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Since coming across the Tungsten industry in the second half of 2011, I have been a firm advocate on its place as a member of the critical metal space. Tungsten is one of the hardest metals to understand, in terms of market direction and the demand and supply directions. It is also the metal with the highest density property. Tungsten’s other special property is that there is no viable substitute and the demand for the metal is traditionally very inelastic to price changes. Historically, when prices were rising, demand followed but from about 2014, prices dropped and we have not seen a recovery. Annually, the global market is between 80,000 to 100,000 tonnes of metals used so it’s a small market. China is (was ?) a major user of the metal, China holds the largest resource in the world but during that price rising period, China was also a net importer of tungsten concentrate. So we are told… to me that did not make any sense. In my past life as the Managing Director of Siburan Resources Limited (ASX: SBU), I watched the price of tungsten rise to an all-time high of nearly USD $460/mtu (metric tonne per unit) to a low of sub-USD $240/mtu. If I am not mistaken, it could have gone below USD $200/mtu. “ In the context of an approximately 80,000-ton annual market with 3% growth, you need 2,400 tons of additional tungsten metal per year in supply, and with 5% growth you need 4,000 tons. That’s one new big tungsten project per year. It is difficult to see where that supply could come from. In the current market, miners can’t get the financing needed to take projects from a bankable feasibility study to construction. It’s a big problem. .” In 2011, The British Geological Society published a list of what it considers the 52 most critical metals in the world. The list was compiled based on global abundance, location of production, reserves and supply risk associated with the political stability in the jurisdictions where the metal occurs. Tungsten was second on that list. The report highlighted that tungsten (as well as rare earth) has lower recycling and low substitutability. The supply risk for tungsten stems from China’s role in the industry. China accounts for approximately 83% of global tungsten concentrate production and about 62% of global tungsten reserves. China became a significant player in tungsten production in the mid-1980s. By the late 1990s, it had flooded the global market with tungsten causing concentrate prices to plunge below most western producer’s variable cost. As a result, the vast majority of western mines were closed. These were all the good thoughts at that time however, the market came crashing down which sort of made these comments questionable. What is a good Tungsten grade? The majority of tungsten deposits contain less than 1.5% tungsten trioxide (WO3), and most have grades of only a few tenths of a percentage point. A very high grade would be over 1%, like North American Tungsten’s Cantung mine. If I am not mistaken, the Cantung mine may be the only producing mine that had that kind of grade. What’s interesting in the Tungsten world? Have a look at the Northcliff project called Sisson in New Brunswick, Canada (http://www.northcliffresources.com/i/pdf/NCF_FactSheet.pdf). It’s a Tungsten-Molybdenum project that has a total resource of 334MT at 0.066% WO3 and 0.021% Mo The other is the Nui Phao project in Vietnam owned by the Masan Group (Apparently they make their money from 2-minute noodles). It has a total resource of 97.4MT @ 0.1% WO3. It has Tungsten, Flurospar, Bismuth and Copper. Outlook The issue with Tungsten is the market price. There is no spot market and it is very hard to measure or predict the direction of the price. What is apparent is that whatever you do, you need a large resource to sustain any mining activities. In my opinion, you need a Sission-type kind of deposit. Small deposits with high grades will find it extremely hard to make it work. Look at the old mines in China, they are all large scale and low grades. In conclusion, like all mineral resource projects… Make sure they are mining the mineral in the ground and not the one on the stock market ……. 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. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

A radio hoax fooled millions in 1938. Nearly ninety years later, the things being fooled aren't human — and the web is quietly feeding them poison. Adapted from a talk by Ariel Shulman, Chief Product Officer, Bright Data SuperAI 2026 · Marina Bay Sands, Singapore In 1938, Orson Welles stepped up to a radio microphone with no television, no internet, and no special effects beyond a few sound cues — and convinced millions of listeners that Martians were invading Earth. War of the Worlds became the proof, broadcast in real time, that human beings can be made to believe something untrue simply because it arrives through a trusted channel (Figure 2). Nearly ninety years later, that vulnerability has a new target. It is no longer only humans who can be fooled by convincing information delivered at the right moment. So can AI agents — and unlike the radio audience of 1938, an agent has no instinct that something feels wrong. That is the unsettling thread running through the story Ariel Shulman tells. Shulman is the chief product officer of Bright Data, a company that has spent fifteen years collecting public information from the open web at industrial scale. He argues that a quiet war has broken out between two versions of the internet — the old web, built for people, and the new web, increasingly populated by software agents acting on our behalf. And in that war, the old web has learned a new and dangerous trick.* Figure 1: Photo of Orson Welles meeting with reporters in an effort to explain that no one connected with the War of the Worlds radio broadcast had any idea the show would cause panic. ( Source: https://commons.wikimedia.org/) A life measured in machines To see where the new web is going, Shulman likes to start with where he came from. In 1981, when he was ten years old, his father brought home a ZX81, a small British computer with exactly one kilobyte of memory (Figure 2). There were no disks; you saved your programs to cassette tape and could literally hear the data screech past as it loaded. He wrote little games on it, and his parents were sure they had a genius on their hands. You could, remarkably, do real things with a single kilobyte. Then the machines kept coming. The Commodore 64. The IBM PC, with its 640 kilobytes of memory that was supposedly going to be enough forever. In those years there was barely any way to connect one computer to another - just hobbyists wiring their modems into bulletin board systems, one machine dialling directly into another. But the thirst to be connected was already there. Connection arrived with the internet. Tim Berners-Lee more or less invented the World Wide Web single-handedly in 1989 - the URL, HTML, and much of the scaffolding the rest of us now take for granted. Before browsers existed, people searched through text-only tools with names like Gopher and Archie. Then came Mosaic, the first program to put images and text on the same page. After a kilobyte of tape, it felt like magic. Figure 2: Photograph of the Sinclair ZX81 home computer in kit form (Source: https://commons.wikimedia.org/) The problem was never connection. It was order. As the web swelled, the hard question stopped being how to reach the information and became how to organise it. The first serious attempt was Yahoo, where two Stanford students hand-sorted websites into categories - about 23,000 of them, a figure that sounds almost quaint today. Others followed, including Ask.com, a search engine that has since shut down (Figure 3). By 1998, the web had entered the age of the portal: a single homepage crammed with categories, links, and advertisements that tried to show you everything at once. They look faintly embarrassing now. Figure 3: The Yahoo homepage in 1997. (Source: VersionMuseum.com). It is worth pausing on the era. The NASDAQ sat at around 1,043, before the dot-com crash of 2000 reset everyone's expectations. Microsoft's MSN portal shipped with Windows, so practically everyone ended up with it - galleries, endless ads, and Hotmail accounts that some readers will remember fondly. Only one company, in Shulman's telling, truly cracked the problem of organising the web: Google. Watching screenshots of its homepage flick past across roughly twenty-nine years is a compressed history of the modern internet: AdWords, Google Images, AdSense, Gmail, Maps, the YouTube acquisition, Translate, the first Android phone, Chrome, the late and unlamented Google+, Waze, the first Pixel. Artificial intelligence slipped in first behind the scenes, then a chatbot, then Bard, then its rename to Gemini. What began as a stripped-down search box now hides staggering machinery behind a minimalist face. The data empire - and its reckoning Ask a room how many people used Android, Maps, YouTube, or Gmail in the last day and nearly every hand goes up. That ubiquity is the point. Google holds something close to all the data in the world: text from email and Drive, images from Photos, video and audio from YouTube, shopping signals from Chrome, local knowledge from Maps, behavioural data across devices, even health data from Android and scholarly work from Google Scholar. All of it feeds the models, Gemini among them - and the company has said it will offer AI agents for everyone. Figure 4: The NeXT machine at CERN that ran the world’s first web server. (Source Photo: Henry Mühlpfordt Wikimedia Commons — CC BY-SA 3.0) Such an accumulation could not go unexamined. In 2025, a major antitrust case against Google was decided. Shulman is careful to say he is not a lawyer and that what follows is his own reading of the roughly 146 pages of opinion he worked through. As he interprets it, Google must share some of its data — but only once, and it keeps the secret sauce: PageRank, the spam-detection algorithms, the parts that actually make it work. Competitors will have to build crawlers, crawl the web, and process the data themselves. They will have to invest and innovate to proceed. That, paraphrasing the judge, is the catch for everyone else. You cannot simply help yourself to the organised knowledge of the web. If you want it, you have to go out and collect it - which means building the crawling and processing stack yourself. The ruling did not hand competitors an easy shortcut. It handed them an instruction to do the hard work.* The 8:47 Monday message Here is where the abstract becomes uncomfortably concrete. Almost everyone now builds things; vibe-coding an agent over a weekend is ordinary. So picture a Monday at a hypothetical travel site that compares hotel prices, and a message lands from the CEO at 8:47 in the morning: “Hey guys, I just built an autonomous pricing agent with Claude this weekend, in two hours. It scrapes the competitors, optimises our price, and it works perfectly. Let’s launch it!” The CEO is not entirely wrong. The interface will work. The logic will work. On the developer's own machine, the whole thing will look flawless. The bad news is that the old web is not going to welcome an agent — least of all once it reaches production. Figure 5: Two hours of weekend coding looks flawless on your own machine. Source (Photo: Markus Spiske / Wikimedia Commons — CC0). The reason is foundational. The web of 1989 was built for humans, and until very recently, almost everyone visiting it was human. As the population of agents and bots grows, the web is genuinely unsure how to treat them. It is the question at the heart of Blade Runner: faced with something that behaves like a person, how do you decide whether it is one — and what do you owe it if it isn't? Quantum mechanics, inverted Shulman has a favourite way to describe why agents that work in testing fall apart in the wild. In quantum mechanics, he says, things behave normally at human scale and turn strange only when you zoom down to the very small. Web data collection is the mirror image. Everything behaves perfectly on your laptop, and turns strange only when you scale up into production — at which point things break in ways you often cannot even diagnose. The web learned to lie Some of what breaks is innocent. Websites redesign themselves, change their layouts, restructure their data. Fine. But the web also fights back on purpose. It throttles agents to slow them down. It blocks them with CAPTCHAs. And then there is the genuinely clever part — the move Shulman calls the most interesting development in the field. For decades, a site that suspected a bot would try to stop it: throw up a CAPTCHA, deny the request, slam the door. The newer strategy does the opposite. The site quietly runs its detection algorithms, decides whether the visitor is human, and then chooses what to serve. A human gets the truth. A suspected bot gets disinformation — a honeypot. The aim is not to turn the agent away. The aim is to let it believe it succeeded, and to feed it poison. The idea is not to stop you. It is to let you think you won — and feed you poison. In other words, the web learned how to lie. Two examples make it vivid. A ticketing site - call it Sunny Tickets - shows a normal visitor that seats are available. The same page, requested from a suspected agent, reports that nothing is for sale. Or take a hotel: a person sees a room at $199 and plenty of availability, while an agent sees the same room listed at $399. This is garbage in, garbage out with a malicious twist - the garbage is being manufactured specifically for the machine, and bad inputs become confidently wrong decisions. AI Agents don’t fail the way people do This is the danger Shulman wants builders to feel in their stomachs. A human pricing analyst who sees a hotel room jump from $199 to $399 pauses. Something looks off; they double-check. That hesitation - the intuition that a number is wrong - is a safety feature humans get for free. An agent has no such instinct. It records “received hotel price: $399,” updates five thousand entries, fires off five thousand emails notifying customers of the change, and moves on, perfectly satisfied. By the time anyone notices, the damage is done and distributed. Poisoned data does not announce itself; it simply propagates at machine speed, which is exactly what makes it so hard to catch. Even true data goes stale Suppose you clear every hurdle and obtain genuine, untampered data. You still face the clock. Web data has a shelf life, and different kinds of information rot at very different rates. Because Bright Data observes tens of millions of URLs continuously, Shulman says, it can watch that decay happen across markets. Social posts, e-commerce prices, and stock availability are good for roughly a day before they mislead more than they inform. News holds for a day or two. Financial information stays useful for perhaps five to seven days. General content — blogs, evergreen pages — can stay relevant for a long time. The lesson is that freshness is not a luxury; stale data quietly corrodes the experience. And users feel it immediately. A shopping agent that quotes $29.99 and then rings up $49.99 at checkout doesn't just annoy — it destroys trust. So does an item shown in stock that isn't, or a map confidently sending someone to a restaurant that closed an hour ago. Whether the data was poisoned or simply old, the customer's experience is the same: the system lied to them. So what is a builder supposed to do? Shulman's answer is, unsurprisingly, the business his company is in — but the logic stands on its own. If the new web is a crowd of agents, and the old web responds with blocks and lies, then the missing layer is trustworthy web-data infrastructure: a way to obtain data that is reliable, consistent, fresh, and scalable, delivered in whatever shape an application needs - HTML, JSON, markdown, CSV — without each developer having to win the arms race alone. It is also why a company like his keeps colliding with the law. Bright Data has argued, in court, for the right to collect public web data — by which Shulman means anything a person could reach through an ordinary browser, with no login, no password, and no paywall. The company has been sued, including by Meta and by Elon Musk, and says it prevailed in federal court in California in those cases — rulings it spent heavily to win and that are now cited elsewhere. Its claimed scale is the kind of number that resists intuition: more than 50 billion pages scraped a day, billions parsed and archived, a network of well over a hundred million IP addresses, around 2.5 petabytes pulled in every twenty-four hours. Three thousand times around the Earth Humans are famously bad at feeling the weight of large numbers, so Shulman ends where he began — with the ZX81 and its single kilobyte. He asked ChatGPT to imagine converting a single day's haul, 2.5 petabytes, into physical kilobytes, each one a five-centimetre strip of that old cassette tape, laid end to end. The answer stretches almost to the Sun — enough tape to wrap around the Earth roughly 3,120 times. That is one day. Figure 5: 2.5 petabytes a day — a single day’s tape would wrap the Earth some 3,120 times. Image: NASA, “Blue Marble” - public domain. A modern laptop, he notes, is something like sixteen million times more capable than his childhood machine in memory and processing, and it has the whole of the world's information within reach. When he received that ZX81, he assumed the great challenge of the future would be raw computing power. He was wrong. Computing got cheap almost embarrassingly fast. The internet then gave us more information than we knew what to do with. Now a third era has begun, and its defining problem is neither power nor abundance but trust. The agents are clever and getting cleverer. The web has learned to lie to them. Somewhere between those two facts sits the real work of the next decade: making sure that the software now acting on our behalf is fed something true — because, unlike Orson Welles's listeners in 1938, an agent will never sense that the broadcast was a hoax. It will simply believe, and act, and send the five thousand emails. 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. Our content is well-researched and is only created if I see merit in discussing the company's story. 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. 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Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies .

The company is a copper-zinc explorer that sits in the best mining address in the world AT A GLANCE Company Name: Lux Copper Corp. Ltd Proposed ASX Code: LUX Raise: $8m – $15m @ $0.25/share (32m – 60m shares) Indicative Market Cap: ~$23.2m – $30.2m Prospectus lodged: 3 June 2026 | Offer closes: 25 June 2026 Expected ASX quotation: 17 July 2026 What you are looking at: A copper-zinc explorer whose entire story sits in one of the better mining addresses in the world — Alaska's Ambler district, home to Teck's Red Dog mine and Trilogy Metals' Arctic and Bornite deposits. Through its Alaskan subsidiary, Lux holds 100% of two projects: the flagship Baird (41 claims, ~2,600 ha) and the district-scale Ambler (368 claims). Baird already carries genuinely high-grade historical copper hits. The raise funds a maiden drill program at Baird and first-pass work at Ambler. Lead manager is Canaccord Genuity The strongest leg: The grade and the neighbourhood. Historical drilling at Baird's Omar prospect returned intercepts like 37.7m @ 2.45% Cu (including 4.9m @ 10.23% Cu) and 4.9m @ 9.83% Cu — high-grade copper, in a Fraser-Institute top-12 jurisdiction, next door to world-class deposits, with copper trading near record highs in 2026. The points of friction: No JORC resource on either project — this is a drilling story. The ground is remote, fly-in Alaskan terrain with a short field season and real permitting/claim-maintenance obligations. And as ever with a pre-revenue explorer, the rig has to deliver. 01/ The 60-Second Pitch Lux Copper Corp. Ltd (proposed ASX: LUX) is a Western Australian-incorporated explorer with a wholly American asset base: through its Alaskan subsidiary Lux Copper LLC, it owns 100% of two copper-zinc projects in the Northwest Arctic Borough of Alaska. It's raising $8m–$15m at $0.25 to drill them. The pitch for the Lux Copper IPO is built on two things that genuinely matter in exploration: grade and address. On address, Lux's ground sits in the Ambler Mining District — one of the most prospective base-metals belts in North America, anchored by Teck Resources' Red Dog (one of the world's great zinc mines) and the Lik deposit, plus Trilogy Metals' Arctic and Bornite copper deposits (Figure 1). Alaska itself was rated twelfth globally for mining investment attractiveness by the Fraser Institute in 2025: low sovereign risk, established mining law, a top-tier jurisdiction. Figure 1:Location of Projects within Alaska, United States (Source: IPO Prospectus) On grade, the flagship Baird Project is the reason to look. Historical drilling at its Omar prospect returned the kind of numbers that make copper geologists sit up — 37.7m at 2.45% Cu including 4.9m at 10.23% Cu, a separate 4.9m at 9.83% Cu including 3.3m at 12.12% Cu, and rock chips running above 30% copper and 20% zinc. Those are high-grade results, and Lux's first job after listing is a maiden drill program to test and extend them. The second project, Ambler, is a much larger land position — 368 claims across the Ambler metallogenic belt — held for early-stage, district-scale optionality rather than near-term drilling. What you are buying, as always with this kind of float, is not a resource. There's no JORC estimate on either project yet; that's the whole point of the raise. Lux is a high-grade drilling story in a great neighbourhood — with all the remoteness, permitting and execution risk that exploring in Arctic Alaska implies. 02/ Lux Copper IPO Snapshot Table 1: IPO Snapshot Item Detail Company Lux Copper Corp. Ltd (ACN 682 515 304) Proposed ASX Code LUX Offer Price $0.25 per share Raise (min / max) $8.0m / $15.0m (32,000,000 / 60,000,000 shares) Indicative Market Cap (min / max) ~$23.23m / ~$30.23m Existing Shares on Issue 60,912,468 Shares on Issue at Admission (min / max) 92,912,468 / 120,912,468 Free Float ~42% (not less than 20%) Lead Manager Canaccord Genuity (Australia) Limited Co-Managers GBA Capital; Peloton Capital Independent Geologist Piton Exploration LLC (Palmer, Alaska) Existing Cash (Prospectus Date) $994,372 Lodgement / Open / Close / Quotation 3 June / 11 June / 25 June / 17 July 2026 Underwritten? No Assets 100% Baird Project & Ambler Project, Northwest Arctic Borough, Alaska 03 / Capital Structure & Dilution The dilution here is moderate and scales with how much gets raised. Existing holders own 60.9 million shares; depending on subscription, the company ends up with either ~92.9m shares (minimum) or ~120.9m (maximum). That puts existing holders at roughly 66% at the minimum raise and about 50% at the maximum — i.e. new money takes between a third and a half of the company. Not a wash-out, but at the top end the public is buying close to half the register. Table 2: Capital Structure on Admission Security Min subscription Max subscription Existing shares 60,912,468 60,912,468 Public Offer shares 32,000,000 60,000,000 Total shares on issue 92,912,468 120,912,468 Options (Lead Manager / Adviser / Board) 27,500,000 27,500,000 Performance Rights 8,000,000 10,000,000 Market capitalisation ~$23.23m ~$30.23m The options and rights stack is worth a note. On top of the shares there are 27.5 million options (1.5m to the Lead Manager, 0.5m to the Adviser, 9m to board and management, plus the 16.5m existing) and 8–10 million performance rights to board and management. That's a meaningful overhang of potential future dilution if it all vests and exercises — standard for a float of this type, but it's there. One quietly interesting number: strip the cash out of the market cap and the implied enterprise value lands around $14m at either end of the raise (because raising more simply adds more cash). So the market is being asked to value the two Alaskan projects at roughly $14m — modest for high-grade ground next to world-class deposits, which is the bull's framing, but also a reminder that you're paying for drill targets, not a defined resource. Free float is expected to be ~42%. 04/ Use of Funds This is a tidy, exploration-led budget — most of the money goes into the ground, which is exactly what you want. Table 3: Use of Funds (2 years) Use of funds Min ($) % Max ($) % Exploration expenditure 6,100,000 68% 12,500,000 78% Costs of the Offers 903,235 10% 1,332,444 8% Directors' fees 400,000 4% 400,000 3% Working capital 1,591,137 18% 1,761,928 11% Total funds available 8,994,372 100% 15,994,372 100% Total includes ~$0.99m of existing cash. Exploration figure combines Year 1 and Year 2. Putting 68–78% of available funds into exploration is at the strong end for a float this size, and the weighting tilts harder to drilling as the raise grows (Year 2 exploration roughly doubles between the minimum and maximum cases). Costs of the offer (~8–10%) are typical for a non-underwritten small-cap, and directors' fees of $400k over two years are lean. The prospectus is explicit that the raise funds roughly two years of activity, and that — being pre-revenue — Lux will need to raise again down the track. 5/ The Projects Table 4: Project Portfolio Project Claims Area Stage Why it matters Baird 41 ~2,600 ha Maiden drilling High-grade historical copper at the Omar prospect; the flagship Ambler 368 District-scale Reconnaissance Large position in the Ambler belt, near Trilogy's Arctic & Bornite 5.1 Baird — The Flagship Baird is where the value case lives. It's a compact, 41-claim project (~2,600 ha) in the eastern Baird Mountains, and its Omar prospect carries the high-grade copper that makes the whole story. Historical drilling there (reported by Freeman, 2013) returned standout intercepts: BC-06: 37.7m @ 2.45% Cu, including 4.9m @ 10.23% Cu BC-05: 4.9m @ 9.83% Cu, including 3.3m @ 12.12% Cu BC-08: 9.8m @ 2.15% Cu plus intervals around 3.46% Cu and 2.78% Cu, and zinc up to 2.77m @ 8.11% Zn Historical surface sampling along the Omar–Frost–Deadfall corridor threw up rock chips exceeding 30% copper and 20% zinc, with silver credits. That's high-grade by any measure. The catch is the usual one: these are historical, selective, target-focused results, not a JORC resource — so Lux's maiden drill program is about validating and extending what's there, not banking it. Baird was acquired under the Baird Acquisition Agreement, so there's vendor and counterparty performance to rely on (a flagged contractual risk). Figure 2: Baird Project geology map (Source: IPO Prospectus ) 5.2 Ambler — The District-Scale Option Ambler is the bigger but earlier play: 368 claims across the Ambler metallogenic belt, the same belt that hosts Trilogy Metals' Arctic (a high-grade copper-zinc-lead-silver-gold VMS deposit) and Bornite (copper). Work here is first-pass — reconnaissance fieldwork, compilation, geophysics — rather than drilling in the near term. Treat it as cheap district-scale optionality: a large foothold in a proven belt, with the blue-sky that comes from being early, and the uncertainty that comes with it. 6/ The Exploration Budget The spend is genuinely drilling-led. Across the two years, exploration runs $6.1m (minimum) to $12.5m (maximum), and the prospectus earmarks it for the things that move an exploration story: access and claim maintenance, geophysics, soil sampling and fieldwork, drilling and assays, and metallurgical test work. The early emphasis is the maiden drill campaign at Baird to test the Omar copper, with reconnaissance at Ambler running alongside. At the maximum raise, Year 2 exploration jumps to $6.5m — that's the follow-up-drilling scenario, where a good first season gets pressed home. 7/ The Board & Related Parties Table 5: Board & Management Name Role Note Mark Williams Non-Executive Chair Largest individual holder (~14.3% pre-IPO); associated with the chair's private group used as the registered office Simon Dahrouge Non-Executive Director Nil shares at prospectus date; connected to the Dahrouge geological family, which provides services Troy Cavanagh Non-Executive Director ~4.4% pre-IPO James Warren Chief Executive Officer Runs the company day-to-day At the prospectus date, the directors and associates held roughly 18.7% of the company (Williams ~14.3%, Cavanagh ~4.4%), which dilutes down on admission. The structure is a non-executive board chaired by Williams with a CEO (Warren) driving operations. 8/ The Market — Copper, Zinc and Alaska The macro case is strong and topical. Copper has been trading near record highs through 2026 on a structural supply-demand squeeze — electrification, grid build-out and data-centre demand against a thin pipeline of new mines — and it's squarely a critical mineral for both the US and allied supply chains. Zinc, the other half of the story, is the metal that built Red Dog into one of the world's largest mines, just up the belt. Then there's the jurisdiction. Alaska is a genuine top-tier mining address — twelfth globally on the Fraser Institute's 2025 attractiveness ranking, with established mining law and low sovereign risk — and the Ambler district's pedigree (Red Dog, Lik, Arctic, Bornite) is exactly the kind of neighbourhood an explorer wants to be drilling in. The counterweight, and it's a real one, is remoteness and access. This is fly-in Arctic exploration — the prospectus flags an Aircraft Charter Agreement for getting to the ground — with a short summer field season, mandatory annual claim-maintenance spending, and exploration permits granted for fixed terms with reporting obligations. The Ambler district's access and permitting have been a long-running, politically sensitive story in their own right. The grade and the geology are there; getting at them, season after season, is the operational reality investors are signing up for. 9/ The Risks / Points of Friction No JORC resource. Both projects are pre-resource; the historical Baird hits are encouraging but unproven under modern standards. This is a drilling story. Pre-revenue, will raise again. Funded for ~2 years; as a pre-revenue explorer, further capital will be needed, with the usual dilution risk. Remote, seasonal, permit-dependent. Fly-in Arctic Alaska, short field season, annual claim-maintenance obligations, and permitting/access risk in the Ambler district. Contractual risk. Reliance on the Baird Acquisition Agreement vendors and the Aircraft Charter Agreement counterparties. Dilution / overhang. New money takes ~34–50% of the company depending on raise, plus 27.5m options and 8–10m performance rights as future dilution. Single-commodity-region concentration. The whole story rides on two adjacent Alaskan projects and the copper price. Samso Concluding Comments The Lux Copper IPO is a clean, high-grade exploration story with a genuinely good address. There are no promotive resource to bank, no production, no revenue but it is in sa great neighbourhood, a flagship project with eye-catching historical copper grades, and a budget built to drill. There is a lot to like about this exploration story. The Baird grades, 37.7m at 2.45% Cu including 4.9m at over 10% Cu, rock chips above 30% copper are good historical results that justify a drill program, not just nearology speak but indicative of the presence of potential. The Ambler district is a proven base-metals belt with world-class neighbours. I like Alaska as it is a well known top-tier jurisdiction. Copper and zinc are the right commodities at the right time, however, zinc has been a stop and start dance which has not been too electric for the market. The challenges are just as real, and they cluster around stage, location and structure. Nothing is a resource yet. The ground is remote, seasonal and permit-dependent, which makes exploration slower and costlier than it looks on a map. The register and service arrangements carry a related-party flavour that deserves a careful read. And like every explorer, Lux will be back for more capital before this is done. The natural thing to watch, as always, is the maiden drill program at Baird — whether the rig confirms and extends the Omar copper, and whether a good first Alaskan season can be pressed into something that grows toward a maiden resource. If it does, the combination of grade, district and copper price is a compelling one. If it doesn't, this is a remote, capital-hungry exploration play like any other. High grade, great address, real execution risk and the drill core will tell the story. 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. Our content is well-researched and is only created if I see merit in discussing the company's story. 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: Coffee with Samso Samso Insights Samso News 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. Never bite off more than you can chew is my parting comment. 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 initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. 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