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The AusGold Limited (ASX:AUC) Katanning gold project, on paper, should be on the radar of ASX investors, but it appears that there has not been too much chatter. The gold price has recently had a fall, but on a long-term basis, there do not appear to be any events that could make me think that a bearish curve is approaching. The AusGold Limited narrative has captivated me for quite some time, as it has been around for a long period. Since 2019, I've repeatedly reached out to the company to discuss it on Coffee with Samso, but they appear to decline the invitation. At first glance, the Katanning gold project possesses all the essential elements to be a successful gold miner, yet I'm somewhat puzzled by the company's current position despite the excellent gold prices (Figure 1). Figure 1: Gold price in AUD as of 10th March 2025. (source: Goldprice.org ) The gold price for Australian miners has never been this good. With an average AISC (All In Sustaining Cost) of AUD 1,400 in a recent report, it makes good sense to be digging for gold. One of the key parameters that has intrigued me enough now to do a review is the arrival of new management. The changes in the Board and Management were made effective in an ASX release on the 11th of November 2024 ( Board and Management Team Update ) . Whether the Ausgold Limited dilemma is a management or a technical issue will have to be played out now. I am sure existing shareholders must be waiting for the resources to be converted to gold bars, and they must be feeling that the current gold price environment will make the most marginal project viable. For those who want to skip to the parts of the review, please use the list below. 1.0 Ausgold Limited - 2025 2.0 The Journey - The Katanning Gold Project 3.0 The Plan Ahead in 2025 3.1 Definitive Feasibility Study 3.2 Permitting 3.3 Land Access 3.4 Resource Growth and Delivery 4.0 Financing the Katanning Gold Project 5.0 Samso Concluding Thoughts 5.1 Why Do I Like Ausgold? 1.0 Ausgold Limited - 2025 Ausgold Limited currently has a market capitalisation of AUD $173.80M, and its share price is sitting at AUD $0.48 as of 11th March 2025 (Figure 2). There are approximately 356M shares on issue with AUD $19M cash in the bank. As we mentioned, management changed in November following a large placement of AUD $38M in August ( Ausgold completes $38M Institutional Placement ). Figure 2: The Ausgold Limited share price as of 11th March 2025. (source: Commsec) I believe that the introduction of new funds and management will significantly impact this situation. While a market valuation of AUD $173 million might appear out of reach for some investors, it remains an attractive margin when compared to a near gold miner like Meeka Metals Limited (ASX: MEK) , which is close to starting operations with a market capitalization of AUD $306 million. The cash in the bank is a good indication that funding will carry all the necessary studies required for a decision to mine. The next hurdle would be the upcoming DFS (Definitive Feasibility Study), which is supposed to be ready in the second quarter of 2025. That is just round the corner, and I would pretty much say that a positive outcome is predicted. Nobody goes out and does a 19,000 m drilling program and feels wobbly about their DFS. 2.0 The Journey—The Katanning Gold Project Ausgold Limited joined the ASX on December 14, 2009, with seven projects located in Western Australia, Queensland, and New South Wales (Figure 3). One of these projects, Boddington South, would later become the foundation for the Katanning Gold Project in 2025. If I recall correctly, the IPO environment wasn't ideal at that time, with the gold price hovering above USD $900. There had been steady growth since 2007 after it had dropped to around USD $240 in 1999. Figure 3: The Ausgold Limited project locations at the 2009 IPO. (source: Ausgold Limited). The beginnings of the Katanning project came on the 10th of August 2010 with the introduction of the Boddington South Farm In Agreement with the project, which came with a 241,800-ounce JORC gold resource. It was touted as a potential repetition of the Boddington Gold Mine, which had a resource of 26M ounces at that time. A further consolidation of the area came in 2011 when another Farm-In Agreement was signed with Dominion Mining Limited to acquire a 60% interest in their Bullock Pool and Nanicup Bridge prospects, which were adjacent to the Boddington South Project (Figure 4). Figure 4: Location of Bullock Pool and Nanicup Bridge prospects in relation to Ausgold's Boddington South Gold Project. (source: Ausgold Limited). A resource upgrade was announced in August 2017 , moving the global Katanning Gold Project to 785,800 ounces of gold with a resource of 20.98 Mt at 1.17 g/t gold. The main resource centered at the Jinkas South area, which has been the focus of the company's work. Currently, the project has a Probable Resource of 1,280,000 ounces at 1.25 g/t and a Total Resource of 3,040,000 ounces at 1.06 g/t. Figure 5 below is taken from the latest presentation (February 2025). A complete description of the mineral resource is listed in an ASX release on the 4th of September 2023 . Figure 5: The total resource for the Katanning Gold Project. (source: AusGold Presentation). The orebody does look a bit more coherent with the indication that there is a recovery of 90% with a CIL plant and an anticipation of a 10-year mine life. Looking at the one slide in the most recent presentation ( BMO Global Metals, Mining & Critical Minerals Conference ), the Katanning Overview page below in Figure 6 does give an impression that there is a coherent mineralisation. Figure 6: The Katanning Gold Project mineralisation overview. (source: Ausgold Limited). 3.0 The Plan Ahead in 2025 The presentation in February 2025 ( BMO GLOBAL METALS CONFERENCE, INVESTOR PRESENTATION ) has stated a To Do List, which I feel is a fantastic way to gauge the potential hurdles and milestones (Figure 7). In some way, an investor ' s tick list of what is required to make the Katanning Gold Project work is ultimately in this list. There are some big hurdles, and a good understanding of the magnitude of what will work and what will take a long time is important here. Timing is very important for projects such as Ausgold because the rising gold price will attract increasing costs and competition for attention from funding and market appreciation. Figure 7: The Things To Do list for Ausgold to get the go-ahead for the Katanning Gold Mine. (source: Ausgold Limited). 3.1 Definitive Feasibility Study This is probably the easiest box to tick. As I have mentioned, most companies that go down this route will have a good idea of a positive outcome ; otherwise, they would never commit to the cost of the exercise. 3.2 Permitting The permitting process is one that has uncertainty clauses written all over the wall. The best example is the Bird In Hand Gold Project in South Australia, which is operated by Terramin Limited (ASX:TZN) , and the McPhillamys project in New South Wales being operated by Regis Resources Limited (ASX:RRL) . These are two projects that were refused approval by the government at the last hurdle after being encouraged by all stakeholders to proceed. It is safe to say that a lot of money was spent with the knowledge that it was a project supported at all levels of the government. Figure 8: Permitting milestones for Ausgold as part of the approval requirements for the Katanning Gold Mine. (source: Ausgold Limited). The process outlined by Ausgold in the presentation (Figure 8) has some items that may be open to a long lead time for the start of the project. For me, the Traditional Owner Engagement is the most critical. As I have not followed the story in detail, I do not have any idea how sensitive the area is. In addition to the traditional owners, if there are environmental concerns from the government side, that will be critical as well. If I were to take a guess that the area looks like a farming history, the issues would not be too critical. However, as I have pointed out earlier, these matters are not so straightforward these days, so this would require a close watch over the period. The other points highlighted in Figure 8 look to be straightforward, and it should be just a matter of ticking the boxes and keeping the community informed. I am sure that the residents in general will be happy for operations to occur, as it will bring a lot of commercial activities to the local area. 3.3 Land Access I am a bit surprised that this is still an issue. At this stage, I would be thinking that the vendor holding out this long will be having a big smile on his face. One of the difficulties of a project of this nature, being so close to civilisation, is the dealings you will have with private landowners. In Western Australia, these issues tend to be less frequent, as most of the projects tend to be more remote. I think the slide in the presentation makes its point, and my main concern is on the " Land access negotiations for balance of freehold land covering granted Mining Leases are ongoing " and the last point, " Plaints lodged with Mining Warden's Court for a determination on compensation payable to landholders for land covered by a majority of granted Mining Leases. " 3.4 Resource Growth and Delivery I think this part, Resource Growth and Delivery from Figure 7, is the least problematic for the company. I don't mean that this is a trivial issue; however, if the permitting and land access agreements do not get their boxes ticked, that is a deal maker. There is enough work on the resource to allow the mining and processing parts to begin, and the process of delivering the final solution is a well-trodden path that will be easily managed. The BMO presentation has several slides to show the potential growth of the resource, which looks credible, but as I alluded to earlier, the critical part for Ausgold is now all about being able to break ground. 4.0 Financing the Katanning Gold Project In this current market of a rising gold price and a world that is inflationary, this would be the easiest part of the process. If all the above issues are resolved, the money is already in the bank. In my previous post on the changing mood of the market, " 2025 - The Year of The Golden Snake - Has The Market Catalyst Surge Its Head? ", even with the turbulence created by President Trump, there is definitely more appetite to raise money , especially in the gold sector. This year of the Snake, 2025, may well be the inflection point for the equity market, with the dust settling from the last two years of a bearish tone. The recent article from Bloomberg, " Gold Climbs as Investors Seek Safety Amid Tariff Flip-Flop , " is a good example of the appetite for gold at the moment. “That’s going to be a tailwind for gold,” said Stephen Jury, global commodity strategist at JPMorgan Private Bank, in an interview. Increasing talk of the possibility of a recession in the US will likely lead to an environment where rates and the dollar may head lower, according to Jury. “That’s going to set up a very constructive scenario for a higher gold price in the second half of this year.” - Bloomberg The Trump administration's imposing tariffs will just drive up pricing, and it will be interesting to see if productivity increases or decreases over time. Old-school thinking is that the tariffs are a form of subsidies, and that promotes a decrease in productivity. Former Treasury Secretary Lawrence Summers said Tuesday there’s almost a 50-50 likelihood of the US tipping into a recession this year due to a range of policy steps from the Trump administration that are undermining confidence. Gold has advanced 11% this year, hitting successive records. The rally has been driven by fears about the disruption caused by the Trump administration, central-bank buying and speculation the Fed may cut interest rates further. Lower borrowing costs tend to benefit non-yielding gold. Spot gold gained 0.9% at $2,916.17 an ounce at 12:16 p.m. in New York. The Bloomberg Dollar Spot Index slid 0.3%. Silver, palladium and platinum all advanced. source: Bloomberg 5.0 Samso Concluding Thoughts While working on this review, my understanding of the Ausgold business began to develop (Figure 9). Throughout my acquaintance with the business, I must admit that I hadn't focused much on the details of the project. I knew they had been drilling for resources for several years, which is a challenging period for shareholders, leading to the narrative of not realizing the value and, rightly or wrongly, blaming management. I've often mentioned that timing is key, and for Ausgold, 2025 could be the year when the company's value fully matures. In our industry, there's a saying that the initial discoverer rarely reaps the rewards; it's usually the latecomer who receives all the recognition. I believe that the recent rise in gold prices has allowed the current management to benefit from the efforts of those who previously worked on this project. Figure 9: Aerial view of the Katanning Gold Project. (source: Ausgold). This is not to say that the new management waltzed in without effort. I am sure current management had to work to make the structure suitable for all concerned. The current size and the potential for resource growth will be the key to success. If all the requirements for moving forward are met, the road is much easier now for Ausgold than, say, two years ago. At the moment, I see a couple of possibilities for Ausgold. The first is that they continue and progress to mining the Katanning Gold Project. The second is an M&A situation, but I feel that the size of the project may not allow this to be on the shopping list of many of the mid-tier or major players. Looking at the background of the current management, it does feel like the aim of taking Katanning to production would be high on their agenda. 5.1 Why Do I Like Ausgold? The Ausgold story has been one of consolidation and patience. The journey that started in 2009 has created what the Katanning Gold Project is today. It has been a long journey, but it has been one that has not had any stumbles. The painfully slow generation of resources over the years is very different from some other companies that are trying to make headway in this gold - centric market. The Ausgold rise to fame is very different from Kairos Minerals Limited (ASX:KAI) with the Mt York Gold Project, which has been an isolated project in the Pilbara for many years. Mt. York is another one of those isolated resources that has been neglected for decades while all the sexy metals made headlines. I am very wary of projects that never had the attention, and when the gold price starts heading up, the narrative is now that this can make money. There is also the Callidus Resources Limited and the Dalgaranga Gold Mine disaster. I remember looking at these projects in 2019-2020, and I thought it was very marginal at that time, and there were many narratives that pointed to deficiencies in the business. Unfortunately, both these projects went south, and I am sure there are many unhappy shareholders. A mining project's economic viability will not necessarily get better just because the underlying commodity price has gone up. Let's look at gold. In the 1990s, gold miners were mining happily at USD $450 an ounce, but today, a gold price at that range would not work. A project that failed at that time does not translate automatically to success in the new gold price. The current gold price of USD $2,900 is still sending companies broke. There are still projects that will not work. Hence, my thinking is that if a project did not work in the past, it may not be a workable project even at today's price. For those reasons listed above, Ausgold is looking much cleaner and lacks skeletons. As I pointed out, the permitting and land access need to be sorted, and assuming they all come into shape, Ausgold is about to shine. I hope this review will help readers start looking at the company and DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

At the recent Future Facing Commodities Conference  in Singapore, Australia's High Commissioner to Singapore, His Excellency Allaster Cox ,  emphasized the pivotal role of critical minerals in the ongoing global transition towards clean energy and advanced technologies. As we all know now, these minerals are essential components in industries such as electric vehicles, semiconductors, and defence systems, with demand projected to rise significantly in the coming decades.​ According to the International Energy Agency's 2024 Global Critical Minerals Outlook , mineral demand is expected to double by 2040 under current policies, with lithium demand increasing fivefold and nickel demand doubling (Figure 1). More ambitious decarbonization scenarios could see even greater increases, highlighting the sector's critical importance to the global economy and strategic supply chains, particularly in the Asia-Pacific region.​ Figure 1: Market value of key energy transition minerals in the Announced Pledges Scenario and the Net Zero Scenario, 2023-2040. (source: IEA.org ) Australia stands out as a global leader in the production of these essential minerals:​ Lithium : 49% of the world's supply​ Cobalt : 4th largest producer​ Nickel : 6th largest producer​ Rare Earth Elements : 3rd largest producer​ (after China and the USA) Copper : 4th largest producer​ Beyond its rich geological endowments, Australia boasts significant expertise in mineral extraction and a strong track record as a reliable producer. The Australian government is actively investing in the sector through initiatives such as the Critical Minerals Strategy , which focuses on developing strategically important projects, attracting foreign investment, and fostering international partnerships. Additionally, the Resourcing Australia's Prosperity initiative  represents a 3.4 billion investment aimed at advancing geological mapping and exploration.​ For investors, His Excellency reiterated Australia's commitment to supporting the critical minerals sector, which translates into numerous opportunities. The government offers various levels of support for projects involving minerals like lithium, manganese, nickel, and rare earth elements. Furthermore, Australia's collaborations with countries such as the US, EU, UK, India, Japan, and Korea through initiatives like the IEA Critical Minerals Working Party  and the Sustainable Critical Minerals Alliance  enhance the potential for international partnerships and market expansion.​ In conclusion, His Excellency stated that investing in Australia's critical minerals sector not only promises substantial returns but also positions investors at the forefront of the global energy transition, contributing to the development of sustainable and strategic supply chains worldwide. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 203 may well be one of the best ASX small-cap resource businesses in 2025, that is largely unknown to the general investing community. The Cyclone Metals Limited (ASX:CLE)  is about the pedigree of the Iron Bear magnetite project. In Australia, the general ASX punter thinks of iron ore as haematite greater than 62% Fe, but there is a new sheriff in town and he is called Magnetite. Where can you find a mineral resource business that is owned by a small cap junior with a market capitalisation of less than AUD $50M that has funding all the way through to mining and processing the high-grade iron pellets? Just remember that Cyclone Metals was an AUD $10M market cap company when it started the journey. The transitioning from haematite to magnetite in the iron ore industry is happening and it is largely driven by the depleting of high-grade haematite iron ore. - Paul Berend In this episode of Coffee with Samso we are talking to Paul Berend, Executive Director and CEO of Cyclone Metals Limited (ASX:CLE) . Cyclone is a fascinating story of a junior aspiring to be a producer with a major, VALE, partnering with funding. A space in which most juniors would be struggling to find funding, CLE has a big brother taking care of all the bills. The Business of Cyclone Metals Limited. The steel-producing industry is transitioning to low emission and the process of Direct Reduction (DR) steel production is the solution to a global reduction in emission for the typically high carbon emission business. Direct Reduction steel production requires iron pellets that are very low in impurities and this is directly controlled by the quality of the source material. As Paul Berend explains, ....not all magnetite deposits are suitable for Direct Reduction Pellets which is why the Iron Bear deposit is perfectly aligned to allow this process to be achieved. Recent work by Cyclone Metals Limited has shown that the use of Direct Reduction on iron ore from Iron Bear can create iron pellets above 71% Fe content. According to Paul Berend, this is a very unique feature of the ore body. A feature that is not seen in many other iron ore resources and that includes those at Champion Iron. Click Below to Watch the Coffee with Samso: Paul proudly points out in the Coffee with Samso, The quality and the size of the Iron Bear Deposit moved the needle for VALE to take a position with Cyclone Metals. This is a great conversation with Paul Berend as he explains the story of Cyclone Metals clearly and in great detail. Chapters: 00:00 Start. 00:08 Introduction. 04:10 Who is Paul Berend? 05:24 The Magnetite Story - Why Have We Not Embraced it Yet? 08:44 Transition of Value from Haematite to Magnetite. 09:41 Carbon Footprint of Magnetite. 10:07 Rise of Magnetite Projects? 10:33 Depletion of Brazilian High-Grade Iron Ores -The Reason Why VALE is in CLE. 10:51 Importance of Direct Reduction (DR) Steel Production. 11:57 Only Way to Make Direct Reduction Steel - Premium of DR Pellets. 13:05 DR Pellet Market Comparison. 13:48 How Do You Make Direct Reduction Pellets? 15:14 Reason Why DR Pellet Production is Rare. 15:47 Comparison of Low Impurity Iron Deposits. 16:30 DR Player requires an ABILITY To Reduce Impurities. 18:01 How much of the Current Resource will transition to Reserve Status? 19:08 Iron bear is a Low Stripping Ration deposit. 19:30 Metallurgy Will Increase the Economics of Iron Bear. 21:30 What is the main Business of Cyclone Metals? Is it DR Production? 22:26 Is Iron Bear DR Capabilities why Vale is interested? 23:18 Iron Bear can supply high-grade iron ore all the way to DR levels. 25:07 How Did the Agreement with Vale Evolve? 26:55 How important was the 10M? 28:30 Earning a Mandate to Operate Socially. 29:25 Importance of the First Nations Conversations. 32:12 How Important is the Relationship with First Nation Groups? 33:42 The Reasons why Vale could be the Reason for Success for Iron Bear. 36:24 Potentially One Technical Challenge for Iron Bear - Dry Tailings. 37:34 The Importance of Earning a Mandate To Operate 39:07 Twitter Shareholder Questions 39:27 Will the Trump Tariffs affect the Iron Bear Business? 40:48 The Vision of Iron Bear - It is a Bigger project than Champion Iron. 41:58 Reducing the Carbon Footprint of a Manufacturing Hub in Northern America. 43:25 How much is the resource expected to be built up to? 43:58 Iron Bear is a Premium Magnetite project. 45:15 What cost will the hydroelectric power cost us per kilowatt? 46:51 Green Energy Narration - Magnetite Naturally Reduces Carbon Emission. 49:48 Discussion on iron ore prices. 54:23 Why is CLE still at 50M? 55:21 Why is there a feeling of disbelief in the Cyclone story? 58:02 The misunderstanding of the Iron Ore industry. 01:00:54 Takeaway. 01:01:18 Conclusion. PODCAST About Paul Berend Paul Berend brings over 25 years of leadership experience in the iron ore and steel industries, gained across blue-chip corporations and junior mining ventures. His corporate background includes senior roles such as GM Corporate Strategy at ArcelorMittal, GM Business Development at Rio Tinto Iron Ore and Director Australasia at Hatch. Paul is a passionate mining entrepreneur and was a founder and historic CEO of Trans-Tasman Resources Ltd (a titano-magnetite project in New Zealand ASX: MKR) and has played a key role in a number of private early-stage exploration ventures. In addition to his entrepreneurial work, Paul has a successful track record in turning around distressed producing mines and steel mills in difficult jurisdiction including Australia, PNG, Europe, GCC and Africa. He is a trusted advisor for Tier one natural resource companies, supporting operational, organisational and growth strategies. In this capacity, Paul’s previous employers include McKinsey& Company and Partners in Performance. Paul has an MBA from HEC (Paris, France), a MSc and DEA (~PhD) in chemical process design and chemistry from ENSIC (Nancy, France), a bachelor’s in applied mathematics and algebra from Harvard University (Cambridge, USA) and is a Graduate of the Australian Institute of Company Directors. He speaks native and English and French as well as professional German. About Cyclone Metals Limited Cyclone Metals owns and operates the Iron Bear magnetite iron ore project, formerly known as the Block 103 Project. The Iron Bear Project consists of ten licenses totalling 7,275 ha on 291 graticular Mineral Claims under the applicable Labrador and Newfoundland mining regulation, located near the Provincial border of Newfoundland and Labrador (NL) and Quebec (QC), approximately 30 km northwest of the town of Schefferville, QC and 1,200 km by air northeast of Montréal, QC. The Iron Bear properties are located within 25 km of an open access heavy haul railway which is directly connected to the Sept Isles and Pointe Noire iron ore export ports. In addition, the Iron Bear has potential access to cheap renewable energy from the Menihek hydro-plant located 75km away. These two factors substantially improve the prospects for eventual economic extraction of the Iron Bear mineral resource. Notably, large scale iron ore export operations currently operate in the Labrador Trough; including IOC (Rio Tinto), Champion Iron and Tata Steel; all sharing the same rail and port infrastructure. Highlights: World Class Iron Ore Project: Mineral resource of 16.6 billion tonnes containing 29.3% total Fe and 18.2% magnetic Fe, cut-off grade 12.5% magnetic Fe. Low OPEX: Estimated OPEX of USD 35.6/t3 FOB Pointe Noire for blast furnace concentrate due to access to low-cost hydropower Strategic Tier 1 Asset: Iron ore asset with flexible development scenarios and the potential to ramp up production to over 100 Mta Mining Friendly Jurisdiction and Proximity to Infrastructure: Iron Bear located in Canada, less than 25km from an open access heavy haul railway with proximity to low cost to hydro-power High Quality Product: Production of high quality magnetite concentrate grading 71,3% Fe and 1.1% SiO2 in industrial pilot plant Fast Track Project Development: Underpinned by the supply of bulk samples of DR and BF concentrates to mill clients by Q2 2024 To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Samso Australia creates digital, organic and bespoke independent content for ASX companies in metals and mining, media and technology, healthcare, renewable energy, industrial and business services, financial services industries. Samso Creates Independent Content for Investors We create independent compelling stories and content, giving real insights from business leaders of ASX companies and private businesses that matter to you. For ASX Companies Samso is all about getting good stories out to the investing community. Our vision is to look for company stories that is unique in the market and is in need for a discussion. As retail investors, the Samso community seeks an understanding of why your company is an investment opportunity. Our investing community is also seeking to learn about the management team that is driving the companies they are looking as an investment. For Investors Samso is a renowned resource to learn about insights into the companies and business trends that matter. You get a good understanding of current industry knowledge and developments across a variety of business sectors by listening to industry leaders themselves. This is an opportunity for you to get engaged with the companies you are interested in. Check out latest stories Samso Insights Latest Samso stories and insights. Don't miss a beat. Remember to subscribe. Free Subscriptions Coffee With Samso Samso Insights Australia: A Critical Metals Mining Nation - A Tier 1 Heaven For the Future of Global Mining. AusGold Limited (ASX:AUC) - The Making of A New Boddington Gold Miner - The Katanning Gold Project. Coffee with Samso - Cyclone Metals Limited (ASX:CLE) - A Green Iron Ore Business - Magnetite is the New Sheriff in Town. Rumble Resources Limited (ASX: RTR) - Is this sleeper going to be a Hidden Gem? Coffee with Samso - LCL Resources Limited (ASX:LCL) - Undervalued ASX Explorer with a Golden Time in Papua New Guinea. Magnetite’s Rise: A New Era in Western Australia’s Iron Ore Industry 1 2 3 4 5 latest stories Free eBook Investing in the Future About Samso Australia Samso content creation services enable the investing communities to access a variety of business sectors to build valuable understandings with companies and their projects its series of compelling online interviews and insights. Check out interviews with these industry leaders. Industry 01 Metals & Mining Industry 02 Media & Technology Industry 03 Healthcare Industry 04 Renewable Energy Industry 05 Industrial & Business Services Industry 06 Financial Services 202 Coffee with Samso 119 Insights 100% Business Confidence Newsroom News Subscribe to Samso

Noel Ong is the founder of Samso and creator of the Coffee with Samso and Rooster Talk interviews, where he chats with business leaders to give insights into the Australian Stock Exchange (ASX) companies, related concepts and industry trends that are beneficial to investors. Samso helps investors seek investment decisions Samso tells compelling stories by engaging business leaders to reveal insights beneficial to you. Deliverables About Samso Brochure Testimonials Engaging Samso When Why Story Distribution Contact About Samso Samso is a renowned resource to learn about insights into the companies and business trends that matter. We have a track record of developing successful business concepts in the Australasia region, and provide bespoke research and counsel to businesses seeking to raise capital and procuring projects for ASX listings. About Noel Ong, CEO, Samso. Industry veteran Noel Ong is a geologist with over 30 years of industry experience and a strong background in capital markets, corporate finance and the mineral resource sector. Based in Perth, Western Australia, he was the founder and managing director of ASX publicly-listed company Siburan Resources Limited from 2009-2017 and has also been involved in several other ASX listings, providing advice, procuring projects and helping to raise capital. Noel is currently the founder adn executive director of Taiton Resources Limited (ASX: T88). He brings all this experience and expertise to the Samso interviews such as Coffee with Samso and Samso Insights, where his engaging conversation style with business figures gives revealing insights into Australian Stock Exchange (ASX) companies, related concepts and industry trends that can pique investor interest. Noel Ong travels across Australia to record the interviews, only requiring a casual environment where they can be set up. Enquiries about appearing on Coffee with Samso and Samso Insights can be made by contacting Noel Ong at www.samso.com.au All interviews (517) 517 posts No categories yet. Coffee with Samso (205) 205 posts No categories yet. Rooster Talk (72) 72 posts No categories yet. Insights (185) 185 posts No categories yet. Metals & Mining (366) 366 posts No categories yet. Media & Technology (21) 21 posts No categories yet. Healthcare (17) 17 posts No categories yet. Renewable Energy (19) 19 posts No categories yet. Industrial & Business (26) 26 posts No categories yet. Financial Services (13) 13 posts No categories yet. News (6) 6 posts No categories yet. ESG (21) 21 posts No categories yet. Investment Podcasts (27) 27 posts No categories yet. Client Testimonials (14) 14 posts No categories yet. Samso Exclusive (0) 0 posts No categories yet. Samso Insights on Patreon (22) 22 posts No categories yet. about The deliverables deliverables Samso brings to Clients a number of Content Channels that are all about telling compelling ASX stories. Clients' dialogues are delivered through these Samso channels. Coffee with Samso , our core product, is a compelling format of relaxed online video dialogue to allow thought leaders to share their company’s story and have an in-depth discussion on the company and their strategies. Samso Insights provide a clear and concise analysis on the commodities landscape and subsequent market movements and trends that can impact ASX-listed companies. Content Distribution. Collaborative partnerships are important at Samso to widen clients’ business presence and deepen brand value. Samso’s interviews are posted on their website, podcast and YouTube channels and via other relevant online environments where they can be shared among investment communities. These client ASX stories are further distributed via Samso's partners Proactive Investors and Brilliant-Online bringing in a new point of interest to the subscribers of other channels. All these amplifications and engagements are made possible through Modern Marketing assisted by Vermilion Pinstripes . How we share your story Contact Download our brochure brochure - Thomas Line, Former CEO, Taruga Minerals Limited “ I was actually charmed by the interview and question style of Samso. Call it unorthodox or unique, for me the value is in how it helps to speak to a target audience who are not geologists and may not have this technical background. The relaxed style of the interview makes the information a lot more digestible and clear so there is that opportunity there to focus on educating investors. The one-stop-shop profile created for investors by Samso offers really good value, not just to the investors but also to companies. They have a very effective marketing package. When our interview was freshly out, it hit 2.2k views .” testimonials

Samso Insights is your Gateway to Unparalleled Business Intelligence! Samso Insights is your backstage pass to a comprehensive understanding of cutting-edge industry knowledge and advancements across diverse business sectors. 🌟 As a privileged member of Samso Insights, you can embark on a thrilling journey where the heartbeat of the business world resonates with unparalleled intensity! Samso Insights What Investors Should Know Your Gateway to Unparalleled Business Intelligence Samso Insights caters to a variety of investors who are seeking clear and impactful insights from thought leaders across various industries to boost their research. The investment world has changed greatly, and investors need a trustworthy platform to access the latest and most reliable information from experienced sources, with independent content that is completely unbiased. Support Samso Australia: A Critical Metals Mining Nation - A Tier 1 Heaven For the Future of Global Mining. The pivotal role of critical minerals in the ongoing global transition toward clean energy and advanced technologies. 17 hours ago AusGold Limited (ASX:AUC) - The Making of A New Boddington Gold Miner - The Katanning Gold Project. The Ausgold Katanning Gold Project is looking like the next gold mine. All it needs to dnow is tick boxes and the rising gold price awaits. 5 days ago Rumble Resources Limited (ASX: RTR) - Is this sleeper going to be a Hidden Gem? Could Rumble Resources Limited (ASX:RTR) be the next gold miner in the ASX. New strategy and New Partner to develop Western Queen Gold Mine Mar 23 Magnetite’s Rise: A New Era in Western Australia’s Iron Ore Industry With major billionaires like Andrew Forrest and Gina Rinehart investing heavily in magnetite projects, Magnetite is now the new Iron Ore. Mar 14 Cyclone Metals Limited (ASX: CLE)—Magnetite is the Age of Green Iron. Declaration: I am a shareholder of Cyclone Metals Limited, and this review has not been endorsed by the company, nor has it been... Mar 9 2025 - The Year of The Golden Snake - Has The Market Catalyst Surge Its Head? As we roll into 2025, the signs are starting to show what is in store for the ASX mineral exploration sector. Gold is the standout but what Feb 23 Finally Gold Is King Again: The Tolukuma Gold Mine - Tolu Minerals Limited (ASX: TOK) Gold is back, and the gold miners are making money. Could Tolu Minerals Limited (ASX: TOK) be the next to enter the money-printing business? Feb 3 Exploring the Potential of High Purity Alumina: A Review of Alpha HPA Limited (ASX: A4N) Looking to get an exposure to the HPA business on the ASX - Alpha HPA Limited Jan 27 An ASX Exotic Story for 2025 - ZeoTech Limited - A Resource Technology Pathway. As we move into 2025, investors are most likely looking for a fresh start with some new stories and ideas of where they can invest or... Jan 14 Miramar Resources Limited (ASX: M2R) - Cheapest Mineral Explorer on the ASX in 2025? A Multi-bagger waiting to be discovered? Is Miramar Resources a Cheap Investment? A multi Bagger Investment in the making? Dec 16, 2024 OD6 Metals Limited - Rare Earths or Copper? REE company in ASX is making an image change to give shareholders value with a move into potential copper production in NSW. Nov 27, 2024 QMines Limited (ASX: QML) - A Boutique Copper Producer Samso Insight Episode 119 is with Andrew Sparke, Executive Chair of QMines Limited (ASX: QML) on being a copper producer. Oct 16, 2024 Siguiri Gold Corp Launches A$10 million IPO to Advance Guinean Assets Siguiri Gold Corp, an African-focused gold explorer, is preparing for an ASX listing after launching an IPO. Sign up on Patreon. Jul 31, 2024 Navigating Australia’s Silica Space As Solar Energy Hits Spotlight Silica, primarily in the form of silicon dioxide (SiO₂), is emerging as a critical mineral, underscored by its pivotal role in various... Jul 30, 2024 Alcoa Corporation Joins ASX Ahead of Alumina Acquisition American mining giant Alcoa Corporation (ASX:AAI) has made its debut on the Australian Securities Exchange (ASX) through a dual listing... Jul 29, 2024 1 2 3 4 5 "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 . Be a Samso Member All investors can subscribe to a free version of our Samso Insights. For the bold and dedicated investor, give your investment journey a competitive advantage with a monthly subscription that takes you further by providing timely information and updates from important companies that are making a difference. You can also opt to access only select articles based on your unique investment needs. Get Free Alerts To Samso Insights Support Samso What do you get as a Samso Member? Samso Insights is your backstage pass to a comprehensive understanding of cutting-edge industry knowledge and advancements across diverse business sectors. As a privileged member of Samso Insights, you can embark on a thrilling journey where the heartbeat of the business world resonates with unparalleled intensity! Dive into a world of exclusive access, where the pulse of timely information and updates throbs at your fingertips. Gain an electrifying competitive advantage for your investments with insights that transcend the ordinary. Immerse yourself in the wisdom of esteemed CEOs and influential thought leaders who shape the very fabric of industries. They're not just sharing insights; they're unveiling the secrets to success, unraveling the mysteries of commodities, and predicting market trends that can redefine your financial destiny! This is not just another investment information platform; it's a high-octane community meticulously crafted for the trailblazers, the visionaries, and the dedicated investors hungry for more. Seize the opportunity to actively engage with the powerhouses poised to make a seismic impact. It's not just an information resource; it's a front-row seat to the future, where you can learn alongside the key companies destined for greatness. Don't miss the chance to turn insights into action, trends into triumphs, and curiosity into cash flow! 🚀 Join Samso Insights today – because success favours the bold, and the boldest investors choose Samso. 💼💰 Sign up as a Member now