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Announcement Race Oncology Makes Breakthrough Composition of Matter Intellectual Property Discovery 16 September 2025 Race Oncology Limited (ASX: RAC)  has announced a major scientific breakthrough that could reshape its commercial and clinical trajectory. The Company has discovered that bisantrene – a clinically validated cancer drug – exists as three photoisomers, with only the (E,E)—bisantrene form possessing significant anticancer activity. This discovery has enabled Race to file three new patent applications, potentially providing composition of matter intellectual property (IP) protection until 2045—a highly valuable milestone for a company advancing toward pivotal Phase 3 trials.   Race Oncology CEO and Managing Director, Dr Daniel Tillett,  commented: “Being able to generate new composition of matter IP covering the active isomer of bisantrene fundamentally changes the commercial prospects of Race Oncology. We now expect to have 20 years of the strongest IP protection possible for the RC220 and RC110 formulations containing (E,E)-bisantrene. These discoveries highlight the commercial value of undertaking new preclinical research on clinically established pharmaceutical assets. I congratulate the entire Race preclinical team for their inspiration and extraordinary efforts in making this fundamental discovery and turning science into a valuable outcome for all our investors.” To avoid confusion in future announcements, the historical bisantrene isomer mixture developed by Lederle Laboratories will be referenced as ‘bisantrene’, while the all-trans isomer developed by Race will be referenced as either ‘(E,E)-bisantrene’ or by the code ‘RCDS1’. Key Highlights - An Anti-Cancer Drug Story Breakthrough Discovery:  Bisantrene identified as a mixture of three photoisomers—(E,E), (E,Z), and (Z,Z)—which rapidly interconvert upon exposure to light (Figure 1). Only the (E,E) form has strong anticancer activity. Controlled Manufacturing:  Race has developed proprietary manufacturing and handling processes to ensure controlled infusion of pure (E,E)-bisantrene into patients. Three Patent Filings:  Filed on 12 September 2025, covering the chemical structure, manufacturing, formulation, storage, and uses of (E,E)-bisantrene. If granted, these patents extend protection until 2045, resetting the patent clock and strengthening commercial leverage for RC110 and RC220 formulations. Clinical Relevance:  All Race-sponsored trials to date—including two Phase 2 AML trials and the current Phase 1 solid tumour cardioprotection study—have exclusively used pure (E,E)-bisantrene. This ensures clinical consistency and removes dosing variability present in historical trials. Commercial Impact:  Strong IP position now opens pathways for pharma partnering, licensing, and progression of RC110 into a pivotal Phase 3 trial without compromising RC220’s value proposition.   Figure 1: Interconversion between the different bisantrene isomers by visible light or heat (source: RAC) Background 1.      Composition of Matter IP Composition of matter patents are the strongest form of pharmaceutical intellectual property, protecting the chemical structure of a drug’s active ingredient (API). They grant at least 20 years of exclusivity, regardless of how the compound is made, formulated, or used, making them the most valuable patents for new drug products.   2.      Isomers Isomers are molecules with the same chemical formula but different three-dimensional arrangements of atoms, leading to distinct chemical, physical, and biological properties. They can be structural isomers  (different bonding patterns) or stereoisomers  (same bonds, different spatial arrangement). For molecules with double bonds (Figure 2), two forms exist: cis  (atoms on the same side) and trans (atoms on opposite sides). Figure 2: Example of double bond isomers: cis-1,2-difluoroethene (left) & trans-1,2-difluoroethene (right). (source: RAC) Why This Matters Composition of matter patents are the gold standard of pharmaceutical IP , offering the strongest form of exclusivity for new drugs (Figure 3). This discovery provides Race with: Extended Exclusivity:  Up to 20 years of patent protection, with potential extensions in key jurisdictions such as the USA. Barrier to Generics:  Prevents approval of any generic formulations with unknown levels of active API. Improved Dosing Consistency:  Ensures that patients receive only the active isomer, minimizing variability and optimizing safety. Enhanced Deal-Making Position:  Strengthens Race’s negotiating power with potential partners and acquirers, as long patent life is highly prized by the industry. Figure 3: Examples of single-isomer drug patents – Lipitor®, Plavix®, Nexium® (source: RAC) Samso Concluding Comments Race Oncology’s announcement is how science and commercial strategy intersect in the biopharma sector. By isolating and patenting the (E,E)-bisantrene isomer, the Company has effectively reset its patent clock and built a powerful moat around its core asset. For investors, this provides confidence that Race’s key formulations – RC110 and RC220 – can be developed and commercialised without the looming risk of generic competition. From a clinical development perspective, the ability to deliver a consistent and pure active drug addresses one of the lingering questions from historical bisantrene data. This could improve the predictability of patient outcomes, a factor that regulators and pharma partners alike will view favourably. Commercially, this move strengthens Race’s hand in any future negotiations, whether for licensing, co-development partnerships, or even an outright acquisition. A composition of matter patent that stretches out to 2045 is the kind of asset that can transform a small-cap biotech into a globally relevant player. As always, this is a reminder that the pathway for companies like RAC from discovery to shareholder value is never a simple journey. Patents, trials, and partnering discussions take time, but this announcement marks a major milestone. For long-term investors, it may be worth watching how quickly Race leverages this IP win into strategic deals that bring RC110 and RC220 closer to market. This is a long-term investment scenario.     The Samso Way – Seek the Research Facts first, context always. Understand the science, map it to the IP strategy, and then weigh the commercial implications before making decisions. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Pursuit to Acquire High Grade Gold Project in Argentina 1 Oct 2025 Pursuit Minerals Ltd (ASX: PUR)  has signed a binding agreement to acquire 100% of Andara Mining Pty Ltd , securing rights over the Sascha–Marcelina Gold-Silver Project  in the Deseado Massif, Santa Cruz, Argentina—one of the world’s premier epithermal belts (Figure 1). In parallel, the Company has received firm commitments of A$4.04 million  to accelerate high-impact drilling across multiple walk-up targets.  Figure 1 –Sascha Marcelina Gold-Silver Project Location (Source: PUR) Pursuit Managing Director & CEO, Aaron Revelle,  commented: “The Sascha Marcelina acquisition is truly transformational for Pursuit. It delivers a highly prospective gold-silver project in the heart of the world-class Deseado Massif and position the Company as a diversified developer and pure play on Argentina across lithium and gold. With gold at record highs, we intend to advance exploration aggressively and quickly, targeting untested depth extensions and multiple walk-up drill corridors. This program provides a clear pathway to near-term discoveries capable of re-rating the Company and unlocking substantial long-term value for shareholders.” Additionally, Pursuit Chairman Tom Eadie  commented: I am very excited about Pursuit acquiring the Sascha-Marcelina Project for several simple reasons. First, the property sits within a world-class gold district, highlighted by the Cerro Negro epithermal deposit with which I had some involvement during the Andean Gold days. Second, despite only limited exploration to date, the project area has already demonstrated strong mineralisation. Importantly, drilling at both shallow levels and at depth has been insufficient to properly test the potential of these vertically zoned epithermal systems, leaving significant upside unassessed. Finally, the presence of under-utilised processing facilities in the region provides a clear advantage for future development, helping to fast-track any new mining operation. For these reasons, I believe the upcoming drilling results will be particularly compelling and interesting!”     Key Highlights - Creating a Gold and Silver Hub Acquisition : PUR to acquire 100% of Andara, which holds exclusive rights to acquire Mirasol’s Sascha tenements and the option to acquire the Marcelina tenements  from local vendors, consolidating the Sascha–Marcelina  district. Tier-1 Address : Project sits inside the Deseado Massif , a globally recognised epithermal province hosting >50 deposits , 8 operating mines , and an endowment >30 Moz AuEq ; analogues include Cerro Negro  and Cerro Vanguardia . High-grade hits already recorded : At Sascha Main , best intercepts include 9.23 g/t AuEq over 1.55 m (DDS02)  and 10.85 g/t AuEq over 0.27 m (DDS13, incl. 320 g/t Ag) . At Marcelina , deep hole PEL-DDH-005  returned 5.48 g/t AuEq over 0.9 m  and 4.17 g/t AuEq over 0.9 m . Untested depth window : No drilling below ~160–170 m at Sascha Main; geophysics at Marcelina flags a chargeability + resistivity  anomaly consistent with a feeder structure —both offering immediate step-out targets into the boiling-zone window . Funding secured : A$4.04m placement  at $0.075 per share to institutions and sophisticated investors; settlement expected 8 Oct 2025  and quotation 9 Oct 2025 . PAC Partners appointed lead manager.     The Project: District-Scale Epithermal System Sascha–Marcelina covers ~ 100 km²  with multiple sub-parallel vein corridors  (Valdivia, Sascha, Estancia, Pellegrini, Marcelina Silica Cap, Igloo) (Figure 2). Historic work (> 7,500 m  drilling plus trenching/rock chips/geophysics) confirmed widespread alteration and gold-silver mineralisation  open along strike and at depth. Figure 2: Deseado Massi, A Tier-1 Epithermal Gold-Silver District with World-Class (Source: PUR) Preservation of silica caps  and sinter terraces  indicates a high-level system  analogous to Newmont’s Cerro Negro  ~100 km north (Figure 3).  Figure 3: 100 km² District-Scale Extensive Epithermal System with Walk-Up Drill Targets (Source: PUR) Belt context : The Deseado Massif has >30 Moz AuEq  endowment and >50 deposits , including Cerro Negro (4.9 Moz @ 7.7 g/t Au)  and Cerro Vanguardia (3.2 Moz @ 7.7 g/t Au) —supporting PUR’s thesis of Tier-1 analogue potential (Figure 4). The Cerro Negro district, northwestern Deseado Massif (Patagonia, Argentina), is one of two world-class Au–Ag epithermal mines in the Patagonian region, with combined reserves, resources, and production of about 8 Moz of Au equivalent. The epithermal deposits are hosted by volcanic and intrusive rocks and are related to the evolution of distinct Jurassic magmatic events. Major WNW trending depocenters were filled by a thick sequence of andesitic-dacitic flows and ignimbrites. In the western part of the district, the sequence is intruded by subvolcanic bodies of the same composition and is grouped into the 159-156 Ma Eureka Volcanic Subvolcanic Complex (EVSC). Hydrothermal activity took place during the last stages of the EVSC, producing epithermal Au- and Ag-rich veins of low to intermediate sulfidation style in the Eureka West (156 Ma) and the Marianas-San Marcos veins (155-154 Ma) that were emplaced in NW striking extensional faults and in WNW to E-W trending strike-slip faults. (source: C. Permuy Vida, D.M. Guido, D. Shatwell, R. Lopez, S.M. Jovic, G.N. Páez and P. Moreira, The Cerro Negro epithermal district, northwestern Deseado Massif (Patagonia, Argentina): New insights from telescoped volcanic-hydrothermal systems, Journal of South American Earth Sciences, Volume 105, January 2021, 103017) Figure 4: Deseado Massi, A Tier-1 Epithermal Gold-Silver District with World-Class (Source: PUR)   Priority Targets & Notable Results (Figure 5) According to PUR, there are 2 main targets that the company will prioritise when the exploration begins. A large system that has not been fully explored is going to be interesting when work begins. 