and the ongoing attempts to commercialize its production from unconventional sources such as laterites, red mud, and other industrial by-products. Uses of Scandium. (source www.rimfire.com.au ) In this Samso Insight, we take a grounded look at where scandium sits today, how its market is developing, and why invest Investors and industry participants are starting to pay closer attention. This is not about hype—it is about understanding a niche metal that may quietly underpin a range of future-facing technologies. 1.00 Uses of Scandium The interesting fact about scandium is that the volume of use is extremely small per application (0.5% of Sc will triple the strength of Al alloys), however, it is used in a large amount of applications. For example, the typical aeroplane would use between 70 and 700kg of Sc oxide per plane, depending on the size of the aircraft. The main concept is that it will reduce the weight of aircraft by 10-15% and hence reduce operating cots significantly. There are also narratives pointing to the use of scandium in solid oxide fuel cells. 1.01 Aluminium–Scandium Alloys (weight, strength, weldability) Scandium’s most cited industrial role is as an alloying element in aluminium . Even small additions can materially improve alloy performance, which is why scandium repeatedly appears in aerospace and high-performance manufacturing conversations. Where it shows up most often (end-use themes) in Figure 2: Aerospace & defence  components where strength-to-weight matters Additive manufacturing (3D printing)  alloy development for high-performance parts Select sporting goods  and niche lightweight applications Figure 2: Why Al-Sc Alloys Matter (source: Samso)   1.02 Solid Oxide Fuel Cells (SOFCs) and energy ceramics Another major demand driver discussed in technical and industry sources is scandium’s use in SOFC-related ceramics (often referenced as scandia-stabilised materials) (Figure 3). This is one reason demand discussions frequently point toward clean-energy systems and stationary power. Figure 3: Scandium-Containing Ceramics in Solid Oxide Fuel Cells (SOFCs). (source: Samso)   1.03 Specialty uses (lasers and niche tech) Older United States Geological Survey (USGS) reporting groups scandium end uses into Al-Sc alloys, fuel cells, and lasers , which is a neat way to remember the “big three” buckets (Figure 4). Figure 4: Applications of scandium in industry (source: Samso) 2.00 Global Market Facts (what’s real, what’s small) 2.01 The market is small in tonnage USGS has repeatedly characterised scandium as a small market , with industry estimates indicating global production was less than 40 tonnes in 2022 . USGS yearbook-style reporting has also put global consumption around ~15–25 tonnes per year  (noting uncertainty and limited transparency). More recent reporting (Reuters, September 2025) described global scandium oxide production at about 40 tonnes in 2024 (Figure 5) . Figure 5: Scandium Market Scale bar chart: 2022 (<40 t) vs 2024 (~40 t) with source notes. (source: Samso)   Samso take:  This is the key feature, not a footnote. In a market measured in tens of tonnes , a single credible project can change the supply narrative.   2.02 Price and market-size reports vary widely Commercial market reports publish market-value forecasts, but the numbers differ by methodology and definitions (metal vs oxide vs total value chain). Treat these as directional , not gospel.   3.00 Global Producers - Who actually make scandium   Global scandium supply is highly concentrated, with China dominating both primary production and virtually all refined metal output. This lack of diversified supply underscores the structural tightness of the scandium market and elevates supply-chain risk for downstream users (Figure 6). Figure 6: Scandium Supply Dominance by Location (source: Samso) Scandium is rarely produced from primary mines, with supply largely dependent on by-product recovery (Figure 7). Figure 7: Conceptual Scandium Supply Chain Pathway (source: Samso)   3.01 China, Russia, Ukraine (commonly cited sources) Official and policy-style commentary often points to China, Russia, and Ukraine  as key sources in the historical supply narrative. 3.02 Rio Tinto (Canada, titanium dioxide waste stream route) Reuters reported that Rio Tinto developed a method to extract high-purity scandium oxide from titanium dioxide production waste , with capacity reported at up to ~3 tpa  at its Quebec facility since 2022. 3.03 Emerging Western stockpiling interest (signal, not volume) Reuters also reported the U.S. Defense Logistics Agency’s intent to buy scandium oxide for stockpiles, including a first-year target described as nearly 2 tonnes , framed as about ~5% of global production  ( based on the same reporting ). 4.00 Global Scandium Consumption - How many tonnes, and who uses it The cleanest “tonnes” statement in public, citable sources is the USGS estimate range: Global consumption is estimated at ~15–25 tonnes per year (yearbook reporting). And production context from USGS MCS: <40 tonnes produced in 2022  (industry estimates cited by USGS). Consumption buckets (consistent framing) (Figure 8): Aluminium-scandium alloys Solid oxide fuel cells Lasers and niche tech Figure 8: Indicative Scandium End-Use Applications (source: Samso)   5.00 What industries are using scandium? (Figure 9) 5.01  Aerospace & Defence This is the most visible narrative driver because lightweight alloys have obvious platform benefits, and because strategic supply is now being discussed in policy/stockpile terms. 5.02  Clean Energy (SOFC-related) SOFC demand is repeatedly cited as a growth vector in USGS-style summaries and technical literature. 5.03  Advanced manufacturing (incl. alloy development and additive pathways) NioCorp/Lockheed reporting highlights scandium-aluminium alloy development linked to defence manufacturing and 3D printing workflows (processing into powder for additive manufacturing was specifically described). Figure 9: Scandium End-Use Industries and Supply Constraints (source: Samso)     6.00 Australia’s Core Scandium Province : New South Wales (Figure 10) Figure 10: Australia’s Scandium hotspot (source: OzMin database, Geoscience Australia) New South Wales has emerged as Australia’s most concentrated and strategically important scandium province—often described as Australia’s scandium hotspot, or the “Kalgoorlie of Scandium” as it hosts projects that span the full development spectrum from exploration to advanced, construction-ready assets (Figure 10). The clustering of these projects within a single jurisdiction highlights both the region’s geological endowment and the growing strategic relevance of scandium as a constrained, high-value metal. Key contributors to the New South Wales scandium story include: Sunrise Energy Metals Limited (SRL): Advancing the Syerston Project as a primary scandium development, supported by significant recent funding and a defined pathway toward construction. Scandium International Mining Corp (SCY): Owner of the Nyngan Scandium Project, one of the most advanced standalone scandium assets globally, with completed feasibility work and permitting in place. Rimfire Pacific Mining Limited (RIM): Providing district-scale exploration exposure across the Fifield region, with defined resources and exploration targets that offer longer-dated scandium optionality. Together, these companies frame New South Wales as the backbone of Australia’s scandium narrative, combining near-term development potential with longer-term exploration upside in a market defined by limited and highly concentrated global supply.  6.10 Sunrise Energy Metals (ASX: SRL) – Syerston (NSW) Flagship asset:  Syerston Scandium Project, New South Wales (Figure 11) Figure 11: Syerston Scandium Project, New South Wales (source: SRL) Scandium focus:  Primary scandium development (not by-product based) Project status:  Advanced development; pre-construction activities underway Funding position:  ~A$105 million raised since June 2025, including a A$32.5 million placement announced in December 2025 Development timeline:  Targeting on-site construction by mid-2026, subject to approvals Strategic angle:  Positioned as a large, Western scandium supply source outside China End-use exposure:  Aluminium-scandium alloys, solid oxide fuel cells, defence alloys, semiconductors 6.11 The Business of Sunrise Energy Metals Limited – The Syerston Project, New South Wales The Syerston Project is a long-evolving asset centres around a laterite deposits that has been focused on nickel, then nickel-cobalt and no Scandium. The chemistry and the mix of potential commodities have not changed. It is now and has always been about what is the market requirements at the time of discussion. The deposit was first identified in the 1990s during regional exploration programmes targeting nickel laterites in New South Wales. Early work defined a large, low-grade but laterally extensive nickel–cobalt resource developed over ultramafic rocks. At that time, the focus was primarily on nickel, with cobalt recognised as a secondary component and scandium largely overlooked. Through the late 1990s and early 2000s, the project underwent systematic drilling, metallurgical testing, and resource definition. This work established Syerston as one of the more significant laterite deposits in Australia, but like many laterite projects globally, its development was constrained by processing challenges and fluctuating nickel prices. The complexity and cost of high-pressure acid leach (HPAL) processing meant that advancing the project required both technical confidence and strong market conditions. The project later came under the control of Clean TeQ Holdings Limited, which marked a turning point in its development. Under this ownership, Syerston was repositioned from a conventional nickel project into a more integrated nickel–cobalt–scandium development. This period saw significant investment in metallurgical innovation, including proprietary ion exchange and purification technologies aimed at improving recoveries and product quality. It was also during this phase that scandium became a more prominent part of the story. As global interest in scandium’s applications—particularly in aluminium alloys and solid oxide fuel cells—grew, Clean TeQ began to highlight Syerston as one of the few deposits globally capable of supplying scandium at scale as a by-product. By the mid to late 2010s, the project had progressed through feasibility-level studies, positioning it as a potential large-scale supplier of battery materials. However, like many capital-intensive projects, timing became a key factor. Market conditions, financing requirements, and evolving battery supply chain dynamics influenced the pace at which development could proceed. In 2021, Clean TeQ Holdings rebranded to Sunrise Energy Metals Limited, reflecting a broader strategic focus on clean energy metals and aligning the company more clearly with the battery materials and energy transition narrative. From a Samso perspective, the history of Syerston is a reminder that large laterite projects are not built overnight. They evolve over decade, moving from discovery, through technical validation, and into the more challenging phase of commercial execution. The work done over the years has de-risked many aspects of the project, but the key question remains the same: how effectively that long history can now translate into a producing operation. 