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Coffee with Samso Episode 70 is with Rick Rule, Senior Managing Director, Sprott Inc., and President & CEO, Sprott U.S. Holdings Learning is best done when you actually listen. In this episode of Coffee with Samso, I recommend listening well. Just over twelve months ago, I was browsing through LinkedIn and saw Rick Rule giving an interview and wondered if he would be interested to have a Coffee with Samso. I was thrilled he readily agreed. Rick Rule is on his third Coffee with Samso and the timing is impeccable as this is almost twelve months since our first conversation. That was when the pandemic had just started and everyone was thinking it would perhaps be chaotic for a while. As most investors know, this was followed by an equity rise not seen for many decades. The chaos was far from short-term. It has already been a year. Check out our Insight on The Best Equity Investment Since the 1980s for more insights on this. In this Coffee with Samso, Rick shares with us some pointed topics as we work through some of the issues that we have faced and will face in the coming months. As precious metals take a step backward recently, the anticipation of the EV Revolution has sparked a race where investors were seen rushing to expose themselves to the Lithium market. We also discuss this rush as well as the recent interest in the REE and Silver. Rick reminds investors that Rare Earths Elements (REE) and Lithium are not rare. Where you want to position yourself is at the processing end of this sector. Do not chase the market noise/narrative but instead understand and believe the story of the company. And that's why Samso is proud to bring you stories direct from ASX companies! The recent "hot news" on REE and Silver which have captivated the market sentiment is not really making Rick excited. Make sure you tune in to understand why this is the case. Rick offers to review your resource share portfolio here Look out for the part where Rick offers to review your resource share portfolio. All you need to do is go to the link below and list your resource stocks and he will personally rank them from 1 to 10 (1 = best and 10 = worst). He will personally make comments on stocks that he knows as well. If you include charts in the question line, he will include Barron's gold mining chart which is a 50-year gold equities chart and a 100-year chart on commodities chart. https://sprottusa.com/brokerage-services/rankings/ PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Rick Rule Senior Managing Director, Sprott Inc. President & CEO, Sprott U.S. Holdings Rick Rule began his career in the securities business in 1974 and has been principally involved in natural resource security investments ever since. He is a leading resource investor specialising in mining, energy, water utilities, forest products and agriculture, and has originated and participated in hundreds of debt and equity transactions with private, pre-public and public companies. Mr. Rule is also the Founder of Global Resource Investments, President and CEO of Sprott U.S. Holdings, Inc. and a member of the Sprott Inc. Board of Directors. He is a frequent speaker at industry conferences and has been interviewed for numerous radio, television, print and online media outlets concerning natural resource investment and industry topics. Mr. Rule is frequently quoted by prominent natural resource oriented newsletters and advisories. About Sprott Sprott is a global asset manager providing investors with access to highly-differentiated precious metals strategies. Sprott's in-depth knowledge, experience and relationships separate them from the generalists. Sprott’s specialised investment products include innovative physical bullion trusts, managed equities, mining ETFs, as well as private equity and debt strategies. They also partner with natural resource companies to help meet their capital needs through brokerage and resource lending activities. Sprott is a global asset manager with offices in Toronto, New York and London. Sprott’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. Sprott today serves over 200,000 global clients and has approximately $16.3 billion in assets under management. A Rich History The company was founded in 1981 by Eric Sprott, an early champion of precious metals investing. Sprott has grown steadily over the past four decades through organic initiatives and acquisitions and has expanded its role far beyond its original focus as an institutional brokerage serving mostly small- to mid-cap Canadian natural resources companies. Today, their reach is global, and they are proud of their deep roots in the sector. Sprott’s unique expertise benefits both the investors and issuers. Their disciplined approach to investing, their focus on risk management and their ability to quickly assess and complete projects is built on more than 35 years of experience working with management teams across different project types and geographies. Their unique capabilities allow them to provide flexible financing solutions across the mining life cycle and to match global investor demand with a strong pipeline of investment opportunities. Contrarian Sprott goes against the grain when investing. Precious metals offer low correlation to other assets and can serve as natural hedges. In a time of increasing uncertainty about global markets and geopolitics, they are committed to providing investors with access to these assets and supporting the companies that produce them. Innovative Although precious metals have been coveted for thousands of years, Sprott believes there are significant new opportunities for investors and issuers in the sector. They continue to demonstrate this through investment innovations such as physical bullion trusts, factor-based ETFs, managed equities, and private equity and debt strategies. Aligned Sprott is committed to aligning the interests of their clients, shareholders and employees. This is demonstrated by their high level of employee share ownership, as well as by significant participation by Sprott and employees in their strategies. 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. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

The Gawler Craton is best known for the discovery of Olympic Dam in 1975, which was the culmination of nearly a decade of exploration. Olympic Dam is a monster in the world class category so this discovery is not something you find often. Not long after, several smaller mines were discovered such as Prominent Hill, Cairn HiIl and Carrapateena proving that the Gawler Craton is a very fertile place. The Olympic Dam mine is a large poly-metallic underground mine located in South Australia, 550 km NNW of Adelaide. It is the fourth largest copper deposit and the largest known single deposit of uranium in the world. Copper is the largest contributor to total revenue, accounting for approximately 70% of the mine's revenue, with the remaining 25% from uranium, and around 5% from silver and gold. BHP has owned and operated the mine since 2005. The mine was previously owned by Western Mining Corporation. - Wikipedia The discovery of Olympic Dam by Western Mining Corporation Resources Limited (Now part of BHP) sparked a rush for land around the discovery. Olympic Dam was a major discovery in an area that had little work at that time. Figure 1: Olympic Dam copper-uranium mines and pant is situated in South Australia, 560km north-west of Adelaide. (source: Mining Technology) In the mid 1990s, a small exploration company, Dominion Mining Limited discovered the Challenger Gold Mine (Figure 2). It was a blind discovery that came from regional calcrete sampling. Have a read of the Samso Insight that I published in November 2019 - Challenger Gold Mine - Calcrete Anomaly Exploration Success. The discovery of Challenger brought about a hive of activity that resulted in companies like Helix Resources Limited (ASX: HLX) who announced news of drill holes hitting a 150 metre wide zone of gold mineralisation along the Yarlbrinda Shera Zone at Tunkillia (Source: AFR - Nov 19, 1996). The excitement that amplified the activities was due to Helix returning assays including 35m at 4.4 grams per tonne and 112m at 1g/t beneath a sand cover of between 60 metres and 100 metres (Source: AFR - Nov 19, 1996). Figure 2: The Challenger Gold Mine was discovered by Dominion Mining Limited in 1995. (Source: Microsoft News) The significance of Challenger is that it produced a resource of over 1.2 Moz of gold but there are no cousins, brothers or sisters in the immediate area. There are small deposits like those in the Jumbuck project that was formerly in Tyranna Resources Limited (ASX: TYX) and now sold to Marmota Limited (ASX: MEU). Marmota have themselves found the Aurora Tank deposit which has yet to have resources but is definitely showing the same kind of mineralising signals as those discovered in the Jumbuck Project. There are no significant deposits within a couple hundred kilometres. The closest significant deposit is the Tunkillia and Tarcoola to the south east or Cairn Hill to the north east. When you compare this to Kalgoorlie, there are hundreds of mines of all sizes and major exploration projects within that space. Currently, the market space has changed and I see there have been a lot more attention on the Gawler Craton. Where is the Gawler Craton? Most investors in the ASX think of the Yilgarn Craton as the Mecca of the Australian Goldfields. When you mention Kalgoorlie, most people think of the Goldfields. When you move up the levels of understanding, names such as the Pilbara, Ballarat, and maybe Cloncurry begin to appear. However, names such as Cadia (New South Wales) and Olympic Dam, which are the world-class deposits, are lesser known to virtually being unheard of in many cases. I think it is lesser known because they are not in the realms of your average investors' playing space. And if you mention the Gawler Craton, I will safely say that the average Joe will have no idea of its significance. Some parts of the brokering fraternity do not even pay attention to this area. The Gawler Craton is the oldest and largest geological province in South Australia, preserving a complex tectonic history spanning from c. 3200 Ma to 1450 Ma. The craton comprises a Meso- to Neoarchaean core enclosed by Palaeoproterozoic to Mesoproterozoic rocks. The Mesoarchaean history of the Gawler Craton is dominated by felsic magmatism, the Neoarchaean to Palaeoproterozoic history by sedimentation and bimodal volcanism, and the Mesoproterozoic history by felsic volcanism. - Source: South Australian Department of Energy and Mining. Figure 3: The Gawler Craton. (Source: Gum, Justine 2019. Gold mineral systems and exploration, Gawler Craton, South Australia, MESA Journal 