The company is advancing the Glen Eden Tungsten Project in New South Wales, where historical drilling has outlined a large polymetallic system containing tungsten, molybdenum, tin and bismuth. Terra Critical Minerals Limited (ASX: T92) is moving closer to modern drilling at its Glen Eden Project in New South Wales. The project's historical exploration has outlined a broad tungsten-molybdenum-tin-bismuth mineralised system carrying an Exploration Target of 20–30 million tonnes at 0.18–0.29% WO₃ equivalent. Meanwhile, the latest development here is the receipt of full land-access approval across the project, but the more important investment story is what that access may now allow Terra to test. Glen Eden contains an approximately 500-metre-diameter greisen, stockwork and breccia complex within a much broader hydrothermal alteration system measuring approximately 1,500 metres by 800 metres. Historical drilling has returned mineralised intervals extending for hundreds of metres, while the existing Exploration Target has been defined to only around 100–150 metres depth (Figure 1). Figure 1: Glen Eden Project Overview Map with drilling and soil geochemistry (Source: ASX Announcement) That combination of scale, historical drilling and relatively shallow definition is what makes Glen Eden interesting. The question now is whether modern drilling can validate that historical picture and begin converting it into a contemporary JORC Mineral Resource. Key Highlights Glen Eden hosts an Exploration Target of 20–30Mt at 0.18–0.29% WO₃ equivalent. The Exploration Target is currently defined to only approximately 100–150 metres depth. Historical drilling includes: 282m at 0.28% WO₃ equivalent from 7m; 235m at 0.25% WO₃ equivalent from 15m; and 392m at 0.14% WO₃ equivalent from 3m. The mineralised core is approximately 500m in diameter. The broader hydrothermal alteration system extends approximately 1,500m by 800m. Historical drilling has reached approximately 395m vertical depth. Terra says the interpreted mineralised system remains open at depth and that deeper parts of the system remain largely untested. The Exploration Target also contains an average 121ppm bismuth, which is not included in the tungsten-equivalent calculation. Full land-access approval has now been secured, allowing Terra to progress towards a modern drilling program once remaining environmental, heritage and statutory requirements are completed. What Is Glen Eden? Glen Eden sits within Terra's New England critical and precious metals portfolio in New South Wales (Figure 2). The project is characterised by a large hydrothermal system developed within rhyolitic volcanic rocks. Terra describes an initial alteration zone extending approximately 1,500m by 800m. Within this sits an irregular approximately 500m-diameter core complex comprising veining and greisen breccias, which has subsequently been overprinted by more intense stockwork and greisen brecciation. This is important because Glen Eden is not being presented as a collection of narrow isolated tungsten veins. The geological model is of a much broader intrusive-related mineralising system. Beyond the central greisen complex, Terra reports a wider alteration halo containing sericitic, phyllic and potassic alteration, which the company considers indicative of a potentially large mineralised system. The intrusive source itself has not been exposed at surface and, according to Terra, has not been intersected by historical diamond drilling. Historical 3D modelling undertaken by Amoco in 1981 proposed that deeper, untested parts of the system may contain a larger molybdenum-tungsten style deposit. That historical interpretation is not a modern resource model, but it does give Terra a clear geological concept to test. Figure 2: Location of T92 New England Projects and nearby deposits (Source: ASX Announcement) The Historical Drilling Is Hard to Ignore The part of Glen Eden that stands out most strongly is the width of some of the historical mineralised intervals. Terra highlights: GENSW80-13: 282m at 0.28% WO₃ equivalent from 7m. GENSW80-24: 235m at 0.25% WO₃ equivalent from 15m. GENSW81-55: 392m at 0.14% WO₃ equivalent from 3m. For an exploration project, those widths immediately raise questions about the scale and geometry of the mineralised system. They should not, however, be confused with a Mineral Resource. The intersections are historical and the project has not yet undergone the modern drilling required to establish the continuity, geometry and grade distribution needed for a contemporary resource estimate. But they provide Terra with something many early-stage explorers do not have: a substantial body of drilling already indicating that mineralisation exists over considerable widths. Historical exploration between 1963 and 2006 comprised 18 holes through the core zone for a total of 3,388 metres, with the deepest hole reaching approximately 395m vertically. The task for Terra is therefore not simply to discover whether Glen Eden is mineralised. It is to determine what the historical work means when tested using modern exploration standards. A 20–30Mt Exploration Target — But Only Near Surface The existing Exploration Target is perhaps the most important part of the Glen Eden story. Terra reports: 20–30Mt at 0.05–0.08% WO₃, 0.02–0.04% SnO₂ and 0.07–0.10% MoS₂, corresponding to approximately 0.18–0.29% WO₃ equivalent. The company has also identified an average 121ppm bismuth within the same target, with bismuth excluded from the metal-equivalent calculation. What makes the target particularly interesting is its depth constraint. It has been calculated to only approximately 100–150 metres depth. Yet historical drilling extends substantially deeper, reaching approximately 395m vertically, and Terra says the interpreted mineralised system remains open at depth. That creates what may ultimately become one of the key exploration questions at Glen Eden: Is the current Exploration Target describing only the shallow expression of a materially larger mineralised system? There is not yet enough modern exploration to answer that. But that is precisely why drilling matters. Figure 3: Glen Eden Project Overview Map with Historical drilling (Source:: ASX Announcement) What the Cross-Section Shows for Terra Critical Minerals The project cross-section presented in Figure 3 gives some visual context to the Glen Eden story. It shows historical drill holes distributed across approximately 500 metres of the interpreted core zone, with a number of holes extending through broad interpreted zones of alteration and mineralisation. Significantly, the diagram also marks the mineralised system as open beneath the historical drilling. The accompanying plan view shows tungsten and molybdenum soil geochemistry distributed around the approximately 500m core target zone and helps demonstrate that Terra is dealing with a substantial geological footprint rather than a single discrete occurrence. For investors looking at exploration projects, these figures help explain why modern drilling is likely to be the defining next step. Tungsten Is Only Part of the Mineral System Although Glen Eden is increasingly being positioned as a tungsten project, the mineralisation is polymetallic. The Exploration Target contains tungsten, tin and molybdenum, together with identified bismuth. That diversity is geologically consistent with the intrusive-related greisen system Terra is targeting. It also means that understanding Glen Eden will eventually require more than simply reporting tungsten grades. The value of the project, should exploration prove successful, will ultimately depend on the distribution, recovery and potential economic contribution of the different metals within the system. At this stage, however, it remains too early to assign economic value to those components. The immediate requirement is geological definition. Modern Drilling Is the Real Test Terra's next major objective is to drill the existing Exploration Target and begin generating the modern dataset needed to assess a pathway towards a maiden JORC Mineral Resource. The company states that drilling will proceed once site access and remaining statutory approvals are completed. The land-access announcement therefore matters because it brings that drilling closer. In the June quarterly, Terra had specifically identified Glen Eden land access, permitting and drill planning as current activities, with finalising access and approvals and confirming the drilling program identified as the next milestone. The latest announcement shows tangible progress against that stated plan. However, the important event for Glen Eden will not ultimately be the access agreement. It will be the drill results that follow. What Investors Need to Remember There is a significant distinction between an Exploration Target and a Mineral Resource. Terra explicitly states that the potential quantity and grade of the Glen Eden Exploration Target are conceptual in nature. Insufficient modern exploration has been completed to estimate a Mineral Resource, and there is no certainty that the planned infill drilling will ultimately result in one. That qualification should remain front and centre. The appeal of Glen Eden is not that Terra already has a 20–30Mt resource. It does not. The appeal is that Terra has inherited a substantial historical dataset indicating a large mineralised footprint, unusually broad historical intersections and an Exploration Target defined over only a comparatively shallow part of the interpreted system. The company now has to prove what that historical work is worth. Samso Concluding Comments Glen Eden is becoming a much more interesting project than simply a tungsten exploration story built around an access announcement. The land-access approval is useful because it advances the project towards drilling, but the real story sits in the geology. There is an approximately 500m-diameter mineralised core, a broader 1.5km by 800m hydrothermal system, historical drilling measured in hundreds of metres and a 20–30Mt Exploration Target currently confined to the upper 100–150 metres. That is enough geological evidence to make modern drilling meaningful. What I find most interesting is the mismatch between the shallow depth of the existing Exploration Target and the substantially deeper interpreted mineralised system. Historical drilling has already reached around 395 metres vertically, yet Terra's target has been constrained to only 100–150 metres. That leaves an obvious question about what sits beneath it. At this point, it would be easy to get carried away with the historical widths. The right approach is to recognise them for what they are: evidence that Terra has something substantial to investigate, but not yet proof of an economic deposit. That distinction is important. The next drilling program needs to establish continuity, confirm grades using modern methods, improve the geological model and determine whether Glen Eden can progress from a conceptual Exploration Target into a JORC Mineral Resource. If Terra can do that, the conversation around Glen Eden changes substantially. Until then, this is an exploration story — but it is one with enough historical evidence and geological scale to warrant attention. Market Implications Terra Critical Minerals has a market capitalisation of just under AUD $8M, and they are sitting on what could be a "workable" tungsten story. The land access question has held me back in making commentary, but now that is completed, this is going to be a story that could make waves. Figure 4 The share price chart for Terra Critical Minerals Limited as of the 24th August 2026. (source: Commsec) For those who have been following the Samso journey, you will know well that I have been calling tungsten as the real critical story. My past experience with this commodity goes back to 2011 when I was involved in the Kirwan Tungsten project in the South Island of New Zealand. The geology of Glen Eden is very similar to Kirwan, and I feel that the potential size of Eden could be the one that makes Terra Critical stand out when the work on the geological side begins. I am a recent shareholder of the company because land access is the first of many important steps for the company. It goes without saying that land access is the most critical, as it allows boots on the ground. For those that have followed the tungsten story, there is not many companies that have a market capitalisation of AUD 8M and hold what, in my opinion, is the most exciting tungsten project on the ASX. Our recent Understanding Tungsten series is a must-read for those wanting to know my enthusiasm for Glen Eden. There are Part 2 and Part 3, which will complete the understanding of why having the right type of tungsten project is very important (see below). 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Every tier, producer to explorer, and a register that is shrinking Part 1 tested the demand headwinds. Part 2 examined the supply side and asked what copper price it would take to fix it. This closing Part brings the two together in the place they were always heading, a register of the copper deposits and operations an ASX investor can actually reach, from the producers down to the explorers, with each row read through the tests the series developed along the way. Compiling it revealed something worth knowing on its own. Corporate buyers have been removing copper companies from the ASX faster than new ones are arriving. 1.00 — HOW TO READ THE REGISTER A recap of the tests from Parts 1 and 2 This final Part leans on ideas built earlier in the series, so a short recap comes first, before the tables begin. Part 1 set out two checks that can be run on any company from its own documents. The first is funding: whether the cash in the latest quarterly report covers the planned work, after allowing for normal running costs of roughly A$70,000 to A$100,000 a month. The second is evidence: how much support the geology gives the company's story. Production history and drill results carry the most weight, untested geophysical targets carry less, and closeness to somebody else's mine carries the least. Part 2 covered the price side. Estimates of the copper price needed to justify building a new mine start at about US$12,000 a tonne, and one academic study puts the requirement much higher. That gives a simple question to ask of each development project below: do its study numbers still work under current conditions? Part 2 also covered processing. Concentrate is scarce enough that smelters agreed to process it for no fee in 2026, so projects that can produce finished copper on site, or that sit near an existing smelter, are in a better position than projects that must ship concentrate overseas. 2.00 — THE REGISTER AT A GLANCE Two maps and a count The two maps below carry the whole register. FIG. 01 places the Australian side of it, the producing operations, the development-tier deposits and the two smelters, with the deposits that have left the ASX shown in grey. FIG. 02 then adds the ground held offshore by ASX-listed companies, which stretches from Spain to Botswana to Chile to Montana, with one grey marker in Mongolia for the departure there. Behind the two maps sit thirteen producing operations or complexes that can be bought through the ASX, with Nifty counted among them on the strength of its September quarter first-cathode target. The development tier adds nine Australian deposits and four offshore projects. The explorers follow in Section 6.00, and three deposits have left the register since 2023. Figures in the tables are stated as at their cited dates, and the market-sensitive ones will be refreshed on the day of publication. 3.00 — TIER ONE: THE PRODUCERS Where the tonnes actually are, including the majors The producing tier is where the copper is, and most of it sits inside diversified balance sheets. That fact shapes the choice for investors more than any other in this section. Anyone wanting ASX copper exposure at scale is really choosing among companies where copper shares the balance sheet with iron ore, gold, zinc or aluminium, while the pure-play exposure lives further down the table, in the smaller rows where the operating risk is higher. TABLE 01 sets out the tier. TABLE 01 also shows where the processing happens, and the answer is mostly not here. Of the Australian operations listed, only BHP's South Australian complex converts its own ore to finished metal in Australia. Nearly everything else ships concentrate, most of it to Asian smelters that are now working for zero processing fees, although Carnaby's tolling arrangement into Glencore's Mount Isa smelter, covered in Section 4.00, may become a notable exception. The table makes one more point worth sitting with. Sandfire aside, an ASX investor cannot buy Australian copper production at scale without buying something else as well. There is a defence for that diversification, and it is a good one. It is what has kept these companies able to fund copper growth through the price cycles that broke smaller operators. 4.00 — TIER TWO: THE AUSTRALIAN DEVELOPMENT TIER Nine deposits between resource and mine This tier is where Part 1's open questions get settled. Every headline resource below has been verified against current company disclosures. TABLE 02 carries the tier, and profiles follow for the four largest deposits an ASX investor can still reach. Caravel: the biggest number on the ASX board Caravel is a porphyry system in the Wheatbelt of Western Australia, about 150 kilometres from Perth, in farming country rather than desert. With Hillside's departure from the ASX, it now holds the largest copper resource still accessible through a listed pure-play. The resource stands at 1.28 billion tonnes at 0.24 per cent copper, which works out to 3.03 million tonnes of contained metal, with molybdenum, gold and silver alongside. The ore reserve was updated in June 2026 to 597 million tonnes at the same grade, the definitive feasibility mining study was completed in July 2026, and the environmental review resubmission is due around the middle of the year.[R6] The scale comes with conditions. The grade is the lowest on the register, and prefeasibility work contemplated development capital of A$1.6 to 1.7 billion, a large number for a company of Caravel's size. Press reports of strategic-deal discussions are circulating, and they still need verification. In a sense, Caravel tests Part 2's question more directly than any other Australian deposit. Its bulk-tonnage economics only clear at a copper price the incentive-price debate is still arguing about. FIG. 03 shows the project ground. Kalkaroo: the deposit the majors just voted for Kalkaroo sits in the Curnamona Province of northeastern South Australia, on a pastoral lease a long way from anywhere large. The resource holds 1.1 million tonnes of copper, 3.1 million ounces of gold and 23,200 tonnes of cobalt, and within it sits a reserve of 100 million tonnes at 0.47 per cent copper and 0.44 grams per tonne gold.[R7] In February 2026 control of the project effectively moved. Sandfire signed binding agreements to earn 80 per cent through a staged structure worth up to about A$210 million, which commits it to a new prefeasibility study and at least 20,000 metres of drilling inside two years. The transaction says something about value, because a producing mid-cap looked closely at this ground and agreed to pay developer prices for most of it, with BHP's earlier study work on the deposit already sitting on the public record. Havilah shareholders should weigh the other side of it just as carefully. They now hold 20 per cent of a project whose pace is set by someone else. FIG. 04 reproduces the partners' own map of the project and the pastoral lease that hosts it. Briggs: the tonnage bet next to the infrastructure Briggs sits in central Queensland, 60 kilometres west of the deep-water port of Gladstone. The deposit carries 2.0 million tonnes of contained copper, along with 73 million pounds of molybdenum and 16.5 million ounces of silver, at a 0.15 per cent cut-off. Most of the tonnage is inferred, 793 million tonnes at 0.20 per cent, with 137 million tonnes at 0.25 per cent already in the indicated category. Alma Metals is sole-funding a 45-hole drilling program of roughly 14,000 metres through 2026 to change that balance ahead of a prefeasibility study, earning its way to 70 per cent, with Canterbury Resources retaining the rest.[R8] Two facts shape the deposit's position on the register, and they pull in different directions. The grade sits at the Caravel end of FIG. 09, which means the mining has to be cheap and the scale has to be large. The location, on the other hand, sits closer to power, rail, port and workforce than almost any other deposit in this tier, and FIG. 05 reproduces the partners' own map of that setting. Part 1's funding test still applies to the operator. Roughly A$8.7 million in cash and investments is enough to fund drilling, and a development decision would call for capital of a different order altogether. Elizabeth Creek: the grade counterexample Elizabeth Creek sits on the margin of the Olympic province in South Australia, and it offers a useful counterpoint to the giant low-grade systems that dominate this tier. Not all of the state's copper comes in billion-tonne packages. The flagship deposit here, Emmie Bluff, holds 40.2 million tonnes at 1.27 per cent copper, with cobalt and silver alongside, and about 95 per cent of that sits in the higher-confidence indicated category. It is the largest of four deposits that together hold 65.5 million tonnes. The work program is well advanced. Prefeasibility drilling finished in early 2026, and an updated resource estimate is due to follow. The company has also been testing a chloride leach flowsheet, with the aim of producing finished copper on site rather than shipping concentrate overseas, which is the processing advantage described in Section 1.00.[R9] The flowsheet is also where the main technical risk sits. The leach process is what makes Elizabeth Creek different, and it is the part of the project that still has to prove itself at study level. The prefeasibility study now in progress will put a price on both. FIG. 06 shows the work under way, with one of the three rigs turning at Emmie Bluff in January 2026 during the final holes of the program. 5.00 — TIER THREE: THE OFFSHORE HOLDINGS ASX-listed copper beyond Australia The offshore tier holds the register's largest development project and its most instructive departure. TABLE 03 sets out the rows, and the Costa Fuego profile follows. Costa Fuego: the register's biggest development plan Hot Chili's Costa Fuego sits on the coastal range of Chile, about 600 kilometres north of Santiago, and it is the largest copper development plan an ASX investor can currently reach. The resource holds 2.91 million tonnes of copper along with 2.64 million ounces of gold. The prefeasibility study of March 2025 set out the shape of a possible mine, a 20-year operation producing about 95,000 tonnes of copper a year, with a post-tax net present value of US$1.2 billion and a maiden reserve of 502 million tonnes at 0.37 per cent copper.[R10] The project has some advantages that are not common in Chile. It sits at low elevation, where building and operating are cheaper than high in the Andes. Permitting work has been under way for more than a decade. Water, which is often the limiting factor in this part of the world, is addressed through a granted maritime concession held in a separate water business. And Glencore has taken a 9.9 per cent shareholding along with offtake rights over 60 per cent of the early concentrate, which shows a large trading house has looked closely at the ground and chosen to be involved. The risks are the ones that come with any project of this size, and Part 2 explained why they carry more weight now than usual. The capital needed to build Costa Fuego will run into the billions, while the company's market value is a small fraction of that, so a large financing task lies ahead. The definitive feasibility study is still to come. And the mine would earn its living selling concentrate in a market where smelters currently charge nothing to process it. The Glencore relationship softens that exposure but does not remove it. The main near-term development is the La Verde discovery, which is being drilled into a revised study due by the end of 2026. FIG. 07 shows the project's setting on the coastal range. 6.00 — TIER FOUR: THE EXPLORERS The hopeful tier, kept brief by design The explorer tier holds the most companies and the least defined copper, and this series treats it accordingly. These companies are at the stage where the story is a hypothesis awaiting an expensive test. Exploration is exactly that, and every deposit in the tiers above once sat here. The tools for reading this tier were built in Part 1, Section 10.00, and they remain the whole of Samso's guidance on it. Run the funding test on the latest quarterly report, keeping in mind that running costs continue through every month of waiting. Run the evidence test on the latest exploration announcement, keeping in mind that being near Olympic Dam is not evidence of an Olympic Dam. TABLE 04 lists the starter set. The spreadsheet accompanying this document carries this table on its own sheet, with an example row and space to extend it company by company during the pre-publication sweep. The rows above are a starting set. 7.00 — THE SHRINKING REGISTER What compiling the register revealed A register compiled in 2023 would have carried OZ Minerals, Rex Minerals, Xanadu Mines and MAC Copper among its most substantial rows. All four are gone now, and an 80 per cent economic interest in a fifth deposit, Kalkaroo, followed them in February 2026. FIG. 08 sets out the exits. The buyers in FIG. 08 have a lot in common. Each is a strategic, long-term holder of assets: a diversified major, an Indonesian conglomerate, a Singapore-based consortium, a South African gold house moving into copper, and a mid-cap producer securing its next decade of ore. The sellers, in every case, were ASX shareholders accepting a premium, 57 per cent for Xanadu and 98 per cent over the ninety-day average for Rex. Each transaction made sense on its own. Taken together, though, they mean the pool of copper an Australian retail investor can own is shrinking at the development end faster than discovery is refilling it. In its own way, the corporate activity repeats what Part 2's discovery-drought chart showed. FIG. 09 plots what remains, and what has left, on the axes that decide development economics. Set against Part 2's incentive-price estimates, FIG. 09 shows two kinds of project. Down and to the right sit the tonnage bets, Caravel, Costa Fuego, Briggs and, until its departure, Kharmagtai. In these deposits the copper is measured in millions of tonnes, but the grade demands bulk-mining economics, and on the register's own study numbers they need copper prices in the range the incentive-price debate is still contesting. Up and to the left sit the grade bets, Emmie Bluff, Mutooroo, Greater Duchess, and CSA before it left. These are smaller inventories that can carry higher costs for every tonne of rock mined. It is worth pausing on where the buyers have been shopping. Hillside and Kalkaroo sit in the middle of the chart, and CSA sat at the grade end. The corporate money has been buying deposits whose economics work at conservative copper prices, and that choice says something about how those buyers view the incentive-price debate. 8.00 — SAMSO TAKE Closing the series The Copper Question opened with a newspaper column about data centres and aluminium wiring. Three Parts later, the trail has run a long way from there. It has taken in copper demand forecasts that disagree by multiples, a substitution threat that turned out to be a century old and price-capped rather than fatal, mine supply that keeps missing its own guidance while smelters work for nothing, an incentive-price debate spanning a factor of two, and finally a register of ASX-accessible copper that corporate buyers have been steadily reducing from the top. This closes The Copper Question. The register in this document and its companion spreadsheet are built to be maintained rather than filed away. The tables carry their verification flags, the spreadsheet carries its sweep sheet, and the September quarter of 2026, when Nifty either pours cathode or does not, will give the series its first public test. Samso will be watching it on the record, as always. REFERENCES & SOURCES Notes on sourcing All maps, charts and tables in this document are original Samso illustrations of sourced data. The project photographs and reproduced company maps (FIG. 03 to FIG. 07) are drawn from the companies' public presentations, fact sheets and ASX announcements and are credited to their source documents in their captions. Resource figures in TABLE 02 and TABLE 03 marked as verified were checked against company disclosures in July 2026; rows marked "verify" carry a pre-publication check. Market-sensitive figures (production guidance, cash balances, deal values and currency conversions) are stated as at the cited dates and refreshed on publication day. The explorer table is deliberately a starter set pending the pre-publication sweep. [R1] Samso Insights, The Copper Question Parts 1 and 2 (July 2026), for the demand evidence, supply evidence, tests framework, incentive-price material and the Nifty case study, with their underlying references. [R2] Stockhead, "ASX Copper Tier List" (July 2025), and Hot Chili media pages, "ASX Copper Tier List: Part 2": producer output compilation; Alara, Cobre and Norfolk mentions. [R3] The Assay, "Five Largest ASX-Listed Copper Miners in 2026" (February 2026): Sandfire December quarter output; Develop Woodlawn ramp and Trafigura US$65m arrangement. [R4] The Bull (May 2026): Capstone Copper 2026 guidance 200,000 to 230,000 t and costs; South32 Sierra Gorda. [R5] Investing News Network (February 2026): Sandfire MATSA and Motheo operations; Black Butte PFS and permit history. [R6] Caravel Minerals: project page and ASX releases; Mining.com.au (July 2026) on the DFS mining study and the June 2026 reserve of 597 Mt at 0.24%; Stockhead (January 2026) on the resource of 1.28 Bt at 0.24% for 3.03 Mt, DFS progress and reported strategic discussions (verify). [R7] Havilah Resources project pages; Mining Technology and Yahoo Finance (February 2026): Kalkaroo resource and reserve; Sandfire two-stage 80% earn-in and consideration; Mutooroo resource. [R8] Canterbury Resources ASX announcement, "Major Drilling Program Commences at Briggs" (29 April 2026): MRE of 2.0 Mt Cu, 73 Mlb Mo and 16.5 Moz Ag at a 0.15% Cu cut-off (137 Mt at 0.25% indicated; 793 Mt at 0.20% inferred); 45-hole ~14,000 m program; earn-in terms; and Alma Metals releases and coverage (April to May 2026) for funding. [R9] Coda Minerals ASX announcement, "Elizabeth Creek Copper-Silver Drilling Recommences in 2026" (12 January 2026): programme status, project-wide inventory of 65.5 Mt for 725,800 t contained copper, Emmie Bluff resource detail, and the August 2025 scoping study update (pre-tax NPV7 ~A$1.3 billion, IRR 39%); with Discovery Alert (January 2026) and SMM (May 2026). [R10] Hot Chili: PFS announcement (27 March 2025) including the maiden reserve of 502 Mt at 0.37% Cu; Livewire Markets (May 2026): resource of 2.91 Mt Cu and 2.64 Moz Au, PFS economics, Glencore holding and offtake, La Verde and the revised PFS timeline; Crux Investor (April 2025) on production scale and costs. [R11] Xanadu Mines announcements and coverage: Bastion takeover unconditional (June 2025), Zijin acceptance, compulsory acquisition and TSX delisting (July 2025); Allens deal summary (~A$160m implied value); Kharmagtai 2024 PFS parameters and resource basis (Junior Mining Network, January 2025; earlier scoping MRE). [R12] Rex Minerals and Hillside: MACH Metals scheme completion (30 October 2024, A$393m); Mining.com and Australian Mining (July 2024); Rex project page (resource 337 Mt at 0.56% for 1.9 Mt Cu, Stage 1 reserve, A$854m capex); Ausenco EPCM award; Wood Mackenzie project note (May 2026). [R13] Harmony Gold announcement (24 October 2025): completion of the MAC Copper acquisition at US$1.01bn; CSA integration and life-of-mine plan timing (August 2026). [R14] Carnaby Resources coverage (October 2025): Greater Duchess consolidation, ~27 Mt at ~1.5% CuEq across twelve deposits including Trekelano; Glencore tolling and offtake agreement. [R15] KGL Resources: Northern Territory Government investment flyer on Jervois approvals, build schedule and financing dependence (verify currency of document at publication). [R16] BHP disclosures via Part 1 sources: South Australian FY25 guidance and growth studies; Escondida interest. [R17] Kamoa-Kakula context update: Ivanhoe Mines guidance announcement (3 December 2025), 2026 guidance 380,000 to 420,000 t (noted for the Part 2 record). [R18] Deal-value conversions: approximate AUD equivalents at reported-date exchange rates; verify conversions at publication. [R19] Reproduced image sources: Caravel Minerals investor presentation (February 2021); Sandfire and Havilah Resources, Kalkaroo Copper-Gold Project fact sheet (February 2026); Canterbury Resources ASX announcement (29 April 2026); Coda Minerals ASX announcement (12 January 2026); Hot Chili corporate presentation, Rule Symposium (ASX release, 7 July 2026). 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 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. 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SCX.ai is arriving on the ASX today with an operational ten-rack AI inference node, A$5.35 million of contracted annual recurring revenue and a fully underwritten A$40 million raising. The central question is whether the company can convert a partner-supported launch into a diversified, high-utilisation infrastructure business before technology and competition move again. SCX.ai Holdings Limited is listing on the Australian Securities Exchange today under the code SCX, giving investors exposure to an Australian-based artificial-intelligence infrastructure business focused on inference rather than model training. The company offered 133,333,334 new shares at A$0.30 each to raise A$40 million before costs. With convertible notes also converting at listing, SCX expects to have 250,124,413 shares on issue and a market capitalisation of approximately A$75.0 million at the offer price. SCX.ai IPO owns specialised SambaNova inference hardware installed inside the Equinix SY5 data centre in Alexandria, Sydney. It combines that hardware with its own software and customer service layer to sell token packages, dedicated computing capacity, managed AI services, and enterprise enablement. The investment proposition is easy to understand. Australian enterprises and government agencies are expected to use more AI. Some workloads require Australian data residency and operational control, and inference should become a larger part of AI infrastructure spending as applications move from testing to production. At a Glance IPO detail Prospectus position ASX code SCX Offer price A$0.30 per share Gross IPO proceeds A$40.0 million New IPO shares 133,333,334 Convertible-note conversion shares 16,791,079 Total shares at listing 250,124,413 Indicative market capitalisation A$75.04 million Pro-forma net cash A$29.03 million Prospectus enterprise value A$46.01 million Options and adviser options 11,700,000 FY26 pro-forma forecast revenue A$6.04 million Contracted ARR at May 2026 A$5.35 million Unbilled total contract value A$14.61 million Expected free float 56.7% IPO underwritten Yes - fully underwritten Current anticipated quotation 21 August 2026 at 12:00 pm AEST The 60-Second Pitch - SCX.AI IPO SCX.ai IPO proposition rests on three ideas. The first is market timing. AI expenditure is moving from training large models towards repeatedly running those models inside applications. That operating stage is inference. The prospectus's commissioned industry report estimates that inference could increase from approximately 49 per cent of AI infrastructure spending in 2025 to 69 per cent by 2030. The second is sovereignty. Some Australian government, defence, healthcare, financial-services and enterprise workloads cannot be treated like ordinary public-cloud traffic. Customers may require local processing, stronger governance and more control over where prompts, documents and model outputs travel. The third is infrastructure economics. SCX is using purpose-built SambaNova ASIC hardware rather than general-purpose GPU infrastructure. The prospectus reports material performance-per-watt and speed advantages for selected stable inference workloads. If those advantages translate into lower cost per token and higher rack utilisation, the model could generate operating leverage as demand grows. The unanswered question is whether SCX can build a diversified commercial customer base quickly enough. The current contracted metrics are dominated by SambaNova's three-year offtake agreement. Investors therefore need to distinguish between initial revenue visibility and independent market validation. Both matter, but they are not the same thing. Figure 1: SCX History Overview (Source: ASX Announcement) The Offer and What the Valuation Means The IPO offered 133.33 million new shares at A$0.30 each. A separate conversion offer will issue approximately 16.79 million shares to holders of pre-IPO convertible notes. Table 1: The offer particulars Capital structure Shares Ownership at listing Existing shareholders before note conversion 100,000,000 40.0% Convertible-note conversion shares 16,791,079 6.7% New IPO shareholders 133,333,334 53.3% Total shares on listing 250,124,413 100.0% At A$0.30 per share, SCX's indicative market capitalisation is A$75.04 million. The prospectus deducts A$29.03 million of pro-forma net cash to calculate an enterprise value of A$46.01 million. That enterprise-value figure is more useful than market capitalisation alone because it separates the operating business from the cash raised. It implies that the market is placing an initial value of about A$46 million on SCX's installed hardware, software, contracts, team and growth platform after recognising the pro-forma cash balance. There is another layer to that cash number. SCX has an A$11.34 million committed payment for the second tranche of ten SambaNova racks. If investors ring-fence that commitment, approximately A$17.69 million of the A$29.03 million pro-forma cash balance remains before other working-capital requirements. The expenditure is not lost - it is exchanged for additional hardware - but the cash is not fully discretionary. The IPO also creates 11.7 million options and adviser options. The 4.7 million director and management options have an A$0.30 exercise price. The 7.0 million adviser options issued to Henslow and Canaccord have an A$0.33 exercise price and expire three years after listing. If all options were eventually exercised, the share count would rise by approximately 4.7 per cent from the listing base and the company would receive approximately A$3.72 million in exercise proceeds. The Convertible Notes Deserve Attention Between March and May 2026, SCX issued A$3.4 million of secured convertible notes for net cash proceeds of A$3.2 million. The money funded working capital, payments to SambaNova and IPO preparation costs. The notes accrue interest at 2 per cent per month, with half payable in cash and half capitalised. On listing they convert at A$0.21 per share, representing a 30 per cent discount to the IPO price. Bridge financing is not unusual for a company approaching an IPO, but these are expensive terms. The monthly interest rate, security and conversion discount reflect the risk accepted by noteholders and the company's need for capital before the public raising. The note conversion will issue approximately 16.79 million shares, equal to 6.7 per cent of the listing capital. Directors, the joint lead managers and other noteholders participated in the notes. Henslow and Canaccord each received A$100,000 face value of notes as fees for managing the note offer. The IPO underwriting itself carries cash selling, management and underwriting fees equal to 6 per cent of the gross proceeds, or A$2.4 million, plus the 7.0 million adviser options. Total estimated cash transaction costs are A$3.14 million. The adviser options were independently valued in the prospectus at approximately A$1.5 million. This is part of the real cost of reaching the ASX and should be considered alongside the fully underwritten status of the A$40 million offer. What SCX Actually Owns and Operates SCX is not building a data centre and it is not developing a frontier foundation model. Its model sits between those layers. The company purchases specialised AI inference hardware, installs it in third-party Australian data centres and uses a proprietary software layer to turn computing capacity into services that customers can consume through application programming interfaces, dashboards and dedicated infrastructure arrangements. The initial deployment consists of ten SambaNova SN40L racks at Equinix SY5 in Alexandria, Sydney. The FY26 forecast refers to 160 reconfigurable dataflow units across those ten racks. The data-centre allocation has approximately 120 kilowatts of capacity, while each rack typically consumes about 10 kilowatts. The first node is therefore real and installed. This differentiates SCX from a concept-stage AI float that is raising money before acquiring its core infrastructure. The second ten-rack tranche is also committed. Installation is planned to commence in November 2026, with service availability expected in early 2027. Beyond Sydney, SCX intends to add further Australian locations as demand develops. The platform has four practical layers: Infrastructure: Equinix SY5 provides the physical facility, power, cooling, security and connectivity. Compute: SambaNova supplies the SN40L inference hardware and the software used to manage that hardware. SCX software: SCX provides APIs, model access, routing, metering, dashboards, guardrails, storage, analytics and customer controls. Enterprise services: The SCX team assists with deployment, workflow design, governance, compliance, fine-tuning and ongoing support. SCX says it holds rights to three provisional patent applications relating to the software layer. The strategic value of the business will depend on how much differentiation and customer retention that layer creates beyond the underlying hardware. Figure 2: Description of the SCX Platform (Source: ASX Prospectus) Inference Is the Product - Not AI Training Training is the expensive process of creating or materially developing an AI model. Inference is what happens afterwards: a trained model receives a prompt or request and produces an answer, classification, summary, image, transcription or software action. Inference becomes recurring infrastructure demand when AI is embedded inside a business application. Every customer interaction, document query or automated workflow consumes tokens and computing capacity. SCX is targeting that recurring stage through four revenue lines: token-based inference subscriptions; dedicated infrastructure leasing; managed AI services; and enterprise enablement and governance services. The packaged subscriptions range from starter plans to growth and enterprise offerings. Dedicated arrangements allocate specific computing resources to a customer for a fixed term or minimum commitment. This mix gives SCX the potential to combine recurring consumption revenue with larger contracted capacity agreements. It also means revenue can be volatile if customers take longer to move from trial activity into production workloads. The Contracted Revenue Headline Needs Context At May 2026 month-end, SCX reported: A$5.35 million of contracted ARR; A$14.61 million of unbilled total contract value; and 298 active platform users at 23 June 2026. Those numbers show that the business has moved beyond a pre-revenue concept. They should not, however, be read without the concentration detail. SambaNova accounts for A$14.4 million of the A$14.6 million unbilled total contract value. Its offtake agreement commenced on 1 April 2026, runs for an initial three years and requires a fixed monthly payment of US$302,553 for reserved compute capacity. The prospectus places the total contract value at A$15.2 million. SambaNova is therefore doing three jobs at once: selling SCX its specialised hardware; providing the supporting software and managed services; and purchasing capacity back from SCX under the offtake agreement. This arrangement gives SCX immediate utilisation support and predictable monthly revenue while the external customer base develops. It also creates a circular concentration risk. If SambaNova suffers financial problems, changes strategy, is acquired, falls behind technologically or terminates an agreement following a breach, both SCX's revenue and its operating platform could be affected. For FY26, SCX forecasts A$6.04 million of revenue. Approximately A$3.8 million, or 63 per cent, is underwritten by the SambaNova offtake agreement. The remaining forecast still requires execution. A$2.13 million, or approximately 35 per cent of total FY26 revenue, is expected from new customer and subscription wins between June and December 2026. The forecast assumes 42 new customers or subscriptions, including two dedicated-rack subscriptions and 14 enterprise subscriptions. At May month-end, SCX reported 69 identified and qualified opportunities, including 17 late-stage opportunities with service quotes submitted. That is useful pipeline evidence, but it is not contracted revenue. The 298 active users also require care. The prospectus explicitly says the number includes both fee-paying users and non-paying users participating in pre-subscription trials. It should not be interpreted as 298 paying customers. The cleanest post-listing commercial measure will be contracted ARR and total contract value excluding SambaNova, supported by disclosure on customer count, utilisation, retention and average revenue per customer. The Financial Forecast Is a Seven-Month Execution Test SCX's FY26 forecast combines five months of actual results to 31 May 2026 with seven months of forecast trading to 31 December 2026. Table 2: Financial forecast Pro-forma financial measure FY25 FY26 forecast Revenue A$0.01m A$6.04m Cost of sales Nil A$2.52m Implied gross profit A$0.01m A$3.52m Implied gross margin n.m. 58.3% EBITDA (A$2.21m) (A$2.40m) NPAT (A$2.21m) (A$3.55m) Net operating cash flow (A$0.51m) (A$2.06m) Capital expenditure cash flow (A$1.33m) (A$22.24m) The implied 58.3 per cent gross margin is useful, but it is not yet a mature unit-economics result. SCX's cost of sales is largely fixed to installed capacity, including data-centre access, power, connectivity, SambaNova software and support. Margins should improve if more tokens are sold across the same racks, but they can deteriorate if utilisation remains low. The company expects FY26 pro forma public-company costs of approximately A$1.2 million a year and executive-leadership cash costs of approximately A$1.9 million a year. Management has not provided a date by which it expects SCX to become profitable, saying there is no reasonable basis to do so. The forecast sensitivity analysis shows how dependent the first year is on conversion timing. A one-month delay in new-customer conversion would reduce forecast EBITDA by A$353,000. The gain or loss of one dedicated-rack customer changes forecast EBITDA by approximately A$541,000. This is why the next reporting periods matter more than the broad AI market-growth forecast. The business has to demonstrate that pipeline becomes contracted consumption before the cost base and next hardware tranche move too far ahead of demand. Where the A$40 Million Goes Table 3: Use of funds Use of proceeds Amount Share of proceeds AI hardware A$19.3m 48.3% Working capital A$12.2m 30.5% SambaNova managed AI services A$5.4m 13.5% Transaction costs A$3.1m 7.7% Total A$40.0m 100.0% The hardware allocation includes A$8.0 million to settle amounts payable on the first ten racks and A$11.3 million for the committed second ten-rack tranche. Working capital includes A$3.9 million for personnel, A$2.8 million for sales and marketing, A$1.6 million for compliance, advisers and public-company costs, A$1.3 million for operating expenses associated with the next ten racks, and A$2.6 million for other working-capital items. In total, A$24.7 million - approximately 61.8 per cent of the raise - is allocated to hardware and SambaNova-managed services. This confirms that SCX should not be valued as a conventional asset-light software company. It is a capital-intensive compute operator with a proprietary software and services layer. The staged hardware model is sensible if the second node is matched to customer demand. The main execution risk is that capital is committed before sufficient independent utilisation has been secured. Sovereign AI SCX's central positioning is that customer workloads are processed on Australian infrastructure under Australian operational control. That should appeal to organisations that care about data residency, regulatory alignment, security and the ability to deploy open-weight or private models without using a conventional public-cloud service. The prospectus is also unusually clear about the limitation. The Equinix facility is owned by a US-headquartered company, while SambaNova is a US hardware and software supplier. The prospectus says there can be no absolute assurance that customer data is entirely beyond foreign legal processes. US authorities could potentially seek access through foreign-owned infrastructure or technology suppliers, depending on the legal circumstances. SCX may therefore provide stronger Australian control and residency than many public-cloud alternatives without delivering absolute technological or legal sovereignty. That distinction matters most for defence, government and highly regulated customers - precisely the sectors central to the investment narrative. SCX will need to demonstrate that its architecture, contracts, governance and certifications satisfy the procurement standards of those customers in practice. How SCX Should Be Compared There is no clean ASX peer group for SCX. Data-centre owners are primarily valued on land, powered capacity, occupancy and long-duration infrastructure economics. Traditional software-as-a-service companies are assessed on recurring revenue, retention, gross margins and customer-acquisition efficiency. Chip companies are valued on intellectual property, design wins and manufacturing economics. SCX sits across these categories. It owns compute hardware but not the underlying data centre. It operates proprietary software but depends on SambaNova's architecture. It earns recurring and usage-based revenue, but the initial revenue base is dominated by an offtake partner. The most useful operating measures are therefore: contracted ARR excluding SambaNova; independent enterprise and government customer count; rack and token utilisation; gross margin as utilisation increases; customer retention and contract duration; capital expenditure required for each increment of ARR; hardware useful life and refresh costs; and the timing of EBITDA and operating cash-flow break-even. Applying a pure SaaS multiple would ignore the hardware intensity. Comparing SCX only with data-centre operators would ignore the software, customer layer and token economics. The investment case needs both lenses. Who Is Running SCX? David Keane, founder, Managing Director and Chief Executive Officer, previously co-founded Bigtincan Holdings and led that enterprise-software company through its ASX listing and eventual acquisition by Vector Capital in 2025. That experience is directly relevant: SCX needs to sell complex technology to enterprise customers while operating under public-market scrutiny. Wayne Stevenson, independent non-executive chair, has banking, strategy and public-company experience, including previous roles at ANZ and as chair of QMS Media through its IPO. He was also a director of Bigtincan. Thomas Amos, non-executive director, was the long-time chair of Bigtincan and is currently chair of Amber Technology. His background includes telecommunications, venture capital and public-company governance. Penny Fowler AM, independent non-executive director, adds marketing, media, tourism and institutional board experience, including roles with Tourism Australia and Tech Mahindra. Rahul Vaidya, Chief Financial Officer from 1 August 2026, brings 18 years of investment-banking, corporate-finance and technology-sector experience. The board contains substantial Bigtincan continuity. That should support cohesion and knowledge of enterprise-software commercialisation, although investors should still assess whether SCX develops the deeper infrastructure, security and AI engineering capability required for a compute platform. David Keane is expected to hold voting power of approximately 27.0 per cent on listing. Thomas Amos is expected to hold 8.6 per cent. Keane's holding is large enough to block resolutions requiring a 75 per cent majority, providing strong founder influence without majority control. Approximately 42.4 per cent of the listing shares are expected to be subject to mandatory escrow, while the prospectus estimates a free float of 56.7 per cent. One related-party matter is disclosed. Chief software engineer Robert Amos is the son of director Thomas Amos. He is employed on A$252,000 total fixed remuneration and has an interest in two million existing shares. The prospectus describes the terms as market-standard and arm's length. Key Risks Partner concentration: SambaNova is the core hardware supplier, software and support partner, and source of most contracted near-term revenue. Customer diversification: Approximately A$14.4 million of A$14.6 million unbilled total contract value is attributable to SambaNova. Forecast execution: A$2.13 million of FY26 forecast revenue depends on winning new customers or subscriptions after May 2026. Rapid technological change: GPU inference, competing ASIC designs or more efficient models could reduce the economic advantage of the installed SN40L hardware. Hardware refresh and capital intensity: Specialised compute hardware is expensive and may require faster replacement than the five-year accounting life assumed in the prospectus. Single-site exposure: All current operating hardware is at Equinix SY5 in Sydney, creating concentration around power, cooling, access and connectivity. Sovereignty limitations: The data centre owner and principal hardware supplier are US companies, potentially complicating claims of absolute sovereignty. Competition: SCX competes with hyperscalers, specialist AI compute providers, telecommunications companies and other sovereign-cloud operators with greater resources and existing customer relationships. Cybersecurity and data breaches: A security incident would directly damage the trust proposition underpinning the brand. Procurement cycles: Government and regulated-enterprise sales can be slow, causing revenue to lag infrastructure expenditure. Energy and foreign exchange: Power costs affect margins, while hardware, support costs and the SambaNova offtake are exposed to the Australian-dollar/US-dollar exchange rate. No profitability timetable: SCX is loss-making and may require further funding for expansion beyond the first 20 racks. Escrow release and dilution: Approximately 42.4 per cent of shares are expected to be escrowed, while 11.7 million options create potential future dilution. Milestones That Will Test the IPO Thesis The most useful post-listing milestones are specific and measurable. Delivery of the A$6.04 million FY26 revenue forecast. Conversion of the forecast 42 new customers or subscriptions, particularly the two dedicated-rack and 14 enterprise subscriptions. Growth in contracted ARR and total contract value excluding SambaNova. Disclosure of paying-customer numbers separately from trial users. Rising utilisation and gross margin across the first ten racks. Installation of the second ten-rack tranche from November 2026 and service availability in early 2027. Evidence that enterprise and government customers accept SCX's sovereignty and security architecture. A credible path toward EBITDA and operating cash-flow break-even. A hardware-refresh roadmap that keeps pace with SambaNova and competing inference architectures. Samso Concluding Comments The easy way to present SCX.ai is to talk about the growth of artificial intelligence, the demand for sovereign infrastructure and the power constraints facing conventional GPU data centres. All three themes are relevant. None of them, on its own, justifies the IPO valuation. At the offer price, investors are paying approximately A$75 million for an operational company that has ten racks installed and forecasts A$6.04 million of FY26 revenue. After deducting pro forma cash, the prospectus enterprise value is approximately A$46 million. That is equivalent to about 7.6 times forecast revenue and 8.6 times contracted ARR. There is substance behind the story. This is not a company with a slide deck and a plan to buy hardware later. The first node is installed. The platform is operating. The founder has already taken an enterprise-software company through the ASX. The A$40 million offer is fully underwritten, and the next ten racks are contractually committed. There is also a concentration that cannot be ignored. SambaNova supports most of the unbilled contract value and almost two-thirds of forecast FY26 revenue while also supplying the technology on which the platform depends. The offtake agreement is a useful bridge to utilisation, but it should not be mistaken for a diversified enterprise customer base. The most important number after listing will therefore not be total ARR in isolation. It will be ARR from independent customers, accompanied by evidence that those customers are moving from trials into recurring production workloads. SCX's model could produce attractive operating leverage if the existing racks fill. Cost of sales is substantially tied to installed capacity, so higher token consumption across the same hardware should improve margins. The inverse is also true. Underutilised racks still consume capital, data-centre services, support costs and management attention. This is not a conventional SaaS story. It is a capital-intensive infrastructure and services business with a software layer. Investors must assess hardware economics, partner risk and customer utilisation as seriously as they assess ARR growth. For investors comfortable with early-stage technology, infrastructure execution and customer-concentration risk, SCX offers a rare listed entry into Australia's emerging sovereign AI inference market. For more cautious investors, the sensible approach is to watch the first reporting periods: separate partner revenue from independent customer growth, measure utilisation, and see whether the forecast sales pipeline converts before the second node materially expands the cost base. The AI market may grow rapidly. SCX still has to prove that it can capture that growth on attractive economics. That is where the value has to be created. 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 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Lion Rock Minerals Ltd (ASX: LRM) Lion Rock Minerals Limited (ASX: LRM), formerly Peak Minerals Limited, is an Australian-listed mineral sands and critical minerals explorer focused on the development of its flagship Minta Rutile & Monazite Project in central Cameroon. The Company holds an 80% group interest in 18 granted exploration permits and three further permits under valid application across approximately 8,800 km² of prospective ground at Minta, with approximately 5,000 km² described as the higher-priority prospective belt within that footprint. Beyond Minta, Lion Rock holds the Kitongo and Lolo Uranium Projects in Cameroon (six tenements totalling approximately 2,440 km², all currently pending grant) and the Yendon Kaolin Project in Victoria (four licences in the Ballarat-Bendigo zone of the Lachlan Fold Belt). The Green Rocks Project in Western Australia was divested in April 2026 as non-core. Read More

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The Company’s recent announcements outline the completion of clinical validation with the Mayo Clinic Platform and the subsequent formal lodgement of an FDA 510(k) submission in the Noel Ong Jan 30 7 min read Proteomics International — Canadian Patent Granted for PromarkerEso - A Precision Diagnostics Business - Market Penetration Proteomics International (ASX: PIQ) is a precision diagnostics company focused on the development and commercial launch of first-in-class blood-based diagnostic tests targeting diseases that are often detected late and are costly to manage. The Company operates a platform-based model, combining proprietary biomarkers, validated clinical data, accredited laboratories, and a digital sales pathway to support direct sales and future licensing across multiple tests and jurisdictio Noel Ong Jan 30 5 min read Singular Health Group – USD $1.3m U.S. Commercial Contract with PNS Signals First National-Scale Rollout – Healthcare Image Interoperability and Scalable SaaS Revenue Samso is drawn to Singular Health because it is transitioning from proof-of-concept into contracted commercial deployment within the U.S. healthcare system. The Company is addressing a clearly defined inefficiency—medical imaging interoperability—through a regulatory-cleared, enterprise-ready platform with early validation from a large MSO partner. Noel Ong Jan 28 7 min read Vitrafy Life Sciences — IMV Strategic Commercial Agreement Marks a Commercial Validation Step - A Definite #SamsoDYOR and a strong consideration for position play. Vitrafy Life Sciences Limited (ASX: VFY) released a market update on 15 January 2026 outlining a strategic commercial agreement with global animal reproduction leader IMV Technologies. The agreement positions Vitrafy’s cryopreservation technology within IMV’s global product and distribution platform, marking a material step in Vitrafy’s commercial execution strategy following Samso’s earlier IPO coverage of the Company. Noel Ong Jan 28 7 min read Samso News: NeuroScientific Biopharmaceuticals Limited – StemSmart™ Delivers Clinical Responses in Fistulising Crohn’s Disease – Time for understaing when to take your position. Samso is drawn to NeuroScientific because the Company is transitioning from early-stage development into real-world clinical validation. The Special Access Program outcomes represent a tangible inflection point, where clinical efficacy, regulatory engagement, and manufacturing readiness begin to converge around a scalable therapeutic platform. Noel Ong Jan 23 8 min read Samso News: ReNerve Limited — A Peripheral Nerve Injury Story – Too Early To Take A Position? ReNerve Limited has secured market registration approval in Malaysia for its NervAlign® Nerve Cuff, marking another regulatory milestone in the Company’s Asia-Pacific expansion strategy. The approval adds to existing clearances in Hong Kong and Thailand and follows a positive assessment of ReNerve’s clinical evaluation data. With an established US commercial base and a growing portfolio of nerve repair and tissue products. Noel Ong Jan 21 7 min read Island Pharmaceuticals Strengthens Galidesivir Position with New US Filoviridae Patent - An Antiviral Solution for your Watchlist. Island Pharmaceuticals Limited (ASX: ILA) is advancing its antiviral strategy through the clinical development of Galidesivir, a broad-spectrum antiviral targeting high-consequence viral threats, including Marburg and Ebola. The program is positioned within a global biosecurity and public health framework, with regulatory engagement centred on the United States Food and Drug Administration (FDA) and potential inclusion in government stockpiles. Noel Ong Jan 20 7 min read BCAL Diagnostics Limited Expands Early Cancer Detection with National Avantect Rollout - Research To Commercial Early Cancer Diagnostics - SamsoDYOR. BCAL Diagnostics is transitioning from a long-standing research-led organisation into a commercial early cancer diagnostics company, with laboratory operations based in Sydney and expanding national reach across Australia. The Company’s FY25 AGM and its 9 December 2025 ASX announcement collectively outline a business now focused on scaling commercial adoption following the launch of its first diagnostic product and the upcoming national rollout of additional early-detection t Noel Ong Jan 15 7 min read 1 2 3 4 5

Iron Bear Resources Ltd (ASX: IBR) Iron Bear Resources Ltd (ASX: IBR), formerly Cyclone Metals Limited, is an Australian-listed exploration and development company focused on large-scale iron ore assets. The company’s core asset is the Iron Bear Project in the Labrador Trough, Canada. This is a globally recognised iron ore region with established infrastructure and long mining history. The project sits near rail and port access, which is critical for bulk export. Iron Bear is advancing a magnetite iron ore development with potential to produce both blast furnace and direct reduction (DR) grade products. This aligns with the shift toward lower-emission steelmaking. Beyond iron ore, the company retains exposure to other commodities including gold, copper, lithium, and nickel, providing broader upside across the portfolio. Read More