6.20 Scandium International Mining Corp (TSX: SCY) – Nyngan Scandium Project (NSW)   The Nyngan Scandium Project, owned by Scandium International Mining Corp, is one of the most advanced primary scandium development projects globally. Located approximately 20 km west of Nyngan in central New South Wales, the project benefits from established infrastructure, including road access, rail connectivity, power, and proximity to regional service centres. Figure 12: Nyngan Scandium Project, New South Wales (source: SCY) The deposit is hosted within a lateritic profile developed over mafic rocks. The mineralisation is near-surface, laterally continuous, and amenable to open-pit mining. What differentiates Nyngan is the relatively high scandium grade compared to typical laterite systems, where scandium is usually a minor by-product. Here, scandium is the main economic driver. Definitive Feasibility Study (source: Scandium Mining ) During May 2016 the Company issued a National Instrument NI 43-101 Technical Report entitled "Feasibility Study - Nyngan Scandium Project". The feasibility study was independently prepared; Lycopodium Limited led the feasibility study team from their Brisbane, Australia office. Feasibility Study Highlights: Capital cost estimate for the Project is US$87.1 million, Operating cost estimate for the Project is US$557/kg scandium oxide, Oxide product volume averages 37,690 kg per year, over 20 years, Project Constant Dollar NPV10% is US$177 million, (NPV8% is US$225 million), Project Constant Dollar IRR is 33.1%, Oxide product grades of 98-99.9%, as based on customer requirements, Project resource increases by 40% to 16.9 million tonnes, grading 235ppm Sc, at a 100ppm cut-off in the measured and indicated categories, and Project Reserve totalling 1.43 million tonnes, grading 409ppm Sc was established on part of the resource. The feasibility study concludes that the Project has the potential to produce an average of 37,690 kilograms of scandium oxide (scandia) per year, at grades of 98.0%-99.9%, generating an after tax cumulative cash flow over a 20 year Project life of US$629 million, with an NPV10% of US$177 million. The feasibility study has been developed and compiled to an accuracy level of +15%/-5%, by a globally recognized engineering firm with considerable expertise in laterite deposits. A number of the key elements of this flowsheet work have been protected by the Company under US Patent Applications. Positioning The Nyngan Project – A Primary Scandium Resource The Nyngan Project is established as a primary scandium supplier , distinguishing itself from those relying on by-product production. This is a significant differentiation. The strategy focuses on supplying scandium for: Aluminium–scandium alloys (used in aerospace, transport, and additive manufacturing) Solid oxide fuel cells (for clean energy applications) Given the relatively small size of the scandium market, the project is designed to produce modest annual volumes that match current and anticipated demand growth. Scandium is a high value product which is a rare business in mining. Figure 12a gives a good comparison of pier projects. Figure 12a: Scandium project comparisons. (source: Scandium Mining) Another advantage that Nyngan has is an extablished mining jurisdiction with access to road and rail. Easy avalability of skilled workers is very important. Readers have to remember that the proejct is decades in the making and with the market as it is now with all the geopolitical issues and the current hostilities in the Middle-East, timing for a "boutique" commodity like Scandium may have founds it day of rewars in 2026. 6.30 Rimfire Pacific Mining Limited (ASX: RIM) – Fifield Scandium District (NSW) Scandium focus:  District-scale scandium exploration in the Fifield Scandium District , New South Wales (Figure 13).  Figure 13: Fifield Scandium District, New South Wales (source: RIM) Strategic position:  Controls a large scandium-prospective landholding  in Australia’s premier scandium province Key projects:  Murga, Melrose, Currajong, Rabbit Trap, and Forrest View, located proximal to Sunrise Energy Metals’ Syerston Project Resource base:  Maiden and updated JORC Mineral Resource Estimates  defined at Melrose, Murga North, and Currajong, with combined contained scandium oxide reported across multiple deposits Exploration upside:  Murga Exploration Target of 100–200 Mt at 100–200 ppm Sc , highlighting potential for material resource growth, subject to further drilling and conversion to MRE Development pathway:  Near-term focus on infill air-core drilling  and conversion of exploration targets to mineral resources, with a stated target of new MRE updates by Q1 2026   Strategic context:  Operates alongside major and emerging scandium players in Fifield, including Sunrise Energy Metals  and Rio Tinto , reinforcing district-scale significance Rimfire Pacific Mining Limited is positioning itself as a district-scale explorer and developer  within the Fifield region of central New South Wales. The strategy is based on consolidating a landholding across what is emerging as a significant scandium province. The company controls a large tenement package in the Fifield area and is advancing multiple scandium prospects alongside exposure to gold, antimony, and copper targets . The Fifield Projects – A Cluster of Scandium Opportunities According to the latest presentation, Rimfire’s core focus is within the Fifield district, which hosts multiple scandium projects in close proximity to each other and to established deposits. The geology is consistent across the region: Laterite-hosted mineralisation Developed over pyroxenite source rocks Broad, near-surface mineralised zones The company’s key projects in the district include: Murga Scandium Project Melrose and Currajong deposits Rabbit Trap Project (recently acquired 100%)   This cluster approach suggests the potential to build regional scale rather than a single standalone operation . 7.00 Global supply risk and why scandium keeps showing up in strategic lists Two facts keep repeating across credible sources: Scandium is dispersed  and typically produced as a by-product , limiting scalability Western policy and defence procurement interest is rising (stockpiling and offtake headlines) This is why scandium periodically “pops” into investor attention. Not because it is a bulk commodity, but because it is the opposite. 8.00 Scandium Pricing – A Niche Market Defined by Scarcity and Function Scandium pricing is fundamentally different from most commodities. There is no transparent exchange, no daily spot price, and very limited publicly reported transactions. Instead, pricing is typically negotiated through private contracts , often tied to purity, volume, and end-use application. The indicative pricing ranges are: Scandium Oxide (Sc₂O₃): ~US$1.2M to US$3.8M per tonne Scandium Metal (ingot): ~US$134M to US$153M per tonne High-purity dendritic scandium metal: up to ~US$233M–US$513M per tonne   Readers will have figured out that these numbers highlight that this market is not about volume. Pricing reflects extreme scarcity and high performance value , not market liquidity. Figure 14: (a) Reconstructed total production rate for scandium in ton per year. The data was pieced together from the referenced literature and different websites. Squares represent estimates by the authors from corporate websites and articles in the reference list. (b) Approximate data corridor for the price for scandium oxide (Sc2O3). All curves based on approximate data gathered by the authors [20]. (c) The metal price in $/kg as it appears in the United States Geological Survey, Minerals Commodities Summaries from the years 1996–2023. I discovered an excellent paper [20], illustrated in Figure 14. The three charts clearly explain the production matrix and pricing of Scandium in both its oxide and metal forms. Figure 14 (a) displays the reconstructed production rate for scandium in tons per year. The data in Figure 14 was compiled from referenced literature and various websites. According to [20] there is limited published material on scandium, and the data is often inconsistent or incomplete. The squares indicate estimates by the authors. The circular marker in Fig. 14 (a) represents the projected rate for 2030 if various projects in the United States, Canada, and Australia are realized. These new production projects are currently underway. Figure 14 (b) illustrates the approximate price level for scandium oxide (Sc2O3). The prices from different sources vary significantly at the same time, so we have defined a range where the price is most likely to be found for both metal and oxide. Figure 14 (c) shows the metal price in $/kg as reported in the United States Geological Survey's Minerals Commodities Summaries from 1996 to 2023, with data for 1996–2019 [14]. After 2019, the USGS does not regularly update the figures. Figure 15: Data for scandium contents in bauxite used for scandium extraction in Russia [21]. Such data, was used in constructing Figure 17 and 18 The authors [20] compiled the price data in the diagrams from the cited literature and various websites (Fig. 15). (source: [20]). Figure 16 below presents estimates of scandium production volumes in 2022, assisted by educated guesses. Approximately 65% of the total volume is utilized as metal for alloys. The rate of scandium recycling is unknown, as no figures are available in any of the references. Figure 16: Shows the resource estimates for scandium as done by the authors. For Rare Earth Element deposits there are some more data points and the contents vary a lot, from as low as 26 ppm to more than 110 ppm in India and China, other locations have averaged at 220–400 ppm, but some deposits may have as much as 2000 ppm. (source: [20] In Figure 17, the data shows the resource estimates for scandium as done by the authors [20]. For Rare Earth Element deposits there are some more data points and the contents vary a lot, from as low as 26 ppm to more than 110 ppm in India and China, other locations have averaged at 220–400 ppm, but some deposits may have as much as 2000 ppm. Figure 17: Results for resource basis for scandium production. The above shows the approximate scandium production potentials from the different possibilities. Production estimated from mother metal production rates and assumed average scandium content at present as estimated by the authors. (source: [20]) Single deposits have significantly higher contents in smaller sections of the ore bodies. The research does highlight that none of this is geostatistically representative for whole regions, and only represents single random samples. Thus, the data is tentative. The available data and information has been used to make educated guesses. The estimated yields are very variable. Figure 18: Results for resource basis for scandium production. (source: [20]) Figure 18 illustrates the estimated scandium production potentials from various sources. These estimates are based on current mother metal production rates and the assumed average scandium content, as determined by the authors. 8.10 Historical Pricing – Why It Has Been Volatile Unlike bulk commodities, scandium pricing has not followed a smooth supply-demand curve. Instead, it has moved in steps , largely driven by availability rather than consumption growth. 8.11 Early Market (Pre-2000s) – Experimental and Illiquid Scandium was primarily produced as a by-product from uranium and rare earth operations (mainly in the former Soviet Union). Supply was inconsistent and volumes were extremely low. Pricing was opaque and largely irrelevant to broader markets. 8.12 2000s to Early 2010s – First Commercial Interest Growing awareness of scandium in aluminium alloys and fuel cells . Limited supply kept prices high, often above US$2,000–$5,000 per kg for oxide . Market remained constrained due to lack of reliable producers. 8.13 Mid-2010s – Supply Expansion Attempts Projects like Nyngan (Australia) and others globally began advancing. Some increased supply (including Chinese production) led to price softening , but not collapse. The key issue remained: supply was still inconsistent and not scalable. 8.14 Late 2010s to Early 2020s – Stabilisation Phase Prices generally stabilised within a broad band, reflecting: Limited but steady supply (largely from China) Slow but growing adoption in niche applications The market remained thin and sensitive to small changes in supply . 8.15 Current Phase (2020s) – Strategic Metal Narrative Renewed interest driven by: Light weighting (aerospace, transport) Clean energy (SOFCs, hydrogen systems) What is SOFCs ? Solid Oxide Fuel Cells (SOFCs) are high-efficiency electrochemical devices that convert fuel (hydrogen, natural gas, biogas) directly into electricity and heat without combustion. They operate at high temperatures (–) using a solid ceramic electrolyte to move oxygen ions, allowing for high fuel flexibility and the use of non-precious catalysts. Advanced electronics (AlScN materials) - What is AIScN ? Aluminium Scandium Nitride (AIScN) is an advanced wurtzite-structured ferroelectric material, commonly called scandium-doped aluminum nitride, that boosts the piezo-electric properties of Aluminium Nitride (AIN). Primarily used in 5G RF filters, non-volatile memory, MEMS, and photonics, (ASIcN) offers high temperature stability (over 600°C) and superior piezoelectric coefficients Pricing remains high due to: Concentrated supply (China dominance) Lack of large-scale Western production Increasing strategic importance 8.20 What Drives Scandium Prices Today The research has come up with some pointed factors indicates that the scandium pricing is driven by a small number of key factors: 8.21 Supply Availability Small increases in supply can have a disproportionate impact on price Lack of new projects keeps pricing elevated 8.22 Product Purity High-purity scandium oxide commands premium pricing Metal form (especially dendritic) can reach extreme values due to processing complexity 8.23 End-Use Applications Aerospace and defence applications tolerate higher pricing Emerging sectors (fuel cells, semiconductors) are sensitive to cost but require reliability 8.24 Contract-Based Marke t Long-term offtake agreements often dictate pricing No liquid spot market means price discovery is limited 8.30 The Key Insight – Why Pricing Has Not Collapsed One of the most important observations is that scandium prices have remained high despite low overall demand . The market has never had enough reliable supply to test true demand elasticity. In