There is a visible and coherent bullish shift with investors within the mineral exploration sector of the Australian Stock Exchange (ASX). The E79 Gold Mines Limited (ASX:E79) story is being reviewed as it is primed for potential discovery, and now cashed up. I have known about E79 Gold Mines and was reminded when they were the beneficiary of a nearology play with Kalgoorlie Gold Mining Limited announcing results from their Lighthorse project. E79 was the beneficiary as they share tenement boundaries (Figure 1). Figure 1: The area that has recently made both E79 Gold Mines and Kalgoorlie Gold Mining Limited prominent on the ASX. (source: E79 Gold Mines Limited) One of the most important aspects of trying to understand this industry is to know that as retail investors, we are never going to know the real ins and outs of the company. On most occasions, we are the last and the "insiders," or what I term the "Purple Circle", are always looking at the retail market as the driver of rising pricing and the bag to hold when they leave. Hence, to negate some of the heartache, I prescribe the need to know the two critical points: one is management and the viability of the projects being promoted, and the other is the potential economic discovery within the project. Let me try and break this down without writing a book about it. Management I cannot stress enough the need to know the style and content of management in place. For the majority of retail investors, who are not from the industry, it is hard to know who is who. What many people rely on is being told who they are, and not knowing the main players with some degree of intimacy. The problem with second-hand knowledge is that you don't know how far that knowledge came from by the time it got to your ears. I have compiled a small list of things to ask or to DYOR for readers to chew on: Ability to raise money: Are they connected and have the records to show this? This is a very important ability. Are they the type of management that wants to make an economic discovery? I stress the term economic, which indicates a real effort in terms of spending money and having the right team. Are management looking for an economic discovery, or are they looking for a discovery to create share price stimulation? This is not a bad thing, but knowing this will help you from rushing in and taking a wait-and-see approach. The person who is known for the "Midas Touch," now this is a no brainer and in some ways, this kind of management is the easiest. Put your money in and then go do your day job. The only drawback is that these guys can take a long time, and I mean multiple years as they normally work on their schedule and not yours :-) Similarly, they may have a stronger holding power than you and hence, if you are forced to hold longer than you can, you may miss out. I am sure there are many other characteristics to be aware of, but those are normally the ones I look for before jumping into any stocks. The Project It is sufficient to say that the promoters of these companies have the same motivation as all investors, and that is making money. Retail investors like me are all about making sure we are not taken in by the promotion, that we forget there is a need to sell, and making sure we have the holding power to stay in the game. In my opinion, when we look at the projects being promoted, we need to simply think of two parts. If the main story is about making an economic discovery, is the project, technically, able to give it a good go, or do I think that the chances are low and the risk great? This normally requires a higher level of research and at most times, it's difficult to have an absolute answer. Fortunately for me, with 3 decades of experience, it's a lot easier to break all those points down. For those not in the industry, I have to admit, it's not easy. If the project appears to be lacking in substance, then you would have to assume that management is looking for something else and this is a holding pattern. It's kind of what we call, "Let's Join The Club First.". Coffee with Samso Today, it's all about E79 Gold Mines Limited and Ned Summerhayes. As I have mentioned, I know the management relatively well, and I do believe that they are looking for an economic discovery, and I am pretty sure they are also looking for a better project to come along. They will take their time while they slowly work on their projects. Chapters: 00:00 Start 03:29 Who is Ned Summerhayes? 04:20 What it's like working with the board members? 05:50 The Nearology Factor? 08:19 Has the market changed to being a Bull? 10:46 E79 projects set up by Ramelius consolidation. 12:37 What is the strategy for E79 at the Lighthorse region? 17:27 The Mountain Home Project 26:02 How should corporate manage shareholder expectations? 29:01 Is the market still tight for funding? 34:10 Last comments 34:47 Conclusion PODCAST About Ned Summerhayes Edward (Ned) Summerhayes has completed a Master's of Economic Geology from the University of Tasmania. Ned has more than 15 years’ experience in Mineral Exploration, primarily in Western Australia. Ned’s most recent role was with Black Cat Syndicate as Exploration Manager, having both corporate responsibilities and directing technical programmes. Ned was responsible for all site personnel, stakeholder management, reporting and compliance, as well as reviewing and recommending strategic acquisitions. About E79 Gold Mines Limited E79 Gold Mines Limited is an Australian gold and copper exploration company which has approximately 1,838km2 of highly prospective ground in two proven gold producing greenstone belts in the Western Australian Goldfields and a project within the McArthur Basin of the Northern Territory. Mission To discover gold and develop sustainable operations whilst acting responsibly towards the environment and all stakeholders Statement of Values E79’s vision is to create significant value for Shareholders through good science and applied exploration with a strong culture of operating ethically and responsibly. To respect the cultures, customs, and values of all Stakeholders, including employees, contractors, suppliers, Traditional Owners, pastoralists, and the community. At all times conduct ourselves with integrity, honesty, and transparency. Encourage an enjoyable and safe workplace based on technical excellence, teamwork, collaboration, and diversity. Seek to protect the environment and enrich the communities in which we work. 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 on 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.

In our world of mineral exploration, conviction is currency, and E79 Gold Mines Limited (ASX: E79) is spending it wisely. The reason Samso is continuing to cover E79 is for this very reason, they do what the money is raised to do. One and only purpose. As someone who's watched this sector for over three decades, I tend to gravitate toward stories where the science leads the drilling, not the other way around. The latest announcement from E79 Gold shows exactly that: a methodical, data-driven campaign that’s laying the foundation for a potential discovery in one of Western Australia’s most gold-endowed regions. Announcement Major New Air-core Drill Program Commences to Test Multiple Gold Targets at Laverton South E79 Gold Mine Drilling Strategy: From Theory to Drill Core E79 Gold has launched a 5,000-metre air-core (AC) drill program at its Laverton South Gold Project, targeting three gold anomalies, with a tight infill campaign already underway at Pinjin in WA (Figure 1). The objective? To follow up on the 700 m-long gold anomaly that sits just west of Kalgoorlie Gold Mining’s Lighthorse discovery. Figure 1: Map of aircore holes over magnetics. The red anomaly zone is the focus for the infill drill program (source: E79 Gold Mines Limited) Ned Summerhayes, CEO of E79 Gold Mines, commented: “The AC rig has returned to follow up the 700m long gold anomaly, located immediately west of Kalgoorlie Gold Mining Limited’s (KalGold’s) emerging Lighthorse discovery,” “The previous drilling results have led us to focus in on this favourable structural position. Following this infill work, the rig will move on to test two other regional targets identified in the recent geophysical and project review of the area.” Why It Matters: Reading Between the Magnetics This is not about chasing shallow anomalies—it’s about uncovering deeper structures that whisper of something bigger beneath the surface. E79’s geological team has interpreted zones of demagnetisation—visible in reprocessed aeromagnetic data—that coincide with the gold anomaly and suggest favourable structural conditions for mineralisation. While the previous drilling returned modest results (e.g. 3m at 0.29g/t Au), it’s important to note that only a fraction of the bedrock has been properly tested. With over 40m of transported paleochannel material and only ~15% of lateral bedrock intercepted per drill line, the potential remains largely untapped (Figure 2). Figure 2: Cross-section of drill line 6660162 mN (source: E79 Gold Mines Limited) “All of these factors combine to support a compelling and coherent gold anomaly over a number of 200m-spaced drill lines that warrants in-fill air-core drilling,” the Company noted. The Next Step: Two Regional Targets on Deck Once the infill work is done, the rig won’t be idle. E79 will immediately pivot to two high-priority regional targets derived from magnetic and gravity data (Figure 3): 🔶 Target 1 – South of Kirgella Gift Located in a zone of structural complexity Overlaps a large-scale northwest fault Just 3km south of KalGold’s resource Nearby historic drilling has shown coincident gold anomalism 🔶 Target 2 – North Lake Yindana Interpreted domal structure under cover Geologically analogous to the Duke Deposit Sits 3km southwest of the Duke, part of Ramelius Resources’ Rebecca Project Figure 3: Map of priority drill targets over regional and reprocessed magnetics (source: E79 Gold Mines Limited) Strategic Positioning in WA's Gold Heartland With 272km² under tenure, the Laverton South Project places E79 in a compelling position—right in the middle of a prolific gold-producing corridor. This belt is no stranger to discoveries, and with KalGold and Ramelius nearby, E79’s path to a potential discovery could attract strategic attention. E79 isn’t just active in WA, either (Figure 4). Their Mountain Home Cu-Au-Bi Project in the NT and McArthur Basin ground adds long-term diversification with polymetallic upside. Figure 4: Map of the Laverton South Gold Project (source: E79 Gold Mines Limited) E79 Gold (ASX: E79) is focused on gold exploration in WA’s Laverton and Murchison regions, with additional targets for copper, gold, bismuth, and diamonds in the NT’s highly prospective McArthur Basin (Figure 5). Figure 5: Map of E79 Gold’s exploration projects (source: E79 Gold Mines Limited) Samso Concluding Comments When I look at stories like E79 Gold MInes, I see the quiet potential that often precedes the loud headlines. The company is doing the hard yards—working through data, following structure, drilling methodically—and that’s where real discoveries are born. It’s easy to get caught up in the noise of instant results, but the groundwork being laid here is what builds genuine value. Exploration under cover is never straightforward, but with good science and disciplined execution, the rewards can be transformational. E79’s Laverton South program is a textbook example of how to de-risk greenfield targets through thoughtful interpretation and patient drilling. Add in the proximity to significant discoveries like Lighthorse and Duke, and the upside becomes very real. As investors, we often talk about leverage to discovery. E79 Gold has that in spades—technical, financial, and strategic. What matters now is execution, and from what I see, the company is moving in the right direction. In my opinion, E79 Gold’s latest campaign is exactly the kind of program that investors should be watching closely. As an investor myself, I remind myself that this is not about immediate gratification—it’s about building a discovery from first principles: geophysics, structure, and methodical drilling. They’ve ticked every box: ✅Defined structural controls ✅Early gold anomalism ✅Strategic proximity to established discoveries ✅Prudent capital management (~$2.9M in cash as of April) If this anomaly proves fertile—and as an exploration geologist, any attempt to drill for results is an encouraging sign. With a modest market capitalisation of a modest AUD 3.0M, a positive result could quickly find itself on a much larger stage. Reasons Why Samso Helps Your Research. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. 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 is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. Happy Investing, and always remember to 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.

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) Announcement Laverton South Gold Project - Exploration Update -date amend 11 September 2025 Laverton South Project Overview E79 Gold Mines 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: 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 Mines 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 for E79 Gold Mines 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.

