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:

00:00  Start

00:10  Introducing Samso News and Episode 207 of Coffee with Samso

02:06 Grant Haywood and the Horizon Minerals Story.

05:07  The Burbank Asset Acquisition.

05:50  Horizon Business Case.

07:12  The undervaluation of Horizon Minerals.

09:07  Explaining Booraara as one of the two Key Asset for Horizon Minerals.

10:14  The Numbers and Upside for the Booraara Project.

11:38  The Strategy for the Recent Fund Raising.

15:34  Upside of the Poseidon Acquisition.

18:06  The Horizon Minerals Mining Strategy.

20:41  The Silver Story for Horizon Minerals.

24:15  Are there any issues with Haulage for the Black Swan Strategy?

26:58  Minimum Expenditure

27:25  News Flow

31:09  Key Highlights Investors should look out for?

33:27  Could Nimbus be a Positive or a Negative for the horizon Story?

36:47  What should Investors Take away from this discussion? 

37:21  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:

• Coffee with Samso

• Samso News

• Samso Insights

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 Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.

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:

00:00  Start

00:09  Introduction

02:50  Who is Eric Starling ?

03:36  What is AI and What is Not AI ?

05:44  AI language is now called English

07:55  AI is all about What is the “Internet”.

09:26  AI is about Learning and not Thinking.

13:07  AI needs data to “Think”.

14:40  Where does AI get its source of data?

17:18  Where are we at in terms of the AI Revolution?

20:30  What is the most Misunderstood of AI?

23:55  The Reasoning learning process of AI still needs existing data.

26:18  The least obvious profession that AI will replace.

31:32  Could use of AI decrease the quality of content we accept?

35:55  The China vs. The West approach to AI implementation of AI.

40:15  What does Eric worry about AI?

43:08  What could we see with AI in 5, 10, 15 years time?

46:53  What are people not considering about AI?

49:34  The reality and danger of deep fake.

51:47  The changing face of AI means we have to be educational about AI

54:13  Last woods on Ai from Eric

56:15  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:

• Coffee with Samso

• Samso News

• Samso Insights

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 Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.

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 Metals Limited. 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:

00:00  Introduction

01:43  Update on Miramar

02:51  What is SAM Survey ?

06:15  How deep is the Gidji Paleochannel?

11:15  The significance of the potential paddington Dolerite.

13:00  The Value Proposition of Miramar and the Gidji Drilling Program

16:49  The Gold Price Dilemma and the Miramar Opportunity

18:12  Is the Gidji Paleochannel driving Why The market is Misunderstanding the story? 20:01  Is the market now highlighting the uneconomical gold projects?

21:50  Bangemall Update

29:35  Is the Bangemall Project A New Concept?

23:09  Norilsk Phenomenon

23:48  Similarities between Norilsk and Bangemall

25:23  First Evidence:Rock Chips

25:51  Second Evidence: Geophysics - EM Survey. - Drilling.

29:35  New Thinking at bangemall

32:29  The Cheap Entry Point For Miramar Resources.

34:53  A Discussion on Exploration.

36:36  Newsflow

40:01  An Opportunity for Discovery at Gidji.

40:51  Allan Last Words

41:43  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:

• Coffee with Samso

• Samso News

• Samso Insights

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 Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.

 

Disclaimer

The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.

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A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.

If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on [email protected].

About Samso

Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 204 is all about Lupins and Lupin Protein Isolate. Coupled with the favourable growing climate in Western Australia, Wide Open Agriculture Limited (ASX:WOA) could become a major player in a billion-dollar market.

The Wide Open Agriculture came across my screen about two weeks ago, and it caught my attention because I was doing content on superfoods and came across the benefits of lupins in 2019.

While I was doing research over time, the share price of the company started to move, and in fact, on the day I was talking to Yazi Zhan, the Non Executive Chair of WOA, about making an appearance on Coffee with Samso, she was in the middle of dealing with her company's share price going for a run to a high of AUD $0.029, from the previous trade of AUD $0.016.

In today's episode of Coffee with Samso, we are talking to Yazi Zhan, who knows this business intimately and will give us a good insight into firstly the benefits of Lupin and Lupin Protein Isolate, followed by what I think could make WOA a global player in the highly sought-after plant-based nutrition business.

The Business of Wide Open Agriculture Limited.

Wide Open Agriculture Limited (ASX: WOA) is planning to be in the global plant-based protein sector, thanks to its proprietary technology that unlocks the full potential of lupins—a high-protein, regenerative legume native to Australia. As the exclusive holder of intellectual property for extracting lupin protein isolate, the company is positioning itself at the forefront of the clean-label, sustainable food movement.

At the heart of this innovation is BUTINE PROTEIN, Wide Open Agriculture’s signature lupin protein isolate. Clean, allergen-friendly, and remarkably versatile, BUTINE PROTEIN offers a powerful alternative to soy and pea proteins, catering to the fast-growing demand for ethical and environmentally responsible nutrition.

With this cutting-edge IP and a focus on regenerative farming, Wide Open Agriculture is not just producing protein—it’s pioneering a smarter, greener way to feed the world.

Chapters:

00:00 Start

00:09 Introduction

03:30 Who is Yaxi Zhan?

05:18 History of WOA?

08:28 Discussion about Lupin

15:06 Lupin Isolate

17:20 Importance of the China Market Approval

20:47 How does WOA protect its Core Business?

25:36 Limitations of Growing Lupin 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.

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 Cyclone Metals Limited (ASX:CLE) is about the pedigree of the Iron Bear magnetite project. In Australia, the general ASX punter thinks of iron ore as haematite 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 Metals Limited (ASX:CLE). Cyclone is a fascinating story of a junior aspiring to be a producer with a major, VALE, partnering with funding. A space in which most juniors would be struggling to find funding, CLE has a big brother taking care of all the bills.

The Business of Cyclone Metals Limited.

The steel producing industry is transitioning to low emission and the process of Direct Reduction (DR) steel production is the solution to a global reduction in emission for the typically high carbon emission business. . Direct Reduction steel production requires iron pellets that are very low in impurities and this is directly controlled by the quality of the source material.

As Paul Berend explains,

....not all magnetite deposits are suitable for Direct Reduction Pellets which is why the Iron Bear deposit is perfectly aligned to allow this process to be achieved.

Recent work by Cyclone Metals Limited has shown that the use of Direct Reduction on iron ore from Iron Bear can create iron pellets above 71% Fe content. According to Paul Berend, this is a very unique feature of the ore body. A feature that is not seen in many other iron ore resources and that includes those at Champion Iron.

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

Coffee with Samso Episode 202 brings retail investors into an ASX company that may have the potential to become a multi-bagger investment.

The LCL Resource Limited (ASX:LCL) story is one that will resonate with many retail small cap investors. A low market capitalisation of AUD $10M and an inferred gold resource of 831,000 ounces in a booming gold market where drilling results are being rewarded.

LCL is not a stranger to the Samso platform, with "Los Cerros Limited (ASX: LCL) - A High-Grade Gold Porphyry Story in Colombia" published on 29th October 2021 and a Samso Insight written and published on 15th February 2022 entitled "Good Geology Never Disappoints - Los Cerros Limited (ASX: LCL) Colombian Style."

The story changed to a Papua New Guinea focus recently, and on 25th November 2022, LCl released "Company acquires multiple PNG copper, nickel, gold targets" which was the entry into Papua New Guinea.

Management Change

Management and Board changes (Board Changes) within the company will bring much needed youth and energy into the LCL Resources, which, in my opinion, is why I am having a conversation on Coffee with Samso with Christopher Van Wijk, the Executive Chair of the company.

LCL was in a transaction to sell the Columbian assets but as I have realised, that resolution was voted down by shareholders. Whether this decision in hindsight turns out to be the correct decision will be known soon. Could it be sold to a higher bidder as the gold sentiment 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..

Coffee with Samso Episode 201 is all about looking at a mineral explorer to ride the current market excitement for mineral resource discoveries.

There is a visible and coherent bullish shift with investors within the mineral exploration sector of the Australian Stock Exchange (ASX). The E79 Gold Mines Limited (AIM:E79) story is being reviewed as it is primed for potential discovery, and now cashed up.

I have known about E79 and was reminded when they were the beneficiary of a nearology play with Kalgoorlie Gold Mining Limited announcing results from their Lighthorse project. E79 was the beneficiary as they share tenement boundaries (Figure 1).

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:

1. Ability to raise money: Are they connected and have the records to show this? This is a very important ability.

2. 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.

3. 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.

4. 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.

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;

1. Northern Star Resources Limited (ASX: NST),

2. Spartan Resources Limited (ASX: SPR),

3. Genesis Minerals Limited (ASX: GMD),

4. Westgold Resources Limited (ASX: WGX),

5. Gold Road Resources Limited (ASX: GOR),

There are numerous others to include on that list, and the surprising fact is that ASX retail investors are slow to invest in these stocks. The issue for these investors is that by the time these stocks gain attention, the capital appreciation for their type of portfolio has decreased, leaving opportunities to institutions and more "sophisticated" investors seeking consistent income generation.

Why do I still see Greatland Gold Plc as a viable Proposition for the Retail Investor?

Firstly, they are largely unknown to the sector. Currently, they have an AUD $2B market capitalisation hidden on the London Stock Exchange AIM Market platform. If you click on that link, you will see the unimpressive on the London Stock Exchange. What is an AUD billion dollar company hidden in this nature?

The answer to that question is one of the first points I make in the Coffee with Samso with Shaun Day, the Managing Director of Greatland Gold. The company is an overnight success that has taken a decade of hard work and sweaty rattling of the tin to keep the doors from shutting.

This episode of Coffee with Samso is a perfect companion to our first story on Greatland Gold we published on July 2, 2022, entitled "The Havieron Gold - Copper Discovery in Patterson Range, Western Australia". That was now almost 3 years ago, and today, they are a fully fledged miner with the words "Undervalued- Underrated" written all over the story.

For those who felt that they have not caught a good investment in a raging bull gold market that seems to have no short-term end, especially in Australian dollars. This will have to be a must-see Coffee with Samso before you begin your process of DYOR.

I cannot emphasise the need to spend good quality time to DYOR for Greatland Gold, which is still not listed on the ASX. That will come in June, so better get your knee pads from Bunnings and start resorting to begging, as I am 100 percent sure there will be limited shares available to the common man when their IPO comes around.

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:

1. Profitable operation of the Telfer gold-copper mine and pursuit of Telfer mine life extension;

2. Continued advancement of the world-class Havieron gold-copper project through to production;

3. Exploration to identify new precious and base metals deposits, with a focus on the Paterson Province surrounding Telfer; and

4. 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.

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 Thinker.Events and also a director of Thinkercafé.org that specialises in developing innovative thinkers, thinking organisations, and disruptive technology solutions for industry, education and government sectors.

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 (see below for previous conversation) 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

1. Mineral Exploration - Creating Value Organically

2. Miramar Resources Limited (ASX: M2R) - Mineral Exploration Success - Discovery at Marylebone.

3. Miramar Resources Limited (ASX: M2R) Discovery at Gidji, Bangemall and Whaleshark

4. Miramar Resources Limited (ASX: M2R) Discovery at Gidji, Glandore and Whaleshark.

5. Miramar Resources Limited (ASX: M2R) - Surprises in the Bangemall: Carbonatites and IOCG

6. Project Updates at Miramar Resources Limited (ASX: M2R)