Coffee with Samso Episode 178 is with Kevin Das, Executive Director of West Cobar Metals Limited (ASX: WC1) The REE story is maturing for investors as the complexity of what a good REE project is has moved several levels. What is still lagging is a sound grounding on what exactly is an economic REE. There have been several stories on Samso but I have to admit that the jury is still a long away from a decision. When Kevin Das, the Executive Director, of West Cobar Metals approached me to engage a Coffee with Samso, we spoke deeply on what makes West Cobar different to other REE stories. The first major difference is the existence of a JORC resource for the Salazar REE project. This resource does give WC1 a first mover advantage but the competition is fast catching up. The details of the resource may ultimately be the difference but we will need to wait for some critical steps such as the metallurgical results. The other factor which would drive this story further is the fact that the deposit sits on top of an ultramafic base. What this means is unknown for now. There is evidence of other deposits that the enrichment of the REE is related to the base. Salazar is the only REE deposit that I know of that is not on a granitic base. To add to the story, there is an HPA story here. There is an aluminium inferred resource on part of the Salazar resource. This may become a credit to the mining process and hence benefit the overall feasibility of the deposit. The West Cobar 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. 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 (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. The West Cobar Difference Currently, on the Australian Stock Exchange (ASX), there seems to be an overflow of REE stories. Every week there are companies announcing the presence of REE and one could be forgiven for feeling a sense of boredom. When the REE story emerged nearly 2 years ago, there was excitement and a bullish feel to this sector. However, as investors start to get a flood of news, this excitement starts to turn into confusion. What I can say about the Salazar REE deposit is that it holds a few points of difference. It is still a clay hosted deposit as opposed to the ionic versions but the high grade nature of the resource - 43.5Mt @ 1192 TREO, makes this one of the deposits to take note. On top of the REE resource, there is an HPA inferred JORC Resource of 28.3 Mt at 23.4% Al2O3 (at 10% cut off). How this adds to the economics of the mining of the Salazar REE story is yet to be played out. The positive would be that it adds credit to the process and lowers the overall feasibility and the downside is that it is mined and put aside. As the HPA content is part of the overall Salazar deposit, it means that there is no extra cost in mining it or isolating it. The clay mineralisation at Newmont has a relatively high magnet rare earth oxide content comprising about 25% of the basket. In particular,, the Newmont deposit is relatively high in high value, heavy magnet REE content, comprising 3% dysprosium and 0.5% terbium content. Praseodymium makes up 4.2% and neodymium 16.8% of TREO (See Figure 4). The other factor which may eventually affect the leachability of the deposit may lie in the fact that this deposit is overlaying a ultramafic (Amphibolite) basement. Like many of the REE stories, the outright understanding of the flow chart of processing is still a work in progress. This ultramafic basement is the key difference as all the other known Australian clay hosted deposits sit over granitic source. Samso's Conclusion These days, there is a large volume of REE deposits being marketed. We know that there is a Clay-hosted and an Ionic-hosted REE deposit. The difference is in the ability to easily extract the REE in the downstream process. I have spoken to people who tell me that the difference is not a physical or grade factor, but in the test of whether they are easily leached out. The host of ionic deposits are not restricted to the Chinese version as they are also granitic base. I know of an Australian ionic style being hosted over a limestone which is totally different. I am told that research has shown that the enrichment may be helped by the limestone interface. If this is true, will the fact that the West Cobar deposit being overlaying an ultramafic source lead to a different leaching style? Management seems optimistic but let's wait for the facts. If we want to look at which of the REE stories are going to have the legs to be at the mining and processing stage, then the oddballs like the Salazar REE project should be on our watch screens. Remember that there is also the potential for the mining of the HPA which is again something that is not present in all the other stories presently being sold in the ASX. Chapters: 00:00 Start 00:20 Introduction 01:29 About Kevin Das 02:01 Kevin’s experience at Northern Minerals 03:44 The Salazar Rare Earth Project 04:21 The unique aspect of the Newmont deposit 05:37 The drill results at Salazar 06:29 Is Salazar the only Resource in the Esperance REE Province 07:09 Understanding the drill results 10:34 West Cobar Metals being a first mover 12:14 The Alumina resource in Newmont 16:31 Projects in the US 17:21 Discussion about the journey of rare earths 21:52 The rare earths capital market 23:49 News flow 26:54 Challenges faced by West Cobar Metals 29:01 Why West Cobar Metals? 30:02 Conclusion PODCAST About Kevin Das Executive Director Kevin Das is an Australian qualified mining professional with over 18 years’ experience in the exploration and mining industry. He has worked in a variety of mining jurisdictions as a senior geologist and has undertaken various technical and corporate roles including business development, project management and company management. Kevin established the ARD Group in 2016 with the goal of establishing a multi-discipline fund that would effectively allocate capital into the natural resources sector. Kevin is the Co-founder and Director of ARD Group. With over 12 years’ experience in the rare earth industry and formerly a Senior Geologist for Northern Minerals, Kevin was involved in the virgin discovery and development of the Browns Range Heavy Rare Earth Deposits. 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 176 is with Justin Osborne, Chair and Crispin Pike, VP, Discovery of Matador Mining Limited (ASX: MZZ) The Matador Mining story has come a long way since our first conversation in April 2020. The developing story is now moving into the next phase as the 2023 field season is beginning. In this episode of Coffee with Samso Episode 176, we are talking to Justin Osborne, Non-Executive Chair and Crispin Pike, the VP of Discovery, sharing the increasing potential of the Cape Ray Shear Zone. The main story for me is that the company is being realistic in stepping back and looking at what else could be the main game in the Cape Ray Shear Zone for shareholders. Although there are existing resources that are already established, the bold and very smart move is to realise that there is more value that has not been realised. The decision is the same strategy taken by the founders of Gold Road Resources where they accepted market discontent on the share price and worked on exploring the region for a bigger prize. That would come as Gruyere which is now over 10 million ounces of gold. The Matador Story Matador Mining listed on the Australian Stock Exchange (ASX) in March 2017. Like all ASX junior mineral exploration companies, there have been many management changes and many projects. My association came in April 2020 with the first Coffee with Samso with the Matador story. The story has come a long way with the latest announcement highlighting a new Mineral Resources Estimate (MRE) as seen in Table 1 below. (Source: Matador Mining Updates Mineral Resource Estimates for Cape Ray) Mineral Resource Notes (Source: Matador Mining Updates Mineral Resource Estimates for Cape Ray) Mineral Resources are reported using a cut-off grade of 0.30 g/t gold for open pit and 2.00 g/t gold for underground, and a gold price of US$1750 based on the assumptions presented in Appendix 1 -Section 3 – Mining Factors or Assumptions. The open pit Mineral Resource is constrained using an optimised pit that has been generated using Lerchs Grossman algorithm with parameters outlined in in Appendix 1 -Section 3 – Mining Factors or Assumptions. The underground Mineral Resources are constrained using a 2.00 g/t gold grade shell below the optimised pit based on the assumptions summarised in Appendix 1 -Section 3 – Mining Factors or Assumptions. The Mineral Resource Statement for the Cape Ray Gold Project has been prepared by Trevor Rabb, P.Geo. who is a Competent Person as defined by JORC (2012). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources for the Cape Ray Gold Project have been prepared in accordance with JORC (2012). The number of metric tonnes and contained gold ounces are rounded to the nearest thousand. Any discrepancies in the totals are due to rounding. Mineral Resources for the Cape Ray Gold Project have an effective date of 22 February 2023. One of the most important parts of Matador Mining is that B2 Gold made a strategic investment into the company. A blue ribbon gold miner taking a stake in the story has got to be good news to existing shareholders and those looking at Matador as an investment. The Projects Matador Mining has a portfolio of projects that undoubtedly sits in one of the few Tier 1 regions in the world. The Cape Ray Shear Zone which has a strike of over 120km of potential mineralisation hosts several projects which would have been a flagship project in their own capacity (Figure 1). According to Crispin Pike, the current exploration season will focus on the Malachite prospect and it should be interesting. The previous exploration phase discovered anomalous gold in surface samples which highlights the perspectivity of the area. One of the points to remember about the Matador projects is that there has not been any serious exploration in the region for decades. For this reason, the opportunity for Matador to make discoveries remains high. The resource at Marathon Gold (5.1M ounces Au) and Big Ridge (0.9 to 1.4M ounces of Au - see Figure 3) is a clear sign that decent mineralisation does occur. Matador owning 800,000 ounces of Au is proof that there will be more to discover. The Hermitage Project (Figure 3) is what makes me think that the exploration strategy that Matador is embarking on is the correct one. Hermitage, in my opinion, could be a multi million ounce project as it has the hallmarks of a fertile system. Structurally, it looks positive, geochemically, the association of Antimony and Arsenic is common in large sulphidic gold systems. As always, the proof is in the pudding and I am keen to see work done on the project. Looking at Figure 3, the magnetic imagery looks promising and from my conversation with Matador, they are excited to get on the ground as well. They can see the potential. Samso's Conclusion What Matador represents for shareholders and potential shareholders is a repeat of the Gold Road story. The strategy of taking a step back to look at exploration to create more value with discoveries to supplement the existing resources is one from the books of Gold Road Resources. It is no surprise as the management are one and the same. When you look at Figure 3, it helps speak the path the company took and the rewards that came with that process. The move to exploration is a bold move but it is the only way to realise the potential of the Cape Ray Shear Zone. Don't forget the Hermitage Project is soon to come online and that could bring in an injection of value that has not been discussed greatly in the market. When I look at Matador, I cannot help but think of the long journey and the test of funding to create value from a strike of 120km in an area that has had little to no mineral exploration. There are very few Tier 1 regions in the world where you have this opportunity. It is good to remember that the easy pickings are all gone, which leave many projects isolated and unloved due to the nature of the mineral exploration process. Historically, the discoveries all come from two pools of situation - one is the easy pickings, the projects where explorers literally kicked the mineralised rocks while walking about the project area. The second is from projects that have been overlooked, projects that were labeled as "All the Exploration has been Looked At", or the area is too expensive. Hence, in conclusion, my thoughts are that Matador has got itself a great project and it seems that corporately, the big boys are finally investing in the story. The introduction of B2 Gold as a strategic partner is a clear sign that there is belief outside management of the perspectivity of Matador Mining Limited. Chapters: 00:00 Start 00:20 Introduction 01:25 Overview of Matador’s mining jurisdiction. 02:39 A rundown on Matador Mining’s 2023 exploration program. 04:01 Matador Mining focused on Cape Ray Shear Zone and Hermitage. 06:40 Discussion about pivoting to regional exploration. 15:37 The cover in Malachite. 17:13 The strategy of exploration in Malachite. 21:33 Challenges with seasonal exploration programs. 23:43 How does Matador prioritise projects? 28:28 Geophysics in leading the path to discovery. 30:09 The Hermitage Project. 36:31 News flow. 37:54 Why Matador Mining? 40:24 Conclusion PODCAST About Justin Osborne Non-Executive Chairman Mr Osborne has over 35 years experience as an exploration, mining and development geologist, is a Fellow of the Australasian Institute of Mining and Metallurgy and holds a Bachelor of Science, Honours (First Class) from La Trobe University of Victoria. Up until June 2021 Mr Osborne was Executive Director at Gold Road Resources (ASX: GOR) playing a pivotal role in the discovery, development and construction of the world class Gruyere Gold Mine (8Moz Au) which currently produces approximately 350,000oz Au per annum. Mr Osborne previously held senior positions on the exploration executive team of Gold Fields Ltd, including Vice President Development Strategy – Growth and International Projects, and General Manager Near Mine Exploration covering all international mining operations; and management roles with WMC Resources at the Kambalda Nickel and St Ives Gold operations. Mr Osborne is also a Non-executive Director at IGO Limited (ASX:IGO), Hamelin Gold Limited (ASX:HMG) and Astral Resources NL (ASX:AAR). About Crispin Pike VP, Discovery Crispin Pike is Matador’s VP Discovery and leads the on-ground exploration activities for Matador Mining in Newfoundland. Following a 9 year career with Inco/Vale working across the Americas he has spent the last 6 years with the Geological Survey of Newfoundland and Labrador. Crispin brings his deep Newfoundland geology expertise and international experience in structural geology and geophysics to Matador’s exploration programs. About Matador Mining Limited (ASX: MZZ) Matador Mining Limited (ASX:MZZ / OTCQB:MZZMF / FSE:MA3) is an exploration company focused on making gold discoveries in Newfoundland, Canada. The Company is one of only four gold companies with a defined gold Mineral Resource, currently 837,000 ounces grading 2 grams per tonne. Matador is well positioned with an extensive land package comprising 120-kilometres of continuous strike along the under-explored, multi-million-ounce Cape Ray Shear, a prolific gold structure in Newfoundland that currently hosts several major mineral deposits. Additionally, the Company holds 27-kilometres of continuous strike at the Hermitage prospect which is located on the highly prospective Hermitage Flexure. Matador acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada. The Cape Ray Gold Project The Cape Ray Gold Project (Cape Ray or the Project) covers approximately 120km of strike along the highly prospective, yet under explored Cape Ray Shear located in Newfoundland, Canada. The Project hosts a current resource of 837,000oz Au at 2g/t Au, across four deposits, all of which are within 15km of strike. A 2020 Scoping Study (ASX announcement 6 May 2020) highlighted that Cape Ray has the makings of an excellent gold project, with low estimated All In Sustaining Operating costs (US$776/oz Au), strong IRR (51% post Tax) and rapid payback (1.75 year). These strong outputs were driven by the Project’s high grade, yet shallow gold mineralisation, (average head grade of 2.6g/t au during the first four years of production – 88,000oz Au per annum) that ranks the Project as one of the highest grade, undeveloped open pit projects globally. However, prior to commencing a Pre-Feasibility Study, the Company identified the requirement to grow the Resource further to ensure the initial 7 years mine life assumed in the Scoping Study is increased. To achieve this, the Company believes a blend of expansion drilling around known deposits as well greenfield exploration to test the vast, yet under explored Project area is the optimal strategy. The Company therefore outlined the most expansive exploration program for the 2021/22 season, including: 45,000 metres of diamond drilling; Five power auger drill rigs; 80 kilometre Heli-Mag program; and Inaugural winter exploration program. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

In this episode of Coffee with Samso 177, we have Mike Bohm, the Chair, and David Groombridge, CEO of Riedel Resources Limited (ASX: RIE) sharing with us the 2023 version of the Riedel Resources story. The last time we spoke to Riedel Resources was in 2021. In early 2021, I came across the Kingman project when Riedel Resources announced the high grade nature of the project. Listen to our coffee conversation with Mike Bohm and David Groombridge here: The Riedel Resources Limited (ASX: RIE) story so far Riedel Resources is one of those companies that on initial assessment, I was instantly attracted to the geology. As I mentioned, when I first saw the maiden drilling results, I felt that this was something to keep an eye on. As an exploration geologist, what is there not to like? The project area (Figure 1) is reminiscence of the Kalgoorlie goldfields. You will hear Mike and David talk about the fact that if the Kingman project was in Australia, it would have been drilled. It is important to appreciate these words as the easy pickings of the goldfields are all gone. There are no more easy discoveries, but places like the Kingman project have not had the attention and it's like a time warp event. The recent announcement to target a maiden resource for Kingman will go far in maturing the project. This will be the first steps to identifying an economic statement which, according to Mike and David, a toll treating mining solution. What is in the "Potential" basket for the Kingman Project? To look at what else is in the package, I think the best thing is to have a look at an image that was released way back in May 2021 (Figure 2). The geophysical images tell us that there seems to be some magnetic highs which taken with the understanding of the area is significant. There is a known porphyry within 6km from the project. What we know about porphyry is that they occur in clusters and are highly variable in mineralisation. The existence of base metals at Kingman makes me think that there could be a VMS system (Volcanic Massive Sulphide) lurking within the project. (Source RIE Annoucnement May 2021) When you look at Figure 2, you cannot help but think that there is a lot of cooking mechanisms working in this area. In May 2021, I wrote a Samso Insight which highlighted the regional perspectivity of the area. This Samso Insight brings out why I think this whole region is very prospective. New World Resources Limited (ASX: NWC) has a very high grade VMS project to the south of Kingman. I think it is about 100km south east of Kingman. When I speak to the company for their Coffee with Samso, they speak of the same potential of the region. It is important to have a read of the Samso Insight as that will give you a good understanding of why people like me believe in this region. Samso's Conclusion The most important part of the whole Riedel Resource story is the potential nature of the technical part of the project and Mike Bohm. We have covered the technical part of the project above and I am pretty sure most readers get my point. Why do I say Mike Bohm? He is a proven performer. I have known Mike since 1993 at Ashton Mining. I have never worked with him but talking to him and observing what he was doing, he has always struck me as a no nonsense person who is the consummate professional. Today, working with him, I can see that coming through. Mike is a mining engineer and he was on the Board of Argyle Diamond Mine. I suspected that he had that role because Argyle was all about mining. The Board of Ashton Mining Limited would probably have wanted someone there that knows a thing or two about mining to represent them on the Board of Argyle Diamond Mines. If you look at the companies that Mike has been involved with, you will realise that this is not a man that talks in riddles. He does what he says and his stature on the ASX level is one I am sure he does not want to tarnish. He has worked with major mining companies and he understands what will work and what is a pipe dream. Hence, when Mike says that when they prove up the resource for Kingman and they can truck this to a toll treatment facility, you feel safe that this has been calculated. In all my conversations with companies, I have always stated that the two most important components in your research are technical merits and management integrity. Tune in to the Riedel story here. Chapters: 00:00 Start 00:20 Introduction 01:33 New learnings from the Kingman project. 02:47 Type of mineralisation at Tintic in Arizona. 04:25 Strategic area of high-grade mineral system at Tintic. 08:02 Chasing the high-grade gold in Tintic. 09:48 How should investors interpret the grades and drill holes? 13:20 The advantages of the Kingman project. 16:15 Permitting process in the US. 17:03 Upcoming 7000m RC Drill program and further works. 18:35 Possible challenges in the Kingman Project. 22:18 News flow. 25:23 Why Riedel Resources? 27:32 Conclusion PODCAST Michael Bohm Chair Qualifications: BAppSc (Mining Engineering) Mr Bohm is a qualified mining professional with extensive corporate, project development and mine operations experience in Australia, South-East Asia, Africa, Chile, North America and Europe. A graduate of the Western Australian School of Mines, he has worked as a mining engineer, mine manager, study manager, project manager, project director and managing director. Mr Bohm has been directly involved in a number of new project developments in the gold, nickel and diamond sectors both in Australia and offshore. Mr Bohm's experience includes previous directorships at Ramelius Resources Limited, Perseus Mining Limited, Argyle Diamond Mines and Sally Malay Mining Limited in Australia (ASX) and Ashton Mining of Canada (TSX). He is currently a Non-executive Director of Cygnus Gold and Mincor Resources Limited. Mr Bohm is a member of the Australian Institute of Mining and Metallurgy (AusIMM) and is a member of the Australian Institute of Company Directors (AICD). David Groombridge Chief Executive Officer Qualifications: MEconGeol David is a geologist with a Masters in Economic Geology from the University of Tasmania. His career incorporates 20 years mining industry experience in multiple ore deposit styles, including nickel sulphides, tungsten, SedEx (sedimentary exhalative) and orogenic gold in both underground and surface roles, primarily in resource development and mineral exploration. He spent 12 years across senior management roles at Tectonic Resources and Silver Lake Resources before becoming Exploration Manager for Medallion Metals, where he has worked since 2016, focused on the 1.62Moz Au Eq. Ravensthorpe Gold Project. This WA-based project is a structurally hosted, high-grade gold system similar to the Kingman Project. About Riedel Resources Limited Riedel Resources (ASX: RIE) is an emerging mineral exploration company focussed on advancing the historic high-grade Kingman Gold Project in North-West Arizona. The Kingman Project covers an area of historic gold-silver-lead-zinc mines that were in production from the 1880’s through to the early 1940’s. Diamond drilling in late 2019 confirmed the high grades seen in historic mining. RC drilling in early 2021 hits extensive gold, silver, zinc and lead mineralisation including 3.8m at 98.9 g/t gold and 151 g/t silver from 20.6m at Tintic and 4.6m at 8.39g/t gold from 100.6m at Merrimac. Further drilling subsequently confirmed gold, silver, zinc and lead mineralisation in multiple veins at Jim’s. 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 Subscribe to 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