91, Issue 3) What all the geological jargon means is that the Gawler Craton is old and has had a lot of structural deformations, reheating, deposition and redepositing of mineralisation. In summary, it is a damn good place to be looking for minerals as it is a large cooking pot with everything thrown into it. According to the department, the Gawler Craton is prospective for the following commodities: Metals: Cu, Au Fe, Ag, Pb, Zn, Co, Ni, Cr, Mn Ti, V, PGE, Mo, W, Sn, REE Industrial minerals: graphite, kaolin, talc, magnesite, limestone, dolomite, barite, vein-silica, manganese oxide Gem: jade, diamonds, chalcedony/agate Construction materials: vast resources of road making material (limestone, dolomite, quartzite, sandstone, gneiss), dimension stone (granite) and regolith clay (brickmaking & refractory) Energy minerals: U3O8, thorium As for what else could be in the area, the following list that is straight out of the website gives a good idea of what is already there and what could be there: Demonstrated: FeO-Cu-Au-Ag±U (haematite- and magnetite-dominated styles) (Olympic Cu-Au Province, e.g. Olympic Dam, Prominent Hill, Hillside, Moonta, Carapateena Prospect) Iron ore as massive hematite deposits by supergene enrichment, (e.g. Iron Monarch, Iron Duke, Wilgerup) Iron ore as magnetite-bearing banded iron formation (e.g. Middleback Range, Bungalow Prospect, Hawks Nest, Skylark), to magnetite-rich metasediment (e.g. Warramboo) Iron ore as magnetite and hematite skarn/replacement styles (e.g. Peculiar Knob, Snaefell, Wilcherry Hill) Intrusion-related Au (Central Gawler Gold Province, e.g. Tarcoola, Tunkilla Prospect, Barns Prospect, Weednanna Prospect) Shear-hosted Cu, Au, U (e.g. Cairn Hill) Shear to unconformity-related U (e.g. Driver River in central Eyre Peninsula) Regolith deposits, including kaolin (e.g. Poochera), supergene copper (e.g. Hillside, Alford West) and regolith manganese oxide (e.g. Hercules West, Jamieson Tank, Pier Dam) Orogenic Au (e.g. Challenger) Volcanogenic Pb-Zn-Ag (e.g. Menninnie Central and Telaphone Dam Prospect) and Cu-Fe (e.g. West Doora) Epithermal-style Ag-Pb-Zn (e.g. Paris) and Au-Ag-Pb-Zn (e.g. Parkinson Dam) Sedimentary-hosted Pb-Zn (Hutchison Group, e.g. Miltalie Mine, Mangalo Mine, Atkinson’s Find, Smithams) Graphite (e.g. Uley Graphite Mine, Kookaburra Gully, Koppio, Wilclo South) Metasomatic talc, magnesite and jade (Katunga Dolomite) Possible: VHMS deposits (Hall Bay Volcanics, Oakdale prospect southern Eyre Peninsula) Late Archaean komatiitic and magmatic intrusive-hosted Ni-Cr-PGE (Lake Harris Greenstone Belt, Aristarchus) Magmatic Ni-Cr-Cu sulphides and PGE (Fowler and Christie Domains) Unconformity and Palaeochannel U and Au (e.g. Corunna Conglomerate) Diamondiferous kimberlite Intrusion-related W and Sn (e.g. Moonbi W prospect, Zealous Sn prospect) Fe-Ti-V styles (e.g. Malbooma Anorthosite Complex, Wigetty prospect) Why Should Investors be Interested? As I have been getting acquainted with the South Australian mineral scene, I have come to learn that there is indeed a lot of things happening. Like many participants in the mineral exploration industry, the focus has overwhelmingly been West Australian centred over the last two years. Due to the pandemic, the mineral resource industry has been West Australia first and the rest of Australia second. Anything outside of Australia is just too hard. I have had a couple of clients with projects in Arizona, USA, South Korea, Thailand and Chile. They are still viable as they have established crews that are based in the country, otherwise, these kinds of projects just seem to fester away. Anything new is way too hard, or at least that's how it seems anyway. I have noticed an increasing list of South Australian projects coming into the spotlight. Something else I have learnt is that there are a few interesting companies that are based in Adelaide. Here are just a few that I know: Andromeda Metals Limited Thor Mining PLC Leigh Creek Energy Ltd Southern Gold Limited Rex Minerals Ltd Iron Road Ltd OZ Minerals Ltd Santos Ltd Cooper Energy Ltd Strike Energy Limited Minotaur Exploration Limited Terramin Australia Limited Barton Gold Limited Havilah Resources NL Petratherm Limited Marmota Limited Indiana Resources Limited (based in Perth but the project is in South Australia) These are the ones that I know are active but I am pretty sure I have left some out. I have included the energy companies just for completion. What I like About the Gawler Craton In my humble opinion, the Gawler Craton due to its remoteness and lack of exploration activities for the last twenty years is literally the last frontier. When you look at the size of the area, you can start to appreciate the remoteness and the potential cost of exploring in this area. When we talk about remoteness we think of Australia, so it is not that big a statement. What makes this a great project location is that the remoteness is coupled by the lack of interest by the capital markets to fund any exploration for the last twenty years. What this lack of interest means for an optimistic exploration geologist, is the thought of a blank canvas to discover new deposits. What do I mean by a blank canvas? The volume of discoveries in the Yilgarn (Figure 4) has made many participants in the industry question - what else can be found? Comments are supported with the thousands of deposits being uncovered over the many decades of exploration with the numerous metalliferous provinces that exist within the Yilgarn Craton. In contrast, the Gawler Craton is no competition with the number of discoveries that could rival those in the Yilgarn (Figure 3). The location of good discoveries have been few and far between for decades. In addition to the difficulty of finding mineral deposits, the lack of infrastructure has meant that the size of discoveries need to be at a significant size to be economically viable. Figure 4: Map of the Yilgarn Craton showing the locations of komatiite-hosted nickel, orogenic gold and BIF-hosted iron deposits. Modified after Mole et al (2013). [1] So to me, the Gawler Craton is just a blank canvas and where you discover something is entirely up to the participants who have the "Who Dares Win" strategy. We all know that this simply means the size of your pocket and that gut instinct. Shear hosted Mineralisation: Challenger - Tarcoola - Tunkillia Province. My experience in this region lies in my recent research into areas in Australia that would make me want to go explore and find potential giant deposits. I look from the view point of a junior company with limited funding and time to discovery. This means that one would rule out Porphyry Copper or any IOCG - Iron Oxide Copper Gold style deposits. My criteria is that the project has to be cost effective. IOCH and Porphyry projects tend to be costly and that would not be practical for the average junior. Hence, for the purposes of this Insight, we will not entertain the part of the Gawler Craton where these styles are present, such as the Olympic Dam Province. There are three main players in the immediate area, Marmota Limited, Barton Gold Limited and Indiana Resources Limited (Figure 6). Barton and Indiana are new players to the region, having done work within the last 12 months. On the other hand, Marmota has been working on their ground since 2016. Their focus has been primarily on the Aurora Tank project. The other company that has been working in this region for about the same time frame is Tyranna Resources Limited. However, Tyranna has since sold their package to Marmota. Figure 5: Tenement map of the major players in the Challenger - Tarcoola - Tunkillia Province. Companies such as Indiana Resources Limited have picked up over 5,000 square km, a big acreage of land within the Turnkillia mineral field (Figure 6). Their package makes good sense as they are adjacent to the Tarcoola and Turnkillia gold mines. Figure 6: Tenement holdings for Indiana Resources Limited in the South Australian Gawler Craton. (Source Indiana Resources Limited) The proximity to the two existing mines creates a good exit strategy. This exit strategy is one that is all about infrastructure and the need for current players to work together for the mutual benefits of all. One of the issues with remote projects is that your discovery at most times, needs to be of a significant size for monetisation. Having the two mines present and a motivated neighbour to build infrastructure will help Indiana create value from smaller discoveries. I think that the neighbours will work well together as their mutual benefits are sealed in a good working relationship. Indiana is working on the Lake Labyrinth Shear Zone which has been highlighted as the probable source of all the previous drilling results. Their work currently is in delineating the existing mineralisation and building the case for more extensions to the current results. Current work is focused on the Minos prospect (Figure 8) and that makes sense as they have been getting some very good numbers. The numbers coming back are consistent with those that Challenger, Tyranna and Marmota have reported in the past. The latest results from Indiana is proof of my thoughts on this region. Announced on the 13th July, Indiana released the following numbers: 21m @ 8.43 g/t Au from 176m including 1m @159 g/t Au 2m @ 18.4 g/t Au from 162m including 1m @ 35.6 g/t Au 23m @ 6.44 g/t Au from 186m including 1m @ 118 g/t Au 10m @ 8.83 g/t from 39m including 3m @ 26.03 g/t Au Figure 7: The main exploration activity of Indiana Resources Limited. (Source: Indiana Resources Limited). When you look at Figure 7, and you look at the individual prospects such as Minos and compare to the entire tenement package of Indiana (Figure 5 and Figure 6), you get an appreciation of the potential of the province. Minos is a mere speck in the overall scheme of things. Like all of these projects, funding is the key. The good news for Indiana is that they are most likely onto something at their Minos prospect. Minos (Figure 8) is proving to be a growing beast as the current results are supporting historical works. The potential scale and the probable continuation of strike for the mineralising system looks promising as well. The exploration geologist blood in me can't help but be optimistic of the potential. If optimism is the thought, then I am thinking of elephant scale. I am thinking World Class system in the hands of a junior. If scepticism is in the thought, then I am thinking, big area, need lots of money, hard to find, looking for a needle in the hay stack. Both views are valid but what is common is the fact that the opportunity arises due to the fact that there is a need for money and the challenge to cover a large land tenure. Figure 8: Drilling results from the Minos Prospect. (Source: Indiana Resources Limited) Barton Gold Limited holds the most prominent position as they have the Challenger, Tunkilliana and the Tarcoola gold mines (Figure 9). The combined resources come up to around 1.1 Moz Au and is JORC 2012 compliant with a tenement coverage of just over 4,600 square km. Figure 9: Barton Gold Limited Tenement map. (Source: Edited from Barton Gold) I have not looked at Barton in great detail. I know that trying to make old mines work is very challenging but if they have good funding behind them, it will work. As an exploration geologist, I am always in favour of finding your own deposit. I will look into them at a later date because they will be a force, if funding is not an issue for them. If all the inflationary issues take hold, the assets which are most advanced will become more economical. Marmota Limited will be the biggest player in terms of tenement coverage (Figure 10) as it has just picked up the Jumbuck project from Tyranna Resources Limited. When the transaction is completed (within two months of writing), they will hold over 10,000 square km of land in the area. How they will handle the exploration commitments will be interesting. Marmota has had some good success in defining the Aurora Tank project (Not JORC) over the years and that has shown that supergene oxide gold deposits are abundant. Figure 10: Tenement map for Marmota Limited excluding Jumbuck. (Source: Marmota Limited) Historical drilling from Marmota and Tyranna (Jumbuck Project) has also indicated that Challenger type mineralisation (primary mineralisation) exists in the area. This is also something that is now becoming more obvious in the Indiana projects (e.g Minos). Conclusions This is a rather lengthy Insight but I felt the need to put things in context. The Gawler Craton is a large place. The three companies I talked about have thousands of sqkm. Most companies play with hundreds of sqkm and that is considered big. One of the most important aspects of mineral exploration is to get access to the land, so that you can do work. The key aspect of my Insight is the lack of intense exploration in the Gawler Craton, the lack of interest for a good part of two decades and the lack of capital that encourages exploration in this part of the world. I think I have mentioned this numerous times in this insight and I cant stress this enough. If you have ever tried to look for stories in this industry and you are asking the question "Where can i find good tenements", you will agree that it is a pretty well populated space. What is even more compelling is that there are world class deposits that have been discovered and mined in the Gawler Craton for over three decades. However, only about two thirds of the area have been touched extensively. The focus in the Gawler has always been the IOCH style and there have been many endeavours over the years, but I have not seen much news on discoveries. I highlight Indiana Resources because of the Minos prospect. What you need to look at is where Minos (Figure 8) is at the scale of the Lake Labyrinth Shear (Figure 11). Then you take a step back and look at where that Lake Labyrinth Shear is in relation to one of the tenements in the area (Figure 7). * I have not mentioned any other projects from Barton or Marmota for the sake of unfamiliarity and not because I do not think that they are prospective. I have not had time to look at them for this Insight. Figure 11: Location of the Lake Labyrinth Shear Zone (LLSZ). Note the location of the Minos prospect in relation to the regional aspect of the LLSZ. To get a good handle of why I am bullish on the Gawler Craton stems from this article that I wrote in 2019 - Challenger Gold Mine - Calcrete Anomaly Exploration Success. You can understand that since that discovery in the 1990s, there have only been two major discoveries in Tunkillia and Tarcoola in this area. Tyranna Resources came and followed up on the findings left behind since the discovery came up with some good signs. Marmota explored and discovered Aura Tank. However, they have not come up with resources. I am assuming that it is only a matter of time before they come up with a JORC statement. What they do with Jumbuck will be interesting. The commitments on that area alone is nearly AUD3M. Maybe some M&A action will be happening. It will be interesting in the coming twelve months to see how my optimism will pan out. References: [1] Choi, Eunjoo. 2020. Alkaline magmatism as a probe into the evolution of the lithospheric mantle in the Yilgarn Craton, Western Australia MSc Thesis. Gratitude Patreon: This is a platform for supporting creators like me. Please consider helping out and pick your reward here: If you would spend some time and support Samso Insights, I would be totally appreciative. So please feel free to pick a reward, or simply chip in any amount that tickles your fancy :-) https://patreon.com/samsomedia Brilliant-Online: Our investment articles are also shared across Brilliant-Online magazine. Check out their investment column. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow If you find this article informative and useful, please help me share the information. I try to write topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. Download our eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

In May 2021, I had a Coffee With Samso with Paul Lock, the Managing Director of Pan Asia Metals Limited (ASX: PAM), entitled - Pan Asia Metals Limited (ASX: PAM) banks on a Lithium Project with a Low Cost Structure Strategy. This was one of the few occasions when I was surprised by something I heard during a Coffee with Samso. I learnt that Lepidolite actually has a place to play in the Lithium space. The thing is, I have always thought that Lepidolite, as a mica lithium mineral, was inferior and has difficulties in the production of lithium. During my conversation with Paul, I started to realise that things may have changed over the years and if this were true, then the whole Pan Asia Metals strategy would make total sense. This new understanding made me think about how the combination of Lithium and Tungsten could make the perfect storm. So What is Lepidolite? Lepidolite is a lilac-grey or rose-coloured member of the mica group of minerals with chemical formula K(Li,Al)3(Al,Si,Rb)4O10(F,OH)2. Mica is a flaky mineral and is extremely soft. Figure 1: Lepidolite in its natural form. Source: (Geology.com) What lepidolite has is that it is the most abundant lithium-bearing mineral and is commonly associated with rubidium and cesium as by-products. Whether this is a good thing or not, I will have to wait for them to tell me :-). The Tungsten Factor Tungsten or Wolfram is a chemical element with the symbol W and atomic number 74. According to Wikipedia, Tungsten is a rare metal found naturally on Earth almost exclusively as compounds with other elements. It was identified as a new element in 1781 and first isolated as a metal in 1783. Its important ores include tungsten, scheelite, and wolframite, the last lending the element its alternate name. Over the years, Tungsten has been one of the commodities that I have an understanding about the rise and fall of its market. A summary outlook to 2030 by Roskill has painted a moderate to low key projection for the pricing of Tungsten. According to the report, the price of tungsten is deeply affected by the transition to electric vehicles and the US/China trade disputes. The good news is that the Chinese and Russian mines are reaching their mine life which will take some of the supply out. The Pan Asia Metals Limited Story Pan Asia has Lithium and Tungsten projects in southern Thailand. The project lies within the Southeast Asian Tin Belt (SEATB) that stretches from Myanmar towards the Indonesian island of Belitung. The island of Belitung is the birth of the Billiton in BHP Billiton. Billiton’s roots trace back to 1851 and to a tin mine on the Indonesian island of Billiton (Belitung). Figure 2: Pan Asia Metals Limited projects in southern Thailand. (Source: Pan Asia Metals Limited) It is reported that over 50% of the world's tin production is derived from the SEATB region. This region is basically a large granitoid and those that have biotite are where the action starts. The significance of granitoids is that they are synonymous with pegmatites. Pegmatites are where you find the minerals that host incompatible elements that are of interest, such as Lithium, tungsten and tin. The Case for a Lithium Story In April 2021, it was reported that a 8GWh lithium battery plant will be built with a joint venture agreement between zero emission vehicle pioneer Evlomo Incorporated and Rojana Industrial Park Public Co., Limited. (Source: Green Car Progress) Bestmag.co.uk says companies will invest up to $1.06 billion through a new joint venture company with Rojana — a joint venture between Japan’s Nippon Steel and Sumikin Bussan Corporation, and Thailand’s Vinichbutr’s Group — owning 55% shares with the remaining owned by Evlomo. A 1GWH plant at a cost of USD$143 million is expected to start in 2021. An investment of this scale is just the beginning of things to come. Readers should remember that Thailand is a car manufacturer. In my opinion, this is just the start of things to come. The density of Asian countries will mean that the adoption of EVs will be at a faster rate than Europe. I am sure that with these kinds of development, the projects being talked about by Pan Asia will be greatly welcomed. Which country would not want to be able to source their own lithium? It is a no brainer. You can argue if they will be able to mine economically what is in the ground, but you cannot argue the business case. Thailand and Indonesia aim to be regional EV (electric vehicle) production hubs as well as build manufacturing facilities for EV batteries. The Thai government has set a target for electrified vehicles to reach 30% of total domestic vehicle production by 2030 as part of its 3030 EV Production Policy. - Marklines.com Thailand is not a minnow when it comes to car manufacturing in both combustion (Figure 3) and future EVs (Figure 5). I have read that even the Chinese car manufacturer, Great Wall is manufacturing in Thailand. The strength of the car manufacturing industry is made more apparent with a very mature car part producing industry (Figure 4). Figure 3: Passenger car production volume APAC 2020, by country. (Source: Statista) In 1963, the Thai government imposed "local content requirement" (LCR) that sets a minimum number of parts to be included in vehicles in Thailand. LCR is still 60-80% of Thai made parts. LCR can reach 90% for eco-cars and pickups, and is close to 100% for motorcycles (Krungsri.com). Figure 4: The Thailand car manufacturing sector is doing very well. (Source: Asean Briefing) As