Coffee with Samso Episode 15 with Davide Bosio, DJ Carmichael / Shaw Partners DJ Carmichael was founded in 1896 and has its fair share of ups and downs.  Recently it was bought by Shaw and Partners which itself had new owners earlier this year with the Swiss private bank, EFG International taking a 51% stake.  On the surface, this is may appear to be just a transaction but when you view the Patersons Securities and Canaccord Genuity partnership in June 2019 at the same time, there is a trend appearing.  The quiet nature in the way  DJ Carmichael and Shaw did the deal gives me the impression a sense of urgency to get the consolidation of the broking industry completed. Coffee with Samso sensed that there is more to learn and invited Davide Bosio to have a coffee.  I have known Davide for several years.  I have seen his progress from the early days at CK Locke which. was followed by a move to his own firm at Pareto Capital in 2008.  Finally, there was the move to drivers role at DJ Carmichael.  The times I have spoken to Davide, he has given me a great breath of fresh air in this industry in Perth. When he accepted my invitation to have coffee at Blacksmith, I was very appreciative of his time. Who is EFG International? EFG was a start-up which has grown up to a major player in the world of equities.  I view private banks more like a private fund than the typical meaning of a bank.  The operations are more akin to that of a stockbroker with access to their own stash of funding.  When their clients are positioned, they will let the other participants in the game.  This is no different to the Macquaries, the UBS, the Goldman Sachs, the Citibanks…etc According to the EFG website, these are the major milestones for the company, 1995: Establishment of the bank in Zurich by two entrepreneurs with a wealth of experience in Swiss private banking The geographical expansion follows as a result of organic growth and acquisitions 2005: Listing on the SIX Swiss Exchange 2016: Combination with BSI, one of Switzerland’s oldest banks (founded in 1873 in Lugano) that has a strong tradition of Swiss private banking and a broad international network. 2019: Acquisition of majority stake in Shaw and Partners What is interesting to me is the mention of the 2019 acquisition of Shaw and Partners.  These are major milestones and this makes me wake up.  The acquisition of Shaw must be a major drawcard.  In the early 2000s, there was the consolidation of the nickel industry and recently we are seeing the consolidation of the gold midcaps.  What we have not really seen is the consolidation of the broking industry. We all know that there is a decrease in the market participation of many broking firms since the onset of online broking.  However, this is the first time that we have seen two major transactions of this size.  My theory is that the resource market is poised to make some significant gains and the big players are taking advantage of the low valuation of broking firms to get future market share. It is a no brainer that the likes of Shaw and partners taking over DJ Carmichael will allow them a foot in the door to the “players” in town.  It is a win-win scenario as existing clients of DJs will get a much larger network of investors and the EFG funds will get a larger share of the smallcap plays.  However, one would also wonder if that is a really good thing :-). 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

Marron is the largest Australian freshwater crayfish which lives on the sandy bottoms of rivers and streams. The marron is native to Western Australia and is the third largest freshwater crayfish in the world. Marrons can grow up to 1.5kg (one mentioned up to 2kg) in weight as opposed to Yabbies which are commonly about 150g in weight. The photos below show marrons in the wild and on the plate. In Western Australia, recreational fishing for marron is popular but restricted to 4 weeks of the year. This restriction is to help maintain the stock for the future. In the 1960s and the 1970s, the recreational catch was around 150,000 tonnes: today it is 15,000 tonnes. Types of Marron There are two main types are found in WA: hairy marron (Cherax tenuimanus) and smooth marron (Cherax cainii). Smooth marrons are found in most south-west rivers and dams. They are commonly seen and caught in the wild and are the farmed aquaculture species. Hairy marrons are listed as critically endangered and only found in the upper reaches of Margaret River. (The head and sometimes tail (of larger marron) are covered in short hairs.) Marron is endemic between the Western Australian towns of Harvey and Albany. Historically, marron was stocked into farm dams and waterways from Hutt River north of Geraldton inland to the WA Goldfields and east to Esperance on the south coast. They are stocked into commercial aquaculture farms in South Australia. Marron survive well with water that is low in salinity, high in oxygen or low temperatures. They prefer to live in parts of rivers and dams where there is permanent water and plenty of suitable habitat and food, containing fallen trees and submerged leaves. Marron spawn in spring and grow in summer. They grow by moulting and it is at this stage that they become most vulnerable to predators as it is this time of hardening their inner shell where predators can get to them at ease. Juvenile marron is rare as they hide under rocks and in the forest litter on the river or dam bed. The biggest danger to a sustaining marron lifecycle is the introduced species of redfin perch and trout. Marrons eat living, dead and decaying plant and animal material found on the river and dam bed, including small invertebrates, fish eggs, fish larvae and algae. Marron Industry The Marron industry is very “cottage” industry because the growers have not been able to invest in increasing production. In my years of speaking to people in the aquaculture industry, this has been a sore point for many years. Currently, there are 60T of marron produced in Western Australia and about 10-25T from the rest of Australia. In my opinion, international markets will not be reachable for local growers until they find new investments to help them to increase production. Recently, in a meeting with an associate who was in the industry, he describes the need for funds as a necessary step to any expansion as the traditional owners are small family operators who can’t invest large sums of money into the business. Usually, marron takes 2-3 years to grow, and this can be a hindrance to increasing commercialisation. Live trade for marrons is sustainable because they can survive a long time during transit. The opportunity for innovative long-term investors is to invest some time to look at the Marron Industry in Western Australia. The south-west, here all the marron industry has an A-class infrastructure and has the best climate. It is still very unappreciated, so the land cost will not be prohibitive. In 2016, there were reports that the marrons stocks were declining due to change in climate. Falling water levels lead to extensive marron deaths. You would think that in n industry that at a guess is worth protecting, there would be sufficient means not to allow this to happen. These are the factors which would be perfect for potential investors to fix and partner with existing growers to make the industry more robust and profitable. An example of foreign investment interest is the purchase of the 289 hectares Andermel Marron Farm on Kangaroo Island for more than AUD$1.6 million in 2016. The purchaser was the investment arm of the Chinese government-backed miner, Shandong Geo-mineral. Whether the interest is on the marron or the 8-hectare boutique vineyard and cellar door selling wines under the Two Wheeler Creek label and the Marron Cafe is up for debate  :-). Source: www.abc.net.au, www.fish.wa.gov.au, www.marrongrowers.org, www.arkive.org, www.wikipedia.org 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 17 with Tony Cunningham and Arnaud Moret In this episode of Coffee with Samso, the conversation was all about Stocks In Play (SIP).  SIP is an app and a website. Members can get free live data, news and research and theoretical trades that will allow them to compete with other traders.  It is not about competition but collaborating with all traders to get a sense of market sentiment.  Market sentiment underpinned by the information about where are the masses going is critical for punters. In today’s online trading environment, SIP provides an independent platform where traders can come and get third party information on the market. Most importantly is the ranking trading leaderboards where members can get “tips” to follow or DYOR.  Historically, traders have been relying on Forums, but that has seen some reduction in importance.  Today, social media platforms such as Twitter, Whatsapp, Facebook and Wechat have taken a lot of gloss from the old Forum platforms. Samso speaks to Tony Cunningham and Arnaud Moret about what is happening with SIP and what is in store for the future.  We talk about the journey and the hurdles that were faced since the start of this story. 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

What is happening with the gold sector ? It was not so long ago that gold was riding high at around USD $1370 (Figure 1). Everything gold was fantastic and I could see many exploration projects attracting the eyes of investors. That was a fantastic run. I think the Australian investing (small cap exploration types…) community was getting excited and rightly so. Then gold started going the opposite direction. Trump was taking office and the jokes were getting less and less and the reality started sinking in that maybe he is not that bad…. or could he…. ? The good thing was that the consultants that I know were still telling me that they were very busy. The fact that the gold price in AUD was really not moving that much meant that many investors still felt comfortable that Australian gold producers were still doing well. However, the fickle market seem to always look at the USD gold price as sentiment. The good news is that China is a buyer and a a big buyer. I think if the market thought the iron ore project buying spree was big, I think they have not seen anything yet. I hear news on the grapevine that things have been and will be getting busy. The bad news is that they are a lot wiser now and things will not be so easily sold without proper due diligence. Where will the gold price go ? If you look at the gold price from the mid to late 1990s (Figure 2), the approximate 50% retracement is around the 1050 mark. Now the current price of 1169 is not too far. So if you are a gold punter and you are looking for a base to work from, this is a very interesting time. When the gold price was above 1200, many traders were saying that it needed to break that support to create a clear view and now that we are at these levels, many are calling for support signs above 1200 before they will call a long buy. I think this is a very interesting scenario as it was about 12 months ago that the gold price was at the level of 1060. I think as usual, the market has already prepared for something, bad or worst, I am not sure but as you can see, a lot of gold producers are now with share prices at lower values than months ago. I do see some that are going up (ASX:SLR) and to me, that could be a sign that the company is healthy or have a healthier play in place… 🙂 Dacian Gold not getting their full placement is very interesting but I am sure the quality management have that under control. Even the Michael Jordan of the industry, Northern Star Resources (ASX:NST) have taken a belting in the share price since July. As the great Warren Buffet have always said, companies do not devalue overnight so when there is a sale happening on the share price, buy happily. What does it all mean for me? It very simple. We are coming off the worst downturn that I have seen in my 25 years in this resource sector. Pricing of every commodity that is worthy of mentioning have come off its lows and some like tin have gone to as high as it was in the last 7 years. Coal has taken a run and in an article on the Australian Financial Review quoting coking coal prices at as high as $US300/tonne and thermal coal at Newcastle port at up to $US89/tonne. (http://www.afr.com/markets/how-an-administrative-oversight-in-china-sent-aussie-miners-skyrocketing-20161208-gt6w92) I have been a buyer for the last 12 months but I think there is a correction happening now.So I will go with Mr Warren Buffet. Buy wisely when the sale is on …. 🙂 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

Mining clay is not what your typical mining conversation would be about if one is talking shop over a beer with friends.  Over the last 30 years in this industry, the connotation of being a geologist is all about mining. I will say that the mention of clay would not be part of that conversation.  If you mention industrial minerals, you would have them confused.  Imagine mentioning the term Halloysite-Kaolin. Interestingly, if you mention the mining of clay to those in the industry, you will be told that this has been happening for centuries.  What will come as a surprise to my non-mining Malaysian friends is that Malaysia or at least South-East Asia do mine a lot of clay.  I have been looking at this commodity for a while.  I think I looked at this in the early 2000s, but I will say that my understanding of the market, especially in the last decade is lacking. Hence, you can imagine my surprise when I looked into Andromeda Metals Limited (ASX: ADN).  Looking back, I should have taken more notice and looked at it more seriously.  The most significant disadvantage of being in this industry is thinking you know better.  I mean, mining clay, what is so special. After all, this has been happening for decades and centuries.  What could be so exciting? Andromeda Metals Limited (ASX: ADN) (source: Andromeda Metals website) Andromeda Metals (previously Adelaide Resources) was incorporated on 23 December 1993 and subsequently listed on the ASX on 11 September 1996. The Company’s head office is in Adelaide, South Australia. Andromeda Metals’ vision is to be a sustainable industrial minerals producer of high-quality halloysite-kaolin and high purity alumina material. The company aims to provide shareholders with a sustainable financial return on their investment in the Company. ADN has projects covering 6,102 km2 within 22 exploration licences located in South Australia, Queensland, Western Australia and the Northern Territory. The flagship and darling for the company would undoubtedly be the Poochera Halloysite-Kaolin project. What is Halloysite -Kaolin? An excellent question as I don’t even know how to spell it!  Well, let’s see what Wikipedia says: Halloysite is an aluminosilicate clay mineral with the empirical formula Al2Si2O5(OH)4. Its main constituents are aluminium (20.90%), silicon (21.76%) and hydrogen (1.56%). Halloysite typically forms by hydrothermal alteration of alumino-silicate minerals.[4] It can occur intermixed with dickite, kaolinite, montmorillonite and other clay minerals. X-ray diffraction studies are required for positive identification. It was first described in 1826 and named after the Belgian geologist Omalius d’Halloy. Halloysite is more for the High Purity Alumina or HPA part of the market.  It is the high end.  Kaolin is principally used to make chinaware and “simpler” products.  As described in several resources on Halloysite, the main focus is to get to the HPA market, which is slowly approaching as the next best thing. The Poochera Project. As one that prides in finding these non-descript projects that have hidden value, I am totally “pissed” that I did not get in when first introduced.  Why am I saying this?  Well, the project is straightforward — a white pile of clay mined with a loader and a truck.  I may have described it too simplistically, but if you get through all the jargon, it is that simple. Corporate Information Market Capitalisation: Approximately 83M (20/08/2019) Outstanding Shares: 1.3B (20/08/2019) Top 20 shareholding: 41% (2019) My Thoughts Like all these “next best thing” market, I am not overly convinced that it is going to be the Holy Grail.  How many of these Holy grail markets have we seen in the last few decades?  The only one that has come in and created a large new community is that of the Internet.  For those that are sceptics on what I have mentioned, look at graphite, graphene, lithium, cobalt, tantalum, tungsten…the list goes on. I am not saying that there is no demand.  What I am saying is that there is a difference between futuristic product demand and real current demand.  Lithium has an existing demand. However, the hype for a futuristic demand will be debated.  The profitability of a lithium producer is not worthwhile to debate. We all know that they will make money eventually as the lithium market will get squeezed, the supply shortages will guarantee a goof profit for producers. In terms of Andromeda Metals, I do believe that they have a great product.  They are now sitting on a market capitalisation of 80M based on no mining and a good story.  Are they worth the current value of 80M or the potential of higher values, my short answer is an overwhelming yes, for now?  Why?  It’s simple. They have a product that is required, and it is not that expensive to mine and deliver.  The market loves the story, and the perception of “off-takes” meaning products selling is working.  Will we see some consolidation on the price till the mining and real delivery happen, yes. Where I can be very wrong here is that the market perception does not allow it to fall and instead hold the current position.  I have seen this happen before, but if the final execution never happens, the price will fall.  If the market keeps it at the current levels, I suspect that the level of risk will be higher.  Market sentient has a history of keeping things where they may not be technically viable. Do I think that the company strategy is right? I will have to say yes as I know Rhod Grivas. Rhod has been in several great success, and I am sure he has plans in place.  For the very least, I do feel that management is not going to be the issue.  Like it or not, the content of the management group is essential.  For those “experts” who tell you that management is not that important, they are in for a big shock. Conclusion Andromeda has the market’s attention.  The momentum is on their side, and this is a very positive component of a reasonable share price.  The steady newsflow is helping the market pundits excited in anticipation of more positive news.  If I had to play the devil’s advocate, I would say that the market capitalisation of AUD80M before a scoping study on mining is probably getting to a temporary roof. What I want to see is a good pull back from the current pricing.  This thinking is probably one that comes from a trading perspective.  The old, let it come back and take a rest trading mentality,  take a few steps to consolidate for the next move.  This move creates a sense of relief that the pressure is not boiling. The “off-takes” are good. However, as we have seen in the past, the Iron ore “MOUs” was not a good outcome.  The other drawback is that you are not mining a rare as hen’s teeth commodity. What is the positive side of the equation?  As I have said, it is a simple mining process.  What they need to do is deliver a scoping study that is going to show the dollars.  They have the buyers, and they will get the funding, they need to show to the world a useful spreadsheet calculation. People in the mining sector refer to the term “free dig”.  When you look at the previous photographs of the area, it will be easy picking for the machines so mining cost will be minimal. If this scoping study shows promise, Andromeda is going to reach much higher values.  A lot higher than the current market capitalisation value of AUD80M. 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 21 with George Bauk, Northern Minerals Ltd (ASX: NTU) The Rare Earths industry is commonly misunderstood.  Rare Earths or REE have recently gained a lot of interest in the media mainly due to the attention created by the US-China trade war.  Most punters in the market are not aware that there is a second aspiring REE producer on the ASX in Northern Minerals Limited (ASX: NTU).  Several months ago, I learned that the REE industry is primarily about permanent magnets. Northern Minerals Limited is focussed on becoming the first significant producer of the heavy rare earth (HRE), dysprosium outside of China. The Company has a large landholding in Western Australia (WA) and the Northern Territory (NT) that is highly prospective for this element. Its current portfolio consists of three projects, the Browns Range and John Galt projects in WA, and the Boulder Ridge Project located in the NT. Of these projects, Northern Minerals’ 100% owned Browns Range Project (the Project) is its flagship project, where it has a number of deposits and prospects containing high-value dysprosium and other HREs, hosted in xenotime mineralisation. Dysprosium is an essential ingredient in the production of NdDyFeB (neodymium dysprosium iron-boron) magnets used in clean energy and high technology solutions. As a result of increasing global demand for these applications, dysprosium supply is critical. 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 23 with Alex Molyneux, Galena Mining Limited (ASX: G1A) The business of lead has long been a mystery to me. I did not realise the extent the equity market has forgotten the lead sector.  It was my meeting with Alex Molyneux recently that made me curious enough to invite him to a Coffee with Samso.  I am very glad he accepted as he has brought a lot of information to the table.  In this session of Coffee with Samso, Alex Molyneux has demystified the concept of this industry.  Alex has made me think that we may be missing out on a great opportunity to get into the lead sector. There is a great amount of resource that is being shared.  I encourage readers to take the time to watch and listen intently to his take on a rarely understood investment opportunity.  Did you know that lead plays an important role in the EV story? Galena Mining Limited (ASX: G1A) (Source:  Galena Mining) Galena Mining Limited floated on the ASX in September 2017. The company owns 100% of the Abra base metals deposit located in the Gascoyne Region of Western Australia. The Abra deposit was discovered in 1981 and remains one of the biggest undeveloped lead deposit in the World. Abra is within a granted mining lease. ​Galena completed a very successful drilling campaign in Q4 2017 with high-grade mineralisation intersected in every one of the 12 holes. These results have allowed the estimation of a new 2012 JORC compliant Resource in March 2018 of: ​This is 11.2Mt (Indicated and Inferred) @ 10.1% lead and 28g/t silver within 36.6Mt (Indicated and Inferred) @ 7.3% lead and 18g/t Silver. Galena has completed a Pre-Feasibility Study in September 2018 and is now on the pathway of a Bankable Feasibility Study 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 24 with Ian Mclelland, CEO, Proactive This episode of Coffee with Samso is all about Proactive. Ian Mclelland, who is the CEO of Proactive, was kind and brave enough to have a coffee with me.  As most would know, the content that is produced by Samso is published by Proactive. So it was a great privilege to have a coffee with Ian, and learn first hand about Proactive. Surprisingly, the things that Ian had to say was very consistent with Samso. This comment was heartening as it means the views of Samso is current. The conversation was free-flowing, and I am sure you will find it engaging as well. Proactive Proactive enables companies and investors to connect intelligently. Proactive is one of the fastest-growing financial media portals in the world, providing breaking news, commentary and analysis on hundreds of listed companies and pre-IPO businesses across the globe, 24/7. And, uniquely, their renowned multi-media business is complemented by quality events management, smart investor relations delivery and a highly respected research offering. 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 25 with Ed Turner, CEO, Kingwest Resources Limited (ASX: KWR) Over the last two decades, there has not been enough exploration to keep pace with the depleting resources of ongoing mines.  The recent M&A activity with producers in the Eastern Goldfields is proof that if you cannot find more resources, you buy them.  If I am not mistaken, this championing of more exploration has been echoed for the last twenty years.  There have been discoveries. However, industry experts will agree that there is still a large gap between what is required and what is produced. Kingwest Resources Limited (ASX: KWR) is one of those companies that are putting words with their wallets. A raise of AUD4M recently with an oversubscription of an additional AUD6M is very promising.  The company is exploring the highly prospective Menzies Goldfields looking to replicate the high-grade nature of historical mine production. In this episode of Coffee with Samso, I speak to Ed Turner, the CEO for the company. We talked about the company and why the Menzies projects are of great interest to investors.  I should say that I am curious about what they will uncover in this area.  As a die-hard exploration geologist, I am waiting in anticipation of some results. 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