Coffee with Samso – Echo IQ Limited: AI Diagnostics, Mayo Clinic & the Path to a Cardiovascular Platform A much-awaited Coffee with Samso conversation with Dustin Haines from Echo IQ Limited (ASX: EIQ) is all about a clear investment narrative: this is not just an AI story, but a proven data-driven healthcare business building a scalable diagnostic platform anchored in real clinical need. The main business for Echo IQ is in the cardiovascular diagnostics space, using artificial intelligence to analyse echocardiograms and assist physicians in identifying complex conditions such as aortic stenosis and heart failure. For those who are familiar in this space, this is where underdiagnosis remains a documented global issue. The business is built around clinical validation, regulatory pathways, and integration into hospital workflows, rather than purely theoretical AI capability. The discussion in this episode of Coffee with Samso highlights the realisation of the business model, which lays out the following: Clinical-grade AI with regulatory validation (FDA pathway) Access to a large, longitudinal echocardiography dataset (~2.2 million records) A clear commercial pathway into hospitals via existing diagnostic infrastructure The Echo IQ story is no longer a “build it and hope” model. The recent news and what appears to be even more validation when the current FDA approval gets the tick, is that the business is now a measured progression from validation → approval → integration → revenue, which is what the market is valuing its future. This is often where many early-stage AI healthcare companies fall short. This conversation with Dustin comes with great satisfaction. We first spokje to each other last year and the company was just short of AUD $0.25 and today as we release this new Coffee with Samso, it is near to AUD $1.025. We said that this was going to be a good story then and we will say it again. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 224 | Echo IQ Limited (ASX: EIQ) | Arizona -USA | Perth - Western Australia Here is the conversation that Dustin and I had in September 2025. Click here to watch the previous Coffee with Samso with Echo IQ: Audio Podcast Coffee with Samso - Episode 224 | Echo IQ Limited (ASX: EIQ) | Arizona -USA | Perth - Western Australia Chapters 00:00 Start 00:32 Introduction 01:09 The Business of Echo IQ 02:12 Partnership with Mayo Clinic 08:15 The Technology of Echo IQ 13:05 Why is Echo IQ Technology Better 17:50 What are the New Products in Echo IQ? 23:46 What Does Dustin Worry About The Business? 26:20 What Does The Mayo Clinic Partnership Mean To Echo IQ? 29:29 What are The Main Stakeholders in Echo IQ Thinking Now? 32:23 Is Echo IQ undervalued? 34:11 Hypergrowth 36:51 Is It Safer Now to Invest in the Echo IQ Story? 39:12 What is The market Not Appreciating About Echo IQ 42:14 When will The FDA Approval happen? 43:36 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

It does look like OD6 Metals Limited (ASX: OD6) is starting work on the Quinn Fluorspar Project in Nevada with a flurry, which is a good sign for shareholders. The fact that fluorspar is classified as a critical mineral and that the United States remains fully import-dependent will be the main narrative, and I think, in the current geopolitical rollercoaster ride, this is a good thing for OD6 Metals. In this Samso News, I am trying to bundle the last four recent ASX announcements to highlight and make some sense of the exploration activities as OD6 Metals Limited look to validate grade, mineralisation continuity, and scale potential for the Quin project. The status is all about historical results at the moment, so the next steps will be interesting as they establish some form of reality on the factual prospectivity of the project. The Progress - OD6 Metals Limited Fluorspar Story The four ASX announcements from OD6 Metals Limited outline the context of early-stage development of the Quinn Fluorspar Project in Nevada, moving from history to Present day. The first announcement establishes the commencement of intentional exploration, marking the first modern program on the project in approximately 60 years. The activities will be about soil sampling, stream sediment work, and mapping across multiple large-scale targets, providing the framework for understanding the broader geological system. Subsequent releases are setting the scene for mineralisation at the Mammoth Prospect. Initial rock chip assays confirming high-grade fluorspar within a defined breccia-hosted system, with mineralisation extending into surrounding limestone. This is followed by channel sampling results, which demonstrate consistent grades across continuous exposures, providing a more representative view of the mineralised zone and supporting geological continuity. The most recent release shifts attention to the Horseshoe Prospect, where channel sampling returns higher grades over multiple intervals. These results confirm that high-grade mineralisation is not isolated to Mammoth but occurs across multiple deposits within the project area. Sampling also indicates that mineralisation remains open along strike and at depth, with only a portion of the mapped system tested. Across the four announcements, the key outcome for shareholders and potential investors is the establishment of a district-scale fluorspar system defined by high-grade breccia-style mineralisation, supported by both historical data and modern sampling. The work completed to date sets the foundation for detailed mapping, drill targeting, and the next phase of exploration. ASX Release 1: Systematic Exploration Commences (1 April 2026) SYSTEMATIC EXPLORATION TO COMMENCE AT QUINN FLUORSPAR This announcement marks the operational starting point, with OD6 initiating the first modern exploration program at Quinn in approximately 60 years. This program is all about building a geological and geochemical framework which will include a program of soil sampling (~320 samples), stream sediment sampling (~40 sites), and mapping across multiple target areas including Mammoth, Horseshoe, and the broader alteration corridors (Figure 1). Figure 1: Regional initial sampling programs over the target corridors (refer release dated 25 March 2026 for description of geology, mineralization and alteration - ADVANCED SATELLITE ANALYSIS REVEALS 8KM TARGET CORRIDOR) (source: OD6 Metals Limited) According to OD6 Metals, there will be a focus around areas such as the 70,000m² Lithocap and 700,000m² Dress Circle zones being tested for the first time. Historical deposits like Mammoth and Horseshoe are also being revisited to define extensions and continuity (Figure 2). Figure 2: The Horseshoe-Jumbo alteration corridor programs (refer release dated 25 March 2026 for description of geology, mineralization and alteration - ADVANCED SATELLITE ANALYSIS REVEALS 8KM TARGET CORRIDOR) (source: OD6 Metals Limited) The key takeaway from this release, I assume is about establishing the potential scale and methodology in the exploration phase that will establish upcoming exploration activities. This will bring the reliance of using historical data into how modern exploration will establish the prospectivity of the project. ASX Release 2: Rock Chip Assays Confirm High-Grade System (7 April 2026) EXCEPTIONAL ASSAY RESULTS UP TO 53.2% CAF2 AT MAMMOTH This release provides the first modern assay validation at Mammoth, confirming high-grade fluorspar mineralisation within a mapped 9,000m² zone. Rock chip (Figure 3) results returned grades up to 53.2% CaF₂, with multiple samples above 30% CaF₂. Importantly, mineralisation is not confined to the breccia core but extends into surrounding limestone, indicating a broader system footprint. Figure 3: Sample QC260251 with purple and white fluorspar from the contact zone on west side of Mammoth The release highlights that mineralisation extends west, north, and potentially under cover to the east, indicating that the mapped footprint is not the full extent of the system (Figure 4). What this clearly show is that the rock chips are extensive and show the presence of surficial presence of high-grade mineralisation which will lead to the next question, does it extend with depth. Figure 4 below is a great depiction of the potential of strike and future exploration activities should clarify doubts. Figure 4: New sample results from Mammoth Fluorspar Project. Background map and historic results based on Evans 1975 (refer press release dated 4 March 2026 for further information - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled. (source: OD6 Metals Limited) ASX Release 3: Channel Sampling Confirms Continuity at Mammoth (9 April 2026) CONTINUOUS HIGH-GRADE FLUORSPAR 12m @ 40.8% CAF2 The channel sampling (Figure 5) results does show a different dimension of what is happening at the Mammoth Prospect. The concept of the channel sampling does give a better form of representing continuity and the scale. For me, I think that the extent of mineralisation (Figure 6) does speak for the potential of scale but I am awaiting drilling to see how these results will bind the project together. Figure 5: View west of the outcrop of the channel sampling at Mammoth. Orange paint marks indicate 1m samples. The full extent of the outcrop was sampled. (source: OD6 Metals Limited) A 12m channel returning an average grade of 40.8% CaF₂, with grades ranging from 26.4% to 54% is a good result, without doubt. I am imagining all the questions and the easiest response is, yes, drilling will be the final test. The key point here is continuity. Sampling was conducted at 1m intervals across the outcrop, demonstrating consistent mineralisation across the exposed zone. Figure 6: Mammoth Project channel sampling. Includes rock chip results released 7 April 2026; background geology and historic results refer to release dated 4 March 2026 - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled. (source: OD6 Metals Limited) This announcement does consolidate the sets of historical data that is adding some facts to the narrative. From the Coffee with Samso that OD6 Metals just released, (see below), the conversations were exciting and shareholders are keenly awaiting upcoming exploration. The schematic cross section in Figure 7 adds potential excitement and one could be forgiven to "see" the 50 to 60m width of the Fluorspar Breccia. If this were to be true and the mineralisation would to extend "uniformly" over that width, then shareholders should be rightly excited. Figure 7: Schematic cross-section across Mammoth Fluorspar Zone with recent and historic assay results (based on Evans 1975 as referenced in release 4 March 2026 - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled.) (source: OD6 Metals Limited) Time will tell if that "thinking" is on the right path. As they say, bring on the truth machine :-). ASX Release 4: Ultra-High Grades at Horseshoe (15 April 2026) ULTRA-HIGH-GRADE CHANNEL SAMPLING UP TO 75% CaF2 - HORSESHOE This ASX release is all about the Horseshoe Prospect and as expected OD6 is laying out the obvious as a baseline for investors. The results that has been released are obviously spectacular now I kind of know what we as investors should be looking from ASx releases (Click here to hear Darren Holden sharing with us how to look at projects like Quinn Fluorspar in the recent Coffee with Samso - 04:34 What do we look for with a Fluorspar project?) Channel sampling returned: 12m @ 68.9% CaF₂ 7m @ 73.1% CaF₂ 2m @ 75% CaF₂ Figure 8: View northeast of the main face (channel QCCH2602_3) sampling at Horseshoe. Orange marks indicate 1m samples. The mineralization continues either end of the sampled section. (source OD6 Metals Limited) These results confirm strong grade continuity across multiple exposures and validate historical mining grades from the area. Check out Figure 1 and Figure 2 to see the sampling medium. Figure 9: View northwest of in-pit (channel QCCH2602_2) sampling at Horseshoe. Orange marks indicate 1m samples. The full extent of this outcrop was sampled. (source OD6 Metals Limited) What is interesting to see is the consistent potential seen here in Horseshoe and what we saw from the Mammoth project. I am not surprised to see the high CaF₂ numbers from the rock chips being collected as these epithermal systems are typically known for having a bold expression of mineralisation. The geology we see here at Horseshoe, Figure 10 and Figure 11 appear to have the juice for further mineralisation in the "Fluorspar Zone". Figure 10: Horseshoe Prospect channel sampling. background geology results refer to release dated 4 March 2026 -OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled.) (source: OD6 Metals Limited) The schematic cross section in Figure 11 is encouraging and I am assuming that the estimated with is a conservative estimate and if that is the case, this will make things interesting. If the way the deal has been structured is a guide to the vendor's optimism, then I think the story for OD6 could end well. Figure 11: Schematic cross-section of Horseshoe Pit with recent sample results. Background geology modified from interpretation by Evans 1975 (refer release dated 4 March 2026) - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled.) (source: OD6 Metals Limited) I think it is still very early to make a call but the historical results are too good to ignore. The potential scale and high-grade nature could make the Quinn project a deal of a lifetime for OD6 Metals. Figure 12: View SE of in-pit (channel QCCH2602_1) sampling at Horseshoe. Orange marks indicate 1m samples. Only the reachable extent of the outcrop was sampled. This outcrop displayed “Racoon Tail” textures of banded fluorspar – a classic epithermal replacement style in high-grade fluorspar deposits. (source: OD6 Metals Limited) The mineralisation remains open along strike and at depth, with only part of the 3,000m² system tested. This release reinforces the district-scale potential by showing that multiple prospects host high-grade mineralisation. Management Commentary Across the announcements, management commentary is consistent in highlighting three themes: validation of historical results, confirmation of grade continuity, and expansion potential across a broader system. The transition from rock chips to channel sampling and then to systematic exploration reflects a staged approach to building confidence in the project. Samso Concluding Comments The recent flow of ASX releases clearly show that OD6 feels that they have come across something that is easily narrated and the potential of a pay off is good. This is a business and I am liking what I am seeing. As I say that, I am aware that there is going to be a bit time required to consolidated the historical data and supplement that with upcoming exploration work. Another capital raise will be on the cards as they spend their recent raise which is part of the business of mineral exploration. One would think that the Quin Fluorspar project may be more about resource development soon rather than exploration. The wording to describe the stage OD6 Metals in at currently may be just words but for someone who has been in the shoes of Brett Hazelden, I would rather have that discussion of whether I am a potential resource developer than being a mineral explorer. Market Implication The market is obviously liking the story so there is not much to say :-). I like the story and catching something that appear to have the market on your side is a good start. While having the market sentiment is good, I think that having a project that can currently demonstrate some resemblance of size, grade and continuity of mienralisation is a bonus. Figure 13: Share price chart for OD6 Metals Limited as of 16th April 2026 (source: commsec) Cover photo: Morvan-fluorite (3), Romaine. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Morvan-fluorite_(3).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The Persian Gulf & the Gulf of Oman is a major gas & oil shipping route (Source: Wix). For many Australians, the Strait of Hormuz was once little more than a place name, mentioned only when tensions rose in the Middle East. It sounded distant, strategic, and largely disconnected from everyday life here at home. Unless you worked in defence, shipping, or financial markets, it was easy to assume it had little relevance to Australia. - That assumption has changed. Recent events have reminded the world that this narrow waterway remains one of the most important trade passages on earth. Much of the discussion has focused on oil, and understandably so. When the Strait of Hormuz is disrupted, crude prices react quickly, petrol prices follow, and inflation concerns return to headlines. But for Australia, the significance of the Strait of Hormuz goes well beyond oil. What matters is not only what passes through the waterway, but what those cargoes support. For a country like Australia—resource-rich, trade-dependent, and highly integrated into global markets - the Strait of Hormuz is a reminder that distant events often have local consequences. More Than an Oil Story - The Strait of Hormuz I will take a bet that the majority of investors will connect the Strait of Hormuz with oil and the first thing people think about that will be an issue is oil. Fuel for their cars and fuel for thier machinery. It is not untrue but there is a series of products that will be affected Traditionally, investors always align the gulf with oil. Today, we learn that the Persian Gulf is more than crude oil. It is beyond doubt that the Strait of Hormuz connects the Persian Gulf to global shipping lanes and is critical to the movement of energy exports. However, the Gulf region is also a major supplier of industrial products that receive far less attention. Lets look at some examples. Ammonia The Persian Gulf region is one of the most important ammonia-producing hubs in the world. Countries including Saudi Arabia, Qatar, Iran, the UAE, Bahrain, and Oman have built major ammonia and nitrogen fertiliser industries using abundant and low-cost natural gas. The main reason why the Gulf region is a major source of ammonia is because ammonia is made primarily from natural gas through the Haber-Bosch process, hence regions with cheap gas often become globally competitive exporters. Recent market data suggests the Middle East remains one of the largest contributors to global ammonia trade, with the Strait of Hormuz serving as a key shipping route for exports. Industry estimates indicate around 23% of global ammonia trade is linked to exporters reliant on the Strait. Hence the current hostilities and disruption is moving ammonia markets quickly. Why This Matters for Investors Many ASX investors focus only on the commodity sold by a company. Gold miners sell gold. Lithium miners sell lithium. Grain businesses sell grain. But sophisticated investors also study the inputs. Because margins are built on both sides of the equation: Revenue minus cost. When ammonia rises: Farmers may pay more for fertiliser Mining companies may pay more for blasting inputs Logistics businesses may face higher diesel exhaust fluid costs through urea chains Food processors may face upstream cost inflation This can change earnings quality even when commodity prices stay strong. Sulphur The Persian Gulf region is one of the most important sulphur-producing and exporting hubs in the world. Much of this sulphur is recovered as a by-product from oil and gas refining, meaning the Gulf’s large hydrocarbon industry naturally feeds global sulphur markets. Recent IMF commentary stated that GCC countries account for more than 40% of global sulphur exports. Other market estimates suggest that around half of global seaborne sulphur trade normally moves through the Strait of Hormuz and surrounding Gulf export systems. Hence, again, the disruption now in the Gulf is not a good thing as Australia's two main industries, Mining and Agriculture depend on a steady and economical supply of sulphur. Sulphur is primarily used to make sulphuric acid, one of the world’s most important industrial chemicals and is essential in: Copper processing Nickel refining Uranium production Rare earth extraction Phosphate fertiliser production Water treatment Chemical manufacturing For the agriculture industry, sulphur plays a significant role in fertiliser systems. It is used to produce phosphoric acid and phosphate fertilisers, as well as sulphate-based nutrients used across farming. Ammonia and Sulphur are two stand out commodity that is an obvious issue for Australia but there are others such as: Urea Refined fuels Petrochemicals Industrial gases Feedstocks used in fertiliser and manufacturing These are not headline commodities and most people never see them, and few investors discuss them. Yet they help power industries that Australians rely on every day. We notice oil because petrol prices are visible. We often overlook the materials that sit behind mining, farming, freight, and manufacturing. Share of global trade passing through the strait based on the average flows a week before the military escalation that began of February 28. (Source: UN Trade and Development (UNCTAD), based on data provided by Clarksons Research 2026) Why Should Investors Be Paying Attention to Strait of Hormuz In Australia Australian investors in the ASX often view their positions through a single lens and that is the commodity price. Iron ore rises, gold falls, lithium rebounds, copper softens. As my investment portfolio matures and my level of "wisdom" grows with age, I am now observing things such as profitability and market opportunities or lack of and this is sometimes more important than what is sold. As we all know, a good business is also dependent on what must be bought. Modern mining operations require a steady flow of inputs: Diesel for haul trucks and generators Explosives for blasting Tyres and spare parts Processing chemicals Reagents and acids Freight services Skilled contractors I am not trying to teach anyone what they already know but I feel that these are the time when investing solely on speculations typically become unstuck when fundamentals are ignored when you enter the transaction. I feel at times like now, when the actions of others, such as the hostilities in the Gulf, are biting into our investments harder than we realise. This means a mineral resource company can enjoy strong commodity pricing while still facing margin pressure when operating costs rise, and this is not a good situation for retail investors. That is particularly relevant when global supply routes become uncertain and the duration of the uncertainty creates a downward spiral of uneasiness in the ASX. What is hurting Small-Cap Mineral Explorers. The diesel issue is a no brainer for people in the mineral resource industry. The price increase is one thing but the uncertainty of supply is another story. Mineral exploration companies are living on a thin line of budgets and two months into these so called "short interventions" are really giving lots of companies headaches. As we have already mentioned, the shock to the explosive sector is not a riddle. It is a simple 1 + 1 issue. Mining cannot move rock efficiently without blasting. Many blasting products rely on ammonium nitrate, which is linked to ammonia markets. When ammonia pricing rises globally, mining input costs can rise with it. The Agricultural Link Most Australians Miss For the land use industry like agriculture, the farmers who are feeding us are just as badly affected. Distribution of their produce to supermarket shelves are all exposed to the rising cost of the was in the Middle-East. The list is as follows: Urea-based fertilisers Ammonia products Phosphate nutrients Sulphur-based fertilisers Fuel for machinery and transport When these markets tighten internationally, the result is often higher farm costs rather than immediate shortages. Freight Matters in an Island Economy Australia’s geography gives us access to export markets, but it also makes us dependent on shipping efficiency. We export minerals, grain, LNG, and agricultural goods by sea. We import machinery, electronics, chemicals, vehicles, and manufactured products the same way. When key global shipping routes become uncertain, the impact can spread well beyond the affected region. That may show up through: Higher marine insurance costs Fuel surcharges Longer shipping times Vessel rescheduling Increased freight rates Even if Australian cargo does not pass directly through the Strait of Hormuz, shipping markets are global. Tightness in one region can influence costs everywhere. For businesses with thin margins, this matters quickly. For consumers, it often appears later through prices. Why This Can Also Benefit Australia Not every consequence is negative. Periods of global uncertainty often increase the value of stable, reliable producers. Governments and businesses begin reassessing supply security, trusted partners, and long-term sourcing - this can favour Australia. Australia offers: Political stability Strong legal systems Deep mining expertise Reliable export infrastructure Large reserves of critical minerals Proximity to Asian markets This becomes particularly relevant for: Lithium Rare earths Copper Uranium Nickel Agricultural exports When the world becomes less certain, dependable suppliers often become more valuable. Australia has benefited from this many times before. What Serious Investors Should Watch Rather than focusing only on the daily oil price, investors should pay closer attention to the second-order effects that flow through the broader economy. These signals can provide a far clearer picture of how events such as disruptions in the Strait of Hormuz are truly affecting Australia. Within the mining sector, investors should watch for rising diesel costs, as fuel remains a major operating expense for many producers. Higher reagent prices can also place pressure on processing margins, particularly for companies involved in copper, nickel, uranium, and rare earths. Mining equipment working in the Super Pit Open Cut Gold Mine - Kalgoorlie, Western Australia, will be severely exposed to the rising costs being generated from the hostilities between the US and Iran. Changes to margin guidance in quarterly reports are often an early sign that cost pressures are building. Contractor cost inflation is another indicator worth monitoring, especially for developers and expanding producers. At the same time, periods of market stress often highlight the stronger companies, with quality producers tending to outperform weaker operators. Mining downstream stages are also exposed to potential rising cost of business. (source: Mining.com) In agriculture, fertiliser pricing is one of the most important indicators to follow, given its direct impact on farm economics. Seasonal farm margins can reveal how well producers are managing higher input costs, while affordability of fertiliser and fuel often influences planting decisions and output expectations. Over time, these pressures can feed into broader food inflation trends, making agriculture an important lens through which to assess the wider economic impact. Agriculture sector are well known to be machinery dependent for efficient farming. (source: CWIMPORTS) Across financial markets, gold strength is often a useful signal during uncertain periods, as investors seek defensive exposure. Inflation expectations are equally important, as they can shape interest rate policy and broader asset valuations. Freight indexes can reveal whether global logistics costs are tightening, while the relative performance of defensive sectors often indicates whether investors are moving away from riskier areas of the market. Taken together, these signals frequently tell a more accurate story than headlines alone. While news events may capture attention, it is the movement in costs, margins, and capital flows that usually reveals where the real impact is being felt. Samso Final Thoughts Most Australians now know the Strait of Hormuz matters. What many still underestimate is how broadly it matters. It is not simply knowing that its not about oil tankers moving through a narrow channel. I feel that investors need to know that the damage is done and that the worst may be over but the downstream effect of the worst is probably going to hang around for a while before it becomes the bad hanging around. Who knows how much damage has been done to the industrial inputs that support mining, farming, freight, and inflation. Unfortunately, we now know that a distant event can influence business costs, household budgets, and investment returns in Australia. The bad news is obvious but the good news is now to look for the business that will recover the best and the business that takes advantage of the past events. There is always a light at the end of the tunnel and as they say, where there is a Ying, there is a Yang. The modern economy is built on connections that are often invisible until they are tested. For Australia, the Strait of Hormuz is one reminder of that reality. Not a reason for fear. A reason for understanding. Cover photo: Crude Oil Tanker in Port Arthur, Texas, Quintin Soloviev. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Crude_Oil_Tanker_in_Port_Arthur,_Texas.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. 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Coffee with Samso 96 with Andrew Radonjic, Managing Director of Venture Minerals Limited (ASX:VMS) Venture Minerals is suffering from too much value in its portfolio. What was a defensive strategy to gather as many projects as possible to find a single jewel has led them to unearthing a chest full of treasures. Andrew Radonjic helps us understand the significance of the Kulin Project and why this is not just another Greenfield project. This is not a nearology play nor is it a project using namesakes to attract attention. Andrew shares with us the sound exploration deduction to create a project that will add significant value to shareholders. Kulin is a Ni-Cu-PGE target in its own right. Andrew tells us that the geology is consistent with current thinking on this style of deposits. Furthermore, a big major has taken a large tenement package adjacent to the current Venture ground. What further belief would you need on the prospectivity of this area if a major mineral company is taking big chunks of land as well? What's interesting to note is the surging Tin price. The Mount Lindsay project is set up to take advantage of the current pricing. The bigger story is that the Mount Lindsay project is naturally Green in the sense of making this a totally ESG compliant project. Do not miss out on what Andrew Radonjic has to say. Updates on the Kulin Project. Why Kulin could be a Ni-Cu-PGE project in its own right. What Ni-Cu-PGE is all about. The surging Tin price making Mount Lindsay a big bear to watch. The Green Story for Mount Lindsay. Mining Mount Lindsay may be Green due to economics and not an ESG requirement. Chapters: 00:00 Intro 01:08 Updates on Kulin. 04:42 The Thor project is not a Nearology play. 05:37 Is Kulin a New Frontier? 11:30 What is the fuss with Ni-Cu-PGE statement? 17:04 Could Kulin be a JV target? 20:45 Is the surging Tin price pushing Mount Lindsay back as a flagship project? 27:00 Could Mount Lindsay be the Green Tin producer? 31:02 Ore sorting could make Mount Lindsay even more valuable. 32:25 Great positioning to be a World Class Tin Player. 34:45 The Green Tin Story is more than a Dream. 35:41 Conclusion PODCAST 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 co-lead during the discovery of the Mount Lindsay Tin-Tungsten deposit. Andrew is also a non-executive director with Blackstone Minerals. About Venture Minerals Limited Venture Minerals Ltd (ASX: VMS) is entering an exciting phase as it looks to move from explorer to producer with production at the Riley Iron Ore Mine in Northwest Tasmania. At the neighbouring Mount Lindsay Tin-Tungsten Project, higher Tin prices and the recognition of Tin as a fundamental metal to the battery revolution has refocused Venture’s approach to developing Mount Lindsay. Already one of the world's largest undeveloped Tin-Tungsten deposits, the Company has commissioned an Underground Scoping Study on Mount Lindsay that will leverage off the previously completed feasibility work. 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 a Julimar lookalike Nickel-Copper-PGE 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 currently being drill tested which are situated 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. Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso This interview is also published on Brilliant-Online Brilliant-Online pushes for a better world with its interactive magazine and advertorial content. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Read Brilliant Investments

Mining HQ Podcasts Ep. 9 - 01:00 Relationship with China has affected share prices of Iron ore in Australia. Noel talks about the situation with Evergrande. Are we looking at the next global financial crisis? Or go to 01:00 - https://open.spotify.com/episode/1TQh2p9sI8jXRjxWRcGkcl Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

In 2016, I started telling people to be excited about Nickel stocks. First of all, they should start looking at the best Nickel stocks that are unloved now and awaiting a Happy Ending. The LME (London Metals Exchange) started to show a decreasing warehouse stock level. Also, the nickel price looked like it was bottoming out. Most noteworthy, it gave me the impression that the declining curve had taken a slight deviation. Consequently, the interest for Nickel is now a matter of history thanks to the Cobalt bull run. In addition, the word was out that the Li-Battery needed more nickel than cobalt …etc Oh yes, and suddenly every nickel projects became Ni-Co projects… 🙂 My Thoughts However, my optimism is more related to the whole base metal market rather than just Nickel. In my opinion, we have just come off one of the worst commodity crises. So I felt with that prolonged downturn, it cleared out a lot of underperformance. This normally meant that productivity will slowly set in for the long run. Certainly a shallower but definitely longer wavelength of growth. Industry people tell me that there is currently about 25 weeks of surplus on the LME. The stockpile, and according to the industry, needs to come down to within 10 weeks and that will start to move the price. In regards to the supply issue, the general consensus from industry people is that the supply crunch will come in 2 years time. This is the kind of timeline that the current producers and near-producers are aiming for their projects to be at maturity. Companies such as Panoramic Resources Limited are now restarting their Savannah Underground Nickel Mine in the East Kimberley, Western Australia. So I am guessing that the journey has begun. It is because of this factor that I like some of the lower ranks… The unloved or unknown stocks. So I came up with the 4 Best that I like. I was going to do 5, but I got lazy… 🙂 Panoramic Resources is a company that I tag as a Valued proposition. They are miners. There are the Western Metals, Mincor, Norlisk, BHP, Eramet…. etc. These companies are not what I think are the unloved/unknown stocks. I am not saying that they are of no good, in fact, I think they are very worth looking at as when things kick on, they are going to be money earners for everyone. I just bought some Western Metals… hopefully, that is a good move :-). No.1 – Legend Mining Limited (ASX: LEG) Legend Mining has come on the scene with the Rockford project, located in the Fraser Range province of Western Australia. The project is a joint venture between Legend (70%) and Creasy Group (30%) with Legend being the operator. The concept is to find a Nova-Bollinger style nickel-copper and Tropicana gold mineralisation. The project is has a large tenure. In fact, a total of 12 contiguous Exploration Licences covering 2,792km2. It is 120km northeast of the Nova-Bollinger nickel-copper deposit, owned by Independence Group NL. As you can see in the diagram below, it lies along the strike of the large Gravity anomaly that house the Nova-Bollinger nickel-copper deposit. Nickel exploration is not easy and finding that Ni-S body is a lot harder than your typical gold deposit. As a geologist who has limited nickel exploration, I have been told by good authority that finding a Ni-S body is very hard. However, with the new technological advances in geophysical tools, it is easier now than before. As I am told. The diagram below illustrates why this is a good story. As you can see, there is good sized mineralisation grade complimenting a decent length of mineralisation. Always good to see some meterage in your intercepts. There is no doubt that this is a greenfield project but so was the Nova-Bollinger mine and DeGrussa. In fact, so was many other projects. The exploration that has been done by Legend is proving that this is a relatively safe bet. Price Chart The price chart activity is certainly more active within the last 12 months. It’s obvious that the activities are clearly related to to the Rockford project. A joint venture into one of Mark Creasy’s projects seems to be the flavour of the month. Since cashing out from the Novo-Bollinger project (Sirus Resources LImited), Mr Creasy has had a few more wins so I will envisage that LEG will certainly be on many watch screens in the investing sector. The only disadvantage I see is the Market Cap of AUD80M. It is pretty high for an explorer. The most important concept to remember is that Mark Creasy has a 30% stake in the project and a 28% stake in Legend Mining Limited. This is a Mark Creasy company and if they get a sniff of success, there will be no issue finding new money to continue. No. 2 – Rox Resources Limited (ASX: RXL) Rox Resources Limited (RXL) is a very interesting company. AUD15M cash EV of 3M Market Cap of 15M. East Fisher Nickel Project – Mineral Resource of 2Mt @2.5% Ni for 50,600 tonnes contained nickel. Mt Fisher Gold Project – Mineral Resource of 973,000T @ 2.75 g/t for 86,000 oz contained gold. (To be divested into another new IPO in 2018/2019). Collurabie Nickel Project – Inferred Resource of 573,000T @ 1.63% Ni, 1.19% Cu, 0.082% Co, 0.85 g/t Pt, 1.49% g/t Palladium. The East Fisher project was discovered in 2012. In fact, I reviewed the project and wanted to put in a bid to buy it for my previous life. Originally, this is a gold project and I felt that there were limits to the project. I still think that is the case. The location is pretty remote and you would need to find a lot more to make the gold work. What I did not expect was the discovery of the nickel in the project. This I feel will make a difference. The discovery of the nickel is a game changer for RXL and I hope they can make this work. In addition, with the addition of Collurabie Nickel Project, this company could provide a few surprises. I am surprised that with the discovery, things have not really happened for RXL in the share price department. I was a shareholder a few years ago and sold out making some coin but it seemd to have stayed pretty much stagnant since that time. The photos above are some samples from East Fisher. I spoke to Ian Mulholland about the prospectivity and he explained that the ore bodies are still open and there many upsides to the story. The good part of these deposits is that they are shallow and within 70km from the nearest mill. Collurabie is further east but when you look at the final picture, I think this is a workable project. There are definitely some negatives, but they have the money to do the work required. The mineralisation from a geologist point of view is interesting. For me, at this stage, I am enjoying the whole geological story. I wished I was this studious when I was doing the geological degree. Price Chart If the nickel price does head north, this will give RXL a lot of room to move. However, the 5-year chart below shows that there is a disparity between what the potential of the company and what the market values it. This is one of those issues when a company has legacy issues and the market just does not like you. Looking at the stock, there are about 1.3B shares and that does scare some real investors away. The stock has traded in a downward trend for too many years for a company with AUD15M in the bank. Just does not make sense. I think they need some chinamen in there to stir the pot… 🙂 Only a chinaman can make leftovers a staple dish… Fried Rice… Long soup…Short soup… No. 3 – Talisman Mining Limited (ASX: TLM) Talisman Mining Limited (TLM) is another company that I feel is worth a good read. They had the tenement adjacent to Sansdfire Resources Limited and when they announced the discovery of the DeGrussa deposit, and TLM share price went flying. The management comes from good history, ex Jubilee Mines NL. If I am correct, Jubilee Mines sparked off the last run of nickel discovery in the early 2000s. The industry was having a hangover from the 1999 disaster, and the discovery of nickel was sparking the workflow. After the discovery of DeGrussa, TLM worked on their Springfield project (the one adjacent to DeGrussa) and discovered the Monty Copper Mine. As I write, they have recently announced that they have sold that project for $AUD70M + to Sandfire with extras. So for a small company, that is a good result. As you can see in the price chart below, it is not a bad investment/punt for the investor. The discovery of Monty would make a good read too. Maybe I will see if I can do something about that in the future. The Sinclair Nickel Project This is located in the famous Agnew-Wiluna Greenstone belt. Probably the best known world-class district for Ni mineralisation. It is a historic mine. It has produced 1.58Mt @2.44% nickel for 38,599t of nickel from 2008 to 2013. The site has all the infrastructure for a working mine and has been under care and maintenance since the downturn of the nickel price. I am no expert in Nickel but my understanding is that as these lodes are very small but have high grades, so the chances of finding more are very high. Look at the Kambalda nickel mines. They have been producing for decades. Assuming that the management is not planning to mine the market and are really making an effort to make this work, I would bet money on finding more workable lodes of nickel sulphides. What I do know about nickel sulphides is that they are damn hard to find. As a result, when you do find them, they tend to be something that can work. Consequently, from an exploration point of view, I would say that I will rather be exploring at a place where there is much smoke and have been known to be flammable. Furthermore, always remember that they are in a well know nickel province. I know I sound like I am repeating myself, the reason I like Talisman very much now is that they are going to have a heap of cash and they have good ground to drill. To top it all off, there is a great chance that the nickel price will go up. Looks like a good combination to me. From the last published presentation, I like the look of their interpretation, strike extension and the grades look very consistent. No. 4 – Poseidon Nickel Limited (ASX: POS) Poseidon Nickel is something of an oddball. I actually know very little but the latest corporate moves make me think that I am missing something. I know what they have technically. How anyone would want to pump lots of money into the company makes me think that there is something that I have not understood. Most importantly, I know that they a very high-grade Nickel mine, Silver Swan which is within the Black Swan Project. Price Chart Looking at the price chart, there is nothing there that will excite most people. For instance, the lack of spikes and I mean noticeable spikes is boring. However, I do know that there are a lot of big wigs in this stock. So if there are corporate moves, one must take note and start asking questions. The latest manoeuvring corporately makes me more than interested. Black Swan The project is 600km east of Perth and 50km northeast of Kalgoorlie, Western Australia. There are three components to the project, Black Swan open pit Silver Swan underground mine. Black Swan sulphide concentrator (2.15Mtpa) and supporting infrastructure. The Black Swan deposit contains serpentine ore (0.74% Ni) and talc carbonate ore (0.72%). The Silver Swan underground mine contains 147,000T @ 11.48% Ni for 17,000T contained Ni What’s Happening with the Project First of all, as I have mentioned, there was a flurry of activities the last few months culminating in the latest scenario. There had been many talks in the street that something was happening and as a result, I have sort of kept abreast on the goings of POS. Not diligently but it was in mind. The result was the resulting capital raising that made headlines. The latest fundraising is apparently going into the restart of Silver Swan and Black Swan. There are also talks about exploration drilling in several of their prospects. The good news is that I am bullish on the nickel price. Companies like POS will be in the box seat with a rising Nickel price. They have the infrastructure and the mines. Their pricing is unloved and this is why they are on my list of things to watch. They have a Market Cap of AUD100M and I guess for a miner, that is not too high. Share price sucks but if they can make Silver Swan work again, then things may change. Finally, I recently saw an article by SmallCaps, regarding the exploration of the Abi Rose high-grade nickel discovery that made a good read. 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

Coffee with Samso Episode 7 with Scott Williamson, Managing Director, Blackstone Minerals Limited (ASX:BSX) In this session of Coffee with Samso, the conversation is all about Nickel and what Blackstone Minerals Limited (ASX: BSX) are doing. Scott Williamson who is the Managing Director of the company is sharing a coffee at Cherry and Grapes in West Perth. Scott gives us a brief on himself and what the company is doing with their nickel project in Vietnam. PODCAST 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

Coffee with Samso Episode 16 with Peter Canterbury, Triton Minerals Limited (ASX: TON) Graphite is a commodity that is well known but I feel the investing market does not really understand the business and its commercial use as a commodity. While I was at the 2019 Diggers and Dealers Conference in Kalgoorlie, I spoke to a couple of people about the commercial part of graphite. As most investors only need to know that it’s a hot commodity and if your company has it, that is good, few people really know why. In this episode of Coffee with Samso, we speak to Peter Canterbury from Triton Minerals Limited (ASX: TON). Triton has a graphite project in northern Mozambique. The company has recently made an announcement that it has received funding from Qingdao Jinhui Graphite Co. Ltd. Jinhui is one of China’s largest graphite companies with extensive mining, process and sales experience. The Company produces natural flake graphites, expandable graphites, natural flake graphites, and other products. Who is Qingdao Jinhui Graphite Co. Ltd? (Source: Triton Minerals) Founded in 1999, Jinhui is a privately-owned Shandong based graphite company and one of China’s biggest graphite producers with more than 600 employees. The company produces approximately 60,000mtpa of high purity and value-added graphite products that are distributed to more than 200 enterprises throughout China and exported to more than 10 countries and regions including Japan, the United States, South Korea, Europe and South-East Asia. PODCAST 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

Coffee with Samso Episode 19 with JP, Galan Lithium Limited (ASX: GLN) The Brine Lithium sector is something that I have never really looked at in detail. I was a shareholder in one stock but it was during the rising market so I did not do too much research. However, after talking to JP from Galan Lithium Limited (ASX: GLN), I am very impressed with what they have to offer. The whole sector is interesting. It is kind of like the iron ore industry in terms of the tonnage. There is simply a heap of resource and the process of extracting the lithium is straight forward. Having this Coffee with Samso with JP definitely was the highlight of all my sessions. I say this as I learned the most from this discussion. A special thank you goes out to David Tasker (Chapter One Advisors) for lending me Jake Barker who took care of the videography and the bulk of the editing. Sure made life so much easier. Projects The Company’s projects are located within the South American Lithium Triangle in the Hombre Muerto Basin, one of the most important and prolific salt flats in Argentina and indeed the world. The basin is known to have the lowest impurity levels of any producing Salar in Argentina and has been in production for over 20 years. Several areas are targeted within the Project with the main focus being Candelas, in the south-east margin of the basin. Both areas have direct access to the salar including areas shallowly covered by recent alluvium. At Candelas, the target is approximately 15km long deltaic channel, which is the main access channel for lithium charged waters from source rocks to the south of the basin. The Candelas area adjoins Galaxy’s Sal de Vida project to the south. The Company is aiming to estimate a maiden JORC resource as soon as practicable. The Company is also investigating the various processing options open to it, with a view towards maximising the potential to directly produce battery-grade lithium carbonate the results of which will assist in the design and commissioning of a pilot plant. Corporate Information Market Capitalisation: 25M (July 2019) Outstanding Shares: 129M (July 2019) Top 20 Shareholding %: 49% (July 2019) PODCAST 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

Coffee with Samso Episode 22 with Simon Paull, Castillo Copper Limited (ASX: CCZ) Late last year, I wrote about Castillo Copper Limited (ASX: CCZ) which announced some great results from their Cangai Copper Mine. I was immediately intrigued. However, things did not go well for them. There were some environmental issues which appear to have been sorted out with their reinstatement to the Australian Stock Exchange (ASX). Cangai Copper Mine in northern New South Wales is still one of Australia’s highest grading historic copper mines with a JORC inferred resource of 3.2Mt @ 3.35% Cu. A few months of hibernation and lots of “discussions” the company has a new strategy and a new team. Most times, these new strategies are a lot of hot air, but what Castillo has come up with is very interesting. The talk about the three-pillar plan and I have to say it is not unattainable. The rebirth has brought in a new project within Zambia’s well known “Copperbelt.” The two Zambian projects named, Mkushi & Luanshya, are adjacent to producing copper mines, which enhances the upside appeal for Castillo’s assets. The Luanshya project is south of three mines owned by Hong Kong-listed, China Nonferrous Mining Corp (HKG: 1258; Market Cap: A$1bn), that produced nearly 6,000t of copper in 2018 with total JORC compliant reserves at 52.3Mt @ 1.26% Cu. A key feature is the underlying geology is the same, comprising the Lower Roan Group, which is well known to host copper mineralisation. In addition, emerging explorer, UK-based Moxico Resources’ Mimbula Project has Lower Roan Group structures within its tenure and a JORC compliant resource at 61Mt @ 1.18% Cu. We understand from industry sources that Moxico Resources successfully secured Pre-IPO funding of US$32m which delivered it an implied US$80-90m enterprise value. The current plan is for Moxico to IPO on the London Stock Exchange in early 2020. Meanwhile, Castillo is looking to do a listing on the London Stock Exchange at the end of this year. The company is supported by London stockbrokers Si Capital. In this episode of Coffee with Samso, the conversation is all about the business of copper and a company looking for a new direction. PODCAST 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

Coffee with Samso Episode 28 with George Bauk, Northern Minerals Limited (ASX:NTU) I believe that the REE market has large gaps between investors that really understand the market and those that think they do. I am very comfortable to say that I fall into the latter group as I have not invested in this sector before. This episode of Coffee with Samso has George Bauk from Northern Minerals Limited (ASX: NTU) talking to us about recent news on the REE market. There has been a lot of news lately about US government discussions with Australian counter agencies in regards to a realignment of priorities with the REE industry. I do hear a lot recently that there is a demand for investing in REE companies. As I have mentioned in the previous Coffee with Samso with George, most investors don’t really know what this REE do. Permanent magnets are the main story and there are still investors out there that realise the urgency to get into this business but they are still unclear of the reasons. PODCAST 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

Rooster Talk Episode 3 with Vincent Algar, Australian Vanadium Limited (ASX: AVL) This episode has Samso talking to Vincent Algar about how his company is managing through these tough times. Vincent reassures the investing community that things are progressing with caution but it is progressing. PODCAST 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