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A Magnetite Iron Ore Project Sitting Where the Market Is Going - Steel Decarbonisation In this episode of Coffee with Samso, we are having a conversation with Iron Bear Resources Limited (ASX: IBR)  again since March 2025 . The business has progressed and we are now anticipating the release of the Pre Feasibility Study which will be the platform that begins the studies towards a Decision To Mine. As a shareholder of the company, these are exciting times as the path forward is all about creating the building blocks that will shape the valuation of the business. Currently at AUD $50M, this has got to be the most undervalued stock on the ASX. The story is now about creating the understanding of where the steel industry is heading. This is the beginning of a Magnetite Iron Ore story that is all about Steel Decarbonisation. Iron Bear’s project sits in the Labrador Trough in Canada, a region already proven by operators such as Rio Tinto, Champion Iron, and BHP. The infrastructure exists, the geology is understood, and the industry has been operating there for decades. What makes Iron Bear different is not just the size of the resource. It is where that resource fits into the future of steelmaking. The Iron Bear story is not about discovery risk. It is now all about execution. This is a project that already sits within an established iron ore province, with infrastructure, scale, and a partner that understands the market better than most. The key shift is the steel industry itself. Decarbonisation is not optional, and the move toward direct reduction steelmaking is creating a demand for high-grade inputs that are not widely available. From a Samso lens, this is a story where the market may not yet be fully connecting the dots. The involvement of a major like Vale changes the development equation, but it also requires investors to look beyond traditional junior mining narratives. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Audio Podcast Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Chapters 00:00 Start 03:09 What is Iron Bear and why does the project matter today? 05:23 How does Iron Bear fit into the global iron ore and steel decarbonisation story? 18:41 Why is the market not fully valuing Iron Bear’s story? 23:29 Is the Market not Appreciating the Vale Partnership 28:31  What makes the geology unique compared to other large-scale iron ore systems? 30:54 Are the geological details consistent? 31:46 What are the key risks investors should understand? 34:00 How is Iron Bear addressing social licence and environmental responsibility? 39:32 Are the current geopolitical concerns pushing the thought of Nationalism ? 41:38 What are the key milestones and work program ahead? 44:25 What could drive a re-rating in valuation? 45:49 Corporate Activities and Vale Relationship. 47:23 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try to write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In 2026, the uranium narrative is looking like it is no longer forming, like how most of these narratives develop in reality. This is the very reason why I am looking at Boss Energy Limited (ASX: BOE) , a producing uranium story that may be giving potential investors an opportunity to get in with a discount, even when they have a market capitalisation of over AUD $600M. Today, research is showing that the discussion is now being expressed through observable market behaviour. Not so long ago, most observers will remember that this sector was about a forward-looking thematic built on energy transition and supply concerns has transitioned into a phase where pricing (Figure 1), contracting, and policy alignment are all moving in the same direction. In other words, it is all "talk" Figure 1: Spot uranium price has fallen about 10% year-to-date but much of this decline was probably due to Trump geopolitical antics, but GlobalX believes that the pricing will stabilise and reset as soon as things smooth over time as these political maneuverings do. (source; globalxetts.com.au ) According to GlobalX , the decline in uranium prices is not expected to continue significantly (Figure 1). Long-term contracts, which are agreements between mining companies and utility firms, account for over 70% of the uranium market. Despite the drop in spot uranium prices since January 2024, long-term uranium prices have remained stable, staying above US$80 per pound with substantial contracting activity. This indicates that utility firms are confident in the sustained high price of uranium and continue to prioritize securing their supply. If you look into the insides of the story now, the demand conversation is now something that you can touch rather than conceptual. Global nuclear generation has reached record levels, and the build-out of reactors—particularly across Asia—continues to progress, even with the "Green" discussion of no nuclear. In the meantime, global supply of uranium is dwindling (Figure 2), primarily due to the lack of exploration over the decades. Figure 2: Commercial uranium fuel supplies reached their peak in 2021, due to underutilization during global lockdowns, at 65 million pounds (approximately 30% of global supply). However, they have since decreased to just 17.5 million pounds in 2024 (around 9% of global supply). Predictions indicate that 2024 will be the last year nuclear operators will have access to significant reserves. Commercial inventories are expected to drop below 7 million pounds, or 3% of global supply, and remain at this low level for the foreseeable future. With production projected to stay below global reactor needs from now until 2030 and beyond, the uranium market may soon face a new era of scarcity. (source: livewiremarkets.com ) Why Is Samso Talking About Boss Energy Limited The recent share price (Figure 3) performance of Boss Energy Limited has drawn attention because it contrasts with the broader uranium narrative. Boss Energy Limited currently has a market capitalisation of AUD $664M. The uranium price has strengthened again, and several global producers have seen positive market responses. Figure 3: The share price chart for Boss Energy Limited. (source: commsec) From the lens of a retail investor, the share price path of Boss Energy Limitedis clearly not one that would be fitting for a company that is a uranium producer at a time when the sector momentum is rising. What this makes me think is that it is not whether uranium is working as a theme, but how the market is differentiating between companies within that theme . This Samso News looks at Boss Energy through a peer comparison lens , focusing on where it sits relative to global uranium producers and why the valuation gap persists. Introduction – Uranium Strength vs Equity Divergence A while ago, I had a lesson from Mike Young who was then the Managing Director of Vimy Resources Limited, a uranium developer that was later merged with Deep Yellow Limited (ASX: DYL). It was here that I first learned about the difference in spot and contract pricing and how they work in the business of uranium. Hence, to understand the uranium business, one must first know about how the spot price and the contract price intermingle with each other and they are required to work like a symbiotic cell (see Figure 1). The current strong conversations is that the uranium sector is moving through a strong pricing cycle, with spot prices rising materially over the past two years and returning to elevated levels in early 2026 (Figure 1). At the same time, what appears to be happening is that uranium equities are no longer moving in a uniform manner. The market has shifted from a theme-driven rally  to a company-specific assessment phase . Boss Energy Limited, now transitioning into production at Honeymoon and holding exposure to Alta Mesa, is part of this transition. The share price performance suggests the market is no longer valuing the company on future potential alone, but on operational delivery and consistency . The Business of Boss Energy Limited – Focus: Uranium Production Boss Energy Limited  is an Australian uranium company focused on restarting and operating its flagship Honeymoon Uranium Project  in South Australia. The business is built around in-situ recovery (ISR) mining, which extracts uranium by circulating solutions through permeable ore bodies rather than conventional open pit or underground methods. This approach generally results in a lower physical footprint and reduced upfront capital intensity compared to traditional mining, which is central to the company’s operating model. Figure 4: The Honeymoon Well operations. (source: Boss Energy Limited) The Honeymoon project (Figure 5) is a previously producing uranium operation that has been refurbished and redeveloped to align with current market conditions and processing improvements. The company’s strategy has been to bring this asset back into production, leveraging existing infrastructure while optimising processing efficiencies, particularly through advancements in ion exchange and resin-based recovery systems. Boss Energy is trying to position itself as a near-term and scalable uranium producer, rather than an early-stage explorer. Figure 5: Australian Uranium deposits. (source: World Nuclear Association) From a commercial perspective, the business is aligned with the uranium contracting cycle. Like any uranium company, Boss Energy has been progressively establishing long-term sales agreements with utilities, which is consistent with how the uranium industry typically operates. The processing plant at Honeymoon, which has been refurbished as part of the restart, uses ion exchange (IX) to recover uranium from the pregnant solution. Operational updates through 2024–2026 indicate that the plant has moved through commissioning into steady-state optimisation, with resin performance, recovery efficiency, and throughput forming the key operational metrics. Ion Exchange (IX) - Uranium Mining Ion exchange (IX) in uranium mining is a process used to pull uranium out of a liquid solution after it has been dissolved underground. In an ISR operation like Honeymoon, a solution is pumped through the orebody and brings dissolved uranium back to the surface. This liquid is called the pregnant solution because it contains uranium. Figure 6: The In-situ Uranium Recovery Process. (source USNRC) The ion exchange step then passes this solution through tanks filled with special resin beads. These beads are designed to attract and hold uranium ions, effectively stripping the uranium out of the liquid. The remaining liquid is then recycled back underground, while the uranium is later removed from the resin and processed into a solid product (yellowcake). In simple terms, ion exchange is a filtering and capturing step, where uranium is selectively taken out of the solution so it can be recovered and sold. In terms of production, Boss Energy has mentioned a nameplate capacity of approximately 2.45 million pounds U₃O₈ per annum . The ramp-up phase through 2024 and into 2025 has been focused on progressively increasing output toward this level, rather than achieving full production immediately. Early production has been measured in hundreds of thousands of pounds per quarter , reflecting the staged wellfield development and the time required to reach optimal ISR flow conditions. On the resource side, the Honeymoon Project hosts a JORC Mineral Resource of approximately 71–72 million pounds U₃O₈ , which underpins a long mine life. Within this, a portion has been converted into an Ore Reserve that supports the current production plan, typically in the order of 30+ million pounds U₃O₈ , providing the basis for initial mine scheduling and economic extraction. Beyond Honeymoon, the company maintains exposure to additional uranium assets, including interests in exploration and development projects, which provide optionality for future growth. However, the core of the business remains centred on achieving steady-state production and operational reliability at Honeymoon, as this underpins both cash flow generation and market positioning. In the broader context of the uranium sector, Boss Energy represents a company transitioning from development into production, with its value proposition tied to execution—bringing an existing asset back online efficiently and participating in a market that is increasingly driven by long-term supply security and contracting behaviour. Table 