1.0 Sascha Main — shallow drilling with high-grade shoots, depth untested. Best intercepts: 9.23 g/t AuEq over 1.55 m (DDS02) ; 10.85 g/t AuEq over 0.27 m (DDS13 with 320 g/t Ag) . Mineralised corridor ~ 2 km long, ~200 m  wide structural zone; values up to 20.5 g/t Au and 320 g/t Ag  from trenching/drilling. Boiling-zone window (150–400 m)  remains untested ; vectoring deeper is the immediate program lever. Figure 5: Sascha Main: Trench and Drillhole Results (Source: PUR) The 3D model at Sascha Main shows clusters of ≥1 g/t AuEq pierce points, outlining shallow high-grade shoots and an untested 150–400 m boiling-zone window (Figure 6). Figure 6: 3D Drill Intercepts at Sascha Main - 1 g/t AuEQ (Source: PUR)    2.0 Marcelina Silica Cap — large, preserved high-level system with blind-discovery potential. (Figure 7) 11.1 km²  silica “blanket” with strong As–Sb anomalies ; initial holes intersected hydrothermal breccias  and ended in mineralisation, suggesting only upper, steam-heated levels have been tested. Geophysics  defines a chargeability + resistivity  high interpreted as a feeder structure  at depth. Deep drillhole PEL-DDH-005 returned peaks of 5.48 g/t  and 4.17 g/t AuEq  over 0.9 m—evidence for high-grade shoots at depth. Figure 7: Marcelina Silica Cap shown against Cerro Negro Silica Cap (Source: PUR)   3) Estancia, Igloo & Valdivia Brechón — pipeline of walk-up targets (Figure 8) Multiple intercepts confirm mineralised footprint expansion ; district remains open  at depth/along strike. Figure 8: Sascha Marcelina Drillhole Locations Map (Source: PUR) Deal Terms (Summary) (Figure 9) Structure : PUR to acquire 100% of Andara. Consideration includes 30,000,000 PUR shares (deemed $0.06)  to the vendor (Ascension), with 5,000,000  to a nominee (director Stephen Layton), subject to shareholder approval . Cash & Options : US$1.5m  to Mirasol for Sascha; US$3.7m  staged option payments for Marcelina (US$106,250 by 31 Dec 2025 ; US$156,250 by 31 Dec 2026 ; US$3.45m by 31 Dec 2027 ). Royalty : 1.5% NSR  to Mirasol with PUR buy-back rights (0.75% for US$1.5m  within 2 years of commercial production; remaining 0.75% for US$4.0m  within 3 years). ROFR applies to any third-party sale. Conditions & Completion : Standard CPs (due diligence, approvals, Royalty Deed, encumbrances, no MAC). Completion 5 business days  post-CPs; issuance of consideration shares and first staged payment at completion.   Figure 9: Property map showing the separated Sascha and Marcelina claims (Source: PUR) Capital Raising A$4.04m  via placement of 53,891,824 shares at $0.075 . Partial use of Listing Rule 7.1/7.1A capacity; balance under prior shareholder special resolution. Settlement 8 Oct 2025 , quotation 9 Oct 2025 . PAC Partners  engaged as lead manager (fee up to 6%  and 10,773,333 options @ $0.12, 2-yr).   Work Program & Near-Term Catalysts Deeper drilling at Sascha Main  to test 150–400 m boiling-zone window and extend known shoots. Feeder-structure test at Marcelina  targeting the chargeability/resistivity  anomaly; step-outs under post-mineral cover (blind discovery potential). Pipeline targets (Estancia, Igloo, Valdivia) : Mapping, geophysics, and step-out holes to expand the mineralised footprint (Figure 10). Figure 10: Sascha Marcelina Exploration Targets (Source: PUR) Samso Concluding Comments The Pursuit story is now about positioning for a district-scale gold-silver discovery in a proven Tier-1 epithermal province. The combination of existing high-grade intercepts , a clearly defined untested depth window , and analogue cues  from Cerro Negro  sharpens the exploration focus. This appears to be a new direction for the company and how they separate the lithium story , and this new direction will be interesting. For shareholders, this is probably a good injection as they meander through the lithium space for value creation. The Sascha–Marcelina story is a good epithermal discovery story. The grade is already indicating board multiple sub-parallel corridors, and a conspicuously untested boiling-zone window (~150–400 m)  at Sascha Main. There is good reason to believe that the limited work has proven the system; the unanswered question, as always in these potentially large systems, is whether continuity and scale at depth exist. That is where value will be created—or not. One would assume that the next exploration journey is to link those ≥1 g/t AuEq pierce points into coherent, mine-style shoots, and verify the Marcelina feeder  that has been defined by the chargeability/resistivity anomaly. If the plumbing is where the geophysics says it is, we should start to see thicker, more consistent intercepts beneath the silica caps rather than isolated spikes. On the corporate side, the A$4.04m  placement gives PUR enough runway to execute the first pass of this thesis without starving the pipeline targets (Estancia, Igloo, Valdivia). There will definitely be another raise as these large systems are notorious for spending large amounts of funds in the pursuit of glory. For investors who are worried about dilution, this will be a put-up or stay-away. For those who understand the landscape that is coming and are believers, they may be looking at a transformational change in value as shareholders. For those who don't like the longer-term scenario that is presented, I think there are other shorter-term propositions in the market as we write now. In Tier-1 belts like the Deseado Massif , the market typically rewards credible vectors toward resource definition, not just headline assays. For me, as a shareholder, proving this is a large system will create value, but I am not sure if it will be an instant 10-bagger. Sadly, I have a feeling that this will be a slow grind until the first drill holes. Positive test of the concepts we have discussed will make life as shareholders interesting. Bottom line for investors: set your expectations to depth tests and continuity , not one-off grades. This will be time-consuming, and patience is highly required; otherwise, you will miss any potential upsides. I think the main feature will be to see if there is truth to the Marcelina feeder. If those pieces start to fall into place, the narrative pivots from “promising intercepts” to a district-scale resource conversation—exactly the kind of inflection we look for at Samso. #SamsoDYOR   The Samso Way – Seek the Research Read the source docs, map geology to drill plans and cash runway, track CPs and timelines, focus on continuity over single assays, and update your thesis as facts change. #SamsoDYOR Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 18 September 2025 Proteomics granted certification for Diagnostics Laboratory 27 Aug 2025 Annual Report to Shareholders Proteomics International Laboratories Ltd (ASX: PIQ) has been granted ISO 15189 certification  for its Australian laboratory operations – a key milestone that cements its role as a leader in precision diagnostics. This certification validates the company’s systems, processes, and quality management, ensuring accurate and dependable clinical results. This certification is more than a tick-the-box moment — it is the green light for the national roll-out of PromarkerD and PromarkerEso. Building on PIQ’s status as one of the world’s most accredited protein testing laboratories — with ISO 15189, ISO 17025, and ISO 13485 certifications — it delivers the quality and clinical confidence needed to drive adoption and future partnerships (Figure 1). This announcement marks a major step forward in PIQ’s commercialisation journey.  Figure 1: Certification & Credibility (source: PIQ)   Key Highlights - The Business of Precision Diagnostics. ISO 15189 Certification Granted  – covering clinical testing services, supporting the commercialisation and clinical use of Proteomics International’s suite of precision diagnostic tests. Strengthens Global Standing  – affirms Proteomics International’s position as one of the world’s leading laboratories for proteomics and protein-based testing services. Platform for Growth  – enables offering of emerging precision diagnostics and specialist pathology tests. Aligned with Strategic Roll-Out  – builds on ISO 17025, ISO 13485, and CLIA certifications, strengthening the national roll-out of PromarkerD (launched 20 August) and PromarkerEso (launched today) (Figure 2). Figure 2: PromarkerEso (source: PIQ)   Proteomics International Managing Director Dr Richard Lipscombe  commented: “The clinical certification supports our strategic growth trajectory as we advance the commercialisation of our first-in-class diagnostic tests for diabetic kidney disease, esophageal cancer and endometriosis. This certification also cements Proteomics International's position as a leading innovator in precision diagnostics and provides a platform for us to offer more specialist pathology testing in future.” Strategic Impact This milestone is more than just compliance – it opens doors to new revenue streams  and positions Proteomics International at the forefront of the precision medicine market. Figure 3: Go-to-Market Optionality illustrates the company’s dual commercialisation pathways — the direct-to-consumer and digital marketing pathway, and the traditional licensing model — both of which are now underpinned by ISO 15189 certification. This assurance gives clinicians, regulators, and payers confidence that PIQ’s diagnostic results are reliable, creating the trust required to accelerate adoption and monetisation. Figure 3: Go-to-Market Optionality: Synergistic Pathways (source: PIQ) About Proteomics International Proteomics International Laboratories (PILL) is a Perth-based medical technology company specialising in proteomics  – the large-scale study of proteins (Figure 4). Figure 4: The power of proteins (source: PIQ) Its mission is to improve lives through innovative tools that enhance disease detection and treatment (Figure 5). Figure 5: Predictive Diagnostics (source: PIQ) IDENTITY:  Proteomics International is a medical technology company specialising in predictive diagnostics and advanced analytical services using proteomics - the industrial-scale study of the structure and function of proteins. MISSION:  To improve the quality of lives by the creation and application of innovative tools that enable the improved treatment of disease. VISION:  To help create a world where disease is detected early and cured simply.   The Power of Early Detection (Figure 6) Early detection  finds disease in its earliest stages, allowing earlier and more effective treatment. Many diseases go undiagnosed early due to limitations of diagnostic tools and silent symptoms. Government screening programs  (e.g., the National Cervical Screening Program) show how early detection reduces illness and death. NCSP invites women aged 25–74 for HPV testing every 5 years, preventing up to 95% of cervical cancers . Since its introduction in 1991, NCSP has halved cervical cancer incidence and placed Australia on track to eliminate cervical cancer by 2035 . Development of innovative diagnostic technology  is key to improving early detection across other diseases such as breast cancer, lung cancer, cardiovascular disease, and dementia. Figure 6: The Power of Early Detection (source: PIQ) Samso Concluding Comments This could be a defining moment for Proteomics International (PIQ). The achievement of ISO 15189 certification is not simply an operational milestone — it is the foundation for commercial success . For investors, this means PIQ’s diagnostic tests can be rolled out with confidence, knowing they meet the strictest global standards for clinical accuracy. The combination of PromarkerD and PromarkerEso, now being offered under certified conditions, means that PIQ has entered a new phase of execution and market adoption . This is when investors start to look for metrics — such as the number of tests conducted, clinics onboarded, and revenue growth — to measure traction. From a strategic perspective, this certification unlocks PIQ’s ability to partner with other test developers, potentially broadening its revenue mix and cementing its reputation as a precision diagnostic hub. Has PIQ de-risked the path forward and is now positioned to convert its scientific achievements into sustainable, scalable commercial outcomes ? The Samso Way – Seek the Research Always look beyond the headline. ISO 15189 is a gateway to market adoption, but the real test will be how rapidly PIQ converts this into clinical uptake and revenue. Watch for quarterly updates on PromarkerD and PromarkerEso adoption and monitor the pipeline for the next test candidates. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement SaaS Agreement with Systems Plus College Foundation 15 September 2025 OpenLearning Limited (ASX: OLL) has signed a five-year, usage-based SaaS agreement  with Systems Plus College Foundation (SPCF), a comprehensive non-sectarian education provider in the Philippines. The partnership will see SPCF deploy OpenLearning’s AI-powered learning management system across all levels – from grade school to graduate programs. The agreement guarantees a minimum of 10,000 unique student users per year , representing a significant commitment from SPCF to embrace advanced, technology-driven education delivery. Key Highlights - AI Powered Education Story Five-Year Agreement Signed: Systems Plus College Foundation (SPCF), a major education provider in the Philippines, has entered into a five-year, usage-based SaaS agreement with OpenLearning (Figure 1). Minimum Student Commitment: The deal covers a minimum of 10,000 students per year across SPCF’s campuses. Contract Value: Minimum contracted SaaS fees total approximately A$150,000 (US$100,000) over the five-year term, with upside potential tied to usage. Strategic Expansion: The agreement strengthens OpenLearning’s growing presence in Southeast Asia and underscores demand for AI-powered LMS solutions. Competitive Selection: SPCF chose OpenLearning after evaluating multiple LMS platforms, highlighting the platform’s edge in outcomes-focused, scalable learning. Figure 1: Systems Plus College Foundation campus – Angeles City, Pampanga (source: Wikipedia)   OpenLearning CEO, Adam Brimo,  commented: “SPCF’s decision to partner with OpenLearning highlights the growing demand for AI-powered learning platforms that elevate student engagement and outcomes. Our usage-based model allows SPCF to scale confidently, while our tools help educators design high quality learning experiences faster. We look forward to supporting SPCF as they deploy OpenLearning across their network of institutions.” Strategic Context This agreement is strategically important for OpenLearning as it demonstrates ongoing traction in the Philippines , a priority market alongside Australia and Malaysia. The Company continues to position itself as a trusted partner for education institutions seeking to blend social, project-based learning  with AI-enabled facilitation. SPCF, with over 18,000 students across Pampanga and Metro Manila , is designated as a Center of Development in IT Education by the Commission on Higher Education of the Philippines. Its partnership with OpenLearning represents a strong platform for technology-enabled learning and potential growth beyond the minimum contract commitment. Samso Concluding Comments OpenLearning continues to show that its AI-powered learning platform is finding a home in markets that are eager for scalable and innovative education solutions. The Philippines is a market where technology adoption and education investment are growing, and this agreement reflects a strong alignment between OpenLearning’s offering and local demand. While the A$150,000 contracted value is not a material revenue driver on its own, the strategic impact is significant. These kinds of multi-year institutional partnerships are a critical part of OpenLearning’s growth strategy and create opportunities for usage expansion over time, which could drive incremental revenue beyond the minimum commitment. This announcement also demonstrates that OpenLearning’s model resonates with institutions that have large, diverse student populations and require a platform that can scale effectively. The fact that SPCF selected OpenLearning after evaluating multiple LMS options speaks to the platform’s competitive differentiation. For investors, the key takeaway is that traction in markets like the Philippines, combined with the company’s established presence in Australia and Malaysia, could lead to network effects and revenue compounding if adoption continues. This is an announcement worth noting, not for its immediate financial impact, but for the longer-term growth narrative it supports. The Samso Way – Seek the Research Facts first, context always. Map the science to the strategy, verify the clinical and commercial milestones, and make decisions only after your own research. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. 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Investors all know about the value of diamonds and how much these elusive stones cost or are worth.  In reality, that value is the perceived value of diamonds.  I would wager that most of those investors would not realise that it is a controlled commodity, and hence the price is effectively artificial.  What is interesting is also that it is one of the most challenging and most expensive product to go looking for, even with today’s technology.  The last hurrah for diamonds in Australia would have to be in the early 1990s, and it is rare as hen’s teeth since that period of excitement.  I had the privilege to have worked during that time and with a company that had the budget to do some real stuff, Ashton Mining Limited (taken over by Rio Tinto in the early 2000s). Diamonds in the form we see in our minds. Is it rare, or is it a controlled pricing structure. There is no doubt that there is no shortage of these stones, especially the white ones (hence my fascination with coloured gemstones).  However, the fact is that it is not that easy to find them and then prove it up for mining makes these stones somewhat “rare”. The diamond formation process is one that can be a tease. Diamonds are chemically unstable in normal conditions as the metastable state is in the form of graphite.  It is for this reason that diamonds need to be emplaced on the surface quickly (In a geological sense).  Otherwise, it will change to a “non-diamond” form.  Hence, the quickest way for this process to happen is to get delivered by a volcanic system that can allow magma (liquid-like rock material from deep within our Earth mantle) to rise to the surface. What are the source rocks for Diamonds? To date, there are two types of rocks where you can find diamonds.  They are called Kimberlites and Lamproites.  There other hybrids but they are typically some combinations of Kimberlitic and Lamproitic. Canadian Kimberlite locations. (source:Wikimedia Commons) According to old faithful Wikipedia, Kimberlite is an igneous rock, which sometimes contains diamonds. It is named after the town of Kimberley in South Africa, where the discovery of an 83.5-carat (16.70 g) diamond called the Star of South Africa in 1869 spawned a diamond rush and the digging of the open-pit mine called the Big Hole. Previously, the term kimberlite has been applied to olivine lamproites as Kimberlite II, however this has been in error. Kimberlite occurs in the Earth’s crust in vertical structures known as kimberlite pipes, as well as igneous dykes. Kimberlite also occurs as horizontal sills.[2] Kimberlite pipes are the most important source of mined diamonds today. The consensus on kimberlites is that they are formed deep within the mantle. Formation occurs at depths between 150 and 450 kilometres (93 and 280 mi), potentially from anomalously enriched exotic mantle compositions, and they are erupted rapidly and violently, often with considerable carbon dioxide[3] and other volatile components. It is this depth of melting and generation that makes kimberlites prone to hosting diamond xenocrysts. Despite its relative rarity, kimberlite has attracted attention because it serves as a carrier of diamonds and garnet peridotite mantle xenoliths to the Earth’s surface. Its probable derivation from depths greater than any other igneous rock type, and the extreme magma composition that it reflects in terms of low silica content and high levels of incompatible trace-element enrichment, make an understanding of kimberlite petrogenesis important. In this regard, the study of kimberlite has the potential to provide information about the composition of the deep mantle and melting processes occurring at or near the interface between the cratonic continental lithosphere and the underlying convecting asthenospheric mantle. A diamond-bearing Kimberlite rock from the US. (Source: Wikipedia) Lamproite is an ultrapotassic mantle-derived volcanic or subvolcanic rock. It has low CaO, Al2O3, Na2O, high K2O/Al2O3, a relatively high MgO content and extreme enrichment in incompatible elements. Lamproites are geographically widespread yet are volumetrically insignificant. Unlike kimberlites, which are found exclusively in Archaean cratons, lamproites are found in terrains of varying age, ranging from Archaean in Western Australia, to Palaeozoic and Mesozoic in southern Spain. They also vary widely in age, from Proterozoic to Pleistocene, the youngest known example being 56,000 ± 5,000 years old. Lamproite volcanology is varied, with both diatreme styles and cinder cone or cone edifices known. The economic significance of lamproite became known with the discovery of Ellendale E4 and E9 lamproite pipes and better known 1979 discovery of the Argyle diamond pipe in Western Australia. This discovery led to the intense study and re-evaluation of other known lamproite occurrences worldwide; previously only kimberlite pipes were considered economically viable sources of diamonds. The Argyle diamond mine remains the only economically viable source of lamproite diamonds. This deposit differs markedly by having a high content of diamonds but low quality of most stones. Research at Argyle diamond have shown that most stones are of E-type; they originate from eclogite source rocks and were formed under high temperature ~1,400 °C (2,600 °F). The Argyle diamond mine is the main source of rare pink diamonds. Argyle Lamproite (source: JSJGeology) Olivine lamproite pyroclastic rocks and dikes are sometimes hosts for diamonds. The diamonds occur as xenocrysts that have been carried to the surface or to shallow depths by the lamproite diapiric intrusions. The diamonds of Crater of Diamonds State Park near Murfreesboro, Arkansas are found in a lamproite host. Do all Kimberlites and Lamproites have Diamonds? Not all Kimberlites or Lamproites are diamond-bearing.  There are considerable complexities that define whether the source rock has diamonds or not but let’s keep it simple.  Diamonds form in a specific region in the Earth’s mantle.  The temperature and pressure levels are one of the significant participants, and hence when the magma passes or originates from this region, it will sample diamonds.  The endowment will depend on the rate and how mature the magma is when it reaches the surface. Contrasting models illustrating why diamond-bearing group 1 kimberlites are restricted to within the bounds of the Craton and barren kimberlites are confined to the adjacent mobile belts. (source:Kimberlites and Lamproite: Primary Sources of Diamond, Mitchell, R.H. 1991) The schematic diagram below shows some variants of factors that affect whether the source rock contains diamonds.  There are many forms of Kimberlites, and I have included this article which I think is a good description of what I am talking about, Diamonds_Kimberlites and Lamproites . What is apparent is that they do form in clusters, and when they are of the same age, the presence of one diamond-bearing pipe will most likely mean that there are more to be found.  Similarly, the presence of kimberlite or lamproite from that geochemistry will have diamonds.  However, this theory is not an exact science, which is why when you find microdiamonds or a macro-diamond in exploration, you excited.  This discovery means that the potential kimberlitic or lamproitic field is carrying that kind of chemistry.  In term of exploration, we get excited if we find indicator minerals from that region of chemistry, but if you find diamonds, that is as close to a sure thing as you can get for diamond exploration. In reality, to find that pipe bearing the diamonds is not even close to a sure thing as in most cases, you have to deal with drilling all the potential pipes and the likelihood the pipe is covered or weathered.  