Samso Insight Episode 118 is with Justin Virgin, Executive Director of Terrain Minerals Limited (ASX: TMX). Commodity pricing has a history for being volatile and it is especially susceptible to sovereign risks. The ups and downs of the mineral resources sector on the ASX is a direct reflection of the volatile commodity chart. Pricing of commodities are constantly evolving and retreating which makes the fortunes of ASX companies in this sector exciting and depressing, depending on which the investor's circumstances. In this episode of Samso Insights, we look at Terrain Minerals Limited (ASX: TMX). We speak with Justin Virgin who is the Executive Director of the company. I came across Terrain Minerals at the 2024 RIU Conference in Sydney. What looked like a non-descript booth became an interesting proposition when we Justin explained to me the different views on their projects. Terrain Minerals main story is the potential for a Gallium player who has been flying under the radar. The Gallium sector is small but lucrative. Figure 1 below highlight the bullish nature of the pricing and it is forecast to continue on that trend in years to come. Figure 1: Gallium price chart. (Source: https://strategicmetalsinvest.com/gallium-prices/) From an exploration point of view, the projects that Terrain have a grassroots and there is no hiding form the fact that there is a lot of work to do and there are also a lot of room for error. Investors who look at Terrain from rom a valuation point of view and measuring risk as from that angle will like the market capitalisation of the company. Check out the Samso Insight conversation with Justin and make your own decision. Samso's Conclusion Terrain Minerals is one of those companies that you literally take a "punt". Personally, I like the Gallium but I don't know what is good and what is bad in terms of numbers. At the time of writing this blog, the company has released the results from their latest drilling. The numbers for the REE look ok but not mind blowing but I do not know how to comment on the Gallium numbers. This would be a great opportunity for readers to give Justin a call and get it from the man himself. Chapters: 00:00 Start 00:20 Introduction 00:50 Justin introduce Terrain 02:38 The Gallium Story 03:58 What Kind of results are expected? 05:10 Is Saltbush the main project? 06:48 The Terrain Minerals Projects 09:14 Why Terrain Minerals? 10:30 Conclusion PODCAST About Andrew Sparke Executive Chair Mr Sparke has over 15 years’ experience that includes IPO’s, private placements, secondary market transactions and listed company compliance. Mr Sparke has served as director of a number of ASX listed resources companies including Alt Resources Ltd (ASX:ARS) and Torian Resources Ltd (ASX:TNR). Mr Sparke is the founder of Olive Capital, an Australian boutique investment house that has advised numerous ASX listed companies on capital raising and corporate transactions. About QMines Limited (ASX: QML) QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. The Company owns rights to 100% of The Mt Chalmers (Cu-Au) and Develin Creek (Cu-Zn) deposits. The Company's Mt Chalmers and Develin Creek projects are located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers and Develin Creek projects now have a Measured, Indicated and Inferred Resource (JORC 2012) of 15.1Mt @ 1.3% CuEq for 195,800t CuEq.1, 2 QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production. 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. Read Brilliant Investments

The OD6 Metals Limited (ASX: OD6) story was all about the Rare Earths sector, and now we are looking at the Gulf Creek Copper project. Is this OD6 Metals' view of its future? The OD6 story has been frequented on the Samso platform over the last few years, and this new approach suggests that the company is taking a different approach to giving shareholders value. To say that the ASX equity market has been tough for Rare Earth explorers would be the understatement of the century, so it is no surprise that management has created something worth shouting about on the ASX. The Gulf Creek Copper VMS project looks very "interesting" at face value. I was impressed with the new approach when I saw the announcement on October 30th (2024). The historical information released by OD6 definitely made me think this could be an excellent replacement for the company's future. The Gulf Creek project is located approximately 15 kilometers northeast of the town of Baraba and north-northwest of Tamworth in the New England district of New South Wales (Figure 1). The tenement is situated on the Cobbadah 1:100,000 map sheet within the 1:250,000 Manilla map sheet. Figure 1: Location of the Gulf Creek Copper project. (Source: OD6 Metals Limited) Access is readily gained off the Gulf Creek road and then along approximately 1 kilometer of dirt road. The land owner has granted permission to inspect the workings and conduct field work, and a formal minerals exploration access deed is now in place. Figure 2: The OD6 Metals announcement highlights. (Source: OD6Metals Ltd) As an exploration geologist and someone who is also on the corporate side, I like the idea of a VMS (Volcanogenic Massive Sulphide). The brief information shown in Figure 2 does indicate that there is something worthy of a closer look. A good VMS deposit is not easy to find these days, and the Samso platform has featured a few stories, the best of which has been New World Resources Limited (ASX: NWC). Coffee with Samso with New World Resources Limited: A VMS Story - The Antler High-Grade Copper Project - New World Resources Limited (ASX: NWC) New World Resources Limited (ASX: NWC) - High-Grade Copper Story - Antler Project Some other companies like Venture Minerals Limited (now Critica Limited) and Warriedar Resources Limited. Typically, in the minerals exploration sector, Venture/Critica did not find it (I assume), and Warriedar is still working in the area. The Rare Earth OD6 Story. It is no secret in the market that the recent Rare Earths journey has not ended well. The fall from the heights of popularity in the Rare Earth story almost had it written in the script, but to many, me included, I thought this could end differently. The pricing for the three main participants, Dysprosium (Figure 3), Neodymium (Figure 4), and Praseodymium (Figure 5), is the same as it was in 2020, and I must say that climbing that mountain will be a tough task. It is not impossible, but I think it will be a long, hard journey. Figure 3: The Dysprosium price is currently $403.92 per kg (18/11/2024), dysprosium changed –31.24% since 1st Jan 2024 and –38.18% since the start of last year. It lost slightly in value last year and –1.75% compared to its price of $411.10 per kg on Jan 1st 2021. The price increased +17.00% since Jan 1st 2020. If we go back further than 5 years to Jan 1st 2018, when the cost of one kg dysprosium was $238.14, then the increase is +69.61%. (Source: Strategic Metals Invest) The market sentiment is that the Rare Earth Story is no longer on investors' watchlists, but one wonders if the REE story can connect itself to the market insistence on the resurgence of the lithium story. The fall from the peaks of the lithium ride is greater than that of the REE path, as we are now looking at producers getting the rough end of the falling lithium price. Companies that were the darlings of the lithium industry, such as Pilbara Minerals Limited (ASX: PLS) and Mineral Resources Limited (ASX: MIN) , are now 50% less than their peaks. There are no prizes for those who think the share price of MIN may be due to something other than the lithium price, but jokes aside, they are undoubtedly one of the market leaders in Australia for lithium. Figure 4: At today’s price of $109.78 per kg (18/11/2024), neodymium changed –3.02% since the start of 2024. It has lost –47.55% since January last year. Compared to its price of $109.70 per kg on Jan 1st 2021 it has changed +0.07% in value. If we go back further to Jan 1st 2018, when the cost of neodymium was $70.04 per kg, then this rare earth metal has gained +56.74%. (Source: Strategic Metals Invest) When I attended the Rare Earth Conference in Canberra last year, I was impressed at what the US was trying to do to capture market share with its incentives for the industry. I had read a lot of commentary in the past that wrestling the market from the Chinese would take a lot of work. At the beginning of the Rare Earth movement with the Clay deposits, I had to be a fast learner as things were moving fast. My understanding at that time was next to zero. Figure 5: At today’s price of $109.23 per kg (18/11/2024), praseodymium has changed –3.16% since Jan 1st 2024. It changed –49.73% since Jan 2022 and has gained +30.97% compared to its price of $83.40 per kg on Jan 1st 2021 and is up +50.10% since Jan 1st 2020. If we go back to Jan 1st 2018, when the cost of a kilogram of praseodymium was $85.68, then the price has increased +27.49%.(Source: Strategic Metals Invest). As the downturn in bucket pricing of Rare Earths started to show weakness, there was the fear of it going back to the low levels, but there was optimism that it would not do that as there is a new sheriff in town, so to speak. The talk of the US wanting an alternative to the Chinese Permanent Magnets could potentially save the day. Only time will start to tell if this is going to happen. I think the investment highs coming from the "new market" must slow down before hopefully taking a second wind and strengthening. Its like technical traders saying that the first run to break new highs will be followed by other attempts as the bull retreats to rest for the next run. If what I learnt from the trip to the Conference in Canberra last year is the amount of investment that has already happened cannot just stop. The Trump administration aims to "Make America Great Again", so one would probably bet things may or will get significantly better. The OD6 Copper Story Now, the new Gulf Creek Copper project has all the bells and whistles. OD6 is now a copper and Rare Earths story. The best copper project that a small-cap company like OD6 Metals can play with is a VMS (Volcanic massive Sulphide). I encourage readers to check the link out and immerse themselves to understand why a discovery of a VMS is a good thing for someone like OD6 Metals Limited. Like all these old Australian projects, in the state of New South Wales, questions are always asked about the prospectivity and jurisdiction. The Gulf Creek copper project has been around for a long time and according to R.Thom 2007, "The Gulf Creek Copper represents the largest copper mine of its type in the New England region of New South Wales and was primarily mined between 1889 and 1912. Over 35,000 tonnes of Cu ore was mined, delivering an average grade of 5% Cu over the mine life. Higher grades were recovered from some areas such as Fishers Mine, with head grades exceeding 15% Cu. Mine records estimate probable ore reserves up to 50,000 tonnes of ore grading 2.7% copper (Cu) and 4.65% zinc (Zn) remain in the known ore lenses. The deposit is considered to be a Cyprus pyrite style and has not been properly explored since mining ceased almost 100 years ago, creating an exceptional modern exploration opportunity. The mine extended to a depth of 150 metres, a strike length of 400 metres and the ore channel was 30 metres in width. The ore channel hosts 3 parallel lodes known as the Cornish Lode (2m wide @ 6-6.5% Cu, Middle Lode (1.5-2m wide @ 3-3.5% Cu) and the Big Lode (7m wide @ 2-2.5% Cu). Records also indicate strong Zn credits (~ 2 times Cu in the estimated ore reserves) were of little value to historic miners and may become a valuable credit to modern mine assessment. The extensive strike, width and multiple lode nature of the project warrants an immediate drilling program to determine the strike and open pit potential of the mineralisation as well as drilling below the workings to determine the potential for modern underground mining." Identity Crises for OD6 Metals. Introducing a copper project to the OD6 platform has undoubtedly created mixed reactions among shareholders and potential investors in the ASX (Australian Stock Exchange). In my mind, OD6 is synonymous with the Rare Earth journey, but the lack of market interest is a big problem. This problem needs to take a back seat now, as the immediate need for management to create interest in the stock is paramount to the company's survival. This is not something that needs to be spelt out at this stage, but the introduction of the Gulf Creek project is not wrong, as it does show promise as a project. Shareholders have a history of quickly forgetting the reality of an identity crisis as the value of their investments increases, so I am sure time will undoubtedly heal shareholders' worries. Patience OD6 shareholders need to be patient and supportive of management. The ministerial approval required in New South Wales will take months, and the land access will add to that timeline. If the locals are friendly and cooperative, you could add up to three months to the timeline. I read that there was an issue with the permit area regarding being within an area of potential impact on a critically endangered bird species and a threatened species of gum tree. As a result, both the NSW Government and the Commonwealth Government required the previous operator of the area (Comet Resources, 11 January 2024) to undertake several assessments to determine the significance of its proposed activities on the bird and gum tree species. A contractor was engaged, but I don't know the result of that discussion. Some historical readings highlighted a Native Title factor within the project, which was cleared, however, what that means for present owners in the area is unclear to me. Readers will want to consider how the present ruling on Native Tile plays out. Unfortunately, the latest issue with Regis Resources in New South Wales is high on the concerns for mineral explorers and this will be an ongoing issues for potential investors and present shareholders of OD6 Metals. Samso Concluding Comments OD6's strategic move to acquire the copper project is good. In the present ASX market, there is not too much choice for OD6 Metals. The timing required to overcome the points mentioned previously will need to be managed. As always, I assume that management has already looked at all these factors and that all the concerns raised are under control. The Gulf Creek copper project is worth shouting about from a technical point of view. The presentation released by OD6 Metals is worth a detailed read, and as I always say, contact the OD6 management and talk to them. I cannot stress this point enough: spend the time talking to the management, as they are more than happy to discuss these aspects with anyone who genuinely needs to know. Reference: R.Thom, 2007. EL 6492 Gulf Creek, Annual Report for 26th may 2005 to 25 May 2006. Graynic Metals Limited. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. 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 204 is all about Lupins and Lupin Protein Isolate. Coupled with the favourable growing climate in Western Australia, Wide Open Agriculture Limited (ASX:WOA) could become a major player in a billion-dollar market. The Wide Open Agriculture came across my screen about two weeks ago, and it caught my attention because I was doing content on superfoods and came across the benefits of lupins in 2019. While I was doing research over time, the share price of the company started to move, and in fact, on the day I was talking to Yazi Zhan, the Non Executive Chair of WOA, about making an appearance on Coffee with Samso, she was in the middle of dealing with her company's share price going for a run to a high of AUD $0.029, from the previous trade of AUD $0.016. In today's episode of Coffee with Samso, we are talking to Yazi Zhan, who knows this business intimately and will give us a good insight into firstly the benefits of Lupin and Lupin Protein Isolate, followed by what I think could make WOA a global player in the highly sought-after plant-based nutrition business. The Business of Wide Open Agriculture Limited. Wide Open Agriculture Limited (ASX: WOA) is planning to be in the global plant-based protein sector, thanks to its proprietary technology that unlocks the full potential of lupins—a high-protein, regenerative legume native to Australia. As the exclusive holder of intellectual property for extracting lupin protein isolate, the company is positioning itself at the forefront of the clean-label, sustainable food movement. At the heart of this innovation is BUTINE PROTEIN, Wide Open Agriculture’s signature lupin protein isolate. Clean, allergen-friendly, and remarkably versatile, BUTINE PROTEIN offers a powerful alternative to soy and pea proteins, catering to the fast-growing demand for ethical and environmentally responsible nutrition. With this cutting-edge IP and a focus on regenerative farming, Wide Open Agriculture is not just producing protein—it’s pioneering a smarter, greener way to feed the world. Chapters: 00:00 Start 00:09 Introduction 03:30 Who is Yaxi Zhan? 05:18 History of WOA? 08:28 Discussion about Lupin 15:06 Lupin Isolate 17:20 Importance of the China Market Approval 20:47 How does WOA protect its Core Business? 25:36 Limitations of Growing Lupin Give Australia a Natural Advantage. 26:42 Types of Lupin 28:30 Competitors? 30:52 Market size for Lupin 36:50 What are the business triggers for WOA? 38:50 Funding strategy 40:05 Takeaway 40:43 News flow 41:37 Conclusion PODCAST About Yaxi Zhan Yaxi is Mongolian Chinese and has called Perth home since 2004. In under 12 years, she transformed her career from a finance professional into a mining executive. With a strong background in business development, mergers and acquisitions, and cross-border transactions, Yaxi founded Accelerate Resources—an ASX-listed resource company—and served as its Managing Director from 2017 to 2024. Most recently, she has taken on an exciting new challenge as Chairman of Wide Open Agriculture, where she is leading the company’s growth strategy. About Wide Open Agriculture Limited At Wide Open Agriculture, our mission is to create a range of great-tasting and high-performing plant protein ingredients. We are focused on developing high-performance lupin proteins that improve outcomes for: Customers Food Manufacturers Farmers We see a global movement for greater inclusion of plant proteins in daily diets. We also see compromises in existing offerings and believe that there are better alternatives. By developing better end markets, we see plant proteins as a positive force for change in the agriculture industry, where lupins can play a key part in reducing emissions and improving agricultural systems. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: HRE URANIUM PROJECTS – EXPLORATION UPDATE Heavy Rare Earths Limited (ASX: HRE) has released a March 2025 exploration update that signals progress across its uranium portfolio. With projects in the uranium-rich Curnamona Province of South Australia and the Mid West region of Western Australia, the company is moving aggressively to define targets through passive seismic, airborne surveys, and historical data analysis. HRE Exploration Manager Joseph Ogierman alongside mine shaft at Bonython North uranium prospect, 5 kilometres north-east and along strike of historic Radium Hill mine, Radium Hill Project. This multi-faceted program is aimed at positioning HRE for drilling in late 2025 and early 2026. Location Overview: Multi-State Targeting The company’s uranium exploration program spans two states (Figure 1) : South Australia: Lake Namba–Billeroo, Prospect Hill, Radium Hill Western Australia: Perenjori project near the Mid West Figure 1: South Australian and Western Australian project locations for uranium exploration. (source: Heavy Rare Earths Limited) Lake Namba–Billeroo and Prospect Hill Projects: Revisiting Forgotten Channels HRE’s Lake Namba–Billeroo and Prospect Hill projects focus on palaeochannel-hosted uranium systems, a model well-known for its potential in sedimentary environments. At Billeroo, passive seismic and gravity surveys now cover 35 km of palaeochannel length (Figure 2). These surveys revisit a zone last tested by a single drillhole in 1970. Figure 2: Location of Billeroo Palaeochannel passive seismic/gravity surveys, Lake Namba-Billeroo Project. (source: Heavy Rare Earths Limited) Prospect Hill spans 9.5 km of exploration ground within a setting favourable for Tertiary and Cretaceous-age palaeochannels (Figure 3). Figure 3: Location of passive seismic/gravity survey, Prospect Hill Project. (source: Heavy Rare Earths Limited) Previous drilling in the Namba Palaeochannel highlighted redox fronts and low-grade uranium anomalies. HRE is now interpreting historical drilling patterns to refine drill targets for the upcoming campaign (Figure 4). Figure 3: Location of selected historic drillholes in the Namba Palaeochannel and the uranium-rich Birksgate polymetallic prospect in a basement high, Lake Namba-Billeroo Project. Groundwater flow indicated by red arrows. (source: Heavy Rare Earths Limited) Radium Hill Project: Breathing New Life into Australia’s First Uranium Mine The Radium Hill project is steeped in uranium history, and HRE is now revisiting this classic district with modern tools and new objectives. Key updates include: Reconnaissance sampling at historic shafts and costeans Assay testing of unsampled 1961 drill core from Bristowe’s Prospect, 1.1 km northeast of the main Radium Hill mine Planned low-altitude airborne magnetic-radiometric survey along the projected northeast extension of the Radium Hill Line of Lode Figure 5: Location of reconnaissance sampling, previously unsampled drill core and planned airborne geophysical survey along projected northeast extension of line of lode, Radium Hill Project. (source: Heavy Rare Earths Limited.) This data compilation will inform structural and mineralogical interpretations to guide future drilling programs. Perenjori Project (WA): Pre-Drilling Work Begins The Perenjori project in Western Australia is progressing towards drill readiness. HRE has scheduled passive seismic surveys for March and is preparing for Ultrafine™ soil sampling across all three tenements (Figure 7). Figure 7: Location of planned passive seismic and soil survey areas at Perenjori Project. (source: Heavy Rare Earths Limited) All pre-drilling work is expected to be completed by mid-May 2025. What Comes Next? HRE is moving from early geophysical surveys to drill planning. Several key milestones are expected: Processed geophysical data will be available in April 2025. Assay results from the Radium Hill core are due in March 2025. An airborne survey at Radium Hill is scheduled for late March 2025. Drill targeting and approvals are planned for the second half of 2025 through early 2026. Concluding Comments from Samso This recent ASX release from Heavy Rare Earths Limited (ASX: HRE) is a clear indication that the company is now moving into the Uranium space and leaving behind the REE narrative. One of the positives of the uranium pathway compared to other commodities is that the future is to be created in Australia, or rather re-created. There is no doubt in my mind that the future for Australia's solution to our energy crises is nuclear. The global path is towards nuclear and this will become clear in the near future. The path of renewable energy will move away form base load energy provider and nuclear will take its rightful place as the energy source that will feed cities. This is the economical path and only time will drag Australians towards this place. From a company perspective, I have been waiting to see some real direction since the announcement of the Radium Hill acquisition in October 2024 (Acquisition of Three Highly Prospective SA Uranium Projects). The recent release does give us a good view of the direction. Pros and Cons Mineral exploration has a very difficult path to success and I am sure I am not telling any ASX investor anything new. The chances of success is in the sub 1% range and if we are opportunistic, we could extend that to a sub 5% range. The hard part for companies like HRE is to establish the existence of a potential to have an economic deposit in their tenements. The Radium, Hill area has a history for something that may resemble an economic mineralisation and being in South Australia means if it exist, HRE can actually have a mining project. This is one battle won for HRE. Similarly for their Northern Territory project, in terms of the ability to make it a mining project. I like Richard Brescianini and I think he is a realistic corporate participant. As I have repeatedly said, this is a very important aspect for retail investors. Retail investors, like Samso, are never the first to know the good or the bad news. To have a director that is balanced in his narration is a very important part for anyone interested in following the HRE story. Looking at the projects I think HRE is a good inclusion in a watchlist but as we are all not going to live forever, we should keep our eyes wide open and our ears close to the ground for now. Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Pitchblende371, Geomartin (talk). Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pitchblende371.JPG) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: OpenLearning Converts ECA Debt to Equity Transforming Educational Financing for Future Growth In a fast-evolving education sector, Open Learning Limited (ASX: OLL) is charting a bold course through its AI-powered Learning Management System (LMS). A recent milestone highlights this ongoing journey: a debt-to-equity conversion with the Education Centre of Australia (ECA). This is OpenLearning’s largest shareholder, and this transaction demonstrates long-term confidence in the company's direction. This conversion eliminates $2.12 million in debt. It also gives ECA a 60.67% stake in the company, up from 50.74%, at a 25% premium to the 30-day weighted average price (VWAP). Notably, no additional funds have been accessed from the $1 million facility that remains available. Rupesh Singh, Managing Director of ECA and Director of OpenLearning, remarked: “I remain firmly committed to OpenLearning's technological innovation and long-term vision. The Company has consistently increased its SaaS platform revenue while simultaneously reducing costs and moving closer to break-even. These achievements, combined with the vast potential in the global EdTech sector, give me strong confidence in the company's future and its value to all stakeholders.” A Next-Gen AI Platform for Lifelong Learning OpenLearning’s platform is designed for more than just content delivery. It fosters discovery and innovation. The product suite encompasses: AI-assisted course creation via CourseMagic Biomedical content delivery through Best Network Student recruitment and marketplace via The Uni Guide These innovations complement the company’s flagship LMS and serve over 3 million learners across more than 230 education providers worldwide. Q1 2025 Trading Highlights SaaS Revenue Growth: Over 15% Year-over-Year (YoY) growth with 12 consecutive quarters of Annual Recurring Revenue (ARR) growth. Debt Clearance: The complete conversion of the $2.12 million debt to ECA into equity. Rising B2B SaaS Revenue: Increased revenue per customer driven by AI adoption. Geographic Strengths: Australia, Malaysia, Indonesia, India, and the Philippines. Strategic Focus: Plans to expand into high-growth education and training markets. “This quarter marks a significant step forward for OpenLearning as we expand the use of our platform beyond short courses and micro-credentials to support on-campus and blended learning. Our sustained investment in aligning our LMS with the functionality expected by institutions is now translating into a growing sales pipeline and larger contract opportunities.”— Adam Brimo, CEO, OpenLearning Expansion Through Execution: Asia-Pacific in Focus With established roots in Australia and Malaysia, OpenLearning is poised for rapid expansion. The company is capitalizing on its strong reputation. Their current efforts include: India: Partnership with Gujarat University for course delivery. Philippines: Three reseller agreements are already in place. Indonesia: Growing institutional adoption of the platform. OpenLearning estimates a $260 million revenue opportunity across these key regions. Growth potential is high, especially in vocational, compliance, and corporate training segments. Strategic Developments Influencing Growth An intriguing aspect to this announcement is its implications beyond mere financial transactions. ECA’s decision to convert debt into equity indicates confidence in OpenLearning's strategic vision and operational execution. OpenLearning is constructing what modern learners demand: a flexible, AI-powered platform that integrates learning, credentials, and career pathways. The focus is not just on survival but on sustainable growth and global expansion. In the competitive ASX EdTech space, OpenLearning is emerging as the quiet outperformer with a global reach and a solid product-market fit. With a sub-AUD $10 million market capitalisation, it represents a valuable opportunity in the sector. However, as with many ASX hopefuls, time will be the revealing factor. The surge in online education makes the success of these well-established platforms all the more likely. The share price chart illustrates notable peaks, yet the general trend remains subdued. Over time, OLL has the potential to build a strong brand. This suggests that a long-term view of its opportunities is a prudent strategy. Happy Investing and remember, always do your own research (DYOR). To support our independent work, please visit our Support Page. Your assistance in any form is greatly appreciated. This initiative is part of Samso's ongoing mission since our inception in 2018. Cover photo: Ohio University Lecture Hall, Garden Sprite. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ohio_University_Lecture_Hall.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice or an offer to subscribe for, purchase, or sell the investment product(s) mentioned. It does not consider your specific investment objectives, financial situation, risk profile, taxation position, or particular 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. This book provides insights into geological models sought by mining companies, helping investors understand which portfolios can be more lucrative. Click here to download this eBook. If you find this article informative, please share it. I aim to write on topics that are interesting and have investment potential. It’s not easy to find valuable stories. If you or your organization see the benefit in what Samso is trying to achieve and wish to share your journey, contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform providing dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed about market trends, investors can enhance their financial decisions by combining expert guidance with their own research.

Coffee with Samso Episode 164: Exploration work has begun at the Bangemall project and it's starting to come up with very interesting results. Allan Kelly, Executive Chair of Miramar Resources Limited (ASX: M2R) narrates this story. When we did the first episode of Coffee with Samso with Miramar Resources, I liked the Bangemall and Whaleshark projects. To me, these two had potentially a big pay day if the results came out well. The plan at that time was always to begin activities at these projects but the focus was at Gidji. This episode of Coffee with Samso is all about the Bangemall. In some ways, the Bangemall is the western end and the Whaleshark project is the eastern end members of the Gascoyne/Ashburton complex, respectively. This region has been a neglected part of the Western Australian mineral exploration world till about 12 months ago. The reason I am interested in these projects is that they lie in these mobile belts that have hosted many mineral deposits. For those people who have been following the Samso series of videos, you will have come across the many conversations about finding great deposits in regions once neglected. The Bangemall and Whaleshark projects are another example. If you had watched the earlier conversations with Allan Kelly, you would have heard him talking about the reasons why he picked these projects. The Bangemall Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 The Whaleshark Project Story - A Discussion : Miramar Resources Ltd (ASX: M2R) - Rooster Talk The recent market darling has been dealing with the discovery of Rare Earths in clays. I have made several comments about the need to differentiate between potential economic discoveries and a discovery. In the case of the guys in the Gascoyne-Ashburton region, they are looking for hard rock versions. They are looking for carbonatites or equivalents. Companies have projects and they must choose the one that gives the company the greatest value. This is one of the best traits of good management. One should never fall in love with the projects. If there is a favorable outcome for the company, the strategy must allow for divestments. Check out the episode and always, DYOR. Chapters: 00:00 Start 00:20 Introduction 00:46 Miramar market cap. 01:24 The Bangemall Ni-Cu-PGE / Carbonatite project. 10:44 What do the uranium-thorium anomalies mean? 12:20 Bangemall - a Misunderstood Mineral System ? 16:08 A big cooking system with possibilities of other commodities. 23:19 Updates on the Eastern Goldfields Projects. 27:41 Lake Systems. 30:28 IOCG. 37:34 Whaleshark, Bangemall and Gidji. 40:47 News flow. 44:10 How do you want investors to see Miramar moving forward? 47:00 Conclusion PODCAST About Allan Kelly Executive Chairman Mr. Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr. Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr. Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr. Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr. Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr. Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr. Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the Institute of Brewing and Distilling (IBD). About Miramar Resources Limited (ASX:M2R) Miramar Resources Limited is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields, the Murchison and Gascoyne regions. The portfolio of exploration projects has high potential for new gold discoveries within trucking distance of existing operations and for the discovery of nickel-copper-platinum group element (PGE) mineralisation. Miramar aims to create shareholder value through discovery and the Board has a proven track record of successful discovery, development and production. Latest ASX Announcements Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. 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-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

The Esperance region could be the "Pilbara" of Rare Earths and Coffee with Samso Episode 165 with Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD), is all about the realisation of a Clay-Hosted Rare Earth Region. The Rare Earth narrative is gaining pace. This is a great thing for the investors in this space but I feel that there is still no straight answer as to what constitutes a workable project. All the numbers are a blur. What is a number/grade that is a cause for celebrations? In addition, what is a good sized resource that will make a project economical? The Mount Ridley REE project appears to have all the components that make a good resource project. The grade (according to current descriptions) is among the peers. The length of intercept in the current drilling looks acceptable, again, according to the comparisons from peer projects. When I look at the current Clay REE story, as Guy Le Page rightly points out, it is now all about metallurgy. The companies that are in the industry are trying to figure out how to treat the resources. The expertise that is in China has been a vacuum and that is not a good path for the Non-Chinese Rare Earth projects. As you watch and listen to Guy Le Page narrate the path forward for the REE players, it is crystal clear that they must work out the chemistry side of the business. What is also abundantly clear to me is that the region, the Esperance region, is made for industry. Everything is set up for some industry to come along and make full use of the facilities. In one of our discussions, Guy and I agreed that when the companies come up with a flow sheet that will drive the REE business, the business will have a very smooth transition as the Esperance township will embrace the opportunity with open arms. Check out the conversation in this Coffee with Samso and, as I always encourage, DYOR. Chapters 00:00 Start 00:20 Introduction 00:52 What is Mount Ridley all about? 02:20 A new province? 04:43 Can or will Australia be moving into an era of being a Rare Earths player? 06:07 Is Clay harder than Hard Rock projects? 08:12 Is Rare Earths all about volume like the Coal story? 09:47 REO Type Breakdown. 10:55 The Geopolitical Issue. 14:59 MRD has been a quiet achiever. 16:50 Thoughts on the market. 17:59 News flow for the next 12 months. 19:13 Why MRD? 20:02 Conclusion PODCAST About Guy Le Page Non-Executive Director B.A., BSc (Hons), MBA, MAusIMM, FFIN Mr Le Page is currently a Director & Corporate Adviser of RM Corporate Finance specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. Mr Le Page was Head of Research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July of 1998. As Head of Research, Mr Le Page was responsible for the supervision of all Industrial and Resources Research. As a Resources Analyst, Mr Le Page published detailed research on various mineral exploration and mining companies listed on the Australian Securities Exchange. The majority of this research involved valuations of both exploration and production assets. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology, and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies. Mr Le Page holds a Bachelor of Arts, a Bachelor of Science and a Masters’ Degree in Business Administration from the University of Adelaide, a Bachelor of Applied Science (Hons) from the Curtin University of Technology and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. About Mount Ridley Mines Limited (ASX:MRD) Mount Ridley Mines Limited is undertaking the exploration of a significant deposit of valuable clay-hosted rare earth elements in Western Australia. The Project was initially acquired for its nickel and copper sulphides potential and is now recognised as being prospective for ionic clay REE deposits. Currently, this style of deposit is mined and processed only in China and Myanmar. In November 2020 Mount Ridley Mines Limited (“MRD”) commenced a review of data for its namesake Mount Ridley Project and surrounding area. The review concluded that areas of the Biranup and Nornalup geological provinces in south-eastern Western Australia have the potential for REE mineralisation, and in particular, the style of mineralisation referred to as Ionic Adsorption Clay (IAC-REE). Globally, deposits of IAC-REE are most significant in southern China and are the world’s main source of heavy Rare Earth Elements. The Project REE mineralisation occurs as large, horizontal, near surface, sheet-like lenses up to a depth of 89 metres. REE mineralisation is interpreted to be present within the in-situ saprolite clay horizon. Patchy lower grade zones occur within transported cover which may vector towards stronger REE mineralisation deeper within the regolith. Geological Survey of Western Australia (DMIRS) mapping[1] shows that the Mount Ridley Project REE mineralisation occurs within the weathered mantle (regolith) of the Recherche Super-suite, which is described as “granitic and mafic gneiss; may include intrusions of Esperance Super-suite”. While the source of the REE mineralisation is currently unknown, a detailed sample and litho-geochemistry dataset from bottom of hole aircore samples has been established which includes whole-rock chemical analyses, sample pulps and some end-of-hole air core samples. These samples and data are being studied by the Company’s consultant geochemist to identify the primary rock-type and whether units are REE-enriched. Re-assay of 950 air core samples (162 pending) returned significant REE values over an apparent strike in excess of 25 km with over 20 samples returning >1,000 ppm Mineralisation remains open in all directions with a peak value so far at the Keith’s Prospect from MRAC0711 with 10,461ppm (1.05%) from 23m downhole. Significant REE intersections have been identified and grouped into 5 prospects – Winston’s, Keith’s, The Lake, Tyrell’s and Marcellus. Planning underway for a 25,000m aircore program to test newly acquired tenements in addition to step-out and infill holes. [1] (DMIRS) Department of Mines, Industry Regulation and Safety 1:100,000 Interpreted Bedrock Geology Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. 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 Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 166 is with Mike Haynes, Managing Director and CEO of New World Resources Limited (ASX:NWC). Just over 12 months ago, we had New World Resources Limited (ASX:NWC) with us talking about the Antler VMS project. This story has now moved through the Scoping Study stage and recently declared a larger resource. Investors in the Australian Stock Exchange (ASX) are struggling to find a decent copper story. The last company that was not considered a major is being taken over and that is Oz Minerals Limited (ASX: OZL). Oz Minerals was no minnow so there is a big gap in the market. The next level brings Sandfire Resources Limited (ASX: SFR) into the discussion. Aeris Resources Limited (ASX: AIS) is another "small" copper producer on this scale. From here, the discussion pretty much ends. Here lies the opportunity to look at companies that have a long life and the potential to make the dream - to fill the imminent copper supply gap, come true. The New World Resources Limited story is a very convincing one as you watch and listen to Mike Haynes talk about the Scoping Study results and plans to bring the Antler Copper Deposit back into production. As all investors have experienced, what is clearly obvious becomes not so clear cut as time goes by. It is this reason that I encourage readers and viewers to DYOR and seek out Mike Haynes. Send him the questions. As I am researching New World Resources, I am struck by the great numbers coming out of the Scoping Study. This episode of Coffee with Samso is all about why the Antler project is so unique in grade and resource. Check out this Coffee with Samso with Mike Haynes from New World Resources Limited. Chapters: 00:00 Start 00:20 Introduction 01:16 Recap of the Antler Copper Project. 07:03 How is the geology? 09:17 Good grade numbers. 11:31 Explaining the share price to investors. 14:50 The high grade variation issue. 16:43 Scoping Study results. 17:58 How good is the Antler Copper project in terms of numbers? 24:54 Any potential hiccups? 26:46 How much movement will we see in the numbers? 30:13 Any concerns about future funding? 34:38 News flow. 36:45 Why New World Resources Limited? 37:28 Conclusion PODCAST About Mike Haynes Managing Director and CEO Mr Haynes has more than 25 years’ experience in the international resources industry. He graduated from the University of Western Australia with an honours degree in geology and geophysics and has explored a wide variety of ore deposit styles throughout Australia and extensively in Southeast and Central Asia, Africa, Europe, South and North America. Mr Haynes has held technical positions with both BHP Minerals and Billiton plc. He has worked extensively on project generation and acquisition throughout his career. During the past 17 years he has been intimately involved in the incorporation and initial public offerings of numerous resources companies, and in the ongoing financing and management of those and other companies. About New World Resources Limited New World Resources Limited is an Australian company focused on the exploration and development of mineral resources projects in North America. It is listed on the Australian Securities Exchange under the code NWC. On 14 January 2020 New World Resources Limited announced that it had executed an agreement that provides it with the right to acquire a 100% interest in the high-grade Antler Copper Deposit in Arizona, USA. In October 2021, after 18 months of exceptional results, New World exercised its option and took 100% ownership of Antler. About the Antler Copper Project Excellent Location • Located in a sparsely populated part of northern Arizona • Privately-owned land • 70% of all copper produced in the US is from mines in Arizona Proven VMS District • Cluster of 30-40 VMS deposits in northern Arizona; largest: • United Verde – mined 33Mt of ore @ 4.8% Cu (1883-1975) Excellent Infrastructure • 15km from rail and an interstate highway • Mains power to within 700m of the old headframe • 55km by road to Kingman (population ~30,000) • Benefits of existing infrastructure: - Cheaper to build a new mine - Cheaper to operate a mine 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. VMS (Volcanogenic Massive Sulfide) Deposits Explained In simple terms, Volcanic-associated Massive Sulphide (VMS) deposits are caused by underground metal-rich volcanoes rising and creating a cooking environment. I suggest you download this eBook which explains the VMS and 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. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

The nickel mining space is now gathering pace and this Coffee with Samso Episode 167 with Peter Harold, Managing Director and CEO of Poseidon Nickel Limited (ASX: POS), is all about the changing dynamics. The Black Swan story stems from a long history of nickel prospecting and mining in the Kalgoorlie - Kambalda district. The company has gone through great lengths to come up with a Bankable Feasibility Study (BFS) which looks good. Some people may say that the projections are not realistic but I feel that the move to an EV world requires taking quantum leaps in the mineral resource industry. The pricing of copper and nickel, which is principally the building blocks of industrialisation is now primed to move in a positive direction. There are many commentaries out in the marketplace clearly showing that the appetite for a No Emission world is going to require a magnitude of mining activities. The increase is not going to be something like what we had in the past. This is a step ahead and the first companies that will take advantage, the first companies that will be rewarded, are those closest to mining. The boom bust cycle of commodity prices will continue but at a different level. Hence, companies like Poseidon are well placed. The BFS is robust and using spot price is an ingenious move as the market perception is that the nickel price is moving. In today's coffee conversation, Peter tells us all about the ins and outs of the Poseidon story. Check out the conversation in this Coffee with Samso and, as I always encourage, DYOR. Chapters: 00:00 Start 00:20 Introduction 01:01 Why did Peter join Poseidon Nickel Limited? 01:56 The geology of the project - Epic Silver Swan Discovery. 03:23 The projects of Poseidon Nickel Limited. 05:17 Infrastructure of the project. 07:06 Lake Johnston - Drilling Program and EIS grant. 10:15 Bankable Feasibility Study. 14:37 What are you going to do with the product? MOU with PBT. 18:44 Global significance of nickel - Government support. 25:37 ESG 27:20 Recent drilling. 30:12 Comments on the share price - MST report. 41:00 Poseidon Mythology - back in the days. 47:14 Final comments. 50:18 Conclusion PODCAST About Peter Harold Managing Director and CEO Peter Harold (B.AppSc (Chem) AFAICD) is a process engineer with over 30 years corporate experience in the minerals industry, specialising in financing, marketing, business development and general corporate activities. He was until recently the Managing Director of Panoramic Resources, a company he co-founded as a $3 million IPO in 2001. Peter steered Panoramic through the financing and development of the Savannah Nickel Project in the East Kimberley and the acquisition and re-start of the Lanfranchi Nickel Project near Kambalda with the company reaching a market capitalisation of $1.2 billion in 2007. He was more recently involved in bringing the Savannah Project out of care and maintenance and back into production. Peter has extensive experience in base metal mining project feasibility studies, financings, developments, operations and marketing. About Poseidon Nickel Limited (ASX: POS) Poseidon owns three significant nickel assets with a combined resource of close to 400kt of nickel and processing capacity of up to 3.7Mtpa of ore to produce nickel concentrate. The Company’s business strategy remains focussed on leveraging its existing asset base to grow Poseidon into a significant nickel producer over a period of expected significant growth in nickel demand largely driven by growth in the electric vehicle market. Poseidon’s strategic pillars are developing a pathway to production, targeted exploration across its nickel asset portfolio and considering proximal business development opportunities. The key enablers for the Company’s strategy to be successfully executed are ensuring key capabilities are resourced and the business is sufficiently funded for growth underpinned by a strong ESG framework. Poseidon Business Strategy The Company’s pathway to production was significantly progressed during FY22 with two metallurgical breakthroughs which could significantly improve the economics of the Black Swan project. The first involves incorporating a rougher concentrate regrind into its process flowsheet to significantly improve the quality of the smelter grade concentrate, which is expected to result in improved nickel payability. The second was testwork on a combined serpentinite and talc carbonate ore blend to produce a rougher concentrate which is amenable to both pressure oxidation and high-pressure acid leach to produce a mixed hydroxide precipitate. With the assistance of Poseidon’s geological consultants, Newexco, the Company completed an exploration targeting report for Lake Johnston during FY22, with follow up reports for Black Swan and Windarra to be delivered in FY23. The Lake Johnston report identified the Western Ultramafic Unit as a priority, with a program of works approved to undertake 15,000 metres of RC drilling which is planned for FY23. The Company’s business development efforts over FY22 focused on delivering value from the Windarra/Lancefield gold tailings project. Partnering with Green Gold and determining whether their proprietary gold recovery technology is suitable for Windarra/Lancefield is considered the optimal path to unlocking value from this project. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. 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 Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Rooster Talk Episode 68 is with Barry Cahill, Managing Director of Cyprium Metals Limited (ASX:CYM) Good news for Cyprium's shareholders! Cyprium Metals Limited shares recent announcement about USD35M Secured Offtake Prepayment Facility for Nifty Copper Project Restart which highlights the prepayment of USD35M - basically the last piece of the puzzle that will hopefully bring about the start of copper plate production. Barry Cahill details the meaning of the announcement and takes viewers through the myriad of steps that will trigger production of copper plates at the Nifty operations. The Cyprium story is now taking shape with this announcement. As a shareholder, I feel that it will just be a matter of time before a re-rating of the company takes place. Cyprium is all about the Oxides and Heap Leaching to extract the copper. There are many commentaries in the market place but they have been focusing on the old mishaps of Nifty. Cyprium has made it simple. Mine the oxides only and worry about the sulphides later. Get yourself comfortable and listen to Barry telling us the journey, good and bad, since we last spoke to him in March 2022. Chapters 00:00 Start 00:20 Introduction 01:09 All About The Secured Offtake Prepayment Facility 03:12 Is the Financing Done? 05:34 What does the Facility mean for Cyprium? 07:29 How should Investors Position with Cyprium Metals? 09:43 Nifty - Positive and Negative. 10:13 The Negative Perception of Nifty. 11:26 Reasons why Australia is not good with Heap Leaching. 11:46 History of Nifty Production. 14:00 The Negativity around Nifty. 14:50 Nifty - The Cyprium Way - All About the Oxides. 20:41 Is the Nifty Oxide Heap Leaching all about Particle Size and Chemistry? 23:15 Any more Regulatory Boxes to Tick Off? 25:04 Has the Tiger been thrown out the Door? 25:32 Underestimated Value of Nifty. 26:57 Timing and News Flow? 28:07 Summary of the Finance Equation. 29:08 Conclusion PODCAST Listen to previous conversations with Cyprium Metals Limited About Barry Cahill Managing Director Mr. Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management. In particular, his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development. He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018. Mr. Cahill has previously been Executive Director of a number of public companies including Operations Director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc. About Cyprium Metals Limited (ASX:CYM) Cyprium Metals Limited (ASX: CYM) is an ASX listed company with copper projects in Australia. The Company has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The Company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value. The Company has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation. Paterson Copper Projects This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project. The Nifty Copper Mine (“Nifty”) is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 732,200 tonnes of contained copper (i). Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material. The Maroochydore deposit is located ~85km southeast of Nifty and includes a shallow 2012 JORC Mineral Resource of 486,000 tonnes of contained copper (ii). Aeris Resources Limited (ASX: AIS, formerly Straits Resources Limited) holds certain rights to “buy back up to 50%” into any proposed mine development in respect of the Maroochydore Project, subject to a payment of 3 times the exploration expenditure contribution that would have been required to maintain its interest in the project. An exploration earn-in joint venture has been entered into with IGO Limited on ~2,400km2 of the Paterson Exploration Project. Under the agreement, IGO is to sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure of $11 million over the first 3.5 years. Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a pre-feasibility study (PFS) on a new mineral discovery. Murchison Copper-Gold Projects Cyprium has an 80% attributable interest in a joint venture with Musgrave Minerals Limited (ASX: MGV) at the Cue Copper-Gold Project, which is located ~20km to the east of Cue in Western Australia. Cyprium will free-carry the Cue Copper Project to the completion of a definitive feasibility study (DFS). The Cue Copper-Gold Project includes the Hollandaire Copper-Gold Mineral Resources of 51,500 tonnes contained copper (iii), which is open at depth. Metallurgical test-work has been undertaken to determine the optimal copper extraction methodology, which resulted in rapid leaching times (refer to 9 March 2020 CYM announcement, “Copper Metal Plated”, https://cypriummetals.com/copper-metal-plated/). The Nanadie Well Project is located ~650km northeast of Perth and ~75km southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/887. The Cue and Nanadie Well Copper-Gold projects are included in an ongoing scoping study, to determine the parameters required to develop a copper project in the region, which provides direction for resource expansion work. (i) Refer to CYM ASX announcement dated 17 November 2021 “Updated Nifty Copper Mineral Resource Estimate” (ii) Refer to MLX ASX announcements: 10 March 2020, “Nifty Copper Mine Resource Update” and 18 August 2016, “Annual Update of Mineral Resources and Ore Reserves” (iii) Refer to CYM ASX announcement: 29 September 2020, “Hollandaire Copper-gold Mineral Resource Estimate” 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 Click on image above for Coffee With Samso investment column featured on Brilliant-Online. Our new Brilliant partnership allows us to distribute stories from ASX companies and private businesses to a wider community. As subscribers to Samso, you will find Brilliant stories inspiring.

Coffee with Samso Episode 168 with Brad Underwood, Executive Chair and Managing Director of Galileo Mining Limited (ASX: GAL) is about the year of Callisto. The discovery of the Callisto PGE system in Norseman, Western Australia has all but sealed the future paths of the company. Galileo Mining is now at the resource building stage and Brad is calling 2023 the Year of Callisto. This episode is all about where Callisto is headed in the near future. Watch the interview: Coffee with Samso Episode 168 The Galileo story has always been about finding resources. It is a rare company in the small cap mineral resource companies sector that is focused on finding a resource that is meaningful. As we know, the amount of work is directly related to what is in the bank account. And Galileo has a lot of funds in their bank account. The reason why Galileo can sustain the continuous mineral exploration activities is due to the fact that the major shareholder is Mark Creasy. Google him and you'll find out soon enough about the caliber of this shareholder. Galileo will continue to drill, and by all accounts from the recent drilling, the grades are looking to be getting better with depth. I have suspected that the early exploration results were indicating some trend towards the east, and it is nice to see that more drilling has shown this to be true. Brad Underwood gives us a great review of the results and what investors should take away from this Coffee with Samso. The Callisto Story is a classic successful mineral exploration story of perseverance, having the faith in the science and a great management team. DYOR is the key here for investors and shareholders. I encourage viewers to reach out to Brad Underwood and get him to explain any questions you may have from today's Coffee with Samso. Get comfortable, and enjoy this episode of Coffee with Samso. Chapters: 00:00 Start 00:20 Introduction 01:28 Brad Underwood introduces Galileo Mining Limited. 02:04 Is 2023 All about Callisto? 03:33 Brad narrates the mineralisation at Callisto. 07:41 Is the grade increasing with depth? 09:21 Galileo is All In on Callisto. 11:08 Proving the geological model. 11:52 What is Callisto? 13:41 How much of Callisto is still not understood? 15:41 Galileo is all about finding resources. 17:56 How are recent results adding to the value of Callisto? 20:30 News Flow. 22:17 How should Investors view Galileo Mining Limited now? 24:18 Can Callisto get bigger? 25:34 Why buy Galileo Mining Limited? 26:36 The exciting part of Galileo Mining Limited. 26:59 Conclusion PODCAST About Brad Underwood Executive Chair and Managing Director Brad Underwood is the Chairman and Managing Director of Galileo Mining. Mr. Underwood is a geologist with over 18 years of experience in exploration, prospecting and mining. He has been involved in copper, gold, nickel and cobalt discoveries and the development of numerous prospects over a variety of commodities. Previous conversations with Brad Watch the previous Coffee With Samso conversation with Brad here. Galileo's strategic focus on nickel, copper and cobalt in tier-1 mining jurisdiction. Listen to the Rooster Talk conversation with Brad here. Focusing on the science and techniques of nickel exploration - the easy process and potential issues. Featured on Brilliant-Online Galileo Mining Limited shares Methodical Approach to the Search for Nickel and Palladium About Galileo Mining Limited (ASX:GAL) Galileo Mining is a resources company listed on the Australian Securities Exchange (ASX) under the code GAL and is exploring for base metals in south-east Western Australia. The company has 100% ownership of its Norseman Project and has Joint Ventures with the Creasy Group over highly prospective tenements in the Fraser Range. The Norseman Project is located adjacent to the regional town of Norseman in an infrastructure-rich area of Western Australia. A bitumen highway runs parallel to the project area and is less than 10km from the Company’s current JORC cobalt-nickel resources. The Norseman Project includes numerous areas with potential for further cobalt discoveries as well as additional nickel and copper prospects. The Fraser Range Project covers two zones of the extensive Fraser Range geological belt. The Fraser Range is known for the world-class Nova nickel-copper-cobalt mine discovered by Sirius Resources in 2012. Galileo’s northern Fraser Range tenement is 80km from the operating Nova mine while the southern tenements are just 30km from the mine. Galileo is targeting Nova style nickel-copper-cobalt mineralisation in the Fraser Range and has a deep level of experience in the region. The company was originally privately owned by renowned prospector Mr. Mark Creasy, and Galileo Managing Director Mr. Brad Underwood spent eight years as General Manager of the Creasy Group’s exploration at the Fraser Range and Norseman. Galileo Mining listed on the ASX in May 2018, raising $15 million in IPO funding. Mr. Creasy continues to be the largest shareholder, controlling approximately 31 percent of the company. ASX-listed miner Independence Group (ASX: IGO) and Mineral Resources’ founder Chris Ellison are included within the Company’s top five largest shareholders. Galileo Key Milestones 2003 – Registered as a private company wholly owned by Mark Creasy 2004 – Acquired the Norseman project 2006 – Initial drilling conducted at Norseman 2017 – Maiden JORC Resource completed at Norseman 2018 – Acquired interest in the Fraser Range project 2018 – Launched on the ASX as a public company 2020 – Nickel Sulphides confirmed at Fraser Range project 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. Download eBook VMS (Volcanogenic Massive Sulfide) Deposits Explained In simple terms, Volcanic-associated Massive Sulphide (VMS) deposits are caused by underground metal-rich volcanoes rising and creating a cooking environment. I suggest you download this eBook which explains the VMS and 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. Share to Grow 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 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 Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Samso on Mining HQ Podcasts Ep.26 goes ESG today. What ESG is all about, and why it can help ASX companies move forward. ESG is now really an umbrella word to measure where you are in terms of doing things properly. ESG is more a requirement and not so much a mandatory act. ESG is not new and we as an industry have been fulfilling all these requirements for as long as Noel has been involved, and that is over 30 years. It is now just a title. The average company in the mining industry is already compliant and hence there is no longer an issue. In the case of investors, ESG can be a factor when you have sensitive environments but apart from that, it does not really play a big role. There are funds around that are looking at ESG compliant projects, so in those cases, that is a strong positive. In Australia, the First Nation conversation is always present and in Noel's opinion, it needs to be incorporated in all future paths forward, otherwise, it will never be resolved for corporate and the community. Listen here: Tin, tungsten and REE are key players in the critical and essential sectors. Listen to a conversation with Andrew Radonjic, Managing Director of Venture Minerals Limited (ASX:VMS) about the company's REE story. More stories 2022 is the Year of Green Energy and No Emission in the Mineral Resource Industry 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