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Announcement OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS – 4th March 2026 - view the announcement USA FLUORSPAR ACQUISITION PRESENTATION - 5th March 2026 - view announcement The acquisition of the Quinn Fluorspar Project introduces OD6 Metals Limited to the fluorspar market, a mineral classified as critical across multiple jurisdictions including the United States, Australia, the European Union, Canada, and Japan. Fluorspar is the primary source of fluorine, an element used across semiconductor manufacturing, advanced batteries, nuclear fuel processing, and defence technologies. The project is located in Nevada, a globally recognised mining jurisdiction with established infrastructure and regulatory frameworks supportive of mineral development. The United States is currently fully reliant on imported fluorspar, creating potential strategic interest in domestic supply sources. From an investor's viewpoint, OD6 Metals Limited is now exploring emerging technology supply chains and national security issues. With the market volatility, OD6 Metals Limited look likes its managing portfolio risks. The acquisition also brings in a project with historically high-grade fluorspar occurrences and past small-scale production, offering an initial geological framework for resource delineation. 2. About OD6 Metals Limited OD6 Metals Limited is an Australian-listed exploration company focused on critical minerals. The Company is building a portfolio of projects targeting commodities considered important for energy transition and advanced technologies. Its current asset portfolio includes: The Quinn Fluorspar Project in Nevada, United States Rare earth projects such as Splinter Rock Copper exploration assets including Gulf Creek The Quinn acquisition adds fluorspar exposure to the company’s portfolio and provides a potential pathway into the United States critical minerals supply chain. 3. Introduction The March 2026 ASX presentation outlines the proposed acquisition of the Quinn Fluorspar Project located in Nevada, USA. The project hosts multiple historical fluorspar prospects with reported high-grade mineralisation from previous sampling and small-scale mining activity. The OD6 Metals Limited presentation describes the geological setting, historical exploration results, acquisition structure, and planned exploration activities. Fluorspar deposits at Quinn occur within carbonate host rocks affected by hydrothermal alteration linked to Tertiary volcanism. Mineralisation is interpreted to occur in veins, breccias, and replacement bodies within limestone and dolomite units. OD6 Metals Limited intends to verify historical data and undertake systematic exploration with the aim of defining a JORC-compliant mineral resource. Figure 1: Quinn Fluorspar Project Location Map in Nevada. (OD6 Metals Limited). About Fluorspar Fluorspar (CaF₂) is the primary mineral source of fluorine and is widely used in semiconductor manufacturing, lithium battery chemistry, nuclear fuel processing, and advanced materials production. 4. Highlights OD6 Metals Limited has secured an option to acquire the Quinn Fluorspar Project in Nevada, USA. Fluorspar (CaF₂) is classified as a critical mineral by multiple jurisdictions including the United States. The United States currently relies entirely on imported fluorspar supply. Historical exploration identified high-grade mineralisation including: Up to 94% CaF₂ in rock samples Channel samples up to 45% CaF₂ . The project contains several prospects including Mammoth, Horseshoe, Spar Mine, and Big Jim. Historic production at the Horseshoe deposit produced approximately 26,000 tonnes  from shallow open pits. Acquisition structure involves staged payments with an initial A$75,000 option payment  and additional milestone-based payments tied to exploration success. 5. Management Commentary The presentation outlines OD6 Metals Limited’ view that the Quinn Fluorspar Project represents a district-scale high-grade fluorspar system with multiple prospects and exploration pathways. The company highlights that fluorspar plays an essential role in industries such as semiconductor manufacturing, batteries, nuclear fuel processing, and defence systems. Fluorine derived from fluorspar is used in plasma etching for semiconductor fabrication and in lithium battery electrolyte chemistry. Management also notes that the United States’ reliance on imported fluorspar creates a strategic context for domestic supply development. 6. Near-Term Milestones to Watch Planned exploration and development activities include: Surface rock chip and channel sampling programs Verification of historical exploration data Geological mapping and structural interpretation Soil geochemistry surveys Geophysical investigations Development of drilling programs to test mineralisation Permitting processes for initial drilling programs Metallurgical test work planning These activities aim to establish a geological model and progress toward resource delineation. 7. Previous Samso News Coverage – An Investor Lens Samso has previously covered the progress of OD6 Metals Limited across its rare earth and copper exploration activities. These articles provide additional context to the Company’s evolving project portfolio and technical development pathway. 5 February 2026 Samso News: OD6 Metals Limited — DHEM Survey Identifies Off-Hole Conductors at Gulf Creek – A Definite #SamsoDYOR for Monitoring Subsurface Copper Growth https://www.samso.com.au/post/samso-news-od6-metals-limited-dhem-survey-identifies-off-hole-conductors-at-gulf-creek-a-defini 30 January 2026 Samso News: OD6 Metals Limited — Advanced ANSTO Metallurgical Testwork Underway – Rare Earths De-Risking and Offtake Readiness https://www.samso.com.au/post/samso-news-od6-metals-limited-advanced-ansto-metallurgical-testwork 20 December 2025 OD6 Metals Ltd (ASX: OD6) – Australia’s Standout Rare Earths & Copper Company — Scale, Metallurgy, and Strategic Leverage https://www.samso.com.au/post/od6-metals-ltd-asx-od6-australia-s-standout-rare-earths-copper-company-scale-metallurgy-a 9 November 2025 Coffee with Samso: OD6 Metals Limited — An Aspiring Australian Clay REE Story – Better Position Second Time Around https://www.samso.com.au/post/coffee-with-samso-od6-metals-limited-an-aspiring-australian-clay-ree-story-better-position-seco 22 October 2025 OD6 Kicks Off Phase 2 Drilling at Gulf Creek Copper Project (NSW) https://www.samso.com.au/post/od6-kicks-off-phase-2-drilling-at-gulf-creek-copper-nsw 8 October 2025 OD6 Metals (ASX: OD6) Selects Innovative Flowsheet for Rare Earth Processing at Splinter Rock https://www.samso.com.au/post/od6-metals-asx-od6-selects-innovative-flowsheet-rare-earth 25 August 2025 OD6 Produces High-Quality Mixed Rare Earth Carbonate and Hydroxide at Splinter Rock – The Making of an Australian Rare Earths Production Story https://www.samso.com.au/post/od6-produces-high-quality-mixed-rare-earth-carbonate-and-hydroxide-at-splinter-rock 27 November 2024 OD6 Metals Limited – Rare Earths or Copper? https://www.samso.com.au/post/od6-metals-limited-rare-earths-or-copper 8. Samso Concluding Comments The Quinn Fluorspar acquisition introduces OD6 Metals Limited into the fluorspar sector, a mineral category receiving increasing attention due to its role in advanced industrial technologies. Fluorspar is the primary source of fluorine, which is used in semiconductor chip fabrication, lithium battery chemistry, nuclear fuel processing, and various defence applications. The United States’ current reliance on imported supply creates a strategic context for domestic exploration projects. Geologically, the project area contains multiple occurrences of fluorspar mineralisation hosted within carbonate rocks affected by hydrothermal activity. The Mammoth (Figure 2) and Horseshoe (Figure3) prospects represent the most advanced targets identified from historical work. These prospects host mapped zones of mineralisation interpreted to extend beneath shallow cover and along structural controls. Figure 2: Mammoth Deposit Geological Section (OD6 Metals Limited) Historic sampling from these areas indicates high grades in both rock chips and channel samples. At Mammoth, surface sampling has returned results including 10.7 metres at 44.9% CaF₂ and 15.2 metres at 48% CaF₂, suggesting significant concentrations of mineralisation within breccia-hosted systems. At Horseshoe, historical mining extracted approximately 26,000 tonnes of fluorspar from shallow pits, indicating that mineralisation reaches the surface in places. Figure 3: Horseshoe Deposit Geological Model (source: OD6 Metals Limited) The project also includes several additional prospects such as Spar Mine and Big Jim, where sampling has reported fluorspar grades exceeding 70–90% CaF₂ in veins and channel samples. These occurrences indicate a broader mineralised district that may contain multiple exploration targets. From a development perspective, the company plans to begin with systematic field programs to confirm historical results before advancing toward drilling. If exploration confirms continuity and grade, the next stage would involve defining a JORC-compliant resource. The staged acquisition structure ties major payments to exploration success, aligning financial commitments with geological progress. Market Implication - The Investor Lens The OD6 Metals Limited story is appear to be developing into a US story. I don't know much about the market but we are going to have OD6 Metals Limited on the next Coffee with Samso in the latter part of march 2026. We will get a better understanding of the motivation and hence the value proposition. Figure 4: The share price chart of OD6 Metals Limited as of the 9th March 2026. (source: commsec). 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. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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 initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try 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 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.

Announcement CRR Advances Solid State Battery Evaluation Pathway – 2 February 2026 ( view the announcement ) Major Gold Antimony Silver System Emerging at Amoco - 9 February 2026 ( view the announcement ) Solid-State Lithium-Ion Battery Evaluation Program - 17 February 2026 ( view the announcement ) CRR Appoints Leading Solid-State Battery Specialist Advisor - 17 February 2026 ( view announcement ) The month of February has seen an interesting shift in the business pathway for Critical Resources Limited. The company is looking for gold in New Zealand, exploring for lithium in Canada and now looking at transitioning into participating in downstream battery technology validation. The acceptance into US solid-state energy environment provides an execution pathway for evaluating optioned solid-state lithium-ion battery IP. When I first started looking at the Critical Resources Limited story, it was about the gold exploration in New Zealand and then this month of February have me confused. For a small cap company on the ASX, there is a lot happening and I am now thinking if there is just too much happening or is this something bigger than what it seems. Introduction - The New Critical Resources Limited Story Lets slowly break down the news in February in which Critical Resources Limited is creating a series of mis-match news for investors. Personally, the series of ASX releases is creating a confusing narrative in which even the most optimistic follower such as Samso is confused to a point that I am not sure which story is going to headline any potential position for an investor. I know that in the world of "smoke and mirrors" that this industry is famous for, the mixed news is something that needs to be looked at and understood. Sometimes, it is these kinds of early signs that is worth picking up on and ultimately as investors, we need all the help we can get to sustain our losses :-). Acceptance into CEPS – Institutional Integration (2 Feb 2026) Critical Resources Limited (ASX: CRR) has been accepted as an industry member of the U.S. Centre for Solid-State Electric Power Storage (CEPS), an American National Science Foundation (NSF) supported Industry–University Cooperative Research Centre (Figure 1). This follows CRR’s previously announced exclusive option to evaluate several next-generation solid-state lithium-ion battery technologies from the South Dakota School of Mines & Technology (SDM), covering five granted U.S. patents and one pending application. CEPS brings together South Dakota Mines, North-eastern University, Syracuse University and Cornell University, along with industry partners including Honda, Mercedes-Benz and Nissan. Figure 1:“CEPS enables Critical Resources to access a multi-university research network and advanced federal laboratory infrastructure supporting solid-state battery validation, prototyping, and development.” (source: Critical Resources Limited) This positioning embeds Critical Resources Limited into a coordinated multi-institutional research framework designed to transition solid-state technologies from laboratory research into real-world application. Benefits outlined: Access to federal research infrastructure Reduced development cost Coordinated multi-university technical validation Alignment with automotive, defence and grid storage sectors 03051669 Solid-State Battery Evaluation Program Commenced (11 Feb 2026) Critical Resources Limited formally initiated a six-month structured evaluation program with South Dakota School of Mines & Technology under CEPS. Key elements include: Amorphous, sulphur-free solid-state electrolytes (ASE) Dry Supersonic Deposition (DSD) solvent-free cathode manufacturing (Figure 2) Milestone-driven electrolyte refinement and interface validation US$100,000 structured six-month program budget. Technical objectives: Validate non-flammable solid electrolytes Improve lithium-metal interface stability Generate electrochemical datasets for prototype progression Advance solvent-free cathode manufacturing using LFP, LMO and NMC materials. Figure 2: Early successful tests of dry-supersonic-deposition (DSD) of Lithium-Iron-Phosphate (LFP) cathode material onto battery pouch cell aluminium foil substrate. (source: Critical Resources Limited) Two 12-month provisional U.S. patent applications have been filed covering both projects Solid-State Lithium-Ion Battery. Appointment of Dr Alevtina Smirnova (17 Feb 2026) Critical Resources Limited (ASX: CRR) has appointed globally recognised solid-state battery scientist Dr Alevtina (Alla) Smirnova  as Technical Advisor to strengthen its solid-state lithium-ion battery evaluation strategy CRR Appoints Advisor. The appointment supports the Company’s transition from early-stage access to patented solid-state battery intellectual property toward structured, laboratory-based validation and early prototype-oriented work programs. This follows CRR’s exclusive option agreement with the South Dakota School of Mines & Technology (SDM) and its participation in the U.S. National Science Foundation-backed Centre for Solid-State Electric Power Storage (CEPS) CRR Appoints Advisor. Key Points from the Announcement Technical Oversight Strengthened:  Dr Smirnova brings independent technical leadership to CRR’s solid-state battery evaluation program CRR Appoints Advisor. Inventor and Research Leader:  She is the inventor of multiple lithium and sodium solid-state battery technologies and serves as Director of CEPS CRR Appoints Advisor. Structured Validation Phase:  Her involvement supports milestone-driven laboratory evaluation, performance benchmarking, and prototype development under internationally recognised research standards CRR Appoints Advisor. Federal-Backed Research Alignment:  Dr Smirnova’s background includes NSF-supported programs and U.S. Department of Defence-funded research, reinforcing technical credibility within a U.S.-based innovation ecosystem CRR Appoints Advisor. Strategic Context The Company states that solid-state battery technologies under evaluation target: Improved safety through non-flammable solid electrolytes Higher energy density Enhanced cycle reliability Performance across high-temperature and high-reliability applications such as data centres, defence, and mining CRR Appoints Advisor Dr Smirnova has already assisted in designing evaluation frameworks, benchmarking methodologies, and milestone sequencing to ensure the data generated is robust and comparable to leading global battery programs CRR Appoints Advisor. Immediate Next Steps With evaluation programs underway through CEPS and SDM, CRR’s near-term focus includes: Refining electrolyte formulations Improving lithium-metal interface stability Optimising dry-deposited cathode and electrolyte structures Generating structural, morphological, electrochemical and interface datasets Progressing toward early prototype solid-state cell assemblies CRR Appoints Advisor The Company notes that these activities are designed to build technical foundations and do not imply commercial manufacturing at this stage CRR Appoints Advisor. Halls Peak – Multi-Commodity Discovery Pipeline Advancing (9 Feb 2026) Critical Resources Limited (ASX: CRR) has provided a project-wide update from its Halls Peak Project in the New England Fold Belt, NSW, outlining advances across the Amoco, Gibsons and Mayview prospects (Figure 3). The announcement by Critical Resources Limited confirms the development of a district-scale multi-commodity system  comprising precious metals, base metals and critical minerals. Amoco – Petrography Confirms Shallow Orogenic Gold–Antimony–Silver System Petrographic analysis of ten maiden drill samples confirms that Amoco hosts a late-stage shallow-level orogenic gold–antimony–silver lode system , overprinting earlier VHMS mineralisation. Key geological observations include: Quartz-rich hydrothermal breccias and vein infill Strong replacement textures from multiple mineralising fluid pulses Up to ~20% sulphide minerals Quartz–sericite–pyrite alteration assemblages Arsenopyrite and carbonate textures consistent with shallow orogenic systems. Outcrop and float samples returned high-grade results, including: Up to 17.9 g/t Au Up to 0.7% Sb Up to 53.2 g/t Ag Critical Resources Limited notes geological similarities to the nearby Hillgrove Au–Sb system , with reinterpretation of aeromagnetic data outlining NE/SW fault structures interpreted as hydrothermal conduits (Figure 3) Figure 3: Amoco gold-in-soils geochemistry assay results with rock chip samples and major interpreted fault. (source: Critical Resources Limited) structures (black dashed lines) with Gibson Base Metals Project. The petrographic report recommends further drilling to test controls on high-grade mineralisation. Gibsons – Exceptional High-Grade Silver Across Multiple Stacked Lodes The Gibsons Project hosts an Inferred Mineral Resource of 840,000 tonnes @ 3.7% Zn, 1.5% Pb, 0.44% Cu, 30 g/t Ag and 0.1 g/t Au (JORC 2012) . Drilling confirms: More than 130 drill samples exceed 100 g/t Ag Ten samples exceed 940 g/t Ag Up to nine mineralised horizons modelled Three lodes consistently above 900 g/t Ag Standout intersections include: 1.15m @ 3,780 g/t Ag 1.6m @ 1,900 g/t Ag 1.24m @ 1,750 g/t Ag 2.0m @ 1,085 g/t Ag Two distinct silver mineralisation styles are identified: Massive sulphide-hosted Zn–Pb–Cu lodes Black shale-hosted silver with tetrahedrite mineralisation. The resource remains open along strike and at depth, with many high-grade intervals sitting outside current resource wireframes. Mayview – High-Grade Antimony Adjacent to Hillgrove The Mayview Antimony Prospect lies immediately adjacent to Larvotto Resources’ Hillgrove Antimony–Gold Operations (Figure 4). Figure 4: Mayview Antimony Prospect with recent surface rock samples. (source: Critical Resources Limited) Rock-chip assays returned: 52.3% Sb 38.3% Sb 15.35% Sb & 2.71 g/t Au 12.45% Sb & 2.18 g/t Au 11.2% Sb & 1.13 g/t Au Land-access negotiations are progressing, with Critical Resources Limited targeting a low-impact soil geochemistry survey across ~270m of historic workings once access is secured. Next Steps Across the Halls Peak Project, the Company intends to: Integrate new petrographic results into the Amoco structural model Refine drilling targets along strike and at depth Advance permitting and land-access agreements Undertake soil geochemistry at Mayview Target down-dip and strike extensions at Gibsons Samso Concluding Comments As I have been eluding in this Samso News, I am not a fan of the recent flow of ASX releases coming out of Critical Resources Limited. I was and am still a big fan of their strategy to seek gold fortunes in New Zealand and with the recent thrust into the lithium space again, I think there is a confusing narrative. I was never a big fan of the lithium market run and I am still not a fan of it. The closing down of the lithium processing plants in Western Australia even with very optimistic market chatter is a clear sign that the lithium business is no longer the highlight. It may the typical wishing for "Hope" that lingers on when investors should be cutting losses, an unfortunate learning all investors need to learn. However, as I mentioned earlier, the people behind the narrative are seasoned proponents of this business and there must be some form of reason for the shift. As I have been n the corporate part of the sector for a good part of 20 years, I am always suspicious when there is a major wind change, or a feeling of a major wind change. I do like the story coming out of New Zealand and I am still optimistic that the company will pursue it but sometimes, it is important to read in between the lines and this may mean that management is not liking the situation in New Zealand. I know it is hard to work there as I have had experience in 2012, so there is probably merit in the rethinking. The other thought is if the New Zealand pathway was a secondary play all along and the main game is the current narrative of work in the US with the CEPS. As I said, one has to look at all angles. In regards to the New Zealand play, it is a pity as I was really looking forward to see if they were going to join the ranks of Santana Minerals Limited (ASX: SMI) and take advantage of the prospective mineral exploration opportunities in New Zealand. Market Implication - The Investor Lens For Critical Resources Limited to have a market cap under AUD $30M presents an intriguing scenario, as the share price chart in figure 5 clearly indicates a lack of enthusiasm. This could simply suggest that there hasn't been any market buzz yet, or it could be one of those slow and steady build-ups. With a relatively low market cap, there might still be potential if the solid-state energy play has substance. Figure 5: The share price of CRR as of 17th February 2026. (source: commsec) As I always say, as retail investors, we just need to keep our ears on the pulse and have our eyes wide open for the movement and the potential events that may come, either good or bad. 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 initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try 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 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.

Announcement Copper Ore Sorting Delivers Up To 2.1x Grade Uplift at HL – 2 February 2026 ( view the announcement ) As the copper price continue to rise and global narrative are that the demand for copper is going to create a shock reaction to the market. The time lag that is required to find and then establish the supply infrastructure will struggle to meet the demand for copper. As the world gear up for a new energy source to meet the surging demand for clean energy, those companies that are swimming in the "near-production" space is going to get a lot of interest, There will be no regard for the "grade" or "quality" of the project as gold investors are seeing in the gold sector in 2026. This why Samso is showing interest in any stories that are hinting to be in that sphere of influence. As I scoured the ASX for interesting news, Pivotal Metals Limited is one of those that has been on our radar and this announcement appears to be creating noise that sits in the copper production chatter. Pivotal Metals Limited is advancing the 100%-owned Horden Lake polymetallic (Cu-Ni-Au-PGM-Co) Project in Québec, Canada. The project hosts a 2025 Mineral Resource Estimate of 37Mt @ 1.10% CuEq for 407kt CuEq (Measured & Indicated + Inferred), with the majority amenable to open pit mining. The latest ASX announcement dated 2 February 2026 reports large-scale XRT ore sorting test work that demonstrates the ability to materially upgrade plant feed grade while rejecting significant waste prior to grinding and flotation. This update focuses on metallurgical optimisation and development pathway optionality which sits well in my earlier description. Introducing Pivotal Metals Limited (ASX:PVT) - Ore Sorting Test work Demonstrates 2.1x Grade Uplift and Mass Rejection Benefits at Horden Lake Figure 1: Grade uplift vs mass pull chart, showing CuEq grade uplift and recovery trade-offs. (source: Pivotal Metals Limited) Pivotal Metals Limited announced results (Figure 1) from large-scale ore sorting trials conducted at the Saskatchewan Research Council (SRC), utilising industrial-scale TOMRA X-Ray Transmission (XRT) technology combined with heavy liquid separation (HLS). The Horden Lake deposit hosts a 37Mt @ 1.10% CuEq Mineral Resource (In-pit and Out-of-pit combined), containing 407kt CuEq. Highlights – Large-Scale Sorting Confirms Material Development Optionality Table 1: Ore Sorting Summary Results (XRT + HLS). (source Pivotal Metals Limited) Significant Grade Uplift Achieved High-selectivity sorting produced a concentrate grading 2.08% CuEq , representing a 2.1x uplift  from the 1.00% CuEq test feed grade. This was achieved by rejecting 67.9% of the mass  while recovering 68.9% of the copper . Higher Recovery Operating Scenario Using lower selectivity criteria, copper recovery increased to 86.2% . This scenario delivered a 1.5x grade uplift  with 43.6% mass rejection , providing flexibility between recovery and upgrade strategies. Front-End Waste Rejection Ore sorting removes waste at the crushing stage before grinding and flotation. Copper Ore Sorting Delivers Up … Reduced downstream tonnage lowers grinding capacity requirements and flotation circuit size. Capital and Operating Cost Levers The announcement outlines potential benefits including: Reduced plant capital intensity through smaller concentrator sizing. Lower power, reagent and wear component consumption due to reduced throughput. Reduced tailings volumes and smaller tailings management facility footprint. Off-Site Processing Optionality Higher-grade pre-concentrate may justify transport to third-party processing facilities in southern Québec. Copper Ore Sorting Delivers Up … The Company notes that no binding arrangements currently exist for off-site processing. Proven Commercial Technology TOMRA XRT sorters operate at large-scale mining operations globally. Examples cited include lithium operations at Pilgangoora and tungsten pre-concentration circuits. Technical Context – Why Horden Lake is Amenable to Sorting for Pivotal Metals Limited The Horden Lake mineralisation consists of disseminated to massive sulphide textures hosted along the contact between gabbroic intrusions and sedimentary rocks. Drill intersections commonly include internal dilution from lower sulphide zones. The sorting program used continuous half-core composites across representative intervals to simulate mining dilution (Figure 2). Figure 2 : Test protocols using sorting and sorting + gravity pre-concentration. (source: Pivotal Metals Limited) The Phase 2 composite (251kg) was processed through cascade sorting tests to model grade-recovery trade-offs (Figure 4). Figure 3 Screening, XRT sorting and HLS gravity, cumulative pre-concentrate grade vs recovery. (source: Pivotal Metals Limited) Results (Figure 3) show that combined XRT and HLS provides higher grade uplift at lower recoveries, with diminishing benefits at higher recovery thresholds. Figure 4: Spatial location of collected sample (green). (source: Pivotal Metals Limited) Leadership Commentary Managing Director of Pivotal Metals Limited, Ivan Fairhall stated that the large-scale XRT results demonstrate development optionality for Horden Lake and support incorporation of ore sorting into future economic assessments. He noted advantages in capital intensity, plant footprint, tailings management and permitting pathways, with XRT technology already proven at commercial scale globally. Near-Term Milestones to Watch Incorporation of ore sorting into internal project optimisation studies. Copper Ore Sorting Delivers Up … Ongoing economic assessments of alternative development scenarios. Copper Ore Sorting Delivers Up … Additional metallurgical testwork to assess flotation performance of sorted products. Copper Ore Sorting Delivers Up … Continued resource and exploration upside review. Copper Ore Sorting Delivers Up … Samso Concluding Comments The February 2026 announcement by Pivotal Metals Limited presents metallurgical test work results focused on pre-concentration through ore sorting at Horden Lake. The reported outcomes show measurable grade uplift and mass rejection prior to downstream processing. The test program outlines two operating scenarios for Pivotal Metals Limited: one prioritising grade uplift and one prioritising recovery. The data shows that selective sorting can materially increase feed grade while removing significant waste early in the flowsheet. The technical work highlights potential impacts on capital intensity, operating costs and tailings volumes. These factors are directly linked to project design and economic modelling, and are expected to feed into future optimisation studies. No new drilling results were reported. The focus of this release is metallurgical improvement and development pathway flexibility at an existing 37Mt @ 1.10% CuEq resource base in Québec. Market Implication - The Investor Lens Pivotal Metals Limited has a current market valuation of AUD $27.52M (as of 18th February 2026) which is not so bad, in terms of retail investors taking a punt. As I have mentioned in the beginning of this Samso News, the while copper story is very hot and if PVT can make this current narrative work, the market is going to love the current market capitalisation. Figure 5: The share price of PVT as of 18th February 2026. (source: commsec) Looking at the current share price chart of Pivotal Metals Limited (Figure 5), there is interest starting to build in the story and I am sure, anyone who has had some exposure in this story will be starting to get excited. I strongly recommend DYOR and looking at your risk portfolio as timing to position yourself may be close. 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 initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try 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 insights from top CEOs and thought leaders. 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Noel Ong is the founder of Samso and creator of the Coffee with Samso and Rooster Talk interviews, where he chats with business leaders to give insights into the Australian Stock Exchange (ASX) companies, related concepts and industry trends that are beneficial to investors. Samso helps investors seek investment decisions Samso tells compelling stories by engaging business leaders to reveal insights beneficial to you. Deliverables About Samso Brochure Testimonials Engaging Samso Contact About Samso about Samso is all about Making News Simple . Samso is a platform providing organic and independent content for investors investing in the the Australian Stock Exchange. A boutique organic content creator for the ASX mineral resources sector, Samso is creating independent research information to help investors and companies to share their business narrative. About Noel Ong, CEO, Samso. Industry veteran Noel Ong is a geologist with over 30 years of industry experience and a strong background in capital markets, corporate finance and the mineral resource sector. Based in Perth, Western Australia, he was the founder and managing director of ASX publicly-listed company Siburan Resources Limited from 2009-2017 and has also been involved in several other ASX listings, providing advice, procuring projects and helping to raise capital. Noel is currently the founder and non-executive director of Taiton Resources Limited (ASX: T88). He brings all this experience and expertise to the Samso interviews such as Coffee with Samso and Samso Insights, where his engaging conversation style with business figures gives revealing insights into Australian Stock Exchange (ASX) companies, related concepts and industry trends that can pique investor interest. Noel Ong travels across Australia to record the interviews, only requiring a casual environment where they can be set up. Enquiries about appearing on Coffee with Samso and Samso Insights can be made by contacting Noel Ong at www.samso.com.au All interviews (821) 821 posts Coffee with Samso (216) 216 posts Rooster Talk (72) 72 posts Metals & Mining (560) 560 posts Media & Technology (46) 46 posts Healthcare (81) 81 posts Renewable Energy (26) 26 posts Industrial & Business (35) 35 posts Financial Services (15) 15 posts News (9) 9 posts ESG (25) 25 posts Investment Podcasts (27) 27 posts Client Testimonials (14) 14 posts Samso Exclusive (0) 0 posts Samso Insights on Patreon (21) 21 posts Samso News (259) 259 posts Samso Insights (217) 217 posts Investment Thoughts (23) 23 posts Samso Special Series (3) 3 posts ASX (0) 0 posts Exploration Discovery Series (6) 6 posts Oil & Gas (1) 1 post ASX (0) 0 posts ASX (0) 0 posts ASX (0) 0 posts ASX (0) 0 posts The Deliverables deliverables Samso brings to Clients a number of Content Channels that are all about telling compelling ASX stories. Clients' dialogues are delivered through these Samso channels. Coffee with Samso , our core product, is a compelling format of relaxed online video dialogue to allow thought leaders to share their company’s story and have an in-depth discussion on the company and their strategies. Samso News create a blog style review of ASX announcements for readers. This style of writing allow a discussion of the intent of the ASX release and create a balanced discussion of the pros and cons to give readers a clear view of the upsides and the risks on the downsides. Samso Insights provide a clear and concise analysis on the commodities landscape and subsequent market movements and trends that can impact ASX-listed companies. Content Distribution. Collaborative partnerships are important at Samso to widen clients’ business presence and deepen brand value. Samso’s interviews are posted on their website, podcast and YouTube channels and via other relevant online environments where they can be shared among investment communities. These client ASX stories are further distributed via Samso's partners Proactive Investors and Brilliant-Online bringing in a new point of interest to the subscribers of other channels. All these amplifications and engagements are made possible through Modern Marketing assisted by Vermilion Pinstripes . How we share your story Contact Download our brochure brochure - Thomas Line, Former CEO, Taruga Minerals Limited “ I was actually charmed by the interview and question style of Samso. Call it unorthodox or unique, for me the value is in how it helps to speak to a target audience who are not geologists and may not have this technical background. The relaxed style of the interview makes the information a lot more digestible and clear so there is that opportunity there to focus on educating investors. The one-stop-shop profile created for investors by Samso offers really good value, not just to the investors but also to companies. They have a very effective marketing package. When our interview was freshly out, it hit 2.2k views .” testimonials