China becomes more expensive to work in, the influx of companies setting up operations in South East Asia is evidence of the migration of value creation. The established nature of the manufacturing industry in the Indo-China region serves to show that a developed source of lithium would be strongly encouraged by government and capital markets. Figure 4: Number of publicly accessible electric vehicle chargers in Asia Pacific in 2020, by country. (Source: Statista) Corporate (Pan Asia Metals Limited) Current market Capitalisation: 20.8M @ AUD$ 0.155c/share (19th August 2021) Shares on Issue : 126,010,288 (7th July 2021) Key Shareholders: Paul Lock 33.4% | Thai Goldfields NL 16.1 % | Board & Management (55.6%) Figure 5: The share price chart for Pan Asia Metals Limited (PAM), (Source: Commsec) Projects There are four main projects in the portfolio: The Reung Kiet Lithium Project – SEASnW Belt , Southern Thailand – 100% held; The Khao Soon Tungsten Project – SEASnW Belt , Southern Thailand – 100% held; Bang Now Lithium Project – SEASnW Belt , Southern Thailand – 100% held; and Minter Tungsten Project – Lachlan Fold Belt, NSW, Australia – 100% held. These projects are selected based on the following parameters listed below: At or near surface mineralisation, with depth potential; Extensive mineralised strikes; Industry leading grades; Positive metallurgy; Proximity to required infrastructure; Well educated workforce; and Potential for downstream value adding There is a good amount of information on the Pan Asia Metals website. Click Here. Conclusion Over the last couple of months, the world of lithium has taken a leaf out of the crypto trading phrase of " Gone to the Moon" as they would say... Currently, I will admit that I do not understand the underlying demand for lithium. What I do know is that we are in a world of electrification and the rise of the Electric Vehicle and the use of Renewable Energy is just gaining pace. What I don't understand is the apparent depletion of supply. Surely, the ginormous resources of Brine Lithium is more than sufficient for any surge in lithium demand? As the market is making my thoughts amateurish everyday, I now look at projects such as this one with Pan Asia Metals with a different set of glasses. In my conversation with Paul Lock, it appears that the extraction of lithium from lepidolite may have improved. There may be arguments about the validity of the last sentence but what we all have to agree is that a potential of a lithium resources in Thailand's backyard is a big deal. The exit strategy is guaranteed for Pan Asia. From an investment perspective, a company with a market capitalisation of AUD20M with a potential lithium resource has got be of good value. The market for lithium is super hot at the moment and if the current market narrative is correct, this will get larger. Technically, the projects appear to be workable. A series of pegmatites which are bringing in Li at the low 1% grades is perfect. What the company needs is to drill extensively and get a resource out soon to give the market some assurance. Once this has been established, the company will present itself differently. Looking at the maps produced in the presentations and the websites, the geology looks good. The projection of the prospective resource is not overly marketed and I think being in this Tin Belt is very important. The belt runs for a long way and the presence of large granitoids indicate to me that mineralisation is abundant and consistent. No story has a clear run to the finish but I like those that have good entry and exit strategies clearly mapped out. Gratitude Patreon: This is a platform for supporting creators like me. Please consider helping out and pick your reward here: If you would spend some time and support Samso Insights, I would be totally appreciative. So please feel free to pick a reward, or simply chip in any amount that tickles your fancy :-) https://patreon.com/samsomedia Brilliant-Online: Our investment articles are also shared across Brilliant-Online magazine. Check out their investment column. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow If you find this article informative and useful, please help me share the information. I try to write topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. Download our eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

Rooster Talk Episode 37 with Ralph Winter, Director of Moho Resources Limited (ASX:MOH) Moho Resources Limited (ASX: MOH) updates us on the East Samson Dam. The journey to mining at East Samson Dam is now getting closer to fruition as the company works towards their first JORC resource. With the gold pricing repositioning for another move upwards, timing for Moho could not be better. In this Rooster Talk Episode 37, Ralph Winter shares with us what the company is doing on the exploration front and how they are focusing on making the mining of East Samson Dam a reality. The takeaway from this episode is that Moho is now valued at $8M and the company is about to make mining and hence self-funding a reality. With things looking positive here, this may be the time for investors to do some DYOR and consider MOH as a potential investment opportunity. Chapters 00:00 Introduction - What has been happening 01:47 Update on the JORC Resource 04:10 What Empress Spring means to Moho 05:39 When could you be mining at East Samson Dam 07:45 Investors like Moho even more as a low market cap explorer 08:38 How is the Burracoppin project? 11:35 Why the management is quality 12:32 New flow 16:36 The Nickel Chairman factor 18:00 Conclusion PODCAST About Ralph Winter Commercial Director, Moho Resources Limited Specialising in corporate affairs & finance, marketing & promotion and business development in both exploration and development companies, Ralph was involved in the listing of Trafford Resources Limited, Ironclad Mining Limited, Robust Resources Limited, Mineral Products. He is also currently a Director of Breast Cancer Care WA and Owner of Australian Remote Assistance. About Moho Resources Limited Silver Swan North The Silver Swan North project is located about 50km northeast of the regional mining centre of Kalgoorlie in Western Australia. The project covers approximately 55km2 and encompasses granted tenements within the Kalgoorlie terrane. Moho believes that the Silver Swan North project area is considerably underexplored and highly prospective for gold and nickel mineralization. Moho will focus on shear hosted and porphyry related gold mineralization and identifying komatiite-hosted nickel sulphide deposits. The Silver Swan North project sits on the eastern flank of the Kanowna/Scotia dome within the Boorara domain. The regional Mount Monger-Moriarty fault runs through the middle of the project area, which effectively straddles two major tectonic domains, the Kurnalpi terrane to the east, and the Kalgoorlie terrane to the west. Burracoppin The Burracoppin project is located within the Southwest terrane, the southwestern element of the Archean aged Yilgarn Craton in Western Australia. The project tenements consist of five granted exploration licenses and two exploration licenses under application covering approximately 480 sq. km. The Burracoppin project is located close to two regional shears and in particular on the aero-magnetic well defined north-south regional shear which is also associated with Tampia gold mine mineralization to the south. The operating Edna May mine is located approximately 22km east of the Burracoppin project area, in the Westonia Greenstone Belt. Empress Springs The Empress Springs Project is located 50 km to the south of the town of Croydon and comprises thirteen adjacent exploration permits with a total area of 2,889 km². The project is located about 25km due south of the town of Croydon and 700km west-northwest of Townsville in North Queensland. The Croydon Goldfield, which extends from north of the town, contained over 300 gold occurrences with historical production estimated at 1.2Moz of Au. The Empress Springs project is a joint venture with IGO Limited (IGO). Moho considers Empress Springs has the potential to host large Tier 1 gold deposits due to the presence of the intersection of significant interpreted structures within the tenements, some of which penetrate down to the earth’s mantle and are potential fluid flow paths and traps for mineralization, mafic dyke swarms reflecting major melting episodes, and coherent gold, antimony and bismuth anomalies coincident with the regional structures and gravity anomalies. 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. 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

Coffee with Samso Episode 42 with Ralph Winter, Commercial Director of Moho Resources Limited (ASX: MOH) The success of an exploration program is directly related to the courage of the money and the skills of the technical team. What do you think? Moho Resources Limited (ASX: MOH) is a gold exploration company with projects in Western Australia and Queensland, Australia. They have three projects, Empress Springs in Queensland, Burracopin and Silver Swan North in Western Australia. Silver Swan North: The Silver Swan North project is located about 50km northeast of the regional mining centre of Kalgoorlie in Western Australia. The project covers approximately km2 and encompasses X granted tenements within the Kalgoorlie terrane. Moho believes that the Silver Swan North project area is considerably underexplored and highly prospective for gold and nickel mineralization. Moho will focus on shear hosted and porphyry related gold mineralization and identifying komatiite-hosted nickel sulphide deposits. The Silver Swan North project sits on the eastern flank of the Kanowna/Scotia dome within the Boorara domain. The regional Mount Monger-Moriarty fault runs through the middle of the project area, which effectively straddles two major tectonic domains, the Kurnalpi terrane to the east, and the Kalgoorlie terrane to the west. Burracoppin: The Burracoppin project is located within the Southwest terrane, the southwestern element of the Archean aged Yilgarn Craton in Western Australia. The project tenements consist of five granted exploration licenses and two exploration licenses under application covering approximately 480 sq. km. The Burracoppin project is located close to two regional shears and in particular on the aero-magnetic well defined north-south regional shear which is also associated with Tampia gold mine mineralization to the south. The operating Edna May mine is located approximately 22km east of the Burracoppin project area, in the Westonia Greenstone Belt. Empress Springs: The Empress Springs Project is located 50 km to the south of the town of Croydon and comprises thirteen adjacent exploration permits with a total area of 2,889 km². The project is located about 25km due south of the town of Croydon and 700km west-northwest of Townsville in North Queensland. The Croydon Goldfield, which extends from north of the town, contained over 300 gold occurrences with historical production estimated at 1.2Moz of Au. The Empress Springs project is a joint venture with IGO Limited (IGO). Moho considers Empress Springs has the potential to host large Tier 1 gold deposits due to the presence of the intersection of significant interpreted structures within the tenements, some of which penetrate down to the earth’s mantle and are potential fluid flow paths and traps for mineralization, mafic dyke swarms reflecting major melting episodes, and coherent gold, antimony and bismuth anomalies coincident with the regional structures and gravity anomalies. I find Moho Resources interesting because they have a market capitalisation of just over AUD8M with projects that are grassroots but yet prospective. The nature of exploration has always been to seek projects and drill and create value for shareholders many times their investment. I like the management content on both the corporate and technical aspects. As many exploration geologists will agree, the level of success an exploration program will have is directly related to the courage of the money and the skills of the technical team. The fact that the company is lead by Terry Streeter, who has been the cornerstone of many success stories in this sector, is a good endorsement. Having the likes of Dr John Hronsky advising on high-level concepts are good cheat notes in this game. Dr Hronsky has been in this sector for a long time and I have had a few discussions on concepts and the ins and outs of exploration. I find his thinking very practical and again, he is from that famous exploration company called Western Mining Corporation Resources Limited (now part of BHP). Let me know what you think of the conversation. About Ralph Winter: Specialising in corporate affairs & finance, marketing & promotion and business development in both exploration and development companies. Ralph was involved in the listing of Trafford Resources Limited, Ironclad Mining Limited, Robust Resources Limited, Mineral Products. He is also currently a Director of Breast Cancer Care WA and Owner of Australian Remote Assistance. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please write to me through our contact page. About Samso

Coffee with Samso Episode 66 with Ralph Winter, Director of Moho Resources Limited (ASX:MOH) Moho Resources Limited (ASX: MOH) is another step closer to realising its ambition to mine East Samson Dam. As the junior mineral resource sector continues to blossom in the sunshine of happy investors, Moho Resources is gearing up to be a self-funded explorer. Work continues at the East Samson Dam project to provide technical guidance for their upcoming JORC resource. In this current episode of Coffee with Samso, Ralph Winter fills us in on what is happening with the company since our last Coffee With Samso Episode 42. Our conversation touched on: Drilling confirms consistency at East Samson Dam. Exploration work at Burracoppin has started and there appears to be some early success in vectoring mineralisation. Water samples form Empress Springs have shown to be effective in delineating mineralisation models. Ongoing exploration planning for the projects. “Moho’s exploration team continue to make excellent progress at East Sampson Dam. The initial phase 2 RC drill results extend gold mineralisation down plunge at the southern end of the prospect and highlight the potential to discover additional gold mineralisation at the prospect” - Mr Shane Sadleir, Moho Managing Director PODCAST About Ralph Winter: Specialising in corporate affairs & finance, marketing & promotion and business development in both exploration and development companies, Ralph was involved in the listing of Trafford Resources Limited, Ironclad Mining Limited, Robust Resources Limited, Mineral Products. He is also currently a Director of Breast Cancer Care WA and Owner of Australian Remote Assistance. About Moho Resources Limited Silver Swan North: The Silver Swan North project is located about 50km northeast of the regional mining centre of Kalgoorlie in Western Australia. The project covers approximately 55km2 and encompasses granted tenements within the Kalgoorlie terrane. Moho believes that the Silver Swan North project area is considerably underexplored and highly prospective for gold and nickel mineralization. Moho will focus on shear hosted and porphyry related gold mineralization and identifying komatiite-hosted nickel sulphide deposits. The Silver Swan North project sits on the eastern flank of the Kanowna/Scotia dome within the Boorara domain. The regional Mount Monger-Moriarty fault runs through the middle of the project area, which effectively straddles two major tectonic domains, the Kurnalpi terrane to the east, and the Kalgoorlie terrane to the west. Burracoppin: The Burracoppin project is located within the Southwest terrane, the southwestern element of the Archean aged Yilgarn Craton in Western Australia. The project tenements consist of five granted exploration licenses and two exploration licenses under application covering approximately 480 sq. km. The Burracoppin project is located close to two regional shears and in particular on the aero-magnetic well defined north-south regional shear which is also associated with Tampia gold mine mineralization to the south. The operating Edna May mine is located approximately 22km east of the Burracoppin project area, in the Westonia Greenstone Belt. Empress Springs: The Empress Springs Project is located 50 km to the south of the town of Croydon and comprises thirteen adjacent exploration permits with a total area of 2,889 km². The project is located about 25km due south of the town of Croydon and 700km west-northwest of Townsville in North Queensland. The Croydon Goldfield, which extends from north of the town, contained over 300 gold occurrences with historical production estimated at 1.2Moz of Au. The Empress Springs project is a joint venture with IGO Limited (IGO). Moho considers Empress Springs has the potential to host large Tier 1 gold deposits due to the presence of the intersection of significant interpreted structures within the tenements, some of which penetrate down to the earth’s mantle and are potential fluid flow paths and traps for mineralization, mafic dyke swarms reflecting major melting episodes, and coherent gold, antimony and bismuth anomalies coincident with the regional structures and gravity anomalies. 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. 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

Coffee with Samso Episode 44 with Sebastian Chang, Non-Executive Director, VIP Gloves Limited (ASX:VIP) Glove manufacturing is making many companies profitable and it is not just because of the COVID-19 pandemic The glove-making business is one of those sectors that does not call out for attention. The recent pandemic with COVID-19 has brought them out out of hiding and into the limelight. It is a simple business that is making many companies very profitable. This is not a common business in Australia, in fact, there is no other company on the Australian Stock Exchange that can call themselves glove makers. Malaysia is the market leader in the glove-making industry. The big four major producers, Top Glove Corporation Berhad, Hartalega Holdings Berhad, Supermax Corporation Berhad and Kossan Rubber Industries Berhad are world market leaders in this sector. In this episode of Coffee with Samso, Sebastian Chang, Non-Executive Director of the company shares with us the story of VIP and the business of Gloves Makers. Sebastian shows us that the business is not about the COVID-19 Pandemic but it is all about Occupational Health and Safety factors that are driving the business. Sebastian also highlights why he thinks the glove business will keep its course of high demand and growing sales. Profit margins will be sustained and the ASP (Average Selling Price) will continue to increase, but at a slower rate for the next 12 to 24 months. Please let us know your thoughts and send us any comment to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media, and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. About VIP Gloves Limited (ASX: VIP) VIP Gloves Ltd (“VIP”) is a public company whose shares are traded on the Australian Securities Exchange (ASX). Malaysia is the home to many of the world's largest rubber and nitrile glove producers. Over the past 10 years, Malaysia has grown to become the world's largest producer of rubber and nitrile gloves, accounting for over 60% of global glove production. VIP Gloves Limited was established in 2016 to manufacture nitrile disposable gloves from its plant located in Selangor, Malaysia. Currently, its products are sold to local and overseas distributors under original equipment manufacturer (OEM) basis. Holding strong to the Company’s core values, we ensure every continuous improvement efforts are undertaken beginning with research and development through to manufacturing and delivering the best quality gloves for our customers, hence best quality and smart choice. About How Weng (Sebastian) CHANG Non-Executive Director Member, Executive Committee (EXCO) Mr How Weng (Sebastian) Chang has over 25 years’ experience in the regional investment environment in Malaysia, in the areas of stockbroking, corporate finance, fund management and venture capital investments in Malaysia as well as in the Asian region. He also served as Chief Operating Officer and held directorships in several public listed companies and their subsidiaries. Sebastian is currently the principal and Chief Executive Officer of a boutique financial consulting firm which provides services to clients in the areas of public flotation, mergers and acquisitions, and corporate restructuring exercises. He was educated in Malaysia and USA and holds a Bachelor of Business Administration (cum laude) degree majoring in Finance & Banking, and Management. PODCAST 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 this Coffee With Samso 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 Samso. About Samso

Rooster Talk Episode 55 is with Nicole Galloway Warland, Managing Director - Thor Mining Plc (ASX: THR) Thor Mining is updating us on the Ragged Range and the Uranium projects. The scene is set for exploration to begin. Our first encounter with Thor Mining was in February 2021 at a Coffee with Samso - A Potential ESG compliant Copper-Gold Producer: Thor Mining Plc (ASX:THR) At that time, the current Managing Director, Nicole Galloway Warland was the company's Exploration Manager. The projects that were just being worked on then had just as much potential as the story. In this episode of Rooster Talk, Nicole gives us an update on the Ragged Range project which has a Lithium, Copper and Gold flair. The project is intriguing as it appears to have all three commodities in play. As Nicole begins to explain, the Ragged Range is very underexplored with potentials that have yet to be realised or sterilised. As the exploration work begins to take hold, news will be flowing and we'll be looking at a time for some serious work to be completed. Chapters 00:00 Start 00:20 Introduction 01:19 Update from Nicole. 02:10 Ragged Range 04:52 What has the historical information taught you about Ragged Range. 06:17 The Uranium and Vanadium update. 08:16 A well known Uranium and Vanadium area. 09:15 The acceptance of Uranium and Implications. 10:35 Uranium and the "No Emission" world. 11:24 Conclusions PODCAST Download this eBook This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Nicole Galloway Warland Managing Director, Thor Mining Plc (ASX:THR) Geologist Nicole Galloway Warland has worked in the mining and exploration industry for more than a quarter of a century in Australia, Eastern Europe and South America since graduating from Sydney’s University of Technology. Nicole's experience spans grassroots exploration through to project evaluation, encompassing both open cut and underground mining, with a focus predominantly on gold, copper-gold, base metals, nickel, uranium, and lithium. About Thor Mining Plc (LON:THR and ASX:THR) Thor Mining PLC is an exploration and development company with an advanced tungsten/molybdenum project poised for development, and exciting copper and gold projects, both advanced and early stages, with the potential to generate significant investor value. Thor also holds an advanced tungsten/molybdenum project ready for development. Thor has projects in Australia in the Northern Territory, Western Australia, and South Australia. Thor also owns the Pilot Mountain tungsten project in Nevada USA, and uranium and vanadium exploration claims in Colorado and Utah. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au Samso creates compelling stories and content giving real insights from business leaders of ASX companies and private businesses that matter to the investment community. 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 Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Partnership Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 128 is with Doug Grewar, CEO of Emu NL (ASX:EMU). The Emu NL story is an example of a very early stage but highly prospective project. This story has been and is still flying under the DYOR radar screen of many investors. Investors are always looking for that undervalued company, and if the management for Emu NL is true to their intentions, this could be the one. When I looked at their projects, it reminded me of my first Coffee with Samso with Venture Minerals Limited. The similarities are that both companies are diversified mineral explorers with projects that have true prospectivity. Mineral Exploration is all about having two key components: 1) A good technical story 2) A management that is in tune with the story of discovery. Emu seems to have been flying under the radar screen and this may be a good time for interested punters to do some serious DYOR. Doug brings us great insights into the projects within Emu NL. As this is at the high end of risks in a mineral explorer, I think this is worth a look. The projects are in new frontier land and it will not take a lot to give it value. The old game of high risks, high returns. Get ready to take notes here and make some exciting discoveries about a relatively unknown and undervalued mineral explorer. Chapters 00:00 Start 00:20 Introduction 01:11 The history of Emu NL. 02:57 The Badja story, gold, tungsten and base-metals. 06:31 Tungsten and what it may mean for Emu. 08:25 More refined Geophysics in the future? 09:38 Sunfire and the Julimar-style potential. 12:54 The Sunfire potential confirms Emu's excitement. 14:15 The plate margin story. 15:21 Viper and its potential. 17:04 Graceland Project - Wheatbelt story. 20:27 8 Mile Dam Project - Nickel Sulphide Story. 22:11 How are the money people taking the Emu Story? 23:58 Market sentiment and Cash position for Emu. 25:38 The long game of mineral exploration is the only game in town. 25:50 Going back to the Badja project - the Base Metal potential. 27:50 Tungsten grades are worth noting. 28:57 News flow in the next 12 months. 30:01 Review of the projects. 31:40 Conclusions PODCAST About Doug Grewar CEO Doug is a highly experienced ASX listed company Managing Director and CEO in mining services and civil construction. A successful strategic business leader with broad resources industry background, Doug is also a Senior Executive in mining, mining services, civil and construction materials sector. He is responsible for both open cut and underground mining projects throughout the Australia Pacific Region in coal, iron ore, gold, base metals, precious minerals. He has executive management experience in civil construction and construction materials, concrete and quarry industries. As Managing Director CEO, his experience is in both mining services and mining business with exposure to mineral exploration, extraction, beneficiation and marketing. Doug is a passionate advocate of the mining and mining services sectors. He has achieved success through the development and leadership of teams and the efficient use of capital and assets in operations. During the the past 4 years he has fulfilled a number of senior roles including Managing Director CEO, General Manager, Registered Mine Manager and Project Director in operations improvement, mine cost reduction, business restructure and recovery. About Emu NL (ASX: EMU) Emu NL (ASX: EMU) is a highly active Australian resource exploration company focused on new discoveries which have the potential to add significant value to investors and shareholders. In September 2020, following an extensive project generation phase and due diligence, EMU acquired “Gnows Nest”, a near production gold project which includes the historic high grade Gnows Nest Gold Mine, near Yalgoo in the Murchison Region of Western Australia. The project is situated 27 kms north west of the Scuttles Golden Grove mine, a base metals and gold project that has been operating for 30 years. Emu also acquired 3 exploration projects in Southwest Western Australia. The package of projects which include Sunfire, Viper and Graceland have a strong history of lead up exploration or historical mine workings and are highly prospective for Copper, Nickel, PGEs and Gold. 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 stories are also featured on Brilliant-Online. Read their investment column and subscribe to Brilliant-Online so you don't miss a beat.

Mining HQ Podcasts Ep. 1 - 00:41 Samso debuts this podcast with Mining HQ by introducing what Samso does. Noel also reveals his favourite stocks: GAL – Good exploration project, nickel. RIE – Good project in the US. High grade gold in Arizona. HCH – Big copper play in Chile. BSX – A more producer style company in nickel, downstream and in Vietnam. CYM – Copper play in Australia. Looking to produce copper in 2022. Tune in to : Also don't miss out on: Or go to 00:41 - https://open.spotify.com/episode/4FMI7L5HFosFEvZ5o5vjEE Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

It is not an easy task to work through a market that is dealing with the fourth most commonly used commodity, globally.  Trying to decipher what is a “play” and what is “real” is another scale up in difficulty especially in ASX (Australian Stock Exchange). Making a list of “interesting” companies is an even harder task. When you take away the big players who are in the sector, there are not too many that stands out.  There are a lot with projects that are more a product of the rush to get a zinc project into the company to attract funding a while back.  Unfortunately, they are now stuck with it as the price surge did not happen.  Now with China officially in a slow down pattern, I can not see the price surge happening.  They will be lucky to get a price that is reasonable. I have selected a few that I know of from previous dealings and some that I have discovered while researching for this blog.  I must say there are a lot more companies than I thought.  There are a couple of companies that I like, but I have had to do them separately as there was too much detail.  I will post those shortly. Venturex Resources Limited (ASX: VXR) Venturex Resources is the closest small-cap company that may get into production.  I do realise that it is more a Cu project than a Zinc mine, but it is the closest that I can find in regards to a small-cap ASX listed company.  However, they do have a reasonable resource number for Zn.  The other companies out there are either exploration or just doing up their resources, and it will be still a while before there is confirmation on absolute resource number. The Sulphur Springs Deposit shows typical VMS morphology with a copper-zinc rich, massive sulphide lens that is underlain by a copper-rich stringer zone up to 50m in width. Mineralisation has been drilled over a strike of approximately 500m and to a depth of about 400m below the surface. Drilling below 400m vertical is sparse offering excellent exploration upside. Sulphur Springs has a JORC compliant resource if 17.4 MT of 1.3% Cu, 4.2%  Zn and 17 Ag/t. The company has outlined a 12-year life of mine to produce 12,000tpa Cu concentrates and 32,000tpa  of Zn concentrates.  A pre-tax NPV of AUD338M with a payback of 2.6 years. In October 2018, the company made a presentation on the financial result of the Definitive Feasibility Study. I was a shareholder recently and sold out to relocate my investment.  My original intention for the investment was for Sulphur Springs, but the stock went on a different course with the Pilbara Conglomerate gold rush.  I do feel that this is still the main game.  The only issue I think is the size and the shareholding as Northern Star Resources Limited is a 19.0% shareholder.  In my opinion, the reluctance of a  giant to throw lots of money into the production seems to be a sign of the quality of the project.  That is my opinion. In saying that, I am sure this will be interesting for the ASEAN investors, especially the ones to the northern parts. Corporate Information Market Capital:  44M Outstanding Shares:  239.9M (06/2018) Top 20 Shareholding:  60.7% Trek Metals (ASX: TKM) The Kroussou Project consists of one Exploration License, G4-569, covering approximately 1,500 square kilometres located in Ngounié Province, western Gabon, 220 kilometres southeast of the capital city of Libreville. Recent drilling has uncovered up to 15.2% zinc and lead at Dikaki, with Trek planning to release an exploration target for Kroussou in 2019. On the 20 November 2018 , the company announced some decent results from their Dikaki project. There were intercepts of 24.5% Zn to as high as 32.6% Zn This company has a small minimal market capitalisation, and if they do find more decent intercepts, I think this may be a fair punt.  The intercepts are not very wide, but I think its still early days. There are some encouraging 7m intercepts which are good.  The issue will be how much cash do they have and will they be able to stay away from political issues that are common in Africa. Corporate information Market Capital:  4M Outstanding Shares:  312.3M (06/2018) Top 20 Shareholding:  53.6% Terramin Australia (ASX: TZN) Terramin holds a 65% shareholding in WMZ, with the remaining 35% owned by two Algerian government-owned companies: (32.5%) and Office National de Recherche Géologique et Minière (ORGM) (2.5%). The Project is on the Mediterranean Sea, 15km from the regional city of Béjaia, on the northern Mediterranean coast of Algeria.  The town of Béjaia provides extensive infrastructure including an international airport and deepwater port. Location benefits include grid power, abundant water and proximity to European zinc smelters. The Tala Hamza deposit holds a Resource of 68.6Mt (Measured, Indicated and Inferred) at 4.6% zinc and 1.2% lead at a cut off of 2.5% zinc equivalent (inclusive of Probable Reserve). The deposit is within the Oued Amizour permit area that covers 125 square kilometres and includes some potential additional prospects for lead-zinc and copper. Corporate Information Market Capital:  224M Outstanding Shares:  1869.2M (06/2018) Top 20 Shareholding:  89.4% (2017) Todd River Resources (ASX: TRT) Todd River Resources holds an extensive exploration portfolio of tenements in the Northern Territory.  The company is exploring for base metals and gold. Currently, the Company is focused on expanding the mineralisation identified in mid-2018 at the Mt Hardy zinc-copper Project north-west of Alice Springs and has an aggressive exploration program planned into 2019. Also, the McArthur and Rover Projects are highly prospective, and both will be advanced during 2018 and into 2019.  However, the recent news has been the high-grade intercepts coming out of the Mount Hardy project.  The company quotes the project as a Cu-Zn project, and the recent announcement on the 29 November 2018 highlighted the interception of sulphide mineralisation.  One of the holes had 21 metres of brecciated sulphide. XRF values from of 3.9%Zn over 22.50m is impressive.  They reported some zones going up to 10.2% Cu and 32% Zn. The results are from pretty deep down. So there will be some more work required. What is more interesting for me was the partnership with S2 Resources Limited (ASX:  S2R).  Dr Mark Bennett will join the Todd River Board, and I am sure that will inject a lot of value to the company.  The announcement was on the 22 November 2018 . Todd Resources will be worth keeping on the watchlist. Corporate Information Market Capital:  11M Outstanding Shares:  66.3M (06/2018) Top 20 Shareholding:  36.2% (2018) Red River Resources (ASX: RVR) Red River Resources’ Thalanga Zinc Project consists of the Thalanga Mill and base metal deposits at West 45, Far West, Waterloo, Orient and Liontown, located about 65km southwest of Charters Towers in central Queensland. Production of metal concentrates at Thalanga Zinc Project recommenced in September 2017 after a five-year hiatus. Thalanga is producing zinc, copper and lead concentrate with off-take agreements in place with Glencore (copper) and Trafigura (zinc & lead) for three years. Corporate Information Market Capital:  83M Outstanding Shares:  489.9M (06/2018) Top 20 Shareholding:  46.3% (2017) New Century Resources (ASX: NCZ) New Century Resources (ASX: NCZ) is an Australian base metal producer that has restarted the Century Mine in Queensland with the aim of becoming one of the world’s top 10 zinc producers. New Century acquired the Century Mine when it ceased production in 2016 and has executed an economic rehabilitation plan comprised of upgrading the mine’s existing world-class infrastructure. This rehabilitation was completed in August 2018 when the mine successfully entered production. New Century Resources is initially focusing on the existing ore reserves to produce zinc in the lowest cost quartile globally.  Substantial mineral resources exist on the mining leases which will provide a significant opportunity for mine life extension and metal production increases from the mine’s operations. The company had the first shipment of 11,000t of zinc concentrate to China. The company has reserves of 2.3Mt zinc and 29.7Moz silver (77.3Mt at 3.1% ZnEq)  The projected mine life is 6.3 years based on the Reserves only. Corporate Information Market Capital:  365M Outstanding Shares:  504M (06/2018) Top 20 Shareholding:  59.6% (2018) Ironbark Zinc (ASX: IBG) In my research, I found this company, and I was very intrigued by the information.  I do wonder how this project will get developed, but the numbers are imposing so if they get this project up, I am sure it will be a good value adding exercise for the shareholders. Ironbark Zinc is aiming to develop its 100%-owned Citronen zinc-lead project in Greenland, which has a significant resource of 132Mt at 4.4% zinc and lead – equating to about 12.8 billion pounds of zinc. The Citronen Zinc-Lead Project represents one of the world’s most significant undeveloped zinc-lead resources with a resource of more than 13 billion pounds of contained zinc and lead metal. The project is located in northern Greenland, a self-governed part of the Kingdom of Denmark and has a low level of sovereign risk. To date, there has been more than 67,000m of diamond drilling at the Citronen Project. Citronen is a sedimentary exhalative (SEDEX) deposit- a potentially large type of deposit. The mineralisation at Citronen starts from the surface, is flat lying and is currently open in almost all directions. The deposit is adjacent to a deepwater fjord that may provide near mine ship docking and loading opportunities. In September 2017, the company released the following information , Highlights of the Feasibility Report included: NPV8: US$1,034  Million (US$909M post-tax*) IRR: 36.0% (35% post-tax*) Capital Cost: US$514 Million** Large Scale Production: 3.3Mtpa Mine Rate/Production up to 200,000tpa zinc metal Site Cost: US$0.52/lb Zn (Payable, Net of by-product credits)*** Mine Life: 14 years (open-ended and with further inferred resources that could potentially be converted to reserves) Life of Mine Revenue: US$6,364 Million Life of Mine Operating Costs: US$3,025 Million Life of Mine NPAT: US$1,836 Million* The current JORC 2004 compliant resource for Citronen is: Corporate Information Market Capital:  21M Outstanding Shares:  638.2M (06/2018) Top 20 Shareholding:  43% Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso

I have always said, the best way to find yourself a gold mine is to spend money and explore.  Exploration success will only come from persistence and belief in your team.  When I first read about the Bellevue Gold Project, I was wondering how this has come about?  Initially, I dismissed the results as directors holes… However, this quickly changed to “How do people find these kinds of things ?”.  I mean this is an excellent project, and yet it is still discoverable… The Facts: The Bellevue Gold Project (Bellevue Gold 100%) A Forgotten Treasure . Historic Bellevue Gold Mine was one of Australia’s highest grade gold mines producing around 800,000oz @ 15g/t gold.  The Bellevue Mine is approximately 40km north-east from the small mining town of Leinster (370km north of Kalgoorlie).  The Bellevue mine was closed in 1997 after producing high-grade gold for over 100 years.  After it was closed in 1997, very little to no exploration was conducted within the project area. The mine is in the Yakabindie Domain of the Agnew-Wiluna Greenstone Belt, at the south end of the Mt Goode Basalt. Gold is in plagioclase-phyric tholeiite metabasalts. Gold is in a north to north-west trending, westerly dipping, shear zones, and associated with quartz veins and breccias. The gold is associated with massive to disseminated pyrrhotite, with minor pyrite and chalcopyrite. Free gold is rare. Draig Resources Limited acquired the project in August 2016 from Golden Spur Pty Ltd for shares, cash and a capped royalty. The details of the acquisition are in the ASX announcement dated 22 August 2016 . Draig Resources Limited changed to Bellevue Gold Limited (ASX: BLG),  on the 25th of July 2018.  There was no management change over this transition period, and Steve Parsons remained the man in charge. Some historical facts on the Bellevue Gold Mine The mine has a long history with some interesting points. I have found the information from www.mindat.org , and a summary is listed below, Started in 1897 and owned by Queen Margaret Gold mines NL and Spargos Exploration NL. Discovered in 1895 by Toombs, O’Reilly, Parker and Dightman which were a group of prospectors from Cue.  They found some minor alluvial and near surface gold and eventually sold the property to Forrest, Emanuel and Co. for 4,000 pounds. Bellevue Propriety Limited became a public company in 1896. The company was reconstructed several times and eventually called Bellevue Limited in 1912.  The project at this time, comprised of 40 heads. The gold was mined from a north-south trending body of laminated quartz and schist with variable values. Below the oxidised level, pyrite carried virtually all the gold. Copper represents one third to one-half of the contents of the mine.  This combination caused significant problems with treatment in the early day. The problems with the treatment proved to be the reason the original company ended. There was a considerable amount of gold left in the sands. The workings reached 400 feet down, where the Highway Fault cut the mineralisation. After the company abandoned the mine, the property was taken up by Claude de Bernales and entered a period of idleness. This behaviour is not unusual for Bernales’ mines, as he was often more interested in speculation than mining. Modern mining at Bellevue S. Shiel of Lawlers applied for the lease in 1920. The plant at the mine was sold and removed from the project area in 1923. Only in the gold boom of the 1930s did activities returned to the area.  New techniques became available to help recover the gold from the sands, and sulphide ores led to the reopening of the mine. In 1933, a  C. McKeown took option over the mine and at that time had 18 leases.  Bellevue Amalgamated NL formed in Sydney in 1935. The nest reported activity was in 1952 and at this time, the owner was an A. Peter, F. Dawson, and A. Greengrass. A total of 884 ounces were recovered. One batch of 100 tonnes recovered 484 ounces of gold at a grade of 154g/t. Beach Petroleum NL sold half its interest in 1995 to the unlisted Western Gold mines NL for AUD$3.75 million, and the mined closed two years later. Since that period, the mine has seen several owners with little more than exploration including Barrick Gold after the mine closed, Siberia Mining Corporation Ltd 2004, Hodges Resources Ltd 2007, Monarch Gold 2008, and probably others since. Historical Gold Production (Including 10,225 ounces of silver.) Pre-1907 – 211,751 tonnes of Ore for 108,107 ounces of gold (16.34g/t) 1907 to 1911 – 26380 tonnes of ore for 21,362 ounces of gold (25.91g/t) Something Interesting. At 10:15, on the 06 December 1988, a Mitsubishi Mu-2B-60 Marquise aircraft crashed at Sturt Meadows Station, 55 kilometres west north-west of Leonora, while taking mine workers from the Bellevue Gold Mine to Kalgoorlie. All ten on board were killed. Investigations determined ice formed on the aircraft causing it to stall and go into a spin. It was the worst aircraft accident for fatalities in Western Australia for the previous 20 years. How Exploration Found More Gold. As far as I understand, two items make this project interesting. Firstly, there was an understanding that the previous orebody had been cut-off by a fault and the remaining “ore-body” were displaced. Secondly, the gold is associated with pyrrhotite.   One of the characteristics of pyrrhotite is that it is magnetic which meant that you could use tools such as electromagnetic geophysical techniques.  So it makes it easier to find. The company used these parameters to mould a systematic exploration program to seek further mineralisation.  Exploration is a simple process of believing in your model, planning your tests and making sure all research is thorough and of quality.  In this game, quantity is not your best friend.  Again, understanding the structure is of utmost importance and I will state again, this was something that I missed in my undergrad time… 🙂  I learned all about structure when I started working realising all these real geologists were always talking structure.  A presentation in May 2017 laid out the exploration plan in that early stage.   I learned that structure is an exploration geologist best friend. First Principals of Exploration On the 7th of August 2017, Draig Resources announced several geophysical targets had been identified and will be tested after reviewing historical data.  If you have read the announcement and had no prior knowledge of the project, you would think that this was your typical garbage that a company puts out at this stage of a project.  I will admit that if I had read that, I would have thought the same.  How many times over the years have I read about a group of people going into an old mine and saying we are going to find more…etc The next release on the 18th September 2017 was not very exciting however the one on the 16th November 2017 came up with several eye-catching numbers.  Another announcement followed on the 20th November 2017. It would be sufficient to say that from this point, the journey to the magical 1M oz target would take the dramatic turn for the better.  The company went on to discover several lodes which comprised together to give the company a 1M oz gold resource. I am assuming that when you have looked at the presentation and some of the announcements, you would have realised that the simple process of smart exploration and making sure there is enough funding to do this lead to the discovery of all the deposits.  The most important part is to have a champion or a good guide.  That person I assumed would be Steve Parsons… I hope… Resource Currently, the Bellevue Gold project has a JORC Inferred Resource Estimate of 2.6 Mt @ 12.3 g/t gold for 1,040,000 oz.  The resource includes an Inferred Resource of 0.8Mt @ 22.0 g/t for 550,000 oz for the Viago Lode.  There is a comprehensive presentation that was posted by the company on the 22nd October 2018. The series of diagrams below illustrates how closely related the multiple lodes are in relation to each other spatially. I have to say that looking at the spatial relationships of the ore bodies, I do feel that there must be more to find.  I don’t believe in random events…  I think if you encounter smoke and there is enough of it, there must be a mother of a fire storm. My Thoughts as an Investor The transaction was in late 2016, and I believe that Draig Resources was around 2c.  Now today, 15th November 2018, the stock is at 46c.  If I were an investor, I would be pleased.  Who would not be happy?  In my case, I learned of this project late and was not involved in any investment opportunities with the stock.  However, I am toying with the idea of buying some? My views are hindsight investment, so we all know how beautiful this kind of investment turns out.  However, I will try to be logical. In this case, I do see my 3 point test which is as follows, The flagship project has lots of legs and does not cost to explore, e.g., not in PNG or South America, not in Africa. There is a good driver of the project.   What I mean is there is a guy that will champion the cause. There is a character or a group that has good financial backing, a good record of raising money or delivering the funding when required. Those three points, if passed, will always deliver excellent results unless there is a technical failure or something like a tsunami comes along and brings down the uranium price from USD$70+ to the low USD$20.  The last part is a personal experience :-). Company Facts (As of 14th November 2018) Shares on Issue:  ~447M Market Capitalisation:  ~AUD208M My Thoughts In the world of exploration, there are not too many things that you can hang your hat on when you are looking at a grassroots project.  You get all your euphoria from old stories, old literature and what people have said. You follow your hunch, and with research on historical data, you come up with this great idea that there is a place to spend some money.  When you have discovered this place, you will go and convince all the money people that you have a great idea.  This process is that simple in a short story way, so you as the geologist or promoter need to have some very compelling truths. I am sure when Draig Resources took on the project, they would have had a good idea on the prospectivity of the place already.  It’s just the way it works.  Whether the whole process hangs together will be up to who I call the flag bearer (in this instance, its Steve Parsons) and the money.  If you have the two, you got all the chance to make the story work. Currently, the results are spectacular, and I am sure it will get better.  What is the difference with this project is that there has not been any modern work done on this project for 20 years and if you take it further, there have not been the technological advances since its discovery in 1895 or 1897?  There are not too many of these kinds of stuff around, and I praise the guys at Bellevue to have taken the initiative to get this project.  It is always good to see how to do this kind of project the correct way. Do I like the project? I like the project and what the future holds.  Looking at where the new lodes are, you got to think about how many more could there be? It reminds me of the Kundana province where Northern Star is continually finding more gold.  Here at Bellevue, they are only at 1M oz.  There have been up to 5M ounces mined at Kanowna Belle since 1994 and Kundana had had up to 4M ounces mined already. Do I think that there could be more gold discovered,  all I can say is why not?  Remember that at Kundana, Northern Star recently relooked at their database and went and found themselves another 1M+ ounce of gold.  The discovery was in amongst an area that was densely drilled by Barrack (I think).  I believe that the endowment of the entire Yilgarn goldfields. I have always said that this Norseman-Wiluna greenstone belt is 1,600km long.  Imagine it as one great big mineralised fault.  Do you think there are no more mines???  My money says that there are still elephants to be found and what if those found are only the baby elephants. What are the potential Issues? Issues are elementary. No further resource upgrade. – Could happen but they already got a 1M oz resource that sits nicely in their asset drawer currently. There is a metallurgical issue? – Possibly the only problem that I could think of that may put a spanner in the works. I have not seen any info that may create an issue.  They have released some information on the metallurgy, and it appears to be positive. The gold price tanks. – Unlikely with all the smart Wall Street executives pumping out more credit default swaps look-alikes than in 2007. Natural disaster – Possibly, there was an earthquake in Kalgoorlie a few years back. But I would instead put my money on a horse than a natural disaster happening on a scale that would be devastating to the mining industry in this area. Conclusion I look at this in a straightforward manner.  There is now 1M ounces of gold on the table.  There is no reason to doubt that the guys on the Board are smart guys.  A margin of say AUD$200/oz means that you are looking at AUD$200M profit. A gold price of AUD$1600+ and an AISC of AUD$1400 is being very conservative I think.  So that profit margin could double easily to AUD$400/oz which would make it AUD$400M profit or more.  However, I do believe that in Australia, an AISC around the AUD$1200 is minimum. The geology looks good, and they will probably find more ounces which will mean more positive news, I would be assuming.  Now that the company is travelling well with a healthy share price and plenty of cash in the bank, I think in the short term, we will see a rising market capitalisation.  Steve Parson is a proven guy, and the Board is well versed with this game. They have plenty of ground to support future growth in resources. One other possible outcome is the consolidation of projects/companies.  The merger of Silverlake Resources and Doray Minerals and Ramelius Resources failed attempt to make a play for Explaurum Limited and its Tampia Gold project , and subsequently, Alkane taking a stake in Explaurum is a sign that someone may make a play for Bellevue.  Consolidation of projects such as this is not uncommon.  I would think that the big companies such as Northern Star, Barrick, Newcrest…etc will be waiting in the wings for the opportunity.  When that happens, I am sure the value will go much further than what it is now. Also Check For :- Malaysian Artistic Talent with Soul and it’s Not 1MDB. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso