Coffee with Samso Episode 132 with Barry Cahill, Executive Director of Cyprium Metals Limited (ASX:CYM) The time has come for Cyprium Metals Limited to lay out the theme for the Nifty Story. The release of the Restart Study is, effectively, the beginning of what is about to come as the company progresses down the path of mining and delivery copper plates. In this episode of Coffee with Samso Barry shares with us how the Cyprium business will take shape in the coming 18 months. The company is planning to be in production in 2023 and this is effectively shaped by this study. Barry shares with us how the story will unveil itself with all the approval stages being met and in the process of being submitted. The process of extracting the copper is not an arduous process, and funding at this stage for the start should not be an issue. On the 11th March, the company announced the following: Nifty Copper Project Restart Study HIGHLIGHTS Current copper price ~USD4.60/lb Oxide C1 costs of USD1.91/lb and C3 costs of USD2.82/lb Average production of 25,000 tpa copper cathode Oxide cathode production 146,100 tonnes copper metal Pre-production capital AUD149M Positive engagement with Financiers now accessing final study and extensive data room NPV @7% of AUD277M with an IRR of 37% (post tax) Mineral Resource Estimate (MRE) to include 2021 drilling & inferred resource conversion Oxide mine life 2023-29 at ~6.3 years (pre-MRE upgrade) with sulphide potential +20yrs Metallurgical testwork confirms 85% recovery in Retreat and 90% in Oxide Pit material Free cashflow AUD544M Payback in 3 years Regulatory approvals submitted and on track Sulphide heap leach metallurgy testwork commenced NEXT STEPS Finalise the Financing of the project during Q2 2022 Update the Mineral Resource and in pit inventory, including expansion options Complete financing and final government approvals post FID Commence refurbishment and construction post finance and government approvals Plate copper metal in the second half of 2023 Chapters 00:00 Start 00:15 Introduction 00:58 Barry and the mineral resource. 03:45 The Copper price margin. 05:06 Potential future mine life. 07:18 The Nifty West Drilling 08:50 The Pit Shells 10:48 The Nifty Processing Story 16:25 How big can the Nifty resources get? 18:10 What could derail the Nifty Story? 22:00 How does the Nifty Story compare to others in the market? 25:58 Any Environmental Issues? 29:07 Why is Cyprium so cheap? 31:53 History repeats itself. 32:44 What are shareholders and potential investors look at in Cyprium? 35:50 Who are your peers? 36:48 The other projects? The Total Strategy. 41:05 The plan going ahead. 44:55 No short cuts in mining. 45:25 The case of Risk Reduction. 46:28 Conclusion. PODCAST About Barry Cahill Executive Director Mr. Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management. In particular, his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development. He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018. Mr. Cahill has previously been Executive Director of a number of public companies including Operations Director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc. About Cyprium Metals Limited (ASX:CYM) Cyprium Metals Limited (ASX: CYM) is an ASX listed company with copper projects in Australia. The Company has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The Company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value. The Company has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation. Paterson Copper Projects This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project. The Nifty Copper Mine (“Nifty”) is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 732,200 tonnes of contained copper (i). Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material. The Maroochydore deposit is located ~85km southeast of Nifty and includes a shallow 2012 JORC Mineral Resource of 486,000 tonnes of contained copper (ii). Aeris Resources Limited (ASX: AIS, formerly Straits Resources Limited) holds certain rights to “buy back up to 50%” into any proposed mine development in respect of the Maroochydore Project, subject to a payment of 3 times the exploration expenditure contribution that would have been required to maintain its interest in the project. An exploration earn-in joint venture has been entered into with IGO Limited on ~2,400km2 of the Paterson Exploration Project. Under the agreement, IGO is to sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure of $11 million over the first 3.5 years. Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a pre-feasibility study (PFS) on a new mineral discovery. Murchison Copper-Gold Projects Cyprium has an 80% attributable interest in a joint venture with Musgrave Minerals Limited (ASX: MGV) at the Cue Copper-Gold Project, which is located ~20km to the east of Cue in Western Australia. Cyprium will free-carry the Cue Copper Project to the completion of a definitive feasibility study (DFS). The Cue Copper-Gold Project includes the Hollandaire Copper-Gold Mineral Resources of 51,500 tonnes contained copper (iii), which is open at depth. Metallurgical test-work has been undertaken to determine the optimal copper extraction methodology, which resulted in rapid leaching times (refer to 9 March 2020 CYM announcement, “Copper Metal Plated”, https://cypriummetals.com/copper-metal-plated/). The Nanadie Well Project is located ~650km northeast of Perth and ~75km southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/887. The Cue and Nanadie Well Copper-Gold projects are included in an ongoing scoping study, to determine the parameters required to develop a copper project in the region, which provides direction for resource expansion work. (i) Refer to CYM ASX announcement dated 17 November 2021 “Updated Nifty Copper Mineral Resource Estimate” (ii) Refer to MLX ASX announcements: 10 March 2020, “Nifty Copper Mine Resource Update” and 18 August 2016, “Annual Update of Mineral Resources and Ore Reserves” (iii) Refer to CYM ASX announcement: 29 September 2020, “Hollandaire Copper-gold Mineral Resource Estimate” Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Click on image above for Coffee With Samso investment column featured on Brilliant-Online. Our new Brilliant partnership allows us to distribute stories from ASX companies and private businesses to a wider community. As subscribers to Samso, you will find Brilliant stories inspiring.

