Samso Search Results

archTIS Limited (ASX: AR9) operates in a specialised segment of the cybersecurity market focused on data-centric security for government, defence, and regulated industries. The Company’s positioning within Zero Trust architecture and attribute-based access control (ABAC) environments places it in a sector where procurement cycles are long and compliance standards are strict. This ASX release dated 26 February 2026 outlines three separate but connected developments: Award of a U.S./European military alliance contract. Progress update on a key U.S. Department of Defense (DoD) contract. Increase in the Company’s Commonwealth Bank of Australia (CBA) debt facility. The announcement provides clarity on contract values, deployment status, operational integration, and capital structure. This summary reflects the factual disclosures made in the ASX release dated 26 February 2026 below: AR9 Awarded US/EU Alliance Contract & Provides US DOD Update – 26 February 2026 ( view the announcement  ) Previous Samso News Coverage - archTIS Limited 8th January 2026 - archTIS Limited – U.S. Department of Defense Progress Signals Strategic Momentum 6th November 2025- archTIS secures additional U.S. DoD contract for NC Protect (DoD365) 11th August 2025 - A Global Cybersecurity Narrative in Motion: Defence-Grade Trust Fuels archTIS Momentum archTIS Limited – Business Context archTIS Limited is a global provider of data-centric security solutions designed to enable secure collaboration of sensitive information across cloud, on-premises, and hybrid environments. Its product suite includes: NC Protect Kojensi Trusted Data Integration Spirion The Company’s core offering centres around policy-enforced Zero Trust architecture and attribute-based access control (ABAC), which allows fine-grained, context-aware access to sensitive data across complex multi-domain environments. The primary customer base includes government, defence, enterprise, and regulated industries. U.S./European Military Alliance Selects NC Protect for Transatlantic Defence Collaboration Highlights – Contract Award and Commercial Structure 1. Contract Award Structure archTIS Limited has been awarded a contract by a U.S. and European military alliance to safeguard member nation data for secure collaboration across transatlantic allied defence operations. Initial award: ~A$416,000 Two subsequent option years: ~A$805,000 Total potential value: ~A$1,220,000 The initial award covers the balance of calendar year 2026 and includes: ~A$244,000 for licensing ~A$170,000 for configuration and support Each optional year includes: ~A$267,000 licensing ~A$136,000 support costs The award may be cancelled for convenience, with payment made for completed and accepted work. Optional year issuance is at the sole discretion of the purchaser. 2. Technical Scope – ABAC Deployment in Coalition Environments NC Protect will provide attribute-based access control (ABAC) policy enforcement leveraging Microsoft SharePoint. The solution will operate across multiple civil-military security domains from dozens of allied nations, where organisations must balance “need-to-know” with “need-to-share”. Traditional role-based access control was deemed insufficient for this environment. NC Protect was selected due to: Fine-grained ABAC controls Native SharePoint integration Centralised policy administration Real-time enforcement The operational effectiveness of the solution was validated through a funded pilot prior to award. U.S. DoD Contract Update – Deployment Progress archTIS Limited reconfirmed continued progress with a key U.S. DoD contract, including: Deployment and integration into multiple live environments Successful completion of contracted development services archTIS is working toward second-stage deployment of NC Protect licenses within the U.S. DoD environment. archTIS Limited has successfully deployed NC Protect into a complex operational environment and continues supporting Zero Trust mandate targets. CBA Facility Upgrade – Capital Structure Update archTIS Limited confirmed an increase in its Commonwealth Bank financing facilities from: $2,000,000 → $8,000,000 total The facilities comprise: $4,000,000 facility maturing 30 July 2026 $2,000,000 facility maturing 29 January 2027 $2,000,000 facility maturing 31 January 2027 Interest is at a fixed margin over Bank Bill Swap Yield (BBSY) with standard reporting and compliance terms. The increase is intended to support: Working capital cycles Product investment Ongoing contract execution Management Commentary The CEO and Managing Director noted that the award strengthens archTIS Limited position in defence and allied markets and expands its footprint within large-scale enterprise environments. The Chief Strategy Officer and U.S. President stated that the contract represents an important milestone in the Company’s defence sector growth strategy and reflects increasing demand for data-centric security within allied defence environments. Near-term Milestones to Watch Operationalisation of NC Protect within the alliance’s enterprise architecture. Issuance or non-issuance of optional contract years. Progression of second-stage deployment within U.S. DoD. Continued integration across live operational environments. Utilisation of expanded CBA facility for working capital and product investment. Samso Concluding Comments The 26 February 2026 announcement outlines a structured defence-sector contract award, an operational deployment update, and a financing facility increase. The initial alliance contract is defined with clear licence and support components, and optional years remain subject to purchaser discretion. The deployment update with the U.S. DoD confirms integration into live operational environments and progression toward broader licence deployment. This establishes that the product is operating within complex defence systems rather than remaining in pilot stage. The increase in banking facilities from $2 million to $8 million extends the archTIS Limited funding capacity to manage working capital and contract execution cycles. The maturity profile extends into 2027, creating a staged debt structure. This announcement provides defined contract values, deployment confirmation, and financing detail. The factual elements relate to contract structure, technical deployment, and capital facilities as disclosed in the ASX release dated 26 February 2026.* Market Implication - The Investor Lens This is an interesting business in which the hurdles of creating a cyber secure platform or barrier is incrementally harder with the development of the very tool they are using to create the business. The business of AI is helping both side of this business and the use and advancement of the intelligence is almost running in parallel with each other. Figure 1: The share price chart for archTIS Limited as of the 2nd march 2026. (source: commsec). As you can see in Figure 1, the share price journey for AR9 is somewhat flat. I would have thought that the incoming introduction of the DoD would give the share price a boost but it seems to have just created a profit taking scenario. A market capitalisation of AUD $42M at the time of writing is pretty standard as I have been reviewing ASX stories in the sector for a while. The recent decline in the US markets have probably had some influence on the market sentiment in the ASX but lets see what happens with time. I like the sector that the business is trying to pursue and I think this is definitely one that is future proof with everything that we do related to the internet. I think this is an oxymoron statement as in 2026, whoever still think we are not is in need for a neurosurgeon. Samso has been covering archTIS Limited for a while and we still feel that there is room for improvement. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Control Bionics Limited (ASX: CBL) operates in the neurotechnology medical device sector, with more than 20 years of experience in surface electromyography (EMG) technologies. The Company develops assistive communication solutions for individuals with complex communication needs. The ASX announcement dated 26 February 2026 outlines a strategic joint venture with NextLevel Assistive Technology to expand Control Bionics’ presence in the United States iOS-based speech-generating device (SGD) market. The United States represents the largest global Augmentative and Assistive Communication (AAC) market, with an estimated 2.5–3.5 million individuals requiring speech-generating solutions. This release provides structural detail on how Control Bionics intends to participate in that segment through a capital-light partnership model. Joint venture with NextLevel Assistive Technology – 26 February 2026 ( view the announcement  ) About NextLevel Assistive Technology NextLevel Assistive Technology is a United States-based developer of speech-generating device (SGD) hardware designs focused on Apple iOS-based Augmentative and Assistive Communication (AAC) solutions. The company specialises in designing device chassis and hardware components that integrate with iOS tablets to create dedicated speech-generating devices for individuals with complex communication needs. These devices are typically used by people with neurological conditions such as ALS, cerebral palsy, stroke-related impairments and other conditions that affect speech. Introduction – Joint Venture to Enter High-Volume iOS-Based AAC Segment in the US Control Bionics Limited announced that its US subsidiary, Control Bionics Inc., has entered into an exclusive manufacturing, distribution and intellectual property licence agreement with NextLevel Assistive Technology. The agreement is structured to jointly commercialise a new range of iOS-based speech-generating devices under the Uno Touch Omni and Active product line in the United States. The structure is capital light. NextLevel will fund all device tooling and manufacturing. Control Bionics will perform final assembly, regulatory compliance and distribution. Highlights – Exclusive iOS-Based SGD Agreement in the US Market The key elements of the agreement are: Exclusive agreement to manufacture, distribute and sell UnoTouch Omni and Active iOS-based SGDs in the United States Control Bionics to act as FDA Manufacturer of Record and distributor through established partner channels NextLevel to fund all device tooling and manufacturing Control Bionics to receive a fixed per device contribution margin Advanced negotiations with multiple US distributors under non-binding Letters of Intent Capital-light structure with positive working capital dynamics Industry estimates referenced in the announcement indicate: Approximately 60–70% of new US SGD prescriptions are tablet-based Annual US SGD volumes of approximately 55,000–65,000 devices iOS-based SGDs represent a US$100–150 million annual segment The Company disclosed that negotiations with distributors contemplate potential annual volumes in the range of approximately 1,000–1,500 iOS devices. These volumes are subject to definitive agreements, regulatory and reimbursement processes, and market rollout. There is no certainty that negotiations will result in binding agreements or that contemplated volumes will be realised. Management Commentary The CEO stated that the partnership allows Control Bionics to participate at scale in the largest segment of the US AAC market through existing distributor channels, without capital investment or manufacturing risk. The announcement states that the arrangement is revenue, profit and cashflow accretive. It complements the NeuroNode neural-interface platform by adding a high-volume iOS device portfolio, strengthening the Company’s position within US distribution channels. The Business of Control Bionics Limited – Company Context Control Bionics is a neurotechnology medical device company focused on assistive communication solutions. Its core patented NeuroNode technology detects EMG signals from skeletal muscles and enables speech and computer-controlled functions. The NeuroNode integrates touch, eye gaze and neural interface control, providing multi-modal access for users. The Company is also commercialising NeuroStrip, a miniaturised wearable EMG device that may provide access to additional markets including diagnostics, sports performance and rehabilitation. Control Bionics operates in North America, Australia, Europe and Japan. Previous Samso News Coverage Published 13 February 2026 - Control Bionics Limited — U.S. Pilot Distribution Agreement with Tobii Dynavox Near-Term Milestones to Watch Execution of definitive agreements with US distributors Completion of regulatory and reimbursement processes Initial commercial rollout of UnoTouch Omni and Active devices Confirmation of annual unit volumes within the contemplated 1,000–1,500 device range Integration of iOS-based portfolio alongside the NeuroNode product suite Samso Concluding Comments The ability to communicate is a critical aspect of the human species. It is what makes us as an evolved and evolving species. Control Bionics devices empower those who fall behind in the race to have a moral functional daily life. The paragraphs below gives potential investors a good feel of what is to be gained for the shareholders if the company can get the application and the execution on track. Our devices empower people across a wide spectrum of needs, from those living with conditions such as ALS/MND, Spinal Muscular Atrophy, Cerebral Palsy, and Spinal Cord Injury, to athletes and patients working on sports performance and physical rehabilitation. When diagnosed or recovering, you are making a lot of tough decisions. When it comes to augmentative and alternative communication devices (AAC) and wearable neurotechnology, the decision is easy. Control Bionics guides you through every step of the process and makes sure you receive the technology you need to communicate, recover, and perform at your best all day, every day. ----- Control Bionics Limited This announcement outlines a defined expansion into the tablet-based segment of the US speech-generating device market. The agreement divides roles between NextLevel and Control Bionics, separating manufacturing funding from regulatory and distribution functions. Getting the business into the US AAC market data will allow the company to get some form of footing and this opportunity presented indicates a structural shift toward tablet-based devices. The joint venture aligns the Company with this high-volume segment while maintaining its existing neural-interface product line. The capital-light model reduces direct manufacturing exposure. NextLevel funds tooling and chassis production, while Control Bionics retains regulatory responsibility and distribution control as FDA Manufacturer of Record. Distributor negotiations remain non-binding and subject to further agreements, regulatory processes and market rollout. Realisation of contemplated volumes will depend on execution and commercial uptake. If there was a weakness in the ASX release, it would be the non-binding nature as we all know, business strategies need structure. Non-binding agreements can be more show than walk, so lets see how this pans out. Market Implication - The Investor Lens Control Bionics are still at an early stage of their journey and the market capitalisation of AUD $24.2M as of 2nd March 2026 is a reflection of the early stage business. Samso has made many comments of the years that we believe that a good health story is far more valuable than a metal discovery, as it has benefits in terms of a financial gain for investors and a more important gain for humanity. Figure 1: The share price chart for Control Bionics Limited as of the 2nd march 2026. (source: commsec). This may all sound a bit altruistic  but for Samso, making money empathically is a lot more fun than not. The need to enjoy and being purposeful in our investments is more meaningful and satisfying. Our interest in following CBL is to be part of seeing the business do well and like all investments of this nature, patience is the only medicine. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The Samso News update is all about the commencement of drilling at the Belleterre Project by Pivotal Metals since acquiring the project package in Québec, Canada. As we say, the litmus test is now and a program to test the multiple electromagnetic conductor targets within a district that already hosts high-grade copper, nickel, gold, and platinum-group metal (PGM) mineralisation should be interesting, especially when both gold and copper are hot topics. For investors, this is a time to keep the Pivotal story on your watchlist. This is a bet on positive results and hence speculation as the targets lie within a proven magmatic sulphide system where previous drilling has returned high-grade copper and nickel intersections. Belleterre complements Pivotal’s more advanced Horden Lake project, which already hosts a defined copper-equivalent mineral resource. The Belleterre exploration program will compliment the current narrative that a district-scale discovery potential may be in the making. Drilling to Commence at Belleterre High-Grade Cu Targets – 26th February view the announcement The Pivotal Metals Limited Story Pivotal Metals Limited (ASX: PVT) is a Canadian-focused explorer and developer targeting copper, nickel, and platinum-group metals. The Company’s key assets include: Horden Lake Project (Québec)  – an advanced copper-nickel-PGM deposit with a JORC Mineral Resource of 37Mt at 1.1% CuEq containing 407kt copper equivalent . Belleterre Exploration Projects  – a portfolio of high-grade Cu-Ni-PGM and gold prospects including Midrim, Lorraine, Laforce and Alotta. The Belleterre portfolio covers approximately 160 km² within the Belleterre-Angliers Greenstone Belt , part of the Archean Superior Province of the Canadian Shield, an established mineral province with extensive historical mining. Introduction The ASX announcement reports that Pivotal Metals is preparing to commence its first drilling campaign at the Belleterre Projects in Québec. The initial program will focus on targets at the Midrim project area (Figure 1), where geophysical surveys have identified conductive anomalies interpreted to represent potential sulphide mineralisation. These targets lie beyond the footprint of historical drilling and represent new exploration opportunities within a known high-grade mineral district. The program will also extend to the Lorraine project area , where copper and gold targets are planned for follow-up drilling once permitting is completed. Figure 1: MIDRIM PROJECT (Belleterre) Location of known Cu-Ni-PGE sulphide deposits with a 6km priority envelope and new untested drill-ready conductive anomalies (stars) interpreted to represent possible sulphide accumulations; on satellite image background with property outline. (source: PVT) Highlights Drilling is scheduled to commence at the Midrim project area , with drill mobilisation expected shortly. The program will test multiple undrilled electromagnetic conductors  identified through recent geophysical surveys. Key drill targets include: “Alotta”  – an undrilled extension target parallel to historical drilling. “Midrim East”  – a newly identified sub-cropping conductive anomaly. The Midrim system hosts multiple high-grade Cu-Ni-Au-PGM deposits . An initial 1,500m diamond drilling program  has been planned. Drilling may expand depending on results and ongoing exploration programs. The Company reported $5.5 million cash  at 31 December 2025 to support exploration activities. Follow-up drilling is planned at the Lorraine Project , targeting the Shanty Lake  and Lorraine Mine East  copper and gold prospects. Management Commentary Managing Director Ivan Fairhall stated that the Midrim project hosts a mineral system with a high intensity of magmatic sulphide mineralisation. The exploration strategy is focused on expanding the search radius around the existing cluster of high-grade occurrences. The initial drilling campaign is designed to test priority targets across the broader Belleterre land package. Management noted that the Company remains well funded and has the flexibility to expand the program depending on results and additional targets generated through ongoing exploration. Near-Term Milestones to Watch Commencement of diamond drilling at Midrim . Drill testing of the Alotta and Midrim East conductor targets . Receipt of remaining permits for the Lorraine Project drilling program . Expansion of drilling depending on initial results. Ongoing geophysical interpretation and regional exploration across the Belleterre land package. Previous Samso News Coverage – An Investor Lens Samso has previously covered Pivotal Metals Limited through several Samso News articles focused on exploration progress and project development across the Company’s Québec assets. 1. Pivotal Metals Limited (ASX:PVT) – Ore Sorting Delivers Up to 2.1x Grade Uplift at Horden Lake – Interesting Time Published: 20 February 2026 This article discusses large-scale ore sorting trials at the Horden Lake Project which demonstrated the potential to significantly upgrade copper-equivalent grades while rejecting waste prior to processing. The work highlights development optionality and potential cost benefits as the project advances toward production studies. 2. Pivotal Metals – Multiple Gold & Copper Targets Defined at Lorraine – A District-Scale Cu-Ni-Au Exploration Leverage – Decent Looking Targets – Cautious DYOR Required Published: 23 January 2026 This Samso News article examined the results of an induced polarisation (IP) survey at the Lorraine Project, which identified multiple copper, gold, and nickel targets east of the historic Lorraine Mine. The work expanded the geological understanding of the Belleterre district and supported further exploration drilling. 3. Pivotal Metals Limited (ASX:PVT) Broadens High-Grade Exploration Targets at Lorraine with High-Resolution Magnetic Survey – Au-Cu-Ni-PGM Published: 7 July 2025 This earlier Samso News article reviewed results from a high-resolution magnetic survey at Lorraine which identified additional structural features and exploration targets associated with copper, nickel, platinum-group metals, and gold mineralisation within the Belleterre-Angliers Greenstone Belt. Samso Concluding Comments The Belleterre drilling campaign represents a classic early-stage exploration step in a district with known high-grade mineralisation. The Midrim area already hosts multiple copper-nickel-PGM occurrences and historic drilling results that demonstrate the fertility of the system. The current program is designed to move beyond those historic discoveries and test new targets generated through modern geophysical surveys (Figure 2). Figure 2: Belleterre Project mineralised occurrences over the regional shaded total field magnetic map illustrating the complex nature of the geology and the extensive areas under Pivotal Metals’ 100% ownership. (source: PVT) A key aspect of this announcement is the identification of undrilled electromagnetic conductors. In magmatic sulphide systems, conductive responses are often associated with sulphide accumulations that can host copper, nickel, and platinum-group metals. The drilling program therefore represents a geological test of whether these geophysical anomalies correspond to mineralised sulphide bodies. The broader Belleterre landholding (Figure 3) also provides district-scale context. Multiple occurrences including Midrim, Alotta, Lac Croche, Delphi-Patry, and Lorraine demonstrate that the mineralising system extends across several kilometres. Historical drill intersections at Midrim and Alotta include wide zones of copper-nickel-PGM mineralisation, indicating the presence of a robust magmatic system within the greenstone belt. Figure 3:  Belleterre Projects location map in relation to nearby current and historic mining and milling operations. (source: PVT) From a project development perspective, Belleterre complements the more advanced Horden Lake deposit in Pivotal’s portfolio. While Horden Lake represents a defined copper resource moving toward development studies, Belleterre provides exploration optionality with the potential to discover additional high-grade deposits within the same regional mining district. Market Implication - The Investor Lens The PVT story is one that could be compared to Firefly Metals Limited (ASX: FFM) as they try and make their story tick which is not a bad place to be if the success can be similar. A market capitalisation of just under AUD $25M is not bad for a "punt". That part of Canada is not easy to work but the data does look "interesting". An early stage play that is in the realm of highly speculative but in the current state of the metal markets, this is what investors look for to have a go. Figure 4: The share price chart of Pivotal metals as of the 6th March 2026. (source: commsec). The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The acquisition of the Quinn Fluorspar Project introduces OD6 Metals Limited to the fluorspar market, a mineral classified as critical across multiple jurisdictions including the United States, Australia, the European Union, Canada, and Japan. Fluorspar is the primary source of fluorine, an element used across semiconductor manufacturing, advanced batteries, nuclear fuel processing, and defence technologies. The project is located in Nevada, a globally recognised mining jurisdiction with established infrastructure and regulatory frameworks supportive of mineral development. The United States is currently fully reliant on imported fluorspar, creating potential strategic interest in domestic supply sources. From an investor's viewpoint, OD6 Metals Limited is now exploring emerging technology supply chains and national security issues. With the market volatility, OD6 Metals Limited look likes its managing portfolio risks. The acquisition also brings in a project with historically high-grade fluorspar occurrences and past small-scale production, offering an initial geological framework for resource delineation. OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS – 4th March 2026 - view the announcement USA FLUORSPAR ACQUISITION PRESENTATION - 5th March 2026 - view announcement 2. About OD6 Metals OD6 Metals Limited is an Australian-listed exploration company focused on critical minerals. The Company is building a portfolio of projects targeting commodities considered important for energy transition and advanced technologies. Its current asset portfolio includes: The Quinn Fluorspar Project in Nevada, United States Rare earth projects such as Splinter Rock Copper exploration assets including Gulf Creek The Quinn acquisition adds fluorspar exposure to the company’s portfolio and provides a potential pathway into the United States critical minerals supply chain. 3. Introduction OD6 Metals Introducing Fluorspar To Portfolio The March 2026 ASX presentation outlines the proposed acquisition of the Quinn Fluorspar Project located in Nevada, USA. The project hosts multiple historical fluorspar prospects with reported high-grade mineralisation from previous sampling and small-scale mining activity. The OD6 Metals Limited presentation describes the geological setting, historical exploration results, acquisition structure, and planned exploration activities. Fluorspar deposits at Quinn occur within carbonate host rocks affected by hydrothermal alteration linked to Tertiary volcanism. Mineralisation is interpreted to occur in veins, breccias, and replacement bodies within limestone and dolomite units. OD6 Metals Limited intends to verify historical data and undertake systematic exploration with the aim of defining a JORC-compliant mineral resource. Figure 1: Quinn Fluorspar Project Location Map in Nevada. (OD6 Metals Limited). About Fluorspar Fluorspar (CaF₂) is the primary mineral source of fluorine and is widely used in semiconductor manufacturing, lithium battery chemistry, nuclear fuel processing, and advanced materials production. 4. Highlights OD6 Metals Limited has secured an option to acquire the Quinn Fluorspar Project in Nevada, USA. Fluorspar (CaF₂) is classified as a critical mineral by multiple jurisdictions including the United States. The United States currently relies entirely on imported fluorspar supply. Historical exploration identified high-grade mineralisation including: Up to 94% CaF₂ in rock samples Channel samples up to 45% CaF₂ . The project contains several prospects including Mammoth, Horseshoe, Spar Mine, and Big Jim. Historic production at the Horseshoe deposit produced approximately 26,000 tonnes  from shallow open pits. Acquisition structure involves staged payments with an initial A$75,000 option payment  and additional milestone-based payments tied to exploration success. 5. Management Commentary The presentation outlines OD6 Metals Limited’ view that the Quinn Fluorspar Project represents a district-scale high-grade fluorspar system with multiple prospects and exploration pathways. The company highlights that fluorspar plays an essential role in industries such as semiconductor manufacturing, batteries, nuclear fuel processing, and defence systems. Fluorine derived from fluorspar is used in plasma etching for semiconductor fabrication and in lithium battery electrolyte chemistry. Management also notes that the United States’ reliance on imported fluorspar creates a strategic context for domestic supply development. 6. Near-Term Milestones to Watch Planned exploration and development activities include: Surface rock chip and channel sampling programs Verification of historical exploration data Geological mapping and structural interpretation Soil geochemistry surveys Geophysical investigations Development of drilling programs to test mineralisation Permitting processes for initial drilling programs Metallurgical test work planning These activities aim to establish a geological model and progress toward resource delineation. 7. Previous Samso News Coverage – An Investor Lens Samso has previously covered the progress of OD6 Metals Limited across its rare earth and copper exploration activities. These articles provide additional context to the Company’s evolving project portfolio and technical development pathway. 5 February 2026 Samso News: OD6 Metals Limited — DHEM Survey Identifies Off-Hole Conductors at Gulf Creek – A Definite #SamsoDYOR for Monitoring Subsurface Copper Growth https://www.samso.com.au/post/samso-news-od6-metals-limited-dhem-survey-identifies-off-hole-conductors-at-gulf-creek-a-defini 30 January 2026 Samso News: OD6 Metals Limited — Advanced ANSTO Metallurgical Testwork Underway – Rare Earths De-Risking and Offtake Readiness https://www.samso.com.au/post/samso-news-od6-metals-limited-advanced-ansto-metallurgical-testwork 20 December 2025 OD6 Metals Ltd (ASX: OD6) – Australia’s Standout Rare Earths & Copper Company — Scale, Metallurgy, and Strategic Leverage https://www.samso.com.au/post/od6-metals-ltd-asx-od6-australia-s-standout-rare-earths-copper-company-scale-metallurgy-a 9 November 2025 Coffee with Samso: OD6 Metals Limited — An Aspiring Australian Clay REE Story – Better Position Second Time Around https://www.samso.com.au/post/coffee-with-samso-od6-metals-limited-an-aspiring-australian-clay-ree-story-better-position-seco 22 October 2025 OD6 Kicks Off Phase 2 Drilling at Gulf Creek Copper Project (NSW) https://www.samso.com.au/post/od6-kicks-off-phase-2-drilling-at-gulf-creek-copper-nsw 8 October 2025 OD6 Metals (ASX: OD6) Selects Innovative Flowsheet for Rare Earth Processing at Splinter Rock https://www.samso.com.au/post/od6-metals-asx-od6-selects-innovative-flowsheet-rare-earth 25 August 2025 OD6 Produces High-Quality Mixed Rare Earth Carbonate and Hydroxide at Splinter Rock – The Making of an Australian Rare Earths Production Story https://www.samso.com.au/post/od6-produces-high-quality-mixed-rare-earth-carbonate-and-hydroxide-at-splinter-rock 27 November 2024 OD6 Metals Limited – Rare Earths or Copper? https://www.samso.com.au/post/od6-metals-limited-rare-earths-or-copper 8. Samso Concluding Comments The Quinn Fluorspar acquisition introduces OD6 Metals Limited into the fluorspar sector, a mineral category receiving increasing attention due to its role in advanced industrial technologies. Fluorspar is the primary source of fluorine, which is used in semiconductor chip fabrication, lithium battery chemistry, nuclear fuel processing, and various defence applications. The United States’ current reliance on imported supply creates a strategic context for domestic exploration projects. Geologically, the project area contains multiple occurrences of fluorspar mineralisation hosted within carbonate rocks affected by hydrothermal activity. The Mammoth (Figure 2) and Horseshoe (Figure3) prospects represent the most advanced targets identified from historical work. These prospects host mapped zones of mineralisation interpreted to extend beneath shallow cover and along structural controls. Figure 2: Mammoth Deposit Geological Section (OD6 Metals Limited) Historic sampling from these areas indicates high grades in both rock chips and channel samples. At Mammoth, surface sampling has returned results including 10.7 metres at 44.9% CaF₂ and 15.2 metres at 48% CaF₂, suggesting significant concentrations of mineralisation within breccia-hosted systems. At Horseshoe, historical mining extracted approximately 26,000 tonnes of fluorspar from shallow pits, indicating that mineralisation reaches the surface in places. Figure 3: Horseshoe Deposit Geological Model (source: OD6 Metals Limited) The project also includes several additional prospects such as Spar Mine and Big Jim, where sampling has reported fluorspar grades exceeding 70–90% CaF₂ in veins and channel samples. These occurrences indicate a broader mineralised district that may contain multiple exploration targets. From a development perspective, the company plans to begin with systematic field programs to confirm historical results before advancing toward drilling. If exploration confirms continuity and grade, the next stage would involve defining a JORC-compliant resource. The staged acquisition structure ties major payments to exploration success, aligning financial commitments with geological progress. Market Implication - The Investor Lens The OD6 Metals Limited story is appear to be developing into a US story. I don't know much about the market but we are going to have OD6 Metals Limited on the next Coffee with Samso in the latter part of march 2026. We will get a better understanding of the motivation and hence the value proposition. Figure 4: The share price chart of OD6 Metals Limited as of the 9th March 2026. (source: commsec). The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

This Samso Insight argues that the current market narrative around a major iron ore price decline, driven by the start-up of the Simandou Iron Ore Project in Guinea, may be overstated. While Simandou is a significant high-grade development, its forecast production needs to be considered against the scale of global iron ore supply and the long history of demand growth tied to steelmaking. The article places this discussion in historical context by tracing iron ore consumption through crude steel production since the 1960s, showing that the iron ore story has always been shaped by industrial growth, infrastructure build-out, and the ability of major producers to deliver reliable, scalable supply chains. The key conclusion is that iron ore should not be viewed simply as a commodity facing oversupply, but as a sector entering a new stage of differentiation. The article highlights that the future of iron ore will increasingly depend on product quality, logistics, and suitability for cleaner steelmaking pathways. In that sense, the real investment shift may not be about whether Simandou adds more tonnes to the market, but whether producers can supply the higher-grade feedstocks needed for Direct Reduction Iron and lower-emission steel production. The concluding view is that the iron ore market is in transition rather than decline. Global steel output remains near historically high levels, demand may shift geographically rather than disappear, and the rise of decarbonisation is creating a new premium segment for magnetite projects capable of producing Direct Reduction-grade concentrate and pellets. In supporting the narrative of a transition to cleaner DIR pellets, China is now deploying commercial DRI facilities. For investors, this means the more important story may not be short-term fear around Simandou, but identifying which companies and ore bodies are best positioned for the next phase of the iron ore business. To help readers navigate through the Samso Insight, a content list is provided below. Content 1.0 Introduction – Are Iron Ore Investments A Sunset Industry or Are We Being Fed The Red Herring. 2.0 Global Consumption of Iron Ore 3.0 Decade-by-Decade: What Drove the Iron Ore Appetite? 1960s — The export era switches on 1970s — Growth continues, then energy shocks bite 1980s — Mature economies plateau; Brazil’s next chapter ramps 1990s — A long pause before the surge 2000s — The super-cycle: steel becomes a global volume game 2010s — China dominates; the system industrialises further 2020s — Plateau signals + regional shift 4.0 Timeline: Consumption Milestones + When Major Producers Stepped Into The Iron Ore Game. 5.0 The “Major Producer Involvement” Point That Often Gets Missed 6.0 The Top 10 Global Iron Ore Projects 6.01 Rio Tinto – Pilbara iron ore system (Australia) 6.02 BHP – Western Australia Iron Ore (WAIO) 6.03 Vale – Carajás Northern System (Brazil, incl. S11D) 6.04 Fortescue – Pilbara iron ore operations (Australia) 6.05 Simandou iron ore project (Guinea) (projected) 6.06 Roy Hill (Australia) 6.07 NMDC – Bailadila iron ore complex (India) 6.08 Kumba Iron Ore – Sishen & Kolomela (South Africa) Sishen Mine – Northern Cape Kolomela Mine – Northern Cape Production & Strategic Importance Geological Context 6.09 LKAB – Kiruna & Malmberget (Sweden) 6.10 IOC – Iron Ore Company of Canada (Canada) 7.0 The New Generation of the Iron Ore Business -Direct Reduction Pellets — The Race Toward Green Steel Starts at the Ore Body China Making DRI Happen 7.01 What Are Direct Reduction (DR) Pellets? 7.01.1 Key Characteristics of DR Pellets: 7.02 How Are DR Pellets Produced? 7.02.1 Step-by-Step Process: 7.03 Why DR Pellets Matter 7.03.01 Decarbonisation of Steel 7.03.02 EAF Growth 7.03.03 Premium Pricing 7.04 Not All Magnetite Deposits Can Produce DR Pellets 7.04.01 Why? 7.04.02 Ore body geology determines pellet quality. 7.04.03 Why This Sector Is Emerging 8.0 Global Companies Working on DR Pellets 8.01 Vale S.A. - Brazil 8.02 LKAB - Sweden 8.03 ArcelorMittal (AMMC Canada) - Canada 8.04 Cleveland-Cliffs Inc. - US 8.05 Fortescue Limited - Australia 9.0 Small Iron Ore Companies Targeting the Direct Reduction Pellet Market 9.01 Tacora Resources – Magnetite DR Pellet Producer 9.02 Grange Resources – Magnetite Concentrate for DR Pellets 9.03 Kamistiatusset (Kami) Iron Ore Project – DR Pellet Feed Concept 9.04 Magnetite Mines – DR Pellet Feed From Razorback 9.05 Champion Iron – Premium DR Pellet Feed Supplier 9.06 Iron Bear Limited – Iron Bear Iron Ore Mine - Direct Reduction Strategy 10.0 Strategic Observations — The Samso View 11.0 Final Thoughts 12.0 Samso Concluding Comments 1.0 Introduction – Are Iron Ore Investments A Sunset Industry or Are We Being Fed The Red Herring. Investors in the iron ore sector are currently being told to brace for a softerning in global iron ore pricing as the giant Simandou Iron Ore mine ships its first shipment of high grade ore. The street talk is that the imminent 120 million tonnes per annum production coming out of Guinea is going to drive iron ore pricing to the sub USD $80 to $90 per tonne. Iron Ore Rocks and Mining Operations in Australia Market analysts have largely accepted this situation, as the dominant conversation centers on the influx or "glut" of ore "flooding" the market. To me, this is reminiscent of past experts who predicted the decline of oil and gas, the continuous rise of lithium and cobalt, and the fall of gold in 1999 when its price dropped from USD $428 to below USD $240. I recall experts at that time claiming that gold would just become another commodity. Figure 1: Historical Gold Price Chart. (source: Macrotrends.net ) For those readers who remember that moment in 1999, you would have thought that there must be some truth in those headlines, but as you can see in Figure 1, that was a mere bump in the road to the current gold price in February 2026. Check this site out, it has a good summary of the gold price movement for the last several decades: Best Brokers I remember in 2018, gold price was about to fall below USD $1000 and there was also a series of conversations of the oncoming dark clouds of a depressing gold price. Again, that was just another bump in the road. So is this current discussion with the iron ore price another bump in the road? Are we going to see a new era of a lesser iron ore pricing? 2.0 Global Consumption of Iron Ore Iron Ore Consumption Since the 1960s — and When the Giants Stepped In When discussing "iron ore demand," people typically refer to steel demand . Iron ore is the essential feedstock for primary steelmaking, and nearly all iron ore (around 98%) is used for steel production . For a clear and consistent timeline from the 1960s onward, the most dependable long-term indicator is world crude steel production , which serves as a strong proxy for iron ore consumption trends. What follows is a Samso-style overview of the past ~65 years: how the world's appetite expanded, why it evolved over time, and how the major producers (along with the modern export system) developed capacity to meet this demand. I discovered an excellent chart by Own Analytics (Figure 2) that I believe will complement the details described below. Owen Analytics has illustrated the volatility of iron ore pricing over the decades and how various events have influenced pricing. Figure 2: The Owen Analytics chart showing the share prices of the big three iron ore miners/exporters – BHP, RIO and Fortescue (FMG) and that of iron ore. Their share prices have been scaled in order to show them on the one chart. (source: Owen Analytics ) In this Samso Insight, the key events influencing iron ore prices highlight why investors should carefully consider the current state of the iron ore market. While the common belief suggests a slowdown in pricing, I believe there are strong reasons to think the impact of Simandou might be exaggerated. Let's explore the Samso Insight to determine if the global trend of selling in anticipation of lower iron ore prices is actually a strategic move by the market to encourage others to sell while they themselves are buying for long-term positions. Consider this: in 2024-2025, the average global annual production of iron ore was approximately 2,490 MT, and in the future, Simandou is expected to reach a peak of about 120 MT annually. If they were to boost their production to 120 MT per year today, it would only represent about 4-5% of global production (a rough estimate). Figure 3: China Steel Output vs. Steel product exports. (source: Reuters ) The speed at which Simandou reaches its maximum production is a significant factor. Although reaching the target of 120 MT per annum is an objective, any delays or operational disruptions that hinder achieving this level will lend more credibility to my views on Simandou's impact on global iron ore production. Assuming that consumption will increase over time and that the Chinese economy (Figure 3) will eventually resume its growth towards a forward-moving GDP, any new production will most likely simply be absorbed. Narratives forget that the whole world is still progressing and the consumption is always going to be increasing and deleption of ore is also always going to be increasing. For me, this is a very simplistic explanation of why I believe that the output from Simandou will naturally be consumed and not be a real significant hurdle for the iron ore price. Depletion from existing mines, which is a strong candidate for a decrease in future supply, will definitely contribute negatively to the global production versus consumption balance. My thoughts: the price of iron ore is unlikely to be depressed; if anything, it will remain at a sustainable level, with some volatility, and has a good chance of rising in the medium term, likely after the Chinese New Year period. Before we convince each other, let's look through some market facts that the internet cans provide for us. The Consumption Story (1960s → Today), Told Through Steel World crude steel production (million tonnes): Figure 4 Figure 4: Work Steel production since 1960. 1960: 347 MT -1970: 595 MT - 1980: 717 MT - 1990: 770 MT - 2000: 850 MT - 2005: 1,148 MT - 2010: 1,435 MT - 2015: 1,626 MT - 2020: 1,883 MT - 2024: 1,885 MT. The tonnage are an approximation from a search on google. Looking at Figure 2, you can see the narrative illustratively but it's a good addition to the visualisation if you consider the details listed below: 1960–1970:  rapid industrial build-out (post-war rebuild + manufacturing expansion). 1970–1990:  slows and flattens (oil shocks, recessions, and mature-economy saturation). 2000–2020:  the modern super-cycle (China-led urbanisation and infrastructure build). 2020–2024:  high plateau (still huge volumes, but no longer the same growth engine). 3.0 Decade-by-Decade: What Drove the Iron Ore Appetite? Figure 4 is a good chart to follow as you go through this section. 3.01 1960s — The export era switches on This decade is the “start gun” for the modern seaborne iron ore trade, especially for Australia. In 1960 , Australia partially lifted an iron ore export ban that had been in place since 1938—one of those policy pivots that looks obvious in hindsight. On the consumption side, global crude steel output moved from 347 Mt (1960)  to 456 Mt (1965) , reflecting accelerating industrial demand. 3.02 1970s — Growth continues, then energy shocks bite Steel production rises to 595 Mt (1970)  and 644 Mt (1975) , but the growth rate slows as oil shocks and inflation reshape heavy industry economics. This is also when Japan’s role as a premium buyer of seaborne ore becomes structurally important (long-term contracting culture, reliability, and quality discipline), shaping how producers think about scale and consistency. 3.03 1980s — Mature economies plateau; Brazil’s next chapter ramps World crude steel is basically flat: 717 Mt (1980)  and 719 Mt (1985) . But the supply system keeps professionalising and expanding. A major marker here is Vale’s Carajás region , where Vale notes it has been mining iron ore in the area since 1985  (a key turning point in Brazil’s scale and grade advantage). 3.04 1990s — A long pause before the surge World crude steel is 770 Mt (1990)  then 753 Mt (1995) —a decade where demand growth is real but not explosive. This is the era where efficiency, blending, and supply-chain reliability become increasingly valuable. The “big mining” model (large hubs, integrated rail/port, tight product specs) proves it can outcompete a fragmented supply base. 3.05 2000s — The super-cycle: steel becomes a global volume game Steel production jumps from 850 Mt (2000)  to 1,148 Mt (2005) . This is the decade that rewired iron ore thinking: volume security becomes strategic; pricing mechanisms evolve (from annual benchmark norms toward more market-linked approaches); and miners invest like the market will be big forever. 3.06 2010s — China dominates; the system industrialises further Steel hits 1,435 Mt (2010)  and rises through the decade to the 1.8+ Bt  level. By now, the iron ore market is less about “finding customers” and more about: keeping trains and ports running, matching product to mill blends, and managing grade/sinter/pellet strategies. 3.07 2020s — Plateau signals + regional shift World crude steel is basically at a high plateau: 1,883 Mt (2020)  and 1,885 Mt (2024) . Recent reporting also points to a key transition theme: China appears to have passed peak steel , while developing Asia continues to grow , which can change where  iron ore demand growth comes from—even if global volumes remain enormous. 4.0 Timeline: Consumption Milestones + When Major Producers Stepped Into The Iron Ore Game. Table 1: Here’s a combined timeline (demand proxy + producer milestones) to make it easy to reference. Period Demand proxy (world crude steel) Producer “involvement” milestones (how the giants entered / scaled) 1960 347 Mt   Australia partially lifts iron ore export ban (policy unlock) 1966 (mid-60s growth) Rio Tinto notes its first Pilbara shipment from Mount Tom Price  in 1966   1969 (approaching 1970 peak) BHP marks 1969  as first railing + first shipment from the Mt Newman Project (Mt Whaleback / Port Hedland) 1970 595 Mt   Pilbara system proves repeatable at scale (rail + port + long-term Asian contracting) 1980–1985 717–719 Mt   Vale’s Carajás mining era begins (Vale references mining since 1985 ) 1990–1995 770 → 753 Mt   Majors consolidate “hub” thinking: product quality, blending, port optionality, and reliability become competitive moats 2000–2005 850 → 1,148 Mt   China-driven demand shock forces multi-year capital programs across Australia & Brazil 2010 1,435 Mt   Market becomes structurally seaborne-volume dominated; miners optimise for throughput + consistency 2024 1,885 Mt   New narrative: China output appears past peak; growth shifts toward developing Asia 5.0 The “Major Producer Involvement” Point That Often Gets Missed A useful way to frame producer involvement isn’t just “who existed,” but who built export systems that could scale : Australia (Pilbara)  became the blueprint for integrated iron ore exports: mine → rail → port → Asia, enabled by the 1960 export policy shift and then executed through the first shipments in the mid-to-late 1960s. Brazil (Carajás)  reinforced the other pillar of global supply: very large scale with quality advantages, with Vale referencing operations in Carajás since 1985. Over time, the market migrated from a “many suppliers” feel to a system where a small number of huge, operationally disciplined exporters set the reliability standard. 6.0 The Top 10 Global Iron Ore Projects 6. 01 Rio Tinto – Pilbara iron ore system (Australia) Tonnes mined per year:   ~330–340 Mtpa (operating capacity) Typical product grade:  ~61–62% Fe Mine life remaining:  20+ years (continuously extended via replacement hubs) One of the aspects of the Rio Tinto operations in the Pilbara is the longevity of their operations. For example, the Paraburdoo region is one of the longest running iron ore operations in their Western Australian operations having started production in 1972 (Figure 5). Figure 5: A large haulpak working in Rio Tinto's operations in the Paraburdoo region in Western Australia. (source: RioTinto) The most recognisable iron ore operations in the Pilbara that Rio Tinto operates is the Mount Tom Price operations (Figure 6). The Mount Tom Price mine is located in the Pilbara region of Western Australia, near the town of Tom Price. The mine is fully owned and operated by Rio Tinto Iron Ore and is one of twelve iron ore mines the company operates in the Pilbara. In 2009, the combined Pilbara operations produced 202 million tonnes of iron ore, a 15 percent increase from 2008. Figure 6: The Mount Tom Price operations. (source: Wikipedia - By Bäras - Own work, CC BY-SA 3.0 ) The Pilbara operations accounted for almost 13 percent of the world's 2009 iron ore production of 1.59 billion tonnes. Figure 7 below shows the Rio Tinto operations as of 2023. Figure 7: Pilbara miners produced over 800 billion tonnes of iron ore in the 2020-21 financial year, with Western Australia accounting for 98% of the country’s total iron ore reserves. These products included over $100bn (A$150bn) worth of iron ore exports, and generated $103.3bn (A$154bn) in sales, up from $42.7bn (A$64bn) in 2016-17. (source: Mine Australia - Credit: Peter Christener via Wikimedia ) The Hamersley Range, where the mine is located, contains 80 percent of all identified iron ore reserves in Australia and is one of the world's major iron ore provinces. (source: Wikipedia) 6.02 BHP – Western Australia Iron Ore (WAIO) Tonnes mined per year:   ~330 Mtpa (operating system capacity) Typical product grade:  ~61–62% Fe Mine life remaining:  20–30+ years (portfolio of mines) The BHP operations are just as extensive in the Pilbara and a type example of the iron ore operations is that of the Mount Whaleback mine, officially the Newman West operation and is located in the Pilbara region of Western Australia, six kilometres west of Newman. The mine is majority-owned (85 per cent) and is one of five iron ore mines the company operates in the Pilbara. Figure 8: The Mount Whaleback iron ore mine. The Mount Whaleback deposit was discovered in 1957 by Stan Hilditch but not publicised until 1960, when the Australian Government lifted the embargo on iron ore exports it had put in place because of concerns the mineral was in short supply. (source: Wikipedia - By Graeme Churchard from Bristol (51.4414, -2.5242), UK - Uploaded by PDTillman, CC BY 2.0 ) The story of iron ore mining around Newman begins in 1968, when BHP opened the Mount Whaleback Mine in the heart of the Pilbara. At the time, this was a defining moment for Australia’s iron ore industry. Mount Whaleback would become the largest single open-pit iron ore mine in the world. The mine itself is immense (Figure 8). The pit is around 1.5 kilometres wide and stretches more than five kilometres in length. Over time, the operation has continued to deepen, with the final design expected to reach roughly half a kilometre below surface. The scale of the deposit and the mining operation helped establish Newman as one of the key centres of iron ore production in the Pilbara (Figure 9). Figure 9: The location of the town of Newman to the Mt Whaleback mine - 2020. (source: Wikipedia - By NASA Earth Observatory image by Lauren Dauphin ) Developing Mount Whaleback required more than just building a mine. A new township was established to support the workforce, and the town of Newman grew alongside the project. To move the ore to the coast, BHP constructed the 426-kilometre Mount Newman Railway linking the mine to port facilities on the Pilbara coast (Figure 7). Operations moved quickly once the infrastructure was in place. The first train carrying iron ore left Newman on 1 January 1969, marking the beginning of large-scale shipments from the Pilbara. Only a few months later, on 1 April 1969, the first cargo of Newman ore was loaded onto the vessel Osumi Maru  for export. In those early years, Newman was operated as a closed company town, a common model for remote mining developments at the time. This arrangement remained in place until 1981, when the town opened up and evolved into the regional mining centre it is today. For anyone looking at the development of the Pilbara iron ore industry, the opening of Mount Whaleback and the creation of Newman marked the beginning of what would become one of the most significant iron ore production regions in the world. 6.03 Vale – Carajás Northern System (Brazil, incl. S11D) Tonnes mined per year:   ~230 Mtpa (operating + ramp-up capacity) Typical product grade:  ~65–67% Fe Mine life remaining:  ~25–40 years The Carajás Northern System is the largest and most important iron ore production hub operated by Vale in northern Brazil. The operations are located in the Carajás Mineral Province in the state of Pará, one of the richest iron ore regions in the world. Figure 10: The Serra Norte iron ore mining area is part of Vale’s Northern System, and is located in the municipality of Parauapebas, which is in the state of Pará, in northern Brazil. The N4W, N4E and N5 mines are currently operating, generally referred to as the Carajas mining complex. The Carajás system contains some of the highest-grade iron ore deposits globally, typically averaging around 65% Fe, which allows Vale to produce premium lump and fines products with relatively low levels of impurities such as silica and alumina. These characteristics make Carajás ore particularly suitable for efficient steelmaking and lower emissions in blast furnace operations. Mining at Carajás began in the mid-1980s, and the region has since developed into a large integrated mining system consisting of multiple open-pit mines, beneficiation plants, rail infrastructure, and export terminals. The Northern System is the largest of Vale’s three main Brazilian iron ore systems and contributes the majority of the company’s total production. The S11D Operations. A major expansion of the Carajás operations came with the development of the S11D Eliezer Batista Complex, which began production in 2016. The S11D project is one of the largest iron ore developments ever built and significantly increased Vale’s capacity in the region. Figure 11: A conveyor belt transports iron ore at the Vale S11D mine in Parauapebas, Para state, Brazil. (source: Bloomberg - Photographer: Dado Galdieri/Bloomberg) The project is notable for its “truckless” mining system, where ore is transported from the pit to the processing plant using conveyor belts rather than traditional haul trucks. This approach reduces fuel consumption, operating costs, and environmental impacts. S11D has a designed production capacity of around 90 million tonnes of iron ore per year, making it one of the largest individual iron ore mining projects in the world. The ore from S11D is also exceptionally high grade, typically above 65% Fe, reinforcing the premium product profile of the Carajás system. Key Facts – Vale Carajás Northern System Location: Carajás Mineral Province, Pará State, Brazil Operator: Vale S.A. Main deposits: Carajás mines including the S11D complex Ore grade: typically around 65% Fe S11D capacity: ~90 million tonnes per year Transport: Estrada de Ferro Carajás railway (~890 km) Export port: Ponta da Madeira terminal (São Luís) One of the largest and highest-grade iron ore mining systems in the world 6.04 Fortescue – Pilbara iron ore operations (Australia) Tonnes mined per year:   ~200–220 Mtpa (operating capacity) Typical product grade:  ~56–59% Fe (improving with higher-grade replacement ore) Mine life remaining:  20+ years The iron ore operations of Fortescue are located in the Pilbara and form one of the largest iron ore production systems in the world. Since the company’s first shipment in 2008, Fortescue has grown from a new entrant in the Pilbara into the third major iron ore producer in the region, alongside Rio Tinto and BHP. Figure 12: A schematic diagram highlighting the iron ore hub for Fortescue Resources. (source: Livewiremarkets ) Fortescue’s operations are centred on large open-pit iron ore mines that produce hematite ore from the Hamersley Basin, one of the world’s most significant iron ore provinces. The company operates multiple mining hubs that supply ore to processing plants, rail infrastructure, and export terminals on the Pilbara coast. Today, Fortescue’s Pilbara system has a production capacity of around 190 million tonnes of iron ore per year, supplying global steel markets, particularly in Asia. Major Mining Hubs Fortescue’s iron ore production is organised into several major mining hubs across the Pilbara. Chichester Hub Located near Cloudbreak  (Figure 13) and Christmas Creek (Figure 14), the Chichester Hub was the company’s first major mining operation. These deposits produce a blend of ore types that are processed and transported to port via Fortescue’s rail network. Figure 13: The Christmas Creek iron ore operations. (source: Fortescue) Figure 14: The Cloudbreak iron ore operations. (source: Fortescue) Solomon Hub The Solomon Hub (Figure 15) includes the Firetail and Kings Valley iron ore deposits. This hub produces higher-grade ore compared with some of Fortescue’s earlier operations and contributes a large share of the company’s production. Figure 15: The Solomon iron ore operations. (source: Fortescue) Western Hub – Eliwana and Iron Bridge Fortescue expanded further west with the development of the Eliwana iron ore Mine (Figure 16), which began production in 2020. Eliwana provides higher-grade ore and supports Fortescue’s strategy to improve product quality iron ore. Figure 16: The Eliwana iron ore mine. (source: Fortescue) Another major development is the Iron Bridge Magnetite Project. Unlike Fortescue’s traditional hematite operations, Iron Bridge iron ore mine produces a high-grade magnetite concentrate and represents the company’s move into magnetite iron ore production. Figure 17: The Ironbridge magnetite project accomodation camp. (source: Fortescue) Key Facts – Fortescue Iron Ore Operations Operator: Fortescue Location: Pilbara region, Western Australia First production: 2008 Main mining hubs: Chichester Hub (Cloudbreak, Christmas Creek) Solomon Hub (Firetail, Kings Valley) Western Hub (Eliwana) Magnetite development: Iron Bridge project Rail network: ~600 km heavy-haul railway Export terminal: Herb Elliott Port, Port Hedland Production capacity: ~190 million tonnes per year 6.05 Simandou Iron Ore Project (Guinea)   (projected) Tonnes mined per year:   ~60 Mtpa (Phase 1 sanctioned) Long-term expansion discussions: up to ~120 Mtpa Typical product grade:  ~65–66% Fe (very high-grade hematite) Mine life remaining:  30–40+ years Status:  Under development (rail + port critical path) The Simandou Iron Ore Project (Figure 18) in the Republic of Guinea is widely regarded as one of the largest undeveloped high-grade iron ore deposits in the world. Located in the Simandou mountain range in southeastern Guinea, the project contains exceptionally high-grade hematite resources and has the potential to become one of the most significant new sources of seaborne iron ore supply. Figure 18: The Simandou Iron Ore Project. (source: South China Morning Post ) The deposit is divided into four main blocks along the Simandou range. Development of the project is being undertaken by a consortium that includes Rio Tinto, the Aluminium Corporation of China (Chinalco) and a group of Chinese investors under the Simandou Winning Consortium. The government of Guinea also holds a stake in the project. Simandou has been known for decades as a world-class iron ore province, but development has been delayed due to infrastructure requirements, financing complexity and ownership changes. In recent years, construction has accelerated as the partners move toward bringing the project into production. Simandou is notable for its high-grade hematite ore, typically grading around 65–66% iron, which is comparable to the premium ores produced from Brazil’s Carajás deposits. The scale of the deposit is also exceptional, with resources estimated to exceed two billion tonnes of high-grade iron ore across the Simandou range. Figure 19: Mining begins at the Simandou Iron Ore Project. (source: Reuters ) The ore occurs along a ridge system stretching more than 100 kilometres, making it one of the most extensive undeveloped iron ore formations globally. These characteristics mean Simandou could produce a premium iron ore product suitable for efficient steelmaking. The mine officiaily commenced in early November 2025. Production rates are expected to reach full capacity of 120mtpa by 2030, 60mtpa of which will come from SimFer, a consortium 53% owned by Rio. When the project reaches full capacity, it will account for about 5% of total global supply. As the Simandou operations approach full capacity, S&P Global estimates all-in sustaining costs in the range of $55-$60/t. Key Facts – Simandou Iron Ore Project Location: Simandou Range, southeastern Guinea Deposit type: High-grade hematite iron ore Resource scale: >2 billion tonnes Average grade: ~65–66% Fe Planned production: ~100 Mt per year (long-term) Infrastructure: ~650 km Trans-Guinean railway New deep-water export port Major stakeholders: Rio Tinto Chinalco Simandou Winning Consortium Government of Guinea 6.06 Roy Hill (Australia) Tonnes mined per year:   ~60 Mtpa (operating nameplate) Typical product grade:  ~55–62% Fe (lump + fines blend) Mine life remaining:  >20 years The Roy Hill Mine is a large open-pit iron ore operation located in the eastern part of the Pilbara. The mine is operated by Roy Hill Holdings and represents one of the largest single iron ore mining developments constructed in Australia during the past two decades. Figure 20: The Roy HIll Iron Ore Operations. (source: MLG ) The project is situated about 115 kilometres north of the mining town of Newman and was developed to exploit a large hematite iron ore deposit within the Brockman iron formation of the Hamersley Basin. Construction of the mine and associated infrastructure began in 2013, with the first shipment of iron ore exported in December 2015. The development required significant investment in mining infrastructure, processing facilities, rail transport and port infrastructure. Mining and Processing Operations Roy Hill is designed as a large-scale open-pit mining operation producing hematite iron ore. Ore extracted from the mine is transported to a central processing plant where it is crushed, screened and beneficiated to produce lump and fines iron ore products suitable for steelmaking. The operation has a nameplate production capacity of approximately 60 million tonnes of iron ore per year, placing it among the major iron ore producers in the Pilbara. Mining operations utilise large-scale haul trucks, excavators and drill rigs typical of modern Pilbara iron ore operations. The project was designed to operate as an integrated mining system with its own processing and logistics infrastructure. Ownership Roy Hill Holdings is privately owned and led by Australian businesswoman Gina Rinehart through the Hancock Prospecting group. The project also includes several international partners. Major stakeholders include: Hancock Prospecting Marubeni Corporation POSCO China Steel Corporation These partnerships helped finance the large-scale development of the project and support long-term iron ore supply agreements with steel producers. Key Facts – Roy Hill Iron Ore Mine Location: Pilbara region, Western Australia Distance from Newman: ~115 km north Mining method: Open-pit hematite mining Production capacity: ~60 Mt per year Railway: ~344 km Roy Hill Railway Export port: Roy Hill terminal, Port Hedland First shipment: December 2015 6.07 NMDC – Bailadila iron ore complex (India) Tonnes mined per year:   ~45 Mtpa (operating / targeted) Typical product grade:  ~64–66% Fe Mine life remaining:  20+ years (multiple mining leases) The Bailadila Iron Ore Complex is one of India’s most important iron ore mining regions and is operated by the state-owned company NMDC Limited. The complex is located in the Bastar district of Chhattisgarh, within a series of mountain ridges known as the Bailadila range (Figure 21). Figure 21: The Bailadila Iron Ore Mine. (source: NMDC) The name “Bailadila” translates roughly to “hump of the ox”, reflecting the shape of the hills where the iron ore deposits occur. These deposits are among the highest-grade iron ore resources in India, typically producing hematite ore with iron content exceeding 64% Fe. Mining in the Bailadila region began in the late 1960s and has since developed into a major production centre supplying iron ore to both domestic steel producers and international markets. The Bailadila complex consists of a number of iron ore deposits distributed along the Bailadila hill range. Several deposits are actively mined by NMDC, including: Deposit 14/11C Deposit 11B Deposit 5 Deposit 10 and 11A Mining is conducted using large open-pit methods, where ore is extracted from the hillside deposits and transported to nearby crushing and screening plants. The ore is then processed to produce lump and fines products suitable for steelmaking. The deposits are known for their high-grade hematite ore, which allows NMDC to supply premium iron ore products to steel mills. Key Facts – Bailadila Iron Ore Complex Location: Bastar region, Chhattisgarh, India Operator: NMDC Limited Deposit type: High-grade hematite iron ore Ore grade: typically 64%+ Fe Mining method: Open-pit mining Major deposits: 14/11C, 11B, 5, 10 and 11A Rail connection: Kirandul–Visakhapatnam line Export port: Visakhapatnam Port 6.08 Kumba Iron Ore – Sishen & Kolomela (South Africa) Kumba Iron Ore (Figure 22) is one of the largest iron ore producers in Africa and a major supplier of high-quality iron ore to the global steel industry. The company operates large open-pit iron ore mines in the Northern Cape Province of South Africa and is majority owned by Anglo American. Kumba’s operations are centred on the Sishen and Kolomela mines, which extract hematite iron ore from deposits within the Transvaal Supergroup of the Kaapvaal Craton. These deposits are known for producing high-grade lump and fines iron ore products, which are exported primarily to steel producers in Asia and Europe. The company plays an important role in South Africa’s mining sector, contributing significantly to the country’s iron ore exports and providing supply to both domestic and international steel markets. Sishen Mine – Northern Cape Location:  Near Kathu, Northern Cape, South Africa Ownership:  Operated by Kumba Iron Ore (majority owned by Anglo American) Product:  High-grade hematite iron ore lump and fines Figure 22: Kumba Iron Ore Mining operations. (source: Mining Weekly ) Sishen is one of the largest open-pit iron ore mines in the world and the flagship asset of Kumba Iron Ore. The orebody is predominantly high-grade hematite hosted within the Transvaal Supergroup. Mining is conducted via large-scale conventional open-pit methods using truck-and-shovel fleets. Sishen produces both lump (direct shipping ore suitable for blast furnaces) and fines products. The mine is a key supplier to global steelmakers and exports via the Sishen–Saldanha heavy-haul railway to the port of Port of Saldanha. Kolomela Mine – Northern Cape Location:  Near Postmasburg, Northern Cape, South Africa Ownership:  Operated by Kumba Iron Ore Product:  High-grade hematite iron ore Kolomela is a newer, smaller but highly efficient open-pit iron ore operation compared to Sishen. It was developed to replace declining production from older pits and to maintain Kumba’s export capacity. Kolomela is known for: Relatively lower stripping ratios Operational efficiency Consistent high-grade product Production & Strategic Importance Combined production historically ~35–40+ million tonnes per annum (varies by year and market conditions). Typical product grade: ~64% Fe Mine life remaining: Sishen: ~10–15 years Kolomela: ~15–20 years Primary markets: China, Europe, and the Middle East. Strategic importance: Key supplier of premium iron ore products that support efficient blast furnace operations and lower emissions intensity per tonne of steel. Geological Context Both Sishen and Kolomela exploit Banded Iron Formation (BIF) -hosted hematite deposits, enriched through supergene processes that upgraded the original iron formation to high-grade direct shipping iron ore. This natural upgrading is a major reason why these mines are globally competitive. 6.09 LKAB – Kiruna & Malmberget (Sweden) The Kiruna Iron Ore Mine (Figure 23), located in Kiruna, Norrbotten County in northern Sweden, is owned by Swedish mining company LKAB  (Luossavaara-Kiirunavaara AB). It is one of the largest and most significant underground iron ore operations in the world. In 2018, the mine produced 26.9 million tonnes of iron ore . The orebody is approximately 4 km long , 80–120 metres thick , and extends to a depth of up to 2 km . Since operations began in 1898 , more than 950 million tonnes of ore  have been extracted. As of 2020, the main haulage level sits 1,365 metres below  the original ore outcrop at Kiirunavaara. Figure 23: Kiruna Iron Ore Mine - Cross Section (source: By Borvan53 - Own work, CC BY-SA 4.0, ) Tonnes mined per year:   ~25–30 Mtpa (operating) Typical product grade: Pellets: ~67% Fe Fines: up to ~70% Fe Mine life remaining: Kiruna main level to ~2046, longer with deeper mining Due to mining-induced ground subsidence, a decision was made in 2004 to gradually relocate the centre of Kiruna town , with the transition planned over several decades to accommodate continued mining expansion (Figure 24). Figure 24: The close proximity of the townsite and the mine is clearly shown in the two photos. (source: The moving of the Swedish mining city Kiruna ) 6.10 IOC – Iron Ore Company of Canada (Canada) Tonnes mined per year:   ~18–20 Mtpa (operating capacity) Typical product grade:  ~65% Fe concentrate / pellets Mine life remaining:  ~20–25 years 7.0 The New Generation of the Iron Ore Business -Direct Reduction Pellets — The Race Toward Green Steel Starts at the Ore Body The business of iron ore has now come to the a stage where the "green" factor is playing a larger role. The old business of just putting >60% Fe ore into a truck and loading it onto trains and then supertankers are now no longer the main game being positioned for the coming decades. It is a well known fact now that mills in China are taking blends and with the cleaning up of the mills in China, the need for cleaner style feed into the furnace is now the talk of the town. The real answer is not hematite vs magnetite — it is grade and quality. Steel mills increasingly prefer High-Fe feedstock (>65% Fe) because it: reduces coke use improves productivity lowers emissions reduces slag volume Remember the following: Steel mills do not prefer magnetite simply because it is magnetite They prefer: higher grade + cleaner ore. Magnetite can deliver that, but only if the beneficiation economics work. That is why some magnetite projects struggle: high capex energy intensive grinding China Making DRI Happen China’s Steel Industry Work Plan (2025–26) emphasises modernization through electric arc furnaces and hydrogen-based ironmaking technologies. China’s steel sector is exploring direct reduced iron (DRI) + electric arc furnace (EAF)  as a major low-carbon alternative to blast furnaces. The DRI-EAF route is widely seen as a promising pathway to reduce emissions and reliance on coking coal. However, China currently produces very little DRI , which is why the technology is now being actively developed. China is beginning to deploy commercial DRI facilities . China Baowu  and HBIS  have commissioned Energiron DRI plants , part of the move toward low-carbon steelmaking ( IEEFA ) The future of the iron ore industry is now in plain sight as China’s steel industry begins to develop direct-reduction iron (DRI) technologies as part of its decarbonisation strategy, which will increase future demand for high-grade DR-grade pellets. Companies like Vale are already onto this part of the business and the article (Figure 25) from Reuters clearly show that the company is more than talk. Figure 25: An article reporting what Vale is doing to create a "greener" iron ore business. 7.01 What Are Direct Reduction (DR) Pellets? Direct Reduction (DR) (Figure 26) pellets are high-grade iron ore pellets specifically engineered for use in Direct Reduced Iron (DRI)  processes. Unlike traditional blast furnace feed (sinter or standard pellets), DR pellets are designed for gas-based reduction using natural gas or hydrogen rather than coke. Figure 26: Iron ores prior to reduction within the direct reduction process. (source: Fraunhofer IKTS ) In a DRI plant, iron ore is reduced in the solid state (below melting point) using reducing gases (H₂ and CO), producing Direct Reduced Iron (DRI)  or Hot Briquetted Iron (HBI)  — the preferred metallic feed for Electric Arc Furnaces (EAFs). 7.01.1 Key Characteristics of DR Pellets High Fe content  (typically 67%+) Very low silica and alumina Low phosphorus and sulfur High mechanical strength Uniform size and porosity These specifications are critical. Gas-based reduction is far less forgiving than a blast furnace. Impurities directly affect metallisation rates, energy consumption, and steel quality. 7. 02 How Are DR Pellets Produced? Producing DR-grade pellets (Figure 27) is something that I have found in my research that does show in a schematic way the whole palletisation process. I acknowledge that this is just one flowsheet and there will be more newer and modified versions. However, this should give readers a simplistic view of the process and a real world version from one of Vale's operations. Figure 27: Schematic flowsheet of the pelletizing plants of Complexo de Tubarão (Vale) with the HPGR operating in regrinding pre-pelletizing (CAMPOS et al., 2019a). (source: Campos, Túlio. (2023). A NOVEL HPGR ONLINE MODELING AND SIMULATION APPROACH COUPLED WITH REAL-TIME INFORMATION.) 7.02.1 Step-by-Step Process Mining & Crushing Magnetite ore is mined and crushed. Beneficiation Magnetic separation upgrades Fe content. Silica, alumina, and other gangue minerals are removed. Result: High-grade magnetite concentrate (often 68–70% Fe). Pelletising Concentrate is mixed with binders (usually bentonite). Rolled into green pellets using disc or drum pelletisers. Induration Pellets are fired at high temperatures (~1,250–1,350°C). This hardens the pellets and develops required strength and porosity. Quality Control Testing for compression strength, reducibility, swelling index, and metallisation potential. 7.03 Why DR Pellets Matter For decades, the global steel industry has relied heavily on the blast furnace–basic oxygen furnace (BF-BOF)  route. This traditional pathway consumes large volumes of iron ore fines, coke, and sinter. However, the steel industry is now under increasing pressure to reduce carbon emissions , and this is where Direct Reduction (DR) pellets  become critically important. DR pellets represent a specialised type of iron ore pellet designed specifically for direct reduction iron (DRI)  processes, which are increasingly used in electric arc furnace (EAF)  steelmaking. As the world transitions toward low-carbon steel production , DR pellets are emerging as one of the most strategically important raw materials in the iron ore value chain. 7.03.01 Decarbonisation of Steel (source: ScienceDirect ) The global steel industry produces roughly 7–9% of global CO₂ emissions. The traditional blast furnace route emits large amounts of carbon because it relies on coking coal as both fuel and reductant. Table 2: Direct Reduction offers a lower-carbon pathway: Because DR furnaces require high-purity iron feed, DR pellets are essential to making this transition possible. Steelmaking Route CO₂ Intensity Blast Furnace ~1.8–2.2 t CO₂ per tonne steel Natural Gas DRI + EAF ~1.2 t CO₂ Hydrogen DRI + EAF <0.2 t CO₂ In simple terms: No DR pellets → No large-scale green steel. 7.03.02 EAF Growth Electric Arc Furnaces are expanding globally, especially in: Europe North America Middle East These plants need consistent, high-grade feedstock — and DR pellets are essential. 7.03.03 Premium Pricing DR-grade pellets command price premiums over: 62% Fe fines Standard blast furnace pellets The market increasingly differentiates based on Fe grade and impurity profile. 7.04 Not All Magnetite Deposits Can Produce DR Pellets This is an important part of the process and this is also important for several projects that are in the DR-space. This phenomenon is like we can all be a King but we will never be one because we are not born within the family tree. Hence, it is important understand that Just because a project is “magnetite” does not  mean it can produce DR-grade pellets. 7.04.01 Why? Some magnetite concentrates cannot reach 67%+ Fe without excessive grinding cost. Elevated silica or alumina can persist after beneficiation. Certain deposits contain deleterious elements (P, S, TiO₂). Grinding to ultra-fine sizes may create pelletising issues. Mineralogy influences pellet reducibility and swelling. 7.04.02 Ore body geology determines pellet quality. Projects must demonstrate: Consistent concentrate chemistry Suitable grind size distribution Metallurgical test work confirming DR specifications Induration performance Without the specifications required to be a DR capable magnetite source, “DR - Ready” is just marketing. This means: Magnetite deposits are often preferred because beneficiation can produce very high grades. Many hematite deposits cannot reach DR pellet specifications without significant processing. This is why many smaller companies targeting DR markets are developing: magnetite projects beneficiation flowsheets pellet plants Table 3: Suitable Ore Types Note that this is why This is why many DR pellet projects focus on magnetite deposits. Magnetite beneficiation can produce concentrates >68–70% Fe, which are ideal for DR pellet feed. Ore Type DR Pellet Potential Magnetite concentrates Excellent High-grade hematite (>67% Fe) Good Typical Pilbara hematite fines Generally unsuitable 7.04.03 Why This Sector Is Emerging Three major trends are driving DR pellet demand: Electric Arc Furnace steelmaking growth Hydrogen-based steel production Decarbonisation of steel DRI processes need high-purity iron units , which makes DR pellets critical . The Middle East, Europe and the United States are already relying heavily on DR pellets. 8. 0 Global Compa nies Working on DR Pellets - The Big Boys 8.01 Vale S.A. - Brazil World’s largest pellet producer. Actively developing DR-grade pellet feed. Pushing “green briquette” concepts. Positioned to supply Europe’s hydrogen DRI push. Vale’s Carajás ores are naturally high grade — a structural advantage. 8.02 LKAB - Sweden High-grade magnetite producer. Major supplier of DR pellets to Europe. Central to the HYBRIT hydrogen steel initiative. Vertically integrated model from mine to pellet. Figure 28: One of LKAB's main products is iron ore pellets, a small ball consisting of a mixture of refined iron ore, oxides, and additives. The company is now increasing its production volume of iron ore pellets in Kiruna and slowing the transition to carbon dioxide-free sponge iron production in the northern Swedish city. Fredric Alm Swedish magnetite mineralogy is ideal for DR concentrate production (Figure 28). 8.03 ArcelorMittal (AMMC Canada) - Canada Produces high-grade concentrate and DR pellets. Strategic supplier to North American EAF steelmakers. Leveraging Quebec’s magnetite deposits. 8.04 Cleveland-Cliffs Inc. - US Supplies DR-grade pellets domestically. Operates an HBI plant in Toledo. Integrated into US steel decarbonisation. 8.05 Fortescue Limited - Australia Iron Bridge magnetite project. Aiming for high-grade concentrate. Tied to green hydrogen ambitions. Still proving long-term concentrate consistency. Australia has abundant magnetite, but not all deposits achieve DR specifications economically. 9.0 Small Iron Ore Companies Targeting the Direct Reduction Pellet Market The shift toward Direct Reduction (DR) pellets  is creating a new niche in the iron ore sector. Large producers dominate the current supply, but several smaller or emerging companies  are positioning themselves to supply DR-grade concentrate or DR pellets , particularly because green-steel producers require high-purity iron units . Below is a review of smaller iron ore companies working toward the DR pellet or DR pellet feed market . 9.01 Tacora Resources – Magnetite DR Pellet Producer Tacora Resources  is a smaller North American iron ore producer focused on high-grade magnetite concentrate suitable for DR pellets . Region:  Labrador Trough Province:   Newfoundland and Labrador , Canada Nearest town:   Wabush Mining district:  Western Labrador / Quebec–Labrador Iron Ore Belt Figure 29: Scully Mine Location located in North-West Tasmania, Australia. (source: Mining Services ) Key Location Context The mine sits in the Labrador Trough , one of the world’s major iron ore districts. It is close to other historic operations such as those around Labrador City  and the large deposits mined by ArcelorMittal  and Champion Iron . The region is connected to the port of Sept‑Îles  in Quebec  via the Quebec North Shore and Labrador Railway , which is used to ship iron ore concentrate to global markets. Key points Operates the Scully Mine Produces 65–67% Fe concentrate Material is sold to pellet plants producing DR-grade pellets Beneficiation upgrades lower-grade ore to high-purity concentrate Tacora sits in the North American DR supply chain , feeding pellet plants that supply electric arc furnace steelmakers. 9.02 Grange Resources – Magnetite Concentrate for DR Pellets Grange Resources Limited  operates one of the few integrated magnetite pellet operations in Australia . Key points Owns the Savage River Mine Pellets produced at the Port Latta Pellet Plant Pellet grade around 65–66% Fe Located in North-West Tasmania, Australia Figure 30: Location of the Savage River Iron ORe Mine in Australia. (source: Hancock, E. and Wynn, E. Savage River underground project update. 9th International Conference and Exhibition on Mass mining, Kiruna, Sweden 17-19 September 2024) Although much of the product goes into blast furnaces, magnetite pellets are technically suitable for DR processes  depending on chemistry. Grange demonstrates that magnetite beneficiation + pelletisation  is the pathway most juniors are exploring for the DR market. 9.03 Kamistiatusset (Kami) Iron Ore Project – DR Pellet Feed Concept Champion Iron Limited (“Champion” or the “Company”) acquired the Kamistiatusset Iron Ore Project (“Kami” or “The Project”) on April 1, 2021. Figure 31: Location of the Kami Iron Ore Project. (source: Champion Iron Limited). Kami is located southwest of the towns of Wabush and Labrador City in Newfoundland & Labrador and east of Fermont, Québec. The Project is situated 21 km southeast of the Company’s operating Bloom Lake mine, in the Labrador Trough geological belt in southwestern Labrador, near the Québec border. Key points Magnetite deposit Target 65–68% Fe concentrate Intended supply for North American pellet plants The project has gone through restructuring but remains a reference case for DR pellet-focused development projects . 9.04 Magnetite Mines – DR Pellet Feed From Razorback Magnetite Mines Limited  is one of the most prominent junior DR pellet feed developers . Project: Owner:  Magnetite Mines Limited (ASX: MGT) Location:  Braemar Iron Formation, near Hawker, South Australia Key points Concentrate grade ~68–70% Fe Designed specifically for DR pellet feed Targeting green steel markets Located 240 km from Adelaide, Australia. Figure 32: Location of the Razorback Iron Ore Project. (source: Magnetite Mines). Ore Grade Run-of-Mine Ore Average in-situ grade: ~ 16–18% Fe  magnetite mineralisation This is typical of large magnetite Banded Iron Formation (BIF) deposits , where beneficiation is required. Concentrate Grade After grinding and magnetic separation: Target concentrate: ~68.8% Fe magnetite concentrate Impurity levels: Very low silica Very low alumina Very low phosphorus This quality is designed to meet DR pellet feed specifications . Project Scale JORC Resource:  ~ 5 billion tonnes  of magnetite mineralisation. Planned production:  ~ 5 million tonnes per annum  of high-grade concentrate in the initial stage. Mine life:  potentially >100 years  due to the scale of the resource. This makes Razorback one of the largest undeveloped magnetite iron ore resources in Australia . Direct Reduction (DR) Strategy The Razorback project is specifically positioned to support low-carbon steel production . Key elements of the DR strategy: Produce DR-grade magnetite concentrate (~68–70% Fe) . Supply pellet feed for Direct Reduction (DR) iron plants . Target customers operating Electric Arc Furnace (EAF)  steelmaking routes. Align with green steel initiatives in Asia, Europe, and the Middle East . 9.05 Champion Iron – Premium DR Pellet Feed Supplier While larger than most juniors, Champion Iron Limited  is still considered a mid-tier producer  and is a key supplier of DR pellet feed concentrate . Figure 33: Location of the Bloom Lake Iron Ore Project. (source: Champion Iron Limited). Project: Bloom Lake Mine Key points Concentrate grade ~66–69% Fe Low impurities Material used in pellet plants producing DR pellets Champion Iron is increasingly positioning itself as a premium feedstock supplier for green steel . 9.06 Iron Bear Resources Limited – Iron Bear Iron Ore Mine - Direct Reduction Strategy Project:  Iron Bear Iron Ore Project Owner:  Iron Bear Resources Limited Location:  Labrador Trough, near the Québec–Labrador border, Canada Deposit Type:  Magnetite iron formation Ore Grade and Product Deposit type: Magnetite banded iron formation (BIF). Run-of-mine grade: typically around 25–30% Fe. Magnetite ore is expected to be beneficiated through grinding and magnetic separation. Target concentrate: 69–71% Fe magnetite concentrate Ultra low impurities Low silica Low alumina Low phosphorus This type of concentrate is suitable for premium iron products and pellet feed . Direct Reduction (DR) Strategy Iron Bear Resources is being evaluated specifically with Direct Reduction (DR) iron production in mind . Key strategy elements: Produce high-grade magnetite concentrate suitable for DR pellets . Target DR-grade pellet feed (71% Fe) . Designed to supply Electric Arc Furnace (EAF) steelmaking . Aligns with low-carbon steel production strategies . Strategic Advantages Located in the Labrador Trough , an established iron ore mining district. Magnetite concentrate allows consistent high-grade product . Potential to produce DR pellet feed and DR pellets , which is increasingly demanded by decarbonising steelmakers . Positioned to supply future green steel supply chains in North America and Europe . 10.0 Strategic Observations — The Samso View DR pellet capacity is structurally constrained. High-grade ore bodies are rare. Geology now matters more than scale. Grade consistency and impurity control determine long-term competitiveness. The green steel narrative is real — but selective. Only a subset of global iron ore projects qualify. Future premiums will widen. 62% Fe fines vs 67%+ DR feed could see structural divergence. Test work is everything. Investors must look beyond headlines: What is the grind size? What is the silica level after beneficiation? Has reducibility been tested? Is induration proven? 11. 0 Final Thoughts The shift toward DRI is not simply a steel story — it is an ore body story . The companies that control consistent, scalable, DR-grade magnetite concentrate will hold strategic leverage in the decarbonising steel industry. But the market must understand: Magnetite ≠ DR pellet. Only certain mineral systems, with the right metallurgy and economics, will make that leap. And that is where the next iron ore differentiation cycle begins. 12.0 Samso Concluding Comments Iron ore consumption since the 1960s reads like a story of steel becoming the physical language of economic development. The numbers show steady growth, then pauses, then a once-in-a-generation surge that lifted the whole system into the billion-tonne era. The producer timeline matters because iron ore is not just a rock story—it’s an infrastructure story. The miners who mattered most were the ones who built repeatable, scalable logistics and then kept product quality consistent enough for steelmakers to plan around. The Transition to Cleaner Iron ore The last few years look like a transition chapter rather than an ending. Global steel output is still sitting near record levels, but the growth engine appears to be shifting geographically, and that will shape which supply chains feel “closest” to the next wave of demand. For me, the current general narrative of a iron ore supply disruption in terms of a potential increase in supply affecting the current producers is unfounded. There may be more disruption currently with them potential escalation of hostilities in the US vs. Iran. One may say that the hostilities may be a catalyst for a increase demand for iron ore and take away the Simandou effect. Making Green Gestures What is more important is for investors to take note of the Direct Reduction Iron factor. If you look at the need to participate in the "green" effect that is encapsulating global economies, the obvious one is to create products that the steel mills can use to increase their part in the decarbonisation process. The big players are all preparing for the switch and the vendors of magnetite projects prone for beneficiation to higher iron grades are all slowly rubbing their hands. There is a concerted effort to seek magnetite projects that will allow the beneficiation process to achieve Direct Reduction status. The companies with projects in the Labrador Trough seem to be making the most waves and this is going to create a this area into the next Pilbara Money Printer. For a start, companies such as Champion Iron Limited , Iron bear Limited and Tacora Resources should be on the watchlist. The Direct Reduction Iron Players Champion Iron stands out as the clear leader, but the unique partnership between Iron Bear Limited and Vale is the one to watch. With a market capitalisation of around AUD $50M as of March 8, 2026, Iron Bear Limited appears to be an incredible bargain, considering their JORC Resource of approximately 16.66 billion tonnes of magnetite mineralization, with a potential Direct Reduction concentrate grade exceeding 70% Fe and a SiO2 grade of 1-1.2%. As a shareholder of Iron Bear, I am particularly interested in this subject. The fact that Champion Iron is also categorising their magnetite in this way indicates that this is not a ground breaking process. Iron Bear Resources Limited is not reinventing the wheel with their efforts. Is Simandou Too late The coming on of a haematite high-grade iron ore deposit may just be too late. This will be a process for time to see if there is going to be a transition from high-grade haematite ore to high-grade magnetite ore that can be made into the Direct Reduction Pellets. Nothing in Life stands still and we know that the need to create cleaner energy products is high on the agenda. 13.0 The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Acquisition of Cue Gold Project in the Day Dawn Goldfield WA 3 October 2025 E79 Gold Mines Limited (ASX: E79 ) has signed a binding agreement to acquire 90% of Cue Metals Pty Ltd, securing the rights to the Cue Gold Project (~70 km²)  in the Day Dawn Goldfield, immediately south of Westgold’s high-grade Great Fingall  operation (historic 1.2 Moz @ 19.2 g/t Au ). The company has also received binding commitments for a $3.0 million placement at A$0.021/share  (two tranches) to accelerate exploration. Figure 1:  Aerial view of the Cue Gold Project, looking south, relative to the Great Fingal Mining Complex, Break of Day Mine, Caprice Resources Island Project, and Mt Magnet Operations. (source: E79)     E79 Gold CEO Ned Summerhayes commented: “The Cue Gold Project is situated in a discovery and M&A hotspot within one of the best gold addresses in Australia. The area contains Westgold’s famous high-grade Great Fingall and Golden Crown Gold Mines, Ramelius Resources’ Break of Day Mine and other exciting projects such as Caprice Resources’ Island Gold Project. Not many junior explorers get the opportunity to secure ground with gold discovery potential like this in such a tightly-held region. “We are looking forward to unlocking this significant discovery opportunity with an aggressive and focused exploration campaign. “We are also very much looking forward to working with Glenn Martin as Technical Consultant given Glenn’s track record of discovery in the region. We also welcome Matt Bowles to the E79 Gold Board, bringing additional corporate experience and extensive knowledge of the discovery and growth opportunity in the Murchison Region from his time at Alto Metals.”  E79 Gold Technical Consultant for the Cue Gold Project, Glenn Martin , commented: “The Cue Gold Project represents a highly prospective area which remains under-explored due to post-mineral cover and shallow broad-spaced drilling. It has all the ingredients to contain significant high-grade gold deposits that this part of the Murchison Province is renowned for.”   Highlights - Resetting the Gold Exploration Targets. Acquisition : Binding SPA to acquire 90% of Cue Metals  (Cue Gold Project), with Cue Metals’ remaining 10% free-carried to completion of a Feasibility Study. Completion subject to customary conditions (shareholder approvals, ASX waiver, shareholder agreements, option formalities, and regulatory approvals).  Placement : $3.0m  (before costs) at 2.1c , 12.8% discount  to 5-day VWAP; Tranche 1  expected to settle on 10 Oct 2025  with allotment around 13 Oct 2025 ; Tranche 2  (incl. $115k director participation) subject to AGM approval (late Nov 2025). Not conditional on acquisition completion. Lead Manager: GBA Capital (6% fee).  Tier-1 address : Project sits immediately south of Great Fingall  and along trends that have delivered high-grade quartz-reef gold systems  (Great Fingall, Golden Crown, Break of Day). Under-explored due to post-mineral cover —opening discovery upside (Figure 2).  Early drill vectors : Historical intercepts include 13 m @ 2.2 g/t Au (EOH)  (Ada), 20 m @ 0.6 g/t Au  (Ada), 2 m @ 4.8 g/t Au  (Chloe), 4 m @ 0.6 g/t Au  (Riptide), 4 m @ 4.4 g/t Au  (MBA23). Average historical drilling has only tested to ~50 m depth.  People : Appointment of Glenn Martin (ex-Musgrave Chief Geologist who led Break of Day discovery) as Technical Consultant; Matthew Bowles  (ex-MD, Alto Metals) to join Board upon completion.  Infrastructure : Proximity to third-party mills  (Ramelius’ Checkers ~60 km S; Westgold’s Tuckabianna ~25 km E) and Great Northern Highway. Figure 2:  Cue Gold Project location plan and local gold operations. (source: E79)   Project Overview & Geological Context Cue lies within the Murchison Gold Province (Youanmi Terrane, Yilgarn Craton) , covering parts of the Great Fingall Dolerite , Meekatharra Formation , and Big Bell Suite . The area is renowned for narrow-footprint, high-grade quartz reefs  (typically 100–300 m strike, 2–10 m width), localised where dilational shears  intersect rheological contrasts. Undercover conditions have historically limited modern, systematic exploration—E79 intends to apply high-resolution gravity  and follow up along strike and under cover. Figure 3:  Geological setting and selected historical drill results of the Cue Gold Project. (source: E79) Exploration Focus (Near-Term Work Program) Initial work will target five prospects : Ada, Chloe, Riptide, Transformer, MBA23 —prioritising areas with shallow, broad-spaced historical drilling and indications of reef-style mineralisation (Figure 4). Figure 4:  Location of priority gold targets relative to Golden Crown and Great Fingall open pits. (source: E79)   Key historical intercepts: Ada : 13 m @ 2.2 g/t Au from 112–125 m (EOH) in GCRC936 ; 20 m @ 0.6 g/t Au from 45–65 m in GCRC935 (Figures 5 & 6 ) . Figure 5:  Drill-hole location plan of Ada gold prospect. (source: E79) See Figure 6 for an interpretive cross-section of the Ada gold prospect. Figure 6:  Interpretive cross-section of the Ada gold prospect. (source: E79)   Chloe : 2 m @ 4.8 g/t Au from 90–92 m in GCRC944 (plus multiple 2–6 m intervals 0.6–2.9 g/t Au).  Riptide : 4 m @ 0.6 g/t Au from 32–36 m in LAC802 ; 28 m @ 0.4 g/t Au (DD) at depth.  Transformer : Multiple 3–8 m intervals 0.5–1.6 g/t Au (AC).  MBA23 : 4 m @ 4.4 g/t Au (AC).   E79 also highlights the potential for reef repeats  along a 3+ km extension of the Great Fingall dolerite  (Figure 7) and targets over a 6+ km strike  in the Meekatharra Formation. High-resolution gravity  is flagged as a proven discriminator to refine structural targets. Figure 7: Break of Day / Day Dawn–Great Fingall targeting model (shear zones) (source: E79)   Capital Raising — Key Terms Total : ~$3.0m (before costs) at A$0.021/share ; 148.3m new shares . Discount : 12.8%  to 5-day VWAP prior to announcement. Tranches : T1  under LR 7.1/7.1A. T2  (incl. $115k directors) subject to AGM approval  (late Nov 2025). Use of funds : Complete acquisition, scale up gravity surveys, target generation, first-pass drilling , and working capital. If acquisition doesn’t complete, funds will be redeployed to Mountain Home (NT) , Laverton (WA) , and working capital.   Acquisition & Option Structure (Summary) Consideration (up to $1.2m in shares @ $0.021)  over milestones: $300k  in shares at completion; $600k  in shares on transfer of optioned tenements (within 3 yrs); $300k  in shares on grant of tenement applications (within 3 yrs, pro-rata). Optionors’ terms  (on exercise): $50k cash + $100k cash/shares , plus milestone payments tied to maiden and subsequent JORC resource thresholds  (≥100 koz, ≥250 koz, ≥500 koz), at E79’s election , cash or shares; 1% NSR  retained by Optionors. Tenure note : One tenement has a late rent payment  under review; the company assesses forfeiture risk as low, given short delay and historical expenditure.   Board & Technical Appointments Matthew Bowles  to join as Non-Executive Director  at completion (ex-Alto Metals MD; led growth of Sandstone to +1 Moz  before Brightstar acquisition; currently MD of Indiana Resources). Glenn Martin  appointed Technical Consultant  (ex-Musgrave Chief Geologist; involvement in Martabe, Jinfeng, Break of Day; senior roles at Red Hill, De Grey, Normandy).   Next Steps E79 aims to complete the remaining conditions precedent  and commence an aggressive exploration program  at Cue, while continuing to advance Mountain Home (Cu-Au-Bi)  and Laverton South (Au) . Further shareholder updates are expected in the coming weeks.   Samso Concluding Comments This is a very interesting address for E79. A very contested area that has been out of reach for many years, and for E79 to get its hands on it is certainly a good thing. I like the area as it is sitting alongside Great Fingall and Break of Day, which is as good a nearology play as one can get. Historically, ground in the Cue region has always carried the right geological DNA for narrow but high-grade systems, so this is one tick for E79. The Analogy - The Day Dawn Nearology. I am always against solely banking on a nearology concept, but when it is coupled with being in a belt like Day Dawn and Great Fingall (Figure 8), neighbourhood matters because structure, rheology contrasts, and historical mining all point to repeatable settings. The Great Fingall story is well known and this belt was the hot region when I first started out as a geologist in the early 1990s. After that period, it was kind of quiet till Westgold came along and made this a hot region again. Figure 8: A long section of the Great Fingall Mine. (source: Westgold). According to Westgold: Westgold has multiple near-term development opportunities across its portfolio. Our next new mine is the iconic Great Fingall mine, which is located 5km southwest of Cue.Production from Great Fingall is expected to commence in the first half of FY25, with the decline development having commenced in October 2023. At steady state, Great Fingall will be a long-life, high-grade, high-margin underground mine, producing more than 45,000oz a year. Lets remember that a discovery like Fingall that has stood the test of time is simply going to have many potential mineralisation nearby. One of the virtues of being exposed to this industry over the last 30 years is that the number or opportunities that are discovered right underneath the noses of explorers is amazing. What is Possible - Never Never Discovery. The Never Never discovery by Spartan Resources (Figure 9) is a great example as it was right next to a mined out Gidney's pit which was not the most economical story. Figure 9: The Never Never discovery by Spartan was a significant value adding process for shareholders of Spartan Resources Limited which later merged with Ramelius Resources Limited (ASX: RMS). (source: Spartan Resources Limited). This discovery was significant in the sensed that the project and hence the company was taken out of administration and with the guidance of Simon Lawson, it was history in the making for this industry. Figure 10 below probably highlight the significance of the discovery which I assumed stems from having someone with the pedigree of a Simoon Lawson who was part of the Northern Star culture of developing and having the skillset to understand datasets. Figure 10: The Never Never MRE highlighting the significance of looking at historical data and understanding the significance.. (source: Spartan Resources Limited). As I understand, the Spartan story was borned out of the failed company called Dalgaranga Resources which had the same tenure in which Never Never was discovered. I would assume that there was a rethinking coupled with an ability to look at historical data and probably some inside understanding of geological controls that led to the discovery. Spartan was then merged with Ramelius Resources Limited (ASX:RMS) for a deal about AUD $1.5B as a result of the Never Never discovery. The Discovery of Pegasus and Hemi. Another two obvious great discoveries that come to mind that had heaps of drilling all around it is Pegasus and Hemi. Who would have thought that millions of ounces (Hemi with 10 Moz and Pegasus with 1 Moz plus and up to another 3 Moz attributed to the initial discovery) would be found within an array of existing historical drilling( Figure 11). Figure 11: The Before and After for the discovery of the Pegasus Gold Deposit. (source: Northern Star Resources). Pegasus is located within the Kundana gold operations and was recently moved on to Evolution Mining Limited (ASX: EVN) from it s last part owner Northern Star Resources Limited (ASX: NST) . If I am not mistaken, it is now called the Mungari project. The Hemi discovery is very similar to except that the was a discovery of over 10 Moz of gold over the 3 to 4 years of drilling since discovery in 2020. Likewise, the company was eventually bought out for over AUD $4B recently by Northern Star Resources Limited (ASX: NST) . Figure 12: The before and after diagram of the discovery of the Hemi gold deposit by De Grey Mining Limited. (source; De Grey Mining Limited). Hemi was in amongst known and mined out pits with resources. There was absolutely no love given to those isolated resources and it amounted to over 1M oz of gold. There was literally thousands of metres of drilling and it was a known province of gold mineralisation and it took a stroke of "whatever" after all those years for Hemi to be discovered. When I mean a stroke of luck, it was someone or some group had probably looked at the dataset and looked at it from a different angle coupled with a different view of potential orientation of mineralisation. Consideration for Potential Investors and Existing Shareholders. In conclusion, my thoughts on the E79 deal is one of optimism and 'in the game of mineral exploration, the correct strategy with the right passion for discovery will be the key moving forward. Bringing in Glenn Martin with experience in the region is a big plus and as he is coming in with the project, I hope there is more in the connection than it appears. I hope he is bringing in the secret sauce. Hopefully Glen has the inside running on what may be in the project and reduces the guesswork and improves the target ranking. A modest raise is good to show that we can at least get to first-pass drilling. In Figure 3, there looks like enough data to get the thinking juice happening and if one takes the view that the previous operators at Pegasus, hemi or Never Never, it will be interesting.. Historical data can do two things, create red hearings or give you enough information to see if there is an alternative thought on where potential places of mineralisation. It is aliso very important to note that it does not cost a lot to have a "small drilling" program come up with results that turns a mouse into a giant elephant. It does take "out of the box thinking" and with the likes of the management in place, I have confidence that is in their DNA. One cannot fault the courage to persevere and having the "cricket balls" to proceed. Inreality, there are no secrets in the next steps. If E79 can tick boxes in sequence, as the story graduates from address to discovery, the market will start to pay attention. Timing is good for E79 and I think the acquisition is in step with affordability, so that is a good sign for the market. It is still an early stage, but with a Gold price surging as it is, good exploration results will give shareholders some reprieve from the past. As I am now a shareholder of the company, I will be making sure E79 is on my watchlist. I am working on getting Mr Ned back on a Coffee with Samso sometime soon. The Samso Way – Seek the Research Do the work—read the source, test the claims, map the risks, and let evidence (not noise) guide your conviction.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso | Episode 214 | Hotel Indigo - Adelaide Markets | Adelaide | South Australia Guest: Michael Beven – CEO, Pioneer Minerals Limited (ASX : PMM ) Introduction In this episode of Coffee with Samso, I sat down with Michael Beven, CEO of Pioneer Minerals Limited (ASX: PMM), in the heart of Adelaide, to unpack what is shaping up as one of the more technically compelling US critical minerals exploration stories currently flying under the radar. The discussion focused on tungsten, antimony, and gold, but more importantly, on mineral systems thinking—how deposits form, why certain geological settings matter, and why Pioneer’s ground selection in Idaho, USA, was anything but random. As someone who has followed tungsten closely, this was a conversation that went well beyond commodity hype and into the fundamentals of discovery. This Coffee with Samso episode is about process, geology, and long-term thinking, not short-term market noise. The Business of the Company: Focus – US Critical Minerals Projects Pioneer Minerals Limited is focused on advancing critical minerals exploration in the United States, aligned with US strategic supply-chain priorities. North Pine Project, Idaho  – A multi-prospect project (Springfield, Silver Cliffs, Northman) targeting tungsten and antimony , with additional gold and silver mineralisation. Proven mineral systems  – High-grade surface results confirm tungsten skarns and precious-metal vein and epithermal-style systems. Strategic location  – Located near major regional projects and a nearby tungsten–antimony processing facility, providing potential development leverage. Pioneer’s strategy is to advance North Pine through systematic, data-driven exploration in a Tier-One jurisdiction. Highlights from the Conversation – The Race For Critical Mineral Supremacy North Pine Project, Idaho, is the flagship asset , located near the historic Yellow Pine Mine — the largest tungsten and antimony producer in US history and now a multi-million-ounce gold system, providing a strong discovery analogue. Pioneer is targeting a full mineral system , where tungsten, antimony, and gold are genetically linked, rather than a single-commodity exploration play. Springfield Prospect hosts high-grade historic tungsten , with reported grades of ~3–4% WO₃, yet remains largely untested at depth with minimal historical drilling and no modern geophysics. Early fieldwork validates the model , returning rock-chip results of up to ~2.98% tungsten and gold values up to ~7.75 g/t, supporting both skarn-hosted tungsten and a broader gold halo. Multiple prospects add layered upside , with Silver Cliffs targeting fault-controlled gold–silver–antimony mineralisation and Northman offering true greenfields potential at the granite–sediment contact. Tungsten is framed as the real critical mineral , defined by extreme geological rarity, strategic importance to defence and industry, and a clear disconnect between record prices and current market awareness. Samso Concluding Comments Pioneer Minerals today is not the company it was when it listed as a lithium explorer. This is now a business with: A flagship US-based critical minerals project anchored by a proven Yellow Pine geological analogue High-grade historic tungsten at Springfield with minimal modern exploration and strong depth potential Early field results confirm both tungsten and gold within a broader mineral system Multiple prospects delivering layered upside across skarn-hosted and fault-controlled settings Direct exposure to tungsten, one of the rarest and most strategically important critical minerals globally Why This Coffee with Samso Matters This conversation is a reminder of why geology still matters. In a market often shaped by momentum and headlines, Pioneer Minerals is working from the ground up — anchored in mineral systems, historical evidence, and geological reasoning. Whether Springfield ultimately delivers a Yellow Pine–scale outcome is something only drilling will answer, but the logic behind the project selection is disciplined and well-founded. For investors who prioritise methodology over marketing, this Coffee with Samso discussion provides a rare and useful insight into how genuine exploration decisions are formed — long before the noise arrives. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00  Start 00:10  Introduction 02:34  Michael Beven - Introduction 04:33   The Pioneer Projects - Introduction 05:00   The North Pine Project 05:38   The Yellow Pine Mine - Historical significance 07:32   The Springfield Prospect. 09:18   Geology of Springfield - The Skarn Effect 10:00   The Tungsten Mineralisation at Yellow Pine 10:26   Potential for Tungsten Yellow Pine-type Mineralisation at Springfield. 11:36   Historical Tungsten at Springfield 14:51   What is the Gold Potential for North Pine? 19:39   Silver Cliffs Prospect 22:43  Details of Pioneer Property Claims North Pine Project 25:18   Northman Project 25:59   Are the shareholders supporting the new PMM Story? 29:03   What is the Capital market saying? 30:54   How does PMM convince investors that the projects are the Real Deal? 33:40   Tungsten is the Real Critical Mineral. 36:30   Disequilibrium between Tungsten Price and Tungsten Market Interest. 40:18   Discussion on the market disparity in the Tungsten price 43:20   Is it difficult to raise money for Non-Gold projects? 47:06   Key Parameters for Investors who want to be in this sector? 50:53   Why PMM? 51:55   Conclusions The Samso Way – Seek the Research At Samso, we focus on grounded conversations and geological logic to help investors separate short-term noise from long-term opportunity — always encouraging readers to seek the research and understand the story beneath the surface. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Pioneer Lithium (ASX: PLN) is actively progressing its Canadian lithium projects, focusing on its flagship Root Lake Lithium Project in Ontario. Following its well-received IPO, Pioneer is conducting its maiden drilling program after identifying 89 new pegmatites during fieldwork. The company also recently acquired the Benham Lithium Project, where channel sampling revealed promising grades of up to 4.61% lithium, highlighting the potential for significant discoveries. Additionally, prospecting at the LaGrande Project in Quebec confirmed the presence of nine new pegmatites. This blog is ideal for investors interested in lithium exploration and development, particularly those seeking high-potential projects in Tier-1 jurisdictions. Sign up for your membership on Samso Insights on Patreon now. Three types of membership on Samso Insights Choose one or more: FREE : These insights  are free and available to all investors. Subscribe here  for free. PAID MEMBERSHIP : If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research . PAID ARTICLES : Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso

Pioneer Minerals Ltd (ASX: PMM) delivered a 17.6x tungsten upgrade from historic tailings at the Springfield Tungsten Mine , part of the Company’s North Pine Project in Idaho, USA. The tungsten space is on top of my watchlist and this new development by Pioneer Minerals is definitely worth a mention. As a shareholder and a keen advocate of the sector, I am interested to see what this new update will do for the market implication. The interest in the sector is rising so any form of news that may link the company to production of tungsten will be more than an interesting thought. At a current price of USD $1,700 mtu, it becomes easier for the business. The March 10, 2026 announcement highlighted grading up to 3.27% WO₃ , representing a 17.6 times upgrade relative to the initial tailings. About Pioneer Minerals Pioneer Minerals is focused on the exploration and development of critical minerals projects in the United States, with its flagship North Pine Project located in Idaho (Figure 1) . The project sits within the Yellow Pine mining district , an area known for tungsten and antimony mineralisation and located near major deposits including the Stibnite Gold Project . Figure 1: Showing the Location of the North Pine Tungsten Project and prospect areas nearby to Perpetua Resources, Stibnite Gold Project and Resolution Minerals, Horse Heaven Antimony Project. (source: Pioneer Minerals Limited) The Company is assessing the potential of historical tungsten mineralisation and historic mine tailings at the Springfield Tungsten Mine , which previously operated during the 1950s when tungsten was processed using gravity concentration techniques. Historical processing focused on recovering coarse tungsten grains, leaving finer mineral fractions in tailings. Recent metallurgical test work has been undertaken on these historic tailings to evaluate whether modern mineral processing techniques can recover tungsten that was not captured by earlier processing circuits . This approach allows the Company to assess both potential value in historic tailings and metallurgical behaviour relevant to future exploration targets within the broader North Pine Project. Tungsten News Pioneer Minerals' Tungsten Upgrade Potential The Company has reported results from preliminary metallurgical beneficiation test work conducted on historic tailings material  from the Springfield Tungsten Mine , part of the Company’s North Pine Project in Idaho, USA. The test work was undertaken by Mineral Technologies  using composite material collected from historic mine tailings generated during previous tungsten production operations (Figure 2). These tailings consist primarily of fine-grained particles that were not recovered during historical gravity processing circuits , which typically operated at relatively coarse crush sizes. Figure 2: A map of the historic Springfield Tungsten mine with location and grades of rock chip samples taken during reconnaissance field work (ASX: PMM 01/12/2025) and the location of tailing samples taken and composited used in the recovery test work underway with Mineral Technologies. (source: Pioneer Minerals Limited) The metallurgical program aims to evaluate how fine-grained tungsten mineralisation behaves under modern beneficiation techniques , including particle size fractionation, heavy liquid separation and gravity concentration. Initial results demonstrate that tungsten contained within the tailings can be materially upgraded using conventional gravity-based processing techniques , with the Mozley gravity table producing concentrates grading up to 3.27% WO₃ , representing a 17.6 times upgrade relative to the initial tailings material . These results provide early metallurgical insight into both the historic tailings and the potential behaviour of fine tungsten mineralisation within the Springfield system , supporting the broader evaluation of the North Pine Project. Highlights - Metallurgical Test Work Demonstrates Significant Tungsten Upgrade Through Gravity Separation The preliminary metallurgical test program delivered several key outcomes regarding the behaviour of tungsten mineralisation contained within the historic Springfield tailings (Figure 3). Figure 3: Mineral Technologies and Pioneer scope of works and flowsheet showing work completed to date and results pending. (source: Pioneer Minerals Limited) Strong Tungsten Grade Upgrade Demonstrated Preliminary beneficiation test work showed tungsten grades could be upgraded by up to 17.6 times relative to the composite head grade  through conventional mineral processing techniques. High-Grade Tungsten Concentrate Produced Gravity table testing using a Mozley table  produced tungsten concentrates grading up to: 32,713 ppm WO₃ (~3.27% WO₃) Concentrate generated from heavy mineral fractions following beneficiation Figure 4: Shows phases of physical beneficiation from initial tailings head grade of 0.21% WO3 to 3.27% WO3 via HLS and Mozley Table. (source: Pioneer Minerals Limited) This demonstrates that tungsten contained in the tailings can potentially be recovered using established gravity separation methods commonly used in tungsten operations. Tungsten News Heavy Liquid Separation Confirms Dense Tungsten Mineral Phases Heavy liquid separation (HLS) testing generated a dense mineral sink fraction grading approximately 9,060 ppm W (~1.14% WO₃) . This represents more than a five-times upgrade relative to the composite head grade , confirming the tungsten occurs in high-density mineral phases suitable for gravity-based recovery techniques . Size-by-Assay Results Indicate Tungsten Enrichment in Fine Fractions Particle size analysis showed tungsten grades increase progressively as particle size decreases. Key results include: Composite head grade: ~1,700 ppm W (~0.214% WO₃) Peak grade in fine fractions: ~0.41% WO₃ This distribution reflects the historical processing approach where coarser tungsten minerals were preferentially recovered , leaving finer particles within the tailings material. Tungsten News Metallurgical Test Program Supports North Pine Exploration Strategy The metallurgical behaviour observed in tailings material provides insight into how fine-grained tungsten mineralisation from the Springfield system may respond to modern mineral processing methods . These results will inform future exploration and metallurgical evaluation across the North Pine Project. Management Commentary Commenting Pioneer Minerals Tungsten Chief Executive Officer Michael Beven  stated that the preliminary metallurgical results provide an encouraging early indication of the response of tungsten mineralisation contained within the historic Springfield tailings to conventional beneficiation processes. The size-by-assay results show that tungsten becomes progressively enriched within the finer particle size fractions, which is consistent with the expected behaviour of fine-grained tungsten mineralisation. Heavy liquid separation testing also demonstrates that tungsten minerals within the sample exhibit a significant density contrast relative to surrounding gangue minerals, supporting the potential for gravity-based separation. Gravity table testing further confirms that tungsten can be concentrated using conventional gravity processing methods, although recovery calculations will depend on completion of full mass balance analysis and optimisation of the metallurgical flowsheet. Tungsten News Near-term Milestones to Watch Pioneer Minerals has outlined several near-term activities associated with the North Pine Project and the ongoing metallurgical evaluation. Metallurgical Program Continued beneficiation testing with Mineral Technologies Detailed mineralogical characterisation of tungsten-bearing phases Particle size and liberation analysis to optimise processing strategies Exploration and Project Development Clearing and reopening the historic Springfield Mine access road Completion of an electromagnetic (EM) geophysical survey  targeting conductive mineralised zones Preparation of applications for United States Government critical minerals funding programs , including Department of Defence initiatives Submission of a Notice of Intent (NOI) and Plan of Operations  to support Phase 1 drilling at the Springfield Prospect. Tungsten News Previous Samso News Coverage – An Investor Lens Samso has previously covered developments relating to Pioneer Minerals Limited (ASX: PMM)  as the Company advances its North Pine Project in Idaho, USA , targeting tungsten, antimony and precious metals within a recognised critical minerals district. The following Samso articles provide earlier coverage of Pioneer Minerals and the evolution of the North Pine Project: 27 December 2025 – Dual Mineral Systems Confirmed at Springfield as Pioneer Becomes PMM – A Tungsten Story that Needs Attention https://www.samso.com.au/post/dual-mineral-systems-confirmed-at-springfield-pmm-tungsten   11 January 2026 – Pioneer Minerals and the Search for America’s Next Tungsten System https://www.samso.com.au/post/coffee-with-samso-pioneer-minerals-and-the-search-for-america-s-next-tungsten-system   February 2026 – Pioneer Minerals – $1.0M Capital Raise to Accelerate U.S. Critical Minerals Portfolio https://www.samso.com.au/post/samso-news-pioneer-minerals-1-0m-capital-raise-to-accelerate-u-s-critical-minerals-tungsten   These previous Samso publications highlight the progression of the North Pine Project exploration story , including the identification of tungsten and precious metal mineralisation at the Springfield Prospect , the Company’s strategic shift toward critical minerals , and its positioning within the United States supply chain narrative for strategic metals such as tungsten and antimony . Samso Concluding Comments The metallurgical test work undertaken at the Springfield Prospect focuses on evaluating the behaviour of tungsten contained within historic mine tailings generated during previous mining operations. The results demonstrate that the tailings material contains tungsten mineral phases that can be significantly upgraded using gravity separation techniques. The Mozley table concentrate grading approximately 3.27% WO₃  represents a substantial increase relative to the composite head grade of approximately 0.21% WO₃ . Particle size distribution analysis shows tungsten enrichment in finer size fractions within the tailings material. This distribution reflects the historical processing methods used during the 1950s, which were designed to recover coarse tungsten grains while allowing finer particles to remain in tailings. Heavy liquid separation results confirm that tungsten minerals present in the tailings occur in dense mineral phases that respond to gravity-based beneficiation methods. This observation supports the use of conventional mineral processing techniques for tungsten concentration. The staged metallurgical test program is continuing and will include further mineralogical characterisation and optimisation studies aimed at better understanding tungsten mineral associations and processing behaviour within the Springfield system. Market Implication - The Investor Lens The Pioneer Minerals Limited story is one that I am watching closely both as a shareholder and a commentator. As most readers and followers of Samso will know, I am a big tungsten bull so any tungsten news is interesting. The tungsten space is slowly developing its own story as the price continues to rise. The value creation dynamics have changed and the way I look at economical means to create value for companies have changed. Figure 5: The share price chart of Pioneer Minerals Limited as of the 10th March 2026. (source: commsec). The share price movement for Pioneer Minerals will be hard to gauge as the disconnect between the tungsten demand/price value and investor acknowledgement is still not seen. It feels that there is a big valley in between what investors are thinking about and the reality of the criticality of tungsten. The critical nature of finding an economical deposit is one thing but with the added pressure of geopolitical factors that are now enhanced with the Iran situation, this could make the rise of tungsten astronomical. Time will be the eventual fortune teller so keep your eyes on this space. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Anax Metals Limited (ASX: ANX)  outlined its updated definitive feasibility study (DFS), highlighting strong economic metrics for its Whim Creek Copper-Zinc Project in Western Australia. I came across the Anax Metals story a couple of years ago, and it has finally come to a very interesting stage. This latest ASX release is probably a welcome update for existing shareholders. There is still some way to go to raise the funds but the copper price is buoyant and hopefully, for existing shareholders, this could be the light at the end of the tunnel. The February 2026 ASX announcement  outlines a development scenario with strong financial metrics , supported by updated commodity prices  and revised capital assumptions. About Whim Creek Copper-Zinc Project The Whim Creek Copper-Zinc Project in the Pilbara region of Western Australia . The project hosts a polymetallic volcanogenic massive sulphide (VHMS) system containing copper, zinc, lead, silver and gold. The project is located approximately 120 km southwest of Port Hedland , close to established logistics infrastructure including ports, highways and power supply. Anax currently holds an 80% interest in the project , with the remaining 20% held by Develop Global Limited. Anax metals and their Copper Story is centred on redeveloping the historic Whim Creek mining district using modern processing methods, including ore sorting and polymetallic flotation circuits, to produce copper, zinc and lead concentrates with silver and gold credits. Anax Metals Updated Whim Creek DFS The company's updated DFS indicated: Pre-tax NPV7:  A$501 million Internal Rate of Return:  98% Forecast free cash flow:  A$723 million These values are based on forecast commodity prices. Under spot metal prices, the project’s NPV increases to A$649 million and free cash flow to A$928 million . The study assumes development capital of approximately A$91 million , including A$77 million pre-production capital and A$14 million working capital. Payback is estimated at approximately 14 months from commencement of mining . Production is expected from a 400,000 tonne per annum polymetallic concentrator , generating copper, zinc and lead concentrates with precious metal by-products. Figure 1: Whim Creek Project Location Map (source: Anax Metals Limited) Key Highlights of the 2026 DFS Update Key metrics from Anax Metals Whim Creek DFS included: Project Financial Metrics NPV7:  A$501 million (pre-tax) IRR:  98% Free cash flow:  A$723 million Development capital:  A$91 million Payback period:  14 months Under spot commodity prices: NPV7:  A$649 million IRR:  118% Free cash flow:  A$928 million Whim-Creek-DFS-Update-Confirms-… Ore Reserves and Mine Life The project is based on 4.61 Mt of proven and probable ore reserves , grading: 1.36% Copper 2.31% Zinc 0.67% Lead 30 g/t Silver 0.27 g/t Gold The Life-of-Mine production schedule totals 4.91 Mt , including a small proportion of inferred material. Contained metals in the production target include: 66 kt Copper 120 kt Zinc 35 kt Lead 4.7 Moz Silver 43 koz Gold   Figure 2: VHMS Deposit Geological Model (source; Anax Metals Limited) Project Overview - Mining Strategy and Production Profile Mining will commence with open pit operations at Mons Cupri , followed by the Whim Creek open pit. Underground mining will later be introduced at: Evelyn deposit Salt Creek deposit Underground mining at Evelyn is expected to begin in year three of operations  and continue for approximately three years. The overall project plan supports a ten-year mine life , with an average annual production of 13 kt copper equivalent per year during the first eight years (Figure 3) . Figure 3: Ore Reserve and Life-of-Mine Production Schedule (source: Anax Metals Limited) Processing Strategy- Polymetallic Concentrator and Ore Sorting Circuit Anax Metals Whim Creek processing plant will utilise a 400 ktpa polymetallic concentrator  incorporating (Figure 4): X-ray transmission (XRT) ore sorting Inline pressure jig gravity separation flotation circuits for copper, zinc and lead concentrates Figure 4: Proposed Whim Creek Concentrator (source: Anax Metals Limited) The flowsheet (Figure 5) includes: crushing and screening ore sorting and gravity pre-concentration flotation recovery circuits concentrate filtration and storage Figure 5: Simplified Concentrator Flowsheet (source: Anax Metals Limited) The processing strategy is designed to reject waste material early in the processing stream and improve feed grade to the concentrator. Infrastructure and Logistics - Established Infrastructure and Pilbara Access Anax Metals Whim Creek site benefits from existing infrastructure (Figure 6), including: haul roads gas pipeline and power supply bore water supply offices and workshops bulk fuel storage historic heap leach infrastructure Figure 6: Existing Site Infrastructure (source: Anax Metals Limited) Concentrate transport is planned using containerised transport via Port Hedland using specialised concentrate containers operated by logistics provider Qube . Funding Update - Debt Funding Offers Received Anax Metals reports receiving multiple non-binding debt funding offers . Indicative term sheets include offers of up to A$57 million , which would fund approximately 75% of Anax’s development contribution . Funding options under consideration include: project debt equity funding royalties or streaming agreements joint venture participation Near-term Milestones to Watch Key upcoming activities outlined in the announcement include: updated ore reserve estimation in H1 2026 evaluation of 500 ktpa concentrator expansion drilling program at Salt Creek in Q3 2026 update of the heap leach study in H2 2026 potential addition of a pyrite flotation circuit  to recover additional silver and gold Samso Concluding Comments Anax Metals updated DFS outlines the technical and financial parameters for the development of the Whim Creek polymetallic project in the Pilbara region of Western Australia. The study incorporates updated commodity price assumptions, revised capital costs and modifications to underground mine designs. These inputs produce updated financial metrics including a project NPV of A$501 million and free cash flow of A$723 million under forecast pricing assumptions. The project design integrates open pit and underground mining operations supported by a 400 ktpa processing facility capable of producing copper, zinc and lead concentrates with precious metal by-products. Sensitivity analysis within the study indicates that project economics are most sensitive to exchange rate movements, copper price and operating cost variations. The development strategy incorporates the use of existing site infrastructure and established logistics pathways to export concentrate through Port Hedland. The company is currently evaluating financing options and progressing discussions with potential debt and off-take partners to advance the project toward a final investment decision. Market Implications The anticipation of something happening in a very buoyant copper market is clearly seen in Figure 7. The slow rise in value for Anax Metals Limited is positive for shareholders but at this point, the hard part is to convince the g money to come and get in t game. Figure 8: The price chart for Anax Metals Limited (source: Anax metals Limited) The key for Anax Metals is to get its partner, Develop to chip in with the funds to get things going. However, as Develop is not really in a hurry to do things as they are themselves "doing well", getting them to get inon the game may be easier thought of than executed. Where Anax Metals will fail, is the inability to raise the appropriate funding to make the project happen. The new shareholder for Anax may have the capacity but getting Develop to be part of the party will be the key, or they sell their stake and then the game will probably happen as there will no longer be this giant elephant in the room. The key for any potential shareholders lurking on the fence deciding whether to enter the play is to keep your eyes wide and ears on the ground and do some serious DYOR. I do see some risk now with the uncertainty and having had a similar situation with Cyprium Metals Limited before they went into administration, I am cautious. I don't see Anax metals Limited having the same ending, as the wind of fortune does feel like its flowing with Anax. Hence, if things go well for Anax Metals Limited, the laughing will be the shareholders. The good news is that commodity pricing is going to go higher due to the the rise of the next generation of industrialists. As I always say, DYOR. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Investor Presentation – 14 January 2026 (view the announcement) Secures $1m Placement to Accelerate US Critical Minerals – 14 January 2026 (view the announcement)   Petrographic studies confirm Springfield mineralisation – 20 Jan 2026 (view the announcement)   Samso has participated in the recent capital raise for Pioneer Minerals, and this is our first position in the Tungsten sector. I like the management and the potential of the Pioneer projects because they offer direct leverage to U.S. critical minerals policy themes  through a diversified portfolio spanning tungsten, antimony, uranium, and lithium, all within Tier-1 mining jurisdictions . The combination of historical production, recent high-grade surface results, and near-term drilling catalysts  positions PMM as a company transitioning from early-stage consolidation into active value creation. Pioneer Minerals – North Pine Tungsten and Antimony Project, Idaho, USA (Idaho, Colorado, Wyoming, Ontario) Pioneer Minerals Ltd (ASX: PMM) is advancing its North Pine Project in Idaho, a past-producing tungsten district located near established antimony and gold operations in a Tier-1 U.S. jurisdiction (Figure 1). Recent announcements in January 2026 focused on securing funding and strengthening geological confidence at the Springfield Prospect through detailed petrographic work. Figure 1: Location map of the North Pine Project and nearby operations (source: PMM) Highlights – Capital Secured to Accelerate U.S. Critical Minerals Portfolio | 14 January 2026 (Figure 2) Firm commitments received to raise A$1.0 million  via a placement to sophisticated and professional investors, strengthening the balance sheet and funding near-term exploration programs. Placement priced at $0.18 per share , with one free attaching option for every three shares , exercisable at $0.20 by 14 October 2028 , providing medium-term alignment. Funds allocated primarily to North Pine (tungsten–antimony) in Idaho , alongside Skull Creek (Colorado) and Central Buttes (Wyoming) uranium projects, supporting continued portfolio advancement (Figure 2). Non-Executive Chairman participation of $100,000 , subject to shareholder approval, aligning management with incoming investors. Figure 2: Capital structure and corporate summary (source: PMM) Leadership Commentary Pioneer Minerals Chief Executive Officer, Michael Beven,  commented: “The strong demand for this placement reflects growing investor confidence in Pioneer’s strategy and the quality of our US critical minerals portfolio. Securing A$1 million in new capital positions the Company to advance exploration at North Pine, where recent rock-chip sampling at the Springfield prospect has delivered highly encouraging tungsten and gold results. These results highlight Springfield as a compelling critical minerals opportunity with clear scale potential, located in a proven U.S. mining jurisdiction of strategic importance to defence and energy supply chains. With funding now in place, we are moving swiftly into detailed geophysics to refine structural controls on mineralisation, followed by targeted drilling of high-priority zones. We thank shareholders for their continued support and look forward to delivering consistent exploration news flow as activities accelerate.” Highlights – Petrography Confirms a Primary Tungsten System at Springfield (20 January 2026) (Figure 3) Figure 3: Location map of the North Pine Project and nearby operations   (source: PMM) . Independent petrographic studies confirmed tungsten mineralisation at the Springfield Prospect occurs as primary scheelite (Figure 4) , rather than surface-derived enrichment, strengthening confidence in the geological model. Figure 4: High-grade scheelite under UV light (source: PMM). Scheelite identified in all samples examined , with mineralisation spatially and temporally associated with pyrrhotite-dominant sulphide mineralisation , supporting a genetically linked hydrothermal system. Host rocks interpreted as felsic intrusive and/or volcanic lithologies , consistent with evolved phases of the Idaho Batholith , expanding the geological model beyond a narrow skarn-only interpretation. Primary mineralisation textures preserved beneath a supergene weathering overprint , indicating tungsten mineralisation is likely better preserved at depth and supporting depth-focused exploration potential. Previously reported surface results at Springfield, including tungsten grades up to 2.98% WO₃  and gold up to 7.75 g/t Au , remain relevant and are now supported by petrographic validation (Figure 5). Figure 5: Springfield Prospect sample locations and assay results   (source: PMM). Leadership Commentary Pioneer Minerals Chief Executive Officer, Michael Beven, commented: “This petrographic work is an important step forward in our understanding of the Springfield mineral system. The study provides clear evidence that tungsten mineralisation occurs as primary scheelite across a range of lithologies and textural settings and importantly confirms a close association with hydrothermal processes rather than isolated surface enrichment. Of particular significance is the observation that the dominant host rocks examined are granitic in nature. This supports our evolving geological model that Springfield is not solely a skarn-hosted system, and that the historically mined skarn mineralisation may represent only one component of a much larger, intrusion-related tungsten system. The findings also have practical implications beyond exploration targeting. Understanding the timing, mineral associations and alteration styles of the mineralisation is critical in guiding downstream processing and metallurgical considerations as the project advances. Collectively, these results strengthen our confidence in the scale potential at Springfield and will directly inform the next phase of geological modelling, exploration planning and technical studies” Near-term Milestones to Watch Integration of recent petrographic findings  into the Springfield geological model to refine structural and lithological targeting. Receipt and interpretation of radiometric and magnetic survey data  across the North Pine Project to support target generation. Completion of metallurgical recovery test work  on historic Springfield tailings, with results expected in the near term. Ongoing fieldwork and target refinement , supported by funding from the January 2026 placement. Samso Concluding Comments From an investor perspective, Pioneer Minerals is advancing in measured steps. Funding and geology are being addressed before higher-cost exploration phases. The capital raise provides sufficient runway to progress priority assets while limiting dilution. This supports staged value creation rather than premature scale-up. Petrographic confirmation improves the quality of the exploration model at Springfield. Better models lead to better targeting decisions. Taken together, these January updates paint the perfect picture of a very measured approach and show that the funds raised are going into the ground. The small raise is enough for now to capture the work that is required and allowed. Most investors don't realise that the early stage of projects has a lot of waiting time, and if you have a high overhead cost, capital is just going to pay for those non-inground expenditure. The small raise tells me that the company is managing the costs, and knowing a limited pool of funds, they will have to be equally efficient in the way they spend. Market Implication - The Investor Lens As I mentioned at the beginning of this blog, Samso has taken a small portion of the placement, and this is our first position in the Tungsten space, which I have been extremely bullish on since 2012. My resurgent interest in the sector started mid-last year when I realised that the tungsten price had recovered in earnest from the lows of USD $300 mtu to the mid USD $400 mtu. It is now hovering at USD $1000 mtu. This is a spectacular run, but what is probably the gift is that there are few to no small explorers, and the prospect of having a discovery of economical tungsten deposits is far from reality. Figure 6: PMM share price chart as of 23rd January 2026.   (source: CommSec). The share price of PMM (Figure 6) has not even moved, and although investors on the last placement are looking at an appreciation, I think there is more to come. The market capitalisation of the company is still only AUD $13.53M, which would make any new ASX releases that show positive movement greatly welcomed by shareholders. This is a definite DYOR project for those reading this blog now. Timing is critical, and I am sure everyone is aware that there is nothing in life that is a sure thing. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement IMV Strategic Commercial Agreement Investor Briefing – 15 January 2026 (view the announcement) IMV Strategic Partnership Investor Presentation – 15 January 2026 (view the announcement) Vitrafy Enters Strategic Commercial Agreement with IMV – 15 January 2026 (view the announcement) The Vitrafy Life Sciences story was last on our radar when we reviewed their progress after their IPO on the 25th of June 2025 - Vitrafy Life Sciences Limited (ASX: VFY) — Turning Cryopreservation Innovation into Market Reality - Animal and Human Health Solutions. This was a first for Samso as we started to increase our coverage on the ASX. From a Samso perspective, this announcement gives us additional interest to feature on the Samso platform because it demonstrates partner-led commercial validation  rather than speculative market positioning. Aligning with a global incumbent like IMV Technologies materially reduces execution risk and confirms that Vitrafy’s technology is being tested in real-world, scaled operating environments. Vitrafy Life Sciences Limited – Strategic Partnership Update (15 January 2026). Vitrafy Life Sciences Limited (ASX: VFY) released  a market update on 15 January 2026  outlining a strategic commercial agreement with global animal reproduction leader IMV Technologies . The agreement positions Vitrafy’s cryopreservation technology within IMV’s global product and distribution platform, marking a material step in Vitrafy’s commercial execution strategy following Samso’s earlier IPO coverage of the Company. About IMV Technologies (IMV) IMV Technologies  is a global leader in reproductive biotechnologies and animal reproduction technologies , with a legacy of innovation dating back to 1963  when founder Robert Cassou  developed the revolutionary “French Straw” for semen storage and artificial insemination. The company operates worldwide, designing, manufacturing, and distributing equipment, consumables, software, and solutions  that support the entire reproductive process  for farm animals, including semen collection, analysis, preservation, storage, insemination, and pregnancy diagnosis. The “French Straw” — What It Is and Why It Was Revolutionary The “French Straw”  is a small, sealed plastic tube  developed in the early 1960s  by Robert Cassou , founder of IMV Technologies, to store, freeze, transport, and use animal semen  for artificial insemination (AI). At the time, semen was stored in glass ampoules or bulky containers , which were fragile, inconsistent in volume, difficult to label, and unreliable during freezing and thawing. The French Straw changed all of that. Core Focus & Innovation Innovation “For Life”:  Research and development are central to IMV’s mission, with a dedicated R&D team of veterinarians, biologists, engineers, cryobiologists, and others driving new technologies and improvements. They invest a significant portion of their revenues into innovation and hold hundreds of patents. Broad Expertise:  Their technological developments cover equipment for collecting, analyzing, preserving, and packaging reproductive cells—as well as advanced data processing software that helps partners make informed decisions every day. Customer Collaboration:  IMV works closely with customers—breeders, veterinarians, insemination centers, and researchers—to develop solutions that meet real-world needs and continuously improve outcomes. The Business of Vitrafy Life Sciences Limited: Cryopreservation Technology Platforms Vitrafy Life Sciences  is a cryopreservation technology company delivering nitrogen-free freezing and thawing solutions across regulated and unregulated life sciences markets. The Company’s platform integrates proprietary hardware, software, and managed services , designed to improve post-thaw cell viability and operational consistency. Core applications span animal reproduction, aquaculture, blood platelets, and cell and gene therapies , providing multiple commercial pathways. Vitrafy’s strategy focuses on partner-led scale in animal reproduction  while advancing human health market expansion in North America . Highlights – IMV Strategic Commercial Agreement (15 January 2026) Exclusive 12-month strategic commercial agreement with IMV Technologies, the global leader in animal reproduction (Figure 1). Figure 1: IMV Strategic Partnership overview (source: VFY)   IMV (Figure 2) supports over 500 million animal inseminations annually across operations in 128 countries, providing immediate access to scale. Figure 2: IMV Technologies: Global Leader in Animal Reproduction (source: VFY)   Agreement designed to integrate Vitrafy’s next-generation cryopreservation technology into IMV’s globally recognised product suite (Figure 3). Figure 3: Agreement scope and validation pathway (source: VFY) Vitrafy to receive up to approximately A$480,000 in recurring monthly fees over the initial term.   Additional milestone payments of up to approximately A$450,000, linked to successful technical and commercial outcomes.   Structured pathway toward a long-term commercial agreement, subject to validation and integration milestones. Leadership Commentary Upon execution of the Agreement, Managing Director and CEO, Brent Owens , commented: “This agreement with IMV Technologies represents a significant step in Vitrafy’s commercialisation strategy. By partnering with the global leader in animal reproduction, we accelerate the validation and adoption of our cryopreservation technology at scale. This Agreement creates immediate revenue opportunities but also positions Vitrafy for longterm growth through global market access, while we continue to advance our human health strategy in North America.” CEO of IMV Technologies, Oliver Kohlhaas,  commented: “Vitrafy’s unique nitrogen-free cryopreservation technology has the potential to improve post-thaw cell viability. We are excited to collaborate with Vitrafy to offer even better solutions for our customers.”   Near-term Milestones to Watch Completion of species-specific validation testing  across aquaculture and livestock segments. Integration outcomes between Vitrafy’s technology and IMV’s existing product platforms. Achievement of commercial and technical milestones  linked to additional payments. Progression toward a long-term commercial agreement  beyond the initial term.   Samso Concluding Comments When Samso first reviewed Vitrafy during its IPO, the core idea was simple. The company needed to show that its lab-based cryopreservation results could work the same way in everyday commercial use. The partnership with IMV supports this aim by placing Vitrafy’s technology into a large, established animal reproduction platform. This provides a practical setting to test performance, reliability, and integration. The commercial terms are also structured in a controlled way. Regular fees provide income while milestone payments depend on results being achieved. From a Samso view, this release acts as a progress check rather than a change in direction. Vitrafy is continuing to follow the path set out at IPO, making this a clear #SamsoDYOR  reminder focused on delivery.   Market Implication - The Investor Lens Vitrafy is an interesting company for the Samso platform as it has a decent market cap of AUD $121M and its share price is looking steady. For me, this means that the value has not really been unlocked. For me, the market cap makes me feel that there is value in the business and not just a prospective ground that may have potential to become mineralised or later an economical business. Figure 4: Vitrafy share price chart as of 23rd January 2025. (source: CommSec) A business like Vitrafy is for the population of the globe, and the market is projected to be in the USD $17-18 billion by 2034-2035 and at a GAR of 8% over the decade. A fraction of that will be sufficient, and I am sure the market capitalisation of Vitrafy will be more than the current AUD $121M. The most important thing is that the business works and there is market capture, which is still unknown at this stage. With positive news such as that release on the ASX update, one can only hope that the wheels are turning and shareholders will be hoping that it is going to turn faster soon. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.