other words: Prices are high because supply is scarce Demand is limited because prices are high One would wonder if this is good for producers and the market. The situation is like it is a feedback loop  that has kept the market small. Samso Concluding Comments The first time I came across Scandium would have been almost 20 years ago. I was asked to give my opinion and the feedback I gave was that it was difficult and the market was extremely small. If I am not mistaken, the price of the metal was just as attractive but the market was and is still as opaque and I am not sure if the marketability for the metal is any easier. Like manganese and the iron ore market, when it was first a market, in the 1960s, the project is only successful if you have a buyer. There is not much concept of an open market although, the likes of manganese and iron ore is a lot easier now. I was recently in a similar market and that was High Purity Quartz. The pricing mechanism was very lucrative but with research, the market is complex and very specialised. In some ways, like the general thought for High Purity Quartz, assuming this is true, the geological nature is what dictates the lack of economical sources. Scandium has a hard time trying to concentrate in an economical amount and that may also be why it is priced so handsomely. The ability to get the metals in a economically mineable source appears to be challenging and one would think that this issue is here to stay. The other aspect is not just a lack of an economical source, the use of the metals is also small and that means the production required is not that high. Like tungsten, the global consumption is only 100,000 plus per annum. Although, with the increasing amount of hostilities recently, the need for tungsten to replenish used missiles etc. may move that needle a bit more. If you look back at Figure 14 and Figure 15, the projections are all suggesting bigger numbers in the future and if we take into consideration that we are moving into a new form of energy use, emission control and a new way of regulating energy, the need for these boutique metals will surely be in demand. I guess, for Australia, the amount of sources coming out of New South Wales may make Australia the Mecca of Scandium and at a time when the term "Critical Minerals" is taking centre stage in a global manner, this will be a fortunate geological phenomenon. References: United States Geological Survey (USGS) – Mineral Commodity Summaries (MCS): Scandium (2024, 2025)   USGS – Rare Earths Minerals Yearbook (2019)  (includes scandium end uses and consumption estimate range) Geoscience Australia – Australian Resource Reviews: Scandium   Reuters – U.S. DLA scandium oxide purchase / Rio Tinto supply  (Sept 22, 2025) Reuters – Sunrise–Lockheed scandium option  (Oct 23, 2025) Financial Times – broader context on Pentagon stockpiling push USITC executive briefing – Russia and scandium background   NSW Government appendix (historic directory context for NSW projects) SRL Investor Presentation 18 July 2025 SRL Investor Presentation 18 July 2025 Scandium International Mining Corp Corporate Presentation - October 2022 RIM Annual GM 18 November 2025 Chassé, Mathieu & Griffin, William & O’Reilly, Suzanne & Calas, Georges. (2019). Australian Laterites Reveal Mechanisms Governing Scandium Dynamics in the Critical Zone. Geochimica et Cosmochimica Acta. 260. 292-310. 10.1016/j.gca.2019.06.036. Nahon D. (2003) Weathering in Tropical Zone. Significance Through Ancient and Still Active Mechanisms. Comptes Rendus - Geosci. 335, 1109-1119. Byrne J. (2017) Annual Report. Technical report, Jervois Mining Ltd, Howthorn, Vic., Australia. Gordon M. (2018) Riva Resources Limited. Technical report, Independent Investment Research (Aust.) Pty Limited, Sydney, NSW, Australia. Moller B., Mosig R. and Hartley C. (2017) Annual Report. Technical report, Platina Resources Limited, Mt Hawthorne, WA. Ricketts N. J. and Duyvesteyn W. P. C. (2018) Scandium Recovery from the Nyngan Laterite Project in NSW. In Light Met. 2018. TMS 2018. Miner. Met. & Mater. Ser. (ed. O. Martin). Springer, Cham, Switzerland. pp. 1539–1543. Durack S. (2018) Six High-Grade Cobalt-Scandium Areas Key Focus at Granted NSW Tenement. Technical report, MinRex Resources Limited, Perth, WA. Bell B. (2018) Quarterly Activities Report. Technical report, Australian Mines Limited, Perth, WA. Sverdrup, Harald & Sverdrup, Antoniy. (2024). On the Supply Dynamics of Scandium, Global Resources, Production, Oxide and Metal Price, a Prospective Modelling Study Using WORLD7. Biophysical Economics and Sustainability. 9. 10.1007/s41247-024-00118-y. Boyarintsev AV, Aung HY, Stepanov S, Shoustikov AA, Ivanov PI, Giganov G (2022) Evaluation of main factors for improvement of the scandium leaching process from Russian bauxite residue (Red mud) in carbonate media. Am Chem Soc Omega 7:259–273 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. 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This latest ASX release from Miramar Resources Limited (ASX: M2R) at the Gidji JV Gold Project is very interesting. The core of the release is about the latest RC drilling results that management has highlighted as a defined continuous zone of shallow gold mineralisation extending over 600 metres at the Highway Prospect. The programme confirmed multiple mineralised intersections, including higher-grade zones such as 3m @ 9.45 g/t Au (Figure 1). Figure 1: Plan view showing Highway Prospect drill results and 600m strike extent.(Source: Miramar Resources Limited ) The results do build on earlier aircore drilling and support the interpretation of a coherent shallow gold system. I have always liked this project from way back in 2021 when Alan Kelly came on our Coffee with Samso " Mineral Exploration - Creating Value Organically ", Episode 68; however, the hidden mention of Claypan has made me take notice. For me, the Gidji project just needs money spent on the ground and the process of exploration will do its job. Personally, the best thing for Miramar is to let management do their job and go find the mystery mineralisation source (I am a shareholder anticipating a discovery). The notes that was in the release about Claypan is very interesting. The concept of something else in the project will always be a place of interest so the more of these "new prospects' the more I will be following the progress. About Miramar Resources Miramar Resources is operating within the Eastern Goldfields of Western Australia, a well-established gold-producing region with existing infrastructure and processing capacity. The Gidji JV Project sits within a structural corridor that hosts multiple known deposits, and recent work is focused on defining shallow mineralisation that may be amenable to near-surface development pathways. Shallow Gold Mineralisation Defined at the Highway Prospect Near Kalgoorlie The Gidji JV Project is located approximately 15 kilometres north of Kalgoorlie and contains around 15 kilometres of strike along the Boorara Shear Zone, a structure associated with multiple gold deposits in the region (Figure 2). Exploration since 2020 has identified several zones of shallow gold beneath transported cover, with recent RC drilling now providing clearer definition of mineralisation at the Highway Prospect. Figure 2: The Gidji JV project. (Source: Miramar Resources Limited ) The latest drilling confirms that gold mineralisation occurs at shallow depths between approximately 47m and 56m and extends over a strike length exceeding 600 metres (Figure 3). Figure 3: Long section showing vertical distribution of shallow gold mineralisation. (source: Miramar Resources Limited) RC Drilling Confirms Coherent Shallow Gold System Over 600m Strike RC drilling has outlined shallow gold mineralisation over a strike length exceeding 600 metres at the Highway Prospect (Figure 1). Mineralisation occurs at shallow depths (47m–56m), consistent with earlier aircore results. Higher-grade intersections include: 3m @ 9.45 g/t Au (GJRC043), including 1m @ 23.11 g/t Au   Additional intercepts such as 3m @ 1.13 g/t Au  and multiple intervals above 0.5 g/t Au. A second parallel trend west of the main zone is indicated by aircore drilling results exceeding 2 g/t Au. Drill spacing remains relatively wide (~50m), indicating further drilling is required to define continuity and grade distribution. Figure 4 below outlines some of the significant intercepts from the drilling. Figure 4: Summary of significant drill intersections (>0.25 g/t Au). (source: Miramar Resources Limited) An Interesting New Prospect ? The management comments regarding the potential of the "Claypan" Prospect, within 200 meters of the Goldfields Highway and along the strike from the Crossroads deposit and the renowned Kanowna Belle gold deposit (Figure 5) is good news. Good news, not in the sense that I feel a discovery is in sight, but good news in that there are learnings coming out from the exploration activities that gives shareholders a better chance for discovery. For those who have been working in the Kalgoorlie region, the Black Flag Beds have been a target or a word association for gold explorers for as long as I can remember as a follower of all things mineral exploration. Although it is by no means a "sure thing" to deliver a discovery, it is nice to know that the geology in the Gidji area is in the right geological associations. Major gold deposits at Kanowna Belle and Binduli is nice to be associated with so this brings an educated hope for my investment :-). Figure 5: Regional location of Claypan relative to Kanowna Belle and Crossroads. (source: Miramar Resources Limited ) As mentioned in the ASX release, it is good to see that previous RAB, aircore, and RC drilling have revealed sporadic bedrock gold mineralisation over a strike length of about 1 kilometre, linked to the contact between a mafic intrusive unit and a granite, which is offset by a north-south fault (Figure 6). Current drilling is relatively wide-spaced compared to the nearby Crossroads deposit, which has a total strike length of roughly 300 meters. I will be eager to get more news of any drilling after the completion of the heritage survey. Figure 6: Claypan drilling and geological interpretation. (source: Miramar Resources Limited) Management Commentary The Company has indicated that the current drilling supports the potential for defining shallow gold resources at the Highway Prospect. Work has commenced to review existing data and plan further drilling, including engaging a resource geologist. The proximity of the project to infrastructure, including the Goldfields Highway and nearby processing plants, is noted as providing multiple pathways for potential development scenarios depending on scale. Near-term Milestones to Watch Closer spaced RC drilling at the Highway Prospect to define grade continuity and thickness Evaluation of shallow resource potential with input from resource geologist RC drilling at the Claypan Prospect following heritage clearance Auger drilling programme at the Chain Pool Project targeting SEDEX-style mineralisation Samso Concluding Comments The results presented in this announcement show that the Highway Prospect is moving along and that is pretty much you can ask for from management. It is good to see the recognition of the 600 metres of strike which means there is still some form of evidence to find the elusive Holy Grail. The shallow depth of the mineralisation is a good consistent feature across the drilling programme which, for me, is consistent with the historical drilling interpretation. The engagement of a resource geologist would indicate that Miramar Resource is beginning to organise its data towards potential resource evaluation, which will largely depend on the outcomes of further drilling. I like the mention of the Claypan Prospect as it adds another layer to the project, with geological features such as the unconformity and structural setting providing a basis for additional targets. Historical drilling indicates mineralisation over a longer strike length, but the spacing of data means that further work is required to establish continuity. If the project becomes a supergen play, then so be it. A modest volume in this market is going to be lucrative as the shallow aspect of the potential resource will be economical with not much doubt. Market Implications The market seem to have not done much for Miramar at this stage which may be good to top up for anyone who wants to go for a "punt". With a market capitalisation of just over AUD $5M, a discovery will be impactful for valuations. The great part of the Miramar story is that a modest resource of 100,000 ounces will be sufficient for value creation. Anything in 7 figures will be significant value creation. One can only hope. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Pioneer Minerals Ltd (ASX: PMM) has recently released two ASX updates that collectively define the direction of its North Pine Project in Idaho. The first outlines the Company’s acceptance into the U.S. Defense Industrial Base Consortium (DIBC), providing access to U.S. government-linked supply chain initiatives for critical minerals. The second reports new gallium assay results from the Springfield Prospect, confirming the presence of a broader multi-commodity system alongside existing tungsten and gold mineralisation. From an investor point of view and that of a Samso News feature, these announcements run a narrative that the projects are a tungsten-focused exploration story with a flavour of a multi-commodity system with relevance to U.S. critical minerals strategy, supported by early-stage metallurgical work and planned development activities. Pioneer Minerals North Pine Project The Company’s North Pine Project is situated in Idaho, United States, centred on its Springfield Prospect. Located within a known mineralised district, North Pine sits near established deposits such as the Stibnite Gold Project. The Project sits in a jurisdiction where critical minerals supply is actively being supported by government initiatives. The combination of tungsten, gold and now gallium introduces multiple pathways for value, but also adds complexity in how the system is understood and developed. The inclusion in the DIBC framework places the Company within a broader supply chain discussion rather than just a standalone exploration story. The second announcement provides technical detail that supports this positioning, particularly with the identification of gallium as a separate mineral phase. Figure 1: Location of North Pine Project relative to nearby deposits. (source: Pioneer Minerals Limited) The Company is targeting tungsten mineralisation within a skarn system, with additional gold and now gallium identified through recent work. DIBC Membership and Strategic Positioning – U.S. Defense Industrial Base Alignment and Project Relevance Pioneer Minerals Limited accepted into the U.S. Defense Industrial Base Consortium (DIBC) Provides access to collaboration with U.S. Department of Defense, contractors and research institutions Tungsten identified as a critical mineral for defence, aerospace and manufacturing North Pine Project positioned as a potential domestic supply source for tungsten Springfield Prospect shows high-grade tungsten up to 2.98% WO₃ and gold up to 7.75 g/t Au Independent geophysics confirms correlation between mineralisation and regional magnetic anomaly Historical tailings test work produced 3.27% WO₃ concentrate with a 17.6x upgrade Management Commentary Management highlights that participation in the DIBC provides a pathway to engage with U.S. government programs and funding mechanisms. The focus is on advancing the North Pine Project within a framework that supports domestic supply chains for critical minerals. The commentary links the technical work at Springfield with broader strategic objectives rather than providing new geological interpretation. Near-term Milestones to Watch Reopening access to the historic Springfield mine Electromagnetic (EM) survey targeting sulphide-related conductors Submission for U.S. government funding programs Permitting for Phase 1 drilling Gallium Discovery and Multi-Commodity System Confirmation – Gallium Results Define Additional Mineralisation Pathway (Figure 2) Rock chip sampling returned gallium results up to 128.7 ppm Ga₂O₃ Multiple samples above 60 ppm Ga₂O₃ confirm a coherent anomalous zone Gallium mineralisation occurs independently of tungsten Confirms a multi-commodity system: tungsten, gallium, gold and silver Tungsten grades remain strong, up to 2.98% WO₃ Gold values up to 7.75 g/t Au continue to support a separate mineralising event Gallium likely hosted in non-gravity recoverable phases (e.g. micas, feldspars or sulphides) Metallurgical work underway to assess recovery pathways Figure 2: Rock chip locations showing gallium, tungsten and gold. (source: Pioneer Minerals Limited) Near-term Milestones to Watch Metallurgical test work on gallium deportment Assessment of secondary or hydrometallurgical recovery pathways Integration of gallium into processing strategy Continued engagement with U.S. funding initiatives Advancement toward potential tungsten production Samso Concluding Comments The two announcements from Pioneer Minerals describe different parts of the same story. The first is about positioning the project within a broader supply chain framework, and the second is about understanding what is actually in the ground. The tungsten system has been the base of the project, supported by historical work and recent sampling. The gallium results add another layer, but they also introduce new work required to understand how that mineralisation behaves in processing. The separation between tungsten and gallium is a key detail that will influence how the project is developed. The inclusion in the DIBC framework provides access to funding pathways and collaboration opportunities. The introduction of US government facilities will help how the project may be progressed in terms of development and partnerships. As always with mienral resource projects, the next stage of work is focused on data collection. Typically, this will be the same "boring" steps that includes geophysics, metallurgical testing and permitting. These are standard steps, and the execution and the timing of work and the timing of the base commodity pricing will determine how the project moves from early-stage exploration into a defined development pathway. The metals that are being discussed here, namely tungsten and gallium are not your typical mineral resource projects. These are projects that arre boutique and Pioneer Minerals will need to tread carefully as they are not easy to define and will need funding space that are still a challenge even with projected growth in thie commodity market. From a market influence, there is still not much movement in the share price of Pioneer Minerals as we publish so it will be of interest how this will play out in the coming months of 2026. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

There are moments in the ASX mining space where a transaction changes everything for a company. This Coffee with Samso conversation with Brad Valiukas from Kaiser Reef Limited is one of those moments. Filmed back at Samso HQ at the University of Western Australia, this discussion centres on what I described as an “overnight producer” story - driven by the acquisition of the Henty Gold Mine in Western Tasmania. And in many ways, that label fits. Coffee with Samso - Episode 220 | Kaiser Reef Limited (ASX: KAU) | The University Club | Crawley | Western Australia In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Samso Concluding Comments This Coffee with Samso reinforces something I’ve seen many times: A company becomes interesting when: It generates cash It controls its own growth It has optionality beyond the current asset Kaiser Reef is now ticking all three boxes. The Henty acquisition has given them: Cash flow Operational control A platform to grow The next phase is execution. And as always, the market will decide how quickly it recognises that value. Chapters 00:00 Start 01:49 Introduction 02:03 The Best Deal of the Century 02:48 Brad Walks Us Through the Henty Deal 05:11 Taking over an Ongoing Business 06:23 The Rise of the Gold Price 07:19 How much of the cost-cutting has been done? 10:10 Is Henty Considered Difficult? 12:07 How much of the resource can be converted into reserves? 15:02 Exploration Upside? 17:48 Any base metal potential? 18:30 What is the Focus of Kaiser Reef? 23:14 Is the operating cost rising? 24:34 Are operating costs stable? 25:30 When does Brad think that Hedging of the Gold Price becomes a Good Idea? 27:55 A Trialling Stop Loss Strategy 28:47 What Could Go Wrong For Kaiser? 30:41 New project adding to the portfolio 32:48 Thoughts on Gold Price 35:04 Discussion on Gold Price Movement 36:49 Inflationary Asset is not an Increase of Value 37:29 Market Capitalisation Valuation 40:18 What Does Brad Want the Market to View Kaiser? 42:12 Conclusion The “Overnight Producer” – What Changed? Kaiser Reef’s acquisition of the Henty Gold Mine has effectively repositioned the company from an explorer-developer into a cash-flowing gold producer . Brad walks through the structure of the deal, and what stands out is its balance: Combination of cash and scrip consideration Deferred gold payments (linked to production) Retention of Catalyst Metals as a ~20% shareholder Strategic optionality via infrastructure (Maldon plant exposure) From a Samso lens, this wasn’t just an acquisition—it was a business transition . Kaiser Reef's Henty Gold Mine One of the key takeaways here is that Kaiser didn’t buy a problem asset—it bought an operating business . Immediate production profile (~2,000+ oz/month) Strong early quarterly output (~8,000 oz) Margins supported by a rising gold price environment AISC sitting in the mid-$3,000/oz range (AUD) This is important. The risk profile is very different when: You are stepping into an existing cash-generating system rather than building one. That’s what gives Henty its role as the backbone asset  of Kaiser. The Gold Price Tailwind – Timing Matters Brad is very clear about one thing—timing helped. The deal was struck just as gold began its upward move, and since then: Gold price > A$7,000/oz Costs relatively stable Margins expanding significantly But what I like about this conversation is that there is no assumption that this continues indefinitely. The business decisions are still being made based on current or conservative pricing , not blue-sky scenarios. That’s a grounded approach. 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.

Lion Rock Minerals Ltd (ASX: LRM) has reported drilling results from its Minta Project in central Cameroon, confirming widespread in-situ rutile mineralisation of up to 2.6% with multiple shallow intercepts, including 4m at 1.8% rutile. According to management, the results define a continuous mineralised system across the Ayong Yerap Basin, with approximately 24 kilometres of strike, and zones remain open in multiple directions. Ongoing infill drilling across both residual and alluvial targets is aimed at supporting a maiden Mineral Resource Estimate expected in the second half of 2026. Lion Rock Minerals Limited – Large-Scale Rutile System Emerging in Cameroon Lion Rock Minerals Limited has reported new assay results from its reconnaissance and infill drilling programs at the Minta Rutile and Monazite Project in central Cameroon. The results confirm widespread in-situ rutile mineralisation across both residual and alluvial systems, with grades up to 2.6% rutile and multiple shallow intercepts. Figure 1: Ayong Yerap Basin drill results and strike extent (source: Lion Rock Minerals Limited) The announcement highlights the definition of a significant alluvial basin at Ayong Yerap, extending over approximately 24km of strike and up to 500m in width, with mineralisation remaining open in multiple directions. The ongoing drilling programs are designed to support the delivery of a maiden Mineral Resource Estimate (MRE), targeted for H2 2026. Figure 2: Conceptual mineralisation model across Minta Project (source: Lion Rock Minerals Limited) About Lion Rock Minerals Lion Rock Minerals Limited is progressing a large-scale rutile exploration story in central Cameroon, targeting both residual and alluvial heavy mineral systems. The company is focusing on heavy mineral sands, particularly rutile, monazite, and zircon, within its flagship Minta Project in Cameroon. The scale of the Minta Project, combined with consistent rutile intercepts and expanding drilling activity, positions the company within the critical minerals narrative, particularly in titanium feedstock supply. The project covers approximately 8,800 square kilometres across 18 granted permits and additional applications in a historically underexplored but known rutile-producing region. The mineralisation is interpreted to be derived from metamorphic processes acting on titanium-bearing minerals, with subsequent concentration into both residual plateau zones and large alluvial basins. The company’s strategy is to define large-scale, near-surface heavy mineral systems with minimal overburden, allowing for potential low-cost development pathways. Highlights – Broad, Shallow Rutile Mineralisation Across 24km Strike The latest drilling results continue to demonstrate consistent shallow rutile mineralisation across the Minta Project: Insitu rutile grades up to 2.6%  reported Key intercepts include: 4m @ 1.8% rutile (MRAU0306) 5m @ 1.3% rutile (MRAU0305) 6.5m @ 0.8% rutile (MRAU0169) Mineralisation defined over a 24km strike length  at Ayong Yerap Basin Basin remains open to the north, south, and at depth High-grade alluvial assemblages with up to 81% rutile in heavy minerals Stage 2 infill drilling underway across 507km² target area 488 holes completed for 2,212m  in early-stage infill drilling Expansion to six drill rigs  targeting additional high-priority zones The results confirm the coexistence of both residual rutile systems and large alluvial basin targets, providing multiple exploration pathways. Figure 3: Residual rutile infill drilling map showing priority zones (source: Lion Rock Minerals Limited) Management Commentary Lion Rock Minerals Ltd Chairman Robert Boston highlighted that the Ayong Yerap Basin results define a large-scale rutile system with significant exploration upside, particularly given its continuity over 24km and open-ended nature. The technical team noted that the exploration strategy is confirming widespread rutile mineralisation across both residual and alluvial systems, with increasing confidence in defining a maiden resource. The company emphasised that drilling is systematically advancing priority targets, supported by expanding operational capacity. Near-trm Milestones to Watch Completion of residual infill drilling  to define grade continuity Commencement of alluvial basin drilling , starting with Yong Basin Expansion into Ayong Yerap Basin in Q3 2026 Delivery of mineralogical results  from Minta Est granite Progress toward maiden Mineral Resource Estimate (H2 2026) Increased throughput from Yaoundé laboratory  to accelerate results Samso Concluding Comments Lion Rock Minerals has a long session without any updates so this one should be a welcome relief for shareholders. The results presented confirm that the Minta Project hosts widespread rutile mineralisation across both residual and alluvial environments. The shallow nature of drilling and consistent intercepts indicate a large mineralised footprint. The Ayong Yerap Basin is now defined over 24 kilometres and remains open. This provides a hope that there may be some form of indication that the project is not limited to isolated zones but may represent a continuous mineralised system. It's good to see that the drilling strategy is expanding from reconnaissance into systematic infill work. The increase in drill rigs and target areas suggests that the company is moving toward defining scale rather than just confirming presence. The next stage of work will be important in determining continuity and grade distribution. The delivery of a maiden resource estimate in H2 2026 will provide a clearer framework for understanding the overall size and potential of the project. Previous Samso News Coverage – An Investor Lens Samso has followed the progress of Lion Rock Minerals Limited (ASX: LRM)  across its projects and the transition to a name change from Peak Minerals Limited (ASX: PUA). The following articles provide additional context on the company’s evolving project portfolio and technical developments. Lion Rock Minerals – Advancing the Minta Rutile & Monazite Project in Central Cameroon Published: 1st January 2026 This article provided a broader project-level update, summarising exploration progress and strategic direction. It outlined the combination of residual and alluvial targets and the ongoing drilling programs aimed at progressing toward a maiden Mineral Resource Estimate. The content reinforced the scale of the tenement package and highlighted the company’s systematic exploration approach across multiple high-priority zones. Lion Rock A Monazite - Heavy Rare Earth Story or Is It Time For Investors to Find a New Horse Published: 26 November 2025 This article shifted the focus from rutile toward monazite and its heavy rare earth potential. It outlined the identification of monazite-enriched zones within the Minta Est area and discussed the implications for rare earth exposure. The content explored how the project could evolve from a rutile story into a broader critical minerals play, particularly with respect to heavy rare earth elements, while maintaining a factual lens on the early-stage nature of the discovery. Lion Rock Minerals — Exceptional Rutile Up to 2.2% In-Situ at Minta; Rutile, Titanium and Monazite Story Published: 20 November 2025 This Samso News piece focused on the confirmation of high-grade insitu rutile mineralisation at the Minta Project, with grades reaching up to 2.2%. The article highlighted the growing scale of the rutile system and introduced the broader heavy mineral assemblage, including monazite and zircon. The narrative centred on the emerging multi-commodity potential of the project and the increasing evidence that Minta hosts a large, continuous mineralised system rather than isolated zones. Tronox Joins Lion Rock: 5% Cornerstone to Accelerate Minta (Rutile + Monazite) Published: 30 October 2025 The Samso News article outlines the strategic partnership between Lion Rock Minerals Limited and Tronox, a global titanium feedstock producer, to advance the Minta Rutile and Monazite Project in Cameroon. The blog focuses on how Tronox’s involvement provides technical validation of the project’s mineral potential and introduces a pathway toward development through industry expertise. The content highlights that the collaboration is aimed at accelerating exploration, improving understanding of mineral processing and recoverability, and positioning the project within the global supply chain for titanium and associated critical minerals such as monazite. The announcement is presented as a step toward moving the project from exploration into a more structured development framework. Lion Rock Minerals Ltd (ASX: LRM) - Premium Grade Rutile Nuggets Confirmed at Minta Published: 28 August 2025 This Samso News article reported the identification of coarse rutile nuggets across the Minta Project, confirming a high-quality rutile source. The presence of angular rutile grains was interpreted as an important indicator of proximal mineralisation and potential for higher recoverable grades. The article emphasised the significance of nugget-style mineralisation in increasing the overall valuable heavy mineral content of both residual and alluvial targets. Lion Rock Minerals Confirms Expansion of Major Rutile Mineral Sands System at Minta Published: 22 August 2025 This piece documented the early expansion of the Minta mineralised footprint, showing that rutile mineralisation extends across multiple zones within the project area. The article highlighted reconnaissance drilling and sampling results that confirmed the presence of a large-scale mineral sands system. The focus was on demonstrating continuity and scale, reinforcing that the project had moved beyond initial discovery into defining a broader mineralised province. Peak Minerals Limited (ASX: PUA) – A Critical Mineral Breakthrough in Cameroon: Rutile, Monazite, Zircon and Rare Earths Take Centre Stage Published: 12 August 2025 This Samso News article introduced the Minta Project as a new critical minerals discovery in Cameroon under Peak Minerals. It outlined the initial identification of rutile, monazite, and zircon within both residual and alluvial settings. The article positioned the project within the broader critical minerals narrative and highlighted the early exploration success in identifying multiple valuable heavy mineral components within a large, underexplored region. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Echo IQ Ltd (ASX: EIQ) has expanded its agreement with Mayo Clinic to enable the potential resale and distribution of its heart failure decision support solution, EchoSolv HF, following FDA clearance. I have liked the Echo IQ story from the first time I was introduced to it. The business is operating in a space where clinical validation, regulatory approval, and commercial deployment must align before revenue can be realised. In my humble opinion, acceptance by Mayo is a transition from validation to potential commercialisation through a recognised US healthcare partner. The agreement with Mayo Clinic introduces a defined pathway for distribution, contingent on FDA clearance, which is a key step in moving from technology development into the healthcare system. Introduction – Echo IQ's Positioned for Commercial Deployment Through Mayo Clinic Platform The expanded agreement allows EchoSolv HF to be deployed through the Mayo Clinic Platform – Solutions Studio Program, providing access to Mayo Clinic hospitals, its health system network, and more than 80 external partner hospitals. The revised terms include improved commercial arrangements and an automatic extension mechanism that could extend the partnership to six years. This development follows a completed validation study and the submission of a 510(k) application to the US FDA, with the product currently under regulatory review. The Business of Echo IQ Limited Echo IQ Limited is an AI-driven medical technology company focused on improving clinical decision-making in cardiology through proprietary software solutions. The company’s core product, EchoSolv HF, is designed to assist in identifying heart failure using echocardiographic data. The business model is based on integrating software into existing hospital workflows and scaling distribution through established healthcare networks. The company is currently in the regulatory phase, with commercial deployment dependent on FDA clearance. Highlights – Expanded Commercial Pathway via Mayo Clinic Platform Expanded agreement enables Mayo Clinic to resell and distribute EchoSolv HF following FDA clearance. Deployment planned through the Mayo Clinic Platform – Solutions Studio Program, providing access to Mayo hospitals, health systems, and over 80 external partner hospitals. Revised agreement includes improved commercial terms and an automatic extension, potentially extending the partnership to six years. Platform-based distribution provides a defined pathway to scale adoption and potential revenue generation. Validation study demonstrated sensitivity of 99.5% and specificity of 91.1% for heart failure detection (not yet FDA reviewed). FDA 510(k) application submitted, currently under review. US market context includes ~6.7 million diagnosed heart failure patients and ~2 million undiagnosed cases. Approximately 16 million echocardiograms are performed annually in the US, with around 8 million containing heart failure-relevant findings. Management Commentary Echo IQ's Chief Executive Officer, Dustin Haines, stated that the expanded agreement represents a key milestone as the company approaches FDA clearance and potential commercial deployment. He noted that the revised agreement provides a scalable pathway to market through the Mayo Clinic Platform and access to a broader healthcare ecosystem. The company remains focused on progressing the FDA review process while preparing for commercial rollout and expanding its US healthcare partnerships. Near-term Milestones to Watch Outcome of FDA 510(k) review process for EchoSolv HF Potential FDA clearance enabling commercial deployment Initial deployment through Mayo Clinic Platform Conversion of hospital access into revenue-generating installations Expansion of US healthcare network partnerships Previous Samso News Coverage – An Investor Lens Samso has previously covered developments related to Echo IQ Limited (ASX: EIQ) and some recent articles have include: Echo IQ Limited — FDA 510(k) Submission Lodged Following Mayo Clinic Validation - Catalyst for Market Acceptance ? - Time to get On Board the EIQ Train - Published: 30th January 2026 Is this A for Gift Shareholders of Echo IQ Limited - EchoSolv HF Validated at Mayo Clinic Platform – Lining Up for FDA 510(k) Submission - Published: 26th November 2025 EchoIQ (ASX:EIQ) — New Clinical Data Reinforces Market Potential of EchoSolv™ AS - Published: 15th December 2025 Echo IQ (ASX: EIQ): Strong Operational Momentum & Regulatory Milestones. Recent Setback May Be A Discount Opportunity for Investors - Diagnosing Heart Disease. - Published: 20th October 2025 Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ). - Published: 7th September 2025 Samso Concluding Comments Without a full understanding of the business infrastructure of Echo IQ, this announcement, should read really well for shareholders. The share price is telling the market that this is welcomed news, and I would assume that this is going to continue to end well. Figure 1: The share price chart for Echo IQ Limited as of the 23rd March 2026. (source: Echo IQ Limited). In contrast to the mineral resources sector, recognition from a major company like the Mayo Clinic serves as a testament to quality. Therefore, it stands to reason that the market acceptance aspect of the business is likely to endure. The inclusion of the Mayo Clinic Platform provides access to a network of hospitals and healthcare providers. This creates a structure for scaling deployment without requiring the company to build its own distribution network. The validation study results indicate strong diagnostic performance, but these results remain subject to FDA review. The regulatory process remains the key step before any commercial activity can begin. The market context shows a large number of echocardiographic studies and a gap in accurate diagnosis. The company’s strategy is based on integrating its software into existing workflows within this environment and I think this extra step is what large organisations need. It is a tool for streamlining the flow of work and that means cost savings and output efficiency. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso - Episode 218 | Investigator Silver (ASX: IVR) – Understanding the Leverage to Silver Through the Paris Project  | Adelaide Markets | Adelaide | South Australia In this episode of Coffee with Samso , I had the opportunity to sit down with Lachlan Wallace, Managing Director of Investigator Silver Limited, to discuss what I would call a very timely story in the current commodities cycle. Silver has always been one of those metals that sits quietly in the background—until it doesn’t. When it moves, it tends to move quickly, and often, the market is not fully prepared for what that means. What this conversation highlighted for me is not just the rising silver price, but how that price fundamentally changes the viability of projects like the Paris Silver Project in South Australia. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Samso Concluding Comments As this Coffee with Samso goes out to release, the silver share price (Figure 1) has taken a backward movement. As of the 23rd March 2026, it is now at just over USD $67. The recording was done on the day ti made the massive drop in price and it is interesting to see the state of the silver space now that the dust seems to have settled. Figure 1: The silver price as of 23rd March 2026. (source: Trading Economics) The question we should be asking now is if what we are seeing now is just a price move os is it a shift in how the market values silver. The share price for Investigator Silver Limited (Figure 2) has pretty much followed the fall in valuation and that would be expected. What is interesting is that in the Coffee with Samso, Lachlan Wallace made the comment that even at USD $67, it is above his expectation of pricing. Figure 2: The share price chart for Investigator Silver Limited as of 23rd March 2026. (source: commsec) For me, it is now all about ticking all the boxes for the development to happen. This is a project that has always had the geology. What it needed was the right price environment. That environment, even with the latest volatility, now appears to be in place. In Australia, there are very few opportunities to gain direct exposure to silver. Investigator Silver stands out because of that. The next phase is critical—DFS, permitting, financing, and construction. If these steps are executed well, the market will respond. Chapters 00:00 Start 00:10 Introduction 02:39 Lachlan Introduction 03:31 How has the recent silver price aftected the economics of the project ? 10:19 What kind of silver price movement was predicted? 13:15 What would the pit size be to mine Paris? 15:35 What is the status of the technical aspect of the Paris Silver project? 17:34 How much would the upcoming PFS compare with the present study? 18:39 Would the dual uses of silver be affected with the rising price? 21:08 How high would this silver price go? 22:57 Is the historical manipulation of Silver still happening? 26:15 By product silver projects will not increase supply with rising prices. 27:40 Simialr dynamics as Molbdenum - Decreasing inventory 28:16 Geology not allowing easy discoveries of new deposits. 30:21 Status of Permits 34:59 South Australia and its pragmatic mining jursidiction. 36:25 Upside for the Investigator Silver Limtied 39:09 What is the magical grade that makes a silver deposit economical. 42:19 The geometry of the ore body is the key driver for economica 43:30 How does the unpredictable silver price affect the proejct? 45:29 Opportunities with high silver price - The unique leverage advantage for Paris. 48:59 DFS timing 50:06 No other sIlver mines in Australia 51:09 A discussion on Investigator's market apitalisation 52:10 Last words from Lachlan 53:10 Potential market capitalisation in the coming future. 56:12 Conclusion The Paris Project – A Story of Timing for Investigator Silver Limited The Paris Silver Project is not a new discovery. It has been around for some time, but like many projects in the mining sector, it has been waiting for the right conditions. From what Lachlan shared, the earlier work—particularly the prefeasibility study—showed that the project could work, but only just. At lower silver prices, financing becomes difficult, and that is often where projects stall. What has changed now is the silver price. The move from around US$20–30/oz to significantly higher levels has transformed the project from something marginal into something that could be very robust. From a Samso perspective, this is a classic example of how commodity cycles dictate project outcomes more than geology alone . Why Silver Is Different One of the most important parts of the discussion was understanding why silver behaves differently from other commodities. Silver has two key roles: A precious metal  (store of value like gold) An industrial metal  (used in solar panels, electronics, electrification) This dual nature creates a powerful demand profile. At the same time, supply is constrained: Only a small portion of silver is mined as a primary product Most comes as a by-product of base metal mining This means that even if the silver price rises, supply does not respond quickly. From an investor lens, this is a critical point:👉 Rising demand + constrained supply = structural price support. What Makes Investigator Silver Limited Stand Out What caught my attention—and something I think the market is still digesting—is the uniqueness of Investigator Silver in the Australian context. Most “silver” companies are not really silver companies. They are: Lead-zinc operations Copper operations With silver as a by-product That means their exposure to silver price is limited. In contrast, Investigator Silver is positioning itself as a pure silver play , producing silver doré with no reliance on other metals. That distinction matters. In a rising silver market, leverage is everything. The Simplicity of the Mining Story Another key takeaway for me is how simple the Paris Project appears from a mining perspective. We are talking about: A shallow open pit Mineralisation close to surface Low stripping requirements Straightforward processing This is not a technically complex project. And in mining, simplicity reduces risk. From a financing and development perspective, this becomes very important. It is much easier to build a mine that is predictable, well understood, and operationally straightforward. 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.

NH3 Clean Energy Ltd ( ASX: NH3) is building a clean ammonia project positioned within the Pilbara region of Western Australia, targeting the growing demand for low-emission marine fuels across the Asia Pacific. The company’s WAH2 Project sits at the intersection of energy transition, shipping decarbonisation, and infrastructure development. The NH3 story came to my attention last week and it is a very interesting proposition to position the business, providing clean ammonia (replacing greenhouse-gas-emitting fuels with clean ammonia), to meet the growing clean energy needs of the Asia-Pacific region. NH3 Clean Energy wants to establish a clean ammonia business in the two biggest sectors, power generation and marine transportation which makes good sense after my conversation with Charles Whitfield (Chair of NH3 Clean Energy). The recent ASX release (Memorandum of Understanding (MoU) with ITOCHU Corporation ) , a large Japanese trading house with global reach across energy, infrastructure, and logistics, is a early indication that the process of the mission is well in place. The ASX release links NH3’s supply ambition with a potential demand pathway and commercial structure, which are key steps toward a Final Investment Decision (FID). About NH3 Clean Energy Limited: Positioning Clean Ammonia in the Energy Transition NH3 Clean Energy Ltd is an ASX-listed company focused on developing low-emissions ammonia as a future fuel source. The company’s strategy is centred on supplying clean ammonia into industrial and marine markets, particularly across the Asia Pacific region where demand for energy and shipping fuels remains high. The company is positioning itself within a segment of the energy transition that targets hard-to-abate sectors. These are industries where electrification is not easily applied, and where alternative fuels such as ammonia are being considered as part of decarbonisation strategies. The focus of NH3 is not just production, but the development of a full supply chain that connects inputs, processing, infrastructure, and end-users. The Business of NH3 Clean Energy: Clean Ammonia as a Scalable Energy Carrier NH3 Clean Energy’s core business is the development of clean ammonia production and distribution. Ammonia is being evaluated globally as a fuel that can store and transport energy efficiently, particularly for shipping and industrial use. The company’s approach includes: Producing ammonia using natural gas with carbon capture to reduce emissions Developing infrastructure to export and distribute ammonia Supplying ammonia into marine bunkering markets Building partnerships across engineering, logistics, and end-users The long-term strategy includes transitioning toward renewable ammonia production as technologies mature and become commercially viable. This positions NH3 not as a traditional resource company, but as an energy infrastructure developer with exposure to emerging fuel markets. The WAH2 Project: The Foundation Asset The WAH2 Project in Western Australia is the company’s flagship development. It is designed to produce clean ammonia at scale and supply it into regional markets. The project is strategically located in the Pilbara, which provides: Access to existing export infrastructure Proximity to major shipping routes to Asia Integration with industrial and energy networks The project is currently in the Front-End Engineering and Design (FEED) phase ( ASX Release ). This stage focuses on refining technical design, cost estimates, and commercial structures before a Final Investment Decision. Key elements of the WAH2 Project include: Gas supply as the primary feedstock Carbon capture and storage solutions Water supply agreements Export and bunkering infrastructure The scale of the project indicates a capital-intensive development model, requiring partnerships and external funding to move toward construction. The recent ASX releases noting the consummation of a relationship with ITOCHU Corporation will have ticked one of the many boxes required to consummate the business model. ITOCHU Corporation – Business Overview and Commercial Achievements ITOCHU Corporation is one of Japan’s leading general trading and investment companies, known as a “sogo shosha.” Its business model is built around identifying global supply chain opportunities and investing across multiple sectors to create integrated commercial platforms (Figure 1). The company operates across a wide portfolio of industries, including: Energy and Chemicals Metals and Minerals Food and Agriculture Machinery and Infrastructure Textiles and Consumer Goods Finance and ICT ITOCHU’s approach is not limited to trading. The company typically takes equity positions in projects and businesses, allowing it to participate across the full value chain—from sourcing raw materials to delivering finished products into end markets. Figure 1: Summary of ITOCHU Corporation. (source: NH3 Clean Energy) 4.01 Global Presence and Scale ITOCHU has a significant global footprint, with operations in more than 60 countries and a network of offices and subsidiaries that support its trading and investment activities. The company generates substantial annual revenues and has consistently ranked among the largest corporations globally. Its diversified portfolio allows it to manage exposure across different commodity cycles and economic environments. A key feature of ITOCHU’s strategy is its ability to combine financing, logistics, and market access, enabling it to structure complex international deals and long-term supply arrangements. 4.02 Commercial Achievements and Strategic Positioning ITOCHU’s commercial track record is built on long-term investments in major global industries. The company has been involved in: Development and financing of large-scale energy and resource projects Establishment of international supply chains across commodities and industrial products Strategic investments in infrastructure, including transport and logistics networks Expansion into consumer-facing sectors such as food and retail In recent years, ITOCHU has focused on energy transition themes, including: Investment in low-emissions energy solutions Development of hydrogen and ammonia supply chains Participation in renewable energy and decarbonisation initiatives Partnerships aimed at reducing emissions in shipping and industrial sectors The company has also been active in developing ammonia as a marine fuel, including initiatives in vessel development, bunkering infrastructure, and global supply networks (Figure 2). Figure 2: ITOCHU Corporation Ammonia Bunkering Initiatives. (source: NH3 Clean Energy) ITOCHU Corporation operates as a global commercial intermediary and investor with the ability to link supply, infrastructure, and end markets. Its scale, diversified portfolio, and experience in structuring cross-border projects position it as a participant in emerging energy transition supply chains, including clean ammonia. Strategy: Building a Full Value Chain NH3 Clean Energy is progressing its business through an integrated value chain approach. This means developing all key parts of the system rather than relying on third-party infrastructure. The strategy can be broken into three main components: 1. Inputs and Resources Securing natural gas supply Establishing water supply agreements Developing CO₂ capture and storage solutions 2. Engineering and Development Completing FEED studies Partnering with engineering firms Advancing project design and approvals 3. Sales and Distribution Developing export pathways via ports Establishing marine bunkering operations Securing demand through MoUs and partnerships This structure reflects a coordinated approach where progress in one area supports progress in others. Market Focus: Asia Pacific and Marine Fuel Demand The company’s primary market focus is the Asia Pacific region. This is driven by several factors: High concentration of global shipping activity Strong demand for energy imports Increasing regulatory pressure to reduce emissions Marine fuel is a key target market. Shipping routes between Australia and Asia, particularly those transporting bulk commodities such as iron ore, represent a large and consistent demand base. Ammonia is being evaluated as a potential fuel for these routes due to its ability to reduce emissions compared to traditional fuels. NH3’s positioning in the Pilbara aligns with these shipping corridors, providing a potential supply advantage into these markets. Commercial Approach: Partnerships and Agreements NH3 Clean Energy is progressing its business through partnerships rather than standalone development. This includes: Agreements with input providers (gas, water) Engineering and technology partners Logistics and port authorities Potential customers and trading houses The use of Memorandums of Understanding (MoUs) is a key feature of the strategy. These agreements outline intent and collaboration frameworks but are not yet binding offtake contracts. The commercial model also considers potential equity participation and project-level financing, which may result in shared ownership of the project. Development Stage and Funding Considerations The WAH2 Project is currently at a development stage and has not yet reached a Final Investment Decision. Key requirements before progressing include: Securing funding for project development Finalising engineering design Obtaining regulatory approvals Converting agreements into binding contracts The capital requirement for the project is significant, and funding is expected to involve a mix of equity, debt, and potential project-level partnerships. There is also the possibility of farm-out arrangements, which may reduce NH3’s ownership while enabling project advancement. Samso Concluding Comments NH3 Clean Energy is focused on developing a clean ammonia project that integrates production, infrastructure, and distribution into a single system. The WAH2 Project is the central asset, and its development is tied to multiple parallel workstreams including engineering, partnerships, and funding. The company’s approach involves building agreements across the value chain, from securing inputs to establishing demand pathways. These agreements form part of the structure required to move the project toward a Final Investment Decision. The positioning of the project in the Pilbara aligns with existing export routes and industrial activity. This location provides access to infrastructure and proximity to shipping corridors that connect Australia with key markets in Asia. Figure 3: NH3 Clean Energy Limited clean ammonia fuel production potential Asia-Pacific clean energy market. (source: NH3 Clean Energy) The market focus on marine fuel reflects broader industry trends where alternative fuels are being evaluated for emissions reduction. The data presented by the company indicates that shipping routes in the Asia Pacific region represent a significant potential demand base for ammonia. The project remains in the development phase, with key milestones including funding, approvals, and commercial agreements still to be achieved. Progress across these areas will determine the timing and pathway toward construction and operation. Market Implication - The Investor Lens The NH3 Clean Energy story intrigues me as it has a market capitalisation of AUD $52.75M which seems to be "cheap" compared to the potential of the business. The recent share price run (Figure 4) looks like a vote of confidence to management for showing confirmation that steps are being processed by the series of ASX release since June of 2025. I realise that this is still an early stage play but I feel that if the ducks line up, this will have a very handsome reward. Timing will be key here as the lead time will be hard to pin down. Figure 4: Share price chart for NH3 Clean Energy Limited as of 20th March 2026. (Source: commsec) The strategy is based on partnerships and while that is a good way to move a business forward, the downside is that in most cases, dealing with multiple large organisation will be testing.(Figure 5). When you do your DYOR on the NH3 Clean energy story, you will realise that the future is bright if management can make this happen. Figure 5: Delivering the NH3 mission through collaborating partners. (source: NH3 Clean Energy) The relationship recently announced news with ITOCHU Corporation is a critical sign that the path has started. As i said, time will tell us how successful the NH3 Clean energy story will end. I am hoping to get NH3 on a Coffee with Samso as I do think that this business is very interesting. It is not normally accessible to the retail side of the ASX. I cannot think of an energy play that was "cheap" enough to catch the eyes and ears of the retail fratenity on the ASX. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Reading and comprehending ASX announcements is essentially the main way to grasp a company's business on the Australian Securities Exchange (ASX). Hence, it is very easy to say that the ability to understand these documents is crucial. Therefore, it is a good reason to have your eagle hawk eyes on and closely monitor company announcements, while investing in the ASX. These releases frequently contain insights into a company’s condition, strategies, and possible risks. However, the true expertise comes in interpreting what the announcements reveal and what they omit. These are some smart investing measures to keep your hard-earned money "safer". Investing in the ASX One of the biggest mistakes that investors make is to take these updates at face value. Seasoned investors who have closely monitored the company's story are typically comfortable with the messaging as they have a good handle on the ins and outs of the project. However, for those that have just come across the story, it is imperative to capture the scene asap or you will be easily influenced by the "hype". Experience investing in the small end of town in the mineral exploration industry has taught me that empty promises are the same as perceived promises, and that is why it is an art to keep your sensors tuned into the right wavelength. To make smart or balanced decisions, investors need to look deeper. They must understand the business in its market and check if the company has the "faculties" to carry out its plans. Bright Idea I am not saying that management is being deceptive and acting in a illegal corporate behaviour. It just means that there is always a winner and a loser, so just make sure you are not the loser more often than being a winner. Remember that your job is to keep collecting smart investing behaviours. In this post, I will share some of my learning and hopefully, it will guide you on how to read ASX announcements critically. It will also show how tools like ASX Announcements Tracker , Market Insight Reports , and Financial Health Check Services can help you get a clearer picture. What to Look for in ASX Announcements ASX announcements cover a wide range of topics: earnings reports, strategy updates, acquisitions, capital raises, and more. Here are some key points to focus on: 1. The Tone and Language Used In my experience, the tone of the language is mostly not about the expression of the news, it is about the news itself. Collecting rock chips and announcing "high-grade" results, for me, are typically a promotional message. All rock chips are typically going to be high-grade. Looking at a rock and seeing blue-green colour will tell you that there is potentially copper mineralisation. Looking at a "haematitic" or "magnetitic" rock that would typically carry high-grade iron and using language that is "surprising" is a big hard to believe. Now, if that was shown and the language was more low key, I would take that as a more "sincere" way of saying, "hey you see these rocks, they are carrying good grades, its very interesting but lets find out more....". The other form of language what is commonly used to keep investors confident are vague phrases like “exploring opportunities” or “considering options.” These can mean the company is unsure and delaying decisions as they are now looking at alternative projects or the results means that they are needing to rethink the strategy. Clear Message Therefore, look for clear, specific statements about goals and timelines. If the language is overly cautious or full of qualifiers, it might signal uncertainty. 2. Financial Details and Funding This should be as easy one to describe, however, like all things in life, there are some skeletons in the closet as well. A company’s plans are only as good as its ability to pay for them. hence, always check if the announcement mentions how the project or strategy will be funded. Is the company raising capital? Are they relying on existing cash reserves? Don't fall into the trap of thnking that a rising commodity price for your potential investment will reflect in "finding" funding for the project. Just remember that this sector and in fact, most sectors are driven by brokers who need to have "skin in the game" otherwise, why would they risk their reputation and their source of income, their clients money. A rising sentiment for the company you are looking to invest does not mean that they will secure the funding. One would think that this is a simple equation on face value, but you will need to understand who is behind the "play" and their ability and their apetite to continue to fund the story is another matter. If a company talks about big projects but doesn’t mention funding, that’s a red flag. It could mean the plan is more wishful thinking than reality. You will notice that in almost all the case, big project acquisition comes attached with funding. Beware of the Drip Feed What this refers to is the raising that looks like they are just keeping the company afloat with fund raising of up to $500,000. The average ASx company will need somewhere between ADU $50,000 to AUD $100,000 per month to just pay for the administration. Drip Feeding Funding What that means is that it is just enough to keep the lights on and everyone paid. So if you are hoping that they will do some exploration work, forget about that. Some of the funding are even less. The time when a small raise (anything less than AUD $500,000 is pure administrative funding) like AUD $500,000 or AUD $1,000,000 works is when there is a immediate exploration program that simply require that kind of small funding. Exploration programs such as shallow drilling or soil sampling programs are times when small funding like that can be considered "worthwhile". 3. Market Context and Competition Announcements rarely mention competitors directly. But investors should consider the company’s position in the market. Is the company expanding in a growing sector? Are there new competitors or regulatory changes that could affect results? Questions like that tend to be more specifically related to ASX business that have direct competition issues. For the majority of the ASX mineral explorers, there tend to be less to no direct competition. They have enough problems trying to make a discovery. Understanding the broader market helps you judge if the company’s plans are realistic. Businesses like Calmer Co. International (ASX: CCO) , who are selling a unique drink called Kava (derived from Fiji), is one where you would have to assess the market acceptance of Kava, the scalability of the product and the ability to find markets outside the pacific region. Where you are looking at some of the biotech companies, the need to cure a rare disease will always have a market as the likelihood of a mass flood of cure is low. I have also found that in the world of biotech, it is rare to find multiple companies looking to cure the same issue, hence it is rare to have competition in mases. Investor analyzing market trends, seeking insights for a competitive advantage. In the world of mineral exploration, the market context will be my thoughts on those looking for Gallium or marketing Gallium. In my opinion, there is no market for Gallium if you are not Alcoa. It is just too hard to execute for a company that has a market capitalisation of AUD $5M or even AUD $50M. A more relevant business in march 2026 is tungsten. There is a large disconnect between the rising price of tungsten metal and the understanding of investors. The issue is that there is a need to understand the geology of tungsten. Here is the problem, the high-grade sources are always prone to the "nugget-effect" and it is almost impossible to create an economical mining solution. The low-grade system needs to be large enough to create a mining scenario. The price for tungsten metal continues to rise and that is a clear sign that there is a supply issue. Si is the demand going to push the tungsten metal price higher? Tungsten Price Chart as of 2024 - 2025 (Source: Mining.com ) The diagram above is a good example of the tungsten issue. In May 2025, the price of tungsten metal was averaging USD $395 per mtu. Today, on the 23rd of March 2026, that price is now averaging USD $2,650 per mtu (Figure below). The average Tungsten price was averaging at USD $2,200 about 10 days ago. Tungsten Price in 2026 So if a company comes out to say they have a tungsten project, it will be good to understand what they have in terms of potential deliverables. If you are not interested in the long term potential, you could easily ride the short term benefits. The problem with that is the market appears to be not overly interested in the sector. Samso Concluding Thoughts - Reading Between the Lines = Smart Investing ASX announcements are valuable sources of information. But they require careful reading and context. Investors should: Watch the language for signs of uncertainty Check if funding is in place for plans Understand the company’s market and competition Use tools like ASX Announcements Tracker , Market Insight Reports , and Financial Health Check Services to get deeper insights This approach helps investors make better decisions and avoid surprises. Remember, the company’s story is only part of the picture. The real value lies in understanding the business behind the words. There are a lot of credible commentators on social media, such as Roland Gotthard and Scott North for example who give their thoughts on Linkedin. Roland is a great one to test your suspicions but look out for these people. Take their thoughts and make your own minds up. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In this episode of Coffee with Samso , Noel Ong speaks with the team from PTR Minerals Limited  about the discovery of the Rosewood Titanium Deposit  at the Muckanippie Project  in South Australia. The conversation explores how a team with a strong discovery pedigree, including links to the Prominent Hill story, identified a new titanium system through practical fieldwork, reinterpretation of historic drilling, and an open-minded geological approach. The discussion also highlights the company’s evolution from Petratherm to PTR Minerals, the significance of Rosewood’s shallow high-grade titanium mineralisation, and why the project may become an important development story in the Australian mineral sands sector. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso | Episode 216 | Adelaide Markets | Adelaide | South Australia Audio Podcast: The Discovery of the Rosewood Titanium Deposit and the New Chapter for PTR Minerals Guest:  Derek Carter  – Chairperson Rob Sennitt - Executive Director Peter Reid  – CEO Barry Van Der Stelt  – Exploration Manager Sam Rashier - Project Geologist From Petratherm to PTR Minerals Before getting into the titanium discovery, Peter gave a fascinating overview of the company’s origins. PTR Minerals began life as Petratherm , a company created around the idea of hot dry rock geothermal energy . Back in the early 2000s, this was a genuine frontier concept in Australian energy markets. The team was looking for buried granites with high radiogenic heat, covered by insulating sediments, where deep drilling could tap temperatures of around 200 degrees Celsius at roughly four kilometres depth. The company was one of the early pioneers in this part of the geothermal sector. Peter explained how Petratherm developed models with the University of Adelaide, floated the company in 2004, and spent years testing the geothermal concept. Technically, the project worked. Economically, it did not. Deep drilling was expensive, the development model needed major capital, and by the time the work had advanced, solar and wind had become easier and cheaper investment options. That part of the discussion was important because it highlighted a recurring theme in resource markets: a technically successful project is not always an economically successful one. When the geothermal market faded, Petratherm was effectively put on the shelf. Later, as interest in mineral exploration returned, the company was revitalised and repositioned around minerals. The old team came back together, and the listed shell became the vehicle for a renewed exploration push in South Australia. That is the company that eventually became PTR Minerals . The Search for IOCG and the Shift Toward Muckanippie The original mineral exploration focus for the reactivated company was the Olympic Domain  in South Australia, with the team targeting IOCG-style copper-gold systems . That made sense given their background and the geological setting. But exploration rarely follows a straight line. Peter described how the company had also revisited old ground in the northern Gawler Craton, including an historic gold prospect called Comet . In following up old work, the team began to see something else emerging in the geochemistry. Rare earths were showing up, along with elevated titanium, PGEs, and gold, associated with magnetic mafic layered intrusions. Although the rare earth metallurgical story did not stack up, the geology pointed them toward the Muckanippie Suite Intrusion , a large layered complex in the region. Old drilling had already hinted at titanium-rich material, and as the team assembled more ground and reviewed historical data, the titanium story began to strengthen. This is where the exploration story starts to become classic Samso material. The company was not chasing mineral sands. It was trying to understand a layered mafic system and its broader potential. But by keeping an open mind and letting the data lead, the team moved into a discovery space that others had missed. The Discovery of Rosewood The actual discovery story was one of the best parts of the conversation. Peter explained that by 2024, the company had enough encouragement to put boots on the ground  at Muckanippie. The instruction to the field team was simple: get out there and see what is actually on the surface. Barry and Sam described how they used Google Earth, elevation models, and simple field logic  to identify places where there might be a bit of basement exposure. This was not glamorous exploration. It was careful fieldwork, targeted observation, and the willingness to test things that looked unusual. What they found were small, dark mineral exposures in sediments. The outcrops were not dramatic. In fact, they were the sort of things many people might have walked past. But the samples were taken, sent to the lab, and came back with highly significant titanium values. That first result changed everything. Barry recalled that the initial sample returned around 27% Ti , equivalent to over 40% TiO₂ , from what was essentially a random outcrop at surface. From there, they went back out and mapped the escarpment more thoroughly, following the mineralisation for several kilometres and seeing repeated titanium values ranging from modest levels up to very high grades. This was the turning point. What had looked like isolated surface expressions now appeared to be part of a much larger mineralised system. The Exploration Lesson: Boots on the Ground For me, one of the strongest messages in this Coffee with Samso episode was something much simpler than grades or metallurgy. It was the reminder that discoveries still come from fieldwork . Derek, Barry, Peter, and Sam all returned to this idea in different ways. Modern exploration relies heavily on geophysics, remote sensing, and modelling, but the Rosewood story was triggered by geologists physically walking the ground, recognising something unusual in small surface exposures, and sampling it. That matters because it says something about the culture of the team. The Rosewood discovery was not just about sophisticated interpretation. It was also about observation, curiosity, and the willingness to challenge assumptions. They were not specifically looking for an inland mineral sands deposit, yet that is what they found because they were open to what the rocks were telling them. That, to me, is the heart of good exploration. Samso Concluding Comments In our typical fashion, this is all about the discovery and it was good that we had the right mix of geology, discovery thinking, and commercial realism. The Rosewood Titanium Deposit is a serious story, irrespective of its potential economic significance in 2026. Whether it becomes a tier-one development will ultimately depend on the metallurgy, product pathway, market conditions, and execution from here. That is the normal path for any discovery. But what you can say today is that the ingredients are there for something to remember. For me, the most important part of this story is how the discovery was made. It was not a story built on hype. It was built on a technical team revisiting a district, looking at old information in a new way, and then going out into the field with open eyes. That is still how good discoveries are made. Investors should also take note of the stage the company is now entering. The early discovery excitement has already happened. The next phase is more important. This is where the project has to prove that the metallurgy, flowsheet, logistics, and development strategy can support the geological promise. That is where value is either confirmed or lost. My view is that PTR Minerals now has the kind of problem most explorers would love to have. They appear to have found a project with scale, grade, and location. From here, it becomes a matter of turning that discovery into a development story. This episode of Coffee with Samso is definitely worth viewing. It's not merely about another exploration achievement; it's about how experience, fieldwork, and open-minded geology can still generate real value in the Australian resources industry. It emphasizes the often overlooked and neglected details, which, as all seasoned practitioners remind the younger generation, are always the key to making the story unfold. Chapters 00:00 Start 02:16 The PTR Minerals Story on Coffee with Samso 02:42 Peter Reid introduces the team 03:20 The Petratherm Story 06:45 Direction of Support for Petratherm 07:49 10 years of Geothermal Story 08:20 Technically correct but the Economics ended the geothermal story 10:58 Government Policy changes made it worst. 11:41 Could the geothermal story make a comeback? 13:26 The learnings from the journey. 14:12 Change to chasing IOCG. 15:27 The regrowth of Petratherm 16:19 The changing time for the commodity market - Petratherm Restart 17:49 The start of the titanium discovery 23:33 Barry and Sam explains the exploration that made the discovery. 26:04 The discovery outcrop 26:50 Historical drilling compliments the exploration 27:58 The excitement of the share price rising. 29:03 Extensive exploration after the hype confirms the mineralisation 30:23 What is considered a good result in the titanium narrative ? 33:27 Any native title issues? 34:03 Any association to Barton West Titanium project 35:12 Unique Geochemistry. 35:52 Potential Large Resource? 36:19 Progress 36:53 Market Capitalisation 37:56 The status of the titanium market 41:25 How is the market understanding the PTR Minerals story? 44:15 Where is the risk for PTR Minerals ? 46:02 The speed of development of the titanium project. 46:57 A good problem to have. 47:21 Projects take years to develop. 49:27 Geological mapping is still an important part of exploration 52:20 Other projects in PTR Minerals 54:55 Land banking issues in South Australia 55:39 What makes a difference in exploring in the Gawler ? 56:31 What would Sam say to the newer generation of geologists ? 58:30 Olympic Dam or Poor cousin. 59:07 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.