Coffee with Samso Episode 184 is with Julian Ford, CEO of Riversgold Limited (ASX: RGL) updating us on Riversgold's exploration activities since the last conversation in March 2023. Jump straight to the interview In our previous conversation, we discussed Riversgold Limited as a lithium explorer that I found interesting. One of the reasons I liked them is because they were among the few companies actively engaged in genuine mineral exploration for lithium. It's important for people to understand that the recent discoveries in the lithium sector have largely come from reevaluating previous exploration efforts. Companies have revisited their drill cores and discovered that the historical drilling had indeed encountered pegmatites. Samso is not begrudging of the success of these companies, such as the Mount Holland Lithium project, which is now privately owned and operated by Covalent Lithium. Riversgold, on the other hand, continues its exploration activities in search of valuable lithium-bearing pegmatite. What I find interesting about Riversgold is their Northern Zone project. When I was researching this topic, I initially found their release titled Farm-in to Significant Porphyry Hosted Gold Project a bit confusing because the project had yielded promising results. The company is proceeding cautiously to ensure the reliability of these results, which I believe demonstrates prudent management. Julian, in particular, discusses the project and takes a measured view of its potential. What does Porphyry mean? Here is a description of what a porphyry deposit means from Earth Science Australia: The major products from porphyry copper deposits are copper and molybdenum or copper and gold. The term porphyry copper now includes engineering as well as geological considerations; It refers to large, relatively low grade, epigenetic, intrusion-related deposits that can be mined using mass mining techniques. Geologically, the deposits occur close to or in granitic intrusive rocks that are porphyritic in texture. There are usually several episodes of intrusive activity, so expect swarms of dykes and intrusive breccias. The country rocks can be any kind of rock, and often there are wide zones of closely fractured and altered rock surrounding the intrusions. As is described following, this country rock alteration is distinctive and changes as you approach mineralization. Where sulphide mineralization occurs, surface weathering often produces rusty-stained bleached zones from which the metals have been leached; if conditions are right, these may redeposit near the water table to form an enriched zone of secondary mineralization. What is the significance of a Porphyry deposit? Based on my experience, it is quite rare to find a fertile porphyry that contains only gold. Most porphyry deposits are typically associated with copper. However, Julian informs us that their system at the Northern Zone is devoid of any other metals and is solely a gold system. When we examine the historical drilling results, we can observe significant depth of mineralization, and the grades fall within the range of atypical mineralised porphyry gold system. Julian has mentioned that they are currently awaiting the results from their recent drilling program. These results will help confirm the assay content and determine if there is any false enrichment present (see below). Completion of Diamond Drilling of Northern Zone 26km ESE of Kalgoorlie It will be fascinating to see the assay numbers and gain a better understanding of the potential of this project. The core samples from the drilling program appear to be in excellent condition, which further adds to the anticipation of the assay results. Listen to Julian Ford here: Chapters: 00:00 Start 00:20 Introduction 01:03 Updates from Riversgold 02:57 The Gold Porphyry story 11:22 Metallurgical Cyanide Bottle Roll Test Results 13:37 How did the Northern Zone Project fly under the radar for so long? 19:34 Mt Weld Project 20:54 How should shareholders look at Riversgold? 23:04 Newsflow 23:50 Is the Porphyry story the main focus of Riversgold? 25:26 Why Riversgold? 26:03 Conclusion Samso's Conclusion The Riversgold story is an evolving narrative, and I appreciate the adventurous spirit of their projects. Julian impresses me as a composed and strategic individual who possesses a deep understanding of his work. When examining the Northern Zone project, the drilling results are remarkable and align with the expectations for a sizable deposit with low-grade bulk tonnage. According to the Visual Capitalist, porphyry deposits are very large, polymetallic systems that typically contain copper along with other important metals. Much of today’s mineral production depends on porphyries: 60% of copper, 95% of molybdenum, and 20% of gold comes from this deposit type. The Bingham Canyon Mine, located in Utah and owned by Rio Tinto and in production since 1906, annually produces approximately: 300,000 tons of copper 400,000 oz of gold 4,000,000 oz of silver 30,000,000 lbs of molybdenum The value of the resources extracted to date from the Bingham Canyon Mine is greater than the Comstock Lode, Klondike, and California gold rush mining regions combined. So as you can see above, the magnitude of finding a deposit of this nature in a Tier-1 jurisdiction like Western Australia is going to make Riversgold appreciate in market capitalisation. PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Julian Ford Chief Executive Officer Mr Ford has 30+ years experience in the mining industry with global experience including Australia, Africa, South East Asia and South America. Mr Ford has held senior positions within several major resource companies including Alcoa, British Gas, Western Metals Limited. Since 2004, Mr Ford has focused on managing a number of successful start-ups, including transitioning a number of these from concept/exploration to production. Mr Ford holds a degree in Chemical Engineering from the University of Natal, a Bachelor of Commerce from the University of South Africa and a Graduate Diploma in Business Management from the University of Western Australia. He has been a member of the AusIMM for 20 years. About Riversgold Limited (ASX: RGL) Riversgold Ltd is an ASX-listed exploration company focused on discovering and developing large lithium systems in the world-renowned Pilbara and Yilgarn cratons of Western Australia. In early 2022, the Company acquired a suite of four lithium-prospective exploration tenement applications covering 164km2 in the Pilbara region. The key Tambourah Project is underexplored and has the potential to host a major lithium-caesium-tantalum system much like the nearby Pilgangoora and Wodgina deposits. Further, the Company has acquired a tenement package of 292km2 prospective for lithium in the Southern Cross-Marvel Loch region of Western Australia as well as securing an option to acquire 80% of tenement E77/2784 immediately to the east of the globally significant Mt Holland lithium project in the same region. The Riversgold portfolio also offers strong exposure to gold and nickel through its large landholding at the Kurnalpi Project in the Yilgarn. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

Coffee with Samso Episode 185 is with Matt Szwedzicki, Managing Director of West Cobar Metals Limited (ASX: WC1) The REE story for West Cobar is taking shape, showing that the volume of resources does exist. The release recently has put that question at rest. A quadruple of the previous resource is plenty. Critically, the upgrade of the resource at the Newmont prospect from Inferred to Indicated is even more impressive. Matt Szwedzicki, in this episode of Coffee with Samso gives a great summary of where West Cobar is at with the Salazar Rare Earth project. The resources are up and the market will have no fears for the project not having enough tonnes (Figure 1). Interestingly, when asked about the availability of more tonnes, Matt responded with a clear and concise answer. There is an ample supply of tonnes, and the focus now is on demonstrating the economic value in terms of dollars and cents to the market. The market is well aware that there is no longer any doubt about the leachability of the Salazar resources. This was confirmed in the Rooster Talk 74, where Matt discussed the metallurgical results. You can find the links to that conversation below. West Cobar Metals Limited (ASX: WC1) - The Metallurgical Results West Cobar Metals Limited (ASX: WC1) - The Salazar Metallurgical Results. Full Episode. We discussed the recent news on Gallium and what it means for the company. The conversation continued onto the Nevada lithium project where the company was starting a drilling program. Samso's Conclusion The West Cobar journey is one of the most fascinating Rare Earth stories on the Samso platform. What sets them apart is their unique suite of potential by-products that others don't seem to have. Samso has seen several Rare Earth stories, and the Salazar deposit stands out with its HPA resource and Tier 1 REE resource (compared to Australia Clay deposits). Scandium was also mentioned in the Salazar deposit during the Coffee with Samso series. The inclusion of Gallium in the mix makes the idea of credits while mining rare earths appealing. However, it's important to note that not all mining scenarios are profitable to keep and process, even if there seems to be value in the metal. For example, Delta Lithium Limited (Red Dirt Metal Limited) has up to 300,000 ounces of gold, but it's not mentioned because the value in lithium outweighs the need to recover the gold. However, if we look at the potential scenario for West Cobar, the soft market pricing of REE makes the proposition of multi commodities to suppress mining costs could be its joker card. The little that makes a mining proposition for Salazar is going to be good for the hip pocket. Ultimately, time will reveal the ultimate solution, but investors should remember that mining projects span multiple years to decades. While the Salazar deposit shows promise, the longevity of a company to pursue the project is not solely determined by the project's quality. Chapters: 00:00 Start 00:20 Introduction 01:30 Salazar Clay-REE resource quadruples 05:34 What does a higher proportion of MREO mean for WC1? 06:52 The current rare earths market 08:38 Gallium at the Newmont REE deposit 11:56 Could the amphibolite be the dark horse? 15:05 Is the recent restriction on Gallium short-term? 17:55 Drilling at the Nevada Lithium Project 21:18 Metallurgical news 23:51 Additional news flow 25:13 Why should investors look at West Cobar Metals? 26:23 Conclusion PODCAST About Matt Szwedzicki Managing Director Matt Szwedzicki has over 20 years of corporate and commercial experience, having worked in senior leadership roles with a focus on M&A, corporate growth and investment strategy. Matt co-founded and is the Managing Director of Spark New Energies, an energy company with its main assets in the UK. Prior to that Matt held various executive corporate and commercial roles in the energy and resources industries. About West Cobar Metals Limited (ASX: WC1) West Cobar Metals Limited (ASX:WC1) is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. The Salazar REE Project The Salazar Project comprises granted tenements E63/1469 and E63/1496 located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep water port of Esperance (Figure 1). In terms of geological setting, it is situated in the eastern part of the Proterozoic Albany-Fraser Orogen, east of the Biranup and Fraser Zones, straddling the Heywood-Newman Shear Zone and Nornalup Zone. REE mineralisation at the Newmont deposit (E63/1496) is hosted by in-situ regolith over Proterozoic-aged basement rocks. A geological model has been proposed by Salazar Minerals whereby granites containing REE carbonates and other REE minerals are the source rocks for secondary REE mineralisation in the overlying saprolite profile. Mineralogical studies have indicated that the saprolite targets contain fine-grained secondary REE-bearing phosphates. Newmont Mineral Resource Salazar Minerals was one of the first companies to appreciate the potential for clay REE deposits in Australia. The tenements were first acquired in 2011 (granted in 2012) with the private company carrying out several aircore drilling programs to test for REE mineralisation. In total 165 aircore and RC holes for 6393m have been drilled within the tenements, leading to the discovery and delineation of the Newmont deposit. ​CSA Global ("CSA") was engaged by Salazar Minerals to estimate a Mineral Resource for the Newmont deposit in 2015. CSA estimated an Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off) in accordance with the JORC Code (2012). The Newmont deposit also hosts an Inferred Mineral Resource of 31.2% Al2O3 (15% Al cut-off) in accordance with the JORC Code 2012 (Table 2). The high-grade alumina within kaolin-rich zones has potential to be feedstock for production of high purity alumina. ​Lab test work demonstrates that this material shows high leach extraction and high purification grades to produce 99.99% (4N) High Purity Alumina (HPA). O’Connor Prospect The Salazar Project also includes the O’Connor prospect (E63/1469) which is located 10 kms to the south-east of the Newmont Deposit. The O’Connor Prospect has 32 vertical holes drilled for a total of 901 meters. Some of the drill intersections at O’Connor include: ​ SAC160, 19m @ 1939 ppm TREO + Y2O3 from 8m SAC161, 20m @ 2392 ppm TREO + Y2O3 from 7m SAC162, 19m @ 1350 ppm TREO + Y2O3 from 17m SAC179, 9m @ 3258 ppm TREO + Y2O3 from 14m SAC178, 10m @ 1586 ppm TREO + Y2O3 from 10m SAC188, 23m @ 1454 ppm TREO + Y2O3 from 16m SAC157, 17m @ 1186 ppm TREO + Y2O3 from 15m SAC159, 12m @ 1110 ppm TREO + Y2O3 from 8m Newmont Metallurgy & Studies Technical work on the deposit has involved reputable institutions including the CSIRO, the University of Western Australia and the University of Newcastle and mineral processing firms Nagrom and Amdel. Early metallurgical studies and characterisation testwork show the REE clays are amenable to acid leach processing Magnet rare earths (MREO) - Neodymium, Praseodymium, Dysprosium and Terbium concentrations up to 25% Heavy rare earth (HREO) concentrations up to 30% Critical rare earth (CREO) concentrations up to 37% Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south-southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. 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.

Mineral exploration is a complex and evolving field that has undergone significant advancements over the years. It involves a meticulous process of discovery, as exemplified by projects like Olympic Dam, which required almost two decades of planning and a decade of execution. The understanding of geology and manually handling exploration techniques, which was once laborious and time-consuming, is rapidly becoming obsolete. In the rapidly evolving landscape of decarbonisation and clean energy, it's understandable that investors and geoscientists may prioritise exploring commodities like lithium and more recently, rare earth elements. The field of mineral exploration has undergone significant changes since I entered it in 1992. The methods and technologies we use have evolved dramatically over time. However, one noticeable trend in the exploration industry is the decline of diamond exploration. In this episode of Samso Insight 113, we delve into a captivating discussion with Thomas Reddicliffe about the extensive search for the largest diamond mine. It's a topic that has intrigued many over the years, and we're excited to bring you this insightful conversation. If you've been following Samso, you might recall our previous discussion on the discovery of Olympic Dam. That was quite a journey in itself, and now we have the opportunity to explore the world of diamond exploration with Thomas Reddicliffe. Thomas joined the scene in 1976, towards the end of the discovery process. He provides us with a fascinating narrative of the glory days of diamond exploration and brings us up to speed on recent developments, from even just a few years ago. It's truly a remarkable journey that he shares with us. Of course, there are many other thought leaders who could have contributed to this Samso Insight, and these will come in time. For now, we are lucky to have Thomas with us, so we hope you enjoy this episode and gain valuable insights into the world of diamond mining. The Olympic Dam Story: An Insight into the Mineral Exploration Genius of WMC Limited. The inspiration to get Samso Insight Episode 113 completed is my appreciation of what it took to discover Argyle. The book by Stuart Kells entitled "Argyle - The Impossible Story of Australian Diamonds" which you can purchase on Amazon or Melbourne University Press (MUP) , was the impetus for my eagerness to try and document as much as I can to make sure the story is on the Samso Platform. Samso's Conclusion Diamond exploration is a specialised form of mineral exploration that is facing challenges and changes that involve non-geological factors, particularly in "developed" jurisdictions. Diamonds have long captivated people of all ages and are widely recognised as one of the most well-marketed commodities in the world. Diamonds are crystalline forms of carbon that are created deep within the Earth under high temperatures and extreme pressures. At surface air atmospheric pressure (one atmosphere), diamonds are less stable than graphite, and therefore, the thermodynamic conditions favour the decay of diamond (δH = -2 kJ/mol). Historical records indicate that diamonds were known to burn during Roman times (Magill School of Computer School). It is worth noting that the marketing efforts of De Beers have played a significant role in establishing and sustaining the diamond market. Diamonds, regardless of scientific knowledge, are cherished and adored today as a beautiful crystal that brings joy to everyone. From the perspective of a geoscientist, the search for diamonds holds great excitement and intrigue. I consider myself fortunate to have entered the field during a time when diamond exploration was at its peak. In the 1990s, the quest for diamonds was in its final decade of glory, and the expertise of many experienced practitioners has since become scarce. The individuals who had mastered the art of diamond exploration are now approaching the end of their careers, and I worry that their valuable skills will be lost. While new geoscientists will undoubtedly acquire the necessary knowledge and techniques through a structured learning process, there are certain intangible skills that can only be honed through years of practice. It is these skills that I fear may be forgotten, and relearning them would be akin to reinventing the wheel. Chapters: 00:00 Start 00:20 Introduction 02:10 Diamond exploration - a discussion 03:19 Rundown of the search in 1973 10:04 Pragmatic approach to exploration 11:27 Treating indicator minerals for analysing 13:12 Ellendale discovery 16:27 Lamproites and Kimberlites 19:26 Discussion about the economic side 22:06 The situation after Ellendale 24:12 Was there a difference between indicator minerals? 26:05 The last 10 years of active diamond exploration 27:15 Would the technology today help with the exploration cost? 28:19 Was stream sampling more effective? 29:25 Is there still an “Argyle” today? 34:36 Discussion about Argyle 42:21 The future of the diamond industry 53:17 Conclusion PODCAST About Thomas Reddicliffe BSc (Hons) Geology University of Queensland, 1974 MSc Ore Deposit Geology University of Western Australia, 1999 Mr Tom Reddicliffe has over 40 Years of largely Australian focused exploration, evaluation and feasibility experience over a range of commodities but with a focus on diamonds. He commenced his career as a field geologist with Ashton Mining Ltd and was involved in the early Kimberley (Aust) diamond exploration with the AEJV (Ashton Exploration Joint Venture) which led to the discoveries of the Ellendale and Argyle diamond deposits, and was also involved in the early evaluation of both deposits. Subsequently he became the Australian Exploration Manager for Ashton Mining Ltd and held this position for 16 years until Ashton was taken over by Rio Tinto in 2001. During this time he conceived and implemented the exploration which resulted in the discovery of the Merlin kimberlite field and was responsible for the initial evaluation of the diamond deposit. Mr Reddicliffe was a senior executive of Striker Resources/North Australian Diamonds Ltd, was appointed to the Board as Technical Director in 2004 and became CEO in 2007, a position he held until 2011. NADL, later to be renamed Merlin Diamonds, was focused on the evaluation of the Merlin diamond pipes. In 2007, he also assisted in the spinout and successful listing of NADL subsidiary company Top End Uranium and subsequently became CEO. Striker Resources/North Australian Diamonds (NADL) provided 10 years of small company corporate experience inclusive of promotion, capital raising, investor relations, new floats, and defending the company from takeover bids. In 2012 Mr Reddicliffe joined GeoCrystal Limited, an unlisted public company, as Technical Director and directed the company’s diamond exploration activities which were focused on the newly discovered Webb kimberlite field located in central Australia. He stepped down from the board in 2022. Mr Reddicliffe joined the Sorrento Resources group in 2019 to manage their diverse range of gold, iron ore, nickel, diamond and mineral sand projects. He joined the board of Errawarra Resources Limited (ASX: ERW) as a non-executive director upon its listing in late 2020 and was appointed Executive Chairman in 2022. Errawarra is a gold and nickel focused explorer. He is a foundation Executive Director of GreenTech Metals Limited (ASX: GRE) which listed in early 2022 and which is focussed on the exploration for battery minerals He is also a non-executive Director of Gibb River Diamonds in early 2020. 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.

Embark on an odyssey into the world of Clay Rare Earths, a captivating journey through uncharted mineral potential. In today's Samso Insight Episode 114, we had the privilege of engaging with Dr. Diana Zivak, a distinguished Senior Geologist from the Geological Survey of South Australia. Dr. Zivak skillfully shares a wealth of knowledge that goes beyond traditional boundaries. Her articulate discourse invites viewers and listeners on a captivating journey as we explore information that resonates with the public. Dr. Zivak, an esteemed expert contracted by the Geological Survey of South Australia, has provided valuable insights into the Clay Rare Earths journey. Her observations have shed light on the remarkable qualities and limitless possibilities of this geological phenomenon. For followers of the Samso story, the hopeful excitement about the geological potential of South Australia is widely recognised. This episode of Samso Insights is an absolute treat for those who are into exploration and innovation. Explore the fascinating world of the Clay Rare Earths Story, where Chemistry and Geology intertwine to reveal new possibilities for progress and prosperity. Dr. Diana Zivak's groundbreaking work has revolutionised our knowledge of geological wealth, sparking curiosity among those who are uncovering the untapped potential of South Australia. Samso's Conclusion The Clay Rare Earth sector is an ongoing learning experience, with few claiming to have complete knowledge. Currently, the market serves as the ultimate judge of this sector's dynamics. Rising stock prices are seen as a sign of success, while falling share prices are viewed as unfavourable. The current knowledge is based on a measurement that may not be the most authoritative. According to Dr. Diana Zivak, the industry is uncovering numerous Clay Rare Earth projects, each with its own characteristics. These projects are not identical, resulting in different enrichment processes for each deposit. The complex terrain adds complexity to the search for the best project formula. West Cobar Metals, through its Salazar deposit, has identified Gallium, which could potentially be a precursor to other valuable by-products in the Salazar project. In my opinion, it is important to have faith and perspective when considering the long-term outlook for the REE market. I believe that maintaining a positive outlook for all commodities is crucial, especially considering the ongoing efforts towards decarbonisation. During our conversation, Dr. Diana Zivak and I explored the vast possibilities that exist in South Australia. This discussion is of great importance considering the limited amount of focused mineral exploration in this area. Despite valid historical factors, the potential for discovery remains untapped. The geological landscape of South Australia still holds many mysteries waiting to be uncovered. As the Geological Survey continues to release data, those who take early action have the opportunity to reap significant benefits. Chapters: 00:00 Start 00:20 Introduction 01:48 About Dr. Diana Zivak 06:17 Where is technology today in terms of the analytical part? 09:13 The clay hosted rare earths story 19:19 Is Geomorphology a factor? 25:22 Heavy rare earth metals 31:56 Discussion about the Gawler 42:22 Multi-commodity processing 45:14 Discussion about lithium in South Australia 49:55 Different mineralisation styles 53:02 Closing comments 56:05 Conclusion PODCAST About Diana Zivak Diana Zivak, an accomplished geologist with a decade of experience in academia and mining, specialises in diverse geological aspects including tectonics, geochronology, geochemistry, and mineral chemistry. Her proficiency extends to various analytical techniques such as laser ablation, ICPMS, and electron microscopy. Presently a postdoctoral researcher at the University of Adelaide, Diana is leading projects on REE enrichment in Queensland's phosphorites and provenance analysis of Murray Basin's mineral sands. She also contributes actively as a councillor for the Geological Society of Australia (GSA) and co-Chief of GSA's Early Career Geoscientist Advisory Panel (ECGAP), reflecting her commitment to empowering emerging geoscientists. Diana's ethos revolves around embracing complex geological challenges with fervour and resolute determination. About Geological Survey of South Australia The Geological Survey of South Australia (GSSA) collect, manage and deliver information and knowledge of South Australia’s geology, particularly for its mineral resources prospectivity. Please click here to find out more about the Geological Survey of South Australia: 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.

Coffee with Samso Episode 183 is all about the Brothers Rare Earth Discovery. Venture Minerals Limited (ASX:VMS) has made an exciting discovery in the Golden Grove district - a high-grade clay Rare Earth project that deserves attention. This project stands out due to its impressive depth of intercept and high-grade mineral content, placing it among the top-tier projects in Western Australia. The REE Journey begins for Venture Minerals Limited In April 2023, Venture Minerals announced the introduction of the Iron Duke REE project into the Brothers project on a Rooster Talk - Venture Minerals Limited (ASX: VMS) - Building a Rare Earth Portfolio in Western Australia. The REE story for the company was a slow build up over the last 18 months. Chapters: 00:00 Start 00:20 Introduction 00:57 High Grade clay hosted REE discovery at the Brothers Project 02:00 Reason for high grade 07:01 Direction of the Big Brothers Project 09:46 Is the Big Brothers Project the focus for VMS? 11:02 Discussion on metallurgy 11:57 How should investors look at VMS? 15:38 News flow 18:17 Why VMS? 21:13 Conclusion Rare Earth Market Status The rise or fall of the REE market pricing is one of the key indicators for the fortunes of the Rare Earth exploration sector. Currently, the market is experiencing a bearish price sentiment, causing anxiety among many investors. It is evident that the bear is no longer in hibernation. One cannot argue that the bear is out of hibernation. Many supporters of the bear fail to acknowledge that this market has emerged as a result of a geopolitical situation. In my opinion, the shifting focus of world politics has made metals like REE (rare earth elements) quite appealing. The future requirements for REE components will undoubtedly contribute to the growing demand in the market. As experienced investors are aware, the real profits lie in the long term. This is a widely recognised truth that is often overlooked by investors in the mining industry. The mining sector operates on a timescale of decades, rather than months or years. While there have been a few exceptional cases like Nova Bollinger (Ni) and DeGrussa (Copper) that have yielded results within a shorter timeframe, they are rare occurrences. What makes Venture Minerals a good bet? Venture Minerals excels at developing diversified projects that consistently generate value even in challenging circumstances. I have reiterated this sentiment multiple times during my Coffee with Samso session with Andrew Radonjic, where we discovered the hidden value in their various projects. Why and how do we continue to do this? This is where experienced management takes the lead. The Brothers project is a prime example of the value that can be achieved. Initially appearing as an outlier, through drilling, it has now emerged as a strong contender in the Rare Earth race. The Decarbonisation Problem The global community is determined to transition to clean energy usage, but the path ahead is expected to be challenging and time-consuming. Unfortunately, the progress towards this goal is hindered by a significant portion of the population that believes limiting mining activities is the key solution. The days of "Non-Decarbonisation" thinking are long gone. It's clear that we have embraced a new way of thinking. Let me share an interesting experience I had in South Australia. I recently had a coffee with someone who proudly shared how the state has successfully transitioned to renewable energy. It's inspiring to see how we are moving towards a more sustainable future. The transition towards a world with less reliance on 'dirty energy' is no longer a novel concept. It has become an anticipated and inevitable journey. Samso's Conclusion Andrew Radonjic has once again surprised us with his impressive skills. The Brothers project, which I initially believed had a high potential for success, has proven to be a remarkable endeavor. During our recent Coffee with Samso session, we delved into the project's historical drilling, which has added an intriguing element to its overall appeal. The two drill holes that were announced was into bedrock which would have suggested that there could be more to come. The recent release has made that thought come true. Is the Brothers project a standout? It's difficult to say at this point due to the unresolved metallurgical question. What I've gathered is that they will address this concern by demonstrating leaching. The amount of acid and other related factors will likely be the focal point of discussion. Will this be the catalyst that brings Venture Minerals back to its former glory days as a favourite among retail investors? I don't believe so, at least not right away. While the numbers are promising, the market is currently flooded with numerous rare earth element (REE) stories, making it difficult for Venture Minerals to stand out. It is crucial for the market to discern which projects will succeed and which will not. The previous debate between Ionic and Non-Ionic is no longer relevant, as we have emphasised multiple times. The discussion extends beyond just the Acid content. Currently, I understand that there are multiple projects that possess distinct qualities, which I believe set them apart. In the case of Venture Minerals, their uniqueness stems from their location (close to the new Lynas story), the grade of mineralisation, and the depth at which it occurs. Unlike typical REE areas, Venture Minerals does not face potential land issues. All these factors, in my opinion, makes Venture Minerals different. PODCAST About Andrew Radonjic Qualifications: BAppSc (Mining Geology), MSc (Mineral Economics), MAusIMM Mr. Radonjic is a geologist and mineral economist with over 35 years of experience in mining and exploration, with an initial focus on gold and nickel in the Eastern Goldfields of Western Australia. Andrew has fulfilled a variety of senior roles which gave rise to three gold discoveries, totalling in excess of 3 million ounces in resources and resulting in 1.5 million ounces being produced. Since 2006 Andrew has been an executive director with Venture Minerals, which he co-led during the discovery of the Mount Lindsay Tin-Tungsten deposit in North-West Tasmania. He is also a founding co-director of Blackstone Minerals and the non-executive Chairman of Codrus Minerals. About Venture Minerals Limited Venture Minerals Ltd (ASX: VMS) has refocused its approach to developing the Mount Lindsay Tin- Tungsten Project in northwest Tasmania, already one of the world's largest undeveloped Tin-Tungsten deposits. With the recognition of Tin as a fundamental metal to the battery revolution and Tungsten being a critical mineral, Venture has commenced an Underground Feasibility Study on Mount Lindsay that will leverage off the previously completed open-pit feasibility work, and recently included additional, potential large-scale quantities of tin and boron within the current resource base, and extensively throughout the greater Mount Lindsay skarn system. The tin-borates have not previously been assessed in any mining studies. Borate minerals contain a large amount of Boron, a critical mineral in the solar panel industry. At the neighbouring Riley Iron Ore Mine, the mine is prepared for a quick restart should the market conditions become favourable. In Western Australia, Chalice Mining (ASX: CHN) recently committed to the second stage of the JV which requires a further $2.5 million of expenditure over the next two years to earn a further 19% interest (for a total of 70%) in Venture’s South West Project. At the Company’s Golden Grove North Project, SensOre (ASX:S3N) is farming in whilst Venture retains the REE rights, the earn-in includes drilling of the Vulcan High Grade REE Target. SensOre’s proprietary AI technology has already highlighted lithium and copper exploration potential at Golden Grove North. The Company has a significant Nickel-Copper-PGE landholding at Kulin with two highly prospective 20-kilometre long Ni-Cu-PGE targets within the Kulin Project, whilst recent exploration has identified clay hosted REE targets. Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 182 is with Peter Harold, Managing Director of Poseidon Nickel Limited. Since taking the reins of Poseidon Nickel, Peter Harold has been steadily working towards restarting mining production. Today, Peter will address recent setbacks to restarting, as outlined in the company announcement of July 17. About Poseidon Nickel Limited Poseidon Nickel Limited (ASX Code: POS) is a nickel sulphide exploration and development company with three projects located within a radius of 300km from Kalgoorlie in the Goldfields region of Western Australia and a resource base of around 400,000 tonnes of nickel and 180,000 ounces of gold (Figure 1). Poseidon owns the Windarra, Black Swan and the Lake Johnston Nickel Projects. In addition to the mines and infrastructure including concentrators at Black Swan and Lake Johnston, these projects have significant exploration opportunities demonstrated by the discovery of the Golden Swan high-grade resource discovered at Black Swan in 2020, Abi Rose deposit at Lake Johnston and the recent nickel intersections along the Western Ultramafic at Lake Johnston. Black Swan Restart Despite the solid progress made since the November 2022 Black Swan BFS was delivered, the decision to restart Black Swan has been delayed due a combination of factors including: The later availability of grid power; The need to complete additional metallurgical testwork; The continuing tightness of the WA labour market; Ability to secure accommodation in Kalgoorlie for FIFO workers; and The volatility in global commodity and equity markets. The Company is optimistic about the project development environment in 2024. The main goal is to restart Black Swan once all the issues mentioned above have been resolved and there is a more positive outlook on nickel prices and equity markets. Company Mission The commencement of mining and processing at Black Swan is viewed as a first step in the Company's "Fill the Mill" strategy and growing the business to a 15ktpa plus nickel producer over the next 5-10 years. Poseidon owns three significant nickel assets with a combined resource of close to 400kt of nickel and processing capacity of up to 3.7Mtpa of ore to produce nickel concentrate. The Company’s business strategy remains focused on leveraging its existing asset base to grow Poseidon into a significant nickel producer over a period of expected significant growth in nickel demand, largely driven by growth in the electric vehicle market. BLACK SWAN NICKEL PROJECT • Open pit and underground mineral resources • Significant established mining and processing infrastructure • Bankable Feasibility Study completed LAKE JOHNSTON NICKEL PROJECT • Strong exploration potential • Significant established mining and processing infrastructure • Previous mining studies being reviewed WINDARRA NICKEL/GOLD PROJECTS • Significant nickel mineral resource • Potential to mine nickel ore and process at Black Swan • Gold tailings resource with BFS Black Swan 2.2Mtpa processing plant Silver Swan underground 12.9kt Ni (grade - 9.5%) Golden Swan underground 6.3kt Ni (grade - 3.9%) Silver Swan Tailings - 6.2kt Ni (grade - 0.92%) Black Swan Disseminated 181kt Ni (grade - 0.63%) Southern Terrace remains prospective for additional high grade discoveries History The Black Swan Project is located approximately 600km east of Perth and 50km northeast of Kalgoorlie, Western Australia and 300kms South of Poseidon’s Windarra Nickel Project. The project commenced operations in 1997 and operated continuously until 2008. The following production was achieved: Black Swan Open Pit - 5.9Mt @ 0.7% Ni for 41kt Ni Silver Swan Underground - 2.7Mt @ 5.1% Ni for 138kt Ni Total production - 179kt Ni concentrate Poseidon Business Strategy During FY22, the Company made significant progress in advancing its pathway to production. Two metallurgical breakthroughs were achieved, which are expected to greatly enhance the economics of the Black Swan project. The first involves incorporating a rougher concentrate regrind into its process flowsheet to significantly improve the quality of the smelter grade concentrate, which is expected to result in improved nickel payability. The second was testwork on a combined serpentinite and talc carbonate ore blend to produce a rougher concentrate which is amenable to both pressure oxidation and high-pressure acid leach to produce a mixed hydroxide precipitate. As a result of these achievements, the Feasibility Study for the 1.1Mtpa project to produce high-grade nickel concentrate suitable for conventional nickel smelters was delivered. You can refer to the ASX Release dated 21 November 2022 titled "Positive Black Swan Feasibility Study" for more details. The Company is now actively working with a shortlist of potential offtakers and project financiers with the goal of reaching a Financial Investment Decision. In addition, with the assistance of Poseidon's geological consultants, Newexco, the Company completed an exploration targeting report for Lake Johnston during FY22. Follow-up reports for Black Swan and Windarra are planned to be delivered in FY23. The Lake Johnston report identified the Western Ultramafic Unit as a priority, and a program of works has been approved to undertake 15,000 meters of RC drilling. The primary focus for Poseidon has been advancing the Black Swan Feasibility Study, and a major breakthrough in metallurgy was achieved during this process. The addition of a regrind mill, which will utilise the existing Silver Swan mill, will increase the nickel grade and reduce the MgO content of the final concentrate. This will make the smelter grade concentrate more appealing to traditional nickel smelters and is expected to result in optimal nickel payabilities. Furthermore, it was discovered that a lower-grade nickel concentrate (5-7% nickel) with a higher MgO content could be produced. This concentrate would be suitable for both high-pressure acid leach and pressure oxidation plants. As a result, the scope of the Fill the Mill Strategy has been expanded to include a full feasibility study on the "rougher concentrate option." This would involve recommissioning both the SAG and ball mills at Black Swan and operating at a throughput of 2.2Mtpa. This expansion would also allow for the processing of talc carbonate ore, which is not included in the initial 1.1Mtpa smelter grade concentrate study and has the potential to increase the project's lifespan. Assuming a decision to proceed is made by early 2024, production of concentrate could commence by the end of 2024. The decision on the larger tonnage, rougher concentrate project will depend on the outcome of the feasibility study and discussions with potential customers for that product. Samso’s Conclusions (Tony’s Take) The journey of POS has been quite a rollercoaster ride, with its fair share of ups and downs. While there have been setbacks and unfulfilled promises, it's important to take a clear-eyed look at the company's potential to become a nickel producer before passing judgment on the project. Despite recent challenges, POS is actively addressing the identified issues, and we believe it's only a matter of time before they transition from an explorer to a miner. Looking at the long-term outlook for nickel, it remains excellent, and POS stands out globally among prospective and near-term producers. They have multiple existing nickel assets with varying grades, from average to high to super high-grade ores, and strong exploration targets. Additionally, their infrastructure is conservatively valued at over $600 million replacement value. Currently, the share price is undeniably low due to the project delay announcement. However, in our opinion, there is a significant disparity between the market cap of around $90 million and a more reasonable valuation based on the continued progress towards production, which could potentially reach a market cap of $300 million or more. Given the dynamic nature of the battery minerals space, it wouldn't be surprising if the low price makes POS an attractive takeover target. Nevertheless, the delay doesn't change our overall expectations, as POS is actively working with two shortlisted partners for offtake and funding. They are also diligently addressing the metallurgical and other issues outlined in their recent announcement. Once these are successfully resolved, the company will be in a position to announce a Final Investment Decision, as well as Project Funding and Offtake Agreements. As a result, we anticipate that POS will experience a substantial re-rating in due course, presenting trading opportunities for savvy investors. Chapters: 00:00 Start 00:20 Introduction 00:34 Updates from Poseidon 01:13 Metallurgy - Black Swan Restart 06:58 The global nickel market 10:23 Nickel from an ESG perspective 11:53 The cost effective advantage 17:42 The nickel market 21:44 Grid power not available to late 2024 24:43 Discussion about microgrids 26:12 Extending the mine life 28:26 Discussion about the finances 29:46 Share price performance 32:20 Concluding comments from Tony 33:49 Conclusion PODCAST About Peter Harold Managing Director and CEO Peter Harold (B.AppSc (Chem) AFAICD) is a process engineer with over 30 years corporate experience in the minerals industry, specialising in financing, marketing, business development and general corporate activities. He was until recently the Managing Director of Panoramic Resources, a company he co-founded as a $3 million IPO in 2001. Peter steered Panoramic through the financing and development of the Savannah Nickel Project in the East Kimberley and the acquisition and re-start of the Lanfranchi Nickel Project near Kambalda with the company reaching a market capitalisation of $1.2 billion in 2007. He was more recently involved in bringing the Savannah Project out of care and maintenance and back into production. Peter has extensive experience in base metal mining project feasibility studies, financings, developments, operations and marketing. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

Coffee with Samso Episode 181 is with Richard Brescianini, Executive Director of Heavy Rare Earths Limited (ASX: HRE) The HRE story is a management-focused project led by Richard Brescianini, a highly experienced operator in the REE industry, and people like him are few and far between. His insights into the sector are extremely valuable, especially considering the lack of visibility to non-China related industries. Richard's time with Arafura Resources Limited is invaluable to the company. In this episode, you will get to know Richard and understand his thinking process as he drives the current project forward. Speaking with Richard, it becomes clear that he operates on a different wavelength. Viewers of Coffee with Samso should take away the fact that Richard is a skilled practitioner in a complex industry with its fair share of secrets. Richard has personally visited the factories that produce magnets and has engaged with both factories and refineries competing in an economy controlled by a State. It is interesting to note that while the Chinese State acts as the ultimate puppeteer, they also foster fierce competition within the sector to drive productivity. The HRE Story The story of Heavy Rare Earths Limited (ASX:HRE) is all about the Cowalinya project in Western Australia. The project is located 70km south-east of Norseman, a small gold mining town 187km directly south of Kalgoorlie. Figure 1: Location of the Cowalinya project in Western Australia. (Source: Heavy Rare Earths Limited) The Cowalinya area was primarily chosen on the basis of historical drilling which indicated the presence of anomalous rare earths in fresh bedrock and higher grade supergene concentrations of rare earths in the overlying in-situ weathered saprolite profile. Samso's Conclusion Over the past 24 months, the Samso platform has had the privilege of showcasing a series of Clay Rare Earth stories. It has truly demonstrated why Samso's stories are effective and educational, and pique investor interest. The complexity of understanding the Clay REE business is precisely why the Coffee with Samso conversations with experts like Richard Brescianini are so valuable. In the case of Heavy Rare Earth, Richard emphasises the importance of leaching the REE out with acids and finding the right balance between cost and profits. Essentially, the market price needs to be higher than the cost of extracting the metals. Richard's extensive industry experience and understanding of the complexities behind the scenes in China give him a unique advantage that his peers may not possess. One key takeaway from these conversations is that there is no longer any doubt about the ability to extract the metals. Numerous companies have released metallurgical results showing successful extraction. The focus now shifts to having the necessary resources, grade, and ingredients to make things happen. If someone discovers a more efficient method to extract a greater amount of metals from any grade, it would be a game-changer. It appears that the HRE resource will be substantially upgraded, with a higher grade than initially stated. The REE business is a long-term game, and wise investors should do their own research (DYOR) and consider long-term investment strategies. Looking ahead, a potential partnership in non-China based downstream operations could be the next step for HRE. This would add further value to the process. The Esperance region is an ideal location for such partnerships, especially if non-China economies aim to establish a stronger foothold in the supply of REE and manufacturing. It would be a logical decision for the Australian government to support the creation of value-adding industries in this area. Chapters: 00:00 Start 00:20 Introduction 00:43 Who is Richard Brescianini? 01:36 All about HRE 02:50 The HRE advantage in terms of metallurgy 10:01 Is there a geological control on the grade? 14:07 Is it all about labs now? 18:30 Ionic or non-ionic are not deal-breakers 22:34 Game changer in the clay sector 25:31 Importance of geological advantage 29:13 Future demand of the REE market 32:47 What needs to go right for HRE and what could go wrong for the likes of HRE? 39:20 The positives and negatives of the market 45:45 Economics in the REE market 49:41 News flow 52:27 Why HRE? 57:16 Conclusion PODCAST About Richard Brescianini Executive Director Richard commenced his career in mineral exploration with BHP Minerals in 1987 working in teams focused on the discovery of base and precious metal deposits across Australia and North America from offices in Brisbane, Perth, Toronto and Denver. Richard’s experience extends further, including his time working as the Director of the Northern Territory Government’s Geological Survey in Darwin, and being part of the executive management team for rare earths developer, Arafura Resources. About Heavy Rare Earths Limited (ASX: HRE) Heavy Rare Earths Limited (ASX:HRE) is an Australian rare earth exploration and development company. Rare earth materials are used in a wide array of technology and future facing applications, including smart phones, wind energy, and hybrid and electric vehicles. HRE’s key exploration project is Cowalinya, near Norseman in Western Australia. This is a clay-hosted rare earth project with a JORC Inferred Resource of 28Mt @ 625ppm TREO and a desirable rare earth composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths. The company has completed a 441 drill hole program confirming widespread occurrence of shallow, thick and/or high grade rare earth mineralisation. The Company anticipates a Mineral Resource update and an estimate Exploration Target for the project in Q3 2023 Cowalinya Project - Western Australia The Cowalinya rare earth project is located 70 km south-east of Norseman in Western Australia. It comprises a single 230 km2 exploration licence E63/1972 on unallocated crown land hosting dominantly granitic type rocks in the Central Biranup Zone of the Albany Fraser Orogen. (See Figure 1 above) The mineralisation being targeted is shallow, flat lying, supergene concentrations of rare earths present in the weathering profile overlying granitic basement. This mineralisation is similar in style to southern Chinese ionic rare earth clay deposits, the world’s main source of heavy rare earths. Although this type of rare earth deposit is low grade, low-cost open pit mining and simple inexpensive metallurgy make them profitable to exploit. The Cowalinya area was primarily chosen on the basis of historical drilling which indicated the presence of anomalous rare earths in fresh bedrock and higher grade supergene concentrations of rare earths in the overlying in-situ weathered saprolite profile. In June 2021 HRE drilled 109 aircore holes at Cowalinya by HRE discovered significant supergene concentrations of rare earths in two areas, Cowalinya South and North. The rare earths mineralisation, occurring as flat lying sheets within the in-situ clay-rich weathered saprolite, is contained within an average ~8-9 m thick layer which starts ~17-18 m below surface. Independent resource consultant JMCT Consulting was engaged to prepare and report Cowalinya’s maiden Inferred Mineral Resource estimate for the project in accordance with the 2012 JORC Code: 28 Mt @ 625 ppm TREO (Total Rare Earth Oxides) using a 300 ppm TREO-Cerium Oxide (CeO2) cut-off grade. Importantly, the resource has a desirable rare earths composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths, and very low average concentrations of radioelements (15 ppm ThO2, 5 ppm U3O8). Mr John Tyrrell of JMCT Consulting is the Competent Person for the Cowalinya Mineral Resource estimate (in accordance with 2012 JORC Code). TREO = La2O3+CeO2+Pr6O11+Nd2O3+Sm2O3+Eu2O3+Gd2O3+Tb4O7+Dy2O3+Ho2O3+Er2O3+Tm2O3+Yb2O3+Lu2O3+Y2O3. Magnet REOs = Pr6O11+Nd2O3+Tb4O7+Dy2O3 ; Totals may not add due to rounding ; Reported above a TREO-CeO2 cut-off grade of 300 ppm The resource at Cowalinya remains open in all lateral directions and currently covers only a small proportion (<1.5%) of the project tenement. Preliminary metallurgical test-work on 40 samples from the 2021 drilling program shows the rare earths are successfully brought into solution using a weak hydrochloric acid leach. Recoveries of >90% for some of the rare earths have been achieved. Resource Exploration and Expansion Drilling Program – 2023 The Company has successfully completed a 441-hole resource exploration and expansion drilling program at Cowalinya (refer to ASX announcements). These assays confirmed the widespread occurrence of shallow, thick and/or high-grade rare earth mineralisation in clay-rich saprolite over a 14 x 3-kilometre area west and south-west of the Cowalinya South deposit (Figure 1). This Western Zone discovery is open to the north and northwest, has an average thickness of 11.3 metres, and includes the following significant drill intercepts (on a grade-thickness basis) reported during the quarter: 19 metres @ 3190 ppm TREO from 16 metres (AC225) 10 metres @ 2087 ppm TREO from 17 metres (AC221) 26 metres @ 1201 ppm TREO from 19 metres (AC360) 17 metres @ 1069 ppm TREO from 11 metres (AC223) 42 metres @ 790 ppm TREO from 12 metres (AC226) 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.

I've been following Castillo Copper Limited (ASX: CCZ) for the past year, and I believe it has the potential to be one of the best copper stocks on the ASX. Although it's a small-cap stock, I think it could have some upside. I've traded the stock and was a shareholder for a good 12 months. This company could be a dark horse in the sector with time and effort. Jump to: About Castillo Copper Limited Corporate Information Project Location Historical Facts Why the interest? The Stockpile My Concerns Why am I so interested in the Base Metal Story? Copper Pricing Mystic In Conclusion About Castillo Copper Limited Castillo Copper Limited (ASX: CCZ) is an ASX-listed base metal explorer with its flagship project being the historic Cangai Copper Mine near Grafton in northeast NSW. The project consists of a volcanogenic massive sulphide ore deposit, and it has one of Australia's highest grade JORC compliant Inferred Resources for copper: 3.2Mt @ 3.35% (as of September 6, 2017). In terms of contained metal, the Inferred Resource includes 107,600t Cu, 11,900t Zn, 2.1Moz Ag, and 82,900 Moz Au. One positive aspect is the presence of supergene ore with up to 35% copper and 10% zinc, which is ideal for direct shipping ore. Additionally, the project holds five historic stockpiles of high-grade ore located near Cangai Copper Mine. Corporate Information Information based on the September presentation: Total Shares Issued: 580.1M Options: 84.5M Market Cap: AUD$24.9M Cash At Bank: AUD$1.7M The company has four projects in Australia,, and one in Chile: Jackaderry Project (100%, New South Wales): 3 prospects including the Cangai Copper Mine; Broken Hill Project (100%, New South Wales): 2 prospects; Mt Oxide Project (100%, Queensland): 4 prospects; Marlborough Project (under application, Queensland): 3 prospects; and Chilean Projects (100%). My primary focus was on the Cangai Copper Mine. While the other projects may have potential, I believe that Cangai is more developed and has a stronger narrative to offer the market. Project Location The Cangai project in northern NSW has the perfect location as it has the infrastructure you would need to make the project work if it were to ever become a realistic proposition. If you have read any of my postings, you would know that my preference when it comes to projects is one with the least amount of things to do. Things that do not relate to drilling for results. Historical Facts The mine operated from 1904 to 1917 and was evaluated by Western Mining from 1982 to 1984 and CRA Exploration from 1990 to 1992. Unfortunately, due to tough economic conditions during both periods, no progress was made. However, CCZ's geology team has confirmed a JORC Inferred Resource of 3.2Mt @ 3.35% Cu, which is a significant finding. The next step is to focus on proving this resource and increasing its size in the southern part of the project area. It's worth noting that within 5km of the Cangai Mine, there is the smaller historic Smelter Creek Copper Mine and several highly mineralised satellite deposits. One of the key features of the Cangai Mine is the discovery of supergene ore, which contains up to 35 percent Cu and 10 percent Zn. This is a relatively rare geological occurrence. What makes supergene ore special is that, if the grade is high enough, it can potentially be directly shipped to customers. This is advantageous because it avoids costly processing costs, resulting in high operating margins. Why the interest? Firstly, I don't believe this project falls under the category of "Don't drill a perfectly good project". What intrigues me about this project is that it hasn't received much attention in decades. Unlike projects that have been recycled from the 80s or 90s, this one has remained relatively untouched. Although it was explored to some extent, no significant work has been done on it. As the grandchild of a gold miner from the 1940s and 1950s, I have a deep appreciation for the primitive mining methods used back then, which lacked precision in mine planning. It is precisely this lack of precision that gives me hope and optimism for the project. In those days, miners would focus on extracting the higher grade materials and leave behind the "lower grades". Considering the size of the old mine and the recent drilling results that the management has found or reconfirmed, it's hard not to have high hopes for the project's success. The two diagrams above really showcase the potential of this area. It's easy to see why one might think it could be suitable for an open pit approach, given how mineralized it appears. However, it's important to note that schematic diagrams can sometimes be a bit misleading. That being said, the intercepts are incredibly encouraging. The exciting part, as I may have mentioned before, is the unknown. We don't yet know just how big this mine could be if management handles it properly (refer to Figure 3 and Figure 4). The type of mineralization we're dealing with here has allowed management to explore the wider area for other forms of mineralization. A recent announcement even suggests the possibility of parallel lodes based on some indicative surface sampling (refer to Figure 5). I should mention that surface sampling has led many companies down a path of disappointment in the past. However, it's still a positive sign, as I firmly believe that where there's smoke, there must be fire. The Stockpile Within the area, the company possesses multiple stockpiles of copper ore (Figure 6). Through metallurgical studies, the company has demonstrated a copper concentrate recovery rate exceeding 80 percent, with a grade of up to 22 percent. If successful, this endeavor will serve as a lucrative means to finance future exploration efforts. The business model is straightforward: extract the ore from the stockpile, concentrate it, and sell it. My Concerns This company has been making promises about positive activity on the project for quite some time. I decided to sell my stock because I couldn't understand why it was taking so long to get things done. As the share price started to decline, I decided to take my profit and wait. With the share price hanging around the 2c area, I lost interest as I basically lost confidence on the whole story. When the share price started to rise again, I hoped that it meant progress was finally being made. I've been watching from the sidelines, trying to understand the processes. It seems that a capital raising will happen soon. I'm curious to see if the rising share price is solely due to the need for funds. If it is, then I'll probably continue to wait on the sidelines for a bit longer. Why am I so interested in the Base Metal Story? I've been keeping an eye on the commodity prices over the past year, and I've noticed an interesting trend. Copper, Nickel, Zinc, Lead, and Aluminium all seem to be hovering around their 50 percent retracement value, which is quite intriguing. Now, I'm no expert, but I do enjoy observing trends. Currently, copper, nickel, and to a lesser extent zinc are showing signs of a bullish uptrend. It's like they went for a run, took a breather, and now they might be gearing up for another surge. If you take a look at the charts below, you'll see that they all look pretty similar. Of course, you can interpret them however you like, but I believe the groundwork has been laid for these commodities to experience higher pricing. This aligns with my previous post where I mentioned the rising nickel price. Copper Pricing Mystic Copper pricing has long been regarded as a reliable indicator of the global economy's performance. Referred to as 'Dr. Copper' in certain circles, copper is an abundant and affordable metal with a wide range of valuable properties. It possesses excellent resistance to corrosion and serves as an efficient conductor of both electricity and heat. When the price of copper rises, it signifies a thriving global economy, indicating increased demand for copper in various industries. This upward trend suggests that we are currently experiencing growth in the world economy after a period of decline, making it a positive indicator of this progress. Conversely, when the global economy experiences a downturn, the price of copper tends to decline as well. Over the past century, just “industrial” demand alone for refined copper has increased from 500,000 metric tons to over 19 million metric tons. As our increasingly smaller world continues to experience population growth along with the progressive expansion, the demand for copper will exponentially increase. — oilprice.com In Conclusion I typically invest in small-cap stocks, and as an exploration geologist, I am particularly drawn to the excitement of discovery. That's why I see potential in CCZ. However, I do have some reservations. Firstly, I find it difficult to grasp the timeline of activities. Secondly, I am concerned about the upcoming capital raising and how it will affect the entry price of the stock. Apart from these concerns, I am intrigued by the story. *Please note that I am not a shareholder and I am not providing any advice to buy or sell the stock. These are just my personal thoughts. Source: The information in regards to the company and the project has all been obtained from the announcements and presentations that are posted on the website of Castillo Copper LImited. The project location plane was obtained from the article written by Proactive Investors on Castillo Copper. The charts were taken from CommSec. 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

Coffee with Samso Episode 179 is with Matt Szwedzicki, Managing Director of West Cobar Metals Limited (ASX: WC1) Szwedzicki is the new managing director of West Cobar and he assures shareholders that it's business as usual. The recent news from the company is evident that the exploration objectives are all status quo. To the followers of Samso, you would remember that in my previous conversation with West Cobar Metals, we highlighted the Salazar Rare Earth project. The Salazar project has a slightly different edge as it is hosted in an ultramafic rock, Amphibolite. Since that time, I have had many discussions on the increased awareness of different host rocks. Traditionally the clay REE sector was all about granitic host rocks, but I have now come across WC1 and then Australian Rare Earths Ltd. The big question is whether these different host rocks make any difference. Szwedzicki gives us an update on the company about its recent announcements and the change in management. The West Cobar REE Story West Cobar is a mineral exploration and development company focused on rare earths and battery minerals within Australia and the US. Their projects include: ​1. The Salazar REE Project​ The Salazar Rare Earths Clay Project is located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep-water port of Esperance in Western Australia. The Newmont deposit, located on the easternmost tenement at Salazar, contains an estimated JORC Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off). The O’Connor prospect to the west of Newmont has potential to host further significant high-grade rare earths mineralization. 2. Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (OTCQB:ABML) (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ 3. Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south, southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. Samso's Conclusion In my opinion, the Clay REE story is a developing concept. When the "boom" happened, I posed the question to the companies that were engaging in Coffee with Samso - "What is a good intersection?" Then I asked, "What should investors look for, and, since now we are at the stage where we are asking, how leachable is your material?" So now the market is thinking that ionic clays are the type you want to discover as these types leach better. Well, that may be true but there is no other way to know if you are Ionic or not, other than to send your samples to the lab. The implication of this is, what are we exploring for, and how are we going to know if the discovery is indeed "Clay" or "Ionic" in nature. The majority of explorers are looking for REE in a Granitic environment but Salazar is in an ultramafic basement and the AR3 example is in a limestone. So, what does all this mean? My thoughts are that the "news" that Ionic is more leachable than Clay may not necessary be the end game. I think the truth will only be told when the lab results are finalised. What is for sure is that the different chemistry must play some part in the leaching side of the equation. Salazar is distinctly different so the jury is definitely still out on all fronts. Chapters: 00:00 Start 00:20 Introduction 00:20 Introduction 01:12 Who is Matt Szwedzicki? 05:28 Updates on West Cobar projects 09:26 Feedback on West Cobar projects 12:15 The Rare Earths market 14:01 The Hermit Hill project 15:41 How should investors look at West Cobar? 19:33 Discussion about ionic leaching 24:03 News flow 26:38 Why West Cobar Metals Limited? 27:25 Conclusion PODCAST About Matt Szwedzicki Managing Director Matt Szwedzicki has over 20 years of corporate and commercial experience, having worked in senior leadership roles with a focus on M&A, corporate growth and investment strategy. Matt co-founded and is the Managing Director of Spark New Energies, an energy company with its main assets in the UK. Prior to that Matt held various executive corporate and commercial roles in the energy and resources industries. About West Cobar Metals Limited (ASX: WC1) West Cobar Metals Limited (ASX:WC1) is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. The Salazar REE Project The Salazar Project comprises granted tenements E63/1469 and E63/1496 located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep water port of Esperance (Figure 1). In terms of geological setting, it is situated in the eastern part of the Proterozoic Albany-Fraser Orogen, east of the Biranup and Fraser Zones, straddling the Heywood-Newman Shear Zone and Nornalup Zone. REE mineralisation at the Newmont deposit (E63/1496) is hosted by in-situ regolith over Proterozoic-aged basement rocks. A geological model has been proposed by Salazar Minerals whereby granites containing REE carbonates and other REE minerals are the source rocks for secondary REE mineralisation in the overlying saprolite profile. Mineralogical studies have indicated that the saprolite targets contain fine-grained secondary REE-bearing phosphates. Newmont Mineral Resource Salazar Minerals was one of the first companies to appreciate the potential for clay REE deposits in Australia. The tenements were first acquired in 2011 (granted in 2012) with the private company carrying out several aircore drilling programs to test for REE mineralisation. In total 165 aircore and RC holes for 6393m have been drilled within the tenements, leading to the discovery and delineation of the Newmont deposit. ​CSA Global ("CSA") was engaged by Salazar Minerals to estimate a Mineral Resource for the Newmont deposit in 2015. CSA estimated an Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off) in accordance with the JORC Code (2012). The Newmont deposit also hosts an Inferred Mineral Resource of 31.2% Al2O3 (15% Al cut-off) in accordance with the JORC Code 2012 (Table 2). The high-grade alumina within kaolin-rich zones has potential to be feedstock for production of high purity alumina. ​Lab test work demonstrates that this material shows high leach extraction and high purification grades to produce 99.99% (4N) High Purity Alumina (HPA). O’Connor Prospect The Salazar Project also includes the O’Connor prospect (E63/1469) which is located 10 kms to the south-east of the Newmont Deposit. The O’Connor Prospect has 32 vertical holes drilled for a total of 901 meters. Some of the drill intersections at O’Connor include: ​ SAC160, 19m @ 1939 ppm TREO + Y2O3 from 8m SAC161, 20m @ 2392 ppm TREO + Y2O3 from 7m SAC162, 19m @ 1350 ppm TREO + Y2O3 from 17m SAC179, 9m @ 3258 ppm TREO + Y2O3 from 14m SAC178, 10m @ 1586 ppm TREO + Y2O3 from 10m SAC188, 23m @ 1454 ppm TREO + Y2O3 from 16m SAC157, 17m @ 1186 ppm TREO + Y2O3 from 15m SAC159, 12m @ 1110 ppm TREO + Y2O3 from 8m Newmont Metallurgy & Studies Technical work on the deposit has involved reputable institutions including the CSIRO, the University of Western Australia and the University of Newcastle and mineral processing firms Nagrom and Amdel. Early metallurgical studies and characterisation testwork show the REE clays are amenable to acid leach processing Magnet rare earths (MREO) - Neodymium, Praseodymium, Dysprosium and Terbium concentrations up to 25% Heavy rare earth (HREO) concentrations up to 30% Critical rare earth (CREO) concentrations up to 37% Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south-southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. 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.

Coffee with Samso Episode 180 is with Brett Hazelden, Managing Director and CEO of OD6 Metals Limited (ASX: OD6) to explain the highly anticipated Mineral Resource Estimate. As investors gain a deeper understanding of the Rare Earth market, it becomes crucial for companies in this sector to demonstrate progress in their endeavors. The recent release of the mineral resource by OD6 is a significant milestone, as it provides tangible evidence of their commitment to delivering value to shareholders. ASX Announcement 18 July 2023 - Splinter Rock Rare Earth Project Maiden Mineral Resource Estimate - 344MTR @ 1,308ppm TREO at a 1,000ppm cut off. A Recap of the OD6 Metals Limited (ASX: OD6) Story OD6 Metals is a company based in the southern region of Western Australia that specializes in Rare Earths Elements (REE). It is situated just north of the town of Esperance. During the time of this Coffee with Samso interview, the company had a market capitalisation of approximately AUD26M, with a share price of around AUD0.25. OD6 Metals is currently focused on two projects: Grass Patch and Splinter Rock. These projects have undergone drilling campaigns to identify potential resources. The most recent presentation of the company includes Figure 1, which highlights the recent investments made by OD6 Metals. (Source: OD6 Presentation July 2023) The Word According To Brett Hazelden In this episode of Coffee with Samso, Brett discusses the significance of the Maiden Resource and its role in shaping the OD6 story. The 344Mt @ 1308ppm TREO serves as a baseline for further work in establishing a mining proposition. It is important to clarify that the Rare Earth players in the market are poised to address any misunderstandings or misinformation. One common misconception in the market is the perceived difference between 'Ionic' and 'Non-Ionic' clay REE deposits. In reality, there is no physical noticeable difference between the two types. The only distinguishing factor is their leaching ability. Brett provides a clear explanation of why it is crucial for the market to understand that multiple factors contribute to a leachable product. The economics of the entire process must be taken into consideration. Key Points in the Unlocking of the Downstream Process In my opinion, the main focus of the OD6 Metals story at this stage is the metallurgical aspects of the resource. The recent announcement of the Mineral Resource Estimate (MRE) is a positive step in confirming the existence of the resource and its "good" grade. However, it's important to note that there is still limited factual evidence on the exact grade that will be viable. The choice of a high cut off grade indicates that OD6 recognizes the need for a high grade to make the processing economically feasible. This demonstrates the company's understanding that extracting the resource is not an easy task. Brett's emphasis on the technical challenges involved in extraction is a good sign. During the Coffee with Samso interview, Brett highlights the significance of the high grade nature of the Splinter Rock Resource. In our industry, we often say "Grade is King" for a reason. The chosen cut off grade sets a baseline requirement for OD6 to make the project economically viable. It's commendable that Brett openly discusses the need to balance all parameters, including economics and ESG factors. I appreciate that he doesn't shy away from acknowledging the challenges involved. Lastly, it's worth noting that the current resource of 344MT @1,308ppm TREO represents only 5% of the total potential in the Splinter Rock project. This means that OD6 Metals still has a significant upside and room for growth. Samso Conclusion The OD6 story is work in progress with the potential to achieve great success. Let me explain what I mean by that. In a recent Coffee with Samso episode, Brett highlighted the presence of a valuable resource in Splinter Rock. Not only did he emphasize the abundance of this resource, but he also mentioned that it has one of the highest known resource grades. As the story continues to unfold, the market is still trying to understand the true potential of the "Alluvial" Rare Earth story. It's important to note that this story is still in its early stages, and the final verdict on its success is yet to be determined. There have been comments suggesting that only an "ionic" style would work, and that the "clay" styles would not be effective. However, based on my conversations with various individuals, I strongly believe that the real story will surprise many. What I find intriguing is that investors often perceive the business process as rocket science. However, as many Samso followers know, I like to use food analogies. The process of making money in business is no different from selling pancakes or muffins. The Rare Earth market is now in the spotlight due to the geopolitical situation that demands "Western" sources. This need creates a more realistic opportunity for Esperance to become a region known for Rare Earth production. OD6 is in a prime position to capitalise on this opportunity, thanks to its large resource and high-grade nature. Balancing the leachability and the cost of extraction is a matter of time and careful consideration. It's important for investors to remember that mining is a long-term endeavor, measured in years and decades. Successful individuals like Warren Buffett invest with a long-term perspective, and that's why we often quote them. Chapters: 00:00 Start 00:20 Introduction 01:19 Splinter Rock Mineral Resource 01:55 1000ppm cutoff grade at Splinter Rock 04:40 How should investors look at the Maiden Mineral Resource? 05:55 Is the extraction process the more important discussion? 12:58 The larger the volume, the larger the area? 14:30 How much bigger can the resource get in terms of numbers? 17:49 The challenge of the mining sector 22:22 The geological consistency of the MagREO percentage 23:50 The significance of the hosting base rock in terms of chemistry 24:33 Possibility of grade variability? 26:13 Discussion about the rare earths market 27:19 The cost of mining soft rock and hard rock 29:03 Discussion about the current equity market 31:32 News flow 35:26 Main takeaway about the Maiden Mineral Resource 38:43 Conclusion PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). About Brett Hazelden Managing Director & Chief Executive Officer BSc, MBA, AICD Mr Hazelden is a Metallurgist who brings over 25 years’ experience serving the Australasian resources industry. His experience includes being a Company Director, Managing Director, CEO, Project Manager, Study Manager and originally a Metallurgist in an operating environment. Mr Hazelden brings a diverse range of capabilities from exploration, project development studies, research and development, project approvals, offtake agreements, equity raising, debt financing plus mergers and acquisitions. He has worked across multiple commodities including potash, gold, copper, zinc, lead, iron ore, tungsten, salt, diamond and now rare earth sectors. Most recently, Brett was the Co-founder and Managing Director/CEO of Kalium Lakes (ASX:KLL). Mr Hazelden was appointed as a Director on 1 April 2022. Mr Hazelden is not considered to be an independent Director as he is engaged in an executive capacity. About OD6 Metals Limited (ASX: OD6) OD6 Metals is an Australian public company with a purpose to pursue exploration and development opportunities within the resources sector. The Company holds a 100% interest in the Splinter Rock Project and Grass Patch Project which are located in the Goldfields-Esperance region of Western Australia, about 30 to 150km north of the major port and town of Esperance. The projects are considered prospective for clay rare earth elements (REEs), with the Company’s aim of delineating and defining economic resources and reserves to develop into a future revenue generating operational mine. Clay REE deposits are currently economically extracted in China who is the dominant world producer. Rare earth elements (in particular, Nd and Pr), are becoming increasingly important in the global economy, with uses including advanced electronics, permanent magnets in electric motors and electricity generators (such as wind turbines) and consumer electronics. Why OD6 Metals? Emerging REE major new clay province in WA, potentially competitive with China’s deposits. Dominant land position with over 4,800 km2 Located close to Esperance port, sealed roads and renewable energy infrastructure. Extensive Clay REE in 10 to 37m thick blanket over very large areas . Wide intersections of TREO with excellent Nd-Pr concentrations of 20% Multiple targets for potentially globally significant REE resources. Excellent regional metallurgy. Clay REEs are typically low capital intensity and high margin product. Significant supply shortage forecast due to rapid demand increase for renewable power, electric vehicles and electronics. Critical metals being prioritised by Governments around the world (need for diversity of supply away from China). Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

Rooster Talk Episode 74 is with Matt Szwedzicki, Managing Director of West Cobar Metals Limited (ASX: WC1) discussing their latest metallurgical results for their Salazar Rare Earth project. It's a significant event, and the released results are clearly positive. Read the Announcement >> EXCELLENT RARE EARTH METALLURGICAL RECOVERIES ACHIEVED AT SALAZAR The rare earth element (REE) story is now focused on the chemistry, and the understanding is progressing in real time. Industry players who are making progress in their projects understand that there are complexities that need to be tackled step by step. The Salazar deposit is one of the few that make economic sense, with better than average grades and size. There's a myth in the industry that certain types of clay deposits are better than others, but evidence and industry understanding now show that this is not consistent with current science. Recap of the West Cobar REE Story West Cobar is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. Their projects include: ​1. The Salazar REE Project​ The Salazar Rare Earths Clay Project is located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep-water port of Esperance in Western Australia. The Newmont deposit, located on the easternmost tenement at Salazar, contains an estimated JORC Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off). The O’Connor prospect to the west of Newmont has potential to host further significant high-grade rare earths mineralization. Samso's Conclusion Recently, there have been discussions about the Rare Earth market being flat, while the equity market has taken a bearish tone. However, it's important to remember that the global narrative is shifting towards increased mining. The transition to renewable and clean energy cannot be achieved with the current resources available. Moving towards the 2030 Evolution is not a secret and is gaining more attention. Commodities like Lithium, REE, Copper, Nickel, and other base metals will play a significant role in the emerging electrical world. It's worth noting that oil and gas will also continue to be relevant. These statements are based on factual observations, and no amount of resistance or disruption will change the demand for these commodities. REE, in particular, has an air of mystique surrounding it. Some claim to have all the answers, but the geopolitical landscape will ultimately drive the REE industry. Once that aspect is considered, the rest falls into place. What we need to ask is what will it take to have an economical situation. As we will all learn, the sole leachability factor is not what makes a REE project good or bad. As West Cobar is showing in this release and what Matt is sharing with us, the process, resource, grade, ability of the deposit for beneficiation, acid levels and acid consumption rates, are just some of the factors to be considered. It's becoming clear that having a unique selling point is crucial. Differentiating yourself through factors like resource size, grade, leachability, and LREE vs HREE content is essential. In the case of Salazar, the fact that it sits on an ultramafic base may give it an advantage, as it potentially holds more HREE value. Chapters: 00:00 Start 00:20 Introduction 00:59 Matt discussing the Metallurgical Results. 02:26 How good is the MREO Recovery? 04:07 What acid type works? 05:29 A Discussion on the Acid Strength and Recoveries. 10:51 The value of Rare Earths - LREE vs. HREE. 11:47 Does the geology at Salazar enrich its REE components? 13:37 What is the Grade required to make a REE project work? 16:16 Is the beneficiating process the dark horse? 18:23 Acid is Not the Magic Pill. 19:51 Matt's last thoughts on the release. 20:53 How should investors see West Cobar? 22:15 Conclusion PODCAST About Matt Szwedzicki Managing Director Matt Szwedzicki has over 20 years of corporate and commercial experience, having worked in senior leadership roles with a focus on M&A, corporate growth and investment strategy. Matt co-founded and is the Managing Director of Spark New Energies, an energy company with its main assets in the UK. Prior to that Matt held various executive corporate and commercial roles in the energy and resources industries. About West Cobar Metals Limited (ASX: WC1) West Cobar Metals Limited (ASX:WC1) is a minerals exploration and development company focused on rare earths and battery minerals within Australia and the US. The Salazar REE Project The Salazar Project comprises granted tenements E63/1469 and E63/1496 located on non-agricultural undeveloped state land approximately 120km north-east of the township and deep water port of Esperance (Figure 1). In terms of geological setting, it is situated in the eastern part of the Proterozoic Albany-Fraser Orogen, east of the Biranup and Fraser Zones, straddling the Heywood-Newman Shear Zone and Nornalup Zone. REE mineralisation at the Newmont deposit (E63/1496) is hosted by in-situ regolith over Proterozoic-aged basement rocks. A geological model has been proposed by Salazar Minerals whereby granites containing REE carbonates and other REE minerals are the source rocks for secondary REE mineralisation in the overlying saprolite profile. Mineralogical studies have indicated that the saprolite targets contain fine-grained secondary REE-bearing phosphates. Newmont Mineral Resource Salazar Minerals was one of the first companies to appreciate the potential for clay REE deposits in Australia. The tenements were first acquired in 2011 (granted in 2012) with the private company carrying out several aircore drilling programs to test for REE mineralisation. In total 165 aircore and RC holes for 6393m have been drilled within the tenements, leading to the discovery and delineation of the Newmont deposit. ​CSA Global ("CSA") was engaged by Salazar Minerals to estimate a Mineral Resource for the Newmont deposit in 2015. CSA estimated an Inferred Mineral Resource of 43.5Mt at 1192ppm TREO + Y2O3 (500ppm cut-off) in accordance with the JORC Code (2012). The Newmont deposit also hosts an Inferred Mineral Resource of 31.2% Al2O3 (15% Al cut-off) in accordance with the JORC Code 2012 (Table 2). The high-grade alumina within kaolin-rich zones has potential to be feedstock for production of high purity alumina. ​Lab test work demonstrates that this material shows high leach extraction and high purification grades to produce 99.99% (4N) High Purity Alumina (HPA). O’Connor Prospect The Salazar Project also includes the O’Connor prospect (E63/1469) which is located 10 kms to the south-east of the Newmont Deposit. The O’Connor Prospect has 32 vertical holes drilled for a total of 901 meters. Some of the drill intersections at O’Connor include: SAC160, 19m @ 1939 ppm TREO + Y2O3 from 8m SAC161, 20m @ 2392 ppm TREO + Y2O3 from 7m SAC162, 19m @ 1350 ppm TREO + Y2O3 from 17m SAC179, 9m @ 3258 ppm TREO + Y2O3 from 14m SAC178, 10m @ 1586 ppm TREO + Y2O3 from 10m SAC188, 23m @ 1454 ppm TREO + Y2O3 from 16m SAC157, 17m @ 1186 ppm TREO + Y2O3 from 15m SAC159, 12m @ 1110 ppm TREO + Y2O3 from 8m Newmont Metallurgy & Studies Technical work on the deposit has involved reputable institutions including the CSIRO, the University of Western Australia and the University of Newcastle and mineral processing firms Nagrom and Amdel. Early metallurgical studies and characterisation testwork show the REE clays are amenable to acid leach processing Magnet rare earths (MREO) - Neodymium, Praseodymium, Dysprosium and Terbium concentrations up to 25% Heavy rare earth (HREO) concentrations up to 30% Critical rare earth (CREO) concentrations up to 37% Nevada Lithium Project The Montezuma Well and Big Smoky Valley claims are considered prospective for large-scale sedimentary-hosted lithium claystone deposits. The claims are located within the world class mining-friendly jurisdiction of the Nevada lithium district and host similar geology to known major lithium deposits in the region – including American Lithium (TLC deposit), American Battery Technology Company (Tonopah Flats deposit), Ioneer (Rhyolite Ridge deposit) and Century Lithium (Clayton Valley deposit).​ Hermit Hill Lithium Project The Hermit Hill project area is located in the Litchfield Province in the Northern Territory, roughly 100km south-southwest of Core Lithium’s Finniss Lithium Project and Lithium Plus Minerals’ Lei lithium prospect, and 30km west of Ragusa Minerals’ Tank Hill lithium discovery. The project is prospective for pegmatite-hosted lithium mineralisation. 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.

Samso Insight Episode 112 is with Anna Petts, Program Coordinator - Characterising South Australia's Cover at Geological Survey of South Australia. To many people the Gawler Craton is famous for IOCG deposits (Iron Oxide Copper Gold). The most famous mine, Olympic Dam started the rush for these giant deposits. When it was announced that there was this monster of a drill intercept, RD10 with 145m at 2.2% copper together with uranium and gold, this news created a rush like the wild west where everyone flocked to the region. Subsequent to the rush, two other famous discoveries were made and they are Prominent Hill and Carrapateena. However, it was not until 2001 when Prominent Hill was discovered and in 2005 that Carrapateena was discovered. All this action was in the eastern region of the Gawler Craton and this region was named the Olympic Metallogenic Belt or the IOCG Belt. Figure 1: The Olympic Cu-Au Province in the context of the geology of southern Australia. The main lithotectonic units of the Gawler Craton and Curnamona Province are shown and are interpreted from surface observation and geophysical data. The Olympic Cu-Au Province occurs in the eastern Gawler Craton and also indicated is the Central Gawler Gold Province, a gold-dominated metallogenic province formed during the same early Mesoproterozoic tectonic event that formed the Olympic Cu-Au Province. Inset shows the location of the Gawler Craton and Curnamona Province in the context of major Archean and Proterozoic terranes of Australia. (Source: Reid, Anthony. (2019). The Olympic Cu-Au Province, Gawler Craton: A Review of the Lithospheric Architecture, Geodynamic Setting, Alteration Systems, Cover Successions and Prospectivity. Minerals. 9. 371. 10.3390/min9060371. The complexity of the surrounding area is not for the faint hearted as they are still arguing about the origins and formation of Olympic Dam. Figure 1 gives a high level summary of the Gawler Craton and its different geological events. There is no doubt that there is no simple answer, but what the mineral explorers do know very well, is that their Return On Investment (ROI) here is not high. For this reason, the Gawler remains one of the least explored regions on the Australian continent. Hence, this discussion with Anna Petts is all about the prospectivity of the Gawler and what the Geological Survey of South Australia is doing to help explorers have the edge and the resources to understand and explore the region. Gold Discovery in the Gawler Craton In 1995, there was the discovery of a gold mine in the other half of the Gawler Craton - the more "boring" part which birthed the Challenger Gold Mine. This set up a rush to the area, but, till today, there is still no Challenger replica. To me, this has got to be one of the mysteries of Australian mineral exploration. If you draw a radius of 100km from the Challenger Gold Mine, there is nothing that is better than a prospect to be found (Figure 2). It will be pretty safe to say that the lack of discoveries is probably due to the fact that the last 20 years of exploration has been few and far between due to a lack of exploration funding and the historical low ROI in looking for minerals in the Gawler Craton. Figure 2: The spatial emptiness of big discoveries within the Gawler Craton. The comparison to a typical mining town like Kalgoorlie, there are too many producing assets to count. (Source: Taiton Resource Limited) Why I like the Gawler Craton My first introduction to the Gawler Craton was way back in 2019 when I looked over the Jumbuck project. Figure 2 was the result of that exercise when I was involved in trying to list a company with the project. I could see that there had not been any serious exploration in the region. The conversation that I had with people was that it is hard to make discoveries. The geophysics were not picking anything up. There was not enough data out publicly that companies could use to make discoveries. The lack of success was biting into exploration funding. Imagine a province like the Gawler Craton that still hides major discoveries. Look at the statistical probability of not finding another Challenger. This has to be a great place for the average mineral explorer who has the courage to test their exploration skills. Looking at the western province of the Gawler, the western part of the Stuart Highway, there are no producing mines currently. There are three deposits (Challenger is closed) that exist and two are currently being drilled out to see if they make the cut to become producing gold mines. In one conversation, I was told that while drilling for iron ore, they came across a Gossan. This shows the variability of the area. It was only two to three years ago that the south-western part of the Gawler was identified as a new nickel sulphide area. Samso's Conclusion So what do I make out of this conversation with Anna? What I got out of it is that there is now a flow of data that is being made public for explorers. The understanding of the Gawler is going to take a magnitude step forward in the near future, if not already. The testing of theories is now being played out with companies such as: Indiana Resources Limited (ASX: IDA), Cobra Resources Limited PLC, Investigator Resources Limited (ASX: IVR), Petratherm Limited (ASX: PTR), Barton Gold Holdings Limited (ASX: BGD), Marmota Limited (ASX: MEU) Taiton Resources Limited (ASX: T88) The company that I am involved with is testing the concept that there is an unloved and unrecognised mineral system in between the Olympic Dam Belt and the Gawler Craton gold province (See Figure 3). The concept of a theory like this can be easily considered to be shooting with a long bow, but the recent announcement has made good evidence that there could be some truth to the madness. Figure 3: The region that Taiton Resources Limited is testing its theory that there is a mineral system in the region (Red) which is now proven to be tapping the same source as the Olympic IOCG Belt (Green). The zircon test has come back with age of 1597.8 Ma, which is atypical of Olympic Dam. (Source: Taiton Resources Limited). The concept is that the red region (Figure 3) has been misinterpreted in the past and there lies a mineral system that may be fertile and endowed with mineralisation. This is the postulation and as mineral explorers, we are supposed to be testing the boundaries of belief. The role of the explorer is to come up with the ideas and the concept, and of finding minerals where others have missed. The role of the Geological Survey is to provide the tools and the solutions to aid discovery. After speaking with Anna, I feel that the Geological Survey is contributing a lot at the moment. The theory for Taiton Resources came about due to the data release in around 2020. The idea was born and the money was raised to test the theory. As a director of the company and as the person who spoke to the vendor of the Highway project, David McSkimming, I will say that the theory for Highway is the best I have heard. I like the idea that there is a different thinking to understanding the mineral system in this region. What the company has done to date has proven that this theory is still valid. Not only have we proven that our original story is valid, but we also think that we could be on the edge of two tectonic events and that would mean we are sitting on the margin of a major structural feature. We all know that major structural features are the blessings for an exploration project. None of what I had described would have been possible without the work generated by the Geological Survey of South Australia. Anna has clearly described what the Survey is doing and what datasets are now available. The new datasets will allow future explorers to take on what is potentially the last mineral province that has not been searched with intent for the last twenty years. Chapters: 00:00 Start 00:20 Introduction 01:51 About Anna Petts 02:24 Disclaimer 03:04 The potential at Gawler Craton 06:07 The cover at Gawler Craton 10:39 Uncovering the lack of recent significant exploration stories 16:52 The exploration government initiatives 20:05 Potential mining hotspots 25:17 Understanding the overall complex of the big discoveries 29:01 Prospectively at Gawler Craton 32:31 All about the Ultrafine+ project 44:39 Potential mining location worth looking at 46:10 Conclusion PODCAST About Anna Petts Anna has a passion for mineral exploration within regolith cover and has worked all over Australia, for research and in professional minerals industry roles. Anna’s role at the Geological Survey of South Australia at the Department for Energy and Mining focuses on providing working solutions to regolith ‘problems’ with the state government, and liaising with federal groups, researchers and stakeholders in order to advance our understanding of the state's geology and how it has shaped the landscape and regolith terrain. About Geological Survey of South Australia The Geological Survey of South Australia (GSSA) collect, manage and deliver information and knowledge of South Australia’s geology, particularly for its mineral resources prospectivity. Please click here to find out more about the Geological Survey of South Australia: 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. 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