Diamond exploration is one of the hardest to achieve success, in my opinion.  I would go as far as to say that it is the hardest in the space that I have been in over my years of exploration.  The rate of success is pretty low, and it’s expensive.  Projects take a long time because the risk/reward ratio is typically low.  However, the payoff is significant when you do find it. In my previous Insight, The Webb Project: GeoCrystal Limited – The Next Diamond Story and Yellow Diamonds – A Gap in the Diamond market ,  I have made several mentions about this particular issue of high expenditure and lack of success in this sector. Is there anyone looking for Diamonds? Since the 1990s, there has not been any real exploration in Australia. However, it appears that the TSX (Toronto Stock exchange) companies have been active and of they are probably the only group that can be said to be active diamond explorers.  The amount of activity is probably due to the well endowed North-West Territories of Canada.  It is home to the massive Diavik Mine (8 million carats annually)  and the Ekati Mine (7.5 million carats).  Both these mines are still in production. A map of Canadian diamond mines showing the approximate locations. (source:Geology.com) In researching this Insight, I am amazed to find that there is a long list of diamond explorers in the TSX (Toronto Stock Exchange).  There is a long list of diamond producers as well.  I must admit that my knowledge of this sector is decades behind, and I put this to the fact that there is no diamond action here in Australia.  The only company that comes to mind is Lucapa Diamond Company Limited (ASX: LOM) and Gibb River Diamonds Limited (ASX: GIB) .   The diagram below shows gem-quality diamond production up to 2018.  As someone had pointed out in Linkedln, Australia is missing from that list :-).  I agree that this is inaccurate and I am not sure why they have left Australia out.  Maybe they are talking about gem-quality stones. Diamond Production Leaders: Graph showing the production history of selected gem-quality diamond producing countries. This graph shows Canada holding its position as the third most crucial diamond producer based on carats. Values for 2018 are estimated. Graph by Geology.com. Data from USGS Mineral Commodity Summaries. (source:Geology.com) The issues with this sector are that funding is challenging. I would think that the Canadians understand this sector better with so many producing mines. However, I do hear that the explorers are finding it hard to source funds as well.  I know that Gibb River is currently looking for funds, but I am not sure about the progress.  I would think that it is not going to be easy with the state of the diamond market. Lucapa is one that is mining and admittedly, I have not followed it other than reading the news — looking at their share price, which is at an all-time low of AUD$0.13.  What this means is anyone’s guess.  For a miner, it is always hard to make a decision based on their share price.  I am suspecting that this is a reflection of the market price of the stones at this moment. The 5-year share price chart for Lucapa Diamond Company Limited (ASX: LOM). (Source: Commsec) There is one Canadian company that is doing lots of work in Australia, but Australian doesn’t get a look at is Lithoquest Diamond Inc (TSX-V: LDI) .  They have an excellent project up in the Kimberley region of Western Australia.  To date, they have found a Kimberlite field and drilled one or two of them.  One microdiamond has been found although it is separate to the known Kimberlite field. For a diamond tragic like me, this is exciting as this area has not been worked on previously and is considered the ideal place to locate these pipes. This story reminds me of the Merlin Diamond Project that I worked on with Ashton Mining in the 1990s.  The Merlin project is one of the best diamond projects not to have been developed. Merlin is a low hanging fruit in regards to the stage of a diamond project. What I like about Lithoquest is that they have discovered something different.  If the indicator minerals are pointing to the source rock taping that elusive diamond stability field, then we are indeed looking at total different potential. The Lithoquest story. (source: Lithoquest Diamond Inc.) Remember, the potential of the diamond-bearing source rock is all about the ability to tap that region where diamonds are stable and are “formed”.  The excitement is in the discovery of gem-quality diamonds from documented stream samples throughout the area, including a 1.73-carat diamond and three micro-diamonds found in a 10kg sample in 2018.  The diagram above is highlighting the potential of what may be at play. Defining a pipe could be like trying to find the core of a porphyry system, finding the Low pyritic shell, the pyrite shell, the distal…etc.  The defining of the pipe architecture is expensive but essential to uncover the motherlode of the pipe. Lithoquest and Gibb River project areas. (source: Mitchell, R.H. Kimberlites and lamproites: Primary Sources of Diamond.) The other part of Lithoquest that I like is that I hear (not confirmed) that the Seppelt Diamond project is now within their project area.  I don’t think this was part of the equation when I made my Coffee with Samso with Bruce Counts .  I must remember to bring this up the next time I speak to him.  Seppelt was last worked by Striker Resources (morphed into Myanmar Metals Limited, I think) in the early 2000s. Here is an excerpt from an article from The Age in October 2002, A 183-tonne bulk sample of Striker’s Seppelt 2 kimberlite pipe in the northern Kimberley yielded 412 carats of commercial-size diamonds. Striker said the indicated average grade of 2.25 carats per tonne was on face value, a world-class grade. Normally, grades at operating diamond mines are measured in carats per hundred tonnes. The exception is the Rio Tinto-owned Argyle mine, which grades 5-10 carats a tonne, albeit at a low average per carat value. Striker chairman and industry stalwart Ewen Tyler said the results were the best since the discovery of Argyle 25 years ago. “The most important aspect at this stage is the number of large diamonds in the sample, which is a very positive pointer for the value of what we are seeing at Seppelt,” he said. “Out of 412 carats from this 183-tonne sample, we have four diamonds greater than two carats, 21 greater than one carat and many greater than half a carat. The largest diamond to date weighed in just under three carats,” Mr Tyler said. There is no doubt that Seppelt is diamond-bearing so if Lithoquest does have this, I think we are looking at something special. The third diamond activity in Australia belongs to a private company called GeoCrystal Limited.  The Webb Project which I wrote about The Webb Project: GeoCrystal Limited – The Next Diamond Story has a very interesting story.  This will be the focus of the first Coffee with Samso for 2020. This should be published in the coming week. Canadian listed companies that are exploring for diamonds. (source: Bruce Counts CEO of Lithoquest Diamond Inc. (TSX-V: LDI) ) Arctic Star Exploration (TSX-V: ADD) Head Office – Vancouver Shares Outstanding – 25.9m Recent Price – C$ 0.065 CEO – Patrick Power Website – https://www.arcticstar.ca/ Arctic Star has been exploring for diamonds for more than a decade. Currently, its flagship project is the Timantti Project in Finland where it has discovered several diamond-bearing kimberlite dykes and pipes(?). The company also has projects in the Lac de Gras region of the Northwest Territories near the Ekati and Diavik diamond mines are located as well as remote parts of the Nunavut Territory. Key technical people include Buddy Doyle (Diavik Diamond Mine discovery) and Roy Spencer (Gribb Diamond Mine discovery) North Arrow Minerals (TSX-V: NAR) Head Office – Vancouver, British Columbia Shares Outstanding – 110.7m Recent Price – C$ 0.045 CEO – Ken Armstrong Website – http://www.northarrowminerals.com/ North Arrow has been actively exploring for diamonds for several years and is arguably the most successful Canadian explorer over the last decade. The company has discovered two new diamond-bearing kimberlite fields, Pikoo in Saskatchewan and Mel in the Nunavut Territory. North Arrow’s current flagship project is Naujaat located in the Nunavut Territory. This project hosts several large diamond-bearing kimberlite pipes (originally discovered by BHP). The pipes have a low-value population of white diamonds; however, there is a population of orange-yellow diamonds that may change the economics. A large bulk sample is required to confirm the grade, value and size-frequency distribution of the coloured stones. Key technical people include Ken Armstrong (Diavik discovery) and Eira Thomas (Diavik discovery and current CEO of Lucara) Olivut Resources (TSX-V: OLV) Head Office – Edson, Alberta Shares Outstanding – 57.8m Recent Price – C$ 0.05 CEO – Leni Keough Website – https://olivut.ca/ Olivut has been an on-and-off diamond explorer for several years. The company’s flagship project is the HOAM project in the western Northwest Territories. HOAM hosts a number of weakly diamondiferous kimberlites. The company recently optioned and drilled a diamond project near Great Bear Lake in the NWT. Results of that drill program are pending. Key technical people include Leni Keough (Diavik discovery), Dr Malcolm McCallum (Sloan discovery) and Martin St. Pierre (Ekati discovery) Pangolin Diamonds (TSX-V: PAN) Head Office – Toronto, Ontario Shares Outstanding – 160.3m Recent Price – C$ 0.05 CEO – Dr Leon Daniels Website – https://pangolindiamonds.com/ Pangolin has seven early-stage projects, all of which are located in Botswana. The company’s flagship project is Malatswae where there is evidence of a kimberlite field in the form of KIM and diamonds recovered from loam samples. Key technical people include Dr Leon Daniels (several discoveries in southern Africa) Tsodilo Resources (TSX-V: TSD) Head Office: Shares Outstanding – 45.3m Recent Price – C$ 0.085 CEO – James Bruchs Website – http://www.tsodiloresources.com/s/Home.asp Tsodilo’s key project is the BK-16 kimberlite in Botswana’s Orapa field. The kimberlite is relatively low grade but may have a population of large type IIA diamonds similar to Lucara’s Karowe mine in the same field. Star Diamond Corporation (TSX: DIAM) Head Office – Saskatoon, Saskatchewan Shares Outstanding – 428.2m Recent Price – C$ 0.36 CEO – Ken MacNeill Website – http://www.stardiamondcorp.com/ Star Diamond has an advanced diamond project in north-central Saskatchewan. The Fort a la Corne kimberlite field hosts some of the largest kimberlites globally. The project has been active for more than two decades and is currently under option to Rio Tinto. Key technical people include George Read (formerly with DeBeers) Included in the list of explorers was a list of companies that were producing diamonds. Canadian listed companies that are producing diamonds. (source: Bruce Counts CEO of Lithoquest Diamond Inc. (TSX-V: LDI) ) Lucara Diamond Corp (TSX: LUC) Head Office – Vancouver, British Columbia Shares Outstanding – 396.9m Recent Price – C$ 0.88 CEO – Eira Thomas Website – https://www.lucaradiamond.com/ Lucara has one asset: a 100% interest in the Karowe diamond mine located in the Orapa kimberlite field in Botswana. The deposit was purchased from De Beers and ownership was consolidated by Lucara. The south lobe of the Karowe kimberlite complex has a population of large, top-quality Type IIA diamonds that have made the company very profitable in past years and has produced some of the worlds largest diamonds. The company has recently completed a feasibility study to determine the economics of transitioning from an open pit to an underground mine. Lucara is believed to be scouting for possible acquisitions and/or mergers. Lucara has also acquired a block-chain based marketing platform, Clara, that aims to align buyers of rough diamonds with specific stones. The platform is still in the ramp-up stage but aims to sell diamonds other than those produced at Karowe. It remains to be seen if this will be a profitable acquisition; however, it speaks to managements desire to broaden the revenue stream while staying within the diamond industry. Mountain Province Diamonds Inc. (TSX: MPVD) Head Office – Toronto, Ontario Shares Outstanding – 210.1m Recent Price – C$ 1.14 CEO – Stuart Brown Website – http://www.mountainprovince.com/ Mountain Province has a minority interest (49%) in the Gahcho Kue diamond mine located in the Northwest Territories of Canada (De Beers owns the majority interest). The mine is known to produce lower-quality stones and stones that fluoresce. This has put a great deal of pressure on the profitability of the mine given that average price per carat of their production has declined by nearly 50% since the feasibility study was completed. Adding to that pressure for Mountain Province is the servicing of the debt incurred to fund their portion of the mine’s CAPEX. Mountain Province has a 100% interest in the Kennady Lake kimberlites which is an advanced project and located very close to the Gahcho Kue diamond mine. While the Kennady kimberlites are small, they are high grade. It is speculated that the Kennady kimberlite will be acquired by the Gahcho Kue Joint Venture in the future when the current mine nears the end of its life. Diamcor Mining Inc. (TSX: MPVD) Head Office – Kelowna, British Columbia Shares Outstanding – 65.3m Recent Price – C$ 0.095 CEO – Dean Taylor Website – http://www.diamcormining.com/ Diamcor has a single asset: a 100% interest in the Krone-Endora at Venetia Project. The project is focused on recovering diamonds from colluvium and alluvium down slope/stream from DeBeer’s Venetia diamond mine. Technically, the project is still at the bulk-sample stage since Diamcor has not produced a regulatorily compliant resource; however, effectively, the company is at the mining stage. Australian listed companies that are exploring for diamonds. Lucapa Diamond Company Limited (ASX: LOM) Head Office – Perth Shares Outstanding – 467.20m Recent Price – AUD$ 0.135 CEO – Stephen Wetherall Website – https://www.lucapa.com.au/ Commercial diamond production commenced at Lulo in 2015 through alluvial mining company Sociedade Mineira Do Lulo. The average US$ sales prices achieved for Lulo diamonds are among the highest of any alluvial mine in the world. Kimberlite exploration is conducted by the Lulo partners through the separate Projecto Lulo joint venture. This exploration is designed to locate the hard-rock sources of the exceptional Lulo alluvial diamonds. Lulo Diamond Operations. (source: Lucapa Diamonds) Lucapa is the operator of both the alluvial mining and kimberlite exploration activities at Lulo. Gibb River Diamonds Limited (ASX: GIB) Head Office – Perth, Western Australia Recent Price – AUD$ 0.045 Executive Chairman – Jim Richards Website – http://www.gibbriverdiamonds.com.au/ Gibb River Diamonds is a renamed company from decades ago.  I have lost track of how many. The last name was Poz Minerals, and I am not sure if it had Blina Diamonds.  The main project is the recent acquisition of the Ellendale Diamond mine.  Famous for its yellow diamonds, it was a great money generator for its previous owners until the major buyer decided to stop taking the stones. Since then, it has just gone downhill with the company going into administration and the tenements being tendered out. The Ellendale Diamond Mine. (source: Gibb River Diamond Limited) The Blina Diamond project is of particular interest to me as it offers something different.  If they can make this work, it will be something new and not dependent on the old Ellendale story. The Blina Project will combine well with the Ellendale Diamond Mine. (source: Gibb River Diamond Limited) Conclusion Diamond geology/mining/exploration is my favourite topic, so this article has gone that extra length.  As they say, you learn something every day, and I have learnt that the Canadians are way ahead in the diamond game compared to Australia.  When the rush was happening in the 1990s, Australia was the go-to place.  The discovery of Argyle and Ellendale prior was the catalyst for the rush in the 1970s to the 1990s.  In the early 1990s, Stockdale (De Beers) had almost exited the scene while Ashton and Great Central Mines Limited were the leading players.  There were other smaller players, but they never succeeded, such as Striker Resources and Moonstone Diamond Corp. Most of the famous diamond mines have been operating for decades, and these mines are producing millions of carats per year.  As I described earlier, Ekati and Diviak produced multiple of millions of carats per annum.  Argyle Diamond Mine had a low gem-quality count, but it was the largest diamond producer in the world at one time.  Argyle is famous for its pink diamonds.  Argyle is also renowned for its marketing of simple brown diamonds as cognac and champagne diamonds. It is evident that diamonds are found worldwide. The point of this article was really to highlight the complexity of diamond exploration and the risk/reward ratio, which is making fundraising difficult.  What I did discover from this article was that there are a lot of explorers in Canada and numerous mid-tier producers.  The Australian contingent is lagging. However, some surprises could turn the tide. In Australia, I think Lithoquest and Gibb River could turn the momentum of diamond exploration if they make their projects work.  For Lithoquest, confirming diamond-bearing kimberlites in their project area would create a new diamond region previously unknown.  If Seppelt is indeed within the project are of Lithoquest could springboard the company into a possible near-term diamond producer. For Gibb River, convincing the capital market that a rejuvenated Ellendale mine for yellow diamonds will make money will make them the most definite candidate to be the next diamond miner in Australia and indeed the world.  Proving that the company can make money mining the yellow diamonds will put Gibb in an extraordinary place in the diamond mining club. 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

When it comes to a remarkable mineral discovery in Australia, the search for the Argyle Diamond Mine in the Kimberley Region of Western Australia stands out. The discovery of the Argyle Diamond Mine was unparalleled in every aspect of the project. This Samso Insight is all about Ewen Tyler and how he narrates a discovery of a lifetime. Ewen Tyler is the man who is credited as the "Father of the Argyle Diamond Mine". I will have to say that as much as all Discovery Journeys is a team game, there had to be a driver and a man to take the heat. The diamond project in Australia was not only the largest and highest quality, but also marked a significant milestone as the first major diamond deposit discovery outside the De Beers cartel and the Russian Federation. A History of the Argyle Diamond Mine (Source: Wikipedia) The Argyle Diamond Mine (Figure 1) was a diamond mine  located in the East Kimberley  region in the remote north of Western Australia . Argyle was at times the largest diamond  producer in the world by volume (14 million carats in 2018 [1] ), although the proportion of gem-quality diamonds was low. It was the only known significant source of pink  and red  diamonds (producing over 90% of the world's supply), and additionally provided a large proportion of other naturally coloured diamonds, including champagne, cognac, and rare blue diamonds. Mining operations ceased in November 2020, after 37 years of operations and producing more than 865 million carats of rough diamonds. Mine operator Rio Tinto  plans to decommission the mine and rehabilitate the site at least through 2025. [2] [3] The Argyle diamond mine is also notable for being the first successful commercial diamond mine exploiting a volcanic pipe  of lamproite , rather than the more usual kimberlite  pipe; much earlier attempts to mine diamonds from a lamproite pipe  in Arkansas , United States, were commercially unsuccessful. The Argyle mine is owned by the Rio Tinto Group , a diversified mining company that also owns the Diavik Diamond Mine  in Canada and the Murowa diamond mine  in Zimbabwe. Figure 1:  The Argyle Diamond Mine My Fascination for Diamonds and Diamond Exploration This episode of Samso Insights will be remembered as one of my favorites. It was a true privilege to have the opportunity to hear Ewen Tyler's remarkable story. His ability to persevere in the search for a diamond source is truly extraordinary. I have been fascinated by diamond exploration since my time working on my Honours Thesis at the University of Western Australia. In fact, my interest in gems predates my university experience. As Ewen eloquently stated, "Only Fools Will Explore for Diamonds." This sentiment is shared by those who have experienced the challenges and hardships of diamond exploration. It is safe to say that only passionate explorers can truly appreciate the immense difficulties faced by diamond explorers, often with little to no reward. Sit back and prepare to be captivated by one of the most compelling tales of persistence and gamesmanship in the pursuit of a "potential" diamond find. This interview has largely been guided by Stuart Kells' book, " Argyle - The Impossible Story of Australian Diamonds " shedding light on the previously unknown business aspects of the Olympic Dam discovery. Kells' narrative provides invaluable insights into the boardroom dynamics that shaped this remarkable journey. Purchase the book from Amazon Samso's Conclusion Today, the diamond exploration industry is virtually non-existent, with only one noteworthy active company remaining. The focus has shifted to existing miners, as the cost of exploration has become prohibitively high. In the realm of mineral exploration, the risk-reward ratios are no longer worth discussing. The story of Argyle is inspired by the renowned pink diamond, but as Ewen Tyler explains, these stones were not initially considered. The success of Argyle lies in its remarkable marketing efforts, which effectively conveyed the value of the stones and made the mining process viable. In my view, nothing surpasses the beauty of a well-coloured stone (Figure 2). While some may argue that a high-quality white stone is superior, a truly stunning stone is one that makes a statement. Its value lies in the story it tells and the history it carries. By watching this interview, you will understand that the value of the Argyle stones was primarily derived from the captivating Argyle story. Figure 2: A range of Argyle's best diamonds Video Chapters 00:00:00   Start 00:00:15  Introduction 00:01:00   The Ewen Tyler Story - The beginning 00:13:02   Rex Prider Factor 00:14:46   Start of the search for diamonds in Australia 00:17:21  Introduction of Rio Tinto 00:18:22   Path to Ellendale 00:20:14  Business of Ellendale 00:20:52   Discovery of diamonds in Smoke Creek 00:21:25   Bringing context into the search area 00:22:16   Team Argyle 00:24:41   Arrangement with the Western Australian Government 00:28:27   The Rio Tinto Lifeline 00:29:42   Early signs of the discovery of Argyle 00:31:34   Waiting Game - The Process and The Secrecy Game 00:33:53   Ewen earned the title of The Father of Argyle Diamond Mine 00:37:02   Arriving at Argyle 00:38:05  Unbelievable Grade of Diamonds 00:39:43   Smoke Creek and Limestone Creek - First sighting of the Argyle Pink Diamond 00:40:42   The Mythical Value of the Pink Diamonds for Argyle 00:42:50   Economic Study of the Argyle Diamond Mine 00:43:17   Funding the mining of Argyle Diamonds 00:50:08   First Nation Discussions 00:53:47   The Birth of the Marketing Gunnies of the Argyle Diamonds 01:00:31   Webb Diamond Project 01:01:28   Other sources of diamond projects 01:03:49   Ewen Thoughts on Mineral Exploration 01:05:34   Importance of the Team in Mineral Exploration 01:07:04   Is there an Impossible Exploration Discovery? 01:08:53   Conclusion About Ewen Tyler AM Born in England in 1928, Ewen was educated in Western Australia and completed an Honours Degree in Geology at the University of Western Australia in 1949. He went to Tanganyika in 1950 as a geologist at the Geita Gold Mine, then the largest producer in East Africa. He left as the Underground Manager in 1958. He went to London in 1959 as an economic geologist doing mining valuations. The affairs in Africa brought about by independence led to him to bring a delegation of Belgian mining men from Union Miniere du Haut Katanga to Australia, to look for investment opportunities. He returned to Australia in 1969 to see how they were getting on, and amongst other things start a search for platinum and diamonds on a low-key basis. Platinum was a failure but after ten years of searching, he found the Argyle Diamond Mine. He was the Technical Director of Ashton Mining from its foundation. He was made a Member of the Order of Australia (AM) in 1991 for "Services to the Australian diamond mining industry and the community. In 1992 Ewen Tyler received The Clunies Ross National Technology Award for The Outstanding Application of Science and Technology. He was subsequently asked to chair a number of exploration companies. Clunies Ross National Science and Technology Award The Clunies Ross National Science and Technology Award was first awarded in 1991, and was established under the Ian Clunies Ross Memorial Foundation. The Award is presented to people who have made major contributions to science and its application for the economic, social or environmental benefit of Australia. From 2002 the Award was administered by the Australian Academy of Technological Sciences and Engineering: the Award is sometimes referred to as the ASTE Clunies Ross Award. Between 1991 and 2015 multiple Awards were presented each year. In 2015 the Academy reorganised the Awards into three categories: the Clunies Ross Entrepreneur of the Year; the Clunies Ross Knowledge Commercialisation Award; and the Clunies Ross Innovation Award. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------ 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 trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.on your financial future. Coffee with Samso Experience ------ References Zimnisky, Paul (21 May 2018). "Global Diamond Supply Expected to Decrease 3.4% to 147M Carats in 2018" . Kitco . Retrieved 9 November 2020. Rachminov, E. (2009). The Fancy Color Diamond Book: Facts and Secrets of Trading in Rarities . New York: Diamond Odyssey. ISBN   978-9659149902 . ^   "Pink Diamonds: Origins and Locations" . VMKdiamonds . Retrieved 25 July 2023.

Samso Insight Episode 98: A discussion why understanding mineral systems is important to exploration discovery The Discovery of Olympic Dam is the next Exploration Discovery story. The story is about the search for copper and is one of the longest searches for a commodity. In 1957, Western Mining Corporation Limited (ASX: WMC) initiated a search for Copper which started a sequence of events that led to the discovery of the largest known mineral deposit in 1976. It would take the company another two years before they understood the magnitude of their discovery. Olympic Dam was the third discovery by WMC in 10 years. The significance of the discovery is that it would be another twenty years before the next big deposit, Prominent Hill was to be discovered. Carrapateena which is the next major discovery in that area was only discovered in 2005 on the western edge of Lake Torrens and only 70km southeast of Olympic Dam. WMC was created in 1933 and was taken over by BHP in 2002. In 2009, Olympic Dam had a resource of 9.1BT of resource and it was 4.4 times bigger than the initial resource that WMC had announced. It was worth USD863B. In 2017, it was reported that there was 120MT of Cu eq (equivalent) and it would take 500 years to deplete the resource at that time. The Story of the Olympic Dam was documented in the book "The Olympic Dam Story" by David Upton. I was able to track down David and arranged to meet him to get his view of the discovery and to talk about his book on this episode of Samso Insights. I hope this episode brings out the essence of the hard work and perseverance of the WMC group to search and discover a once-in-a-lifetime deposit such as Olympic Dam. I am a big believer of mineral exploration. My thoughts are that the low hanging fruits of mineral discovery was a couple of decades ago. One of the key points to take from this conversation with David and from the book is that discoveries are made from understanding mineral systems. These mineral systems make or break the concept of discovery. In the book, the key aspect of the discovery was that WMC, with their incredible understanding of geoscience looked out for mineral systems that would host copper. The exploration strategy was to look for these systems that would be "cooking" and hence have the best chance of being mineralised. WMC had a theory that they need to look for a mineral system that had altered basalts. These altered basalts would be the deciding factor that brought about discovery. The giants to be found are all undercover or in areas that have been misunderstood or neglected such as Tropicana, Nova-Bollinger, Winu, Havieron, Julimar, and Fosterville, just to name a few. Check out David Upton's website : https://precompetitive-review.com/ Chapters: 00:00 Start 00:20 Introduction 01:36 How it started. 09:21 The journey to look for copper. 12:55 Communicating with shareholders. 15:57 The work culture in Western Mining. 19:35 The search for Mineral Systems. 24:05 Discussion of new technologies and ideas. 27:42 The need for interpretation of data. 30:14 The complexity of the Olympic Dam. 32:52 Political issues of Uranium. 35:06 What drives the exploration? 37:37 The drilling. 39:07 What is David Upton up to these days? 41:04 The vast amount information available. 42:46 Why read the The Olympic Story? 45:51 Summary of the Olympic Dam Story. 49:35 Conclusion PODCAST Discover more on our Exploration Discovery series. About David Upton Researcher and writer with a deep knowledge of the resources and energy industries. Geology graduate and author of the well-known mining and exploration history, The Olympic Dam Story. Publisher of Precompetitive-review.com , Australia's only single source of news and analysis on precompetitive geoscience for mineral exploration. 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. Read Brilliant Investments

Coffee with Samso Episode 113: A Samso Exploration Discovery Series This is the first of the Samso Exploration Discovery Series that shares great discovery stories. These series share the thoughts that made the discoveries and the stories that followed. In this first of the series, we have Jon Hronsky OAM , of Western Mining Services telling us about the discovery of the West Musgraves Ni-Cu-PGE district. The West Musgrave Ni-Cu-PGE is more than a discovery as Jon Hronsky OAM puts it, this is a shift in understanding. A paradigm shift in the understanding of mineral exploration. This is a great story of how thinking outside the box brought about a change in looking at discoveries. I loved the idea that it was during this significant time that culminated in a whole new way of looking a finding major deposits. Western Mining was and is still the only company that was a world class explorer who dared to look for the Tier 1 deposits. Funding was not for mining the market but rather for the discoveries that was to be delivered by the geoscientists who were valued and cherished. Another take away from this episode is that the release of geophysical data had helped in the discovery. The whole concept of understanding deep seated structures being a source of mineralisation was only possible with the availability of government released datasets. Jon shared a lot of compelling thoughts on the subject and I got a lot more out of this conversation than I had first thought. One of the most impactful comments was that this discovery was really about creating a paradigm shift in how we look at finding deposits. The shift in world affairs and the major development in Mabo, was the catalyst that had sifted how geoscientist were allowed to think far and wide and was the beginning of how we currently work in mineral exploration. I have included time stamps for the video below: Chapters: 00:00 Start 01:06 The story begins. 01:23 What the discovery meant for mineral exploration. 02:10 Setting the scene for the story. 03:32 A shift in thinking about Nickel Exploration. 04:19 The start of exploring for a Norilsk type deposit. 05:27 The discovery of Voisey Bay Nickel deposit. 06:00 The birth of the new concept of Exploration Exploration. 08:50 The changing of old to new exploration thinking. 11:21 Why the Musgrave was still available. 13:24 The moment West Musgrave became live. 15:05 Was this a Nickel or an Exploration moment. 16:29 What we know now was not in the old days... 17:27 The emergence of digital geophysical database. 19:30 Missing out on Tropicana. 20:36 Exploration activities at the West Musgraves. 21:54 The Rob Waugh Story. 23:17 West Musgrave discovery was the beginning of more discoveries. 25:03 The reasons why good meticulous mineral exploration is valuable. 26:29 Julimar is a product of this early thinking process. 27:55 Where is the next frontier in Australia? 28:24 The greater McArthur Basin, Northern Territory. 30:11 Discovery is all about applying data knowledge. 31:46 The South Australian potential. 33:09 Potential elephants still available. 33:38 Early work is important but commonly not funded. 33:58 The Encounter Story. 34:43 The long gestation period of exploration. 37:28 Conclusion PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). Download our eBook now About Jon Hronsky Jon Hronsky OAM (BAppSci, PhD) Chairman of the Board of the Center for Exploration Targeting in Western Australia Chairman of the Australian Geoscience Council (the peak body for geoscience organisations in Australia) Adjunct Professor at both the University of WA and Macquarie University. Jon Hronsky has more than thirty-five years of experience in the global mineral exploration industry, primarily focusing on project generation, technical innovation and exploration strategy development. He has worked across a diverse range of commodities and geographies, and has particular expertise in targeting nickel sulfide and gold deposits. His targeting work led to the discovery of the West Musgrave nickel sulfide province in Western Australia. His experience includes leadership roles in both major mining and junior mining companies, and he has consulted globally for the last 12 years. In January 2019 he was awarded the Order of Australia Medal for services to the mining industry. Jon is currently Chairman of the Board of the Center for Exploration Targeting in Western Australia, Chairman of the Australian Geoscience Council (the peak body for geoscience organisations in Australia) and an Adjunct Professor at both the University of WA and Macquarie University. He was the 2009 Society of Economic Geology Distinguished Lecturer. Jon joined WMS in 2007. Prior to that, he was Manager-Strategy & Generative Services for BHP Billiton Mineral Exploration and Global Geoscience Leader for WMC Resources Ltd. About Western Mining Services Western Mining Services (WMS) provides the best in geoscientific and risk management advice and services to mineral explorers globally. WMS offers a range of essential services: Advice on exploration strategy development both brownfield and greenfield Review and critique of mineral exploration strategies, plans and programs Assistance with the organisational structures Metallogenic framework and mineral targeting studies that deliver viable greenfield targets Brownfield and near-mine studies and target generation Support for target validation at all scales Technical due diligence and new opportunity analysis Deal terms review and evaluation Commercial risk analysis WMS' proven track record: Over the last 12 years, WMS helped more than sixty companies pursue exploration programs and opportunities globally. The resulting rewards include the largest gold-copper skarn discovery in the Americas and major nickel and gold discoveries in Australia. Over 600 students attended their popular Senior Exploration Management (SEM) Course which, by many accounts, ranks as “one of the best”. WMS offers the SEM Course annually in Perth WA and Denver CO, and also offers the course in-house for clients who want a course tailored to their strategy and exploration program. WMS developed an on-line Senior Exploration Management (SEM) course that tracks in-person SEM Course and that will make excellent, experienced training services more available to exploration groups worldwide. WMS Team is experienced, focused and eager to help achieve the mineral exploration mission. Please contact us , and let’s discuss how we can help. CONTACT JON HRONSKY m/ +61 417992518 e/ jon.hronsky@wesminllc.com w/ https://www.wesminllc.com/ 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 .

Samso Insight Episode 96: This is about the Exploration Discovery of Gruyere. We invited Ian Murray and Justin Osborne who were part of the discovery team at Gold Road Resources Limited (ASX: GOR) to share their experiences. The Discovery of the Gruyere Gold Deposit has shown that "theories" are to be challenged. Currently, the resource sits at nine million ounces of gold. I have always been fascinated with this discovery. I remember looking at this belt in my university days. I have always known about it and I remember people telling me that the Yamarna Belt was not the same age and will never be endowed with mineralisation. When I first came across the Gold Road discovery, its significance did not dawn upon me till much later. It was when I started to gather knowledge about discoveries, that I learnt of the Gruyere deposit. For me, it has been quite a journey to get someone to talk to about discoveries, and when I realised that I could have both Ian Murray and Justin Osborne to share their experiences on Samso, it got me all excited and fired up. I was specifically interested in how they made the decisions, or the potential of the wrong decisions. As we all know, it is the small things that are most important in making decisions in business. We spoke about the need to look for mineral systems as opposed to chasing commodities. What was it like when the results came rolling on that faithful day? One of the critical decisions that the company made was to take a hiatus from exploration activities and work on strategies. We discussed what those strategies were and how the market and all the parts of the business reacted. Justin talks about his entry to the company and how the discovery progressed as they worked to find out how big the discovery really was. As Justin and Ian share their thoughts, they both agreed that the pivoting move was the Goldfields Joint Venture. In hindsight, was this the deal making decision? So make yourself comfortable, sit back and enjoy with us the journey of discovery for Gold Road Resources. Chapters: 00:00 Start 00:20 Introduction 01:36 Start of the story. 06:14 The morning the results came rolling in. 08:06 Sentiment on the Targeting Strategy. 09:43 Central Bore Discovery - What did it mean? 13:31 How was the discussion about the targeting process like? 16:12 A history lesson on the Yamarna. 19:56 The corporate and geologist view back then. 21:24 Geologists Need Thinking Time. 22:16 Justin's Entrance and the Discovery. 28:04 Mineral Systems vs Commodities. 31:02 Seeing Gold Road in Matador. 35:17 A moment where a lucky decision was made. 41:30 Myth or Fact: Getting a hit on the last few holes of the program. 44:00 Discussion on corporate decision making about the project direction. 45:19 The Goldfields Decision that made Gruyere happen. 46:53 Was the JV the best decision for Gold Road? 49:31 What could have been done better? 54:02 Where is the next Yamarna? 57:43 Exploration is all about busting Myths. 59:24 Importance of understanding Mineral Systems. 01:02:14 The Importance of quality projects and management. 01:02:51 Conclusions PODCAST Discover more on our Exploration Discovery series 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 Justin Osborne Justin has over 30 years’ experience as an exploration geologist and is a fellow of the Australasian Institute of Mining and Metallurgy and holds a Bachelor of Science, Honours (First Class) from La Trobe University of Victoria. In addition to his role at Matador, Justin is an Executive Director at Gold Road Resources (GOR.ASX) and played a pivotal role in the rapid and effective resource development of the world class Gruyere Gold Deposit (6.6Moz Au) which currently producers approximately 300,000oz Au per annum. Mr Osborne has also previously held senior positions on the exploration executive team of Gold Fields Ltd, including Vice President Development Strategy – Growth and International Projects, and General Manager Near Mine Exploration covering all international mining operations. He played an instrumental role in the development of the Damang Superpit project in Ghana, which yielded potential resources in excess of 6 Moz within two years, and had considerable discovery success as Mineral Resource Manager at the St Ives Gold Mine, making the discoveries of the Athena and Hamlet deposits among other significant Reserve additions. 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. Read Brilliant Investments

Coffee with Samso | Episode 210 | DY6 Metals (ASX: DY6) | UWA Club, Crawley, Western Australia. Guest: Cliff Fitzhenry, CEO – DY6 Metals Ltd Introduction In this latest episode of Coffee with Samso , we return to the UWA Club in Crawley to meet with Cliff Fitzhenry , CEO of DY6 Metals Ltd (ASX: DY6) . This conversation cuts through the technical noise to examine what could become a globally significant rutile and titanium discovery  in Africa. DY6 is still an early-stage story, but it’s positioning itself at the front of the critical mineral narrative  and targeting the scarcity of natural rutile , a feedstock commanding premium value in the titanium supply chain. Cliff brings technical clarity to what rutile actually is, why it matters, and how DY6 is forging ahead in Cameroon , a lesser-known but emerging jurisdiction with enormous potential. DY6 Metals Projects in Cameroon and Malawi. Key Highlights from the Conversation 1. What is DY6 and Where Are They Focused? DY6 Metals listed on the ASX in mid-2023 with a portfolio of rare earth projects in Malawi , and has since pivoted focus to rutile and heavy mineral sands (HMS)  in Cameroon , particularly the: Central Rutile Project  (residual saprolite-hosted rutile) DY6 Metals Cameroon Central Rutile project. Duala Basin Project  (coastal HMS project) DY6 Metals Douala Basin Project in Cameroon. Both sit in proximity to transport infrastructure, including rail  and deepwater ports , and within a fast-evolving mining jurisdiction  supported by new modernised regulations. 2. First Results – Reconnaissance Program at Central Rutile Project In May 2025, DY6 completed its first pass reconnaissance sampling at the Central Rutile Project. While shallow (1–3m), the results were promising: Rutile confirmed  as dominant titanium mineral Rutile grades above 1.5% , with highs of 2.1% , considered ultra-high grade Heavy Mineral (HM) contents  up to 8%  in surface samples DY6 Metals Rutile results. These results validate the geological model  targeting in-situ residual rutile mineralisation. Cliff explains: “We confirmed rutile is the key titanium mineral, and we’ve since completed 24 auger holes to greater depth using upgraded equipment. We believe those will be far more representative of in-situ rutile mineralisation.” 3. Understanding the Geological Model: Residual vs Alluvial Rutile Cliff offers a masterclass in explaining rutile geology: Residual/Saprolite-hosted : Rutile concentrated in weathered bedrock — easy to drill, free-dig, and dry mine Alluvial : Historically known in Cameroon (1930s–50s), but more dispersed due to river transport The Central Project targets the residual style , like Sovereign Metals’ Kasiya  deposit in Malawi. 4. Jurisdiction Watch: Why Cameroon? Cameroon is emerging as a serious mineral jurisdiction with: A reformed mining code Newly formed mining commission  (DY6’s licence applications under review) Proximity to Canyon Resources’ bauxite project  and Lion Rock Minerals' rutile project “We’re bullish on Cameroon. We’re setting up our own lab, building a local team, and drilling with purpose. This is the kind of place where tier-one discoveries are still possible.” 5. The Benchmark: Sovereign Metals & Kasiya DY6's model draws clear inspiration from Sovereign Metals’ Kasiya discovery  in Malawi — a 1.8Bt rutile deposit that reset the market’s understanding of sediment-hosted titanium systems. “I was part of the team that made the Kasiya discovery. We know the rocks. Cameroon has similar geology. The model is proven — now it’s about execution.” 6. Grades Explained – What Numbers Matter in HMS and Rutile? Understanding the significance of reported grades is crucial: Traditional beach sands  (e.g., Iluka-style): ~3–5% HM, mostly ilmenite High-grade rutile cutoff : >1.4% rutile Kasiya MRE cutoff : 0.7% rutile DY6’s early sampling: up to 2.1% rutile , a standout in the global context 7. Infrastructure and In-Country Processing Strategy DY6 is building its own mineral sands laboratory  in Yaoundé, Cameroon. This eliminates long wait times and expensive logistics. In-country assays  for rapid turnaround Heavy-duty auger rigs  now operating A 35% complete geochemical soil program  underway “We’re cutting out expensive delays. Everything will be processed in-country — cheaply and efficiently.” 8. Outlook for 2025–2026: Drill, Define, Deliver DY6’s roadmap for the next 12 months includes: Continuous drilling at Central Rutile Project Full geochem completion + maiden deeper drilling campaign Full lab operations in Cameroon Defining high-grade targets for maiden JORC resource Establishing Cameroon as a new titanium hub 9. The Malawi Portfolio – Secondary, But Valuable While Cameroon is the flagship, DY6 retains highly prospective assets in Malawi: Tundulu Rare Earths–Phosphate–Gallium Project Machinga Heavy Rare Earths–Niobium Project Additional lithium, copper, and PGM  targets “We’re planning follow-up work on the rare earths and gallium, but Cameroon is where the tier-one discovery potential is right now.” DY6 Metals Malawi Projects. 10. The Market View: Underappreciated but Undervalued? Cliff addresses market perception head-on: DY6 trades at a significant valuation gap  to both Sovereign Metals (DFS stage) and Lion Rock Minerals (neighbouring Cameroon explorer) DY6 sees a first-mover advantage  in a potentially massive province Lack of near-term peers = space to define leadership “We’re seeing serious inbound interest. There are majors looking at this region. We think the market will catch up when the drill results start to flow.” Get your favourite beverage and watch Cliff tell us about the DY6 Metals story. Chapters 00:00  Start 01:38  Introduction 02:51   Rutile results from Central Rutile Project 05:59   Does DY6 understand the potential Mineral Assemblages in the Central Rutile project? 06:35   What is the topology like? 07:21   What is the jurisdiction like in Cameroon? 08:30   Are your neighbours in Cameroon helping you to understand the geology? 09:36   Does DY6 see itself contributing to helping distribute information on the rutile prospectivity in Cameroon? 11:00   What is the Heavy Mineral number investors should look for? 13:50  What is the geological model for the Central Rutile Project? 15:11   What will 2025 and 2026 look like for investors? 17:38   What are the Key Milestones for DY6 Metals? 18:28   Is the market understanding DY6 Metals? 19:35   What is the competition like in this sector? 20:23   Understanding the Heavy Mineral Sands sector. 21:09  What is the Rutile market like? 22:46   Is the mining of Rutile simple? 24:11   What would you say to potential investors and existing shareholders? 27:16   The Malawi projects. 28:57   How is the Capital Market treating Titanium players? 30:32   Last Words from DY6 Metals? 31:59   Conclusion Samso Concluding Comments The rutile narrative has evolved rapidly, thanks to the efforts of Sovereign Metals  and others, but DY6 is now staking a claim in what could become Africa’s next globally recognised rutile province. DY6 has a clear focus: ✅ Build in-country capability ✅ Establish a high-grade JORC resource ✅ Educate the market on why rutile matters Cliff Fitzhenry is clearly a technical operator with a discovery mindset. As this region opens up and results flow, DY6 could emerge as one of the most interesting rutile explorers on the ASX. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try 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  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Alterity Presents Phase 2 Data at US Neurology Meeting 15 September 2025 Alterity Therapeutics Limited (ASX: ATH, NASDAQ: ATHE ) has presented important data from its ATH434-201 Phase 2 clinical trial at the 150th Annual Meeting of the American Neurological Association (ANA) in Baltimore, USA. The trial focused on Multiple System Atrophy (MSA) , a rare and rapidly progressive neurodegenerative disease . These results mark a significant milestone for Alterity as it moves closer to providing the first disease-modifying therapy for MSA. Key Highlights Clinically Meaningful Efficacy: ATH434 slowed disease progression at both 50 mg and 75 mg doses (Figure 1). Patients receiving ATH434 experienced statistically significant improvements on the modified Unified MSA Rating Scale (UMSARS Part I), which measures activities of daily living. Figure 1: Chart of UMSARS Part I score improvement vs placebo ( source: ATH ) Target Engagement: Biomarker analysis confirmed ATH434’s mechanism of action, showing reduced iron accumulation in brain regions affected by MSA and trends toward preserving brain volume (Figure 2). Figure 2: MRI images or chart showing iron reduction ( source: ATH ) Improved Patient Function: Wearable sensor data demonstrated that patients on ATH434 had increased daily activity in outpatient settings, suggesting that benefits translated to real-world function. Favourable Safety Profile: ATH434 was well-tolerated, with adverse event rates similar to those of the placebo. No serious adverse events were attributed to the study drug. Broad Therapeutic Potential: As an iron chaperone, ATH434 is not only a candidate for MSA but also shows promise for Parkinson’s disease and other Parkinsonian disorders. About the ATH434-201 Trial The Phase 2 study enrolled 77 adult participants with early-stage MSA, randomized to receive ATH434 (50 mg or 75 mg twice daily) or placebo for 12 months. The endpoints assessed included efficacy (UMSARS Part I, motor performance, global impression scales), safety, pharmacokinetics, and biomarker effects. The trial’s design also incorporated wearable sensors to provide continuous monitoring of motor activity outside the clinic—a feature that adds depth to the clinical data.   About Multiple System Atrophy (MSA) MSA is a rare Parkinsonian disorder affecting at least 15,000 people in the U.S. It is characterized by autonomic dysfunction, impaired movement, and progressive disability. Currently, no approved therapy slows disease progression, making disease-modifying approaches like ATH434 critical for patient outcomes. Samso Concluding Comments Alterity’s Phase 2 data continues to build a strong case for ATH434 as a first-in-class disease-modifying therapy for MSA. The statistically significant improvement on UMSARS Part I is particularly noteworthy, as it reflects real-world impact on patients’ ability to function day-to-day. For a condition as debilitating and fast-progressing as MSA, this is exactly the type of signal that clinicians and investors look for when assessing a therapy’s potential. The confirmation of target engagement – iron reduction in affected brain regions and trends towards brain volume preservation is a validation that ATH434 is working where it should. In a space where many neurodegenerative programs fail due to a lack of biomarker correlation, this does appear to add an important layer of confidence for the next stage of development. From an investor’s point of view, the fact that ATH434 was well tolerated and demonstrated comparable safety to placebo helps de-risk the program further. With Fast Track and Orphan Drug Designations already in hand, Alterity is positioned to move efficiently towards pivotal trials and potentially accelerated regulatory pathways. These factors could be key value drivers as the company progresses to its next inflection point. As always, the real challenge will be execution—completing a successful Phase 3 trial, securing funding, and translating clinical promise into a registrational outcome. But with these results, Alterity has a compelling narrative: meaningful clinical benefit, mechanistic validation, and a clear plan forward. For investors following the neurodegeneration space, ATH434 and Alterity Therapeutics deserve to be firmly on the radar.   The Samso Way – Seek the Research Facts first, context always. Dig into the clinical data, understand the endpoints, and assess how they align with market potential before making any investment decisions.  Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Catalyst Ridge REE-Antimony Expansion in Mountain Pass USA 9 September 2025 Great Northern Minerals Ltd (ASX: GNM)   has announced a significant expansion of its Catalyst Ridge REE–Antimony Project  in the Mountain Pass District, California (Figure 1). The move marks a step-change in the Company’s U.S. footprint, adding new ground in one of the world’s most strategic rare earth corridors. Figure 1: Interpreted USGS bedrock geology map highlighting GNM’s newly acquired claims, positioned relative to the Mountain Pass REE deposit, nearby mineral occurrences, and other active operators in the district. (source: GNM) Key Highlights - Establishing a REE Story in the USA 96 new lode claims  staked, adding ~8.03km² to the Catalyst Ridge Project. Expansion builds on the existing 119 lode claims  acquired in August 2025, consolidating GNM’s position in the Mountain Pass corridor. New ground lies in geological settings similar  to the Mountain Pass REE Mine and Colosseum gold deposit – both linked to carbonatite systems. Structural intersections and magnetic highs  across the new claims are considered highly prospective for REE-bearing intrusions and antimony-gold mineralisation. Systematic geochemical sampling program  to commence in the coming weeks, targeting anomalies and structures identified in geophysical datasets. Catalyst Ridge Expansion The 96 new claims sit just 10km north of the Mountain Pass REE Mine and processing facility owned by MP Materials (NYSE: MP), the only producing rare earths mine in the USA (Figure 2). This proximity underscores the strategic significance of GNM’s position. The claims have been formally lodged with San Bernardino County and the Bureau of Land Management (BLM). While all fees have been paid, tenure confirmation is pending final approval by the BLM. Figure 2: Airborne magnetic map showing structures across new claims (source: GNM) Geological & Geophysical Review GNM’s analysis highlights several encouraging features: Intersecting NW and NNW structures  – known controls for REE-bearing carbonatite intrusions. Magnetic highs  analogous to those seen at Dateline Resources’ Colosseum gold deposit. Gravity anomalies  consistent with lobate intrusions, enhancing potential for REE, gold, and antimony mineralisation (Figure 3). Figure 3: Airborne gravity gradiometer map – Catalyst Ridge vs Mountain Pass (source: GNM) Radiometric uranium anomalies , which may be significant given Mountain Pass’ uranium associations (Figure 4).  Figure 4: Radiometric uranium anomalies across new claims (source: GNM) Exploration Strategy GNM will integrate the new claims into a broader exploration strategy. The immediate focus is a systematic geochemical sampling program , aimed at ground-truthing geophysical anomalies. This work is expected to define priority drill targets  for testing REE and Sb–Au mineralisation Non-Executive Chairman, Eddie King, commented: “The expansion of the footprint of the Catalyst Ridge Project through the addition of the 96 new claims strengthens GNM’s intended strategic presence within one of the United States’ most critical regions for the exploration of critical minerals. We are excited to stake freely available ground with very interesting geophysical features that have shown the potential to host deposits of globally significant scale and importance. We are excited to work closely with our US-based geology team to begin fieldwork in the coming weeks.” Samso Concluding Comments The latest expansion at Catalyst Ridge is about positioning in one of the most strategic and marketable rare earth corridors in the world. Mountain Pass is synonymous with rare earths, and having tenure only 10 km away places Great Northern Minerals in a highly competitive geological postcode. Surprisingly, I am very curious about how this type of ground became available, considering the "popularity" of the ground, which makes the timing of GNM’s move particularly significant. The geological similarities with known deposits such as Mountain Pass and Colosseum are important. Intersecting structures, magnetic highs, and gravity anomalies are the markers geologists look for when building a case for large-scale mineral systems. The presence of radiometric uranium anomalies adds another layer of prospectivity, given their known association with rare earth mineralisation in the district. Exploration is still early days, and as always, the story will need to be tested with geochemical sampling and drilling. It looks like the marketing process is underway, and the rising share price proves that this is a great step for the shareholders of GNM. For now, the key is to watch how quickly GNM can convert this newly acquired ground into defined drill targets. With sampling set to begin in the coming weeks, the market should start to see results that either confirm or challenge the thesis. In a sector where scale and geology dictate long-term value, Catalyst Ridge is positioning itself as a project worth following closely. The Samso Way – Seek the Research Every announcement is a starting point, not the conclusion. Follow the evidence, benchmark peers, and let disciplined research guide you. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.