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I've been following Castillo Copper Limited (ASX: CCZ) for the past year, and I believe it has the potential to be one of the best copper stocks on the ASX. Although it's a small-cap stock, I think it could have some upside. I've traded the stock and was a shareholder for a good 12 months. This company could be a dark horse in the sector with time and effort. Jump to: About Castillo Copper Limited Corporate Information Project Location Historical Facts Why the interest? The Stockpile My Concerns Why am I so interested in the Base Metal Story? Copper Pricing Mystic In Conclusion About Castillo Copper Limited Castillo Copper Limited (ASX: CCZ) is an ASX-listed base metal explorer with its flagship project being the historic Cangai Copper Mine near Grafton in northeast NSW. The project consists of a volcanogenic massive sulphide ore deposit, and it has one of Australia's highest grade JORC compliant Inferred Resources for copper: 3.2Mt @ 3.35% (as of September 6, 2017). In terms of contained metal, the Inferred Resource includes 107,600t Cu, 11,900t Zn, 2.1Moz Ag, and 82,900 Moz Au. One positive aspect is the presence of supergene ore with up to 35% copper and 10% zinc, which is ideal for direct shipping ore. Additionally, the project holds five historic stockpiles of high-grade ore located near Cangai Copper Mine. Corporate Information Information based on the September presentation: Total Shares Issued: 580.1M Options: 84.5M Market Cap: AUD$24.9M Cash At Bank: AUD$1.7M The company has four projects in Australia, and one in Chile: Jackaderry Project (100%, New South Wales): 3 prospects including the Cangai Copper Mine; Broken Hill Project (100%, New South Wales): 2 prospects; Mt Oxide Project (100%, Queensland): 4 prospects; Marlborough Project (under application, Queensland): 3 prospects; and Chilean Projects (100%). My primary focus was on the Cangai Copper Mine. While the other projects may have potential, I believe that Cangai is more developed and has a stronger narrative to offer the market. Project Location The Cangai project in northern NSW has the perfect location as it has the infrastructure you would need to make the project work if it were to ever become a realistic proposition. If you have read any of my postings, you would know that my preference when it comes to projects is one with the least amount of things to do - things that do not relate to drilling for results. Historical Facts The mine operated from 1904 to 1917 and was evaluated by Western Mining from 1982 to 1984 and CRA Exploration from 1990 to 1992. Unfortunately, due to tough economic conditions during both periods, no progress was made. However, CCZ's geology team has confirmed a JORC Inferred Resource of 3.2Mt @ 3.35% Cu, which is a significant finding. The next step is to focus on proving this resource and increasing its size in the southern part of the project area. It's worth noting that within 5km of the Cangai Mine, there is the smaller historic Smelter Creek Copper Mine and several highly mineralised satellite deposits. One of the key features of the Cangai Mine is the discovery of supergene ore, which contains up to 35 percent Cu and 10 percent Zn. This is a relatively rare geological occurrence. What makes supergene ore special is, if the grade is high enough, it can potentially be directly shipped to customers. This is advantageous because it avoids costly processing costs, resulting in high operating margins. Why the interest? Firstly, I don't believe this project falls under the category of "Don't drill a perfectly good project". What intrigues me about this project is that it hasn't received much attention in decades. Unlike projects that have been recycled from the 80s or 90s, this one has remained relatively untouched. Although it was explored to some extent, no significant work has been done on it. As the grandchild of a gold miner from the 1940s and 1950s, I have a deep appreciation for the primitive mining methods used back then, which lacked precision in mine planning. It is precisely this lack of precision that gives me hope and optimism for the project. In those days, miners would focus on extracting the higher grade materials and leave behind the "lower grades". Considering the size of the old mine and the recent drilling results that the management has found or reconfirmed, it's hard not to have high hopes for the project's success. Figure 3 The two diagrams above really showcase the potential of this area. It's easy to see why one might think it could be suitable for an open pit approach, given how mineralised it appears. However, it's important to note that schematic diagrams can sometimes be a bit misleading. That being said, the intercepts are incredibly encouraging. The exciting part, as I may have mentioned before, is the unknown. We don't yet know just how big this mine could be if management handles it properly (refer to Figure 3 and Figure 4). The type of mineralisation we're dealing with here has allowed management to explore the wider area for other forms of mineralisation. A recent announcement even suggests the possibility of parallel lodes based on some indicative surface sampling (refer to Figure 5). I should mention that surface sampling has led many companies down a path of disappointment in the past. However, it's still a positive sign, as I firmly believe that where there's smoke, there must be fire. Figure 4 and Figure 5 The Stockpile Within the area, the company possesses multiple stockpiles of copper ore (Figure 6). Through metallurgical studies, the company has demonstrated a copper concentrate recovery rate exceeding 80 percent, with a grade of up to 22 percent. If successful, this endeavour will serve as a lucrative means to finance future exploration efforts. The business model is straightforward: extract the ore from the stockpile, concentrate it, and sell it. My Concerns This company has been making promises about positive activity on the project for quite some time. I decided to sell my stock because I couldn't understand why it was taking so long to get things done. As the share price started to decline, I decided to take my profit and wait. With the share price hanging around the 2c area, I lost interest as I basically lost confidence on the whole story. When the share price started to rise again, I hoped that it meant progress was finally being made. I've been watching from the sidelines, trying to understand the processes. It seems that a capital raising will happen soon. I'm curious to see if the rising share price is solely due to the need for funds. If it is, then I'll probably continue to wait on the sidelines for a bit longer. Why am I so interested in the Base Metal Story? I've been keeping an eye on the commodity prices over the past year, and I've noticed an interesting trend. Copper, Nickel, Zinc, Lead, and Aluminium all seem to be hovering around their 50 percent retracement value, which is quite intriguing. Now, I'm no expert, but I do enjoy observing trends. Currently, copper, nickel, and to a lesser extent zinc are showing signs of a bullish uptrend. It's like they went for a run, took a breather, and now they might be gearing up for another surge. If you take a look at the charts below, you'll see that they all look pretty similar. Of course, you can interpret them however you like, but I believe the groundwork has been laid for these commodities to experience higher pricing. This aligns with my previous post where I mentioned the rising nickel price. Copper Pricing Mystic Copper pricing has long been regarded as a reliable indicator of the global economy's performance. Referred to as 'Dr. Copper' in certain circles, copper is an abundant and affordable metal with a wide range of valuable properties. It possesses excellent resistance to corrosion and serves as an efficient conductor of both electricity and heat. When the price of copper rises, it signifies a thriving global economy, indicating increased demand for copper in various industries. This upward trend suggests that we are currently experiencing growth in the world economy after a period of decline, making it a positive indicator of this progress. Conversely, when the global economy experiences a downturn, the price of copper tends to decline as well. Over the past century, just “industrial” demand alone for refined copper has increased from 500,000 metric tons to over 19 million metric tons. As our increasingly smaller world continues to experience population growth along with the progressive expansion, the demand for copper will exponentially increase. — oilprice.com In Conclusion I typically invest in small-cap stocks, and as an exploration geologist, I am particularly drawn to the excitement of discovery. That's why I see potential in CCZ. However, I do have some reservations. Firstly, I find it difficult to grasp the timeline of activities. Secondly, I am concerned about the upcoming capital raising and how it will affect the entry price of the stock. Apart from these concerns, I am intrigued by the story. *Please note that I am not a shareholder and I am not providing any advice to buy or sell the stock. These are just my personal thoughts. Source: The information in regards to the company and the project has all been obtained from the announcements and presentations that are posted on the website of Castillo Copper LImited. The project location plane was obtained from the article written by Proactive Investors on Castillo Copper. The charts were taken from CommSec. 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

Coffee with Samso Episode 179 is with Matt Szwedzicki, Managing Director of West Cobar Metals Limited (ASX: WC1) Szwedzicki is the new managing director of West Cobar and he assures shareholders that it's business as usual. The recent news from the company is evident that the exploration objectives are all status quo. To the followers of Samso, you would remember that in my previous conversation with West Cobar Metals, we highlighted the Salazar Rare Earth project. The Salazar project has a slightly different edge as it is hosted in an ultramafic rock, Amphibolite. Since that time, I have had many discussions on the increased awareness of different host rocks. Traditionally the clay REE sector was all about granitic host rocks, but I have now come across WC1 and then Australian Rare Earths Ltd. The big question is whether these different host rocks make any difference. Szwedzicki gives us an update on the company about its recent announcements and the change in management. The West Cobar REE Story West Cobar is a mineral exploration and development company focused on rare earths and battery minerals within Australia and the US. Their projects include: ​1. The Salazar REE Project​ The Salazar Rare Earths Clay Project is located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep-water port of Esperance in Western Australia. The Newmont deposit, located on the easternmost tenement at Salazar, contains an estimated JORC Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off). The O’Connor prospect to the west of Newmont has potential to host further significant high-grade rare earths mineralization. 2. Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (OTCQB:ABML) (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ 3. Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south, southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. Samso's Conclusion In my opinion, the Clay REE story is a developing concept. When the "boom" happened, I posed the question to the companies that were engaging in Coffee with Samso - "What is a good intersection?" Then I asked, "What should investors look for, and, since now we are at the stage where we are asking, how leachable is your material?" So now the market is thinking that ionic clays are the type you want to discover as these types leach better. Well, that may be true but there is no other way to know if you are Ionic or not, other than to send your samples to the lab. The implication of this is, what are we exploring for, and how are we going to know if the discovery is indeed "Clay" or "Ionic" in nature. The majority of explorers are looking for REE in a Granitic environment but Salazar is in an ultramafic basement and the AR3 example is in a limestone. So, what does all this mean? My thoughts are that the "news" that Ionic is more leachable than Clay may not necessary be the end game. I think the truth will only be told when the lab results are finalised. What is for sure is that the different chemistry must play some part in the leaching side of the equation. Salazar is distinctly different so the jury is definitely still out on all fronts. Chapters: 00:00 Start 00:20 Introduction 00:20 Introduction 01:12 Who is Matt Szwedzicki? 05:28 Updates on West Cobar projects 09:26 Feedback on West Cobar projects 12:15 The Rare Earths market 14:01 The Hermit Hill project 15:41 How should investors look at West Cobar? 19:33 Discussion about ionic leaching 24:03 News flow 26:38 Why West Cobar Metals Limited? 