Samso Search Results

It's that time of the year again when we look back at the last twelve months of 2021 to reflect on developments and trends and then try to peer into our crystal ball to make some predictions for what's to come in 2022. I'm glad we're not fortune tellers. It's actually very taxing to make predictions and do up today's Insights. Thing is, every publication, every "influencer" and every blog post has already done something, which makes this Samso Insights a bit of a late comer to this stage. Still, in spite of that, it's useful to look back and also see what's happening right here, right now and be open and curious to what could come in 2022. 2021 What a year we have had on the Australian Stock Exchange (ASX). I believe the current count of IPOs in 2021 is around the 120 mark and rising. Even as I write this article, there is another one listed today. I remember a time when it was just a fraction of that number. In fact, we could count them and probably even name the companies. As in so many industries around the world, the COVID factor played a huge part and it has driven one of the best bull runs for the small-cap mineral explorers that I have seen in more than thirty years of being in this sector. Looking at the upcoming list on the ASX as of 23rd December 2021, I can count 38 IPOs of which I think two or three have just been listed yesterday. If you assume an average capital raise of AUD$6M per listing, you are looking at nearly AUD$220M to be raised in the next couple of months. Hence, with over 120 IPOs in 2021, that is over AUD$720M raised in 2021. And this is excluding placements and Rights issue. Figure 1: (Source: GESB Superannuation) Looking at Figure 1, it is obvious where returns are coming from in terms of investments, for 2021. The returns from equities have gone through the roof and the number of participants have greatly increased. I don't think there are any arguments about the influx of new investors, new type of investors and new ideology of investors into all sectors of the Australian Stock Exchange. Over the last three years, the returns are just below 10%. However, the twelve-month return is over 35%. This is actually a spectacular result, and if you were to take parts of the mineral sector, the returns have been in the 100s to 100s of percent. This is not what you would get in the sensible investing ideologies, but it is the common reality and the expected realities over the last twelve months. Figure 2: (Source: GESB Superannuation) This is backed up with the data in Figure 2. Look at the steep incline in ASX curve. The steep returns are not well represented but if you take into account that this curve includes all the boring "blue chips", this is a significant information. Market Expectations for 2022 I think 2022 is going to be better than 2021. Volatility will definitely be a common feature but I think the next twelve months could be even better. I was told that there was nearly AUD$400M raised in the second half of 2020. In 2021, the ASX raised over AUD$700M. In my opinion, the capital market is going to either burst out of the gates in 2022 and create a bubble for investors to be concerned about, or it will just plough on to 2023. I think the later will happen as there are just too many things happening and the shift to No Emission will be the main driver of activities. Capital is still abundant outside the game and the uncertainty of the changing landscape of the post-pandemic scene will drive the narrative. Asset allocation will be trying to find some form of normality and this will create a "race" to be in the right place. A flight of capital to compete for the best investment. Figure 3: (Source: E& MJ) I saw a great article recently which expressed my sentiments perfectly. It is written by E&MJ - Engineering and Mining Journal (Figure 3) where they talk about the restarting of projects globally. When you look at the delayed projects, capital requirement will rise just for that portion of the market. To conserve cash, most mining firms deferred capital expenditures and halted or slowed project activity in 2020. GDP growth, an important leading indicator for capital spending in the mining industry, is estimated by the International Monetary Fund (IMF) to have declined by about 4.9% in 2020. As of the end of 2020, the number of metals and mining industry projects impacted by the pandemic exceeded 1,600, representing $212 billion, according to surveys conducted by Industrial Info. About 66% of that is for mining projects, with the remainder being for downstream processing and smelting sectors. The good news is that most of these projects are merely being delayed as opposed to cancelled. Most delays range from three to 18 months, with a lot of project development being pushed into 2021-2022 timeframe. ----- (Source: E&MJ) The renewed interest and the increased opportunistic interest in the mineral sector will push the current "bull" run for a longer period. How long this period will be is hard to say but if the general curve of interest remains smooth, then I think this will be a three to five-year run. Would this become the next super cycle? I think there is a chance that could happen. If you compare my thoughts in June 2019 with the Insight I wrote (Is the Commodities Shortage a Mirage?), with what is happening now, you can see why I am optimistic about the path ahead. My confidence in this optimistic narrative is entirely based on the EV-No Emission Revolution. This is the Industrial Revolution of our current times. At that time of my Insight in 2019, there were no rumblings of the impending lithium run. If you look at Figure 4, the sentiment was still going down. Figure 4: The 5 year chart for Lithium Carbonate. (Source: Trading Economics) The sentiment for lithium was at its all time low in September 2021 and it took off like a greyhound chasing a rabbit on the racecourse. That has changed the entire dynamics of the No Emission narrative.There was already a movement for Green-EV-Reduced / No Emission but as the sharp price movement happened, it is as if the world woke up suddenly and decided this was the way to go. And this movement is now going at break-neck speed. What will Drive the Growth in 2022 It is an obvious statement to say that lithium is the driver but it would be foolish to believe that lithium is the only or main component. In June 2021, I wrote - The Mystical Journey of the Commodity Price - Will it Continue? - as an Insight, and I came across Figure 5. This was the light bulb moment for me in trying to narrate the ongoing space. Figure 5: The elements that are required to have a renewable industry. (Source: www.elements.visualcapitalist.com) When investors get all excited about lithium, one must also get excited about the things that support the lithium products i.e. the buildings, the casing, the products that require lithium etc. As seen in Figure 5, there are a lot of other metals that are required and are more in demand now than in the previous industrial community. Molybdenum - Who Would Have Thought? Let´s look at something that is so unknown and unloved but is now garnering a place in the spotlight - molybdenum. Molybdenum is a component of stainless steel and its claim to fame is that it is what makes stainless steel anti-corrosive. When you look at Figure 6, you get a sense that there is renewed interest and there is a correlation of increasing demand for lithium and molybdenum. Is it a coincidence that the sharp increase in Molybdenum price is at the same time frame as Lithium? This resurgence is another reason that makes me feel the mineral "bull" run will stay around for a lot longer. The short cyclical range that we are used to in the past may be on the verge of breaking into a new range. Figure 6: 25 year chart for Molybdenum. (Source: Trading Economics) Why is Molybdenum going through this new phase is still a mystery to me. The research I have done do point to a correlation to the rise of the oil and gas industry. The increased need for structures that are not corrosive is a factor but if you look at the diagram in Figure 5, the increasing use of renewable energy source could be driving up the pricing as well. Then there is Nickel In my opinion, this metal is going to have a better future. The reason is mainly due to the fact that the EV industry is always seeking for better and more cost effective components. There are now commentaries of how the industry is actively looking at Nickel Solid State batteries. If this is going to be the future, then the demand for the metal will far exceed existing supply. Users are going to struggle to find reliable sources of nickel sulphides and if they go towards the Green space, that market will be even tighter. Figure 7: 5 year chart for Nickel. (Source: Trading Economics) The need for nickel sulphides is going to be a struggle as there is a little problem of finding the source and then mining it. For those who are not proponents in this industry, the mining process is a not an overnight process. It takes time and that is going to cause an even greater strain on demand. Copper - Old faithful Doctor Copper. Copper is the main stay of our civilisation and there have been countless commentaries on the need for more copper. I don't think we are going to have a sky-rocketing price surge as the supply of copper is pretty good. When I say pretty good, I mean that we can get to a source more easily as the price will get to a point where it allows the not so economical projects to become viable. Supply will kick in and that will stabilise the price rise. Unlike cobalt and in some case nickel (at some point in the future), there is a supply issue and the price will get to a point where it is uneconomical to use as a component. Figure 8: 5 year chart for Copper. (Source: Trading Economics) This is like using gold as an industrial use. It just won´t happen with the price. There is indeed a need for more copper but I think the shortage will not be as bad. This is not saying that there may not be pressure on the price. I just don't feel a great fear of not finding copper. And then there is Lithium There is no need to elaborate on the need of this metal. It is a well-known story but the latest price surge is pretty vertical. I will think that there is going to be a coming back to reality at some point. In late 2019, I was talking to an associate who was trading in spodumene and he told me that the turning of lithium is close. I agree with him but the rate at which it turned is what really surprised me. Figure 9: 5 year chart for Lithium. (Source: Trading Economics) I am not entirely sure where the price will end up, but what I can say is that the projects that are near to the market will be beneficial. With these last two years of shifting economics, shifting logistics, shifting politics, I feel that there is a balanced shift of reliance on world supply to one of domestic supply. The position I have on lithium is no longer that of whether the price will rise or if there is a demand, but rather one of location of the project. What I am saying is that if you have a project that is in the right jurisdiction, you will be closer to your market. I have one thought which may raise some eyebrows. The "shortage" of lithium may be due to the lack of plants to produce the end product. The bottleneck in the supply chain is the plant and not the raw material. If I am right, this is not going to sorted out in the near future. There is no doubt that the critical nature of lithium is going to play a big role in the coming years, maybe even extending decades. This will shape political and economical boundaries. These boundaries will become the balancing powers. Hence, the jury will still be out but I suspect we will have the answer soon. These are simply my observations based on experience, past and current happenings. Conclusions The mineral exploration industry is experiencing a state of euphoria which have never existed in my thirty years of participating in this industry. Geologists are in great demand and are being paid handsomely. I have never heard nor seen anything like this kind of fortune for the rock lickers. We have had a long period of suffering with a lack of capital and been seen as not as important as the corporate participants. When you take into account that there was nearly AUD$750M raised in 2021 and about AUD$400M to AUD$500M raised in 2020, you can't help but think that exploration activities will continue to be strong. The outlook for the metals is also strong with the EV / No Emission story that is dominating in every aspect of the resource industry. Another factor which we have not covered is the onset of Environmental, Social and Governance (ESG) requirements and participation. This will be a big driver for the industry as companies look to bring their businesses in line with the ESG bracket. The emergence of a strong ESG requirement is also creating more opportunities and allowing more capital to be allocated. When I quote the metal pricing and potential demand in this Insight, I want to highlight that there is a shift in the use. This shift is what makes up the building blocks of the coming decades. 2022 is most likely at the starting blocks. This shift will create more opportunities and more demand for capital and resources which will fuel economic activities. In 2020, everyone was surprised at the rapid rise in equities. In 2021, investors were trying to work out when the cycle will end. In 2022, I feel that investors are more accepting of the potential of the bull run and may push the pedal closer to the floor. I think investor confidence of a continued surge in mineral equities will be higher. It may be a case of investors doubling down on their expectations. It is as if investors were expecting a slow down. With a slowdown no where in sight, their excitement has been validated and they are speaking with their increase eagerness and money. What I like about the coming Year of the Tiger, 2022, is that the new world is just beginning to start. There is no going back to the old world. This is not a COVID issue. This is a new "industrial revolution" and I feel excited to be part of the process. 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. This article is also published on Brilliant-Online

This little geological body is a forgotten land. Actually, not forgotten but just not talked about so much. A few decades ago this was a much talked about piece of real estate for the mineral exploration industry. In the early 1990s, there were lots of conversation about diamonds. In reality, this is a good place to go hunting for minerals, after all, it is a subduction complex with the suite of forearc basinal, magmatic arc and backarc extensional elements [9]. Where and What is the New England Fold Belt? The New England Fold Belt (NEFB) sits within the New England Orogen (NEO) which is the youngest and most eastern of the Australian craton. It has a west-dipping subduction which means that they have the typical crustal thickening and thinning coupled with magma activity [4]. Figure 1: (a) Tasmanides of eastern Australia, after [2]. (b) The southern New England Orogen in NSW. Terminology of terranes from [3].(Source: [1]) The portion of the Fold Belt that is of interest to us at the moment is shown in Figure 1. It is the portion that is in New South Wales. Like most of Australia's geological corridors, the NEFB is another that has a history of being endowed in all sorts of metals. According to [8], the use of high detail geophysics has identified the following: potential magmatic diamond hosts, controlling structures for orogenic gold and granite-related polymetallic veins, unmapped and concealed deep leads, accurately defining the extent of primary sapphire host rocks, bauxitic laterites. The survey was done in the western part of the NEFB but the reality is simple. The southern NEFB is basically a subduction zone that has proven to be producing metals (Figure 1). There is no secret that this area has substantial mineral discoveries. What is interesting for me is how the mineralisation relate to each other. A Subduction Zone - Good Geology Never Disappoints Before we go any further into the story, we need to have an appreciation of what is a Subduction Zone and why this is the key component of the Insights. I will not give a detailed description but I need to give some context. The famous Ring Of Fire (Figure 2) is where we see the biggest and most endowed regions for mineralisation. On 22nd January 2020, I published an article - Copper Porphyry Districts - Chile & Associates - which talked about the mineral potential of deposits that are derived along these subduction margins. When I talk about the mineral endowment, I am not just talking about the porphyries. Yes, these deposits are world class but I am really talking about the numerous "smaller" deposits that are in plague proportions because of the subduction zones. Figure 2: The Ring of Fire - The Ring of Fire is a string of volcanoes and sites of seismic activity, or earthquakes, around the edges of the Pacific Ocean. Deep ocean trenches and high mountain ranges are also part of the Ring of Fire. (Source: The National Geographic) In the western part of the USA you have a swarm of porphyries and volcanogenic massive Sulphide (VMS) mineralisation that is scattered randomly all over the place. This is where the Pacific plate is subducting into the Northern American continent and creating magma activity that is commonly seen in all these pate margins. The volume of mineralisation is why the western margin of the Americas is swarming with deposits of all sizes. Have a look at this Insight that I published in May 2021: High Grade Mineralisation - Riedel Resources Ltd (ASX: RIE ) and New World Resources Ltd (ASX: NWC) - An Existing Mineralised System When I wrote that Insight, I learned so much about the potential of provinces like that which are present all along the margin. So when we proceed with this Insight, think of these margins, think of the potential when we discuss the NEFB as a "miniature plate margin". Remember, a subducting plate is always going to generate the same type and intensity of magmatic activity. So Why the New England Fold Belt - The Brewing Pot There is a lot of work being done in the NEFB and the New England Orogeny. What I have learnt in the long hours of reading is that the potential mineralising nature of the region is still at its infancy. There is no doubt that the rocks are tapping the mantle. The presence of diamonds tells us that we are tapping the mantle, which makes complete sense as we are in a subduction zone. As you can see in Figure 3B, there is ample evidence of metal formation. The migration of volcanic activity Figure 3A over the subducted plate is clearly observed which supports Figure 3B where you can observe mineral deposition. Figure 3: (A) Location of dated volcanic sites, northeastern New South Wales (map) with bistograms of older Mesozoic volcanism (190-95Ma, top) and younger Mesozoic-Cainozoic volcanism (95-OMa, bottom). Inset. Australian migration over Coral Sea-Cato Trough thermal rift system, (outer and inner margin lines) showing track positions from 65Ma to OMa, detailing positions at 45Ma and 20Ma relative to the Central Volcanic Province (CP). [10] (B) . Geological subdivisions and metahydrothermal mineral deposits in the southern New England Fold Belt. [11] The magmatic activities are key ingredients for all the metal deposit formations and this is very apparent in the research material. According to [5], the massive sulphides at Halls Peak are up to several metres across and up to 3m thick. Metal grades are high, averaging 3.5% Cu, 8% Pb, 24% Zn, 260ppm Ag and 0.42ppm Au. The bodies are associated with broad zones of weakly disseminated and stockwork sulphides in hydrothermally altered volcanics and sediments. The Halls Peak massive sulphides is compared by [5] as similar to the Kuroko deposit in Japan. The Kuroko-Type deposits are usually accompanied by alteration zones with a distinct zonal arrangement. One of the similarities is the Kuroko type deposits are in the similar age range of deposition and they are in felsic lavas and pyroclastics. "Largely stratiform Kuroko deposits, stockwork ores and fissure-filling veins are widespread in the so-called Green Tuff basins of Tertiary age in Japan. They are the youngest, least modified examples known of base metal sulfide deposits associated with felsic lavas and pyroclastics, and familiarization with their features should lead to a more detailed appreciation of how and where other deposits of the same general types were formed." - [12] The report went on to name the Paleozoic deposits in eastern Australia like Rosebery, Mount Lyell, Captain Flat, Woodlawn, and Mount Morgan. Why Zinc? In January 2019, I published a couple of articles related to zinc. I was feeling optimistic about the Zinc market and was struggling to understand why there is no price surge. There was supposed to be a potential supply shortage but the so called imbalance of demand vs. supply was not forthcoming. The Samso Insights are as follows, Zinc Market- What happened to the price surge? 7 Interesting Zinc Companies on the ASX What is interesting is that since that time, there has not been an economical discovery. If I am not mistaken, there have been discoveries but none that have gone to production. It is because of this lack of success that I am still keen on Zinc. What is a Zinc Discovery - The Earaheedy In July 2020, I learned about Rumble Resources and their Earaheedy Project and was instantly attracted to the potential. At that time, the company was focused on the Western Queen Gold project. In my previous dealings with associates, I was already a fan of the Earaheedy area. I have learned that the Gascoyne was the place to find a lead-zinc project. To cut a long story short, I was not able to convince Rumble Resources to share the story on Coffee with Samso and history will show that they have made a good discovery on their Chinook Zn-Pb-Ag-Mn-Cu project. For one who has declined a Coffee with Samso, it looks like another discovery is on the way in the Kimberley. Halls Peak Project - Southern New England Fold Belt This brings us to the Halls Peak project - a very interesting project in an area that is well know for mineralisation. The Halls Peak project is 100% owned by Critical Resources Limited (ASX:CRR) and is located 45km south-east of the town of Armidale. It is well documented that there are massive sulphides in this area. It sits in the Tasmanides accretionary orogenic system [4]. It has historical workings and was previously mined for zinc. A historical high-grade zinc mine is as good a place to start to look for more zinc. According to [5], historical workings discovered a series of gossanous outcrops in the halls Creek area. Mining for Cu, Ag, Pb and Zn commenced in 1916 through to the 1970s. The massive sulphide deposits are located 50km SE of Armidale and 500km North of Sydney. * An extract form Critical Resources Limited noting some highlights of the Halls Peak Project. One of these massive sulphide location is shown in Figure 4. The area lies towards the eastern edge of the New England plateau on the steep upper slopes of the Chandler River valley. Figure 4: Halls Peak area, NSW, showing location (inset) and position of mine waste landslide, sulphide stockpile and polluted area, and drainage into Chandler River.[7] Conclusions When I set out to write this Insight, I was going to talk about Zinc mineralisation. As I progressed into the researching stage of the Insight, I started to realise that the real story is the New England Fold Belt and that the geological history or understanding of the NEFB is the key. I have some knowledge of this area due mainly to my previous work in the diamond industry way back in the early1990s. However, my current research has definitely made me think about the mineral exploration potential of the eastern part of Australia. Limited Working Knowledge My geological career is very limited to Western Australia and I am now understanding why there are so many explorers on the other side of Australia. The geology is so intense and the potential for discoveries is a surprise for me. I know it should not be as there are numerous discoveries and world class mines on this side of the continent. My ignorance is largely due to the fact that I have only worked in a limited capacity in a small highly focused industry, and there is little opportunity to work elsewhere. Small companies tend to focus on projects in a do or die program. Learning about Halls Peak When I came across the Halls Peak project with Critical Resources Limited (ASX: CRR), I immediately took a liking to the geology and the potential. I did not know much but I was definitely thinking that this is worth some further research. Exploration at the project has been busy and there have been several announcements updating the ASX on exploration activities: 3rd December 2021: Visual Massive Sulphides Intersected in First Drill Hole 7th December 2021: More Mineralisation and Visual Massive Sulphides at Gibsons 15th December 2021: Massive Sulphides Intersected in Second Drill Hole - Gibsons 21 December 2021: Massive & Disseminated Sulphide Intersection- 4th Drill Hole 7th January 2022: Drilling Recommences at Halls Peak Project As this Insight is being written, the company has gone into a Trading Halt (10th January 2022) and the anticipation is for further drilling results. 11th January 2022 - Outstanding High Grade Zinc, Copper and Silver Assays Final Thoughts Mineral exploration is all about finding a needle in a hay stack. Most investors think that X marks the spot but are often disappointed in reality. At best, all that X marks is a good place to look. It is good to remember that a drill hole is at best 10 inches in diameter (most are not) and you can miss a lot when you are exploring. Whenever we talk about a prospective place to find minerals, it is always good to know that the place has good genes. A good genetic signature goes a long way. Hence, when I think about what Critical Resources are doing at Halls Peak, it does make me prick up my ears. I would not go so far as to say that I am excited. I will be excited when I see more drilling results that are consistent with the historical grades and intercept depths. What I like is the evidence of multi metal mineralisation that is consistent with magmatic activity synonymous with a subduction zone. The Hillgrove SB-Au project, which is just north of the area, is a case in point. As you can see in Figure 3B, there are numerous known sites of mineralisation. From an investor point of view, I like Halls Peak because the historical numbers are very encouraging. I like the regional setting and how the known mineralisation supports the tectonic setting and potential metal endowment. One can never say anything is a sure thing, but this has got good points for a decent DYOR. Reference: Manton, Ryan & Buckman, Solomon & Nutman, Allen. (2019). Early Permian strike-slip basin formation and felsic volcanism in the Manning Group, southern New England Orogen, eastern Australia. Australian Journal of Earth Sciences. 66. 1-19. 10.1080/08120099.2019.1566932. Glen, R. A. (2005). The Tasmanides of eastern Australia. Geological Society, London, Special Publications, 246(1), 23–96. doi:10.1144/ GSL.SP.2005.246.01.02 Flood, P. G., & Aitchison, J. C. (1988). Tectonostratigraphic Terranes of the Southern Part of the New England Orogen. In Flood, P. G., Aitchison, J. C. (Eds.), New England Orogen: Tectonics and metallogenesis (pp. 7–10). Armidale, NSW: University of New England. McKibbin, Seann J., Landenberger, Bill, and Fanning, c. Mark. 2017. First magmatism in the New England Batholith, Australia: forearc and arc-back-arc components in the Bakers Creek Suite gabbros. Solid Earth, 8, pp421-434. Ashley and Wolfenden, B.J., 2004. Halls Peak Massive Sulphide Deposits, New England, NSW. CRC LEME. Murray, C.G. 1987. Tectonic Evolution and Metallogenesus of the New England Fold Belt, Eastern Australia. Pacific Rim Congress Lottermoser, B.G., Ashley, P.M. and Muller, M. 1995 Environmental geochemistry of the Halls Peak massive sulphide ZnPbCuAg deposits, New South Wales, Australia. BRown, R.E. 2010. Potential exploration uses of high resolution geophysical data in the southern New England Orogen, NSW. NEO 2010 Conference Proceedings. pp55-61. Henderson, R.A., Fergusson, C.L., Morand, V.J., Reinhardy, J.J. & Carr, P.F. 1993. Tectonics of the Northern New Fold Belt. NEO 93 Conference Proceedings. pp505-515. Sutherland, F.L. 1999 Volcanism, Geotherms, Gemstones and Lithosphere, since orogenesis, N.E. New South Wales: A synthesis New England Orogen 1999 Conference. pp355-364. Stroud, W.J., Barnes, R.G., Brown, R.E., Bronwnlow, J.W. & Henley, H.F. 1999. Some aspects of the metallogenesis of the Southern New England Fold Belt. New England Orogen 1999 Conference. pp365-371. Lambert, Ian B. & Sato, Takeo. 1974. The Kuroko and Associated Ore Deposits of Japan: A Review of Their Features and Metallogenes. Economic Geology, Vol 69, pp1215-1236 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 Samso is a renowned resource among the investment community for keen market analysis and insights into the companies and business trends that matter.

Coffee with Samso Episode 125 is with Brad Valiukas, Managing Director of Aurumin Limited (ASX: AUN) Aurumin Limited (ASX:AUN) listed on the Australian Stock Exchange (ASX) two very interesting projects in the Southern Cross Goldfields, a region that has a history of producing high-grade resources. The acquisition of 750,000 ounces of gold is a clear indication of the intent of Aurumin Limited. I felt that Brad Valiukas and his team were focused on their mining strategy. This move has confirmed my thoughts. The strategy was pretty straightforward. Acquire historical mining projects that have potential for growth. Drill. And develop. When I hear companies with this strategy, I notice that many use it as their lead for a story, but few actually have the intent to make it happen. The initial Mt Dimer and Mt Palmer and Johnson Range are initial cornerstone projects for the company. However, with this acquisition, the Sandstone project is a step up. One of the key aspects of the project is the 500,000 ounces of gold resources which is untouched and underground. In my opinion, this is an upside that cannot be ignored. We're not talking about a sprint to the finish here. If anything, this is going to be a marathon, and by the sound of our conversation, there are more surprises coming. Chapters: 00:00 Start 00:25 Introduction 00:55 Brad discuss Sandstone acquisition 01:40 The prospectivity of the Sandstone and how Aurumin pitches the story now. 03:15 How do the older projects work alongside the new project? 04:53 Key projects of Sandstone. 07:06 Is there a Mill story? 09:03 Neighbours are finding new gold, is this positive for Aurumin? 11:01 How do you explain the low grade story to investors? 13:17 Making the ounces work. 14:40 Underground is a new play - Renovation is not always a good thing. 15:08 What are Brad's thoughts on the potential? 16:05 The ore is recoverable. 16:39 Does the market like this gold space? 18:59 Interest for transaction. 19:53 What are the news coming up? 20:48 What is happening in the other projects? 22:31 Are your other projects a preview to what will come with Sandstone? 23:33 Satellite projects will make the Mill story work. 24:34 A communal Mill will work for all players. 25:52 Conclusion PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Brad Valiukas - Managing Director BEng (Mining), GradCert (Econ), Member AusIMM Mining Engineer and experienced executive with over 20 years operational, management and executive experience covering underground and open pit operations across multiple commodities around Australia and internationally. Brad's most recent position is that of Manager – Technical Services for Northern Star Resources. He was previously COO at Focus Minerals, COO at ABM Resources and held senior roles at Mincor Resources. About Aurumin Limited (ASX: AUN) Aurumin Limited (ACN 639 427 099) (Aurumin or Company) is an Australian company incorporated on 28 February 2020 in Western Australia as a mineral exploration company to allow the reorganisation of projects held by Aurumin Mt Dimer Pty Ltd (formerly Acertim Resources Pty Ltd) (Aurumin Mt Dimer). In particular, the Company was established to enable the restructure of the Mt Dimer, Mt Palmer and Johnson Range projects into separate project entities and further consolidate additional tenements, and to progress these gold exploration projects in the Southern Cross and Kalgoorlie regions. Since incorporation, the Company has acquired 100% legal and beneficial ownership of Aurumin Mt Dimer and Aurumin Mt Palmer Pty Ltd (formerly Mt Palmer Gold Pty Ltd), and has entered into a further 3 tenement acquisition agreements and applied for further tenements such that it now has an interest in 29 tenements across 4 projects. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

Investors are always looking for that perfect investment. And as we all know well, all that glitters do not always turn out to be perfect investment. This has been the bug bear of my investments and I am sure many other share this sentiment. Investors in the Australian Stock Exchange (ASX) love spotting a company with the perfect copper story. I have a copper story to share. Several years ago, I remember stepping off a plane and receiving a message from a friend telling me that Stavely Minerals Limited (ASX: SVY) share prices have taken off. On 26th September 2019, Stavely made an announcement - Outstanding Shallow High-Grade Copper-Gold Discovery in First Diamond Hole at Ultramafic Contact Fault - and the shares soared. Figure 1: The 3 year share price chart for Stavely Minerals Limited (Source: Commsec) After reading an earlier announcement on1st August 2019 - Latest Drill Assays Confirm Southerly Plunge of Copper-Gold Mineralised North-South Structure, I told my friend that this is a serious project and that we are looking at a discovery hole. I liked the Stavely story and was trying to persuade management to do a Coffee with Samso, but they were reluctant. Here is where I can add another entry to the list of "I told You So" stories. Such is life. But onward we must go. When you look at this story, as good as the project is, it's not going to be producing copper plates in the near future. In fact, this story is not in the same space. Which leads me to a different copper story, that of Cyprium Metals Limited (ASX: CYM) where they are talking about producing copper plates in 2023. They were talking 2022 but with regulatory delays, and now they are talking about 2023. Cyprium Metals Limited (ASX:CYM) When I first looked at the Cyprium story, it was all about the exploration story. The story was centred on the Nanadie Well and the Hollandaire project. These two projects are categorised in the Murchison Copper Gold Project. When Barry Cahill agreed to do a Coffee with Samso, I started to do research earnestly. On the day of the recording, the company announced the acquisition of the Nifty Copper Mine (The Nifty Copper Mine: A Forgotten Gem in the Paterson Range). I only found out about that an hour before the recording - A New Copper Producer - An Overnight Success... - Cyprium Metals Limited (ASX: CYM) - Episode 69 - which was pretty exciting as I was getting to know about the story not unlike reality TV style. It was definitely fresh off the press and piping hot. Figure 2: Location of Cyprium Metals projects. (Source: Cyprium Metals Limited) The acquisition of Nifty by Cyprium is unique in that Barry Cahill and his team have done this in Indonesia. This is not a new topic for Barry and his team. The key is the heap leach process (Heap Leaching: Is it something that could be an alternative to conventional gold extraction?) and if you understand this process, you will understand why we are excited. Figure 3: Nifty Site Layout and Active Areas (Source: Cyprium Metals Limited) Heap leaching is a well known process used by the world's largest porphyry mines to extract low grade but large volumes of copper and gold ores. They treat millions of tonnes of ore which are the major suppliers of copper and gold to the world stage. According to Barry, their IP is the key and when they are in production, it will be at its element. Barry shared his thoughts with us when he spoke to us in his last Coffee with Samso - Why Cyprium Metals Limited (ASX: CYM) is a Different Copper Producer. Nifty Copper Mine According to Cyprium's website, the Nifty Copper Mine is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 350 km southeast of Port Hedland. Nifty was initially discovered by WMC in 1981 and commenced operation in 1993 as an open pit oxide copper mine with processing via heap leaching and solvent extraction-electrowinning (“SX/EW”) recovery to produce copper cathodes. From 2006, it transitioned to an underground sulphide mine with processing via standard flotation to produce a copper concentrate at rates of over 50,000 tonnes of contained copper per year. Between commencement of the oxide operation and 26 November 2019, when the mine was placed onto care and maintenance (“C&M”), Nifty has produced more than 700,000 tonnes of copper metal. Cyprium acquired 100% of the Nifty Copper Mine in March 2021, as part of a larger transaction with Metals X (CYM ASX Announcement – Transformational Acquisition of Highly Attractive Copper Portfolio, 10 February 2021). Table 1: Nifty Mineral Resource Estimate at 17 November 2021. (Source: Cyprium Metals Limited) According to Table 1 from the Cyprium latest presentation, there is no lack of ore. The business is clear and there is no doubt that they have ore to discover and treat. There are ample resources beneath the current pit and the potential of greater resources is also expected. It is yet to be established as a "Sure Thing" but as you can see in Figure 4 below, it is promising. Figure 4: The potential of the Nifty Copper Mine. (Source: Cyprium Metals Limited) Geologically, the Cyprium story is in good hands. There is no creative geology required. What management needs to do is prove that their IP works and they are able to extract the Copper from the mineral. What's the problem with Cyprium Metals Limited ? For me, as a shareholder, I think there have been many occasions where I have wondered about the quality of my investment. It's that "What were you thinking.." moment. I am sure many others have second-guessed their decisions. Not something you want to spend time in bed tossing and turning over. With Cyprium, when the announcement came, I thought that this was another story that will surely run without me having a chance to get on board early. However, the delay and the lack lustre nature of the market towards the stock gave me a lot of time to assess the investment. No Love from the Market I am a shareholder of the Hot Chili Limited (ASX: HCH) story as well and that seems to be travelling in the same manner as Cyprium. HCH has a great story in Chile and they are also in the process of completing a dual listing with the Toronto Stock Exchange. It is almost a Tier 1 Copper-Gold project but there is no love either from the markets. With the common narrative that the demand of copper is going to exceed supply, the market for both HCH (Market Capitalisation of AUD$182M) and CYM (Market Capitalisation of AUD$90.3M) is not good. There seems to be some sort of disconnect between what the metal price is indicating, what the narrative on demand is being advertised and the love factor for both these copper stocks. As many great investors in the market profess, one should always take notice when there is a disequilibrium between price and market expectation. Let's look at some glaring topics of conversations: In my opinion, CYM is closer to production than HCH but their market capitalisation is half of HCH. The narrative in the market is that copper is going to have a serious supply issue. It is common knowledge that the price of copper is going to feel some upward pressure. There aren't too many copper projects that are at the near production stage. For CYM, looking at the size of the company, there aren't too may peers in the Australian Stock Exchange (ASX). CYM has been telling the market that they will be in production within 18 months. Infrastructure for the impending production story is in place. Drilling for resource is building up and metallurgical studies are well underway. Exploration work in Nifty and the other projects have shown good prospectivity. As investors, we are all aware that all investments have the potential to become lemons. Sure we all want our investments to turn into a nice refreshing lemonade, but the reality is no matter how good a project is, it's just as likely to go in the opposite direction. A seasoned investor will always share this thought. It's called being real. If they don't, then you know what they are saying smells like a lie well dressed up. Let's Discuss To those readers who are still interested in this Insight, the copper space and the Cyprium space are equally frustrating. Frustrating in terms of direction and the future prospectivity. Figure 5: The 3 year chart for Cyprium Metals Limited (Source; Commsec). Firstly, let's look at Figure 5 and Figure 6. You can see the disparity on the trend of the chart. The comparison can be argued to be a difference of scale but let me draw your attention to the sentiment of each chart. The CYM price chart in Figure 5 gives me a sense of non-excitement whereas the one for the copper price gives me a great sense of optimism. Figure 6: The 5 year price chart for Copper. (Source: Trading Economics) One has to remember that at this current price, any producer would be making lots of money. Hence, for a producer like CYM (a potential producer), with their lower cost for production, they would definitely be making a great profit. If the narrative of rising copper price is true, the CYMs of the copper space would be laughing all the way to the bank as they say. Can the IP break Chalcopyrite? One of the biggest issues with the Cyprium story is centred on the performance of the IP behind the extraction of copper via the Heap Leaching process. Barry tells me this is not an issue and you can hear this from the man himself in the last Coffee with Samso (Why Cyprium Metals Limited (ASX: CYM) Is A Different Copper Producer - Episode 108). This will be a game changer for this story so I am sure management had put a lot of thought into this before coming out and telling the public. There is a lot of mistrust or misunderstanding on the potential success of the IP. Typically, management is frustrated by this thought in the market but as they say, that is what you get when you sit on the big chair. Personally, from my own perspective as a shareholder, this is a good risk for me. I am confident of the management and if or when they make it happen, a copper producer at a low market capitalisation of less than AUD$100M is cheap. Exploration Potential As I mentioned very early on in this Insight, I was very interested in the Nanadie Well and Cue projects (Figure 7) before realising that the bigger Nifty project would be in play. The recent announcement on 22nd November 2021 - Significant Copper Intersections from Nanadie Well Drilling - gives an indication of why I am interested in the Nanadie Well project. The potential of this project developing into a stand alone play increases after each announcement. It is not showing signs of an instant player, but there are definitely plenty of good lengthy intercepts to give optimism. One may question if there is any real depth to the mineralisation at Nanadie well. On 24th June 2021, Cyprium released the following - Nanadie Well 232m Sulphide Ore Grade Copper Intercept from 109m. From a geological point of view, this gives confidence that you are in a good system. I try to look for a cross-section but even if this is down dip, it's good to know that it does go for a good distance. Figure 7: Nanadie Well and Cue project location. (Source: Cyprium Metals Limited) The Nifty regional exploration potential is also one that you cannot discount. In many of these good projects, the market (with good reasons) tend to not value what the exploration can value add to the story. In Figure 8, one can see that there is a large regional exploration play that has IGO Limited (ASX: IGO) earning into the state of play. IGO is a big brother and having them wanting a piece of the action is a good indication that you are in the right address. Figure 8: The Patterson Project with includes the Nifty Mine. (Source: Cyprium Metals Limited). The package that IGO is earning into is large and it dwarfs the Nifty Operations and the Maroochydore prospect. CYM has secured itself a life long position by having the Nifty operations as well as potentially taking stock of what Maroochydore would produce. Maroochydore Deposit The Maroochydore deposit is approximately 85km southeast of Nifty (Figure8). Maroochydore was initially discovered by Esso Australia Ltd in 1984. Since discovery, Maroochydore has had numerous owners and JV partners that have collectively drilled out the Resource and performed various metallurgical testwork regimes and studies on production scenarios. The primary copper sulphide mineralisation remains open along-strike and down-dip. Cyprium acquired 100% of the Maroochydore Copper Project in March 2021, as part of a larger transaction with Metals X (CYM ASX Announcement – Transformational Acquisition of Highly Attractive Copper Portfolio, 10 February 2021). Table 2: The Maroochydore Mineral Resource Estimate at 31 March 2016. (Source: Cyprium Metals Limited) The Maroochydore deposit is not in the same league as Nifty (Table 2) in terms of a resource but it's definitely not a dry well. The problem for Cyprium is capital allocation and as much as it's a good problem to have, it's going to make management work hard. Conclusions It looks like this Insight is starting to take on the length more befitting of an e-book now. My intention when I started out writing this Insight was to highlight the things I like about the copper story as a shareholder. Investment stories are not easy to navigate and there are many points to consider. As many great investors have always pointed out, patience is the greatest asset one must have in the world of investment. This is closely followed by having a clear understanding of the facts, which one must not mistake as a guarantee for success either. Having clarity is how you start mounting the building blocks of your investment. I remember speaking to Rick Rule in my last Coffee with Samso and he shares about one of his greatest transactions - A Real Example on The Buffett Test - Real value Investment - Invest Smart Series - Pt 3 . Practising this kind of conviction and patience is not an easy feat but when you watch and listen to those who are wiser (as Rick Rule said, it's not that he is smarter, it's because he has seen more ), they all adhere to this golden rule of doing Research, Understanding the business and having Patience. The Case for Cyprium Metals To me, Cyprium has some very compelling facts which support the theory of production in 2023. If they achieve the production stage, then surely the market capitalisation of less than AUD$100M would appreciate substantially. Existing resources for mining look to be in place, exploration for the future is looking bright, and satellite projects such as Nanadie Well are well placed. Currently, the market price looks enticing as it is well below the placement to the smart money. I always look at this in terms of retail is supposedly not as smart as we think, and investors like me, the even smaller fish, we are even lower down on the food chain. Hence, if I can get it at lower pricing, that is always a good thing. I hope this Insight can be a step for your DYOR (Do Your Own Research) and check with your financial advisers if this is something suitable for your portfolio. 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.

Singular Health Group Limited (ASX: SHG) looks like a health and medical story, but the story is really about software. In my opinion, SHG needs investors to see them as a software company that just happens to have a medical story, CURRENTLY. The technology is more than medical, and with recent announcements from the company, I am making the call that this is a company where investors should get some serious DYOR going. Who is Singular Health Group Limited (ASX: SHG)? Singular Health was listed on the ASX on 12th February 2021 with a Virtual Viewer for the medical sector. The concept was to allow patients to visualise their medical scans. Now, twelve months down the line, the initial strategy has developed and expanded to a more vertically integrated strategy. I have done a couple of Coffee with Samso with Singular Health, one with Thomas Hanly, Managing Director and CEO: - 3D Medical Imaging - Taking Health Care to the next Dimension: Singular Health Group Ltd (ASX: SHG) and the latest with James Hill, the Chief Operating Officer of Singular Health: - Singular Health Group Ltd (ASX: SHG) - The Business of Scan To Surgery. Currently, SHG has a market capitalisation of AUD28.78M and is currently trading at AUD$0.28 as of 21 December 2021 (Figure 1). Looking at their 30th September Quarter report, there is about AUD$3.5M in the bank. Figure 1: The share price chart for Singular Health Group Limited (ASX: SHG). (Source: Commsec). The Business Concept - Scan To Surgery The key to the whole business for Singular Health is the concept of Scan To Surgery. Scan To Surgery is the process of taking the whole process of the patient from having the initial diagnosis scan through to the recovery part of the required surgery. Figure 1: The Singular health Business: Scan to Surgery – Seven Phases of Delivering Better Health Outcomes. (Source: Singular Health Group Limited) The uniqueness of this is that Singular Health provides the software to collate all the previously individually isolated processes and connecting them into a systematic sequence of events. The Scan to Surgery initiative aims to provide a single, unified software platform that bridges various siloed activities involved in patient-specific surgical planning and allows for a fully-featured, vertically-integrated software solution that can be used in part or in whole for a diverse range of medical applications. - Singular Health Group Limited The whole business falls into seven identifiable stages which completes the Scan To Surgery phase. The phases are well documented in the website and I have provided the links below: Scan PACS 3DS/VR Scan Review Artificial Intelligence Virtual Surgical Planning 3D Printing Surgery Software Looking at their website now, there are four listed software. In February 2021, this was a company with only one software. The initial product, MedVR has now expanded to become 3Dicom Viewer allowing end-users to interact with standard 2D medical images such as MRI & CT scans in 3D. 3Dicom Viewer According to Singular Health, 3Dicom Viewer is primarily focused on visualisation. Its role is to facilitate improved practitioner communication to obtain true informed consent and adherence to treatment plans from patients. The competitive advantage is that it is a multi-modal, cross-platform DICOM viewer. It is cost-effective as it is distributed online with low overheads. The software is currently being used by surgeons, dentists and other medical practitioners who are providing patients with before and after operative 3D scans. 3Dicom's Unique Value Proposition is the modular design, ability to rapidly load DICOM files on the device itself rather than requiring a cloud service, and ability to add AI models to the software for triage & segmentation. 3DicomVSP – Virtual Surgical Planning The 3DicomVSP is an important tool within the Scan To Surgery business model. It allows medical professionals to plan the best way to treat their patients in 3D and/or Virtual Reality. 3DicomVSP is the flagship software that underpins Singular’s Scan to Surgery Initiative which is critical to deliver better health outcomes. 3DicomVSP underpins the Scan To Surgery approach with the intuitive user-interface driving the phases from 3D/VR scans review through to the provision of digitised surgical plans on tablets during surgery. Health Academy The concept of Health Academy is to help improve the health literacy of patients, students and some practitioners. This is achieved through the Health Literacy Hub website. The concept of educating the public on the process and the deliverable results of the Singular Health community is a really good idea. As we all know and have come to understand, the process of educating users and potential users in a non-obtrusive manner is the best way to engage users, future users and supporters of the concept. Online education is one of the fastest sector that is currently capturing markets from all forms of commerce and non-commerce topics. The online "How To" market is the fastest and largest growth in commerce at the moment. The Singular Health concept is taping into a market that is eager to embrace and adopt new thoughts. This online sector is always wanting to find ways to learn more about how to better and be more efficient for now and in the future. “Health literacy is the knowledge and skills needed to find, understand and use information and services to make decisions about health and healthcare.”-Tasmanian Department of Health Singular's Health Academy has been developed to focus primarily on the current Year 11 and Year 12 Australian Tertiary Admissions Rank (ATAR) human biology courses, providing a proven, curriculum-aligned, course structure. Health Academy combines traditional text-based content with multi-media such as illustrations and video, interactive 3D models with annotations and a fully-immersive Virtual Reality experience for a holistic and engaging educational experience. Singular Health is currently preparing free and monetised courses for the general public as well as school-based programs. GeoVR – Mineralisation Through Visualisation The development of a use outside the medical field for the 3D/VR aspect of the business creates an impact, at least for me, that this company is more than a medical software business. According to Singular, this came about in mid 2021 when the company was approached to provide a means for 3D/VR applications for the mining and drilling industry. In a preliminary proof-of-concept, the Volumetric Rendering Platform (VRP) was adapted for use with drill-hole data, allowing for the 3D/VR visualisation of multiple drillholes and the assay results of each hole in an immersive 3D environment. Singular Health made the following announcement on 16th November 2021: GeoVR JV formed to commercialise 3D & Virtual Reality visualisation software for mineral exploration & mine optimisation. The start of this relationship was the completion of the purchase order for the GeoVR software as announced on 22nd February 2021: SINGULAR HEALTH RECEIVES PURCHASE ORDER OF $170,000 FOR DEVELOPMENT OF GEOVR SOFTWARE Whilst this is not the sole focus of the company, I can see that this software is far reaching. I have to agree that the medical sector is far bigger and far more lucrative than the mineral industry. So What Does This All Mean? Singular Health is a software company that is in the medical field. Like the GeoVR partnership, it is very clear that the potential goes beyond the medical field. My opinion of this observation is not because there is more money to be made outside the medical field. This observation has more to do with the competitors who will see the potential of what this could mean in the medical field for Singular Health. In the world of business, the intrinsic value of the business is sometimes only clear when somebody else wants it. When someone else wants what you are eyeing, it suddenly becomes a lot more attractive. The company will probably say that they are a minnow in the world of giants. In the last Coffee with Samso with James Hill, he talked about consolidation and acquisition as a key component of the coming market. Click here to watch James talking about this in his Coffee with Samso. There is no doubt that this is an emerging space and I for one, am keen to see more of these kinds of stories. At some stage of all our lives, we will want these kind of medical benefits to flow into our lives. 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.

Rooster Talk Episode 52 with Allan Kelly, Executive Chair of Miramar Resources Limited (ASX: M2R) is a great revelation of how investors should look at projects, and how companies do mineral exploration. Exciting times are coming for Miramar as they are slowly revealing the potential jewels in their project portfolio. The consistent drilling results coming out of the Gidji project are showing signs of a slow development that is turning out to become a valued proposition. As exploration continues, Allan believes that the Gidji project is a new mineral camp with a vast array of geological formations and mineralising tectonic settings. The recent geophysical results from the Mt Vernon project in the Bangemall is creating a lot of opportunities for Miramar. The company has now new targets being generated which they will interpret and start more surveys to vector drill targets. The third major project that is now looking at unlocking its secret is the Whaleshark project. In this Rooster Talk, Allan gives us an in-depth discussion of all these topics. I believe that the Gidji project is now a new mineral camp that sits between Kalgoorlie and Paddington. Chapters 00:00 Start 00:15 Introduction 00:53 Allan updates. 04:58 The development of Gidji into a monster project. 07:34 Why Gidji is going to be a Camp. 09:08 Taking stock of what is in Gidji - This is why Gidji is a Camp. 09:50 The first systematic exploration at Gidji. 10:25 KCGM actively drilling at Runway - 280m @ 1g/t. 11:41 KCGM has been drilling for two months - Something must be happening. 14:52 Gidji is strategically placed for corporate and discovery activities. 15:28 Bangemall Project - Mt. Vernon - Its History and Why it´s Prospective. 16:47 The Craton Margin Factor. 18:24: The Discovery of the Atlas Ni-Cu-PGE occurrences. 23:04 The EM response at Mt. Vernon - What it means for Investors. 25:30 The Interpretation of the geophysical data - How it is done. 26:30 How significant are these anomalies? 28:26 How do we interpret the intensity of the anomalies? 29:35 The three important requirements for discovery. 31:00 John Hronsky and the importance of deep lithospheric structures. 32:14 The Whaleshark Project - A Geological Reason on the High Prospectivity. 43:11 Miramar is now becoming a Three Project company. 46:32 The way of Good Mineral Exploration. 49:04 Conclusion. PODCAST About Allan Kelly Executive Chairman Mr. Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr. Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr. Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr. Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr. Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr. Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr. Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the Institute of Brewing and Distilling (IBD). About Miramar Resources Limited (ASX:M2R) Miramar Resources Limited is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields, the Murchison and Gascoyne regions. The portfolio of exploration projects has high potential for new gold discoveries within trucking distance of existing operations and for the discovery of nickel-copper-platinum group element (PGE) mineralisation. Miramar aims to create shareholder value through discovery and the Board has a proven track record of successful discovery, development and production. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 129 with Ian Murray, Executive Chairman of Matador Mining Limited (ASX: MZZ) The Story Begins It has been a long wait, but I had Ian Murray come by for a Coffee with Samso finally. I first came across Ian in 2011 (I think) in Hong Kong at Mines and Money. We spoke briefly about what Gold Road was doing and how I was impressed with their tenure in the Yarmana Greenstone Belt. Fast forward a few years later and it looks like Ian is on another similar project. This time however, it looks like an easier project that is destined to be a gold mining district. The Cape Ray project is one that has the potential to be a multi million ounce gold mine. All it needs now is drilling. And more drilling. In the previous Coffee with Samso Episode 54, we had Warren Potma sharing how the company is systematically working on the project. One of the imposing features of this project is the 120 km of strike (length), where the company is continuously finding gold mineralisation. In today's episode, I talk with Ian Murray about how Matador Mining has been handling things since that last conversation. The conversation we had today over our coffee was a really insightful one. Ian painted a clear backdrop of what has happened since then, what will happen and what could happen next. What I liked was that this conversation was not a promotive one, it's not a blue sky style conversation, but a factual commentary. When I look at Matador and their projects with the market capitalisation of just under AUD64M, I can't help but think that it's not valued appropriately. They have resources of over 800K ounces as well as a project that is striking 120km. There is a great disconnect in that picture, in my opinion. Many may say that this is a situation of having a non-Australian project. There may be some truth in it, but remember, the world is moving past the pandemic, and we are finding ourselves in a very inflationary situation. I think a good gold project in a Tier-1 jurisdiction is actually critical. With Matador, it is no longer about if they will have a resource. In my opinion, it is a matter of these three things: 1. How big is it? 2. When will they be in production? 3. When will they be consumed by a bigger player? I feel that the market does not realise that Matador is a miner in the making. Matador is a company that will be a miner with multi million ounces of gold. Viewers should take a good look at the fundamentals of the company and DYOR. Ian Murray has done this before and he knows what needs to be done. It is a simple process of making sure funding exists, and to keep drilling. Chapters: 00:00 Start 00:20 Introduction 01:11 Ian Murray introduction 02:03 Update on the Cape Ray Project. 04:19 Can Cape Ray be big? 06:32 Is there a consistent style of mineralisation? 07:54 The low grade vs. high grade question. 10:10 How waste can dilute an ore body. 11:08 The unloved nature of the gold narrative. 12:25 The need to be relevant in the market. 14:23 Is Matador a Simple Story? 16:15 Are there surprises in the geology of Cape Ray Shear? 19:05 Are there any Metallurgical concerns? 20:02 Is there a magical geological formula? 22:16 Will Matador do Cape Ray justice? 24:19 Cape Ray is a Company maker. 25:07 A Hermitage story? 26:44 Potential for pegmatites. 27:09 Can the Cape Ray shear host high grade deposits? 28:37 Newfoundland has little history of exploration. 29:54 TSX vs. ASX. 32:35 How is the Matador story being received? 34:27 News flow for the next 12 months. 36:41 Conclusions PODCAST About Ian Murray Mr Murray is a Chartered Accountant, a Member of Australian Institute of Company Directors, and holds an Executive degree in Advanced Management & Leadership from the University of Oxford, Saïd Business School. With over 25 years’ mining industry experience in senior leadership positions, including the position of Executive Chairman and Managing Director of Gold Road Resources Ltd (ASX: GOR) and DRDGold Ltd (NYSE & JSE: DRD), he has also held executive positions with international ‘Big Four’ accounting firms. Mr Murray brings a wealth of financial, corporate, project development and operational experience to the Board and most recently led Gold Road as it transitioned from explorer to large scale gold producer. Mr Murray has been the recipient of many awards during his leadership of Gold Road, including the Gavin Thomas award for leadership, the Diggers and Dealers Deal of the year award in 2017, after winning the best emerging company award in 2011 as well as the CEO of the year award from CEO Magazine. About Matador Mining Limited (ASX: MZZ) Matador Mining Limited is an exploration company that is listed on the Australian Stock Exchange (ASX). The company has its main project in the south-western area of Newfoundland, Canada. The Project is about 25 km northeast of the coastal town of Port aux Basques and is located on the Cape Ray shear, one of the most prospective, yet under-explored gold regions in North America. The Company is the largest holder of ground along the Cape Ray shear, with approximately 120 km of continuous strike along the shear. The Company’s tenement boundary is located approximately 50 km along strike from Marathon Gold’s (MOZ.TSX) 4.2Moz Valentine Lake Gold Project. The Cape Ray Gold Project The Cape Ray Gold Project (Cape Ray or the Project) covers approximately 120km of strike along the highly prospective, yet under explored Cape Ray Shear located in Newfoundland, Canada. The Project hosts a current resource of 837,000oz Au at 2g/t Au, across four deposits, all of which are within 15km of strike. A 2020 Scoping Study (ASX announcement 6 May 2020) highlighted that Cape Ray has the makings of an excellent gold project, with low estimated All In Sustaining Operating costs (US$776/oz Au), strong IRR (51% post Tax) and rapid payback (1.75 year). These strong outputs were driven by the Project’s high grade, yet shallow gold mineralisation, (average head grade of 2.6g/t au during the first four years of production – 88,000oz Au per annum) that ranks the Project as one of the highest grade, undeveloped open pit projects globally. However, prior to commencing a Pre-Feasibility Study, the Company identified the requirement to grow the Resource further to ensure the initial 7 years mine life assumed in the Scoping Study is increased. To achieve this, the Company believes a blend of expansion drilling around known deposits as well greenfield exploration to test the vast, yet under explored Project area as the optimal strategy. The Company therefore outlined the most expansive exploration program for the 2021/22 season, including: 45,000 metres of diamond drilling; Five power auger drill rigs; 80 kilometre Heli-Mag program; and Inaugural winter exploration program. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

Rooster Talk Episode 53 Today's mineral exploration story is an update from Cooper Metals Limited (ASX: CPM) chasing for Copper and Gold. Ian Warland, Cooper's Managing Director, an exploration geologist with more than three decades of experience shares the concepts of the Cooper Metals story. The Rooster Talks about how things are progressing for Cooper Metals Limited since our first conversation in December 2021. The share price for the company has risen substantially as Carnaby Resources Limited (ASX: CNB) made a significant discovery nearby. The announcement on the 17th December 2021 had set the scene for similar discoveries in this region, as described below, The RC pre-collar to NLDD044 has intersected a 34m down hole zone of copper sulphide including a 24m zone of mostly semi massive copper sulphide containing 5-40% chalcopyrite based on visual estimates When the next announcement on the 29th December 2021 came out with the assays, it was a race for the young and old. The title read "MAJOR COPPER GOLD DISCOVERY 41m @ 4.1% COPPER, INCLUDING 9m @ 10.3% COPPER AT GREATER DUCHESS PROJECT" 41m @ 4.1% copper, 0.5 g/t gold from 247m Incl. 24m @ 6.5% copper, 0.7g/t gold from 251m Incl. 9m @ 10.3% copper, 1.2g/t gold from 264m The Mt. Isa East project is now in play and Ian and his team are edging to get out there and prove that they too have similar potential. What is on offer is that the company has a market capitalisation of $20M and it is just near discovery. I think that if (and there is a good chance) discovery happens for Cooper Metals, this will be north of $100M. "Copper is where you see it on the surface", says Ian Warland. I am seriously doing my own DYOR on this story. I like this project a lot. Rarely do I express my excitement but this is very different and the potential is still in the ground. As Ian mentioned in the video, this is just the beginning and the latest geophysical surveys are indicating some reasonable target. In addition, Carnaby has shown the world that there is more in the ground than people have thought off in the last few decades. All the fruits may still be in the ground. Let's listen to these chapters Chapters: 00:00 Start 00:20 Introduction 01:14 Ian Warland updates. 01:58 What does the latest geophysical surveys mean for the current projects? 04:26 Is Python and King Solomon the key prospects in Mt Isa? 06:37 How has the recent news from your neighbours helped in the Cooper Metal Story. 08:48 Mt Isa has had a big gap between historical data and current exploration. 11:09 What is the market saying to you? 13:21 What's the news flow coming up? 15:02 When does the drilling happening? 15:40 Is it a case of "Don't Drill a Perfectly Good Project" ? 16:59 Last words from Ian Warland. 19:14 Conclusion Podcast About Ian Warland Managing Director A highly experienced and successful geologist with 25 years’ experience in Australia and internationally over a wide range of commodities. Notably, a career highlight, was being joint recipient for “Explorer of the Year” in 2006 for the discovery of the Jacinth and Ambrosia zircon-rich mineral sand deposits. Ian holds a Bachelor of Applied Science Geology with First Class Honours and university medal from the University of Technology Sydney. He also has a Graduate Diploma of Applied Finance and Investment and an Associate Diploma in Environmental Control. In the last ten years Ian has worked primarily in the junior exploration sector as a geological consultant and in senior management positions for Musgrave Minerals and Marmota. After leading Twenty Seven Co Ltd as their CEO for the last three years, Ian is now Managing Director of Cooper Metals. About Cooper Metals Limited Cooper Metal’s flagship Mt Isa East Cu-Au Project covers over 1300 sq km of tenure with numerous historical Cu-Au workings and prospects already identified for immediate follow up exploration. The Mt Isa Inlier is highly prospective for iron oxide copper gold (IOCG) and shear hosted Cu +/- Au deposits. Mt Isa East is complimented by two early stage Projects in WA within proven well mineralised districts. The Yamarna Gold Project located along strike from Gold Roads 6.16 Moz world class Gruyere Gold Deposit (ASX: GOR) has an extensive length of untested Dorothy Hills Shear Zone that was important in the formation of Gruyere < 10 km to the southeast. Lastly the Gooroo Cu and Au Project covers newly identified greenstone belt ~20 km from Silver Lakes Deflector mine. The 26 km expanse of covered greenstone belt has had almost no exploration and was only added to government geology maps in 2020 after reinterpretation of geophysical data. 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 Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 131 Scott Williamson, Managing Director of Blackstone Minerals Ltd (ASX:BSX) returns today with insights about the release of their Pre Feasibility Study. The time has finally come for the Blackstone story to move to a stage where investors and shareholders can feel some level of comfort. The Pre Feasibility Study (PFS) is a major milestone for the company as it makes its way to becoming a nickel miner and a producer of battery cathodes. The PFS is basically the script to what the end goal will look like in 2025. The next stage of the Definitive Feasibility Study will only differ marginally. - Scott Williamson It has been a while since I last spoke with Scott Williamson. In this episode, we explore the meaning and workings of the PFS. As one of the major steps in the journey, I wanted Scott to talk to us and explain what all the facts and figures mean for the company and shareholders. This episode is what we have been waiting for since the Scoping Study which we talked about in a previous Coffee With Samso back in 2020: The First Step in Creating a Green Nickel Mine - Blackstone Minerals Ltd (ASX: BSX). When we look back at the very first episode: Blackstone Minerals Limited - Not just Mining Nickel, Scott positioned their journey. Today's story is the next step that brings Blackstone to another level. I feel that this could probably be the last step where shareholders can jump on this story as a "cheap" valuation. It is with this thought that I urge readers to Do Your Own Research - DYOR (always a healthy habit to have) and decide if this is a good place to put your hard earned money. Tune in to find out how Blackstone will generate billions. Chapters 00:00 Start 00:20 Introduction 00:50 Scott updates on the PFS. 02:40 CAPEX 03:23 Good Payback and Margins of the Business. 05:11 The Coop Story. 06:40 What does the PFS mean for shareholders? 09:12 Can Investors take the PFS as a Green Light? 11:12 How does the Ta Koa Nickel Project compare to world standards? 14:13 How feasible is 2025? 17:01 The 50% third party Feed - will that be a problem? 19:32 ESG compliant feed. 20:24 Timeline for Mining and Refinery. 21:14 Is there pressure to start earlier? 22:48 How is the mineral resource coming along? 24:49 What are the Challengers for Blackstone? 26:58 What could derail the Blackstone Story? 28:26 What are the Brokers/Funders saying? 30:33 How are shareholders taking the PFS and how should they take it? 33:25 Raising $850M should be easy. 34:26 Conclusion PODCAST About Scott Williamson Managing Director Blackstone Minerals Limited Qualifications: BEng (Mining), BCom, MAusIMM Scott Williamson is an experienced Managing Director with a demonstrated history of working in the mining and metals industry. He is skilled in Open Pit and Underground Mining, Corporate Finance, Investor Relations and Project Planning. A strong business development professional with equity capital markets experience, Scott graduated from West Australian School of Mines and Curtin University of Technology. Scott holds a WA First Class Mine Manager’s Certificate and is a member of the Australasian Institute of Mining and Metallurgy. About Blackstone Minerals Limited Blackstone Minerals Limited (ASX: BSX) is developing the district-scale Ta Khoa Project in Northern Vietnam where the company is drilling out the large-scale Ban Phuc Nickel-PGE deposit. The Ta Khoa Nickel-PGE Project has existing modern mine infrastructures built to International Standards including a 450ktpa processing plant and permitted mine facilities. Blackstone Minerals also owns a large landholding at the Gold Bridge project within the BC porphyry belt in British Columbia, Canada with large scale drill targets prospective for high-grade gold-cobalt-copper mineralisation. In Australia, Blackstone Minerals is exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone Minerals has a board and management team with a proven track record of mineral discovery and corporate success. The Ta Khoa Nickel-Copper-PGE Project The Ta Khoa Nickel-Copper-PGE Project is located 160 km west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanised underground nickel mine from 2013 to 2016. In the Ta Khoa Nickel-Copper-PGE Project, previous project owners invested more than US$136m in capital and generated US$213m in revenue during a 3.5-year period of falling nickel prices. The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years. Existing infrastructure associated with the project includes an internationally-designed 450 ktpa processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250-person camp. Since commencing maiden drilling in August 2019, Blackstone Minerals has made significant progress at Ta Khoa, drilling over 9,000 m of diamond core in more than 47 holes into the Ban Phuc DSS deposit and the highly prospective King Cobra discovery zone. An initial scoping study evaluating mining and processing options is well advanced, including potential in-country downstream processing to deliver high-value nickel sulfate into Asia’s rapidly expanding electric vehicle (EV) industry. The recently announced MOU with Asia’s largest and the world’s second-largest EV battery cathode manufacturer, Ecopro BM Co Limited represents a significant step towards making this a reality. 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. Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso stories are also featured on Brilliant-Online. Read their investment column and subscribe to Brilliant-Online so you don't miss a beat.

Mining HQ Podcasts Ep. 13 - 25:36 Noel looks into his crystal ball as the Year of the Tiger approaches. He talks about expectations for the mineral resource industry in 2022, and we're talking Green Energy and No Emission. Or go to 25:36 - https://open.spotify.com/episode/6zG1DEVFD2Qi4SRufnaLoX 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

Mining HQ Podcasts Ep. 12 - 17:29 Listen to which WA-based companies have impressed Noel in 2021 and the reasons behind that. 2021 has been one of the busiest years ever for the sector, and with so many stories on the market, Noel shares his pick of the year. Or go to 17:29 - https://open.spotify.com/episode/4e8NZQ7AhTBMbTypOPuQvl 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

Mining HQ Podcasts Ep. 11 - 15:27 Noel talks about future proofing the world and the emergence of a potentially No Emissions world. Or go to 15:27 - https://open.spotify.com/episode/1E2kiVh6PIyw0G6Gi7ypbJ 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