E79 Gold Mines Limited(ASX: E79) has returned all final assays from reconnaissance air-core (AC) drilling at the T14 South prospect within the Laverton South Gold Project, delineating two distinct gold anomalies beneath a regional paleochannel and flagging follow-up work at depth. The Company also completed an additional 15 AC holes northwest of the Lighthorse discovery, with assays pending. Figure 1: Map of E79 Gold’s exploration projects (source: E79) Announcement Laverton South Gold Project - Exploration Update 2 October 2025 Key Highlights - The Journey of Gold Exploration for E79 Gold Mines Two new gold anomalies at T14 South Southern line, east–west zone (~300m wide): gold anomalism across upper/lower paleochannel horizons with several holes ending in weathered bedrock (e.g., 3m @ 0.23g/t Au from 83m to EOH, 25LRAC151; 8m @ 0.13g/t Au from 60m, 25LRAC152). Western trend (800–1,000m long, north–south): coherent bedrock trend through four consecutive drill lines, including previously reported highlights 15m @ 0.38g/t Au from 80m to EOH (25LRAC126) and 8m @ 0.82g/t Au from 80m (incl. 4m @ 1.57g/t Au) in 25LRAC133; newly extended by 14m @ 0.12g/t Au from 76m to EOH (25LRAC146). Figure 2: Map of priority drill targets (source: E79) Bedrock mineralisation confirmed below paleochannel cover Wide-spaced AC holes (80m spacing on 200m lines) are “barely tagging bedrock” beneath ~80m of cover; the persistence of bedrock gold in end-of-hole samples elevates the geological significance despite moderate grades typical of reconnaissance AC. Next steps at T14 South: E79 indicates the next stage is to explore at depth (possible RC drilling) to test the bedrock source beneath the paleochannel. Assays pending near Lighthorse (Figure 3): 15 AC holes for 1,320m were completed west/north-west of Lighthorse to test geophysical targets; assays are expected in ~three weeks from the lab. Figure 3: Map of priority drill targets (source: E79) E79 Gold CEO, Ned Summerhayes, commented: “All final assay results from the recently completed air-core drilling program have now been returned from the T14 South gold prospect. Gold has been identified below the paleochannel at T14 South with two gold anomalies – an 800-1,000m long north-south anomaly in the west of the drilling area and a 300m wide gold anomaly on the southern-most drilling line – successfully delineated. “These two anomalies are significant as they are located in prospective stratigraphy, south of known mineralisation, and there is no deeper drilling in the area.” Geology & Context (why it’s prospective) (Figure 4) Figure 4: Map of air-core drilling of the T14 South Target over re-processed magnetics. (source: E79) T14 South lies 3km south of KalGold’s Kirgella’s Gift within the same host stratigraphy, where cross-cutting faults and folds provide favourable sites for gold deposition. Re-processed magnetics highlight these structures continuing into E79 tenure. The target area is blanketed by a broad paleochannel (alluvial gold in basal sands/gravels), yet gold also occurs in weathered/fresh bedrock below, indicating a likely in-situ source (Figure 5). Figure 5: Cross-section of T14 South outlining gold mineralisation below the paleochannel. (source: E79) The broader Laverton Tectonic Zone (LTZ) is a globally significant gold belt (>30Moz in production, reserves, and resources) hosting Granny Smith, Sunrise Dam, and Wallaby. E79’s Laverton South Project covers ~272km² in this belt. What comes next: Reconnaissance AC across five E–W lines at 80m hole spacing on 200m line spacing; drill depths typically 80–100m into/through the paleochannel to tag bedrock. Gold anomalism on all five lines supports a cohesive picture despite moderate grades common at this stage. Sampling/assay: 4m composites (~2kg), AR digest with ICP-MS (1ppb Au LLD), QA/QC at ~7% insertion rate; bottom-of-hole multi-element suite also collected. Samso Concluding Comments Exploration under cover is a patience game. Companies working in this space is all about establishing, or rather finding and than establishing coherence, scale, and evidence that gold persists beneath the paleochannel. Headline grades from the first stage of exploration are rare so investors need to understand the nature of mineral exploration. ITs all about the process of elimination. In this instance, E79 has outlined two coherent trends at T14 South, with multiple end-of-hole bedrock hits that suggest an in-situ source rather than merely transported gold. That combination moves the prospect from “interesting geochemistry” to “targets worthy of deeper RC testing.” The structural context also reads well. Reprocessed magnetics point to cross-cutting faults and folds continuing into E79 ground, and the wide-spaced AC grid still managed to tag consistent anomalism across several lines. In our experience, that’s the kind of early signal you want in the Laverton Tectonic Zone: continuity plus geology that can plausibly host a system of scale. From here the job is about vectoring—tightening line spacing where it counts and stepping down into the bedrock with RC to see thickness, grade distribution, and geometry. Pending assays from the work near Lighthorse add another layer of potential news flow; positive results there would broaden the prospectivity picture beyond a single target area. For investors, this remains classic early-stage risk: modest dollars seeking high-impact information. The next meaningful de-risking events are straightforward—RC beneath the anomalies at T14 South, clearer structural controls from new data, and follow-up where AC ended in mineralisation. As always, read the full tables and maps, watch how the drill density tightens, and let the geology—not the noise—do the talking. Interesting Development As we write this Samso News, E79 is in Trading halt pending a new asset and a capital raise, which I have put my hand up for participation. AS I have said many times, I know the management of E70 and its the very few companies that I have confidence that their interest are aligned with all shareholders. So lets watch this space and see what the new asset is all about. The Samso Way – Seek the Research Always read the full intercept table, maps, and cross-sections in the source announcement before forming a view. 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.

E79 Gold Mines Limited (ASX: E79) has sharpened the Mountain Home Copper–Gold (Figure 1) story in the NT with a simple but telling update (23 October 2025): fresh mapping plus 24 rock-chip samples have pushed high-grade copper outside the known gossan and onto parallel trends. With assays up to 35.9% Cu and Cu-Au-Bi mineralisation tracking along sinistral brittle faults, the footprint now looks more like a structural corridor than a single showing. Access has been secured, heritage fieldwork is done with approvals expected in the December quarter, and a co-funded airborne gravity survey over ~350 km² is booked for December—setting the stage to convert surface vectors into 2026 drill targets. In short, it’s scale plus structure, and the next datasets should tell us how big this system might be or not. Figure 1: Location map of the Mountain Home Project within the McArthur and Carpentaria Basins. (source: E79) Announcement Outstanding HighGrade Copper Rock Chips & Expanded Footprint 23 October 2025 Highlights - Finding a new Copper-Gold Mineral System Reconnaissance mapping and 24 rock-chip samples returned multiple high-grade copper assays, extending mineralisation around the Mountain Home Gossan. Key results include: MHR040: 35.9% Cu, MHR037: 32.5% Cu, MHR039: 18.55% Cu (gossan area). Step-outs recording MHR036: 24.3% Cu & 0.11 g/t Au (≈200 m south), MHR038: 22.5% Cu & 1.56 g/t Au (parallel trend ≈150–200 m west), MHR049: 2.53% Cu (parallel trend ≈950 m north). Access agreement signed with the local pastoralist; heritage survey fieldwork completed with approvals expected in December quarter 2025, enabling initial drilling in 2026 post-wet season. Co-funded airborne gravity survey over ~350 km² scheduled to commence December 2025 (NT Government GDC support, up to $150k). Separate RC drilling grant up to $100k applied to extend to May 2026. Mapping indicates brittle, sinistral fault-controlled quartz breccia and crack-seal veins with Cu-Au-Bi; mineralised envelope mapped for ~3 km north of the gossan. Geological fingerprint suggests intra-cratonic Cu-Au (ICG) affinity within the broader IOCG family (Tennant Creek-style indicators noted). Regional follow-up ~17.5 km NW returned up to 1,125 ppm Cu in rock chips; anomaly remains open in all directions. E79 Gold CEO, Ned Summerhayes, commented: “The recent mapping and sampling programs were successful in significantly increasing the footprint of known high-grade copper and gold mineralisation at Mountain Home. “The mapping program, in conjunction with an independent expert, has enhanced our understanding of the Mountain Home Gossan and its surrounds, indicating a structural aspect to the mineralisation at the Mountain Home Gossan. “Pre-drilling approvals are progressing with a key access agreement signed with the local pastoralist and the required heritage survey field work also now completed over the Mountain Home Gossan. The results of the heritage survey, and the grant of the potential heritage licence, are both expected in the current December Quarter, which will allow for initial drilling to take place in 2026 at the conclusion of the wet season. “A large-scale co-funded gravity survey is scheduled to start in December, which will potentially map large-scale structures and prospective rock units over a 350km2 area and provide insights to discovery opportunities under cover.” Consulting Geologist Carl Brauhart commented: “The Mountain Home Project is in a very desirable address, with a geochemical signature and regional setting typical of Intracratonic copper-gold (ICG) systems. Notable ICG systems include Olympic Dam, Ernest Henry, Telfer and Winu, all of which lie in the hangingwall to a cratonic suture and postdate subduction tectonics by hundreds of millions of years. Although known mineralisation is quartz vein hosted, extreme Bi concentrations suggest a possible affinity with the Tennant Creek Au-Cu-Bi IOCG deposits. Clear brittle structural control mapped in the field, combined with the prospective geochemistry at the Mountain Home Gossan provide very important leads for exploring the wider Mountain Home Region.” Project Snapshot Location & tenure: Mountain Home Copper–Gold Project, Northern Territory (EL32470 100%; EL33886 & EL33887 under application 100%; EL4178 & EL34179 mineral rights). E79 controls ~1,366 km² across inliers of Proterozoic McArthur Basin lithologies within the Carpentaria Basin. Work completed (Aug 2025): 24 rock-chip samples + detailed outcrop mapping over the gossan and surrounds. Assays via multi-element 4-acid digest (ICP-MS/OES) and gold by 50 g fire assay (Figure 2). Figure 2: Location map of the Mountain Home Project with recent soil sample locations, and new target area. (source: E79) Results & Interpretation (What’s Changed) (Figure 3) Footprint expanded: High-grade copper now confirmed outside the known gossan along parallel trends north and west, and to the south of prior sampling, indicating multiple conduits and a broader structural corridor. Structural model: Field mapping (with independent expert) identifies en-echelon, sinistral brittle faults hosting Cu-Au-Bi mineralisation in quartz breccia/veins. Left-stepping jogs on regional faults are flagged as high-priority targets for focused hydrothermal flow and mineral deposition. Scale vector: Similar brittle quartz breccias mapped ~3 km north of the gossan—supporting a larger mineral system beyond surface expressions. Deposit style: Early geochemical/structural fingerprints are consistent with ICG/IOCG systems; the Cu-Au-Bi association draws comparison to Tennant Creek-type occurrences. (Preliminary—further work required). Figure 3: Map of the Mountain Home gossan area with recent and past rock chip sample locations. (source: E79) Approvals, Programs & Timeline Access secured: Agreement signed with the local pastoralist; heritage survey fieldwork completed and approvals anticipated in Dec Q 2025. Near-term programs: Airborne gravity (Dec 2025): Co-funded survey (~350 km²). Aim: map major structures and prospective rock units through cover to refine drill targets. (GDC supports up to $150k). RC drilling: GDC grant (up to $100k) under extension request to May 2026; initial drilling planned after the 2025–26 wet season (calendar 2026). Regional Upside A separate regional target ~17.5 km NW of Mountain Home Gossan returned up to 1,125 ppm Cu in rock chips, validating earlier soil anomalies in Cu-Zn-Pb-Au; the anomaly is open and unconstrained—follow-up warranted post-gravity and infill geochem. About E79 Gold Mines Limited E79’s portfolio totals ~2,401 km² (NT McArthur Basin; WA Laverton South & Murchison). On 3 Oct 2025, E79 signed a Binding HOA to acquire 90% of Cue Metals Pty Ltd (Cue Gold Project, Day Dawn Goldfield), with completion targeted late Nov 2025 (subject to shareholder approval). Figure 4: Map of E79 Gold’s exploration projects. (source: E79) Samso Concluding Comments I have always liked the Mountain Home project as it is what I call "something new". The recent release on Mountain Home is the stage that goes beyond a “gossan-and-glamour” story, as it is now more about the emergence of a structure-driven narrative. Parallel trends, jogs, and a 3 km mapped envelope are the words you want to use to show before committing to drilling. As they say, surface copper grades get attention; plumbing gets value. The Cu–Au–Bi association and brittle quartz–breccia textures point towards an ICG/IOCG family resemblance. It is still a hypothesis, but it creates a reason for taking geophysics to a tighter geochem to vector along structures. I would think that reconnaissance drilling will start to test the strongest intersections of structure and geophysics. For the newcomers to mineral exploration, these steps are the journey of de-risking the postulations. It is good to see that land access is signed, heritage fieldwork completed, and co-funded gravity is scheduled—these are always good pragmatic steps that keep time and capital honest. If approvals land this quarter and the geophysical surveys and interpretations deliver coherent targets, first-pass drilling in 2026 can be decision-quality rather than speculative. The near-field gossan, the parallel trends, and the open regional anomaly to the northwest create multiple shots on goal over the next 6–12 months. For investors, the signal to watch is target convergence—when structure, geophysics, and geochemistry agree. Until then, DYOR and track the data cadence, not the noise. The Samso Way – Seek the Research Read the original ASX release and study the full assay table and figures before forming a view. 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.

E79 Gold Mines Limited (ASX: E79) has reported a promising set of exploration results from its Laverton South Gold Project, Western Australia (Figure 1). Located approximately 130km east-northeast of Kalgoorlie, this project spans 272km² across the southern portion of the Laverton Tectonic Zone (LTZ) — one of the world’s richest gold belts. Final assays from the recent wide-spaced air-core drilling program have confirmed anomalous gold at depth beneath a regional paleochannel, supported by the discovery of numerous small gold nuggets within the Pinjin North tenements. Announcement Promising Assays from AC Drilling and Gold Nugget Discovery 10 November 2025 (Click here to view the announcement: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03020837-6A1296198&v=undefined) Figure 1: Map of drill holes over regional magnetics (source: E79) The Business E79 Gold Mines (Figure 2) E79 Gold is a Western Australian-based exploration company with a portfolio covering over 2,336km² of highly prospective ground across the Yilgarn Craton and McArthur Basin: Flagship: Laverton South Gold Project (100% — Pinjin & Lake Yindana) in the Laverton Tectonic Zone, a belt endowed with >30 Moz across multiple tier-one deposits Mountain Home Cu–Au–Bi Project (NT) within the McArthur Basin, prospective for copper, gold, and diamonds. Murchison's presence via earn-in/JV at the Murchison Goldfields, enabling focus on Laverton South and Mountain Home. Cue Gold Project (Day Dawn, Murchison): E79 signed a Binding Heads of Agreement (3 Oct 2025) to acquire 90% of Cue Metals Pty Ltd; completion expected late November 2025 (subject to shareholder approval). The project sits immediately south of Westgold’s Great Fingall mine and covers ~65 km². Figure 2: Map of E79 Gold’s exploration projects. (source: E79) Highlights — Laverton South Air-Core Assays & Nugget Finds The final air-core assays have reinforced the gold prospectivity of the Pinjin area within Laverton South: 1m @ 0.41g/t Au from 88m (25LRAC164) at End of Hole (Figure 3) Figure 3: Cross-section of drill results (source: E79) 4m @ 0.12g/t Au from 60m (25LRAC160) 4m @ 0.18g/t Au from 72m (25LRAC161) These intersections occur below the regional paleochannel, within sericite-altered mafic rocks, and align with an area of magnetite destruction (Figure 4). The westernmost hole, 25LRAC164, remains open to the west with no further drilling yet undertaken. Figure 4: Map of drill holes over regional magnetics (source: E79) In addition: (Figure 5) Figure 5: Map of recent activity within the northern portion of the Laverton South Project (source: E79) Prospectors have discovered numerous small gold nuggets across a 500m x 500m area in the northern tenements (Photo 1). Photo 1: A selection of gold nuggets prospected from E31/1082 (source: E79) A nugget with visible crystalline gold in quartz-veined mafic rock suggests a nearby lode-style source for the nuggets (Photo 2). Photo 2: Gold nugget discovered at the Laverton South Project (source: E79) Soil sampling programs identified two parallel gold anomalies (Au > 30ppb) running parallel to the Pinjin Fault, supported by shallow RAB results such as 4m @ 1.17g/t Au from 4m (SWP095). Leadership Commentary E79 Gold CEO, Ned Summerhayes, commented: “All assay results from the recently completed wide-spaced air-core drilling program have now been returned, with gold anomalism identified in the central line of drilling. “Significantly, the anomalous gold sits below the paleochannel that blankets much of the area, highlighting the potential for gold discoveries at depth. “Elsewhere at Laverton South, soil sampling and gold detecting activities have identified areas of gold prospectivity in the north of the project with numerous small gold nuggets collected from surface by prospectors with E79 Gold’s consent.” About the Laverton South Project (WA) Located in the Archaean Yilgarn Craton along the Laverton Tectonic Zone (LTZ), which hosts tier-one deposits: o Granny Smith (5.8 Moz) o Sunrise Dam (10.3 Moz) o Wallaby (11.8 Moz) Pinjin tenements target structures parallel to the Pinjin Fault, a mineralised trend extending >50 km, with localised, lode-style gold occurrences. Recent gold nuggets with crystalline gold in quartz-veined mafic volcanic rock point to proximity to a primary lode-style source. Near-Term Milestones to Watch New Regional Air-Core Program planned over newly defined gold areas (post-heritage survey). Deeper RC drilling to test anomalous zones under the paleochannel north-west of Lighthorse and at T14 South. Cue Metals Acquisition completion targeted for 27 November 2025, following shareholder approval. Ground Gravity Program planned across the Cue Gold Project to define new structural targets — methodology proven successful at nearby Break of Day and Day Dawn deposits. Database consolidation and target generation underway to accelerate 2026 field programs. How Samso Understands the Investment Memo for the Company E79 is primarily an exploration company at the greenfield level. The recent acquisition of the Cue Metals project is an addition to the story. Is it better with the new projects? I don't think that can be decided for now. It needs to develop its own value or more for near-term projects, if you can find one, and if major shareholders want to dilute their positions. Upcoming exploration work will decide the investment position. Samso Concluding Comments E79 Gold’s Laverton South update underscores the ongoing evolution of potential discovery within the heart of the Laverton Tectonic Zone. The story now is taking the path of mentioning that gold mineralisation may be present beneath the paleochannel cover as gold anomalism in sericite-altered mafic rocks will support the model that mineralised systems may extend below the transported overburden, which is a critical narrative for future discoveries in this belt. The presence of crystalline gold within quartz-veined mafic volcanic rock is an important validation point. It suggests that the gold identified at surface may originate from a proximal lode-style source rather than being transported far from its origin. Such geological evidence aligns with historical patterns observed across the LTZ, where near-surface nugget discoveries often preceded major bedrock systems. E79 is trying to de-risk discovery — moving logically from geophysical anomalies to air-core validation and now transitioning toward deeper RC drilling. The exploration footprint, coupled with growing field data, positions the company to build predictive confidence in its models. The follow-up heritage surveys and subsequent drilling campaigns will test these targets in earnest, with strong potential to extend gold mineralisation down-dip and along strike. In a market where investor attention oscillates between early-stage hype and late-stage scarcity, E79’s balanced exploration narrative — backed by geological substance — continues to make me feel the substance of the storytelling journey. What makes me worry is the new content of the Board. Keep E79 on your watchlist, and taking a position is still a good idea in my opinion. The Samso Way – Seek the Research Always look beyond the headline grades — follow the structure, the system, and the science behind the discovery. 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.

E79 Gold Mines Limited (ASX: E79) has moved decisively to secure full control of the Cue Gold Project in Western Australia's Murchison region (Figure 1). The Project sits within the historic Day Dawn Goldfield, immediately south of the renowned Great Fingall Mine, an area long recognised for its high-grade quartz-reef–hosted gold systems. The Company has now exercised its Option Agreement to acquire six tenements, opening the door for immediate, project-wide exploration. Announcement EXERCISE OF CUE METALS OPTION 10 December 2025 (click here to view the announcement) Figure 1: Cue Gold Project location plan and local gold operations (source: E79) The Business of the Company: Focus – Cue Gold Project E79 Gold now holds a 90% interest in Cue Metals Pty Ltd, the vehicle through which the Cue Gold Project is managed. The Project covers approximately 65 km² and lies in a district surrounded by multi-million-ounce producers, including Westgold and Ramelius. With this acquisition, the Company strengthens its portfolio within the highly endowed Murchison Gold Province, reinforcing its strategy of discovering gold in structurally complex, underexplored systems. Highlights – Option Exercised & Exploration Fast-Tracked • Option formally exercised E79 Gold has exercised the Option Agreement to acquire six tenements at Cue for $50,000 cash and 3,952,570 fully paid E79 shares valued at $100,000. • Immediate exploration mobilisation A field visit is set for late this week, followed by the arrival of gravity crews over the weekend to commence a project-wide high-resolution ground gravity survey. • Gravity dataset critical for structural targeting Gravity will play a central role in defining cross-cutting fault systems known to channel mineralising fluids—an approach proven in past discovery success in the region. • High-grade analogue to major neighbouring deposits The Project sits adjacent to Great Fingall (1.8Moz @ 19.2 g/t Au historical), Golden Crown, and Break of Day, all characterised by high-grade quartz reef–hosted mineralisation similar to what is expected at Cue. E79 Gold Mines Leadership Commentary E79 Gold CEO Ned Summerhayes commented: “The exercise of this Option Agreement represents the final step for E79 Gold to secure control of the Cue Gold Project, with the Project now open for immediate exploration. Our team will head to Cue in the next few days to prepare for the upcoming gravity survey, with gravity crews scheduled to arrive this weekend to begin the project-wide survey program. The high-resolution gravity dataset will be essential in mapping the cross-cutting fault systems that channel mineralising fluids into the preferred host rocks, providing the structural insights needed to guide the next phase of exploration and unlock the project’s full potential.” About the Project The Cue Gold Project is located in the Day Dawn Goldfield, a region surrounded by significant historical and modern gold producers. The geology is highly prospective for high-grade quartz reef–hosted gold, structurally controlled and typically associated with fault-bound targets. The Project sits directly south of Great Fingall and immediately adjacent to Westgold’s Cuddingwarra, Tuckabianna, and Comet operations—all areas with large-scale gold endowments (Figure 2). Figure 2: Map of E79 Gold’s exploration projects (source: E79) The Project forms part of E79’s broader exploration portfolio spanning ~2,336 km² across Western Australia and the Northern Territory. Near-term Milestones to Watch Commencement of project-wide ground gravity survey (14 December 2025) Processing of gravity data (expected 6–8 weeks) Targets generation based on structural insights Finalisation of heritage agreements enabling pending tenure to be granted Exploration strategy update to follow completion of initial datasets Samso Concluding Comments The full acquisition of the Cue tenure marks a clean and strategic entry into a historically rich gold district. The geological model is well understood, and the structural architecture lends itself to targeted, high-impact exploration. With gravity work underway immediately, E79 is taking a disciplined approach to defining the critical fault systems that have historically controlled high-grade shoots. This is a project where early datasets matter, and the Company is moving swiftly to capture them. The groundwork being laid now will shape drilling priorities and refine the structural picture needed for discovery. For investors, the Cue district needs little introduction—its endowment speaks for itself. The Samso Way – Seek the Research Understanding the structural framework is the foundation of discovery—follow the data and let the geology guide the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

