Samso Market Update | Friday, 23 October 2026 | Market close 4:30pm AEDT On the ASX today, the S&P/ASX 200 closed up 2.0 points, or 0.02%, at 8,795.2. Banks rose and miners fell, and the index finished little changed. Zip Co (ASX: ZIP) fell 29.47% to A$1.46, the biggest fall among companies worth more than A$1 billion, on the day of its first-quarter update. The All Ordinaries, which tracks the 500 largest listed companies, fell 0.13% to 8,905.8. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 2.29% to 3,066.5. This morning's pre-market edition is below. Thursday's editions are at ASX today, Thursday 22 October 2026, and Wednesday's are at ASX today, Wednesday 21 October 2026. ASX today: Key Highlights The ASX 200 rose 0.02% to 8,795.2. Materials was the weakest sector, down 3.85%. Consumer discretionary rose 2.57% and financials 2.21% (Yahoo Finance data). Zip Co fell 29.47% to A$1.46 on turnover, the dollar value of shares traded, of A$159.0 million. Its update included A$10.1 million of costs from an external fraud event in the US. Commonwealth Bank (ASX: CBA) rose 4.35% to A$164.00 on turnover of A$616.2 million. Gold miners fell. Ora Banda Mining (ASX: OBM) fell 16.54% and Alkane Resources (ASX: ALK) 10.88%, each on the day of its September quarter report. Temple & Webster Group (ASX: TPW) rose 33.42% to A$5.43 on the day of its annual meeting addresses and strategy update. More shares fell than rose. Of the 1,510 companies that traded and have a market value on the ASX, 362 rose, 825 fell and 323 were unchanged. Materials and financials Materials fell 3.85%, the weakest of the 11 sectors (Yahoo Finance data). BHP (ASX: BHP) fell 3.64% to A$55.05, Rio Tinto (ASX: RIO) 2.68% to A$146.27 and Fortescue (ASX: FMG) 2.06% to A$14.27. Separately, Rio Tinto said it will invest US$1.9 billion to develop the Kangwinan bauxite project near Weipa in Queensland, the ABC reported. Gold miners were among the larger falls. Evolution Mining (ASX: EVN) fell 4.48% to A$11.31, Northern Star Resources (ASX: NST) 2.54% to A$24.16 and Newmont (ASX: NEM) 4.93% to A$155.03. Genesis Minerals (ASX: GMD) fell 7.78% and Capricorn Metals (ASX: CMM) 7.88%. Lithium shares also fell. PLS Group (ASX: PLS) fell 8.07% on the day it lodged its notice of annual meeting and two changes in substantial holding. IGO (ASX: IGO) fell 7.38%, with no ASX announcement since Thursday afternoon. Financials rose 2.21%. Commonwealth Bank rose 4.35%, National Australia Bank (ASX: NAB) 3.25%, Westpac (ASX: WBC) 3.11% and ANZ (ASX: ANZ) 0.88%. Health care rose 0.69% and consumer staples 0.10%. Tapas Strickland, chief market strategist at Moomoo Australia and New Zealand, gave his view of the local market before the open. "Money is shifting into safer sectors, such as health care, insurers and consumer staples," he said, in comments posted on the ABC blog at 12:06pm AEDT. Outside financials, Wesfarmers (ASX: WES) rose 3.76% to A$80.29, with no ASX announcement since Thursday afternoon. Reuters, quoted on the ABC blog at 1:14pm AEDT, said the yield on Australian 10-year government bonds fell 10 basis points to 5.164%. A bond yield is the yearly return from buying a government bond at today's price. When yields fall, bond prices rise. A basis point is one hundredth of a percentage point. Zip Co first-quarter update Zip Co told the ASX at 8:22am AEDT that total transaction volume, the value of purchases made with Zip, rose 18.0% to A$4.6 billion in the September quarter. Cash EBTDA, a measure of earnings before tax, depreciation and amortisation, rose 3.4% to A$65.0 million. That included A$10.1 million of costs from an external fraud event in the US, which Zip said temporarily moderated transaction volume and new customer growth in July and August. Net bad debts were 1.97% of transaction volume, against 1.65% a year earlier. Zip reconfirmed its FY27 guidance for group cash EBTDA of A$340 million. Reuters, quoted by the ABC, said Citi analysts who cover Zip wrote that the incident "raises concerns on Zip's onboarding controls". UBS analysts who cover Zip said a key miss was the net bad debts ratio of 1.97%, against their estimate of 1.8%. Domestic news Treasurer Jim Chalmers told the Citi A50 Australian Economic Forum that if the Mid-Year Economic and Fiscal Outlook were released today, business investment growth this year would be forecast at more than 5%, up from 2.5% in the May budget, the ABC reported. A review found the Snowy 2.0 hydro project could cost up to A$25 billion, the ABC reported. The September quarter consumer price index is due next Wednesday. Blue Chips (above A$1 billion) Samso's four size bands use market value at Thursday's close. They are not the S&P/ASX indices of the same names. Gainers. Zimplats Holdings (ASX: ZIM) rose 7.77% to A$14.01 on turnover of A$152,000. Nick Scali (ASX: NCK) rose 5.15% to A$12.65. It fell 15.34% on Thursday, its first trade after its first-half profit guidance. Premier Investments (ASX: PMV) rose 4.19% to A$13.93. None of those three had an ASX announcement since Thursday afternoon. Cochlear (ASX: COH) rose 4.42% to A$146.81. Its only announcement was a notice from an investor ceasing to be a substantial holder, at 4:09pm AEDT on Thursday. A substantial holder is an investor with 5% or more of a company. Commonwealth Bank rose 4.35% to A$164.00 and Wesfarmers 3.76% to A$80.29, as set out above. Fallers. Zip Co fell 29.47% to A$1.46, as set out above. Ora Banda Mining fell 16.54% to A$1.11 on turnover of A$25.4 million. It reported September quarter gold sales of 33,939 ounces at an all-in sustaining cost of A$4,214 an ounce, an industry measure of the cost of producing gold and keeping mines running. It said unit costs were elevated by an extended mill shutdown and weather, and it kept its FY27 guidance. Sunrise Energy Metals (ASX: SRL) fell 13.68% to A$12.68 on the day of its September quarter report. It said the US Office of Strategic Capital had conditionally committed up to US$400 million in debt for its Syerston Scandium Project in New South Wales. Alkane Resources fell 10.88% to A$1.475 on the day it reported September quarter production of 40,740 gold equivalent ounces, which counts its antimony at its value in gold, at an all-in sustaining cost of A$2,805 an ounce. Minerals 260 (ASX: MI6) fell 10.20% to A$0.66. Its only announcements were five notices of changes in directors' interests. Benz Mining Corp (ASX: BNZ) fell 10.19% to A$3.88, with no ASX announcement since Thursday afternoon. Mid Caps (A$500 million to A$1 billion) Gainers. FINEOS Corporation Holdings (ASX: FCL) rose 4.61% to A$1.93, with no ASX announcement since Thursday afternoon. Objective Corporation (ASX: OCL) rose 4.29% to A$6.57 on the day it lodged its annual report and notice of meeting. Peet (ASX: PPC) rose 2.43% to A$1.475 on the day of its annual report. Dexus Industria REIT (ASX: DXI) rose 2.14% to A$2.39 on the day of a buy-back notice. Charter Hall Social Infrastructure REIT (ASX: CQE) rose 2.11% to A$2.42 and Pepper Money (ASX: PPM) 2.11% to A$1.695, each with no ASX announcement since Thursday afternoon. Fallers. Black Cat Syndicate (ASX: BC8) fell 15.83% to A$0.585 on turnover of A$4.2 million. In its September quarter report it said it produced 16,740 ounces of gold of its own, separate from ore it processed for others, at an all-in sustaining cost of A$3,735 an ounce, and cash and liquid investments fell from A$105 million to A$78 million. It kept its FY27 guidance of 80,000 to 90,000 ounces. WIA Gold (ASX: WIA) fell 14.13% to A$0.395 and Brazilian Rare Earths (ASX: BRE) 12.21% to A$1.725, each with no ASX announcement since Thursday afternoon. Brazilian Rare Earths rose 13.91% on Thursday. Elevra Lithium (ASX: ELV) fell 9.33% to A$3.40. Its only announcement was a change in substantial holding at 5:37pm AEDT on Thursday. AIC Mines (ASX: A1M) fell 9.21% to A$0.69 on the day of its annual report. Alpha HPA (ASX: A4N) fell 8.33% to A$0.385 on the day of a product marketing update and its notice of annual meeting. Small Caps (A$150 million to A$500 million) Gainers. Temple & Webster Group rose 33.42% to A$5.43 on turnover of A$19.0 million. It fell 8.95% on Thursday. At its annual meeting it said revenue from 1 July to 19 October was down 8% on a year earlier, and contribution margin dollars, the money left from each sale after its direct costs, were up 16%. It said revenue growth since its August update was running at minus 4%, up from minus 13% at that update. It said it remains on track for FY27 EBITDA, earnings before interest, tax, depreciation and amortisation, of A$33 million to A$40 million, and it set out a strategy to focus on the mass to mid market. Sky Metals (ASX: SKY) rose 12.50% to A$0.18, with no ASX announcement since Thursday afternoon. Amaero (ASX: 3DA) rose 8.82% to A$0.185 on the day of a cleansing notice, a filing that lets newly issued shares be sold on market without a prospectus. It fell 10.53% on Thursday. Fleetwood (ASX: FWD) rose 6.93% to A$2.16 on the day UBS Group lodged a notice that it holds 5.04%. Healius (ASX: HLS) rose 4.82% to A$0.435 on the day of a director's interest notice. Audinate Group (ASX: AD8) rose 4.62% to A$2.04, with no ASX announcement since Thursday afternoon. Fallers. Great Boulder Resources (ASX: GBR) fell 16.13% to A$0.078, Titomic (ASX: TTT) 12.73% to A$0.096, Gorilla Gold Mines (ASX: GG8) 11.83% to A$0.205, Elementos (ASX: ELT) 11.25% to A$0.355, Victory Metals (ASX: VTM) 10.76% to A$1.12 and Tungsten Mining (ASX: TGN) 10.00% to A$0.18. None of those six had an ASX announcement since Thursday afternoon. Titomic fell 15.38% on Thursday. Micro Caps (below A$150 million) Gainers. X2M Connect (ASX: X2M) rose 25.0% to A$0.005, from A$0.004, a move of one tenth of a cent. It said it had signed an agreement with a Queensland developer for a 10 megawatt AI data centre site, with 60 days of binding exclusivity and long-form agreements targeted within 90 days. Avenira (ASX: AEV) rose 14.29% to A$0.008, from A$0.007. Alvo Minerals (ASX: ALV) rose 13.10% to A$0.095 on turnover of A$2.4 million. Western Ridge Resources (ASX: WRX) rose 12.96% to A$0.061, Greenwing Resources (ASX: GW1) 10.00% to A$0.099 and Recharge Metals (ASX: REC) 8.82% to A$0.037. None of those five had an ASX announcement since Thursday afternoon. Fallers. Hawk Resources (ASX: HWK) fell 70.37% to A$0.008, from A$0.027, on turnover of A$728,000. It reported the first laboratory assays from 106 of the 1,267 soil samples taken at its Olympus scandium project in Western Australia. It said the scandium grades were uniformly low, with a maximum of 11.2 parts per million against up to 742 in historical readings taken at the same places with a handheld XRF, a portable X-ray device that estimates metal content on the spot. Hawk said it will wait for the rest of the assays before deciding its next steps. Lithium Universe (ASX: LU7) fell 42.86% to A$0.002, from A$0.0035, on the day it said its chief executive and chief technical officer had resigned. Vanadium Resources (ASX: VR8) fell 21.05% to A$0.030 and Triton Minerals (ASX: TON) 20.0% to A$0.004, from A$0.005, each with no ASX announcement since Thursday afternoon. BSA (ASX: BSA) fell 19.15% to A$0.19 on the day of its notice of meeting. Haranga Resources (ASX: HAR) fell 18.82% to A$0.069, with no ASX announcement since Thursday afternoon. Commodities and Currency Prices were taken between 4:22pm and 4:31pm AEDT (Yahoo Finance data) and are compared with this morning's edition. December gold futures, contracts for gold delivered in December, were at US$4,028.30 an ounce, down from US$4,038.20 at 7:36am AEDT. The ABC reported at 4:04pm AEDT that the gold price had fallen to a three-month low of US$4,003 an ounce. December copper futures were at US$6.443 a pound, up from US$6.400. December silver futures were at US$54.10 an ounce, down from US$54.62. December Brent crude futures were at US$113.97 a barrel, up from US$112.79 at 7:36am AEDT. December West Texas Intermediate crude futures were at US$100.39 a barrel, up from US$99.04. Iron ore was at US$90.73 a tonne at about 2:55pm AEDT, down 0.7%, according to the ABC News market snapshot. The Australian dollar was buying 70.12 US cents at 4:31pm AEDT, down from 70.21 US cents at 7:45am AEDT. At about 4:18pm AEDT, with all three still trading, Tokyo's Nikkei 225 was down 0.75%, Hong Kong's Hang Seng up 0.69% and the Shanghai Composite down 0.22% (Yahoo Finance data). Samso Concluding Comments The ASX 200 finished the week's last session up 0.02% at 8,795.2. Financials rose 2.21% and materials fell 3.85%, with gold and lithium miners among the largest falls. The Small Ordinaries fell 2.29%, and 825 companies fell against 362 that rose. Zip Co fell 29.47% on the day it reported A$10.1 million of costs from a fraud event in the US. General information only. This is not financial advice. Samso Market Update | Friday, 23 October 2026 | Pre-market 9:45am AEDT On the ASX today, ASX 200 futures were down 0.2% at 8,803 points at about 6:45am AEDT, according to the ABC News market snapshot. A futures contract is an agreement to buy or sell at a set price on a later date, and its price is used as a guide to where the index will open. This morning that points to a slightly lower open. The 0.2% is the change in the futures price, a separate measure from Thursday's index close of 8,793.2, which is why the futures price can sit above the index and still be down. The ABC said "The ASX is set to fall after US tech stocks tumbled, led by Meta". The Australian dollar was buying 70.21 US cents at 7:45am AEDT (Yahoo Finance data). The S&P/ASX 200 closed on Thursday at 8,793.2, down 38.1 points or 0.43%. The All Ordinaries, which tracks the 500 largest listed companies, fell 0.44% to 8,917.1. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 0.49% to 3,138.4. Thursday's editions are at ASX today, Thursday 22 October 2026, and Wednesday's are at ASX today, Wednesday 21 October 2026. ASX today: Key Highlights ASX 200 futures were down 0.2% at 8,803 at about 6:45am AEDT (ABC News). The Nasdaq Composite fell 2.60% on Thursday and the S&P 500 fell 1.21%. The Dow Jones Industrial Average was little changed, up 0.02%, and the Russell 2000 of smaller companies rose 0.11%. Meta Platforms fell 6.98% on Thursday, the day after its quarterly result. The Philadelphia Semiconductor Index fell 6.72%. December Brent crude futures were at US$112.79 a barrel at 7:36am AEDT, up 3.65%. Reuters said Houthi attacks in Saudi Arabia lifted oil to a five-month high. December gold futures were down 2.69% at US$4,038.20 an ounce at 7:36am AEDT. The US 10-year Treasury yield was approximately 19 basis points lower at approximately 4.95% at about 3pm New York time on Thursday. Tokyo's Nikkei 225 closed down 2.65% on Thursday. Wall Street overnight The Nasdaq and the S&P 500 fell on Thursday and the Dow was little changed. The Dow Jones Industrial Average rose 11.89 points or 0.02% to 52,867.98. The S&P 500 fell 93.74 points or 1.21% to 7,663.43. The Nasdaq Composite fell 694.00 points or 2.60% to 26,008.86. The Russell 2000, an index of smaller US companies, rose 0.11% to 2,784.03 (Yahoo Finance data). Reuters said the Nasdaq posted its steepest daily drop since June "as a batch of high-profile earnings reports ignited fresh fears about the AI spending race". Meta Platforms reported its quarterly result after the US close on Wednesday, and its shares closed down 6.98% at US$648.85 on Thursday. Reuters said Meta's results beat analyst expectations. It said Meta also posted its first cash outflow in more than a decade because of its AI spending. Reuters said Meta announced plans to issue non-voting shares in a two-for-one split to raise capital for that spending. The Philadelphia Semiconductor Index, which tracks chipmakers, fell 6.72% to 10,731.98, and Nvidia fell 4.40% (Yahoo Finance data). Tesla fell 3.08%. Reuters said Tesla fell even though it unexpectedly posted positive free cash flow in the quarter and cut its 2026 capital spending plans. Reuters said Procter & Gamble rose and supported consumer staples shares. The US 10-year Treasury yield fell approximately 19 basis points from Wednesday to approximately 4.95% at about 3pm New York time on Thursday (Yahoo Finance data). Yahoo Finance said investors "flocked to bonds, sending Treasury yields lower as concerns over the AI trade sent tech investors headed for the exit". It said the 10-year yield was on track for its biggest one-day drop in more than two years. A Treasury is a US government bond, and its yield is the yearly return from buying it at today's price and holding it until it is repaid. When yields fall, bond prices rise. A basis point is one hundredth of a percentage point. US initial jobless claims fell to 194,000 last week, the fewest in three months, Yahoo Finance reported. Reuters said financial markets "are currently pricing in the probability that the central bank will raise its policy rate by another 25 basis points before year-end". The US Federal Reserve's next policy meeting is on 27 and 28 October (Federal Reserve calendar). Japan and Asia The Nikkei 225 closed on Thursday at 62,907.84, down 1,713.40 points or 2.65% (Yahoo Finance data). The yen strengthened. The US dollar was buying 156.81 yen at 7:47am AEDT, down from 158.13 yen at 7:51am AEDT on Thursday. Hong Kong's Hang Seng fell approximately 3.0% on Thursday, and the Shanghai Composite fell 1.48% to 3,658.03. London and Europe London's FTSE 100 closed on Thursday at 10,725.03, down 27.87 points or 0.26% (Yahoo Finance data). Germany's DAX fell 1.07% to 25,371.75. France's CAC 40 fell 1.39% to 7,811.26. Currencies The Australian dollar was buying 70.21 US cents at 7:45am AEDT (Yahoo Finance data), little changed from 70.18 cents at 4:33pm AEDT on Thursday in Samso's market close edition. The US dollar index, which measures the US dollar against six major currencies, was at 101.66 at 7:36am AEDT, little changed from Wednesday's close of 101.78. At 7:46am AEDT the euro was at US$1.122 and the British pound at US$1.340. Commodities December Brent crude futures were at US$112.79 a barrel at 7:36am AEDT, up 3.65% from Wednesday's close for that contract (Yahoo Finance data). December is the front-month contract, the one closest to expiry. Reuters said oil prices climbed to a five-month high "after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region". It said Saudi Aramco told staff to evacuate its headquarters in Dhahran. Yahoo Finance said Brent was also lifted by a New York Times report that the US and Israel are preparing renewed attacks on Iran after the US midterm elections. December West Texas Intermediate crude futures, the US oil benchmark, were at US$99.04 a barrel at 7:37am AEDT, up 1.95% (Yahoo Finance data). December gold futures were at US$4,038.20 an ounce at 7:36am AEDT, down 2.69% from Wednesday's close for that contract. At the same time, December silver futures were down 5.36% at US$54.62 an ounce and December copper futures were down 2.73% at US$6.400 a pound (Yahoo Finance data). Iron ore was at US$90.10 a tonne at about 6:45am AEDT, down 1%, according to the ABC News market snapshot. Today's diary All times AEDT. 8:14am. Mineral Resources (ASX: MIN) said in its September quarter report that FY27 guidance is maintained across all divisions. It said Onslow Iron shipped 9.2 million tonnes on a 100% basis, and net debt fell A$0.2 billion to approximately A$4.1 billion. Its conference call is at 11:00am AEDT, 8:00am in Perth. 8:16am. Ora Banda Mining (ASX: OBM) reported September quarter gold sales of 33,939 ounces, including attributable ounces from third-party processing, at an all-in sustaining cost of A$4,214 an ounce. All-in sustaining cost is an industry measure of the cost of producing gold and keeping existing mines running. It leaves out growth spending, exploration for new projects, tax and interest. Ora Banda said unit costs were elevated by an extended mill shutdown and weather, and it maintained its FY27 guidance. 8:19am. Temple & Webster Group (ASX: TPW) said in its annual meeting addresses that revenue from 1 July to 19 October was down 8% on a year earlier, and contribution margin dollars were up 16%. It said it remains on track for FY27 EBITDA of A$33 million to A$40 million. Its shares fell 8.95% on Thursday. 8:21am. Newmont (ASX: NEM) reported third-quarter attributable gold production of 1.3 million ounces at a gold by-product all-in sustaining cost of US$1,454 an ounce. It said it is on track for its full-year production guidance of 5.3 million attributable ounces. 8:22am. Zip Co (ASX: ZIP) reported first-quarter total transaction volume of A$4.6 billion, up 18.0% on a year earlier. Its cash EBTDA, a measure of earnings before tax, depreciation and amortisation, was A$65.0 million, up 3.4%, and included A$10.1 million of costs from an external fraud event in the US. Zip reconfirmed its FY27 guidance for group cash EBTDA of A$340 million. 8:23am. Alkane Resources (ASX: ALK) reported September quarter gold equivalent production of 40,740 ounces at an all-in sustaining cost of A$2,805 a gold equivalent ounce. Its FY27 guidance is 163,000 to 177,000 gold equivalent ounces. 10:30am. Japan's consumer price inflation for September, at 8:30am Tokyo time (Finance Calendar). 11:30am. The Australian Bureau of Statistics releases Australian National Accounts: Supply Use Tables for 2024-25 and the Australian System of National Accounts for 2025-26 (ABS release calendar). Later today and overnight (Newsquawk gives no times). Global flash purchasing managers' indexes for October, which are early surveys of business activity, and UK retail sales for September (Newsquawk calendar). Samso Concluding Comments Reuters linked the fall on Wall Street to a batch of high-profile earnings reports that it said revived fears about AI spending, with chipmakers dragging the Nasdaq down. The ABC linked this morning's lower futures to the fall in US technology shares, led by Meta. Reuters linked the rise in oil to Houthi attacks in Saudi Arabia. Today, investors will watch how technology and data centre shares, energy shares and gold miners trade after those moves, and the quarterly reports lodged this morning by Mineral Resources, Newmont, Ora Banda, Alkane and Zip. General information only. This is not financial advice.

On Samso's numbers the small end of the ASX has slowed since early September 2026. We took the 1,004 ASX-listed companies with a market value below A$150 million and split them into three size bands. The median company's share price has fallen in all three bands since 10 September, and less money is changing hands than in the first half of the year. Larger companies fell as well, and one of our measures was lower in March and in June 2026 than it is now. All prices in this piece are as at the close of ASX trading on 9 October 2026. How Samso Measured ASX Companies Below A$150 Million The market below A$150 million is where many mineral explorers are. Samso lists the daily movers in this group in ASX today [R6], where everything below A$150 million is called a micro cap. Some readers call the upper bands small caps. We use the dollar bands. More of these companies fell than rose on 19 of the last 21 trading days. Over the full year that happened on about 64% of days. Market capitalisation, or market value, is the share price multiplied by the number of shares on issue. We took market values from the ASX company directory, downloaded on 11 October 2026. [R1] We took one year of daily closing prices and trading volumes from Yahoo Finance. [R2] That gave 1,607 companies with a market value and a recent trade. Of those, 1,004 were below A$150 million. Companies that left the ASX during the year, through takeover or failure, are not in our numbers. We use the median and two other measures. The 50-day average is a company's average closing price over its last 50 trading days, and a share price above it is commonly read as a rising trend. Value traded is the dollar value of the shares that changed hands. A company that falls can drop into a smaller band, and that would make the smaller bands look worse than they are. So we place each company by its market value on the day being measured. For a change over one month, the band is the one the company was in at the start of the month. The market values for earlier days are Samso estimates. They scale today's market value by the share price and do not allow for new shares issued since. A company that raised money during the year is shown as larger in the past than it was. These are small and thinly traded companies. A 50-day average on a share that trades a few thousand dollars a day is a rougher guide than the same line on one of the largest ASX companies. One-Month Share Price Change in the Three Size Bands From 10 September to 9 October 2026 the median company fell 5.6% below A$50 million, 7.3% from A$50 million to A$100 million and 6.3% from A$100 million to A$150 million (TABLE 01). About one in four companies rose in the two smaller bands, and about one in six rose in the largest of the three. Larger companies fell as well. The median company above A$150 million fell 3.4% over the same month, and 27.0% of those companies were above their 50-day average at the last close. That share is about the same as in the three bands. The median fall was larger at the small end. ASX Companies Below A$50 Million This is the largest group, with 755 companies. About 61% of them are in the materials and energy sectors, which hold the mineral explorers, the miners and the oil and gas companies. The share of these companies above their 50-day average was about 50% at the start of September 2026 and reached 53.1% on 1 September, its highest since January. It was 28.6% at the last close (FIGURE 01). In the last five trading days, 186 of the 722 companies with a full year of prices closed at a one-year low at least once. Eleven closed at a one-year high. Over three months, the median company that was in this band on 14 July 2026 has fallen 3.4%. On an average day in October, 27.8% of the companies in this band did not trade at all. In June the figure was 15.5%, and from January to May it ranged from 15.6% to 21.2%. On a typical day in October the median company traded about A$2,100 of shares, against about A$7,600 in June. In plain terms, shares in this band have been harder to buy and sell since July. ASX Companies From A$50 Million to A$100 Million This band holds 153 companies. It had the largest one-month fall of the three, with the median company down 7.3%. Of the companies that started the month in this band, 70.1% ended it lower. The share above the 50-day average reached 64.5% on 31 August 2026, its highest since January, and was 30.9% at the last close. Over three months, the median company that was in this band on 14 July 2026 has fallen 8.0%. What that means is this band has lost ground over one month and over three. ASX Companies From A$100 Million to A$150 Million This band holds 96 companies. It had the fewest risers. Of the companies that started the month in this band, 16.3% rose and 75.6% fell. It also has the best three-month record of the three bands. The median company that was in this band on 14 July 2026 is unchanged over that time, and 47.6% of them have risen. The share above the 50-day average was 63.1% on 3 September 2026 and 26.3% at the last close. Put together, this band held its ground until September and has fallen since. Value of Shares Traded Below A$150 Million Since June 2026 The three bands are added together in FIGURE 02. Shares worth about A$64 million a day changed hands in June 2026. That fell to about A$38 million a day in July. September averaged about A$46 million a day, which is 28% below June. Lower share prices explain very little of that. Counting every day's shares at the 9 October price gives about the same fall. The first seven trading days of October averaged about A$38 million. The months from January to May averaged between about A$53 million and A$63 million a day, so trading since July is lower on that comparison as well. All that means is trading since July has been at the low end of the past year's range. The ASX Small Ordinaries and Emerging Companies Indices An index is a basket of shares tracked as one number. Two indices follow smaller ASX companies. The S&P/ASX Small Ordinaries covers the companies ranked 101 to 300 by size. The S&P/ASX Emerging Companies index holds up to 200 companies ranked from about 350 to 600 by size, according to an ASX fact sheet. [R3] On the ASX directory figures, the company ranked 600 has a market value of about A$154 million, so both indices mostly track companies larger than our three bands. The Small Ordinaries closed at 3,281.9. That is 4.1% lower than on 10 September and 17.8% below its closing high of 3,992.5 on 23 January 2026 (FIGURE 03). The Emerging Companies index closed at 2,930.7, which is 4.6% lower than on 10 September. The S&P/ASX 200, which tracks the 200 largest companies, fell 1.2% over the same period to 8,716.6. Both small-company indices fell more than the 200 largest companies over the month, which agrees with our band figures. Interest Rates, Resources and the Limits of the Data The numbers do not give a reason for the fall. The Reserve Bank of Australia raised its cash rate target by 0.25 of a percentage point to 4.60%, effective 30 September 2026, according to the Reserve Bank's cash rate table. [R4] The cash rate is the interest rate on overnight loans between banks, and the Reserve Bank sets a target for it. We can probably safely assume that higher interest rates are part of the reason. The share of companies above their 50-day average had been falling for four weeks before that decision. Share prices often move before a rate decision, when investors come to expect it. Our numbers cannot separate the two. Resources were the weakest group in every band. The median materials or energy company fell 7.7%, 8.6% and 7.7% over the month in the three bands. The median company in all other sectors fell 3.2%, 5.5% and 4.9%. Above A$150 million the gap was wider. The median materials or energy company fell 10.7% and the median company in other sectors fell 1.5%. We read this as a fall in resources shares across every size of company. Our data covers one year, from one price source. On the 50-day measure March 2026 was weaker than now, and so was June. The share above the 50-day average fell to between 9.2% and 16.8% in the three bands on 23 and 24 March. All three were above 50% on 1 September. Companies were still raising money. Small Caps, a news site, listed placements of A$25 million and A$10 million in its wrap of the week to 9 October. [R5] A placement is a sale of new shares to selected investors. Samso has not read the ASX releases for those placements. Samso Concluding Comments Our reading is that the small end of the ASX has slowed. Share prices have fallen since the start of September 2026. In all three bands the median company is down between 5.6% and 7.3% in a month. Fewer than one company in three is above its 50-day average. Trading has been lower since July than in the first half of the year. Larger companies fell too, and resources shares fell the most at every size. On the 50-day measure the three bands were weaker in March 2026 and again in June 2026 than they are now. Both times the reading later rose. Liquidity is how easily a share can be bought or sold. It is low below A$50 million, where many explorers are. In a thin market a small order can move the price. An explorer usually funds its work by issuing new shares. The lower the share price at the next raising, the more shares it has to issue to raise the same amount. Samso Take The market below A$150 million has been slowing for about five weeks, in all three size bands and most of all in resources. The numbers do not say how long it will last. Samso will keep measuring the share of companies above their 50-day average and the daily value traded. In March that share turned up from below 17%. Will it turn from about 30% this time? The other way to read this One month is a short period. The band from A$100 million to A$150 million is flat over three months, and close to half of its companies have risen in that time. The Emerging Companies index is 9.5% above its lowest close of the past year. Placements were still being announced in the week to 9 October. A reader could fairly call this a pullback after the rise in July and August. Vocabulary Market capitalisation. The share price multiplied by the number of shares on issue. It is the market value of the whole company. Micro cap. Samso uses this for a company with a market value below A$150 million. 50-day average. The average closing price over the last 50 trading days. Technical traders call it the 50-day moving average. Value traded. The dollar value of the shares that changed hands in a day. It is also called turnover. Liquidity. How easily a share can be bought or sold without moving its price. Index. A basket of shares tracked as one number, such as the S&P/ASX Small Ordinaries. Cash rate. The interest rate on overnight loans between banks. The Reserve Bank of Australia sets a target for it. Placement. A sale of new shares by a company to selected investors. References and Sources Each source has a marker such as [R1]. The same marker appears in the text where that source is used. Market figures are Samso calculations from the sources below and are stated as at 9 October 2026. The three figures and the table are original Samso illustrations of sourced data. [R1] ASX company directory, market capitalisation of listed companies. Downloaded 11 October 2026. asx.com.au. [R2] Yahoo Finance, daily closing prices and volumes for ASX-listed companies, and daily closing levels for the S&P/ASX 200, the S&P/ASX Small Ordinaries and the S&P/ASX Emerging Companies index, 9 October 2025 to 9 October 2026. au.finance.yahoo.com. [R3] ASX, S&P/ASX Emerging Companies Index fact sheet. Read 12 October 2026. asx.com.au. [R4] Reserve Bank of Australia, Cash Rate Target table. Read 12 October 2026. rba.gov.au. [R5] Small Caps, weekly wrap for the week ending 9 October 2026. smallcaps.com.au. [R6] Samso, ASX today, Friday 9 October 2026. samso.com.au. Cover photo: The building described on Wikimedia Commons as the ASX head office at 39 Martin Place, Sydney, photographed in September 2025 by Klauskazamias. CC0, via Wikimedia Commons. The photograph is cropped. It is shown under the Samso News blue glass on the article cover. 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. Investors can explore our four core platforms: Coffee with Samso Samso Insights Samso News Samso Research 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 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. 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, Samso Insights, Samso News and Samso Research are four ways into the same work. Interviews, long-form research, short takes on announcements and company-specific studies. Every one of them is about how to think about investing rather than what to buy. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies Samso News is independent research commentary for general information only. Nothing in this article is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed. Market-sensitive numbers change daily. Samso or associated parties may hold positions in, or have commercial arrangements with, companies mentioned. Seek professional advice before making investment decisions. © Samso 2026 · samso.com.au

The Samso DYOR List went live on 13 October 2026. Each weekday morning it screens every small ASX company, those valued under A$5 million, keeps a Quiet List of those whose share price has gone nowhere for six months or more, and notes the days something happens to one of them. In its first seven screens, covering 13 to 21 October, it noted nine companies [R4]. This piece sets out what was found and why each one was noted. All prices in this piece are as at the close of ASX trading on 21 October 2026. How the DYOR List Works The list starts with every ASX company valued under A$5 million on the ASX company directory [R1]. That was 104 companies on the first screen and 127 on the screen of 21 October. From those it builds the Quiet List, the companies whose closing price has stayed flat for at least the last six months, and for many of them the last one or two years. The Quiet List held 37 companies on 13 October and 46 on 21 October (FIG. 01, at the end of this section). The larger companies and the day’s biggest moves are covered each trading day in ASX today. For a share under 10 cents, flat means every close stayed within four price steps of its usual close. The screen counts a step as a tenth of a cent under 10 cents. Some of these shares also trade at half steps, such as 0.15 and 0.25 cents. At 0.2 cents a move of a tenth of a cent is 50 per cent, which is why the screen counts steps and not percentages. A Quiet List company is noted on a day when one of two things happens. Either at least 10 times its usual daily number of shares changes hands, with the price moving one step or less and no announcement that day or the trading day before. Or the company lodges a board change, a substantial holder notice, a change of control, a takeover or a placement. A noted company is then followed for 60 trading days. What the List Found, in Numbers In seven screens the list noted nine companies. Five were noted on volume. Each traded between 12 and 24 times its usual number of shares on a day with no ASX announcement, and none of the five changed its closing price. The other four lodged a substantial holder notice or a board change. Leaving out the large custodian nominees, five of the nine share a Top 20 holder with another of the nine. Eight of the nine closed on 21 October at the price they were noted at. The rest of this piece names the nine companies, sets out why each was noted, and shows where their registers overlap. It is for Samso Access members.

Samso Research is the full written workup on an ASX-listed company. Independent analysis, no price targets, no promotion. Depth over hype. Samso Research Research notes on ASX companies. Independent and organic. Every note declares whether it was commissioned. Get the daily email LATEST RESEARCH Capricorn Metals Ltd (ASX: CMM), Part 3 of 3 Part 3 covers the Golden Range purchase, the drilling beyond the mine plan, four peer companies, the share price and a technical review of the chart, the gold price, the main risks and Samso's concluding comments. 16 OCT 2026 · 49 MIN READ SAMSO RESEARCH Capricorn Metals Ltd (ASX: CMM), Part 2 of 3 Part 2 reads the July 2026 Mt Gibson study, from the geology, the Mineral Resource and the Ore Reserve to the mine plan, processing, costs, funding... 15 OCT 2026 · 40 MIN READ SAMSO RESEARCH Capricorn Metals Ltd (ASX: CMM), Part 1 of 3 Capricorn Metals produces gold at Karlawinda and plans a second, larger mine at Mt Gibson, paid for from its cash. Part 1 covers the company,... 14 OCT 2026 · 36 MIN READ SAMSO RESEARCH Rumble Resources Limited (ASX: RTR), Part 2 of 2 13 OCT 2026 SAMSO RESEARCH Rox Resources Limited (ASX: RXL) 11 OCT 2026 SAMSO RESEARCH Brightstar Resources Limited (ASX: BTR), Part 3 of 3 1 OCT 2026 UPDATED 6 OCT SAMSO RESEARCH EchoIQ Limited (ASX: EIQ) 22 SEP 2026 SAMSO RESEARCH Rumble Resources Limited (ASX: RTR), Part 1 of 2 12 OCT 2026 SAMSO RESEARCH Meeka Metals Limited (ASX: MEK) 7 OCT 2026 SAMSO RESEARCH Brightstar Resources Limited (ASX: BTR), Part 2 of 3 29 SEP 2026 UPDATED 6 OCT SAMSO RESEARCH Tusker Minerals Limited (ASX: TSK) 16 SEP 2026 SAMSO RESEARCH Horizon Gold Limited (ASX: HRN) 11 OCT 2026 SAMSO RESEARCH AML3D Limited (ASX: AL3) 4 OCT 2026 SAMSO RESEARCH Brightstar Resources Limited (ASX: BTR), Part 1 of 3 24 SEP 2026 UPDATED 6 OCT SAMSO RESEARCH Terra Metals Limited (ASX: TM1) 12 SEP 2026 Load more research CWS "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 .

Samso Insights is your Gateway to Unparalleled Business Intelligence! Samso Insights is your backstage pass to a comprehensive understanding of cutting-edge industry knowledge and advancements across diverse business sectors. 🌟 As a privileged member of Samso Insights, you can embark on a thrilling journey where the heartbeat of the business world resonates with unparalleled intensity! Latest Samso stories and insights. Don't miss a beat. Remember to subscribe. Free Subscriptions AI Bubble - What is Bubbling? What is the AI bubble? Samso separates AI use, AI companies, tech shares and data centre spending, and shows how little of it is listed on the ASX. 1 day ago Greenland and the Rare Earth Heaven Greenland rare earths after the Tanbreez approval. What was approved, the other deposits, the European Lithium takeover vote and what Conico holds. 4 days ago Commodity Prices in 2026, What the Global Forecasters Are Saying Commodity prices in 2026 set against what the IEA, OPEC, World Bank, ICSG and others forecast for oil, copper, iron ore, gold, coal and lithium. Oct 8 US Interest Rates Are Rising Again, and China Has Stopped Exporting Falling Prices US interest rates are rising again as the Fed hikes and the 10-year passes 5%. What the data says about inflation, China and the ASX. Oct 5 China Is Slowing. The Money Went to What China Controls. Part 1 set out why China's slowdown looks structural. Part 2 asks where the money already went. Over two and a half years the commodity China buys has gone sideways, while the commodities China controls have repriced by between two thirds and nine times. Tungsten, tin, copper and iron ore, and the ASX and TSX producers on either side of the split. Sep 18 Priced by Three Eras: what the 2026 price regime does to a century-old tin and tungsten field Part 1 mapped the register. Part 2 explained which of those ores actually give their metal back. This note prices them. It carries one Watershed orebody through three eras of tungsten money, from a US$450 study assumption in 2014 to a A$1.3 billion valuation in 2026; it re-bases the district’s only public tin study to today’s price with every assumption on the table; and it closes on the question the whole series has been building to. Sep 15 Japan Took 30 Years to Recover. China May Not Get the Same Chance. Japan took thirty years to recover from a debt-fuelled property bubble. China's own property crisis began in 2021 and is unresolved, its local debt is far harder to measure than Japan's ever was, and Beijing is already legislating against AI-driven job losses while Washington still debates the idea. Part 1 of a two-part macro series. Sep 13 Bengwenyama's Second Product, and the Discount Nobody Has Explained South Africa holds about four fifths of the world's platinum group metal reserves. Samso looks at what Bengwenyama's chrome, its missing offtake and its unexplained discount are actually worth. Sep 11 Position Sizing Before Stock Selection Position sizing for ASX investors, and how much to put in one stock. An MIT lecturer hands out paper, names a sum, and exposes the decision most skip. Sep 10 The Grain Size Tin Problem: why identical assays are not identical deposits Two tin deposits can report identical assays and still have opposite futures. The variable that separates them is the size of the ore mineral grains: grain size sets recovery, recovery multiplies grade, and no drill intersection reports it. Part 2 of the eastern Australia tin and tungsten series explains the grain size problem and how it decided which known fields became mines. Sep 8 ASX Data Centre Stocks: What the Market Is Actually Paying Australia has a real data centre industry and a small number of ASX companies are actually in it. Across three years of price action, binding contracts moved share prices and held, while non-binding memoranda and pipeline announcements faded. Sep 6 The Manganese Market, Where the Price Has Been, Where Demand Is Headed, and the Distance Left for the Explorers Manganese has traded in a band for a decade while steelmakers quietly consumed almost all of it. A small, unproven battery-chemistry demand story is now attached to that steel story. On the ASX, a handful of companies sell the actual product and report the revenue. Sep 5 1 2 3 4 5 "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. 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Share price charts read against the company's own announcements. No buy, sell or hold calls. Reading the Chart Share price charts read against the company's own announcements. No buy, sell or hold calls. Get the daily email READING THE CHART Starpharma (ASX: SPL) - Whether That Chart Is Really Trending Up 13 OCT 2026 READING THE CHART E79 Gold Mines (ASX: E79) - What the E79 Share Price Chart Shows Since the July Low 7 OCT 2026 READING THE CHART Australian Rare Earths (ASX: AR3) - Reading the Chart Against the Announcements 25 SEP 2026 READING THE CHART Vantage Metals (ASX: VAN) - Whether the Chart Has Really Turned Up 12 OCT 2026 READING THE CHART Sunstone Metals (ASX: STM) - Does This Chart Tell You Anything? 2 OCT 2026 READING THE CHART Stavely Minerals (ASX: SVY) - Does This Chart Tell You Anything? 23 SEP 2026 READING THE CHART Power Minerals (ASX: PNN) - Whether the Chart Supports the Uptrend 9 OCT 2026 READING THE CHART Iron Bear Resources (ASX: IBR) - What the Technical Traders See After the Vale Exit 28 SEP 2026 Load more stories CWS "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 .