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Miramar Resources Limited (ASX: M2R) may be one of the few true mineral exploration companies on the Australian Stock Exchange (ASX). When you digest the content of this sector, there are few companies that were created for discovery. However, there is a big divide in terms of how you make money "investing" into these companies. As we approach 2025, is art of making money in mineral exploration a deep mystery, and backing the right horse is more about knowing the owners, trainers, and jockeys than understanding the horse or the track. I have looked at Miramar since February 2021 when we first made the first Coffee with Samso . It was a prized discussion for me as Allan Kelly was the man who discovered the Andy Well Gold Mine. The vehicle Allan used for the discovery was Doray Minerals Limited, which was eventually taken over by Silver Lake Resources Limited (ASX: SLR) . The fortunes of Miramar has taken a tumble since that first Coffee with Samso. The market capitalisation of Miramar is now sitting at AUD1.75M (as of 13th December 2024). It is a far cry from its listing valuation of AUD 14M when they first came on the ASX scene. The original investors and those that have come along the ride during the period will be questioning their wisdom at this stage. The Miramar story has been one of my favourites to cover over the five years of creating the Samso platform. Those who have watched the Coffee with Samso series would have seen the great interaction between Allan Kelly, the company's Executive Chair and myself. As we are both from the exploration side of our geological journey, it was very easy to have a great conversation about the ins and outs of all the projects in Miramar. What has been the biggest change is the company's changing fortune over the last two years. Miramar has not been singled out, as the last two years have not spared the majority of the small-cap ASX companies. The bottom has fallen out of Miramar. It now trades at AUD $0.005, a true penny stock (see below).a genuine Miramar Resources Limited share price as of 13th December 2024. (Source: Commsec) Allan Kelly is still the man in charge, but the lack of success and wealth destruction of participants in this sector of the ASX over the last two years have meant that there is next to no strength in any bulls that may be in the stock. This is definitely not good for the souls of management and the supporters, but that is what this side of the ASX is all about and has been the case since I entered the industry in 1992. To understand my thoughts, lets first look at what business are we in..... 1.0 The ASX Small-Cap Mineral Exploration Conundrum? 2.0 Early Thoughts 3.0 How It All Started? 4.0 Management 5.0 The Projects 5.1 Gidji JV - Eastern Goldfields Projects - Western Australia 5.2 Glandore - Can It Make The Grade? 5.3 LangWell 5.4 Whaleshark - The Potential Real Gem for Miramar 5.5 Bangamall - A Dark Horse within the Miramar Stable. 6.0 Conclusion - The Samso Blueprint for the Miramar Story 7.0 What Does It Mean for Investors? 8.0 Samso Concluding Thoughts 1.0 The ASX Small-Cap Mineral Exploration Conundrum? The whole small-cap mineral exploration ASX sector is commonly described as a casino where investors accept the high risk and the incredibly unpredictable nature of the investment. As a long term partitioner and participant in this sector of the ASX, I resonate with that description because most people who invest in these companies don't care about the inner technical parts of the story. They are merely keen on how credible the story is and how it will excite the market, leading to a surging share price. This kind of thinking is not wrong, as it has made many people a lot of money, and personally, in the early part of my "investing" episodes, I have also made a few good bets. For the readers who are golfers, this is that feeling of having a really bad 17 holes and that last perfect drive off the last tee makes you come back with gusto to do it all over again. However, as we mature in the "wisdom of life," my views have changed after making many short-term investments that have become long-term holding investments, for which I am sure there will be many people who share this view. Hence,  the issue with this investment strategy is that we are not always part of the inner group that control the ins and outs of the company, either on the technical or the corporate side which I call the "Purple Circle". The filtering or the unravelling of the story often leads to us, the retail part of the game, holding the baby when the "Purple Circle" have already excited. Over the years of learning on the job, my thinking has changed. Now, I like to think that the way to measure our interest in putting our hard earned money into a company must have some resemblance of "truth" or "high probability" that the project has some form of upside. I would also like to think that the guy looking after the operations knows what he or she is doing and is putting his hand on his heart in being sincere with his messaging. As we all know, this is also not a guaranteed winning method of investing, but for me, it allows me to have some tangible way to measure my entry and exits from the stock. A company like Miramar gives me the "feeling" that there is a genuine attempt to make an economic discovery, and when I speak to Allan Kelly, there is sincerity in his message. Don't get me wrong, I understand very well that Allan's best intentions are mutually exclusive to his ability to create reality. 2.0 Early Thoughts Is Miramar Resources a good company with upside for discovery, absolutely. The company has good management and the projects are all prospective, from an exploration point of view. Allan is the driving forces of the exploration and he has a team of very competent people. The journey of discovery has always been challenging which is always at a conflict with the general shareholders and the brokering fraternity. When an exploration geologist look at the task at hand, which is to make a discovery, they are never under any misunderstanding that the prize of discovery is always measured in anything other than years. This concept of measuring discovery in years is the major hurdle in maintaining a constant market capitalisation for companies such as Miramar. Exploration companies are a form of what I call a Spending Company with no income stream. Hence there is a continuing need to raise funds which inevitably falls into a cat and mouse game for brokers in the form of the source of funding and the entry price. The price of the company share price is always at the mercy of this game and those that take the blame are the likes of Allan. Over the journey that Samso has been covering Miramar, I think the level of difficulty for the company to make a discovery has gone up a few levels. The company has now shifted focus from the Kalgoorlie Goldfields to the Gascoyne as it starts exploration activities in the Bangamall and Whaleback project regions. Lets have a look at the company and get some context into the discussion to come with this compilation of details. Lets work through the projects that the company started with and understand the journey till now. Please be aware that the compilation of information is at the best I could do and its more to do with the setting of context of the discussion than the details. 3.0 How It All Started? Miramar Resources Limited (Miramar) was admitted into the ASX on the 21st October 2020. There was 42,227,520 fully paid ordinary shares quoted on the first day of trading and the lead Manager was Shaw and Partners . Table 1 below are some details of the restricted securities at the time of listing. These can can viewed as the incentive milestones for the receiving participants in the company. It is a good guide for the level of "eagerness" to make discoveries and hence create an uplift in the share price. On the downside, it is also a guide on the timing when a load of shares may come onto the register and potentially deflate the price at that time or slow down the rising share price. Table 1: Restricted Securities [ Annoucnement 21st October 2020 ] No. of Shares Details Escrowed Period Details 4,987,500 Fully Paid Ordinary Shares 26 June 2021 ​ 6,495,080 Fully Paid Ordinary Shares 22 October 2022 ​ 1,350,000 Fully Paid Ordinary Shares 22 October 2021 ​ 3,000,000 20c Options 22 October 2022 On or Before 26th June 2025 6,650,000 20c Options 26 June 2021 On or Before 12 months after listing. 1,560,000 20c Options 22 October 2022 On or Before 24 months after listing. 6,000,000 25c Options 22 October 2022 On or Before 24 months after listing. For those who are interested in the Top 20 List at the time of the admission, check this link: [ Top 20 List - 21st October 2020 ]. 4.0 Management When you are looking over the credentials of a typical mineral exploration company, you like to see the credentials listed within the Miramar corporate snapshot. Leading the list is Allan Kelly with over 25 years of experience in the industry with credentials and he was the Founding Managing Director of Doray Minerals. Doray made the discovery of the Andy Well Gold Mine about 45km north of Meekatharra. Figure 1: Miramar Resources Limited - Corporate Snapshot - 21 October 2021. (Source: Market Index ) The presence of Marion Bush on the list makes two geologists on the Board which is a rare sight these days. The concept of a mineral exploration company without a strong technical presence appears to be common these days. As I mentioned earlier, the art of managing an exploration company on the ASX is more than having geologists on the Board. There is a lot of merit in having an experienced ASX small-cap practitioner on the Board leading the story. There are many names in the industry that are non-geologists, who have made many investors wealthy. My point is that in the case of Miramar, the leadership with geological skills is a positive. Another feature of management is that Allan has a strong presence on the share register which aligns people with the direction of the company. The mutual interest in making the share price and the market capitalisation of the company to go upwards is a good thing. 5.0 The Projects One of the biggest dilemma in a small cap mineral explorer is how many projects is too many or too little. As an exploration geologist myself, I feel that companies like to have the spread of projects to re-risk. In the case of Miramar, the spread of projects does look at stretching the budget but as it has turned out, the shifting of focus to the Gascoyne may have its benefits. From the recent announcements and the latest presentation, you are in no doubt that there is a shift in the direction of the company. Miramar is now all about the Capricorn Orogen Projects, Whaleshark and Bangemall (See Figure 2). Interestingly, these two projects were what got me interested in Miramar. Contrary to the trends in the small cap mineral explorer sector, the companies that make the impact are those that make discoveries of size. There are too many companies making discoveries that are not scalable. Investors need to back companies that are chasing Elephants and the downside to that is the Risk-Reward of these kind of projects. Jon Hronsky recently spoke on an episode of Coffee with Samso in 2021(see link below) about the need to examine the Risk-Reward position of investors who back well-balanced grassroots portfolios and brownfield projects. The Risk-Reward Myth of Mineral Exploration: Jon Hronsky Jon recently repeated this thought on an episode of Money of Mine , where he talks about how, when you look at the real picture, the actual risk is lower for a grassroots story than that of a brownfield concept. This has to be taken in context of his discussion, but many punters forget this or, in many cases, they don't care because their investment concept is based on following the money :-). My initial thought on Miramar was that the Gidji JV was a hidden gem because it was a good-sized portfolio right in the Kalgoorlie goldfields. To have that kind of size in that region was a big surprise for me. The surprise I had during the episode of Coffee with Samso was a legitimate realisation of why Miramar was so actively working on that project. Figure 2: Miramar Resources Limited - New Strategy - 21 June 2021, Gold Coast Investmentstory. Showcase. (Source: Market Index ) Lets have a quick reminder of the projects to get some context and background of the company. 5.1 Gidji JV - Eastern Goldfields Projects - Western Australia (See Table 2 for a list of related announcements) The Gidji JV Project is located within the Eastern Goldfields approximately 15km north of Kalgoorlie. The Project has 15km of strike along a major structure, the Boorara Shear Zone, and is underexplored despite proximity to numerous gold operations. The Gidji JV (Figure 3) is one of the few projects that a 100,000 to 300,000 ounces discovery would be sufficient to monetise. The Miramar's approach to exploration is all about the commercial viability of the potential exploration discovery. Hence, the concept is that is always about the discovery of an economic discovery. Figure 3: Miramar Resources Limited - Gidji JV Project . The figure highlight the prospectivity of the neighbouring mining centres. (Source: Miramar Annoucnement - 10th August 2022 ) When I first looked at the Gidji project, I thought it was a small tenement and I was puzzled why was the company focusing on the Gidji JV. I did not realise that it had a 15km segment of a major shear sone, the Boorara Shear Zone. The fact that this is a piece of land in a very rich mineral province makes this a project. Figure 4: A drilling history of the Gidji JV showing the different prospects within the project. (Source: Miramar RIU Explorers Conference - February 2023). This kind of property do not come on the market often. The fact that Miramar has its hands on the tenements is a major win. Figure 4 highlights the prospective ground with the drilling history. If you look at Figure 4 closely, you will see that Miramar has done a lot of work. If anyone has watched the Coffee with Samso with Allan Kelly you would have felt his excitement and optimism for the project. Mineral Exploration is in my blood and I resonate with everything Allan has said. I also understand that frustration when the results are not helping you sell the merits of the project. We will discuss the merits of the Marylebone Exploration Target in the deeper part of this discussion. Table 2: Announcements Related to Gidji JV Project. ANNOUNCEMENTS DATE ​Large Marylebone Exploration Target Highlights Significant Gold Potential at Gidji JV. ​2nd February 2023 ​PGE Results Highlight Gidji JV Nickel Potential ​5th December 2022 ​Significant Gold Results from "Highway" Target. ​10th August 2022 ​Further High-Grade Gold Results from Gidji JV. 1st August 2022​ Multiple High-Grade Gold Results from Gidji JV. 30th June 2022 Gidji JV Project - Exploration Update 29th June 2022 Gidji JV - Exploration Update. 26th May 2022 Miramar to Accelerate Gidji JV Drilling Programmes Following $2.4M Raising. 3rd May 2022 Potential for Multiple Large Deposits at Gidji JV. 13 April 2022 Multiple High-Grade Gold Results From Gidji JV 8th April 2022 Nickel Sulphide Targets Identified at Gidji JV 10th March 2022 Gidji JV Project - Exploration Update 4th March 2022 New Target at Gidji JV Increases Camp-Scale Potential 10th January 2022 Gidji drilling results indicate potential new gold camp 10th January 2022 Gidji JV Exploration Update 22nd December 2022 Significant Gold Results from Gidji JV Drilling 7th October 2022 Multiple High-Grade Gold Results from Marylebone 23rd September 2021 Gidji JV Tenements Granted 13th September 2021 Aircore Drilling Grows Marylebone 2nd August 2021 New Aircore Results Upgrade Gidji Targets 29th June 2021 RC and Aircore Drilling Underway At Gidji JV 3rd June 2021 Aircore Drilling Extends and Upgrades Marylebone 11th may 2021 Gidji JV Project Exploration Update 6th May 2021 Gidji Diamond Drilling - Additional Information 15th April 2021 Gidji Drilling Extends Runway and Hits Visible Gold 12th April 2021 Drilling Underway at Gidji 16th March 2021 High-grade gold at Gidji upgrades targets . 11th February 2021 Gidji drilling intersects visible gold and outlines multiple 1st February 2021 Drilling Underway at Gidji 1st December 2020 Coffee with Samso and Rooster Talk Chapters: Discovery of the Primary source at Gidji : Miramar Resources Ltd (ASX: M2R) - Rooster Talk 63 - Published The Gidji Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 27th May 2022 A New Gold Camp in the Kalgoorlie Goldfields - Gidji Gold Project - Miramar Resources Ltd (ASX: M2R) - Published 20th February 2022 Mineral Exploration Success - Discovery at Marylebone - Miramar Resources Limited - Episode 118 - Published 1st November 2021 5.1.1 Nickel Potential at the Gidji JV. On the 19th January 2023 , Miramar announced significant PGE results at the Gidji JV promoting the nickel sulphide potential of the project. Now this is not a surprise as the Norseman-Wiluna Greenstone Belt is one of the richest mineral province in the world. It is home to several large nickel deposits. The immediate Kalgoorlie region is also a host to several nickel Sulphide and lateritic nickel deposits (Figure 4). Figure 4: Gidji JV showing nearby nickel occurrences. (Source: Miramar Resources Limited, Annoucnement 19th January 2023 ) The lack of historical results for nickel in the Gidji JV is probably the main hurdle in promoting the nickel sulphide area. Good results (Figure 5) are present for the company but with the lack of interest in nickel in Australia will make this concept not worth mentioning. Figure 5: A plan showing aircore holes from the Gidji JV showing maximum nickel in hole over UAV magnetics. 5.1.2 Marylebone Exploration Target - Potentially a Red Herring to Pursue Gidji JV. On the 2nd February, Miramar released an Exploration Target for the Marylebone prospect within the Gidji JV indicating an initial shallow gold target of 1.3 to 3.1 million tonnes, at a grade of 1.2 1.5g.t Au (Figure 6). Figure 6: Drill plan of the Gidji JV project outlining the Exploration Target. (Source: Annoucnement 2nd February 2023 ) As the exploration rolled on in Gidji, it became apparent that the Marylebone prospect was going to become the highlight with consistent drilling results. One of the issue with Gidji is the lack of a solid intersection that could bring substance to the smoke. There just needs to be more work required. I understand that the Exploration Target at Marylebone is justified and has some merits. However, without the obvious smoking gun, I would caution spending more money here. The lack of funding and the lack of love for a gold story makes this path dangerous. It appears that management may have already moved on which is probably a good move. 5.1.3 The Gidji JV Quandary. When exploration was happening in a big way at Gidji, I was really optimistic for a discovery. The theories were good and optimistic. However, missing smoking gun put an end to the hopes for Miramar. The results that kept coming out was typical of projects that had been worked but lacked substance. The Eastern Goldfields are littered with these projects. As usual, I still had optimism because I have seen so many projects that was showing all the signs of no discovery but suddenly, the persistence lead the team to a discovery. The Gidji JV optimism was all about being surrounded by over 20 million ounces of gold production with a radius of less than 30 km (Figure 3). Allan Kelly says "it is the cheapest house on the on the best street". The optimism is on song and has merits. The Kalgoorlie gold system is a proven system so the promise of Gidji having the potential to accumulate a reasonable resource either from supergene enrichment, alluvial or otherwise is not incorrect. There is no doubt that the upside for Gidji lie in its location. As I mentioned earlier, if Miramar could find a minimum of 100,000 ounces, it would be easy to monetise in that region. The potential to find something in the 1M ounce range looks good too. As Miramar accumulated data (Figure 6), there is clear evidence of some form of gold mineralisation occurring. Figure 6: Miramar Resources Limited - Gidji JV highlighting significant results from the new “Highway” target. . (Source: Miramar Annoucnement - 10th August 2022 ) The last annoucnement that mentioned Gidji was way back on the 10th August 2022 and they released the results below: GJAC717 – 5m @ 0.87g/t Au from 48m, including 1m @ 1.87g/t Au GJAC718 – 1m @ 2.9g/t Au from 52m GJAC721 – 4m @ 2.95g/t Au from 48m, including 3m @ 3.78g/t Au GJAC725 – 8m @ 0.77g/t Au from 48m, 4m @ 1.13g/t Au GJAC727 – 1m @ 2.53g/t Au from 51m The issue for management and major shareholders is that one can take only that much teasing. You can see in Figure 6 that there are a few purple results (high grade) and you have to wonder what do we do there ? They are still not data points that are leading to an economic discovery. In geology, we always say that there are three factors that make a potential discovery. The first is the Source , the second is a need for a Pathway and the third is the need for a Trap . At the moment, Miramar is missing all three here in Gidji. 5.1.4 Current Status of the GidJi JV As it turned out, at the moment, Lady Luck was not at Gidji and the discovery remains elusive. Currently, it appears that the market forces have influenced the move away from Gidji to the Gascoyne projects. I dont see this as a bad move, nor is it a consolidatory strategy. In fact, Allan himself mentioned this in the Coffee with Samso. Allan is realistic on what can be achieved. Allan is a believer of the the golden rule in this game, one must never fall in love with your project. 5.2 Glandore - Can It Make The Grade? (See Table 3 for a list of related announcements) The Glandore project to me was an odd project. It was one that had some prospect but I could not see the real potential. Sometimes, potentials in the game of mineral exploration do not come in a standard form. This area of the Kalgoorlie Goldfields has had a lot of attention. One of the frustrating part of the region is gold is everywhere. Figure 5: Miramar Resources Limited - Glandore Gold Project. (Source: Miramar Annoucnement - 4th October 2022 ) Once you have worked in this part of the region for long enough, you will understand that this region has been uncovering gold for a long long time. You become complacent to the hidden giants. Hence, the exploration geologist in me will acknowledge that there is something at Glandore that could become an economic discovery. The first indication of potential mineralisation was released on the 12th September 2022, and is listed below and the cross-section of the drilling can be seen in Figure 6. According to the release, GDDD001 was subsequently terminated at 78.66m after testing the interpreted position of the two high grade veins seen in the historic drilling. Significant results from GDDD001 are as follows: 2.0m @ 2.45g/t Au from 32m, (includes 0.46m interval of lost core) 1.3m @ 3.34g/t Au from 47m (followed by 0.3m interval of lost core) 0.7m @ 13.85g/t Au from 65.98m (includes coarse visible gold) 0.8m @ 3.58g/t Au from 71.2m Glandore could be a Maxwell or Randalls (Figure 5) which are now being mined by Silver Lake Resources Limited (ASX: SLR) . The number of drill intercepts in the follow up announcements is a testament to the prospectivity of the project. Figure 6: Glandore East cross section 6590320mN showing drilling at that stage. (Source: Miramar Annoucnement - 12th September 2022 ) On the 4th October, Miramar released an annoucnement that "GDDD002 was drilled approximately 40m south of GDDD001 and intersected granodiorite, intruded by multiple felsic porphyry dikes and quartz veins (+/- sulphides) and coarse visible gold in a quartz vein at 152.5m, before being terminated at 169.06m." Figure 7: GDDD002 showing visible gold in quartz vein within altered granodiorite at 153.17m. Main cluster of gold is approximately 1mm across with several smaller grains on and beneath the surface of the core. (for scale, blue circle is approximately 7mm across). (Source: Miramar Annoucnement - 4th October 2022 ) Glandore, like most of the gold exploration projects all suffer from the lack of excitement in the market. Gold has been off the dancing table for a while now and this makes it hard to get market traction. Technically, I have learnt to like this project and at the same time, I understand the difficulty in promoting the upside. The last announcement to date on Glandore was on the 19th December 2022 which is still giving some indication that there is a mineral system yet to be uncovered (Figure 8). However, I have a feeling that the small intercepts at this stage may be encouraging hope but the reality is that the race to discovering a major project may be running out of funding. Figure 8: Glandore East showing diamond drilling and aircore gold footprint (red outline). (Source: Miramar Annoucnement - 19th December 2022 ) As I see the outcome of Glandore, the search for something that will mimic Majestic (Figure 9) is credible but it is not going to happen soon. The lack of resources to pursue this search will determine the fate of the project. As we have mentioned in the early parts of this discussion, this is one of the reasons there are so many projects which showed promise but are left languishing in the never never. Figure 9: The potential of the Glandore project. (Source M2R 19th December Annoucnement ) Table 3: Announcements Related to Glandore Project. ANNOUNCEMENTS DATE ​Gold Intersected in Deepest Glandore East Hole. ​8th December 2022 ​High-Grade Gold in Step-Out Hole at Glandore East ​1st December 2022 ​Glandore East Assays Confirm More High-Grade Gold. ​3rd November 2022 Visible Gold Intersected in Second Glandore East Diamond Hole- Amended ​4th October 2022 ​Visible gold Intersected in Second Glandore East Diamond Hole. 4th October 2022 ​Diamond Drilling Recommences at Glandore. ​19th September 2022 High-Grade and Visible Gold Intersected at Glandore. ​12th September 2022 ​Miramar Expands Glandore Project. ​30th May 2022 ​Glandore Results Upgrade Large Gold Footprint ​15 January 2022 ​Very Large Gold Footprint Outlined at Glandore. ​1st December 2021 ​High-Grade gold Results from Glandore Drilling. ​8th September 2021 Coffee with Samso and Rooster Talk Chapters: The Glandore Gold Project Story - A Discussion : Miramar Resources Ltd (ASX: M2R) - Rooster Talk - Published 22nd August 2022 The Glandore Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 3rd June 2022 5.3 LangWell (See Table 4 for a list of related announcements) The Lang Well Project (Figure 10) is located in the Murchison region of Western Australia, roughly halfway between the Deflector (Silver Lake Resources Limited) and Golden Grove (29 Metals Limited) mining operations. The Project consists of one granted and one pending Exploration Licence, covering 291 square km, and is considered prospective for gold and/or REE mineralisation. Table 4: Announcements Related to Lang Well Project. ANNOUNCEMENTS DATE ​Shallow REE Mineralisation Discovered at Lang Well Project. 27th February 2023 Lang Well REE Drilling Completed 8th February 2023 ​Drilling Underway at Lang Well REE Target 31st January 2023 ​Large REE Targets Identified at Lang Well Project 20th September 2022 ​Lang Well Project - Exploration Update 17th June 2022 ​Detailed Magnetic Survey Underway at lang Well Project. 21 April 2022 Multiple Pegmatites Identified at Lang Well Indicate Significant REE +/- Lithium Potential. ​5th April 2022 Coffee with Samso Chapter: The Lang Well Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 10th June 2022 Figure 10: The Lang Well project. (Source Miramar Resources Limited 31st January 2023 Annoucnement ) The results coming out from the drilling program towards the end of 2022 has pretty much sealed the fate of this project. I think the company has divested the project and life has moved on. 5.4 Whaleshark - The Potential Real Gem for Miramar (See Table 5 for a list of related announcements) The Whaleshark Project (“Whaleshark” or “the Project”) is located approximately 40km east of Onslow, in the Ashburton region of Western Australia. The geology is a large folded Proterozoic Banded Iron Formation and granite complex under approximately 100m of later Carnarvon Basin sediments. Miramar considers Whaleshark as an IOCG potential. Iron Oxide Copper Gold deposits are a highly prized discovery and are made famous by the likes of Olympic Dam, Prominent Hill, Carrapateena and Hillside in South Australia, and Ernest Henry and Mount Elliot in Queensland. BHP Billiton, the owner and operator of Olympic Dam, claims that the site is the world’s largest multi-mineral deposit, valued at around US$ 1,000 billion. The total resources exceed 9 billion tonnes of ore, containing an average grade of 0.8 % copper , 280 ppm uranium oxide, 0.76 g/t gold and 3.95 g/t silver. This massive ore body also holds the title of hosting the world’s largest known deposit of uranium. (Source: Geology for Investors ) Geology for Investors has a good description of IOCG style deposits - Click Here. Figure 11: The Whaleshark project. (Source: Miramar Resources Limited 7th November 2022 Annoucnement ) On the 7th November 2022 , Miramar announced that a recently completed aircore drilling program had confirmed the presence of copper mineralisation which indicated that there are some resemblances to the Earnest Henry IOCG deposit. The drilling program had outlined large copper and multielement anomalies suggestive of buried iron oxide copper gold (IOCG) mineralisation (Figure 12). Allan Kelly Comments: “The first pass aircore drilling at Whaleshark has successfully outlined large multi-element anomalies in several elements generally associated with IOCG mineralisation,” Mr. Kelly said. “The scale, magnitude, and suite of elements seen at Whaleshark is very similar to the large Ernest Henry IOCG deposit in Queensland, which is our target at Whaleshark. “We are therefore eager to get back to Whaleshark next year and refine targets for deeper RC and/or diamond drilling,” he said. Figure 12: Whaleshark aircore drilling showing maximum copper in hole over 2VD magnetic image. (Source: Miramar Resources Limited 7th November 2022 Annoucnement ) In the announcement released on 14 December 2022 , Miramar commented that the comparison of results from air-core drilling at Whaleshark with published results from research carried out at the Prominent Hill IOCG deposit in South Australia indicate the potential for the rare earth element (REE) anomalism seen at Whaleshark to be related to buried IOCG mineralisation. Table 5: Announcements Related to Whaleshark Project. ANNOUNCEMENTS DATE Copper Mineralisation Confirmed at Whaleshark 4th September 2023 ​Diamond Drilling Underway at Whaleshark 7th August 2023 ​Whaleshark Project 14th June 2022 ​Successful EIS Application for Whaleshark Diamond Drilling 21 April 2023 ​Significant Basement Copper and Cobalt Results Upgrade Whaleshark IOCG Potential 14th February 2023 Whaleshark REE Results Upgrade IOCG Potential 14th December 2022 ​Aircore Drilling Confirms IOCG Potential at Whaleshark. 7th November 2022 ​Drilling Underway at Whaleshark Copper-Gold Project ​19th August 2022 ​Large IOCG Targets Outlined at Whaleshark 13th December 2021 ​Whaleshark Soil Survey Outlines Numnerous Large Targets 3rd September 2021 ​Whaleshark Project Tenement Granted ​9th February 2021 The latest release on the 4th of September has given the project some evidence of finding the elusive copper mineralisation. Allan makes the comment that the drilling results confirmed the presence of bedrock sulphide mineralisation (Figure 13) at Whaleshark because this indicates that the MMI and air-core anomalies have a bedrock source. Figure 13: Chalcopyrite “seam” in shear zone within biotite granodiorite (WSDD002 – 231.6m). (Source: Miramar Resources Limited) Allan continues to say, " This is the most significant evidence of the potential for IOCG mineralisation at Whaleshark since the project was first highlighted by WMC Resources in the mid-1990’s”. Given the strong relationship between copper mineralisation and iron oxides in this style of deposit, our next step will be to drill test the other MMI, gravity and air-core anomalies associated with the Banded Iron Formation at each end of the NW-trending structure” Here are some Coffee with Samso and Rooster Talk conversations with Allan where he describes the ins and outs of the Whaleshark project. Coffee with Samso and Rooster Talk Chapters: IOCG - Miramar Resources Limited (ASX: M2R) | Coffee With Samso Ep. 164 - Published 16th December 2022 The Whaleshark Project Story - A Discussion : Miramar Resources Ltd (ASX: M2R) - Rooster Talk - Published 19th August 2022 Developing a Ni-Cu-PGE, Uranium and REE Story - The Whaleshark - Miramar Resources Ltd (ASX: M2R) - Published 21st February 2022 Whaleshark is a true mineral exploration project. It is born to be a conceptual play. The upside of discovery is the prize of an IOCG however, the level of difficulty level is many times more than a Gidji or a Glandore. The discovery is difficult and the verification and the resource-building exercise is just a difficult and will be measured in years. However, if the company succeeds in striking the core or can show evidence of a fertile and endowed system within the project with a large intercept (for example, something in the range of >100m with >0.5% Cu), then we will see great capital appreciation in the value of the company. Investors need to realise that any discovery, especially at this stage will require patience. It is important to remember that discoveries of any type will take many stages for confirmation. You don't hear of the stages of discoveries because in most cases, the market sentiment or the company's endurance changes focus and the project is left languishing. For these reasons, I do feel that chasing an IOCG style of mineralisation can be a double-edged sword. The prize is great but the journey is long and expensive. As a reminder of the probability of success, there are many companies chasing this dream in South Australia and there is still only one operating IOCG mine and two that are near production. Olympic Dam was discovered in 1975 and the first production was in 1988. If Miramar continues to gain market support, then Whaleshark may see the production table, if not, the initial drilling better be good. 5.5 Bangamall - A Dark Horse within the Miramar Stable. (See Table 6 for a list of related announcements) The Bangemall story is little known as exploration activities has just begun. It has taken the company a long time to get on the ground and of all the projects, I like this one the most. Table 6: Announcements Related to Bangemall Project. ANNOUNCEMENTS DATE Approvals Received for Mount Vernon Drilling 24th July 2023 High Priority Ni-Cu-PGE Targets Identified at Mount Vernon 25th May 2023 ​Multiple Large REE Targets Identified at Dooley Downs 17th January 2023 ​Large REE Targets Identified at Dooley Downs ​14th November 2022 ​Diamond Occurrence and Large Uranium anomalies identified within Bangemall Project. 3rd October 2022 ​New Ni-Cu-PGE Targets Identified at Bangemall 23rd June 2022 ​Multiple Large EM Anomalies Identified at Mt Vernon. 3rd February 2022 ​Em Survey Commenced Over Key Bangemall Ni-Cu-PGE Target. ​25th January 2022 ​Multiple EM Conductors Identified within Bangemall Ni-Cu-PGE Project Tenement Application. 1st September 2021 ​Bangemall Ni-Cu-PGE Project Tenement Granted. ​6th January 2021 Coffee with Samso and Rooster Talk Chapters: Bangemall – Other Commodities? - Miramar Resources Limited (ASX: M2R) - 14th December 2022 Bangemall – Is this a Misunderstood Mineral System? - Miramar Resources Limited (ASX: M2R) - Published 12th December 2022 Significance of Uranium-Thorium Anomalies - Miramar Resources Limited (ASX: M2R) - Published 9th December 2022 The Bangemall Ni-Cu-PGE / Carbonatite project - Miramar Resources Limited (ASX: M2R) - 7th December 2022 The Bangemall Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 - Published 17th June 2022 The Ingredients for a Ni-Cu-PGE discovery - The Bangemall Project - Miramar Resources Ltd (ASX: M2R) - Published 21st February 2022 6.0 Conclusion - The Samso Blueprint for the Miramar Story So what do I think about Miramar? From a project point of view, the path that is being taken is fated. What I mean is that the state of the market and the rate of success at Gidji JV has made the company take a natural path toward Whaleshark. Allan Kelly would be the first to agree. There was a lot of work that had gone into Gidji and the lack of success has taken its toll on the company. The state of the equity market has not helped the cause of the company. The rising monetary policies that we have seen in Australia and the rest of the world have pretty much-taken risk out of the funding equation. With the incoming of President Trump and the incoming tarrifs will make funding mineral exploration very difficult. The atypical risk-reqard issues is ahrd enough diuring the good times, but with the impending tarrif war, it may just be a bridge too far. Miramar has felt the decreasing support for mineral exploration plays on the ASX and this is what the small-cap industry is all about for investors. This sector is all about the roller-coaster ride of boom and bust. 7.0 What Does It Mean for Investors? Investors can take comfort that the projects were not "hot air". The exploration strategy, in my humble opinion, was not inconsistent with any other company. The market sentiment since the company was listed has been what I would call anomalous. What I mean is that the two years after COVID-19 have been extraordinary. In my 30+ years in this industry, the amount of money raised during that period was definitely not normal. The market sentiment in the last 24 months is typical of the boom-bust cycle in the small-cap minerals exploration business. There is nothing "different" about the market. The recent announcements are clearly now chasing the Gascoyne projects but the dwinbdling market interest is not a good thing for Miramar. There is no going back to Gidji JV and Glandore, in my opinion. I really cannot see any value, for the moment, in going back there as another "failed" program in those projects will definitely put them to bed permanently. Unless there is surplus funding that cannot to allocated to Whaleshark or Bangamall, there will be no further work on those projects. In this business, there is always the acquisition factor which is always being considered by management. I am sure that the Miramar management is evaluating other prospects constantly and if there is something that appears to be value-adding to the Miramar story, that will be considered. 8.0 Samso Concluding Thoughts Miramar is in a state of flux in that it is now trying to make good of what is left in the portfolio. The search for an IOCG discovery is going to be hard and it will be costly. The latest announcement that talked about bedrock copper mineralisation is a small glimpse of the potential. What that new information also reveals is that there is a lot of work ahead. Allan Kelly is an experienced operator and I am sure that there may be other irons in the fire as we conclude this discussion. As for now, my thoughts are that the remaining projects that Miramar is working on look promising but how far the company goes with the projects will be determined by a combination of drilling success, funding appetite, equity market status, and the resolve of directors to remain active in finding other potential new projects. With such a low market capitalisation, the corporate vultures will be out there and I am sure the conversations are already happening. Investors may want to look at taking positions for a corporate play rather than a technical benefits. This is very typical of the lifespan of companies such as Miramar. The recent mergers and acquisitions in the sector is very typical of the changing cycle of boom and bust. It is a repeating historical cycle and it is easy to google lots of content out there that will show we are at the eve of the next bull run. Will this mean that Miramar will be a target for a redirection for new investors, will this mean that new life is required for the current investors to recoup their previous investments, this is something that will pan out over the coming months. Historical events may also show that a discovery from existing project will propel the fortunes and this is why serious and experienced investors in the sector call this the only game in town and the Casino is always full of surprises. Further references Coffee with Samso Miramar Resources Limited (ASX: M2R) - Surprises in the Bangemall: Carbonatites and IOCG - Episode 164 Project Updates at Miramar Resources Limited (ASX: M2R) - Episode 145 Mineral Exploration Success - Discovery at Marylebone - Miramar Resources Limited - Episode 118 Mineral Exploration - Creating Value Organically - Miramar Resources Limited (ASX: M2R) - Episode 68 Rooster Talk Miramar Resources Ltd (ASX: M2R) Exploration Update: Gidji - Glandore - Whaleshark - Rooster Talk 63 Discovery at Gidji, Bangemall and Whaleshark - Miramar Resources Limited (ASX: M2R) - Episode 52 About Allan Kelly Executive Chairman Mr. Kelly is a geologist and manager with over 25 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr. Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr. Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr. Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr. Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr. Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr. Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the Institute of Brewing and Distilling (IBD). About Miramar Resources Limited (ASX:M2R) Miramar Resources Limited is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields , the Murchison and Gascoyne regions. The portfolio of exploration projects has high potential for new gold discoveries within trucking distance of existing operations and for the discovery of nickel-copper-platinum group element (PGE) mineralisation. Miramar aims to create shareholder value through discovery and the Board has a proven track record of successful discovery, development and production. Latest ASX Announcements Miramar Resources' exploration projects 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 on noel.ong@samso.com.au . About Samso

The OD6 Metals Limited (ASX: OD6) story was all about the Rare Earth sector , and now we are looking at the Gulf Creek Copper project. Is this OD6 Metals's view of its future? The market's current trend is away from the Rare Earth sector. Prices are down, and the sentiment to break the Chinese stranglehold on the market seems to be losing popularity and perseverance. In our latest Samso Insight, we look at the OD6 story and what shareholders and investors need to look for in the shaky ground of investing in companies like OD6. As always, there is nothing certain in the space of investments. Just like marriage, one has to take the plunge, manage the journey, and hope the ducks line up. Check out the full article that is exclusive to our Patreon members. Three types of membership on Samso Insights Choose one or more: FREE : These insights  are free and available to all investors. Subscribe here  for free. PAID MEMBERSHIP : If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research . PAID ARTICLES : Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. 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.   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 Insight Episode 118 is with Justin Virgin, Executive Director of Terrain Minerals Limited (ASX: TMX) . Commodity pricing has a history for being volatile and it is especially susceptible to sovereign risks. The ups and downs of the mineral resources sector on the ASX is a direct reflection of the volatile commodity chart. Pricing of commodities are constantly evolving and retreating which makes the fortunes of ASX companies in this sector exciting and depressing, depending on which the investor's circumstances. In this episode of Samso Insights, we look at Terrain Minerals Limited (ASX: TMX). We speak with Justin Virgin who is the Executive Director of the company. I came across Terrain Minerals at the 2024 RIU Conference in Sydney. What looked like a non-descript booth became an interesting proposition when we Justin explained to me the different views on their projects. Terrain Minerals main story is the potential for a Gallium player who has been flying under the radar. The Gallium sector is small but lucrative. Figure 1 below highlight the bullish nature of the pricing and it is forecast to continue on that trend in years to come. Figure 1: Gallium price chart. (Source: https://strategicmetalsinvest.com/gallium-prices/ ) From an exploration point of view, the projects that Terrain have a grassroots and there is no hiding form the fact that there is a lot of work to do and there are also a lot of room for error. Investors who look at Terrain from rom a valuation point of view and measuring risk as from that angle will like the market capitalisation of the company. Check out the Samso Insight conversation with Justin and make your own decision. Samso's Conclusion Terrain Minerals is one of those companies that you literally take a "punt". Personally, I like the Gallium but I don't know what is good and what is bad in terms of numbers. At the time of writing this blog, the company has released the results from their latest drilling. The numbers for the REE look ok but not mind blowing but I do not know how to comment on the Gallium numbers. This would be a great opportunity for readers to give Justin a call and get it from the man himself. Chapters: 00:00 Start 00:20 Introduction 00:50 Justin introduce Terrain 02:38 The Gallium Story 03:58 What Kind of results are expected? 05:10 Is Saltbush the main project? 06:48 The Terrain Minerals Projects 09:14 Why Terrain Minerals? 10:30 Conclusion PODCAST About Andrew Sparke Executive Chair Mr Sparke has over 15 years’ experience that includes IPO’s, private placements, secondary market transactions and listed company compliance. Mr Sparke has served as director of a number of ASX listed resources companies including Alt Resources Ltd (ASX:ARS) and Torian Resources Ltd (ASX:TNR). Mr Sparke is the founder of Olive Capital, an Australian boutique investment house that has advised numerous ASX listed companies on capital raising and corporate transactions. About QMines Limited (ASX: QML) QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. The Company owns rights to 100% of The Mt Chalmers (Cu-Au) and Develin Creek (Cu-Zn) deposits. The Company's Mt Chalmers and Develin Creek projects are located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers and Develin Creek projects now have a Measured, Indicated and Inferred Resource (JORC 2012) of 15.1Mt @ 1.3% CuEq for 195,800t CuEq.1, 2 QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

By Ephrems Joseph After raking in some serious gains during its ASX debut in early January, Kali Metals  has delivered some strong news flow across its lithium tenements in Western Australia and the Lachlan Fold Belt in NSW and Victoria – despite the market’s sombre sentiment towards spodumene.  After the initial fanfare during which the lithium explorer clocked up to A$0.89 – a 250% jump from its IPO which was priced at A$0.25, the stock has been trading steadily in the A$0.39 - A$0.47 range since February, backed by some positive news flow on the ground (Figure 1).  Supported by bigwigs such as MinRes, Wabelo and Warburton, the company claims that its portfolio of assets represents one of the largest and most prospective exploration packages across Australia.  Figure 1:  The share price chart for Kali Metals Limited (ASX: KM1) .   (Source: Share price chart ) What is happening on the ground?  Soon after the listing, the company identified lithium-bearing pegmatites across multiple locations within its Higginsville District tenement holding in Western Australia, with initial rock chip samples returning assays up to 3.69% Li20 at Spargoville (Figure 2), one of eight projects within the portfolio.  Subsequently, Kali resumed its large-scale soil sampling program at the Higginsville Lithium District, with its first lithium-focused drilling program at the Spargoville Project.  Furthermore, the company delivered more high-grade lithium in soil and rock chip sampling at Spargoville and Widgiemooltha projects – with assays at Spargoville returning results up to 5.05% Li20. (Figure 2) Figure 2: The reported rock chip results at the Spargoville and Widgiemooltha projects.  (Source: Spargoville and Widgiemooltha assays ) Most recently, Kali gained new ground with the acquisition of a 226-square-kilometre strategic landholding with tin-tungsten and lithium-caesium-tantalum rights to the Jingellic Lithium Project in the Lachlan Ford Belt (Figure 3). The new tenement rights “fill the geologic gap” in Kali’s Jingellic Lithium Project and allow for continuous exploration across the Lachlan Fold Belt Project. Figure 3:  Kali Metal’s Lachlan Fold Belt projects. (Source: Lachlan Fold Belt Tenement Map showing newly acquired tenement location ) Background Kali Metals is a spinout of Kalamazoo's Australian lithium assets. The company’s 3,854 square kilometre portfolio of assets comprises (Figure 4): Pilbara Region, WA:  The DOM’s Hill, Marble Bar, and Pear Creek Lithium Projects including title and all exploration rights. Eastern Yilgarn Region, WA:  Lithium rights across the entire Higginsville Lithium Project NSW  / Victoria:  The Jingellic and Tallangatta Lithium Projects, including the option to earn a 100% interest in the MEG Lithium Rights at EL8958, located adjacent to the Jingellic Project. Figure 4: Kali Metals tenement locations. (Source: Kali Metals) Kali’s board of directors comprises an experienced management team led by Graeme Sloan as managing director and Kalamazoo Resources’ Chairman/CEO, Luke   Reinehr as Non-Executive Chairman. They are supported by Non-Executive Directors Paul Adams, John Leddy and Simon Coyle. Samso's Thoughts Lithium has never been my go-to commodity. I understand the need and the fascination with its future needs in our electrification evolution. I feel that this is like a game for the big players. The lithium industry is like the DSO (Direct Shipping Ore) industry, it works well with scale. Kali has the backing of some very high-profile shareholders and in this industry, you need these kinds of shareholders to succeed in an industry that is all about perseverance in terms of patience and the ability to raise money. I have been in this game for a long time and the "ducks" lining up is also very important. There is a reason why high-net-worth individuals do well. They know when to quit and when to double down on their investments. Time will tell where Kali goes but from the first indication, this is a good DYOR stock. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Litchfield Minerals Ltd (ASX: LMS)  experienced a subdued start on the ASX last Friday, with its shares opening at A$0.195, down 2.5% from the offer price of A$0.20 (Figure 1). The first trading day saw a volume of 850,386 shares, indicating moderate investor engagement, amidst a bid/offer spread of A$0.185 to A$0.195. Despite high anticipation of the oversubscribed $5 million IPO, the opening below the offer price reflects a cautious or uncertain outlook from investors. Figure 1: Share price chart (Source: Commsec) The company’s shares are currently trading at A$0.16, down 25% from the offer price. Litchfield is drill-ready and plans to drill its initial targets early at Mount Doreen targeting copper shortly. The company have two major projects which are located in the Arunta Province (Figure 2). Figure 2: LMS projects are located within the Arunta province. A prospective region that has very little exploration undertaken compared to other mineral provinces in Australia. (Source: LMS Prospectus). “Only wanted a small raise” Speaking shortly after the company’s shares began trading for the first time, LMS chairman Dr Peter Eaglen said: “It’s a tough market, but we only wanted a small raise, just enough to run this first drill programme,” he says. “A lot of people go out and try and fund everything, but you just can’t do that. “So we went very small – deliberately very small – just to work up these first lot of targets at Mount Doreen. “And if that doesn’t work, we’ve got a big manganese lease to go and explore over at Lucy Creek near the Queensland border. “What we found from this process was investors want something highly prospective, but then they also want to see there’s some sort of future beyond that.” What’s the Story? Litchfield Minerals boasts a prime portfolio of exploration projects (Figure 3), including significant drill-ready copper assets and uranium holdings with an 8-kilometre-long uranium, radiometric anomaly in the Mount Doreen tenement, located 350 kilometres from Alice Springs in the Northern Territory. The projects are well located in a prospective region, under-explored and have great access via roads. This project is notably adjacent to Energy Metals’ (ASX: EME) Bigryli uranium deposit, highlighting the area's rich uranium potential. The company also holds the Lucy Creek Project is an 'early-stage' manganese exploration project that encompasses an area of 791.64 square kilometres. Figure 3: LMS Projects are located in between the town of Alice Springs with good road access to the projects. (Source: LMS Prospectus) Samso's Thoughts This is a typical exploration play. The projects are located in the Northern Territory and hence can bring some added interest, as in my opinion, there is a lot of prospectivity in the region that has had not much exploration. As an exploration geologist, the opportunity to discover is in regions with little activity. I have always felt that the Arunta region is one of the least understood and least explored regions in Australia. One should not discard the LMS projects but we will follow the company. The Mt Doreen project (Figure 4) looks very interesting. Historical mining in the prospects within the project gives good evidence of existing mineralisation. It's kind of a good sign. I see that in the Silver King prospect, there is Cu-Pb_Zn and Ag mineralisation. It has 10t of copper historically mined. Similarly, the Clark prospect is Cu-focused as well. Figure 3: Mount Doreen Project. Local geology and mineral occurrence map. (Source: LMS Prospectus). There is a prospect called Wolfram Hill and that has had 90t of Wolframite (Tungsten) mined. The historical mining activities in the Mt Doreen project are good to have as it established known mineralisation. As the company has mentioned, they are raising to drill and that is also a good thing. They don't have to go looking for a drill target. I have always liked the Arunta Province. I looked at this area in 2009 and wanted to take on the area with my first IPO. At that time, we were raising AUD 3M and that was not going to be enough. The area was big and access was not the best. We have now success stories coming out from the western margin with the WA1 Resources discovery. The discovery of similar styles is proven and I am sure there are plenty more to come. Another potential concept for LMS is the introduction of Uranium. The market narrative and that of the average city folk is tending towards nuclear energy. It is softening and hence being in the Northern Territory is a good thing you can mine it. There is a lack of population to bother you as well. For those interested, as usual, DYOR and take your time to discover the pros and cons. Samso will be following the LMS progress. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

By Epherems Joseph Papua New Guinea-focused gold explorer  Tolu Minerals Ltd (ASX: TOK)  hit the boards last November in an oversubscribed IPO, raising over $A17 million at 50 cents per share, participating in what it calls the “renaissance” of the PNG mining sector.  The company has secured a valuable portfolio of assets, including the historically operated, fully permitted, high-grade Tolukuma gold-silver mine, a substantial package of adjacent exploration licenses on the Tolukuma epithermal structure and the earlier stage Mt. Penck epithermal gold silver copper exploration license.   Currently, Tolu shares are trading steadily on the bourse, hitting as high as A$0.56 today, up 10% from the IPO offer price (Figure 1).    Figure 1: Share price chart for Tolu Minerals Limited. (Source: Listcorp) Tolukuma Gold Mine - the engine of the business   The business's driving project is the Tolukuma Gold Mine project (TGM), situated in the Goilala District of the Central Province of Papua New Guinea, about 100 km north of the capital city, Port Moresby.  The project consists of a mining lease, six current exploration licences and an exploration licence application, all in the immediate area surrounding Tolukuma for a total land holding across the Tolukuma epithermal structure of approximately 1,800 square metres (Figure 2).  Figure 2: Tolukuma mining lease ( Source: TOK website)   Exploration strategy   Tolu’s exploration strategy aims to increase and improve the resources of Tolukuma and the Tolukuma structure, including:   upgrading existing resources by an intensive ore development and face sampling programme;  a significant resource drilling program within the existing mining lease;  exploration on the adjacent exploration licenses to determine the potential for a significant expansion and long life of mine strategy based on existing and targeted mineralised structures.  The company recently kicked off its maiden diamond drilling program at the highly prospective Taula gold and silver epithermal vein system after completing last year’s successful Taula trenching and sampling program. (Figure 3)   Figure 3: Tolu’s exploration targets and interpreted gold mineralised veins ( Source ASX release )   Looking ahead   The funds raised from the IPO are helping the company:  refurbish specific Tolukuma Gold Mine infrastructure, including the new access road, the existing hydroelectric power station, pumping and other mine support infrastructure;  increasing confidence in the existing mineral resource estimate;  early start, targeted exploration at Tolukuma Gold Mine;  exploration on a portfolio of prospective, adjacent exploration licenses; and   recommence exploration on the Mt Penck gold/copper project.  A Word From Samso Papua New Guinea is a tough place to make things work. I was there around 2011 and 2012, and we found it challenging. The Tolukuma mine has been around for decades, and its prospectivity is well known and, I assume, well understood. The grades are attractive, but my burning question is, why has it not been done? I can see that the raise appears to be moving in the right direction regarding the amount of money required to make things move in PNG. PNG is an expensive place to live and work. Westernising or modernising your workflow is not cheap. Anyone who has worked in PNG would certainly confirm this, so I will be looking at how the company progresses. It is gold, and the gold is there, there is no doubt. This is definitely a watch-and-see proposition, and a strong, committed DYOR is recommended. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

In a bleek market for lithium explorers, James Bay Minerals Ltd  (JBY) is yet another victim to the spodumene prices, currently trading at around A$0.15, 33% below the IPO offer price.  Listed in mid-September, the stock was on a bull run for a little more than two months clocking as high A$0.61 – making it one of the most valuable IPOs during the period.  A full-blooded Quebecois, James Bay Minerals holds 346 square kilometres of prospective lithium projects in the James Bay region of Quebec.  Tides may change for the company, as it has recently identified significant new rare earth and uranium targets at its flagship Joule property – both of which are minerals that are doing well currently.  Commenting on the new targets, James Bay executive director Andrew Dornan said: “This is another fantastic result for the Company! While our exploration efforts will remain firmly focused on LCT pegmatites with potential for world-class lithium discoveries, the results obtained from aeromagnetic and spectromagnetic surveys cannot be ignored.  “As we have been doing for lithium, we will continue to sample and understand all relevant minerals on our properties.”    Figure 1: James Bay Minerals Limited share price chart ( Source: Listcorp). “Significant” new rare earths and uranium targets   Mid-last month, James Bay delivered ‘significant’ new rare earths and uranium targets from a review of aeromagnetic and spectromagnetic survey results across its flagship Joule Property, within the 100%-owned La Grande Lithium Project.  As part of its maiden exploration program, the company flew high-resolution magnetic and spectrometric surveys across its 100%-owned La Grande Project.   Figure 2 : Prospective REE zones – Joule Property ( ASX release)   Encouragingly, the surveys have identified several zones with high equivalent-Uranium (eU) up to 29ppm and equivalent thorium (eTH) up to 22ppm.  “As a comparison, Joule is only one of two projects over the entire James Bay area, including the Matoush Uranium Project area, with maximum eU values exceeding 20 ppm, while the global average is approximately 0.5 ppm.   “This is considering a thorough review of over 80,000 l-km of public airborne gamma-ray spectrometric data,” commented Joel Dube from Dynamic Discovery Geoscience. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Early learning provider Nido Education Limited (ASX: NDO)  made a strong impact during its October ASX listing, becoming the second-largest listed operator in the industry.   The company raised $99.2 million by selling 99.2 million shares at A$1.00, delivering a market capitalisation of A$219 million.   With the listing, Nido joins G8 Education, Mayfield Childcare, and Embark Education Group to become the fourth listed operator in the industry.  Since then, the company used a significant portion of the funds raised to acquire 24 more childcare centres in Victoria, SA, and WA – taking its portfolio to 52 centres in the country.   Nido traded steadily between A$0.90 and A$1.00, currently trading at A$0.93 with a market cap of 211.69 million. ( Figure 1)  The company’s CY23 revenue from ordinary activities is up 61% to A$93.4 million, as it forecasts positive cash flows for at least the next 12 months.  Figure 1: Share price chart (Source: Listcorp) More funds en-route   Nido has plans to grow the network of early childhood centres through an incubator model with up to 32 more centres to be added to the portfolio in 2024.  Last month, the company signed binding agreements with National Australia Bank (NAB) to establish a $ 67 million debt facility.   The debt facility is intended to fund acquisitions over the medium term.  Background   Australia’s childcare industry is thriving, with revenue expected to reach A$17.2 billion by 2028-29, according to market researcher IBISWorld, driven by government support and extended attendance hours in 2023.  Founded in 2021, Nido Education Ltd is a national owner, operator and manager of long-day early childhood education and care services, operating under the Nido Early School brand.  The company boasts fifty-two early schools in communities across Australia (Figure 2).  In addition, the company also manages forty-three centres on behalf of its partners.   This makes a total of ninety-five centres Nido operates or manages, educating and to date, up to 8,361 children each day.  Figure 2: Nido Early School Locations are in green with the number of locations labelled. (Source: Nido Website) Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Since its dual listing on the ASX in September, Novo Resources Corp ’s shares have been downward, trading at A$0.14, down 43% from its offer price – despite the surging gold prices (Figure 1).  However, at the field, the company is making some headway at its Egina Gold Camp, where over 10,500 metres of combined aircore and reverse circulation drilling was completed by De Grey Mining at Becher as part of the Egina earn-in / JV.  Notably, the Egina Gold Camp is Novo’s highly prospective gold belt in the Pilbara and includes the priority Becher and Nunyerry projects.  “What excites us the most at Novo is that the Egina JV tenements are considered highly prospective for significant intrusion-related gold deposits, with similar attributes to the 12.7Moz Au (JORC 2012) Hemi Gold Project,” says Novo co-chairman and acting CEO Mike Spreadborough.   “De Grey understands the enormous potential of this ground, and this is just the start of an exciting exploration partnership.”  Figure 1: Share price chart (Source: Google Finance) Significant drill results at Becher   Novo’s JV partner, De Grey, kicked off AC and RC drilling at the Becher Project in the December quarter of 2023.  During this period, the company tested the Heckmair and Lowe intrusions and the Irvine and Bonatti shear corridors, completing over 10,500 metres.  RC drilling at Lowe confirmed gold mineralisation associated with a deformed intrusive sill, with a best intercept of 8 metres at 4.74 g/t gold from 96 metres, including 3 metres at 11.88 g/t Au from 100 metres.  Follow-up RC drilling into a base metal-gold corridor previously defined by Novo at Heckmair intersected a significant zone of base metal-gold mineralisation from the two RC holes targeting the corridor.  Moving forward, De Grey plans to target the Becher area with follow-up AC and RC drilling to be completed at priority targets Heckmair and Lowe during the course of the year.  About Egina Gold Camp  The Egina Gold Camp is Novo’s highly prospective gold belt in the Pilbara and includes the priority Becher and Nunyerry projects.  Novo’s early-stage reconnaissance work at Egina successfully identified the Becher Project as highly prospective and a high priority.   The company kicked off AC drilling in late 2022 and continued into 2023, generating excellent results and indicators of potential discovery success.  In June 2023, De Grey recognised Becher's potential as a key growth asset and entered into the Egina JV. Under this JV, De Grey will fund an exploration program over four years for up to A$25 million, earning a 50% interest in the project. Figure 2: Location of Novo tenements, the Egina JV area and priority projects in the Pilbara. (Source: ASX Release). Spreadborough added: “This ground will get some focused exploration attention with De Grey required to spend up to A$25 million at Becher and adjacent tenements within 4 years to earn a 50% direct interest in the Egina JV.   “In this programme, a minimum of $7 million will be spent within 18 months, so we expect a good flow of results going forward.”  Things kicking off at Belltopper   Novo’s Belltopper Gold Project is situated within the prolific Bendigo Zone, approximately 50 kilometres SSW of the high-grade, world-class Fosterville Gold Mine and 120 kilometres northwest of Melbourne.  In March 2023, the company consolidated Belltopper by acquiring the remaining 50% interests in the Malmsbury Project from GBM Resources (ASX: GBZ) and the Queens Project from Kalamazoo Resources (ASX: KZR).  Exploration efforts are focused on first-order high-grade gold targets generated from drilling, geophysics, mapping, structural and mineralisation studies, geochemical vectoring, and 3D modelling of historic (known) and newly discovered gold reefs that occur across the project area.   Novo has commenced a diamond drilling program consisting of ~2,300 metres with six primary planned drill collars designed to test the highest priority targets at Belltopper.   Drilling is expected to take around three months, with assays to be reported throughout the first half of 2024.  Figure 3: Belltopper Gold Project location. (Source: Novo Website) ------ Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. 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BlinkLab , a trailblazer in neurodevelopmental diagnostics, is gearing up for its ASX listing, with the anticipated listing date slated for April 4, 2024, under the security code "BB1".   With the subscription period concluding last week, this novel outfit is set to break into the ASX with its smartphone-based application integrated with an electronic platform, designed to perform neurometric tests that could be used on children as young as 18 months of age.  Through this IPO, Blinklab is poised to garner A$7 million by offering 35 million ordinary fully paid shares at an issue price of A$0.20.  The company focuses on the development and commercialisation of smartphone-neurobehavioural testing and will aid in the diagnosis of autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD), schizophrenia and other neurodevelopmental conditions.  Upon listing, BlinkLab’s primary focus is to complete the necessary regulatory clinical studies and obtain the necessary regulatory approvals to bring the BlinkLab device to market initially as a diagnostic tool for ASD.  Figure 1: Blinklabs indicative timeline (Source: Prospectus )   What is the BlinkLab device?   The BlinkLab Device combines fundamental neuroscience with state-of-the-art artificial intelligence and machine learning.   The tests do not depend upon any verbal or social interaction and could be used at a very early age for children as young as 18 months old.  “This marks a significant advancement, considering traditional diagnoses typically occur around five years of age, often missing the crucial early window for effective intervention,” says chairman Brian Leedman.  Figure 2: How it works (Source: company website)   The mobile device-enabled environment allows real-time detection of facial expressions, including eyes and eyelids, and uses encrypted data transfer and storage to protect patient privacy (Figure 2).  The results from these responses are recorded by smartphone and uploaded to a confidential and secure online platform and the data is analysed using automated facial recognition and image processing techniques.  The device consists of:   the BlinkLab App:  a mobile application available for download in the App Store for patients, caregivers and/or parents, effectively a front-end tool that helps collect test subjects’ information and responses to the BlinkLab Tests in real time;  the BlinkLab Portal : the back end includes a fully built secure database and content management system (CMS) as well as an experimenters’ portal that allows for full customisation of the neurometric tests as well as data analysis, annotation and visualisation tools.  Unmet need   BlinkLab is entering the market at a time when the NDIS in Australia has come under scrutiny for the tremendous cost to the Australian taxpayer for which ASD diagnosis and treatment in children is the single largest expenditure.  This smartphone-based ‘screening test’ will aid healthcare providers to identify these children at a much younger age than presently available providing a pathway to effective treatment and better outcomes for the child and their parents.  Children with ASD are usually diagnosed between ages 2-4 years, with speech delays being among the first concerns for parents (Figure 3).  However, with the help of the BlinkLabs app, infants at high risk for ASD may be assessed before full manifestation of the disorder – which the company believes is “transformational”.  Figure 3: Typical ‘testing and diagnostic’ landscape of ASD (Source: IPO prospectus)   Background   BlinkLab was incorporated on August 17, 2021, to accelerate the development and commercialisation of intellectual property developed at Princeton University relating to smartphone-neurobehavioral testing.  Before that, the company’s management team was engaged in extensive research and development of the underlying technology.   Approximately A$4.4 million has been spent on the development of the BlinkLab Technology to date which has been funded by Government grants, industry sponsorships, and various seed raising following incorporation.  The funds raised before incorporation were primarily used to develop and validate the diagnostic capabilities of the platform, whereas the funds raised from Seed Raising and Pre-IPO Capital Raising were used toward software development and clinical studies.  A Word From Samso To me, the name Brian Leedman is one that I see frequently in this medical technology space in the ASX. I have known that name for the last 10 years and he has been very successful in this space. I am not surprised to see his name mentioned in this IPO. No doubt, I am sure this will be well supported. The space of neurobehavioural studies is close to me as I am a strong advocate of treating, caring and understanding mental illness. As this is a concept of Artificial Intelligence and machine learning, I would be very keen to know more about the applications and the rate of success. Mental illness is a growing disease because we are now learning the big spectrum that exists in society. Over the last 5 years, I have been involved in the understanding and caring part of the mental illness world so I am appreciating the potential upside of BlinkLab. Let's hope they make the IPO and generate some great innovation towards what is a massive market if the technology that BlinkLab is proposing works for its intentions. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Pure play natural gas and helium explorer D3 Energy Ltd  is set to be the latest debutante on the ASX, with the company’s initial public offering (IPO) slated for April 26 this month.  Under the IPO, the Africa-focused explorer aims to raise A$10 million for an offer of 50 million shares at an issue price of 20 cents apiece.  With the coffers full, the company aims to explore and develop its natural gas and helium assets, situated in the Free State Province in onshore South Africa as well as fund general working capital.  As a nation that is experiencing severe energy supply difficulties, South Africa is making the identification of natural gas reserves an important part of the present energy supply as well as the country’s energy transition.  Primary focus   Incorporated in April 2012, D3 Energy is an emerging natural gas and helium exploration company, aiming to acquire and explore interests in natural gas and helium projects in Africa.  The company’s primary focus is on the exploration of, and where possible, the commercial production of natural gas and helium at its D3 project in South Africa (Figure 1). Importantly, gas samples taken at the company’s exploration right ER315 indicate the presence of helium within the natural gas.  Looking ahead, D3 intends to separate helium from methane for potential commercial sale.  Figure 1: Map of D3 Energy portfolio, Free State, South Africa (Source: D3 website)   What are the company’s interests in the D3 Project?   Upon listing, the company will hold 100% of Motuoane Energy (Pty) Ltd, a company incorporated in South Africa that holds the permits for the D3 Project (Figure 2).  Currently, the company holds an 86.77% interest in Motuoane, an interest that was acquired on October 28, 2022, under the Motuoane Acquisition Agreement.    Under the agreement, the company has agreed to acquire the remaining 13.23% interest in Motuoane upon the earlier of the first business day following July 2024 and the company receive conditional listing approval from ASX to be admitted to the official list.     The offers are conditional on the completion of the company’s acquisition of the remaining 13.23% interest in Motuoane under the Motuoane Acquisition Agreement.   Figure 2: Ownership of the exploration assets constituting the D3 Project once listed (Source: D3 Prospectus)   IPO highlights   The IPO is being facilitated by Peloton Capital Pty Ltd and Originate Capital Pty Ltd, serving as joint lead managers.   Notably, the offering is not underwritten, reflecting the confidence of both investors and management in D3 Energy’s prospects.  Applications under the public offer must be for a minimum of A$2,000 worth of shares (10,000 Shares) and thereafter, in multiples of $500 worth of shares (2,500 Shares).  Figure 3: Indicative timetable (Source: D3 Prospectus)   Samso's Thoughts Energy is one of the most narrated investment items currently and there are many opinions, especially the ones coming from the renewable space. I think that the investment community has latched onto this massive money-making concept and has again moved so fast that the reality of their intentions is not aligned. The investment sector has always been the initiator of great ideas that the world should partake in because they are correct. Just like the great notion of the "NINJA LOANS" that was the great learnings of the GFC. The repackaging of ABC loans was "ok", so we should not be concerned as they knew best. In a place like South Africa, the local discovery of power sources would be a money spinner but history has shown that places where there is a lack of jurisdiction authority always makes investments vulnerable. If D3 Energy can make this work, I am a big fan. As an investment for the mum and dads, I think serious DYOR must be made as this is a very vulnerable business concept despite the slow realisation that renewable energy is not sustainable. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience

Recharged with a $A5.3 million IPO in January, Infini Resources (ASX: I88)  is accelerating exploration across its diverse portfolio of energy metals, underpinned by uranium and lithium assets in the top-tier mining jurisdictions of Australia and Canada (Figure 1).  The company has a strong presence in four Canadian provinces, where it pursues uranium exploration through its Portland Creek, Tinco, and Des Herbiers projects, and delves into lithium with its Patterson Lake and Valor operations.   In Western Australia, the company holds lithium ventures at Pegasus and Parna, along with a uranium project at Yeelirrie North - reflecting a strategic balance in its resource development portfolio amidst record highs for uranium and record lows for lithium.  Figure 1: Infini project locations (Source: I88 website)   Commenting on the company’s ongoing exploration program, Infini CEO Charles Armstrong said:  “Our strategy is to move quickly to add value to the projects through on-ground exploration activities including geophysical and geochemical work programs.”  After the initial fanfare where the share prices clocked up to A$0.56 intraday, Infini’s shares are currently trading at A$0.18 with a market cap of A$10.68 million - two cents lower than its offer price (Figure 2).  Figure 2: Share price chart (Source: ASX.com ) Fieldwork kicks off at Portland Creek Uranium Project   With approvals in place, Infini is “aggressively” taking on Portland Creek, kicking off with fieldwork that includes prospecting, channel sampling and geochemical surveying at its priority targets at the Newfoundland Project.   Previously, multiple large uranium targets were identified at Portland Creek with desktop analysis narrowing down on 8 exploration targets to date, with known uranium showings the property grading up to 2,180 ppm U3O8.  Armstrong said: “The company is now aggressively pursuing its exploration efforts at T1-T8 with a field crew currently being mobilised to site to undertake initial reconnaissance and potential sampling if ground conditions permit.   “The Talus prospect remains the key focus of any ongoing field activities where high-grade grab samples coincident with a massive U/Th anomaly suggest the potential for an undiscovered uranium deposit to exist on the 100% owned project.” (Figure 3)  Figure 3: The location of the Talus prospect and other exploration targets overlain with radiometrics and rock sample geochemistry (Source: ASX release)   “Outstanding opportunity”   The Portland Creek Project represents an “outstanding opportunity” with the company recently expanding its tenure by 58% to 113 square kilometres.  Moreover, Uranium is one of the 34 critical minerals listed by the Newfoundland Government and as such, the company will be eligible to apply for Junior Exploration Assistance (JEA) grants up to CAD$150,000 for future greenfield exploration activities.  Newfoundland was ranked as one of the top 10 mining investment jurisdictions by the Fraser Institute’s latest annual survey of mining companies and is known to be in favour of uranium exploration.  About Portland Creek   The Portland Creek Project is situated in the Precambrian Long-Range Complex of the Humber Tectonic – Stratigraphic zone.   These members include metaquartzite and a suite of paragneisses, intruded by leucocratic pink granite, which have likely been thrust westwards over Palaeozoic carbonate-dominant sediments.   The claims are situated over a large regional uranium anomaly that was identified in the 1970s by a Newfoundland government stream sediment sampling program.   There is one uranium showing on the property as listed in the Newfoundland Mineral Deposit Index inventory with 2,180 ppm U3O8.  Lithium targets at Paterson Lake   Early last month, Infini identified three major greenstone corridors of interest ~6 km, ~6km and ~5 km in length at its Paterson Lake Lithium Project in Ontario.  Subsequently, the company delineated 40 microgravity targets interpreted to be LCT pegmatites.  Microgravity survey results show excellent correlation with existing lithium trends and may be used to successfully predict extensions to existing mineralisation and new lithium-bearing pegmatites under soil and vegetation cover.  Follow-up exploration includes focused geological mapping and infill soil sampling to identify new outcropping mineralised pegmatites in combination with diamond drilling along strike targets.  Figure 4: Location of the Paterson Lake Lithium Project depicting the microgravity survey locations overlain with 1VD drone magnetics, MMI soil sampling, mineralised outcropping pegmatites and historical drill hole mineralisation (Source: ASX release)   Samso's Thoughts Infini is one of the many companies that are applying their trade in Canada as they seek greater pastures. The lack of funding for companies on the TSX-V or TSX has given many ASX companies the opportunity to get access to projects that are not available in Australia or any other hunting grounds that are commonly visited by ASX companies. The storyline is that the Canadian projects are better and the administrative pathway is simpler which is true in some cases. I am not a lithium bull as I don't think that the market can sustain the hundreds of aspiring players in this space. However, I do like uranium. Uranium in Western Australia has an added upside in the potential policy changes to allow uranium mining in Western Australia. This may be a risk, a calculated risk or not, but the narratives in Australia and that of Western Australia appears to be softening. If this is the case, then this will be a boost to companies like I88 with their uranium projects. This does not mean that it is an automatic boost as I88 still needs to have a project that is worthy of mentioning. Only time will tell if this will be the case. Get Deeper Insights The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here  for a more trustworthy source of well-researched and independent information for investors.  ------- Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. ------ About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience