Actinogen Medical Limited (ASX: ACW) is advancing one of the most promising neuroscience drug candidates in the global biotech pipeline. With its novel oral drug Xanamem® (emestedastat), the company is targeting two of the largest and most urgent unmet needs in modern medicine: Alzheimer’s disease (AD) and Major Depressive Disorder (MDD). The company’s unique approach of controlling brain cortisol levels offers a fresh mechanism of action that stands out in the crowded field of central nervous system (CNS) therapeutics. Why Cortisol? Why Now? Figure 1: Xanamem is a small molecule tissue cortisol synthesis inhibitor (11β-HSD1 enzyme) (Source: ACW Corporate Presentation February 2025) Excess cortisol in the brain is increasingly recognised as a key driver of neurodegeneration and depression. Oral Xanamem® selectively inhibits the enzyme 11β-HSD1, reducing tissue cortisol synthesis in the brain without impacting adrenal cortisol production. This makes it the first and only brain-penetrant cortisol controller in clinical development—a significant competitive edge. Over 400 patients treated with strong safety results Low drug interaction risk—ideal for combination therapy First-in-class oral drug designation with WHO-assigned INN: emestedastat Alzheimer’s Disease: Early Signals of Disease Modification Alzheimer’s remains one of the most difficult neurological diseases to treat, with current therapies offering only modest benefits. In contrast, Actinogen’s Phase 2a trial showed that Xanamem slowed disease progression in biomarker-positive AD patients, measured by changes in the gold-standard CDR-SB scale. pTau181-positive patients experienced clinically meaningful slowing of decline Interim data from the larger Phase 2b/3 XanaMIA trial is expected in Q4 2025, with final results in H2 2026 This trial includes 220 patients across Australia and the US and aims to build a regulatory pathway with the FDA and EMA already engaged. Depression: A Safe, Oral Option with New Potential The Phase 2a XanaCIDD trial in moderate MDD delivered clinically and statistically significant results on key endpoints: MADRS (depression severity) scores showed improvement from Week 6 Patients on Xanamem had better outcomes when combined with SSRIs Low side effect burden—no evidence of suicide risk or withdrawal syndrome With over 365 million antidepressant prescriptions written annually, the demand for well-tolerated alternatives with novel mechanisms is massive. Actinogen’s once-daily, brain-penetrant Xanamem could fill this gap. Backed by Science, Protected by Patents Core composition-of-matter patent protection through 2031 (extendable to 2036) 5–10 years of data exclusivity depending on the jurisdiction Patents covering manufacturing, use in depression and prevention in cognitively normal individuals Corporate Highlights Actinogen (ASX: ACW) is a well-funded biotech company with a market cap of approximately $100 million and $22.9 million in cash as of December 2024, providing runway into mid-2026. Key shareholders include Biotech Value Fund (~7%) and CEO Dr. Steven Gourlay (~5%), reflecting strong internal and institutional confidence. The company is led by a highly experienced board and executive team with deep expertise in biotech, pharma, and central nervous system disorders. including:  Dr. Steven Gourlay – CEO & MD, ex-Roche/Genentech  Dr. Dana Hilt – CMO, veteran neurologist & CNS trial expert  Andy Udell – CCO, commercial strategist with US/EU pharma experience  Dr. Geoff Brooke – Chairman, biotech investor & founder Upcoming Milestones to Watch ✅ FDA Type C meeting (MDD) – Q1 2025 ✅ First patient in US Alzheimer’s trial – Q4 2024 ✅ 100th patient enrolled (XanaMIA) – Q2 2025 ✅ Peer-reviewed publications – throughout 2025 🔜 Interim Alzheimer’s trial data – Q4 2025 🔜 Final Alzheimer’s and MDD Phase 2 trial results – H2 2026 The Takeaway for Investors Actinogen is entering a critical window of value creation. With positive Phase 2a data in both AD and MDD, strong patent protection, a unique mechanism, and no direct competitors, Xanamem may represent a transformative asset in CNS therapeutics. Upcoming data readouts and regulatory interactions could serve as major catalysts for the company (Figure 2). Figure 2: Strong cortisol control scientific rationale to address huge unmet medical need. (Source: ACW Corporate Presentation February 2025) As the global burden of Alzheimer’s and depression grows, Actinogen’s science-driven approach could deliver not just returns, but real change. Executive Perspective Dr. Steven Gourlay, CEO of Actinogen, commented: “The first quarter of 2025 was a busy period for the team as the XanaMIA trial accelerated and many essential initiatives commenced in parallel with the trial, designed to prepare the Company for partnering and eventual marketing approvals. I was particularly pleased with the positive and clear outcomes from our Type C meeting with the FDA on MDD that provided excellent guidance for the Xanamem program.” Concluding Comments From Samso Actinogen Medical is emerging as a key player in neuroscience with its novel drug Xanamem®, targeting Alzheimer’s and depression by safely reducing brain cortisol. Backed by promising clinical results, strong patent protection, and an experienced leadership team, the company is entering a critical phase with upcoming trial milestones. Samso sees Actinogen as a well-positioned biotech with real potential to deliver both investor value and transformative patient outcomes. The current market capitalisation of AUD $86M would make this more than a punt but one needs to fully understand the potential pathway ahead. It goes without saying that a potential medial solution to Alzheimer’s disease and Major Depressive Disorder would propel the company's valuation. This is the most obvious decision making process. The fundamental parts of funding, having significant shareholder credibility, proven patents and a clear pathway to FDA approval with final trials is something that is very promising. This is the kind of story we love to follow. One that merges solid science, smart strategy, and a path to real-world solutions. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Gidji Drilling Delivers More Gold Results Gold is back in the Eastern Goldfields—and so is Miramar Resources (ASX: M2R), which is now back in town. In my opinion, the return to Gidji is the right path for M2R. Gidji is one of those projects that requires completion. A complete exploration of all potential options to discover that economic deposit. The latest results from Gidji Joint Venture (JV) Project, located just 15km north of Kalgoorlie, reinforce the project's potential to host a major new gold camp and come as the Australian dollar gold price surges past A$5,000/oz. Project Location The Gidji JV is strategically located along the Boorara Shear Zone, a proven structural corridor with multiple gold operations nearby, including Northern Star Resources’ Kalgoorlie assets (Figure 1). Figure 1: Gidji JV Project (yellow outline) and Boorara Shear Zone (white), near Kalgoorlie (source: M2R ASX Announcement on 12 May 2025) Why This Matters The latest drilling expands the supergene gold footprint at the high-priority Blackfriars target, an area that shares key geological characteristics with the multi-million-ounce Paddington deposit. Miramar’s Executive Chairman, Mr. Allan Kelly, commented: “The new results increase the footprint of the high-priority Blackfriars target, which shares several similarities to the multi-million-ounce Paddington gold deposit along strike to the north, including its location at the contact between the Boorara Shear Zone and the Black Flag Beds,” “This is the first systematic drilling at Gidji after a break of almost 3 years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz.” Drill Intercepts Miramar released results from the first 34 aircore holes of a 180-hole campaign. While grades are modest, several intercepts hint at a growing, consistent mineralisation: GJAC955: 1m @ 4.45g/t Au (paleochannel gold) GJAC944: 1m @ 2.01g/t Au GJAC932: 2m @ 1.96g/t Au GJAC960: 2m @ 1.12g/t Au (end-of-hole, open to east) Additionally, strong silver values were encountered: GJAC945: 2m @ 0.75g/t Au with 8.68g/t Ag GJAC943: 1m @ 0.53g/t Au with 4.38g/t Ag These numbers may seem small in isolation, but within the context of widespread supergene mineralisation across multiple targets, they carry weight (Figure 2). Figure 2: New aircore drilling results (squares) and previous drilling (circles) (source: M2R ASX Announcement on 12 May 2025) The Bigger Picture This is the first major drill program at Gidji since 2022. The flat-lying supergene gold zones being intersected are hosted below the Gidji Paleochannel, suggesting the potential for more significant bedrock-hosted mineralisation beneath. Since 2020, Miramar has: Unlocked multiple new gold zones through systematic aircore drilling Identified bedrock targets for deeper drilling Demonstrated large-scale mineralisation potential in an underexplored terrain Strategic Advantages Infrastructure: Close proximity to operating mills and gold mines Underexplored: Gidji has remained hidden due to transported cover and paleochannel masking Aggressive strategy: Miramar is leveraging historic data with modern exploration techniques What’s Next? Completion of the current 180-hole aircore campaign Targeting high-grade bedrock zones with RC and diamond drilling Assessing scale and continuity of new mineralised zoneshttps://youtu.be/uF2RPWPEXJw?si=QELGfFZBjje6DR5h With the Australian gold price pushing new highs and interest growing in the Kalgoorlie region, Miramar is positioning itself for a potential breakthrough. Samso’s Concluding Comments Gidji is one of those projects that was left behind, mainly due to the total disinterest in a gold project when the whole market was only interested in lithium. As a practitioner in this market on the corporate level, I am pretty sure that Allan had no choice but to leave Gidji in preference for the "other" commodities. The "Force" to look for the "Critical Minerals" would have been overwhelming. It is now funny that the major asset in the company that was neglected because the market sentiment was lithium and REE is now back in focus. I am glad the focus is now back on Gidji JV. I have mentioned, and you would have heard Allan make this comment many times about the Gidji JV project, "this is the cheapest house on the best street". The Gidji JV ticks many boxes—location, structure, scale, and now with a rising gold market, it is back in fashion. It should never have been taken out of fashion, as the previous exploration results gave no doubt that there exists a prize that is yet to be recovered. The recent results are evidence that the consistency of the exploration success is remarkable. Time and funding are needed to make this either a discovery or a sterilising program. One could not walk away from this project, confirming all the options. Coffee with Samso: The Gidji Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 The Miramar Story - Miramar Resources Limited (ASX: M2R) - Episode 146 Rooster Talk: Discovery of the Primary source at Gidji : Miramar Resources Ltd (ASX: M2R) - Rooster Talk 63 A New Gold Camp in the Kalgoorlie Goldfields - Gidji Gold Project - Miramar Resources Ltd (ASX: M2R) Miramar Resources Ltd (ASX: M2R) Exploration Update: Gidji - Glandore - Whaleshark - Rooster Talk To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: High-Grade Drilling Intercepts From Southern Zone At KGP Key Highlights 33 RC holes for 4,116m drilled across the Southern Zone (Dingo & Lukin) and Grasmere. Dingo delivers standout results, with intercepts like: 10m @ 10.55g/t Au from 42m (including 2m @ 50.57g/t Au) 22m @ 2.16g/t Au from 117m (14m @ 3.03g/t Au) 11m @ 2.80g/t Au from 49m (6m @ 4.82g/t Au) Lukin drilling confirmed low-grade shallow mineralisation but no new lodes. Grasmere Prospect returned broad, shallow anomalous mineralisation, confirming prospective geology. Datatine and Stanley Thrust drilling now underway, with results expected in the coming quarter. Figure 1: – KGP Resource1 areas with a selection of drilling results; see Figures 2 & 5 for smaller-scale maps of Dingo and Lukin. Ausgold Limited (ASX: AUC) has unveiled a set of exceptional drill results that underscore the growing promise of the Katanning Gold Project (KGP) in Western Australia (Figure 1). The latest Reverse Circulation (RC) drilling campaign—part of a broader 19,000m program—has returned standout high-grade gold intercepts from the Southern Zone and strong geological confirmations at the Grasmere prospect. Dingo: High-Grade Intercepts Could Reshape the Resource Figure 2 – Geological map of the Dingo Resource area displaying new drilling and an outline of the A$4000 Pit Shell Once considered a modest contributor, Dingo is quickly emerging as a potential game-changer (Figure 2). The recent drilling has intersected zones of high-grade mineralisation above historical averages, reinforcing Ausgold’s confidence in expanding and upgrading the existing 434koz @ 0.94g/t Au resource. “The grade and width of the results from Dingo is particularly encouraging,” noted Executive Chairman John Dorward. “These high-grade and shallow intercepts indicate the potential for a more meaningful contribution to the overall project.” Lukin: Steady but Modest Figure 3 – Geological map of the Lukin prospect (KGP) Southern Zone with new drilling and results highlighted Drilling at Lukin focused on both extending the existing resource and exploring for new lodes (Figure 3). Results remained consistent with previously defined shallow mineralisation, but no new significant lodes were intersected. Despite this, potential still exists in untested southern extensions, although Ausgold is now shifting its near-term focus to higher-grade targets elsewhere, including Datatine and Jinkas. Grasmere: Confirmation of Host Stratigraphy Figure 4 – Prospect-scale geological map of the Grasmere Prospect with drilling Located 7km southwest of Dingo, the Grasmere prospect (Figures 4 and 5) revealed a promising 8km gold-in-soil anomaly. The first phase of EIS co-funded drilling confirmed the presence of KGP-style host rocks and returned shallow intercepts of up to: 3m @ 0.31g/t Au (incl. 1m @ 0.52g/t) 9m @ 0.13g/t Au 6m @ 0.16g/t Au Figure 5 – Prospect-scale geological map of the Grasmere Prospect with drilling. Near-Term Catalysts (1H 2025): Results from high-grade drilling at Datatine (intercepts >4g/t Au) (Figure 5) Results from regional prospects along the Stanley Thrust Feasibility Study updates for the KGP Land tenure and access updates Concluding Comments from Samso The latest results from Ausgold demonstrate a significant uptick in the resource potential of the Katanning Gold Project. With high-grade, shallow intercepts at Dingo and ongoing drilling at Datatine and across regional targets, the company is strategically positioned to deliver meaningful resource growth and economic upside. As I mentioned in my article (AusGold Limited (ASX:AUC) - The Making of A New Boddington Gold Miner - The Katanning Gold Project), I am confused as to why this aspiring gold company is not closer to being a producer. Ausgold now has a market capitalisation of just under AUD $190m, which would make this company "cheap" with the potential upside. Figure 6: The Ausgold Limited share price chart. (source; commsec) Looking at the share price journey (Figure 6) of the company, it has been a real steady rise to AUD $0.53 (01/05/2025). I think the rising gold price (Figure 7) is making any companies like Ausgold a prime target, especially when the rest of the market is suffering. The key now is the upcoming Feasibility Study that is expected soon. What is a good point to remember is that these drilling results are confirming the consistency of results, and the preparation for a future resource is not a bad thing. Figure 7: Gold Price chart over the last 5 years. (source: Trading Economics) The big question is now that Trump is "back-peddling" or is now "making deals", will the rising gold price start to recede? If it does, how far will it head back? Remember that when lithium was running, many investors felt that it was a situation that would have no negatives and look at it now. The gold price now looks strong and undefeatable, but I have seen it go from USD 420 to USD 252 in 1999. Figure 8: Gold price in 1999. (source: www.sdbullion.com) What I have learnt in the investing game is that you are either a long-term investor or you better be the one who creates and manages the weather. If you are not both, you will get soaking wet when the storm comes and badly burnt when the heat rises. A long-term investor has a long average curve that protects them from the volatility. Happy Investing. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

As the world hunts for sustainable solutions to climate-smart agriculture and plant-based protein, a little-known legume is stepping into the global spotlight: the lupin. Long treasured in Australia and just beginning to take root in China, this high-protein, soil-healing seed may be the agricultural game-changer we didn't know we needed. Why Lupins Matter Lupins (genus Lupinus) are a hardy, nitrogen-fixing crop with an impressive resume. They thrive in poor soils, reduce reliance on synthetic fertilisers, and offer nutritional benefits for both humans and animals. With their low glycemic index and high fibre and protein content, lupins are increasingly considered a "super pulse" in sustainable farming circles. Western Australia alone cultivates roughly 85% of the world's narrow-leafed lupins (Lupinus angustifolius) (Figure 1), exporting much of it to Asia, particularly China. Now, thanks to growing demand and increasing research, both regions are poised to benefit from the bean’s full potential. Figure 1: (a) Lupin plant; (b) Seeds of white lupins. (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) The Nutritional Power of the Australian Lupin Australia’s sweet lupin is unique. Unlike typical legumes, it's virtually starch-free and boasts a protein content of around 40%, higher than most other commonly consumed legumes. Rich in dietary fibre, antioxidants, and healthy oils, lupins can improve gut health, regulate blood sugar, and support cardiovascular wellbeing (Table 1). Table 1: Nutritional and bioactive properties of white lupin (L. albus) (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) Australian Lupin Bean kernels contain around 40% protein—making them the highest among commonly consumed legumes. Their cotyledon cells feature protein bodies 5 to 25 µm in size, composed of about 73% protein dry solids, distributed throughout the cytosol (Figure 2). Their protein bodies are composed mainly of α and β conglutin, while a special variant, γ conglutin, shows promise as an insulin-mimetic—suggesting a role in diabetes management. This biochemical makeup not only makes lupins nutritionally superior but also opens doors to functional food applications. Figure 2: Periodic acid schiff (a) and toluidine blue (b) stained sections of Australian Lupin Bean cotyledon showing thickened cell walls of the mesophyll cells [pink in (a), blue in (b)] and protein bodies within these cells [blue in (a), faint translucent in (b)]. (source: ©2023 Sweet Lupin Western Australia Inc.) China’s Soil and the Lupin Opportunity Faced with increasing soil degradation and an urgent need for sustainable protein, China is eyeing lupins as a dual-purpose crop—for both soil regeneration and food production. Trials of L. angustifolius in various Chinese provinces show potential, though challenges Among the hurdles: alkaline soils, sensitivity to temperature extremes, and diseases like anthracnose (Figure 3a) and phomopsis blight (Figure 3b) damage stems and lower seed quality, and root rot can kill the plants (Figure 4c). Figure 3: (a) Anthracnose, (b) Phomopsis stem blight (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) Figure 4: (a) White rot of lupins, (b) Rust, (c) Root rot. (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) However, Chinese researchers are rising to the occasion—sequencing genomes, mapping genetic diversity, and studying phosphorus adaptation to improve local varieties. Despite these challenges, China already accounts for 34% of global lupin imports and is positioning itself to scale domestic production through policy, biotech, and education. Going Global: Australia’s Lupin Leadership To promote its agricultural crown jewel, Australia has launched aussielupins.org.au, a one-stop hub supported by the Sweet Lupin Association of Western Australia, the DPIRD (Department of Primary Industries and Regional Development), and the Future Drought Fund. The website is brimming with recipes, nutritional data, and scientific research aimed at farmers, chefs, and health-conscious consumers alike. With its sandy soils, ideal climate, and research-backed approach, Australia is uniquely positioned to lead the world in lupin innovation—whether as food, livestock feed, or soil-enhancing green manure. Lupins are grouped into Old World species (like L. albus, L. angustifolius, and L. luteus) and New World varieties (L. mutabilis, L. polyphyllus), with their genetic diversity centered around the Mediterranean and Andean regions (Figure 5). Figure 5: Groupings of Lupins based on the origin and centre of diversity (Wolko et al., 2010). (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) According to the Food and Agricultural Organization, global lupin cultivation covered almost 1 million hectares in 2022, producing approximately 1.645 million metric tons (Figure 6). Figure 6: Production of Lupins by countries in 2022 (FAOSTAT, 2023). (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) Although lupins accounted for only 0.3 % of global legume output from 2012 to 2022, production has climbed steadily—up 38 % between 2018 and 2022—suggesting rising demand. Australia leads this growth, with Poland, Russia, and Spain trailing, capitalising on lupins’ ability to flourish in sandy, acidic soils where the crop also serves as green manure, fodder, and an erosion-controlling soil improver (Figure 7). Figure 7: Proportion of Lupin production of all the legumes produced worldwide in the A-Last decade, B- Last 5 years e, C- Top 10 producers of lupins in last 5 years. (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) A Small Bean with Big Impact In just a few years, lupins have transformed from an obscure rotation crop into a symbol of regenerative agriculture and plant-powered nutrition. Their rise is a testament to international collaboration, scientific curiosity, and a growing global appetite for sustainable solutions. Whether you’re in Beijing or Perth, lupins represent a smarter way to feed the future—one bean at a time. Concluding Comments from Samso At Samso, we see the lupin story as a powerful example of how smart science, sustainable agriculture, and international collaboration can converge to create real-world impact. Australia's leadership in lupin cultivation—backed by robust research, supportive policy, and global partnerships—offers a blueprint for how underutilised crops can unlock value far beyond their local roots. China’s exploration into lupin farming underscores a broader trend: the search for climate-resilient, protein-rich crops that regenerate soil and support food security. While the momentum for growing lupin in China is undeniable, it is another thing to deny the natural flow of biology. Re-creating the environment to add nutrients or to create a lack of nutrients required for lupin growth is not an easy task. As much as the growth in understanding of lupin in China is undeniable, it is equally unrealistic to think that the creation of a soil chemistry that will allow the perfect growing environment will be created. Nature does not work that way. The unique nature of the lupin chemistry as a plant is challenging enough. Like the mineral commodity, one cannot simply recreate the mineral deposits. You can create chemicals to eliminate pests, but changing the soil chemistry for growing a commercial acreage is another phenomenon to overcome. One could argue that you could glasshouse the planting process, but the business of lupin is a large acreage-scale business. The cost to achieve this process would seem to be a high barrier to creating an economical produce. Here are some key points to consider if one is to consider using greenhouses to grow lupins: Initial Investment: Setting up a glasshouse facility can be a significant initial investment. Energy Costs: Heating and cooling glasshouses can be energy-intensive, potentially increasing operating costs. Lupin Species: Different lupin species have varying growth requirements, so understanding the specific needs of the chosen variety is crucial. In today's technological ability to conceive almost "anything", I agree that anything is possible, but in business, the first mover advantage is generally the key to positioning yourself in the market. The ability for the Australian market to consolidate itself to be a lupin market leader will be critical. The Business of Lupin According to Global Market Insights (GMI), the Lupin Market was valued at USD 89.9 million in 2023 and is expected to achieve a CAGR of over 5.2% from 2024 to 2032. Currently, the global search for a sustainable source of food is at the forefront of developing nations. Figure 8: The Lupin market Analysis. (source www.gminsights.com) The current thinking is that the search for a plant-based protein is the key as consumers become more health-conscious and seek nutritious and sustainable food options, interest in plant-based proteins like lupin is increasing. As we have described, lupin is rich in protein, fiber, and various nutrients while being low in fat and carbohydrates, making it appealing to health-conscious consumers. It is naturally gluten-free and not a common allergen, making it suitable for those with gluten sensitivities or allergies to other common allergens like soy or nuts. With the rising awareness of food allergies and intolerances, there is a growing demand for allergen-friendly food ingredients like lupin. The current understanding of the lupin market and the concept of lupin as a powerhouse business may be lost to investors on the ASX. In our opinion, lupins are not only a strategic export crop but also a symbol of agricultural innovation at its best. At Samso, we believe this legume’s journey is just beginning—and we’re excited to watch it unfold across farms, food systems, and future markets. According to Wide Open Agriculture, the opportunities are just beginning to be realised. As usual, do your own research and happy investing. References: Lim, S.J. (2025). Exploring Lupins in China. Legume Research. Department of Agriculture WA: www.agric.wa.gov.au Sweet Lupin Association: www.aussielupins.org.au Global Market Insights. www.gminsights.com/ To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Samso's Reflection on Asia’s Most Ambitious AI Gathering If there’s one event this year that has the potential to redefine the future of artificial intelligence, it’s SuperAI Singapore 2025. From the viewpoint of someone who’s been observing tech events and innovation cycles for decades, SuperAI is not just another glossy tech conference—it’s a statement. What started as a bold initiative is now evolving into Asia’s most critical hub for frontier technology. The upcoming edition, set for 18–19 June at Marina Bay Sands, promises to surpass expectations. With over 7,000 founders, researchers, developers, and investors converging globally, the atmosphere will be nothing short of electric. SuperAI: Where East Meets West in Innovation What sets SuperAI apart is its ability to bridge ecosystems. It’s rare to find an event where Silicon Valley VCs, Beijing AI researchers, Singaporean biotech founders, and European regulators find common ground—not just on stage, but in intimate, practical discussions across three high-powered stages and thematic labs. In the words of Co-Founder Peter Noszek, “We’re seeing genuine hunger for meaningful conversations at the frontier of AI—not just theoretical potential, but real-world implementation.” That hits the nail on the head. The Big Highlights for 2025 🔹 NEXT Hackathon – Fifteen elite developer teams, backed by Amazon, will build AI prototypes that matter. From climate tech to robotics, this is where code meets consequence. 🔹 Genesis Startup Competition – Ten breakthrough AI startups will pitch for a $200,000 prize pool, visibility with top-tier VCs, and growth support via AWS and partner networks. This is the kind of platform that can turn a stealth startup into a household name. 🔹 Curated Programming – With topics ranging from China’s AI acceleration to the creative augmentation of humans by machines, the content isn’t fluff. It’s tactical, visionary, and essential. 🔹 Speakers That Matter – Emad Mostaque, Balaji Srinivasan, Sharon Zhou, Benedict Evans—these aren’t just big names. They’re domain shapers. Expect real talk, deep dives, and maybe a few controversial takes. Branding It Right – A Nod to the SuperAI Brand Kit The team behind SuperAI clearly understands that brand trust is earned not only through vision but also through consistency. The Super AI Brand Kit reflects this ethos—elegantly structured, with dedicated visual and messaging guidelines for both primary and secondary brands. From font selections to hashtag usage, the SuperAI identity is sharp, modern, and international. Whether you’re presenting the Genesis Startup Competition or crafting social media posts for Singapore AI Week, the brand language aligns with the platform's ambition: clean, scalable, and unmistakably future-focused. Samso’s Concluding Comments As the Samso platform moves into the greater market for our platform, we view events such as SuperAI 2025 as a natural place to begin our journey. The Super AI 2025 event, in our opinion, is not just a gathering of techies. It’s a convergence of ambition, capital, and innovation. With global AI investments surging and over 78% of companies integrating AI into their workflows, the timing could not be better. This is where the "AI moment" finds its human face. At Samso, we have seen the struggles of raising funding for mineral exploration over three decades, and in the recent times of introducing AI into the general business cycles, there is no doubt that the future of AI is here to stay. The initial trepidation to embrace AI is an overreaction of misunderstanding and watching too many episodes of "Terminator" type shows. The reality of AI is about enhancing the productivity of businesses. IN some way, it can be said that it will "replace jobs", but I see it as a redistribution of the workforce. The simplistic way to elaborate is the redirection of horses from pulling carriages and the introduction of automobiles. It is the redirection of using fossil fuels to generate energy to the use of renewables and the reintroduction of nuclear power to generate future sources of energy. For start-ups, this is where you build credibility. For corporates, this is where you scout the future. And for thinkers, this is where you challenge your assumptions. To quote Raoul Pal, “Everybody wants to know what's going on in AI. SuperAI is the event to figure it out.” And I couldn’t agree more. SuperAI is no longer the future. It’s the now. 🎟️ GET TICKETS – Secure your spot now for SuperAI Singapore 2025. 🎬 Step Into The Future, Watch Reel – See what’s waiting on the other side. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. d their own research.

Announcement: Andromeda Achieves HPA Breakthrough A new chapter in the production of high purity alumina (HPA) is unfolding in South Australia, with Andromeda Metals Limited (ASX: ADN) achieving a significant milestone. The company has successfully produced ultra-high-purity 4N HPA using a novel, cost-effective, and low-carbon process. This breakthrough positions Andromeda at the forefront of the global HPA market. Travelling at a market capitalisation of AUD $68M, is Andromeda Metals worth a visit to look at getting into the market? Alpha HPA Limited (ASX: A4N) has a market capitalisation of just over AUD $1B. Purity Confirmed—99.9985% Figure 1 – Andromeda’s end-to-end process for the production of HPA from GWP. Lab-scale testing using refined kaolin from the Great White Project (GWP) resulted in HPA with a confirmed purity of 99.9985%, independently validated by EAG Eurofins USA and CSIRO, Australia's national science agency. This achievement is the result of over seven years of research and development, culminating in a proprietary flowsheet that sets a new benchmark for HPA production. A Cleaner, Smarter Process Andromeda’s novel process avoids many of the high-cost, high-emission steps used in traditional HPA production: No need for hydrochloric acid (HCl) crystallisation or re-leaching at extreme conditions No calcination above 1250°C; the product can be calcined starting from 700°C Estimated 68% reduction in carbon emissions, producing less than 4 tonnes of CO₂ per tonne of HPA compared to 12.3 tonnes from conventional methods Andromeda’s approach combines innovation with environmental responsibility, giving the company a significant edge as global demand grows for low-carbon critical minerals. South Australia’s Renewable Advantage The environmental benefits of Andromeda’s process are amplified by South Australia’s electricity grid, which is powered by more than 70% renewable energy. This offers the potential to further reduce the carbon footprint of HPA production from the Great White Project. A Critical Mineral for Future Technologies High Purity Alumina is an essential material used in: LED lighting Semiconductor manufacturing Lithium-ion battery separators High-tech ceramics and synthetic sapphire According to market forecasts, global demand for HPA is expected to outstrip supply by 45% by 2028. At present, approximately 88% of global HPA is produced using energy-intensive aluminium metal hydrolysis. Andromeda’s kaolin-based process offers a more sustainable and cost-effective alternative. Next Steps for Commercialisation With proof-of-concept now achieved, Andromeda will proceed with: A Scoping Study to assess project economics Customer engagement to refine product specifications and formats Investigating government funding opportunities Development of a pilot plant to test the process at a semi-continuous, industrial scale Executive Perspective Sarah Clarke, Acting CEO of Andromeda Metals, commented: “While our primary focus remains on the Great White Project, the successful production of HPA opens up a high-value, complementary opportunity. Producing 4N HPA at lower cost and carbon intensity compared to traditional processes is a strong proposition for manufacturers. We are excited to work closely with future HPA customers to bring this opportunity to life.” Concluding Comments from Samso Andromeda’s successful test work marks a transformative step towards sustainable, cost-competitive HPA production. With its high purity product, environmentally efficient process, and access to renewable power, the company is well-positioned to enter the growing critical minerals market. Anyone who has been following the Andromeda story would know that Andromeda Metals has been a frequent guest on Coffee with Samso, and there have been a lot of conversations on the myriad of products that come under Andromeda. The current announcement has obviously given shareholders something to cheer about (Figure 2), but the long-term shareholders will be looking for more uplift (Figure 3). Figure 2: Andromeda Metals Limited share price chart from 2023. (source: commsec) The rise and fall of Andromeda Metals have been legendary, but I still think that there are merits that could bring back some glory days, but that is going to take a lot of patience and hard work. Figure 3: Andromeda Metals Limited share price chart from 2020. (source: Commsec) The HPA Conversation The HPA conversation was brief, and at that time, I suppose things were very premature or at a very early stage of any development. This strategic move builds on the strength of the Great White Project and expands its commercial potential. What I like is that this has been a long-term investment, with the release mentioning that this latest work has been over 7 years. The HPA story is really something that is thrown around a lot, and it is very promotive when companies mention it. The ability to produce HPA stock is a fantastic opportunity for companies, especially those in the ASX. My Samso Insight on Alpha HPA Limited, entitled "Exploring the Potential of High Purity Alumina: A Review of Alpha HPA Limited (ASX: A4N)", was really a look at the top end of where companies that are in the HPA sector should be. could be? or is? It is very hard to see where Andromeda could be now because we do not have another example of a story at this level of the business. There are hopeful companies in the HPA market, but I cannot see them making it. As I have mentioned, I have had several conversations with Andromeda in the past 5 years, and I do like what they may have, but I do like to see more substance develop from company announcements. What they currently have in the portfolio does make me think that Andromeda may actually be better, but that may be a reflection of my belief from past conversations, but the reality presently may bring a different outcome. I have not been following the company recently, but this will definitely put them on my radar screen again. As usual, take time to DYOR, and Happy Investing. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Discovery of Rutile Province Expanding Towards a Globally Significant Scale Declaration: I am a shareholder of Peak Minerals Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. Peak Minerals Limited (ASX: PUA) has just released a pivotal update that could reshape its future trajectory—and possibly that of the titanium feedstock market. Their latest announcement from the Minta Rutile Project in Cameroon signals the early definition of a rutile province of potentially global significance. This is the kind of exploration result that market participants and long-term investors dream about—broad mineralisation, high-value mineral content, and untouched geological terrain ripe for development. Figure 1: Minta Rutile Project confirms 12km strike of HM in initial results, 25km distant from discovery holes. (source: PUA ASX Announcement 12 May 2025) What’s the Big Deal? Peak’s maiden greenfields drilling program at the Minta Rutile Project has returned significant heavy mineral (HM) intercepts across a 12km strike, results that are 25km away from the original discovery holes (Figures 1 & 2). Highlights: 4.7m at 2.9% HM 4m @ 1.05% Rutile - Discovery Hole 4.25m at 2.4% HM Every one of the 12 drill holes hit mineralisation from surface, with an average depth of just 4.7m. Figure 2: Inset from Figure 1 showing detail of significant HM intercepts across 12km strike. (source: PUA ASX Announcement 12 May 2025) For those who follow mineral sands projects, these are compelling numbers. Importantly, these intercepts exclude the potential contribution from oversized rutile nuggets, some measuring up to 30mm. That’s an extra layer of upside still in the pipeline, with assays pending for 304 additional holes. Casper Adson, Peak’s CEO, commented: “These early indications are that we have rutile mineralization over a globally significant area and we expect pending results will demonstrate this.” This is no small claim—and given the early-stage data, it's one that carries serious weight. Adson's comment underscores the significance of Peak's 7,000km² landholding and the methodical approach being taken to unlock its value. Exploration That Makes Sense What makes this announcement stand out is the grade of the project and the low cost drill techniques. This is a tried and tested form of exploration in Africa for mineral sands. The reconnaissance program covers 3,500km², roughly 50% of the entire project area (Figure 4). The second drilling is now underway, including an additional 134 holes designed to test the east-west extent and locate basement sources feeding the surface enrichment (Figure 4). Oversize Rutile – A Hidden Prize? Peak notes the existence of rutile nuggets in the +1mm category, currently excluded from the HM grade calculations. Once factored in, they could significantly enhance the project's overall grade profile (Figure 3). Work is being undertaken with laboratories and specialists to quantify this “bonus” material, and it's something investors should watch closely. Figure 3: Representation of mineral sand particles versus oversize particles. Images of sand and oversize particles are not from Minta area – only shown to demonstrate difference in particle size. (source: PUA ASX Announcement 12 May 2025) Strategic Potential: More Than Just Rutile While rutile remains the headline, Peak’s exploration team has also identified High-grade zircon zones Alluvial and hard rock gold potential Monazite occurrences Figure 4: Minta Rutile Project Phase 2 planned residual drilling (source: PUA ASX Announcement 12 May 2025) These minerals open the door to a multi-commodity play, particularly with gold samples undergoing fire assay testing from areas where artisanal mining has been observed. Samso’s Concluding Comments The Minta Rutile Project is shaping up to be something quite special. In a landscape where resource companies are hunting for scale, simplicity, and margin, Peak Minerals has ticked all three boxes. The fact that every drill hole intersected HM mineralisation from surface suggests a level of consistency not often seen in early-stage exploration. Combine that with the significant landholding, low-cost drilling, and the potential bonus of oversized rutile, and this project is beginning to look like more than just a good story. The Complexity of the Rutile/Titanium Story For me, as a shareholder and from the perspective of Samso, where I am trying to seek an acceptable level of understanding, the rutile and titanium story is fairly complex. I had a conversation with Casper Adson, the CEO of Peak Minerals, and I think he has given me a good understanding (Please feel free to correct me if I am mistaken). As far as I understand, the critical number to take note of is the "in-situ" rutile value. The HM (Heavy Mineral) number is a basket of minerals, and the principal participants include Rutile, Ilmenite, Leucoxene, and Zircon. A good description of the properties is listed below as described by Energy Mining of South Australia, Rutile (TiO2) is a red to black, naturally occurring titanium dioxide with a theoretical TiO2 content of 100%, but impurities such as Fe2O3 and Cr2O2 reduce this to 93–95%. World production, in 2013 was 0.77 Mt with the main producers being Australia (58%) and South Africa (16%). Ilmenite (FeTiO3) is black and opaque when fresh, but has typically undergone some weathering and iron removal, so TiO2 contents are between 45 and 65%. World production, in 2013 was 6.79 Mt with the main producers being Australia (14%), China (14%) and South Africa (15%). Leucoxene is the name given to highly altered ilmenite. Grains are brown or grey with a waxy lustre and TiO2 content of 68%. Zircon (ZrSiO4), a colourless to off-white mineral, is the world’s major source of zirconium products. World production, in 2013 was 1.44 Mt with the main producers being Australia (42%) and South Africa (25%). So, if you imagine a sample (1m interval), the 1.04% "in-situ" rutile number released by the company is really the target number. If you look at the Sovereign Metals Limited grade, >1% rutile, that number is where PUA wants to be. Sovereign Metals quotes their Kasiya Ore Reserve at 538MT at 1.03% Rutile, so when you do all the calculations, the number from PUA will theoretically be equivalent. The table in Appendix 2 (Figure 5) gives the potential breakdown of the Heavy Minerals, and you can see that the majority of HM minerals in the samples are Rutile, especially the 45 micron to 1mm sized "nuggets" referred to by PUA in the release. This is why when you add that into the sample result, there is going to be a major uplift in the number. Figure 5: Previous results from ASX announcement of 4 February 2025 which gives a view of the potential Heavy Mineral assemblages. (source: Peak Minerals Limited). Readers must remember that the numbers in Figure 5 are one that was released on the 4th February 2025 and is really a look at the potential mineral assemblages and should be viewed as guidance. However, if this were to be true, it would undoubtedly uplift the grade of the project. The Potential Size In terms of the scale of the project, when you look at Figure 1 and Figure 4, readers need to appreciate the potential scale. Peak Minerals quotes that "All holes have hit significant Heavy Mineral mineralisation from surface, at an average depth of 4.7m, 12 km across strike", which would mean that there is a potential for a scale that may dwarf what Sovereign Metals have posted. The geology for Sovereign and what looks like the style of geology for Peak Minerals. It is in some way akin to a bauxite style of mineralisation and deposition Bauxite is created from a weathering profile that is "in-situ" and not a placer style scenario. That means that the consistency of grade and mineralisation is observed, and the scale is typically extensive. My thinking is that the process is an enrichment process, and that will explain the natural beneficiating process to create that high-grade upper layer. It's kind of a supergene process commonly described in gold deposits. Sovereign Metals quotes their Kasiya Rutile-Graphite deposit formation as below, A particular paragneiss unit rich in rutile and graphite is the primary source of both minerals. The high-grade rutile deposit at Kasiya is best described as a residual placer. It is formed by weathering of the primary paragneiss host rock and concentration in place of the heavy minerals such as rutile, as opposed to the high-energy transport and concentration of heavy minerals in a traditional placer. Rutile mineralisation lies in laterally extensive, near surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. Kasiya shows widespread, high-grade mineralisation commonly grading 1.2% to 2.0% rutile in the top 3-5m from surface. Moderate grade mineralisation generally grading 0.5% to 1.2% rutile commonly extends from 5m to the base of the soft saprolite unit to generally 20-25m depth where it terminates on the hard saprock basement. After talking to Casper Adson, I am happy to consider a similar geological formation for the Peak Minerals deposition. What that will mean is that the potential size for Peak Minerals could be multiples of what is at the Kasiya deposit. Only time and continued exploration from drilling and sampling will prove or disprove this concept. It goes without saying that this theory is still too early to put any authority to the statement and therefore, it will make good reason for readers to DYOR. I strongly encourage readers to contact Casper Adson and get your understanding from him. Interesting Times Ahead From where I sit, as a shareholder, this could well be the start of something transformational for Peak Minerals. As the rest of the assays roll in, we’ll see if this early momentum solidifies into a globally significant development. But for now, Peak has done exactly what every junior dreams of—discover something big, near surface, and underexplored. The other aspect to consider for those who are more diligent, you may want to take a good look at the Top 20 shareholders, as this is one of those companies that has an all-star cast in terms of influential and capable shareholders to make this potentially the star of 2025. As I have said, do your research and speak to those who are more qualified to seek a real understanding of the story. No matter how influential or capable shareholders are, the capital appreciation of any project still requires legitimate stories that are Tier 1 assets. No amount of hot air will sustain true quality growth. I am a shareholder, and I will be perceived as biased, and my opinions may be incorrect, so please DYOR. Stay tuned, because this one is just getting started. Happy Investing. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 203 may well be one of the best ASX small-cap resource businesses in 2025, that is largely unknown to the general investing community. The Cyclone Metals Limited (ASX:CLE) is about the pedigree of the Iron Bear magnetite project. In Australia, the general ASX punter thinks of iron ore as haematite greater than 62% Fe, but there is a new sheriff in town and he is called Magnetite. Where can you find a mineral resource business that is owned by a small cap junior with a market capitalisation of less than AUD $50M that has funding all the way through to mining and processing the high-grade iron pellets? Just remember that Cyclone Metals was an AUD $10M market cap company when it started the journey. The transitioning from haematite to magnetite in the iron ore industry is happening and it is largely driven by the depleting of high-grade haematite iron ore. - Paul Berend In this episode of Coffee with Samso we are talking to Paul Berend, Executive Director and CEO of Cyclone Metals Limited (ASX:CLE). Cyclone is a fascinating story of a junior aspiring to be a producer with a major, VALE, partnering with funding. A space in which most juniors would be struggling to find funding, CLE has a big brother taking care of all the bills. The Business of Cyclone Metals Limited. The steel-producing industry is transitioning to low emission and the process of Direct Reduction (DR) steel production is the solution to a global reduction in emission for the typically high carbon emission business. Direct Reduction steel production requires iron pellets that are very low in impurities and this is directly controlled by the quality of the source material. As Paul Berend explains, ....not all magnetite deposits are suitable for Direct Reduction Pellets which is why the Iron Bear deposit is perfectly aligned to allow this process to be achieved. Recent work by Cyclone Metals Limited has shown that the use of Direct Reduction on iron ore from Iron Bear can create iron pellets above 71% Fe content. According to Paul Berend, this is a very unique feature of the ore body. A feature that is not seen in many other iron ore resources and that includes those at Champion Iron. Click Below to Watch the Coffee with Samso: Paul proudly points out in the Coffee with Samso, The quality and the size of the Iron Bear Deposit moved the needle for VALE to take a position with Cyclone Metals. This is a great conversation with Paul Berend as he explains the story of Cyclone Metals clearly and in great detail. Chapters: 00:00 Start. 00:08 Introduction. 04:10 Who is Paul Berend? 05:24 The Magnetite Story - Why Have We Not Embraced it Yet? 08:44 Transition of Value from Haematite to Magnetite. 09:41 Carbon Footprint of Magnetite. 10:07 Rise of Magnetite Projects? 10:33 Depletion of Brazilian High-Grade Iron Ores -The Reason Why VALE is in CLE. 10:51 Importance of Direct Reduction (DR) Steel Production. 11:57 Only Way to Make Direct Reduction Steel - Premium of DR Pellets. 13:05 DR Pellet Market Comparison. 13:48 How Do You Make Direct Reduction Pellets? 15:14 Reason Why DR Pellet Production is Rare. 15:47 Comparison of Low Impurity Iron Deposits. 16:30 DR Player requires an ABILITY to Reduce Impurities. 18:01 How much of the Current Resource will transition to Reserve Status? 19:08 Iron Bear is a Low Stripping Ration deposit. 19:30 Metallurgy Will Increase the Economics of Iron Bear. 21:30 What is the main Business of Cyclone Metals? Is it DR Production? 22:26 Is Iron Bear DR Capabilities why Vale is interested? 23:18 Iron Bear can supply high-grade iron ore all the way to DR levels. 25:07 How Did the Agreement with Vale Evolve? 26:55 How important was the 10M? 28:30 Earning a Mandate to Operate Socially. 29:25 Importance of the First Nations Conversations. 32:12 How Important is the Relationship with First Nation Groups? 33:42 The Reasons why Vale could be the Reason for Success for Iron Bear. 36:24 Potentially One Technical Challenge for Iron Bear - Dry Tailings. 37:34 The Importance of Earning a Mandate To Operate 39:07 Twitter Shareholder Questions 39:27 Will the Trump Tariffs affect the Iron Bear Business? 40:48 The Vision of Iron Bear - It is a Bigger project than Champion Iron. 41:58 Reducing the Carbon Footprint of a Manufacturing Hub in Northern America. 43:25 How much is the resource expected to be built up to? 43:58 Iron Bear is a Premium Magnetite project. 45:15 What cost will the hydroelectric power cost us per kilowatt? 46:51 Green Energy Narration - Magnetite Naturally Reduces Carbon Emissions. 49:48 Discussion on iron ore prices. 54:23 Why is CLE still at 50M? 55:21 Why is there a feeling of disbelief in the Cyclone story? 58:02 The misunderstanding of the Iron Ore industry. 01:00:54 Takeaway. 01:01:18 Conclusion. PODCAST About Paul Berend Paul Berend brings over 25 years of leadership experience in the iron ore and steel industries, gained across blue-chip corporations and junior mining ventures. His corporate background includes senior roles such as GM Corporate Strategy at ArcelorMittal, GM Business Development at Rio Tinto Iron Ore and Director Australasia at Hatch. Paul is a passionate mining entrepreneur and was a founder and historic CEO of Trans-Tasman Resources Ltd (a titano-magnetite project in New Zealand ASX: MKR) and has played a key role in a number of private early-stage exploration ventures. In addition to his entrepreneurial work, Paul has a successful track record in turning around distressed producing mines and steel mills in difficult jurisdiction including Australia, PNG, Europe, GCC and Africa. He is a trusted advisor for Tier one natural resource companies, supporting operational, organisational and growth strategies. In this capacity, Paul’s previous employers include McKinsey& Company and Partners in Performance. Paul has an MBA from HEC (Paris, France), a MSc and DEA (~PhD) in chemical process design and chemistry from ENSIC (Nancy, France), a bachelor’s in applied mathematics and algebra from Harvard University (Cambridge, USA) and is a Graduate of the Australian Institute of Company Directors. He speaks native and English and French as well as professional German. About Cyclone Metals Limited Cyclone Metals owns and operates the Iron Bear magnetite iron ore project, formerly known as the Block 103 Project. The Iron Bear Project consists of ten licenses totalling 7,275 ha on 291 graticular Mineral Claims under the applicable Labrador and Newfoundland mining regulation, located near the Provincial border of Newfoundland and Labrador (NL) and Quebec (QC), approximately 30 km northwest of the town of Schefferville, QC and 1,200 km by air northeast of Montréal, QC. The Iron Bear properties are located within 25 km of an open access heavy haul railway which is directly connected to the Sept Isles and Pointe Noire iron ore export ports. In addition, the Iron Bear has potential access to cheap renewable energy from the Menihek hydro-plant located 75km away. These two factors substantially improve the prospects for eventual economic extraction of the Iron Bear mineral resource. Notably, large scale iron ore export operations currently operate in the Labrador Trough; including IOC (Rio Tinto), Champion Iron and Tata Steel; all sharing the same rail and port infrastructure. Highlights: World Class Iron Ore Project: Mineral resource of 16.6 billion tonnes containing 29.3% total Fe and 18.2% magnetic Fe, cut-off grade 12.5% magnetic Fe. Low OPEX: Estimated OPEX of USD 35.6/t3 FOB Pointe Noire for blast furnace concentrate due to access to low-cost hydropower Strategic Tier 1 Asset: Iron ore asset with flexible development scenarios and the potential to ramp up production to over 100 Mta Mining Friendly Jurisdiction and Proximity to Infrastructure: Iron Bear located in Canada, less than 25km from an open access heavy haul railway with proximity to low cost to hydro-power High Quality Product: Production of high quality magnetite concentrate grading 71,3% Fe and 1.1% SiO2 in industrial pilot plant Fast Track Project Development: Underpinned by the supply of bulk samples of DR and BF concentrates to mill clients by Q2 2024 To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Declaration: I am a shareholder of Cyclone Metals Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. The Cyclone Metals Limited (ASX:CLE) story is one that immediately resonated with me the first time I was shown the playbook. I recognised the value of the Iron Bear project and had no problem putting some hard-earned cash into the company. The project lies in the province of Quebec and is one project that is not easily recognised by the average investor unless you have come across Champion Iron Limited (ASX:CIA). Cyclone Metals operates in the magnetite industry, and its recent surge in popularity is still regarded as a temporary trend without long-term prospects. It's understandable to believe that iron ore revolves around DSO and that haematite is the sole iron-rich mineral worth knowing. My thoughts are that when you look at Figure 1, the Cyclone Metals Limited price, compare it to Fenix Resources Limited (ASX:FEX) and Champion Iron Limited (ASX:CIA), and then wonder if this could be like investing in Fortescue Limited (ASX:FMG) or Woodside Energy Limited (ASX:WPL) in those early days. Figure 1: Cyclone Metals Limited share price chart as of 27th February 2025. (source: commsec) Magnetite has never been a sexy product in Australia, as the Pilbara Iron Ore Dream is all about haematite and the greater than 62% Fe content. Magnetite was frowned upon until the Chinese Enterprise arrived on our shores in 2005/2006 and created a frenzy of iron projects and the famous MOU announcements that seem to trigger alarming share price gains. However, the festivities did not last and promptly ended in 2009. Those companies that got hooked onto that magnetite festival spent the next decade trying to "make it work," exited, or divested to entities that seem to have the holding power. The iron ore rush of the mid-2000s created some promising mid-cap companies inspired to be iron ore producers, but history shows that the only real sole survivor was Fortescue Limited (ASX:FMG). The sole Chinese producer left was a company that could not fail, Citic Pacific Mining, which has built a large operation, the Sino Iron Project, an hour south of Karratha, Western Australia. The concept of upgrading the magnetite ore that typically has a low iron content to a grade in the plus 60% range was new to Australia, but as I have learnt over the years, that is what the rest of the world has been doing. Raw magnetite iron ore has a low iron content, but once it’s processed into a concentrate using beneficiation, it’s a high quality (65% Fe) product with low impurity levels – an ideal material for making steel pellets, which is the preferred feed in steelmaking. - Citic Pacific I remember being at the beginning of that project in 2007, thinking these guys are out of their minds. I witnessed an operation going from living in tents, old doggers with no ensuite, to the luxury of everyone having ensuites in the space of 9 months. We were told that this was going to be the biggest operation in Australia at AUD $2B. I think within 12 months of my departure from that project, I heard it had gone magnitudes over that number. As I mentioned previously, the Cyclone Metals story is not obvious as a value-adding process if you have not come across Champion Iron Limited or if you have not understood the value of upgrading magnetite ore. I still have people mentioning that the process will not work, but let's see if his review could change a few mindsets. For those who want to skip to the parts of the review, please use the list below. 1.0 Understanding Magnetite 2.0 The Iron Ore Market 3.0 The Labrador Trough - Canadian Iron Ore District 4.0 The Cyclone Metals Limited Story - Iron Bear Project 5.0 Samso Concluding Thoughts 1.0 Understanding Magnetite Magnetite, as an iron-rich mineral, actually contains more iron than the hematite mineral. However, while hematite ore typically has high concentrations of hematite, magnetite ore usually contains low concentrations of magnetite. Therefore, this type of iron ore must be concentrated before being used to produce steel. The magnetic properties of magnetite ore are advantageous during this process. Although magnetite ore may require more processing, products made from it are generally of higher quality than those made from hematite ore. This is because magnetite ore has fewer impurities than hematite ore; thus, the higher cost of processing magnetite ore can be offset. Australians only understand haematite as an iron ore mineral, but what is relatively unknown is that the Northern American iron ore is mainly magnetite. The Chinese use magnetite, and as they are the conglomerate of steelmaking, that speaks volumes. Magnetite ore is the main iron ore mined in the United States, Canada, and other iron-rich regions worldwide. In the US, major mining sites include the Mesabi Range in Minnesota and the Marquette Range in Michigan. These areas are part of the broader Iron Range, known for significant iron ore deposits. In Canada, the majority of magnetite mining takes place in what is known as the Labrador Trough, which is particularly iron-rich and is where mining companies focus on exploration and development. Cleveland-Cliffs is a key player in the magnetite mining industry, operating five iron ore sites, including the Hibbing Taconite joint venture in Minnesota’s Mesabi Range, which produces approximately 8 million metric tonnes of magnetite ore annually. The company is also North America's largest iron ore pellet producer. 2.0 The Iron Ore Market As many will know, iron is the staple of civilisation, and Figure 2 gives a schematic view of the major areas where notable iron ore deposits are discovered. One of the obvious messages from Figure 1 is that the central market for iron has been in China; Australia has the shortest distance to market; however, the rebuilding of the US is literally next door. Interestingly, the recent tariffs have not mentioned iron ore, and the steel-making machines in the US need cost-effective iron ore. Figure 2: Worldwide distribution of iron ore deposits. (source: [1]) There is a reason why the Chinese State-Owned Enterprises (SOE) came flooding into Australia like they did in the mid-2000s, and that is the distance to market. The Pilbara is flooded with iron from haematite (30% plus to 62% plus) to even more magnetite. There are multiple billions of iron-bearing geology in the region, and that is still going to be the mecca for iron ore, for now. The old business had been all about mining haematite (Figure 3), but as we are all learning with the green energy revolution, the green iron phenomenon is just being played out. Figure 3: Mining haematite as iron ore. This is not saying that the haematite iron ore business is going to be bearish. Like crude oil, the call for a ban on procuring oil is as ludicrous as the thought that the mining of iron-ore oxides is losing market share. This will never happen as long as you are supplying the higher end of the market. The big story will be how much disruption the Simandou Iron Ore mine (Figure 4) will do to existing higher-grade projects and how it will severely reduce the economics of the lower-grade companies. Figure 4: The Simandou Iron Ore project in Guinea. (source: GMK Centre) The magnetite business is not DSO, but it's all about producing the pellets (Figure 5), which are then shipped to the end user. The haematite game is a Direct Shipping Ore process and involves no processing. Figure 5: Magnetite products. The top left is from the Sino Iron Ore project in Western Australia. The top right and bottom are products from the Cyclone Metals Limited Iron Bear project in Canada. (source: Sino Iron Ore Project and Cyclone Metals Limited) There are other magnetite deposits that have very high grades in the 60% and 70%, but they tend to be in smaller volumes, commonly in less than 5M tonnes. These types of magnetite ores are rare to non-existent in the billions of tonnes, so this is why currently, the Banded Iron Formation type of magnetite ores is sought after by miners. As the iron ore price trend is in the current range (Figure 6), those who have low costs, like the Pilbara major players who are ranging in USD $25/T, will continue to make money. Those that are selling the magnetite pellets in the range of > 60%, like Champion Iron and potentially Cyclone Metals, will make even more as they are selling "Green Iron," which is potentially selling with a USD $60 to $90 premium to the base price, so I am told. Unlike the oxide ores, the sulphide ores that yield magnetite are a chemical process. The easier you upgrade, the more cost-effective your process is, and the higher grade you are able to achieve. Cyclone potentially fits that bill, as the company tells us, so with fingers crossed, let's hope that is consistent. Figure 6: The iron ore pricing for iron ore with a 62% iron content. (source: tradingeconomics.com) With the market currently expecting increased Chinese demand in 2025, this seems like an ideal time for Cyclone Metals to capitalize on its unique asset. In January, the Chinese government issued CNY 693 billion in new government bonds, more than double the amount from the previous year, indicating that officials are beginning to act on earlier promises to stimulate the country's slowing economy. According to Trading Economics, there is increased optimism that the housing crisis bottomed out last year. Local authorities have reportedly begun purchasing property from major distressed developers, signalling a willingness to support the sector, which is one of the world's largest steel consumers. Meanwhile, major iron ore producer BHP noted that signs of economic recovery in China and rate cuts by global central banks this year are expected to boost demand for precious metals. 3.0 The Labrador Trough—Canadian Iron Ore District Iron ore in Canada comes from four provinces: Quebec, Newfoundland, Labrador, and Nunavut. The major source of iron ore is found in the Labrador Trough, which is bordered by Quebec, Newfoundland, and Labrador (Figure 7). Figure 7: This graph illustrates Canada’s iron ore production by province and territory in 2023. Quebec led with 33.6 million tonnes, representing 57% of the total production. Newfoundland and Labrador followed with 20.2 million tonnes, accounting for 34%, while Nunavut contributed 5.6 million tonnes, making up 9% of the national production. (source: Natural Resources Canada). The Labrador Trough is located in north-eastern Quebec and western Labrador, Canada (Figure 8). It extends in a sinuous southerly direction for 1100 km from Ungava Bay to within 300 km of the St. Lawrence River. Figure 8: Labrador Trough, showing major iron deposits in Quebec and Labrador. (source [1]) The term Labrador Trough is used to describe an extensive geosyncline of Proterozoic rocks that traverses the Quebec-Labrador Peninsula for 1100 km. This belt is about 100 km wide in the central part and narrows considerably to the north and south. The Labrador Trough contains three main types of iron deposits: [1] Soft iron ores are formed by supergene leaching and enrichment of the weakly metamorphosed cherty iron formation; they are composed mainly of friable fine-grained secondary iron oxides (hematite, goethite, limonite). Taconites, the fine-grained, weakly metamorphosed iron formations with above-average magnetite content, which are also commonly called magnetite iron formations. More intensely metamorphosed, coarser-grained iron formations, termed metataconites by G.A. Gross (1968), contain specular hematite and subordinate amounts of magnetite as the dominant iron minerals. 4.0 The Cyclone Metals Limited Story—Iron Bear Project Cyclone Metals Limited's business may seem complicated when considering the technical aspects like the science of upgrading and achieving the proposed high grade. However, the overall business narrative is quite straightforward. The most important part of the Cyclone story is that it is an investment in the last part of a project. The ability to proceed to the production and processing stage has been made simpler with the completion of the binding MOU with VALE, which was released on the ASX (Cyclone Metals and Vale execute Development Agreement for the Iron Bear Project), spelling out all the missing pieces of the project, which are the funding and the potential exit for shareholders. For a company that currently has a market capitalisation of less than AUD $80M (as of 27th February 2025), this agreement sets it up for a pretty comfortable ride to production. The iron ore price (Figure 5) is probably either going to stay in the current range or move higher. The demand from China will have to kick in soon, as they need to stimulate the economy, and the consensus from market commentary seems to agree, at this stage. If this happens, we will be assured that the iron ore price will be potentially higher. Simplistically put, Cyclone has a resource of 16.6 billion tonnes @ 29.3% Fe% (inferred and indicated JORC 2012 compliant—ASX Release—(Significant Mineral Resource Upgrade for Project Iron Bear) and 18.2% magnetic Fe, with a cut-off grade of 12.5% magnetic Fe. I will not pretend to know the science, but from afar, I feel comfortable that the guys that know have pretty much scrutinised the numbers and are ok with it. For me, the Indicated Mineral Resource of 2.15 billion tonnes containing 28.68% total Fe and 19% magnetic Fe is the first important message. The metallurgical report indicating favourable upgrading parameters and grinding of the magnetite will be the key to the rest of the business. The metallurgical points from the ASX release are listed below: Production of a Direct Reduction grade concentrate grading 70.6% Fe and 1.2% SiO₂ with an overall magnetic Fe yield of 88.9%² Production of a Blast Furnace grade concentrate grading 68.9% and 3.4% silica with a magnetic Fe yield of 95.5% Very low deleterious elements (P, MnO, etc.) Favourable grindability indices of BWi = 16.7 kWh/t and SMC = 11.7 kWh/t The other key interest is the infrastructure issues that seem to be also checked off in the ASX release. It is good to remember that there has been a history of iron mining in the area; therefore, Cyclone is not pioneering a new mining region. There is a decent-sized rail line in place, and in a world of iron ore, this is critical. I fully understand the significance of infrastructure, which is why Tier 1 jurisdictions are crucial when evaluating mining projects. Canada, similar to Australia, is a top-tier location for investing heavily in such projects, as the government relies on mining to create national wealth. 5.0 Samso Concluding Thoughts There is an old saying, "Once bitten, twice shy," which is commonly said but sparingly applied in the real world. This is why history frequently repeats itself, and we all make the same mistakes over and over again. For me, that was not realising that the Champion Iron bandwagon still had a lot of legs left in February 2019 and missing out on Fenix Resources Limited (ASX:FEX) at the beginning of that year. When the Iron Bear project came across me, I was all over it. Looking at the business plan for Cyclone, I cannot help but feel that there may be similarities to that of Champion Iron. Looking at the share price chart for Champion (Figure 9), I am hoping that Cyclone will bear some similarities, one would hope. A third of Champion's market capitalisation would be a good prize for most shareholders of Cyclone at this stage (Figure 9). However, as we all know that the market has a habit of doing its own things, one should tread water carefully, and the best option is to take a long-term view. If you take note of Figure 9, it is good to know that the first significant jump in share price was in 2017, so that was 8 years to date. Figure 9: The Champion Iron Limited share price chart as of 25th February 2025. (source: commsec) The Fenix Resources Limited lesson was that I thought the resource was too small, and I could not see how they would be able to monetise the project so far inland with no rail. Well, that was another misconception derived from not understanding the business. The extremely high grade of the product made it commercial. The lesson from that is the high-grade nature of Cyclone is the key. The 72% and even the 68% products that Cyclone is promoting as an end product will put them in premium pricing territory. Another saying in our mining game is Grade is King, and that Cyclone has that grade. For me, the strongest endorsement is the binding MOU. Companies like VALE would not invest significant time during the due diligence phase, sign a non-binding MOU, and then finalize it by making it binding only to walk away afterwards. Additionally, it’s unlikely that a major company like VALE would go through all that effort without signing a binding agreement, only to overlook straightforward issues such as ore upgrade potential, missing infrastructure, technical problems that could threaten the project, or jurisdictional complexities. Vale, formerly Companhia Vale do Rio Doce, is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. Vale is the largest producer of iron ore and nickel in the world. What Could Go Wrong? Iron ore pricing is a key factor that could render Cyclone Metals insignificant. This possibility always exists, and market dynamics are inherently unpredictable. While the fluctuating price remains a concern, the market is currently stable, and with major economies needing to stimulate growth, the outlook for iron ore is not unfavorable. Technical shortcomings in the development of ore processing and upgrading present another possible obstacle. I believe that if there were going to be a problem, the business wouldn't have progressed to this point. Although this is a significant challenge that could cause any business to fail, I think companies like VALE would have identified it. It's also important to note that upgrading magnetite is not a new process. In fact, upgrading magnetite ore is likely the simplest aspect of Cyclone Metals' operations. The next potential issue could be an internal collapse in management, but given the high stakes, I believe it would be addressed swiftly. Paul Berend and Paul Vermeulen are crucial for success, as their experience will propel operations. Other technical and financial staff will be relatively easier to find. The market's view of their performance will be vital for the business's future, influencing overall market confidence in the company. The agreements with the First Nations community will be the next hurdle. From what I have gathered from publicly released information, this seems to be managed. Infrastructure looks ok from what I have researched. The Trump Tariffs are currently creating market turbulence, but I do think that the viability of the business has been shown to be more about the long term than any short term market fluctuations. How the dust settles with the specifics of the tariffs may not even affect iron ore coming from Canada. Like all projects, the access to funding is always the cloud hanging over every business. However, it does appear that the VALE agreement has addressed this part of the business. I believe the challenges facing Cyclone Metals will primarily stem from three areas: a decline in iron ore prices, a conflict with First Nations, and insufficient funding. Based on the news release, there are valid reasons to believe that these issues are currently being addressed. Retail is Not Driving This Narrative Some recent news published in the Sydney Morning Herald - Billionaires bullish on magnetite as new hematite discoveries slow - makes for a good read. A series of magnetite projects are making their run into being upgraded to the numbers mentioned by Cyclone Metals Limited. The introduction of magnetite to feed the Green Iron narrative is no longer being played out in conversations. The moves are well entrenched and remind me of the recent lithium rush. The article talks about the likes of Andrew Forrest and Gina Reinhart making big moves to have a share of the pie. The asset accumulation has already started, and those who are looking to take that ride may have been left standing on the jetty. Reading through the article, it may appear that the good projects have left the port. If anyone questions whether the entire Green Iron initiative is a marketing strategy, in October 2024, a consortium called Green Iron SA was established, consisting of Magnetite Mines, Flinders Ports, Aurizon, and GHD. This group intends to create a magnetite mining operation in the Braemar region of South Australia, with plans to produce export-quality pellets and build a direct reduced iron plant at Port Pirie. The recent bailout of the Gupta-controlled steelworks in Whyalla, South Australia, by the government is another endorsement of establishing a serious green iron ore-steel-making region (Figure 10). Figure 10: GFG Alliance’s mining arm, SIMEC Mining has produced its first high quality GREENSTEEL pellets that will underpin the future of decarbonised steel production in Whyalla, South Australia. This effort aims to establish South Australia as a leading supplier of green iron to Asian markets, utilizing the state's abundant magnetite resources and renewable energy. When you take all those components into consideration, one would have to conclude that this is worth some DYOR yourself and consideration with your financial advisors. 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. Reference: Swain, Sagar Kumar, Mishra, Devi Prasad, 2020 Global trends in reserves, production, and utilization of iron ore and its sustainability with special emphasis to India, Vol 68, June, pp11-18 Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to Your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 204 is all about Lupins and Lupin Protein Isolate. Coupled with the favourable growing climate in Western Australia, Wide Open Agriculture Limited (ASX:WOA) could become a major player in a billion-dollar market. The Wide Open Agriculture came across my screen about two weeks ago, and it caught my attention because I was doing content on superfoods and came across the benefits of lupins in 2019. While I was doing research over time, the share price of the company started to move, and in fact, on the day I was talking to Yazi Zhan, the Non Executive Chair of WOA, about making an appearance on Coffee with Samso, she was in the middle of dealing with her company's share price going for a run to a high of AUD $0.029, from the previous trade of AUD $0.016. In today's episode of Coffee with Samso, we are talking to Yazi Zhan, who knows this business intimately and will give us a good insight into firstly the benefits of Lupin and Lupin Protein Isolate, followed by what I think could make WOA a global player in the highly sought-after plant-based nutrition business. The Business of Wide Open Agriculture Limited. Wide Open Agriculture Limited (ASX: WOA) is planning to be in the global plant-based protein sector, thanks to its proprietary technology that unlocks the full potential of lupins—a high-protein, regenerative legume native to Australia. As the exclusive holder of intellectual property for extracting lupin protein isolate, the company is positioning itself at the forefront of the clean-label, sustainable food movement. At the heart of this innovation is BUTINE PROTEIN, Wide Open Agriculture’s signature lupin protein isolate. Clean, allergen-friendly, and remarkably versatile, BUTINE PROTEIN offers a powerful alternative to soy and pea proteins, catering to the fast-growing demand for ethical and environmentally responsible nutrition. With this cutting-edge IP and a focus on regenerative farming, Wide Open Agriculture is not just producing protein—it’s pioneering a smarter, greener way to feed the world. Chapters: 00:00 Start 00:09 Introduction 03:30 Who is Yaxi Zhan? 05:18 History of WOA? 08:28 Discussion about Lupin 15:06 Lupin Isolate 17:20 Importance of the China Market Approval 20:47 How does WOA protect its Core Business? 25:36 Limitations of Growing Lupin Give Australia a Natural Advantage. 26:42 Types of Lupin 28:30 Competitors? 30:52 Market size for Lupin 36:50 What are the business triggers for WOA? 38:50 Funding strategy 40:05 Takeaway 40:43 News flow 41:37 Conclusion PODCAST About Yaxi Zhan Yaxi is Mongolian Chinese and has called Perth home since 2004. In under 12 years, she transformed her career from a finance professional into a mining executive. With a strong background in business development, mergers and acquisitions, and cross-border transactions, Yaxi founded Accelerate Resources—an ASX-listed resource company—and served as its Managing Director from 2017 to 2024. Most recently, she has taken on an exciting new challenge as Chairman of Wide Open Agriculture, where she is leading the company’s growth strategy. About Wide Open Agriculture Limited At Wide Open Agriculture, our mission is to create a range of great-tasting and high-performing plant protein ingredients. We are focused on developing high-performance lupin proteins that improve outcomes for: Customers Food Manufacturers Farmers We see a global movement for greater inclusion of plant proteins in daily diets. We also see compromises in existing offerings and believe that there are better alternatives. By developing better end markets, we see plant proteins as a positive force for change in the agriculture industry, where lupins can play a key part in reducing emissions and improving agricultural systems. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

An advanced copper developer looking to enter the world of copper producers in Chile. With a rising copper price and the realisation that copper is indeed in a supply crunch, this could be a worthwhile company to have a decent effort to DYOR. Marimaca Copper Corp. (TSX: MARI, ASX: MC2) is a Canadian exploration and development company focused on copper exploration in Chile. The company is listing on the ASX to gain access to Australian capital markets while maintaining its primary listing on the Toronto Stock Exchange (TSX). Marimaca Copper Corp. has a market capitalisation of C$563M and has an MRE of 238MT @0.44% Cu with 1,041kt of contained copper, and it is not your average mineral explorer looking for copper in South America. The IPO is a compliance listing to achieve a dual listing status for the company to legally create a path to access funds from the Australian Stock Exchange (ASX). It is best to seek advice from your equity broker as to how one would participate in this listing, as that would be above the capabilities of Samso. Our interest in reviewing Marimaca is that it may be an opportunity to get access in the ASX to a valued TSX company with a decent-looking copper-producing opportunity. The timeline for the Definitive Feasibility Study (DFS) is encouraging, and although this is not a guarantee of success, this is a great opportunity to be able to participate as a copper producer in a region well known for its copper mining and production. To make it simple, readers can use the links below to move faster through the review of the Marimaca Copper Corp story. 1.0 IPO Details 2.0 Share Options & Escrow 3.0 Use of IPO Funds 4.0 Escrow Arrangements: 5.0 Key Dates 6.0 Directors of Marimaca Copper Corp.: 7.0 Management 8.0 Marimaca Copper Projects & Locations 8.10 Project History 8.20 Marimaca Copper Deposit Summary 8.30 Marimaca Copper Project – Exploration & Drilling Summary 8.40 Geology and Mineralisation – Marimaca Copper Project 8.41 Regional Geology 8.42 Cover Rocks 8.43 Metallogenic Setting 8.44 Deposit Characteristics 8.45 Mineralogy 8.50 Mineral Resources – Marimaca Copper Project 8.60 Project Status 9.0 Sierra de Medina Project – Summary 9.10 Overview 9.20 Location, Access & Infrastructure 9.30 Mineral Tenure 9.40 Infrastructure and Mining Hub Overview 10.0 Samso Concluding Thoughts 1.0 IPO Details (source: Prospectus) Offering: 100 CHESS Depositary Interests (CDIs) at A$6.00 per CDI, raising a total of A$600. CDI Ratio: 1 CDI = 1 common share. Market Capitalization: C$562 million (as of the last trading day before the prospectus). Number of Shareholders: The company has several major shareholders, including Greenstone Capital LLP (25.31%), Assore International Holdings Ltd (14.99%), and Ithaki Ltd (9.47%). ASX Listing: Expected to begin trading - TBA. 2.0 Share Options & Escrow (source: Prospectus) Outstanding Stock Options (as of November 12, 2024): Exercise Prices: Range from C$1.25 to C$5.00. Expiry Dates: Between April 2025 and October 2028. Recent Stock Option Grants: 2023 Grants: marimaca.com Quantity: 0.5 million stock options granted. Exercise Price: Weighted average of C$4.00 per option. Option Life: 5 years. Valuation: Fair value estimated at C$0.8 million. 3.0 Use of IPO Funds The IPO proceeds will be used for: 1. ASX Listing Compliance & Administration. 2. General Working Capital. 3. Supporting exploration & development at Marimaca & Sierra de Medina. 4.0 Escrow Arrangements (source: Prospectus) Public Disclosures: Specific details regarding escrowed shares or lock-up periods for Marimaca Copper Corp. are not publicly disclosed in the available sources. Common Practices: Escrow arrangements typically apply to insiders or significant shareholders, especially during financing events or initial public offerings (IPOs). Such arrangements are designed to prevent large-scale selling immediately after these events, thereby stabilizing the stock price. Recommendation: For detailed information on any existing escrow agreements, it is advisable to consult Marimaca Copper Corp.'s official filings or contact their investor relations department. Note: The information provided is based on publicly available sources as of March 15, 2025. 5.0 Key Dates (source: Prospectus) May 18, 2023 – Updated Mineral Resource Estimate (MRE), increasing Measured & Indicated Resources by 44% to 200Mt @ 0.45% Cu. April 15, 2024 – Development update on the Definitive Feasibility Study (DFS), geo-metallurgical modelling, and permitting. May 22, 2024 – First Community Open House in Mejillones, improving ESG rating to an "A" score. July 16, 2024 – Strategic C$68M investment by Assore International Holdings (AIH) through share acquisition & private placement. August 7, 2024 – Closed C$30.3M private placements, increasing AIH's stake to 14.99% of outstanding shares. November 18, 2024 – Announced dual listing process on ASX to access institutional capital. March 13, 2025 – Expected ASX listing under the ticker "MC2," marking expansion into the Australian market. Target Production Timeline: 2028 – Advancing towards full-scale copper production 6.0 Directors of Marimaca Copper Corp.: (source: Prospectus) Michael Haworth – Non-Executive Chairman Extensive experience in mining finance and corporate strategy. Hayden Locke – President & CEO Strong background in mining investment, project development, and corporate leadership. Giancarlo Bruno Lagomarsino – Non-Executive Director Experience in investment banking and capital markets. Clive Newall – Non-Executive Director Mining executive with experience in resource exploration and project development. Tim Petterson – Non-Executive Director Focus on corporate governance and mining investment. Colin Kinley – Non-Executive Director Technical expertise in resource exploration and feasibility studies. Alan Stephens – Non-Executive Director Over 40 years of experience in copper exploration in Chile. Kieran Daly – Non-Executive Director Experienced in mining project evaluation and financing. 7.0 Management (source: Prospectus) • José Antonio Merino – CFO & Managing Director (Chile) • Sergio Rivera – VP, Exploration • Solange González – General Counsel & Company Secretary • Nico Cookson – Head of Corporate Development 8.0 Marimaca Copper Projects & Locations (source: Prospectus) The Company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region. It is one of the few greenfield copper discoveries made globally in the last decade and is a low-risk project with substantial exploration potential. Figure 1: Marimaca Project location map. (source: Prospectus) The Marimaca Copper Project (Figure 1) is situated in Chile’s Antofagasta Province, Region II, roughly 25 km west of the port of Mejillones, about 45 km north of Antofagasta city, and 1,250 km north of Santiago, Chile. The project site is positioned at approximately 374,820 E and 7,435,132 S in WGS84 UTM coordinates. The project is within top-tier utilities and infrastructure. The Marimaca Project is comprised of 20 mining/exploitation concessions covering approximately 961 hectares. These concessions are listed in the national mining claims register and are in Sierra Naguayán, Commune of Mejillones, Province and Region of Antofagasta. 8.10 Project History (source: [1- Luis Oviedo]) In the general Project area, modern small-scale artisanal mining activities were conducted from the 1990s to the mid-2000s, with underground workings reaching a maximum depth of about 100m. No modern exploration occurred until Coro Mining Corp. (Coro), which later became Marimaca Copper, began acquiring the Project's ground holdings. The Marimaca deposit was discovered in 2016 after a reverse circulation (RC) drill program. Coro then conducted detailed geological surface mapping, rock chip sampling, additional RC drilling, core drilling for geotechnical and geometallurgical studies, metallurgical test work, and mining studies. An initial resource estimate was completed in January 2017, with Mineral Reserves first estimated in 2018. Coro completed a feasibility study in June 2018 (the 2018 Feasibility Study). This study considered using conventional equipment for open-pit mining to supply a refurbished process plant, known as the Ivan plant, capable of producing 10,000 tons of cathode copper annually. The 2018 Feasibility Study is not currently the favored option for Project development. Marimaca Copper does not regard the study as current, and the Mineral Reserve estimates are also not considered current. Nonetheless, some baseline information from the 2018 Feasibility Study was utilized in the 2020 PEA. An Environmental Impact Statement (Declaración de Impacto Ambiental, DIA in Spanish) and the Mining Safety Regulations and Environmental Qualification Resolution (RCA) were approved on 5 July 2018. Mineral Resources were updated in late 2019 as part of an internal study of the Mixed area (MAMIX) and again in 2022, with results discussed in the 2022 MRE report. This included a total of 110,790m drilled across 429 drill holes. The 2023 MRE includes a total of 139,164m across 554 drill holes. Coro changed its name to Marimaca Copper in May 2020. 8.20 Marimaca Copper Deposit Summary Geology, Mineralization and Deposit Types (source: [1- Luis Oviedo]) Location & Context: Marimaca lies in Chile’s Coastal Copper Belt, among other Mesozoic-age copper deposits (e.g., Mantos Blancos, Ivan). It displays features of both manto-type and IOCG (Iron Oxide Copper Gold) deposits. Geology & Structure: Hosted in intrusives of the Naguayán Stock (monzodiorite-diorite), the deposit is heavily fractured, especially along a north-south (NS) structural belt. These fractures form "sheeted-like" zones that enhance permeability. Later, NW and WNW faults also aided in fluid movement and oxide formation. Mineralization: The deposit is characterized by a copper oxide blanket at surface, ~1,600m long (NNW), 400–500m wide, and 200–300m thick. The upper two-thirds consist of copper oxides (e.g. brochantite, atacamite, chrysocolla), while the lower third is mixed with secondary sulfides like chalcocite and covellite. Structural control is key to the distribution of mineralization. Alteration: The deposit shows Na-Ca (calc-sodic) metasomatism with limited hydrothermal destruction. Alteration minerals include albitite, chlorite, minor K-spar, and biotite. Limonite (goethite) is associated with oxides. Unique Features: While Marimaca shares some IOCG features (low pyrite, chalcopyrite-magnetite, sodic alteration), it lacks gold and shows an unusually intense supergene (near-surface oxidation) overprint. This secondary oxide blanket is thought to result from prolonged oxidation of an earlier sulfide-rich zone, despite the primary IOCG system being low in pyrite. This points to a unique evolution involving repeated oxidation and lateral copper migration. 8.30 Marimaca Copper Project – Exploration & Drilling Summary (source: Prospectus) Artisanal Mining History: Small-scale underground mining occurred between the 1990s and mid-2000s, reaching depths of up to 100 meters. Modern Exploration: This began in 2016 with the Company’s land consolidation and RC drilling that led to the discovery of the Marimaca Oxide Deposit. Exploration Activities Since 2016 include: Surface mapping and rock chip sampling Reverse circulation (RC) and diamond core drilling Geotechnical and geo-metallurgical studies Metallurgical test work and mining studies Mineral Resource Estimates (NI 43-101): First estimate completed in January 2017 Updated in 2019, 2022, and most recently in May 2023 Drilling Overview (as of May 2023): Total holes: 560 Total meters drilled: 139,164m RC drilling: 127,186m Diamond drilling: 11,978m (mostly PQ and HQ3 core sizes) Eight drilling campaigns over 2016–2022 Average drill spacing: 50m × 50m, oriented at 220° and 310°, with 60° dip Drilling Contractors: RC and core drilling completed by Drillex and Major Drilling Reporting Standards: Exploration results and resources reported under NI 43-101 Additional compliance under the JORC Code (2012) in supporting technical documents (Annexure D) 8.40 Geology and Mineralisation – Marimaca Copper Project 8.41 Regional Geology Oldest Rocks: Late Palaeozoic to Triassic metasediments and intermediate intrusives. Intrusive Activity: Early Jurassic to Lower Cretaceous intrusive stocks dominate the region. Younger intrusives host the Marimaca oxide copper mineralisation. Volcanics: La Negra Formation, a bimodal volcanic event (similar to a large igneous province), surrounds the project area. Dyke System: Extensive bimodal dykes (gabbro to rhyodacite) intrude both volcanics and intrusives, mapped over tens of kilometres. Dated at 145–148 Ma, coinciding with regional manto-type copper events. 8.42 Cover Rocks Tertiary marine sediments mark paleo shorelines on the Mejillones Peninsula. Valley gravels and ash layers to the east date back 10–12 million years. 8.43 Metallogenic Setting Manto-type deposits: Hosted in La Negra volcanics, typically in brecciated and vesicular lava flows, and occasionally in veins and breccias. Alteration is weak and subtle (albitisation, K-feldspar replacement). IOCG-style mineralisation: Occurs in Jurassic intrusives, with Marimaca seen as an atypical IOCG variant due to its unique structural controls and deep supergene oxidation. Porphyry copper systems exist near the project’s eastern margin. 8.44 Deposit Characteristics Marimaca Oxide Deposit: A supergene copper oxide blanket exposed at surface. Extends ~1,800m NNW, 500–700m wide, and 200–350m thick. Upper 2/3: Copper oxides Lower 1/3: Mixed zone with secondary sulfides Depth of Oxidation: Supergene alteration reaches depths of over 400m, due to favorable post-Jurassic geomorphological and climatic evolution. Structural Controls: Mineralisation follows N–SE dipping structures and late NW–EW fault systems. 8.45 Mineralogy Oxide Zone Terms Used by Company: "Brochantite zone": Actually dominated by atacamite (clinoatacamite) with minor brochantite. "Enriched sulphide" / "chalcocite zone": Zone with chalcocite and covellite, replacing chalcopyrite or coating pyrite. Gangue Minerals: Limonite, goethite, minor hematite, clays, iron oxides, gypsum. Associated Alteration Minerals: Actinolite, chlorite, and magnetite. 8.50 Mineral Resources – Marimaca Copper Project Original Reporting Framework: The Marimaca Copper Project's Mineral Resource was originally reported under the NI 43-101 standard. The most recent NI 43-101 technical report is titled "Updated Mineral Resource Estimation for the Marimaca Copper Project, Antofagasta Region, Chile," with an effective date of May 2023. JORC Code Reporting (2025 MRE): The 2025 Mineral Resource Estimate (2025 MRE) is the first version to be reported under the JORC Code (2012). SRK Consulting (Australasia) Pty Ltd acted as the Independent Technical Expert, preparing the resource estimate included in Annexure D of the technical report. Data Consistency: The 2025 MRE uses exactly the same drillhole data and estimation approach as the 2023 NI 43-101 Mineral Resource. JORC Compliance & Documentation: The JORC Code (2012) Table 1 for the 2025 MRE is provided in Appendix A of the Independent Technical Expert’s Report. This appendix includes: Drill collar locations Hole orientations Significant and high-grade intervals Summary of nearby and near-mine exploration drilling Material Significance: The 2025 MRE represents the Company’s primary material asset. Further details of the 2025 MRE and the Marimaca Copper Project are available in the Independent Technical Expert's Report in Annexure D and the Chilean Solicitor's Report in Annexure E. 8.60 Project Status (source: Prospectus) A Definitive Feasibility Study (DFS) is in progress. Environmental permitting submitted for copper cathode production. Expected to be a significant near-term copper supplier. 9.0 Sierra de Medina Project – Summary The Sierra de Medina Project concessions are located about 85 km north-northeast of Antofagasta and roughly 28 km east of the Marimaca Copper Project. This project includes four exploration activity centers (prospects): Pías, Antennas, Pampa Medina, and Madrugador, as illustrated in Figure 2 below. Excluding the Pampa Medina and Madrugador regions, the Sierra de Medina Project consists of 55 mining concessions and spans approximately 14,361 hectares. The Pampa Medina area consists of 12 mining concessions covering around 144 hectares. The Madrugador area includes 10 mining concessions and covers about 852 hectares. Figure 2: Sierra de medina Project Areas. (source: Prospectus) 9.10 Overview Location: ~85 km north-northeast of Antofagasta ~28 km east of the Marimaca Copper Project Exploration Prospects: The project contains four main prospects: Pías Antennas Pampa Medina Madrugador Total Concessions & Area: Core Project (excluding Pampa Medina & Madrugador): 55 mining concessions Covers ~14,361 hectares Held by ICAL, a Marimaca subsidiary Pampa Medina Area: 12 mining concessions ~144 hectares Held by SCM Elenita MCAL has a purchase option (dated 8 August 2024) under Article 169 of the Chilean Mining Code Madrugador Area: 10 mining concessions ~852 hectares Held by SLM Juanita and SLM Madrugador MCAL has a purchase option (dated 9 December 2024) under Article 169 of the Chilean Mining Code 9.20 Location, Access & Infrastructure The project benefits from similar infrastructure and access as the Marimaca Copper Project, due to its proximity (~28 km east). 9.30 Mineral Tenure Ownership and options for each area are clearly defined: ICAL: Core 55 concessions SCM Elenita: Holds Pampa Medina – under option to MCAL SLM Juanita & SLM Madrugador: Hold Madrugador – under option to MCAL Additional legal and tenement details are available in: Annexure E – Chilean Solicitor’s Report Annexure F – Tenement Schedule 9.40 Infrastructure and Mining Hub Overview (source: Prospectus) Proximity to Key Cities & Infrastructure: Easily accessible from Antofagasta and Mejillones via a well-maintained multi-lane highway. Antofagasta International Airport is just 45 km from the project. Final access is via maintained dirt roads from the paved B12 road, which connects to the Antofagasta–Tocopilla Route. Geographic & Environmental Context: Located ~39 km north of the Tropic of Capricorn, in the Cordillera de la Costa range. Elevation ranges from 400 m to 1,000 m above sea level. Dry desert climate, with minimal vegetation—except where irrigation or the coastal Camanchaca sea mist supports growth. Average rainfall is just 2–3 mm annually, though rare storms can deliver 12–30 mm. Conditions are suitable for year-round mining operations. 10.0 Samso Concluding Thoughts Marimaca Copper Corp. is an interesting IPO as it is bringing over a fairly well-established porphyry project into the ASX. Table 2 is a table that shows a comparison between the two projects in the company and it is clear that the two projects are at very different stages. Table 2: Comparing major attributes of the Marimaca Copper and Sierra de medina projects. Feature Marimaca Copper Project Sierra de Medina Project Location ~45 km from Antofagasta Airport ~85 km north-northeast of Antofagasta ~39 km north of the Tropic of Capricorn ~28 km east of Marimaca Copper Project Access Paved highways + dirt roads Similar infrastructure and access to Marimaca Main Focus Copper oxide & secondary sulfide deposit Early-stage exploration across 4 prospects Exploration Stage Advanced – NI 43-101 & JORC Mineral Resource defined Early exploration – concessions and option agreements in place Resource Status 2025 MRE under JORC (same as 2023 NI 43-101) No public resource estimate yet Total Area Not specified here (focused deposit area ~1,800m × 500–700m) ~15,357 hectares total (combined from 3 areas) Ownership Held by Marimaca Copper and its subsidiaries Mix of held and optioned concessions under MCAL Legal Framework NI 43-101 and JORC Code (2012) Chilean Mining Code – Article 169 for option agreements Key Prospects N/A (single consolidated deposit) Pías, Antennas, Pampa Medina, Madrugador As I mentioned earlier, the main reason for having a look at Marimaca Copper Corp is the Marimaca Copper project, which appears to be on a short timeline to potentially join the ranks of copper producers. Mining the oxides and treating the oxides is a great way to step into the copper-producing world in a shorter timeline. This is what the likes of Cyprium Metals Limited (ASX:CYM) were trying to achieve before the rising interest rate put an end to that concept. The company then changed management, and it has struggled to bring back the mojo. It is the lack of success with projects that help new projects such as Marimaca look attractive. Jurisdictions like South America are geared for business such as what Marimaca Copper Corp. is endeavouring to manifest. Chile, Peru, and Argentina are the mecca for such projects. The lack of funding opportunities in Northern America is creating some great opportunities for ASX investors. Whether this project will become economic will be part of this process of due diligence and patience. I would think that a Heap Leaching process would be a great way for the oxide ores, which would allow the question of economic viability a much greater chance of success. A perfect arid climate, like Australia's, is ideal for any heap-leaching ideas. I know this has been a long list of details, but I think this is a great way to summarise the information from the prospectus. Like always, DYOR and happy investing. 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. Reference: [1- Luis Oviedo] Updated Mineral Resource Estimation for the Marimaca Copper Project, Antofagasta Region, Chile Luis Oviedo, P.Geo. NCL Ingeniería y Construcción SpA Marcelo Jo MJO Engineering and Consultants in Metallurgy SpA Effective date: May 18, 2023 Report date: June 26, 2023 Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The High-Purity Alumina (HPA) investment landscape has struggled to gain traction and capture investors' attention. As I've noted before, timing is crucial; could 2025 present the ideal opportunity? I recently came across Alpha HPA Limited (ASX: A4N) and was impressed by its performance. This prompted me to take a closer look at the company, as it stands out among the HPA stories I’ve encountered over the past decade. At the time of writing this blog, A4N has a market capitalisation of AUD 977.2 million and is trading at AUD 0.86. The share price chart (Figure 1) for A4N is particularly noteworthy. Figure 1: The share price chart for Alpha HPA Limited. (source: Commsec) Let's go through the details and understand the whole Alpha HPA Limited business. For those who want to skip to the parts of the review, please use the list below. 1.0 Who is Alpha HPA Limited? 2.0 The Smart SX Technology 2.1 The Science of the SX Technology 2.2 Traditional Aluminium Processing 3.0 History 3.1 ASX Releases 2025 and 2024 3.2 ASX Releases 2023 3.3 ASX Releases 2022 3.4 ASX Releases 2021 3.5 ASX Releases 2020 3.6 ASX Releases 2019 3.7 ASX Releases 2018 3.8 ASX Releases 2017 4.0 The Business 5.0 Samso Concluding Thoughts 6.0 Samso Concluding Thoughts 1.0 Who is Alpha HPA Limited? As stated on the company's website, Alpha HPA is an Australian-based, publicly listed firm that pioneered the world's first application of the solvent extraction (SX) purification method to aluminium, resulting in a diverse range of ultra-high-purity aluminium products. The company's high-purity aluminium oxides, hydroxides, nitrates, and sulphates are utilised in various high-tech industries, such as LED lighting, synthetic sapphire, semiconductors, Direct Lithium Extraction (DLE) technology, and lithium-ion batteries. Alpha HPA's market-leading purity levels distinguish us, achieved with a significantly reduced carbon footprint. Alpha HPA aims to support decarbonisation by providing the world with the most sustainable, high-purity aluminium products. Our implementation of Smart SX Technology demonstrates our dedication to global decarbonization and our vision of advancing the entire world collectively. 2.0 The Smart SX Technology As stated by A4N, their licensed Smart SX Technology is the world's first highly selective scientific process that precisely extracts aluminum, enabling the production of a broad spectrum of ultra-high-purity aluminum products while significantly reducing energy consumption, emissions, and waste. Aluminium is among the most carbon-intensive industries globally, responsible for up to 3% of worldwide emissions. The Smart SX Technology results in up to 70% lower total carbon emissions compared to the traditional high-purity alumina production process because: The technology avoids using energy-intensive aluminium metal as the feedstock and recycles the primary reagents as by-products. In addition, the process uses renewable energy to power the facility. 2.1 The Science of the SX Technology (source: Alpha HPA Limited website) The Smart SX Technology process employs established solvent extraction methods specifically adapted for the highly selective extraction of Al3+ cations from aluminium-loaded solutions. This process transforms aluminium-laden organic solvents through two crystallisation stages into an intermediate product that can be calcined to produce high-purity alumina (HPA) while generating environmentally friendly off-gases. The loaded organic stream generated from this process can be directed to any acid stream, yielding 5N+ purity aluminium precursors (salts) or 4N+ boehmite or alumina. Notably, the process boasts a recycling efficiency of nearly 100% for its reagents and process streams. Figure 2: A4N Technology. (source: Alpha HPA Limited) The Smart SX process is characterised by its straightforwardness, innovation, and adaptability. It effectively converts a common industrial feedstock into a range of ultra-pure aluminium products with high efficiency and low costs. This technology does not rely on novel operational units; rather, it applies unique, proprietary process chemistry, marking the establishment of the first aluminium SX facility in the world. Figure 3: Flow diagram showing the Alpha HPA process. (source: Alpha HPA Limited) 2.2 Traditional Aluminium Processing Traditional HPA production methods rely on outdated, emissions-heavy technology. Historically, HPA has been synthesised from the aluminium metal feedstock or produced by using hydrochloric acid to leach kaolin clay. These processes are highly energy-intensive, emit large amounts of carbon and chemicals, and generate considerable waste. This is not only harmful to the environment but also inefficient. Alpha HPA's innovative processes and products achieve industry-level purity with fewer emissions and almost no waste. Figure 4: Alpha HPA Smart SX process compared to the Traditional Methods of production. (source: Alpha HPA Limited) A4N has transformed the standard of aluminium purification to produce sustainable, high-purity aluminium products that are industry-changing and available in commercial quantities. 3.0 History The beginnings of Alpha HPA Limited can be traced back to 2010, where it existed as Auger Resources Limited, where they had a 90% interest in an Indonesian based company, PT Golden Pricindo Indah ("Golden"), which holds Izin Usaha Pertambangans ('IUPs') or mining business licences covering the Central Jampang gold project area in southwestern Java. The agreement marks an expansion of Augur’s exploration focus beyond central NSW and its renewed focus on gold projects. [1] On the 24th of October 2017, the company, which had a name change to Collerina Cobalt Limited (ASX: CLL) on the 2nd of May 2017, announced the following; "Outstanding Aluminium Solvent Extraction Test Work Results". This release to the Australian Stock Exchange (ASX) would be one of the early news that would create what is today the business of Alpha HPA Limited. The current version of the Board made their appearance on 1st November 2017 with the appointment of the current Managing Director, Mr. Rimas Kairaitas, and Non-Executive Director Mr. Anthony Sgro. Alpha HPA Limited started its life with a name change from Collerina Cobalt Limited on the 30th of November 2018. Here are some notable news release to the ASX that should allow a genral understanding of the developing storyline for Alpha HPA Limited. Please note that the list is not a complete list of announcements. The complete list can be found on the Investors page on the Alpha HPA Limited website. 3.1 ASX Releases 2025 and 2024 2025 - 01 - 14 Significant Acceleration in Semiconductor Sector Demand 2024 - 12 - 11 Alpha Sapphire Update 2024 - 08 - 20 HPA First Project - Stage 2 Construction Commenced 2024 - 05 - 20 Stage 2 - Compelling DFS Underpins FID and Equity Raising 2024 - 04 - 17 $400M Australian Government Support for Stage 2 Development 3.2 ASX Releases 2023 2023 - 11 - 02 Board Changes 2023 - 09 - 28 $30M for Alpha Sapphire from QIC Critical Minerals Fund 2023 - 06 - 05 Expansion of Synthetic Sapphire Glass Agreements with Ebner 2023 - 04 - 05 Alpha Awarded Queensland Government Grant 2023 - 03 - 23 Agreements to enter Sapphire Glass Production with Ebner Group 3.3 ASX Releases 2022 2022 - 11 - 29 HPA First Project - First Production 2022 - 11 - 14 Orica strategic partnership expanded with placement and MoU 2022 - 04 - 28 Alpha Awarded up to $15.5M Federal Government Grant 2022 - 03 - 16 Alpha Awarded $45M Federal Government Grant 3.4 ASX Releases 2021 2021 - 11 - 05 Project Approval, Land Settlement and PPF Site Works 2021 - 08 - 18 Orica and Alpha Execute Definitive Agreements 2021 - 06 - 03 Successful Completion of $50M Placement 2021 - 04 - 28 MoU for Japan and China Specialty Markets 2021 - 04 - 12 MoU with global materials company Saint Gobain 3.5 ASX Releases 2020 2020 - 12 - 23 Orica Agreements Update 2020 - 11 - 25 MOU to Market Products to Specialty North American Markets 2020 - 11 - 11 Maiden Sale of 5N Pre-Cursor Product 2020 - 10 - 08 High-Purity Li-Ion Cathode Pre-Cursor 2020 - 09 - 28 Successful Manufacture of 5N (99.999%) Purity, Alumina Coating Pre-Cursor for Lithium-ion Cathode and Anode Materials 2020 - 08 - 20 Offtake, Marketing and Financing MOU with Traxys 2020 - 03 - 17 HPA First Project Definitive Feasibility Study 3.6 ASX Releases 2019 2019 - 07 - 01 HPA First Process Confirmed and Commencement of Pilot Plant 2019 - 03 - 07 HPA First PFS Upgrade and Project Update 3.7 ASX Releases 2018 2018 - 12 - 04 Continued Process Improvement on 2nd SX Mini-Rug Run 2018 - 11 - 30 Change of Stock Code 2018 - 11 - 20 HPA First Pre-Feasibility Study Presentation 2018 - 11 - 20 HPA First Project Pre-Feasibility Study (PFS) 2018 - 09 - 06 Assays Confirm 4N (99.99%) HPA 2018 - 08 - 05 Successful HPA Production Using the HPA First Process 2018 - 07 - 08 Fast Track to HPA Production 2018 - 04 - 25 Outstanding Aluminium Solvent Extraction Test Results 2018 - 03 - 20 Pre-Feasibility Study Testwork Update 2018 - 02 - 20 CCAL Testwork Returns Excellent Ni, Co, Al Recoveries 3.8 ASX Releases 2017 2017 - 12 - 07 Commencement of Metallurgical Program 2017 - 11 - 29 Successful Recovery of Scandium 2017 - 11 - 28 Successful Solvent Extraction of Ni, Co and Mn 2017 - 11 - 23 4N Purity Achieved in HPA Test Work Program 2017 - 11 - 12 Successful Production of High Purity Alumina Sample 2017 - 10 - 31 Board Appointments 2017 - 10 - 23 Outstanding Aluminium Solvent Extraction Test Work Results 2017 - 09 - 19 Commencement of High Purity Alumina Testwork 2017 - 05 - 02 Change of Stock Code 4.0 The Business I am new to understanding this part of the market, but looking at the series of ASX announcements by Alpha HPA Limited since 2017, at the the current market capitalisation of nearly AUD 1B, one would have a reasonably valid reason to feel that there is a lot of upside, especially when you look at the USD 3.6 trillion valuation for NVIDIA. The business of HPA is still in its infancy for the ASX, and based on my my limited research on the sector, Alpha HPA Limited is the standout. Looking at the business of Alpha HPA Limited, they are the ones supplying the source products for the likes of the semiconductor business, so there are probably going to be limited competitors. As Alpha HPA Limited clearly states on their products section of the website, the products they are creating are for the most aggressive market currently in the investment space. We are sustainably producing a growing range of ultra-high purity aluminium oxides, hydroxides, nitrates and sulphates for a wide range of high technology industries including LED lighting, synthetic sapphire, semiconductors, Direct Lithium Extraction (DLE) technology and lithium-ion battery markets – at world-leading purity levels and at a dramatically lower carbon profile. There is no doubt in anyone's mind that the age of artificial intelligence (AI) and Technology Automation is the hottest discussion. The likes of Tesla, Dell, Nvidia, Apple, Facebook, Amazon, etc., are all going to be the end users of these products potentially coming out from Alpha HPA Limited. The world is now all about AI and computing technology, so Figure 5 is evidence that the market of supplying bits and pieces to those companies is the main game. Therefore, imagine where the likes of Alpha HPA Limited will be in terms of valuation once they are fully operational. Figure 5: The top 20 companies worldwide by market capitalisation. (source: Companies MarletCap) A good way to understand the potential of someone like Alpha HPA Limited is to imagine that there is only one iron ore company on the ASX. The big unknown is if they are able to fully commercialise their business. Presently, it does appear to point that they are on the way to a very prosperous path. 5.0 Other Companies on the ASX with Similar Business Two companies come directly to my mind that swim in the HPA sector. The first one is the former FYI Resources Limited, which is now under a new name, Cadoux Limited (ASX: CCM) and Altech Batteries Limited (ASX: ATC). Altech Batteries Limited was the most aggressive with their strategy, but of late, it appears that Altech is now moving into the battery space. There is a name change to Altech Batteries from its original name of Altech Limited, which was, as far as I can remember, 100% HPA development. As I write this review, I haven't delved into Altech Batteries' primary business focus yet. However, considering the recent name change and their latest release mentioning batteries, it seems that a shift in their future direction is underway. Cadoux goes further to mention that they are also positioning themselves to be a significant producer of both HPA and rare earths. Cadoux on their website does state that they are an emerging developer of high-quality critical minerals. Cadoux is focusing on two potential world-class projects: high purity alumina (HPA) and rare earths downstream production. If readers do know of other companies in this space, please let me know. 6.0 Samso Concluding Thoughts As an investor, I have only had one win in the ASX technology space and that was with Pointerra Limited (ASX: 3DP). I ended up staying in that stock for almost 5 years before deciding that an exit was required. That was a great journey from the early beginnings. Alpha HPA Limited is not a technology stock , but, for me, I associate it with technology as it is all about what the HPA products will add value to once it has left their hands. I feel excitement in what they could become as the race to produce quality and sustainable HPA products is one of the most sought-after business, especially for ASX companies. The value creation for shareholders is undeniably substantial, as those in Alpha HPA Limited will surely attest. As we are all cautious creatures when we are parting with our hard-earned money as investments, what gives me comfort is the amount of money that has come from government and industry organisations to Alpha HPA Limited. The demand for Alpha HPA products is very clear, as there is no turning back in terms of the needs coming from the AI and technological progress in the coming decades. Figure 6: The ASX release for the AUD45M Federal Government Grant. (source: Alpha HPA Limited) There would have been a lot of smart people going through the business models before parting with those large sums of money (Figure 6). Unlike the resource path, which I am very familiar with, the amount of unknowns is lesser and more predictable. I am not saying that it is easy to build a technological business; I am just saying that the unknowns are lesser. As I did my research on the company, I became very informed about the business and the potential of future valuation. I am very happy to have come across this story. I am sure there are more people out there that have looked at the business in greater detail, but sometimes, enough information is all you need. As we all know, when you are too smart, too close to the story, our judgement can be clouded and be the detriment of our investment decisions. :-) To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References: Alpha HPA Limited Announcements ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. 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