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Coffee with Samso Episode 204 is all about Lupins and Lupin Protein Isolate. Coupled with the favourable growing climate in Western Australia, Wide Open Agriculture Limited (ASX:WOA) could become a major player in a billion-dollar market. The Wide Open Agriculture came across my screen about two weeks ago, and it caught my attention because I was doing content on superfoods and came across the benefits of lupins in 2019. While I was doing research over time, the share price of the company started to move, and in fact, on the day I was talking to Yazi Zhan, the Non Executive Chair of WOA, about making an appearance on Coffee with Samso, she was in the middle of dealing with her company's share price going for a run to a high of AUD $0.029, from the previous trade of AUD $0.016. In today's episode of Coffee with Samso, we are talking to Yazi Zhan, who knows this business intimately and will give us a good insight into firstly the benefits of Lupin and Lupin Protein Isolate, followed by what I think could make WOA a global player in the highly sought-after plant-based nutrition business. The Business of Wide Open Agriculture Limited. Wide Open Agriculture Limited (ASX: WOA) is planning to be in the global plant-based protein sector, thanks to its proprietary technology that unlocks the full potential of lupins—a high-protein, regenerative legume native to Australia. As the exclusive holder of intellectual property for extracting lupin protein isolate, the company is positioning itself at the forefront of the clean-label, sustainable food movement. At the heart of this innovation is BUTINE PROTEIN , Wide Open Agriculture’s signature lupin protein isolate. Clean, allergen-friendly, and remarkably versatile, BUTINE PROTEIN  offers a powerful alternative to soy and pea proteins, catering to the fast-growing demand for ethical and environmentally responsible nutrition. With this cutting-edge IP and a focus on regenerative farming, Wide Open Agriculture is not just producing protein—it’s pioneering a smarter, greener way to feed the world. Chapters: 00:00 Start 00:09 Introduction 03:30 Who is Yaxi Zhan? 05:18 History of WOA? 08:28 Discussion about Lupin 15:06 Lupin Isolate 17:20 Importance of the China Market Approval 20:47 How does WOA protect its Core Business? 25:36 Limitations of Growing Lupin Give Australia a Natural Advantage. 26:42 Types of Lupin 28:30 Competitors? 30:52 Market size for Lupin 36:50 What are the business triggers for WOA? 38:50 Funding strategy 40:05 Takeaway 40:43 News flow 41:37 Conclusion PODCAST About Yaxi Zhan Yaxi is Mongolian Chinese and has called Perth home since 2004. In under 12 years, she transformed her career from a finance professional into a mining executive. With a strong background in business development, mergers and acquisitions, and cross-border transactions, Yaxi founded Accelerate Resources—an ASX-listed resource company—and served as its Managing Director from 2017 to 2024. Most recently, she has taken on an exciting new challenge as Chairman of Wide Open Agriculture, where she is leading the company’s growth strategy. About Wide Open Agriculture Limited At Wide Open Agriculture, our mission is to create a range of great-tasting and high-performing plant protein ingredients. We are focused on developing high-performance lupin proteins that improve outcomes for: Customers Food Manufacturers Farmers We see a global movement for greater inclusion of plant proteins in daily diets. We also see compromises in existing offerings and believe that there are better alternatives. By developing better end markets, we see plant proteins as a positive force for change in the agriculture industry, where lupins can play a key part in reducing emissions and improving agricultural systems. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

An advanced copper developer looking to enter the world of copper producers in Chile. With a rising copper price and the realisation that copper is indeed in a supply crunch, this could be a worthwhile company to have a decent effort to DYOR. Marimaca Copper Corp.  (TSX: MARI, ASX: MC2)  is a Canadian exploration and development company  focused on copper exploration in  Chile . The company is listing on the ASX to gain access to  Australian capital markets  while maintaining its primary listing on the Toronto Stock Exchange (TSX) . Marimaca Copper Corp. has a market capitalisation of C$563M and has an MRE of 238MT @0.44% Cu with 1,041kt of contained copper, and it is not your average mineral explorer looking for copper in South America. The IPO is a compliance listing to achieve a dual listing status for the company to legally create a path to access funds from the Australian Stock Exchange (ASX). It is best to seek advice from your equity broker as to how one would participate in this listing, as that would be above the capabilities of Samso. Our interest in reviewing Marimaca is that it may be an opportunity to get access in the ASX to a valued TSX company with a decent-looking copper-producing opportunity. The timeline for the Definitive Feasibility Study (DFS) is encouraging, and although this is not a guarantee of success, this is a great opportunity to be able to participate as a copper producer in a region well known for its copper mining and production. To make it simple, readers can use the links below to move faster through the review of the Marimaca Copper Corp story. 1.0 IPO Details 2.0 Share Options & Escrow 3.0 Use of IPO Funds 4.0 Escrow Arrangements: 5.0 Key Dates 6.0 Directors of Marimaca Copper Corp.:  7.0 Management 8.0 Marimaca Copper Projects & Locations 8.10 Project History 8.20 Marimaca Copper Deposit Summary 8.30 Marimaca Copper Project – Exploration & Drilling Summary 8.40 Geology and Mineralisation – Marimaca Copper Project 8.41 Regional Geology 8.42 Cover Rocks 8.43 Metallogenic Setting 8.44 Deposit Characteristics 8.45 Mineralogy 8.50 Mineral Resources – Marimaca Copper Project 8.60 Project Status 9.0 Sierra de Medina Project – Summary 9.10 Overview 9.20 Location, Access & Infrastructure 9.30 Mineral Tenure 9.40 Infrastructure and Mining Hub Overview 10.0 Samso Concluding Thoughts 1.0 IPO Details (source: Prospectus) Offering: 100 CHESS Depositary Interests (CDIs) at A$6.00 per CDI, raising a total of A$600. CDI Ratio: 1 CDI = 1 common share. Market Capitalization: C$562 million (as of the last trading day before the prospectus). Number of Shareholders: The company has several major shareholders, including Greenstone Capital LLP (25.31%), Assore International Holdings Ltd (14.99%), and Ithaki Ltd (9.47%). ASX Listing: Expected to begin trading - TBA. 2.0 Share Options & Escrow (source: Prospectus) Outstanding Stock Options (as of November 12, 2024): Exercise Prices:  Range from C$1.25 to C$5.00 . Expiry Dates:  Between  April 2025 and October 2028 . Recent Stock Option Grants: 2023 Grants: marimaca.com Quantity: 0.5 million  stock options granted. Exercise Price:  Weighted average of C$4.00 per option. Option Life: 5 years . Valuation: Fair value estimated at  C$0.8 million . 3.0 Use of IPO Funds   The IPO proceeds will be used for:   1.   ASX Listing Compliance & Administration . 2.   General Working Capital . 3.   Supporting exploration & development  at Marimaca & Sierra de Medina. 4.0 Escrow Arrangements (source: Prospectus) Public Disclosures: Specific details regarding escrowed shares or lock-up periods for Marimaca Copper Corp. are not publicly disclosed in the available sources. Common Practices: Escrow arrangements typically apply to insiders or significant shareholders, especially during financing events or initial public offerings (IPOs). Such arrangements are designed to prevent large-scale selling immediately after these events, thereby stabilizing the stock price. Recommendation: For detailed information on any existing escrow agreements, it is advisable to consult Marimaca Copper Corp.'s official filings or contact their investor relations department. Note: The information provided is based on publicly available sources as of March 15, 2025. 5.0 Key Dates (source: Prospectus) May 18, 2023 – Updated Mineral Resource Estimate (MRE), increasing Measured & Indicated Resources by 44% to 200Mt @ 0.45% Cu. April 15, 2024 – Development update on the Definitive Feasibility Study (DFS), geo-metallurgical modelling, and permitting. May 22, 2024 – First Community Open House in Mejillones, improving ESG rating to an "A" score. July 16, 2024 – Strategic C$68M investment by Assore International Holdings (AIH) through share acquisition & private placement. August 7, 2024 – Closed C$30.3M private placements, increasing AIH's stake to 14.99% of outstanding shares. November 18, 2024 – Announced dual listing process on ASX to access institutional capital. March 13, 2025 – Expected ASX listing under the ticker "MC2," marking expansion into the Australian market. Target Production Timeline: 2028 – Advancing towards full-scale copper production   6.0 Directors of Marimaca Copper Corp.: (source: Prospectus)   Michael Haworth – Non-Executive Chairman Extensive experience in mining finance and corporate strategy. Hayden Locke – President & CEO Strong background in mining investment, project development, and corporate leadership. Giancarlo Bruno Lagomarsino – Non-Executive Director Experience in investment banking and capital markets. Clive Newall – Non-Executive Director Mining executive with experience in resource exploration and project development. Tim Petterson – Non-Executive Director Focus on corporate governance and mining investment. Colin Kinley – Non-Executive Director Technical expertise in resource exploration and feasibility studies. Alan Stephens – Non-Executive Director Over 40 years of experience in copper exploration in Chile. Kieran Daly – Non-Executive Director Experienced in mining project evaluation and financing.  7.0 Management (source: Prospectus)   •    José Antonio Merino  – CFO & Managing Director (Chile) •    Sergio Rivera –  VP, Exploration •    Solange González – General Counsel & Company Secretary •    Nico Cookson  –  Head of Corporate Development 8.0 Marimaca Copper Projects & Locations (source: Prospectus) The Company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region. It is one of the few greenfield copper discoveries made globally in the last decade and is a low-risk project with substantial exploration potential. Figure 1: Marimaca Project location map. (source: Prospectus) The Marimaca Copper Project (Figure 1) is situated in Chile’s Antofagasta Province, Region II, roughly 25 km west of the port of Mejillones, about 45 km north of Antofagasta city, and 1,250 km north of Santiago, Chile. The project site is positioned at approximately 374,820 E and 7,435,132 S in WGS84 UTM coordinates. The project is within top-tier utilities and infrastructure. The Marimaca Project is comprised of 20 mining/exploitation concessions covering approximately 961 hectares. These concessions are listed in the national mining claims register and are in Sierra Naguayán, Commune of Mejillones, Province and Region of Antofagasta. 8.10 Project History (source: [1- Luis Oviedo]) In the general Project area, modern small-scale artisanal mining activities were conducted from the 1990s to the mid-2000s, with underground workings reaching a maximum depth of about 100m. No modern exploration occurred until Coro Mining Corp. (Coro), which later became Marimaca Copper, began acquiring the Project's ground holdings. The Marimaca deposit was discovered in 2016 after a reverse circulation (RC) drill program. Coro then conducted detailed geological surface mapping, rock chip sampling, additional RC drilling, core drilling for geotechnical and geometallurgical studies, metallurgical test work, and mining studies. An initial resource estimate was completed in January 2017, with Mineral Reserves first estimated in 2018. Coro completed a feasibility study in June 2018 (the 2018 Feasibility Study). This study considered using conventional equipment for open-pit mining to supply a refurbished process plant, known as the Ivan plant, capable of producing 10,000 tons of cathode copper annually. The 2018 Feasibility Study is not currently the favored option for Project development. Marimaca Copper does not regard the study as current, and the Mineral Reserve estimates are also not considered current. Nonetheless, some baseline information from the 2018 Feasibility Study was utilized in the 2020 PEA. An Environmental Impact Statement (Declaración de Impacto Ambiental, DIA in Spanish) and the Mining Safety Regulations and Environmental Qualification Resolution (RCA) were approved on 5 July 2018. Mineral Resources were updated in late 2019 as part of an internal study of the Mixed area (MAMIX) and again in 2022, with results discussed in the 2022 MRE report. This included a total of 110,790m drilled across 429 drill holes. The 2023 MRE includes a total of 139,164m across 554 drill holes. Coro changed its name to Marimaca Copper in May 2020. 8.20 Marimaca Copper Deposit Summary Geology, Mineralization and Deposit Types (source: [1- Luis Oviedo]) Location & Context: Marimaca lies in Chile’s Coastal Copper Belt, among other Mesozoic-age copper deposits (e.g., Mantos Blancos, Ivan). It displays features of both manto-type  and IOCG (Iron Oxide Copper Gold)  deposits. Geology & Structure: Hosted in intrusives of the Naguayán Stock  (monzodiorite-diorite), the deposit is heavily fractured, especially along a north-south (NS) structural belt. These fractures form "sheeted-like" zones that enhance permeability. Later, NW and WNW faults also aided in fluid movement and oxide formation. Mineralization: The deposit is characterized by a copper oxide blanket  at surface, ~1,600m long (NNW), 400–500m wide, and 200–300m thick. The upper two-thirds consist of copper oxides (e.g. brochantite, atacamite, chrysocolla), while the lower third is mixed with secondary sulfides like chalcocite and covellite. Structural control is key to the distribution of mineralization. Alteration: The deposit shows Na-Ca (calc-sodic) metasomatism  with limited hydrothermal destruction. Alteration minerals include albitite, chlorite, minor K-spar, and biotite. Limonite (goethite) is associated with oxides. Unique Features: While Marimaca shares some IOCG features (low pyrite, chalcopyrite-magnetite, sodic alteration), it lacks gold and shows an unusually intense supergene  (near-surface oxidation) overprint. This secondary oxide blanket is thought to result from prolonged oxidation of an earlier sulfide-rich zone, despite the primary IOCG system being low in pyrite. This points to a unique evolution involving repeated oxidation and lateral copper migration. 8.30 Marimaca Copper Project – Exploration & Drilling Summary (source: Prospectus) Artisanal Mining History: Small-scale underground mining occurred between the 1990s and mid-2000s, reaching depths of up to 100 meters. Modern Exploration: This began in 2016  with the Company’s land consolidation and RC drilling that led to the discovery of the Marimaca Oxide Deposit . Exploration Activities Since 2016 include: Surface mapping and rock chip sampling Reverse circulation (RC) and diamond core drilling Geotechnical and geo-metallurgical studies Metallurgical test work and mining studies Mineral Resource Estimates (NI 43-101): First estimate completed in January 2017 Updated in 2019 , 2022 , and most recently in May 2023 Drilling Overview (as of May 2023): Total holes:  560 Total meters drilled:  139,164m RC drilling:  127,186m Diamond drilling:  11,978m (mostly PQ and HQ3 core sizes) Eight drilling campaigns over 2016–2022 Average drill spacing: 50m × 50m , oriented at 220° and 310°, with 60° dip Drilling Contractors: RC and core drilling completed by Drillex  and Major Drilling Reporting Standards: Exploration results and resources reported under NI 43-101 Additional compliance under the JORC Code (2012)  in supporting technical documents (Annexure D) 8.40 Geology and Mineralisation – Marimaca Copper Project 8.41 Regional Geology Oldest Rocks: Late Palaeozoic to Triassic  metasediments and intermediate intrusives. Intrusive Activity: Early Jurassic to Lower Cretaceous  intrusive stocks dominate the region. Younger intrusives host the Marimaca oxide copper mineralisation . Volcanics: La Negra Formation , a bimodal volcanic event (similar to a large igneous province), surrounds the project area. Dyke System: Extensive bimodal dykes  (gabbro to rhyodacite) intrude both volcanics and intrusives, mapped over tens of kilometres. Dated at 145–148 Ma , coinciding with regional manto-type  copper events. 8.42 Cover Rocks Tertiary marine sediments  mark paleo shorelines on the Mejillones Peninsula. Valley gravels and ash  layers to the east date back 10–12 million years . 8.43 Metallogenic Setting Manto-type deposits: Hosted in La Negra volcanics , typically in brecciated and vesicular lava flows , and occasionally in veins and breccias . Alteration is weak and subtle (albitisation, K-feldspar replacement). IOCG-style mineralisation: Occurs in Jurassic intrusives , with Marimaca  seen as an atypical IOCG variant  due to its unique structural controls  and deep supergene oxidation . Porphyry copper systems  exist near the project’s eastern margin. 8.44 Deposit Characteristics Marimaca Oxide Deposit: A supergene copper oxide blanket  exposed at surface. Extends ~1,800m NNW , 500–700m wide , and 200–350m thick . Upper 2/3: Copper oxides Lower 1/3: Mixed zone with secondary sulfides Depth of Oxidation: Supergene alteration reaches depths of over 400m , due to favorable post-Jurassic geomorphological and climatic evolution. Structural Controls: Mineralisation follows N–SE dipping structures  and late NW–EW fault systems . 8.45 Mineralogy Oxide Zone Terms Used by Company: "Brochantite zone" : Actually dominated by atacamite (clinoatacamite)  with minor brochantite. "Enriched sulphide" / "chalcocite zone" : Zone with chalcocite and covellite , replacing chalcopyrite  or coating pyrite . Gangue Minerals: Limonite , goethite , minor hematite , clays, iron oxides, gypsum. Associated Alteration Minerals: Actinolite , chlorite , and magnetite . 8.50 Mineral Resources – Marimaca Copper Project Original Reporting Framework: The Marimaca Copper Project's Mineral Resource  was originally reported under the NI 43-101  standard. The most recent NI 43-101 technical report  is titled "Updated Mineral Resource Estimation for the Marimaca Copper Project, Antofagasta Region, Chile," with an effective date of May 2023 . JORC Code Reporting (2025 MRE): The 2025 Mineral Resource Estimate (2025 MRE)  is the first  version to be reported under the JORC Code (2012) . SRK Consulting (Australasia) Pty Ltd  acted as the Independent Technical Expert , preparing the resource estimate included in Annexure D  of the technical report. Data Consistency: The 2025 MRE uses exactly the same drillhole data and estimation approach  as the 2023 NI 43-101 Mineral Resource. JORC Compliance & Documentation: The JORC Code (2012)  Table 1 for the 2025 MRE is provided in Appendix A  of the Independent Technical Expert’s Report. This appendix includes: Drill collar locations Hole orientations Significant and high-grade intervals Summary of nearby and near-mine exploration drilling Material Significance: The 2025 MRE represents the Company’s primary material asset . Further details of the 2025 MRE and the Marimaca Copper Project are available in the Independent Technical Expert's Report in Annexure D and the Chilean Solicitor's Report in Annexure E. 8.60 Project Status (source: Prospectus) A Definitive Feasibility Study (DFS)  is in progress. Environmental permitting submitted for copper cathode production . Expected to be a significant near-term copper supplier . 9.0 Sierra de Medina Project – Summary The Sierra de Medina Project concessions are located about 85 km north-northeast of Antofagasta and roughly 28 km east of the Marimaca Copper Project. This project includes four exploration activity centers (prospects): Pías, Antennas, Pampa Medina, and Madrugador, as illustrated in Figure 2 below. Excluding the Pampa Medina and Madrugador regions, the Sierra de Medina Project consists of 55 mining concessions and spans approximately 14,361 hectares. The Pampa Medina area consists of 12 mining concessions covering around 144 hectares. The Madrugador area includes 10 mining concessions and covers about 852 hectares. Figure 2: Sierra de medina Project Areas. (source: Prospectus) 9.10 Overview Location: ~85 km north-northeast of Antofagasta ~28 km east of the Marimaca Copper Project Exploration Prospects: The project contains four main prospects : Pías Antennas Pampa Medina Madrugador Total Concessions & Area: Core Project (excluding Pampa Medina & Madrugador): 55 mining concessions Covers ~ 14,361 hectares Held by ICAL , a Marimaca subsidiary Pampa Medina Area: 12 mining concessions ~ 144 hectares Held by SCM Elenita MCAL  has a purchase option  (dated 8 August 2024 ) under Article 169 of the Chilean Mining Code Madrugador Area: 10 mining concessions ~ 852 hectares Held by SLM Juanita  and SLM Madrugador MCAL  has a purchase option  (dated 9 December 2024 ) under Article 169 of the Chilean Mining Code 9.20 Location, Access & Infrastructure The project benefits from similar infrastructure and access  as the Marimaca Copper Project, due to its proximity (~28 km east). 9.30 Mineral Tenure Ownership and options for each area are clearly defined: ICAL : Core 55 concessions SCM Elenita : Holds Pampa Medina – under option to MCAL SLM Juanita & SLM Madrugador : Hold Madrugador – under option to MCAL Additional legal and tenement details are available in: Annexure E  – Chilean Solicitor’s Report Annexure F  – Tenement Schedule 9.40 Infrastructure and Mining Hub Overview (source: Prospectus) Proximity to Key Cities & Infrastructure: Easily accessible from Antofagasta  and Mejillones  via a well-maintained multi-lane highway. Antofagasta International Airport  is just 45 km from the project. Final access is via maintained dirt roads from the paved B12 road , which connects to the Antofagasta–Tocopilla Route . Geographic & Environmental Context: Located ~39 km north of the Tropic of Capricorn , in the Cordillera de la Costa  range. Elevation ranges from 400 m to 1,000 m above sea level. Dry desert climate , with minimal vegetation—except where irrigation or the coastal Camanchaca  sea mist supports growth. Average rainfall is just 2–3 mm annually, though rare storms can deliver 12–30 mm. Conditions are suitable for year-round mining operations . 10.0 Samso Concluding Thoughts Marimaca Copper Corp. is an interesting IPO as it is bringing over a fairly well-established porphyry project into the ASX. Table 2 is a table that shows a comparison between the two projects in the company and it is clear that the two projects are at very different stages. Table 2: Comparing major attributes of the Marimaca Copper and Sierra de medina projects. Feature Marimaca Copper Project Sierra de Medina Project Location ~45 km from Antofagasta Airport ~85 km north-northeast of Antofagasta ~39 km north of the Tropic of Capricorn ~28 km east of Marimaca Copper Project Access Paved highways + dirt roads Similar infrastructure and access to Marimaca Main Focus Copper oxide & secondary sulfide deposit Early-stage exploration across 4 prospects Exploration Stage Advanced – NI 43-101 & JORC Mineral Resource defined Early exploration – concessions and option agreements in place Resource Status 2025 MRE under JORC (same as 2023 NI 43-101) No public resource estimate yet Total Area Not specified here (focused deposit area ~1,800m × 500–700m) ~15,357 hectares total (combined from 3 areas) Ownership Held by Marimaca Copper and its subsidiaries Mix of held and optioned concessions under MCAL Legal Framework NI 43-101 and JORC Code (2012) Chilean Mining Code – Article 169 for option agreements Key Prospects N/A (single consolidated deposit) Pías, Antennas, Pampa Medina, Madrugador As I mentioned earlier, the main reason for having a look at Marimaca Copper Corp is the Marimaca Copper project, which appears to be on a short timeline to potentially join the ranks of copper producers. Mining the oxides and treating the oxides is a great way to step into the copper-producing world in a shorter timeline. This is what the likes of Cyprium Metals Limited (ASX:CYM) were trying to achieve before the rising interest rate put an end to that concept. The company then changed management, and it has struggled to bring back the mojo. It is the lack of success with projects that help new projects such as Marimaca look attractive. Jurisdictions like South America are geared for business such as what Marimaca Copper Corp. is endeavouring to manifest. Chile, Peru, and Argentina are the mecca for such projects. The lack of funding opportunities in Northern America is creating some great opportunities for ASX investors. Whether this project will become economic will be part of this process of due diligence and patience. I would think that a Heap Leaching process would be a great way for the oxide ores, which would allow the question of economic viability a much greater chance of success. A perfect arid climate, like Australia's, is ideal for any heap-leaching ideas. I know this has been a long list of details, but I think this is a great way to summarise the information from the prospectus. Like always, DYOR and happy investing. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Reference: [1- Luis Oviedo] Updated Mineral Resource Estimation for the Marimaca Copper Project, Antofagasta Region, Chile Luis Oviedo, P.Geo. NCL Ingeniería y Construcción SpA Marcelo Jo MJO Engineering and Consultants in Metallurgy SpA   Effective date: May 18, 2023 Report date: June 26, 2023 Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Coffee with Samso Episode 202 brings retail investors into an ASX company that may have the potential to become a multi-bagger investment. The LCL Resource Limited (ASX:LCL) story is one that will resonate with many retail small cap investors. A low market capitalisation of AUD $10M and an inferred gold resource of 831,000 ounces in a booming gold market where drilling results are being rewarded. LCL is not a stranger to the Samso platform, with " Los Cerros Limited (ASX: LCL) - A High-Grade Gold Porphyry Story in Colombia " published on 29th October 2021 and a Samso Insight written and published on 15th February 2022 entitled " Good Geology Never Disappoints - Los Cerros Limited (ASX: LCL) Colombian Style . " The story changed to a Papua New Guinea focus recently, and on 25th November 2022, LCl released " Company acquires multiple PNG copper, nickel, gold targets " which was the entry into Papua New Guinea. Management Change Management and Board changes ( Board Changes ) within the company will bring much needed youth and energy into the LCL Resources, which, in my opinion, is why I am having a conversation on Coffee with Samso with Christopher Van Wijk, the Executive Chair of the company. LCL was in a transaction to sell the Columbian assets , but as I have realised, that resolution was voted down by shareholders. Whether this decision in hindsight turns out to be the correct decision will be known soon. Could it be sold to a higher bidder as the gold sentiment rises , will be something to ponder about at that time. What is more interesting for me is the current direction for the company with new management. The Project The Kusi project is a good start for the company with the inferred resource of 831,000 ounces of gold. The future of the project sounds like there are a lot of positives. Papua New Guinea is a haven for projects that are company makers. There are multi-million ounces of gold in the region that will be nectar to honey for LCL Resources. Coffee with Samso This is one of those conversations where I learnt a lot about my guest and the company story. Christopher Van Wijk gave me the impression that he has come into LCL with a mission to take this AUD $10M market cap to greater heights. His energy and the, as a matter of fact, tone of discussion give me confidence they have the right jockey. The next question is what the horse is like, and the rest of the team is able to do with the current project. As a matter of funding, I think that the fact that there are high-net-worth individuals backing this vehicle is a very good addition to the story. Chapters: 00:00 Start 00:08 Introduction 03:26 Who is Chris van Wijk? 04:18 Updates on the Columbian Project 06:18 The Kusi Project 07:39 Any jurisdiction issues? 09:25 Confidence in gold project 11:50 What can investors look forward to? 13:40 Discussion on funding 17:05 Takeaway 17:35 What can investors look forward to in terms of exploration activities? 20:11 Conclusion PODCAST About Christopher Van Wijk Chris is a seasoned geologist with expertise in project evaluation and generation. He possesses extensive experience in base metal and gold exploration across Africa, Europe, the Americas, and Australia. Chris has also managed joint ventures and evaluated projects for leading mining companies such as BHP, IAMGOLD, First Quantum Minerals, and Fortescue Metals Group. He holds a Master of Science in Ore Deposit Geology from the University of Western Australia and is a member of the AUSIMM. About LCL Resources Limited LCL, incorporated in Australia, is an ASX listed exploration and mining company. The Company holds ~3890 km² of exploration titles in 5 regions of Papua New Guinea prospective for copper, gold and nickel. The Company also holds a dominant position within the Quinchia region of the Mid-Cauca Gold Belt of Colombia. The Company is actively exploring in PNG while the 100% owned, 10,500 ha Quinchia Gold Project (2.6Moz @ 1g/t) in Colombia progresses through early-stage feasibility related studies. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 201 is all about looking at a mineral explorer to ride the current market excitement for mineral resource discoveries. There is a visible and coherent bullish shift with investors within the mineral exploration sector of the Australian Stock Exchange (ASX). The E79 Gold Mines Limited (ASX:E79) story is being reviewed as it is primed for potential discovery, and now cashed up. I have known about E79 and was reminded when they were the beneficiary of a nearology play with Kalgoorlie Gold Mining Limited announcing results from their Lighthorse project. E79 was the beneficiary as they share tenement boundaries (Figure 1). Figure 1: The area that has recently made both E79 Gold Mines and Kalgoorlie Gold Mining Limited prominent on the ASX. (source: E79 Gold Mines Limited) One of the most important aspects of trying to understand this industry is to know that as retail investors, we are never going to know the real ins and outs of the company. On most occasions, we are the last and the "insiders," or what I term the "Purple Circle", are always looking at the retail market as the driver of rising pricing and the bag to hold when they leave. Hence, to negate some of the heartache, I prescribe the need to know the two critical points: one is management and the viability of the projects being promoted, and the other is the potential economic discovery within the project. Let me try and break this down without writing a book about it. Management I cannot stress enough the need to know the style and content of management in place. For the majority of retail investors, who are not from the industry, it is hard to know who is who. What many people rely on is being told who they are, and not knowing the main players with some degree of intimacy. The problem with second-hand knowledge is that you don't know how far that knowledge came from by the time it got to your ears. I have compiled a small list of things to ask or to DYOR for readers to chew on: Ability to raise money: Are they connected and have the records to show this? This is a very important ability. Are they the type of management that wants to make an economic discovery? I stress the term economic, which indicates a real effort in terms of spending money and having the right team. Are management looking for an economic discovery, or are they looking for a discovery to create share price stimulation? This is not a bad thing, but knowing this will help you from rushing in and taking a wait-and-see approach. The person who is known for the "Midas Touch," now this is a no brainer and in some ways, this kind of management is the easiest. Put your money in and then go do your day job. The only drawback is that these guys can take a long time, and I mean multiple years as they normally work on their schedule and not yours :-) Similarly, they may have a stronger holding power than you and hence, if you are forced to hold longer than you can, you may miss out. I am sure there are many other characteristics to be aware of, but those are normally the ones I look for before jumping into any stocks. The Project It is sufficient to say that the promoters of these companies have the same motivation as all investors, and that is making money. Retail investors like me are all about making sure we are not taken in by the promotion, that we forget there is a need to sell, and making sure we have the holding power to stay in the game. In my opinion, when we look at the projects being promoted, we need to simply think of two parts. If the main story is about making an economic discovery, is the project, technically, able to give it a good go, or do I think that the chances are low and the risk great? This normally requires a higher level of research and at most times, it's difficult to have an absolute answer. Fortunately for me, with 3 decades of experience, it's a lot easier to break all those points down. For those not in the industry, I have to admit, it's not easy. If the project appears to be lacking in substance, then you would have to assume that management is looking for something else and this is a holding pattern. It's kind of what we call, "Let's Join The Club First.". Coffee with Samso Today, it's all about E79 Gold Mines Limited and Ned Summerhayes. As I have mentioned, I know the management relatively well, and I do believe that they are looking for an economic discovery, and I am pretty sure they are also looking for a better project to come along. They will take their time while they slowly work on their projects. Chapters: 00:00 Start 03:29 Who is Ned Summerhayes? 04:20 What it's like working with the board members? 05:50 The Nearology Factor? 08:19 Has the market changed to being a Bull? 10:46 E79 projects set up by Ramelius consolidation. 12:37 What is the strategy for E79 at the Lighthorse region? 17:27 The Mountain Home Project 26:02 How should corporate manage shareholder expectations? 29:01 Is the market still tight for funding? 34:10 Last comments 34:47 Conclusion PODCAST About Ned Summerhayes Edward (Ned) Summerhayes has completed a Master's of Economic Geology from the University of Tasmania. Ned has more than 15 years’ experience in Mineral Exploration, primarily in Western Australia. Ned’s most recent role was with Black Cat Syndicate as Exploration Manager, having both corporate responsibilities and directing technical programmes. Ned was responsible for all site personnel, stakeholder management, reporting and compliance, as well as reviewing and recommending strategic acquisitions. About E79 Gold Mines Limited E79 Gold Mines Limited is an Australian gold and copper exploration company which has approximately 1,838km2 of highly prospective ground in two proven gold producing greenstone belts in the Western Australian Goldfields and a project within the McArthur Basin of the Northern Territory. Mission To discover gold and develop sustainable operations whilst acting responsibly towards the environment and all stakeholders Statement of Values E79’s vision is to create significant value for Shareholders through good science and applied exploration with a strong culture of operating ethically and responsibly. To respect the cultures, customs, and values of all Stakeholders, including employees, contractors, suppliers, Traditional Owners, pastoralists, and the community. At all times conduct ourselves with integrity, honesty, and transparency. Encourage an enjoyable and safe workplace based on technical excellence, teamwork, collaboration, and diversity. Seek to protect the environment and enrich the communities in which we work. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 200 is a David and Goliath story that could be a second chance for those investors who felt they missed out on past opportunities. The Greatland Gold Plc (AIM:GGP) is the classic case of the need to understand the content of management and the technical aspects of a mineral resource project. Like all investment partitioners, their main challenge is hearing fellow participants overlook the essential elements of comprehending and applying the principles of First Principal's business. I have been in the industry since 1992, and over the past three decades, I've learnt that understanding the sector requires insights from a geologist's perspective, an investor's viewpoint, and those who influence the markets, such as stakeholders (brokers, major investors, and vendors of the company and projects). It's crucial to gather wisdom from experienced individuals and recognise that no two operations, projects, mineral orebodies, or extraction methods are identical. This is evident in the many success stories that have emerged from so-called "unloved" and "impossible" projects that seemed doomed from the start. The list of companies that have been created from these unloved "investment concepts" or the "too Small for Majors" are clearly exemplified recently by the following list below; Northern Star Resources Limited (ASX: NST), Spartan Resources Limited (ASX: SPR) , Genesis Minerals Limited (ASX: GMD) , Westgold Resources Limited (ASX: WGX) , Gold Road Resources Limited (ASX: GOR) , There are numerous others to include on that list, and the surprising fact is that ASX retail investors are slow to invest in these stocks. The issue for these investors is that by the time these stocks gain attention, the capital appreciation for their type of portfolio has decreased, leaving opportunities to institutions and more "sophisticated" investors seeking consistent income generation. Why do I still see Greatland Gold Plc as a viable Proposition for the Retail Investor? Firstly, they are largely unknown to the sector. Currently, they have an AUD $2B market capitalisation hidden on the London Stock Exchange AIM Market platform . If you click on that link, you will see the unimpressive on the London Stock Exchange. What is an AUD billion dollar company hidden in this nature? The answer to that question is one of the first points I make in the Coffee with Samso with Shaun Day, the Managing Director of Greatland Gold. The company is an overnight success that has taken a decade of hard work and sweaty rattling of the tin to keep the doors from shutting. This episode of Coffee with Samso is a perfect companion to our first story on Greatland Gold we published on July 2, 2022, entitled " T he Havieron Gold - Copper Discovery in Patterson Range, Western Australia ". That was now almost 3 years ago, and today, they are a fully fledged miner with the words "Undervalued- Underrated" written all over the story. For those who felt that they have not caught a good investment in a raging bull gold market that seems to have no short-term end, especially in Australian dollars. This will have to be a must-see Coffee with Samso before you begin your process of DYOR. I cannot emphasise the need to spend good quality time to DYOR for Greatland Gold, which is still not listed on the ASX. That will come in June, so better get your knee pads from Bunnings and start resorting to begging, as I am 100 percent sure there will be limited shares available to the common man when their IPO comes around. Get yourself a coffee or your favourite beverage and watch or listen and see if Shaun Day makes any sense: Chapters: 01:28 Start 02:34 Who is Shaun Day? 03:45 How did Greatland buy back the assets? 05:39 Composition of the acquisition price paid by Greatland Gold. 07:34 Significance of Havieron being next to Telfer 09:04 Where is the uplift of Telfer and Havieron for Greatland Gold? 10:31 Reason for the cost of Telfer 13:14 An explanation of the concept of Vertical Ounce? 15:20 Breaking down the potential value of the Telfer Operations. 20:05 The size of the processing capabilities of the Telfer/Havieron Operations. 25:33 Thoughts on the future of mining costs 28:33 Hemi vs Havieron 31:17 What is the status of the ASX Listing? 39:11 Tungsten deposit 46:57 Takeaway from the Greatland story 50:27 Closing remarks 52:15 Conclusion PODCAST About Shaun Day Shaun is Managing Director of Greatland Gold plc. Shaun has over 25 years of experience in executive and commercial roles across mining, infrastructure and investment banking. Prior to joining the Company, Shaun was Chief Financial Officer of Northern Star Resources Limited, an ASX100 company and a global-scale Australian gold producer. Prior to this, Shaun was Chief Financial Officer of SGX-listed Sakari Resources Plc, which operated multiple mines ahead of its takeover. Shaun is a Non-executive Chairman of Blue Ocean Monitoring Limited and a member of the Senate of the University of Western Australia. About Greatland Gold Greatland’s operating asset is its 100% owned Telfer gold-copper mine, one of Australia’s largest gold-copper mining complexes with significant established processing and infrastructure. Greatland’s development asset is its 100% owned Havieron development project, a high-grade gold-copper deposit located 45km west of Telfer that will utilise the Telfer infrastructure to process Havieron ore. In addition to Telfer and Havieron, Greatland holds interests in a significant exploration portfolio, the focus of which is the relatively underexplored surrounding Paterson Province. Ownership of the Telfer infrastructure greatly enhances the potential value of exploration success in Greatland’s Paterson exploration portfolio. Strategy of Greatland Gold Greatland aspires to become a profitable multi-mine resources company by focusing on the responsible and sustainable discovery, development, extraction, processing and sale of precious and base metals. Greatland’s strategy to achieve this growth is built on four horizons: Profitable operation of the Telfer gold-copper mine and pursuit of Telfer mine life extension; Continued advancement of the world class Havieron gold-copper project through to production; Exploration to identify new precious and base metals deposits, with a focus on the Paterson Province surrounding Telfer; and Disciplined assessment and, where compelling, pursuit of new investment and acquisition opportunities in the resources sector. Greatland has assembled a highly experienced team that is committed to delivering our growth strategy. The senior team is supported by a Board with extensive expertise and experience in the global resources sector. Greatland’s leadership team has a track record of success and value creation for shareholders. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

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

Rumble Resources Limited (ASX:RTR) has been of interest to me for quite some time, and its recent recovery from a significant drop in share price has captured my attention. From a company standpoint, I am thinking that the new strategy is striking all the right chords in waking up the bull from a near 4-year hibernation. From a technical perspective, Samso spotted the value way before the discovery hole for the Earaheedy project way back in March 2021. I had tried to approach management at that time to host their prospective project on a Coffee with Samso but was kindly turned down. A while later, the company put out a release on the 19th of April 2021, " Major Zinc-Lead Discovery at Earaheedy Project, Western Australia , " and that was when the share price took to the sky (Figure 1). Figure 1: The share price chart of Rumble Resources Limited (ASX:RTR) (source: commsec) Reflecting my views on the optimistic market outlook for 2025, Rumble seems to have a new management team with what seems to be an effective strategy. I believe it may be worthwhile to assess the potential of the existing project portfolio. Over the last few weeks, I have started to express my belief in a market shift ( 2025—The Year of The Golden Snake—Has The Market Catalyst Emerged? ) and am wanting to discover potential under-the-radar opportunities and decide which ones have the potential to advance. As retail investors, we can't choose the perfect timing or the right investment without conducting research. For those who want to skip to the parts of the review, please use the list below. 1.0 The Rumble Resources 2025 Plan 1.1 New Message 2.0 The Prize Project - Western Queen Gold Project 2.1 History and Resources 3.0 Western Queen Gold Project - 2025 3.1 New Results 4.0 Western Queen South Gold Project - The comparison to the Never Never Gold Deposit. 5.0 Western Queen Gold Project - The Other Targets 6.0 Western Queen Gold Project - The Tungsten Story 7.0 Samso Concluding Thoughts 1.0 The Rumble Resources 2025 plan. After examining the most recent presentation from the RIU Conference in Fremantle, it seems to represent a promising new beginning for Rumble Resources. My initial impression is that analyzing Rumble Resources' Vision and Mission statements and employing some creative thinking, would be an effective way to uncover the deeper meaning and initiate the DYOR process. It is always a good way to understand what the company wants us to see as their path forward. With a current market capitalization of AUD $40M, 940M shares issued, and about AUD $4.6M in the bank, it’s a solid start. One anomaly I noticed is that the Earaheedy project might be generating value that doesn't align with market sentiment. This is a legacy "asset" that won't disappear in a quick fashion, so I'm unsure if this will be a concern in the future. 1.1 New Message Rumble Resources is now all about the Western Queen Gold project and targeting open-pit mining and toll processing in 2025. This new strategy is fully funded by the Bain Group , an Indian-based mining company that has agreed to fully finance the project's development with up to AUD $35M ( Development of Western Queen Gold Project ). The release does state that it is an Indicative Non-Binding Term Sheet, but I am not sure if this is now a binding proposition. This would be a good question for Peter Harold, the Managing Director and CEO, if I could convince him to do a Coffee with Samso. With gold prices surging and investor interest in the precious metals sector rising, Rumble’s near-term production story is why it got me curious enough to do this discussion. “When you've got a gold project in a gold environment like we're in, you've got to get into production as soon as you can.” — Peter Harold, MD & CEO 2.0 The Prize Project—Western Queen Gold Project (source: Rumble Resources Limited website) The Western Queen Gold project lies 110km NW of Mt Magnet within the Yalgoo Mineral Field of Western Australia and comprises two mining leases, M59/45 and M59/208, and 2 exploration tenements, E20-0967 and E59-2443, which are 100% RTR. The Project has 3 nearby operating gold processing mills (see Figure 2). The closest mill is the Dalgaranga Mill (48 km), which has a capacity of 2.5 Mtpa. The Checkers Mill (Mt. Magnet) has a capacity of 1.9 Mtpa, and the Tuckabianna Mill has a capacity of 1.2 Mtpa. Figure 2: Rumble Resources Limited's Western Queen Project Location and Neighbouring Gold Processing Facilities (source: Rumble 2025 RIU Presentation) 2.1 History and Resources The Western Queen Gold Project has historically produced 215,000 ounces of gold from two mined deposits: the Western Queen (Central) Mine (189,500 oz) and the Western Queen South Mine (25,500 oz). In August 2021, an updated Mineral Resource Estimate (MRE) reported a 35% increase in total resources, now at 2.1Mt @ 2.42g/t Au for 163,268 ounces. Indicated Resources grew significantly, rising 145% to 1.1 Mt @ 1.95 g/t Au for 67,145 ounces. The combined open-cut and underground resources are detailed in Table 1. Table 1 — Western Queen Project Resource Estimate (source: Rumble Resources Website ) 3.0 Western Queen Gold Project—2025 Rumble has upgraded the resource by 76% to date, and the resource is now up to 286,600 ounces from 163,268 ounces historically. Figure 3 highlights the existing historical pits and the potential mineralisation beneath, anchoring the future of the mining process. Figure 3: Western Queen Gold Deposit Longitudinal Section – Highlighting Previous Production, Resources and Potential New Resource Areas. (source: Rumble Resources Limited) For those still awake, it's important to understand the strike length. For those unfamiliar with the term "Strike," it refers to the distance of potential mineralisation. The 2.7 km strike length is what Rumble is relying on for its mining narrative. Rumble is concentrating on Western Queen South, which contains 85,000 ounces across the two smaller deposits within their current mining plan. 3.1 New Results On February 17, 2025, Rumbles announced the results of Phase 1 drilling: " High-grade gold and tungsten assays returned from Phase 1 drilling at Western Queen . " The objective of Phase 1 drilling was to evaluate several shallow positions, which revealed two new high-grade lodes beneath Princess, under a pegmatite intrusion (Figure 4). Figure 4: Drilling from Rumble's First Phase drilling program is shown here through a longitudinal section of the Princess deposit showcasing the newly discovered high-grade lodes, illustrating their parallel southward plunging orientation in relation to the existing Western Queen Central lode. (source: Rumble Resources Limited) The drilling appears to be consistent with the extent of the mineralising body, which is great, but whether they will make it economically viable in the future will be important. The noted tungsten mineralisation is very interesting, and with grades of greater than 0.2% WO₃, this could be a positive addition to the economics. Tungsten is an interesting commodity, as it is one of the metals that are controlled by China, and it has hit the news front with China restricting its flow of the metal. which could throw a very positive spin for Rumble. My experience with tungsten will throw caution to the wind on this news, but in our uncertain nature of the business, it looks more than interesting for now. 4.0 Western Queen South Gold Project—The comparison to the Never Never Gold Deposit. In Peter Harold's presentation at the RIU Conference in Fremantle, he compares the Western Queen mineralisation to that of the Never Never deposit, which is being developed by Spartan Resources Limited (ASX:SPR) . Figure 5 below illustrates his thoughts on the likely similarity of mineralisation and the potential upside of the Western Queen South deposit. Figure 5: Rumble Resources Limited Western Queen South comparison to Spartan’s Never Never (to scale). (source: Rumble 2025 RIU Presentation) Peter describes that the Never Never has over 2M ounces, and Western Queen South has only been drilled down to 300m and hence has the potential to be open with depth. This concept is good in principle. This concept is not new, and as many exploration and mining geologists will agree, the potential is always there, but reality is another ball game. The positive spin to that thought is that a consistently mineralised system that looks like it is at the Western Queen South deposit typically tends to continue with depth. Most times when they "disappear," it would be a truncation, or a cutting off, of the mineralised body. If that were to happen, then the task would be to identify where it has been "moved" to, in terms of directions. 5.0 Western Queen Gold Project - The Other Targets As most of the focus for Rumble has been on Western Queen South and Western Queen Central, there appears to be a potential upside along the other part of the shear zone (Figure 6). Figure 6: Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics. (source: Rumble 2025 RIU Presentation) There is another 2km stretch between the Duke and Cranes deposits that remains largely unexplored, with some significant findings like 14m @ 4.7 g/t Au. It is good to remember that over the past 5 to 10 years, the reinterpretation of existing serial magnetics has been highly successful in targeting. Recently, geochemical sampling has been overtaken by the growing preference for geophysics. Explorers have come to realise that technology is transforming our understanding of what lies beneath the surface, and in many cases, geophysics is more economical. While I am a strong advocate of geochemistry, when it comes to probing deep below the surface, the timing of results and sometimes the funding required, geophysics offers numerous advantages. 6.0 Western Queen Gold Project — The Tungsten Story As mentioned earlier, the tungsten story adds some real meat to the whole Rumble story. The occurrence of Tungsten with gold is not a new concept, but the grades that have been reported at the Western Queen project are very enticing. Some readers may remember that I have mentioned in the past that I was involved in a tungsten project around 2012. When I am looking at the results in one of the slides from the RIU presentation (Figure 7), the grades of up to 4.58% WO₃ and one submeter of 18.35% WO₃ are a tungsten miner's dream. Figure 7: A presentation slide during the RIU conference that highlights a potential tungsten mix to the Western Gold project. A photo of the core looks like the mineralisation is dense and consistent with a likely mature mineralising system. (source: Rumble Resources Limited) The other major tungsten deposit that sits within a stone's throw from the major Telfer gold deposit is the famous O'Callaghan deposit in the Patterson Range. Time will tell what is in store with the tungsten part of Rumble's story, but the market is very hard to commercialise. 7.0 Samso Concluding Thoughts The Rumble story is finally taking a positive turn for shareholders after spending a long period on the bearish side. Shareholders, who have endured a prolonged downturn, haven't had much to celebrate since the initial surge to over AUD $0.60 in 2021, followed by a gradual decline with little noteworthy progress (Figure 8). Figure 8: Rumble Resources Limited share price chart since 2015. (source: comssec). Looking back on the Rumble Resources share price, as I have mentioned earlier, I approached management many times to get the story on Coffee with Samso to talk about the Earaheedy project, which, with the size, grade, and potential size, would have gone well. My thoughts are that the gold mining play with the support of the Bain Group is the perfect recipe and timing. I do think that the Earaheedy project is not a good fit. The best option for the Earaheedy project is to spin it out into another entity and let Rumble be a full-fledged gold play. This is not to say that the Earaheedy project has no value, but in the context of the very sensitive mineral exploration sector, this will lead to confusion as to where the underlying value proposition is. The Western Queen and all of its potential need to be the centre of attention. I am sure I am not saying anything that the management is not already planning, as this is the standard operandi for companies like Rumble. As I am not a mining engineer and I have not looked at the mining potential in great detail, I cannot comment on that part of the Rumble story with any authority. I take what has been presented as valid. In saying that, I do have some questions, but I am hoping that management will accept my invitation to come to Coffee with Samso. What is apparent currently is that the share price curve is flattening out now over the last 12 months (Figure 9). This is a good sign, and the ups and downs are expected, but the time is now for management to deliver what they are promising. Figure 9: Rumble Resources Limited share price chart for the last 12 months. (source: comssec). To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Sino Iron Magnetite project in the early days. Western Australia’s iron ore landscape is undergoing a significant transformation as magnetite emerges as a major player in the sector. For years, hematite has been the dominant force in the industry, but recent developments are signalling a shift in market trends. ( Source: Andrew Todd, "Billionaires bullish on magnetite as new hematite discoveries slow," The Sydney Morning Herald, November 4, 2024. Read the full article here .) The magnetite phenomenon has been in my mind for a while now, and since getting back into the market with Cyclone Metals Limited (ASX:CLE) , I am starting to see that the Australian market is finally embracing the cleaner iron-ore process. My first involvement with Iron-Ore was around 2005, and as I have mentioned in my posts, the magnetite business was new in 2007 for me and, in a large part, for most of the people I worked with at that time. The Sydney Morning Herald article, which I missed when it was first published, was a great summation of the West Australian/Australian magnetite rise to favouritism. It has not gone unnoticed that this generation of a bullish tone is driven by the top end and not driven by the small-cap companies. Fortescue Metals Group Making a Statement: A Changing Market Dynamic Hematite has long been favoured due to its naturally high iron content, typically ranging between 60% and 63%. However, new hematite discoveries have slowed, prompting miners to revisit magnetite, which occurs at lower grades (20-30%) but can be beneficiated to produce a high-grade product exceeding 66% iron content. This beneficiating process was always looked upon as a barrier to the market , but it seems that this is no longer mentioned, which is interesting. For those who may not know, magnetite does occur in very high grades, as in up to 70%. Fortescue Metals Group (ASX:FMG) has led the charge, investing US$3.9 billion in its Iron Bridge magnetite project in Western Australia (Figure 1). Despite the high capital expenditure required to process magnetite, FMG achieved a premium of US$28 per dry metric tonne for its magnetite product in the September quarter compared to hematite. This significant price difference is driving renewed interest in magnetite ( source: Sydney Morning Herald ). Figure 1: Fortescue Metals Group’s Iron Bridge Magnetite Project (Source: Fortescue Metals Group: Iron Bridge Project .) What is interesting is that when the iron ore boom started in the early 2000s, FMG was being doubted by the majority of commentators in the industry due to technical deficiencies and the inability to sustain the funding for the business. In 2025, Andrew Forrest has proven everybody wrong and done astonishingly well. As I observe him transitioning into magnetite, I wonder what insights he has about the market now compared to when he first began, which fueled his initial drive. Could he be aware of shifts in demand from China, given his close ties to the Chinese market? While the green iron concept is still viewed as inferior by traditional haematite iron ore enthusiasts, might he possess knowledge that aligns with his vision? Not One Billionaire But Two: Andrew Forrest and Gina Reinhart are Backing Magnetite as Well. As I mentioned, the staggering highlight about this story is that it is being driven by the billionaires, and not just any billionaires, but Iron Ore Mining magnates Andrew Forrest (Figure 2) and Gina Rinehart (Figure 2A). Andrew Forrest's Iron Bridge magnetite project, which first produced and shipped ore in 2022, is located 1435 km south of Port Hedland on Nyamal Land in Western Australia. It is a magnetite mine owned by a joint venture between FMG Magnetite Pty Ltd (69%) and Formosa Steel IB Pty Ltd (31%). The mine has a capacity of 5-9 Mtpa and produces a high-grade wet concentrate product that is transported to Port Hedland through a 135-kilometre-long specialist slurry pipeline. Figure 2: A perfect identification of Andrew Forrest, which makes the March 2025 Time magazine a perfect read. (Source: Time Magazine) The Iron Bridge site is aiding Fortescue's shift towards Real Zero, aiming to be the first magnetite deposit to run on renewable energy by 2030. Fortescue Real Zero is the plan to eliminate the company's scope 1 and scope 2 emissions across FMG's Australian iron ore operations, without voluntary carbon offsets. For the benefit of our planet, our shareholders, and future generations. -FMG Gina Rinehart’s Hancock Prospecting has taken a controlling stake in the Mt Bevan magnetite project, a multi-billion-dollar operation north of Kalgoorlie. The project boasts an estimated 1.29 billion tonnes of magnetite and a 25-year mine life, with iron content potentially exceeding 70%, making it highly attractive to global steelmakers. Figure 2A: Gina Reinhart is making waves in the Magnetite Sector. (Source: Forbes Magazine) Notably, Legacy Iron Ore, which retains a 29.4% interest in Mt Bevan, is backed by India’s state-owned National Mineral Development Corporation (NMDC). With Indian Prime Minister Narendra Modi discussing the project’s significance with Rinehart, it is clear that magnetite is becoming a strategic resource for global steel production. Figure 3: Mt Bevan Magnetite Project Map (Source: https://legacyiron.com.au/projects/mt-bevan/ ) This project has been around for decades and came into notice during the last iron ore boom in 2005. As I have mentioned in previous blogs, projects such as this have been spending the last two decades trying to find a solution, so is the time to shine happening in the form of companies like Hancock Prospecting and FMG? Yilgarn and Esperance: The New Iron Ore Frontier As we talk about the magnetite projects, I am starting to imagine what it would have been like for the ports, such as Esperance, if the iron boom of 2005 had been sustained. There are several iron ore deposits in the Yilgarn that would have required an exit to market through Esperance, so if it is happening, the region may add iron ore to its suite of economic commodities. Figure 4: Map of Western Australia’s Iron Ore Regions (Source: https://www.researchgate.net/figure/ron-Ore-Deposits-and-Oakajee-Location-Map-Western-Australia_fig6_266318573 ) In 2025, the emergence of large-scale magnetite projects in the Yilgarn region suggests that Western Australia’s iron ore industry will be expanding beyond the traditional Pilbara stronghold. Companies such as Macarthur Minerals Limited (ASX:MIO) are making moves in the region with the Lake Giles Moonshine magnetite project, which holds over 1.2 billion tonnes of iron ore resources (Figure 5). However, looking at the corporate activities, I am not sure if this will become a reality. As the market improves, numerous hopefuls will attempt to attract market interest, necessitating a significant amount of DYOR from readers to ensure a sufficient level of due diligence is conducted to understand the anticipated surge of iron ore projects. Figure 5: The location of the Lake Giles project (source: Macarthur Minerals Limited). Macarthur’s strategic sale of its hematite assets at the Ularring project to Gold Valley has also unlocked significant financial potential. With offtake agreements in place and export infrastructure available at the Port of Esperance, Macarthur Minerals may indeed be making strategic moves. However, with a market capitalisation of just over AUD $6M, it would need some strengthening of its balance sheet before getting into a business that is traditionally the home of the major mining companies. Figure 6: Lake Giles Moonshine Project (Source: https://macarthurminerals.com/projects-item/moonshine-magnetite-project/ ) It is important to understand that in an industry like iron ore, unless you have a unique project like Fenix Resources Limited (ASX:FEX) , the large bulk mining projects of billions of tonnes will never happen for junior companies. Fenix Resources was talking about 6 million tonnes of extremely high-grade DSO material. When you look at aspiring iron ore miner Cyclone Metals Limited (ASX:CLE) , they have a big brother in VALE paying the bills. That is a very big difference in capability to complete the process of mining and delivering greater than 70% Fe pellets to customers. The Future of Magnetite in WA As the demand for higher-grade iron ore increases due to environmental and efficiency concerns in steel production, magnetite’s ability to produce a cleaner, high-purity concentrate is a major advantage. As I mentioned previously, with iron ore billionaires leading the charge and infrastructure in place to support large-scale exports, magnetite could play a central role in Western Australia’s next iron ore boom. The magnetite revolution is no longer a question of “if” but “when.” As more companies enter the space and technological advancements make beneficiation more cost-effective, the Yilgarn region and the Port of Esperance could soon rival the Pilbara as a powerhouse for iron ore production. (Source: Andrew Todd, "Billionaires bullish on magnetite as new hematite discoveries slow," The Sydney Morning Herald, November 4, 2024. Read the full article here . ) 5.0 Samso Concluding Thoughts The magnetite evolution , or rather re-evolution, is looking more interesting by the day. Companies like Champion Iron Limited (ASX:CIA) in Canada are making a lot of money selling these iron pellets at close to 74% Fe content and making a lot of cash. Apart from FMG and CITIC (Sino Iron Project) , there are no other players in the magnetite sector. The South Australian Green Iron initiative is still in its infancy stage, so the scene is set for some interesting scenarios for investors. In my opinion, the establishment of an iron ore mining scenario is a long-term proposition in creating it and also in the benefits of revenue. As retail investors, we are going to have to find someone that has enough leverage, and betting on FMG is almost the only option, unless you look at the potential of Fenix Resources Limited (ASX:FEX) making a play for this sector in the future. The other options are Champion Iron, but are they overpriced? The next option is the new kid on the block with Cyclone Metals Limited. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Declaration: I am a shareholder of Cyclone Metals Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. The Cyclone Metals Limited (ASX:CLE) story is one that immediately resonated with me the first time I was shown the playbook. I recognised the value of the Iron Bear project and had no problem putting some hard-earned cash into the company. The project lies in the province of Quebec and is one project that is not easily recognised by the average investor unless you have come across Champion Iron Limited (ASX:CIA) . Cyclone Metals operates in the magnetite industry, and its recent surge in popularity is still regarded as a temporary trend without long-term prospects. It's understandable to believe that iron ore revolves around DSO and that haematite is the sole iron-rich mineral worth knowing. My thoughts are that when you look at Figure 1, the Cyclone Metals Limited price, compare it to Fenix Resources Limited (ASX:FEX) and Champion Iron Limited (ASX:CIA) , and then wonder if this could be like investing in Fortescue Limited (ASX:FMG) or Woodside Energy Limited (ASX:WPL) in those early days. Figure 1: Cyclone Metals Limited share price chart as of 27th February 2025. (source: commsec) Magnetite has never been a sexy product in Australia, as the Pilbara Iron Ore Dream is all about haematite and the greater than 62% Fe content. Magnetite was frowned upon until the Chinese Enterprise arrived on our shores in 2005/2006 and created a frenzy of iron projects and the famous MOU announcements that seem to trigger alarming share price gains. However, the festivities did not last and promptly ended in 2009. Those companies that got hooked onto that magnetite festival spent the next decade trying to "make it work," exited, or divested to entities that seem to have the holding power. The iron ore rush of the mid-2000s created some promising mid-cap companies inspired to be iron ore producers, but history shows that the only real sole survivor was Fortescue Limited (ASX:FMG) . The sole Chinese producer left was a company that could not fail, Citic Pacific Mining , which has built a large operation, the Sino Iron Project , an hour south of Karratha, Western Australia. The concept of upgrading the magnetite ore that typically has a low iron content to a grade in the plus 60% range was new to Australia, but as I have learnt over the years, that is what the rest of the world has been doing. Raw magnetite iron ore has a low iron content, but once it’s processed into a concentrate using beneficiation, it’s a high quality (65% Fe) product with low impurity levels – an ideal material for making steel pellets, which is the preferred feed in steelmaking. - Citic Pacific I remember being at the beginning of that project in 2007, thinking these guys are out of their minds. I witnessed an operation going from living in tents, old doggers with no ensuite, to the luxury of everyone having ensuites in the space of 9 months. We were told that this was going to be the biggest operation in Australia at AUD $2B. I think within 12 months of my departure from that project, I heard it had gone magnitudes over that number. As I mentioned previously, the Cyclone Metals story is not obvious as a value-adding process if you have not come across Champion Iron Limited or if you have not understood the value of upgrading magnetite ore. I still have people mentioning that the process will not work, but let's see if his review could change a few mindsets. For those who want to skip to the parts of the review, please use the list below. 1.0 Understanding Magnetite 2.0 The Iron Ore Market 3.0 The Labrador Trough - Canadian Iron Ore District 4.0 The Cyclone Metals Limited Story - Iron Bear Project 5.0 Samso Concluding Thoughts 1.0 Understanding Magnetite Magnetite , as an iron-rich mineral, actually contains more iron than the hematite mineral. However, while hematite ore typically has high concentrations of hematite, magnetite ore usually contains low concentrations of magnetite. Therefore, this type of iron ore must be concentrated before being used to produce steel. The magnetic properties of magnetite ore are advantageous during this process. Although magnetite ore may require more processing, products made from it are generally of higher quality than those made from hematite ore. This is because magnetite ore has fewer impurities than hematite ore; thus, the higher cost of processing magnetite ore can be offset. Australians only understand haematite as an iron ore mineral, but what is relatively unknown is that the Northern American iron ore is mainly magnetite. The Chinese use magnetite, and as they are the conglomerate of steelmaking, that speaks volumes. Magnetite ore is the main iron ore mined in the United States, Canada, and other iron-rich regions worldwide. In the US, major mining sites include the Mesabi Range in Minnesota and the Marquette Range in Michigan. These areas are part of the broader Iron Range, known for significant iron ore deposits. In Canada, the majority of magnetite mining takes place in what is known as the Labrador Trough, which is particularly iron-rich and is where mining companies focus on exploration and development. Cleveland-Cliffs is a key player in the magnetite mining industry, operating five iron ore sites, including the Hibbing Taconite joint venture in Minnesota’s Mesabi Range, which produces approximately 8 million metric tonnes of magnetite ore annually. The company is also North America's largest iron ore pellet producer. 2.0 The Iron Ore Market As many will know, iron is the staple of civilisation, and Figure 2 gives a schematic view of the major areas where notable iron ore deposits are discovered. One of the obvious messages from Figure 1 is that the central market for iron has been in China; Australia has the shortest distance to market; however, the rebuilding of the US is literally next door. Interestingly, the recent tariffs have not mentioned iron ore, and the steel-making machines in the US need cost-effective iron ore. Figure 2: Worldwide distribution of iron ore deposits. (source: [1]) There is a reason why the Chinese State-Owned Enterprises (SOE) came flooding into Australia like they did in the mid-2000s, and that is the distance to market. The Pilbara is flooded with iron from haematite (30% plus to 62% plus) to even more magnetite. There are multiple billions of iron-bearing geology in the region, and that is still going to be the mecca for iron ore, for now. The old business had been all about mining haematite (Figure 3), but as we are all learning with the green energy revolution, the green iron phenomenon is just being played out. Figure 3: Mining haematite as iron ore. This is not saying that the haematite iron ore business is going to be bearish. Like crude oil, the call for a ban on procuring oil is as ludicrous as the thought that the mining of iron-ore oxides is losing market share. This will never happen as long as you are supplying the higher end of the market. The big story will be how much disruption the Simandou Iron Ore mine (Figure 4) will do to existing higher-grade projects and how it will severely reduce the economics of the lower-grade companies. Figure 4: The Simandou Iron Ore project in Guinea. (source: GMK Centre ) The magnetite business is not DSO, but it's all about producing the pellets (Figure 5), which are then shipped to the end user. The haematite game is a Direct Shipping Ore process and involves no processing. Figure 5: Magnetite products. The top left is from the Sino Iron Ore project in Western Australia. The top right and bottom are products from the Cyclone Metals Limited Iron Bear project in Canada. (source: Sino Iron Ore Project and Cyclone Metals Limited) There are other magnetite deposits that have very high grades in the 60% and 70%, but they tend to be in smaller volumes, commonly in less than 5M tonnes. These types of magnetite ores are rare to non-existent in the billions of tonnes, so this is why currently, the Banded Iron Formation type of magnetite ores is sought after by miners. As the iron ore price trend is in the current range (Figure 6), those who have low costs, like the Pilbara major players who are ranging in USD $25/T, will continue to make money. Those that are selling the magnetite pellets in the range of > 60%, like Champion Iron and potentially Cyclone Metals, will make even more as they are selling "Green Iron," which is potentially selling with a USD $60 to $90 premium to the base price, so I am told. Unlike the oxide ores, the sulphide ores that yield magnetite are a chemical process. The easier you upgrade, the more cost-effective your process is, and the higher grade you are able to achieve. Cyclone potentially fits that bill, as the company tells us, so with fingers crossed, let's hope that is consistent. Figure 6: The iron ore pricing for iron ore with a 62% iron content. (source: tradingeconomics.com ) With the market currently expecting increased Chinese demand in 2025, this seems like an ideal time for Cyclone Metals to capitalize on its unique asset. In January, the Chinese government issued CNY 693 billion in new government bonds, more than double the amount from the previous year, indicating that officials are beginning to act on earlier promises to stimulate the country's slowing economy. According to Trading Economics, there is increased optimism that the housing crisis bottomed out last year. Local authorities have reportedly begun purchasing property from major distressed developers, signalling a willingness to support the sector, which is one of the world's largest steel consumers. Meanwhile, major iron ore producer BHP noted that signs of economic recovery in China and rate cuts by global central banks this year are expected to boost demand for precious metals. 3.0 The Labrador Trough—Canadian Iron Ore District Iron ore in Canada comes from four provinces: Quebec, Newfoundland, Labrador, and Nunavut. The major source of iron ore is found in the Labrador Trough, which is bordered by Quebec, Newfoundland, and Labrador (Figure 7). Figure 7: This graph illustrates Canada’s iron ore production by province and territory in 2023. Quebec led with 33.6 million tonnes, representing 57% of the total production. Newfoundland and Labrador followed with 20.2 million tonnes, accounting for 34%, while Nunavut contributed 5.6 million tonnes, making up 9% of the national production. (source: Natural Resources Canada). The Labrador Trough is located in north-eastern Quebec and western Labrador, Canada (Figure 8). It extends in a sinuous southerly direction for 1100 km from Ungava Bay to within 300 km of the St. Lawrence River. Figure 8: Labrador Trough, showing major iron deposits in Quebec and Labrador. (source [1]) The term Labrador Trough is used to describe an extensive geosyncline of Proterozoic rocks that traverses the Quebec-Labrador Peninsula for 1100 km. This belt is about 100 km wide in the central part and narrows considerably to the north and south. The Labrador Trough contains three main types of iron deposits: [1] Soft iron ores are formed by supergene leaching and enrichment of the weakly metamorphosed cherty iron formation; they are composed mainly of friable fine-grained secondary iron oxides (hematite, goethite, limonite). Taconites, the fine-grained, weakly metamorphosed iron formations with above-average magnetite content, which are also commonly called magnetite iron formations. More intensely metamorphosed, coarser-grained iron formations, termed metataconites by G.A. Gross (1968), contain specular hematite and subordinate amounts of magnetite as the dominant iron minerals. 4.0 The Cyclone Metals Limited Story—Iron Bear Project Cyclone Metals Limited's business may seem complicated when considering the technical aspects like the science of upgrading and achieving the proposed high grade. However, the overall business narrative is quite straightforward. The most important part of the Cyclone story is that it is an investment in the last part of a project. The ability to proceed to the production and processing stage has been made simpler with the completion of the binding MOU with VALE , which was released on the ASX ( Cyclone Metals and Vale execute Development Agreement for the Iron Bear Project ), spelling out all the missing pieces of the project, which are the funding and the potential exit for shareholders. For a company that currently has a market capitalisation of less than AUD $80M (as of 27th February 2025), this agreement sets it up for a pretty comfortable ride to production. The iron ore price (Figure 5) is probably either going to stay in the current range or move higher. The demand from China will have to kick in soon, as they need to stimulate the economy, and the consensus from market commentary seems to agree, at this stage. If this happens, we will be assured that the iron ore price will be potentially higher. Simplistically put, Cyclone has a resource of 16.6 billion tonnes @ 29.3% Fe% (inferred and indicated JORC 2012 compliant—ASX Release—( Significant Mineral Resource Upgrade for Project Iron Bear ) and 18.2% magnetic Fe, with a cut-off grade of 12.5% magnetic Fe. I will not pretend to know the science , but from afar, I feel comfortable that the guys that know have pretty much scrutinised the numbers and are ok with it. For me, the Indicated Mineral Resource of 2.15 billion tonnes containing 28.68% total Fe and 19% magnetic Fe is the first important message. The metallurgical report indicating favourable upgrading parameters and grinding of the magnetite will be the key to the rest of the business. The metallurgical points from the ASX release are listed below: Production of a Direct Reduction grade concentrate grading 70.6% Fe and 1.2% SiO₂ with an overall magnetic Fe yield of 88.9%² Production of a Blast Furnace grade concentrate grading 68.9% and 3.4% silica with a magnetic Fe yield of 95.5% Very low deleterious elements (P, MnO, etc.) Favourable grindability indices of BWi = 16.7 kWh/t and SMC = 11.7 kWh/t The other key interest is the infrastructure issues that seem to be also checked off in the ASX release. It is good to remember that there has been a history of iron mining in the area; therefore, Cyclone is not pioneering a new mining region. There is a decent-sized rail line in place, and in a world of iron ore, this is critical. I fully understand the significance of infrastructure, which is why Tier 1 jurisdictions are crucial when evaluating mining projects. Canada, similar to Australia, is a top-tier location for investing heavily in such projects, as the government relies on mining to create national wealth. 5.0 Samso Concluding Thoughts There is an old saying, "Once bitten, twice shy," which is commonly said but sparingly applied in the real world. This is why history frequently repeats itself, and we all make the same mistakes over and over again. For me, that was not realising that the Champion Iron bandwagon still had a lot of legs left in February 2019 and missing out on Fenix Resources Limited (ASX:FEX) at the beginning of that year. When the Iron Bear project came across me, I was all over it. Looking at the business plan for Cyclone, I cannot help but feel that there may be similarities to that of Champion Iron. Looking at the share price chart for Champion (Figure 9), I am hoping that Cyclone will bear some similarities, one would hope. A third of Champion's market capitalisation would be a good prize for most shareholders of Cyclone at this stage (Figure 9). However, as we all know that the market has a habit of doing its own things, one should tread water carefully, and the best option is to take a long - term view. If you take note of Figure 9, it is good to know that the first significant jump in share price was in 2017, so that was 8 years to date. Figure 9: The Champion Iron Limited share price chart as of 25th February 2025. (source: commsec) The Fenix Resources Limited lesson was that I thought the resource was too small, and I could not see how they would be able to monetise the project so far inland with no rail. Well, that was another misconception derived from not understanding the business. The extremely high grade of the product made it commercial. The lesson from that is the high-grade nature of Cyclone is the key. The 72% and even the 68% products that Cyclone is promoting as an end product will put them in premium pricing territory. Another saying in our mining game is Grade is King, and that Cyclone has that grade. For me, the strongest endorsement is the binding MOU. Companies like VALE would not invest significant time during the due diligence phase, sign a non-binding MOU, and then finalize it by making it binding only to walk away afterwards. Additionally, it’s unlikely that a major company like VALE would go through all that effort without signing a binding agreement, only to overlook straightforward issues such as ore upgrade potential, missing infrastructure, technical problems that could threaten the project, or jurisdictional complexities. Vale, formerly Companhia Vale do Rio Doce, is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. Vale is the largest producer of iron ore and nickel in the world. What Could Go Wrong? Iron ore pricing is a key factor that could render Cyclone Metals insignificant. This possibility always exists, and market dynamics are inherently unpredictable. While the fluctuating price remains a concern, the market is currently stable, and with major economies needing to stimulate growth, the outlook for iron ore is not unfavorable. Technical shortcomings  in the development of ore processing and upgrading present another possible obstacle. I believe that if there were going to be a problem, the business wouldn't have progressed to this point. Although this is a significant challenge that could cause any business to fail, I think companies like VALE would have identified it. It's also important to note that upgrading magnetite is not a new process. In fact, upgrading magnetite ore is likely the simplest aspect of Cyclone Metals' operations. The next potential issue could be an internal collapse in management , but given the high stakes, I believe it would be addressed swiftly. Paul Berend and Paul Vermeulen are crucial for success, as their experience will propel operations. Other technical and financial staff will be relatively easier to find. The market's view of their performance will be vital for the business's future, influencing overall market confidence in the company. The agreements with the First Nations community will be the next hurdle. From what I have gathered from publicly released information, this seems to be managed. Infrastructure looks ok from what I have researched. The Trump Tariffs are currently creating market turbulence, but I do think that the viability of the business has been shown to be more about the long term than any short term market fluctuations. How the dust settles with the specifics of the tariffs may not even affect iron ore coming from Canada. Like all projects, the access to funding is always the cloud hanging over every business. However, it does appear that the VALE agreement has addressed this part of the business. I believe the challenges facing Cyclone Metals will primarily stem from three areas: a decline in iron ore prices, a conflict with First Nations, and insufficient funding. Based on the news release, there are valid reasons to believe that these issues are currently being addressed. Retail is Not Driving This Narrative Some recent news published in the Sydney Morning Herald - Billionaires bullish on magnetite as new hematite discoveries slow - makes for a good read. A series of magnetite projects are making their run into being upgraded to the numbers mentioned by Cyclone Metals Limited. The introduction of magnetite to feed the Green Iron narrative is no longer being played out in conversations. The moves are well entrenched and remind me of the recent lithium rush. The article talks about the likes of Andrew Forrest and Gina Reinhart making big moves to have a share of the pie. The asset accumulation has already started, and those who are looking to take that ride may have been left standing on the jetty. Reading through the article, it may appear that the good projects have left the port. If anyone questions whether the entire Green Iron initiative is a marketing strategy, in October 2024, a consortium called Green Iron SA was established, consisting of Magnetite Mines , Flinders Ports , Aurizon , and GHD . This group intends to create a magnetite mining operation in the Braemar region of South Australia, with plans to produce export-quality pellets and build a direct reduced iron plant at Port Pirie. The recent bailout of the Gupta-controlled steelworks in Whyalla, South Australia, by the government is another endorsement of establishing a serious green iron ore-steel-making region (Figure 10). Figure 10: GFG Alliance’s mining arm, SIMEC Mining has produced its first high quality GREENSTEEL pellets that will underpin the future of decarbonised steel production in Whyalla, South Australia. This effort aims to establish South Australia as a leading supplier of green iron to Asian markets, utilizing the state's abundant magnetite resources and renewable energy. When you take all those components into consideration, one would have to conclude that this is worth some DYOR yourself and consideration with your financial advisors. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Reference: Swain, Sagar Kumar, Mishra, Devi Prasad, 2020 Global trends in reserves, production, and utilization of iron ore and its sustainability with special emphasis to India, Vol 68, June, pp11-18 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 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.

Gold is finally in the limelight with the new generation of metals stepping out with the reducing market sentiment. For many years, the gold loyalists have been up in arms that the gold sector was largely ignored. The gold price is now at an all time high (Figure 1), and it was only in the last couple of years that the general market (ASX Punters in the small-cap sector) attention was focusing on gold equities. If you’ve been following the gold market and social media commentaries, discussions about the benefits of investing in gold have been a recurring theme over the past decade. The most significant signals emerged after 2020, driven by increasing political uncertainties, rising interest rates, and escalating geopolitical tensions between the West and China. Figure 1: Gold price chart since 1972. (source: Kitco) The escalating anti-eastern sentiment—primarily characterized by tensions between the West and China—and the perceived threat of China's expanding influence should, in theory, push more investors toward the safety of gold. If this is the view of the investing community, then entering the gold sector would be a no-brainer. As illustrated in Figure 2, the last significant gold price movement was in mid-2022, climbing from under USD 1,800 and gaining more than USD 1,000 since then. and surprisingly, small-cap investors didn’t capitalise on this trend earlier. However, this may be partly attributed to the relatively small pool of emerging or small-cap miners listed on the ASX. Figure 2: Gold price chart over the last 5 years. (source: Kitco). Rick Rule Thoughts In my Coffee with Samso  episode with Rick Rule in May 2020, titled "Coffee with Samso - Episode 037: Markets and Commodities - Views from Rick Rule,"   Rick did emphasised that investors should be loading up on gold ( Click here to listen ). Rick mentioned that investors outside of Australia (at that time) had been entering gold equities, while the Australian investors were still missing. My discussion with Rick took place in May 2020 and it feels as if the Australian investors got distracted with the Lithium bull run and are now late in entering the gold production story. It’s no surprise that Rick Rule made those comments, as he mentioned that he had witnessed nine recoveries in the gold market throughout his career. His perspective undoubtedly comes from a wealth of experience and a deep understanding of market cycles. A Good Technical Project Flourishing with the Perfect Timing. The ASX (Australian Stock Exchange) mineral exploration industry is an exciting sector, and it is never boring. It is consistently dynamic in its activities for eager investors. Whether that is a good cocktail for investors is up for debate, but it is a sector of the ASX that has been a major part of my "investing" playground. Gambling or Investing? Timing is everything, and investors in mineral exploration are constantly on the lookout for the next great "thing" or what I call the next great "story." As I have mentioned in my previous writings, having triggers that can help you limit your risks is always a good thing. It is the creation of a scientific reason for making the investment decision. The main trigger for me is the technical viability of the project. We all know that there are numerous "issues" that will make or break a project, and nobody can counter a "Black Swan" event, so one has to discover some form of a tangible decision-making process. Nobody can predict a Black Swan event. The Tolu Minerals Connection In the context of our discussion, the emergence of a "Gold Story," I think Tolu Minerals Limited (ASX: TOK) may be a prime example of a good technical project that appears to have added significant value. With a climate of "Good Timing," the concept may grow further in time. I came across the story of Tolu Minerals Limited (ASX: TOK) in August 2022 in an episode of Rooster Talk entitled Tempest Minerals Limited (ASX: TEM) Acquires Producing Asset - Tolukuma and Mt Penck Projects. Tempest Minerals Limited was acquiring the Tolukuma gold mine from the current management. This was a very complicated transaction that ultimately ended up with the IPO (Initial Public Offer) of Tolu Minerals in Mar 2024. Samso Insights published a review of that event entitled: "Tolu Minerals Accelerates Gold Exploration in the Pacific “Ring of Fire” . I have a history with Papua New Guinea (PNG) and I think this helps me a good understanding of the ins and outs of working in a very challenging political and social-economic environment. Figure 3: The share price chart for Tolu Minerals Limited as of 31st January 2025. (source: Commsec) The share price chart for Tolu Minerals (Figure 3) is why I think this is worth reviewing for Samso Insights . Let's review the details and understand the whole Tolu Minerals Limited business. For those who want to skip to the parts of the review, please use the list below. 1.00 Who is Tolu Minerals Limited? 1.10 Tolukuma Gold Mine: 1.20 Exploration Focus: 1.30 Management: 1.40 Listing: 2.0 The Tolukuma Gold Mine [1] 3.0 Geology of the Tolukuma Gold Mine 4.0 Corporate Details Some Key News Release: 5.0 Samso Concluding Thoughts References: About Rick Rule 1.00 Who is Tolu Minerals Limited? Tolu Minerals Limited (ASX: TOK) is an Australian exploration and development company that focuses on gold, silver, and copper projects, primarily in Papua New Guinea (PNG). The company is developing the Tolukuma Gold Mine  and several other projects in PNG's highly prospective mineral belts. 1.10 Tolukuma Gold Mine: This is the company's flagship project. Located in the Central Province of PNG, approximately 100 km north of Port Moresby, the Tolukuma Gold Mine is a high-grade gold and silver mine (Figure 4). Figure 4: Tolu Minerals tenement locations. ( source: Tolu Minerals Limited) Tolu Minerals acquired the mine in 2022 and is focused on revitalising it, including restoring infrastructure, conducting exploration, and increasing production. 1.20 Exploration Focus: Tolu Minerals is also exploring additional regional opportunities, including the Tolukuma Structure  (adjacent to the existing mine) and the Mt. Penck Project  in West New Britain. These projects are part of the company's broader strategy to expand its asset base in PNG's rich mineral terrain. 1.30 Management: The company is led by a team with significant experience in exploration, mining, and project development, particularly in PNG, which is known for its complex and challenging geological environments. 1.40 Listing: Tolu Minerals is listed on the Australian Securities Exchange (ASX) under the ticker TOK . The company aims to leverage its assets and expertise to create value for shareholders, particularly with the growing interest in resource markets. Tolu Minerals is positioning itself to benefit from the recovery and growth of the resource sector in PNG, with a particular focus on gold and precious metals. 2.0 The Tolukuma Gold Mine [1] The Tolukuma Gold Mine is in the Goilala District of Central Province, Papua New Guinea, approximately 100 kilometers north of Port Moresby (Figure 5 and Figure 6). Discovered in 1986 by Newmont, the mine commenced operations in 1995 and focuses on high-grade epithermal gold and silver deposits. Over two decades, it produced around 1 million ounces of gold at an average recovered grade of 14 grams per tonne, peaking at 21.3 grams per tonne, along with approximately 50 grams per tonne of silver in the form of gold/silver doré. In 2015, operations ceased due to escalating costs, primarily stemming from incomplete infrastructure projects such as a 70-kilometer access road and maintenance issues with the 3 MW hydroelectric power facility. The mine entered liquidation in 2018. Tolu Minerals acquired the mine in September 2022, obtaining all existing operating and environmental permits. As of August 2022, the Tolukuma project reported a JORC (2012) Mineral Resource Estimate of 1,610,000T at 10 grams per tonne gold and 38 grams per tonne silver, totaling 503,000 ounces of gold and 1,950,000 ounces of silver. Figure 5: Tolukuma existing mine site. (source: Tolu Minerals Limited) Tolu Minerals has outlined plans to complete the remaining 23 kilometers of the access road to connect the mine to the Hiritano Highway, dewater the mine to access existing resources, conduct an environmental baseline assessment, refurbish the hydroelectric power plant, and upgrade key site infrastructure to support resource development and exploration. 3.0 Geology of the Tolukuma Gold Mine (A summary taken from PorterGeo - www.portergeo.com.au ) The Tolukuma gold deposit is classified as a low-sulphidation adularia-sericite epithermal system and is located in Papua New Guinea’s Central Province, approximately 100 kilometers north of Port Moresby. Figure 6: Location of Tolu Minerals Limited two gold projects in Papua New Guinea. (source: Tolu Minerals Limited) The oldest geological formations in the Tolukuma region are the Kagi Metamorphics, part of the metasedimentary sequence within the Cretaceous to Eocene Owen Stanley Metamorphics. These rocks underwent deformation during the middle Miocene. Locally referred to as the Auga Beds, the Kagi Metamorphics consist of slate, siltstone, sub-greywacke, feldspathic sandstone, limestone, and pebble conglomerate, with some zones containing highly carbonaceous material. Overlying these rocks unconformably are the late Miocene to Pliocene volcanics and interbedded sediments, intruded by subvolcanic equivalents of the Mt Davidson Volcanics. These basic-to-intermediate volcanic rocks were deposited within a 10 to 20 km-wide north-south trending graben. The Tolukuma mineralisation is hosted within these volcanics and sediments. Pliocene deformation created NW- and NE-trending vertical tensional fractures with minimal displacement. At the Tolukuma deposit, the Kagi Metamorphics appear to be in fault contact with the Mt Davidson Volcanics, which host the mineralisation. These volcanics include intermediate to basic pyroclastics (such as fine ash flow tuffs, feldspathic crystal tuffs, and lithic tuffs) and lavas, predominantly hornblende-feldspar porphyritic andesites, with occasional basaltic components. Narrow porphyritic andesite-to-basalt dykes are common throughout the area. Gold mineralisation is contained within several sub-vertical quartz vein zones in the Mt Davidson Volcanics. These are primarily aligned along two 115° striking faults, spaced 500 meters apart, as well as within a north-trending dilational zone connecting the two structures. Vein thickness ranges from 1 to over 10 meters, averaging 2 to 3 meters. The southern fault and dilational zone form the Tolukuma vein, which hosts the majority of the high-grade gold (>5 g/t Au). In contrast, the northern fault, known as the 120 vein, typically has lower and more variable gold grades. High-grade mineralisation (>5 g/t Au) is present over a vertical interval of up to 275 meters. The veins primarily consist of quartz, which, when strongly mineralised, appears as a white saccharoidal variety with abundant pseudomorphs after carbonates. Pyrite is common, with lesser amounts of base metal sulphides (typically <1%). Other vein minerals include clay, manganosiderite, adularia, albite, and leucoxene. Adularia is often found in association with quartz. The veins are categorized into simple and banded veins, vein breccias, brecciated veins, and hydrothermal breccias. Alteration around the veins includes early pervasive propylitisation, while phyllic (illite-quartz-pyrite) and argillic (illite-smectite) haloes extend tens of meters outward into the host rocks. The drill indicated resource quoted in 1988: 1.07 Mt @ 22.0 g/t Au at a cut-off of 4 g/t Au. Reserves and resources quoted in 2003:  (from Durban Roodepoort Deep Ltd, website):   Proven and Probable Reserve: 160,000T @ 15 g/t Au for 2.4 t Au        Measured, Indicated, and Inferred Resource: 300,000T @ 29.9 g/t Au for 9.0 t Au 4.0 Corporate Details The company's IPO appears to have had a very turbulent path. Looking at the announcements during that IPO timing, the company had to submit three Supplementary Prospectus. I used to be told that one was already too many Supplementary Prospectus. Anyway, I don't know the reason, and it is no longer a point of discussion at this time of writing this review. Tolu Minerals was finally admitted and quoted on the ASX on the 9th of November 2023. At the writing of this review, Tolu Minerals Limited has a market capitalisation of AUD103M which gives them approximately 113,186,813 shares on issue. That is not a bad start since being admitted into the ASX. Some Key News Release: Date Announcement 21 January 2025 Appointment of Executive Group Geologist 20 January 2025 Update on Key Projects 02 December 2024 Corporate Presentation 14 November 2024 Taula drilling extends Tolukuma Gold Mineralisation 24 October 2024 Placement 09 September 2024 Initial Airborne MT Results 25 June 2024 Commencement of Airborne MT Survey 29 April 2024 Mt Penck Polymetallic Targets 19 April 2024 Placement 29 January 2024 Mt Penck Results 13 November 2023 Taula Assay Results and Tolukuma Exploration Targets 09 November 2023 Top 20 Shareholders According to the presentation released on the 2nd December 2024, Tolu Minerals has raised AUD67M since the IPO, and the last raise in October 2024 put AUD26.7M into the bank. Clearly, the potential for producing gold bars is motivation for the investments with a rising global gold price. 5.0 Samso Concluding Thoughts The gold sector is currently attracting significant attention, particularly in the small-cap segment. As we all know, the lower end of the market, often referred to as the "speculative" end of the ASX, is widely regarded as the most dynamic part of the industry. It's worth remembering that following 2020, the small-cap sector raised nearly AUD 2 billion within just 18 to 24 months—a wave of activity I haven’t witnessed in over 30 years of experience, both as a geologist and a member of the investing community. The critical question now is whether TOK can bring the project into production, given the longstanding challenges that the Papua New Guinea mining industry has faced over the decades. Drawing from my experience with PNG's mineral sector, one of the key lessons I've learned is that there are figurative minefields to navigate at every turn. I’ve been aware of the Tolukuma Gold Mine for some time. As mentioned in previous discussions, I’ve always wondered why this project has not been further developed. Despite its history of mining operations and promising grades, this question had never been fully explored. When the project reappeared on my radar in 2022, it again piqued my interest. Based on my experience, I doubted whether the Tolu Minerals story would progress. The concern for me comes from my previous experience with the cost of working in the It’s encouraging to see that I may be mistaken. The progress Tolu Minerals Limited has achieved since its listing is a promising development. While there’s still considerable work ahead, the company’s solid funding support suggests that the light at the end of the tunnel is shining brighter this time. Whether this will ultimately lead to gold bar production for current investors remains the ultimate test, but the rising gold price is certainly adding to the optimism. As I’ve previously stated, timing is crucial, and Tolu Minerals investors are certainly benefiting from that right now. The recent merger between Northern Star Resources Limited (ASX: NST) and De Grey Mining Limited (ASX: DEG) clearly demonstrates that the gold sector is heading in the right direction. Whether Tolu Minerals can pull everything together and make this project a reality is yet to be seen. However, one thing I’ve learned over the decades in the mineral resources sector, is that having money in the bank is paramount. The best grades and projects won’t come to fruition without the necessary financial backing. From my experience working inside ASX companies, all the talk in the world is only as valuable as the size of your bank balance. Please do your own research, and happy investigating! To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References: Tolu Minerals Limited About Rick Rule Rick Rule is a prominent investor and entrepreneur, best known for his expertise in natural resources and precious metals investing. He has over four decades of experience in the resource sector and is considered one of the leading figures in mining, oil, gas, and energy investments. Key Highlights about Rick Rule: Background: Rick Rule has built a reputation as a savvy and disciplined investor with a deep understanding of the resource sector's cyclical nature. He is particularly well-known for investing in junior mining and exploration companies, often identifying opportunities overlooked by others. Professional Career: Sprott U.S. Holdings: Rick was formerly the President and CEO of Sprott U.S. Holdings, a subsidiary of Sprott Inc., a global leader in resource investments. At Sprott, he managed significant portfolios and built relationships with institutional and retail investors worldwide. He has been involved in numerous successful resource and mining ventures, often working with junior companies to unlock value for shareholders. After leaving Sprott, he continued his involvement in the resource sector through personal investments and speaking engagements. Links: https://sprottusa.com/managed-accounts/sprott-rule-managed-account/ Investment Philosophy: Rick Rule is known for his contrarian approach to investing, often seeking opportunities during downturns in the resource market when assets are undervalued. He places a strong emphasis on due diligence, focusing on companies with strong management teams, high-quality assets, and the ability to survive industry cycles. He is a vocal advocate of precious metals, particularly gold and silver, as a hedge against economic uncertainty and inflation. Public Speaking and Education: Rick frequently speaks at conferences, webinars, and other forums about resource investing and economic trends. He is well-respected for his insights into the global economy, commodities markets, and financial trends. He often emphasizes the importance of understanding the risks and rewards of investing in natural resources, particularly in the volatile junior mining sector. Philanthropy: Beyond investing, Rick Rule is also involved in philanthropic efforts, particularly in areas related to education and resource stewardship. Current Activities: Rick continues to participate in the resource sector as a private investor, focusing on precious metals, uranium, and other natural resources. He is known for conducting “portfolio rankings,” where he invites investors to submit their resource investments for review, offering advice and insights. Rick Rule's ability to navigate the complex and often volatile resource markets has earned him a loyal following among investors. His expertise, combined with his willingness to educate others, has made him a respected figure in the industry. 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