Coffee with Samso Episode 159 is with Barry Cahill, Executive Director of Cyprium Metals Limited (ASX:CYM) In this episode with Cyprium Metals Limited we are recapping on the journey since we last spoke earlier this year. I have Barry Cahill sharing with us all aspects of the company's activities and its continued struggle to finance the Nifty Copper mine. Barry focusses on the reasons why Cyprium Metals Limited is the leader of the pack in terms of upcoming Copper producers. When we look around the ASX, there is a large gap between the large producers such as BHP (ASX: BHP) and the recently bought Oz Minerals. There is a big gap in between, and the current breed of mid cap producers is largely missing. There was Austral Resources Limited which was doing some ore moving but that has gone a bit quiet. There is no doubt that the quest to be the next producer is not easy. One topic that has largely gone unnoticed about the Copper miners is the difference between a producer who goes to Copper sheet (Cyprium Method) and the tradition refinery route. The diagram below, which is taken straight out of the Cyprium's presentation, shows why Cyprium is different. The Cyprium Nifty project has a lot of benefits in reducing cost and carbon emissions as it is a brownfield refurbishment project with extensive assets already in place. Get yourself comfortable and listen to Barry telling us the journey, good and bad, since we last spoke to him in March 2022. Listen to previous conversations with Cyprium Metals Limited. Chapters 00:00 Start 00:20 Introduction 01:14 Recap of Cyprium Metals Limited. 04:23 Other projects: Maroochydore Copper Project. 05:44 Murchison Copper Project. 08:24 Nifty Copper Project. 11:22 Financing the project. 13:14 Project approvals. 14:11 Current stage: Finance process. 17:13 Explaining to investors about the resource base. 20:47 Knowledge from past experiences. 26:03 The ESG component of copper. 28:35 Discussion about ESG funds. 33:51 Are there any issues faced? 36:54 Importance of inventory. 45:19 What is the step forward? 53:13 Any last words? 56:34 Conclusion PODCAST About Barry Cahill Executive Director Mr. Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management. In particular, his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development. He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018. Mr. Cahill has previously been Executive Director of a number of public companies including Operations Director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc. About Cyprium Metals Limited (ASX:CYM) Cyprium Metals Limited (ASX: CYM) is an ASX listed company with copper projects in Australia. The Company has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The Company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value. The Company has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation. Paterson Copper Projects This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project. The Nifty Copper Mine (“Nifty”) is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 732,200 tonnes of contained copper (i). Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material. The Maroochydore deposit is located ~85km southeast of Nifty and includes a shallow 2012 JORC Mineral Resource of 486,000 tonnes of contained copper (ii). Aeris Resources Limited (ASX: AIS, formerly Straits Resources Limited) holds certain rights to “buy back up to 50%” into any proposed mine development in respect of the Maroochydore Project, subject to a payment of 3 times the exploration expenditure contribution that would have been required to maintain its interest in the project. An exploration earn-in joint venture has been entered into with IGO Limited on ~2,400km2 of the Paterson Exploration Project. Under the agreement, IGO is to sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure of $11 million over the first 3.5 years. Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a pre-feasibility study (PFS) on a new mineral discovery. Murchison Copper-Gold Projects Cyprium has an 80% attributable interest in a joint venture with Musgrave Minerals Limited (ASX: MGV) at the Cue Copper-Gold Project, which is located ~20km to the east of Cue in Western Australia. Cyprium will free-carry the Cue Copper Project to the completion of a definitive feasibility study (DFS). The Cue Copper-Gold Project includes the Hollandaire Copper-Gold Mineral Resources of 51,500 tonnes contained copper (iii), which is open at depth. Metallurgical test-work has been undertaken to determine the optimal copper extraction methodology, which resulted in rapid leaching times (refer to 9 March 2020 CYM announcement, “Copper Metal Plated”, https://cypriummetals.com/copper-metal-plated/). The Nanadie Well Project is located ~650km northeast of Perth and ~75km southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/887. The Cue and Nanadie Well Copper-Gold projects are included in an ongoing scoping study, to determine the parameters required to develop a copper project in the region, which provides direction for resource expansion work. (i) Refer to CYM ASX announcement dated 17 November 2021 “Updated Nifty Copper Mineral Resource Estimate” (ii) Refer to MLX ASX announcements: 10 March 2020, “Nifty Copper Mine Resource Update” and 18 August 2016, “Annual Update of Mineral Resources and Ore Reserves” (iii) Refer to CYM ASX announcement: 29 September 2020, “Hollandaire Copper-gold Mineral Resource Estimate” Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Click on image above for Coffee With Samso investment column featured on Brilliant-Online. Our new Brilliant partnership allows us to distribute stories from ASX companies and private businesses to a wider community. As subscribers to Samso, you will find Brilliant stories inspiring.

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

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

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

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

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

Client Testimonial from Peter Harold, Managing Director and CEO of Poseidon Nickel Limited (ASX:POS). When Peter Harold came over for a Coffee with Samso, he really enjoyed having a natural conversation with Tony Goode and Noel Ong to fully share the company's story. Peter Harold: "We have enjoyed our interaction with Tony and Noel. The interviews they conduct with the executive team at Poseidon are both far reaching and informative and I think shareholders really appreciate the in depth nature of questioning. We will continue to use Samso to help keep our stakeholders up to date with our activities." Our Coffee with Samso segments are appreciated by both companies and investors tuning in. Companies get the comfortable, natural space they need to fully share their stories. Thought leaders can go as deep as they wish and not feel the pressure to rush through information. As such, the knowledge that investors gain from these interviews provide what they need to pique their interest and DYOR even further, and even spur them to reach out to the companies to get more information. It's all about giving the respect these stories deserve to be heard, and as a community of people who are interested in the mineral exploration sector, starting our day with a Coffee with Samso makes a difference. About Peter Harold Managing Director and CEO Peter Harold (B.AppSc (Chem) AFAICD) is a process engineer with over 30 years corporate experience in the minerals industry, specialising in financing, marketing, business development and general corporate activities. He was the Managing Director of Panoramic Resources from 2001-2019, a company he co-founded as a $3 million IPO in 2001. Peter steered Panoramic through the financing and development of the Savannah Nickel Project in the East Kimberley and the acquisition and re-start of the Lanfranchi Nickel Project near Kambalda with the company reaching a market capitalisation of $1.2 billion in 2007. He was more recently involved in bringing the Savannah Project out of care and maintenance and back into production. Peter has extensive experience in base metal mining project feasibility studies, financings, developments, operations and marketing. About Poseidon Nickel Limited (ASX: POS) Poseidon owns three significant nickel assets with a combined resource of over 400kt of nickel and processing capacity of up to 3.7Mtpa of ore to produce nickel concentrate. The Company’s business strategy is focussed on leveraging its existing asset base to grow Poseidon into a significant nickel producer over a period of expected significant growth in nickel demand largely driven by growth in the electric vehicle market. Poseidon’s strategic pillars are developing a pathway to production, targeted exploration across its nickel asset portfolio and considering proximal business development opportunities. The key enablers for the Company’s strategy to be successfully executed are ensuring key capabilities are resourced and the business is sufficiently funded for growth underpinned by a strong ESG framework. Poseidon Business Strategy The Company’s pathway to production was significantly progressed during FY22 with two metallurgical breakthroughs which could significantly improve the economics of the Black Swan project. The first involves incorporating a rougher concentrate regrind into its process flowsheet to significantly improve the quality of the smelter grade concentrate, which is expected to result in improved nickel payability. The second was testwork on a combined serpentinite and talc carbonate ore blend to produce a rougher concentrate which is amenable to both pressure oxidation and high-pressure acid leach to produce a mixed hydroxide precipitate. With the assistance of Poseidon’s geological consultants, Newexco, the Company completed an exploration targeting report for Lake Johnston during FY22, with follow up reports for Black Swan and Windarra to be delivered in FY23. The Lake Johnston report identified the Western Ultramafic Unit as a priority, with a program of works approved to undertake 15,000 metres of RC drilling which is planned for FY23. The Company’s business development efforts over FY22 focused on delivering value from the Windarra/Lancefield gold tailings project. Partnering with Green Gold and determining whether their proprietary gold recovery technology is suitable for Windarra/Lancefield is considered the optimal path to unlocking value from this project. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

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

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

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