27:25 Conclusion PODCAST About Matt Szwedzicki Managing Director Matt Szwedzicki has over 20 years of corporate and commercial experience, having worked in senior leadership roles with a focus on M&A, corporate growth and investment strategy. Matt co-founded and is the Managing Director of Spark New Energies, an energy company with its main assets in the UK. Prior to that Matt held various executive corporate and commercial roles in the energy and resources industries. About West Cobar Metals Limited (ASX: WC1) West Cobar Metals Limited (ASX:WC1) is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. The Salazar REE Project The Salazar Project comprises granted tenements E63/1469 and E63/1496 located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep water port of Esperance (Figure 1). In terms of geological setting, it is situated in the eastern part of the Proterozoic Albany-Fraser Orogen, east of the Biranup and Fraser Zones, straddling the Heywood-Newman Shear Zone and Nornalup Zone. REE mineralisation at the Newmont deposit (E63/1496) is hosted by in-situ regolith over Proterozoic-aged basement rocks. A geological model has been proposed by Salazar Minerals whereby granites containing REE carbonates and other REE minerals are the source rocks for secondary REE mineralisation in the overlying saprolite profile. Mineralogical studies have indicated that the saprolite targets contain fine-grained secondary REE-bearing phosphates. Newmont Mineral Resource Salazar Minerals was one of the first companies to appreciate the potential for clay REE deposits in Australia. The tenements were first acquired in 2011 (granted in 2012) with the private company carrying out several aircore drilling programs to test for REE mineralisation. In total 165 aircore and RC holes for 6393m have been drilled within the tenements, leading to the discovery and delineation of the Newmont deposit. ​CSA Global ("CSA") was engaged by Salazar Minerals to estimate a Mineral Resource for the Newmont deposit in 2015. CSA estimated an Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off) in accordance with the JORC Code (2012). The Newmont deposit also hosts an Inferred Mineral Resource of 31.2% Al2O3 (15% Al cut-off) in accordance with the JORC Code 2012 (Table 2). The high-grade alumina within kaolin-rich zones has potential to be feedstock for production of high purity alumina. ​Lab test work demonstrates that this material shows high leach extraction and high purification grades to produce 99.99% (4N) High Purity Alumina (HPA). O’Connor Prospect The Salazar Project also includes the O’Connor prospect (E63/1469) which is located 10 kms to the south-east of the Newmont Deposit. The O’Connor Prospect has 32 vertical holes drilled for a total of 901 meters. Some of the drill intersections at O’Connor include: ​ SAC160, 19m @ 1939 ppm TREO + Y2O3 from 8m SAC161, 20m @ 2392 ppm TREO + Y2O3 from 7m SAC162, 19m @ 1350 ppm TREO + Y2O3 from 17m SAC179, 9m @ 3258 ppm TREO + Y2O3 from 14m SAC178, 10m @ 1586 ppm TREO + Y2O3 from 10m SAC188, 23m @ 1454 ppm TREO + Y2O3 from 16m SAC157, 17m @ 1186 ppm TREO + Y2O3 from 15m SAC159, 12m @ 1110 ppm TREO + Y2O3 from 8m Newmont Metallurgy & Studies Technical work on the deposit has involved reputable institutions including the CSIRO, the University of Western Australia and the University of Newcastle and mineral processing firms Nagrom and Amdel. Early metallurgical studies and characterisation testwork show the REE clays are amenable to acid leach processing Magnet rare earths (MREO) - Neodymium, Praseodymium, Dysprosium and Terbium concentrations up to 25% Heavy rare earth (HREO) concentrations up to 30% Critical rare earth (CREO) concentrations up to 37% Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south-southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Samso Insight Episode 112 is with Anna Petts, Program Coordinator - Characterising South Australia's Cover at Geological Survey of South Australia. To many people the Gawler Craton is famous for IOCG deposits (Iron Oxide Copper Gold). The most famous mine, Olympic Dam started the rush for these giant deposits. When it was announced that there was this monster of a drill intercept, RD10 with 145m at 2.2% copper together with uranium and gold, this news created a rush like the wild west where everyone flocked to the region. Subsequent to the rush, two other famous discoveries were made and they are Prominent Hill and Carrapateena. However, it was not until 2001 when Prominent Hill was discovered and in 2005 that Carrapateena was discovered. All this action was in the eastern region of the Gawler Craton and this region was named the Olympic Metallogenic Belt or the IOCG Belt. Figure 1: The Olympic Cu-Au Province in the context of the geology of southern Australia. The main lithotectonic units of the Gawler Craton and Curnamona Province are shown and are interpreted from surface observation and geophysical data. The Olympic Cu-Au Province occurs in the eastern Gawler Craton and also indicated is the Central Gawler Gold Province, a gold-dominated metallogenic province formed during the same early Mesoproterozoic tectonic event that formed the Olympic Cu-Au Province. Inset shows the location of the Gawler Craton and Curnamona Province in the context of major Archean and Proterozoic terranes of Australia. (Source: Reid, Anthony. (2019). The Olympic Cu-Au Province, Gawler Craton: A Review of the Lithospheric Architecture, Geodynamic Setting, Alteration Systems, Cover Successions and Prospectivity. Minerals. 9. 371. 10.3390/min9060371. The complexity of the surrounding area is not for the faint hearted as they are still arguing about the origins and formation of Olympic Dam. Figure 1 gives a high level summary of the Gawler Craton and its different geological events. There is no doubt that there is no simple answer, but what the mineral explorers do know very well, is that their Return On Investment (ROI) here is not high. For this reason, the Gawler remains one of the least explored regions on the Australian continent. Hence, this discussion with Anna Petts is all about the prospectivity of the Gawler and what the Geological Survey of South Australia is doing to help explorers have the edge and the resources to understand and explore the region. Gold Discovery in the Gawler Craton In 1995, there was the discovery of a gold mine in the other half of the Gawler Craton - the more "boring" part which birthed the Challenger Gold Mine. This set up a rush to the area, but, till today, there is still no Challenger replica. To me, this has got to be one of the mysteries of Australian mineral exploration. If you draw a radius of 100km from the Challenger Gold Mine, there is nothing that is better than a prospect to be found (Figure 2). It will be pretty safe to say that the lack of discoveries is probably due to the fact that the last 20 years of exploration has been few and far between due to a lack of exploration funding and the historical low ROI in looking for minerals in the Gawler Craton. Figure 2: The spatial emptiness of big discoveries within the Gawler Craton. The comparison to a typical mining town like Kalgoorlie, there are too many producing assets to count. (Source: Taiton Resource Limited) Why I like the Gawler Craton My first introduction to the Gawler Craton was way back in 2019 when I looked over the Jumbuck project. Figure 2 was the result of that exercise when I was involved in trying to list a company with the project. I could see that there had not been any serious exploration in the region. The conversation that I had with people was that it is hard to make discoveries. The geophysics were not picking anything up. There was not enough data out publicly that companies could use to make discoveries. The lack of success was biting into exploration funding. Imagine a province like the Gawler Craton that still hides major discoveries. Look at the statistical probability of not finding another Challenger. This has to be a great place for the average mineral explorer who has the courage to test their exploration skills. Looking at the western province of the Gawler, the western part of the Stuart Highway, there are no producing mines currently. There are three deposits (Challenger is closed) that exist and two are currently being drilled out to see if they make the cut to become producing gold mines. In one conversation, I was told that while drilling for iron ore, they came across a Gossan. This shows the variability of the area. It was only two to three years ago that the south-western part of the Gawler was identified as a new nickel sulphide area. Samso's Conclusion So what do I make out of this conversation with Anna? What I got out of it is that there is now a flow of data that is being made public for explorers. The understanding of the Gawler is going to take a magnitude step forward in the near future, if not already. The testing of theories is now being played out with companies such as: Indiana Resources Limited (ASX: IDA), Cobra Resources Limited PLC, Investigator Resources Limited (ASX: IVR), Petratherm Limited (ASX: PTR), Barton Gold Holdings Limited (ASX: BGD), Marmota Limited (ASX: MEU) Taiton Resources Limited (ASX: T88) The company that I am involved with is testing the concept that there is an unloved and unrecognised mineral system in between the Olympic Dam Belt and the Gawler Craton gold province (See Figure 3). The concept of a theory like this can be easily considered to be shooting with a long bow, but the recent announcement has made good evidence that there could be some truth to the madness. Figure 3: The region that Taiton Resources Limited is testing its theory that there is a mineral system in the region (Red) which is now proven to be tapping the same source as the Olympic IOCG Belt (Green). The zircon test has come back with age of 1597.8 Ma, which is atypical of Olympic Dam. (Source: Taiton Resources Limited). The concept is that the red region (Figure 3) has been misinterpreted in the past and there lies a mineral system that may be fertile and endowed with mineralisation. This is the postulation and as mineral explorers, we are supposed to be testing the boundaries of belief. The role of the explorer is to come up with the ideas and the concept, and of finding minerals where others have missed. The role of the Geological Survey is to provide the tools and the solutions to aid discovery. After speaking with Anna, I feel that the Geological Survey is contributing a lot at the moment. The theory for Taiton Resources came about due to the data release in around 2020. The idea was born and the money was raised to test the theory. As a director of the company and as the person who spoke to the vendor of the Highway project, David McSkimming, I will say that the theory for Highway is the best I have heard. I like the idea that there is a different thinking to understanding the mineral system in this region. What the company has done to date has proven that this theory is still valid. Not only have we proven that our original story is valid, but we also think that we could be on the edge of two tectonic events and that would mean we are sitting on the margin of a major structural feature. We all know that major structural features are the blessings for an exploration project. None of what I had described would have been possible without the work generated by the Geological Survey of South Australia. Anna has clearly described what the Survey is doing and what datasets are now available. The new datasets will allow future explorers to take on what is potentially the last mineral province that has not been searched with intent for the last twenty years. Chapters: 00:00 Start 00:20 Introduction 01:51 About Anna Petts 02:24 Disclaimer 03:04 The potential at Gawler Craton 06:07 The cover at Gawler Craton 10:39 Uncovering the lack of recent significant exploration stories 16:52 The exploration government initiatives 20:05 Potential mining hotspots 25:17 Understanding the overall complex of the big discoveries 29:01 Prospectively at Gawler Craton 32:31 All about the Ultrafine+ project 44:39 Potential mining location worth looking at 46:10 Conclusion PODCAST About Anna Petts Anna has a passion for mineral exploration within regolith cover and has worked all over Australia, for research and in professional minerals industry roles. Anna’s role at the Geological Survey of South Australia at the Department for Energy and Mining focuses on providing working solutions to regolith ‘problems’ with the state government, and liaising with federal groups, researchers and stakeholders in order to advance our understanding of the state's geology and how it has shaped the landscape and regolith terrain. About Geological Survey of South Australia The Geological Survey of South Australia (GSSA) collect, manage and deliver information and knowledge of South Australia’s geology, particularly for its mineral resources prospectivity. Please click here to find out more about the Geological Survey of South Australia: 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.

Client Testimonial from Scott Williamson, Managing Director of Blackstone Minerals Ltd (ASX:BSX). Coffee with Samso allows companies to reach out to new and potential investors. For Scott Williamson, Noel's interview style makes a real difference. Scott Williamson: "A Coffee with Samso is a great way to informally update the market on the recent happenings of the Company. Most importantly, the format is not over-promotional which allows new and potential investors to make a well-rounded, informed decision on their investment. Noel’s interview technique is professional and sophisticated, and his background as a geologist adds credibility and technical merit to the conversation." About Scott Williamson Managing Director Blackstone Minerals Limited Qualifications: BEng (Mining), BCom, MAusIMM Scott Williamson is an experienced Managing Director with a demonstrated history of working in the mining and metals industry. He is skilled in Open Pit and Underground Mining, Corporate Finance, Investor Relations and Project Planning. A strong business development professional with equity capital markets experience, Scott graduated from West Australian School of Mines and Curtin University of Technology. Scott holds a WA First Class Mine Manager’s Certificate and is a member of the Australasian Institute of Mining and Metallurgy. About Blackstone Minerals Limited Blackstone Minerals Limited (ASX: BSX) is developing the district-scale Ta Khoa Project in Northern Vietnam where the company is drilling out the large-scale Ban Phuc Nickel-PGE deposit. The Ta Khoa Nickel-PGE Project has existing modern mine infrastructures built to International Standards including a 450ktpa processing plant and permitted mine facilities. Blackstone Minerals also owns a large landholding at the Gold Bridge project within the BC porphyry belt in British Columbia, Canada with large scale drill targets prospective for high-grade gold-cobalt-copper mineralisation. In Australia, Blackstone Minerals is exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone Minerals has a board and management team with a proven track record of mineral discovery and corporate success. The Ta Khoa Nickel-Copper-PGE Project The Ta Khoa Nickel-Copper-PGE Project is located 160 km west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanised underground nickel mine from 2013 to 2016. In the Ta Khoa Nickel-Copper-PGE Project, previous project owners invested more than US$136m in capital and generated US$213m in revenue during a 3.5-year period of falling nickel prices. The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years. Existing infrastructure associated with the project includes an internationally-designed 450 ktpa processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250-person camp. Since commencing maiden drilling in August 2019, Blackstone Minerals has made significant progress at Ta Khoa, drilling over 9,000 m of diamond core in more than 47 holes into the Ban Phuc DSS deposit and the highly prospective King Cobra discovery zone. An initial scoping study evaluating mining and processing options is well advanced, including potential in-country downstream processing to deliver high-value nickel sulfate into Asia’s rapidly expanding electric vehicle (EV) industry. The recently announced MOU with Asia’s largest and the world’s second-largest EV battery cathode manufacturer, Ecopro BM Co Limited represents a significant step towards making this a reality. 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

Client Testimonial from Peter Harold, Managing Director and CEO of Poseidon Nickel Limited (ASX:POS). When Peter Harold came over for a Coffee with Samso, he really enjoyed having a natural conversation with Tony Goode and Noel Ong to fully share the company's story. Peter Harold: "We have enjoyed our interaction with Tony and Noel. The interviews they conduct with the executive team at Poseidon are both far reaching and informative and I think shareholders really appreciate the in depth nature of questioning. We will continue to use Samso to help keep our stakeholders up to date with our activities." Our Coffee with Samso segments are appreciated by both companies and investors tuning in. Companies get the comfortable, natural space they need to fully share their stories. Thought leaders can go as deep as they wish and not feel the pressure to rush through information. As such, the knowledge that investors gain from these interviews provide what they need to pique their interest and DYOR even further, and even spur them to reach out to the companies to get more information. It's all about giving the respect these stories deserve to be heard, and as a community of people who are interested in the mineral exploration sector, starting our day with a Coffee with Samso makes a difference. 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 the Managing Director of Panoramic Resources from 2001-2019, 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 over 400kt of nickel and processing capacity of up to 3.7Mtpa of ore to produce nickel concentrate. The Company’s business strategy is 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. 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

Client Testimonial from Barry Cahill, Managing Director of Cyprium Metals Limited (ASX:CYM). It's all about getting the right message across to investors when Barry Cahill swings by for a Coffee with Samso. Barry Cahill: "Cyprium's projects and strategy are technically complicated, and we liked the idea of being able to spend more time explaining the details of what we wanted to achieve in the business. So the Coffee with Samso format really suited our needs. It turned out to be an excellent experience for us. It delivered what we wanted and having an interviewer with a technical background has also helped in getting the right message across to investors. We were able to answer a lot of technical questions for shareholders and investors that we would normally have to answer dozens of times. With Samso, they can go to the videos and pick up the topic they want more information on, and view the response for themselves in their own time. The best part was to amplify our reach through Brilliant-Online magazine thus gaining new investor interest that we never had before. Brilliant-Online has about 55,000 readers. The feedback also gives us direction on what topics we need to try to cover in the future. It complements the feedback we get from our own webinars which are more general updates. We really like the Coffee with Samso concept. It's excellent and we will continue to use the format for updates to progress and around specific subjects as the need arises. I have actually had enquiries about our experience with Coffee with Samso, and have recommended the format." About Barry Cahill Managing Director Mr. Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management. In particular, his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development. He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018. Mr. Cahill has previously been Executive Director of a number of public companies including Operations Director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc. About Cyprium Metals Limited (ASX:CYM) Cyprium Metals Limited (ASX: CYM) is an ASX listed company with copper projects in Australia. The Company has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The Company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value. The Company has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation. Paterson Copper Projects This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project. The Nifty Copper Mine (“Nifty”) is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 732,200 tonnes of contained copper (i). Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material. The Maroochydore deposit is located ~85km southeast of Nifty and includes a shallow 2012 JORC Mineral Resource of 486,000 tonnes of contained copper (ii). Aeris Resources Limited (ASX: AIS, formerly Straits Resources Limited) holds certain rights to “buy back up to 50%” into any proposed mine development in respect of the Maroochydore Project, subject to a payment of 3 times the exploration expenditure contribution that would have been required to maintain its interest in the project. An exploration earn-in joint venture has been entered into with IGO Limited on ~2,400km2 of the Paterson Exploration Project. Under the agreement, IGO is to sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure of $11 million over the first 3.5 years. Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a pre-feasibility study (PFS) on a new mineral discovery. Murchison Copper-Gold Projects Cyprium has an 80% attributable interest in a joint venture with Musgrave Minerals Limited (ASX: MGV) at the Cue Copper-Gold Project, which is located ~20km to the east of Cue in Western Australia. Cyprium will free-carry the Cue Copper Project to the completion of a definitive feasibility study (DFS). The Cue Copper-Gold Project includes the Hollandaire Copper-Gold Mineral Resources of 51,500 tonnes contained copper (iii), which is open at depth. Metallurgical test-work has been undertaken to determine the optimal copper extraction methodology, which resulted in rapid leaching times (refer to 9 March 2020 CYM announcement, “Copper Metal Plated”, https://cypriummetals.com/copper-metal-plated/). The Nanadie Well Project is located ~650km northeast of Perth and ~75km southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/887. The Cue and Nanadie Well Copper-Gold projects are included in an ongoing scoping study, to determine the parameters required to develop a copper project in the region, which provides direction for resource expansion work. (i) Refer to CYM ASX announcement dated 17 November 2021 “Updated Nifty Copper Mineral Resource Estimate” (ii) Refer to MLX ASX announcements: 10 March 2020, “Nifty Copper Mine Resource Update” and 18 August 2016, “Annual Update of Mineral Resources and Ore Reserves” (iii) Refer to CYM ASX announcement: 29 September 2020, “Hollandaire Copper-gold Mineral Resource Estimate” Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Rooster Talk Episode 74 is with Matt Szwedzicki, Managing Director of West Cobar Metals Limited (ASX: WC1) discussing their latest metallurgical results for their Salazar Rare Earth project. It's a significant event, and the released results are clearly positive. Read the Announcement >> EXCELLENT RARE EARTH METALLURGICAL RECOVERIES ACHIEVED AT SALAZAR The rare earth element (REE) story is now focused on the chemistry, and the understanding is progressing in real time. Industry players who are making progress in their projects understand that there are complexities that need to be tackled step by step. The Salazar deposit is one of the few that make economic sense, with better than average grades and size. There's a myth in the industry that certain types of clay deposits are better than others, but evidence and industry understanding now show that this is not consistent with current science. Recap of the West Cobar REE Story West Cobar is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. Their projects include: ​1. The Salazar REE Project​ The Salazar Rare Earths Clay Project is located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep-water port of Esperance in Western Australia. The Newmont deposit, located on the easternmost tenement at Salazar, contains an estimated JORC Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off). The O’Connor prospect to the west of Newmont has potential to host further significant high-grade rare earths mineralization. Samso's Conclusion Recently, there have been discussions about the Rare Earth market being flat, while the equity market has taken a bearish tone. However, it's important to remember that the global narrative is shifting towards increased mining. The transition to renewable and clean energy cannot be achieved with the current resources available. Moving towards the 2030 Evolution is not a secret and is gaining more attention. Commodities like Lithium, REE, Copper, Nickel, and other base metals will play a significant role in the emerging electrical world. It's worth noting that oil and gas will also continue to be relevant. These statements are based on factual observations, and no amount of resistance or disruption will change the demand for these commodities. REE, in particular, has an air of mystique surrounding it. Some claim to have all the answers, but the geopolitical landscape will ultimately drive the REE industry. Once that aspect is considered, the rest falls into place. What we need to ask is what will it take to have an economical situation. As we will all learn, the sole leachability factor is not what makes a REE project good or bad. As West Cobar is showing in this release and what Matt is sharing with us, the process, resource, grade, ability of the deposit for beneficiation, acid levels and acid consumption rates, are just some of the factors to be considered. It's becoming clear that having a unique selling point is crucial. Differentiating yourself through factors like resource size, grade, leachability, and LREE vs HREE content is essential. In the case of Salazar, the fact that it sits on an ultramafic base may give it an advantage, as it potentially holds more HREE value. Chapters: 00:00 Start 00:20 Introduction 00:59 Matt discussing the Metallurgical Results. 02:26 How good is the MREO Recovery? 04:07 What acid type works? 05:29 A Discussion on the Acid Strength and Recoveries. 10:51 The value of Rare Earths - LREE vs. HREE. 11:47 Does the geology at Salazar enrich its REE components? 13:37 What is the Grade required to make a REE project work? 16:16 Is the beneficiating process the dark horse? 18:23 Acid is Not the Magic Pill. 19:51 Matt's last thoughts on the release. 20:53 How should investors see West Cobar? 22:15 Conclusion PODCAST About Matt Szwedzicki Managing Director Matt Szwedzicki has over 20 years of corporate and commercial experience, having worked in senior leadership roles with a focus on M&A, corporate growth and investment strategy. Matt co-founded and is the Managing Director of Spark New Energies, an energy company with its main assets in the UK. Prior to that Matt held various executive corporate and commercial roles in the energy and resources industries. About West Cobar Metals Limited (ASX: WC1) West Cobar Metals Limited (ASX:WC1) is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. The Salazar REE Project The Salazar Project comprises granted tenements E63/1469 and E63/1496 located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep water port of Esperance (Figure 1). In terms of geological setting, it is situated in the eastern part of the Proterozoic Albany-Fraser Orogen, east of the Biranup and Fraser Zones, straddling the Heywood-Newman Shear Zone and Nornalup Zone. REE mineralisation at the Newmont deposit (E63/1496) is hosted by in-situ regolith over Proterozoic-aged basement rocks. A geological model has been proposed by Salazar Minerals whereby granites containing REE carbonates and other REE minerals are the source rocks for secondary REE mineralisation in the overlying saprolite profile. Mineralogical studies have indicated that the saprolite targets contain fine-grained secondary REE-bearing phosphates. Newmont Mineral Resource Salazar Minerals was one of the first companies to appreciate the potential for clay REE deposits in Australia. The tenements were first acquired in 2011 (granted in 2012) with the private company carrying out several aircore drilling programs to test for REE mineralisation. In total 165 aircore and RC holes for 6393m have been drilled within the tenements, leading to the discovery and delineation of the Newmont deposit. ​CSA Global ("CSA") was engaged by Salazar Minerals to estimate a Mineral Resource for the Newmont deposit in 2015. CSA estimated an Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off) in accordance with the JORC Code (2012). The Newmont deposit also hosts an Inferred Mineral Resource of 31.2% Al2O3 (15% Al cut-off) in accordance with the JORC Code 2012 (Table 2). The high-grade alumina within kaolin-rich zones has potential to be feedstock for production of high purity alumina. ​Lab test work demonstrates that this material shows high leach extraction and high purification grades to produce 99.99% (4N) High Purity Alumina (HPA). O’Connor Prospect The Salazar Project also includes the O’Connor prospect (E63/1469) which is located 10 kms to the south-east of the Newmont Deposit. The O’Connor Prospect has 32 vertical holes drilled for a total of 901 meters. Some of the drill intersections at O’Connor include: SAC160, 19m @ 1939 ppm TREO + Y2O3 from 8m SAC161, 20m @ 2392 ppm TREO + Y2O3 from 7m SAC162, 19m @ 1350 ppm TREO + Y2O3 from 17m SAC179, 9m @ 3258 ppm TREO + Y2O3 from 14m SAC178, 10m @ 1586 ppm TREO + Y2O3 from 10m SAC188, 23m @ 1454 ppm TREO + Y2O3 from 16m SAC157, 17m @ 1186 ppm TREO + Y2O3 from 15m SAC159, 12m @ 1110 ppm TREO + Y2O3 from 8m Newmont Metallurgy & Studies Technical work on the deposit has involved reputable institutions including the CSIRO, the University of Western Australia and the University of Newcastle and mineral processing firms Nagrom and Amdel. Early metallurgical studies and characterisation testwork show the REE clays are amenable to acid leach processing Magnet rare earths (MREO) - Neodymium, Praseodymium, Dysprosium and Terbium concentrations up to 25% Heavy rare earth (HREO) concentrations up to 30% Critical rare earth (CREO) concentrations up to 37% Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south-southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Client Testimonial from Andrew Radonjic, Managing Director of Venture Minerals Limited (ASX:VMS) What is important for Andrew Radonjic on Coffee with Samso is giving investors a proper understanding of a company's direction and staying relevant to the market. Andrew Radonjic: "Coffee with Samso gives the MD the opportunity to go deeper into the thinking and/or development strategies that guide the Company's direction. This is even more important when you have several projects on-the-go like we do at Venture. The relaxed setting allows the MD to open up and expand upon how the Company operates. For the investor wanting more than a 3-4 minute summary of the Company's activities, this gives the investor the opportunity to hear the details behind the Company's work. Having more regular updates on Coffee with Samso helps keep the Company´s activities relevant to the market. I would recommend Coffee with Samso for those companies with a story that takes more than a few minutes to explain so that the details can be given behind the logic of the work being done." About Andrew Radonjic Qualifications: BAppSc (Mining Geology), MSc (Mineral Economics), MAus/MM Mr. Radonjic is a geologist and mineral economist with over 30 years of experience in mining and exploration, with an initial focus on gold and nickel in the Eastern Goldfields of Western Australia. Andrew has fulfilled a variety of senior roles which gave rise to three gold discoveries, totalling in excess of 3 million ounces in resources and resulting in 1.5 million ounces being produced. Since 2006 Andrew has been an executive director with Venture Minerals, which he has been co-leading during the discovery of the Mount Lindsay Tin-Tungsten deposit. Andrew is a founder and recently was a director of Blackstone Minerals Limited (ASX: BSX). About Venture Minerals Limited Venture Minerals Ltd (ASX: VMS) has refocused its approach to developing the Mount Lindsay Tin-Tungsten Project in northwest Tasmania, already one of the world's largest undeveloped Tin-Tungsten deposits. With higher Tin prices and the recognition of Tin as a fundamental metal to the battery revolution, Venture has commenced an Underground Feasibility Study on Mount Lindsay that will leverage off the previously spent +$35m on feasibility work. At the neighbouring Riley Iron Ore Mine, the company entered an exciting phase as it moved from a highly successful explorer to producer with completion of the first shipment. In Western Australia, Chalice Mining (ASX: CHN) recently committed to spend up to $3.7m in Venture’s South West Project, to advance previous exploration completed by Venture to test the priority 20 km long Thor target. At the Company’s Golden Grove North Project, it has already intersected up to 7% Zinc, 1.3% Copper and 2.1g/t Gold at Orcus and has identified several, strong EM conductors to be drill tested along the 5km long VMS (Volcanogenic Massive Sulfide) Target Zone, along strike to the world class Golden Grove Zinc-Copper-Gold Mine. Venture recently doubled the Nickel-Copper-PGE landholding at Kulin by securing two highly prospective 20-kilometre long Ni-Cu-PGE targets. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Samso Insights Episode 109 Content Part 1 – Trending Renewable Energy Part 2 – The Product Part 3 – Pricing; Cost Factors and Boundaries Part 4 – Technology Part 5 – Australian Politics Part 6 – Is it a Green Gold Rush? Last year, we shared about how Green Hydrogen is set to change the world and gave an overview of the subject. Today, we deep dive into whether Green Hydrogen will be the next gold rush. Part 1 – Trending Renewable Energy You might have heard the buzz around renewable energy source - green hydrogen. I often saw news articles about it but would never read them. I knew next to nothing about it. Until recently. Another topic that I’ve ignored was investing. I assumed only wealthy corporate suits were involved in investing, not marketing students. Today I decided to challenge my preconceived notions and learn about green hydrogen. I quickly concluded that green hydrogen is a future resource that everyone should know more about, not just investors. If I were to start investing today, this is one option I would investigate. But that’s just me, and maybe it will be you too. So allow me to introduce you to green hydrogen. Part 1.1 - Hydrogen 101 The What? Green hydrogen is the carbon free renewable energy source that has gained popularity in recent years as a potential fossil fuel replacement. In a bid to halt the environment’s rising temperature, which can cause untold disaster, the only way to do so is with a carbon free energy source. Renewable energy is part of the green energy process to be truly emission free. It's being touted as the holy grail of carbon free energy for the globe and for good reason. Germany and countries in Asia have been very keen and busy investing in its research and development. Hydrogen Cheat Sheet Hydrogen has several colour gradations. Below is a quick rundown on the hydrogen grades that matter. Grey hydrogen is what 95 percent of the world uses with no emission capturing to offset the negative effects of its use. Blue hydrogen is a modicum better with a small attempt to capture emissions, but this process uses more energy to do so. Brown hydrogen is created with brown coal through gasification. These emissions are released into the air, but if they are stored, they can be referred to as blue hydrogen. Green hydrogen is created with renewable energy sources. This means its emission free and the by-product of burning green hydrogen is water. These variations on hydrogen are important as you will see as we continue. Part 1.2 - Renewable Fuelled Future The Why? Back in 1992 the Earth Summit that was held in Rio de Janeiro had developed countries agree that an attempt at halting the greenhouse effect was imperative. Those countries vowed to get the CO2 emissions down to match 1990 numbers. That was far from the end of it though. For the next 19 years, a debate raged back and forth on whether climate change was indeed real despite the science. Fast forward to the Paris Agreement of 2015, the international treaty was signed by 196 countries in the agreed bid to reduce global temperature by 1.5C. But some countries weren't willing to sign on with a definite commitment. Australia was one of those that did not sign on. (The Paris Agreement , 2016) Since the Paris Agreement, the fight to end climate change has really picked up the pace. Swedish teen activist Greta Thunberg furthered the climate change cause like no other before her. Generation Z and millennials rallied around her, supporting their shared belief in climate change and they spread their gospel online via Twitter. Which brings us to today. Naysayers still exist out there who don’t think climate change is real. There are also those that think green hydrogen is not a viable solution for ending climate change. The Who? So, to be clear, Australia is positively engaged with creating renewable energy sources. It's just not at the rates of our overseas friends. It was time for me to read some of those articles I have been ignoring for months and years. Well not all of them, but I read all I could from the September and October 2021 news articles and industry information on how green hydrogen is created. I read about what barriers green hydrogen faces and investigated why Australia is dragging its heels to sign on to the Paris Agreement. I wanted to know everything that a potential investor wants to know. Or anyone who is spending their money would need to know. These are the essentials: is this sector real, are the projects real, is the business real? Having this information gives investors confidence in an industry, particularly a nascent one. What's the scoop? I found out that green hydrogen is at the top of global agendas. Governments and company interests lie in green energy project actioning and investing for good reason. Green hydrogen is being promised to deliver the following: Efficiency Emission free energy Support energy systems Supply stability What I wanted to know now is, if a green hydrogen future is possible, what will it entail? Part 1.3 - Overseas Developments Global green hydrogen news Germany Clearly in the driver’s seat of green hydrogen innovation, recently invested 8 billion Euros in 62 EU backed hydrogen projects (Meza, 2021) France Companies Total and Engie have teamed up to create the biggest site in France to produce green hydrogen from renewable electricity. (Total and Engie Partner to Develop France's largest site for the production of green hydrogen from 100% renewable electricity, 2021) USA Sitting President Biden has committed the US to achieve 50-52 percent greenhouse gas reduction by 2025. The news was delivered during the Leaders’ Summit on Climate that President Biden held between April 22 - 23, 2021. (FACT SHEET: President Biden Sets 2030 Greenhouse Gas Pollution Reduction Target Aimed at Creating Good-Paying Union Jobs and Securing U.S. Leadership on Clean Energy Technologies , 2021) Canada Canada's second top retirement fund is the first to say no more to oil assets and yes to green hydrogen. (Keidan, 2021) Japan x Australia Japan’s biggest hydrogen supplier Iwatani Corp plus 5 other parties are in feasibility talks to create green liquid supply chain between Japan and Australia. It has the potential to create up to 100 tonnes per day by approximately 2026. (Obayashi, 2021) Mongolia German researchers are interested in the south Gobi region of Mongolia for green hydrogen plant location due to the ideal topographical features. (Matalucci, 2021) Mauritania A 10GW green hydrogen project could be utilising Africa’s first offshore wind farm. (Collins, New 10GW Green Hydrogen Project in Mauritania could include Africa's first offshore wind farm, 2021) China China’s president Xi Jinping announced that from now China won’t be building any more new coal fuelled energy projects. Their banks followed suit and shortly after also stated that there will be zero funding for coal powered projects outside of China effective from the last quarter of 2021. (Sun, 2021) China has committed to net-zero emissions by 2060. (Tan, Thurbon, Mathews, & Young-Kim, 2020) China’s Hydrogen Alliance has a goal for Beijing to install 100GW of green hydrogen by 2030. (Collins, 'China should install 100GW of Green Hydrogen by 2030 says Beijing Supervised Body, 2021) Green hydrogen’s online presence as a topic of discussion and as a commercial proposition clearly show the worldwide commitment to climate change. The EU, in particular Germany, and Asian countries are taking to renewable energy sources like the proverbial duck to water. What about us? Australia’s first green hydrogen ASX listed company, Province Resources Limited, Managing Director, Mr David Frances, is in the process of leading the green resources charge in Australia. Province Resources has the second largest Green Hydrogen project in the country located in Carnarvon, Perth, Western Australia. Mr. Frances commented that Australia has the chance to play a focal role in green hydrogen exploratory phases. This would be beneficial after our horror years of bushfires and flooding. Green hydrogen is a true challenge that will create critical changes for the Earth, humanity, and the history of renewable energy production. Even though the Australian federal government is slow to adopt green hydrogen officially, there are other Australians creating organisations for its support. Analyses into our climate change policies have revealed that they are underdeveloped. This has instead supported the continued investment into fossil fuels. (Lowe, 2021) Call for Support ‘Twiggy’ Forrest has launched a green hydrogen organisation called GH2 to encourage and motivate carbon emission reduction. Its mission is to have one quarter of the world using green hydrogen by 2050. GH2 will be chaired by Malcolm Turnbull and the goal is to bring government and developing organisations together to ramp up support for green hydrogen. We now will move on to the product specs in Part Two. Part 2 – The Product 6 Current Key Aspects of Green Hydrogen 1. It’s not ‘new’ tech You could be forgiven for thinking that this is all brand-new technology, but electrolysis, the process of splitting water bonds into hydrogen and oxygen, is 100 years old. Getting green hydrogen technology to a place of widespread adoption is new. 2. It’s not a one and done job/transition phase If humans never worked out how to burn carbon, we would not be where we are today. Carbon has played an essential part of human development, there is no doubt. But green hydrogen won’t be able to replace fossil fuels overnight but preferably within the deadlines given of 10 – 30 years. (Jovan & Dolanc, 2020) Globally we use a mix of grey, brown, blue, renewable energy and nuclear energy sources. 3. It's weight conscious It is a light product. For storage and transportation, it's either kept at a temperature of – 253°C liquefied or compressed at a high temperature. (Huang, 2019) 4. Transportation The factors that will influence transportation are dependent on the distance the product is travelling domestically or in export. Different products require different methods for their travel. 5. We can’t use it now, but we can in the future Will we be able to repurpose existing infrastructure for green? Yes. Certain infrastructure can be retrofitted and repurposed, such as the existing pipelines for green hydrogen. Green hydrogen is cheaper to be distributed via pipelines rather than cables. Pipeline conversion requires this checklist: Conditions of the pipeline - is it fit for purpose? Cleaning Quality assurance Hydrogen compression Valve integrity and seals Measuring equipment for chromatograph Operational software Pipeline alternative conduits: Marine terminals Shipping Truck loading Railway in gaseous hydrogen carriers or specialised containers Liquid organic hydrogen carriers Liquefied hydrogen Pressurised hydrogen Synthetic gas Ammonia Methanol (ENTSOG, 2020) The modification of existing pipelines not only saves on infrastructure production but will also keep prices lower than expected. There is some concern about metal deterioration in the pipelines if reused. This is in respect to material integrity, unusual interior pressure changes and simultaneously being in the presence of atomic hydrogen. The likelihood of pipelines being subjected to this highly specific triad of concerns is very low. (Findlay, 2020) 6. Storage Storing green hydrogen in the EU consists of three options: Salt caverns Depleted fields Aquifers In Australia storage of green hydrogen as a solid is looking to be the ideal method. Storage as a solid provides these three benefits: Decreased costs Safety Easier processing for overseas While we wait for green hydrogen will we compromise with blue and brown instead? Australia and the US use and proffer blue hydrogen as a ‘cleaner’ alternative to grey hydrogen. It’s promoted by our government and the gas industry as an ideal way to integrate the transition. Blue hydrogen is used for generating electricity and storing energy. However, it also needs extra energy to capture and store the emissions. Approximately 10 – 20 percent of carbon generated can’t be caught and stored. (Giovannini, 2020) Brown hydrogen is particularly bad for carbon emissions. Each time it is produced it creates 10 to 12 tonnes of carbon. This is then released into the atmosphere, along with the emissions created by the system employed. The reality is that blue hydrogen will probably figure in the integrative process due to the current support of the Australian federal government, politicians, and key corporations. Part 3 – Pricing; Cost Factors and Boundaries Research and development With the zero emission targets, green hydrogen as the renewable energy source is the only option. A functional green hydrogen economy has three important aspects: Production Storage and delivery Consumption – converting to other energy sources (Huang, 2019) Industries such as: aviation long haul transportation steel shipping chemical plants require massive amounts of energy and need to be emission free by 2100. Green and Grey Current prices Green hydrogen costs approximately $3 per kilogram. However, its price has already dropped 40% since 2015 and is expected to continue to fall. (Rais, 2021) Grey hydrogen costs approximately $2.20 per kilogram. (Giovannini, 2020) But it won’t remain so for much longer with market forces indicating a price rise. The EU emissions trading system also charges $20 - $25 EUROS per tonne of CO2 to bring it into their countries. Green hydrogen is the only option to reach zero emissions compared to blue and brown. The global push to end climate change is optimistic and increasing daily. Currently there are 228 large scale green hydrogen projects in operation worldwide. These projects are equal to approximately 300 billion dollars and consist mostly of governments that have officially pledged a commitment to zero emissions. 24 of them are in Oceania. (Magill, 2021) A report by the Hydrogen Council and McKinsey & Company stated that: “75 countries representing over half the world’s GDP have net-zero carbon ambitions and more than 30 have hydrogen-specific strategies.” (Magill, 2021) Part 4 – Technology Technology costs lie in these areas: renewable electricity production research and design of the electrolyser stack which needs to be updated to industrial size standardisation of balance of plant components Renewable Electricity This is the most expensive aspect of green hydrogen production today. For a truly zero free emissions product, renewable electricity is mandatory. Finding the ideal topography is essential as wind and water are essential ingredients in the creation of green hydrogen. Electrolyser Technology The electrolyser stack is where research and development are needed to create green hydrogen in the amounts necessary to reduce costs. The Polymer Electrolyte Membrane (PEM) is the category of electrolyser that would be used in the synthesis of green hydrogen. Inside the Electrolyser Stack - The stack inside the electrolyser is where the action of splitting of water into hydrogen and oxygen occurs. Plant - The balance of plant encompasses the remaining parts of the electrolyser. It consists of: water and power supply water purifier compression hydrogen processing buffering of hydrogen and electricity Both the balance of plant and stack share similar pricing, but the balance of plant has more potential for cost to be decreased. The stack requires scalability from 1MW today to 20MW. For small scale production the stack represents almost 50 percent of the costs, but at larger productions it drops considerably to approximately 30 percent. Another cost-effective aspect to note is to standardise the components used to create the surrounds of the plant as well as the plant design. To summarise, the electrolyser design and components need optimisation to provide the necessary expandability and manufacturing to create green hydrogen. Production efficiencies need further augmenting to reduce the cost of electricity. Electrolyser equipment needs to be resilient and robust to enable costs to be extended in tandem with larger production output. (Bianco & Blanco, 2020) Part 5 – Australian Politics Can’t see the wood for the trees Province Resources are being supported with their project by the WA government for their Carnarvon project. (see Coffee With Samso Episode 93) Together they are creating a framework for green hydrogen to guide the processes and procedures required for their project. By collaborating, they will come up with a comprehensive plan as well as a fiscal regime including royalties. On the other hand, the Australian federal government is of the slow burn mindset. The federal government’s concern is that there will be job losses in mining and agriculture and that is why they are not wholly on board. Along with the federal government there is the fossil fuels lobby and individual politicians that would prefer to go the slow route. ‘If rapid scale-up takes place in the next decade, green hydrogen is expected to start becoming competitive with blue hydrogen by 2030 in a wide range of countries – e.g., those with electricity prices of USD 30/MWh – and in applications.’ (Bianco & Blanco, 2020) Part 6 – Is it a Green Gold Rush? Part 6.1 - Will interest in raising capital for green hydrogen projects die off or remain stable? Some see green hydrogen as being a ‘flavour of the month’ case with no longevity. All the signs are pointing to the interest in renewable energy sources with green hydrogen being the real deal. Currently the level of global support from EU governments, Asia, policy makers, financial institutions, and tech giants etc continues to accelerate. Google Maps, which covers approximately 98 percent of the Earth will now display low carbon emission travelling destinations. This move is predicted to save approximately 1 million tonnes of carbon dioxide a year announced Google’s CEO Sundar Pichai. (Milmo, 2021) Every week there is a plethora of green energy updates from around the world. Part 6.2 - In 15 – 20 years what industries will be likely to use green hydrogen? Which industries would potentially take up green hydrogen first? The schematic diagram above identifies the fields and industries that are likely to adopt green hydrogen when available. Mr. Frances also stated on Coffee With Samso Episode 93 that the following are the series of shifts that would occur with the adoption of green hydrogen. The first shift would be to gas blending - combining a percentage of green hydrogen with a current energy form. Domestic and export of green hydrogen to a country like Japan. Long haul transportation and smaller trucking companies. Then the crucial areas for decarbonisation - creating green steel, aluminium, and cement. Cement production is the single largest producer of carbon emissions. Human side to renewable energy source conversation We are a society that expects immediate gratification, yesterday. We forget that great discoveries take time and what we can’t live without, say the transformation of the mobile phone to the smartphone, has had its teething issues. Obstacles often come before breakthroughs and that is where the R&D and support come in. For now, it appears that we will continue to employ fossil fuels during their phase out for the foreseeable future. Part 6.3 - Conclusion Ultimately, it’s always better to be part of the solution, then continue to be part of the problem. I will be keeping an eye on green hydrogen as it progresses through continued research and exciting developments. I credit it for getting me interested in looking into investing. Investing allows you to be part of the bigger picture for altruistic, purely fiscal reasons or both. I know I will see green hydrogen in use sooner rather than later. The way forward The way forward is going to be a combination of these factors: Continued Research & Development Innovation & Scalability & Standardisation Tech adoption, when will we fully commit as a country? Government support at a local and federal level Collaborations and partnerships of like-minded businesses to successfully solve the challenges of an emission free future. References Bianco, E., & Blanco, H. (2020, November 01). Green Hydrogen: A guide to policy making. Retrieved from irena.org: https://www.irena.org/publications/2020/Nov/Green-hydrogen Collins, L. (2021, September 22). 'China should install 100GW of Green Hydrogen by 2030 says Beijing Supervised Body. Retrieved from rechargenews.com: https://www.rechargenews.com/energy-transition/china-should-install-100gw-of-green-hydrogen-by-2030-says-beijing-supervised-body/2-1-1071599 Collins, L. (2021, September 28). New 10GW Green Hydrogen Project in Mauritania could include Africa's first offshore wind farm. Retrieved from rechargenews.com: https://www.rechargenews.com/energy-transition/new-10gw-green-hydrogen-project-in-mauritania-could-include-africas-first-offshore-wind-farm/2-1-1074316 FACT SHEET: President Biden Sets 2030 Greenhouse Gas Pollution Reduction Target Aimed at Creating Good-Paying Union Jobs and Securing U.S. Leadership on Clean Energy Technologies . (2021, April 22). Retrieved from whitehouse.gov: https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/22/fact-sheet-president-biden-sets-2030-greenhouse-gas-pollution-reduction-target-aimed-at-creating-good-paying-union-jobs-and-securing-u-s-leadership-on-clean-energy-technologies/ Findlay, C. (2020, September 11). What's your purpose? Reusing gas infrastructure for hydrogen transportation. Retrieved from siemens-energy.com: https://www.siemens-energy.com/global/en/news/magazine/2020/repurposing-natural-gas-infrastructure-for-hydrogen.html Giovannini, S. (2020, November 13). 50 Shades of (Grey and blue and green) hydrogen. Retrieved from energy-cities.eu: https://energy-cities.eu/50-shades-of-grey-and-blue-and-green-hydrogen/ Huang, Z. (2019, March 19). Hydrogen fuels rockets, but what about daily life? Retrieved from theconversation.com: https://theconversation.com/hydrogen-fuels-rockets-but-what-about-power-for-daily-life-were-getting-closer-112958 Jovan, D. J., & Dolanc, G. (2020, December 14). Can Hydrogen Production be Economically Viable Under Current Market Conditions. Retrieved from mdpi.com: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjW8-PXsa3zAhVpIbcAHRz5Cg4QFnoECCEQAQ&url=https%3A%2F%2Fwww.mdpi.com%2F1996-1073%2F13%2F24%2F6599%2Fpdf&usg=AOvVaw2OVBPUcL4UfJcf-lJ0OUDA Keidan, M. (2021, September 29). Canada's second largest pension fund says first to exit oil assets. Retrieved from reuters.com: https://www.reuters.com/business/sustainable-business/canadas-second-largest-pension-fund-caisse-reveals-new-climate-targets-2021-09-28/ Lowe, I. (2021, October 6). 5 Reasons Why the Morrison Government Needs a Net Zero Target, Not Just A Zero Plan. Retrieved from theconversation.com: https://theconversation.com/5-reasons-why-the-morrison-government-needs-a-net-zero-target-not-just-a-flimsy-plan-169015?utm_medium=email&utm_campaign=Latest%20from%20The%20Conversation%20for%20October%206%202021%20-%202079020518&utm_content=Latest%20from% Magill, J. (2021, February 24). Europe, Asian Nations Leading the World in Hydrogen Development. Retrieved from forbes.com: https://www.forbes.com/sites/jimmagill/2021/02/24/europe-asian-nations-leading-the-world-in-hydrogen-development/?sh=6acc6fb54112 Matalucci, S. (2021, September 28). The Hydrogen Stream: Mongolia's Potential for Producing Green Hydrogen at $3.30kg. Retrieved from pv-magazine.com: . https://www.pv-magazine.com/2021/09/28/the-hydrogen-stream-mongolias-potential-for-producing-green-hydrogen-at-3-30-kg/ Meza, E. (2021, May 28). Germany invests 8 billion euros in 62 EU backed hydrogen projects. Retrieved from cleanenergywire.org: . https://www.cleanenergywire.org/news/germany-invests-8-billion-euros-62-eu-backed-hydrogen-projects Milmo, D. (2021, October 6). Google Maps to show the lowest carbon route for car journeys. Retrieved from theguardian.com: https://www.theguardian.com/technology/2021/oct/06/google-maps-to-show-the-lowest-carbon-route-for-car-journeys Obayashi, Y. (2021, September 15). Japan, Australia to build Green Hydrogen Supply Chain. Retrieved from maritimeprofessional.com: https://www.maritimeprofessional.com/news/japan-australia-build-green-hydrogen-370613 Rais, A. (2021, March 5). Green Hydrogen is the future . Retrieved from process-worldwide.com: https://www.process-worldwide.com/green-hydrogen-is-the-future-a-1005639/ Sun, Y. (2021, September 28). China Will No Longer Build Overseas Coal Power Plants - What Energy Projects Will It Invest In Instead? Retrieved from theconversation.com: https://theconversation.com/china-will-no-longer-build-overseas-coal-power-plants-what-energy-projects-will-it-invest-in-instead-168614 Tan, H., Thurbon, E., Mathews, J., & Young-Kim, S. (2020, October 8). China Just Stunned the World With Its Step-Up on its Climate Action - And the Implications for Australia may be Huge. Retrieved from theconversation.com: https://theconversation.com/china-just-stunned-the-world-with-its-step-up-on-climate-action-and-the-implications-for-australia-may-be-huge-147268 Total and Engie Partner to Develop France's largest site for the production of green hydrogen from 100% renewable electricity. (2021, January 13). Retrieved from TotalEnergies.com: https://totalenergies.com/media/news/press-releases/total-and-engie-to-develop-france-s-largest-site-of-green-hydrogen Media Partner Brilliant-Online: Our investment articles are also shared across Brilliant-Online magazine. Check out their investment column. Subscribe to Brilliant-Online. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow If you find this article informative and useful, please help me share the information. I try to write topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. 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Samso Insights Episode 110 This article examines the changing state of media distribution for ASX resource companies. Popularity Contest Resistance to social media The Near Future - Web3 Always consult the legalities New Kids on the Block - Energy and Gold Successful companies on social media Share your narrative What's the focus? Like it or not, the digital world has exploded. What are you doing to gain attention to your ASX announcements or news that require engagement from your intended shareholders? Popularity Contest Which website do you think is the most popular today, worldwide? If you guessed Google like I did, we were both wrong. As of December 2021, Google lost its crown to TikTok. With video taking over as the communication medium of choice, the Metaverse updates and the first murmurings of Web3; failure to evolve alongside these tech advances and global social communication trends will leave your company at a standstill. It's hard to fathom now, but it wasn't that long ago that the personal computer was thought to be a niche product for a handful of homes. Put simply, there was no faith, at least initially. New methods that disrupt the status quo have a habit of fostering skepticism and distrust. To remain competitive, it's vital to keep up with global trends and innovations, despite the naysayers. What can your company do to catch the new breeds of investors' eye? This is your opportunity to get in and shape your company's online presence. Resistance to social media Not tackling your social media barriers head on only makes incorporating it later more difficult. Social media is synonymous with consumers, and consumers are investors. With the societal changes experienced globally over the last few years, toeing the line is not enough for investors. Investors/Consumers demand more from businesses today more than ever before and want to be informed, not placated, about your company's choices and its resultant outcomes. The Near Future - Web3 Web3 is about taking back the power that the large, centralised tech companies have held court over for the last fifteen years. It's the ability to be able to own the content that your company creates and maintain your privacy, unlike Web3. When we think of Web3 what comes to mind right now is cryptocurrencies, blockchain and the metaverse. Below is an example of a forward thinking mining company from the US and their foray into the Metaverse. Let's move into the world of marketing, the Metaverse and mining. Silver Bullet Mining is the first mining company globally to use the metaverse as a brand awareness tool by creating three immersive Silver Bullet ‘worlds’. The 'worlds' mimic SBMI's real life sites and reflect the changes as the mine sites move through the lifecycle sequences. The virtual worlds can be accessed via the use of the virtual reality headset, the Oculus device. “We are always looking for ways to enrich our communications with the shareholders,” said A. John Carter, SBMI’s CEO. “Being first in the metaverse allows us to engage differently with a larger demographic.” (Source here.) Silver Bullet Mining’s three worlds via Oculus can be found here: World 1 World 2 World 3 These three immersive worlds were set for release during the Mining Show, aka the Prospectors and Developers Association of Canada conference in March this year, but were rescheduled to June 2022 instead. Silver Bullet Mining decided to release them earlier than wait for the June date. As their mining projects progress, the three immersive meta worlds will update accordingly, giving viewers a unique and unprecedented perspective on minesite operations. The quote above from Silver Bullet's CEO A.John Carter sums up this article perfectly. The world today is all about existing and making an impression online and attracting new stakeholders, preferably through video and it's only just getting started. If you want to keep up with the Silver Bullets of the world then keep reading. Making your foray into the digital media world requires some forethought and planning ahead. Companies that are vocal and transparent about their practices and are aligned with today’s ESG culture and are the ones that potential employees or investors are going to want to interact with, that stand out in their minds. Social media platforms are the modern way of engaging with the public at large providing a two way communication channel that doesn’t just speak at you, but provides opportunities to communicate that were once unheard of. (Source here.) Always consult the legalities Always consult ASIC and in the US, the SEC guidelines when making decisions on what information your business is comfortable sharing online. Protecting your company's proprietary information is paramount when it comes to social media, particularly if you have in-house staff with access to social media accounts and who are privy to sensitive information. Pay close attention to what is being posted in your company's name and vet all intended communications. New Kids on the Block - Energy and Gold New Australian sustainable energy companies such as Line Hydrogen have established profile accounts on Instagram, Twitter, LinkedIn, and Facebook. Powershop *DC have multiple business media accounts visibly displayed on their websites. Gold companies such as Aurum Resources have profile accounts with YouTube, LinkedIn, Twitter; Austral Resources have Instagram, Facebook and Twitter and Bryah Resources (a manganese/copper and gold explorer) use Twitter, LinkedIn, Youtube and Facebook. This illustrates the point that to be a competitor in today's world, your company requires a social media presence and in particular, a presence on video. The aforementioned resource companies are using platforms that all host video. Video is the medium of the decade when it comes to all things marketing and communications, and it's only going to accelerate as time passes. Successful companies on social media So who got it right? The companies that have been successful in garnering a following on social media are those that have taken the time and effort to understand the social media landscapes in conjunction with their investor relations. FMG Rio Tinto World Gold Council Caterpillar Anglo American Newmont Mining Thiess Mining If you ignore the mental image that is conjured up when you think ‘social media’ and instead think of it as an extension of your company’s communication effort, it instantly becomes relatable to your business. Lagging on your business’s digital media strategy will emerge as a non-traditional threat the longer it is left wanting. Digital media is already taking the next leap into the baseline world of the Metaverse with advertising billboards, so if digital media is missing from your communications arsenal today, than it will be much harder to catch up when Web3 becomes a mainstay and it will be more than the Metaverse and cryptocurrencies. Share your narrative Digital media is any organisation's ultimate opportunity to create and control their narrative. Companies would be wise to bring their positive ESG outcomes and their CSR business models to the public’s attention. Companies that of their own volition have imposed the Good Neighbour Agreements that are legally binding should be highlighting these aspects of their business. Not to brag, but to educate, as part of many people’s opinions are only shaped by negative information, decades old misinformation and gossip and know little about how this industry has its positive and proactive members. Performing corporate responsibility and corporate volunteering is information that can be posted front and centre by using your social media accounts. Anytime you can control your image and put out the positive aspects should be taken up on and considered essential public relations. Who are the mining companies that stand out the most? Those who are leaders and those who implement their branding strategies the best and thus, are the most visible. What's the focus? 1. Share liquidity, Brand Awareness and Reputation Management A core goal is to get eyes on your business for the right reasons. Potential shareholders need to know you exist, why you exist and that your operation is sound. Creating a website and leaving it at that is the equivalent of phoning it in and still expecting outstanding results. Twitter and LinkedIn are the standard platforms resources industries use but with video taking over you need to expand your horizons and quickly. LinkedIn is a slow moving platform where changes made to a profile can take up to two hours to take effect, not exactly ideal for all your business news and for people getting their eyes on it. Creating relationships with stakeholders and potential and current investors should be your main goal. 2. Recruiting As your business grows you will want to attract the best talent out there. Getting in front of new graduates where they hang out online is only going to work in your favour. 3. Social innovation Highlight your company's work in social innovation. Showcasing your company's progress and adaptation in implementing digital and sustainable practices to save on inefficiencies is vital to staying competitive. 4. Beat the fake news Corporate social media is the place to celebrate and educate your company's wins and it’s also the place where you can correct misnomers and misinformation and provide discrete and accurate information updates should a crisis occur. Facebook has been the biggest source of news for many social media users which, as we know now, is by no means always accurate. By being proactive in the correction and the monitoring of misinformation, historical fake news or hearsay, it is essential to combat these aspects from proliferating. For many people the immediate association mining brings up is = bad and greedy. Bad for everyone and only good for the faceless and nameless executives in control. It's become a dehumanized industry. Much can be done to present a different perspective and educate those who think they are already informed. 5. Reputation management - Focal points Common areas of misinformation that can be clarified are historical misinformation, environmental concerns, First Nations peoples displacement, location damage, contamination fears etc. Many would still consider our society to be very selfish, but there has been a shift particularly over the last five years from individuals to businesses taking responsibility, accountability, and redress to correct past wrongs. Community relationships matter more than ever and the mining industry should take note. The University of Queensland recently concluded a study that found protests can cost a business approx. $20 million dollars a week in suspended production. A digital strategy can help mitigate this risk and save your business money. 6. It’s all in the way that you use it How the information is presented, the use of jargon or lack thereof also makes a big difference. Relaying of information and using plain language is imperative to ensure the right message is being disseminated through media channels. Otherwise, it can go against what you are trying to achieve. Assumptions made about the industry and those that work at every level of it, are another way to dispel the misnomers. Bringing a human element to the staff from grassroots level to the C Suite, can reduce the faceless, heartless corporate executive image people often conjure up. By being proactive with digital media and presenting your business on video, performs one key function: it puts a face to a name and it provides the essential connection that is missing from the faceless and uncaring mining company stereotype. 7. Video Du Jour You can achieve this by speaking with industry experts like Samso and getting your essential business messages across through the medium of du jour, video. Video imagery delivers your message across to audiences faster than words could ever convey on a screen or on paper. The world of social media is an exciting world in itself, and you have choices. All you need to do is take that first step. And the time to start is NOW. Getting Started You are aware of the tools available to your business, but where do you start? Before you get stuck into this section, consider how your business has adapted your existing investor outreach methods to the 'new normal' hybrid working conditions? Convert and conquer COVID took the nascent working from home trend and kicked it into becoming commonplace. This means converting your previous physical investor outreach methods into flexible, hybrid workplace friendly ones. Our pre-covid lifestyle hasn't returned yet and it may not ever be the same. COVID causes multiple interruptions and delays with workplace absences, service interruptions which can be mitigated by using today's tech app staples like Zoom/MSTeams and Google Workplace. You can reorient your former investor outreach activities and create appointments with serious investors, virtually. It also saves on expenses, time and no travel delays or disruptions. Ask Me Anything AMA webinars are a great addition to outreach activities. By organising, recording and uploading company investment information webinars onto platforms like YouTube, serves multiple purposes. It serves to keep authoritative company information in the public domain, It's in the fastest growing media format, video and is available to anyone globally, who wishes to view/listen to the recording for however long you wish for it to be available. Communications Audit After converting your investor presentations into hybrid workplace friendly formats, your next task is to audit your company's current communications materials and outlets. any existing online social media accounts company website, company website blog any email communications that are regularly disseminated annual reports Keep an eye out Scan your website for: outdated information, holiday closures dates *you would be surprised!* broken links, imagery, ex staff profiles and organise for their removal or update. Once a thorough audit has been conducted and the changes noted down, you can engage another person(s) to assist in removing the unwanted information. Social media accounts audit Conduct an audit on who your company's account follows and who follows back. This might seem inconsequential, but who your company's profile engages with forms part of your online reputation. It can affect your company's credibility both positively and negatively. It can effectively be an endorsement of the person or business, so be mindful of the optics. Audit past posts if you have existing social media profiles so an awareness of what has been posted in the past can form an online company history dossier for future reference. Consider the platforms, if any, your business is utilising: How do these platforms fit in with business goals? How effective have they been thus far? Do the platforms suit the content that is being distributed on them? Not all platforms suit all content. Ask these questions; How often are these materials accessed/requested? Do they need updating? It's a good idea to keep previous iterations of all published materials for reference. What are their primary goals for existing? Once you have ascertained the materials raison d'etre the next stage is asking the question, what does the business want to achieve by using social media? Is it brand awareness? Relationship building? Increased reach into new audiences? Market research? Increased SEO rankings? This list is not exhaustive. Your business may have a singular objective or it could use a combination of all of the above. Once you have decided upon the objective(s) you can move ahead to planning your content and using the platforms best suited to the content you wish to convey. 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.

Mining HQ Podcasts Ep. 3 - 28:03 Noel says market is slow and that is a good thing because money is out there, so look at the substance and not the hype. Don´t get burnt due to FOMO. Projects take time to develop, so go for long term results. Or go to 28:03 - https://www.listnr.com/podcasts/mining-hq Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

Rooster Talk Episode 68 is with Barry Cahill, Managing Director of Cyprium Metals Limited (ASX:CYM) Good news for Cyprium's shareholders! Cyprium Metals Limited shares recent announcement about USD35M Secured Offtake Prepayment Facility for Nifty Copper Project Restart which highlights the prepayment of USD35M - basically the last piece of the puzzle that will hopefully bring about the start of copper plate production. Barry Cahill details the meaning of the announcement and takes viewers through the myriad of steps that will trigger production of copper plates at the Nifty operations. The Cyprium story is now taking shape with this announcement. As a shareholder, I feel that it will just be a matter of time before a re-rating of the company takes place. Cyprium is all about the Oxides and Heap Leaching to extract the copper. There are many commentaries in the market place but they have been focusing on the old mishaps of Nifty. Cyprium has made it simple. Mine the oxides only and worry about the sulphides later. Get yourself comfortable and listen to Barry telling us the journey, good and bad, since we last spoke to him in March 2022. Chapters 00:00 Start 00:20 Introduction 01:09 All About The Secured Offtake Prepayment Facility 03:12 Is the Financing Done? 05:34 What does the Facility mean for Cyprium? 07:29 How should Investors Position with Cyprium Metals? 09:43 Nifty - Positive and Negative. 10:13 The Negative Perception of Nifty. 11:26 Reasons why Australia is not good with Heap Leaching. 11:46 History of Nifty Production. 14:00 The Negativity around Nifty. 14:50 Nifty - The Cyprium Way - All About the Oxides. 20:41 Is the Nifty Oxide Heap Leaching all about Particle Size and Chemistry? 23:15 Any more Regulatory Boxes to Tick Off? 25:04 Has the Tiger been thrown out the Door? 25:32 Underestimated Value of Nifty. 26:57 Timing and News Flow? 28:07 Summary of the Finance Equation. 29:08 Conclusion PODCAST Listen to previous conversations with Cyprium Metals Limited About Barry Cahill Managing Director Mr. Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management. In particular, his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development. He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018. Mr. Cahill has previously been Executive Director of a number of public companies including Operations Director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc. About Cyprium Metals Limited (ASX:CYM) Cyprium Metals Limited (ASX: CYM) is an ASX listed company with copper projects in Australia. The Company has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The Company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value. The Company has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation. Paterson Copper Projects This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project. The Nifty Copper Mine (“Nifty”) is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 732,200 tonnes of contained copper (i). Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material. The Maroochydore deposit is located ~85km southeast of Nifty and includes a shallow 2012 JORC Mineral Resource of 486,000 tonnes of contained copper (ii). Aeris Resources Limited (ASX: AIS, formerly Straits Resources Limited) holds certain rights to “buy back up to 50%” into any proposed mine development in respect of the Maroochydore Project, subject to a payment of 3 times the exploration expenditure contribution that would have been required to maintain its interest in the project. An exploration earn-in joint venture has been entered into with IGO Limited on ~2,400km2 of the Paterson Exploration Project. Under the agreement, IGO is to sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure of $11 million over the first 3.5 years. Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a pre-feasibility study (PFS) on a new mineral discovery. Murchison Copper-Gold Projects Cyprium has an 80% attributable interest in a joint venture with Musgrave Minerals Limited (ASX: MGV) at the Cue Copper-Gold Project, which is located ~20km to the east of Cue in Western Australia. Cyprium will free-carry the Cue Copper Project to the completion of a definitive feasibility study (DFS). The Cue Copper-Gold Project includes the Hollandaire Copper-Gold Mineral Resources of 51,500 tonnes contained copper (iii), which is open at depth. Metallurgical test-work has been undertaken to determine the optimal copper extraction methodology, which resulted in rapid leaching times (refer to 9 March 2020 CYM announcement, “Copper Metal Plated”, https://cypriummetals.com/copper-metal-plated/). The Nanadie Well Project is located ~650km northeast of Perth and ~75km southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/887. The Cue and Nanadie Well Copper-Gold projects are included in an ongoing scoping study, to determine the parameters required to develop a copper project in the region, which provides direction for resource expansion work. (i) Refer to CYM ASX announcement dated 17 November 2021 “Updated Nifty Copper Mineral Resource Estimate” (ii) Refer to MLX ASX announcements: 10 March 2020, “Nifty Copper Mine Resource Update” and 18 August 2016, “Annual Update of Mineral Resources and Ore Reserves” (iii) Refer to CYM ASX announcement: 29 September 2020, “Hollandaire Copper-gold Mineral Resource Estimate” Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. 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