Dr Mike Jones, the Managing Director of Impact Minerals Limited (ASX: IPT), talks about a Western Australian High Purity Alumina project in this Coffee with Samso 175. The HPA (High Purity Alumina) story has so far eluded the Samso journey, but now Impact Minerals Limited (ASX: IPT) is here with us to share in our coffee chat. The HPA story requires an understanding of a whole different pool of facts. Although the HPA story is not something new, it does bring a whole different complexion to Impact Minerals. When you hear Dr. Mike Jones describing the story, you may feel at first that this is a simple project. You are not wrong, but to me, it is far from simple. Look a little deeper and you'll see that this is one of those projects that is niche enough to make it work. Impact Minerals is now embarking on a different journey. This new project is almost ready for the production story. They are finalising the drilling to produce the all important JORC Mineral Resource which will be the first step in cultivating a production story. Listen to our coffee conversation with Dr. Mike Jones here: Get to know Impact Minerals Limited (ASX: IPT) Impact Minerals has been around for a long time. Impact is a company that has projects that would be a major project in any other ASX companies. I'm thinking specifically about the Broken Hill and the Arkun project. The Broken Hill project is a Ni-Cu-PGE project (Figure 1 and Figure 2) is located 20km from the world class Broken Hill silver-lead-zinc mine in New South Wales. The geology at the Broken Hill project is one that has a lot of possibilities which is what you want from a project. I have been looking at their projects from afar for a while. Impact has shown that the very high grade palladium and platinum mineralisation at the Red Hill, Platinum Springs and Moorkaie Prospects and the Iron Oxide Copper Gold (IOCG) mineralisation at the Copper Blow Prospect (ASX:SCI) are hosted by and related to alkaline magmatic rocks (Figure 2), (ASX Announcement 13th December 2018). Figure 2: Location of alkaline magma trends in the Broken Hill area. The Little Broken Hill to Moorkaie Trend contains rocks of potassic ultramafic to alkaline gabbro composition. The Copper Flat to Staurolite Ridge Trend contains rocks of alkaline gabbro to carbonatite composition. An offset of the Copper Blow Trend is interpreted to the south of the Thackeringa Fault Zone. (Source: Impact Minerals Limited) The Arkun project (Figure 3) which covers about 850 square kilometres is between York and Corrigin, which is approximately 100 km east of Perth. The project was first identified as an area of anomalous nickel-copper-gold anomalies in publicly available regional geochemistry data sets. What I like about this project is that it is now considered to be in a mobile belt that is prospective for "Julimar" type mineralisation. The discovery of Julimar has now opened up this whole region. A subsequent interpretation of regional magnetic data by Impact has identified the area as lying within a major deformation zone or mobile belt that trends NW-SE from the Moora-Julimar-Yarawindah area through Arkun and which may contain deformed and metamorphosed equivalents of those rocks. This belt is generally not recognised in many regional geology maps and yet is self-evident in the magnetic data. This is a significant breakthrough in understanding for Impact Minerals Limited. The BHP Xplor Program Impact Minerals was recently chosen to participate in the BHP Xplor program with their Broken Hill project. The participation is a recognition of the quality of the project and the amount of good work completed by the company. Think about the number of projects that would have to be submitted, and to be selected is a testament of something positive. The Lake Hope HPA Project will change the future of Impact Minerals Limited. The Lake Hope Project covers numerous prospective salt lakes between Hyden and Norseman in southern Western Australia, a Tier One jurisdiction (Figure 4). The project covers about 238 sqkm and are all owned by the vendor, Playa One. The Lake Hope area has unique climatic and geological characteristics that have resulted in the formation of what is probably a globally unique deposit of aluminium-rich material within the surficial clay layers of two small salt lakes, or “pans”, in the Lake Hope playa system. The lake clays, which are only up to a few metres thick, have unique chemical and physical properties and consist almost entirely of aluminium-bearing minerals that are plasticine-like in consistency and can be easily sampled with hand-held augers and push tubes (Figure 5). In addition, particle size distribution analysis demonstrates that virtually all the minerals are less than 16 microns and 60% to 80% occur at grain sizes of less than 5 microns (Figure 6). These unique characteristics have produced a near-perfect mineral deposit: a very high-value end product whose parent ore is: Very soft and shallow, allowing for extremely cheap free-digging with limited infrastructure requirements, no pre-stripping, no selective mining, a tiny environmental footprint, and limited rehabilitation requirements. Naturally fine-grained with no need for crushing and grinding, allowing for transport to an offsite processing facility that can be built on existing industrial sites (Figure 4). In essence, this is Direct Shipping Ore (DSO). Comprised of a few minerals that require only simple washing before acid leaching, thus allowing for low-cost straightforward metallurgical processing. Samso's Conclusion The change in business for Impact makes a lot of sense. The introduction of the Lake Hope project will move Impact Minerals into the production part of the industry very quickly. As we all know, in the exploration game, discovery of an economical resource is very difficult. The path to production is another hurdle many small juniors will never cross. What I like about Impact are their "Other" projects. There is a lot I like about the new HPA label. However, one cannot discard the potential of the Broken Hill and also the Arkun projects. There is hard-to-measure value in the potential of these projects. I have always considered the HPA as too hard. However, after listening to Mike sharing his thoughts and strategy with the Lake Hope project, I am changing my narrative. To be honest, I have not really looked into the details but I have got some idea now. Simplistically, the HPA story appears to be about processing. The mining part seems to be easy. This is what I took away from listening to Mike, and his confidence, I feel, comes from the fact that Lake Hope is a unique deposit. It is one of those projects that tick the boxes that we all dream about. When you look at this project Lake Hope, what I see is that, at this stage of the game, Impact has been lucky. They got this project which appears to have all the hallmarks of a "Perfect Project". Yes, we all know about the things that can and will go wrong with the path to production, but I think when you listen to Mike speak about the ups and downs, you will come to the same thought - "Could this be true?". When the time comes where we get the answer to that question, I would rather be in the group that has the position to lose than the group that is fighting for a position. My philosophy has always been that I'd rather lose something than regret not being able to win. Welcome to the Mineral Exploration game. Remember the golden rule - always DYOR. Tune in to Mike's thoughts here. Chapters: 00:00 Start 00:20 Introduction 01:37 The Impact Minerals Limited story. 06:28 HPA - Potential big player in the industrial minerals market. 09:19 The deposit and metallurgical process of extracting HPA. 12:13 What is special about the Lake Hope Project? 18:49 The assay results in Lake Hope. 21:15 What is 4N high purity alumina? 23:50 Advantages and challenges of the alumina deposit. 28:07 The chemistry consistency of alumina grades. 31:27 The competitive advantage of Lake Hope area. 32:45 The challenges of being in the HPA space. 35:06 A low cost producer of HPA. 37:29 News flow. 40:29 The advantage of leapfrogging the discovery phase. 44:32 Why Impact Minerals Limited? 47:26 Conclusion PODCAST About Dr Mike Jones Qualifications: PhD, MAIG Dr Jones completed undergraduate and post-graduate studies in Mining and Exploration Geology at Imperial College, London. His Ph.D work on gold mineralisation saw him move to Western Australia in 1988 to work for Western Mining Corporation exploring for gold and nickel deposits in the Yilgarn. From 1994 he consulted to the exploration and mining industry specialising in the integration of geological field mapping and the interpretation of geochemical, geophysical and remotely sensed data for target generation. Dr Jones has worked on over 80 projects both in greenfields and near mine exploration in a wide variety of mineralised terrains and was the founding director of Lithofire Consulting Geologists in Perth, Australia. He was also the team leader during the discovery of a significant gold deposit at the Higginsville Mining Centre, near Kalgoorlie and an iron ore deposit near Newman, both in Western Australia. About Impact Minerals Minerals Limited Impact Minerals Limited (ASX: IPT) is an exploration company listed on the ASX in November 2006. The Company manages extensive tenement holdings (>4,000 km2) within Australia featuring significant potential for high-grade mineral deposits of gold, silver, lead, zinc, copper, nickel and PGMs. The Directors of the Company have extensive experience in mineral exploration and a strong history of exploration success, business development and corporate management. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with the aim of building profitable mining operations. 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 Subscribe to 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

Rooster Talk 73 has Andrew Radonjic talking about the recent JV with SensOre Limited with the Golden Grove North Project. Venture Minerals Limited (ASX:VMS) which I have always referred to as a Targeted Diversified Mineral Explorer (a term I coined) has done it again. They have found a great partner like SensOre Limited to share in the potential proceeds of a very prospective project. The Golden Grove North Project When I first looked at Venture Minerals, I immediately took a liking to the Golden Grove North project. The Golden Grove Mine lies about 10km south of Venture's tenement package. In 2022, Golden Grove has a Mineral Resource of 61.4Mt at 1.7% Cu, 4.0% Zn, 0.7g/t Au and 28 g/t Ag (Source: 29 Metals Limited). The mine is now in a company called 29 Metals Limited which is copper focused. In my opinion, the region has another Golden Grove hidden. Since the discovery of Golden Grove, there has been a lack of real exploration for the last two decades. Venture has explored and there has been some great results but the company has not expanded their exploration program. The Vulcan REE Story in Golden Grove The discovery of the Vulcan REE project has stirred some renewed interest in the Golden Grove area. Venture announced that they had some surface REE numbers late in 2022. What the future holds for the REE potential will now depend on whether Venture sees a need to continue after SensOre drills the initial hole. I am sure Venture will be looking at the outcome with interest. SensOre Potential SensOre has been a new revelation recently and I am keen to see what the company comes up with in this region. I have to admit that I don't know much about the company and what they have been doing, but I have heard that they were collaborating with Great Boulder Resources Limited. They had an adjacent project but I am not sure if that is still in the portfolio. The use of AI is long overdue in this industry. We have come a long way with mineral exploration techniques making some great discoveries recently. With the conversations from Coffee with Samso, I have had the privilege of listening to the changing face of science-enhancing discoveries. I don't think that it will speed up the development of mining but it will definitely help the targeting and hence the vectoring of targets. My experience in this field has been the use of GIS since the 1990s where we tried to manually layer information to define targets. Interestingly, I found that the adoption of that was also slow and in the early days, it was the case of the lack of information and more imprtantly the lack of good information. With the recent release of free data acquired by government agencies, I think this has helped companies like SensOre use their technology to splice through the information and generate good exploration targets. Samso's Conclusion The concept of using AI, I believe, is going to play a big role in mineral exploration. The early users of this technology are going to generate targets that have been overlooked in the past. When you look at the myriad of projects that are coming up, those projects that are not a rehash of the past should be the most interesting. If you look at the recent discoveries such as Hemi, which was discovered by De Grey Mining Limited (ASX: DEG), is a classic. Hidden in between the line of old pits is an elephant of a gold deposit. There is also the discovery of a nearly 1M ounce deposit in Kundana (I forget the name) within an area that was drilled intensely. There are many but I think my point is that with carefully manicured data input, something like SensOre will probably do a better job than human means. This is not to say that the previous people who discovered these deposits were not good, but imagine if they had the technology at that time to help. The farm-in agreement between Venture Minerals and SensOre, to me, is a great partnership. As we all know, this game is all about having the properties. One of the assets I love about Andrew Radonjic and the team is to come up with great projects. The project generation in Venture is old school and they come up with great ones. The term I have used to describe Venture Minerals, Targeted Diversified Mineral Explorer, is coined such because all the projects they have are well placed for discovery. As we know, not all projects will have major discoveries but every project has the potential to have a discovery. To conclude my thoughts, this is a great path forward for both companies and I am looking forward to hearing about discoveries. The AI path of SensOre will give Venture a crack at owning a major discovery without spending additional funds. The Venture proejcts will give SensOre an opportunity to use their technology on grounds that would not have been available for a crack at discovery. Tune in to Andrew's thoughts here. Chapters: 00:00 Start 00:20 Introduction 01:21 Joint venture with SensOre. 03:29 How should investors look at the JV with SensOre? 06:23 SensOre to drill the High Grade Vulcan Rare Earth target. 09:45 Utilising SensOre’s AI and machine learning technologies. 15:05 Conclusion 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, prospective for zinc, copper and gold, Venture has a JV with SensOre, whilst retaining the rights to REEs having found very high grade REE rock chip samples in the area. Venture has a significant Nickel-Copper-PGE landholding at Kulin with two highly prospective 20-kilometre long Ni-Cu-PGE targets within the Kulin Project. 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 174 with Managing Director Andrew Radonjic is all about Venture Minerals building a Rare Earth Portfolio of projects in Western Australia. It is no surprise that Venture Minerals Limited (ASX:VMS) is now adding Rare Earths to the portfolio. The creation of a Decarbonisation Mineral Exploration Portfolio makes complete sense. Get to know Venture Minerals Limited (ASX:VMS) For those readers who have just come across Venture Minerals Limited, the best way to conceptualise the company is to see it as a Targeted Diversified Mineral Explorer with a very experienced Managing Director. Andrew Radonjic has the silver hair happening coupled with a very smart strategy. I remind many readers that when I first interviewed Venture, I coined the term Targeted Diversified Mineral Explorer. There are many diversified companies but if you have been in this industry for a long time, you start to learn to identify those that are real and those that are there to fill up space. In that first interview, I realised that the diversified portfolio in its own right has good projects. Over the years and having sat through many conversations, I believe the company is starting to create its own personality. The limiting factor is the fund allocation. In every business, there are always budgets, and Venture is no different. The Building of a Western Australia REE project In the last Coffee with Samso, Andrew Radonjic, Managing Director of Venture Minerals pointed out that the company has been looking at Rare Earth projects for a while now. The creation of a Western Australian based REE project does not surprise me at all (Figure 1). What makes this portfolio different is the location. The nearest focus on the REE news has been in the wheatbelt which is still a distance away. I cannot think of anyone that is building a project near the Venture ground. The rising trend has been in the wheatbelt region of Western Australia which is about 50km to 100km south of the current project. Recap: As we previously mentioned, the first mention was the discovery of REE within the Mount Lindsay project. This was first released on 20th September 2022. All the news releases are listed below. Figure 1: Location of the new REE project for Venture Minerals Limited. (Source: Venture Minerals Limited). Samso's Conclusion It is no big secret that there is a REE bandwagon going around the Australian Stock Exchange (ASX) at the moment. I have just been at the RIU Conference in Sydney and had a chance to talk and look at some of these projects. The common theme is that the majority of projects have come about from resampling of previous holes. There has been little understanding of the quality of the projects other than the assays. As I have mentioned many times, my go to person for REE information has been Brett Hazelden from OD6 Metals Limited (ASX: OD6). In his latest video, he talks about the refractory nature of some deposits. When the company completed their latest metallurgical work, it became apparent that there is a distinction between deposit types. The distinction is based on how easy it is to extract the REE. In a simplistic explanation, the OD6 commentary is that the deposits which are highly weathered are easier to extract. In the video he talks about how the deposits further away from the granitic source are more weathered. Hence, when I look at the Venture announcement, what strikes me immediately is that there are two deep holes which ended in mineralisation. Could these drill holes have gone deeper? The grades look interesting as it is nearly 50m. There are resources out there being funded with grades around less than the historical intercepts announced by Venture Minerals. The next point that strikes my interest is that the project is located in traditionally deeply weathered terrains. Some of the terrains are weathered in excess of 80 to 100m. If that is so, would the mineralisation have gone that deep? Could the troughs that span a distance act as a trap for the REE? These are hypothetical observations and I am highlighting it because this is where I feel the project may have some good differences to the other REE projects in the market. For this reason, I encourage readers to seek more information and if possible, speak to Andrew to get more information. Tune in to Andrew's thoughts here. Chapters: 00:00 Start 00:20 Introduction 01:10 The VMS Rare Earth story. 04:25 The significance of the historical drill holes. 07:33 Venture Projects Potentially in New REE Province? 08:27 What makes the VMS REE story different? 14:41 Is VMS stretching resources to fund all the projects? 19:41 Thoughts on the geopolitical issue surrounding Rare Earths. 22:56 News flow 26:49 Conclusion 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, totaling 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, prospective for zinc, copper and gold, Venture has a JV with SensOre, whilst retaining the rights to REEs having found very high grade REE rock chip samples in the area. Venture has a significant Nickel-Copper-PGE landholding at Kulin with two highly prospective 20-kilometre long Ni-Cu-PGE targets within the Kulin Project. 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 Subscribe to 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

Client Testimonial from Scott Williamson, Managing Director of Blackstone Minerals Ltd (ASX:BSX). Coffee with Samso allows companies to reach out to new and potential investors. For Scott Williamson, Noel's interview style makes a real difference. Scott Williamson: "A Coffee with Samso is a great way to informally update the market on the recent happenings of the Company. Most importantly, the format is not over-promotional which allows new and potential investors to make a well-rounded, informed decision on their investment. Noel’s interview technique is professional and sophisticated, and his background as a geologist adds credibility and technical merit to the conversation." About Scott Williamson Managing Director Blackstone Minerals Limited Qualifications: BEng (Mining), BCom, MAusIMM Scott Williamson is an experienced Managing Director with a demonstrated history of working in the mining and metals industry. He is skilled in Open Pit and Underground Mining, Corporate Finance, Investor Relations and Project Planning. A strong business development professional with equity capital markets experience, Scott graduated from West Australian School of Mines and Curtin University of Technology. Scott holds a WA First Class Mine Manager’s Certificate and is a member of the Australasian Institute of Mining and Metallurgy. About Blackstone Minerals Limited Blackstone Minerals Limited (ASX: BSX) is developing the district-scale Ta Khoa Project in Northern Vietnam where the company is drilling out the large-scale Ban Phuc Nickel-PGE deposit. The Ta Khoa Nickel-PGE Project has existing modern mine infrastructures built to International Standards including a 450ktpa processing plant and permitted mine facilities. Blackstone Minerals also owns a large landholding at the Gold Bridge project within the BC porphyry belt in British Columbia, Canada with large scale drill targets prospective for high-grade gold-cobalt-copper mineralisation. In Australia, Blackstone Minerals is exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone Minerals has a board and management team with a proven track record of mineral discovery and corporate success. The Ta Khoa Nickel-Copper-PGE Project The Ta Khoa Nickel-Copper-PGE Project is located 160 km west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanised underground nickel mine from 2013 to 2016. In the Ta Khoa Nickel-Copper-PGE Project, previous project owners invested more than US$136m in capital and generated US$213m in revenue during a 3.5-year period of falling nickel prices. The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years. Existing infrastructure associated with the project includes an internationally-designed 450 ktpa processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250-person camp. Since commencing maiden drilling in August 2019, Blackstone Minerals has made significant progress at Ta Khoa, drilling over 9,000 m of diamond core in more than 47 holes into the Ban Phuc DSS deposit and the highly prospective King Cobra discovery zone. An initial scoping study evaluating mining and processing options is well advanced, including potential in-country downstream processing to deliver high-value nickel sulfate into Asia’s rapidly expanding electric vehicle (EV) industry. The recently announced MOU with Asia’s largest and the world’s second-largest EV battery cathode manufacturer, Ecopro BM Co Limited represents a significant step towards making this a reality. 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

Client Testimonial from Peter Harold, Managing Director and CEO of Poseidon Nickel Limited (ASX:POS). When Peter Harold came over for a Coffee with Samso, he really enjoyed having a natural conversation with Tony Goode and Noel Ong to fully share the company's story. Peter Harold: "We have enjoyed our interaction with Tony and Noel. The interviews they conduct with the executive team at Poseidon are both far reaching and informative and I think shareholders really appreciate the in depth nature of questioning. We will continue to use Samso to help keep our stakeholders up to date with our activities." Our Coffee with Samso segments are appreciated by both companies and investors tuning in. Companies get the comfortable, natural space they need to fully share their stories. Thought leaders can go as deep as they wish and not feel the pressure to rush through information. As such, the knowledge that investors gain from these interviews provide what they need to pique their interest and DYOR even further, and even spur them to reach out to the companies to get more information. It's all about giving the respect these stories deserve to be heard, and as a community of people who are interested in the mineral exploration sector, starting our day with a Coffee with Samso makes a difference. 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 the Managing Director of Panoramic Resources from 2001-2019, 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. About Poseidon Nickel Limited (ASX: POS) Poseidon owns three significant nickel assets with a combined resource of over 400kt of nickel and processing capacity of up to 3.7Mtpa of ore to produce nickel concentrate. The Company’s business strategy is focussed 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. Poseidon’s strategic pillars are developing a pathway to production, targeted exploration across its nickel asset portfolio and considering proximal business development opportunities. The key enablers for the Company’s strategy to be successfully executed are ensuring key capabilities are resourced and the business is sufficiently funded for growth underpinned by a strong ESG framework. Poseidon Business Strategy The Company’s pathway to production was significantly progressed during FY22 with two metallurgical breakthroughs which could significantly improve 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. With the assistance of Poseidon’s geological consultants, Newexco, the Company completed an exploration targeting report for Lake Johnston during FY22, with follow up reports for Black Swan and Windarra to be delivered in FY23. The Lake Johnston report identified the Western Ultramafic Unit as a priority, with a program of works approved to undertake 15,000 metres of RC drilling which is planned for FY23. The Company’s business development efforts over FY22 focused on delivering value from the Windarra/Lancefield gold tailings project. Partnering with Green Gold and determining whether their proprietary gold recovery technology is suitable for Windarra/Lancefield is considered the optimal path to unlocking value from this project. 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

Client Testimonial from Amanda Buckingham, Managing Director and CEO of Warriedar Resources Limited (ASX: WA8). Beyond a good strong brew, Coffee with Samso is a natural environment for experts and those passionate in the mineral exploration industry to come together to share exciting thoughts. Amanda Buckingham: "Coffee with Samso is a thoroughly enjoyable experience and gives you (the CEO/MD) the opportunity to discuss your project in a relaxed and open environment, with someone who understands exploration and can pivot the conversation appropriately. I believe this encourages a more genuine dialogue and gives the shareholder or potential investor a deeper insight into the thought processes of the company leader. I also enjoy a good cup of coffee." Having a Coffee with Samso is certainly a wonderful way to start your morning. Guests who have come over for a conversation with Noel or Tony have enjoyed the experience, and we have had returning guests as well, which is a great way to see the development of the story of a company. We know our coffee conversations have inspired investors to do what Noel always recommends - Do Your Own Research (DYOR). And that is made possible because of the compelling conversations that have piqued their interests. About Amanda Buckingham Managing Director Dr Buckingham is a geophysicist who has been involved in mineral exploration for over 25 years. She co-founded Fathom Geophysics in late 2007, an award winning and industry leading geophysical consulting group based in USA and Australia that has developed the world's best technology for targeting under cover. Dr Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto; as well as listed juniors in both Canada and Australia and several years consulting at SRK. Dr Buckingham co-founded Cygnus Gold Limited [ASX: CY5] and Desert Minerals Limited [ASX: DM1]. She is currently a director of several private companies, and a research fellow at the University of Western Australia. About Warriedar Resources Limited (ASX: WA8) Warriedar Resources Limited (ASX: WA8) is an advanced gold and copper exploration business with an existing resource base of approximately 2 Moz gold across Western Australia and Nevada, and a robust pipeline of high-calibre drill targets. Our focus is on rapidly building our resource inventory though modern, innovative exploration. We are well funded for our planned aggressive drilling programs through 2023. Golden Range and Fields Find Projects Our Golden Range and Fields Find Projects in Western Australia sit in the middle of the highly active Murchison exploration and mining province, which hosts substantial deposits of both gold and base metals. The world-class Golden Grove VMS camp sits just 3 km from our tenure boundary, with the host sequence for that cluster of deposits extending south onto our ground. We believe that the opportunity presented by applying modern geophysical and exploration techniques to our tenure is enormous. We are set to drill over 40,000 metres at Golden Range and Fields Find during 2023, targeting discovery of both gold and base metals mineralisation. 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

Ever wondered how Noel Ong, CEO of Samso started in the mineral exploration industry? Brilliant-Online featured Noel in this month's edition on businesses that have trailblazed through the decades and continue to thrive and progress in what they do. Noel Ong has been a regular contributor to the magazine's investment section, bringing compelling ASX stories to a Brilliant community. Read more here. Why Geology? Believe it or not, our favourite Man in the Hat had no idea this was to be his destiny when he was a young man standing on the campus of the University of Western Australia outside the Chemistry Department. And the reason why he chose to do Geology was because he 'kinda liked it' and did well in that subject in high school. He finished with an Honours Degree in Geology in the end, but it still wasn't the guiding light that led him to create Samso. Finding a 'normal' job is harder than it looks While it may sound rather odd to say this, there is a serendipitous element in that Noel somehow never managed to find a 'normal' job no matter how hard he tried. This turned out to be the driving force that led him to sow the seeds for the creation of the Samso we know so well now. Brilliant decades in the making Read Noel's story on Brilliant-Online to find out what factors and conditions led him to create the suite of Samso products and services that are making a difference to the investment community, and to companies who need a space for their stories to be told. In Noel's own words, it's all about being "innovative and having a tenacious appetite to make sure doors are opened." Entrepreneurs out there, and those who are curious to learn more about the humble beginnings of the Man in the Hat, read the article here. Perhaps you may be inspired to trust your own entrepreneurial journey, that every step is leading you to something greater. 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.

Client Testimonial from Guy Le Page, Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD). Coffee with Samso for Guy Le Page while keeping the conversation flowing easily and naturally is also valuable because of Noel's interview style of getting straight to the point. Guy Le Page: "Noel has a loyal following of his Coffee with Samso segment with the interview process getting straight to the point of the things that matter to investors. What is happening, where is the company going and where is the stock going. Easy to understand and easy to digest." Samso's coffee conversations are all about sharing compelling stories, and providing real insights that truly matter to investors. For ASX companies, Samso provides a space for them to tell their stories straight from the horse's mouth, bringing about clarity and a deeper understanding of what companies are doing. About Guy Le Page Non-Executive Director B.A., BSc (Hons), MBA, MAusIMM, FFIN Mr Le Page is currently a Director & Corporate Adviser of RM Corporate Finance specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. Mr Le Page was Head of Research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July of 1998. As Head of Research, Mr Le Page was responsible for the supervision of all Industrial and Resources Research. As a Resources Analyst, Mr Le Page published detailed research on various mineral exploration and mining companies listed on the Australian Securities Exchange. The majority of this research involved valuations of both exploration and production assets. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology, and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies. Mr Le Page holds a Bachelor of Arts, a Bachelor of Science and a Masters’ Degree in Business Administration from the University of Adelaide, a Bachelor of Applied Science (Hons) from the Curtin University of Technology and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. About Mount Ridley Mines Limited (ASX:MRD) Mount Ridley Mines Limited is undertaking the exploration of a significant deposit of valuable clay-hosted rare earth elements in Western Australia. The Project was initially acquired for its nickel and copper sulphides potential and is now recognised as being prospective for ionic clay REE deposits. Currently, this style of deposit is mined and processed only in China and Myanmar. In November 2020 Mount Ridley Mines Limited (“MRD”) commenced a review of data for its namesake Mount Ridley Project and surrounding area. The review concluded that areas of the Biranup and Nornalup geological provinces in south-eastern Western Australia have the potential for REE mineralisation, and in particular, the style of mineralisation referred to as Ionic Adsorption Clay (IAC-REE). Globally, deposits of IAC-REE are most significant in southern China and are the world’s main source of heavy Rare Earth Elements. The Project REE mineralisation occurs as large, horizontal, near surface, sheet-like lenses up to a depth of 89 metres. REE mineralisation is interpreted to be present within the in-situ saprolite clay horizon. Patchy lower grade zones occur within transported cover which may vector towards stronger REE mineralisation deeper within the regolith. Geological Survey of Western Australia (DMIRS) mapping [1] shows that the Mount Ridley Project REE mineralisation occurs within the weathered mantle (regolith) of the Recherche Super-suite, which is described as “granitic and mafic gneiss; may include intrusions of Esperance Super-suite”. While the source of the REE mineralisation is currently unknown, a detailed sample and litho-geochemistry dataset from bottom of hole aircore samples have been established which includes whole-rock chemical analyses, sample pulps and some end-of-hole air core samples. These samples and data are being studied by the Company’s consultant geochemist to identify the primary rock-type and whether units are REE-enriched. Re-assay of 950 air core samples (162 pending) returned significant REE values over an apparent strike in excess of 25 km with over 20 samples returning >1,000 ppm Mineralisation remains open in all directions with a peak value so far at the Keith’s Prospect from MRAC0711 with 10,461ppm (1.05%) from 23m downhole. Significant REE intersections have been identified and grouped into 5 prospects – Winston’s, Keith’s, The Lake, Tyrell’s and Marcellus. Planning underway for a 25,000m aircore program to test newly acquired tenements in addition to step-out and infill holes. [1] (DMIRS) Department of Mines, Industry Regulation and Safety 1:100,000 Interpreted Bedrock Geology 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

Rooster Talk 72 with Andrew Radonjic is all about Venture Minerals building a Rare Earth project portfolio. It is no surprise that Venture Minerals Limited (ASX:VMS) is now adding Rare Earths to the portfolio. The creation of a Decarbonisation Mineral Exploration Portfolio makes complete sense. The Rare Earth Bandwagon? The phrase "Rare Earths are Not Very Rare" is now way too over used. The REE scene has kind of matured in an accelerated way. One of the best Samso conversations is with Brett Hazelden, the Managing Director of OD6 Metals Limited. Check out the first Coffee with Samso that Brett did with Samso. It is a great start to understanding what it takes to develop a Rare Earth project. The New Projects As Andrew Radonjic, Managing Director of Venture Minerals mentioned, Venture Minerals has been looking at Rare Earth projects for a while now. Their first mention was the discovery of REE within the Mount Lindsay project. This was first released on 20th September 2022. All the news releases are listed below. Another Bow to War Chest To me, this is part of the reasons why I like Venture. Don't get me wrong, I am not saying that Venture is travelling well now. The market sentiment for the company has not been kind. To add more issues, the general equity market is also poor. The share price is an indication of the company's position with the market. I see Venture creating value with the introduction of the Rare Earth story. The market is running hot on Rare Earths. The long term narrative for the permanent magnet story is strong. It is not going to happen in 5 years but if the geopolitical situation keeps going, then this is going to be a major story. Samso's Conclusion History tells us that there is never certainty. History also tells us that when bullies get together, it never ends well. China is now a bona fide player in world politics and there will be a shifting of participants on the world stage. The US and the West will begin to react or have reacted and this will lead to a shift of how natural resources are sourced. We all know that for the world economy to function, there has to be a balanced sharing of wealth. In this case, the wealth is where you source minerals. We are already seeing changes in geopolitical commentary of who should be and should not be dominating resources. Hence, the path forward will be positive for resource nations like Australia. Venture, like all the other companies, will reap the rewards of the changing geopolitical game. The introduction of REE into the portfolio will do no harm. What they will find eventually is the question but Nothing Ventured, Nothing Gained. Tune in to Andrew's thoughts here. Chapters: 00:00 Start 00:20 Introduction 00:52 The REE path. 02:34 The New REE projects. 06:52 Can EM help define targets at Bandy and Brothers project? 09:10 Clay REE vs. Hard Rock REE - Discussion. 11:25 How can the large Venture portfolio be managed? 17:09 The Path Towards Decarbonisation. 23:00 The importance of being Polymetallic. 27:00 Market narrative is all about Market Demand. 28:19 Demand for Commodities are known to be driven by World Current Affairs. 33:10 Conclusion 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. 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, downhole EM has delineated a large conductor under High Grade Zinc-Copper-Gold drill intersections within the 5km long Volcanogenic Massive Sulfide Target Zone, along strike to the world class Golden Grove Zinc-Copper-Gold Mine. Venture has a significant Nickel-Copper-PGE landholding at Kulin with two highly prospective 20-kilometre long Ni-Cu-PGE targets within the Kulin Project. 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