Coffee with Samso Episode 182 is with Peter Harold, Managing Director of Poseidon Nickel Limited. Since taking the reins of Poseidon Nickel, Peter Harold has been steadily working towards restarting mining production. Today, Peter will address recent setbacks to restarting, as outlined in the company announcement of July 17. About Poseidon Nickel Limited Poseidon Nickel Limited (ASX Code: POS) is a nickel sulphide exploration and development company with three projects located within a radius of 300km from Kalgoorlie in the Goldfields region of Western Australia and a resource base of around 400,000 tonnes of nickel and 180,000 ounces of gold (Figure 1). Poseidon owns the Windarra, Black Swan and the Lake Johnston Nickel Projects. In addition to the mines and infrastructure including concentrators at Black Swan and Lake Johnston, these projects have significant exploration opportunities demonstrated by the discovery of the Golden Swan high-grade resource discovered at Black Swan in 2020, Abi Rose deposit at Lake Johnston and the recent nickel intersections along the Western Ultramafic at Lake Johnston. Black Swan Restart Despite the solid progress made since the November 2022 Black Swan BFS was delivered, the decision to restart Black Swan has been delayed due a combination of factors including: The later availability of grid power; The need to complete additional metallurgical testwork; The continuing tightness of the WA labour market; Ability to secure accommodation in Kalgoorlie for FIFO workers; and The volatility in global commodity and equity markets. The Company is optimistic about the project development environment in 2024. The main goal is to restart Black Swan once all the issues mentioned above have been resolved and there is a more positive outlook on nickel prices and equity markets. Company Mission The commencement of mining and processing at Black Swan is viewed as a first step in the Company's "Fill the Mill" strategy and growing the business to a 15ktpa plus nickel producer over the next 5-10 years. Poseidon owns three significant nickel assets with a combined resource of close to 400kt of nickel and processing capacity of up to 3.7Mtpa of ore to produce nickel concentrate. The Company’s business strategy remains focused 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. BLACK SWAN NICKEL PROJECT • Open pit and underground mineral resources • Significant established mining and processing infrastructure • Bankable Feasibility Study completed LAKE JOHNSTON NICKEL PROJECT • Strong exploration potential • Significant established mining and processing infrastructure • Previous mining studies being reviewed WINDARRA NICKEL/GOLD PROJECTS • Significant nickel mineral resource • Potential to mine nickel ore and process at Black Swan • Gold tailings resource with BFS Black Swan 2.2Mtpa processing plant Silver Swan underground 12.9kt Ni (grade - 9.5%) Golden Swan underground 6.3kt Ni (grade - 3.9%) Silver Swan Tailings - 6.2kt Ni (grade - 0.92%) Black Swan Disseminated 181kt Ni (grade - 0.63%) Southern Terrace remains prospective for additional high grade discoveries History The Black Swan Project is located approximately 600km east of Perth and 50km northeast of Kalgoorlie, Western Australia and 300kms South of Poseidon’s Windarra Nickel Project. The project commenced operations in 1997 and operated continuously until 2008. The following production was achieved: Black Swan Open Pit - 5.9Mt @ 0.7% Ni for 41kt Ni Silver Swan Underground - 2.7Mt @ 5.1% Ni for 138kt Ni Total production - 179kt Ni concentrate Poseidon Business Strategy During FY22, the Company made significant progress in advancing its pathway to production. Two metallurgical breakthroughs were achieved, which are expected to greatly enhance 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. As a result of these achievements, the Feasibility Study for the 1.1Mtpa project to produce high-grade nickel concentrate suitable for conventional nickel smelters was delivered. You can refer to the ASX Release dated 21 November 2022 titled "Positive Black Swan Feasibility Study" for more details. The Company is now actively working with a shortlist of potential offtakers and project financiers with the goal of reaching a Financial Investment Decision. In addition, with the assistance of Poseidon's geological consultants, Newexco, the Company completed an exploration targeting report for Lake Johnston during FY22. Follow-up reports for Black Swan and Windarra are planned to be delivered in FY23. The Lake Johnston report identified the Western Ultramafic Unit as a priority, and a program of works has been approved to undertake 15,000 meters of RC drilling. The primary focus for Poseidon has been advancing the Black Swan Feasibility Study, and a major breakthrough in metallurgy was achieved during this process. The addition of a regrind mill, which will utilise the existing Silver Swan mill, will increase the nickel grade and reduce the MgO content of the final concentrate. This will make the smelter grade concentrate more appealing to traditional nickel smelters and is expected to result in optimal nickel payabilities. Furthermore, it was discovered that a lower-grade nickel concentrate (5-7% nickel) with a higher MgO content could be produced. This concentrate would be suitable for both high-pressure acid leach and pressure oxidation plants. As a result, the scope of the Fill the Mill Strategy has been expanded to include a full feasibility study on the "rougher concentrate option." This would involve recommissioning both the SAG and ball mills at Black Swan and operating at a throughput of 2.2Mtpa. This expansion would also allow for the processing of talc carbonate ore, which is not included in the initial 1.1Mtpa smelter grade concentrate study and has the potential to increase the project's lifespan. Assuming a decision to proceed is made by early 2024, production of concentrate could commence by the end of 2024. The decision on the larger tonnage, rougher concentrate project will depend on the outcome of the feasibility study and discussions with potential customers for that product. Samso’s Conclusions (Tony’s Take) The journey of POS has been quite a rollercoaster ride, with its fair share of ups and downs. While there have been setbacks and unfulfilled promises, it's important to take a clear-eyed look at the company's potential to become a nickel producer before passing judgment on the project. Despite recent challenges, POS is actively addressing the identified issues, and we believe it's only a matter of time before they transition from an explorer to a miner. Looking at the long-term outlook for nickel, it remains excellent, and POS stands out globally among prospective and near-term producers. They have multiple existing nickel assets with varying grades, from average to high to super high-grade ores, and strong exploration targets. Additionally, their infrastructure is conservatively valued at over $600 million replacement value. Currently, the share price is undeniably low due to the project delay announcement. However, in our opinion, there is a significant disparity between the market cap of around $90 million and a more reasonable valuation based on the continued progress towards production, which could potentially reach a market cap of $300 million or more. Given the dynamic nature of the battery minerals space, it wouldn't be surprising if the low price makes POS an attractive takeover target. Nevertheless, the delay doesn't change our overall expectations, as POS is actively working with two shortlisted partners for offtake and funding. They are also diligently addressing the metallurgical and other issues outlined in their recent announcement. Once these are successfully resolved, the company will be in a position to announce a Final Investment Decision, as well as Project Funding and Offtake Agreements. As a result, we anticipate that POS will experience a substantial re-rating in due course, presenting trading opportunities for savvy investors. Chapters: 00:00 Start 00:20 Introduction 00:34 Updates from Poseidon 01:13 Metallurgy - Black Swan Restart 06:58 The global nickel market 10:23 Nickel from an ESG perspective 11:53 The cost effective advantage 17:42 The nickel market 21:44 Grid power not available to late 2024 24:43 Discussion about microgrids 26:12 Extending the mine life 28:26 Discussion about the finances 29:46 Share price performance 32:20 Concluding comments from Tony 33:49 Conclusion PODCAST About Peter Harold Managing Director and CEO Peter Harold (B.AppSc (Chem) AFAICD) is a process engineer with over 30 years corporate experience in the minerals industry, specialising in financing, marketing, business development and general corporate activities. He was until recently the Managing Director of Panoramic Resources, a company he co-founded as a $3 million IPO in 2001. Peter steered Panoramic through the financing and development of the Savannah Nickel Project in the East Kimberley and the acquisition and re-start of the Lanfranchi Nickel Project near Kambalda with the company reaching a market capitalisation of $1.2 billion in 2007. He was more recently involved in bringing the Savannah Project out of care and maintenance and back into production. Peter has extensive experience in base metal mining project feasibility studies, financings, developments, operations and marketing. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

The path to production is now gathering pace. Rooster Talk Episode 70 is packed with updates and insights and we have not one but three thought leaders share their knowledge in this episode. We begin our trilogy with Peter Harold, Managing Director and CEO of Poseidon Nickel Limited (ASX: POS). Jump to: Introduction About Poseidon Nickel Limited Company Mission Poseidon's Projects All about Black Swan Poseidon Business Strategy Nickel Market Comments Other Projects Poseidon Nickel Limited: 3 Year Share Price Poseidon Points of Difference Samso's Conclusions Podcast Introduction The Poseidon story is fascinating, with a journey stretching all the way back to the 1960s and the legendary nickel boom that spiked the stock from a few cents up to over $280 before plummeting back to earth again by early 1970. The resurrected Poseidon has experienced quite a few bumps along the road to production, gearing up towards a restart at a time of strong nickel price outlook due to the EV revolution. This is all set to change dramatically as the company reaches a key inflection point - making a Final Investment Decision and signing Project Funding and Offtake Agreements. About Poseidon Nickel Limited Poseidon Nickel Limited (ASX Code: POS) is a nickel sulphide exploration and development company with three projects located within a radius of 300km from Kalgoorlie in the Goldfields region of Western Australia and a resource base of around 400,000 tonnes of nickel and 180,000 ounces of gold. Poseidon owns the Windarra, Black Swan and the Lake Johnston Nickel Projects. In addition to the mines and infrastructure including concentrators at Black Swan and Lake Johnston, these projects have significant exploration opportunities demonstrated by the discovery of the Abi Rose deposit at Lake Johnston and the Golden Swan high-grade resource discovered at Black Swan in 2020. Company Mission Poseidon is committed to becoming a sustainable nickel producer, delivering value through performance and growth. The commencement of mining and processing at Black Swan is viewed as a first step in the Company's "Fill the Mill" strategy which the stated goal of growing the business to a 15ktpa plus nickel producer over the next 5-10 years. 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 remains focused 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. Check out the conversation in this Rooster Talk and, as I always encourage, DYOR. Poseidon’s strategic pillars are: developing a pathway to production targeted exploration across its nickel asset portfolio considering proximal business development opportunities. Poseidon's Projects Here are Poseidon's projects at a glance. BLACK SWAN NICKEL PROJECT • Open pit and underground mineral resources • Significant established mining and processing infrastructure • Bankable Feasibility Study completed in Nov 2022 • Planning to make FID mid 2023 and production by mid 2024 LAKE JOHNSTON NICKEL PROJECT • Strong exploration potential, exploration drilling about to commence • Significant established mining and processing infrastructure • Previous mining studies being reviewed WINDARRA NICKEL/GOLD PROJECTS • Significant nickel mineral resource • Potential to mine nickel ore and process at Black Swan • Gold tailings resource with BFS, partner found, due diligence underway All about Black Swan Features • 2.2Mtpa processing plant • Silver Swan underground 12.9kt Ni (grade - 9.5%) • Golden Swan underground 6.3kt Ni (grade - 3.9%) • Silver Swan Tailings - 6.2kt Ni (grade - 0.92%) • Black Swan Disseminated 181kt Ni (grade - 0.63%) • Southern Terrace remains prospective for additional high grade discoveries History The Black Swan Project is located approximately 600km east of Perth and 50km northeast of Kalgoorlie, Western Australia and 300kms south of Poseidon’s Windarra Nickel Project. The project commenced operations in 1997 and operated continuously until 2008. The following production was achieved: • Black Swan Open Pit - 5.9Mt @ 0.7% Ni for 41kt Ni in concentrate • Silver Swan Underground - 2.7Mt @ 5.1% Ni for 138kt Ni in concentrate • Total production 179kt Ni concentrate Poseidon Business Strategy The Company’s pathway to production was significantly progressed during FY22 with two metallurgical breakthroughs which has significantly improved 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 has resulted 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. This culminated with the delivery of the Feasibility Study on the 1.1Mtpa project to produce high grade nickel concentrate suitable for conventional nickel smelters. Refer to ASX Release dated 21 November 2022 "Positive Black Swan Feasibility Study". The Company is now working with a short list of potential offtakers and project financiers with the aim of reaching a Financial Investment Decision during the second quarter of 2023. With the assistance of Poseidon’s geological consultants, Newexco, the Company completed an exploration targeting report for Black Swan with three high priority targets identified. Newexco is now preparing a drilling program and budget to test these targets. Nickel Market Comments As Poseidon moves towards the proposed restart of Black Swan to become a nickel producer – the nickel price fundamentals outlook, with the backdrop of the new world of energy storage and EVs, is arguably the strongest we have ever seen. The strong performance of the nickel price and the positive price outlook, based on robust demand growth of nickel in electric vehicle batteries is critical to the “Fill the Mill” Strategy. Primary nickel demand is forecast to grow from 3Mtpa in 2022 to around 5Mtpa by 2030 and a staggering 10Mtpa by 2050. In our view this should result in the nickel price staying well above US$20,000 per tonne for the foreseeable future. The primary focus for Poseidon has been advancing the Black Swan Feasibility Study and during this process a major breakthrough on the metallurgy was achieved. The addition of a regrind mill which will utilise the existing Silver Swan mill, increases the nickel grade and reduces the MgO content of the final concentrate. This will make the smelter grade concentrate more attractive to traditional nickel smelters and should lead to optimal nickel payabilities being achieved. It was also recognised that a lower grade nickel concentrate (5-7% nickel) could be produced with a higher MgO content that should be attractive feed to both high pressure acid leach and pressure oxidation plants. Consequently, the scope of the Fill the Mill Strategy has been widened to include a full feasibility study on the “rougher concentrate option”, which would mean recommissioning both the SAG and ball mills at Black Swan and operating at 2.2Mtpa throughput. This will also allow processing of the talc carbonate ore which is not included in the 1.1Mtpa throughput smelter grade concentrate study and has potential to increase the project life. This study will be completed in the June 2023 quarter and should coincide with the completion of Pure Battery Technologies feasibility study on the 50ktpa pCAM refinery proposed for Kalgoorlie. Poseidon is working closely with Pure Battery Technologies since signing the MoU with them in July 2021, as the Black Swan rougher concentrate would be an ideal base feed for their proposed refinery. The rougher concentrate could also be suitable feed for a pressure oxidation and/or high pressure acid leach plants and a dialogue has been opened with a select group in relation to this opportunity. Assuming a decision to proceed is made during 2023 (whether based on a 1.1Mtpa or 2.2Mtpa throughput operation), production of concentrate could commence by around mid-2024 to take advantage of the strong nickel price environment. The decision on the larger tonnage, rougher concentrate project, will be dependent on the outcome of the feasibility study and discussion with potential customers for that product. Other Projects There is significant infrastructure at Lake Johnston, including a 1.5Mtpa concentrator and the Maggie Hays orebody which contains 52,000 tonnes of nickel. A comprehensive geological review of the Lake Johnston tenements has confirmed there are numerous targets that could generate more komatiite style orebodies and there is even the possibility of finding an intrusive orebody like Nova-Bollinger. A 15,000 metre RC drilling program is due to commence in April to test the Western Ultramatic unit. At Windarra, 25 kilometres west of Laverton, there is a significant resource base of approximately 150,000 tonnes of nickel. The economics of mining ore from Mt Windarra and trucking it to Black Swan is being studied. In addition, Windarra is highly rated in terms of exploration potential and it is intended to do more exploration there in the future. Newexco are preparing an exploration target report for the Company. Poseidon’s ultimate goal is to be mining ore from Black Swan, Lake Johnston and Windarra and processing these ores through mills at Black Swan and Lake Johnston to produce nickel in concentrate. The Black Swan BFS confirmed the economic viability of achieving that goal -: The highlights from the BFS include -:  NPV of $248M, free cashflow of $333M and an IRR of 103% at spot Ni and FX.  Low pre-production capital – inc ~ $38M for the refurbishment (46 weeks construction).  High grade nickel concentrate (15%) – good Fe Mg ratio – highly desirable smelter feed. Poseidon Nickel Limited: 3 Year Share Price It can be a rough ride for the share price as a company transitions from explorer, having resources defined to ultimately becoming a developer. This graph charts that course but we strongly believe better times are ahead for shareholders and all associated with this attractive nickel development company. Poseidon - Points of Difference Samso’s Conclusions (Tony’s Take) We believe POS is about to embark on that final, exciting phase of a mining company’s journey – commencing production. The long term outlook for nickel is excellent and Poseidon is virtually unique, globally, amongst all those prospective and near term producers. It has multiple existing nickel assets from average to high to super high grade ores and strong drilling exploration targets - and it has infrastructure valued conservatively at over $600 million replacement value. The share price on the other hand, has waxed and waned at a relatively low level for more than a decade of trading, suffering from historical nickel price setbacks and this has induced a level of scepticism that, frankly, is unwarranted. Mr. Market values their shares at a paltry 3.6 cents, with a market cap of circa $120 million. The experienced management team in place led by Peter Harold has been diligently working through all the necessary precursors to production and during that process they have unlocked enormous economic potential. It is our firm belief that Poseidon will be substantially re-rated this year and, therefore, there is a great opportunity to get in early ahead of key announcements regarding the FID and Project Funding and Offtake Agreements. Chapters: 00:00 Introduction 01:17 Recap of March 6 Announcement; Black Swan Project progress leading to Final Invest Decision (FID) and Project Funding/Offtake Agreement. 05:12 Market perception and assay results implications. 07:50 The Expansion Project: investigating and modelling increasing the existing plant throughput from 1.1 mt/pa to 2.2 mt/pa. The production of two different grades and forms of nickel concentrate. 14:48 Cost implications of production expansion (per unit and capex). 16:03 Life of Mine comments. 19:05 Holistic mining scenarios, incorporating Lake Johnston with Black Swan and Windarra assets (all geographically separated sites). 25:23 Cascading effect of multiple assets becoming mined over time. 26:39 Refurbishment of Black Swan processing plant – time to complete and get into production. 27:26 Confidence in achieving the milestone of FID and Project Funding/Offtake Agreement. 32:15 Concluding comments from Tony. PODCAST About Peter Harold Managing Director and CEO Peter Harold (B.AppSc (Chem) AFAICD) is a process engineer with over 30 years corporate experience in the minerals industry, specialising in financing, marketing, business development and general corporate activities. He was 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. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Craig Jones, General Manager - Mining of Poseidon Nickel Limited (ASX: POS) joins us on a segment of Rooster Talk Episode 70. Craig as the General Manager - Mining gives us some thoughts on how the Lake Johnston project will begin its journey to becoming the next nickel mine in Western Australia. As investors struggle to get a grip on how to view and understand the processes required to move to the mining stage, this is a great conversation for investors to get some clarity. There is always going to be a learning curve for the average investor to know the ins and outs of the story, but getting your favourite beverage and taking the time to watch is a great start. Craig has a strong focus on preparing all operations in advance of starting up production at Black Swan as well as supporting the multiple exploration programs. He is making sure that all necessary works are in train and in accordance with the blueprint laid out in the BFS prior to the FID. During this preliminary period, he is working on a range of activities associated with launching into the intense phase of works around refurbishing the Black Swan processing facility. The plant has been in care and maintenance for quite a long time, but Craig has ensured that it has been carefully investigated and has mapped out a program attending to a number of practical matters such as building ventilation rises, having electrical and plumbing infrastructure ready, continuing dewatering of the open pit, getting fuel supplies in place, setting up administrative offices etc. The ordering of key refurbishment components has also been examined and a process is in place so that orders can be enacted quickly after the FID is announced. Check out the conversation in this Rooster Talk and, as I always encourage, DYOR. Chapters: 00:00 The role of the General Manager Mining. 00:59 Comments on the BFS and then asking about placement of POS to move into refurbishing the Black Swan processing plant, post FID and Project Funding/Offtake Agreements. 02:37 From now to June, what is POS undertaking prior to the restart decision? 03:28 Once the Black Swan restart commences, what is an outline of the main steps involved in completing the refurbishment? 04:19 What level of confidence is there in the process of starting up an idle plant? 04:45 After the drilling program at Lake Johnston, a description of the activities and approach to exploration. 05:42 Summary and final comments. PODCAST About Craig Jones General Manager - Mining Craig Jones is a highly experienced mining executive and qualified mining engineer with more than 28 years’ experience in West Australian underground hard-rock mining within the resource industry. Prior to his appointment in February 2022, he was the Chief Operating Officer for Bellevue Gold where he was instrumental in establishing the restart of the historical operation, leading the feasibility study and an integral team member involved in the financing of the project. Prior to his most recent role, he held senior roles in operations, mine management and business development for various mining companies including Northern Star Resources. Craig has been instrumental in optimising, integrating and operating underground mines as well as upgrading mill infrastructure and installation of major capital projects at various operations. Craig has a Bachelor of Engineering (Mining) from the University of Ballarat and holds a WA First Class Mine Manager’s Certificate. 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. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

The segment of Rooster Talk Episode 70 is with Karyn Parker, Senior Exploration Geologist of Poseidon Nickel Limited (ASX: POS). In the video, Karyn tells us about the prospectivity of the Lake Johnston project. Karyn describes in detail the process in which exploration will be conducted to reveal the prospectivity of the project. This is an insight into what the team at Poseidon is doing in shaping up the project for a long life mine. Karyn had considerable responsibility for submitting a highly contested Government Grant application for funding a drilling program at their Lake Johnston site. The Exploration Incentive Scheme (EIS) Grant of up to $180,000 was successfully awarded to Poseidon and will be used for subsidising the cost of the proposed 15,000m drilling program. The drilling is expected to get underway in early April and will test the highly prospective and underexplored Western Ultramafic Unit for new nickel sulphides. The proposed program aims to delineate and vector towards channel features along the basal contact of the Western Ultramafic Unit, the prime geological setting where nickel sulphides can accumulate. Karyn is very excited about commencing drilling at Lake Johnston where she will also be looking at opportunities to explore for lithium. Additionally, Karyn will be planning further investigative testing at both the Black Swan and the Windarra sites. Check out the conversation in this Rooster Talk and, as I always encourage, DYOR. Chapters: 00:00 Introduction and review of Karyn’s career. 01:50 Comments on the Announcement in respect to the Lake Johnston drilling program kicking off in early April. 03:30 The fertility of the Lake Johnston target area, inclusion of historical data indicating follow up drilling in overlooked areas. 04:55 Discussion of nickel grades around Lake Johnston site. 05:10 The anticipated nature of material mined from Lake Johnston versus ore from Black Swan site. 06:55 The Government drilling grant for Lake Johnston; Karyn’s role in preparing a successful submission. 08:45 Recalling her handling of super high grade core assays from Silver Swan/Golden Swan. Exploration potential for hitting more bonanza grade veins. 10:45 Tony’s comment on drilling targets. PODCAST About Karyn Parker Senior Exploration Geologist Karyn Parker is a geologist with over 15 yrs experience in nickel sulphide exploration within Western Australia. Her career includes working in near mine exploration at Forrestania and Black Swan for Outokumpu Mining Australia, before joining Jubilee Mines. Karyn has also worked for several juniors in the southern Goldfields, conducting and running exploration programs in Norseman and Lake Johnston. In 2007 she was appointed Exploration Manager for Hannans. Karyn joined Poseidon Nickel in January 2022 and is a member of the Australian Institute of Geoscientists (AIG). 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. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

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

Coffee with Samso Episode 166 is with Mike Haynes, Managing Director and CEO of New World Resources Limited (ASX:NWC). Just over 12 months ago, we had New World Resources Limited (ASX:NWC) with us talking about the Antler VMS project. This story has now moved through the Scoping Study stage and recently declared a larger resource. Investors in the Australian Stock Exchange (ASX) are struggling to find a decent copper story. The last company that was not considered a major is being taken over and that is Oz Minerals Limited (ASX: OZL). Oz Minerals was no minnow so there is a big gap in the market. The next level brings Sandfire Resources Limited (ASX: SFR) into the discussion. Aeris Resources Limited (ASX: AIS) is another "small" copper producer on this scale. From here, the discussion pretty much ends. Here lies the opportunity to look at companies that have a long life and the potential to make the dream - to fill the imminent copper supply gap, come true. The New World Resources Limited story is a very convincing one as you watch and listen to Mike Haynes talk about the Scoping Study results and plans to bring the Antler Copper Deposit back into production. As all investors have experienced, what is clearly obvious becomes not so clear cut as time goes by. It is this reason that I encourage readers and viewers to DYOR and seek out Mike Haynes. Send him the questions. As I am researching New World Resources, I am struck by the great numbers coming out of the Scoping Study. This episode of Coffee with Samso is all about why the Antler project is so unique in grade and resource. Check out this Coffee with Samso with Mike Haynes from New World Resources Limited. Chapters: 00:00 Start 00:20 Introduction 01:16 Recap of the Antler Copper Project. 07:03 How is the geology? 09:17 Good grade numbers. 11:31 Explaining the share price to investors. 14:50 The high grade variation issue. 16:43 Scoping Study results. 17:58 How good is the Antler Copper project in terms of numbers? 24:54 Any potential hiccups? 26:46 How much movement will we see in the numbers? 30:13 Any concerns about future funding? 34:38 News flow. 36:45 Why New World Resources Limited? 37:28 Conclusion PODCAST About Mike Haynes Managing Director and CEO Mr Haynes has more than 25 years’ experience in the international resources industry. He graduated from the University of Western Australia with an honours degree in geology and geophysics and has explored a wide variety of ore deposit styles throughout Australia and extensively in Southeast and Central Asia, Africa, Europe, South and North America. Mr Haynes has held technical positions with both BHP Minerals and Billiton plc. He has worked extensively on project generation and acquisition throughout his career. During the past 17 years he has been intimately involved in the incorporation and initial public offerings of numerous resources companies, and in the ongoing financing and management of those and other companies. About New World Resources Limited New World Resources Limited is an Australian company focused on the exploration and development of mineral resources projects in North America. It is listed on the Australian Securities Exchange under the code NWC. On 14 January 2020 New World Resources Limited announced that it had executed an agreement that provides it with the right to acquire a 100% interest in the high-grade Antler Copper Deposit in Arizona, USA. In October 2021, after 18 months of exceptional results, New World exercised its option and took 100% ownership of Antler. About the Antler Copper Project Excellent Location • Located in a sparsely populated part of northern Arizona • Privately-owned land • 70% of all copper produced in the US is from mines in Arizona Proven VMS District • Cluster of 30-40 VMS deposits in northern Arizona; largest: • United Verde – mined 33Mt of ore @ 4.8% Cu (1883-1975) Excellent Infrastructure • 15km from rail and an interstate highway • Mains power to within 700m of the old headframe • 55km by road to Kingman (population ~30,000) • Benefits of existing infrastructure: - Cheaper to build a new mine - Cheaper to operate a mine Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. VMS (Volcanogenic Massive Sulfide) Deposits Explained In simple terms, Volcanic-associated Massive Sulphide (VMS) deposits are caused by underground metal-rich volcanoes rising and creating a cooking environment. I suggest you download this eBook which explains the VMS and How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 79 with Mike Haynes, Managing Director and CEO of New World Resources Limited (ASX:NWC) New World Resources Limited (ASX:NWC) is all about de-risking a high-grade copper mining project. The Antler project is a VMS (Volcanogenic Massive Sulfide) that explains the nature of the deposit. What I like about VMS is that it is normally high-grade, occurs in clusters, has a longer LOM (Life of Mine) and the funding required is what a small-cap company can handle. In Coffee with Samso Episode 79, we talk to Mike Haynes, the Managing Director and CEO of New World Resources Limited (ASX:NWC) about the Antler Project. Mike has been working in the US since 2005 and you can tell that he has an in-depth understanding of how the business works in that part of the world. Over the years, I have been exposed to a few US projects and I have been very impressed with their technical merits. In nearly all these cases, the development potential has been good. The issue at that time was the availability of capital. The tenure of these projects has been something I found significantly different to what is present here in Australian projects or in many other places. I think in terms of project development, this can make a lot of difference to the ultimate success of a project. It is not often that one finds an intercept of 23m of ore with a grade of 6.7% Cu equivalent. It is even rarer to find that left in the ground waiting to be discovered. Mike Haynes shares with us the story of how Antler was acquired and how this will add significant value to the company. The high-grade nature of the project will shield the project from future price volatility. These are all the facets of what I like about this project. The fact is that ongoing drilling is finding better grades and bigger intersections as they go deeper. Hence, the path forward for the Antler project is all about a de-risking process towards mining. PODCAST About Mike Haynes Managing Director and CEO Mr Haynes has more than 25 years’ experience in the international resources industry. He graduated from the University of Western Australia with an honours degree in geology and geophysics and has explored a wide variety of ore deposit styles throughout Australia and extensively in Southeast and Central Asia, Africa, Europe, South and North America. Mr Haynes has held technical positions with both BHP Minerals and Billiton plc. He has worked extensively on project generation and acquisition throughout his career. During the past 13 years he has been intimately involved in the incorporation and initial public offerings of numerous resources companies, and in the ongoing financing and management of those and other companies. About New World Resources Limited New World Resources Limited is an Australian company focused on the exploration and development of mineral resources projects in North America. It is listed on the Australian Securities Exchange under the code NWC. On 14 January 2020 New World Resources Limited announced that it had executed an agreement that provides it with the right to acquire a 100% interest in the high-grade Antler Copper Deposit in Arizona, USA. Location and Infrastructure The Antler Copper Project is located in a sparsely populated region of north-western Arizona (see Figure 1). Access to the Project area is excellent; with direct access to the historical mine site by way of 20km of unsealed road that extends east from the town of Yucca (population approximately 6,000) which is on US interstate 40. A rail line passes through Yucca as well as Kingman (population 30,000), some 30km to the north. The close proximity of good roads and utilities will be advantageous when exploring and developing the Project; affording opportunities to minimise operating costs and lower pre-production capital requirements. The Antler Deposit lies within two (2) patented (private) mining claims that cover 40 acres. The Deposit is surrounded by an additional seven (7) unpatented (BLM) mining claims that cover a further 340 acres. Figure 1. Location of Antler Copper Project in Arizona, USA. Geology and Mineralisation The Antler Deposit lies within a NE-trending belt of Precambrian gneissic and schistose rocks thought to have originally been volcanic in origin. The Deposit comprises a stratabound, pyrrhotite-rich, copper-zinc volcanogenic massive sulphide (“VMS”) body. Numerous other VMS deposits, in similarly-aged rocks, are present in northern Arizona. These include the United Verde Deposit – where 33Mt of ore was mined between 1883 and 1975 at a grade of 4.8% Cu, and the UVX Deposit – where 3.9Mt of ore was mined between 1915 and 1992 at a grade of 10.2% Cu (see Figure 1). Mineralisation at the Antler Deposit outcrops over more than 750m of strike at surface. The host sequence strikes in a north-easterly direction and dips to the northwest. A complex array of tight folds has been mapped, and two north-westerly trending faults have been mapped to offset and truncate the Antler Deposit (see Figure 2). Figure 2. Mapped geology at the Antler Copper Project in Arizona, USA, including all previous surface drilling. Historical Production The Antler Deposit was discovered in the late 1800s. Intermittent production from the Deposit between 1916 and 1970 totalled approximately 70,000 tonnes of ore at a grade of around 2.9% Cu, 6.9% Zn, 1.1% Pb, 31 g/t Ag and 0.3 g/t Au. Ore was extracted over approximately 200m of strike from an inclined shaft, to a depth of around 150m (see Figures 3-5). The average thickness of ore was reported to be around 4 metres. Additional underground workings were developed to a depth of 200m – but no production was recorded from the deeper levels. Remnant Mineralisation Previous mining operations deliberately targeted the highest-grade mineralisation; with stoping undertaken only where such mineralisation was thickest. Accordingly, considerable mineralisation remains, unmined, at very shallow levels immediately adjacent to historical stopes. Between 1970 and 1975, following completion of the most recent episode of mining, a total of 19 holes were drilled from the surface and underground with the objectives being to: increase confidence in the known mineralisation immediately below the mined levels (predominantly below the “7 Level” which was developed 150m below below surface) in advance of anticipated resumption of mining; and explore for additional mineralisation. Considerable high-grade mineralisation was delineated with closely spaced drilling over an area about 150m wide by 200m down-dip, immediately below the historical stopes (see Figures 3-5). Significant intersections (in unmined mineralisation) include: 9.66m @ 3.57% Cu, 6.63% Zn, 0.82% Pb, 34.4 g/t Ag and 0.34 g/t Au (U30); 7.62m @ 2.80% Cu, 7.29% Zn, 1.61% Pb, 43.4 g/t Ag and 0.54 g/t Au (DDH12); 5.18m @ 2.90% Cu, 12.58% Zn, 2.08% Pb, 63.1 g/t Ag and 0.42 g/t Au (U16); 7.62m @ 2.47% Cu, 3.52% Zn, 2.81% Pb, 64.5 g/t Ag and 0.46 g/t Au (B-3); and 6.40m @ 1.51% Cu, 10.69% Zn, 1.95% Pb, 52.1 g/t Ag and 0.29 g/t Au (U18). Other, widely-spaced, drilling intersected additional high-grade mineralisation both (i) at depth, considerably below historical workings; and (ii) along strike from the historical workings (see Figures 3-5). Figure 3. Long section through the Antler Deposit showing previous drilling and select significant intersections in surface drilling. Figure 4. Detailed long section through the Antler Deposit showing previous drilling and select significant intersections in underground drilling immediately around the historical workings. Figure 5. Cross-section through the Antler Deposit showing previous drilling and select significant intersections in drilling. The deepest hole drilled at the Project to date (B-6) intersected high-grade mineralisation more than 400m down-dip of the lowest level of the historically mined workings (see Figures 3 and 5). Results included: 9.14m @ 1.53% Cu, 0.95% Zn, 1.10% Pb and 60.2 g/t Ag; and 1.22m @ 4.00% Cu, 7.10% Zn, 0.86% Pb and 35.9 g/t Ag and other, very widely-spaced holes along strike from the historical workings intersected high-grade mineralisation (see Figure 3), with results including: 1.65m @ 4.20% Cu, 4.13% Zn, 1.25% Pb and 66.9 g/t Ag (B-4) 1.19m @ 3.99% Cu, 9.15% Zn, 0.77% Pb, 27.0 g/t Ag and 0.17 g/t Au (DDH4); and 2.13m @ 1.66% Cu, 3.57% Zn, 0.10% Pb and 1.22 g/t Ag (B-1) The detailed drilling, immediately below the 7 Level, indicates there is substantial high-grade mineralisation that may be rapidly extracted if mining operations resume. And the results from the deeper and more widely-spaced drilling, where high-grades were returned in all but several holes, indicates there is considerable potential to delineate additional, mineable, high-grade mineralisation at the Project with further infill drilling. Historical Resource In 1975, a consultant to Standard Metals Corporation (the owner of the Project at the time), prepared a preliminary feasibility study into the development of the Antler Deposit. A mineral resource estimate was reported, which comprised: Forward Work Plans The Company commenced an initial 2,500m drilling program at the Antler Project in mid-March, 2020. The Company’s immediate objective is to delineate robust JORC-Code compliant Indicated Resources that can be used in mining studies to evaluate the potential to bring the Antler Deposit back into production in the near-term. So the priorities for the Company’s maiden drilling program are to: Undertake an appropriate amount of confirmatory drilling within a panel of “high-confidence, high-grade mineralisation” immediately below the previous stopes that have previously been drilled and sampled from underground (see Figures 3 and 4). Initial production (if mining operations resume) is expected to be derived from this area. Undertake in-fill drilling between the more widely spaced and deeper historical holes that indicate there is a thicker, high-grade “plunging shoot” down-dip of the previous stopes (see Figure 3) Undertake initial shallow drilling adjacent to historical stopes to test the thickness and grade of unmined mineralisation in these areas; and To conduct initial step-out drilling outside the “plunging shoot” to test for thicker high-grade zones of mineralisation. In parallel with initial drilling activities, representative drill core samples will be collected for metallurgical test work and geotechnical data will be acquired for initial mine design work. This information will facilitate commencement of studies into the resumption of mining and help optimise equipment sizing. Given the very high-grades and shallow nature of the mineralisation, the Company intends to initially evaluate the potential to develop a low-CAPEX, high-grade mining operation at the Project, which could conceivably be brought into production quickly. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. VMS (Volcanogenic Massive Sulfide) Deposits Explained In simple terms, Volcanic-associated Massive Sulphide (VMS) deposits are caused by underground metal-rich volcanoes rising and creating a cooking environment. I suggest you download this eBook which explains the VMS and How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

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

Coffee with Samso Episode 150 with Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD) is all about the REE story. One of the best kinds of exploration stories are those that have substance and have a reasonable potential for it to come true. The Mount Ridley REE project is something that stands out from the crowd. As an observer of the recent REE announcements coming out of the woodwork, I am learning bits and pieces. My understanding of the REE industry has been largely from my Coffee with Samso with Northern Minerals Limited (ASX: NTU). The appearance of REE in Ionic Clays have made a splurge in recent times. I don't have much understanding of it and this was a great opportunity to talk to someone in this recent trend. It was refreshing to be able to talk to industry and learn whether REEs are REEs or not. In this episode of Coffee with Samso, Guy shares with us the history and the contents of the MRD REE story. It was enlightening to hear from Guy that the REE deposit is not Ionic Clays and that they actually don't know much about the project. The company is in a learning phase and the upcoming drilling will drive a clearer picture on the whole project in the next twelve months. What I like about this project is that it is 35km from a port, have a highway, railway and a gas pipeline adjacent to the project. This is critical (in any project) as the company continues to work on the technical aspects. I encourage viewers to look at this story as an early exploration project or an early development mineral project. Chapters: 00:00 Start 00:20 Introduction 01:52 Guy Introduction. 02:32 How did MRD come up with the project? 03:40 What elements of the REE does MRD have? 04:42 What does TREO mean? 05:56 What do we read in TREO? 07:11 The large Footprint for MRD. 07:50 Can investors assume the consistency of REE mineralisation? 09:11 Is this an alluvial process? 10:34 Can the project be host to other metals? 11:41 The REE market. 12:47 Could REE have ESG compliant issues which will lead to supply issues? 14:11 The geopolitical changes are driving the REE demand. 14:44 Co-Funding collaborations in Critical Metals. 15:35 News Flow for MRD. 16:41 Does MRD have environmental issues? 17:40 Why look at MRD? 18:49 The upside of MRD. 19:45 Conclusions PODCAST About Guy Le Page Non-Executive Director B.A., BSc (Hons), MBA, MAusIMM, FFIN Mr Le Page is currently a Director & Corporate Adviser of RM Corporate Finance specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. Mr Le Page was Head of Research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July of 1998. As Head of Research, Mr Le Page was responsible for the supervision of all Industrial and Resources Research. As a Resources Analyst, Mr Le Page published detailed research on various mineral exploration and mining companies listed on the Australian Securities Exchange. The majority of this research involved valuations of both exploration and production assets. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology, and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies. Mr Le Page holds a Bachelor of Arts, a Bachelor of Science and a Masters’ Degree in Business Administration from the University of Adelaide, a Bachelor of Applied Science (Hons) from the Curtin University of Technology and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. About Mount Ridley Mines Limited (ASX:MRD) Mount Ridley Mines Limited is undertaking the exploration of a significant deposit of valuable clay-hosted rare earth elements in Western Australia. The Project was initially acquired for its nickel and copper sulphides potential and is now recognised as being prospective for ionic clay REE deposits. Currently, this style of deposit is mined and processed only in China and Myanmar. In November 2020 Mount Ridley Mines Limited (“MRD”) commenced a review of data for its namesake Mount Ridley Project and surrounding area. The review concluded that areas of the Biranup and Nornalup geological provinces in south-eastern Western Australia have the potential for REE mineralisation, and in particular, the style of mineralisation referred to as Ionic Adsorption Clay (IAC-REE). Globally, deposits of IAC-REE are most significant in southern China and are the world’s main source of heavy Rare Earth Elements. The Project REE mineralisation occurs as large, horizontal, near surface, sheet-like lenses up to a depth of 89 metres. REE mineralisation is interpreted to be present within the in-situ saprolite clay horizon. Patchy lower grade zones occur within transported cover which may vector towards stronger REE mineralisation deeper within the regolith. Geological Survey of Western Australia (DMIRS) mapping[1] shows that the Mount Ridley Project REE mineralisation occurs within the weathered mantle (regolith) of the Recherche Super-suite, which is described as “granitic and mafic gneiss; may include intrusions of Esperance Super-suite”. While the source of the REE mineralisation is currently unknown, a detailed sample and litho-geochemistry dataset from bottom of hole aircore samples has been established which includes whole-rock chemical analyses, sample pulps and some end-of-hole air core samples. These samples and data are being studied by the Company’s consultant geochemist to identify the primary rock-type and whether units are REE-enriched. Re-assay of 950 air core samples (162 pending) returned significant REE values over an apparent strike in excess of 25 km with over 20 samples returning >1,000 ppm Mineralisation remains open in all directions with a peak value so far at the Keith’s Prospect from MRAC0711 with 10,461ppm (1.05%) from 23m downhole. Significant REE intersections have been identified and grouped into 5 prospects – Winston’s, Keith’s, The Lake, Tyrell’s and Marcellus. Planning underway for a 25,000m aircore program to test newly acquired tenements in addition to step-out and infill holes. [1] (DMIRS) Department of Mines, Industry Regulation and Safety 1:100,000 Interpreted Bedrock Geology Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

The Esperance region is fast developing into a Rare Earth Region and Episode 69 is with Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD) The Mount Ridley Story is all about clay hosted Rare Earth Elements (REE) deposits. The biggest question for all the clay REE projects relates to the timing of the unlocking of the metallurgical conundrum. It is not a big secret that there is a hurdle for these companies but whether it is a matter of time or market, that will be food for thought for investors. The Mount Ridley Story The clay hosted REE deposits that Mount Ridley has are located within a Fraser Range sub-basin, which is just 50km north of Esperance. Interestingly, it was initially acquired for its nickel and copper sulphides potential. Figure 1: The Mount Ridley REE Project comprises 9 granted exploration licences in south-west Western Australia with an area of approximately 3,400 square kilometers. (Source: MRD Announcement, 14th February 2023). Mount Ridley is one of many companies that is applying their trade in the Esperance region. Hence, the MRD story is with good company. Figure 2: The Mount Ridley REE Project is well positioned with similar projects which have been proven to be mineralised and have known resources. (Source: MRD Presentation, December 2022). The Company also holds approximately 18% of the Weld Ranges in the mid-west of Western Australia. Areas of the tenements are prospective iron and gold. Rooster Talk Episode 69 Chapters 00:00 Start 00:20 Introduction 00:52 Update on the Mount Ridley Story. 02:05 Mount Ridley Tenement Holdings. 02:42 Any update on the REE sector? 03:25 Is the recent Molybdenum price surge a sign of things to come for commodities? 04:13 Are we looking at a change in sensitivities with supply crunch and price volatility? 05:06 Apparent pricing volatility. 06:11 Upcoming news for Mount Ridley. 07:17 Why buy Mount Ridley? 08:41 Conclusion PODCAST The Sensitivity of Supply Deficit and Price Volatility. In this episode of Rooster Talk, one of the topics that was discussed was the current observation about the supply crunch. This is an interesting topic as the supply crunch of metals have been talked about for nearly 8 years. I remember writing about this topic in 2019 (see below) and the crunch sort of never came. Samso Insights: Zinc Market- What happened to the price surge? - January 19, 2019 Is the Commodity Market just getting used to a slowing Chinese Panda ? - June 10, 2019 Is the Commodities Shortage a Mirage? - June 18, 2019 Shortages in Metals - March 14, 2020 The Mystical Journey of the Commodity Price - Will it Continue? - June 18, 2021 One of the most compelling crunch that never eventuated and still has not, has been the Zinc story. Nickel and Copper kind of came of late but that is still a wait-and-see game. The point is that in the previous narratives, the hype never came to pass. The last six months have shown that this may finally be happening... or is it? There was the nickel push and then there was the copper run recently. Uranium may be starting to lead, or may lead showing some signs of leading the pack. As Guy Le Page mentions in today's Rooster Talk, the surge in buying by the Sprott Uranium Fund may have created a catalyst for commentators to feed on. Why are we talking about this topic? Well, the price of Molybdenum ran spectacularly in January 2023 and observers commented that this is due to China restarting production and the closure of mines in Peru. Figure 3: The price chart of Molybdenum (Source: Trading Economics, 2023). Hence, if this is the case, a nearly 95% jump in price would make any punter wake up. A surge like that because of a mine closure and of increasing production in China? On the REE front, according to Strategic Metals Invest (www.strategicmetalsinvest.com), since January 2020, Dysprosium has increased by up to 78.25%, Neodymium 226% and Praseodymium 169.20% Samso's Conclusion The clay hosted REE journey is one that is intriguing and poses a lot of questions for potential investors. When will the unlocking of the Holy Grail happen? Will there be a market when that happens? Will the technology using these metals still be around? Well, in my humble opinion, having lived many decades in the wonderful world of ours, I think this is our time in seeing a pivoting of industries. The world of electrification is here to stay and the world of efficiency in creating cleaner energy has been set in stone. Although Rare Earths are not rare, the concentration of the resources and the application to downstream products are rare. The shift of dependence on one "nation" to produce products seems to be taking a back seat. The Esperance region is ideal for a new industry to emerge. It has all the important logistics like a port and a low density of population. It has the space to grow in size. The good thing for companies like MRD is that the resource is almost a certainty. They have many players who, as a whole, will be able to play with the big boys. The unlocking of the metallurgical question will be exciting times for all involved. What investors need is to be patient, but this seems to be the biggest Achilles heel. About Guy Le Page Non-Executive Director B.A., BSc (Hons), MBA, MAusIMM, FFIN Mr Le Page is currently a Director & Corporate Adviser of RM Corporate Finance specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. Mr Le Page was Head of Research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July of 1998. As Head of Research, Mr Le Page was responsible for the supervision of all Industrial and Resources Research. As a Resources Analyst, Mr Le Page published detailed research on various mineral exploration and mining companies listed on the Australian Securities Exchange. The majority of this research involved valuations of both exploration and production assets. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology, and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies. Mr Le Page holds a Bachelor of Arts, a Bachelor of Science and a Masters’ Degree in Business Administration from the University of Adelaide, a Bachelor of Applied Science (Hons) from the Curtin University of Technology and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. About Mount Ridley Mines Limited (ASX:MRD) Mount Ridley Mines Limited is undertaking the exploration of a significant deposit of valuable clay-hosted rare earth elements in Western Australia. The Project was initially acquired for its nickel and copper sulphides potential and is now recognised as being prospective for ionic clay REE deposits. Currently, this style of deposit is mined and processed only in China and Myanmar. In November 2020 Mount Ridley Mines Limited (“MRD”) commenced a review of data for its namesake Mount Ridley Project and surrounding area. The review concluded that areas of the Biranup and Nornalup geological provinces in south-eastern Western Australia have the potential for REE mineralisation, and in particular, the style of mineralisation referred to as Ionic Adsorption Clay (IAC-REE). Globally, deposits of IAC-REE are most significant in southern China and are the world’s main source of heavy Rare Earth Elements. The Project REE mineralisation occurs as large, horizontal, near surface, sheet-like lenses up to a depth of 89 metres. REE mineralisation is interpreted to be present within the in-situ saprolite clay horizon. Patchy lower grade zones occur within transported cover which may vector towards stronger REE mineralisation deeper within the regolith. Geological Survey of Western Australia (DMIRS) mapping [1] shows that the Mount Ridley Project REE mineralisation occurs within the weathered mantle (regolith) of the Recherche Super-suite, which is described as “granitic and mafic gneiss; may include intrusions of Esperance Super-suite”. While the source of the REE mineralisation is currently unknown, a detailed sample and litho-geochemistry dataset from bottom of hole aircore samples have been established which includes whole-rock chemical analyses, sample pulps and some end-of-hole air core samples. These samples and data are being studied by the Company’s consultant geochemist to identify the primary rock-type and whether units are REE-enriched. Re-assay of 950 air core samples (162 pending) returned significant REE values over an apparent strike in excess of 25 km with over 20 samples returning >1,000 ppm Mineralisation remains open in all directions with a peak value so far at the Keith’s Prospect from MRAC0711 with 10,461ppm (1.05%) from 23m downhole. Significant REE intersections have been identified and grouped into 5 prospects – Winston’s, Keith’s, The Lake, Tyrell’s and Marcellus. Planning underway for a 25,000m aircore program to test newly acquired tenements in addition to step-out and infill holes. [1] (DMIRS) Department of Mines, Industry Regulation and Safety 1:100,000 Interpreted Bedrock Geology Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

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

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