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I have known about Cobra Resources Plc 's story for a while, but as they are listed in the UK, it is hard to learn what they are doing to advance their projects in Australia. The gold explorer turned Rare Earth player has some interesting points for their Rare Earth story. I met Rupert Verco at the beginning of 2023, and he struck me as a guy who had a firm understanding of his project in South Australia. He has a good view of the direction his REE project needs to take and the technical milestones. As I am always learning and turning myself into an expert by talking to industry experts, I was impressed to learn his thoughts. The Rare Earth industry is unique, and I am sure to many investors, as it is a new concept (for us anyway) and it isn't very easy. Market dynamics are not simple, and they are changing beasts. What is Cobra Resources story? Cobra Resources is a UK-listed exploration company focused on advancing the discovery of the Boland ionic REE. It is currently Australia’s only ionic rare earth project within situ recovery (ISR) potential. Through ISR, we aspire to define a magnet and heavy REE project that can be cost-competitive with the Rare Earth Mines of China. Over the last two years, the company has been advancing the Wudinna project, located in the Gawler Craton in South Australia. Two years ago, we identified rare earth elements (REEs) within Saprolite directly above our defined gold resources. As we worked to grow the gold resource, which now sits at 279,000 ounces, we spent much time understanding the geological, chemical, and environmental catalysts that influence REE mineralogy. Through this work, we identified relationships between mobility and acidity that had some influence on metallurgical recovery. We re-tested a significant number of historic drill samples, which enabled us to define a complimentary 41.6Mt REE resource that overlies the existing gold resource. Through considerable testing, we determined the primary enrichment of REEs and demonstrated relationships between chemistry and secondary enrichment in saprolite clays. Last year, we tested an alternate model for ionic REE, believing they could achieve superior metallurgy under different geological conditions without overcoming costly metallurgical processing challenges. The Boland prospect is a younger Palaeosystem that hosts interlayers of permeable sands and reduced, organic-rich clays. Drilling in 2023 confirmed grades within these sediments with heavy rare earth enrichment. Subsequent Metallurgy testing by ANSTO yielded recoveries of magnet REEs of up to 79% Tb, 67% Dy, 60% Nd and 47% Pr via a simple AMSUL wash at a pH3, confirming the ionic nature of mineralisation. What challenges do you face regarding your REE strategy, and how do you plan to overcome them? Cobra’s strategy is to focus on three key components that will demonstrate the value of the boland discovery: scale, grade concentration, and in-situ recovery. Scale:  We are re-assaying historic uranium-focused drilling for REEs. This demonstrates ionic REEs across massive scales within these paleo systems and enables us to identify higher-grade targets over our >4,000km3 landholding. Grade Concentration:  Initial results support high grades concentrated within or in contact with geology with high permeability. This is important as it enables efficiency in insitu mining and reduces acid consumption. Derisking mining via ISR:  Earlier this year, we completed a sonic core programme to improve our understanding of mineralogy and the geology's amenability to ISR. We were so encouraged by what we saw that we screened and cased the holes in a wellfield configuration (see Figure 1 below). We are currently gathering environmental and hydrology data from these holes to support an infield pilot ISR study—a world first. Figure 1:   Overview of the wellfield infrastructure that is intended to be used for a near term ISR pilot study. We currently have core samples at ANSTO, who are performing column leach tests under ISR conditions. These tests will go a long way toward demonstrating the value of ISR and enabling us to commence the process of defining a flow sheet to produce a saleable product. We plan to partner with water-cycle technologies and their membrane desorption technology. Figure 2: Mineralised core from recent sonic drilling, where high grades occur within highly permeable geology amendable to cost-effective in-situ recovery mining.   Which exchange are you listed on in the UK? What are the advantages of listing in the UK, and what are the challenges? UK main market listed – Our advantage is that we are the only ionic rare earth company listed in the UK, which gives us good reach into Europe. Our challenge is that liquidity and investment into mining equities within the UK have not had the same success as ASX-listed resources stocks in the last ten years. Our market valuation hasn’t had a re-rate on the back of the Boland discovery comparable to the market success of the Brazilian-focused companies. We hope to address this by delivering exploration success that yields scale, concentrated grades and de-risks in situ recovery.                                                                                                                                                                                                                                                                                                                       Can you give us a Geology 101 on your REE project? The project sits within the southern Gawler craton – Hiltaba suite intrusives are directly related to IOCG mineralisation. We spent a lot of time understanding the process and mechanisms for ionic rare earth mineralisation. This was gained through identifying REE enrichment within Hiltaba suite granites, the catalysts for mobilisation, and the chemistry that promoted enrichment within clay horizons. Figure 3: Cobra's geology model for paleochannel hosted ionic rare earth mineralisation – where mother nature has completed the expensive process of hard rock rare earth extraction and mobilised valuable REEs to an accessible storage bank, allowing for a simple and cost-effective withdrawal What we found within the saprolite: There were correlations between REE enrichment and changes in acidity/alkalinity; however, there was little improvement in ionic desorption metallurgy. REEs were not present in highly acidic saprolites. The primary and secondary bearing REE mineral phases were low in quantity, and therefore, the majority of REEs were likely colloidally bound within clays. This leads us to theorise that: REE mineralisation within kaolin saprolites was unlikely to be retained in ionic phases under current environmental conditions. Due to extremely acidic ground waters, REEs were likely mobilised elsewhere. Younger sediments hosted within the Paleosystems were likely anoxic, had large changes in chemistry, and retained the right conditions for REE mineralisation in ionic form. Are there other commodities in your portfolio? A 279,000 Oz JORC gold MRE overlain by a 41.6Mt 699ppm TREO clay-hosted REE JORC MRE. There is 4km of defined sandstone-hosted Uranium at the Yarranna SE prospect, where there are numerous intersections above 500ppm U3O8. What is the News Flow for Cobra for 2024? Sonic Core drilling results (March) Modelling of Mineralised Scale (March) Re-analysis of 240 historic drill samples (April) confirming scale at Boland ISR column leach tests (ANSTO) late April-May Additional historic drill hole re-analysis  (May) Aircore drilling – Resource focused (June-July) What can you say to convince investors to position themselves in Cobra Resources? Cobra has demonstrated technical excellence in discovery while diligently using capital and preserving its share value through tight placings and sourcing non-diluting funding. We have de-risked ionic metallurgy, with initial metallurgical results comparable to highly valued Brazilian ionic projects (such as the Meteorics Caledria project). By demonstrating Scale, Grade Concentration, and in situ recovery, we believe we can demonstrate the world-class significance of this new style of ionic rare earth mineralisation as a low-cost, environmentally superior source of heavy and magnet rare earths. Unlike Meteoric, the valuation upside to this discovery has yet to be realised! A Word From Samso Cobra is very different from the typical Rare Earth story that is currently being told. Readers will know that Samso has a few clients in the REE industry, and over the last two years, they have been evolving in many ways. I have learnt that every project has a different component that makes it different. The Clay Rare Earth scene is relatively young for the industry. China has been working on these deposits for a while, but the flow of information has been limited. We also understand that the extraction methods in China are not best practice and will never pass the environmental test in our jurisdiction. To top all that off, the Chinese market is pretty much controlled, and it is the kingmaker for the REE market to the world. Recently, the world has woken up to the need for a second source of raw REE, which has created more confusion. There appears to be a knight in shining armour, but people can't seem to feel that the knight is there permanently or that perhaps it's a mirage. There is an increasing demand for REE, so there must be a source for these materials. Like all commodities, the supply needs to meet demand. There is no such thing as something so rare that demand will drive pricing to high levels. There is a thing called affordability, which I feel is the overwhelming driver for the equilibrium of demand vs. supply. Affordability is also the driver for the question of for economic viability, a deposit needs to become viable. What Cobra is proposing and driving towards may be the difference between the Cobra deposit and those promoting better numbers. Time will tell, but this allows potential investors like us time to DYOR. Cobra will need to raise more money to operate, and I would assume that, based on Rupert's comments, a listing on the Australian Stock Exchange (ASX) looks to be on the table. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Sun Silver Rises on ASX Debut as Maverick Springs Shines Fresh from its IPO, which raised A$13 million, Sun Silver Ltd (ASX: SS1) is pushing forward with its Maverick Springs Silver-Gold Project in Nevada. The project boasts an inferred mineral resource of 292 million ounces of silver equivalent, positioning it as one of the largest silver resources on the ASX. Since listing, Sun Silver’s shares surged 175%, reflecting investor confidence. The company’s immediate focus includes resource development through infill and extensional drilling, aiming to upgrade the resource classification and expand the current resource. Nevada’s top-tier mining environment reinforces Sun Silver’s strategy, especially as global demand for silver, driven by industrial uses like solar energy, continues to grow. For investors keen on silver’s critical role in renewable energy, Sun Silver’s well-positioned assets offer an exciting opportunity. Sign up for your membership on Samso Insights on Patreon now to learn more. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Ordell Minerals: A New Opportunity in a Bearish Market Ordell Minerals Ltd is aiming to raise up to A$6 million through an IPO, targeting gold, lithium, and base metal exploration in Western Australia. The funds will focus on advancing the Barimaia JV project, a strategically located gold exploration asset, alongside new ventures like the Goodia and Fisher South projects. The company is led by a seasoned board, including key figures from Genesis Minerals, renowned for their track record of value creation in the mining industry. With exploration set to begin shortly after ASX listing, Ordell is poised to capitalize on its prospective assets and experienced leadership. Need support with Doing Your Own Research? Sign up for your membership on Samso Insights on Patreon now. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Could Siguiri be the "Safe" investment for Investors? Siguiri Gold Corp, an African-focused gold explorer, is preparing for an ASX listing after launching an IPO to raise between A$8 million and A$10 million. The funds will accelerate the development of its exploration permits in the highly prospective Siguiri Basin, Guinea, which is part of the gold-rich Birimian Greenstone belt. The company is led by an experienced management team and has completed significant drilling, with promising high-grade gold intersections. Dive deeper into the risks and potential of this near-mine story—ideal for those looking for strategic gold investments in emerging markets. Eager to dig deeper into this story? Sign up for your membership on Samso Insights on Patreon now. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Coffee with Samso Episode 199 is all about the meaning of Critical Minerals for Australia. Are we spending the right amount of money? The low-emission world loves these two words and in resource-rich Australia where we are world leaders in supplying the feedstock for the world, are we sheep or should we start to be smarter with our fund allocation? Should we play our own game and be one controlling the weather and be smart with our resources? Should we be asking, are all metals critical and who are the beneficiaries of the critical nature of these metals? Should Australia be a more important part of the future Clean Energy Revolution? In today's episode, we talk to a man who gives us thoughts to ponder and maybe actions to take. Are all metals critical and what does critical really mean? Do we look at the real meaning and outcome of the term Critical Metals? Tim Craske is here because I read his abstract for the recent AUSIMM Conference on Critical Minerals. Australia’s list of critical minerals all occur in abundance. As a nation of suppliers of raw materials, are these metals critical at all for Australians? Or are they just critical for the commodity markets that we deliver into? As we have seen recently with external pressures on commodity prices, lithium and nickel can be critical EV battery components yet be subject to more cyclical price volatility than major metals. This makes Australian scoping and feasibility studies fragile, and investors nervous. According to Tim, by taking a complex-systems thinking approach to modelling these new resources, we can have better outcomes. However, a systems-thinking approach will only be truly transformational if we develop downstream processing and manufacturing industries here in Australia. This is described by CSIRO as a “once-in-a-lifetime opportunity” to reinvigorate our manufacturing and technology sectors. Get yourself a coffee or your favourite beverage and watch or listen and see if Tim Craske makes any sense: Chapters: 00:00 Start. 04:00 Introduction. 04:46 All about Tim Craske. 07:11 Did Western Mining influence your thinking today? 09:38 What does Critical Metals mean to Tim Craske? 10:39 Australia's List of Critical Metals is too long. 11:54 The problem with the Critical Metals List - Not Everything is Critical. 12:27 The One and Only Critical Metal - Copper. 13:09 Is Coal a Critical Metal? 13:42 The UK Coking Coal Public Impression. 15:07 The Disconnect of the Carbon Footprint Discussion. 16:07 Changing Lithium Story. 16:42 Why Australia should recreate the Iluka Anomaly. 17:10 Understanding the Long Term Marginal Lithium Market. 18:55 Should Australia adopt an Indonesian model of investing a Downstream Process? 20:59 What is Australia willing to do to compete? 21:27 Do you think the recent discussion of banning "Dirty" nickel could happen? 22:40 An example of why banning "Dirty" Nickel will not work. 24:30 What should Australia be focusing on? 26:11 Understanding the China - Chinese Competitive Business Strategy. 27:24 Why does ASEAN embrace China while the West has an Anti-Chinese Perception? 29:48 Is there a colonisation concept being played out in the Critical Metals Story? 31:08 Where should Australia focus on with Critical Metals? 33:37 Mining of Copper is not that Green. 34:27 Nett Zero Emission. 35:30 Is Zero Emission a Fantasy? 36:48 The Indonesian Nickel Business. 38:00 What would Nuclear Power do for the Australian Mining Industry. 38:35 Should Australia chase Tier 1 projects for sustainability of the industry? 40:53 The Power of Tier 1 Deposits. 41:57 The Need for Governments to be more Understanding on the Process of Mining. 42:35 Can Small Explorers explore Tier 1 Deposits? 44:02 The lack of New Mines. 45:34 Raising money from the market to test geological concepts is hard. 47:06 Can Australia develop a Downstream Resource Industry? 51:05 Difficulties of the REE Industry. 51:53 What could spark a mineral exploration bull run. 54:26 China needs Critical Metals more than anyone else. 55:09 Understanding the Chinese Thinking. 55:40 The Government Loan is a Red Herring. 56:30 Dangers for the mining industry with regards to the way we treat Critical Metals. 57:12 Tim's last words. 59:22 What weather will do to solar and wind farms. 59:54 The Nuclear Solution. 1:00:33 Conclusion. PODCAST About Tim Craske Tim Craske is a skilled and successful mineral explorer and mentor with over 40 years’ experience in project generation, exploration management and technical innovation gained in Australia, North and South America, Asia and East Africa. He spent his first 20 years with WMC Resources during which he discovered the Ernest Henry and E1 iron oxide copper-gold (IOCG) deposits in the Cloncurry district, northwest Queensland. He was also involved in the targeting of the West Musgraves province for copper and nickel pegging the core licences on which all the deposits (Nebo, Babel and Succoth) have been found. Since leaving WMC Tim has worked in both the junior and major company sectors including Exploration Manager for Sirius Resources up to the establishing of Nova as a prime prospect. General Manager Exploration Consulting at Vale and Exploration Manager - New Commodities at Iluka Resources. Tim Craske is Managing Director and Chief Facilitator for Thinker.Events and also a director of Thinkercafé.org that specialises in developing innovative thinkers, thinking organisations, and disruptive technology solutions for industry, education and government sectors. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Coffee with Samso Episode 172 is with Julian Ford, CEO of Riversgold Limited (ASX: RGL). Riversgold is blessed with good fortune, finding a Lithium deposit in an old fashioned way of mineral exploration. Riversgold has been pursuing their Tambourah Lithium project earnestly. Investors need to understand why there is a need to pay attention to this minnow in an exciting sector of the EV market. What may differentiate Riversgold from their peers is kind of complex. The Riversgold Story Interview with Julian Ford The Equity Market and why companies like Riversgold should be on your trading screen The Lithium Price Journey - The economic viability of a lithium project is more important now Samso's Conclusion The Riversgold Story Why do I like the Riversgold story? It is one of the few exploration companies that are actually doing some real exploration. When you look at the companies that are out there exploring for lithium, you will be very surprised to find one that is actually exploring. What I mean is that the majority, if not all, of the stories out there are ones where they have found a pegmatite on the surface and then drilled with discovery almost handed to them. These are the benefits of having low hanging fruits. I am not saying that this is a liability. What I am implying is that not everyone is blessed with such good fortunes. Figure 1: Riversgold Bengal Prospect within the Tambourah Project in the Pilbara Region of Western Australia. Riversgold seems to have gone that extra step to explore for the economic grades of spodumene. During the interview, Julian talks about how they are realising that they may be too close to the granite source. The mineralisation may be more fruitful further. The drilling intercept from TMBRC003 (listed below) is what lays hidden below the surface. TMBRC003 (See Figure 1) intersected: 14m @ 0.50% Li2O from 15m to 29m downhole including 1m @ 1% Li2O from 18m down hole Applying a 0.5% Li2O assay threshold cut-off within the 14m downhole intersection, two smaller intersections of 4m @ 0.9% Li2O from 17m to 21m and 3m @ 0.6% Li2O from 25m to 28m downhole were identified reflecting zonation of Li2O grade within the pegmatite unit. When you watch today's Coffee with Samso, you will hear Julian Ford talking about a systematic process in trying to find an economic deposit. Readers must remember that the easy pegmatites have now all been discovered. What lies underneath in the depths of these projects will be the next prize. The lithium industry in Australia, the real spodumene discovery is still young. The Riversgold's story is one that has developed from concept to what is now creating some credibility. This is the virtue of mineral exploration. The more you drill, the more confident you become in creating a dream into reality. I think Riversgold has come a long way since our first Coffee with Samso in October 2022. Riversgold Limited (ASX: RGL) - Vectoring into the next Lithium Discovery. Listen to Julian Ford here: Chapters: 00:00 Start 00:20 Introduction 01:05 What is Riversgold about? 02:59 Updates on Riversgold projects: Mt Holland. 04:27 Mt Weld. 06:45 Tambourah Lithium Project. 11:09 Hypothesis for finding lithium. 14:06 What should investors look out for as a parameter for grade and size? 15:16 Thoughts on the current lithium market. 18:50 How should investors look at Riversgold? 22:25 How is Riversgold spending resources on their projects? 25:22 Comments on doubts about the demand of lithium. 27:21 News flow. 28:26 Why RGL? 31:16 Conclusion While companies are drilling for minerals, investors can drill for information. Keep reading and build your knowledge for your DYOR. The Equity Market and why companies like Riversgold should be on your trading screen. Investors in the Australian Stock Exchange (ASX) are spoilt with companies that are promising the lithium prize. In the last two years, lithium stories dominated and commanded a lot of attention. The rush meant that investors were washed with stories and that made it hard to differentiate good from bad. To add salt to the wound, it also meant that investors could not tell what is a realistic potential and what is a pipe dream. Figure 2: Riversgold share price chart. (Source: Commsec) Let's get some context to the current market condition before we get into the Riversgold story. Historically, the small-cap market has been notorious for promising more than delivering and the last two years (since COVID) have been exemplary. If I am not mistaken, over AUD $1 billion has been raised in the small-cap commodity space (Figure 3). As I write today, investors have suddenly been thinking that this was normal and the bull run would last a long time. They are fundamentally not incorrect. The market may be slow and not responding, but the commodity pricing is still strong. The fundamentals are still solid. This move toward Clean Energy is not reversible. Figure 3: Top of the IPO market was in 2021. 2022 followed but it was greatly reduced as compared to 2021. What is bad is in 2015. If anyone remembers, 2015 was when every commodity was heading south. Even oil and gas was heading south. There was no equity appetite and there was no sight of when the commodity pricing would recover. What was worse was what was going to create the demand - the surge in demand that will spur a commodity bull run. Come back to 2023 and I believe that the main factor restricting funding is the rising interest rate. One can debate when the rates will pause and fall. What is sure is that there is nothing wrong with the commodity market. So the bearish tone in the market is most likely going to be temporary. The Lithium Price Journey - The economic viability of a lithium project is more important now. So the next part of this conversation is all about the Lithium pricing. As I mentioned, two years ago, Lithium was a word that could do no wrong. Companies that stumbled onto some "lithium pegmatites" or some pegmatites were able to raise money immediately. For me, there was always the need to discover an economic deposit. As an investor, I need to know if there is some resemblance of a chance to make that discovery. The market and the eagerness of investors is to ignore this and just go with the flow. My conservative thinking comes from the fact that I remember that it was not so long ago that the great Pilbara Minerals Limited (ASX: PLS) was almost broke. The lithium market had come to a point where Pilbara Minerals was the last man standing in Australia (See Figure 4). Altura Mining Limited which had a project adjacent to Pilbara Minerals and was the second in line for lithium glory was in administration and now has been consumed by Pilbara Minerals. (Source: https://seekingalpha.com/) As you can see in the chart below (Figure 4), it points to the steep rise in price and today, we are looking at almost a greater than 50% retracement. What is not obvious with the steep drop is that there is still no sight of a replacement for lithium in batteries where density of charge is concerned. If this is to be the case, then the price drop may be temporary and at worst rest a new path which at the current price, is still significantly higher than its low in 2021. Figure 4: Lithium Carbonate price chart (Source: Trading Economics) What this means is that the future for lithium is still bright but you better make sure your deposit is good. I think that the future lithium project has to be back to basics, meaning it needs to have the same economic parameters like every other project. Samso's Conclusion The Lithium sector is one of the most intriguing stories to comment. The demand for lithium cannot be dismissed and taken for granted. There is no shortage of narratives that tell investors that there is an endless demand for the metal. There are a lot of potential alternatives to lithium batteries but they are too slow and they cannot compete in the density of charge factor. So there seems to be a clear pathway for lithium to dominate proceedings in the future. Hence, companies are all pushing the lithium song. However, when you look at what kind of projects are being marketed, investors should start asking pertinent questions on the viability and the reality of extracting the metal economically. Lithium is not an anomaly. It has its place like every other commodity that has ever been mined or sucked out of the reservoirs. We have moved from horse carriages to hydrocarbon infused vehicles and are now moving into electrical automobiles. These paraphilias are all not immune to the simple demand and supply requirements. Price actions determine all matters that affect the viability of the project. Hence, for me, if one is investing for a market volatility (always short term) then please forgive my thoughts. For those that are looking at long term actions, then the reality of finding an economic viability is important. In my opinion, what I am seeing and hearing from Riversgold seems to be in step with building the long term story. It is easy to look at management and say that just because they failed before, they will fail again. But ask any well aged investor and they will tell you the old story of Great Fortunes falling to Great Failure and Great Failures turning to Great Fortunes. Hence, in the case of Riversgold, they have said and done the things when we first met them in October 2022. So there is no reason to doubt their next move. Management looks good and the old team of David Lenigas and Ed Mead has returned. Some have made money from this team and some have lost. So time will tell. PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Julian Ford Chief Executive Officer Mr Ford has 30+ years experience in the mining industry with global experience including Australia, Africa, South East Asia and South America. Mr Ford has held senior positions within several major resource companies including Alcoa, British Gas, Western Metals Limited. Since 2004, Mr Ford has focused on managing a number of successful start-ups, including transitioning a number of these from concept/exploration to production. Mr Ford holds a degree in Chemical Engineering from the University of Natal, a Bachelor of Commerce from the University of South Africa and a Graduate Diploma in Business Management from the University of Western Australia. He has been a member of the AusIMM for 20 years. About Riversgold Limited (ASX: RGL) Riversgold Ltd is an ASX-listed exploration company focused on discovering and developing large lithium systems in the world-renowned Pilbara and Yilgarn cratons of Western Australia. In early 2022, the Company acquired a suite of four lithium-prospective exploration tenement applications covering 164km2 in the Pilbara region. The key Tambourah Project is underexplored and has the potential to host a major lithium-caesium-tantalum system much like the nearby Pilgangoora and Wodgina deposits. Further, the Company has acquired a tenement package of 292km2 prospective for lithium in the Southern Cross-Marvel Loch region of Western Australia as well as securing an option to acquire 80% of tenement E77/2784 immediately to the east of the globally significant Mt Holland lithium project in the same region. The Riversgold portfolio also offers strong exposure to gold and nickel through its large landholding at the Kurnalpi Project in the Yilgarn. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. 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Coffee with Samso Episode 183 is all about the Brothers Rare Earth Discovery. Venture Minerals Limited (ASX:VMS) has made an exciting discovery in the Golden Grove district - a high-grade clay Rare Earth project that deserves attention. This project stands out due to its impressive depth of intercept and high-grade mineral content, placing it among the top-tier projects in Western Australia. The REE Journey begins for Venture Minerals Limited In April 2023, Venture Minerals announced the introduction of the Iron Duke REE project into the Brothers project on a Rooster Talk - Venture Minerals Limited (ASX: VMS) - Building a Rare Earth Portfolio in Western Australia. The REE story for the company was a slow build up over the last 18 months. Chapters: 00:00 Start 00:20 Introduction 00:57 High Grade clay hosted REE discovery at the Brothers Project 02:00 Reason for high grade 07:01 Direction of the Big Brothers Project 09:46 Is the Big Brothers Project the focus for VMS? 11:02 Discussion on metallurgy 11:57 How should investors look at VMS? 15:38 News flow 18:17 Why VMS? 21:13 Conclusion Rare Earth Market Status The rise or fall of the REE market pricing is one of the key indicators for the fortunes of the Rare Earth exploration sector. Currently, the market is experiencing a bearish price sentiment, causing anxiety among many investors. It is evident that the bear is no longer in hibernation. One cannot argue that the bear is out of hibernation. Many supporters of the bear fail to acknowledge that this market has emerged as a result of a geopolitical situation. In my opinion, the shifting focus of world politics has made metals like REE (rare earth elements) quite appealing. The future requirements for REE components will undoubtedly contribute to the growing demand in the market. As experienced investors are aware, the real profits lie in the long term. This is a widely recognised truth that is often overlooked by investors in the mining industry. The mining sector operates on a timescale of decades, rather than months or years. While there have been a few exceptional cases like Nova Bollinger (Ni) and DeGrussa (Copper) that have yielded results within a shorter timeframe, they are rare occurrences. What makes Venture Minerals a good bet? Venture Minerals excels at developing diversified projects that consistently generate value even in challenging circumstances. I have reiterated this sentiment multiple times during my Coffee with Samso session with Andrew Radonjic, where we discovered the hidden value in their various projects. Why and how do we continue to do this? This is where experienced management takes the lead. The Brothers project is a prime example of the value that can be achieved. Initially appearing as an outlier, through drilling, it has now emerged as a strong contender in the Rare Earth race. The Decarbonisation Problem The global community is determined to transition to clean energy usage, but the path ahead is expected to be challenging and time-consuming. Unfortunately, the progress towards this goal is hindered by a significant portion of the population that believes limiting mining activities is the key solution. The days of "Non-Decarbonisation" thinking are long gone. It's clear that we have embraced a new way of thinking. Let me share an interesting experience I had in South Australia. I recently had a coffee with someone who proudly shared how the state has successfully transitioned to renewable energy. It's inspiring to see how we are moving towards a more sustainable future. The transition towards a world with less reliance on 'dirty energy' is no longer a novel concept. It has become an anticipated and inevitable journey. Samso's Conclusion Andrew Radonjic has once again surprised us with his impressive skills. The Brothers project, which I initially believed had a high potential for success, has proven to be a remarkable endeavor. During our recent Coffee with Samso session, we delved into the project's historical drilling, which has added an intriguing element to its overall appeal. The two drill holes that were announced was into bedrock which would have suggested that there could be more to come. The recent release has made that thought come true. Is the Brothers project a standout? It's difficult to say at this point due to the unresolved metallurgical question. What I've gathered is that they will address this concern by demonstrating leaching. The amount of acid and other related factors will likely be the focal point of discussion. Will this be the catalyst that brings Venture Minerals back to its former glory days as a favourite among retail investors? I don't believe so, at least not right away. While the numbers are promising, the market is currently flooded with numerous rare earth element (REE) stories, making it difficult for Venture Minerals to stand out. It is crucial for the market to discern which projects will succeed and which will not. The previous debate between Ionic and Non-Ionic is no longer relevant, as we have emphasised multiple times. The discussion extends beyond just the Acid content. Currently, I understand that there are multiple projects that possess distinct qualities, which I believe set them apart. In the case of Venture Minerals, their uniqueness stems from their location (close to the new Lynas story), the grade of mineralisation, and the depth at which it occurs. Unlike typical REE areas, Venture Minerals does not face potential land issues. All these factors, in my opinion, makes Venture Minerals different. PODCAST About Andrew Radonjic Qualifications: BAppSc (Mining Geology), MSc (Mineral Economics), MAusIMM Mr. Radonjic is a geologist and mineral economist with over 35 years of experience in mining and exploration, with an initial focus on gold and nickel in the Eastern Goldfields of Western Australia. Andrew has fulfilled a variety of senior roles which gave rise to three gold discoveries, totalling in excess of 3 million ounces in resources and resulting in 1.5 million ounces being produced. Since 2006 Andrew has been an executive director with Venture Minerals, which he co-led during the discovery of the Mount Lindsay Tin-Tungsten deposit in North-West Tasmania. He is also a founding co-director of Blackstone Minerals and the non-executive Chairman of Codrus Minerals. About Venture Minerals Limited Venture Minerals Ltd (ASX: VMS) has refocused its approach to developing the Mount Lindsay Tin- Tungsten Project in northwest Tasmania, already one of the world's largest undeveloped Tin-Tungsten deposits. With the recognition of Tin as a fundamental metal to the battery revolution and Tungsten being a critical mineral, Venture has commenced an Underground Feasibility Study on Mount Lindsay that will leverage off the previously completed open-pit feasibility work, and recently included additional, potential large-scale quantities of tin and boron within the current resource base, and extensively throughout the greater Mount Lindsay skarn system. The tin-borates have not previously been assessed in any mining studies. Borate minerals contain a large amount of Boron, a critical mineral in the solar panel industry. At the neighbouring Riley Iron Ore Mine, the mine is prepared for a quick restart should the market conditions become favourable. In Western Australia, Chalice Mining (ASX: CHN) recently committed to the second stage of the JV which requires a further $2.5 million of expenditure over the next two years to earn a further 19% interest (for a total of 70%) in Venture’s South West Project. At the Company’s Golden Grove North Project, SensOre (ASX:S3N) is farming in whilst Venture retains the REE rights, the earn-in includes drilling of the Vulcan High Grade REE Target. SensOre’s proprietary AI technology has already highlighted lithium and copper exploration potential at Golden Grove North. The Company has a significant Nickel-Copper-PGE landholding at Kulin with two highly prospective 20-kilometre long Ni-Cu-PGE targets within the Kulin Project, whilst recent exploration has identified clay hosted REE targets. Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. 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Embark on an odyssey into the world of Clay Rare Earths, a captivating journey through uncharted mineral potential. In today's Samso Insight Episode 114, we had the privilege of engaging with Dr. Diana Zivak, a distinguished Senior Geologist from the Geological Survey of South Australia. Dr. Zivak skillfully shares a wealth of knowledge that goes beyond traditional boundaries. Her articulate discourse invites viewers and listeners on a captivating journey as we explore information that resonates with the public. Dr. Zivak, an esteemed expert contracted by the Geological Survey of South Australia, has provided valuable insights into the Clay Rare Earths journey. Her observations have shed light on the remarkable qualities and limitless possibilities of this geological phenomenon. For followers of the Samso story, the hopeful excitement about the geological potential of South Australia is widely recognised. This episode of Samso Insights is an absolute treat for those who are into exploration and innovation. Explore the fascinating world of the Clay Rare Earths Story, where Chemistry and Geology intertwine to reveal new possibilities for progress and prosperity. Dr. Diana Zivak's groundbreaking work has revolutionised our knowledge of geological wealth, sparking curiosity among those who are uncovering the untapped potential of South Australia. Samso's Conclusion The Clay Rare Earth sector is an ongoing learning experience, with few claiming to have complete knowledge. Currently, the market serves as the ultimate judge of this sector's dynamics. Rising stock prices are seen as a sign of success, while falling share prices are viewed as unfavourable. The current knowledge is based on a measurement that may not be the most authoritative. According to Dr. Diana Zivak, the industry is uncovering numerous Clay Rare Earth projects, each with its own characteristics. These projects are not identical, resulting in different enrichment processes for each deposit. The complex terrain adds complexity to the search for the best project formula. West Cobar Metals, through its Salazar deposit, has identified Gallium, which could potentially be a precursor to other valuable by-products in the Salazar project. In my opinion, it is important to have faith and perspective when considering the long-term outlook for the REE market. I believe that maintaining a positive outlook for all commodities is crucial, especially considering the ongoing efforts towards decarbonisation. During our conversation, Dr. Diana Zivak and I explored the vast possibilities that exist in South Australia. This discussion is of great importance considering the limited amount of focused mineral exploration in this area. Despite valid historical factors, the potential for discovery remains untapped. The geological landscape of South Australia still holds many mysteries waiting to be uncovered. As the Geological Survey continues to release data, those who take early action have the opportunity to reap significant benefits. Chapters: 00:00 Start 00:20 Introduction 01:48 About Dr. Diana Zivak 06:17 Where is technology today in terms of the analytical part? 09:13 The clay hosted rare earths story 19:19 Is Geomorphology a factor? 25:22 Heavy rare earth metals 31:56 Discussion about the Gawler 42:22 Multi-commodity processing 45:14 Discussion about lithium in South Australia 49:55 Different mineralisation styles 53:02 Closing comments 56:05 Conclusion PODCAST About Diana Zivak Diana Zivak, an accomplished geologist with a decade of experience in academia and mining, specialises in diverse geological aspects including tectonics, geochronology, geochemistry, and mineral chemistry. Her proficiency extends to various analytical techniques such as laser ablation, ICPMS, and electron microscopy. Presently a postdoctoral researcher at the University of Adelaide, Diana is leading projects on REE enrichment in Queensland's phosphorites and provenance analysis of Murray Basin's mineral sands. She also contributes actively as a councillor for the Geological Society of Australia (GSA) and co-Chief of GSA's Early Career Geoscientist Advisory Panel (ECGAP), reflecting her commitment to empowering emerging geoscientists. Diana's ethos revolves around embracing complex geological challenges with fervour and resolute determination. About Geological Survey of South Australia The Geological Survey of South Australia (GSSA) collect, manage and deliver information and knowledge of South Australia’s geology, particularly for its mineral resources prospectivity. Please click here to find out more about the Geological Survey of South Australia: Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Coffee with Samso Episode 198 brings a new perspective to the Coffee with Samso conversations. In this first episode of our Insights segment, we delve into the thoughts of Allan Kelly, Executive Chair of Miramar Resources Limited (ASX: M2R). The life of an executive in the small mineral exploration is busy and stressful. Those that are out there trying to make an economic discovery are constantly under the spotlight. In my five years of establishing the Coffee with Samso series, Allan Kelly strikes me as a true mineral explorationist. To those that have followed the Samso journey and have watched Allan share his projects in Miramar Resources Limited, you will know that he speaks with great sincerity. Our conversations on the Samso platform (see below for previous conversations) are always long form and it has offered a great insight into the reasons why Allan is so passionate about the potential discovery. When you watch and listen to Allan talking about the projects, there is no doubt that his enthusiastic nature wants viewers to know what he is doing and why he is spending money on the project. Allan Kelly's Insights In this first episode of Coffee with Samso - Insights, we learn about Allan Kelly, the person. In an industry that takes no prisoners, it is hard for investors to know who is actually really trying to make a discovery. It is difficult to know if the person who is telling you the story is actually telling the truth and the real facts. I have been an investor in this industry since my university days in 1987 and have been a willing participant in the mineral industry since 1992. Like everyone who is working in the mineral exploration industry, we are all trying to make that economic discovery. The rate of success is not very high and as Allan mentioned in the first minute of the introduction to this episode, that rate of success is very low. So what makes us continue to work in mineral exploration? Why are the likes of myself and Allan Kelly continuing to be in the limelight and the brunt of all criticism? The questions that are being asked is why the Coffee with Samso Insights is beginning its journey. Get yourself a coffee or your favourite beverage and watch or listen and get a better understanding of Allan Kelly here: Chapters: 00:00: Introduction 05:13 How did Allan Kelly get into this industry? 09:04 Western Mining Interview 11:40 Work with Western Mining 13:18 Is the Development of Geological Skills still a common trait? 13:44 Western Mining was unique for the time. 15:27 What traits do you need to stay in the mineral exploration industry? 17:05 The Keys to be a Mineral Explorationist. 17:35 Don't be afraid to say you don't know something. 18:22 What is the core asset required to do well in the industry? 19:03 Need to have Endurance, the "Non-Technical Asset" - "Non-Geological Assets" 21:18 The Andy Well Story 23:29 The many reasons why a project may not be discovered. 24:30 How do you decide and manage which projects to leave behind? 29:56 The lack of Mineral Exploration and Mineral Discovery. 32:24 Does criticism ever affect you? 34:26 The Gidgee Project and The Paleochannel Problem. 35:11 Is it frustrating to be misunderstood about the Gidgee Project? 37:30 How do investors understand exploration results? 41:23 How to understand lack of mineralisation strike length. 42:31 What are Allan's thoughts on the Mineral Exploration sector? 43:49 Lack of patience from brokers. 45:03 Reasons why Allan is optimistic with Nickel and the Bangemall project. 50:57 Allan's last words. 51:26 Conclusions Previous Conversations with Allan Kelly Mineral Exploration - Creating Value Organically Miramar Resources Limited (ASX: M2R) - Mineral Exploration Success - Discovery at Marylebone. Miramar Resources Limited (ASX: M2R) Discovery at Gidji, Bangemall and Whaleshark Miramar Resources Limited (ASX: M2R) Discovery at Gidji, Glandore and Whaleshark. Miramar Resources Limited (ASX: M2R) - Surprises in the Bangemall: Carbonatites and IOCG Project Updates at Miramar Resources Limited (ASX: M2R) PODCAST About Allan Kelly Executive Chair of Miramar Resources Limited Mr Kelly is a geologist and manager with over 30 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the of the Institute of Brewing and Distilling (IBD). Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

As we look back on the last twelve months, it is bewildering how and why a world pandemic could create one of the strongest moves in commodity pricing for decades. Will the Bull keep the Bear in hibernation or is the Bear starting to wake up? Or has the Bear entered the woods already? This commodity price movement has made the mineral exploration sector so hot that you could cook an egg on it. That was how I used to describe the current state of the market to some associates in Singapore. I think this is not too far from the truth as you look at the series of price charts in Figure 1 below. Figure 1: A summary of metal pricing since the Covid-induced crash in March 2020. (Source: www.lme.com) I remember prior to March 2020, the common narrative on metals such as nickel and copper was that there was a shortage on at the LME (London Metals Exchange) and hence the pricing must soon reflect deficit. However, the price increase never materialised which got a lot of commentators wondering. The excitement that is in the market is best represented when you look at the ASX 200 (Figure 2), which is now currently higher than the high prior to COVID, at the time of writing this article. The recovery was observed in all sectors. Even the great Rick Rule was surprised at the rate of recovery. My last conversation with Rick was published on March 5th 2021 Commodities and Equities: Advice from Rick Rule. In this episode, Rick talked about what had happened since our first conversation twelve months before when we had our first two conversations. Gold, Equities, Sprott Management and Australian Gold Exploration - Rick Rule Markets and Commodities with Rick Rule Rick mentioned that he had underestimated the rate of recovery but I think that readers should take note of his initial reservation on the market. Rick may have been wrong on his initial thought in May 2020 but I think the pull back in gold price earlier this year shows that even the market knows that things are moving too fast for its liking. Figure 2: ASX 200 chart for the last 5 years. The S&P/ASX 200 (XJO) is Australia’s leading share market index and contains the top 200 ASX listed companies by float-adjusted market capitalisation. It accounts for 88% (December 2020) of Australia's equity market. (Source: www.marketindex.com) Today, when you talk to industry people, the mood is that the market is slowing down. The hype is lesser talked about and this is certainly a good sign. Why would that be a good sign, you may ask. Let´s see how I can make it clearer. Why is a "slow down" in the resource market a good thing for investors? Over the last twelve months, there has been an increased wave of noise on the ASX being generated by social media and publishers of investor relation products. Samso can be counted as being one of the contributors of the noise. However, Samso would like to think that we are trying to create content that attempts to reduce the noise. The results of our approach can be argued but the point of the statement is that there are many investors out in the market now that have very little understanding. As the market created so much momentum, investors were looking at a 500% or a 1000% gain as an acceptable investment. Anything short of that was looked upon as selling out too low or the trade underperforming. To me, these kinds of news are short of being dangerous. For those that have been following Samso, you would have noticed that we have mentioned continuously that investors should understand the story and not to just base their investment solely on someone's narrated version of investment attributes. Hence, this slow down in the market, or a sense of slowness in the market is a good thing. There was a pull back for many companies and even one of my favourite explorer-turned-potential miner came back (Figure 3). Figure 3: The share price chart for Musgrave Resources Limited (ASX: MGV). (Source: www.commsec.com.au) This pull back all happened across the board in this sector. As you can see, the recovery was imminent but not at the break neck speed from the last twelve months. I and many observers have said that a slow rise is many times better than one that climbs vertically. Hence, the gentle recovery from these stocks are great. Those companies that did not have a strong story behind the rise are now having to work hard to regain some momentum. Don't get me wrong, speculation is still around, but they are not indiscriminate like the previous months. What does all this mean? When you look at the path forward in terms of world economic growth, one has to feel the optimism that is in all miners. Almost everything that you read or watch involves the electrification of the world. I wonder if the "Green Movement" realises that to make the world "Electric" there is going to be a lot of pivoting of businesses. Hence, one would think that the need of the basic building blocks of mining and changing the way we do things now will create more anti-electric actions. When people think of the EV revolution, they think of Lithium, Cobalt, Graphite, REE and recently Nickel. When you think about my earlier statement that to make the EV revolution a reality, the metals that build the infrastructure to create this new world are the not-so-sexy metals such as Molybdenum, Nickel, Copper, Aluminium and Silver (Figure 4). There are more metals involved in the new EV movement than Lithium, Cobalt and Graphite. If you look at Figure 4, you will see the limited roles of these minerals. They may be the VIP guest but if the room is empty, these VIP guests will not be able to do too much by themselves. Figure 4: This graphic takes the data from the World Bank’s Climate Smart Report and outlines what metals each renewable technology will require and their overlapping uses. (Source: www.elements.visualcapitalist.com) There is no denying that there will be an increased need for all the metals that are shown in Figure 4 but the greater spread of needs in all forms of "clean energy" will require a greater expense of metals than most people would realise. I suspect that this will create a greater demand than supply can provide. Mining is not like Baking Bread The process of mining is complicated. It is made even more complicated by the process of proving the viability to mine and then to maintain the sustainability to mine. As we know, the demand-supply curve is the ultimate determinant for the viability of any business but when you add factors such as ESG (Environmental, Social and Governance), Sovereign Issue and lastly an artificial demand to make the EV revolution happen, there is going to be a big strain on supply. Figure 5: The raw material demand of the EV Revolution. (Source: www.elements.visualcapitalist.com) As you look at both Figure 4 and Figure 5, one will notice that there are a lot of minerals being used over a range of products. The process of clean energy is more mineral intensive than the old fossil fuel source of energy. So without getting into a debate about which source of energy is cleaner, we can all agree that we are going to need more minerals than the fossil-fuel revolution. Molybdenum, which has been one of the quietest metals in the recent commodity rush is now treading at levels near the last iron ore boom of 2010. Figure 6: Molybdenum price over the last 15 years. (Source: www.tradingeconomics.com) General investors would not look at Molybdenum as being part of the commodity rush but it is actually a critical component of steel making. It has just been listed on the LME (London Metals Exchange) but the pricing is still strongly controlled by contractual buyers. China is the main player and the price is typically aligned to the perceived demand for steel. Hence, like Dr Copper, it does give an impression that the market players may be indicating an increased demand for steel. The recent rise in the fortunes of Molybdenum is important as it may give a clue to the coming fortunes for the steel making process. This is another clue to the potential of the coming commodity market. If something like Molybdenum is moving in such leap and bounds, what would the rest of the list of metals be doing? Market Prices Are Aligned for Growth The market indicator of progress has been Copper. The term Dr Copper is coined to say that if the good Doctor is up, then the world economy is doing well or going to do well. Copper price has seen some good movement lately with a short hiatus when it lost traction. The drop in price occurred around the same time that iron price dropped to USD180 from a high of USD200+. This has been short lived and it looks like the prices of both commodities have since recovered to their recent levels. Figure 7: (1) Copper price from June 2016 to July 2021. (2) Historical copper price from since 1960. (source: www.macrotrends.net) In 2015, we saw the bottoming of commodity prices in unison. This also followed a unison rise in pricing following the bottom. I uses to tell people that I have not seen minerals and oil all moving in the same direction and many people at that time was saying metals were rising due to a shortage on the LME. Although this was in general correct, the real shift in pricing did not really happen till the end of the COVID crash of March 2020. If you look at Figure 1, you will see the alignment of metal pricing. It looks as if the metal pricing are all being chased by something. What is not so apparent is the mix of metals that are experiencing such attention. Tin is another one of the forgotten metals from the past. Even this humble little metal has taken a leap in its price (Figure 8). An article by Wood MacKenzie entitled - Tin – the forgotten foot soldier of the energy transition tells a great story about why Tin may become the next Cobalt (remember when it ran to USD92K). It is a great read which basically says that up to 90% of the world´s supply may be affected by ESG. If that is the case, the current high price of USD32K could be sustained or may even reach a much higher price. Figure 8: (1) Tin pricing from June 2016 to July 2021. (2) Historical Tin pricing from 1973 to 2021. (Source www.lme.com and www.tradingeconomics.com ) So What Does All this Mean? I have to say that in my 30 years in the mineral resource industry, I have never felt that this continuing run of good fortunes in my industry may actually have very long legs. When you have seen as many boom-bust cycles as an exploration geologist, you are constantly in disbelief of any market rise. The need to execute the EV revolution will create the situation for a greater need for all metals. In Figure 4, we see that there are five metals that are spread over a minimum of 5 sources of renewable energy. The fact that we are needing more Nickel, Copper, Aluminium, Molybdenum and Silver tells me that the shortage that was been narrated in the last 7 years will get worse. The shortage of base metals such as Nickel and Copper is well known and there are no arguments, but now the equation will be significantly and critically imbalanced. The recent dip in copper and iron ore price was very short lived as we are now seeing that the price is near or as high. There were talks that the Chinese government was trying to instigate selling pressure to decrease the price of metals but it seems that has not happened. If the Chinese selling theory was correct, then potential rise of future metal prices will be a matter of fact. I don't think Lithium supply will be a driver as there is no shortage of Lithium. If the world needs more supply, there will be investment and producers will just produce more to meet the demand. Nobody needs to find more Lithium. Now, Nickel Sulphides is another story. There is actually a problem with finding more metal and because of that, the price of Nickel will rise. An additional factor for pushing nickel prices up is the projected demand. If you cannot find more and you cannot feed supply, you have a growing problem. The issue with Copper is not a lack of supply. It is a lack of mines and mining grades. The current mines are all mining lower grades and hence the cost of production will rise. Similarly, like the search for nickel sulphides, projected demand and the slow process of market equilibrium will create tension in price and supply. As the world wakes up from a pandemic, the increasing need to revitalise the world economy itself will make the need for metals a priority. In my opinion, there is ample evidence to support a continued run on commodity prices. Another reason why I think this market is here to stay is that brokers are telling me that a portion of the industry will only look at AUD10M to AUD15M raise for new IPO. The other half of the broking industry is telling me that they can do the small AUD6M raise but also to get in the back of the line of six other companies waiting. All this work and money, coupled with an extremely tight labour market, is why I cannot see a slow down anytime soon. Gratitude Patreon: This is a platform for supporting creators like me. Please consider helping out and pick your reward here: If you would spend some time and support Samso Insights, I would be totally appreciative. So please feel free to pick a reward, or simply chip in any amount that tickles your fancy :-) https://patreon.com/samsomedia Brilliant-Online: Our investment articles are also shared across Brilliant-Online magazine. Check out their investment column. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow If you find this article informative and useful, please help me share the information. I try to write topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. Download our 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. Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

Rooster Talk 47 with Robert Martin, Executive Chair of Suvo Strategic Minerals Limited (ASX: SUV). Suvo is positioning itself towards being a Tier 1 Industrial Minerals Miner. They have the Kaolin part sorted and is now taking the step to mining Silica Sands. According to Robert Martin, the Executive Chair of Suvo, this is the missing link in the company's strategy. The company has had this asset since their IPO but has not moved on it till now. What I like hearing from Robert is that he wants to build mines. He wants to create a Tier 1 Industrial Minerals Mining machine. From a person who has built a profitable mining services company, his words mean more to me now as I am seeing more of his cards. The Silica story is one that will add significant value to the company. We have natural silica flour which adds market value that is unique to the Nova Silica Project. Robert tells us that they are getting calls daily about what they are doing with this Silica Project. As we all know, exploration is a marathon and it is a matter of luck and science. The Nova Silica project is not like finding gold or nickel or copper. Silica is very much like iron ore, coal, and clay. Once you have discovered a presence, the likelihood of finding a resource is very high. This is why when you resource Coal, your drill spacing does not need to be close. Some of the spacing can be hundreds of metres apart. This resource statement that has been released is a stepping stone to a final solution. More steps are coming up with Suvo, so watch this space. Chapters: 00:00 Intro 00:59 The Nova Silica Project Story 02:52 What does Nova mean for Suvo? 05:20 Why is Nova of interest? 07:55 Does Suvo really have more than the 15% stated? 10:37 Rising silica market demands 12:40 The importance of the quality of Nova. 13:50 Silica processing is chemical free. 15:05 What's the news flow? 16:43 Great stock to DYOR 17:25 Shifting on metal demand. 18:34 Last words from Robert 20:05 Conclusion PODCAST About Robert Martin Mr Martin has over 20 years experience across the mining services, supply chain and capital market sectors. Mr Martin has owned and operated a highly successful mining services company which became a leading provider of products and services to the mining industry and operated globally with offices across Australia and internationally. After seven years of revenue and profitability growth and expansion into multiple countries, Mr Martin’s company was acquired by a prominent Perth business for an undisclosed multi-million dollar sum. Mr Martin runs a family office in Western Australia with a focus on investing and supporting emerging private and public businesses, and currently holds the position of non-executive director at PARKD Limited and is the non-executive chairman of publicly listed Critical Resources Limited. About Suvo Strategic Minerals Limited Suvo Strategic Minerals is a dual commodity Australian mining company listed on the Australian Stock Exchange (ASX:SUV) focused on the development of their 100% owned White Knight Kaolin Project located in the Yilgarn Craton in the central wheat belt and their 100% owned Nova Silica Project located in the Gin Gin Scarp near the township of Eneabba all situated within Western Australia. About the Nova Silica Sand Project The Nova Silica Sand Project is a 100% owned potential large-scale Silica Sand resource located in the Gin Gin scarp near the township of Eneabba the project has existing rail cart transport solutions direct from the tenements to Geraldton port. Watch the video - Suvo Expands Nova Silica Sands project Suvo's ESG Strategy Robert highlighted that Suvo has engaged an ESG team to help Suvo look at sustainable ways to rejuvenate what they have mined and further reduce carbon footprint for example using solar powered resources. The ESG strategy will see a long term intent to add value to shareholders as well as to communities and the environment. Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso 102 with Robert Martin, Executive Chair of Suvo Strategic Minerals Limited (ASX: SUV). Suvo is one of only three players in the Kaolin sector and they are also the only one with a processing plant. Recently listed on the ASX in 2020, the Kaolin and Silica small cap resource company is now a producer. This sector is really about the simple business of mining and exporting high grade quality clay. According to Robert Martin, the Executive Chair of Suvo, the value adding is just starting. In December 2020, Suvo added the Imery processing plant and the Pittong project in Victoria which effectively moved the company into the producer stage. However, something the company has and not valued, is their Silica project in WA. The Nova silica sand project located in the Gingin region of Western Australia could create value that the market has missed. There are Four Revenue Streams from the Silica project. Listen to the video to understand what they are. Chapters: 00:00 Intro 01:08 Robert Martin tells us about Suvo. 05:29 What is the Kaolin Market? What is significant about Suvo's projects? 09:29 What does Halloysite mean for Suvo? 11:14 Suvo can produce different types of Kaolin products. 14:52 Suvo has 30 years of Kaolin experience. 16:32 The Silica Story. 18:51The Silica Flower Story. 20:49 Why Silica projects can work. 24:13 Environmental hurdles for silica projects. 25:47 Why ESG may make silica projects more feasible. 27:09 Silica is all about physical waste as opposed to chemical waste. 27:47 Robert Martin shares his thoughts on the journey of Suvo. 30:15 The virtues of the silica market. 31:32 The Kaolin market is very big. 32:38 Samso's thoughts 33:58 We are in the New World. 34:47 Conclusion PODCAST About Robert Martin Mr Martin has over 20 years’ experience across the mining services, supply chain and capital market sectors. Mr Martin has owned and operated a highly successful mining services company which became a leading provider of products and services to the mining industry and operated globally with offices across Australia and internationally. After seven years of revenue and profitability growth and expansion into multiple countries, Mr Martin’s company was acquired by a prominent Perth business for an undisclosed multi-million dollar sum. Mr Martin runs a family office in Western Australia with a focus on investing and supporting emerging private and public businesses, and currently holds the position of non-executive director at PARKD Limited and is the non-executive chairman of publicly listed Critical Resources Limited. About Suvo Strategic Minerals Limited Suvo Strategic Minerals is a dual commodity Australian mining company listed on the Australian Stock Exchange (ASX:SUV) focused on the development of their 100% owned White Knight Kaolin Project located in the Yilgarn Craton in the central wheat belt and their 100% owned Nova Silica Project located in the Gin Gin Scarp near the township of Eneabba all situated within Western Australia. About the Nova Silica Sand Project The Nova Silica Sand Project is a 100% owned potential large-scale Silica Sand resource located in the Gin Gin scarp near the township of Eneabba the project has existing rail cart transport solutions direct from the tenements to Geraldton port. Suvo's ESG Strategy Robert highlighted that Suvo has engaged an ESG team to help Suvo look at sustainable ways to rejuvenate what they have mined and further reduce carbon footprint for example using solar powered resources. The ESG strategy will see a long term intent to add value to shareholders as well as to communities and the environment Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments