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Piche Resources Gears Up for ASX Listing with Ambitious Uranium and Gold Projects West Australian explorer Piche Resources is set to debut on the ASX on June 7, 2024, after raising A$9 million in a successful IPO. The company is advancing its high-potential uranium and gold projects in Western Australia and Argentina, positioning itself to capitalise on soaring commodity prices. Piche’s strategy includes fast-tracking exploration at the Ashburton uranium project and Sierra Cuadrada uranium and Cerro Chacon gold projects. Investors interested in uranium and gold exploration should keep an eye on this rising player in the mining sector. Sign up for your membership on Samso Insights on Patreon to read the full blog. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Newmont Corporation is positioning itself to transform the gold industry in ways similar to how Google revolutionised technology. With industry-leading reserves of 135.9 million ounces of gold and major acquisitions like Newcrest, Newmont has become the top global producer of gold and copper, operating across nine countries. The company’s integration of cutting-edge technologies like AI, automation, and blockchain is streamlining operations, increasing safety, and reducing costs—parallels to Google’s technological innovations in search engines. With a forward-thinking leadership team and a clear vision for growth, Newmont’s innovative approach could indeed make it the “Google” of the gold industry. This blog is a must-read for investors interested in how technological advancements are reshaping traditional industries and why Newmont is a standout opportunity. Sign up now to read the full blog. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Coffee with Samso Episode 196 is with Matt Szwedzicki, Managing Director of West Cobar Metals Limited (ASX: WC1) In my first conversation in June 2023 with West Cobar Metals Limited, I noticed the amphibolite basement for the Salazar project and asked how this could affect the mineralogy of the project. With nearly 12 months of work since that time, the benefits of the Newmont deposit are now coming to light. In this episode of Coffee with Samso, Matt Szwedzicki shares with us the potential multi-commodity aspect of the Newmont deposit. The company has come a long way in substantiating its view on the new strategy in bringing light to the Titanium and Scandium part of the flow chart. This is an unfolding story and credit goes to the management for looking at the alternative value of the Newmont project. The increasing tenure of the project means that the protection of the potential value adding process is now in safekeeping. The potential extension of the amphibolite is now for West Cobar Metals to discover and if the Scandium and Titanium strategy holds ground, the shareholder value will be very interesting. Time will tell, but at least it is up to the company to find it. Samso's Conclusion I have been fascinated with the West Cobar story as it is the only Rare Earth project that I have come across that has a amphibolite basement, or rather, one that has a non-granitic basement. This stands out even more when you know that the Esperance region does not appear to have an equivalent. When I first talked to the company, I posed the question to management, what is the significance of the amphibolite? Does it come with other commodities (at that time they had a HPA resource sitting on top of the Newmont project)? There is now a pathway for the company and it will be interesting where this leads to in terms of shareholder value. The scandium story is very interesting as I have had some experience of that sector nearly a decade ago. If you watch the video and listen to Matt when he talks about the Scandium pricing mechanism, it is a revelation. For once, we have a market that is priced so high that it needs new supply to bring the pricing down so that it can create more supply and more use. It is not a matter of lack of demand, but that the sector needs supply. When you think about what the implication will mean, the opportunity for shareholder value adding is enormous. Chapters: 00:00 Start 00:20 Introduction 01:23 Update from Matt 01:43 More ground for Salazar 01:56 An updated exploration target 02:22 Realisation that Newmont is different 02:40 The Titanium Factor 02:59 Titanium Exploration Target 03:06 Presence of HPA 03:30 Flow Sheet 04:52 Titanium Mineral Study 06:05 What about this Scandium in Salazar? 07:32 Is Newmont more of a Critical Minerals project as opposed to a Rare Earth project? 09:02 Is there enough volume for the other commodities to be economical? 10:47 What triggers should investors look for to take a position in companies like WC1? 12:55 All about Scandium 14:40 Why is Scandium exciting? 15:43 The high pricing of Scandium. 16:41 Supply bottleneck may be changing 17:50 US Defense Department looking out for Scandium 18:24 Solid oxide fuel cell use of Scandium - green fuel transition 19:13 Where will the new mines come from - reasons why Newmont is the front runner 19:46 Newmont may have a potential positive metallurgical pathway 21:17 High grade vs. normal grade of Scandium 22:48 News Flow 24:43 A Natural pivot for WC1 25:49 Last words from Matt 26:57 Conclusion PODCAST About Matt Szwedzicki Managing Director Matt Szwedzicki has over 20 years of corporate and commercial experience, having worked in senior leadership roles with a focus on M&A, corporate growth and investment strategy. Matt co-founded and is the Managing Director of Spark New Energies, an energy company with its main assets in the UK. Prior to that Matt held various executive corporate and commercial roles in the energy and resources industries. About West Cobar Metals Limited (ASX: WC1) West Cobar Metals Limited (ASX:WC1) is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. The Salazar REE Project The Salazar Project comprises granted tenements E63/1469 and E63/1496 located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep water port of Esperance (Figure 1). In terms of geological setting, it is situated in the eastern part of the Proterozoic Albany-Fraser Orogen, east of the Biranup and Fraser Zones, straddling the Heywood-Newman Shear Zone and Nornalup Zone. REE mineralisation at the Newmont deposit (E63/1496) is hosted by in-situ regolith over Proterozoic-aged basement rocks. A geological model has been proposed by Salazar Minerals whereby granites containing REE carbonates and other REE minerals are the source rocks for secondary REE mineralisation in the overlying saprolite profile. Mineralogical studies have indicated that the saprolite targets contain fine-grained secondary REE-bearing phosphates. Newmont Mineral Resource Salazar Minerals was one of the first companies to appreciate the potential for clay REE deposits in Australia. The tenements were first acquired in 2011 (granted in 2012) with the private company carrying out several aircore drilling programs to test for REE mineralisation. In total 165 aircore and RC holes for 6393m have been drilled within the tenements, leading to the discovery and delineation of the Newmont deposit. ​CSA Global ("CSA") was engaged by Salazar Minerals to estimate a Mineral Resource for the Newmont deposit in 2015. CSA estimated an Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off) in accordance with the JORC Code (2012). The Newmont deposit also hosts an Inferred Mineral Resource of 31.2% Al2O3 (15% Al cut-off) in accordance with the JORC Code 2012 (Table 2). The high-grade alumina within kaolin-rich zones has potential to be feedstock for production of high purity alumina. ​Lab test work demonstrates that this material shows high leach extraction and high purification grades to produce 99.99% (4N) High Purity Alumina (HPA). O’Connor Prospect The Salazar Project also includes the O’Connor prospect (E63/1469) which is located 10 kms to the south-east of the Newmont Deposit. The O’Connor Prospect has 32 vertical holes drilled for a total of 901 meters. Some of the drill intersections at O’Connor include: ​ SAC160, 19m @ 1939 ppm TREO + Y2O3 from 8m SAC161, 20m @ 2392 ppm TREO + Y2O3 from 7m SAC162, 19m @ 1350 ppm TREO + Y2O3 from 17m SAC179, 9m @ 3258 ppm TREO + Y2O3 from 14m SAC178, 10m @ 1586 ppm TREO + Y2O3 from 10m SAC188, 23m @ 1454 ppm TREO + Y2O3 from 16m SAC157, 17m @ 1186 ppm TREO + Y2O3 from 15m SAC159, 12m @ 1110 ppm TREO + Y2O3 from 8m Newmont Metallurgy & Studies Technical work on the deposit has involved reputable institutions including the CSIRO, the University of Western Australia and the University of Newcastle and mineral processing firms Nagrom and Amdel. Early metallurgical studies and characterisation testwork show the REE clays are amenable to acid leach processing Magnet rare earths (MREO) - Neodymium, Praseodymium, Dysprosium and Terbium concentrations up to 25% Heavy rare earth (HREO) concentrations up to 30% Critical rare earth (CREO) concentrations up to 37% Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south-southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Exchange-traded funds (ETFs) have gained significant traction among Australian investors in recent years. Offering a diversified portfolio of assets, ETFs are traded on stock exchanges much like individual stocks, making them an accessible and versatile investment vehicle. The ASX ETF market has over A$190 billion in funds under management (FUM) as of April 2024, a stark contrast to less than A$10 billion a decade ago (Figure 1). There are currently 341 ETFs listed on the ASX with over 2 million investors holding ETFs in their portfolio. However, like any investment, ETFs come with their own set of advantages and disadvantages, which this article will be tackling. Figure 1: Australian ETP trends (Source: ASX) Advantages of ETFs One of the primary benefits of ETFs is diversification. By investing in a single ETF, investors gain exposure to a broad range of assets, which can include stocks, bonds, or commodities. This diversification can mitigate risk, as the performance of the ETF is not tied to a single company or sector. For instance, the SPDR S&P/ASX 200 ETF (ASX: STW) provides exposure to the top 200 companies listed on the ASX (Figure 2). Figure 2: Excerpt from SPDR S&P/ASX 200 ETF Factsheet (Source: ASX) This broad exposure helps investors avoid the pitfalls of putting all their eggs in one basket, thereby spreading risk across various assets. ETFs also offer liquidity and flexibility. Since they are traded on exchanges, investors can buy and sell ETF shares throughout the trading day at market prices. This intraday trading capability allows for timely entry and exit points, which is advantageous compared to mutual funds that are priced only at the end of the trading day. This liquidity makes ETFs particularly attractive to active traders and those looking to take advantage of short-term market movements. Cost-effectiveness is another significant advantage. ETFs typically have lower management fees compared to mutual funds, making them a more cost-efficient way to diversify a portfolio. For example, the Vanguard Australian Shares Index ETF (ASX: VAS) boasts one of the lowest expense ratios in the market, making it an attractive option for cost-conscious investors (Figure 3). Figure 3: Vanguard Australian Shares Index ETF ( Source: Vanguard Website) Lower fees mean that a larger portion of an investor’s capital is working for them, potentially leading to higher returns over the long term. Transparency is also a key benefit of ETFs. The holdings of most ETFs are disclosed daily, providing investors with clear visibility into the underlying assets. This transparency allows investors to make informed decisions and better understand the risks associated with their investments. Additionally, ETFs can be a tax-efficient investment vehicle. The structure of ETFs generally results in fewer capital gains distributions compared to mutual funds, which can lead to lower tax liabilities for investors. Disadvantages of ETFs Despite their benefits, ETFs are not without drawbacks. Market risk is a significant concern, as the value of an ETF can fluctuate with the market. While diversification can reduce individual stock risk, it cannot eliminate the systemic risk inherent in the market. For example, during a market downturn, even a well-diversified ETF can experience significant losses. Investors must be prepared for the possibility of volatility and should consider their risk tolerance before investing in ETFs. Tracking errors are another potential issue. ETFs aim to replicate the performance of their underlying index, but discrepancies can occur due to various factors such as fees, management errors, or liquidity issues. These tracking errors can result in the ETF underperforming its intended benchmark. For instance, an ETF designed to track the ASX 200 index might not perfectly match the index’s performance, leading to potential discrepancies in expected returns. Additionally, while ETFs offer liquidity, they can still be affected by market conditions. During periods of high volatility or low trading volumes, the bid-ask spread for an ETF can widen, leading to higher transaction costs for investors. This scenario can be particularly pronounced in niche or sector-specific ETFs, where trading volumes may be lower. Investors should be aware of the potential for increased costs during volatile market periods and plan their trades accordingly. Complexity is another factor to consider. While ETFs are often marketed as simple investment vehicles, the reality can be more complex. Some ETFs, particularly those that use leverage or focus on specific sectors or commodities, can be difficult to understand and come with higher risks. For instance, leveraged ETFs aim to deliver multiples of the performance of the underlying index, which can lead to significant gains but also substantial losses. Investors should ensure they fully understand the structure and risks of any ETF before investing. The Australian Context For Australian investors, it is important to consider the local context when investing in ETFs. The Australian ETF market has grown significantly, with a wide range of options available that cater to different investment strategies and preferences (Figure 4). Figure 4: ETP Market Growth (Source: ASX) However, investors should be mindful of the specific risks and opportunities presented by the Australian market. One consideration is the impact of currency fluctuations. Many Australian ETFs provide exposure to international markets, which means that currency movements can affect returns. For example, an Australian investor holding an ETF that tracks the US S&P 500 index will be exposed to changes in the exchange rate between the Australian dollar and the US dollar. Currency-hedged ETFs are available to mitigate this risk, but they may come with higher costs. Regulatory considerations are also important. The Australian Securities and Investments Commission (ASIC) regulates ETFs in Australia, ensuring that they meet certain standards of transparency and investor protection. However, it is still crucial for investors to conduct their due diligence and understand the specific characteristics and risks of each ETF. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Mach7 Technologies (ASX: M7T), a leader in medical imaging software, continues to show impressive growth and strategic refinement under the leadership of CEO Mike Lampron. The company reported a 20% increase in Annual Recurring Revenue (ARR), reflecting the success of its transition to a subscription-based revenue model, which resulted in record sales orders of A$56.9 million in FY24. With a strong cash position of A$24.8 million and no debt, Mach7 is poised for further expansion and innovation. The company's focus on cloud enablement, service supportability, and interoperability aligns with the evolving demands of modern healthcare providers. Mach7’s strategic investments in product innovation aim to enhance patient care by empowering healthcare providers with better decision-making tools. Ideal for investors interested in companies driving technological advancements in healthcare, read our full blog on Mach7’s strategic positioning and growth potential by subscribing to Samso Insights on Patreon. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Petratherm Limited (ASX: PTR) is intensifying exploration across its Woomera and Mabel Creek projects in South Australia, both targeting significant Iron Oxide-Copper-Gold (IOCG) deposits. The region mirrors the geology of globally important mining operations like BHP’s Olympic Dam and Carrapateena, positioning Petratherm to capitalise on the growing demand for copper and rare earth elements, critical for renewable energy and technology. At Woomera, exploration at the Winjabbie South and Rocky Well prospects shows promising copper mineralisation, with drill results suggesting similarities to other high-grade IOCG systems. Meanwhile, the Mabel Creek project, covering 3,798 square kilometres, has revealed potential for rare earth and copper mineralisation, particularly at the Area 5 target. This blog is essential reading for investors looking to tap into the critical minerals market. Sign up for your membership on Samso Insights on Patreon to read the full story. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

The copper sector is now starting to build and the anticipation for a copper boom is well and truly setting in concrete. It feels like the market is finally in sync with the narrative of copper being the next dominant player in the metals race. Pricing on copper may now appear to be on the increase, but if you take into account the potential risk of a supply crunch, the price of copper could go even higher from its all-time high now (Figure 1). Figure 1: Price chart of copper. (Trading Economics) QMines Limited (ASX: QML) is one of the companies in the Australian Stock Exchange (ASX) who are trying to showcase an investment scenario of potential investors. Currently at AUD14M market capitalisation, this company has just completed a Pre-Feasibility Study (PFS) which seems to be indicating a compelling case to be the next copper producer. The PFS is showing a CAPEX of AUD192M, a Net Present Value (NPV) of AUD373M and an Internal Rate of Return (IRR) of 54% with a 10.4yr Initial Mine Life with a 1.8 year payback. These are pretty soft numbers which are indicating a strong case of what QMines is trying to complete. These figures are not set in concrete and may change but it does have a good start to the downstream journey for QMines. For those who are looking at these numbers and thinking that it is attractive, I caution a good old case of DYOR as always. This Samso Insight is a good summary of the QMines story. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

I came across Terrain Minerals Limited  (ASX: TMX) while I was at the 2024 Sydney RIU Conference. After looking at the projects, the story really caught my curiosity. Over the years, I have learnt that all mineral exploration companies have what I call a hidden intrinsic value that always appears to be negative on the surface. If you have been in the industry for three decades, you have seen your fair share of Princes and Princesses and Ugly Ducklings. Terrain has an interesting twist of a Rare Earth project that shows some early indications of Gallium mineralisation. Gallium is a much sought-after metal and this alone makes it worthy of more than just a courtesy look. The second project that is interesting for Terrain Minerals Limited is the Lort River project, an Albany-Fraser Belt tory that is perspective for magmatic nickel-copper mineralisation. There have been many companies chasing another Nova-Bollinger but none has been able to replicate that success. Terrain Minerals is taking a different look and a new pair of eyes could make a difference. Check out this Samso Insight with Justin Virgin, Executive Director of Terrain Minerals who gives us a summary of the projects. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

West Australian explorer, Terrain Minerals Ltd  (ASX: TMX) is advancing the exploration and development of its highly prospective mineral projects across Western Australia, with a strategic focus on rare earth elements (REE), gold, and critical minerals like Gallium (Figure 1).  At the heart of Terrain's portfolio is the Smokebush Project, where the company is spearheading exploration for high-grade clay-hosted REEs and Gallium mineralisation, along with gold.    Figure 1: Terrain Projects location map (Source: TMXpresentation)   The Smokebush is a proven host of high-grade clay-hosted REEs and Gallium in an emerging mid-west REE district.  In addition, the company has also confirmed REE and Gallium across its Lort River Project.  A key feature of this project is the Nova-style "eye" feature, where an airborne EM survey is expected to identify nickel-copper ore bodies similar to those at the Nova mine, acquired by IGO in 2015.  Furthermore, the company also has “high quality” lithium, gold/copper and REE projects in the pipeline across Western Australia and Queensland.  TMX shares are currently trading on the ASX at A$A0.004 with a market cap of $A4.29 million (Figure 2).  Figure 2: Terrain Minerals (Source: Asx.com )   Smokebush Project: Gold – REE - Gallium   Located in the Yalgoo mineral field north of Perth, the Smokebush project covers an expansive area of 300 square kilometres (Figure 3).  Here, Terrain is conducting advanced exploration, focusing on high-grade Clay REE and Gallium mineralisation.   The project has yielded promising results, with assay reports from its maiden drill program expected soon.   This will set the stage for a Mineral Resource drilling program scheduled for June 2024 and a maiden mineral resource estimate to be delivered in the December quarter of 2024.  Figure 3: Smokebush Project highlights (Source: TMX Presentation)   Lort River Project: Targeting Nickel and REE   The Lort River Project represents a significant potential for discovery, mimicking the geological characteristics of the renowned Nova nickel-copper mine.   This project, covering 320 square kilometres near Esperance, has already shown signs of substantial REE presence and features a Nova-style "eye" feature identified through aeromagnetic data.   An airborne EM survey kicked off last week aiming to delineate conductive bodies potentially indicative of nickel-copper sulphide deposits.  Figure 4: Lort River Project highlights ( Source: TMX presentation)   Strong capital position and leadership   Terrain maintains a strong financial position with no debt and a capital structure designed to support its expansive exploration initiatives.  The leadership team, led by executives such as Justin Virgin and Xavier Braud, brings a wealth of experience in geology and corporate governance, driving the company's strategic vision forward.  Future outlook and exploration milestones   Terrain Minerals is poised for a transformative phase with several key activities lined up:  Smokebush Project: Upcoming assay results and the subsequent drilling program aim to confirm and expand the known mineralisation zones.  Lort River Project:  The ongoing EM survey and follow-up drilling are geared towards confirming the potential for substantial nickel-copper deposits.  Expansion into Critical Minerals:  With the exponential growth in demand for semiconductors, Terrain’s focus on Gallium could position it as a key player in diversifying the global supply chain away from dominant producers like China.  With a robust exploration pipeline and a strategic focus on critical minerals essential for the tech and renewable sectors, Terrain Minerals Ltd represents a forward-thinking enterprise within the mining industry.   Thoughts from Samso Mineral Exploration companies are not unique and there about 800 listed companies which sit in that space. What makes these companies attractive is normally hidden from the public space. The average investor looks at these companies from the surface and bases most of the investing decisions on the projects that they market, the names of the management and the basic financials such as share price, market capitalisation and the enterprise valuation. In my three decades of working in this sector and spending the last 15 years in the corporate sector, I have to say that unless you are in or are associated with what I call the "Purple Circle" or the inner sanctum of the major investors, everything else pales in significance in terms of the safety of your investment. Hence, you may be thinking right now, what can we look at if we are not the privileged few that are in the Purple Circle? The one thing that the Purple Circle needs is a good story. The story is one that has two main features, the technical and the narrative aspect, or rather the current of incoming sentiment. I have spoken to the company and from the surface (I am not in or associated with the Purple Circle), the strategy seems legitimate. Exploring the potential of Gallium for the sentiment is a great way and the search for high-grade nickel sulphide is perfect. High-Grade nickel sulphides may smell now but the future is still going to need nickel and I personally feel that the Green Nickel time is coming. The continuous degrading of the environment in Indonesia cannot continue and it will start to clean up as time passes. The cheap labour of China is a prime example. 30 years ago, labour was cheap and over the last 15 years, China's labour has been expensive which has driven the manufacturing into other South-East Asian nations. Australia is regarded as a Tier-1 ESG nation and the chase for Gallium and Nickel Sulphide, in my opinion is setting up terrain for the perfect storm. The projects looked technically positive and the management appeared to be legitimate. We have done a Samso Insight discussion and that will be released soon, so look out for it. Support Samso Insights If you find the content relevant and you see some value for yourself, please support us by joining our Paid memberships or simply support us by helping us with a monthly contribution. We aim to continue giving independent commentaries, and your support helps us maintain that level. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Taiton Resources (ASX: T88)  is progressing with detailed exploration activities at its recently acquired Kingsgate Project in New South Wales, where a revaluation of historical data has identified potential high-grade quartz reserves.  Situated 20 kilometres east of Glen Innes in the New England Batholith, the area has a rich history of mining, primarily for molybdenum and tin, but is now being evaluated for its quartz potential (Figure 1).  Spanning 307.6 square kilometres, the Kingsgate Project encompasses two exploration licences in a region known for significant mineral deposits.   Historical outputs have included substantial quantities of tin and molybdenum, estimated at 300,000 tonnes and 450 tonnes respectively.  Figure 1: Taiton's Kingsgate Project within the New England Batholith (Source: ASX release)   High-Purity Quartz Pipes   A revaluation of historical data from Auzex Resources, which led exploration efforts from 2004 to 2010, highlighted the presence of high-purity quartz pipes (Figure 2).  Figure 2: High-grade molybdenum in quartz pipes (Source: Taiton Resources Limited)   These pipes were initially targeted for their molybdenum and bismuth content but are now recognised for their valuable quartz composition Figure 3.  The geological makeup of the Kingsgate area includes the prominent Kingsgate Leucogranite and Red Range Microleucogranite.   These rock units host the quartz pipes that are central to the current exploration focus, particularly along the intrusive margins of the granite.  Figure 3: Kingsgate Diamond Core - Quartz. (Source: Taiton Resources Limited) Leveraging Past Data   Building on the groundwork laid by Auzex, Taiton Resources is leveraging extensive past geological mappings, soil sampling, and geophysical surveys.   These efforts encompassed comprehensive drilling programs and sophisticated 3D geological modelling, which are critical to the current detailed assessment phase.  Noel Ong, Executive Director of Taiton Resources, stated, "The journey for that comes with the granting of the tenement. We at Taiton are excited about the potential of the Kingsgate project. The projected rising demand for both Molybdenum and high-grade silica gives us the confidence of moving the asset forward into production.   "The team accepts that this path is not going to be easy technically, but the greatest asset of the project is that Auzex has done a significant amount of work towards the same pathway which will reduce our potential operating expenses. " Looking ahead   The company's approach is to re-examine the previously mined quartz zones to assess the quality and extent of the quartz deposits more accurately.   This step is crucial for planning the subsequent exploration and potential development stages.  As Taiton Resources continues to explore Kingsgate, the focus is on mapping the extent of quartz mineralisation comprehensively (Figure 4).   This includes searching for new clusters of mineralised pipes to potentially expand the project's scope and enhance geological understanding.  Figure 4: Goodwins Quartz Pipe. (Source: Taiton Resources Limited) Role of Quartz   and High Purity Quartz (HPQ) Quartz, a crystalline mineral primarily composed of silicon dioxide (SiO2), is distinguished by its remarkable physical and chemical properties, making it one of the most versatile and abundant minerals in the Earth's crust.  Renowned for its aesthetic diversity, quartz appears in several forms—from pure, transparent rock crystal to richly coloured varieties like amethyst, citrine, and rose quartz. Its wide range of applications extends from decorative items to practical uses in various industries.  In the realm of technology, High Purity Quartz is indispensable due to its piezoelectric properties, which enable it to generate an electrical voltage in response to mechanical stress.   This quality is crucial for its use in solar panels, semi-conductors, watches, clocks, and advanced communication devices, where precise timekeeping is essential.   Additionally, quartz's ability to withstand extreme temperatures and resist corrosion makes it an ideal material for laboratory glassware, electronics, and optical instruments.  The durability and non-reactivity of quartz also make it a popular choice for architectural and domestic applications, such as countertops and other surfaces that require longevity and ease of maintenance.   These attributes underline the importance of quartz in both everyday applications and high-tech equipment, making it a key material in modern engineering and manufacturing.  Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. 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Over the last six months, Recce Pharmaceuticals Ltd (ASX: RCE) has experienced a notable surge in its share price, climbing nearly 50%, as the company advances its innovative treatments through significant clinical milestones, gaining substantial backing from the US Department of Defence as well.  The company is at the forefront of developing a new class of synthetic anti-infectives aimed at combating the global health crisis posed by antibiotic-resistant superbugs.  Recce's shares are currently trading at A$0.66 apiece, reflecting a market capitalisation of A$134.6 million.    Figure 1: Share price chart (Source: ASX)   Clinical milestones propel growth   Recce has made considerable progress in its clinical programs, notably in its UTI/Urosepsis Phase I/II trial, which showed promising minimum inhibitory concentration (MIC) activity (Figure 2).  The trial is poised to advance to the next dosage increase shortly.   Meanwhile, the company's Diabetic Foot Infection (DFI) clinical trial has also reached a new phase.   After demonstrating treatment efficacy, the trial is set to expand into a Phase III registrational trial in Indonesia, scheduled to kick off in the September quarter of this year.  Figure 2: Recce’s pipeline (Source: RCE Website) Extensive pathogen resistance testing   In a strategic collaboration with Linnaeus Bioscience, Recce is testing flagship RECCE® 327 (R327) against over 300 pathogen strains across the ESKAPEE group, which includes 198 Gram-negative and 111 Gram-positive bacteria strains.   Hannah Tsunemoto PhD, Chief Operations Officer at Linnaeus, led the testing and confirmed, “R327 is effective against all strains tested at MICs.” This includes strains clinically isolated from diverse sources such as wounds, blood, urine, and sputum.  In further studies, R327 demonstrated no induced resistance when tested against a Multi-Drug Resistant (MDR) strain of Escherichia coli over 31 days, highlighting its robust anti-resistance properties.  Support from the US Department of Defence   A significant endorsement of Recce's treatment platform came from the US Department of Defence, which recommended RECCE® 327 Gel (R327G) as a topical treatment for Burn Wound Infections, with proposed grant funding amounting to US$2.2 million (approximately A$3.34 million).   This support underscores the potential of Recce's products in addressing critical medical needs.  Looking ahead, Recce plans to submit an Investigational New Drug (IND) application to the US Food and Drug Administration (FDA) in the latter half of 2024, following promising data from its ongoing clinical trials.  Gaining international recognition   Recce has also recently achieved international acclaim, having presented at significant events such as the Biomedical Advanced Research and Development Authority (BARDA) and the World AMR Congress 2024.  The company received sponsorships from both the Western Australian and New South Wales governments for its participation in the BIO International Convention 2024.  Scaling production to meet demand   This month, Recce enhanced its production capabilities, successfully manufacturing 5,000 doses weekly of RECCE® 327 under Good Manufacturing Practice (GMP) standards.   This scale-up was facilitated by temporarily relocating manufacturing equipment to a third-party cleanroom-GMP facility. Arthur Kollaras, Recce’s head of manufacturing, expressed his enthusiasm: "We are thrilled to announce the successful batch completion of human pharmaceutical grade R327, representing a crucial step forward in our mission to address the global threat of antimicrobial resistance."  The GMP certification, which covers all aspects of production, is vital in ensuring the consistent quality of the medicine, crucial for patient safety and treatment efficacy.  Universal mechanism of action    Recce’s anti-infectives exhibit a universal mechanism of action that maintains their efficacy even against hyper-cellular mutations of bacteria and viruses, addressing a critical gap in current treatment options.  The company continues to advance its clinical programs and expand its product pipeline, the company is well-positioned to meet the increasing global demand for effective treatments against 'difficult to treat' bacterial infections, including those resistant to traditional antibiotics.   This trajectory not only enhances its market presence but also solidifies its role in shaping the future of anti-infective therapies.  About the company   Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) is developing a New Class of Synthetic Anti-Infectives designed to address the urgent global health problems of antibiotic-resistant superbugs and emerging viral pathogens.  Its anti-infective pipeline includes three patented, broad-spectrum, synthetic polymer anti-infectives:   RECCE® 327 is an intravenous and topical therapy that is being developed for the treatment of serious and potentially life-threatening infections due to Gram-positive and Gram-negative bacteria including their superbug forms;   RECCE® 435 is an orally administered therapy for bacterial infections; and   RECCE® 529 for viral infections.   Through their multi-layered mechanisms of action, Recce’s anti-infectives have the potential to overcome the hypercellular mutation of bacteria and viruses – the challenge of all existing antibiotics to date.  The FDA has awarded RECCE® 327 Qualified Infectious Disease Product designation under the Generating Antibiotic Initiatives Now (GAIN) Act – labelling it for Fast Track Designation, plus 10 years of market exclusivity post approval.  Further to this designation, RECCE® 327 has been included on The Pew Charitable Trusts Global New Antibiotics in Development Pipeline as the world’s only synthetic polymer and sepsis drug candidate in development. RECCE® 327 is not yet market-approved for use in humans with further clinical testing required to fully evaluate safety and efficacy.  Recce wholly owns its automated manufacturing, which is supporting present clinical trials. Recce’s anti-infective pipeline seeks to exploit the unique capabilities of its technologies targeting synergistic, unmet medical needs.  Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. 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According to recent research by Straits Research, the global molybdenum market is anticipated to grow from USD 4.4 billion in 2022 to USD 6.82 billion by 2031, registering a compound annual growth rate (CAGR) of 4.07% during the forecast period of 2023-2031.   This substantial growth is primarily fuelled by the increasing demand for molybdenum across various industrial sectors due to its unique properties and applications.  Notably, the demand for molybdenum is driven by the booming steel production in China, the world's leading steel manufacturer.   Molybdenum-containing stainless steels are increasingly favoured over other grades due to their superior corrosion resistance, critical for industries like construction and automotive. These sectors are thriving in China due to urbanisation and industrial growth, thus propelling the demand for molybdenum.  Moreover, the energy sector is creating significant opportunities for the molybdenum market.   As the global shift towards renewable energy sources gains momentum, the demand for materials used in the construction of solar panels, wind turbines, and other renewable energy infrastructure is increasing.   Therefore, Molybdenum plays a critical role in these applications, particularly in thin-film photovoltaic cells where it is used as an absorber layer to enhance the efficiency of solar energy conversion.  In the spotlight: Taiton Resources   In Australia, molybdenum is not produced as a primary metal; rather, it is often a byproduct of copper mining.   However, Taiton’s  projects are changing this landscape by targeting molybdenum as a primary metal.  The company has two key assets prospective for molybdenum, both situated in Australia.  In New South Wales, the Kingsgate Molybdenum and High-Purity Quartz project, acquired in January 2024, stands out as a key asset.  Previously operating as a high-grade Molybdenum-Bismuth mine, Kingsgate is poised for a return to production under Taiton’s stewardship, aiming to capitalise on its historical success.  Historically, this region has been a significant producer of tin and molybdenum, with estimated historical outputs of 300,000 tonnes of tin and 450 tonnes of molybdenum, primarily during the late 19th and early 20th centuries (Figure 1).  Figure 1: Taiton Kingsgate Project Location (Source: Website)   In South Australia, the company’s Highway project has also demonstrated prospectivity for molybdenum amongst other metals.  Situated in the renowned Olympic Dam Province, the Highway project holds the potential for uncovering large-scale, economically viable deposits of molybdenum, gold and Ni-cu-PGE (Nickel – copper -platinum group elements) (Figure 2)  Exploratory efforts in 2023, including an Ultra-Fine sampling program, uncovered significant molybdenum mineralisation at Merino, with subsequent drilling confirming the scale and continuity needed for economic viability.   Building on these findings, Taiton's 2024 exploration strategy involves shifting focus from Merino to explore other prospects with potential for preservation and richer mineralisation.   This includes the Garfield Prospect and new areas like Pluto and Snoopy. These efforts are part of a comprehensive plan to evaluate the region for a variety of mineralisations, including precious metals, base metals, and rare earth elements.  Figure 2: Location of Taiton’s Highway Project. Region-wise, Asia-Pacific is the leading contributor to the global molybdenum market and is expected to maintain its dominance with a projected CAGR of 4.64% throughout the forecast period.   The region benefits from robust industrial activity and significant investments in automotive and electronics sectors backed by supportive government policies aimed at boosting domestic manufacturing.  Europe is also showing promising growth, with a projected CAGR of 3.04%. Germany, in particular, as the largest automotive manufacturer in Europe, is a significant user of molybdenum in vehicle production.   The anticipated increase in commercial and industrial construction projects is expected to further drive the demand for molybdenum-based steel alloys in the region.  In summary, the global molybdenum market is poised for significant growth due to its critical role in modern industrial applications.   With increasing investments in infrastructure and renewable energy, coupled with the ongoing industrialisation in Asia-Pacific, molybdenum's market outlook remains robust and promising through 2031 and beyond.  Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience