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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

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

Coffee with Samso Episode 79 with Mike Haynes, Managing Director and CEO of New World Resources Limited (ASX:NWC) New World Resources Limited (ASX:NWC) is all about de-risking a high-grade copper mining project. The Antler project is a VMS (Volcanogenic Massive Sulfide) that explains the nature of the deposit. What I like about VMS is that it is normally high-grade, occurs in clusters, has a longer LOM (Life of Mine) and the funding required is what a small-cap company can handle. In Coffee with Samso Episode 79, we talk to Mike Haynes, the Managing Director and CEO of New World Resources Limited (ASX:NWC) about the Antler Project. Mike has been working in the US since 2005 and you can tell that he has an in-depth understanding of how the business works in that part of the world. Over the years, I have been exposed to a few US projects and I have been very impressed with their technical merits. In nearly all these cases, the development potential has been good. The issue at that time was the availability of capital. The tenure of these projects has been something I found significantly different to what is present here in Australian projects or in many other places. I think in terms of project development, this can make a lot of difference to the ultimate success of a project. It is not often that one finds an intercept of 23m of ore with a grade of 6.7% Cu equivalent. It is even rarer to find that left in the ground waiting to be discovered. Mike Haynes shares with us the story of how Antler was acquired and how this will add significant value to the company. The high-grade nature of the project will shield the project from future price volatility. These are all the facets of what I like about this project. The fact is that ongoing drilling is finding better grades and bigger intersections as they go deeper. Hence, the path forward for the Antler project is all about a de-risking process towards mining. 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 13 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. Location and Infrastructure The Antler Copper Project is located in a sparsely populated region of north-western Arizona (see Figure 1). Access to the Project area is excellent; with direct access to the historical mine site by way of 20km of unsealed road that extends east from the town of Yucca (population approximately 6,000) which is on US interstate 40. A rail line passes through Yucca as well as Kingman (population 30,000), some 30km to the north. The close proximity of good roads and utilities will be advantageous when exploring and developing the Project; affording opportunities to minimise operating costs and lower pre-production capital requirements. The Antler Deposit lies within two (2) patented (private) mining claims that cover 40 acres. The Deposit is surrounded by an additional seven (7) unpatented (BLM) mining claims that cover a further 340 acres. Figure 1. Location of Antler Copper Project in Arizona, USA. Geology and Mineralisation The Antler Deposit lies within a NE-trending belt of Precambrian gneissic and schistose rocks thought to have originally been volcanic in origin. The Deposit comprises a stratabound, pyrrhotite-rich, copper-zinc volcanogenic massive sulphide (“VMS”) body. Numerous other VMS deposits, in similarly-aged rocks, are present in northern Arizona. These include the United Verde Deposit – where 33Mt of ore was mined between 1883 and 1975 at a grade of 4.8% Cu, and the UVX Deposit – where 3.9Mt of ore was mined between 1915 and 1992 at a grade of 10.2% Cu (see Figure 1). Mineralisation at the Antler Deposit outcrops over more than 750m of strike at surface. The host sequence strikes in a north-easterly direction and dips to the northwest. A complex array of tight folds has been mapped, and two north-westerly trending faults have been mapped to offset and truncate the Antler Deposit (see Figure 2). Figure 2. Mapped geology at the Antler Copper Project in Arizona, USA, including all previous surface drilling. Historical Production The Antler Deposit was discovered in the late 1800s. Intermittent production from the Deposit between 1916 and 1970 totalled approximately 70,000 tonnes of ore at a grade of around 2.9% Cu, 6.9% Zn, 1.1% Pb, 31 g/t Ag and 0.3 g/t Au. Ore was extracted over approximately 200m of strike from an inclined shaft, to a depth of around 150m (see Figures 3-5). The average thickness of ore was reported to be around 4 metres. Additional underground workings were developed to a depth of 200m – but no production was recorded from the deeper levels. Remnant Mineralisation Previous mining operations deliberately targeted the highest-grade mineralisation; with stoping undertaken only where such mineralisation was thickest. Accordingly, considerable mineralisation remains, unmined, at very shallow levels immediately adjacent to historical stopes. Between 1970 and 1975, following completion of the most recent episode of mining, a total of 19 holes were drilled from the surface and underground with the objectives being to: increase confidence in the known mineralisation immediately below the mined levels (predominantly below the “7 Level” which was developed 150m below below surface) in advance of anticipated resumption of mining; and explore for additional mineralisation. Considerable high-grade mineralisation was delineated with closely spaced drilling over an area about 150m wide by 200m down-dip, immediately below the historical stopes (see Figures 3-5). Significant intersections (in unmined mineralisation) include: 9.66m @ 3.57% Cu, 6.63% Zn, 0.82% Pb, 34.4 g/t Ag and 0.34 g/t Au (U30); 7.62m @ 2.80% Cu, 7.29% Zn, 1.61% Pb, 43.4 g/t Ag and 0.54 g/t Au (DDH12); 5.18m @ 2.90% Cu, 12.58% Zn, 2.08% Pb, 63.1 g/t Ag and 0.42 g/t Au (U16); 7.62m @ 2.47% Cu, 3.52% Zn, 2.81% Pb, 64.5 g/t Ag and 0.46 g/t Au (B-3); and 6.40m @ 1.51% Cu, 10.69% Zn, 1.95% Pb, 52.1 g/t Ag and 0.29 g/t Au (U18). Other, widely-spaced, drilling intersected additional high-grade mineralisation both (i) at depth, considerably below historical workings; and (ii) along strike from the historical workings (see Figures 3-5). Figure 3. Long section through the Antler Deposit showing previous drilling and select significant intersections in surface drilling. Figure 4. Detailed long section through the Antler Deposit showing previous drilling and select significant intersections in underground drilling immediately around the historical workings. Figure 5. Cross-section through the Antler Deposit showing previous drilling and select significant intersections in drilling. The deepest hole drilled at the Project to date (B-6) intersected high-grade mineralisation more than 400m down-dip of the lowest level of the historically mined workings (see Figures 3 and 5). Results included: 9.14m @ 1.53% Cu, 0.95% Zn, 1.10% Pb and 60.2 g/t Ag; and 1.22m @ 4.00% Cu, 7.10% Zn, 0.86% Pb and 35.9 g/t Ag and other, very widely-spaced holes along strike from the historical workings intersected high-grade mineralisation (see Figure 3), with results including: 1.65m @ 4.20% Cu, 4.13% Zn, 1.25% Pb and 66.9 g/t Ag (B-4) 1.19m @ 3.99% Cu, 9.15% Zn, 0.77% Pb, 27.0 g/t Ag and 0.17 g/t Au (DDH4); and 2.13m @ 1.66% Cu, 3.57% Zn, 0.10% Pb and 1.22 g/t Ag (B-1) The detailed drilling, immediately below the 7 Level, indicates there is substantial high-grade mineralisation that may be rapidly extracted if mining operations resume. And the results from the deeper and more widely-spaced drilling, where high-grades were returned in all but several holes, indicates there is considerable potential to delineate additional, mineable, high-grade mineralisation at the Project with further infill drilling. Historical Resource In 1975, a consultant to Standard Metals Corporation (the owner of the Project at the time), prepared a preliminary feasibility study into the development of the Antler Deposit. A mineral resource estimate was reported, which comprised: Forward Work Plans The Company commenced an initial 2,500m drilling program at the Antler Project in mid-March, 2020. The Company’s immediate objective is to delineate robust JORC-Code compliant Indicated Resources that can be used in mining studies to evaluate the potential to bring the Antler Deposit back into production in the near-term. So the priorities for the Company’s maiden drilling program are to: Undertake an appropriate amount of confirmatory drilling within a panel of “high-confidence, high-grade mineralisation” immediately below the previous stopes that have previously been drilled and sampled from underground (see Figures 3 and 4). Initial production (if mining operations resume) is expected to be derived from this area. Undertake in-fill drilling between the more widely spaced and deeper historical holes that indicate there is a thicker, high-grade “plunging shoot” down-dip of the previous stopes (see Figure 3) Undertake initial shallow drilling adjacent to historical stopes to test the thickness and grade of unmined mineralisation in these areas; and To conduct initial step-out drilling outside the “plunging shoot” to test for thicker high-grade zones of mineralisation. In parallel with initial drilling activities, representative drill core samples will be collected for metallurgical test work and geotechnical data will be acquired for initial mine design work. This information will facilitate commencement of studies into the resumption of mining and help optimise equipment sizing. Given the very high-grades and shallow nature of the mineralisation, the Company intends to initially evaluate the potential to develop a low-CAPEX, high-grade mining operation at the Project, which could conceivably be brought into production quickly. 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. 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 150 with Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD) is all about the REE story. One of the best kinds of exploration stories are those that have substance and have a reasonable potential for it to come true. The Mount Ridley REE project is something that stands out from the crowd. As an observer of the recent REE announcements coming out of the woodwork, I am learning bits and pieces. My understanding of the REE industry has been largely from my Coffee with Samso with Northern Minerals Limited (ASX: NTU). The appearance of REE in Ionic Clays have made a splurge in recent times. I don't have much understanding of it and this was a great opportunity to talk to someone in this recent trend. It was refreshing to be able to talk to industry and learn whether REEs are REEs or not. In this episode of Coffee with Samso, Guy shares with us the history and the contents of the MRD REE story. It was enlightening to hear from Guy that the REE deposit is not Ionic Clays and that they actually don't know much about the project. The company is in a learning phase and the upcoming drilling will drive a clearer picture on the whole project in the next twelve months. What I like about this project is that it is 35km from a port, have a highway, railway and a gas pipeline adjacent to the project. This is critical (in any project) as the company continues to work on the technical aspects. I encourage viewers to look at this story as an early exploration project or an early development mineral project. Chapters: 00:00 Start 00:20 Introduction 01:52 Guy Introduction. 02:32 How did MRD come up with the project? 03:40 What elements of the REE does MRD have? 04:42 What does TREO mean? 05:56 What do we read in TREO? 07:11 The large Footprint for MRD. 07:50 Can investors assume the consistency of REE mineralisation? 09:11 Is this an alluvial process? 10:34 Can the project be host to other metals? 11:41 The REE market. 12:47 Could REE have ESG compliant issues which will lead to supply issues? 14:11 The geopolitical changes are driving the REE demand. 14:44 Co-Funding collaborations in Critical Metals. 15:35 News Flow for MRD. 16:41 Does MRD have environmental issues? 17:40 Why look at MRD? 18:49 The upside of MRD. 19:45 Conclusions 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

The Esperance region is fast developing into a Rare Earth Region and Episode 69 is with Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD) The Mount Ridley Story is all about clay hosted Rare Earth Elements (REE) deposits. The biggest question for all the clay REE projects relates to the timing of the unlocking of the metallurgical conundrum. It is not a big secret that there is a hurdle for these companies but whether it is a matter of time or market, that will be food for thought for investors. The Mount Ridley Story The clay hosted REE deposits that Mount Ridley has are located within a Fraser Range sub-basin, which is just 50km north of Esperance. Interestingly, it was initially acquired for its nickel and copper sulphides potential. Figure 1: The Mount Ridley REE Project comprises 9 granted exploration licences in south-west Western Australia with an area of approximately 3,400 square kilometers. (Source: MRD Announcement, 14th February 2023). Mount Ridley is one of many companies that is applying their trade in the Esperance region. Hence, the MRD story is with good company. Figure 2: The Mount Ridley REE Project is well positioned with similar projects which have been proven to be mineralised and have known resources. (Source: MRD Presentation, December 2022). The Company also holds approximately 18% of the Weld Ranges in the mid-west of Western Australia. Areas of the tenements are prospective iron and gold. Rooster Talk Episode 69 Chapters 00:00 Start 00:20 Introduction 00:52 Update on the Mount Ridley Story. 02:05 Mount Ridley Tenement Holdings. 02:42 Any update on the REE sector? 03:25 Is the recent Molybdenum price surge a sign of things to come for commodities? 04:13 Are we looking at a change in sensitivities with supply crunch and price volatility? 05:06 Apparent pricing volatility. 06:11 Upcoming news for Mount Ridley. 07:17 Why buy Mount Ridley? 08:41 Conclusion PODCAST The Sensitivity of Supply Deficit and Price Volatility. In this episode of Rooster Talk, one of the topics that was discussed was the current observation about the supply crunch. This is an interesting topic as the supply crunch of metals have been talked about for nearly 8 years. I remember writing about this topic in 2019 (see below) and the crunch sort of never came. Samso Insights: Zinc Market- What happened to the price surge? - January 19, 2019 Is the Commodity Market just getting used to a slowing Chinese Panda ? - June 10, 2019 Is the Commodities Shortage a Mirage? - June 18, 2019 Shortages in Metals - March 14, 2020 The Mystical Journey of the Commodity Price - Will it Continue? - June 18, 2021 One of the most compelling crunch that never eventuated and still has not, has been the Zinc story. Nickel and Copper kind of came of late but that is still a wait-and-see game. The point is that in the previous narratives, the hype never came to pass. The last six months have shown that this may finally be happening... or is it? There was the nickel push and then there was the copper run recently. Uranium may be starting to lead, or may lead showing some signs of leading the pack. As Guy Le Page mentions in today's Rooster Talk, the surge in buying by the Sprott Uranium Fund may have created a catalyst for commentators to feed on. Why are we talking about this topic? Well, the price of Molybdenum ran spectacularly in January 2023 and observers commented that this is due to China restarting production and the closure of mines in Peru. Figure 3: The price chart of Molybdenum (Source: Trading Economics, 2023). Hence, if this is the case, a nearly 95% jump in price would make any punter wake up. A surge like that because of a mine closure and of increasing production in China? On the REE front, according to Strategic Metals Invest (www.strategicmetalsinvest.com), since January 2020, Dysprosium has increased by up to 78.25%, Neodymium 226% and Praseodymium 169.20% Samso's Conclusion The clay hosted REE journey is one that is intriguing and poses a lot of questions for potential investors. When will the unlocking of the Holy Grail happen? Will there be a market when that happens? Will the technology using these metals still be around? Well, in my humble opinion, having lived many decades in the wonderful world of ours, I think this is our time in seeing a pivoting of industries. The world of electrification is here to stay and the world of efficiency in creating cleaner energy has been set in stone. Although Rare Earths are not rare, the concentration of the resources and the application to downstream products are rare. The shift of dependence on one "nation" to produce products seems to be taking a back seat. The Esperance region is ideal for a new industry to emerge. It has all the important logistics like a port and a low density of population. It has the space to grow in size. The good thing for companies like MRD is that the resource is almost a certainty. They have many players who, as a whole, will be able to play with the big boys. The unlocking of the metallurgical question will be exciting times for all involved. What investors need is to be patient, but this seems to be the biggest Achilles heel. 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 have 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

Dr Mike Jones, the Managing Director of Impact Minerals Limited (ASX: IPT), talks about a Western Australian High Purity Alumina project in this Coffee with Samso 175. The HPA (High Purity Alumina) story has so far eluded the Samso journey, but now Impact Minerals Limited (ASX: IPT) is here with us to share in our coffee chat. The HPA story requires an understanding of a whole different pool of facts. Although the HPA story is not something new, it does bring a whole different complexion to Impact Minerals. When you hear Dr. Mike Jones describing the story, you may feel at first that this is a simple project. You are not wrong, but to me, it is far from simple. Look a little deeper and you'll see that this is one of those projects that is niche enough to make it work. Impact Minerals is now embarking on a different journey. This new project is almost ready for the production story. They are finalising the drilling to produce the all important JORC Mineral Resource which will be the first step in cultivating a production story. Listen to our coffee conversation with Dr. Mike Jones here: Get to know Impact Minerals Limited (ASX: IPT) Impact Minerals has been around for a long time. Impact is a company that has projects that would be a major project in any other ASX companies. I'm thinking specifically about the Broken Hill and the Arkun project. The Broken Hill project is a Ni-Cu-PGE project (Figure 1 and Figure 2) is located 20km from the world class Broken Hill silver-lead-zinc mine in New South Wales. The geology at the Broken Hill project is one that has a lot of possibilities which is what you want from a project. I have been looking at their projects from afar for a while. Impact has shown that the very high grade palladium and platinum mineralisation at the Red Hill, Platinum Springs and Moorkaie Prospects and the Iron Oxide Copper Gold (IOCG) mineralisation at the Copper Blow Prospect (ASX:SCI) are hosted by and related to alkaline magmatic rocks (Figure 2), (ASX Announcement 13th December 2018). Figure 2: Location of alkaline magma trends in the Broken Hill area. The Little Broken Hill to Moorkaie Trend contains rocks of potassic ultramafic to alkaline gabbro composition. The Copper Flat to Staurolite Ridge Trend contains rocks of alkaline gabbro to carbonatite composition. An offset of the Copper Blow Trend is interpreted to the south of the Thackeringa Fault Zone. (Source: Impact Minerals Limited) The Arkun project (Figure 3) which covers about 850 square kilometres is between York and Corrigin, which is approximately 100 km east of Perth. The project was first identified as an area of anomalous nickel-copper-gold anomalies in publicly available regional geochemistry data sets. What I like about this project is that it is now considered to be in a mobile belt that is prospective for "Julimar" type mineralisation. The discovery of Julimar has now opened up this whole region. A subsequent interpretation of regional magnetic data by Impact has identified the area as lying within a major deformation zone or mobile belt that trends NW-SE from the Moora-Julimar-Yarawindah area through Arkun and which may contain deformed and metamorphosed equivalents of those rocks. This belt is generally not recognised in many regional geology maps and yet is self-evident in the magnetic data. This is a significant breakthrough in understanding for Impact Minerals Limited. The BHP Xplor Program Impact Minerals was recently chosen to participate in the BHP Xplor program with their Broken Hill project. The participation is a recognition of the quality of the project and the amount of good work completed by the company. Think about the number of projects that would have to be submitted, and to be selected is a testament of something positive. The Lake Hope HPA Project will change the future of Impact Minerals Limited. The Lake Hope Project covers numerous prospective salt lakes between Hyden and Norseman in southern Western Australia, a Tier One jurisdiction (Figure 4). The project covers about 238 sqkm and are all owned by the vendor, Playa One. The Lake Hope area has unique climatic and geological characteristics that have resulted in the formation of what is probably a globally unique deposit of aluminium-rich material within the surficial clay layers of two small salt lakes, or “pans”, in the Lake Hope playa system. The lake clays, which are only up to a few metres thick, have unique chemical and physical properties and consist almost entirely of aluminium-bearing minerals that are plasticine-like in consistency and can be easily sampled with hand-held augers and push tubes (Figure 5). In addition, particle size distribution analysis demonstrates that virtually all the minerals are less than 16 microns and 60% to 80% occur at grain sizes of less than 5 microns (Figure 6). These unique characteristics have produced a near-perfect mineral deposit: a very high-value end product whose parent ore is: Very soft and shallow, allowing for extremely cheap free-digging with limited infrastructure requirements, no pre-stripping, no selective mining, a tiny environmental footprint, and limited rehabilitation requirements. Naturally fine-grained with no need for crushing and grinding, allowing for transport to an offsite processing facility that can be built on existing industrial sites (Figure 4). In essence, this is Direct Shipping Ore (DSO). Comprised of a few minerals that require only simple washing before acid leaching, thus allowing for low-cost straightforward metallurgical processing. Samso's Conclusion The change in business for Impact makes a lot of sense. The introduction of the Lake Hope project will move Impact Minerals into the production part of the industry very quickly. As we all know, in the exploration game, discovery of an economical resource is very difficult. The path to production is another hurdle many small juniors will never cross. What I like about Impact are their "Other" projects. There is a lot I like about the new HPA label. However, one cannot discard the potential of the Broken Hill and also the Arkun projects. There is hard-to-measure value in the potential of these projects. I have always considered the HPA as too hard. However, after listening to Mike sharing his thoughts and strategy with the Lake Hope project, I am changing my narrative. To be honest, I have not really looked into the details but I have got some idea now. Simplistically, the HPA story appears to be about processing. The mining part seems to be easy. This is what I took away from listening to Mike, and his confidence, I feel, comes from the fact that Lake Hope is a unique deposit. It is one of those projects that tick the boxes that we all dream about. When you look at this project Lake Hope, what I see is that, at this stage of the game, Impact has been lucky. They got this project which appears to have all the hallmarks of a "Perfect Project". Yes, we all know about the things that can and will go wrong with the path to production, but I think when you listen to Mike speak about the ups and downs, you will come to the same thought - "Could this be true?". When the time comes where we get the answer to that question, I would rather be in the group that has the position to lose than the group that is fighting for a position. My philosophy has always been that I'd rather lose something than regret not being able to win. Welcome to the Mineral Exploration game. Remember the golden rule - always DYOR. Tune in to Mike's thoughts here. Chapters: 00:00 Start 00:20 Introduction 01:37 The Impact Minerals Limited story. 06:28 HPA - Potential big player in the industrial minerals market. 09:19 The deposit and metallurgical process of extracting HPA. 12:13 What is special about the Lake Hope Project? 18:49 The assay results in Lake Hope. 21:15 What is 4N high purity alumina? 23:50 Advantages and challenges of the alumina deposit. 28:07 The chemistry consistency of alumina grades. 31:27 The competitive advantage of Lake Hope area. 32:45 The challenges of being in the HPA space. 35:06 A low cost producer of HPA. 37:29 News flow. 40:29 The advantage of leapfrogging the discovery phase. 44:32 Why Impact Minerals Limited? 47:26 Conclusion PODCAST About Dr Mike Jones Qualifications: PhD, MAIG Dr Jones completed undergraduate and post-graduate studies in Mining and Exploration Geology at Imperial College, London. His Ph.D work on gold mineralisation saw him move to Western Australia in 1988 to work for Western Mining Corporation exploring for gold and nickel deposits in the Yilgarn. From 1994 he consulted to the exploration and mining industry specialising in the integration of geological field mapping and the interpretation of geochemical, geophysical and remotely sensed data for target generation. Dr Jones has worked on over 80 projects both in greenfields and near mine exploration in a wide variety of mineralised terrains and was the founding director of Lithofire Consulting Geologists in Perth, Australia. He was also the team leader during the discovery of a significant gold deposit at the Higginsville Mining Centre, near Kalgoorlie and an iron ore deposit near Newman, both in Western Australia. About Impact Minerals Minerals Limited Impact Minerals Limited (ASX: IPT) is an exploration company listed on the ASX in November 2006. The Company manages extensive tenement holdings (>4,000 km2) within Australia featuring significant potential for high-grade mineral deposits of gold, silver, lead, zinc, copper, nickel and PGMs. The Directors of the Company have extensive experience in mineral exploration and a strong history of exploration success, business development and corporate management. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with the aim of building profitable mining operations. Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Subscribe to Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 181 is with Richard Brescianini, Executive Director of Heavy Rare Earths Limited (ASX: HRE) The HRE story is a management-focused project led by Richard Brescianini, a highly experienced operator in the REE industry, and people like him are few and far between. His insights into the sector are extremely valuable, especially considering the lack of visibility to non-China related industries. Richard's time with Arafura Resources Limited is invaluable to the company. In this episode, you will get to know Richard and understand his thinking process as he drives the current project forward. Speaking with Richard, it becomes clear that he operates on a different wavelength. Viewers of Coffee with Samso should take away the fact that Richard is a skilled practitioner in a complex industry with its fair share of secrets. Richard has personally visited the factories that produce magnets and has engaged with both factories and refineries competing in an economy controlled by a State. It is interesting to note that while the Chinese State acts as the ultimate puppeteer, they also foster fierce competition within the sector to drive productivity. The HRE Story The story of Heavy Rare Earths Limited (ASX:HRE) is all about the Cowalinya project in Western Australia. The project is located 70km south-east of Norseman, a small gold mining town 187km directly south of Kalgoorlie. Figure 1: Location of the Cowalinya project in Western Australia. (Source: Heavy Rare Earths Limited) The Cowalinya area was primarily chosen on the basis of historical drilling which indicated the presence of anomalous rare earths in fresh bedrock and higher grade supergene concentrations of rare earths in the overlying in-situ weathered saprolite profile. Samso's Conclusion Over the past 24 months, the Samso platform has had the privilege of showcasing a series of Clay Rare Earth stories. It has truly demonstrated why Samso's stories are effective and educational, and pique investor interest. The complexity of understanding the Clay REE business is precisely why the Coffee with Samso conversations with experts like Richard Brescianini are so valuable. In the case of Heavy Rare Earth, Richard emphasises the importance of leaching the REE out with acids and finding the right balance between cost and profits. Essentially, the market price needs to be higher than the cost of extracting the metals. Richard's extensive industry experience and understanding of the complexities behind the scenes in China give him a unique advantage that his peers may not possess. One key takeaway from these conversations is that there is no longer any doubt about the ability to extract the metals. Numerous companies have released metallurgical results showing successful extraction. The focus now shifts to having the necessary resources, grade, and ingredients to make things happen. If someone discovers a more efficient method to extract a greater amount of metals from any grade, it would be a game-changer. It appears that the HRE resource will be substantially upgraded, with a higher grade than initially stated. The REE business is a long-term game, and wise investors should do their own research (DYOR) and consider long-term investment strategies. Looking ahead, a potential partnership in non-China based downstream operations could be the next step for HRE. This would add further value to the process. The Esperance region is an ideal location for such partnerships, especially if non-China economies aim to establish a stronger foothold in the supply of REE and manufacturing. It would be a logical decision for the Australian government to support the creation of value-adding industries in this area. Chapters: 00:00 Start 00:20 Introduction 00:43 Who is Richard Brescianini? 01:36 All about HRE 02:50 The HRE advantage in terms of metallurgy 10:01 Is there a geological control on the grade? 14:07 Is it all about labs now? 18:30 Ionic or non-ionic are not deal-breakers 22:34 Game changer in the clay sector 25:31 Importance of geological advantage 29:13 Future demand of the REE market 32:47 What needs to go right for HRE and what could go wrong for the likes of HRE? 39:20 The positives and negatives of the market 45:45 Economics in the REE market 49:41 News flow 52:27 Why HRE? 57:16 Conclusion PODCAST About Richard Brescianini Executive Director Richard commenced his career in mineral exploration with BHP Minerals in 1987 working in teams focused on the discovery of base and precious metal deposits across Australia and North America from offices in Brisbane, Perth, Toronto and Denver. Richard’s experience extends further, including his time working as the Director of the Northern Territory Government’s Geological Survey in Darwin, and being part of the executive management team for rare earths developer, Arafura Resources. About Heavy Rare Earths Limited (ASX: HRE) Heavy Rare Earths Limited (ASX:HRE) is an Australian rare earth exploration and development company. Rare earth materials are used in a wide array of technology and future facing applications, including smart phones, wind energy, and hybrid and electric vehicles. HRE’s key exploration project is Cowalinya, near Norseman in Western Australia. This is a clay-hosted rare earth project with a JORC Inferred Resource of 28Mt @ 625ppm TREO and a desirable rare earth composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths. The company has completed a 441 drill hole program confirming widespread occurrence of shallow, thick and/or high grade rare earth mineralisation. The Company anticipates a Mineral Resource update and an estimate Exploration Target for the project in Q3 2023 Cowalinya Project - Western Australia The Cowalinya rare earth project is located 70 km south-east of Norseman in Western Australia. It comprises a single 230 km2 exploration licence E63/1972 on unallocated crown land hosting dominantly granitic type rocks in the Central Biranup Zone of the Albany Fraser Orogen. (See Figure 1 above) The mineralisation being targeted is shallow, flat lying, supergene concentrations of rare earths present in the weathering profile overlying granitic basement. This mineralisation is similar in style to southern Chinese ionic rare earth clay deposits, the world’s main source of heavy rare earths. Although this type of rare earth deposit is low grade, low-cost open pit mining and simple inexpensive metallurgy make them profitable to exploit. The Cowalinya area was primarily chosen on the basis of historical drilling which indicated the presence of anomalous rare earths in fresh bedrock and higher grade supergene concentrations of rare earths in the overlying in-situ weathered saprolite profile. In June 2021 HRE drilled 109 aircore holes at Cowalinya by HRE discovered significant supergene concentrations of rare earths in two areas, Cowalinya South and North. The rare earths mineralisation, occurring as flat lying sheets within the in-situ clay-rich weathered saprolite, is contained within an average ~8-9 m thick layer which starts ~17-18 m below surface. Independent resource consultant JMCT Consulting was engaged to prepare and report Cowalinya’s maiden Inferred Mineral Resource estimate for the project in accordance with the 2012 JORC Code: 28 Mt @ 625 ppm TREO (Total Rare Earth Oxides) using a 300 ppm TREO-Cerium Oxide (CeO2) cut-off grade. Importantly, the resource has a desirable rare earths composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths, and very low average concentrations of radioelements (15 ppm ThO2, 5 ppm U3O8). Mr John Tyrrell of JMCT Consulting is the Competent Person for the Cowalinya Mineral Resource estimate (in accordance with 2012 JORC Code). TREO = La2O3+CeO2+Pr6O11+Nd2O3+Sm2O3+Eu2O3+Gd2O3+Tb4O7+Dy2O3+Ho2O3+Er2O3+Tm2O3+Yb2O3+Lu2O3+Y2O3. Magnet REOs = Pr6O11+Nd2O3+Tb4O7+Dy2O3 ; Totals may not add due to rounding ; Reported above a TREO-CeO2 cut-off grade of 300 ppm The resource at Cowalinya remains open in all lateral directions and currently covers only a small proportion (<1.5%) of the project tenement. Preliminary metallurgical test-work on 40 samples from the 2021 drilling program shows the rare earths are successfully brought into solution using a weak hydrochloric acid leach. Recoveries of >90% for some of the rare earths have been achieved. Resource Exploration and Expansion Drilling Program – 2023 The Company has successfully completed a 441-hole resource exploration and expansion drilling program at Cowalinya (refer to ASX announcements). These assays confirmed the widespread occurrence of shallow, thick and/or high-grade rare earth mineralisation in clay-rich saprolite over a 14 x 3-kilometre area west and south-west of the Cowalinya South deposit (Figure 1). This Western Zone discovery is open to the north and northwest, has an average thickness of 11.3 metres, and includes the following significant drill intercepts (on a grade-thickness basis) reported during the quarter: 19 metres @ 3190 ppm TREO from 16 metres (AC225) 10 metres @ 2087 ppm TREO from 17 metres (AC221) 26 metres @ 1201 ppm TREO from 19 metres (AC360) 17 metres @ 1069 ppm TREO from 11 metres (AC223) 42 metres @ 790 ppm TREO from 12 metres (AC226) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Coffee with Samso Episode 132 with Barry Cahill, Executive Director of Cyprium Metals Limited (ASX:CYM) The time has come for Cyprium Metals Limited to lay out the theme for the Nifty Story. The release of the Restart Study is, effectively, the beginning of what is about to come as the company progresses down the path of mining and delivery copper plates. In this episode of Coffee with Samso Barry shares with us how the Cyprium business will take shape in the coming 18 months. The company is planning to be in production in 2023 and this is effectively shaped by this study. Barry shares with us how the story will unveil itself with all the approval stages being met and in the process of being submitted. The process of extracting the copper is not an arduous process, and funding at this stage for the start should not be an issue. On the 11th March, the company announced the following: Nifty Copper Project Restart Study HIGHLIGHTS Current copper price ~USD4.60/lb Oxide C1 costs of USD1.91/lb and C3 costs of USD2.82/lb Average production of 25,000 tpa copper cathode Oxide cathode production 146,100 tonnes copper metal Pre-production capital AUD149M Positive engagement with Financiers now accessing final study and extensive data room NPV @7% of AUD277M with an IRR of 37% (post tax) Mineral Resource Estimate (MRE) to include 2021 drilling & inferred resource conversion Oxide mine life 2023-29 at ~6.3 years (pre-MRE upgrade) with sulphide potential +20yrs Metallurgical testwork confirms 85% recovery in Retreat and 90% in Oxide Pit material Free cashflow AUD544M Payback in 3 years Regulatory approvals submitted and on track Sulphide heap leach metallurgy testwork commenced NEXT STEPS Finalise the Financing of the project during Q2 2022 Update the Mineral Resource and in pit inventory, including expansion options Complete financing and final government approvals post FID Commence refurbishment and construction post finance and government approvals Plate copper metal in the second half of 2023 Chapters 00:00 Start 00:15 Introduction 00:58 Barry and the mineral resource. 03:45 The Copper price margin. 05:06 Potential future mine life. 07:18 The Nifty West Drilling 08:50 The Pit Shells 10:48 The Nifty Processing Story 16:25 How big can the Nifty resources get? 18:10 What could derail the Nifty Story? 22:00 How does the Nifty Story compare to others in the market? 25:58 Any Environmental Issues? 29:07 Why is Cyprium so cheap? 31:53 History repeats itself. 32:44 What are shareholders and potential investors look at in Cyprium? 35:50 Who are your peers? 36:48 The other projects? The Total Strategy. 41:05 The plan going ahead. 44:55 No short cuts in mining. 45:25 The case of Risk Reduction. 46:28 Conclusion. PODCAST About Barry Cahill Executive 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 159 is with Barry Cahill, Executive Director of Cyprium Metals Limited (ASX:CYM) In this episode with Cyprium Metals Limited we are recapping on the journey since we last spoke earlier this year. I have Barry Cahill sharing with us all aspects of the company's activities and its continued struggle to finance the Nifty Copper mine. Barry focusses on the reasons why Cyprium Metals Limited is the leader of the pack in terms of upcoming Copper producers. When we look around the ASX, there is a large gap between the large producers such as BHP (ASX: BHP) and the recently bought Oz Minerals. There is a big gap in between, and the current breed of mid cap producers is largely missing. There was Austral Resources Limited which was doing some ore moving but that has gone a bit quiet. There is no doubt that the quest to be the next producer is not easy. One topic that has largely gone unnoticed about the Copper miners is the difference between a producer who goes to Copper sheet (Cyprium Method) and the tradition refinery route. The diagram below, which is taken straight out of the Cyprium's presentation, shows why Cyprium is different. The Cyprium Nifty project has a lot of benefits in reducing cost and carbon emissions as it is a brownfield refurbishment project with extensive assets already in place. Get yourself comfortable and listen to Barry telling us the journey, good and bad, since we last spoke to him in March 2022. Listen to previous conversations with Cyprium Metals Limited. Chapters 00:00 Start 00:20 Introduction 01:14 Recap of Cyprium Metals Limited. 04:23 Other projects: Maroochydore Copper Project. 05:44 Murchison Copper Project. 08:24 Nifty Copper Project. 11:22 Financing the project. 13:14 Project approvals. 14:11 Current stage: Finance process. 17:13 Explaining to investors about the resource base. 20:47 Knowledge from past experiences. 26:03 The ESG component of copper. 28:35 Discussion about ESG funds. 33:51 Are there any issues faced? 36:54 Importance of inventory. 45:19 What is the step forward? 53:13 Any last words? 56:34 Conclusion PODCAST About Barry Cahill Executive 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.

A treasure trove of informed market insights to help investors make well-versed decisions and businesses to engage accurately with valuable audiences and customers, is now just a mouse click away. Samso, renowned among investment communities for its keen market analysis and insights, has teamed up with Brilliant-Online, the online magazine with a palette of digital multi-media content that deepens reading and information experiences. The new partnership combines Samso’s unique know-how in analysing corporate potential and industry trends with Brilliant’s unrivalled online reach that enables meaningful engagement with its readership. Together, this Samso-Brilliant partnership is the basis of the Coffee with Samso Experience. It is a unique partnership that creates an ecosystem that is unparalleled in the industry. The numbers speak for themselves. Through Samso's channels and Samso's partners (Proactive, The Market Bull, Brilliant-Online, Vermillion Pinstripes), your content is distributed to over 630,000 readers. Samso itself currently has over over 10,500 YouTube subscribers; 1,900 Twitter followers; 2,600 LinkedIn followers plus a clean mailing list of over 1,200 subscribers. Via Brilliant-Online alone, your content reaches out to another 70,000 readers. Noel interviews Veronica on what Brilliant-Online Interactive Advertorials can offer. Samso, headed by industry guru Noel Ong, specialises in online video interviews – Coffee with Samso and Rooster Talk. Their acclaimed format of relaxed, friendly conversations between Noel and executives of Australian Stock Exchange (ASX) companies and private businesses provide respected insights into ASX companies, related concepts and industry trends. 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The base metal region of Mt Isa and Cloncurry are synonymous with world-class copper and zinc deposits.  My first memory of this region was working with drillers who had a base in the Gunpowder mine in the early 1990s.  As a fresh graduate working in the Northern Territory, I kept hearing this name.  Over the years, I learnt that this region is famous for great copper, zinc, lead and silver mines and later learnt the term IOCG ( Iron Oxide Copper Gold mineral systems ). The region was made famous in 1923 by the discovery of a world-class copper lead zinc and silver deposit by John Campbell Miles.  In his journey, he saw some yellow-black rocks that reminded him of the ore found in the Broken Hill mine.  This sparked the creation of Mount Isa Mines Limited which was founded to develop the mine.  Production started in 1931.  The famous company MIM Limited crafted their decades of existence from this discovery. Like many of these “isolated” deposits, rail was the key and after years of lobbying, the Queensland government-backed the rail to the coast and this helped the fruits of what opened up this region.  Similarly, in the west, it was the same lobbying by Lang Hancock and associates to the WA government that created the fortunes of the Iron Ore industry in the Pilbara region. History of the Region Interestingly, this whole region may have never been developed.  There is a good description I found in Wikipedia describing the lean years between 1924 to 1945.  At one stage, the debt owed by MIM to creditors was £2.88 million.  This was equal to 15% of all income tax paid in Australia in 1932.  The ore was lucrative but if not for the second world war and the need for copper in the war effort, the region may never have been developed.  This reinforces that the market forces are crucial in any commodity play. My recent interest in this area was born out of my interest in copper projects.  Those that have read my writings over time would attest to my liking for the copper story.  I have touched on copper several times in the following articles, Shortages in Metals AUSMEX MINING GROUP (ASX: AMG) – Potential for another Olympic Dam Story Mining in Queensland is known for lead, zinc and bauxite.  It is the second-largest copper producer in Australia (Queensland Department of Natural Resources and Mines). The Mt Isa and Cloncurry mineral field is heaven for base-metal style mineralisation or a more scientific nomenclature, the IOCG style of mineralisation. Copper In Australia According to the Australian Department of Industry,  copper is one of Australia’s top ten commodity exports, worth about AUD$6 billion a year.  Australia is estimated to have about 13 per cent of the world’s economic resources of copper, the second largest behind Chile.  It is interesting to note that this is higher than the traditional copper countries such as Peru, Mexico, the USA, Indonesia and China.  This is largely due to the giant Olympic Dam deposit as 75% of the country’s copper comes from that one mine. The other main copper region in Australia is in the Lachlan Fold Belt in New South Wales and the Mt. Isa region in Queensland.  Away from all the traditional copper regions and armed with the discovery of a potential mine making mineralisation in Victoria,  Stavely Minerals Limited (ASX: SVY) is showing the world that there are copper belts in Australia that are still undiscovered.  As you can see in Figure 2, the region Stavely is working does not even come up on the map.  The eastern coast of Queensland has had some discoveries but I would not call it a “copper-belt”. We don’t hear of too many copper discoveries because it is expensive and like nickel sulphides, it is not simple exploration. The team at SVY have worked hard and endured many years of exploration but it appears they have found their “grail”.  Granted that they may still be distant from confirming a mineable resource, but they are in a pretty good position. Another interesting development is the Nebo-Babel deposit that Cassini Resources Limited (ASX: CZI) is working on in the Musgrave.  That is developing a decent story.  Nebo-Babel is a nickel-sulphide story with copper and their scoping study is showing positive economic viability for a large, low-cost mine.  The study estimates an average annual production of 20-25Kt of nickel and 25-30Kt of copper in concentrate. Not to be outdone, the NSW deposits of Cardia , Northparks and Cobar are world-class deposits in their own right. However, there is no doubt that the concentration of copper deposits is glaringly obvious at the Mt. Isa region.  Figure 3 shows this region with numerous well-endowed copper mines/deposits.  I compare the regionalised concentration of copper deposits to places like the Kalgoorlie goldfields (AU) or the Kambalda nickel region, or the copper-belt of Zambia…etc.  The Mt Isa region has a base-metal history. One cannot talk copper in Australia without mentioning the giant of giants, Olympic Dam.  I made a mistake when it talked to Simon Paull from Castillo Copper when I mentioned copper regions and missed out the Zambian Belt.  So I am making sure I don’t do the same mistake twice. Olympic Dam has been a long interest of mine as it is one big deposit with multiple economic metals (Cu, Uranium, Gold and Silver). The deposit has a global resource of 10GT @ 0.78% Cu, 0.33 g/t Au, 1.0g/t Ag, 0.25 kg/tonne U3O8 , (as published in 2017).  These are all world-class numbers in terms of tonnes of contained metal. As an exploration geologist, I continue to wonder if there are similar systems out there that could surpass or be equivalent to Olympic Dam.  It seems that when the mineralising system decided to operate, it just concentrated within one “mine”. What is interesting is that when you look at its neighbours, admittedly, far neighbours, you see other similar IOCG world-class deposits such as Prominent Hill – 283.4 Mt @0.89% Cu, 0.81 g/t Au, 2.48 g/t Ag Cairn Hill – 11.4 Mt @ 49.5% Fe, 0.4% Cu, 0.1g/t Au Carrapateena – 203 Mt @ 1.31% Cu, 0.56 g/t Au, 0.27 kg/t U3O8, 6 g/t Ag As one can see in Figure 3, it seems that the mineralisation source in The Mt. Isa region is more scattered.  Hence the lack of the “super mine” such as Olympic Dam.  However, this also means that there are more chances of finding similar ore bodies. Mount Isa Ore Bodies (source: Wikipedia) Mount Isa contains two separate orebodies: a stratigraphically lower lead-zinc-silver ore horizon and an upper copper ore. Both are contained within the Lower Proterozoic Urquhart Shale. The Urquhart is 1,000 metres thick and is a grey dolomitic shale with tuffaceous horizons. Near the ore horizons, the shale is pyritic. The orebodies are on one limb of a plunging anticline and are extensively faulted.  Figure 4 shows how the orebody separates the Pb-Zn and Cu sections.  It gives a good view of the extend of the mineralisation. The ore occurs as en-echelon bodies parallel to the shale bedding. Orebodies may extend more than one kilometre along strike and three-fourths of a kilometre down dip. Thickness may reach 50 metres. The ores are considered to be syn-genetic with the host shale and interbedded volcanic material.  In Figure 5 below, one can see a more schematic representation of the orebody. Lead-zinc silver ore The primary ore consists of galena, iron-rich sphalerite and tetrahedrite as ore minerals along with common accessories pyrite, pyrrhotite, quartz, carbonates and graphite. Minor arsenopyrite, marcasite, chalcopyrite, valleriite, proustite, polybasite and argentite also occur. Original surface oxidized ore contained cerussite, anglesite and pyromorphite. Silver and zinc were removed from the surface oxidized zone and were deposited as supergene ore at a depth above the primary ore. Copper ore Copper occurs in brecciated “silica-dolomite” rock. Primary minerals are chalcopyrite, pyrrhotite and arsenopyrite. minor amounts of cobaltite, marcasite, valleriite, chalcostibite, galena and others are reported. The Gunpowder Deposits There are too many deposits to described but recent news by Castillo Copper Limited (ASX: CCZ) and the Owen Hagarty led Capricorn Copper has sparked my interest in this region, especially the old Gunpowder deposits.  These deposits site approximately 125 km northwest of Mt Isa.  This region has a rich history of copper mines going back to the late 1800s when mineralisation was first discovered. The discovery of the Mammoth and Esperanza deposits is the foundation of the Gunpowder region with production being first recorded in 1927.  A resurgence in the area occurred in the late 1960s with the discovery of chalcocite ore approximately 66m below the surface at an area named Mammoth Extended (AUSIMM 98 – The Mining Cycle).  The old Mt Oxide mine which was eventually operated by Perilya added to the focus of production in more recent times till their closure.  The treatment of copper ores was in full swing in the 1970s.  However, mining and closure of operations continued to fluctuate until recent times. Capricorn Copper recent acquisition of the Mammoth and Esperanza deposits (Figure 6) which is now renamed Capricorn appears to be creating some interest in the area. If you believe that copper pricing will rise with time, then these deposits are going to become highly profitable.  Remember that these mines were being mined at >10% in the old days and geologically, that is a very good sign.  Modern technological advances and a better understanding of the mineralisation will enhance these old projects. The upside of this area and in many others we have covered is that mineralisation events are never local in nature.  It is very rare to have one “mine” isolated within the emplacement of the deposit. Mount Oxide Mount Oxide was discovered by Ernest Henry in 1882. Owing to the remote location, little production took place until the 1920s. The main mining periods were 1927 to 1943 and 1955 to 1960, when the higher grade ore was worked by underground methods with access via an adit; and 1967 to 1971, when the lower-grade envelope and remnants of high-grade ore were bulk mined in an open-cut. Underground mining produced 79,000 tonnes of ore (15.9% Cu) for a yield of 12,500 tonnes of copper, and some 355,000 tonnes of ore averaging 2.5% Cu were treated at the Gunpowder concentration plant in 1970–71. Leaching and precipitation operations from 1962 to 1965 and 1978 to 1982 periods yielded an additional 1,369 tonnes of copper. Between the two world wars, a townsite existed on the site named Waggabundi (after the Waggabonga Aboriginal tribe). The abandoned townsite is about 1 km south of the existing open pit. Mount Oxide Mine is now classed as an abandoned mine site as there is no current mining lease or environmental authority in place. Perilya Website (www.perilya.com.au) An 80% increase (announced on 28 February 2008) in the Mount Oxide mineral resource estimate to 203,000 tonnes of contained copper, together with the majority Indicated status of the resource, strengthens the project’s potential for development in the current strong copper market. Mount Oxide has considerable potential as a low cost near term development project. Mount Oxide is located in a proven mineralised system in the highly prospective Mount Isa region and is part of Perilya’s 720 square kilometre tenement holding in this area. It is close to existing infrastructure. Within the project area, Mount Oxide mine produced 51,000 tonnes of secondary copper ore at a grade of 21 per cent copper from an underground mining operation to a depth of 90 meters below the surface, prior to 1958. Between 1968 and 1971, an unknown quantity of ore was also extracted from an open pit at the mine. The potential of the deposit was proven by previous shallow open cut mining and the resource is open at depth. Mount Oxide is located 25 kilometres from an under-utilised processing facility and close to a major mining service town. Perilya Limited (ASX: PEM) is pleased to announce an increase in the mineral resource estimate for the Mount Oxide Copper and Cobalt Project in the Mt Isa region in Queensland to 17.9 million tonnes at an average grade of 1.3% copper for 224,000 tonnes of contained copper to only 450 metres vertical depth. This represents a 10% increase in contained copper compared to the previous mineral resource announced on 19 February 2008. My Thoughts? Looking for deposits is largely dependent on the approach and the skills of the management team.  The reason for writing this article is to highlight the prospectivity of the myriad of regions that have been untested.  Unlike the Kalgoorlie goldfields, the likelihood of finding an economic supergene gold deposit is pretty low as most of that would have been taken out in the 1980s.  However, the likelihood of discovering a multi ounce gold deposit is still alive and well.  What is required is a good exploration team or capital acquisition team with steel balls for nerves and a good bank balance. Hence I have included the photo below which I took in July 2018 when I attended a Business Festival in Liverpool, UK.  These guys were pitching their technology story and had this slide up.  I think this quote from George Bernard Shaw depicts exactly what is required to discover mineral deposits. What I am trying to highlight is that at a place like the Gunpowder region, where Castillo Copper is seeking exploration discoveries and Capricorn Copper in mining copper, is still highly viable for success.  Look at the old copper mines, such as Mt Oxide, Mammoth and Esperenza.  While doing research on this article, I read so much about the geology of the region dating back 100 years and also some current thoughts. The conclusion is that where you find mineralisation is where you find the deposit.  It is that simple. Some of the old reports mentioned that these mines were shipping out ores that were had greater than 10% Cu grades.  Now a simple thought would be that if the mine was generating that kind of grade, what else is still around in-ground. One report (Blanchard, R, Significance of the Iron Oxide outcrop at Mount Oxide, Queensland, No 114, 1939) dating back to 1939 reported ores of up to 40% copper ore being shipped from Mt Oxide in 1912.  Apparently, to the end of 1916, no ore less than 40 per cent copper had been shipped. apparently up to 1939, it was described that “ore as low as” 15.99% Cu had been shipped and not made money. The report went on to describe that hematite-specularite mass at Mount Oxide is not an uncommon amoung well-known copper districts in Arizona, New Mexico and Nevada.  Their presence can be regarded as short-range guides to ore because copper ore-bodies commonly are associated with them and, if present, usually touche their peripheries at dome point.  Whether this is still the case or not, the point is that this is a very well endowed region and any historical information will go a long way to establishing new discoveries. Disclosure: I am a shareholder of Castillo Copper Limite (ASX: CCZ).  I have also previously done work for the company. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso