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Announcement Catalyst Ridge REE-Antimony Expansion in Mountain Pass USA 9 September 2025 Great Northern Minerals Ltd (ASX: GNM)   has announced a significant expansion of its Catalyst Ridge REE–Antimony Project  in the Mountain Pass District, California (Figure 1). The move marks a step-change in the Company’s U.S. footprint, adding new ground in one of the world’s most strategic rare earth corridors. Figure 1: Interpreted USGS bedrock geology map highlighting GNM’s newly acquired claims, positioned relative to the Mountain Pass REE deposit, nearby mineral occurrences, and other active operators in the district. (source: GNM) Key Highlights - Establishing a REE Story in the USA 96 new lode claims  staked, adding ~8.03km² to the Catalyst Ridge Project. Expansion builds on the existing 119 lode claims  acquired in August 2025, consolidating GNM’s position in the Mountain Pass corridor. New ground lies in geological settings similar  to the Mountain Pass REE Mine and Colosseum gold deposit – both linked to carbonatite systems. Structural intersections and magnetic highs  across the new claims are considered highly prospective for REE-bearing intrusions and antimony-gold mineralisation. Systematic geochemical sampling program  to commence in the coming weeks, targeting anomalies and structures identified in geophysical datasets. Catalyst Ridge Expansion The 96 new claims sit just 10km north of the Mountain Pass REE Mine and processing facility owned by MP Materials (NYSE: MP), the only producing rare earths mine in the USA (Figure 2). This proximity underscores the strategic significance of GNM’s position. The claims have been formally lodged with San Bernardino County and the Bureau of Land Management (BLM). While all fees have been paid, tenure confirmation is pending final approval by the BLM. Figure 2: Airborne magnetic map showing structures across new claims (source: GNM) Geological & Geophysical Review GNM’s analysis highlights several encouraging features: Intersecting NW and NNW structures  – known controls for REE-bearing carbonatite intrusions. Magnetic highs  analogous to those seen at Dateline Resources’ Colosseum gold deposit. Gravity anomalies  consistent with lobate intrusions, enhancing potential for REE, gold, and antimony mineralisation (Figure 3). Figure 3: Airborne gravity gradiometer map – Catalyst Ridge vs Mountain Pass (source: GNM) Radiometric uranium anomalies , which may be significant given Mountain Pass’ uranium associations (Figure 4).  Figure 4: Radiometric uranium anomalies across new claims (source: GNM) Exploration Strategy GNM will integrate the new claims into a broader exploration strategy. The immediate focus is a systematic geochemical sampling program , aimed at ground-truthing geophysical anomalies. This work is expected to define priority drill targets  for testing REE and Sb–Au mineralisation Non-Executive Chairman, Eddie King, commented: “The expansion of the footprint of the Catalyst Ridge Project through the addition of the 96 new claims strengthens GNM’s intended strategic presence within one of the United States’ most critical regions for the exploration of critical minerals. We are excited to stake freely available ground with very interesting geophysical features that have shown the potential to host deposits of globally significant scale and importance. We are excited to work closely with our US-based geology team to begin fieldwork in the coming weeks.” Samso Concluding Comments The latest expansion at Catalyst Ridge is about positioning in one of the most strategic and marketable rare earth corridors in the world. Mountain Pass is synonymous with rare earths, and having tenure only 10 km away places Great Northern Minerals in a highly competitive geological postcode. Surprisingly, I am very curious about how this type of ground became available, considering the "popularity" of the ground, which makes the timing of GNM’s move particularly significant. The geological similarities with known deposits such as Mountain Pass and Colosseum are important. Intersecting structures, magnetic highs, and gravity anomalies are the markers geologists look for when building a case for large-scale mineral systems. The presence of radiometric uranium anomalies adds another layer of prospectivity, given their known association with rare earth mineralisation in the district. Exploration is still early days, and as always, the story will need to be tested with geochemical sampling and drilling. It looks like the marketing process is underway, and the rising share price proves that this is a great step for the shareholders of GNM. For now, the key is to watch how quickly GNM can convert this newly acquired ground into defined drill targets. With sampling set to begin in the coming weeks, the market should start to see results that either confirm or challenge the thesis. In a sector where scale and geology dictate long-term value, Catalyst Ridge is positioning itself as a project worth following closely. The Samso Way – Seek the Research Every announcement is a starting point, not the conclusion. Follow the evidence, benchmark peers, and let disciplined research guide you. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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 1.      Samphire Field Recovery Trial PEPR Approved 25 August 2025 2.      Samphire FRT - Production Well Drilling Underway 11 September 2025 3.      Presentation - RIU Uranium Investment Day – Perth 11 September 2025 Every so often, we see a project cross an important threshold – the point where years of technical work and regulatory engagement transform from planning into physical activity on the ground. For Alligator Energy Limited (ASX: AGE) , the Samphire Uranium Project  near Whyalla, South Australia, has reached exactly that point (Figure 1). With final regulatory approvals secured, drilling underway, and construction set to follow, the project is now poised to generate the critical operational data necessary to unlock its next phase of growth. Figure 1: Alligator Energy’s Uranium and Nickel Projects (source: AGE) This Samso Insights takes a deeper look at Alligator’s progress, the significance of the Field Recovery Trial (FRT) , and what this means for investors tracking Australia’s next in-situ recovery (ISR) uranium mine.   Key Highlights - Steps Away from A Uranium Miner Regulatory Green Light:  The SA Department for Energy and Mining (DEM) and co-regulators have approved the Program for Environment Protection and Rehabilitation (PEPR), formally authorising commencement of the FRT First Wells Being Drilled:  Watson Drilling has mobilised to site and begun drilling the first of three well patterns required for the FRT Construction Phase Imminent:  Civil works and plant installation will be delivered by Whyalla-based Ahrens Group, supported by local subcontractors, with site mobilisation scheduled over the coming weeks Pilot Plant Ready:  Alligator already has the containerised pilot processing plant staged at its Whyalla yard, ready for installation Three-Month Operations Window:  Following construction and commissioning, the FRT will operate over ~3 months, providing data on uranium recovery, in-situ chemistry, reagent use, and hydrogeology – all vital inputs for the Definitive Feasibility Study (DFS) and Mining Lease Application Robust Resource Base:  The Blackbush Deposit hosts a JORC 2012 Mineral Resource Estimate of 18.0 Mlbs at 676 ppm U₃O₈ (78% Indicated), providing a strong foundation for wellfield design   Setting the Stage Acquired in 2020, Samphire is one of Australia’s most advanced ISR uranium projects outside of production. The project consists of the Blackbush Deposit  and the Plumbush Prospect , located in a Tier 1 uranium mining jurisdiction where five ISR uranium mines are already approved (Figure 2). Since acquisition, Alligator has systematically advanced the asset, completing bench-scale pilot process work at ANSTO , two scoping studies (2023), and a major resource upgrade in May 2025. Figure 2: Samphire Uranium project: Blackbush Deposit and the Plumbush Prospect in South Australia. (source: AGE) This disciplined approach has resulted in a deposit with well-defined roll-front mineralisation, known hydrogeology, and strong ISR amenability. These attributes make Samphire a prime candidate for low-cost, scalable ISR development. The Field Recovery Trial – Why It Matters The FRT project will involve establishing three well-field patterns, as well as the placement and construction of the containerised pilot processing plant (Figure 3) and its associated equipment, followed by wellfield operations. The containerised prefabricated pilot processing plant is already in Alligator’s Whyalla yard, ready for mobilisation and installation. Figure 3: Ion exchange module; Wellhouse (pipe room) module; Reverse Osmosis plant – currently staged in Alligator’s Whyalla yard (source: AGE) This prefabrication means the project team can rapidly transition from site mobilisation to commissioning, shortening the timeline to first recovery solutions.  The FRT is more than just a technical exercise – it is the bridge between resource definition and full-scale production. The trial will: Validate ISR Performance:  Confirm uranium recovery efficiency, reagent consumption, and in-situ chemistry under real-world conditions. De-risk Future Production:  Provide critical data on hydrogeological response, operational costs, and environmental performance. Feed into the DFS:  Generate the key inputs for detailed wellfield design, mine planning, and economics (Figure 4). Support Mining Lease Application:  The data will underpin the submission targeted for early 2026   Figure 4: Layout of the FRT production wellfields and pilot plant site. (source: AGE)   Construction and Commissioning The construction phase will take roughly eight weeks from site mobilisation, followed by three to four weeks of commissioning (Figure 5). The modular nature of the pilot plant means assembly and integration can proceed quickly. Figure 5: Samphire Uranium Project (Blackbush Deposit) – approx. timeline for key activities (source: AGE) Once commissioned, the trial will run sequentially through three well patterns, with inline monitoring and laboratory analysis to allow real-time adjustments. After completion, the wellfields will be decommissioned and rehabilitated, leaving behind a detailed dataset that de-risks the path to production   Project Economics – Why Investors Are Watching The December 2023 Scoping Study demonstrated robust project economics even at conservative long-term uranium price assumptions (US$75/lb). At that price, the project delivered: NPV₈:  A$257M (post-tax, ungeared) IRR:  42% Payback:  2.45 years AISC:  US$33.31/lb At today’s consensus long-term uranium price of US$90/lb, the NPV₈ rises to A$371M, with a post-tax IRR of 55% and a reduced payback period of 1.93 years. This economic leverage is why the FRT is so pivotal – its success could justify scaling production beyond the current 1.2 Mlbs per annum case considered in the study.   Exploration Upside While the FRT is the near-term catalyst, it’s worth noting that more than 70% of the Samphire palaeochannel system remains untested. The Exploration Target  adds a conceptual range of 14–75 Mlbs eU₃O₈ beyond the current Blackbush resource, highlighting the project’s scalability (Figure 6). Figure 6: Exploration Potential Beyond the Current Envelope (source: AGE)   Alligator’s CEO Andrea Marsland-Smith  commented: “I am very pleased that we are now commencing site works with the inaugural installation of production wells at the Blackbush Deposit for the field recovery trial. We are ready to work with Ahrens on construction and commissioning of the ISR pilot plant with our experienced ISR technical and operations team in place for its operation from January 2026. Subject to successful FRT, Mine Lease approval, DFS and financing, this drilling also represents the first future production wells for Australia’s next ISR uranium mine.” Next Steps Complete production well drilling and construction of the pilot plant (Q4 2025). Commission and operate the FRT through Q1 2026. Analyse results, update resource and wellfield design. Commence DFS and Mining Lease Application process (early 2026). The path ahead is clear – finish drilling and plant construction in Q4 2025, commission and run the FRT in early 2026, analyse and integrate results into an updated wellfield design, and launch the DFS and Mining Lease Application process to advance Samphire toward production. Samso Concluding Comments The approval of the PEPR and the commencement of drilling for the Field Recovery Trial represent the moment when Samphire transitions from concept to execution. For investors, this is where technical studies are put to the test, and real-world performance begins to define the project’s economic future. The next few months will show whether the resource quality and ISR conditions translate into recoveries consistent with the scoping study assumptions. The importance of this FRT cannot be overstated. It is designed to gather the hydrogeological, chemical, and operational data that will underpin the Definitive Feasibility Study and Mining Lease Application. These are the gatekeepers to project financing and eventual production. In short, success here is the key that unlocks the next stage of value creation for Alligator Energy. Investors should also keep the bigger picture in mind. With over 70% of the palaeochannel system still untested, the Samphire Project has significant upside potential beyond Blackbush. This exploration pipeline, combined with the nearby Plumbush Prospect, could provide years of resource growth and support higher production rates than the current 1.2 Mlbs per annum case once the project reaches production. Figure 7: Alligator Energy Limited (ASX: AGE) share price chart. (source: CommSec). With a market valuation of AUD $115M, one may rightfully feel that this is expensive, but looking at the chart, this share price is not reflective of any excitement. Is this a good time to get in? I like the outlook for uranium, and I do like the AGE story. The timeline for the whole story happening is my big question. It would be good to get a Coffee with Samso happening, so let's see how this pans out. At Samso, we always come back to fundamentals: facts first, context always. The geology, resource quality, and ISR amenability all point to a technically robust project. The upcoming FRT will either validate or challenge those assumptions – and that is why this moment is so significant. Map the geology to the strategy, verify the numbers, and decide only after your own research. The Samso Way – Seek the Research Every release opens a door for deeper work. Benchmark the results, weigh the context, and let research – not emotion – guide you. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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 DY6 to Commence Follow-up Exploration at High-Grade Gallium & REE Projects in Malawi 10 September 2025 DY6 Metals Ltd (ASX: DY6) is advancing exploration at its gallium and rare earth projects in southern Malawi, a move that comes at a time when global demand for critical minerals is intensifying. The upcoming sampling programs at Tundulu and Machinga are designed to build on high-grade results already reported, positioning the Company to unlock further value in strategically important commodities (Figure 1). Figure 1: Tundulu Project Location Map and Historical Drill Hole locations over Nathace Hill (source: DY6) Key Highlights Tundulu Project : 75 soil and rock chip samples planned to build on the discovery of high-grade gallium mineralisation (up to 310.46 g/t Ga₂O₃ and 5.68% TREO). Only 40% of the prospective area has been drill-tested, leaving significant upside potential. Machinga Project : 116 soil and rock chip samples to be collected across a 400m x 200m grid, targeting strong radiometric anomalies. Maiden RC and diamond drilling (2023) confirmed high-grade continuity, including 15.1m @ 1.01% TREO and 0.36% Nb₂O₅. Exploration Strategy : Both projects remain underexplored, with DY6 focused on expanding gallium, rare earth, phosphate, and niobium footprints in southern Malawi. CEO Comment : DY6 sees significant potential to expand critical metal resources at a time of growing demand for gallium, REEs, and niobium.     Tundulu Rare Earth, Phosphate & Gallium Project The Tundulu Project continues to show strong promise with historic drill results highlighting high-grade gallium mineralisation. Drill intercepts include 25m @ 64.63 g/t Ga₂O₃ and 1.03% TREO from 45m (TU008), and up to 310.46 g/t Ga₂O₃ with 5.68% TREO from 97–98m (TU043). The upcoming programme will target untested areas (~60%) while verifying historic surface results through carefully planned sampling lines (Figure 2). Figure 2: Proposed Sampling Points and Gallium Zones at Nathace Hill (source: DY6)   Machinga HREE & Niobium Project At Machinga, recent rock chip and soil sampling outlined a 2.7km-long geochemical anomaly, providing strong follow-up targets (Figure 3). Previous drilling confirmed mineralised zones correlate strongly with radiometric anomalies, underpinning confidence in targeting higher-grade areas. Upcoming work will collect 116 samples across a new southern licence area (EL0705) to refine targets for future drilling.   Figure 3: Planned Sampling Points over Machinga Anomaly (source: DY6)   DY6 Metals CEO, Cliff Fitzhenry, commented:  "Previous identification of high-grade gallium mineralisation at Tundulu presents a unique opportunity for DY6 to advance a critical metal alongside rare earths and phosphate. With only a portion of the licence area tested to date, we see significant potential to expand the footprint of gallium and rare earth mineralisation across both Tundulu and Machinga. The upcoming sampling programs are designed to build on our recent successes and to further define high-value targets for follow-up drilling. Importantly, our initial work at Machinga has already confirmed excellent grade continuity, giving us confidence in the growth potential of these projects. We are excited to be advancing exploration in Malawi at a time when demand for critical metals is forecast to grow strongly”. Samso Concluding Comments For DY6 Metals, the significance of these results lies in the dual opportunity presented by gallium and rare earth elements. Gallium’s strategic role in semiconductors and defence technologies aligns with the global narrative of critical mineral supply chains, while the REE and niobium potential further enhances project value. The upcoming sampling campaigns are not about proving a concept but expanding a foundation that already demonstrates grade, scale, and continuity. Malawi remains underexplored, and DY6’s methodical approach to verification and expansion could well position the Company within a broader critical minerals framework. The market narrative for gallium and REEs continues to build, and it will be good for investors to watch if DY6 can transform early promise into resource definition. This is an example of exploration where the upside is measured not only in discovery but in timing , with global demand curves aligning strongly with DY6’s project pipeline. The Malawi jurisdiction issue is going to hang over DY6 and its projects in the country, and this will weigh heavily on investors' thinking; however, a Gallium discovery of significance will put DY6 in a good position. The question of DY6 making a Gallium discovery of significance will be the hot topic. With the rutile story in Cameroon and the Malawi projects, one will have to hope that a focus will begin to develop sooner rather than later. I can appreciate what management is trying to do, but we all know that the market is always right and it is a simpleton.. It likes simple stories. As always, at #SamsoNews, we remind readers that opportunities in the exploration sector carry both risk and reward. DY6’s current work illustrates how exploration success is built — methodically, through data, geology, and persistence. The results of these upcoming campaigns will provide important signals as the story unfolds. The Samso Way – Seek the Research Facts first, context always. Map the geology to the strategy, verify the numbers, and decide only after your own research. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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 High grade silver up to 941 g/t Ag identified at Castle Rag 9 September 2025 Terra Critical Minerals Limited (ASX: T92)  has reported further high-grade silver mineralisation from its 100% owned Castle Rag Project in New South Wales (Figure 1). The latest results build on previously reported intercepts and continue to highlight the project’s potential within the broader New England mineral field. Figure 1: Location of Castle Rag Project (source: T92)   Key Highlights - Building a Silver Story High-grade surface samples: Silver up to 941 g/t Ag . Lead to 18.9% Pb . Antimony up to 266 g/t Sb . Copper to 2.21% Cu . 14 samples >100 g/t Ag  identified from 23 historical surface samples collected in 2022. Results strengthen earlier work that returned: 1,670 g/t Ag . 445 g/t Ag & 1.12% Cu . 210 g/t Ag, 1.19% Cu, 1.19% Pb, 0.41% Zn . 120 g/t Ag & 5.25% Pb The Castle Rag Silver Mine historically produced 4,000 t for 48 t Ag and 692 t Pb , a scale significantly larger than the nearby Webbs Silver Deposit (5.5 t Ag)   Project Context Castle Rag forms part of Terra’s New England portfolio (Figure 2), which includes: Ottery Tin Mine. Mole River base metals project. Glen Eden – host to NSW’s largest tungsten deposit. Figure 2: Location of Castle Rag and other T92 Projects (source: T92) The company continues to expand its presence in critical metals, positioning Castle Rag as a potential analogue to Webbs, but with a broader production history. Rock Chip Sampling Results The 2022 surface sampling program (Great Southern Precious Metals) returned significant results across three key prospects (Figure 3): Figure 3: Silver samples >100 g/t with regional geology (source: T92) Castle Rag Silver Mine . Matt & Walkers Deposit  (500m north) (Figure 4). Gilligan’s Deposit  (1,200m northeast) (Figure 4). Highlights include: Sample R00535:  941 g/t Ag, 18.9% Pb, 266 g/t Sb. Sample R00537:  723 g/t Ag, 2.21% Cu. Sample R00543:  172 g/t Ag, 1.27% Pb.  Figure 4: Silver samples >100 g/t with regional TMI magnetics (source: T92)   Next Steps T92 will now advance with: Review of historical datasets. Remote sensing and geophysics (including LiDAR). Access approvals. A full exploration program is planned following the analysis of past work, with focus on infill drilling and depth extensions to better define high-grade zones Terra Uranium will proceed with a detailed review of historical datasets, geophysics, and remote sensing before developing a comprehensive exploration program. The focus will be on infill and step-out drilling to better define high-grade zones and test depth extensions, with a two-year program anticipated. Samso Concluding Comments Castle Rag add to Terra Critical Minerals NSW portfolio. These are early-stage surface rock chip results, but the grades speak for themselves. Silver numbers approaching 1,000 g/t, combined with meaningful lead, copper, and antimony credits, demonstrate a polymetallic nature of this system. For investors, the potential key takeaway is the consistency of high-grade samples across multiple prospects. This not only validates the historical mining history at Castle Rag but also builds confidence that the project could deliver scale with modern exploration. T92 is obviously going through a rebuilding phase, and the addition to the T92 story is one I am watching with interest. It would be encouraging to see the company start getting on the ground soon. As always, the proof will come from drilling and systematic exploration. But with these results, Castle Rag is clearly not just a historical curiosity — it is emerging as a project with genuine potential to add shareholder value. The Samso Way – Seek the Research We focus on what moves value: quality of assets, quality of management, quality of capital. DYOR and pressure-test the narrative against the facts. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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 PromarkerEso precisely detects early stage esophageal cancer 8 September 2025 Proteomics International Laboratories (ASX: PIQ) has unveiled new results for its PromarkerEso blood test, a patented, first-in-class diagnostic that delivers a simple and scalable pathway for early detection. With clinical validation showing high accuracy in identifying early-stage EAC, PromarkerEso may well change the standard of care in managing this difficult disease. With patents already granted in Europe, China, and Australia—and other territories pending—PromarkerEso is well positioned as a global solution to one of healthcare’s pressing diagnostic challenges. Esophageal adenocarcinoma (EAC) remains one of the most challenging cancers to diagnose early, with survival outcomes often dictated by how late the disease is detected. Current surveillance methods rely heavily on invasive and costly procedures like endoscopy, yet most cases still go unnoticed until advanced stages (Figure 1).  Figure 1: Currently, diagnosis relies on endoscopy with biopsy — an invasive and expensive procedure. (source: PIQ) Key Highlights Treating Esophageal adenocarcinoma Promarker®Eso  is the first-in-class blood test clinically validated to diagnose esophageal adenocarcinoma (EAC) , the predominant form of esophageal cancer.  New results confirm high accuracy in detecting early stages (I and II)  of EAC, a cancer with a median survival time of less than one year if detected late.  Study results from 350 participants  were published in Diseases of the Esophagus  and selected for oral presentation at the 21st ISDE World Congress for Esophageal Diseases, Brisbane, 18–20 September 2025.   Global health impact : 90% of EAC cases currently go undetected — PromarkerEso could offer a much-needed, patient-friendly screening pathway.  Strong statistical performance : Area under the curve (AUC) ≥ 0.97, with sensitivity ranging from 81% (Stage I) to 100% (Stage III & IV).   Context and Significance Esophageal adenocarcinoma (EAC) is often caused by chronic acid reflux or gastroesophageal reflux disease (GERD) , which affects an estimated 10–20% of Western populations (Figure 2). In Australia, 11% of GP clinic visits are linked to gastric reflux. The challenge with EAC is that it is typically diagnosed late, when treatment options are limited and survival rates are poor — fewer than 20% survive beyond five years. Existing surveillance methods rely on specialist endoscopy , a costly and invasive procedure (US$2,750 per case in the US), yet up to 90% of cases are still missed. Figure 2: Target Population for Eso (source: PIQ)' Study Results The clinical study included two independent cohorts of 350 people: Cohort A  compared 89 healthy controls with staged EAC patients. Cohort B  included negative controls, unstaged EAC cases, and Barrett’s Esophagus samples. Key outcomes: Outstanding diagnostic accuracy  with AUC (Area Under the ROC Curve)  ≥ 0.97. Sensitivity : Stage I (81%), Stage II (91%), Stage III (100%), Stage IV (100%). Barrett’s Esophagus (BE) with high-grade dysplasia (BE-HGD)  sensitivity at 93%. Test scores showed a strong correlation with disease severity (p < 0.0001).   Commercial and Clinical Potential PromarkerEso combines four serum glycoproteins with patient clinical factors (age, sex, BMI) to deliver a simple ‘traffic light’ risk score (low, moderate, or high risk) (Figure 3). Patients flagged as high risk are recommended for endoscopy. With patents granted in Europe, China, and Australia , PromarkerEso represents not only a global health solution  but also a significant commercial opportunity  in precision diagnostics.   Figure 3: PromarkerEso traffic light risk model(source: PIQ). Proteomics International Managing Director Dr Richard Lipscombe  commented: “ These new results have enormous significance, because if EAC can be detected early it can be more readily treated, whereas late-stage EAC has a very poor prognosis. With the increasing numbers of people living with chronic acid reflux, PromarkerEso has the potential to revolutionise how doctors manage the risk of esophageal cancer - offering a standard blood test that could reduce reliance on invasive procedures and improve early detection rates.”   About Proteomics International Laboratories Ltd (PILL). Proteomics International, based in Perth, is a leader in precision diagnostics specialising in proteomics — the large-scale study of proteins. Its patented Promarker® suite, including PromarkerD and PromarkerEso, targets major unmet medical needs with global commercial potential. Samso Concluding Comments This is a classic case of innovation meeting an unmet need. The reality with esophageal adenocarcinoma is harsh — most cases are caught too late, and survival outcomes remain dismal. What Proteomics International (ASX: PIQ) has shown here with PromarkerEso is that early detection is possible, accurate, and scalable . For investors, the key takeaway is that this diagnostic has been clinically validated, published, and accepted for presentation at a major global congress. That progression speaks about both the scientific credibility  and the commercial pathway . At Samso, we always say it is about separating the signal from the noise. Here, the signal is clear: if this test can shift diagnosis earlier, it directly translates into lives saved and healthcare systems relieved of costly late-stage treatments. #SamsoNews – Do your own research, follow the data, and look at how developments like this fit into the broader healthcare and investment landscape.  The Samso Way – Seek the Research We separate signal from noise. The real story sits in the data, the rocks, and the plan—never just the headline. Do your own work and test every claim. 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and 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 Laverton South Gold Project - Exploration Update -date amend 11 September 2025 E79 Gold Mines Limited (ASX: E79)  has delivered a promising exploration update from its Laverton South Gold Project (Figure 1), with significant gold intercepts reported from reconnaissance aircore drilling at the emerging T14 South gold prospect . These results reinforce the potential of this structurally complex target and open the door for near-term discovery catalysts as further assays are pending. Figure 1: Map of E79 Gold’s exploration projects (source: E79) Laverton South Project Overview The Laverton South Project covers 272 km²  within the Laverton Tectonic Zone (LTZ), one of the most prolific gold belts globally, hosting >30 Moz of historical production, reserves, and resources (Figure 2). The project is strategically positioned ~130 km ENE of Kalgoorlie and targets near-term gold discovery opportunities across three key areas: T14 South , Lake Yindana North , and West of Lighthorse  . Figure 2:  Map of the Laverton South Gold Project. (source: E79)   Key Highlights - Gold Exploration (Figure 3) Figure 3: Map of priority drill targets (source: E79) Strong Results from T14 South 8m @ 0.46 g/t Au from 48m (Upper sandy channel) 8m @ 0.82 g/t Au from 80m, including 4m @ 1.57 g/t Au in weathered bedrock 15m @ 0.38 g/t Au from 80m to EOH, with the final 3m returning 0.44 g/t Au in bedrock Results are from broad-spaced drilling (80m hole spacing, 200m lines) across a regionally significant paleochannel Only 14 of 33 holes  from T14 South have been returned – remaining assays expected in ~4 weeks. Geological Setting Adds Confidence T14 South lies within the same host stratigraphy as Kalgoorlie Gold Mining’s Kirgella’s Gift gold deposit , with cross-cutting faults and folds providing strong structural controls for gold deposition. Gold anomalism detected both in basal paleochannel sands and in underlying weathered bedrock, a positive sign for potential primary mineralisation. Additional Programs Completed  Three more lines of drilling to the south of the significant intercepts are completed, assays pending (Figure 4). Figure 4: Map showing air-core drilling of the T14 South Target over re-processed magnetics. (source: E79) Figure 5 illustrates the cross-section at T14 South, clearly highlighting gold mineralisation hosted in weathered bedrock beneath the regional paleochannel — a key indicator of a robust mineralising system.  Figure 5: Cross-section of T14 South showing gold mineralisation below the paleochannel. (source: E79) Follow-up extensional and infill drilling west of Lighthorse prospect has extended bedrock anomalism ~1,000m southwards, confirming continuity (Figure 6)..      Figure 6: Map of air-core holes over magnetics located west of Lighthorse. (source: E79)     E79 Gold CEO, Ned Summerhayes  commented: “We have recently completed an extensive regional and in-fill air-core drilling program at our Laverton South Project. Assay results have been received from 53 of the 87 air-core holes drilled. “Gold anomalism was identified below the regional paleochannel at two of the tested prospects; at the West of Lighthorse prospect and the T14 South prospect. “The best results were received from drilling at the emerging T14 South gold prospect – an area of structural complexity within an interpreted host unit that extends south from Kalgoorlie Gold Mining’s (KalGold) Kirgella’s Gift gold deposit. At T14 South, we have only received assays for 14 of the 33 air-core holes drilled at this prospect, with anomalous gold assays returned on multiple drill lines in weathered rock beneath the paleochannel. We eagerly await the return of the remaining assays for three lines of holes located to the south of these significant results.” Next Steps Receive and interpret remaining 19 assays  from T14 South, particularly from the southern drill lines. Plan follow-up RC drilling to test depth potential beneath anomalous bedrock hits. Continue data integration and geophysical interpretation to refine targets along the LTZ trend.   Samso Concluding Comments The context of this announcement is about the broad-spaced reconnaissance drilling intersecting gold in weathered bedrock beneath a paleochannel . This is the kind of result that could be telling E79 that there is a system at work, and when systems are continuous, they often reveal something far more significant at depth. The T14 South prospect is in the right geological setting, within a known gold-hosting stratigraphy that extends from KalGold’s Kirgella’s Gift deposit, which already provides a valuable analogue. Explorers often talk about "hunting for elephants," and the current E79 scenario feels like the early footprints. The spacing of the drilling means these intercepts are not isolated spikes — they may be part of a bigger picture that is still unfolding. As a market, we tend to underappreciate results like this when they first appear, because the story is still incomplete. But typically, seasoned investors know that these are the kinds of results that can grow into something substantial when followed up with systematic RC and diamond drilling. Importantly, E79 Gold is sitting on 272km² of tenure in one of the richest gold belts in the world , the Laverton Tectonic Zone. This is elephant country, with 30Moz of gold already discovered. When a junior explorer puts out intercepts like this in that context, it is worth taking notice, at least even if it is for a punt on market reaction. The upcoming assays from the southern lines will be critical — if they repeat or improve on what we have seen here, the market may quickly reassess the valuation of E79 Gold. At Samso, we always encourage investors to step back and look at the bigger picture and remember that the E79 management are the better ones . This announcement is about early discovery potential, not production tomorrow. #SamsoNews  will be watching closely as this story develops — because in exploration, timing your entry when the data is just beginning to point towards discovery can make all the difference. I still feel that E79 is a definite #SamsoDYOR and taking an early position is worthwhile, in my opinion. Remember that  E79 Gold could quickly move from early-stage explorer to near-term discovery status – an important step for a company with a market cap under $4M. The Samso Way – Seek the Research Begin with facts, add context, and think critically. Understand the geology, match it to the company’s strategy, check the results, and only act when you are satisfied with your own due diligence. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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 ACW successful FDA meeting on Alzheimers program 15 September 2025 Actinogen Medical Limited (ASX: ACW)  has announced a significant milestone in the development of Xanamem®, its lead therapy for Alzheimer’s disease (AD) . Following a successful Type C meeting with the US Food and Drug Administration (FDA), the Company now has clear guidance on the remaining clinical, manufacturing, and regulatory requirements for a New Drug Application (NDA) submission in the US. This outcome brings Actinogen a step closer to offering a novel, brain-targeted therapy aimed at slowing the progression of AD — a condition with few effective treatment options. Key Highlights FDA Agreement on Development Pathway:  Actinogen and the FDA agreed on the key regulatory starting materials for drug substance synthesis, clinical trial design, and the limited number of remaining pharmacology and nonclinical studies required for NDA submission. Streamlined Clinical Development:  The FDA confirmed support for a single additional pivotal Phase 3 trial using a 10 mg once-daily Xanamem dose versus placebo, alongside interim analysis from the ongoing XanaMIA trial. Global Regulatory Strategy:  Similar engagement is planned with the European Medicines Agency (EMA) in 2026, followed by the UK MHRA and other global regulators, aligning the development program across major markets. Safety and Efficacy Profile:  Xanamem has now been tested in around 400 volunteers and patients across eight clinical trials, showing a promising safety profile and clinically meaningful effects on cognition and depression. Upcoming Milestones:  Interim analysis results from XanaMIA are expected in January 2026 , with final results due by Q4 2026  — key catalysts for investors tracking ACW’s progress. Summary of Xanamem’s Alzheimer’s disease program timeline: • H2 2025 – FDA meeting to review planned program for US regulatory approval • Q4 2025 or January 2026 – Full enrolment of 220 XanaMIA phase 2b/3 trial participants • January 2026 – Independent DMC review of safety and efficacy data for XanaMIA • Q1 2026 – Open-label extension trial enrols the first patient following on from XanaMIA • Q4 2026 – Final XanaMIA results announced • Q1 2027 – Commencement of second pivotal, phase 3 trial. Clinical Development Program XanaMIA Phase 2b/3 Alzheimer’s Disease Trial. Design: Double-blind, placebo-controlled, parallel group trial with 220 patients (mild to moderate AD with elevated pTau181 biomarker). Treatment: 10 mg Xanamem daily for 36 weeks. Primary Endpoint:  Clinical Dementia Rating – Sum of Boxes (CDR-SB). Geography: Conducted across Australia and the US. Results: Interim readout due January 2026, final results Q4 2026. XanaMIA-DUR Extension Study. Design: Open-label extension (up to 24 months) for all XanaMIA participants. Focus: Safety and long-term efficacy endpoints such as CDR-SB progression. Start Date:  Q1 2026. XanaCIDD Depression Trial. Completed Phase 2a in 2024 with statistically significant improvements in depressive symptoms measured by MADRS and PGI-S. Cognitive benefits were seen in both arms, supporting Xanamem’s mechanism of action in mood regulation.   Dr Steven Gourlay, the Company’s CEO and MD,  commented: “We are pleased with the clear guidance from the FDA that confirms our plans for streamlined development of Xanamem in Alzheimer’s disease. Importantly, the Agency agreed with our approach for only one additional, pivotal trial using a single 10 mg Xanamem dose design vs. placebo to support a marketing application for Alzheimer’s in the US.” About Xanamem® (Emestedastat) Xanamem is a first-in-class oral therapy  that selectively inhibits the 11β-HSD1 enzyme to reduce cortisol inside brain cells, aiming to protect neurons and slow disease progression. Chronic elevation of cortisol is strongly associated with AD progression and cognitive decline. High brain target engagement has been shown even at low doses (5 mg), with a well-tolerated safety profile. Samso Concluding Comments Actinogen’s FDA alignment marks a critical de-risking moment for the Xanamem program. Regulatory clarity often becomes the difference between hesitation and conviction for investors following clinical-stage biotech companies. With a single pivotal trial now endorsed by the FDA, the development path is shorter and more focused than many would have expected. For those following the ASX biotech sector, this is a prime example of how regulatory progress can materially change the risk-reward profile of a company. The January 2026 interim readout now takes on heightened importance, as a positive signal could bring forward partnering discussions and accelerate value recognition. It’s also worth noting that Actinogen continues to explore additional indications, including depression and potentially Fragile X Syndrome, which broadens the commercial potential of Xanamem. These parallel development tracks could make ACW a more attractive partner for larger pharmaceutical companies seeking differentiated CNS assets. As always, investors should watch for the next catalysts: the interim data, EMA and MHRA interactions, and the initiation of the pivotal Phase 3 trial. Each milestone represents another validation step in bringing this novel therapy closer to market.   The Samso Way – Seek the Research Facts first, context always. Understand the trial design, watch the timelines, and monitor regulatory engagement closely — these are the levers that move the biotech investment narrative. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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 Alterity Raises A$20.0 million in Strategic Placement 8 September 2025 Alterity Therapeutics Limited (ASX: ATH, NASDAQ: ATHE) , a biotechnology company focused on disease-modifying treatments for neurodegenerative diseases, has successfully raised A$20.0 million through a strategic placement to international and Australian professional investors. This development comes on the back of promising Phase 2 trial results for ATH434 in Multiple System Atrophy (MSA), strengthening the company’s position as it engages with the U.S. FDA and other regulators to chart the path forward.   Key Highlights - Beginning the process of Treating Neurodegenerative Diseases. Capital Raising: Alterity secured binding commitments of A$20.0 million via a placement priced at A$0.012 per share. The raise was anchored by a high-quality international healthcare fund. The issue price represents a 7.7% discount to the last ASX close and a 7.3% discount to the 10-day VWAP. No options were issued. Balance Sheet Strength: The placement provides Alterity with a robust cash position to advance regulatory discussions, non-clinical studies, chemical manufacturing and controls (CMC) work, and broader clinical development for ATH434. Clinical Momentum: In 2025, Alterity reported positive topline results from two Phase 2 clinical trials (ATH434-201 and ATH434-202), which showed clinically meaningful benefits and a favorable safety profile. These data underpin the company’s engagement with the FDA on next steps for ATH434 in MSA. Strategic Positioning: The funding round further diversifies Alterity’s institutional register and provides flexibility to explore potential strategic partnerships as development advances. David Stamler, M.D., Chief Executive Officer   of Alterity, commented: "We are thankful for the continued interest from the investment community following the robust efficacy we demonstrated in our Phase 2 clinical trial in Multiple System Atrophy. We look forward to an exciting twelve months ahead as we actively pursue the path to approval,” “We elected to execute this placement due to inbound interest from a high-quality international healthcare-focused fund that anchored the transaction. Based on the promising outlook for the company, we raised these funds at a modest discount with no options. The additional funding allows us to continue advancing our clinical and regulatory strategy for ATH434 with the US FDA and other agencies, while at the same time it strengthens our institutional register and balance sheet to best position the company for pursuing strategic partnerships.” What is Multiple System Atrophy (MSA)? (source:  NINDS - National Institute of Neurological Disorders and Stroke ) Multiple system atrophy (MSA) is a progressive neurodegenerative disorder characterized by a combination of symptoms that affect both the central nervous system (which controls how a person moves) and the autonomic nervous system, which controls involuntary functions such as blood pressure or digestion. MSA was formerly known as Shy-Drager syndrome, olivopontocerebellar atrophy (OCPA), or striatonigral degeneration. The symptoms of MSA reflect the progressive loss of function and death of different types of nerve cells in the brain and spinal cord. MSA is one of a family of neurological disorders known as an atypical parkinsonian disorder. The initial symptoms can be difficult to distinguish from those of Parkinson's disease, and can include: Slowness of movement, tremor, or stiffness Clumsiness or lack of coordination Croaky, quivering voice Fainting or lightheadedness Bladder control problems Symptoms tend to appear in a person's 50s and advance rapidly over the course of five to 10 years. A person with MSA will have increased difficulty with movement and eventually become bedridden. People with MSA often develop swallowing problems that can lead to pneumonia in the later stages of the disease. There are two different types of MSA, which are categorized by the person’s most prominent symptoms when a doctor evaluates them: Parkinsonian type MSA (MSA-P)  has primary symptoms similar to Parkinson's disease (such as slowness of movement, stiffness, and tremor) along with problems with balance, coordination, and autonomic nervous system dysfunction (such as urinary problems, sweating abnormalities, and digestion difficulties). Cerebellar type MSA (MSA-C ) is associated with balance and coordination problems (ataxia), difficulty swallowing, speech problems or a quivering voice, and abnormal eye movements. MSA tends to progress more rapidly than Parkinson's disease, and most people with MSA will require an aid for walking, such as a cane or walker, within a few years after symptoms begin. About ATH434 and MSA ATH434 is an oral iron chaperone, an oral therapeutic targeting pathological protein aggregation in neurodegenerative disorders. It acts as an iron chaperone, redistributing excess iron in the brain, one of the key pathological mechanisms in MSA (Figure 1). Figure 1: Excess labile iron and alpha-synuclein aggregation driving MSA pathology (Source: Alterity Phase 2 Presentation at MSA Symposium 2025). MSA is a rapidly progressing and rare Parkinsonian disorder  with no approved disease-modifying therapies. It affects the autonomic nervous system and motor control, with hallmark α-synuclein protein accumulation in glial cells. ATH434 has received: Fast Track Designation (FDA) Orphan Drug Designation (FDA & European Commission) Alterity continues its commitment to progressing ATH434 and alleviating the burden of MSA, with ongoing Phase 2 trials and additional pipeline development in related neurodegenerative conditions. About Alterity Therapeutics Headquartered in Melbourne and San Francisco, Alterity is a clinical-stage biotech dedicated to creating an alternative future for individuals living with neurodegenerative diseases. The company’s lead asset, ATH434, has shown efficacy in MSA—a rare, rapidly progressive Parkinsonian disorder with high unmet need. Alongside ATH434, Alterity maintains a drug discovery platform capable of generating novel compounds targeting the pathology of neurological conditions. Next Steps Engage with the U.S. FDA and other agencies to discuss regulatory pathways for ATH434. Advance CMC activities and non-clinical studies in preparation for future trials. Continue to position for strategic collaborations with global healthcare partners.   Samso Concluding Comments The significance of this announcement is straightforward: Alterity Therapeutics has strengthened its position at a critical juncture. Positive Phase 2 trial outcomes for ATH434 have provided a strong scientific base, and the A$20 million raise now ensures the company has the financial capacity to maintain momentum. The absence of options and only a modest discount in the placement reflects a degree of investor confidence that is often rare in the biotech sector. It also signals support from specialist healthcare funds that understand the long journey from promising clinical data to regulatory approval. For investors, the key focus should be on Alterity’s next engagements with the FDA and other regulators. These discussions will shape the timeline and structure of the company’s pathway to market. At the same time, the bolstered balance sheet opens the door for potential strategic partnerships—an important step for any company operating in the capital-intensive space of drug development. Treating Neurodegenerative Diseases is a very important and lucrative business, so getting this right could propel Alterity Therapeutics past its current market capitalisation of AUD119M. This raise is a good confidence boost to potential investors, and it does sound like there could be positive news on the way. Sometimes, the capital market has a simple way of leading investor confidence with a good decent capital raising :-) As always, investors need to conduct their own research, understand the risks inherent in clinical-stage biotech, and appreciate the long-term nature of value creation in this sector. The Samso Way – Seek the Research Every announcement is a starting point, not the conclusion. Follow the evidence, benchmark peers, and let disciplined research guide you. 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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.

1.      Corporate Presentation September 2025 2.      Prospectus Temas Resources Corp , incorporated in British Columbia, Canada, is bringing a unique blend of critical mineral projects and proprietary metallurgical technology to the Australian Securities Exchange. The company already trades on the CSE, OTCQB, and FSE, and is now seeking to broaden its investor base through an ASX listing. The offer consists of 55,000,000 CHESS Depository Interests (CDIs) at $0.20 each to raise $11 million , equating to a market capitalisation of approximately $19.3 million at admission . The listing is designed to provide capital for advancing the company’s Québec-based projects (Figure 1), progressing commercialisation of its patented processing technology, and creating new opportunities through strategic partnerships. Figure 1: La Blache and Lac Brule titanium projects in Quebec, Canada (source: TIO)   ASX Listing Details – Temas Resources Corp Company Name : Temas Resources Corp Proposed ASX Code : TIO Incorporation : British Columbia, Canada (ARBN 687 644 248) Securities on Offer : 55,000,000 CHESS Depository Interests (CDIs) Issue Price : A$0.20 per CDI Capital to be Raised : A$11,000,000 Shares/CDIs on Issue at Admission (Undiluted) : ~96.4 million Market Capitalisation at Admission : ~A$19.3 million Offer Opening Date : 5 September 2025 Offer Closing Date : 19 September 2025 (5pm WST) Expected ASX Quotation : 30 September 2025 Joint Lead Managers : PAC Partners Securities Pty Ltd and Sandton Capital Advisory Pty Ltd Capital Structure & Offer Offer: 55M CDIs @ $0.20 to raise $11M. CDIs on issue post-listing: ~96.4M (undiluted). Market cap at listing: ~$19.3M.     Strategic Positioning - Titanium & Critical Minerals Combines exploration assets with technology, aiming for vertical integration from mine to end-user . Positioned against ASX-listed peers such as IperionX and Alpha HPA, yet Temas is at an earlier stage with clear commercialisation catalysts. Key Highlights Critical Mineral Projects – Québec La Blache Project (Figure 2) : 130 claims covering ~7,000 hectares with an inferred resource of 208.5 Mt @ 16.5% TiO₂ Eq. Plans include HQ diamond drilling to upgrade resources to Measured & Indicated status. Figure 2: Location of La Blache Project, Quebec (source: TIO).   Lac Brule Project (Figure 3) : 36 claims containing high-grade hemo-ilmenite zones up to 34% TiO₂. Targeting Preliminary Economic Analysis (PEA) by 2026. Figure 3: Location of the Lac Brûlé Project, Quebec (source: TIO)   Patented Processing Technology – Regenerative Chloride Leach (RCL) Portfolio of 11 process patents  delivering 59–69% cost reductions  compared to industry standards. Capable of producing 99.8% TiO₂ purity  from pilot studies. Global licensing opportunities under evaluation in Indonesia, Australia, and North America . Figure 4: RCL Process Flowsheet & Comparison with Traditional Methods (source: TIO).   Use of Funds vs Prospectus Funds raised will support: Exploration programs at La Blache and Lac Brule. Advancing proprietary RCL technology, including test work, patents, and licensing opportunities. Evaluation of new acquisitions. General working capital and transaction costs. The A$11 million raised under the Offer is targeted towards advancing both Temas’ Québec projects and its proprietary RCL technology. Exploration at La Blache and Lac Brule will form the core of expenditure, complemented by ongoing test work, patent filings, and global licensing initiatives for the RCL process. A portion of funds is also earmarked for assessing potential new acquisitions and providing general working capital, alongside covering transaction costs. Board & Management Temas is led by an experienced team with strong expertise in critical minerals and metallurgical processing: Kyler Hardy  – Executive Chairman Tim Fernback  – CEO & Director David Robinson  – CFO & Director Véronique Laberge  – Non-Executive Director Kobi Ben-Shabat  – Non-Executive Director Kyler Hardy, Executive Chairman & Director , commented: "Temas Resources offers investors a unique combination of patented metallurgical technology with proven cost advantages and strategically positioned Canadian mineral projects, providing a sustainable solution to global critical metal supply vulnerabilities and substantial growth potential. Through Joint Venture or licencing opportunities, Temas is well positioned to capitalise on the two business divisions."   David Caldwell, COO, commented: "Our mineral exploration assets at La Blache and Lac Brûlé are more than just resource-rich projects — they are uniquely positioned to feed directly into our proprietary RCL processing platform. With high-grade, near-surface titanium-vanadium deposits and proven infrastructure access, we’re building a vertically integrated supply chain that maximizes resource value, lowers processing costs, and drives sustainable growth from the ground up." Next Steps (See Figure 5) Resource Growth  – drilling at La Blache to expand and upgrade resources. Early Economics  – advancing Lac Brule towards Preliminary Economic Analysis (PEA) by 2026. Technology Development  – ongoing RCL test work, scale-up studies, and new patent filings. Licensing Pathway  – progress global discussions with potential partners in North America, Australia, and Indonesia. Strategic Growth  – evaluate acquisition opportunities to complement the current portfolio. Corporate Priorities  – maintain working capital discipline and stakeholder engagement. Figure 5: Development Timeline & Newsflow (source: TIO)   Samso Concluding Comments Temas Resources Corp (ASX: TIO) is bringing something different for investors to ponder. It is not just about a resource project in Québec – it is about pairing those assets with proprietary metallurgical technology that has the potential to reshape titanium and critical mineral processing. This dual pathway creates optionality: the company can advance its projects, license its technology, or both. Investors should note that Temas is early in its journey. The Québec projects require systematic drilling and de-risking, and the metallurgical technology, while validated in pilot studies, must prove scalability and commercial adoption. These are real hurdles, but they are also what create the asymmetric upside that attracts early-stage capital. From a broader perspective, the story fits neatly into the critical minerals narrative that has been building across global markets. Western supply chains are under pressure, titanium is classified as a strategic metal by the US, EU, and allies, and ESG performance in processing is no longer optional but mandatory. Temas is aiming to position itself at the intersection of all three. I have brought this onto the Samso platform because the metallurgical part of the story is what interests me the most. Like the progress of AI is talking over mainstream technological advances, I feel that there is a new age in metallurgical advances, which may create value for the first movers in this sector. Look at MTM Critical Metals (ASX: MTM) , they have done wonders for their shareholders, and the latest highlight is something that could be there for the likes of Temas. I am not saying that they are in the same league, but where there is smoke, there could be a fire. MTM’s Flash Joule Heating (FJH) technology delivered game-changing results: Successfully concentrated high-value magnetic REEs (Nd, Pr, Dy, Tb) in a single flash Rejected over 80% of low-value La & Ce waste 81% terbium recovered, one of the rarest and most strategic REEs Doubles magnet-REE content from 30% of TREO to 72% No acid or solvents used, and remains unoptimised Another example of what appears to be another win in how to extract metals, like REE, is OD6 Metals' recent release that they have found another way to deliver an economical solution for their clay REE project. Although the OD6 story is different to MTM, it is another path of delivering metal extraction results. When I look at the happenings in this part of the ASx business, it just feels that the research into an alternative means to extract so-called "hard processes" is gaining momentum, and more importantly, it's a positive momentum. As I always say, do that DYOR and stay alert. #SamsoNews – as always, the challenge for investors is to separate the signal from the noise. Temas is signalling a disruptive approach to resource development. Whether that signal translates into long-term shareholder value will depend on execution, funding, and technology uptake. That is the point where investors must do their own research.   The Samso Way – Seek the Research At Samso, we separate signal from noise. True insights come from looking deeper, and every investor should always do their own research. 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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.

Carbonatite ( By Eurico Zimbres Zimbres - Own work, CC BY-SA 3.0 ) Carbonatites are some of the rarest igneous rocks on the planet, comprising less than 1% of all identified igneous systems. Despite their rarity, they are highly significant in geology and resource economics. Unlike most igneous rocks, which primarily consist of silicate minerals like feldspars and pyroxenes, carbonatites are mainly made up of carbonate minerals, typically calcite, dolomite, or ankerite (refer to the Figure above). Their formation is associated with minor degrees of partial melting of mantle rocks that have an unusually high carbon dioxide content, resulting in magmas with unique geochemical characteristics (Figure 1). Partial melting of the mantle occurs when only a portion of the mantle rock melts due to changes in temperature, pressure, or the presence of volatiles like water. This process generates magma with a composition different from the original mantle, leading to the formation of new crust through volcanic and tectonic activity. These magmas typically ascend and solidify in shallow intrusions, creating ring complexes, plugs, dikes, or sills, often linked to alkaline igneous provinces (Figure 1). Chemically, carbonatites are rich in alkalis (sodium, potassium), volatile elements (including fluorine, chlorine, and carbon dioxide), and trace elements that are economically important. Figure 1: A schematic representation of the potential formation of Carbonatites. (source: [1]) This unusual chemistry explains why carbonatites are such critical hosts for strategic resources. Globally significant deposits like Bayan Obo in China and Mountain Pass in the USA are the world’s most important rare earth element suppliers, while Brazil’s Araxá and Catalão deposits provide the bulk of the world’s niobium (Figure 2). Other carbonatites, such as Palabora in South Africa, are mined for copper and phosphates, supporting industries as diverse as high-tech manufacturing and agriculture. Figure 2: Distribution of carbonatites and carbonatite-related REE deposits, including deposits in production and exploration targets discussed in this paper (source: [5] modified from Woolley and Kjarsgaard [2], Liu and Hou [3] and Verplanck et al. [4]). Because they occur so rarely yet contain such concentrated supplies of strategic commodities, carbonatites are of immense interest in both academic geology and global geopolitics, especially as nations compete for secure sources of rare earths and other critical minerals. Strategic Economic Importance of Carbonatites. Carbonatites, though geologically rare, sit at the heart of some of the most pressing economic and geopolitical issues of the 21st century because they are the primary source of several critical raw materials. Perhaps most importantly, they are the dominant host rocks for rare earth elements (REEs) , which are indispensable in modern technologies such as permanent magnets for wind turbines, electric vehicle motors, smartphones, defence systems, and advanced electronics. For instance, the Bayan Obo deposit in Inner Mongolia, China , is not only the world’s largest carbonatite but also the single largest source of REEs globally, giving China a long-standing strategic advantage in controlling REE supply chains. Similarly, the Mountain Pass mine in California —also carbonatite-hosted—remains the United States’ only major REE production centre. In addition to REEs, carbonatites are the world’s primary suppliers of niobium , a metal critical for producing high-strength, lightweight steels used in infrastructure, pipelines, aerospace, and defence. Brazil’s Araxá and Catalão carbonatite complexes  together supply over 80% of global niobium demand, effectively making Brazil the near-monopoly producer of this metal. Such concentration of supply in just a handful of carbonatite-hosted deposits has major implications for global markets and supply security. Carbonatites are also important sources of phosphates , a cornerstone of global agriculture. Deposits such as Palabora in South Africa and others in Africa and Brazil provide feedstock for fertiliser production, underpinning global food security. Some carbonatites further contribute secondary products like copper, uranium, fluorite, and titanium-bearing minerals , adding to their economic significance. From a strategic perspective, the rarity of carbonatites, combined with their unique role as suppliers of minerals central to renewable energy, advanced manufacturing, and defence, makes them “choke points” in global supply chains. Nations with large carbonatite-hosted deposits, such as China and Brazil, wield disproportionate influence in these markets, while others, such as the US, Europe, and Australia, are actively exploring or attempting to develop alternative deposits to reduce supply risks. This dynamic ties carbonatites directly into the broader narrative of geopolitical competition between the West and China , as well as international efforts to secure reliable, ethical, and diversified sources of critical minerals. Timeline of the Strategic Economic Importance of Carbonatites. Early 20th Century – Phosphate and Fertilisers The first strategic use of carbonatites emerged in agriculture. Deposits rich in phosphate  were mined to produce fertilisers, which became critical in supporting global food production during the agricultural revolutions of the early to mid-20th century. African carbonatite complexes such as Tundulu (Malawi)  and others in Brazil played roles in regional phosphate supply. At this stage, carbonatites were viewed largely through the lens of supporting food security . Mid-20th Century – Rare Earth Elements Enter the Scene During the 1950s–1960s, the strategic importance of carbonatites began to shift with the discovery that they contained highly concentrated rare earth elements (REEs) . The Mountain Pass carbonatite in California  became a major global REE supplier, particularly during the Cold War, when rare earths were increasingly recognised as vital for defence technologies, including sonar, radar, and missile guidance systems. This period marked the first recognition of carbonatites as critical mineral resources beyond agriculture . Late 20th Century – Niobium and Steelmaking By the 1970s–1980s, carbonatites in Brazil (Araxá and Catalão)  rose to prominence as the primary global suppliers of niobium . With niobium’s unique ability to strengthen steel without adding weight, it became indispensable in pipelines, construction, aerospace, and automotive industries. Brazil’s dominance over niobium supply—rooted in carbonatite deposits—remains effectively unchallenged today, giving it a rare position of near-monopoly in a globally critical metal. 1990s–2000s – China’s Dominance Through Bayan Obo The Bayan Obo carbonatite complex in Inner Mongolia  transformed global REE supply dynamics. By heavily investing in mining and downstream processing, China established near-total control of REE markets by the 1990s. This dominance was reinforced when Mountain Pass production declined due to environmental and cost pressures. REEs became essential for consumer electronics  and early clean energy technologies (e.g., wind turbines), cementing carbonatites’ status as central to the modern economy. 2010s – Critical Minerals and Geopolitics As renewable energy and electric vehicles gained momentum, carbonatites gained renewed strategic importance. REEs, niobium, and phosphates became recognised as critical minerals  by many governments. China’s restriction of REE exports in 2010, which sent shockwaves through global markets, highlighted the vulnerability of supply chains tied so closely to carbonatite deposits controlled by one nation. This triggered efforts in the US, Australia, and Europe to diversify REE sources and develop projects outside of China. 2020s – Energy Transition and Supply Chain Security Today, carbonatites are at the centre of the energy transition  narrative. REEs from carbonatites are vital for permanent magnets in wind turbines and EV motors, while niobium strengthens materials in renewable energy infrastructure. Phosphates remain crucial for global agriculture. As geopolitical tensions between China and the West intensify, carbonatites represent not just mineral wealth but strategic leverage  in critical supply chains. Countries such as Australia, Canada, Tanzania, and Greenland are actively exploring or advancing carbonatite-hosted projects to diversify global supply and reduce reliance on China and Brazil. In short:  The strategic importance of carbonatites has evolved from fertiliser security (phosphates)  → to Cold War defence (REEs)  → to industrial infrastructure (niobium)  → to global tech and clean energy (REEs & niobium) . Investors are generally unaware of Carbonatites and their implications to food security, energy security, and geopolitical competition , making them some of the most strategically significant rocks on Earth. Australian Examples of Carbonatites. Carbonatites are genuinely rare in Australia (Figure 3), but they’re not random. Broadly speaking, it is widely felt that the known occurrences (roughly a dozen-plus to ~28  depending on classification) fall into three broad belts: East Yilgarn , Halls Creek , and Arunta . Like all facts historically, it is always open to changes, but the broad belts align themselves to a specific known geology which ties carbonatites to long-lived alkaline magmatism and deep mantle plumbing—exactly the settings that feed REE, Nb and P systems. Figure 3: Map of identified carbonatites in Australia. (source: [6]) (1) Lake Machattie (Collerson et al., 2016), (2) Mulligan  (Collerson et al., 2016), (3) Walloway  (Nelson et al., 1988), (4) Euralia  (Jaques, 2008), (5) Oolgelima  (Swain, 2022), (6) Mordor Igneous Complex  (Chandler and Gonza´lez-A´lvarez, 2022),  (7) MudTank Carbonatite Complex  (Chandler and Gonz´alez- A´lvarez, 2022), (8) Mount Bleechmore (Chandler and Gonza´lez-A´lvarez, 2022),  (9) Nolans Bore  (Chandler and Gonza´lez-A´lvarez, 2022), (10) Yungal Carbonatite  (Chandler and Gonz´alez-A´lvarez, 2022), (11) Copperhead Igneous Complex   (Chandler and Gonza´lez-A´lvarez, 2022), (12) Cummins Range  (Chandler and Gonza´lez-A´lvarez, 2022), (13) Stansmore  (Lycaon Resources, 2022), (14) Pachpadra  (Rincon Resources, 2022), (15) Mick Well Carbonatite Complex  (Kingfisher Mining, 2022), (16) Mundine Well Dolerite  (Chandler and Gonz´alezA´lvarez, 2022), (17) Gifford Creek Carbonatite Complex  (Pirajno et al., 2017), (18) Yangibana Granite  (Pirajno et al., 2014),  (19) Granny Smith  (Chandler and Gonz´alez-A´lvarez, 2022),  (20) Wallaby Syenite  (Chandler and Gonza´lez-A´lvarez, 2022), (21) Mount Weld  (Chandler and Gonza´lez-A´lvarez, 2022), (22) Redlings  (Marquee Resources, 2022), (23) Mons Carbonatite  (Nimy Resources, 2023),  (24) Hines Hill  (White Cliff Resources, 2022), (25) Ponton  (Chandler and Gonz´alez-A´lvarez, 2022),  (26) Cundeelee  (Chandler and Gonza´lez-A´lvarez, 2022), (27) Leviathan  (Strategic Elements, 2022), (28) Moonera  (Sensore,2022). East Yilgarn (WA): The headline act is Mount Weld , a Proterozoic carbonatite complex later weathered into one of the world’s richest LREE laterites—a classic case of supergene enrichment over a carbonatite source. Regional geochronology pins the alkaline–carbonatite event at ~2.03 Ga; the ore is dominantly LREE-rich, consistent with global carbonatite signatures. Nearby Ponton Creek/Cundeelee  sits in the same alkaline province and reinforces the belt-scale picture. Halls Creek (WA): Cummins Range  is a zoned, ~2 × 2 km carbonatite pipe with REE-phosphate-niobium mineralisation. The current (2023–24) resource work repositions it as one of Australia’s largest undeveloped REE–P systems (company-reported MRE in the ~520 Mt @ ~0.31–0.32% TREO and ~4.6% P₂O₅  range; NdPr ~22% of TREO). This is the belt where “pipe-scale” geometry, phosphate association and Nb credits all line up with global carbonatite analogues. Arunta (NT): Mud Tank  is the country’s classic textbook carbonatite—730 Ma lenses emplaced along a ductile shear zone, with a broad fenite halo and a long history of vermiculite and zircon (including record-sized crystals) activity. It anchors the Arunta belt alongside carbonatite-related alkaline intrusions (e.g., Mordor), showing that REE fertility here is as much about structure (shear zones) as it is about magma chemistry. Figure 4: A presentation slide from WA1 Resources Limited, which highlights the value proposition of the Luni Niobium deposit. The whole Australian carbonatite landscape changed in November 2022 with the discovery of the Luni deposit by   WA1 Resources Limited (ASX:WA1) (Figure 4). This sparked the realisation that the prospective Arunta complex has been harbouring immense value for stakeholders in the region (Figure 5). Encounter Resources Limited (ASX: ENR) , which holds the majority of the complex (Figure 5), appears to be holding all the upside and recently declared that its tenement holding could be a world-class carbonatite province. Encounter's exploration results indicate a suite of hybrid styles of carbonatites, which now include potential sources of gold and copper. Figure 5: The carbonatite province that Encounter Resources is promoting, which would change the scale of value if this were to become a reality. As an exploration geologist, I am very excited to see what Encounter discover as the Arunta complex has always been my favourite place to explore as it has been largely untapped for decades due mainly to its remoteness. Regions such as this and that of the Western Gawler Craton in South Australia have had little exploration work till now. Why Mount Weld, Cummins Range, and Gifford Creek/Yangibana matter. Mount Weld  demonstrates the weathering-upgrade model : a fertile carbonatite becomes tier-one ore after tropical–subtropical lateritisation concentrates LREE near surface—an exploration clue for other buried carbonatites on cratonic margins. Cummins Range  shows pipe-scale tonnage with P & Nb associations , a hallmark of many productive carbonatites globally and a potential multi-commodity value stack. Gifford Creek/Yangibana  (Gascoyne) is crucial scientifically: ferro-to calc-carbonatite dykes, fenites and magnetite–biotite intrusions feed a district of LREE “ironstones.” Understanding the carbonatite plumbing has reframed the ironstones from odd veins to carbonatite-linked REE systems , tightening targeting models for HREE/LREE zoning and structural controls. For investors on the ASX, Australia’s carbonatites are few, but they are now lining up as immense value creation as the global minerals exploration players are dealing with geopolitical issues and increasing jurisdiction hurdles as developing regions are playing the nationalisation card. I think that the playbook for stakeholders looking for these styles of mineralisation should start looking at the alkaline provinces, and begin to look at the geological indicators such as fenite halos and carbonatite dykes, and supergene processes that can transform a “fertile but subtle” intrusion into a genuine orebody. In other words— small footprints, big optionality. In Australia, these provinces are present and here are some of the known areas described below in greater detail: Western Australia (WA) Mount Weld (Laverton, Yilgarn Craton)  — Classic Proterozoic carbonatite plug (~4 km across) with world-class REE laterite; carbonatite dykes extend kilometres beyond the plug. Ponton Creek / Cundeelee (east of Kalgoorlie)  — Large Paleoproterozoic intrusive complex (~10 km) with ultramafic core and apatite-rich carbonatite veins; part of the Eastern Goldfields alkaline suite. Gifford Creek Carbonatite Complex (Capricorn Orogen, “Yangibana district”)  — Mesoproterozoic alkaline–carbonatite system (calcite→ferrocarbonatites, magnetite–biotite dykes, fenites); hosts/feeds the Yangibana LREE “ironstone” bodies. Cummins Range (Halls Creek Orogen)  — Composite, zoned carbonatite stock (~2 km) with REE–P–Nb mineralisation; one of Australia’s largest undeveloped REE–phosphate systems Copperhead occurrence (Halls Creek area)  — Small alkaline intrusion with albitite and local “carbonatite” breccia pods; Paleoproterozoic age (~1821 Ma). Yungul carbonatite dykes (Speewah, East Kimberley)  — Narrow carbonatite dykes spatially linked to the Speewah fluorite system along the Greenvale Fault. Granny Smith & Wallaby (near Laverton)  — Carbonate-rich dykes/veins reported in the gold camps; some described as late/post-ore carbonatites or debated “carbonatites” related to syenites. Northern Territory (NT) Mud Tank (Harts Range/Strangways)  — First recognised Australian carbonatite; lensy bodies with a strong fenite halo; vermiculite mined; famous for zircon. Mordor Igneous Complex (near Mud Tank)  — Alkaline complex with carbonate-rich veins and dykes  (carbonatite-related, older than Mud Tank). South Australia (SA) Walloway (Eurelia/Orroroo area)  — Small dykes and plugs of carbonatite within a Jurassic kimberlite–lamprophyre field at the Gawler margin; active modern re-evaluation Oolgelima “Intrusive Complex” (north of Coober Pedy)  — Investigated with a carbonatite model  (prospective/under study rather than confirmed classic carbonatite). Drilling results of 78m @ 0.31% TREO  (incl. 6m @ 1.1% TREO). It is being interpreted as carbonatite-related REE mineralisation tied to Proterozoic rifting. Mount Brady  — Carbonates present, but SA government notes they are crustally derived  (i.e., not mantle-derived carbonatite). Recent work has produced assays of 0.9% Cu, 2% P, and 1000 ppm REE . Accordingly, the carbonates appear crustally derived, not mantle carbonatites, but linked to multiple mineralising events. Australian Unexplored Regions for Carbonatites? As Australian government mineral resource agencies begin to release data for potential mineral discoveries, the rush to find these areas is increasing with each dataset release. I came across a recent presentation, " Where are South Australia's Carbonatites ? - Dr Mitchell Bockmann - Geological Survey of South Australia - Discovery Day " by Dr Mitchell Bockmann. Recent work by Dr Mitchell Bockmann revisits key sites such as Walloway  and Mount Brady (See Figure 3), highlighting both past observations and new insights. The results suggest South Australia has a role to play in the carbonatite narrative, particularly at a time when critical mineral supply chains are front and centre of geopolitical conversations. According to Dr Bockmann, South Australia has flagged additional prospects in South Australia, such as Billeroo North, Umberatana Diatreme, and Mount Brady . Geochronology  across the northern Gawler Craton shows repeated thermal and mineralising events after the 1590 Ma Hiltaba–GRV event . Figure 6: Potential new regions of carbonatites to be discovered in Australia. Geological Context Walloway : A diapiric structure intruding Neoproterozoic–Cambrian sediments, with multiple narrow dykes carrying carbonatitic minerals such as perovskite, apatite, zirconolite, and calcite. Geochemistry and mineralogy suggest a carbonated kimberlite parent magma  that fractionated into both kimberlite and carbonatite. Oolgelima : Alkaline intrusive complex with drill intersections confirming REE enrichment . Strongly tied to regional mantle structures and the 1460 Ma rifting event  in the Northern Gawler Craton. Mount Brady : Previously considered a skarn, now reinterpreted with carbonate-rich assemblages. However, geochemical signatures point to a crustal carbonate source , complicating its classification as a true carbonatite. Exploration Potential South Australia’s carbonatite potential remains underexplored . The confirmed REE–Nb values at Walloway , the promising drill results at Oolgelima , and the polymetallic footprint at Mount Brady  highlight an emerging opportunity. Other targets, such as Billeroo North  (alkaline complex) and the Umberatana Diatreme  (carbonatitic diatreme with alkaline rocks), add further prospectivity. These sites demonstrate that mantle-linked magmatism  across the state may hold untapped critical mineral systems. Samso Concluding Comments Mineral exploration is always about the holy grail of discovery; however, in the fast-paced world of the ASX, it is not always the case. The influence of capital required and the ROI on the capital is primarily the major determinant of whether discoveries are made. For those who are in that space of having the passion to seek these discoveries, we are always torn between pleasing that capital requirement and the techniques required to make those discoveries. To add to the confusion and frustrations, the path for mineral exploration is largely determined by the "flavour" of the moment, which ultimately determines which type of projects are funded or not. Carbonatites are now in the limelight, but it has been pretty much unknown prior to the Luni discovery by WA1 Resources. If anything, this discovery had brought the attention of ASX capital towards the search for Carbonatites. Companies such as Encounter Resources Limited are now 100% geared to the search and development of their Carbonatite province (Figure 5). Most ASX investors within the micro-small cap space would not have understood the word carbonatites, but they know about the projects that are hosted by this source rock. Figure 6 clearly identifies numerous projects that are associated with carbonatites, but I would say most investors do not know and, in some way, don't care much about the technicalities of what the source rocks are for their investments. They just care about the ROI, which makes sense, too. For me, as a practising explorer in Australia, South Australia’s carbonatite story is one of hidden potential  waiting for modern exploration to unlock. Walloway  offers a direct REE–Nb opportunity, Oolgelima  strengthens the case for Proterozoic carbonatite-linked REEs, while Mount Brady  demonstrates the complexity of crust–mantle interactions in mineralising systems. With critical minerals firmly on the global agenda, South Australia’s carbonatite-related systems should transition from academic curiosity to strategic exploration targets . For investors and explorers, the key takeaway is simple: there is still room for discovery in Australia’s backyard . Figure 7: Interpreted solid geology of the Gawler Craton and Curnamona Province. The Olympic Domain, Central Gawler Gold Province, major IOCG deposits and U–Pb crystallisation age data (Ma) for the Hiltaba Suite and similar-aged intrusives are shown. See Tiddy and Giles (2020) for data sources. Reprinted from Tiddy and Giles (2020, fig 2) with permission from Elsevier. (source: [14]) As a director and shareholder of Taiton Resources Limited (ASX: T88) , the concept of carbonatites is new, but having researched what is happening in the province of the West Arunta with WA1 Resources and Encounter Resources, I am encouraged to be thinking about what we have at our Yogi prospect at the Highway project in South Australia. You can read the announcement here: 18th September 2024 - Gravity Anomalism up to 6 mGal Support Highway IOCG Targets The basis of the interpretation is that there is a strong gravity anomaly (Figure 8) that is adjacent to a mag high, which is an IOCG-style scenario; however, as I have mentioned, Encounter does not have as strong a gravity requirement as what is at Luni for WA1 Resources. Figure 8: Yogi residual Bouguer gravity anomaly image over subset inversion model target area. (source: Taiton Resources Limited). The undeniable fact is that Taiton Resources has an extremely strong gravity target sitting below, and it's a target that needs to be drilled. The density source in my opinion, can only be something that is a carbonatite source or from an IOCG-style source, namely haematite; however, the question is if there is mineralisation and if so, then is it economical. Readers should also not that the alternative is also just as plausible and that is the target is just another uneconomical "blob" of something. There is always a binary result and for those people who have worked in the realm of mineral exploration, they will undeniably affirm this potential result from drilling the any Yogi-style target. Figure 9: Yogi prospect long-section of modelled denser core; 3.17 g/cm 3  gravity iso-shell (magenta body), within broader dense body 2.97 g/cm 3  gravity iso-shell (green wireframe) with modelled 0.025 SI magnetic iso-shell (pink body) interpreted to represent a potential intrusion. (source: Taiton Resources Limited). The compelling nature of this Yogi target is highlighted in Figure 9. Seasoned explorers will say that this is a great target that should be drilled. As much as it is a lottery for Taiton, it is without a doubt a target many explorers will find it hard to walk away without testing it. From a geological point of view, we can learn a lot from the Luni project (Figures 4 and 5) and what Encounter is discovering in their region. The Luni deposit was largely driven by a magnetic and gravity association; however, I am told that the carbonatites discovered on the other side of the tenement boundary blend itself to more of a hybrid combination of factors and have a lesser gravity signature. When you look at Figure 7, there is a distinct separation of the Gawler Gold Province and the Olympic Dam Cu-Au Province, but as a self-proclaimed proponent of this art of geological exploration, I will simply say that there are very few mineral deposits that have the same signature of any kind. Both WA1 and Encounter thought they were seeking an IOCG-style deposit; however, both have now got something drastically different. The Paris Silver deposi t was discovered in what was not supposed to be ideal for that style of mineralisation, but that is another enigma of past thinking being too "pigeon-holed" into types and styles and not really understanding the dynamic, mechanical and geochemical nature of metal mineralisation. For those interested, one should check out the latest Coffee with Samso with Jon Hronsky, who is a seasoned mineral explorer and is currently a Non-Executive Director of Encounter Resources Limited. In this Coffee with Samso, we talked in great detail about the Carbonatite movement, which is now potentially another boost to Australia's dominance of mineral resources. Note that Jon is always referring to his concept of Mineral System exploration and I am a firm believer of his thoughts. Find the system, find the deep structures that can deliver the mineralisation and find the depositional environment and you got yourself a deposit. As usual, I guide readers to look at this Samso Insight as my thoughts and views over the last three decades in the industry. In regard to my thoughts on the Yogi prospect, it is driven deeply by my passion as a mineral explorationist with a sense of satisfaction that this is a project driven by myself and the team at Taiton Resources. A discovery would be a fulfilling part of my twilight path in the coming years. Always DYOR and happy investing. The Samso Way – Seek the Research At #SamsoNews , the focus is always on separating signal from noise and grounding every analysis in facts and context. Real insights only emerge when investors take the time to do their own research and look beyond the headlines. 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. 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. Reference: Where are South Australia's Carbonatites? - Dr Mitchell Bockmann - Geological Survey of South Australia - Discovery Day Woolley, A.R.; Kjarsgaard, B.A. Carbonatite occurrences of the world: Map and database. Geol. Surv. Can. Open File  2008, 5796 , 1–21. Liu, Y.; Hou, Z.Q. A synthesis of mineralization styles with an integrated genetic model of carbonatite-syenite-hosted REE deposits in the Cenozoic Mianning-Dechang REE metallogenic belt, the eastern Tibetan Plateau, southwestern China. J. Asian Earth Sci.  2017, 137 , 35–79. Verplanck, P.L.; Mariano, A.N.; Mariano, A., Jr. Rare Earth Element Ore Geology of Carbonatites. In Rare Earth and Critical Elements in Ore Deposits ; Verplanck, P.L., Hitzman, M.W., Eds.; Soc Economic Geologists, Inc.: Littleton, CO, USA, 2016; pp. 5–32. Carbonatite-Related REE Deposits: An Overview by Zhen-Yu Wang, Hong-Rui Fan, Lingli Zhou, Kui-Feng Yang and Hai-Dong She Arianne Ford ᵃ,*, David Huston ᵃ, Jonathan Cloutier ᵃ,ᵇ, Michael Doublier ᵃ, Anthony Schofield ᵃ, Yanbo Cheng ᵃ, Eloise Beyer ᵃ A national-scale mineral potential assessment for carbonatite-related rare earth element mineral systems in Australia. ᵃ Geoscience Australia, Canberra, ACT, Australiaᵇ CODES, University of Tasmania, Australia, Ore Geology Reviews 161 (2023) 105658 Collerson, K. D., Hutton, L., and Murphy, D., 2016, The Diamantina Alkaline Province in western Queensland - exploration potential and geodynamic significance, in Digging Deeper 2016 Extended Abstracts, Queensland Geological Record 2016/06: Brisbane, Geological Survey of Queensland, p. 6. Nelson, D.R., Chivas, A.R., Chappell, B.W., McCulloch, M.T., 1988. Geochemical and isotopic systematics in carbonatites and implications for the evolution of ocean island sources. Geochim. Cosmochim. Acta 52 (1), 1–17. Jaques, A. L., 2008, Australian carbonatites: their resources and geodynamic setting, 9th International Kimberlite Conference, Volume Extended Abstracts 9, p. 1-3. Swain, G., 2022. A ‘Carbonatite’ Model for the Oolgelima Intrusive Complex: South Australia’s next critical minerals project Sub22 Conference: Adelaide. CSIRO, Australia. Chandler, R. and Gonza´lez-A´lvarez, I., 2022, Australian carbonatites: insights on geological characteristics, exploration proxies and national prospectivity for undiscovered carbonatites and associated critical metal mineralisation: CSIRO, EP2022-5026, 63 pp. Pirajno, F., Gonz´alez-A´lvarez, I., Border, A., and Porter, M., 2017, Mount Weld and Gifford Creek rare earth elements carbonatites, in Phillips, N., ed., Australian Ore Deposits, Monograph 32: Australia, Australasian Institute of Mining and Metallurgy, p. 163-166. Pirajno, F., Gonz´alez-A´lvarez, I., Chen, W., Kyser, K.T., Simonetti, A., Leduc, E., leGras, M., 2014. The Gifford Creek Ferrocarbonatite Complex, Gascoyne Province, Western Australia: Associated fenitic alteration and a putative link with the ~1075 Ma Warakurna LIP. Lithos 202-203, 100–119. Caroline Tiddy and David Giles, Suprasubduction zone model in eastern Australia, MESA Journal 93, pages 32–46, Published October 2020 Mineral Exploration Cooperative Research Centre (MinEx CRC) and Future Industries Institute, University of South Australia 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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   DY6 Acquires Previous Rutile Mining Site Expanding Project 15 September 2025 DY6 Metals (ASX: DY6)  has taken another significant step toward establishing itself as the dominant rutile player in Central Africa. By securing the historically significant Yaoundé West Project , the Company has added a proven production site to its growing Central Rutile Project (Figure 1). This acquisition is more than just additional ground – it represents a strategic consolidation of tenure, a boost to exploration potential, and a rare opportunity to revitalise a district that once made Cameroon the world’s third largest rutile producer. Figure 1: DY6’s Central Project showing the current licences in light blue and the Yaoundé West licences in green. (source: DY6) Key Highlights - Rutile Binding Acquisition Secured:  DY6 Metals will acquire 100% of seven contiguous exploration licence applications comprising the Yaoundé West Project  in central Cameroon. Proven Production History:  Yaoundé West was a major rutile-producing area from 1935–1955, contributing to Cameroon’s status as the world’s 3rd largest rutile producer during that time. Unique in Cameroon:  The project area is the only historically recorded site of residual rutile mining  in the country. High-Grade Potential:  BRGM mapping identified a 70km x 15km zone of residual rutile mineralisation, adjacent to DY6 licences where rutile up to 97.5% TiO₂ has already been reported. District-Scale Landholding:  The acquisition expands DY6’s 100%-owned tenure to 8,782km² , cementing its dominance in a globally emerging rutile province. Strategic Location:  Proximity to Yaoundé city, rail, road, and deep-water port infrastructure positions DY6 with significant development advantages. Exploration Momentum:  Systematic soil sampling is underway, with maiden auger drilling planned across the new licences. A Transformational Acquisition DY6’s acquisition integrates the Yaoundé West Project into its existing Central Rutile Project, boosting its project area from 5,901km² to 8,782km². Consideration includes A$1.5M cash , 10M fully paid shares , and 10M performance rights , subject to shareholder approval. CEO, Cliff Fitzhenry , commented: “We are absolutely delighted to have completed the acquisition of the Yaoundé West Project which we firmly believe represents a world class and highly strategic asset. Yaoundé West is particularly significant in that it is the only historically recorded area of residual rutile mining in the country, highlighting its geological significance and proven mineral potential. Its premium land position, combined with unmatched proximity to key infrastructure - including port, rail, and power - provides a major logistical and development advantage. The acquisition process was highly competitive, with several parties pursuing this exceptional asset. Our success in securing it is a strong endorsement of our strategic approach and capability to identify and execute on tier-one critical mineral opportunities. We believe that following this acquisition, DY6 will have a dominant landholding in Central Cameroon, with the expanded Central Rutile Project now comprising 100% ownership of 8,782km2 of premium, highly prospective tenure underpinning this district scale opportunity in an emerging, globally significant rutile province.” Geology and Historical Production. The project is underlain by kyanite-bearing mica schist and garnet paragneiss, the primary source of rutile (Figure 2). In-situ weathering has liberated rutile into an eluvial saprolite layer, forming a deposit style comparable to Sovereign Metals’ Tier 1 Kasiya Project in Malawi – the world’s largest primary rutile deposit. Figure 2: Regional geological map of Central Cameroon showing DY6’s Central Rutile Project and Yaoundé West licences (source: DY6) Historical production between 1935–1955 recorded 15,000 tons of >95% rutile , with Yaoundé West a major contributor (Figure 3). Figure 3: BRGM georeferenced map of high-grade rutile zone (source: DY6) BRGM mapping defined a continuous high-grade zone (70km strike, 15km width), where all historical mining took place (Figure 4). Figure 4: Geological map showing the current Central project licences in black, the Yaoundé West licences in red, and the high grade BRGM mapped rutile zone in grey shade. (source: DY6) As shown in Figure 5, the map highlights a portion of DY6’s Central Project, with the Yaoundé West licences marked in red and the BRGM-defined high-grade rutile zone shaded in grey. Figure 5: Map showing a portion of the current Central project licences in black, the Yaoundé West licences in red, and the high grade BRGM mapped rutile zone in grey shade. (source: DY6)   Strategic Location and Infrastructure Advantage Yaoundé West is within 20km of Cameroon’s capital, Yaoundé, with sealed multi-carriageway highway access and rail running through one of the licences. Its proximity to the deep-water port of Douala (200km)  enhances logistics for future development (Figure 6). Figure 6: Central Project & Yaoundé West Licences with Rail Access (source: DY6)   Next Steps DY6 will expand its systematic soil-sampling program across the new licences, paving the way for maiden auger drilling  campaigns. The company continues to position itself as the dominant rutile explorer in Cameroon , with 11,362km² of combined tenure across its Central Rutile and Douala Basin HMS Projects. Samso Concluding Comments This release is all about DY6 building a landholding to participate in what could be a globally significant rutile province. The acquisition of a project with a proven production history will provide some geological validation and set DY6 for advanced-stage exploration. The presence of historical production is a good indicator, and I am sure that will help in some clarity on the potential prospectivity of the region. It is good to know that the DY6 project is in close proximity to road, rail, and port, which will be a decisive advantage when it comes time to develop a project at scale. What is clear is that ASX companies with projects in Cameroon will work through their projects over the next 12 months, giving investors a good choice of positions to take when the dust settles. As always, the next phase will be all about the data – systematic sampling and auger drilling will provide the hard numbers needed to quantify this opportunity. The Samso Way – Seek the Research At Samso, we cut through the headlines to find the real story. Context, geology, and strategy matter — always do your own research and see how the results fit into the bigger picture. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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 Optioneering Study Supports Heap Leaching as Low Cost Route for the Splinter Rock Rare Earth Project - 11 September 2025. OD6 Metals Limited (ASX: OD6)   has released results from its CPC Engineering Optioneering Study, confirming that heap leaching is the lower-cost and preferred primary leach option for the Splinter Rock Rare Earth Project (Figure 1). This is a significant step in de-risking the project and optimising development economics, with the study showing heap leach delivers superior recovery, lower capital intensity, and simplified operations when compared to conventional agitated tank leaching.  Figure 1: The Splinter Rock Rare Earth Project (source: OD6)   Key Highlights - Beginning of the Rare Earth Story Heap Leach Confirmed as Preferred Route:  CPC Engineering’s multi-criteria assessment validates heap leaching as the lower-cost option for clay-hosted REE mineralisation. Higher Recovery Potential:  Heap leach shows superior rare earth recovery compared with tank leach, enabling more MREC production per tonne processed. Lower CAPEX Profile:  Eliminates the need for large leach tanks, clay washing, and complex separation circuits. Modular design allows for scalable, staged construction. Lower OPEX Drivers:  Energy and maintenance costs are reduced; the inclusion of a Chlor-Alkali Facility allows on-site reagent generation and acid recycling. Premium MREC Product:  The downstream process flowsheet (heap leach + nanofiltration + ion exchange + impurity removal) is designed to deliver a high-quality, low-impurity Mixed Rare Earth Carbonate (MREC). Strategic Partnerships:  Ongoing collaboration with ANSTO and CPC Engineering , guiding development pathway decisions. Upcoming Drill Campaign:  Twin-hole diamond core drilling to provide 1.5–2.5t of REE-bearing material for advanced ANSTO testwork. Techno-Economic Review & Peer Benchmarking OD6 assessed multiple flowsheet options against criteria such as recovery, circuit complexity, capital and operating costs, product quality, and scalability (Figure 2). Benchmarking shows OD6 sits mid-range among ASX peers on capital intensity, with potential upside once stripping ratios and reagent cost efficiencies are finalised. Key observations: Simplicity and Expandability:  Heap leach reduces system complexity and allows for staged pad expansions. Operating Advantage:  Lower energy demand and mechanical maintenance; acid recycling and CAF integration further enhance cost profile. Market Alignment:  Uranium and thorium removal steps ensure transport compliance and widen potential markets (Asia, Europe, US). Figure 2: Peer Comparison Table – Heap Leach vs Tank Leach Projects (source: OD6) Metallurgical and Study Progress OD6, CPC, and ANSTO have successfully demonstrated a multi-stage pathway (Figure 3) from heap leach through to final MREC/MREH precipitation, with key steps including: Figure 3: Indicative Processing Steps – Heap Leach, NF, IX & Impurity Removal (source: OD6). Heap Leach:  Low-acid leach to generate enriched solution. Nanofiltration:  Acid recycling and REE concentration. Ion Exchange:  Further concentration and impurity reduction. Impurity Removal:  Eliminates deleterious elements (Al, Fe, U, Th). Precipitation:  Produces premium, low-impurity MREC/MREH. Chlor-Alkali Facility:  Provides reagent supply security and lowers OPEX (Figure 4). Figure 4: Example of two BICHLOR™ Electrolysers utilised to produce H2 (g) + Cl2 (g) + 2NaOH (aq) (source: OD6) The final MREC/MREH product contains elevated Nd, Pr, Dy, and Tb – highly sought-after magnet rare earths critical for global EV and wind turbine supply chains.  Managing Director Brett Hazelden  commented: “The work being conducted by CPC’s optioneering study confirms what our ANSTO testwork and flowsheet work have indicated – heap leaching combined with our innovative downstream steps appears to be the most capital-efficient and operationally simple route to unlock value at Splinter Rock. Importantly, when benchmarked against other peers in the industry, it suggests a lower CAPEX profile is possible after removing the complex and expensive solid-liquid separation steps in an agitated tank leach process. Notably, integration of our impurity removal steps and a Chlor-Alkali Facility (CAF) suggests a lower capital cost outcome and supports production of a high-value MREC product. We’ll now move quickly to commence scale up testwork to optimise the Heap Leach and Impurity Removal conditions and produce MREC samples for testing and offtake discussions.” Next Steps Scale-Up Testwork:  Heap leach and impurity removal optimisation using 1.5–2.5t bulk samples; expected to yield ~1kg of MREC for offtake discussions. Offtake Partner Engagement:  Initiating commercial payability discussions for MREC and MREH. Government & Financing Engagement:  Ongoing dialogue with government bodies and potential financiers. Exploration & Drilling:  September campaign to deliver high-quality core for testwork and resource updates. Samso Concluding Comments This is a very interesting release as the Heap leach validation could be a major milestone for OD6, as it positions Splinter Rock as a competitive and scalable rare earths project in a global market hungry for magnet REEs. The decision to focus on a lower-cost, modular, and technically robust solution will materially improve project economics. From an investor’s point of view, this milestone will significantly de-risk the project’s processing route, assuming all the numbers do indeed stack up. As an avid follower of the OD6 story, this will start to move OD6 closer to producing a high-value MREC product that aligns with global magnet rare earth demand. The upcoming drill program and bulk testwork will be key to translating these study outcomes into a full feasibility case. The value of OD6 will be further enhanced by the fact that competitors in this area are decreasing. If OD6 comes to fruition, I believe it will lead to substantial value creation for shareholders, as it will essentially be a situation of being the last one standing. However, I think this will likely not happen in the short term, and the ongoing efforts to make the business viable will be crucial for potential investors and current shareholders when considering their future decisions. As always, #SamsoNews reminds investors that the project remains at a study and testwork stage, with further exploration and feasibility work required before production decisions.   The Samso Way – Seek the Research We separate signal from noise. The real story sits in the data, the rocks, and the plan—never just the headline. Do your own work and test every claim. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso 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. 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 and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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.