1: A comparison of market capitalisation to show the range of valuation in the sector. Company Market Cap (Approximately April 2026) Cameco Corporation ~A$70B Paladin Energy Ltd ~A$5.6B Boss Energy Limited ~A$0.65–0.70B Lotus Resources Limited ~A$0.35–0.40B Peninsula Energy Limited ~A$0.25B Coming back to the earlier question we posed in the discparity in the share price and valuation and the potential of Boss Energy, Table 2 below may give some insights. These are my opinion and thoughts and I am the first to say these comments in the table is more about my lens as a retail investor. Table 2: Market Acceptance and the stage of proejcts. Category Companies Market View Premium Producers Cameco Fully accepted, lower perceived risk Accepted Restart Paladin Largely accepted but monitored Prove-It Producers Boss, Lotus Conditional acceptance High-Risk Turnarounds Peninsula Discounted until proven Samso Concluding Comments The coming of the uranium prophet has been on the cards for a long time. There has been a few false starts but I think the time for the uranium sector is near. I feel that the sector has moved into a phase where company-specific factors are more influential than thematic exposure. This has resulted in differing valuation outcomes across producers, and for me, this means opportunities are being presented. Boss Energy Limited sits within a group of companies that are transitioning into production and it is accepted that this stage typically carries a higher level of scrutiny from the market. The comparison with global peers shows that scale, operating history, and market familiarity play a role in valuation. Companies that demonstrate these attributes tend to attract stronger market support. For Boss, the pathway to a different valuation profile appears to be linked to continued operational delivery rather than external market conditions. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In this episode of Coffee with Samso, Noel Ong sits down with OD6 Metals Limited (ASX: OD6) Managing Director Brett Hazelden and Chief Technical Officer Dr Darren Holden to unpack the company’s acquisition of the Quinn Fluorspar Project in Nevada, USA. Coffee with Samso - Episode 222 | OD6 Metals Limited (ASX: OD6) | The University Club | Crawley | Western Australia In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. The discussion centres on why OD6 has expanded beyond its rare-earth and copper portfolio to include fluorite (fluorspar), a critical mineral increasingly tied to global supply chain security. The project aligns with the United States’ push to secure domestic sources of key industrial inputs, particularly given its current reliance on imports and China's dominance of supply. From a geological perspective, the Quinn Project presents a replacement-style epithermal system with historical production and multiple high-grade occurrences. The team outlines evidence of scale through an 8 km alteration corridor, supported by hyperspectral data, suggesting potential for a larger mineralised system beneath surface expressions. OD6 Metals And The Economics of Fluorspar The conversation also explores the economics of fluorspar, including product types, pricing benchmarks, and processing pathways. With grades reported significantly higher than comparable ASX-listed peers, OD6 is positioning the project as a potential bulk-tonnage, high-grade operation targeting the US market. Beyond geology, the broader narrative focuses on timing. The intersection of critical minerals policy, US government funding, and infrastructure advantages in Nevada creates a strategic backdrop that could support project development. The discussion highlights how Australian exploration expertise can bridge a gap in the US junior mining sector. As with all early-stage projects, the key variables remain scale, grade, and execution. The next steps for the OD6 Metals Fluorspar project will be back to basics, sampling results, drilling, and resource definition. Audio Podcast Coffee with Samso - Episode 222 | OD6 Metals Limited (ASX: OD6) | The University Club | Crawley | Western Australia Chapters 00:00 Start 01:21 Introduction to Od6 Metals Limited 02:57 Introduction to Fluorspar 04:34 What do we look for with a Fluorspar project? 07:52 Replacement vs Vein Style Deposits 08:41 Is the Business of Mining a Fluorspar Deposit Complex? 10:45 What is the Potential Size for the Quinn Fluorspar Project? 12:04 What is the pricing of the Fluorspar product? 13:57 Market Size? 14:36 How Easy is A Fluorspar Discovery ? 17:11 Nationalism of Projects 20:32 Are the Capital Markets Friendly to the Fluorspar Story? 23:23 Quick Mining 24:17 The Exploration Upside 28:10 Endowment of the Quinn Fluorspar System? 30:59 Other Mega Projects in Nevada with Fluorspar in Nevada 31:51 Fluorspar as a byproduct 32:23 Fundraising for the Quinn project 33:23 What's Next for OD6 Metals? 34:52 Technical Last Words 36:01 Brad Last Words 36:25 Darren Last Words 37:05 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try to write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Our curiosity about Scandium was piqued by the Samso Insight we released on April 6, 2026. As I delved deeper into the industry, my fascination with the metal and its obscure market grew. This is another essential critical metal that every ASX investor should be considering right now. For those who have read the Samso Insight, as shown below, the pressing question is: how can I gain exposure to this sector? I was curious about this question as well, so I began examining the three companies I mentioned in the Samso Insight. To my surprise, discovering the exposure was straightforward. Scandium is concentrated in the Fitfield area, New South Wales, Australia (Figure 1), and there are only three major players to consider. Figure 1: Australia’s Scandium hotspot (source: OzMin database, Geoscience Australia) Two of the three companies, Sunrise Energy Metals Limited (ASX: SRL) and Rio Tinto Limited (ASX: RIO) are valued at just under AUD $1.5B and AUD $63.63 respectively. Rimfire Pacific Mining Limited (ASX: RIM) is a modest AUD $38.75M and is currently at AUD $0.015, a penny stock in all its glory. Hence, this makes Rimfire Pacific Mining Limited (ASX: RIM)   as the only one that will fit comfortably within the realms of the average investor on the ASX. I spent a bit of time talking to David Hutton, who is the CEO and Managing Director of the company. and this prompted this Green Samso News article. The Business of Rimfire Pacific Mining Limited Rimfire is building a scandium resource base in the Fifield district of New South Wales, with the Murga deposit which sits alongside established deposits such as Syerston, placing it within a known geological setting for this critical mineral. Interestingly, the three main deposits, Murga, Syerston (Sunrise Energy Metals Limited) and Burra (Rio Tinto) sit within kilometres from each other on the same geology with one very distinct difference, Murga does not have the same amount of Fe content which apparently is important in the processing stage. This announcement reflects a material update to the Mineral Resource Estimate (MRE), which is a core step in defining scale, grade, and potential development pathways. The increase in tonnage and contained scandium is relevant from an investor perspective as it changes the size and positioning of the project within the district. The broader context is the company’s stated strategy to build a globally significant scandium inventory across multiple deposits at Fifield. Murga Scandium Resource Expansion Defines Scale and Growth Potential The Murga Scandium Deposit is located within the Fifield district in central New South Wales, approximately 70 km northwest of Parkes (Figure 2). It sits adjacent to the Syerston scandium deposit and forms part of Rimfire’s broader scandium portfolio. The updated Mineral Resource Estimate replaces the previous Murga North resource and exploration target, consolidating the deposit into a single, larger inferred resource. The estimate is reported under the JORC Code (2012) using a 100ppm scandium cut-off grade. The mineralisation is hosted within a laterite and saprolite profile developed over ultramafic intrusive rocks. This style is consistent with other scandium deposits in the district and reflects a weathering-driven enrichment process. Figure 2: Location of Murga Scandium Deposit within the Fifield District. (source: Rimfire Pacific Mining Limited) Rimfire Pacific Mining Limited – Murga Scandium Resource Increase and Exploration Upside Updated Inferred Mineral Resource of 56.1Mt @ 138ppm Sc (212ppm Sc₂O₃)  for 7,760 tonnes of scandium (11,900 tonnes Sc₂O₃)   Resource remains open laterally and potentially at depth , indicating further growth potential (Figure 3). Mineralisation defined over a ~15km² area with multiple zones   Figure 3: Scandium block grade distribution across Murga resource. (Rimfire Pacific Mining Limited) Recommended drilling (Figure 4) includes: 100m x 100m step-out drilling  for expansion 50m x 50m infill drilling  for grade improvement Metallurgical test work planned to determine scandium recoveries Potential for low iron scandium mineralisation (~16% Fe)  to support lower-cost atmospheric leaching  processing Rimfire’s total scandium inventory at Fifield now 10.6kt Sc (16.2kt Sc₂O₃)   Figure 4:  Areas of recommended exploration and infill drilling. (source: Rimfire Pacific Mining Limited) The Scandium Business of Rimfire Pacific Mining Limited Rimfire Pacific Mining Limited is focused on critical minerals exploration, with scandium as a primary target within the Fifield district of New South Wales. The company holds multiple scandium prospects including Murga, Melrose, and Currajong, along with additional exploration upside at the Malamute prospect. The Murga deposit forms part of a broader strategy to build a scalable scandium resource inventory. The company’s portfolio is centred on laterite-hosted scandium mineralisation associated with ultramafic intrusive complexes, which are known to host scandium, cobalt, and nickel. The Fifield region provides geological continuity across multiple deposits, allowing Rimfire to develop a district-scale position rather than a single isolated project. Management Commentary Management notes that the updated Mineral Resource Estimate reflects improved geological understanding and confirms the scale of the Murga deposit. The company highlights that defining a large, geologically variable system requires iterative drilling and modelling, and that recent work has improved understanding of grade distribution and orientation. The focus now shifts to additional drilling and metallurgical testing to expand and upgrade the resource, with the broader objective of increasing the total scandium inventory across the Fifield projects. Near-term Milestones to Watch Regulatory approvals for further drilling programs Commencement of step-out and infill drilling  at Murga Metallurgical test work to confirm scandium recovery pathways Evaluation of atmospheric leaching processing potential Further drilling at Malamute prospect (Rabbit Trap Project) Ongoing expansion of the overall Fifield scandium resource inventory Samso Concluding Comments When i look at the current market, the heat has gone out of the gold sector, in terms of the speculation within the mineral exploration sector. The gold producers are in a level of their own and they are still laughing all the way to the bank. I cannot see this slowing down for a long time. So don't get me wrong when I say that the heat is cooling down. Without a major discovery, it is very hard to see where we can find a place to take a "punt". I like Tungsten but try find a decent deposit that will give you the exposure of a potential discovery. The metal price is now heading into the Solar System. working its way through the planets and enroute to the next galaxy. Can we take a ride, as for now, I have not found anything that is obvious (Critica Limited and Tungsten Mining are the only one worth looking at but they don't seem to be firing with all cylinders). I never saw Scandium coming into the conversation of "positioning" but since completing the Samso Insight on Scandium and having a conversation with Rimfire Pacific Mining Limited, I think I see the light coming out of Scandium and RimFire as the next potential play. I encourage readers to DYOR and speak to David Hutton as he has a very interesting and potentially compelling story for you. The facts for Rimfire may seem hard to understand for new investors to this sector, in terms of the metal pricing, the metal consumption and the market leading to the Why Scandium and Why RimFire . What is simple to visualise are things like this updated Mineral Resource Estimate for Murga showing a material increase in tonnage and contained scandium (Figure 5). The scale of 56.1Mt positions the deposit as a significant component within the Fifield scandium district. The resource remains classified as Inferred, which reflects the current drill spacing and level of geological confidence. Figure 5: Block grade distribution showing mineralised zones across the deposit. (source: Rimfire Pacific Mining Limited) In terms of metal volume, this only accounts for about 16,000T of Scandium Oxide which is not as high as Sunrise Energy Metals with about 33,000T and Rio Tinto with 22,000T. According to my rough research, Sunrise Energy Metals and Rio Tinto may be at its limit in terms of resource upside but Rimfire, if ducks line up appropriately, they have some more upside and could rival Rio in that 22,000T level. For those that have remembered that I mentioned the lower Fe content for Murga, apparently, this is something that will be very positive for processing and could bring the grade for Murga closer to its higher counterparts, meaning that the difference in grades could be negated in the processing stage. However, grade is King and this "theory" is still to be proven. It will be very interesting how the story progress with time. The deposit geometry is described as flat-lying laterite over ultramafic rocks, which is consistent with similar scandium systems in the region. The continuity appears to be laterally extensive, with multiple zones identified across a broad footprint. The open nature of the resource suggests that additional drilling may increase both tonnage and grade (Figure 6). Figure 6: Exploration targets highlighting areas open for expansion. (source: Rimfire Pacific Mining Limited) The processing pathway is noted as a key factor, with the potential for atmospheric leaching due to lower iron content. This is different from higher iron deposits that require high-pressure acid leaching. Metallurgical test work will be required to confirm recovery assumptions and processing costs. The next stage of work includes drilling to improve resource confidence and test extensions, along with metallurgical studies. These steps are required before advancing toward development studies. The timing of these activities is subject to approvals and operational planning for the June 2026 quarter. Market Implications For a company that is potentially in a very hot sector, the share price chart below (Figure 7) seem to be a bit confusing. One would think that there is a lot more interest in the stock, so this is probably a good place to develop questions that would stop you taking on this "punt" Figure 7: Share price chart for Rimfire Pacific Mining limited. (source: commsec) Rimfire is a early stage story and one of the obvious strategy is to develop the resource and wait for your neighbours to come knock on the door. Rio Tinto and Sunrise Energy are both looking at building a plant to extract Scandium so a third company doing that would probably be a bit too much to consider. Personally, I would definitely be playing the card of come and take my ore since the ore has less Fe which would most likely be a better feedstock? Comparing market capitalisation, there is a lot of gap between AUD $38M and AUD1B or AUD $63B, so a number somewhere in between will probably be a good place for shareholders of Rimfire. There are obvious reasons why there is a big gap in the valuation but it is something to ponder. Figure 8: The share price chart for Sunrise Energy Metals Limited. (source: commsec) The share price of Sunrise Energy was AUD $0.25 on the 7th April 2025 (Figure 8) and today it is AUD $10.58, so is this something that Rimfire could replicate? I realise that the two projects are in a different stage and my understanding of the story is probably needing for conversations with the company but I am liking the potential. I am guessing that the disparity in value may have something to do with the grade and that the Chair of the company is Robert Friedland but for those readers interested in the story of Rimfire, your discovery of the reason will be probably what you will need to know asap. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. 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When you look at uranium globally, there are only a handful of jurisdictions that consistently come up in serious conversations—Kazakhstan, Canada, Australia, and Namibia. Although Namibia is well known for its uranium endowment, surprisingly, it is not talked about much as a potential powerhouse. It is pretty much a place where Paladin Energy Limited (ASX: PDN | TSX: PDN) made its mark and the name John Borshoff comes up when Namibia and Uranium was mentioned. It is also the famous company that the famous Rick Rule talks about making his multiple of bags betting on Paladin. Here is a part of the Coffee with Samso I did with Rick Rule who recounts his investment in Paladin. You can watch the whole Coffee with Samso here: Coffee with Samso Episode 70 is with Rick Rule, Senior Managing Director, Sprott Inc. | President & CEO, Sprott U.S. Holdings Mr Borshoff built Paladin from an unheralded gold explorer into a uranium producer worth as much as $4.2 billion in early 2007, as it prepared for first production from the Langer Heinrich mine in Namibia. Its shares was less than AUD $0.08 in April 2003 and peaked at $10.80 in April 2007 and that year valued Mr Borshoff’s Paladin stake at more than $200 million. For me, that was when I first learnt of uranium in Namibia. What I am learning now is that we should be understanding not the scale of Namibia’s uranium endowment, but the concentration of world-class deposits within a single geological province . What that means is that the Namibia Uranium story is more about the Gods gidt of a mineral system that kept on giving. Its like the Chocolate Factory that keeps delivering. Today, explorationists are all looking for that mineral system that is endowed and carry enough juice to deliver an "endless" gift of metal mineralisation. The World Nuclear Association data reinforces this mineral system story in Namibia in Figure 1, which also highlights that the mineral system is not Uranium concentric, but a geological feasts that are common in other well know mineral systems like the Kalgoorlie Region, the Pilbara Iron Ore Province, the mega gold systems of the Tintina Province in the Yukon..etc. Namibia is a powerhouse mining jurisdiction in its own right (Figure 1). There is nothing new about mining in the African coastal nation. It has its fair share of instability but like true form, economics will prevail over the human perversion to lust for power and greed. Figure 1: Major Mines in Namibia. (source Chamber of Mines Annual Review 2024). 1.0 Namibian Uranium Uranium was discovered in the Namib Desert in 1928, but significant interest in Rössing only emerged when intensive exploration began in the late 1950s. Rio Tinto identified numerous uranium occurrences and in 1966 acquired the rights to the low-grade Rössing deposit, located 65 km inland from Swakopmund. Two other important deposits identified during early exploration were Trekkopje, a calcrete deposit 80 km northeast of Swakopmund and near Rössing, and Langer Heinrich, a calcrete deposit discovered in 1973 by Gencor, 80 km inland from Walvis Bay and 50 km southeast of Rössing. Table 1: Known uranium deposits in Namibia In April 2011, the Namibian government declared that its state-owned mineral exploration company, Epangelo Mining Ltd, would have exclusive control over new strategic mineral developments, including uranium. However, this does not apply retroactively or equate to the nationalization of existing mines or leases. Both Paladin and Kalahari have expressed confidence that their assets are not at risk of expropriation. Table 2: Namibian Uranium Production - tonnes U In April 2012, Epangelo agreed to purchase a share of the Etango project and contribute a corresponding share of development costs. A task force was established in May 2010 by Epangelo and Russia's ARMZ, which briefly appeared to threaten existing developments, but the government provided strong reassurances at that time, which have since been upheld. New exploration licenses will be issued only to Epangelo, and others interested must negotiate farm-ins with it to become joint-venture partners. From 2007 to 2010, a strategic environmental assessment was conducted over the entire uranium province inland from Swakopmund and Walvis Bay. This assessment covered the entire region and all the projects, resulting in the Strategic Environmental Management Plan, which was implemented in 2011 by the government and individual project companies. 2. 0 Global Uranium Distribution – The Reality of Concentration Figure 1A: Uranium Resources by Country 2021. (source: Mining Visuals ) Uranium, the fundamental fuel for nuclear energy, is hosted by a handful of nations globally (Figure 1A) which is now starting to regain market sentiment. The one and off again conversation for a mineral boom in the quest for the "yellowcake" is starting to gain momentum again. Hence, I would think that these relatively small group of countries that have been fortunate enough to be considered the land of uranium "Milk and Honey" is going to get more attention as the world turns from the heat of the gold rush. 2.10 The Beginning of the No-Carbon Emission Era - The Birth of Clean Energy Five years ago, the slogan of "Evolution of A New Energy Boom" was being driven by the quest for global reduction in emission and a drive for a carbon-free future was being executed. Everything was about lithium and the critical minerals but the narrative forgot that renewable energy was not going to fuel cities and the giant industrial cities alone. The tsunami of electrical vehicles and batteries was never the end story. What are you going to use to run base load power to the cities and the industrial cities making global consumption. A conversation that the general public was avoiding. Green activist was having their day in the sun but not realising the realities of base load power was going to be their long term disposition. The source of what will ultimately be the most cost-efficient and least amount of carbon footprint, nuclear power will be a matter of time. Is it now? or are we going to have to spend more money before we realise our version of the invention of the fire and the wheel? From a Samso perspective, this is not just a geological observation—it has clear geopolitical and economic implications . When a commodity critical to energy security is controlled by a handful of jurisdictions, the dynamics of supply become as important as the resource itself. 2.10 The Big Players – Where the Uranium Sits 2.11 Australia - The King An interesting fact is that most people would not realise that approximately 28% of the world’s known uranium resources (1.68 million tonnes) is in Australia . That would make Australia, by far, the largest holder of uranium globally. The reason for this is geological. Australia’s ancient cratonic architecture, which means the the geological setting, such as regions like the Pine Creek Orogen and the Gawler Craton. The Gods of geology have been good to Australia and created the conditions for uranium to accumulate over long geological timeframes. These are stable, old terrains, and that stability is often where you find large, preserved mineral systems. What is interesting, however, is not just the size of the resource, but the fact that much of it remains undeveloped (this is mainly a political reason). Deposits such as Olympic Dam, Ranger Mine and Jabiluka Deposit highlight the scale, but policy settings and domestic energy choices have meant that Australia has effectively banked its uranium for the future . 2.12 Kazakhstan – The Production Powerhouse Second in terms of resource share is Kazakhstan , holding around 13% of global uranium resources . But this is where the story shifts. Kazakhstan is not just a resource holder—it is the largest uranium producer in the world , supplying close to half of global demand. The geological model here is very different. Kazakhstan’s uranium is largely hosted in sandstone roll-front deposits , particularly within basins such as the Chu-Sarysu and Syrdarya. These deposits are ideally suited for in-situ recovery (ISR) , which is a lower-cost and less invasive mining method. Kazakhstan shows that how you mine is just as important as what you have. ISR has fundamentally changed the cost curve of uranium supply. 2.20 The Established Tier – Canada, Russia and Namibia Rounding out the top five are Canada (10%) , Russia (8%) , and Namibia (8%) . These countries represent the core of global uranium supply , but each tells a very different geological story. 2.21 Canada – Grade is King The Athabasca Basin hosts the highest-grade uranium deposits in the world. These are structurally controlled systems within ancient sandstones, and they redefine what “high grade” means in uranium. 2.22 Russia – Diversity and State Strategy Russia’s uranium endowment spans both sandstone and hard rock systems. What stands out here is the state-backed approach to exploration and development , which ensures long-term supply security. 2.23 Namibia – Scale and Consistency Namibia’s uranium story is different again. The country is characterised by large, low-grade deposits , typically mined via open-pit operations. Namibia may not have the highest grades, but it has something equally important—scale and continuity of supply. In a tightening uranium market, that becomes a key advantage. Beyond the Top Five – The Broader Picture Africa as a whole plays a meaningful role in the uranium space. Countries such as Namibia, South Africa, and Niger collectively account for a significant portion of global resources, reinforcing the continent’s importance in future supply. At the same time, there are emerging jurisdictions beginning to build relevance. Countries like Mongolia, Uzbekistan, and Ukraine each hold smaller shares, but they represent optional growth in the global uranium pipeline . Table 3: Namibia vs Global Uranium Peers Region Style Key Strength Kazakhstan ISR Lowest cost Canada (Athabasca) High-grade Premium grade Australia Diverse Large resource base Namibia Alaskite + Calcrete Scale + stability 3.00 Why Namibia Is Where You Find Sleeping Uranium Tier-One Assets. The uranium story for Namibia is still young, even with what seems like a long history. There are large geological provinces potentially hosting multiple deposit styles being supported by existing infrastructure. What this means is that the probablity of new discoveries within the country is still high. What Namibia has that many "uranium" nations is there are three Tier-1 assets in country as we speak. As the narrative for nuclear power builds, the nation will be benefitting from its long history of large scale production.   Rossing Uranium Mine One of the longest-running uranium mines globally Historically operated by Rio Tinto Now majority owned by Chinese interests Classic alaskite-hosted system Figure 2: Rossing Uranium mine. Figure 1: Uranium Resources by Country 2021. (source: Mining Visuals ) The Rossing Uranium Mine is located in the Erongo Region of Namibia , approximately 65 kilometres inland from the coastal town of Swakopmund (Figure 2A). This positioning is not incidental—it places Rossing within one of the most important uranium-producing districts globally. Figure 2A: Location of the Rössing Uranium mine in the central Namib Desert, Erongo Region, Namibia. (Rössing Uranium Limited, August 2007). (source: [4]) From a logistical perspective, the mine benefits from proximity to: The deep-water port at Walvis Bay Established road and power infrastructure A long history of mining activity in the region Infrastructure is often overlooked, but in bulk, low-grade systems like Rossing, it is critical to making the economics work. Geologically, Rossing sits within the Damara Belt , a Proterozoic orogenic belt that has undergone multiple phases of deformation and intrusion. The uranium mineralisation is hosted in alaskite intrusions , which are leucocratic granitic bodies enriched in uranium (Figure 2B). Figure 2B: Summary of the tectonic setting of the Rössing area: A. Position of the Pan-African Damaran orogen between the Congo and Kalahari cratons. B. Summary of major features of the Damaran orogen taken from Miller (2008), highlighting areas showing highest grade metamorphism—the wider Rössing area occupies a zone of high-temperature, low-pressure metamorphism (arrows on metamorphic zones denote direction of increasing metamorphism). Mineral fields associated with syn- to late-tectonic granites are labeled by principal commodity. C. Selected areas of uranium-rich leucogranites showing general association with the Neoproterozoic Khan Formation and extent of the mapped area discussed in the text. Abbreviations: Bt = biotite, CKZ = Central Kaoko zone, EKZ = Eastern Kaoko zone, nCZ = northern Central zone, NMZ = Northern margin zone, NP = Northern platform, NZ = Northern zone, OL = Okahandja lineament, OML = Omaruru lineament, sCZ = southern Central zone, Sil = sillimanite, SF = Southern Foreland, SKZ = Southern Kaoko zone, SMZ = Southern margin zone, SZ = Southern zone, WKZ = Western Kaoko zone, WL = Welwitschia lineament. (source: Tim Gray; Judith Kinnaird; Justin Laberge; Alejandro Caballero, Skip Nav Destination, 2021 Uraniferous Leucogranites in the Rössing Area, Namibia: New Insights from Geologic Mapping and Airborne Hyperspectral Imagery. Economic Geology (2021) 116 (6): 1409–1434.) This same geological setting underpins the broader Erongo uranium province , which includes: Husab Uranium Mine Langer Heinrich Mine Trekkopje Project The clustering of these large deposit lends to the thought that these large-scale mineral system is capable of generating multiple Tier-1 deposits . Rossing is one of the longest-running uranium operations in the world , having commenced production in the mid-1970s. Historically operated by Rio Tinto, the mine is now majority owned by Chinese interests, reflecting the strategic importance of uranium supply. Key operational features: Large open-pit mining operation Conventional crushing, grinding and processing Long mine life supported by extensive resource base Over its life, Rossing has been a cornerstone of global uranium supply , consistently contributing to the nuclear fuel market. Rossing is not the highest-grade uranium deposit, nor is it the lowest-cost operation globally. What Rossing represents is the seed in Namibia creating the foundation asset within a globally significant uranium province . Rossing showed the typical geological attributes of significant systems and that is: Large, low-grade systems can be economic Mineral systems matter more than individual deposits Once infrastructure is established, a region can evolve into a cluster of world-class assets Rossing to the namibian uranium story is what the discovery of Olympic Dam is to the Australian IOCG province in South Australia, It is like the discovery of gold in Coolgardie that led to the establishment of Kalgoorlie as the Eastern Goldfields of Western Australia. Effectiovely, Rossing was the starting point of the Namibia uranium story. Everything that followed—Husab, Langer Heinrich, and beyond—sits on the shoulders of what Rossing proved. Husab Uranium Mine One of the largest uranium mines in the world Owned by CGN Mining Represents modern large-scale uranium development Figure 3: Husab uranium mine. (source: Slr Consulting ) The Husab Uranium Mine is located in the Erongo Region of Namibia , approximately 60–70 kilometres from the coastal infrastructure hub of Swakopmund and within logistical reach of the deep-water port at Walvis Bay (Figure 3). As mentioned previously, Husab is hosted within the Damara Belt , the same tectonic and intrusive setting that underpins Rossing. Uranium mineralisation is associated with alaskite intrusions , where uranium is disseminated through granitic bodies formed during Proterozoic tectonic events. Husab is also an alaskite-hosted uranium deposit , but what differentiates it from Rossing is scale and continuity . Figure 3A: Domes of the south central zone of Damara orogen belt and their associated primary uranium deposit. (a) Zonation of the Damara orogen belt (modified after Goscombe et al., 2005; Grotzinger et al., 2008); (b) sketch map of the southern central zone showing locations of significant uranium deposits (after Kinnaird et al., 2007). According to a paper by Xu et. al 2025, three mineralization stages are believed to exist in the Husab uranium deposit: magmatic, hydrothermal alteration, and supergene leaching. Among them, the magmatic mineralization stage is the main stage, and uraninite is the most important uranium mineral. The uranium minerals formed in this stage include monazite, zircon, and rutile. The uranium minerals in the hydrothermal alteration stage primarily comprise pitchblende and coffinite, while those in the supergene leaching stage include uranothorite, coffinite, boltwoodite, sodium boltwoodite, and uranophane. Key characteristics: Very large tonnage uranium system Low to moderate grades typical of bulk deposits Mineralisation hosted within extensive alaskite bodies Amenable to large-scale open-pit mining Husab is essentially a bigger, more modern expression of the Rossing-style system . It validates that the Erongo province is capable of generating multiple large deposits—not just one. Husab is one of the largest uranium mines in the world , developed as a modern large-scale operation and currently owned by CGN Mining. Key operational features: Large open-pit mining operation High-throughput processing plant Designed for long-life, bulk production Since commencing production in the mid-2010s, Husab has quickly become a major contributor to global uranium supply . Operational Facts The Husab project received a mining licence from Namibia's Ministry of Mines and Energy in November 2012 and a groundbreaking ceremony was held at the site in the Namib Desert the following April. The first blasting of rock took place in 2014. Construction of the mine is scheduled to be completed by the end of 2015, with production then planned to ramp up to 5770 tonnes of uranium per year by 2017. The operation will be an open pit mine with an acid leach process plant on site. The Husab ore-body is claimed to be the third-largest uranium-only deposit in the world. With measured and indicated reserves of about 140,000 tonnes U, Husab is expected to operate for at least 20 years. The mine will comprise of two pits: the Zone 1 pit will be some 3km long, 1km wide and 412m deep; the Zone 2 pit will be about 2km long, 1.3 km wide and 377m deep. Husab is majority owned by CGN subsidiary Taurus Minerals following its 2012 purchase of former owner Extract Resources. The project is being developed by Extract subsidiary Swakop Uranium, in which Namibian state-owned mining company Epangelo acquired a 10% stake in November 2012. According to CGN, the Husab mine has sufficient reserves to supply enough uranium to power 20 GWe of nuclear capacity for almost 40 years. CGN currently has a fleet of ten operating nuclear power reactors with a total installed capacity of 10.5 GWe. It has a further 14 units under construction with a combined capacity of 16.6 GWe. Husab becomes the fourth uranium mine in operation in Namibia, the others being Rössing, Langer Heinrich and Trekkopje. China National Nuclear Corporation holds a 25% stake in Paladin's Langer Heinrich mine, entitling it to a corresponding share of the project's output. Langer Heinrich Mine The Langer Heinrich Mine sits in the Namib Desert, approximately 80 km east of Swakopmund and within the broader Erongo uranium province. This region is one of the most uranium-endowed terrains globally, hosting major operations such as Rössing Uranium Mine and Husab Mine. From a geological perspective, Langer Heinrich is a calcrete-hosted uranium deposit, which is quite different from hard-rock uranium systems. Mineralisation occurs in paleochannel sediments, where uranium has been mobilised and reprecipitated in near-surface environments under arid conditions. These deposits are typically: Shallow Laterally extensive Amenable to open-pit mining This style of mineralisation is characteristic of Namibia and is a key reason the country has become a globally significant uranium producer. Figure 4: The Langer Heinrich mine. (source: World Nuclear News ) Ownership and Operational History Langer Heinrich is owned and operated by Paladin Energy Ltd , a name well-known to uranium investors. Key milestones: 2007:  Commercial production commenced 2018:  Operation placed on care and maintenance due to low uranium prices 2024:  Restart achieved as uranium market conditions improved The restart is an important signal for the uranium sector, reflecting stronger long-term demand expectations tied to nuclear energy’s role in decarbonisation. Mining and Processing Langer Heinrich is a conventional open-pit mining operation . The processing route is tailored to calcrete-hosted ore and differs from many hard-rock uranium mines. Processing characteristics: No blasting required (soft material) Ore is scraped and trucked  to the plant Uranium is extracted via alkaline leaching Final product is uranium oxide concentrate (U₃O₈) This relatively simple mining method contributes to: Lower operating complexity Predictable production profiles Scalability depending on uranium prices Infrastructure Advantage One of Namibia’s strengths—and something that often gets overlooked—is infrastructure. Langer Heinrich benefits from: Proximity to the Port of Walvis Bay  (export logistics) Established road networks from Swakopmund Access to power and water (critical in desert operations) This is a key differentiator when compared to uranium projects in more remote or politically complex jurisdictions. Production and Strategic Importance At steady state, Langer Heinrich has historically produced around: 5–6 million pounds U₃O₈ per year  (nameplate scale) From a Samso perspective, what matters here is not just the number—it’s the consistency and scalability . Operations like Langer Heinrich provide: Reliable supply into long-term contracts Optionality to ramp production with price signals Strategic leverage as nuclear demand grows Trekkopje Uranium Project – A Low-Grade Giant Waiting for the Right Cycle Location and Geological Context The Trekkopje Uranium Project  is located in the central N+amib Desert, approximately 70 km northeast of Swakopmund and within the same uranium-rich corridor that hosts Langer Heinrich Mine and Rössing Uranium Mine. Geologically, Trekkopje is another example of a calcrete-hosted uranium system , formed in ancient palaeochannel environments under arid conditions. What sets Trekkopje apart is scale over grade . Key geological characteristics: Extremely large tonnage system Very low uranium grades  relative to global peers Mineralisation spread across shallow, flat-lying sediments From a Samso lens, this is classic Namibia— big systems formed by surface processes, not deep hard-rock mineralisation . Ownership and Project Background Trekkopje is owned by Orano  (formerly Areva), one of the world’s major nuclear fuel players. Key milestones: 2000s:  Project advanced during the uranium bull market 2009–2012:  Construction and early-stage production activities Post-2012:  Placed on care and maintenance due to weak uranium prices Despite significant capital investment, the project has remained idle, highlighting a key theme— not all uranium deposits are equal in a low-price environment . Mining and Processing Concept Trekkopje was designed as a large-scale, low-grade bulk mining operation , relying on processing efficiency rather than grade. Planned/implemented processing approach: Surface mining (no drilling and blasting required) Heap leaching using alkaline solutions Designed to process very large volumes of ore A major technical feature of Trekkopje is its reliance on heap leach technology , which is essential for making low-grade deposits viable. However, this comes with trade-offs: Requires significant water supply High upfront capital intensity Economics highly sensitive to uranium price Infrastructure and Water Challenge One of the defining features of Trekkopje is not just the geology—but the infrastructure solution required to make it work . To support processing, the project involved: Construction of a desalination plant on the coast near Wlotzkasbaken Pipeline infrastructure to transport water inland Integration with regional infrastructure networks This highlights a critical Samso point: In Namibia, water is often the limiting factor—not the ore . Samso Concluding Comments As the world currently struggles with the consequence of the conflict with Iran, we are yet again, forgetting that the rush for a green energy world is still not hitting the right notes, in my opinion. The concept of base load power is still not being addressed and in a place like Australia, there is still a lack of direction on what is required to achieve an independence of the the "dirt fuel". Lets not get into the conversation of can we get rid of the use of hydrocarbons as that is another big discussion. Lets just do the easy discussion at this moment, are we going to keep increasing our energy cost and play the "renewable" energy game and ignore the environmental and social impact of creating power from renewable sources that many larger economies are now down-playing as an achievable target? What is looking like a real scenario, and this is where investors on the ASX will want to start looking at is the path towards using nuclear energy. Provinces like Namibia are a unique beast in terms of their source of uranium. Geoscientists and stakeholders in creating mineral resource companies are well aware of finding the right location to set their marketing narrative. An investor who understands the need to be in the right location will already be aware that if you get something within the Damara Belt, the likely chance of finding uranium is going to be high. However, as we all know, all mineral systems that are worth talking about have a large footprint. A valuable mining project is pretty much less than 5 sqkm and if you look at the mienral provinces globally, whether you are tlaking about urnaium, copper, gold or iron ore, they are always in the 100s and 100s of sqkm. In my research for this Samso Insight, the most commonly piece of commentary I read was that there has been a lack of exploration outside the "known" deposits. hence, the likes of the Rossing and the Husabs have never been looked oat outside what was discovered and mined currently. In my opinion, while the land of milk and honey for uranium may be Australia, the current political noise of "Anti-Uranium and Anti-Nuclear" will drive places like Namibia into the higher podium of the "Discover Uranium" status. The current deposits we have discussed are world class in their own specifications, but the lack of interest and the lack of funding to make Namibia a world class destination for companies like Paladin is now no longer a secret. I am sure there are numerous companies taking positions, and that will make another good Samso Insight in the near future. Reference: World Nuclear Association ( https://world-nuclear.org/ ) Tim Gray; Judith Kinnaird; Justin Laberge; Alejandro Caballero, Skip Nav Destination, 2021 Uraniferous Leucogranites in the Rössing Area, Namibia: New Insights from Geologic Mapping and Airborne Hyperspectral Imagery. Economic Geology (2021) 116 (6): 1409–1434.) Kai Xu, Guanglai Li, Huaifeng Zhang, Wenming Dong, Xiaodong Liu, Xiongjie Zhang, Bin Wu, Renbo Wang, 2025. Uranium and U-bearing minerals in the Husab uranium deposit in Namibia: Occurrence, composition, age, and implications for uranium mineralization process, Ore Geology Reviews,Volume 182. BEN GOSCOMBE, DAVID GRAY, MARTIN HAND, Extrusional Tectonics in the Core of a Transpressional Orogen; the Kaoko Belt, Namibia, Journal of Petrology , Volume 46, Issue 6, June 2005, Pages 1203–1241 Wilde, A. Towards a Mineral Systems Model for Surficial Uranium Mineralization Based on Deposits in the Erongo District of Namibia. Minerals 2023, 13 , 149. https://doi.org/10.3390/min13020149 The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and 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.

Tusker Minerals' Rutile Story Has Moved – And It’s Now About Scale What stood out early in the discussion is how much ground the company has covered — literally. The Cameroon portfolio has grown into something meaningful: The Central Rutile Project now sits at just under 9,000 km² . Additional licences have been added to create a contiguous footprint. Active exploration is ongoing across multiple targets. This isn’t a small exploration play anymore. When you start talking about this kind of landholding in a residual system, you are thinking in terms of province-scale potential . And that’s really the angle here — not a single deposit, but the possibility of a new rutile province. Samso Concluding Comments The Tusker Minerals Rutile is still an early-stage story, but it is progressing. The dust is settling, and I feel the narrative is clearer. You can see what Tusker is trying to build — a rutile-focused exploration play with scale in Cameroon and optional upside in Malawi. The infrastructure work in Cameroon is a big tick for me. That’s not something you do if you’re thinking short-term. Zimba adds another layer. It’s early, but it has the right signs. If that turns into something meaningful, it changes the story again. For now, this is about watching the results. If they start showing consistency, the market will catch up. Chapters 00:00 Start 02:21 Introduction to Tusker Minerals Limited 06:09 Cliff - walking us through the latest ASX Release. 10:27 Can Tusker see any continuation of the mineralisation? 11:41 Is Malawi more a Titanium or a Rare Earth story? 12:42 How Do Tusker want potential investors to view its narrative? 14:39 The Titanium Market 16:17 Is Graphite still a component of the business? 17:55 Is the recent hostilities in the Middle East affecting operations? 19:40 Any competition in Cameroon? 20:56 Where does Cliff see the future value creation come from? 22:30 What thoughts of disasters would keep Cliff awake at night? 24:05 Why would investors look at Tusker Resources? 26:02 What is the Capital market saying about the Titanium market? 28:05 A Good reporting standard. 29:07 Conclusion Tusker Minerals Operations Cameroon – Where the Real Work Is Happening Cliff was very clear on this. Cameroon is the focus. What I like here is that they are not just poking holes in the ground and hoping for the best. They’ve gone a step further and set up the infrastructure to actually run the exploration properly: In-country office Local technical team Heavy mineral sands laboratory in Yaoundé That last point is more important than most people realise. If you’ve worked in Africa, you know that logistics and assay turnaround can kill momentum. What Tusker has done is bring that process in-house — meaning faster results, better control, and importantly, reporting rutile percentages instead of generic heavy mineral numbers . That tells me they are thinking ahead. Malawi – The Surprise That Changes the Narrative Then we get to Malawi. The Mzimba project wasn’t originally pegged for rutile — it was lithium ground. But this is where having good people on the ground matters. They saw the indicators: Heavy minerals visible on surface Right weathering profile Correct host rocks And the numbers backed it up: Around 50% of samples above 1% TiO₂ . Peaks up to 1.88% TiO₂ . More importantly, mineralogy confirmed rutile , not ilmenite. That’s the difference. And keep in mind — they’ve only tested about 7% of the project area. That’s early days, but the signals are there. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. Support Page Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, and particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Alterity Therapeutics Reports Positive Topline Data from Open-Label Phase 2 Clinical Trial of ATH434 in Multiple System Atrophy Alterity Therapeutics Limited (ASX: ATH; NASDAQ: ATHE) has announced highly promising topline results from its open-label Phase 2 clinical trial (ATH434-202) evaluating ATH434 in patients with advanced Multiple System Atrophy (MSA) . The findings reinforce the company’s position as a front-runner in developing disease-modifying therapies for neurodegenerative diseases .  ATH434 has previously shown positive outcomes in a double-blind Phase 2 trial. This open-label trial in a more advanced patient group confirmed a similar level of clinical benefit. Importantly, the study showed that ATH434 slowed progression on both clinical and biomarker endpoints, was well-tolerated, and demonstrated target engagement in affected brain regions. What is Multiple System Atrophy (MSA)? (source: NINDS - National Institute of Neurological Disorders and Stroke ) Multiple system atrophy (MSA) is a progressive neurodegenerative disorder characterized by a combination of symptoms that affect both the central nervous system (which controls how a person moves) and the autonomic nervous system, which controls involuntary functions such as blood pressure or digestion. MSA was formerly known as Shy-Drager syndrome, olivopontocerebellar atrophy (OCPA), or striatonigral degeneration. The symptoms of MSA reflect the progressive loss of function and death of different types of nerve cells in the brain and spinal cord. MSA is one of a family of neurological disorders known as an atypical parkinsonian disorder. The initial symptoms can be difficult to distinguish from those of Parkinson's disease, and can include: Slowness of movement, tremor, or stiffness Clumsiness or lack of coordination Croaky, quivering voice Fainting or lightheadedness Bladder control problems Symptoms tend to appear in a person's 50s and advance rapidly over the course of five to 10 years. A person with MSA will have increased difficulty with movement and eventually become bedridden. People with MSA often develop swallowing problems that can lead to pneumonia in the later stages of the disease. There are two different types of MSA, which are categorized by the person’s most prominent symptoms when they’re evaluated by a doctor: Parkinsonian type MSA (MSA-P) has primary symptoms similar to Parkinson's disease (such as slowness of movement, stiffness, and tremor) along with problems with balance, coordination, and autonomic nervous system dysfunction (such as urinary problems, sweating abnormalities, and digestion difficulties).   Cerebellar type MSA (MSA-C ) is associated with balance and coordination problems (ataxia), difficulty swallowing, speech problems or a quivering voice, and abnormal eye movements. MSA tends to progress more rapidly than Parkinson's disease, and most people with MSA will require an aid for walking, such as a cane or walker, within a few years after symptoms begin.   Key Highlights & Summary of Positive Topline Data from Open-Label Phase 2 Clinical Trial of ATH434 in MSA. 1.  Clinical Benefit Observed   ATH434 reduced disease progression, with UMSARS I scores increasing by only 3.5 points over 12 months, compared to 6.5 in historical controls. 43% of patients completing the study had stable UMSARS scores. 30% of participants stabilized or improved in both Clinical and Patient Global Impression of Change scores. Stabilisation of orthostatic hypotension symptoms was also observed.     2.  Robust Biomarker Signals   Brain Volume: Mean z-score of brain volume change was -0.44, indicating slowed brain atrophy in MSA-affected regions.  Brain Iron Accumulation: Reduced iron buildup in the globus pallidus and putamen confirmed drug-target engagement.  NFL Levels: Neurofilament light chain levels in plasma and CSF remained stable, further supporting disease modification.   3.  Safety Profile   ATH434 was well-tolerated. No serious adverse events related to treatment were reported.  Most side effects were mild to moderate in severity.  No negative impact on hemoglobin or iron parameters was observed. 4. Consistent with Earlier Study   ATH434-202 results mirror those of the earlier ATH434-201 double-blind trial, despite involving a more advanced MSA population.  Reinforces the therapeutic potential of ATH434 across a broader disease spectrum. David Stamler, M.D., Chief Executive Officer of Alterity, commented: “I am very encouraged by the positive results from the ATH434-202 trial, as they reinforce the robust efficacy we observed in our double-blind study,” said David Stamler, M.D., Chief Executive Officer of Alterity. “   M.D., M.S., Professor of Neurology at Vanderbilt University Medical Center and principal investigator for the ATH434-202 Phase 2 study, commented: “These results are very helpful in establishing the clinical response to therapy. The consistent changes in UMSARS, along with quantitative measures in imaging, support the findings we noted in Study 201. Currently, there are no disease modifying medications for the treatment of MSA, and these data encourage the continued development of ATH434 to treat this disease. We are indebted to the study participants and their families who contributed to this study.” About ATH434 and Multiple System Atrophy ATH434 is an oral iron chaperone, an oral therapeutic targeting pathological protein aggregation in neurodegenerative disorders. It acts as an iron chaperone, redistributing excess iron in the brain, one of the key pathological mechanisms in MSA (Figure 1).   Figure 1: Excess labile iron and alpha-synuclein aggregation driving MSA pathology (Source: Alterity Phase 2 Presentation at MSA Symposium 2025) MSA is a rapidly progressing and rare Parkinsonian disorder with no approved disease-modifying therapies. It affects the autonomic nervous system and motor control, with hallmark α-synuclein protein accumulation in glial cells.   ATH434 has received: Fast Track Designation (FDA) Orphan Drug Designation (FDA & European Commission) Alterity continues its commitment to progressing ATH434 and alleviating the burden of MSA, with ongoing Phase 2 trials and additional pipeline development in related neurodegenerative conditions.   Samso Concluding Comments This announcement from Alterity Therapeutics is confirming the business and the data is underpinning the clarity. In a disease like Multiple System Atrophy, where options are scarce and the clinical landscape is filled with uncertainty, a stabilisation of symptoms—let alone evidence of slowing disease progression—is no small achievement.  The consistency between the open-label and double-blind Phase 2 trials of ATH434 is particularly important. It speaks to the reproducibility of the treatment effect, which is a major hurdle in neurodegenerative research. From a clinical development perspective, this is the kind of validation that builds confidence in the path forward. From an investor's point of view, it places Alterity on firmer ground as it moves towards larger-scale studies and potential regulatory engagement. There’s also something quite compelling about the mechanistic angle, targeting iron dysregulation and α-synuclein aggregation. This isn’t just symptomatic relief. It’s an effort to interfere directly with disease biology, backed by biomarker data showing measurable changes in brain structure and chemistry. While biotech is never short of risk, Alterity is showing investors a trajectory that is supported by science, clinical results, and a clear regulatory pathway. With orphan designation and Fast Track status already in place, the road ahead—though still challenging—now looks more navigable. Figure 2: THe share price chart for ATH shows clearly the recent results are consistent with investors confidence in what the company is doing over the last 12 months. For those watching the neurodegeneration space or seeking differentiated biotech exposure, Alterity is no longer a speculative whisper (Figure 2). It’s a company laying bricks toward something potentially transformative. With a market capitalisation of AUD $128.9M as of writing, this is now a business that could play in the high valuations of the giant biotech companies on the ASx or something in the US markets.   The Samso Way – Seek the Research Samso encourages investors to dive deeper into the data. Review clinicaltrials.gov (NCT05864365) , examine the peer-reviewed studies (e.g., Wenning et al. 2013; Trujillo et al. 2025), and take the time to understand the biomarker strategy Alterity employs. In neurodegenerative disease R&D, nuance matters—and Alterity seems to be getting it right. 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 2 September 2025 New Gold Targets Delineated over Gascoyne Gold Project Western Yilgarn NL (ASX: WYX)   has released the results of a high-level geophysical interpretation over its 100%-owned Gascoyne Gold Project in Western Australia (Figure 1). Conducted by Core Geophysics Pty Ltd, the review of airborne magnetic, radiometric, and gravity data has delineated several high-priority structural and geophysical targets within the Dalgaringa Supersuite — the same host rocks as the neighbouring Glenburgh Gold Project ( Benz Mining Corp, ASX: BNZ ). Non-Executive Director Pedro Kastellorizos highlighted that the Project offers outstanding potential, being only 8.7km from Glenburgh, which hosts 16.3Mt @ 1.0 g/t Au for 510,100 oz contained gold. With seven new gold target zones now identified, the Company has effectively positioned itself within one of the most prospective gold belts in the Gascoyne Region. Figure 1: Gascoyne Gold Project Location Map with surrounding Gold Deposits/Occurrences (source: WYX) Western Yilgarn NL - Perfect projects for Investors to Take a Gold Position. Expanded Portfolio  – Western Yilgarn NL ground position now covers 207km²  of highly fertile craton-margin metamorphic belt, directly analogous to Glenburgh. Multiple Gold Targets  – Seven structural/geophysical targets  have been delineated, all considered prospective for gold mineralisation. Proximity to Glenburgh  – Just 8.7km from Benz Mining Corp’s Glenburgh Gold Project , which is developing into a significant gold system. Untested Potential  – Extensive structural and magnetic trends across the project remain completely untested by drilling. Figure 2: Gascoyne Gold Project Location Map with surrounding Gold Deposits/Occurrences (source: WYX) Core Geophysics Interpretation Magnetic imagery across the eastern tenements (E09/2986 & E09/2987) revealed distinct east–west and northwest–southeast trends, interpreted as shear zones and intrusive features similar to those controlling gold mineralisation at Glenburgh (Figure 3). Importantly, the review identified structural intersections and shear zones that remain entirely untested, presenting immediate exploration upside. Gravity data, though coarse, suggests the southern portion of E09/2987 could be highly prospective, aligning with a regional gravity residual trend. Figure 3: E09/2986 & E09/2987 gravity image with interpreted structures (source: WYX)     Gold Targets Generated Seven target zones have been mapped, each demonstrating features such as magnetic lows, structural fabrics, potassium anomalies, and analogues to known Glenburgh mineralisation (Figure 4). GB_01 & GB_03 (E09/2986):  Located in the northeast, associated with magnetic lows paralleling structural fabrics within the Dalgaringa Supersuite. GB_02 (E09/2986):  Strong NW-SE magnetic features with potassic response and no prior geochemical sampling. GB_04–GB_07 (E09/2967):  Larger east–west structural zones with discrete potassium responses, quartz veining, and similarities to nearby Gascoyne Resources’ Firebird prospect.  Figure 4: Structural/Magnetic Gold Target Zones (source: WYX)   Western Yilgarn NL Non-Executive Director Mr Pedro Kastellorizos  commented: “We are extremely pleased to have secured the Gascoyne Gold Project, which offers outstanding potential to delineate gold resources comparable to those of Benz Mining Corp’s Glenburgh mineralised system - now extending over 50 km in strike length. Our tenements share the same host lithologies metamorphic rocks of the Dalgaringa Supersuite as the Glenburgh Gold Project, located immediately to the north”. “A high-level geophysical interpretation conducted by Core Geophysics has identified multiple new drill targets, including several previously unrecognised by Western Yilgarn. Importantly, extensive structural and magnetic trends have been outlined across the project area all of which remain completely untested by drilling within the Dalgaringa Supersuite.   Next Steps Western Yilgarn plans to implement a reconnaissance sampling program during 2025, focusing on geochemical evaluation across these new targets. Follow-up work will consider sampling frequency and density to define the most prospective drill-ready anomalies.   Samso Concluding Comments Western Yilgarn NL is building its case as an investors dream position play by strengthening its footprint in the Gascoyne Region by outlining high-priority gold targets adjacent to a growing mineralised system. The Gascoyne Project shares the same lithological framework as Glenburgh, yet much of the ground remains untested — a combination that naturally attracts investor attention. All exploration success has historically been linked to structural control and geophysical signatures, both of which are now evident within WYX’s tenements. With seven new targets defined and systematic geochemical programs ahead, the coming months will be critical in confirming the potential of these anomalies. At Samso, we continue to emphasise the importance of separating signal from noise . True insights lie in understanding the geological context and following the exploration work as it unfolds. For investors, this announcement highlights an early-stage but strategically placed opportunity in Western Australia’s Gascoyne region.   Western Yilgarn’s announcement is a reminder of how the Gascoyne region continues to reveal itself as a fertile gold province. The proximity to Glenburgh is significant, but the real story lies in the structural signatures and magnetic features now identified within WYX’s ground. These are the hallmarks of a system with discovery potential, yet they remain untested. The identification of the seven priority targets marks the start of a systematic approach that could add real substance to the Company’s gold portfolio. The next phase of geochemical work will be key in determining whether these targets translate into drill-ready prospects and, ultimately, resource definition. For investors, the early-stage nature of this story means patience will be required. However, the geological setting, combined with proximity to a proven mineralised system, makes this a development worth watching closely. Taking positions in a company such as WYX is crucial from an investors point of view. I have a small position in the company since I first reviewed the story as the value proposition for a prospective small market capitalised story is an opportunity not to be ignored. This is a #SamsoDYOR story. At Samso, we always remind readers that announcements like this provide a foundation for further research. Investors should take the time to study the geological context, track the upcoming exploration programs, and compare the progress with neighbouring projects. The Samso Way – Seek the Research Exploration success is built on evidence, not speculation. Always dig deeper, question the data, and do your own research. That is The Samso Way. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. 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 has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Land Access Agreement Signed at Julimar West Bauxite Project – 20 January 2026 (view the announcement) Today's Samso News is all about the execution of a land access agreement for Western Yilgarn to begin what could be the building of a large-scale bauxite portfolio in a tier-one jurisdiction, and potentially creating a partnership with a bauxite giant. From an investor's point of view, this execution of the land access agreements will now mean that the West Julimar Bauxite project can start the value-adding process. Introduction – Unlocking Growth at West Julimar, Western Australia Western Yilgarn NL (ASX: WYX) has executed new land access agreements over Zones 100 and 200 at its West Julimar Bauxite Project in the Darling Range of Western Australia (Figure 1). These agreements provide access to extensive areas of lateritic bauxite immediately adjoining and between the Company’s existing JORC-compliant Mineral Resource areas, opening a clear pathway for potential resource expansion. Figure 1: West Julimar location map highlighting newly signed access areas over the Bauxite MRE Zones (source: WYX). The Business of Western Yilgarn NL: Bauxite and Critical Minerals Development in Western Australia Western Yilgarn is a Western Australia–focused resource company developing a growing portfolio of bauxite assets within the Darling Range, one of Australia’s key bauxite–alumina corridors. The Company is building scale across multiple bauxite projects, supported by JORC-compliant resources and proximity to infrastructure and refineries. Alongside bauxite, Western Yilgarn NL is also advancing nickel and gallium opportunities across the Western Yilgarn region, pursuing a multi-commodity strategy designed to create multiple long-term development pathways.   Highlights – Land Access Unlocks Direct Resource Growth Pathway at West Julimar New land access agreements executed over Zones 100 and 200 at the West Julimar Bauxite Project, securing access across most of the laterite–gravel system hosting the Company’s core bauxite assets.   West Julimar currently hosts a combined inferred JORC Mineral Resource of 104.8 Mt , comprising:          Zone 100: 42.6 Mt @ 31.8% Al₂O₃          Zone 200: 62.2 Mt @ 36.4% Al₂O₃   Figure 2: Western Yilgarn’s Total JORC (2012) Bauxite Resources (source: WYX). Newly accessible ground directly adjoins and links Zones 100 and 200 across a continuous geological system, extending beyond existing Mineral Resource boundaries.   Previous drilling was constrained by land access rather than geology, meaning current resource limits reflect tenure boundaries, not the full extent of mineralisation.   Secured access enables systematic drilling to test lateral and strike extensions of known mineralisation and the area between the two deposits.   ·  Multiple undrilled laterite plateaux are now available for assessment, expanding the pipeline of near-term exploration targets.   Initial field programs will include mapping, geochemical sampling, rock chips, and environmental work ahead of drill targeting.   Provides a clear pathway to materially expand the current 104.8 Mt bauxite resource  through low-cost, shallow aircore and auger drilling across a proven laterite system.     Leadership Commentary Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos  commented: “The newly signed agreements provide access to ground that was previously unavailable for drilling and now links and surrounds the Company’s two defined bauxite deposits” “Previous drilling that defined Zones 100 and 200 was largely restricted to areas where land access was available at the time. As a result, Mineral Resource boundaries in many places terminate at tenure or access limits rather than geological limits.”   Near-term Milestones to Watch Following the execution of the access agreements, key near-term developments include: Commencement of mapping, sampling, and environmental programs across newly accessible ground Definition of drill targets between and beyond Zones 100 and 200 Shallow aircore and auger drilling to test laterite-hosted bauxite extensions Potential updates to the West Julimar Mineral Resource footprint These steps will determine whether the geological continuity translates into formal resource growth. Samso Concluding Comments This announcement is not about discovery hype but about unlocking the ground needed to grow a bulk commodity project. Without land access, even high-quality geology cannot be converted into resources. Western Yilgarn has positioned itself to test the full extent of a continuous bauxite system linking Zones 100 and 200. This is how long-life bauxite provinces are built — step by step, by expanding known systems. The grades at West Julimar are already competitive for Darling Range–style bauxite. Expanding tonnage around existing deposits is lower risk than starting from scratch. For investors, this is a reminder that early-stage value creation in bulk commodities often comes from scale. Western Yilgarn has now created the conditions needed to pursue that scale in a disciplined way. Market Implication - The Investor Lens I think that the access agreement will now make people like me think that the narrative is possible. We know that bauxite in the Darling Range is a very sensitive topic and any talks of expansion will be long and most likely full of hurdles. The Western Yilgarn NL Bauxite story will now be all about putting all the details together and hopefully, it hangs together for a market that is in short supply. Figure 3: Western Yilgarn’ s share price chart as of 20th January 2026. (source: CommSec). The value proposition for WYX is very clear. The access agreement means that work can be done. We know that there is a resource on the ground that some bauxite giants will be looking at closely. So with a market capitalisation of just under AUD 5M, this is going to be an interesting asset for big companies that need the resources. The share price is still not creating waves (Figure 3). In fact, the share price chart does not even appear to be creating ripples at this stage. I encourage readers to have a read of the company's projects and do some serious DYOR. I have been very conservative on this stock as there was always the issue of land access to be sorted before any form of excitement is allowed to surface :-). I will be following this very carefully. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and 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 Terra Closes Acquisition of True American Tungsten Project – 16 January 2026 (view the announcement) This is going to make some interesting research as the Company finalises the acquisition. Tungsten is definitely the flavour that will dominate 2026. I will be looking at the project closely as the details are released, as any tungsten projects will be a hot prize. The Business of Terra Critical Minerals Limited: Tungsten Terra Critical Minerals (ASX: T92) is an ASX-listed exploration company focused on strategic minerals across Australia, Canada, and the United States (Figure 1). The Company’s portfolio spans tungsten, tin, molybdenum, bismuth, uranium, and precious metals, with assets located in established mining regions and supported by experienced technical teams. Figure 1: Terra’s Strategic Project Footprint Across Australia, Canada, and the USA (source: T92). The acquisition of the True American Tungsten Project (Figure 2) complements Terra’s existing tungsten exposure in New South Wales and extends its footprint into the U.S. critical minerals sector. Figure 2: Project location with regional tungsten projects (source: T92). Highlights – The True American Tungsten Project in Focus Terra has completed the acquisition of 100% ownership  of the True American Tungsten Project in central Nevada , USA. The Project is located at the junction of the Getchell and Battle Mountain mineral belts , a region known for multiple tungsten, gold, and base metal deposits. Two historical adits record high-grade tungsten production in the 1940s , primarily from scheelite skarns and tungsten-bearing vein systems. Historical sampling reported grades of 4.2% WO₃ , 5.12% WO₃ , and hand-sorted ore shipments grading 1.69% to 11.1% WO₃ , based on U.S. Bureau of Mines data. No modern exploration has been conducted since the mid-1940s, highlighting the Project as under-explored  by current standards. A USGS 2021 study  identified anomalous tungsten stream sediment geochemistry, suggesting potential for additional mineralised zones beyond known workings (Figure 3). Figure 3: USGS Prospectivity Analysis (Lederer et al 2021). (source: T92) Geological mapping indicates the mineralisation is related to a granodiorite intrusive  and associated skarn system, with favourable structural and stratigraphic controls (Figure 4). Figure 4: Mineral claims and local geology. (source: T92)   Leadership Commentary Terra’s Chairman, Andrew J. Vigar , commented: Our proactive entry into the US space positions us exceptionally. As one of the few ASX companies to act, our 100% acquisition of the True American Tungsten Project in the US’s premier jurisdiction creates a powerful launching pad for the company. Backed by Nevada's mining heritage and strong federal support under the current administration, the timing is ideal. Next step for us is deploying boots on the ground as early as February 2026 to validate high grades with a modern, systematic approach. Near-term Milestones to Watch Detailed geological mapping to define limestone horizons and structural controls. Systematic soil and rock-chip geochemistry targeting tungsten and pathfinder elements. Ground magnetic and IP geophysical surveys to map intrusive contacts and skarn-related features. Drill testing of priority targets where geological, geochemical, and geophysical indicators align. Samso Concluding Comments The True American Tungsten Project provides Terra with direct exposure to a U.S.-based tungsten asset at a time when supply is limited and prices are high. Historical production and sampling show that high-grade mineralisation is present, although the data have not yet been validated under modern reporting standards. The Project’s location in central Nevada places it within an established mining region with supporting infrastructure and clear regulatory frameworks. The proximity to known mineral belts adds geological context and supports the case for systematic exploration. USGS geochemical data points to areas of anomalous tungsten beyond the historical workings. This suggests potential for additional mineralised zones that have not yet been tested by drilling. Terra’s planned work program is structured to reduce uncertainty through staged exploration. Mapping, geochemistry, and geophysics are intended to refine targets before committing to drilling.   Market Implication - The Investor Lens As tungsten prices continue to rise, the lack of decent projects is probably going to drive the price even higher. Time will tell if the True American Tungsten Project will set any alight with excitement. I have the opinion that you need a disseminated style tungsten mineralisation that will be a bulk mining capacity, or you are going to have a high-grade body that must clearly demonstrate scale. Typically, most tungsten projects are thin and spotty in terms of scale, and that makes them not viable. How T92 develops the True American Tungsten Project will be the key for me as an investor. Fundamentally, being in the US is a good tick in a box. The markets tend to like that, and I will have to agree with that point of view, as you are close to the market and you have the protection of the Trump factor. Figure 5: T92 share price chart as of 20th January 2026. (source: CommSec) The market is liking what Terra Critical Minerals management is doing with the tungsten narrative, and the share price rallying in August-September 2025 is a clear sign of their appreciation (Figure 5). I think it is a good thing that the hype is not on this second run yet. I like to think that once the details are released, in terms of good data, the market will value it accordingly. I do not doubt that if there are substantiated results, the share price will rocket. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and 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.

Samso Insight Episode 118 is with Justin Virgin, Executive Director of Terrain Minerals Limited (ASX: TMX) . Commodity pricing has a history for being volatile and it is especially susceptible to sovereign risks. The ups and downs of the mineral resources sector on the ASX is a direct reflection of the volatile commodity chart. Pricing of commodities are constantly evolving and retreating which makes the fortunes of ASX companies in this sector exciting and depressing, depending on which the investor's circumstances. In this episode of Samso Insights, we look at Terrain Minerals Limited (ASX: TMX). We speak with Justin Virgin who is the Executive Director of the company. I came across Terrain Minerals at the 2024 RIU Conference in Sydney. What looked like a non-descript booth became an interesting proposition when we Justin explained to me the different views on their projects. Terrain Minerals main story is the potential for a Gallium player who has been flying under the radar. The Gallium sector is small but lucrative. Figure 1 below highlight the bullish nature of the pricing and it is forecast to continue on that trend in years to come. Figure 1: Gallium price chart. (Source: https://strategicmetalsinvest.com/gallium-prices/ ) From an exploration point of view, the projects that Terrain have a grassroots and there is no hiding form the fact that there is a lot of work to do and there are also a lot of room for error. Investors who look at Terrain from rom a valuation point of view and measuring risk as from that angle will like the market capitalisation of the company. Check out the Samso Insight conversation with Justin and make your own decision. Samso's Conclusion Terrain Minerals is one of those companies that you literally take a "punt". Personally, I like the Gallium but I don't know what is good and what is bad in terms of numbers. At the time of writing this blog, the company has released the results from their latest drilling. The numbers for the REE look ok but not mind blowing but I do not know how to comment on the Gallium numbers. This would be a great opportunity for readers to give Justin a call and get it from the man himself. Chapters: 00:00 Start 00:20 Introduction 00:50 Justin introduce Terrain 02:38 The Gallium Story 03:58 What Kind of results are expected? 05:10 Is Saltbush the main project? 06:48 The Terrain Minerals Projects 09:14 Why Terrain Minerals? 10:30 Conclusion PODCAST About Andrew Sparke Executive Chair Mr Sparke has over 15 years’ experience that includes IPO’s, private placements, secondary market transactions and listed company compliance. Mr Sparke has served as director of a number of ASX listed resources companies including Alt Resources Ltd (ASX:ARS) and Torian Resources Ltd (ASX:TNR). Mr Sparke is the founder of Olive Capital, an Australian boutique investment house that has advised numerous ASX listed companies on capital raising and corporate transactions. About QMines Limited (ASX: QML) QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. The Company owns rights to 100% of The Mt Chalmers (Cu-Au) and Develin Creek (Cu-Zn) deposits. The Company's Mt Chalmers and Develin Creek projects are located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers and Develin Creek projects now have a Measured, Indicated and Inferred Resource (JORC 2012) of 15.1Mt @ 1.3% CuEq for 195,800t CuEq.1, 2 QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments. Read Brilliant Investments

OD6 Metals Limited (ASX: OD6)   has released results from its CPC Engineering Optioneering Study, confirming that heap leaching is the lower-cost and preferred primary leach option for the Splinter Rock Rare Earth Project (Figure 1). This is a significant step in de-risking the project and optimising development economics, with the study showing heap leach delivers superior recovery, lower capital intensity, and simplified operations when compared to conventional agitated tank leaching.  Announcement Optioneering Study Supports Heap Leaching as Low Cost Route for the Splinter Rock Rare Earth Project - 11 September 2025. Figure 1: The Splinter Rock Rare Earth Project (source: OD6)   Key Highlights - Beginning of OD6 Metals Rare Earth Story Heap Leach Confirmed as Preferred Route:  CPC Engineering’s multi-criteria assessment validates heap leaching as the lower-cost option for clay-hosted REE mineralisation. Higher Recovery Potential:  Heap leach shows superior rare earth recovery compared with tank leach, enabling more MREC production per tonne processed. Lower CAPEX Profile:  Eliminates the need for large leach tanks, clay washing, and complex separation circuits. Modular design allows for scalable, staged construction. Lower OPEX Drivers:  Energy and maintenance costs are reduced; the inclusion of a Chlor-Alkali Facility allows on-site reagent generation and acid recycling. Premium MREC Product:  The downstream process flowsheet (heap leach + nanofiltration + ion exchange + impurity removal) is designed to deliver a high-quality, low-impurity Mixed Rare Earth Carbonate (MREC). Strategic Partnerships:  Ongoing collaboration with ANSTO and CPC Engineering , guiding development pathway decisions. Upcoming Drill Campaign:  Twin-hole diamond core drilling to provide 1.5–2.5t of REE-bearing material for advanced ANSTO testwork. Techno-Economic Review & Peer Benchmarking OD6 assessed multiple flowsheet options against criteria such as recovery, circuit complexity, capital and operating costs, product quality, and scalability (Figure 2). Benchmarking shows OD6 sits mid-range among ASX peers on capital intensity, with potential upside once stripping ratios and reagent cost efficiencies are finalised. Key observations: Simplicity and Expandability:  Heap leach reduces system complexity and allows for staged pad expansions. Operating Advantage:  Lower energy demand and mechanical maintenance; acid recycling and CAF integration further enhance cost profile. Market Alignment:  Uranium and thorium removal steps ensure transport compliance and widen potential markets (Asia, Europe, US). Figure 2: Peer Comparison Table – Heap Leach vs Tank Leach Projects (source: OD6) Metallurgical and Study Progress OD6, CPC, and ANSTO have successfully demonstrated a multi-stage pathway (Figure 3) from heap leach through to final MREC/MREH precipitation, with key steps including: Figure 3: Indicative Processing Steps – Heap Leach, NF, IX & Impurity Removal (source: OD6). Heap Leach:  Low-acid leach to generate enriched solution. Nanofiltration:  Acid recycling and REE concentration. Ion Exchange:  Further concentration and impurity reduction. Impurity Removal:  Eliminates deleterious elements (Al, Fe, U, Th). Precipitation:  Produces premium, low-impurity MREC/MREH. Chlor-Alkali Facility:  Provides reagent supply security and lowers OPEX (Figure 4). Figure 4: Example of two BICHLOR™ Electrolysers utilised to produce H2 (g) + Cl2 (g) + 2NaOH (aq) (source: OD6) The final MREC/MREH product contains elevated Nd, Pr, Dy, and Tb – highly sought-after magnet rare earths critical for global EV and wind turbine supply chains.  Managing Director Brett Hazelden  commented: “The work being conducted by CPC’s optioneering study confirms what our ANSTO testwork and flowsheet work have indicated – heap leaching combined with our innovative downstream steps appears to be the most capital-efficient and operationally simple route to unlock value at Splinter Rock. Importantly, when benchmarked against other peers in the industry, it suggests a lower CAPEX profile is possible after removing the complex and expensive solid-liquid separation steps in an agitated tank leach process. Notably, integration of our impurity removal steps and a Chlor-Alkali Facility (CAF) suggests a lower capital cost outcome and supports production of a high-value MREC product. We’ll now move quickly to commence scale up testwork to optimise the Heap Leach and Impurity Removal conditions and produce MREC samples for testing and offtake discussions.” Next Steps Scale-Up Testwork:  Heap leach and impurity removal optimisation using 1.5–2.5t bulk samples; expected to yield ~1kg of MREC for offtake discussions. Offtake Partner Engagement:  Initiating commercial payability discussions for MREC and MREH. Government & Financing Engagement:  Ongoing dialogue with government bodies and potential financiers. Exploration & Drilling:  September campaign to deliver high-quality core for testwork and resource updates. Samso Concluding Comments This is a very interesting release as the Heap leach validation could be a major milestone for OD6, as it positions Splinter Rock as a competitive and scalable rare earths project in a global market hungry for magnet REEs. The decision to focus on a lower-cost, modular, and technically robust solution will materially improve project economics. From an investor’s point of view, this milestone will significantly de-risk the project’s processing route, assuming all the numbers do indeed stack up. As an avid follower of the OD6 story, this will start to move OD6 closer to producing a high-value MREC product that aligns with global magnet rare earth demand. The upcoming drill program and bulk testwork will be key to translating these study outcomes into a full feasibility case. The value of OD6 will be further enhanced by the fact that competitors in this area are decreasing. If OD6 comes to fruition, I believe it will lead to substantial value creation for shareholders, as it will essentially be a situation of being the last one standing. However, I think this will likely not happen in the short term, and the ongoing efforts to make the business viable will be crucial for potential investors and current shareholders when considering their future decisions. As always, #SamsoNews reminds investors that the project remains at a study and testwork stage, with further exploration and feasibility work required before production decisions.   The Samso Way – Seek the Research We separate signal from noise. The real story sits in the data, the rocks, and the plan—never just the headline. Do your own work and test every claim. 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.