Coffee with Samso
This is Coffee with Samso. Samso will have a coffee with someone about something that is interesting and from a different perspective in business. It is a simple coffee conversation with no formalisation of style.
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The Copper Is Hiding in the Minerals, Not the Assays — CSIRO's Tobias Schlegel on IOCG Vectoring
08/30/2026
The Copper Is Hiding in the Minerals, Not the Assays — CSIRO's Tobias Schlegel on IOCG Vectoring
Coffee with Samso — with Dr Tobias Schlegel, Senior Research Scientist, CSIRO We're back at Samso HQ at the University Club, on the UWA campus in Crawley, and this is a conversation that has been a few years in the making. I first came across Tobias Schlegel at an IOCG workshop in Adelaide. He was up the front talking about how these deposits actually form, and I remember thinking, I need to talk to that guy. It has taken two or three years, but here we are. Tobias is a Senior Research Scientist at CSIRO, where he has spent close to seven years, and he has been working on Iron Oxide Copper Gold (IOCG) systems since around 2009 — including his doctoral work on Prominent Hill. If you want someone who has spent well over a decade staring at the rocks behind Australia's most important copper story, he is the man. "Geochemistry Isn't the Silver Bullet" Why this conversation matters Copper is on everyone's lips. Investors want to know where the next tonne is coming from. And in Australia, the answer keeps pointing back to IOCGs. Globally, porphyries are the elephant in the room — Tobias puts them at roughly 60% of world copper supply. But IOCGs are where Australia lives. In South Australia and Queensland, they are the dominant copper producer. And they carry a quiet advantage: where porphyries typically run somewhere around 0.4–0.6% copper, IOCGs tend to scrape around 1%, particularly the hematite-dominated ones. When you are exploring undercover — as we increasingly are in this country — that grade difference matters. The thing that stopped me in my tracks Here is the part of the conversation that I keep coming back to. We spend our entire exploration lives assaying for metals. Copper. Gold. Rare earths. That's what we want to find, so that's what we measure. Tobias's point is that the metals are only half the story. Metals travel in a fluid as cations — copper plus, iron two plus. But a fluid cannot just dump cations into a rock and walk away. Something has to balance the charge. So the anions come along too: chlorine, hydroxide, sulfur, phosphate. And when that fluid hits the rock, it doesn't only deposit metal — it also rebuilds the mineralogy, turning feldspars into hydrous minerals like chlorite and muscovite. You may have thirty metals sloshing around in the system. But they are charge-balanced by a handful of anions. And as Tobias puts it, the signature of the anions is sometimes far clearer than the signature of the metals. Which means the alteration mineralogy can be telling you something your assay sheet simply cannot. From geochemistry to mineralogy This is why, over the last five or six years, Tobias has drifted away from whole-rock geochemistry and towards mineralogy — measuring surface chemistry with automated SEM-based systems and translating it into minerals, sample by sample, down a drill hole. What emerges is not the presence or absence of some magic indicator mineral in a single sample. It is the systematic change in mineral abundance through space. And it tends to behave predictably: broadly speaking, the bigger and more intense the alteration zone, the better the copper intersection at the end of it. He is careful — and I respect him for it — not to sell this as a silver bullet. Geochemistry is still the method of choice, still the thing companies use to publish a resource, and it works especially well in homogeneous host rocks like granites. But when the host rock gets messy, and when the first hole finds smoke rather than fire, this is where the toolbox needs to get deeper. What else we covered Why IOCGs are complex — but not as chaotic as they look. Olympic Dam, Prominent Hill and Oak Dam West sit in completely different host rocks, of different ages, yet the alteration zoning tells a strikingly similar story: a hematite-quartz core, with the copper wrapped around it. Hematite versus magnetite. Why the hematite-dominated systems in South Australia carry the chalcocite, bornite and chalcopyrite everyone wants, while magnetite-dominated systems tend to run lower grade with more pyrite. The breccia debate. Were these bodies blown apart, or are they structural jogs that later became plumbing for mineralising fluids? At Prominent Hill, Tobias argues the breccia was there first. Rare earths as a clue. The unusual lanthanum and cerium signature in South Australian IOCGs, and cerium's role in the magnetite-to-hematite transformation. The carbonatite question. With the Arunta throwing up hybrids, is there a real link between carbonatites and IOCGs? The idea has been around for about 25 years. Work at Carrapateena with the Geological Survey of South Australia shows carbonates replacing chlorite at depth — and the copper grade going up where they do. A hint, Tobias says, not a proven link. AI in exploration. A refreshingly honest answer, and a warning worth writing on the wall: if we feed the system what we already know, we will tend to find what we already know. Exploration is not a data-rich space. Advice for the next generation. Stay curious. The learning doesn't stop at graduation. The takeaway Geochemistry is not just about the element itself. It's about how that element moves through the system, and what it leaves behind on the way. The assay tells you what arrived. The mineralogy tells you how it got there — and, if you read it properly, which way to point the next hole. And if you're stuck? Tobias's parting thought was simple: reach out. CSIRO, the universities, the geological surveys — they are there to help industry solve exactly these problems. Grab a coffee. This one is worth your time.
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The Discovery of the Challenger Gold Mine – Gawler Craton, South Australia
05/27/2026
The Discovery of the Challenger Gold Mine – Gawler Craton, South Australia
There are discoveries that change a region's prospectivity forever. The Challenger Gold Mine in the Gawler Craton is one of them. In this episode of Coffee with Samso, I sat down with David Edgecombe, the geologist who was instrumental in the discovery of the Challenger Gold Deposit in outback South Australia. David is not simply a man who happened to drill a good hole. He is a geologist's geologist — one who understood the rocks, trusted the science, and applied a methodology that was, at the time, genuinely groundbreaking in this part of the world. At 1.2 million ounces of gold, Challenger remains an enigma in the Gawler Craton. There is nothing comparable within a radius of several hundred kilometres. And yet, as David explains, the discovery almost didn't happen. A single calcrete sample — one out of more than 3,600 collected — came back at 180 parts per billion gold. Move that sample 200 metres in either direction, and the number drops below 20 ppb. The story of Challenger is as much about luck as it is about the brilliance of the exploration strategy. What makes this conversation particularly compelling is that David takes us back to the very beginning — the regional sampling programs, the calcrete geochemistry methodology that Dominion Mining pioneered in South Australia, the moment that anomalous result came through on the fax machine late one evening, and the drilling program that confirmed one of the more significant gold discoveries in Australian exploration history. This is a conversation about discovery methodology, about what works and what doesn't, about the value of good science over noise, and about what the next generation of explorers should be looking for in one of Australia's most underexplored terrains. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 219 | The Discovery of the Challenger Gold Mine | Adelaide | South Australia Chapters 00:00 Start 00:10 Introduction 03:12 Introduction of David Edgecombe 04:32 The South Australian Connection 05:31 The South Hilda Project - The Beginning of Interest in Gold Exploration 06:08 - The Introduction of Exploration in the Challenger Area and Calcrete Sampling 06:58 The Realisation of Gold and Calcrete - Bounty Gold Mine 07:40 Adelaide Resources - Andromeda Metals Limited - Realisation of the Potential - Calcrete Sampling. 08:42 The Calcrete Sampling Program 10:29 Tightening of the Regional Sampling Program. - Initiating the Drilling Program. 11:22 The Discovery Hole - The Sixth Hole 12:37 Confirmation Hole - The Seventh Hole 13:02 The Mother Lode - Drilling the Lode Plunge 13:54 The Complication of Corporate Activities 14:33 Did David Think It was Going to As Big As It was? 16:29 Does David think Challenger is still feasible? 17:04 Is Challenger a Geochemical or Geophysical Discovery? 17:39 Geophysical was not Impactful in the Exploration 18:40 No Outcrop - Surface Description 19:27 Modern Explorers should go back to Calcrete Sampling 20:29 New Thoughts on Exploration - XRF 21:25 The Importance of Regolith 22:09 Did the MMI work ? 23:04 The XRF Sampling Potential 23:56 The Mystery of Sampling Points 24:28 Sampling the calcrete and soils with XRF. 25:21 The Naming of Challenger 27:09 Mineral Exploration takes time. 28:06 Was there a sliding doors moment that meant Challenger was not Discovered? 28:36 Timing of the Discover soil sample. 29:09 Was It a Eureka moment? 29:21 Closest Sampling result 29:41 Infill Discussion 30:37 Latest Gold Potential in Gawler 31:19 Could the same exploration style work today in 2026? 32:16 Should we go back to Calcrete sampling ? 34:15 Was there much Iron in the Challenger Area? 35:57 Is Challenger Alone ? 37:17 The Element of Luck 38:22 How close were you to missing the target ? 39:33 Other Sampling Techniques ? 40:37 Interpretation of the Other sampling Techniques ? 42:09 What Would David Tell A Younger Geologist? 44;03 The Wisdom of Age ? 44:34 Any last minute Wisdom to share? 45:20 The Myth of Geologist Destroying the Environment 46:29 David The Geologist. 47:20 Conclusion 47:20 Conclusion
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The Discovery of the Paris Silver Deposit
04/28/2026
The Discovery of the Paris Silver Deposit
Coffee with Samso – John Anderson and the Thinking Behind the Paris Silver Discovery There are mining discoveries, and then there are stories about why discoveries happen. The difference matters. In this episode of Coffee with Samso, I sat down with John Anderson, the geologist most closely associated with the discovery of the Paris Silver Deposit on South Australia’s Eyre Peninsula. John is not just another explorer who drilled a successful hole. He represents a generation of geologists who built discoveries through persistence, pattern recognition, and the willingness to challenge accepted geological thinking. This conversation was less about one silver deposit and more about how discoveries are made when ideas are allowed to mature over decades. The Geologist Behind the Discovery John Anderson was born in South Australia and developed an early fascination with rocks, fossils, and the natural world. He graduated from the University of Adelaide in 1975 with studies in geophysics and geology before starting a career that would take him through some of Australia’s most important mining districts. His early years included underground work at Broken Hill, nickel exploration around Kalgoorlie, tin projects, and later senior exploration roles with major mining groups. These experiences shaped a style of thinking John repeatedly referenced in our discussion — understanding how systems form, not simply where anomalies sit on a map. That distinction is critical. Many people talk about targets. Fewer talk about mineral systems. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 217 | The Discovery of the Paris Silver Deposit | Adelaide | South Australia
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Echo IQ Limited – AI Diagnostics, Mayo Clinic & Hypergrowth
04/15/2026
Echo IQ Limited – AI Diagnostics, Mayo Clinic & Hypergrowth
Coffee with Samso – Echo IQ Limited: AI Diagnostics, Mayo Clinic & the Path to a Cardiovascular Platform A much awaited Coffee with Samso conversation with Dustin Haines from Echo IQ Limited (ASX: EIQ)is all about a clear investment narrative: this is not just an AI story, but a proven data-driven healthcare business building a scalable diagnostic platform anchored in real clinical need. The main business for Echo IQ is in the cardiovascular diagnostics space, using artificial intelligence to analyse echocardiograms and assist physicians in identifying complex conditions such as aortic stenosis and heart failure. For those that are familiar in this space, this is where underdiagnosis remains a documented global issue. The business is built around clinical validation, regulatory pathways, and integration into hospital workflows, rather than purely theoretical AI capability. The discussion in this epoisode of Coffee with Samso does highlight the realisation of the business model, which lays out the following: Clinical-grade AI with regulatory validation (FDA pathway) Access to a large, longitudinal echocardiography dataset (~2.2 million records) A clear commercial pathway into hospitals via existing diagnostic infrastructure The Echo IQ story is no longer a “build it and hope” model. The recent news and what appears to be even more validation when the current FDA approval gets the tick, is that the business is now a measured progression from validation → approval → integration → revenue, which is what the market is valuing its future. This is often where many early-stage AI healthcare companies fall short. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso.
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Coffee with Samso – Iron Bear Resources Limited (ASX: IBR) – A Magnetite Story Positioned for Steel Decarbonisation
04/08/2026
Coffee with Samso – Iron Bear Resources Limited (ASX: IBR) – A Magnetite Story Positioned for Steel Decarbonisation
A Magnetite Iron Ore Project Sitting Where the Market Is Going - Steel Decarbonisation In this episode of Coffee with Samso, we are having a conversation with Iron Bear Resources Limited again since May 2025. The business has progressed and we are now anticipating the release of the Pre Feasibility Study which will be the platform that begins the studies towards a Decision To Mine. As a shareholder of the company, these are exciting times as the path forward is all about creating the building blocks that will shape the valuation of the business. Currently at AUD $50M, this has got to be the most undervalued stock on the ASX. The story is now about creating the understaning of where the steel industry is heading. This is the beginning of a Magnetite Iron Ore story that is all about Steel Decarbonisation. Iron Bear’s project sits in the Labrador Trough in Canada, a region already proven by operators such as Rio Tinto, Champion Iron, and BHP. The infrastructure exists, the geology is understood, and the industry has been operating there for decades. What makes Iron Bear different is not just the size of the resource. It is where that resource fits into the future of steelmaking. The Iron Bear story is not about discovery risk. It is now all about execution. This is a project that already sits within an established iron ore province, with infrastructure, scale, and a partner that understands the market better than most. The key shift is the steel industry itself. Decarbonisation is not optional, and the move toward direct reduction steelmaking is creating a demand for high-grade inputs that are not widely available. From a Samso lens, this is a story where the market may not yet be fully connecting the dots. The involvement of a major like Vale changes the development equation, but it also requires investors to look beyond traditional junior mining narratives. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Chapters 00:00 Start 03:09 What is Iron Bear and why does the project matter today? 05:23 How does Iron Bear fit into the global iron ore and steel decarbonisation story? 18:41 Why is the market not fully valuing Iron Bear’s story? 23:29 Is the Market not Appreciating the Vale Partnership 28:31 What makes the geology unique compared to other large-scale iron ore systems? 30:54 Are the geological details consistent? 31:46 What are the key risks investors should understand? 34:00 How is Iron Bear addressing social licence and environmental responsibility? 39:32 Are the current geopolitical concerns pushing the thoguht of Nationalism ? 41:38 What are the key milestones and work program ahead? 44:25 What could drive a re-rating in valuation? 45:49 Corporate Activities and Vale Relationsip. 47:23 Conclusion
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OD6 Metals (ASX: OD6) – Quinn Fluorspar Project Nevada: US Critical Minerals Opportunity Explained
04/04/2026
OD6 Metals (ASX: OD6) – Quinn Fluorspar Project Nevada: US Critical Minerals Opportunity Explained
In this episode of Coffee with Samso, Noel Ong sits down with OD6 Metals Limited Managing Director Brett Hazelden and Chief Technical Officer Dr. Darren Holden to unpack the company’s acquisition of the Quinn Fluorspar Project in Nevada, USA. The discussion centres on why OD6 has expanded beyond its rare earths and copper portfolio into fluorite (fluorspar), a critical mineral increasingly tied to global supply chain security. The project aligns with the United States’ push to secure domestic sources of key industrial inputs, particularly given its current reliance on imports and dominance of supply from China. From a geological perspective, the Quinn Project presents a replacement-style epithermal system with historical production and multiple high-grade occurrences. The team outlines evidence of scale through an 8 km alteration corridor, supported by hyperspectral data, suggesting potential for a larger mineralised system beneath surface expressions. OD6 Metals And The Economics of Fluorspar The conversation also explores the economics of fluorspar, including product types, pricing benchmarks, and processing pathways. With grades reported significantly higher than comparable ASX-listed peers, OD6 is positioning the project as a potential bulk-tonnage, high-grade operation targeting the US market. Beyond geology, the broader narrative focuses on timing. The intersection of critical minerals policy, US government funding, and infrastructure advantages in Nevada creates a strategic backdrop that could support project development. The discussion highlights how Australian exploration expertise can bridge a gap in the US junior mining sector. As with all early-stage projects, the key variables remain scale, grade, and execution. The next steps for OD6 Metals Fluorspar project will be back to basics, sampling results, drilling, and resource definition. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 01:21 Introduction to Od6 Metals Limited 02:57 Introduction to Fluorspar 04:34 What do we look for with a Fluorspar project? 07:52 Replacement vs Vein Style Deposits 08:41 Is the Business of Mining a Fluorspar Deposit Complex? 10:45 What is the Potential Size for the Quinn Fluorspar Project? 12:04 What is the pricing of the Fluorspar product ? 13:57 Market Size ? 14:36 How Easy is A Fluorspar Discovery ? 17:11 Nationalism of Projects 20:32 Are the Capital Markets Friendly to the Fluorspar Story ? 23:23 Quick Mining 24:17 The Exploration Upside 28:10 Endowement of the Quinn Fluorspar System? 30:59 Other Mega Projects in Nevada with Fluorspar in Nevada 31:51 Fluorspar as a by products 32:23 Fund Raising for the Quinn project 33:23 Whats Next for OD6 Metals ? 34:52 Technical Last Words 36:01 Brad Last Words 36:25 Darren Last Words 37:05 Conclusion
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Kaiser Reef Limited (ASX: KAU) – Henty Gold Mine Acquisition Driving Cash Flow and Growth
03/31/2026
Kaiser Reef Limited (ASX: KAU) – Henty Gold Mine Acquisition Driving Cash Flow and Growth
Coffee with Samso - Episode 220 | Kaiser Reef Limited (ASX: KAU) | The University Club | Crawley | Western Australia There are moments in the ASX mining space where a transaction changes everything for a company. This Coffee with Samso conversation with Brad Valiukas from Kaiser Reef Limited is one of those moments. Filmed back at Samso HQ at the University of Western Australia, this discussion centres on what I described as an “overnight producer” story—driven by the acquisition of the Henty Gold Mine. And in many ways, that label fits. The “Overnight Producer” – What Changed? Kaiser Reef’s acquisition of the Henty Gold Mine has effectively repositioned the company from an explorer-developer into a cash-flowing gold producer. Brad walks through the structure of the deal, and what stands out is its balance: Combination of cash and scrip consideration Deferred gold payments (linked to production) Retention of Catalyst Metals as a ~20% shareholder Strategic optionality via infrastructure (Maldon plant exposure) From a Samso lens, this wasn’t just an acquisition—it was a business transition.
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Tusker Minerals (ASX: TSK) – Building a Rutile Discovery Story in Cameroon & Malawi | Coffee with Samso
03/28/2026
Tusker Minerals (ASX: TSK) – Building a Rutile Discovery Story in Cameroon & Malawi | Coffee with Samso
Coffee with Samso - Episode 221 | Tusker Minerals Limited (ASX: TSK) | Capetown - South Africa | Perth - Western Australia There are times when you revisit a story and it just feels different. This Coffee with Samso with Tusker Minerals Limited and CEO Cliff Fitzhenry is one of those moments. The last time we spoke in 2025, the narrative was still forming. This time around, you can see where things are heading. The conversation is not about ideas anymore. It’s about execution. It sis about the Tusker Minerals Rutile story. The Rutile Story Has Moved – And It’s Now About Scale What stood out early in the discussion is how much ground the company has covered — literally. The Cameroon portfolio has grown into something meaningful: The Central Rutile Project now sits at just under 9,000 km² Additional licences have been added to create a contiguous footprint Active exploration is ongoing across multiple targets This isn’t a small exploration play anymore. When you start talking about this kind of landholding in a residual system, you are thinking in terms of province-scale potential. And that’s really the angle here — not a single deposit, but the possibility of a new rutile province. I Samso Concluding Comments The Tusker Minerals Rutile is still an early-stage story, but it is progessing and the dust is settling and I feel the narrative is is clearer. You can see what Tusker is trying to build — a rutile-focused exploration play with scale in Cameroon and optional upside in Malawi. The infrastructure work in Cameroon is a big tick for me. That’s not something you do if you’re thinking short term. Zimba adds another layer. It’s early, but it has the right signs. If that turns into something meaningful, it changes the story again. For now, this is about watching the results. If they start showing consistency, the market will catch up. Chapters 00:00 Start 02:21 Introduction to Tusker Minerals Limited 06:09 Cliff walking us through the latest ASX Release. 10:27 Can Tusker see any continuation of the mineralisation? 11:41 Is Malawi more a Titanium or a Rare Earth story? 12:42 How Do Tusker want potential investors to view its narrative ? 14:39 The Titanium Market 16:17 Is Graphite still a component of the business? 17:55 Is the recent hostilities in the Middle East affecting operations? 19:40 Any competition in Cameroon? 20:56 Where does Cliff see the future value creation coem from? 22:30 What thoughts of dissasters would keep Cliff awake at night? 24:05 Why would investors look at Tusker Resources? 26:02 What are the Capital market saying about the Titanium market? 28:05 A Good reporting standrad. 29:07 Conclusion
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Investigator Silver Limited (ASX: IVR) – Paris Silver Project Set to Ride the Silver Bull Market
03/24/2026
Investigator Silver Limited (ASX: IVR) – Paris Silver Project Set to Ride the Silver Bull Market
Coffee with Samso - Episode 218 | Investigator Silver (ASX: IVR) – Understanding the Leverage to Silver Through the Paris Project | Adelaide Markets | Adelaide | South Australia In this episode of Coffee with Samso, I had the opportunity to sit down with Lachlan Wallace, Managing Director of Investigator Silver Limited, to discuss what I would call a very timely story in the current commodities cycle. Silver has always been one of those metals that sits quietly in the background—until it doesn’t. When it moves, it tends to move quickly, and often, the market is not fully prepared for what that means. What this conversation highlighted for me is not just the rising silver price, but how that price fundamentally changes the viability of projects like the Paris Silver Project in South Australia. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso.
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Coffee with Samso: Rosewood Titanium Discovery Could Be a Major South Australian Project
03/21/2026
Coffee with Samso: Rosewood Titanium Discovery Could Be a Major South Australian Project
In this episode of Coffee with Samso, Noel Ong sits down with the team from PTR Minerals Limited to discuss the discovery of the Rosewood Titanium Deposit in South Australia. This is a fascinating conversation with a team that carries strong exploration credentials, including members linked to the discovery of Prominent Hill. The discussion covers how PTR Minerals moved from its Petrotherm origins into minerals exploration, how the Rosewood discovery was made through field mapping and reinterpretation of historical data, and why this shallow high-grade titanium project may become a significant story in the Australian resources sector. The team explains the geological setting, the scale potential of the mineralisation, the importance of metallurgy, and why location, infrastructure, and jurisdiction could all work in the project’s favour. Key discussion points include: The background of PTR Minerals and the transition from Petrotherm How the Rosewood Titanium Deposit was discovered Why boots-on-the-ground geology still matters The scale and grade potential at Rosewood Metallurgical work and development thinking The broader copper-gold upside within PTR Minerals If you enjoy independent and organic content on ASX companies, mineral discoveries, and exploration stories, subscribe to the Samso YouTube Channel and join the Samso community.
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Coffee with Samso – The Discovery of the Prominent Hill IOCG Deposit, Gawler Craton, South Australia - The Discovery that Proved Mineral Exploration for Deposits Under Cover.
03/17/2026
Coffee with Samso – The Discovery of the Prominent Hill IOCG Deposit, Gawler Craton, South Australia - The Discovery that Proved Mineral Exploration for Deposits Under Cover.
Coffee with Samso | Episode 215 | Adelaide Markets | Adelaide | South Australia Guest: Derek Carter – Managing Director (later Chair) of Minotaur during the discovery period Tony Belperio (Exploration Lead) – Exploration Manager Barry Van Der Stelt (Contract Geologist) – first recognition of copper Peter Reid (Senior Geologist) – senior geologist involved in the Prominent Hill work Introduction In this Coffee with Samso episode, I went back to Adelaide to sit down with the people who were there when Prominent Hill was found — the discovery that became one of South Australia’s defining IOCG (Iron Oxide Copper-Gold) stories. This is not a corporate recap. It is a first-hand account of what actually happened in the lead-up to discovery, how the target was chosen, what the drillers and geologists saw in the core shed, and why a single drilling decision could have changed everything. The team shared the backstory from the early tenement holders right through to the Uranus prospect becoming Prominent Hill — and the reality is simple: discovery is often a chain of decisions, relationships, and technical judgement made under uncertainty. 1) Prominent Hill Was Not a “New” Area — It Was a Patiently Reworked Story A key point in the conversation was that the Mount Woods ground had history well before Minotaur. The tenements were originally held by Metals X, who worked the region from the late 1980s onward, focusing on magnetic features and drilling at least one early target. Later, Burmine Limited entered the picture, and then Normandy/Poseidon ran a helicopter-based gravity survey across the area. Burmine Limited (ASX code: BUR1) was an Australian-listed gold and minerals exploration and mining company active in the late 1980s and early-to-mid 1990s. It was primarily focused on Western Australian gold projects, notably operating the Copperhead mine near Bullfinch. This matters because it shows the reality of exploration cycles: ground can be worked, tested, and even partly understood — but still not properly unlocked until the right targeting logic arrives. 2) The Technical Pivot: Magnetics Were Useful, But Gravity Was the Key The story turned when the targeting mindset shifted. Earlier programs were chasing magnetic features — and while they were hitting copper-bearing magnetite breccias, there was a ceiling to the grades being intersected. The breakthrough came when the team could simultaneously interpret magnetics and gravity, and start looking at where these anomalies were offset from each other. The concept was simple but powerful: Magnetic anomaly = something magnetic Gravity anomaly = something dense Offset between the two can be the clue to a different part of the IOCG alteration system This is where the conversation became very “real exploration”: data doesn’t tell you it’s mineralised. It tells you where you should be brave enough to test. 3) 3D Modelling Was a “Game Changer” — And It Was New Back Then One of the most important takeaways was how early this team was in adopting 3D inversion modelling. Today we treat 3D models as routine. Back then, it was cutting-edge. The team explained how the modelling allowed them to rank targets properly, separate those already drilled from those not tested, and better understand the geometry of gravity and magnetic responses. In Samso terms: this was one of those moments where technology didn’t replace geology — it amplified it. 4) “Uranus 1” — The Discovery Hole That Almost Looked Like Nothing The drill hole that changed everything was Uranus 1. Barry Van Der Stelt described the core and is the kind of detail that explorers remember for life: The core was so hematite-rich it was hard to even see textures. The team was washing core just to interpret it. The operation was low-budget — even the core cutting was done on a basic brick saw setup. Then came the moment: blue specks appearing after the core had sat for a couple of days. That blue tarnish was the first real visual signal of copper — and it triggered the call that brought the team running. This was also a reminder that Prominent Hill echoed the Olympic Dam story: sometimes the copper is not obvious until it’s tested, altered, or routinely assayed. 5) The Numbers Were Bigger Than Anyone Expected The team admitted they initially thought they might have something like “30 metres of ~1% copper.” Then assays came back with results that were materially stronger, including: a high-grade copper interval around 4% copper over ~30m, and broader zones around ~1% copper that they simply could not visually recognise in hematite breccia. Later, deeper drilling confirmed additional IOCG-style signatures, including: copper-gold mineralisation and uranium increasing at depth, reinforcing the Olympic Dam-style system interpretation. 6) The Sliding Doors Moment: Drilling the Flank, Not the Core This is one of the most valuable exploration lessons in the episode. After the discovery hole, infill gravity shifted the interpreted peak of the anomaly by several hundred metres. The team realised they had not drilled the very centre. The irony is that drilling into the “peak gravity” later hit barren, intensely altered hematite-silica core, which is now recognised as central IOCG alteration. The team openly discussed the risk: in 2001, if they had drilled the core first and hit barren alteration, they might have walked away. That is a brutal truth about exploration: a discovery can be decided by where you hit a system first. 7) The Business Reality: Minotaur Had Only 19% — But It Was Enough One of the most interesting parts of the conversation was the structure. Minotaur’s maximum share of the project was 19%, while the major partner (BHP/Billiton through the merger timeline) held the majority position. Minotaur’s “cost” for that 19% wasn’t cash — it was local geological knowledge and management. The team framed it with a simple idea that still applies today: Better to own a piece of something real than 100% of something you can’t fund. This is a proper junior-to-major alliance lesson, and it explains how big discoveries are sometimes possible in down cycles. 8) Capital Cycles Still Matter The group reminded us that this happened during a period when market attention was elsewhere — the dotcom era, when exploration was not “in fashion.” And yet, the discovery still drove a dramatic market response: strong share price movement, heavily oversubscribed shareholder participation, major legal/accounting work managing scale and compliance. The point wasn’t hype. It was showing how quickly markets can change when geology delivers. What This Episode Really Shows This Coffee with Samso episode is a reminder that discovery requires: Local knowledge (not just imported models) Funding and deal-making (alliances matter) Technical courage (you still have to drill the target) Open-minded thinking (don’t get trapped by one model) A tolerance for failure (because near-misses are common) Prominent Hill wasn’t found because everything was obvious. It was found because the team kept moving forward, making decisions with imperfect data, and backing their judgement. Samso Concluding Comments For me, episodes like this are part of documenting the real value chain of discovery. A lot of people talk about the “next Olympic Dam” like it’s a marketing phrase. This conversation shows what that actually looks like in practice: long lead times, multiple parties, tight budgets, imperfect data, and a team that had the discipline to keep testing. If you want to understand how IOCG discoveries really happen — this is one to watch.
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Coffee with Samso – Pioneer Minerals and the Search for America’s Next Tungsten System
12/29/2025
Coffee with Samso – Pioneer Minerals and the Search for America’s Next Tungsten System
Coffee with Samso | Episode 214 | Hotel indigo - Adelaide markets | Adelaide | South Australia Guest: Michael Beven – CEO, Pioneer Minerals Limited (ASX: PMM) Introduction In this episode of Coffee with Samso, I sat down with Michael Beven, CEO of Pioneer Minerals Limited (ASX: PMM), in the heart of Adelaide, to unpack what is shaping up as one of the more technically compelling US critical minerals exploration stories currently flying under the radar. The discussion focused on tungsten, antimony, and gold, but more importantly, on mineral systems thinking—how deposits form, why certain geological settings matter, and why Pioneer’s ground selection in Idaho, USA, was anything but random. As someone who has followed tungsten closely, this was a conversation that went well beyond commodity hype and into the fundamentals of discovery. This Coffee with Samso episode is about process, geology, and long-term thinking, not short-term market noise. The Business of the Company: Focus – US Critical Minerals Projects Pioneer Minerals Limited is focused on advancing critical minerals exploration in the United States, aligned with US strategic supply-chain priorities. North Pine Project, Idaho – A multi-prospect project (Springfield, Silver Cliffs, Northman) targeting tungsten and antimony, with additional gold and silver mineralisation. Proven mineral systems – High-grade surface results confirm tungsten skarns and precious-metal vein and epithermal-style systems. Strategic location – Located near major regional projects and a nearby tungsten–antimony processing facility, providing potential development leverage. Pioneer’s strategy is to advance North Pine through systematic, data-driven exploration in a Tier-One jurisdiction. About the Projects North Pine Project, Idaho Located in mining-friendly Idaho, USA, within a well-endowed tungsten–antimony district. Comprises the Springfield, Silver Cliffs, and Northman prospects over ~34 km². Targets US-designated critical minerals — tungsten and antimony — with additional gold and silver upside. Springfield & Silver Cliffs Prospects Springfield hosts a high-grade scheelite tungsten skarn and a separate gold–silver–antimony vein system. Silver Cliffs shows epithermal-style gold–silver–antimony mineralisation and is located near an existing tungsten–antimony processing facility. Funding, Structure, and Long-Term Intent Pioneer Minerals is tightly held, with strong cornerstone shareholders who backed the pivot into US critical minerals from the outset. The company has already committed significant capital to ground acquisition and early exploration, signalling intent rather than opportunism. Importantly, this is not a story built around chasing what is currently fashionable. As Michael put it, if the goal were short-term rerating, antimony alone would be the headline. Instead, the focus remains on building a long-life tungsten system, with gold providing additional upside. Tungsten: Rare, Strategic, and Misunderstood A major theme of the discussion was the disconnect between tungsten price and market awareness. Tungsten prices have moved sharply higher, yet investor understanding lags behind antimony and even rare earths. Michael made several key points: Tungsten deposits are genuinely rare, not just economically rare Global Tier-1 tungsten deposits are small by tonnage compared to copper or gold China controls ~83% of global supply and processing There is no operating tungsten mine in the US The implication is clear: tungsten sits at the intersection of rarity, defence, and industrial necessity, with a supply chain vulnerability that the market has not yet fully priced in Why This Coffee with Samso Matters This conversation is a reminder of why geology still matters. In a market often driven by themes and headlines, Pioneer Minerals is taking a bottom-up approach—starting with mineral systems, historical context, and geological logic. Whether or not Springfield becomes the next Yellow Pine remains to be seen, but the thinking behind the project selection is sound. For investors who value process over promotion, this Coffee with Samso episode offers a clear window into how real exploration decisions are made. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 00:10 Introduction 02:34 Michael Beven - Introduction 04:33 The Pioneer Projects - Introduction 05:00 The North Pine Project 05:38 The Yellow Pine Mine - Historical significance 07:32 The Springfield Prospect. 09:18 Geology of Springfield - The Skarn Effect 10:00 The Tungsten Mineralisation at Yellow Pine 10:26 Potential for Tungsten Yellow Pine-type Mineralisation at Springfield. 11:36 Historical Tungsten at Springfield 14:51 What is the Gold Potential for North Pine? 19:39 Silver Cliffs Prospect 22:43 Details of Pioneer Property Claims North Pine Project 25:18 Northman Project 25:59 Are the shareholders supporting the new PMM Story? 29:03 What is the Capital market saying? 30:54 How does PMM convince investors that the projects are the Real Deal? 33:40 Tungsten is the Real Critical Mineral. 36:30 Disequilibrium between Tungsten Price and Tungsten Market Interest. 40:18 Discussion on the market disparity in the Tungsten price 43:20 Is it difficult to raise money for Non-Gold projects? 47:06 Key Parameters for Investors who want to be in this sector? 50:53 Why PMM? 51:55 Conclusions
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Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten
11/29/2025
Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten
Coffee with Samso | Episode 213 | London - UK, Perth - Western Australia. Guest: Oliver Friesen – CEo & Executive Director, Guardian Metals Resources Plc (LON: GMET - OTCAX: GMTLF) Introduction In this episode of Coffee with Samso, I speak with Oliver Frieson, the CEO and Executive Director of Guardian Metals Resources PLC, about one of the most compelling but under-discussed metals in the global supply chain — tungsten. With prices at all-time highs, export bans in place from China, and increasing geopolitical interest, tungsten is now firmly at the centre of the strategic resources conversation. Guardian Metals, listed on the LSE and OTC, is a rare story that began long before the market caught on — positioning itself as a serious player in the US critical minerals space. This Coffee with Samso explores the macro forces driving the tungsten narrative, the market imbalance between China and the West, and Guardian’s role as a key part of the solution. This is a conversation that is highlighted only because the underlying business is not in the headlines. The Business of the Company: Focus – US Tungsten Projects Guardian Metals Resources has two strategic assets: Pilot Mountain, Nevada – One of the largest historical tungsten projects in the US, previously mined during World War II and advanced with a robust ongoing PFS process. Tempuite, Nevada – Formerly the largest producing tungsten mine in the US during the 1980s, now being revitalised with a current drill program and site refurbishment underway. With processing infrastructure already existing in Nevada and strong institutional support, Guardian is aiming to bring both mines into production before the end of the current US administration. Global Tungsten Market – Highlights from the Conversation China Has Weaponised Supply Since Feb 2025, Chinese exports of tungsten have virtually ceased. China continues to import and stockpile tungsten despite being the largest producer — creating a supply/demand distortion. Domestic Chinese prices have exceeded international prices — a counterintuitive signal suggesting internal demand pressures. Western Supply Gap is Real Global tungsten demand: ~100,000–120,000 tonnes/year. Western world mine production: ~10,000 tonnes/year. Net gap outside of China/Russia/North Korea: ~40,000–50,000 tonnes/year. New Equilibrium Price Forming Historically, tungsten projects needed USD $500+/MTU to be viable. Current prices: USD $620–630/MTU with upside momentum. Guardian’s projects were viable even at pre-2020 pricing norms — giving them a competitive advantage in a rising-price environment. Leadership Commentary – Oliver Frieson’s Perspective Oliver brings a unique lens — a geologist by trade, Canadian by background, and now building a US-focused tungsten strategy from London. He shared: Guardian’s five-year journey into tungsten (well before the current hype). Why he believes domestic mine supply is now a national imperative. How Guardian has already received US Department of Defense funding for its Pilot Mountain project. The critical difference between companies "mining the market" and those genuinely positioned to deliver a sellable product. "We’ve spent five years building this position. Now everyone is paying attention, but we were early — and we have the right assets in the right place." About the Projects Pilot Mountain: Located in mining-friendly Nevada. Historical producer during WWII. Ongoing PFS+ study with engineering, metallurgy, geotech, and mine design in progress. Pilot North staked as potential hub-spoke satellite to main project. Tempuite: Previously produced 0.45% WO3 grades – high for tungsten. All infrastructure still on site: mill foundation, substation, office. Currently undergoing resource upgrade drilling. Goal is to bypass scoping and move into DFS-level work. How Samso Understands the Investment Memo for the Company Guardian Metals is a real-time case study in: Early contrarian entry into a critical metal market Operating in one of the only jurisdictions with full processing infrastructure Holding assets with historic production, existing infrastructure, and proven metallurgy Aligning with national strategy: awarded US DoD funding, exploring within strategic minerals legislation In a field crowded with hype, Guardian is already executing. Samso Concluding Comments Guardian’s story is a reminder that real value often comes from being early. From my early experience with the Tungsten story, the current macro picture for tungsten is unprecedented — geopolitical shifts, price surges, and the weaponisation of exports all highlight how exposed the West has become. Guardian’s Nevada projects are ticking the right boxes — grade, infrastructure, timing, jurisdiction. There’s real substance here, and it’s worth keeping a close eye on as both projects move forward. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso.
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Coffee with Samso: OD6 Metals Limited — An Aspiring Australian Clay REE Story - Better Position Second Time Around
11/08/2025
Coffee with Samso: OD6 Metals Limited — An Aspiring Australian Clay REE Story - Better Position Second Time Around
Introduction In this episode of Coffee with Samso, we reconnect with Brett Hazelden, Managing Director of OD6 Metals, to explore how the company is navigating two of the most intriguing thematic opportunities in the market today — rare earth elements (REEs) and copper. OD6 was first introduced to the Samso audience in a very different market — rare earth sentiment was hot, clay-hosted projects were flooding the ASX, and recovery pathways were still largely unproven. Fast-forward to 2025, and the game has changed. The company’s flagship Splinter Rock project in Western Australia is now underpinned by validated heap leach metallurgy, enhanced nano-filtration, and a robust understanding of orebody consistency — ticking the key boxes that separate projects with longevity from the fleeting momentum plays. At the same time, OD6 is quietly advancing a highly prospective copper VMS project at Gulf Creek in New South Wales, where historical high grades and recent drilling suggest potential for a standalone, company-making discovery. This conversation explores both sides of the OD6 story — a smarter REE flow sheet, and the search for a modern VMS discovery in an overlooked district. Rare Earths at Splinter Rock – Smarter Processing, Lower Capex, Better Product ✔ Heap Leach Breakthrough What started as a “just in case” test alongside traditional tank leach flowsheets has emerged as a breakthrough: heap leaching not only works — it offers higher recoveries, lower reagent use, and slashes capex. 75–80% recoveries from column testwork Removes the need for tanks, filters, tailings dams Simplifies the flowsheet and reduces environmental impact "Everyone expected heap leach to fail with clays. Instead, we found it performs better — less equipment, cheaper, and scalable." – Brett Hazelden ✔ Nanofiltration: A Technical Edge In August 2025, OD6 announced it had successfully trialled nanofiltration on its leach solutions — a key value unlock: Cuts acid use by 80–85% through recycling Reduces downstream plant size by 70% Enhances product purity and ESG credentials Nanofiltration acts like a REE-specific desalination process — separating heavier rare earths from light elements and allowing a high-quality EM-rich product to be recovered with minimal waste. ✔ Orebody Confidence – Consistency at Depth OD6’s testwork has focused on the Inside Centre area of Splinter Rock: 120Mt @ ~1600ppm TREO (from a broader 680Mt JORC) Broad, flat geometry with 70–80m of mineralised clays Simple stratigraphy with consistent metallurgy Upcoming bulk column testing with ANSTO is validating how the ore performs across depth zones — the top 40m vs. the bottom 40m — to ensure no surprises in full-scale operations. OD6’s Advantage in the Rare Earth Game OD6’s rare earth mineralogy is distinct from hard rock monazite or apatite systems, allowing for ambient temperature leaching. Other projects require aggressive cracking at high temperatures — expensive and carbon-intensive. OD6’s approach works at room temperature, using simpler, cheaper reagents. "You can’t just apply heap leach to any rare earth project. Ours works because of our unique mineralogy — that gives us a genuine technical edge." Strategic Thinking: Beyond China, Beyond Hype OD6 is focused on developing a high-purity, globally marketable rare earth carbonate, and potentially refining it further into selective oxides (e.g., NdPr oxide). While the REE market has been volatile, OD6’s strategy is focused on real offtake, real product, and long-term survivability: No reliance on inflated spot prices or unsustainable government support No hype-driven LOIs with no substance Clear cost pathway: ~USD $300M capex vs $1.2B for many peers "There’s a lot of noise in rare earths, but not many with a product that works. We’re now one of the few still standing, with a technically sound, economic pathway." Gulf Creek VMS Copper Project – A Sleeping Giant? While rare earths remain the flagship, the Gulf Creek Copper Project in NSW could be the catalyst that delivers near-term excitement. Historic production (1896–1912) reported grades of 2–12% Cu Drilling confirms mineralisation continues below the old mine 4.6% Cu intercepts in recent programs VMS-style system with multiple repeat structures mapped Strong magnetic signatures tied to known mineralisation OD6 is currently drilling new targets — Big Bend, West Limmon, Northwest — that exhibit geophysical and geological similarities to the main Gulf Creek lode. “VMS is a small company’s holy grail. High grade, modest tonnage, fast capex. Just look at what DeGrussa did for Sandfire.” With solid land access, supportive local communities, and compelling historic grades, Gulf Creek could evolve into a separate copper value centre — and even warrant a spin-out if the results continue to deliver. Samso Concluding Comments OD6 Metals today is not the company it was in 2022. This is now a business with: A technically proven REE flow sheet A heap leach process that defies conventional wisdom Clear understanding of mineralogy, product quality, and economic constraints And now, a copper discovery story brewing quietly in NSW. In many ways, OD6 is a case study in how to advance a resource project the right way — quietly, methodically, and with the long game in mind. It’s also one of the few juniors with genuine dual-commodity upside — a defensive REE platform and a high-grade VMS copper wild card. For investors tired of rock chip hype and non-binding fluff, OD6 is a rare earths company with a product that works — and a copper discovery that could change the narrative altogether. Chapters 00:00 Start 02:31 Introduction 03:43 Recent Announcement 06:04 How did the Heap Leach concept start? 07:42 Are there any environmental issues with the Heap Leach concept? 08:31 Nanofiltration Concept? 09:46 Orebody consistency. 10:59 What are the Concerns for the Heap Leach Process? 12:08 How is current REE market influencing OD6 thinking? 15:17 OD6 Resource works with Hep Leach 16:16 The REE market 17:04 The Gulf Creek Copper Project 20:11 VMS projects are made for small companies. 21:09 High-Grade nature of VMS Projects 21:46 Prospectivity of the Gulf Creek project 22:42 Land Access for Gulf Creek 23:32 Gulf Creek - Historical Mining Area 23:50 2025 is now a more evolved REE market 25:16 REE Benchmark pricing 26:32 International Market Sentiment 27:31 A Discussion on the REE market and What it means post 2025 28:26 OD6 - A Better company for Investors in 2025. 29:50 Capital market- Thoughts on OD6. 30:57 The complexities of the REE market and investing opportunities. 31:58 Caution for looking at the REE market. 33:37 OD6 Last words. 33:26 Conclusion
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Exploration Discovery Series - Coffee with Samso: The Pegasus Gold Discovery — Unlocking a Million Ounces in a Brownfields Camp.
10/19/2025
Exploration Discovery Series - Coffee with Samso: The Pegasus Gold Discovery — Unlocking a Million Ounces in a Brownfields Camp.
Coffee with Samso | Episode 212 | UWA Club, Crawley, Western Australia. Guest: Darren Cooke – CEO, FireFly Metals Ltd (ASX: FFM) Introduction In this episode of Coffee with Samso, we continue our Exploration Discovery Series with one of the most fascinating stories to come out of Western Australia’s goldfields — the Pegasus gold discovery. This story is special. Not because Pegasus was a greenfields success, but precisely because it wasn’t. It was hiding in plain sight — within the Swiss cheese of decades of drilling in the Kundana gold camp. In 2014, Pegasus was recognised as one of the most significant discoveries of the decade. At the time of its unveiling, the project hosted a resource of 2.1 million tonnes at 11.4 g/t Au, containing approximately 763,000 ounces of gold. Northern Star Resources (ASX: NST) would later prove what Bill Beament said at the time — that this would be a million-ounce deposit just 350 metres from their Rubicon mine. To unpack this milestone discovery, I spoke with Darren Cooke, CEO of FireFly Metals and the former geology and long-term planning manager for Barrick at Kundana during the Pegasus discovery years. This conversation isn’t just a walk down memory lane. It’s a technical, strategic, and cultural deep dive into how great discoveries can be made in places everyone thinks they already know. Chapters Start Introduction Introduction to Darren Cooke. The early days of the Discovery - Pre 2011 The Unlocking of the Historical Dataset - 2011 to 2012 The Duration of the Work to “work” the data. What was the structural concept? Was the narrow mineralisation of Kundana the key to thinking differently? With hindsight, was Pegasus easy to define/discover? The double plunging mineralisation is the thinking that helped other discoveries? Well Drilled Does Not Mean Well Explored - Quality of Data Time is required to understand historical data Geological Models are only a good guide. How much confidence did Management know about the Pegasus potential? The Northern Star “Thinking”. Was Anton Billis a good JV partner? Was the purchase price of AUD $75M cheap? Was there something that could have made Pegasus not a discussion? Is there more discoveries left to discover from “Brownfield” projects? Is there another Pegasus still out there like a Never Never? A different view to a Brownfield project? Brownfield projects should be more about a Brownfield new discovery not a reintroduction of the old concepts. A Mineral System Is Always More Than One Success. The FireFly Story. (Take out the bit I said about “Dont spoil the Story” Is Northern Star the new generation of Western Mining in terms of quality work. The skillset required in developing a Mining of Mineral Resources The culture DNA of Northern Star. Words of Wisdom to the new generation of geologists. A Special DNA to Find the Solution. Darren last Words Conclusion Setting the Scene – Kundana in the 2000s - The Pegasus Gold Discovery The Kundana Province is no stranger to gold. By the early 2000s, it was already a 10Moz gold camp. The ground around Pegasus was peppered with drill holes — hundreds of them — yet the discovery remained elusive. In 2005, Placer Dome drilled the first hole into what would later become Pegasus. But they walked away. Fast-forward to 2011–2012, a new team at Barrick re-examined the data. What followed wasn’t a stroke of luck but a combination of fresh geological thinking, technical persistence, and the right mindset to challenge old assumptions. “It wasn’t that Pegasus wasn’t drilled. It was that no one had looked at the data differently. We just saw what others missed.” – Darren Cooke Unlocking the Historical Dataset (2011–2012) When Darren stepped into the Barrick geology and planning role, the first thing the team did was dig through the database — not for something new, but for something overlooked. 100+ drill holes were already in the area. Most were shallow and targeted under a subvertical plunge model. Hits were dismissed because follow-up holes below were barren. No one questioned whether the plunge direction was wrong. Darren’s team challenged the model. By recognising a double-plunging shoot orientation, they unlocked a structure that others had effectively drilled around. “It was a classic case of model bias. Everyone was fitting data to the model rather than re-examining the model itself.” The Turning Point – Geological Insight Meets Practical Pressure Pegasus wasn’t just a technical story. It was also a story about operational necessity. The Barrick Kundana team was running out of ore. The long-term planning and geology groups collaborated closely to rethink their targeting strategy. It was this internal pressure that drove them to rework the historical data. The double plunge model that emerged: Explained the original hit and subsequent misses. Predicted mineralisation at depth offset from previous holes. Led to rapid resource definition once drilling resumed. The result: a million-ounce gold system hiding between existing infrastructure and old drill collars. “Well Drilled” Does Not Mean “Well Explored” One of the most powerful takeaways from this conversation is the difference between density of drilling and quality of exploration. “Well drilled doesn’t mean well explored. You can have a pin cushion of holes and still miss the prize.” This statement resonates across WA discoveries: Hemi sat beside 1.4Moz of known gold. Never Never was hidden in existing data. Pegasus was 350m from Rubicon and hiding in plain sight. Brownfields areas are full of opportunity, but only for those willing to break models and reframe the geological story. From Discovery to Development – The Northern Star Effect In 2014, Barrick sold the Kundana assets to Northern Star Resources for $75 million. Barrick described the assets as “high-cost, short-life.” Northern Star saw the opposite: long-life, company-making assets. The cultural difference was stark: Within weeks, Northern Star doubled drill rigs at Pegasus. Approved an underground decline for drilling access. Backed the geological team to prove the model quickly. “Every mine has its right size owner. For Barrick, Pegasus was peripheral. For Northern Star, it was core.” The entrepreneurial mining mindset turned geological opportunity into economic reality. Brownfields Discovery – A Playbook for the Future The Pegasus story mirrors many of WA’s recent major discoveries. It shows: 🧭 Brownfields is fertile ground — geology doesn’t stop at mine fences. 🧠 Challenging geological dogma can change everything. 💰 The right owner and investment are crucial in turning potential into production. 🪨 Every mineral system is bigger than one orebody. “Once you’ve found one part of the system, you know there’s more hanging around. Pegasus unlocked the belt. That thinking helped lead to Millennium and more.” Lessons for a New Generation of Geologists Darren’s advice to young geologists is simple: Don’t stay in the Perth office — get into the field. Don’t accept geological interpretations as fact — interrogate them. Talk to other geos — learn different ways of seeing things. Be persistent — chew harder when the work gets tough. “Discoveries like Pegasus don’t come from staring at a computer. They come from challenging assumptions, collaborating across disciplines, and getting your boots dirty.” Samso Concluding Comments The Pegasus discovery is one of those stories that will be told for decades — not because it was lucky, but because it exemplifies what happens when good geology meets the right mindset. It’s a reminder that a deposit missed is not a deposit lost, and that WA’s brownfields have plenty more to give to those willing to think differently. Northern Star’s success with Pegasus was built on the back of a strong geological idea, supported by bold corporate action. This is the essence of Australian gold exploration history — and the kind of story Samso exists to document. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our 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.
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Coffee with Samso: DY6 Metals Limited – A New Rutile Story in Cameroon - – Unveiling Africa’s Next Tier-One Rutile Province.
09/27/2025
Coffee with Samso: DY6 Metals Limited – A New Rutile Story in Cameroon - – Unveiling Africa’s Next Tier-One Rutile Province.
Coffee with Samso | Episode 210 | DY6 Metals (ASX: DY6) | UWA Club, Crawley, Western Australia Guest: Cliff Fitzhenry, CEO – DY6 Metals Ltd Introduction In this latest episode of Coffee with Samso, we return to the UWA Club in Crawley to meet with Cliff Fitzhenry, CEO of DY6 Metals Ltd (ASX: DY6). This conversation cuts through the technical noise to examine what could become a globally significant rutile and titanium discovery in Africa. DY6 is still an early-stage story, but it’s positioning itself at the front of the critical mineral narrative and targeting the scarcity of natural rutile, a feedstock commanding premium value in the titanium supply chain. Cliff brings technical clarity to what rutile actually is, why it matters, and how DY6 is forging ahead in Cameroon, a lesser-known but emerging jurisdiction with enormous potential. Key Highlights from the Conversation 1. What is DY6 and Where Are They Focused? DY6 Metals listed on the ASX in mid-2023 with a portfolio of rare earth projects in Malawi, and has since pivoted focus to rutile and heavy mineral sands (HMS) in Cameroon — particularly the: Central Rutile Project (residual saprolite-hosted rutile) Duala Basin Project (coastal HMS project) Both sit in proximity to transport infrastructure, including rail and deepwater ports, and within a fast-evolving mining jurisdiction supported by new modernised regulations. 2. First Results – Reconnaissance Program at Central Rutile Project In May 2025, DY6 completed its first pass reconnaissance sampling at the Central Rutile Project. While shallow (1–3m), the results were promising: Rutile confirmed as dominant titanium mineral Rutile grades above 1.5%, with highs of 2.1%, considered ultra-high grade Heavy Mineral (HM) contents up to 8% in surface samples These results validate the geological model targeting in-situ residual rutile mineralisation. Cliff explains: “We confirmed rutile is the key titanium mineral, and we’ve since completed 24 auger holes to greater depth using upgraded equipment. We believe those will be far more representative of in-situ rutile mineralisation.” 3. Understanding the Geological Model: Residual vs Alluvial Rutile Cliff offers a masterclass in explaining rutile geology: Residual/Saprolite-hosted: Rutile concentrated in weathered bedrock — easy to drill, free-dig, and dry mine Alluvial: Historically known in Cameroon (1930s–50s), but more dispersed due to river transport The Central Project targets the residual style, like Sovereign Metals’ Kasiya deposit in Malawi. 4. Jurisdiction Watch: Why Cameroon? Cameroon is emerging as a serious mineral jurisdiction with: A reformed mining code Newly formed mining commission (DY6’s licence applications under review) Proximity to Canyon Resources’ bauxite project and Lion Rock Minerals' rutile project “We’re bullish on Cameroon. We’re setting up our own lab, building a local team, and drilling with purpose. This is the kind of place where tier-one discoveries are still possible.” 5. The Benchmark: Sovereign Metals & Kasiya DY6's model draws clear inspiration from Sovereign Metals’ Kasiya discovery in Malawi — a 1.8Bt rutile deposit that reset the market’s understanding of sediment-hosted titanium systems. “I was part of the team that made the Kasiya discovery. We know the rocks. Cameroon has similar geology. The model is proven — now it’s about execution.” 6. Grades Explained – What Numbers Matter in HMS and Rutile? Understanding the significance of reported grades is crucial: Traditional beach sands (e.g., Iluka-style): ~3–5% HM, mostly ilmenite High-grade rutile cutoff: >1.4% rutile Kasiya MRE cutoff: 0.7% rutile DY6’s early sampling: up to 2.1% rutile, a standout in the global context 7. Infrastructure and In-Country Processing Strategy DY6 is building its own mineral sands laboratory in Yaoundé, Cameroon. This eliminates long wait times and expensive logistics. In-country assays for rapid turnaround Heavy-duty auger rigs now operating A 35% complete geochemical soil program underway “We’re cutting out expensive delays. Everything will be processed in-country — cheaply and efficiently.” 8. Outlook for 2025–2026: Drill, Define, Deliver DY6’s roadmap for the next 12 months includes: Continuous drilling at Central Rutile Project Full geochem completion + maiden deeper drilling campaign Full lab operations in Cameroon Defining high-grade targets for maiden JORC resource Establishing Cameroon as a new titanium hub 9. The Malawi Portfolio – Secondary, But Valuable While Cameroon is the flagship, DY6 retains highly prospective assets in Malawi: Tundulu Rare Earths–Phosphate–Gallium Project Machinga Heavy Rare Earths–Niobium Project Additional lithium, copper, and PGM targets “We’re planning follow-up work on the rare earths and gallium, but Cameroon is where the tier-one discovery potential is right now.” 10. The Market View: Underappreciated but Undervalued? Cliff addresses market perception head-on: DY6 trades at a significant valuation gap to both Sovereign Metals (DFS stage) and Lion Rock Minerals (neighbouring Cameroon explorer) DY6 sees a first-mover advantage in a potentially massive province Lack of near-term peers = space to define leadership “We’re seeing serious inbound interest. There are majors looking at this region. We think the market will catch up when the drill results start to flow.” Chapters 00:00 Start 01:38 Introduction 02:51 Rutile results from Central Rutile Project 05:59 Does DY6 understand the potential Mineral Assemblages in the Central Rutile project. 06:35 What is the topology like ? 07:21 What is the jurisdiction like in Cameroon? 08:30 Are your neighbours in Cameroon helping you to understand the geology ? 09:36 Does DY6 see themselves contributing in helping distribute information on the rutile prospectivity in Cameroon? 11:00 What is the Heavy Mineral number investors should look for? 13:50 What is the geological model for the Central Rutile Project? 15:11 What will 2025 and 2026 look like for investors? 17:38 What are the Key Milestones for DY6 Metals? 18:28 Is the market understanding DY6 Metals ? 19:35 What is the competition like in this sector? 20:23 Understanding the Heavy Mineral Sands sector. 21:09 What is the Rutile market like ? 22:46 Is the mining of Rutile simple? 24:11 What would you say to potential investors and existing shareholders? 27:16 The Malawi projects. 28:57 How is the Capital Market treating Titanium players? 30:32 Last Words from DY6 Metals? 31:59 Conclusion
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Coffee with Samso: Carbonatites, Niobium, and the Birth of a New Province – A Conversation with Jon Hronsky.
09/14/2025
Coffee with Samso: Carbonatites, Niobium, and the Birth of a New Province – A Conversation with Jon Hronsky.
Coffee with Samso | Episode 209 | UWA Club, Crawley, Western Australia In this latest episode of Coffee with Samso, I reconnect with exploration legend Jon Hronsky to unpack one of the most significant emerging geological stories in Australia: the Westrunter carbonatite province. This conversation builds on John's recent presentation at the AIG’s event and dives deep into how Encounter Resources Limited (ASX: ENR) has methodically uncovered what may become a globally significant carbonatite-hosted niobium and rare earth element (REE) district in remote Western Australia. From big structures and conceptual targeting to nuanced mineral system thinking, this discussion is a masterclass in modern greenfields exploration. It reminds us that true discovery lies in resisting the urge to pigeonhole — and embracing complexity. Samso Concluding Comments In the world of mineral exploration, for me, few conversations are more engaging in terms of explaining the complexities of mineral exploration than that with Jon Hronsky. This episode is about the conversation of Western Australia standing at the edge of a new global province — and it’s not lithium, gold, or copper. It’s carbonatites, niobium, and rare earths. This story is what I call the power of staying open-minded in geology. You go in searching for an IOCG and come out with a Carbonatite. You chase magnetics but find your answer in subtle alteration. You expect Olympic Dam–style signatures but discover something without the iron. I have had so many conversations on what real mineral exploration looks like — messy, adaptive, and powered by deep systems thinking. The significance of West Arunta is not just what Encounter Resources has drilled — it’s the framework they’re exposing and building. Encounter is opening the door to a scale of mineral endowment that few in the market are fully appreciating yet. As Jon notes, greenfields isn’t about hope — it’s about managing a portfolio with creative concepts, disciplined testing, and repeatable targeting. This province — if it matures — could become the next big thing not just in WA, but globally. Start. Introduction. Introducing Jon Hronsky. Jon Introduction. Mineral System Approach and Discovering the West Arunta Carbonatite Province. Jon's view of Mineral Systems - The similarity of geological relationships. Reason why Encounter get involved in the West Arunta region. The IOCG Connection - The Beginning. The Roy Woodall Concept of tenement consolidation. The remoteness of the West Arunta Project. The Discovery hole. The Geophysical Conundrum - Carbonatite Signatures for Encounter Resources. The Hybrid Conversation of Mineral Mineralisation - IOCG without the Iron. Jon's Concept of Search Space. The fundamentals of the West Arunta Province for Large Scale Mineralisation. Funding the Reality of taking Discovery to Mining. Any learnings from the discovery techniques by WA1 Resources? The Competitive advantage of Free Government Datasets. Current project acquisition from free data. Chemistry of Kimberlites and Lamprophyres could be a clue to future discoveries? Are there any thinking in the past that could help modern mineral exploration? Is there a place left for Field Mapping? Are the learnings of modern exploration being taught to younger geologists? AI Targeting. Risk reward ratio for Greenfield Exploration The difference in Greenfield and Near-Mine Exploration. The challenges to provide capital and skillset to do proper mineral exploration. What advice would you give to the incoming young geologists today? Conclusion.
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Coffee with Samso - An AI Solution to a Cardiovascular Problem | Echo IQ Limited (ASX: EIQ).
09/06/2025
Coffee with Samso - An AI Solution to a Cardiovascular Problem | Echo IQ Limited (ASX: EIQ).
In this episode of Coffee with Samso, we sat down with Dustin Haines, the newly appointed CEO of Echo IQ Limited (ASX: EIQ), to unpack the company’s transformative AI-based technology for cardiovascular diagnosis. While the format shifted to Zoom to accommodate Dustin’s base in the United States, the conversation was no less in-depth as we explored how Echo IQ is aiming to solve one of the most pressing challenges in cardiovascular medicine—misdiagnosis. With a 50% misdiagnosis rate in conditions like heart failure, Echo IQ’s FDA-cleared AI solution could become a game-changer for structural heart disease diagnosis. This is a timely discussion as AI continues to gain traction in medical settings and investors begin to appreciate the real-world value of clinical validation and scalable software solutions. As always, grab your coffee and dive into the conversationo. Chapters: 00:00 Start 00:10 introduction 01:47 Introducing Dustin Haines 05:42 The Cardiovascular Diagnosis Issue. 08:33 The milestones for EchoIQ Limited 13:45 What stage is EchoIQ at? 15:07 What is the core medical issue that EchoIQ is solving? 18:27 What is the accepted level of error for the EcoIQ product? 21:16 What is the realistic level of Misdiagnosis for EchoIQ? 23:58 Why is your technology good? 27:13 The EchoIQ WorkFlow Enhancement 30:06 The Revenue Pathway 33:32 Where does EchoIQ sit on the table of Market Leaders? 36:39 Reimbursement is the Key Revenue Driver. 37:46 Can EchoIQ technology be adopted to other pathways? 39:35 How far can AI go? 44:51 The Benefits and Issues of AI 46:57 Why buy EchoIQ shares? 49:54 What market capitalisation could investors of EchoIQ see in the future? 52:37 Dustin Haines' last Words 54:25 Conclusion
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Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX : HRZ)
07/31/2025
Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX : HRZ)
Coffee with Samso Episode 207 is all about a company that is feeling left behind in the midst of a unprecedented gold price rush. Gold miners, the producing companies on the ASX, are all buoyant and experiencing an emotional high on valuation. Shareholders are in a state of euphoria but in the rush, there are always some hidden value. The hidden value that is typically brushed aside by the juggernaut of cash producing gold miners speeding past the sights of investors. The big question that this episode of Coffee With Samso is addressing is whether Horizon Minerals Limited is that hidden value that astute investors should be looking at as a potential investment? Coffee with Samso: Building a Gold Company from the Ground Up. Guest: Grant Haywood, Managing Director & CEO – Horizon Minerals Ltd (ASX: HRZ) Location: UWA Club, Crawley, WA Introduction In this episode of Coffee with Samso, we sit down with Grant Haywood, an experienced mining engineer and the driving force behind Horizon Minerals Ltd (ASX: HRZ). With over 30 years of experience in the gold mining sector, Grant walks us through the evolution of Horizon Minerals from a small-scale developer into an emerging mid-tier gold producer in Western Australia’s Eastern Goldfields. Horizon’s Journey: From Merger to Momentum - A Gold mining Story. Horizon was born from the 2019 merger of Intermin Resources and MacPhersons Resources. This strategic consolidation, followed by subsequent acquisitions—most notably Greenstone Resources and Poseidon Nickel’s Black Swan plant—has expanded the company’s resource base to over 1.8 million ounces of gold. Today, Horizon is producing gold from two key cornerstone projects—Booraara and Burbanks—through third-party processing facilities while preparing its own Black Swan plant for refurbishment and restart in 2026. Key Highlights from the Conversation Producing Now, Building for Tomorrow - Horizon is already generating revenue from Booraara (processed at Paddington) and Phillips Find (processed at FMR’s Greenfields plant). This cash flow helps reduce the capital needed for restarting their own plant. Undervalued in the Market? - At a market cap of ~$125M and a resource base of 1.8Moz, Horizon appears undervalued compared to peers—especially as it is already producing and generating cash flow. The Path to 100,000oz per Annum - With aspirations of reaching 100koz/year by late 2026, Horizon plans to use its own refurbished plant at Black Swan (acquired from Poseidon) to process ore from Booraara, Burbanks, and other satellite projects. Drilling to Grow: Burbanks in Focus - A major 30,000m drill campaign is underway at Burbanks, split evenly between infill and extensional targets. Only 25% of the current resource is in the Indicated category, so the objective is to upgrade classification and build reserves for future feed. The Silver Option – Nimbus - The Nimbus silver-zinc project (20Moz Ag, 104kt Zn) is a long-term optionality play. Environmental cleanup has been completed, and reclassification of the site is expected soon. Once permitted, a flotation circuit at Black Swan could enable cost-effective processing if silver prices justify it. Strategic Land Position - Horizon holds over 1,300km² of tenements around Kalgoorlie and Coolgardie. With ~$5M in annual expenditure commitments, the company continues to evaluate M&A opportunities and potential divestments. Near-Term News Flow Infill & extensional drill results from Burbanks September quarter cash flow from current production Black Swan plant refurbishment PFS (due Q4 CY2025) Mining studies to map feed sources for Black Swan Samso Concluding Comments I’ve been following Horizon Minerals for a while now, and sitting down with Grant Haywood really brought the story into focus. What I saw was a company that has quietly transitioned from being just another gold explorer to one that is genuinely producing—and doing so in a way that makes sense in the current gold environment. What stands out to me is the clarity of their strategy. Rather than rushing into big capex spends, Horizon is using third-party infrastructure to generate cash while carefully planning the refurbishment of the Black Swan plant. It’s a smart move. This kind of thinking—measured, practical, and value-driven—is what sets them apart from a lot of other emerging gold plays. They’ve set their sights on becoming a 100,000oz/year producer by late 2026, and from where I sit, that is achievable. The resource base is there. They’re mining. Cash is already flowing. And with drilling continuing at Burbanks and Booraara, the potential to expand and firm up long-term feed is only growing. There’s also a glaring disconnect between the market valuation and what the company has quietly built. I wouldn’t be surprised to see a rerate once the PFS for Black Swan is released and the market catches up to the fact that Horizon is well past the explorer stage. From an investment lens, what I see is a company with production, real optionality (think silver at Nimbus and even future nickel), and a near-term path to self-sustaining operations. The pieces are on the table. The next few quarters are all about execution—and in my view, that’s where Grant’s background in operations will be important. Remember, the devil is always in the details and having an operational thinking flag bearer like Grant will be very important. The chapters below will help you navigate the Coffee with Samso and l hope you will all get some value from Grant. Chapters: Start Introducing Samso News and Episode 207 of Coffee with Samso Grant Haywood and the Horizon Minerals Story. The Burbank Asset Acquisition. Horizon Business Case. The undervaluation of Horizon Minerals. Explaining Booraara as one of the two Key Asset for Horizon Minerals. The Numbers and Upside for the Booraara Project. The Strategy for the Recent Fund Raising. Upside of the Poseidon Acquisition. The Horizon Minerals Mining Strategy. The Silver Story for Horizon Minerals. Are there any issues with Haulage for the Black Swan Strategy? Minimum Expenditure News Flow Key Highlights Investors should look out for? Could Nimbus be a Positive or a Negative for the horizon Story? What should Investors Take away from this discussion? Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our 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.
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Coffee with Samso - A Beginners Guide to Understanding AI - Being Intimate with Artificial Intelligence - Eric Starling | Principal Innovation Advisor, AWS
07/24/2025
Coffee with Samso - A Beginners Guide to Understanding AI - Being Intimate with Artificial Intelligence - Eric Starling | Principal Innovation Advisor, AWS
Coffee with Samso Episode 206 is about how we understand and interact with AI. We all know what Artificial Intelligence is about but do we really know ? Are we just taking it for granted what we actually know and is it sufficient to just take what people say about about what AI will do for or to us in the coming years. After a short break to launch Samso News — our new platform blending ASX announcements with the signature Samso blog style — we’re diving headfirst into the evolving world of artificial intelligence. In this deeply engaging episode of Coffee with Samso, we are focusing today squarely on one of the most transformative forces of our time: Artificial Intelligence (AI). Joining us is Eric Starling, Principal Innovation Advisor at Amazon Web Services (AWS), who brings over two decades of experience in software design, innovation strategy, AI integration, and digital transformation. Eric is not just a technologist — he’s a builder, a thinker, and a translator between code and real-world outcomes. We sat down at the UWA Club on the grounds of the University of Western Australia for an honest, wide-ranging conversation that demystifies what AI is, how it works, and where it's taking us. Key Topics Covered in the Coffee with Samso on Artificial Intelligence. What AI Is — and What It Is Not Eric explains how AI systems like ChatGPT and Claude don’t “think” in the way humans do. Instead, they learn from massive datasets, building probabilistic models to predict likely responses based on prior inputs. The concept of “autocorrect on steroids” is used to illustrate how large language models (LLMs) operate. Language Models and Why English Is the New “Code” in Artificial Intelligence For non-technical users, the rise of LLMs represents a paradigm shift. No longer do you need to speak in code — natural language itself has become the interface. This accessibility is redefining who gets to build, create, and automate. The Role of Data — Why AI Wouldn't Exist Without the Internet Eric underscores the fundamental role that the internet and cloud computing play in powering AI. From the petabytes of storage to globally linked data centres, AI's performance relies on a vast, interconnected ecosystem. AI Doesn’t Reason — It Repeats Patterns A powerful analogy compares image recognition AI to showing a model 10,000 pictures of a cat. The model “learns” by exposure, not by understanding. This highlights the difference between learning and cognition, a distinction too often blurred in public discourse. Agentic AI and Industry Transformation We delve into agentic AI, which moves beyond chat interfaces into tools that can take actions, manage files, automate workflows, and simulate decision-making processes. This development is fueling a wave of innovation across industries — from grant writing to robotic inspection. AI in China vs. the West — A Tale of Two Approaches We explore how AI implementation differs starkly between China and Western nations. In the West, commercial viability and public acceptance are major hurdles. In contrast, China’s top-down model has allowed faster implementation — raising important questions about innovation, ethics, and regulation. Deepfakes, Data Ownership & Ethical AI Eric raises critical concerns about data control and digital identity. What happens when small AI companies are acquired or go bust? Where does your data go — your voice, your image, your interactions? The episode serves as a cautionary tale about uploading personal content without considering long-term implications. AI’s Creative Disruption in Entertainment One of the most thought-provoking segments explores how AI may not replace actors or creatives, but could radically expand who gets to produce high-quality content. Eric envisions a world where indie creators and hobbyists wield studio-level capabilities — disrupting traditional media from the ground up. What the Future Holds — AI in 5, 10, 15 Years Eric offers predictions on how AI will evolve: A world filled with interchangeable micro-agents Lower barriers to business innovation Tools that assist — not replace — human creativity A higher value placed on intention and authenticity in content creation Misunderstandings and Missed Conversations Eric notes that cognition remains the most misunderstood concept of AI. The tools may sound smart, but they don’t “know” anything. He also warns of the underappreciated risk of data misuse when using third-party AI services without considering data ownership. Samso Concluding Comments - The Coffee with Samso Discussion: This episode with Eric Starling is a reminder that Artificial Intelligence is not just a buzzword — it’s a structural shift. One that is already changing how businesses operate, how services are delivered, and how value is created. For ASX investors, the real takeaway here is this: AI is no longer confined to Silicon Valley or tech unicorns. It’s becoming embedded in sectors across the board — from mining and energy to biotech, financial services, and logistics. Companies that can leverage AI meaningfully — not just sprinkle it into their marketing decks — are likely to unlock productivity gains, margin expansion, and operational efficiencies that markets may not yet be fully pricing in. Over the last few months, I have learnt and as Eric clearly articulates, not all AI is created equal. The true edge comes from owning your data, understanding the limitations of generative tools, and building AI agents that solve specific problems with clear intent. This is where discerning investors should pay attention: Is the company investing in capability, or just riding the narrative? We're also entering a period where content creation, compliance, customer service, and internal processes ar.e being quietly transformed — especially in capital-light industries. In our view, the most investable opportunities on the ASX may come not from “AI companies,” but from traditional businesses that are applying AI in transformative ways. This conversation reinforces our belief that investors need to go deeper than headlines. Understanding where a company sits in the AI landscape — builder, adopter, or observer — could offer meaningful insight into future performance and resilience The chapters below will help you navigate the Coffee with Samso and l hope you will all get some value from Eric. Chapters: Start Introduction Who is Eric Starling ? What is AI and What is Not AI ? AI language is now called English AI is all about What is the “Internet”. AI is about Learning and not Thinking. AI needs data to “Think”. Where does AI get its source of data? Where are we at in terms of the AI Revolution? What is the most Misunderstood of AI? The Reasoning learning process of AI still needs existing data. The least obvious profession that AI will replace. Could use of AI decrease the quality of content we accept? The China vs. The West approach to AI implementation of AI. What does Eric worry about AI? What could we see with AI in 5, 10, 15 years time? What are people not considering about AI? The reality and danger of deep fake. The changing face of AI means we have to be educational about AI Last woods on Ai from Eric Conclusion PODCAST The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our 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.
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Coffee with Samso - Miramar Resources Limited (ASX:M2R) - A Perfectly Valued Gold Story - The Gidji Gold Project and the Path to being a Gold Mining Business.
07/08/2025
Coffee with Samso - Miramar Resources Limited (ASX:M2R) - A Perfectly Valued Gold Story - The Gidji Gold Project and the Path to being a Gold Mining Business.
Coffee with Samso Episode 205 is all Miramar Resources Limited (ASX:M2R) and the potential of the Gidji and Bangemall projects. Miramar as a company, is now for better or worst, perfectly valued at less than AUD 3M market capitalisation. Its primmed now for discovery. The Miramar story has been featured on the Samso platform since February 2021 and I still consider this exploration company one that is best suited for discovery. The most notable companies that I can remember as I write which I felt strongly about a discovery, and was approached to be on a Coffee with Samso, prior to their respective discovery event, and was declined, was WA1 Resources Limited, De Grey Mining Limited, Staveley Minerals Limited. I have been a firm believer that the Miramar projects were great projects and with great management, in terms of the potential for discovery and a history of taking the economical discovery to production. Allan Kelly had the history and having numerous discussion with him, I felt that he had the mentality to do that with existing projects. What unsettled the journey was the lack of market sentiment and with the strong market affinity for lithium and the critical minerals; narrative, the gold journey was unsettled and in many cases, great project looked doomed. A great example is the journey of . Meeka has just poured its first gold bar and its future looks cemented, now with a market capitalisation of AUD $422M. Listed on the ASX with great projects but in the midst of the lithium run which was followed by the great Critical Mineral rush, the company lost an audience and now with gold price taking centre stage, the stage seems set for that journey of discovery something of economical proportions at Gidji. The Business of Miramar Resources Limited - The Path to being a Gold Mining Business. To me, the business of Miramar Resources is now aligned with the market sentiment. The new shareholders may have a different idea for the leadership but I think as a business, Allan Kelly is built for this role. One of the best asset for Miramar is that it is managed well with a strong technical management and keeps the cash burn to a minimal. You don't see many Executive Chair sitting on the drill rig or going out to do reconnaissance sampling and doing prospective type work in the field. Senior management doing the technical work in the field is an extremely rare sight in todays' ASX mineral exploration companies. The value proposition for shareholders has never been more aligned with the potential of a discovery of a gold asset in the backyard of the Kalgoorlie Goldfields. I feel that the strong gold market will easily give Miramar the uplift in valuation if and when a discovery of significance occur. The Coffee with Samso Discussion: In this episode of Coffee with Samso, it is a very clear discussion of the value proposition for the company. Allan gives us a good narrative of the mechanics behind the exploration and what the company faced over the last 4 years as the equity market heavily discounted the market capitalisation of Miramar Resources. Shareholders and potential shareholders will gain insights that will shape their thinking for investing in the company. Whatever you may think about the past, what is very clear is that you have now a company that has a market capitalisation below AUD $3M, in a gold market bull, prospective gold project with all the right factors and a proven management team to bring in a potential discovery. If you take away the emotions of why you should be looking at the company as an investment, you cannot deny the fact that Miramar is very fortunate to be gifted these attributes and with perfect market timing. My advice, sit back, listen to Allan and DYOR. Grab your favourite beverage and invest in the next 45 minutes. Chapters: Introduction Update on Miramar What is SAM Survey ? How deep is the Gidji Paleochannel? The significance of the potential paddington Dolerite. The Value Proposition of Miramar and the Gidji Drilling Program The Gold Price Dilemma and the Miramar Opportunity Is the Gidji Paleochannel driving Why The market is Misunderstanding the story? Is the market now highlighting the uneconomical gold projects? Bangemall Update Is the Bangemall Project A New Concept? Norilsk Phenomenon Similarities between Norilsk and Bangemall First Evidence:Rock Chips Second Evidence: Geophysics - EM Survey. - Drilling. New Thinking at bangemall The Cheap Entry Point For Miramar Resources. A Discussion on Exploration. Newsflow An Opportunity for Discovery at Gidji. Allan Last Words Conclusion PODCAST The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our 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. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio . 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 . 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.
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Coffee with Samso - Wide Open Agriculture Limited (ASX:WOA) - A Superfood Story—Lupin and Lupin Protein Isolate.
04/02/2025
Coffee with Samso - Wide Open Agriculture Limited (ASX:WOA) - A Superfood Story—Lupin and Lupin Protein Isolate.
Coffee with Samso Episode 204 is all about Lupins and Lupin Protein Isolate. Coupled with the favourable growing climate in Western Australia, 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 Gives 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 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.
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Coffee with Samso - Cyclone Metals Limited (ASX:CLE) - A Green Iron Ore Business - Magnetite is the New Sheriff in Town.
03/23/2025
Coffee with Samso - Cyclone Metals Limited (ASX:CLE) - A Green Iron Ore Business - Magnetite is the New Sheriff in Town.
Coffee with Samso Episode 203 may well be one of the best ASX small-cap resource business in 2025, that is largely unknown to the general investing community. The is about the pedigree of the Iron Bear magnetite project. In Australia, the general ASX punter thinks of iron ore as haematite are 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 a 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 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. One statement that Paul proudly points out in the Coffee with Samso, and that is, The quality and the size of the Iron Bear Deposit moved the needled 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 details. 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 ABILLITY 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 Vison of Iron Bear - It is a Bigger project than Champion Iron. 41:58 Reducing the Carbon Footprint of a Manufacturing Hub in Northern America. 43:25 How much is the resource expected to be built up to? 43:58 Iron Bear is a Premium Magnetite project. 45:15 What cost will the hydroelectric power cost us per kilowatt? 46:51 Green Energy Narration - Magnetite Naturally Reduces Carbon Emission. 49:48 Discussion on iron ore prices. 54:23 Why is CLE still at 50M? 55:21 Why is the 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. 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
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Coffee With Samso - LCL Resources Ltd (ASX:LCL) - Undervalued ASX Explorer with a Golden Time in Papua New Guinea
03/11/2025
Coffee With Samso - LCL Resources Ltd (ASX:LCL) - Undervalued ASX Explorer with a Golden Time in Papua New Guinea
Coffee with Samso Episode 202 brings retail investors into an ASX company that may have the potential to become a multi-bagger investment. The 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 "" published on 29th October 2021 and a Samso Insight written and published on 15th February 2022 entitled "." The story changed to a Papua New Guinea focus recently, and on 25th November 2022, LCl released "" which was the entry into Papua New Guinea. Management Change Management and 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 rise 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 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 ~3890Km2 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..
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Coffee with Samso - E79 gold Mines Limited (ASX:E79) - Mineral Explorer Perfectly Primed for Value Creation.
02/28/2025
Coffee with Samso - E79 gold Mines Limited (ASX:E79) - Mineral Explorer Perfectly Primed for Value Creation.
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 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). 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 Neurology Factor 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 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.
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Coffee with Samso - A Gold Mining Story: Clasping Victory from the Jaws of Defeat.
02/16/2025
Coffee with Samso - A Gold Mining Story: Clasping Victory from the Jaws of Defeat.
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; , , , , 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 . 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 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". 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. 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 to 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 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.
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Coffee with Samso - Insights: Critical Metals - The Real Meaning and Path Australia should play in the Clean Energy Revolution.
10/06/2024
Coffee with Samso - Insights: Critical Metals - The Real Meaning and Path Australia should play in the Clean Energy Revolution.
Coffee with Samso Episode 199 is all about the meaning of Critical Minerals for Australia. Are we spending the right amount of money? The low-emission world loves these two words and in resource-rich Australia where we are world leaders in supplying the feedstock for the world, are we sheep or should we start to be smarter with our fund allocation? Should we play our own game and be one controlling the weather and be smart with our resources? Should we be asking, are all metals critical and who are the beneficiaries of the critical nature of these metals? Should Australia be a more important part of the future Clean Energy Revolution? In today's episode, we talk to a man who gives us thoughts to ponder and maybe actions to take. Are all metals critical and what does critical mean? Should we look at the real meaning and outcome of the term Critical Metals? Tim Craske is here because I read his abstract for the recent AUSIMM Conference on Critical Minerals. Australia’s list of critical minerals all occur in abundance. As a nation of suppliers of raw materials, are these metals critical at all for Australians? Or are they just critical for the commodity markets that we deliver into? As we have seen recently with external pressures on commodity prices, lithium and nickel can be critical EV battery components yet be subject to more cyclical price volatility than major metals. This makes Australian scoping and feasibility studies fragile, and investors nervous. According to Tim, by taking a complex-systems thinking approach to modelling these new resources, we can have better outcomes. However, a systems-thinking approach will only be truly transformational if we develop downstream processing and manufacturing industries here in Australia. This is described by CSIRO as a “once-in-a-lifetime opportunity” to reinvigorate our manufacturing and technology sectors. Get yourself a coffee or your favourite beverage and watch or listen and see if Tim Craske makes any sense: Chapters: 00:00 Start. 04:00 Introduction. 04:46 All about Tim Craske. 07:11 Did Western Mining influence your thinking today ? 09:38 What does Critical Metals mean to Tim Craske? 10:39 Australia List of Critical Metals is too long. 11:54 The problem with the Critical Metals List - Everything is not Critical. 12:27 The One and Only Critical Metal - Copper. 13:09 Is Coal a Critical Metal? 13:42 The UK Coking Coal Public Impression. 15:07 The Disconnect of the Carbon Footprint Discussion. 16:07 Changing Lithium Story. 16:42 Why Australia should recreate the Iluka Anomaly 17:10 Understanding the Long Term Marginal Lithium Market 18:55 Should Australia adopt an Indonesian model of investing a Downstream Process. 20:59 What is Australia willing to do to compete? 21:27 Do you think the recent discussion of banning "Dirty" nickel could happen? 22:40 An Example Why Banning "Dirty" Nickel will not work. 24:30 What should Australia be focusing on? 26:11 Understanding the China - Chinese Competitive Business Strategy. 27:24 Why does ASEAN embrace China and the West have an Anti-Chinese Perception? 29:48 Is there a colonisation concept being played out in the Critical Metals Story? 31:08 Where should Australia focus on with Critical Metals? 33:37 Mining of Copper is not that Green. 34:27 Nett Zero Emission. 35:30 Is Zero Emission a Fantasy. 36:48 The Indonesian Nickel Business 38:00 What would Nuclear Power do for the Australian Mining Industry. 38:35 Should Australia chase Tier 1 projects for sustainability of the industry? 40:53 The Power of Tier 1 deposits. 41:57 The Need for Governments to be more Understanding on Process of Mining. 42:35 Can Small Explorers explore for Tier 1 Deposits? 44:02 The lack of New Mines. 45:34 Raising money from the market to Test Geological Concepts is hard. 47:06 Can Australia develop a Downstream Resource Industry. 51:05 Difficulties of the REE Industry. 51:53 What could Spark a Mineral Exploration Bull run. 54:26 China needs the Critical Metals more than anyone else. 55:09 Understanding The Chinese Thinking. 55:40 The Government Loan is a Red Hearing. 56:30 The Dangers for the Mining Industry in regards to the way we treat Critical Metals. 57:12 Tim Last Words. 59:22 What Weather will do to Solar and Wind Farms. 59:54 The Nuclear Solution. 1:00:33 Conclusion. About Tim Craske Tim Craske is a skilled and successful mineral explorer and mentor with over 40 years’ experience in project generation, exploration management and technical innovation gained in Australia, North and South America, Asia and East Africa. He spent his first 20 years with WMC Resources during which he discovered the Ernest Henry and E1 iron oxide copper-gold (IOCG) deposits in the Cloncurry district, northwest Queensland. He was also involved in the targeting of the West Musgraves province for copper and nickel pegging the core licences on which all the deposits (Nebo, Babel and Succoth) have been found. Since leaving WMC Tim has worked in both the junior and major company sectors including Exploration Manager for Sirius Resources up to the establishing of Nova as a prime prospect General Manager Exploration Consulting at Vale and Exploration Manager - New Commodities at Iluka Resources. Tim Craske is Managing Director and Chief Facilitator for and also a director of that specialises in developing innovative thinkers, thinking organisations, and disruptive technology solutions for industry, education and government sectors.
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Allan Kelly - An Insight into a Mineral Explorationist : A Practical Eternal Optimist
08/19/2024
Allan Kelly - An Insight into a Mineral Explorationist : A Practical Eternal Optimist
Coffee with Samso, Episode 198, brings a new perspective to the Coffee with Samso conversations. In this first episode we bring a delve into the thoughts of Allan Kelly, Executive Chair of Miramar Resources Limited (ASX: M2R). The life of an executive in the small mineral exploration is busy and stressful. Those that are out there trying to make an economic discovery are constantly under the spotlight. . In my five years of establishing the Coffee with Samso series, Allan Kelly strikes to me a a true mineral explorationist. To those that have followed the Samso journey and have watched Allan share his projects in Miramar Resources Limited, you will know that he speaks with great sincerity. Our conversations on the Samso platform () are always long form and it has always offered a great insight to the reasons why Alan is so passionate in the potential discovery. When you watch and listen to Allan talking about the projects, there is no doubt that he is enthusiastic nature is wanting the viewers to know what he is doing and why he is spending money into the project. The Insights to Allan Kelly In this first episode of Coffee with Samso - Insights, we learn about Allan Kelly, the person. In an industry that takes no prisoners, it is hard for investors to know who is actually really trying to make a discovery. It is difficult to know if the person who is telling you the story is actually telling the truth or the real facts. I have been an investor in this industry since my university days in 1987 and have been a willing participant in the mineral industry since 1992. Like everyone who is working in the mineral exploration industry, we are all trying to make that economic discovery. The rate of success is not very high and as Allan mentioned in the first minute of the introduction to this episode, that rate of success is very low. So what makes us continue to work in mineral exploration? Why are the likes of myself and Allan Kelly continuing to be in the lime light and the brunt of all criticism? The questions that are being asked is why the Coffee with Samso Insights is beginning its journey. Get yourself a coffee or your favourite beverage and watch or listen and get a better understanding of Allan Kelly: Chapters: 00:00: Introduction 05:13 How did Allan Kelly get into this industry? 09:04 Western Mining Interview 11:40 Work with Western Mining 13:18 Is the Development of Geological Skills still a common trait? 13:44 Western Mining was Unique for the time. 15:27 What traits do you need to stay in the mineral exploration industry? 17:05 The Keys to be a Mineral Explorationist. 17:35 Don't be afraid to say you don't know something. 18:22 What is the Core Asset required to do well in the industry? 19:03 Need to have Endurance, the "Non-Technical Asset" - "Non-Geological Assets" 21:18 The Andy Well Story 23:29 The many reasons why a project may not be discovered.? 24:30 How do you decide and manage which projects to leave behind. 29:56 The lack of Mineral Exploration and Mineral Discovery. 32:24 Does Criticism Ever Affect you Negatively? 34:26 The Gidgee Project and The Paleochannel Problem. 35:11 Is it Frustrating to be misunderstood about the Gidgee Project? 37:30 How do Investors understand Exploration Results? 41:23 How to understand lack of Mineralisation strike length 42:31 What is Allan's thoughts on the Mineral Exploration sector? 43:49 Lack of Patience from Brokers 45:03 Reasons why Allan is optimistic with Nickel and the Bangemall project. 50:57 Allan's last Words. 51:26 Conclusions Previous Conversations with Allan Kelly
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AuMega Metals Limited (ASX: AAM) - Large Scale Gold Exploration in Newfoundland, Canada.
06/14/2024
AuMega Metals Limited (ASX: AAM) - Large Scale Gold Exploration in Newfoundland, Canada.
Coffee with Samso Episode 197 is with Sam Pazuki, the Managing Director and CEO of AuMega Metals Limited (ASX: AAM) The AuMega Metals Limited (previously known as Matador Mining Limited) story has come a long way since our first conversation in April 2020. The developing story is now moving into the next phase as the 2024 field season is beginning. In this episode of Coffee with Samso Episode 197, Sam share with us the philosophy of the company and the strategy for AuMega Metals and the reasoning behind the rebranding exercise. AuMega is well supported with an international miner, . as a major shareholder and that clearly show the confidence the shareholders have in the AuMega Metals Limited story. Samso's Conclusion For those readers who have been followers of the Coffee with Samso series, it is common knowledge that I am a big fan of the AuMega story (formerly Matador Mining Limited). I have always said that the biggest value adding process for shareholders is to look for your own discovery. Promoters in this space preach that the refurbishing of projects is more cost effective but in practice this is more of a myth that a reality. The strategy by the management of AuMega is disciplined and with the stewardship of Justin Osborne (ex- Gold Road Resources) leading the technical search and the corporate influenced Sam Pazuki, I am in no doubt that the mineral exploration will prove their strategy to be fruitful. The rebranding is clearly a means of aligning the company name with its purpose for finding large economical deposits. The projects that is in the portfolio is the reason why "Mega" projects will be discovered. This is what I call a mineral province play to ensure the largest probability to discover economical deposit. As the new drilling season starts to take shape, the next phase of the results will be highly anticipated from the company's shareholders. With B2 Gold as a shareholder, one has to recognised that B2Gold is not here for a slim chance of discovery. The positioning is well thought and the target company is selected for its vast portfolio. Tune in and start putting your thinking cap on and do some good old fashion DYOR. Chapters: 00:00 Start 00:20 Introduction 01:06 All About AuMega Metals Limited 02:48 Is Cape Ray still the Main Story? 04:26 Is there more love for companies like AuMega now? 07:01 Fair valuation due to a bearish equity market. 09:37 The need for District Scale Potential. 10:57 What have been the learnings from your exploration activities? 13:37 Long term exploration programs create the value for shareholders. 15:58 Short-Term and Long-Term Prize 18:14 Taking Risks and Exploration Success 20:40 What is the direction for Gold ? 23:09 Why is there a disconnect between gold equities and the gold price? 25:20 What are the Exit timing for potential investors? 27:48 News Flow for AuMega Metals 29:48 Why invest in AuMega ? 30:55 Big Brother Influence for Large Deposit Discoveries. 32:36 Conclusions
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Terrain Minerals Limited (ASX: TMX) - A Mineral Explorer with Gallium in Its Sights
05/28/2024
Terrain Minerals Limited (ASX: TMX) - A Mineral Explorer with Gallium in Its Sights
Samso Insight Episode 118 is with Justin Virgin, Executive Director of Commodity pricing has a history for being volatile and it is especially susceptible to sovereign risks. The ups and downs of the mineral resources sector on the ASX is a direct reflection of the volatile commodity chart. Pricing of commodities are constantly evolving and retreating which makes the fortunes of ASX companies in this sector exciting and depressing, depending on which the investor's circumstances. In this episode of Samso Insights, we look at Terrain Minerals Limited (ASX: TMX). We speak with Justin Virgin who is the Executive Director of the company. I came across Terrain Minerals at the 2024 RIU Conference in Sydney. What looked like a non-descript booth became an interesting proposition when we Justin explained to me the different views on their projects. Terrain Minerals main story is the potential for a Gallium player who has been flying under the radar. The Gallium sector is small but lucrative. Figure 1 below highlight the bullish nature of the pricing and it is forecast to continue on that trend in years to come. Figure 1: Gallium price chart. (Source: ) From an exploration point of view, the projects that Terrain have a grassroots and there is no hiding form the fact that there is a lot of work to do and there are also a lot of room for error. Investors who look at Terrain from rom a valuation point of view and measuring risk as from that angle will like the market capitalisation of the company. Check out the Samso Insight conversation with Justin and make your own decision. Samso's Conclusion Terrain Minerals is one of those companies that you literally take a "punt". Personally, I like the Gallium but I don't know what is good and what is bad in terms of numbers. At the time of writing this blog, the company has released the results from their latest drilling. The numbers for the REE look ok but not mind blowing but I do not know how to comment on the Gallium numbers. This would be a great opportunity for readers to give Justin a call and get it from the man himself. Chapters: 00:00 Start 00:20 Introduction 00:50 Justin introduce Terrain 02:38 The Gallium Story 03:58 What Kind of results are expected? 05:10 Is Saltbush the main project? 06:48 The Terrain Minerals Projects 09:14 Why Terrain Minerals? 10:30 Conclusion
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