I am a shareholder of E79 Gold Mines Limited (ASX: E79), and I am liking the new potential of the new consolidated 65km² landholding in the Day Dawn goldfield, immediately south of Westgold’s Great Fingall Gold Mine (1.2Moz @ 19.2g/t Au). In this update, we discuss the completion and identification of numerous geophysical targets. As we all know, anomalies are just an area of interest and it has no direct correlation to mineralisation but the high-resolution gravity survey have a history in this region. It is a method used successfully in the district to define cross-cutting structures within favourable host rocks. From a mineral exploration point of view, this is a good start. It is good to see that the company has placed themselves in the "blue sky" stage of the game and that is exciting for an investor. Announcement Gravity Survey Identifies Multiple Priority Drill Targets - 16 February 2026 ( view announcement ) High-Resolution Gravity survey Completed at Cue Gold Project - 2 February 2026 ( view announcement ) About E79 Gold Mines Limited (ASX: E79) E79 Gold Mines Limited is an Australian gold-focused exploration company with projects located in Western Australia and the Northern Territory. E79 Gold Mines Limited’s strategy is centred on identifying and advancing structurally controlled gold systems within established mineral provinces. Its portfolio comprises approximately 2,403km² of tenure across three key regions: Cue Gold Project – Murchison Gold Province, WA ~65km² landholding in the Day Dawn goldfield. Located immediately south of Westgold’s Great Fingall Gold Mine (historical production of 1.2Moz @ 19.2g/t Au). Target style: high-grade quartz reef-hosted gold associated with cross-cutting structures in the Great Fingall Dolerite and Meekatharra Formation greenstones. Current focus area for drilling and gravity-defined structural targeting. Held through Cue Metals Pty Ltd, 90% owned by E79 Gold. This project forms the Company’s primary near-term gold exploration focus. Laverton South Gold Project – Laverton Tectonic Zone, WA ~272km² tenure. Located within the Yilgarn Craton. Region known for significant gold endowment (>30Moz). Exploration targeting structurally controlled gold systems. Northern Territory Projects – McArthur Basin Includes Mountain Home (~1,366km²) and Jungar Flats (~698km²). Located within the McArthur Basin, recognised as the world’s largest Zn-Pb accumulation. Prospectivity for copper, gold, and diamonds. Represents longer-term base and precious metals optionality. Corporate Snapshot (Recent ASX Disclosures) ASX Code: E79 - E79 Gold Mines Limited Market capitalisation: ~A$10–14M (based on recent announcements) Shares on issue: ~325–353 million ASX Release 1 – 2 February 2026 High-Resolution Gravity Survey Completed at Cue Gold Project Source: E79 Gold Mines Limited Introduction – Survey Completion Across the Entire Project Area On 2 February 2026, E79 Gold Mines Limited announced completion of a project-wide high-resolution gravity survey at the Cue Gold Project in the Murchison region of Western Australia (Figure 1). Figure 1: Processed ground gravity data over the Cue Gold Project (source: E79 Gold Mines Limited) The Cue Gold Project covers approximately 65km² and is located immediately south of the historical Day Dawn goldfield, home to the Great Fingall Gold Mine, which historically produced 1.2Moz at an average grade of 19.2g/t gold (Figure 2 and Figure 3). Figure 2: Cue Gold Project location plan and surrounding gold operations (source: E79 Gold Mines Limited) The geological setting comprises the Great Fingall Dolerite intruding the Meekatharra Formation greenstones. Gold mineralisation in the district is associated with cross-cutting structures within these units. High-resolution gravity data has been used successfully by operators in the region to identify structures that are not visible in other datasets. Figure 3: Aerial view of Cue Gold Project relative to Great Fingall and Break of Day (source: E79 Gold Mines Limited) Highlights – Survey Specifications and Data Quality 3,474 gravity stations surveyed across the project. 100m x 100m spacing in the western half. 200m x 200m spacing in the eastern half. Survey conducted using a Scintrex CG-5 Autograv gravity meter. Instrument precision better than 0.01 milligals. Elevation precision ±5cm via RTK GPS. 40-second readings at each station. Base station readings taken at the beginning and end of each day. Processing undertaken by experienced third-party specialists. Target generation expected within 2–3 weeks. The survey lines were oriented east-west to cross interpreted stratigraphy. E79 Gold Mines Limited Management Commentary CEO Ned Summerhayes stated that acquiring the high-resolution gravity dataset is key to understanding discovery potential. He referenced the demonstrated use of gravity data at Day Dawn and Break of Day in identifying mineralised structures through preferred host rocks. Near-term Milestones to Watch Completion of gravity data processing and interpretation. Definition of priority drill targets. Drill program planning. Progression of heritage agreements. Advancement of pending tenure applications. ASX Release 2 – 16 February 2026 Gravity Survey Identifies Multiple Priority Drill Targets at Cue Gold Project Source: E79 Gold Mines Limited Introduction – Target Definition from Interpreted Gravity Data On 16 February 2026, E79 Gold Mines Limited announced that interpretation of the processed gravity survey has identified over 40 drill targets across the Cue Gold Project (Figure 4). From these, 12 high-priority targets have been defined. These targets combine: Cross-cutting structural features Preferred host rocks Occurrence on granted tenements Figure 4: – Drape of gravity image over Cue Gold Project (source: E79 Gold Mines Limited) The announcement confirms that the Great Fingall Dolerite extends further across the project than previously recognised. The Great Fingall Dolerite hosts the Great Fingall Mine located 8km along strike to the northeast (Figure 5). Figure 5: Drape of gravity over solid geology with interpreted drill targets (source: E79 Gold Mines Limited) Highlights – Breakdown of High-Priority Targets Overall Target Definition Over 40 gravity-defined targets across the project. 12 high-priority targets selected for initial drill testing. Targets occur within Great Fingall Dolerite, Meekatharra Greenstone, and eastern sequence. Great Fingall Dolerite Targets Five high-priority targets interpreted as cross-cutting structures through the Great Fingall Dolerite. Includes the Riptide Prospect: 4m @ 0.3g/t Au from 16m (LAC586) 4m @ 0.6g/t Au from 32m (LAC802) 28m @ 0.4g/t Au from 143m (arsenopyrite altered dolerite) Limited deeper drilling completed historically. Remaining four targets largely untested. Meekatharra Greenstone Targets Five high-priority targets. Combine gravity highs and lows with interpreted cross-cutting structures. Notable ~600m long gravity high units orthogonal to NE-trending stratigraphy. Host rocks include basaltic greenstone sequence. Eastern Targets Two high-priority targets in eastern geology sequence. Area mapped as granite, but drilling confirms sediments and intermediate rocks. Northern extension of MBA23: 4m @ 4.4g/t Au from 35m within foliated intermediate volcanics. Next Steps Confirmed Drill planning over priority targets. Heritage clearances in progress. Tenure applications advancing. E79 Gold Mines Limited - Management Commentary CEO Ned Summerhayes stated that interpretation indicates a greater extent of the Great Fingall Dolerite than previously recognised. He noted structural complexity within the Meekatharra Formation and confirmed the Company intends to test priority targets with drilling. Near-term Milestones to Watch Heritage clearance completion. Drill rig mobilisation. Initial drill testing of 12 high-priority targets. Further interpretation of gravity and magnetic datasets. Ongoing target ranking refinement. Samso Concluding Comments The two ASX releases show the progression from data acquisition to target definition. The first announcement confirmed completion of a high-resolution gravity survey across the full project area (Figure 1). The second announcement confirmed interpretation of that dataset and identification of priority drill targets (Figure 4). The gravity survey has mapped structural corridors through the Great Fingall Dolerite and Meekatharra Formation (Figure 5). These units are recognised host rocks for gold mineralisation in the district. Historical production at Great Fingall provides regional context. The definition of 12 high-priority targets across multiple geological domains indicates structural repetition and potential scale (Figure 5). The Riptide Prospect demonstrates existing anomalism within the dolerite, while the eastern targets show high-grade historical intersections. The obvious next phase will be to drill test these gravity-defined structures. Heritage clearances and tenure progression are required prior to drilling. The announcements provide a defined pathway from geophysical targeting to drill execution. E79 Gold Mines Limited has outlined a dataset-driven exploration approach at Cue. The gravity survey results provide the basis for initial drill programs aimed at testing cross-cutting structures within recognised host rocks. Further updates are expected as drilling plans advance. Market Implication - The Investor Lens As I have mentioned in the beginning of this blog, I am a shareholder of E79 Gold Mines Limited and the recent placement is keeping investors like myself happy (Figure . With a market capitalisation of just below AUD $15M, this is a good level for some excitement, once drilling begins to happen. Like my other gold punt, Miramar Resources Limited (ASX: M2R), the location is great for a discovery. With producers within reach for an acquisition, a discovery of any economical size will have an exit in the short term. If they do discover something that the neighbouring producers feel is too small, the rising gold price will make sure that the interest is reinvigorated. In all my previous coverage of E79 Gold Mines Limited, I have mentioned that I am a big fan of the management so this will be an interested upcoming months as we await drilling programs. Figure 6: The share price chart for E79 as of 20th February 2026 (source: commsec) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Samso has had a late entry to looking at looking at G11 Resources Limited (ASX: G11) as it explores for copper and gold within Tasmania’s Mt Read Volcanic Belt, a region that hosts the Mt Lyell Copper-Gold Mine and several other base metal and gold deposits. The Company’s focus is on structurally controlled mineralisation along the Great Lyell Fault, which is the main structural control to the Mt Lyell ore system. Samso has previously covered G11 in relation to: G11 Resources Limited – New Copper-Gold EM Drill Targets Identified at Linda Project This latest ASX Release dated 26 February 2026 outlines the identification of additional copper-gold drill targets generated from a geophysical review of historical VTEM data within the Linda Project. This summary reflects the factual disclosures made in the ASX release dated 26 February 2026 below: New Copper / Gold drill targets identified – 26 February 2026 ( view the announcement ) Introducing the G11 Resources Limited Update: New EM Targets Defined Along the Great Lyell Fault at Linda Project On 26 February 2026, G11 Resources Limited announced the identification of new copper-gold drill targets within the northern portion of EL6/2024 (Linda Project), located in Tasmania’s Mt Read Volcanic Belt. The Company has commenced a systematic exploration program comprising: Diamond drilling (currently underway at the Zig Zag anomaly; ~2,400m program) Geophysical review and interpretation along the underexplored northern extent of the Great Lyell Fault New Copper Gold drill targets i… The Great Lyell Fault is the primary structural control that hosts the ore bodies of the Mt Lyell Copper-Gold Mine near Queenstown, Tasmania New Copper Gold drill targets i…. The newly defined EM (electromagnetic) anomalies are located in the Comstock Valley area, interpreted to sit near a structural juncture along the Great Lyell Fault and a northwest–southeast fault corridor (Figure 1). Figure 1: G11 Resources tenements showing geophysical drill targets overlaid on geology, structure and adjacent Mt Lyell deposits. This map shows the relationship between the new EM targets, the Great Lyell Fault, and the Mt Lyell ore bodies. (source: G11) Highlights: EM Anomalies Identified Along Strike from Copper Chert Ore Body Key factual points from the ASX Release include: Systematic review of geophysical data over EL6/2024 has defined new EM anomalies in the northern portion of the Linda Project New Copper Gold drill targets i… These anomalies are located along strike from the Copper Chert ore body Targets occur near an interpreted structural juncture involving the Great Lyell Fault The strike extent north of Mt Lyell remains very poorly explored, with limited historic drilling and no modern systematic exploration New Copper Gold drill targets i… G11 Resources Limited will apply for drill approvals with Mineral Resources Tasmania (MRT) to test the new targets New Copper Gold drill targets i… The EM targets were generated through reprocessing and 3D interpretation of a 2011 heli-borne VTEM survey originally conducted by Geotech Airborne Pty Ltd New Copper Gold drill targets i…. The survey: Totalled 926 line kilometres Line spacing: 250m Nominal terrain clearance: 48m New Copper Gold drill targets i… G11 Resources Limited and its consultant geophysicist analysed Conductivity-Depth Inversion (CDI) slices at 450m depth to model conductivity anomalies beneath the project, forming the basis of the new drill targets. Figure 2: Image 1 & 2 - Diamond rig currently drilling the Zig Zag anomaly, with Copper Chert deposit in the background. (source: G11) Figure 3: Regional location plan showing Sedgwick Bluff (EL11/2025), MRV (EL33/2022), and Linda (EL6/2024) relative to Mt Lyell and other western Tasmanian mines. (source: G11) About the Company G11 Resources Limited is an ASX-listed exploration company focused on copper and gold exploration within the Mt Read Volcanic Belt in western Tasmania. The Linda Project (EL6/2024): Located east and south of the Mt Lyell Mining Centre Acquired via Tenement Sale Agreement with Iltani Resources Limited (ASX: ILT) announced 22 December 2025. No encumbrances or royalties No native title in place Tenement in good standing. The Mt Read Volcanic Belt hosts world-class mineral deposits including Mt Lyell, Henty, Rosebery, Hellyer, and Renison Bell. Management Commentary The ASX Release confirms that G11 has: Defined additional EM drill targets beyond the current Zig Zag drilling program Identified targets in structurally favourable positions along strike from known Mt Lyell mineralisation Completed a systematic geophysical review of historical datasets Initiated steps to apply for drill approvals to test the new targets. The announcement does not report any new drilling results. Near-term Milestones to Watch Based on the ASX Release, upcoming work includes: Completion of ~2,400m diamond drilling at Zig Zag Application for drilling approvals over new Comstock Valley EM targets Additional ground-based geophysical surveys including DHEM, MLEM, IP, CSAMT, gravity and magnetics. Surface geochemical sampling (rock chips, soils, stream sediments) RC and diamond drill testing of high-priority coincident anomalies. Down-hole electromagnetic (DHEM) (source: Develop) An exploration method for conductive mineralisation, particularly in areas where the ability of surface EM to define a target is limited either by large depths or by interfering conductive bodies such as overburden, shallow sulphides and peripheral mineralised horizons. DHEM allowed explorers to widen the search radius of boreholes, when used in the search of massive sulphides. MLTEM: Moving Loop Transient Electromagnetic Surveying (source: Wireline Services Group) MLEM surveys are an effective way to image a target through multiple EM coupling (transmitter-receiver relative to target) scenarios with the potential to cover kilometers of tenement per day. MLEM is an ideal follow up to airborne EM, soil sampling and/or geological surveys. Induced Polarization (IP) (source: Surface Search Inc.) Induced Polarization (IP) is a geophysical method used extensively in mineral exploration and mine operations. The IP survey is very similar to electrical resistivity tomography (ERT). Resistivity and IP methods are often applied on the ground surface using multiple four-electrode sites. In an IP survey, in addition to resistivity measurement, capacitive properties of the subsurface materials are determined as well. As a result, IP surveys provide additional information about the spatial variation in lithology and grain-surface chemistry. CSAMT Surveys (source: ClearView Geophysics Inc.) CSAMT (Controlled Source Audio-frequency Magnetotellurics) are an effective way to image the ground resistivity by collecting ‘soundings’ at each location. Readings taken in the ‘Scalar-Mode’ use one magnetic sensor which is oriented perpendicular to several 25-metre or 50-metre electrical dipoles. Samso Concluding Comments It is important to note that the EM anomalies generated are located along strike from the Copper Chert ore body and at a structural junction of the Great Lyell Fault (Figure 1). What does that man for those wondering? Well, it comes back to the old location, location, location scenario. This is important as well. The Great Lyell Fault is the primary structural control to the Mt Lyell Copper-Gold Mine. The northern strike extension within G11 Resources Limited ground is described as poorly explored with limited historical drilling as illustrated by the regional geological setting as shown in Figure 3. No historical drilling is a blessing but we all know that it is not necessary a tick of approval in terms of finding economical mineralisation or any mineralisation. The targets are based on conductivity anomalies interpreted from CDI depth slices derived from the 2011 VTEM survey data. For any potential investors, it is now about the drilling and what that brings in terms of news flow. Market Implication - The Investor Lens A market capitalisation of over AUD $44M is always going to deter the retail punters. The market is now primed and one can either feel the vulnerability of a pull back or the anxiety of missing out on potential gains. As we see the price of gold sky rocketing and now the added pressure of the escalating hostilities in Iran and Israel, what will that mean for the mineral exploration sector that is promoting the discovery of gold and copper. The share price chart for G11 Resources Limited (Figure 4) does look really steady and if that is an indication of the strength, a discovery will make things rally interesting. Figure 4: The share price chart for G11 Resources Limited as of the 2nd march 2026. (source: commsec). Management comes with a good list of success and that should give incoming investors some guide on the level of risk. This is always a good measure to have as these are the people who control the spending. ASX companies have a real good history of spending a heap of money in a very short period of time, so a good management team is always a good box to tick when accessing your investment priorities. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Aluminium Scandium Master Alloys: Pioneering the Future of Aerospace and Automobiles (Stanford Advanced Materials) Scandium (Sc) is one of those elements that rarely makes headlines, yet its influence cuts across some of the most important industrial and technological shifts underway today. Despite a market that remains small in both scale and visibility, scandium’s unique properties - particularly its ability to strengthen aluminium alloys and enhance the performance of solid oxide fuel cells place it in a position of disproportionate strategic value. The Source of Scandium Scandium is rare, not as in crustal abundances but in substantial accumulations. Scandium-rich minerals are rare, there are only a dozen mineral species that are identified in the Earth's materials [13]. Today, we know that Scandium are commonly found in laterites. While laterites are commonly associated with REE (Sc belongs to the rare-earth elements (REE) group) and Sc, the concentration of the minerals is vastly different. and hence the accumulation of Sc is not easily discovered. It is important that not all lateritic profiles are rich in Scandium Typically, scandium is commonly concentrated in lateritic regolith developed over mafic–ultramafic rocks. Concentrations reported in Australia, New Caledonia, the Caribbean, the Philippines, China, the Ivory Coast and Guinea reach 100 ppm in the Fe oxyhydroxide-rich horizons developed over peridotites[13]. In eastern Australia, exceptional concentrations, reaching 800 ppm [13] ´ have been recognised over mafic–ultramafic intrusions (Figure 1). I have to say that i did not know that Australia is a rich source of scandium which in the scheme of the scandium market, it does add to the fact that Australia is is now known to be a critical minerals powerhouse. Figure 1: Location and geological context of the major lateritic Sc occurrences found in eastern Australia (1: Syerston–Flemington, site of study, 2: Hylea, 3: Owendale, 4: Nyngan, 5: Sconi, 6: Pacific Express). Scandium contents are given according to Byrne (2017); Gordon (2018); Moller et al. (2017); Ricketts and Duyvesteyn (2018); Bell (2018) and Durack (2018), respectively. The Role of Laterites Laterites are a major component of the CZ. These regolith result from intense subaerial weathering of rocks in tropical environments, forming alteration layers frequently reaching several tens of meters in thickness. Laterites occur over 30 % of the Earth continents and represent 80 % of the volume of the soil mantle, thus having a major influence on the geochemical budget of weathering (Nahon, 2003). This crust fragment was collected in the Atlantic Ocean west of Africa. Metallic crusts in the deep seas of the Arctic Ocean including the Norwegian economic zone are very enriched on scandium Photo: Jan Steffen / GEOMAR (source: www.geoforskning.no) Like other regoliths, laterites result from the transfer of chemical elements between the different horizons of the CZ. However, the conditions in which laterites form are an extreme case of rock weathering. What is Scandium? Scandium is primarily found in two minerals, Thortveitite (ScYSi2O7) and Kolbeckite (ScPO4·2H2O), which do not occur in sufficient volumes to justify industrial mining. These minerals are located in Madagascar and the Iveland-Evje and Tørdal regions of Norway, but none of these deposits are currently being exploited. Typically, scandium is found in small, isolated pockets within pegmatite formations, making industrial extraction challenging, despite the fact that they yield beautiful mineral samples. Scandium, sublimed-dendritic, high purity 99.998 % Sc/TREM. As well as an argon arc remelted 1 cm3 scandium cube for comparison. (source: Wikipedia - Scandium) The primary source of scandium is secondary extraction from waste products following bauxite processing. A smaller amount is obtained from scandium mining and extraction from laterite soils. Deposits with industrial potential exist in China, Kazakhstan, Australia, the United States, and Russia. In China, scandium is found in tin ores, tungsten ores, iron deposits, and Rare Earth Element deposits, while in Russia, it is associated with Rare Earth Element deposits and uranium mining. There is speculation about deep ocean deposits, though their extraction remains hypothetical. Research is ongoing into other land resources. The Norwegian and Madagascan deposits are linked to gabbro and pegmatite formations but are not used for production. Currently, scandium is produced through calcio-thermic reduction of ScF3, obtained by fluorination of the oxide. Utilising Scandium The main way scandium is utilised is as a minor alloying element in aluminium, where even very small additions—typically less than 0.5%—can significantly enhance the metal’s strength, weldability, and resistance to heat and corrosion. This creates high-performance aluminium–scandium alloys that are lighter yet stronger than conventional materials, making them particularly valuable in aerospace, defence, and increasingly in advanced transport applications. The scandium mineral thortveitite from Kåbuland mine in Iveland. Photo: Ronald Werner, Wikipedia Commons - Sources: Norsk geologisk ordbok, scandiummining.com (source: www.geoforskning.no) The role of scandium here is not about bulk consumption, but about performance enhancement—refining the grain structure of aluminium and stabilising it under stress. In practical terms, this allows manufacturers to reduce weight without compromising structural integrity, which translates directly into fuel efficiency, payload gains, and longer service life. The effect of Sc addition on the microstructure and mechanical properties of a high-Zn-concentration Al (Al–49Zn) alloy. (source: Science Direct) This article provides context for understanding the significance of scandium. Unlike iron ore or copper, its importance is not based on volume but on functionality and application. Scandium plays a crucial role in areas like aerospace-grade aluminum and new clean-energy ceramics, positioned at the crossroads of lightweight engineering and energy efficiency. The challenge and opportunity with scandium arise from its scarcity, fragmented supply chains, and the ongoing attempts to commercialize its production from unconventional sources such as laterites, red mud, and other industrial by-products. Uses of Scandium. (source www.rimfire.com.au) In this Samso Insight, we take a grounded look at where scandium sits today, how its market is developing, and why invest Investors and industry participants are starting to pay closer attention. This is not about hype—it is about understanding a niche metal that may quietly underpin a range of future-facing technologies. 1.00 Uses of Scandium The interesting fact about scandium is that the volume of use is extremely small per application (0.5% of Sc will triple the strength of Al alloys), however, it is used in a large amount of applications. For example, the typical aeroplane would use between 70 and 700kg of Sc oxide per plane, depending on the size of the aircraft. The main concept is that it will reduce the weight of aircraft by 10-15% and hence reduce operating cots significantly. There are also narratives pointing to the use of scandium in solid oxide fuel cells. 1.01 Aluminium–Scandium Alloys (weight, strength, weldability) Scandium’s most cited industrial role is as an alloying element in aluminium. Even small additions can materially improve alloy performance, which is why scandium repeatedly appears in aerospace and high-performance manufacturing conversations. Where it shows up most often (end-use themes) in Figure 2: Aerospace & defence components where strength-to-weight matters Additive manufacturing (3D printing) alloy development for high-performance parts Select sporting goods and niche lightweight applications Figure 2: Why Al-Sc Alloys Matter (source: Samso) 1.02 Solid Oxide Fuel Cells (SOFCs) and energy ceramics Another major demand driver discussed in technical and industry sources is scandium’s use in SOFC-related ceramics (often referenced as scandia-stabilised materials) (Figure 3). This is one reason demand discussions frequently point toward clean-energy systems and stationary power. Figure 3: Scandium-Containing Ceramics in Solid Oxide Fuel Cells (SOFCs). (source: Samso) 1.03 Specialty uses (lasers and niche tech) Older United States Geological Survey (USGS) reporting groups scandium end uses into Al-Sc alloys, fuel cells, and lasers, which is a neat way to remember the “big three” buckets (Figure 4). Figure 4: Applications of scandium in industry (source: Samso) 2.00 Global Market Facts (what’s real, what’s small) 2.01 The market is small in tonnage USGS has repeatedly characterised scandium as a small market, with industry estimates indicating global production was less than 40 tonnes in 2022. USGS yearbook-style reporting has also put global consumption around ~15–25 tonnes per year (noting uncertainty and limited transparency). More recent reporting (Reuters, September 2025) described global scandium oxide production at about 40 tonnes in 2024 (Figure 5). Figure 5: Scandium Market Scale bar chart: 2022 (<40 t) vs 2024 (~40 t) with source notes. (source: Samso) Samso take: This is the key feature, not a footnote. In a market measured in tens of tonnes, a single credible project can change the supply narrative. 2.02 Price and market-size reports vary widely Commercial market reports publish market-value forecasts, but the numbers differ by methodology and definitions (metal vs oxide vs total value chain). Treat these as directional, not gospel. 3.00 Global Producers - Who actually make scandium Global scandium supply is highly concentrated, with China dominating both primary production and virtually all refined metal output. This lack of diversified supply underscores the structural tightness of the scandium market and elevates supply-chain risk for downstream users (Figure 6). Figure 6: Scandium Supply Dominance by Location (source: Samso) Scandium is rarely produced from primary mines, with supply largely dependent on by-product recovery (Figure 7). Figure 7: Conceptual Scandium Supply Chain Pathway (source: Samso) 3.01 China, Russia, Ukraine (commonly cited sources) Official and policy-style commentary often points to China, Russia, and Ukraine as key sources in the historical supply narrative. 3.02 Rio Tinto (Canada, titanium dioxide waste stream route) Reuters reported that Rio Tinto developed a method to extract high-purity scandium oxide from titanium dioxide production waste, with capacity reported at up to ~3 tpa at its Quebec facility since 2022. 3.03 Emerging Western stockpiling interest (signal, not volume) Reuters also reported the U.S. Defense Logistics Agency’s intent to buy scandium oxide for stockpiles, including a first-year target described as nearly 2 tonnes, framed as about ~5% of global production (based on the same reporting). 4.00 Global Scandium Consumption - How many tonnes, and who uses it The cleanest “tonnes” statement in public, citable sources is the USGS estimate range: Global consumption is estimated at ~15–25 tonnes per year (yearbook reporting). And production context from USGS MCS: <40 tonnes produced in 2022 (industry estimates cited by USGS). Consumption buckets (consistent framing) (Figure 8): Aluminium-scandium alloys Solid oxide fuel cells Lasers and niche tech Figure 8: Indicative Scandium End-Use Applications (source: Samso) 5.00 What industries are using scandium? (Figure 9) 5.01 Aerospace & Defence This is the most visible narrative driver because lightweight alloys have obvious platform benefits, and because strategic supply is now being discussed in policy/stockpile terms. 5.02 Clean Energy (SOFC-related) SOFC demand is repeatedly cited as a growth vector in USGS-style summaries and technical literature. 5.03 Advanced manufacturing (incl. alloy development and additive pathways) NioCorp/Lockheed reporting highlights scandium-aluminium alloy development linked to defence manufacturing and 3D printing workflows (processing into powder for additive manufacturing was specifically described). Figure 9: Scandium End-Use Industries and Supply Constraints (source: Samso) 6.00 Australia’s Core Scandium Province : New South Wales (Figure 10) Figure 10: Australia’s Scandium hotspot (source: OzMin database, Geoscience Australia) New South Wales has emerged as Australia’s most concentrated and strategically important scandium province—often described as Australia’s scandium hotspot, or the “Kalgoorlie of Scandium” as it hosts projects that span the full development spectrum from exploration to advanced, construction-ready assets (Figure 10). The clustering of these projects within a single jurisdiction highlights both the region’s geological endowment and the growing strategic relevance of scandium as a constrained, high-value metal. Key contributors to the New South Wales scandium story include: Sunrise Energy Metals Limited (SRL): Advancing the Syerston Project as a primary scandium development, supported by significant recent funding and a defined pathway toward construction. Scandium International Mining Corp (SCY): Owner of the Nyngan Scandium Project, one of the most advanced standalone scandium assets globally, with completed feasibility work and permitting in place. Rimfire Pacific Mining Limited (RIM): Providing district-scale exploration exposure across the Fifield region, with defined resources and exploration targets that offer longer-dated scandium optionality. Together, these companies frame New South Wales as the backbone of Australia’s scandium narrative, combining near-term development potential with longer-term exploration upside in a market defined by limited and highly concentrated global supply. 6.10 Sunrise Energy Metals (ASX: SRL) – Syerston (NSW) Flagship asset: Syerston Scandium Project, New South Wales (Figure 11) Figure 11: Syerston Scandium Project, New South Wales (source: SRL) Scandium focus: Primary scandium development (not by-product based) Project status: Advanced development; pre-construction activities underway Funding position: ~A$105 million raised since June 2025, including a A$32.5 million placement announced in December 2025 Development timeline: Targeting on-site construction by mid-2026, subject to approvals Strategic angle: Positioned as a large, Western scandium supply source outside China End-use exposure: Aluminium-scandium alloys, solid oxide fuel cells, defence alloys, semiconductors 6.11 The Business of Sunrise Energy Metals Limited – The Syerston Project, New South Wales The Syerston Project is a long-evolving asset centres around a laterite deposits that has been focused on nickel, then nickel-cobalt and no Scandium. The chemistry and the mix of potential commodities have not changed. It is now and has always been about what is the market requirements at the time of discussion. The deposit was first identified in the 1990s during regional exploration programmes targeting nickel laterites in New South Wales. Early work defined a large, low-grade but laterally extensive nickel–cobalt resource developed over ultramafic rocks. At that time, the focus was primarily on nickel, with cobalt recognised as a secondary component and scandium largely overlooked. Through the late 1990s and early 2000s, the project underwent systematic drilling, metallurgical testing, and resource definition. This work established Syerston as one of the more significant laterite deposits in Australia, but like many laterite projects globally, its development was constrained by processing challenges and fluctuating nickel prices. The complexity and cost of high-pressure acid leach (HPAL) processing meant that advancing the project required both technical confidence and strong market conditions. The project later came under the control of Clean TeQ Holdings Limited, which marked a turning point in its development. Under this ownership, Syerston was repositioned from a conventional nickel project into a more integrated nickel–cobalt–scandium development. This period saw significant investment in metallurgical innovation, including proprietary ion exchange and purification technologies aimed at improving recoveries and product quality. It was also during this phase that scandium became a more prominent part of the story. As global interest in scandium’s applications—particularly in aluminium alloys and solid oxide fuel cells—grew, Clean TeQ began to highlight Syerston as one of the few deposits globally capable of supplying scandium at scale as a by-product. By the mid to late 2010s, the project had progressed through feasibility-level studies, positioning it as a potential large-scale supplier of battery materials. However, like many capital-intensive projects, timing became a key factor. Market conditions, financing requirements, and evolving battery supply chain dynamics influenced the pace at which development could proceed. In 2021, Clean TeQ Holdings rebranded to Sunrise Energy Metals Limited, reflecting a broader strategic focus on clean energy metals and aligning the company more clearly with the battery materials and energy transition narrative. From a Samso perspective, the history of Syerston is a reminder that large laterite projects are not built overnight. They evolve over decade, moving from discovery, through technical validation, and into the more challenging phase of commercial execution. The work done over the years has de-risked many aspects of the project, but the key question remains the same: how effectively that long history can now translate into a producing operation. 6.20 Scandium International Mining Corp (TSX: SCY) – Nyngan Scandium Project (NSW) The Nyngan Scandium Project, owned by Scandium International Mining Corp, is one of the most advanced primary scandium development projects globally. Located approximately 20 km west of Nyngan in central New South Wales, the project benefits from established infrastructure, including road access, rail connectivity, power, and proximity to regional service centres. Figure 12: Nyngan Scandium Project, New South Wales (source: SCY) The deposit is hosted within a lateritic profile developed over mafic rocks. The mineralisation is near-surface, laterally continuous, and amenable to open-pit mining. What differentiates Nyngan is the relatively high scandium grade compared to typical laterite systems, where scandium is usually a minor by-product. Here, scandium is the main economic driver. Definitive Feasibility Study (source: Scandium Mining) During May 2016 the Company issued a National Instrument NI 43-101 Technical Report entitled "Feasibility Study - Nyngan Scandium Project". The feasibility study was independently prepared; Lycopodium Limited led the feasibility study team from their Brisbane, Australia office. Feasibility Study Highlights: Capital cost estimate for the Project is US$87.1 million, Operating cost estimate for the Project is US$557/kg scandium oxide, Oxide product volume averages 37,690 kg per year, over 20 years, Project Constant Dollar NPV10% is US$177 million, (NPV8% is US$225 million), Project Constant Dollar IRR is 33.1%, Oxide product grades of 98-99.9%, as based on customer requirements, Project resource increases by 40% to 16.9 million tonnes, grading 235ppm Sc, at a 100ppm cut-off in the measured and indicated categories, and Project Reserve totalling 1.43 million tonnes, grading 409ppm Sc was established on part of the resource. The feasibility study concludes that the Project has the potential to produce an average of 37,690 kilograms of scandium oxide (scandia) per year, at grades of 98.0%-99.9%, generating an after tax cumulative cash flow over a 20 year Project life of US$629 million, with an NPV10% of US$177 million. The feasibility study has been developed and compiled to an accuracy level of +15%/-5%, by a globally recognized engineering firm with considerable expertise in laterite deposits. A number of the key elements of this flowsheet work have been protected by the Company under US Patent Applications. Positioning The Nyngan Project – A Primary Scandium Resource The Nyngan Project is established as a primary scandium supplier, distinguishing itself from those relying on by-product production. This is a significant differentiation. The strategy focuses on supplying scandium for: Aluminium–scandium alloys (used in aerospace, transport, and additive manufacturing) Solid oxide fuel cells (for clean energy applications) Given the relatively small size of the scandium market, the project is designed to produce modest annual volumes that match current and anticipated demand growth. Scandium is a high value product which is a rare business in mining. Figure 12a gives a good comparison of pier projects. Figure 12a: Scandium project comparisons. (source: Scandium Mining) Another advantage that Nyngan has is an extablished mining jurisdiction with access to road and rail. Easy avalability of skilled workers is very important. Readers have to remember that the proejct is decades in the making and with the market as it is now with all the geopolitical issues and the current hostilities in the Middle-East, timing for a "boutique" commodity like Scandium may have founds it day of rewars in 2026. 6.30 Rimfire Pacific Mining Limited (ASX: RIM) – Fifield Scandium District (NSW) Scandium focus: District-scale scandium exploration in the Fifield Scandium District, New South Wales (Figure 13). Figure 13: Fifield Scandium District, New South Wales (source: RIM) Strategic position: Controls a large scandium-prospective landholding in Australia’s premier scandium province Key projects: Murga, Melrose, Currajong, Rabbit Trap, and Forrest View, located proximal to Sunrise Energy Metals’ Syerston Project Resource base: Maiden and updated JORC Mineral Resource Estimates defined at Melrose, Murga North, and Currajong, with combined contained scandium oxide reported across multiple deposits Exploration upside: Murga Exploration Target of 100–200 Mt at 100–200 ppm Sc, highlighting potential for material resource growth, subject to further drilling and conversion to MRE Development pathway: Near-term focus on infill air-core drilling and conversion of exploration targets to mineral resources, with a stated target of new MRE updates by Q1 2026 Strategic context: Operates alongside major and emerging scandium players in Fifield, including Sunrise Energy Metals and Rio Tinto, reinforcing district-scale significance Rimfire Pacific Mining Limited is positioning itself as a district-scale explorer and developer within the Fifield region of central New South Wales. The strategy is based on consolidating a landholding across what is emerging as a significant scandium province. The company controls a large tenement package in the Fifield area and is advancing multiple scandium prospects alongside exposure to gold, antimony, and copper targets . The Fifield Projects – A Cluster of Scandium Opportunities According to the latest presentation, Rimfire’s core focus is within the Fifield district, which hosts multiple scandium projects in close proximity to each other and to established deposits. The geology is consistent across the region: Laterite-hosted mineralisation Developed over pyroxenite source rocks Broad, near-surface mineralised zones The company’s key projects in the district include: Murga Scandium Project Melrose and Currajong deposits Rabbit Trap Project (recently acquired 100%) This cluster approach suggests the potential to build regional scale rather than a single standalone operation. 7.00 Global supply risk and why scandium keeps showing up in strategic lists Two facts keep repeating across credible sources: Scandium is dispersed and typically produced as a by-product, limiting scalability Western policy and defence procurement interest is rising (stockpiling and offtake headlines) This is why scandium periodically “pops” into investor attention. Not because it is a bulk commodity, but because it is the opposite. 8.00 Scandium Pricing – A Niche Market Defined by Scarcity and Function Scandium pricing is fundamentally different from most commodities. There is no transparent exchange, no daily spot price, and very limited publicly reported transactions. Instead, pricing is typically negotiated through private contracts, often tied to purity, volume, and end-use application. The indicative pricing ranges are: Scandium Oxide (Sc₂O₃): ~US$1.2M to US$3.8M per tonne Scandium Metal (ingot): ~US$134M to US$153M per tonne High-purity dendritic scandium metal: up to ~US$233M–US$513M per tonne Readers will have figured out that these numbers highlight that this market is not about volume. Pricing reflects extreme scarcity and high performance value, not market liquidity. Figure 14: (a) Reconstructed total production rate for scandium in ton per year. The data was pieced together from the referenced literature and different websites. Squares represent estimates by the authors from corporate websites and articles in the reference list. (b) Approximate data corridor for the price for scandium oxide (Sc2O3). All curves based on approximate data gathered by the authors [20]. (c) The metal price in $/kg as it appears in the United States Geological Survey, Minerals Commodities Summaries from the years 1996–2023. I discovered an excellent paper [20], illustrated in Figure 14. The three charts clearly explain the production matrix and pricing of Scandium in both its oxide and metal forms. Figure 14 (a) displays the reconstructed production rate for scandium in tons per year. The data in Figure 14 was compiled from referenced literature and various websites. According to [20] there is limited published material on scandium, and the data is often inconsistent or incomplete. The squares indicate estimates by the authors. The circular marker in Fig. 14 (a) represents the projected rate for 2030 if various projects in the United States, Canada, and Australia are realized. These new production projects are currently underway. Figure 14 (b) illustrates the approximate price level for scandium oxide (Sc2O3). The prices from different sources vary significantly at the same time, so we have defined a range where the price is most likely to be found for both metal and oxide. Figure 14 (c) shows the metal price in $/kg as reported in the United States Geological Survey's Minerals Commodities Summaries from 1996 to 2023, with data for 1996–2019 [14]. After 2019, the USGS does not regularly update the figures. Figure 15: Data for scandium contents in bauxite used for scandium extraction in Russia [21]. Such data, was used in constructing Figure 17 and 18 The authors [20] compiled the price data in the diagrams from the cited literature and various websites (Fig. 15). (source: [20]). Figure 16 below presents estimates of scandium production volumes in 2022, assisted by educated guesses. Approximately 65% of the total volume is utilized as metal for alloys. The rate of scandium recycling is unknown, as no figures are available in any of the references. Figure 16: Shows the resource estimates for scandium as done by the authors. For Rare Earth Element deposits there are some more data points and the contents vary a lot, from as low as 26 ppm to more than 110 ppm in India and China, other locations have averaged at 220–400 ppm, but some deposits may have as much as 2000 ppm. (source: [20] In Figure 17, the data shows the resource estimates for scandium as done by the authors [20]. For Rare Earth Element deposits there are some more data points and the contents vary a lot, from as low as 26 ppm to more than 110 ppm in India and China, other locations have averaged at 220–400 ppm, but some deposits may have as much as 2000 ppm. Figure 17: Results for resource basis for scandium production. The above shows the approximate scandium production potentials from the different possibilities. Production estimated from mother metal production rates and assumed average scandium content at present as estimated by the authors. (source: [20]) Single deposits have significantly higher contents in smaller sections of the ore bodies. The research does highlight that none of this is geostatistically representative for whole regions, and only represents single random samples. Thus, the data is tentative. The available data and information has been used to make educated guesses. The estimated yields are very variable. Figure 18: Results for resource basis for scandium production. (source: [20]) Figure 18 illustrates the estimated scandium production potentials from various sources. These estimates are based on current mother metal production rates and the assumed average scandium content, as determined by the authors. 8.10 Historical Pricing – Why It Has Been Volatile Unlike bulk commodities, scandium pricing has not followed a smooth supply-demand curve. Instead, it has moved in steps, largely driven by availability rather than consumption growth. 8.11 Early Market (Pre-2000s) – Experimental and Illiquid Scandium was primarily produced as a by-product from uranium and rare earth operations (mainly in the former Soviet Union). Supply was inconsistent and volumes were extremely low. Pricing was opaque and largely irrelevant to broader markets. 8.12 2000s to Early 2010s – First Commercial Interest Growing awareness of scandium in aluminium alloys and fuel cells. Limited supply kept prices high, often above US$2,000–$5,000 per kg for oxide. Market remained constrained due to lack of reliable producers. 8.13 Mid-2010s – Supply Expansion Attempts Projects like Nyngan (Australia) and others globally began advancing. Some increased supply (including Chinese production) led to price softening, but not collapse. The key issue remained: supply was still inconsistent and not scalable. 8.14 Late 2010s to Early 2020s – Stabilisation Phase Prices generally stabilised within a broad band, reflecting: Limited but steady supply (largely from China) Slow but growing adoption in niche applications The market remained thin and sensitive to small changes in supply. 8.15 Current Phase (2020s) – Strategic Metal Narrative Renewed interest driven by: Light weighting (aerospace, transport) Clean energy (SOFCs, hydrogen systems) What is SOFCs ? Solid Oxide Fuel Cells (SOFCs) are high-efficiency electrochemical devices that convert fuel (hydrogen, natural gas, biogas) directly into electricity and heat without combustion. They operate at high temperatures (–) using a solid ceramic electrolyte to move oxygen ions, allowing for high fuel flexibility and the use of non-precious catalysts. Advanced electronics (AlScN materials) - What is AIScN ? Aluminium Scandium Nitride (AIScN) is an advanced wurtzite-structured ferroelectric material, commonly called scandium-doped aluminum nitride, that boosts the piezo-electric properties of Aluminium Nitride (AIN). Primarily used in 5G RF filters, non-volatile memory, MEMS, and photonics, (ASIcN) offers high temperature stability (over 600°C) and superior piezoelectric coefficients Pricing remains high due to: Concentrated supply (China dominance) Lack of large-scale Western production Increasing strategic importance 8.20 What Drives Scandium Prices Today The research has come up with some pointed factors indicates that the scandium pricing is driven by a small number of key factors: 8.21 Supply Availability Small increases in supply can have a disproportionate impact on price Lack of new projects keeps pricing elevated 8.22 Product Purity High-purity scandium oxide commands premium pricing Metal form (especially dendritic) can reach extreme values due to processing complexity 8.23 End-Use Applications Aerospace and defence applications tolerate higher pricing Emerging sectors (fuel cells, semiconductors) are sensitive to cost but require reliability 8.24 Contract-Based Market Long-term offtake agreements often dictate pricing No liquid spot market means price discovery is limited 8.30 The Key Insight – Why Pricing Has Not Collapsed One of the most important observations is that scandium prices have remained high despite low overall demand. The market has never had enough reliable supply to test true demand elasticity. In other words: Prices are high because supply is scarce Demand is limited because prices are high One would wonder if this is good for producers and the market. The situation is like it is a feedback loop that has kept the market small. Samso Concluding Comments The first time I came across Scandium would have been almost 20 years ago. I was asked to give my opinion and the feedback I gave was that it was difficult and the market was extremely small. If I am not mistaken, the price of the metal was just as attractive but the market was and is still as opaque and I am not sure if the marketability for the metal is any easier. Like manganese and the iron ore market, when it was first a market, in the 1960s, the project is only successful if you have a buyer. There is not much concept of an open market although, the likes of manganese and iron ore is a lot easier now. I was recently in a similar market and that was High Purity Quartz. The pricing mechanism was very lucrative but with research, the market is complex and very specialised. In some ways, like the general thought for High Purity Quartz, assuming this is true, the geological nature is what dictates the lack of economical sources. Scandium has a hard time trying to concentrate in an economical amount and that may also be why it is priced so handsomely. The ability to get the metals in a economically mineable source appears to be challenging and one would think that this issue is here to stay. The other aspect is not just a lack of an economical source, the use of the metals is also small and that means the production required is not that high. Like tungsten, the global consumption is only 100,000 plus per annum. Although, with the increasing amount of hostilities recently, the need for tungsten to replenish used missiles etc. may move that needle a bit more. If you look back at Figure 14 and Figure 15, the projections are all suggesting bigger numbers in the future and if we take into consideration that we are moving into a new form of energy use, emission control and a new way of regulating energy, the need for these boutique metals will surely be in demand. I guess, for Australia, the amount of sources coming out of New South Wales may make Australia the Mecca of Scandium and at a time when the term "Critical Minerals" is taking centre stage in a global manner, this will be a fortunate geological phenomenon. References: United States Geological Survey (USGS) – Mineral Commodity Summaries (MCS): Scandium (2024, 2025) USGS – Rare Earths Minerals Yearbook (2019) (includes scandium end uses and consumption estimate range) Geoscience Australia – Australian Resource Reviews: Scandium Reuters – U.S. DLA scandium oxide purchase / Rio Tinto supply (Sept 22, 2025) Reuters – Sunrise–Lockheed scandium option (Oct 23, 2025) Financial Times – broader context on Pentagon stockpiling push USITC executive briefing – Russia and scandium background NSW Government appendix (historic directory context for NSW projects) SRL Investor Presentation 18 July 2025 SRL Investor Presentation 18 July 2025 Scandium International Mining Corp Corporate Presentation - October 2022 RIM Annual GM 18 November 2025 Chassé, Mathieu & Griffin, William & O’Reilly, Suzanne & Calas, Georges. (2019). Australian Laterites Reveal Mechanisms Governing Scandium Dynamics in the Critical Zone. Geochimica et Cosmochimica Acta. 260. 292-310. 10.1016/j.gca.2019.06.036. Nahon D. (2003) Weathering in Tropical Zone. Significance Through Ancient and Still Active Mechanisms. Comptes Rendus - Geosci. 335, 1109-1119. Byrne J. (2017) Annual Report. Technical report, Jervois Mining Ltd, Howthorn, Vic., Australia. Gordon M. (2018) Riva Resources Limited. Technical report, Independent Investment Research (Aust.) Pty Limited, Sydney, NSW, Australia. Moller B., Mosig R. and Hartley C. (2017) Annual Report. Technical report, Platina Resources Limited, Mt Hawthorne, WA. Ricketts N. J. and Duyvesteyn W. P. C. (2018) Scandium Recovery from the Nyngan Laterite Project in NSW. In Light Met. 2018. TMS 2018. Miner. Met. & Mater. Ser. (ed. O. Martin). Springer, Cham, Switzerland. pp. 1539–1543. Durack S. (2018) Six High-Grade Cobalt-Scandium Areas Key Focus at Granted NSW Tenement. Technical report, MinRex Resources Limited, Perth, WA. Bell B. (2018) Quarterly Activities Report. Technical report, Australian Mines Limited, Perth, WA. Sverdrup, Harald & Sverdrup, Antoniy. (2024). On the Supply Dynamics of Scandium, Global Resources, Production, Oxide and Metal Price, a Prospective Modelling Study Using WORLD7. Biophysical Economics and Sustainability. 9. 10.1007/s41247-024-00118-y. Boyarintsev AV, Aung HY, Stepanov S, Shoustikov AA, Ivanov PI, Giganov G (2022) Evaluation of main factors for improvement of the scandium leaching process from Russian bauxite residue (Red mud) in carbonate media. Am Chem Soc Omega 7:259–273 The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

This latest ASX release from Miramar Resources Limited (ASX: M2R) at the Gidji JV Gold Project is very interesting. The core of the release is about the latest RC drilling results that management has highlighted as a defined continuous zone of shallow gold mineralisation extending over 600 metres at the Highway Prospect. The programme confirmed multiple mineralised intersections, including higher-grade zones such as 3m @ 9.45 g/t Au (Figure 1). Figure 1: Plan view showing Highway Prospect drill results and 600m strike extent.(Source: Miramar Resources Limited) The results do build on earlier aircore drilling and support the interpretation of a coherent shallow gold system. I have always liked this project from way back in 2021 when Alan Kelly came on our Coffee with Samso " Mineral Exploration - Creating Value Organically ", Episode 68; however, the hidden mention of Claypan has made me take notice. For me, the Gidji project just needs money spent on the ground and the process of exploration will do its job. Personally, the best thing for Miramar is to let management do their job and go find the mystery mineralisation source (I am a shareholder anticipating a discovery). The notes that was in the release about Claypan is very interesting. The concept of something else in the project will always be a place of interest so the more of these "new prospects' the more I will be following the progress. About Miramar Resources Miramar Resources is operating within the Eastern Goldfields of Western Australia, a well-established gold-producing region with existing infrastructure and processing capacity. The Gidji JV Project sits within a structural corridor that hosts multiple known deposits, and recent work is focused on defining shallow mineralisation that may be amenable to near-surface development pathways. Shallow Gold Mineralisation Defined at the Highway Prospect Near Kalgoorlie The Gidji JV Project is located approximately 15 kilometres north of Kalgoorlie and contains around 15 kilometres of strike along the Boorara Shear Zone, a structure associated with multiple gold deposits in the region (Figure 2). Exploration since 2020 has identified several zones of shallow gold beneath transported cover, with recent RC drilling now providing clearer definition of mineralisation at the Highway Prospect. Figure 2: The Gidji JV project. (Source: Miramar Resources Limited) The latest drilling confirms that gold mineralisation occurs at shallow depths between approximately 47m and 56m and extends over a strike length exceeding 600 metres (Figure 3). Figure 3: Long section showing vertical distribution of shallow gold mineralisation. (source: Miramar Resources Limited) RC Drilling Confirms Coherent Shallow Gold System Over 600m Strike RC drilling has outlined shallow gold mineralisation over a strike length exceeding 600 metres at the Highway Prospect (Figure 1). Mineralisation occurs at shallow depths (47m–56m), consistent with earlier aircore results. Higher-grade intersections include: 3m @ 9.45 g/t Au (GJRC043), including 1m @ 23.11 g/t Au Additional intercepts such as 3m @ 1.13 g/t Au and multiple intervals above 0.5 g/t Au. A second parallel trend west of the main zone is indicated by aircore drilling results exceeding 2 g/t Au. Drill spacing remains relatively wide (~50m), indicating further drilling is required to define continuity and grade distribution. Figure 4 below outlines some of the significant intercepts from the drilling. Figure 4: Summary of significant drill intersections (>0.25 g/t Au). (source: Miramar Resources Limited) An Interesting New Prospect ? The management comments regarding the potential of the "Claypan" Prospect, within 200 meters of the Goldfields Highway and along the strike from the Crossroads deposit and the renowned Kanowna Belle gold deposit (Figure 5) is good news. Good news, not in the sense that I feel a discovery is in sight, but good news in that there are learnings coming out from the exploration activities that gives shareholders a better chance for discovery. For those who have been working in the Kalgoorlie region, the Black Flag Beds have been a target or a word association for gold explorers for as long as I can remember as a follower of all things mineral exploration. Although it is by no means a "sure thing" to deliver a discovery, it is nice to know that the geology in the Gidji area is in the right geological associations. Major gold deposits at Kanowna Belle and Binduli is nice to be associated with so this brings an educated hope for my investment :-). Figure 5: Regional location of Claypan relative to Kanowna Belle and Crossroads. (source: Miramar Resources Limited) As mentioned in the ASX release, it is good to see that previous RAB, aircore, and RC drilling have revealed sporadic bedrock gold mineralisation over a strike length of about 1 kilometre, linked to the contact between a mafic intrusive unit and a granite, which is offset by a north-south fault (Figure 6). Current drilling is relatively wide-spaced compared to the nearby Crossroads deposit, which has a total strike length of roughly 300 meters. I will be eager to get more news of any drilling after the completion of the heritage survey. Figure 6: Claypan drilling and geological interpretation. (source: Miramar Resources Limited) Management Commentary The Company has indicated that the current drilling supports the potential for defining shallow gold resources at the Highway Prospect. Work has commenced to review existing data and plan further drilling, including engaging a resource geologist. The proximity of the project to infrastructure, including the Goldfields Highway and nearby processing plants, is noted as providing multiple pathways for potential development scenarios depending on scale. Near-term Milestones to Watch Closer spaced RC drilling at the Highway Prospect to define grade continuity and thickness Evaluation of shallow resource potential with input from resource geologist RC drilling at the Claypan Prospect following heritage clearance Auger drilling programme at the Chain Pool Project targeting SEDEX-style mineralisation Samso Concluding Comments The results presented in this announcement show that the Highway Prospect is moving along and that is pretty much you can ask for from management. It is good to see the recognition of the 600 metres of strike which means there is still some form of evidence to find the elusive Holy Grail. The shallow depth of the mineralisation is a good consistent feature across the drilling programme which, for me, is consistent with the historical drilling interpretation. The engagement of a resource geologist would indicate that Miramar Resource is beginning to organise its data towards potential resource evaluation, which will largely depend on the outcomes of further drilling. I like the mention of the Claypan Prospect as it adds another layer to the project, with geological features such as the unconformity and structural setting providing a basis for additional targets. Historical drilling indicates mineralisation over a longer strike length, but the spacing of data means that further work is required to establish continuity. If the project becomes a supergen play, then so be it. A modest volume in this market is going to be lucrative as the shallow aspect of the potential resource will be economical with not much doubt. Market Implications The market seem to have not done much for Miramar at this stage which may be good to top up for anyone who wants to go for a "punt". With a market capitalisation of just over AUD $5M, a discovery will be impactful for valuations. The great part of the Miramar story is that a modest resource of 100,000 ounces will be sufficient for value creation. Anything in 7 figures will be significant value creation. One can only hope. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and 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.

Pioneer Minerals Ltd (ASX: PMM) has recently released two ASX updates that collectively define the direction of its North Pine Project in Idaho. The first outlines the Company’s acceptance into the U.S. Defense Industrial Base Consortium (DIBC), providing access to U.S. government-linked supply chain initiatives for critical minerals. The second reports new gallium assay results from the Springfield Prospect, confirming the presence of a broader multi-commodity system alongside existing tungsten and gold mineralisation. From an investor point of view and that of a Samso News feature, these announcements run a narrative that the projects are a tungsten-focused exploration story with a flavour of a multi-commodity system with relevance to U.S. critical minerals strategy, supported by early-stage metallurgical work and planned development activities. Pioneer Minerals North Pine Project The Company’s North Pine Project is situated in Idaho, United States, centred on its Springfield Prospect. Located within a known mineralised district, North Pine sits near established deposits such as the Stibnite Gold Project. The Project sits in a jurisdiction where critical minerals supply is actively being supported by government initiatives. The combination of tungsten, gold and now gallium introduces multiple pathways for value, but also adds complexity in how the system is understood and developed. The inclusion in the DIBC framework places the Company within a broader supply chain discussion rather than just a standalone exploration story. The second announcement provides technical detail that supports this positioning, particularly with the identification of gallium as a separate mineral phase. Figure 1: Location of North Pine Project relative to nearby deposits. (source: Pioneer Minerals Limited) The Company is targeting tungsten mineralisation within a skarn system, with additional gold and now gallium identified through recent work. DIBC Membership and Strategic Positioning – U.S. Defense Industrial Base Alignment and Project Relevance Pioneer Minerals Limited accepted into the U.S. Defense Industrial Base Consortium (DIBC) Provides access to collaboration with U.S. Department of Defense, contractors and research institutions Tungsten identified as a critical mineral for defence, aerospace and manufacturing North Pine Project positioned as a potential domestic supply source for tungsten Springfield Prospect shows high-grade tungsten up to 2.98% WO₃ and gold up to 7.75 g/t Au Independent geophysics confirms correlation between mineralisation and regional magnetic anomaly Historical tailings test work produced 3.27% WO₃ concentrate with a 17.6x upgrade Management Commentary Management highlights that participation in the DIBC provides a pathway to engage with U.S. government programs and funding mechanisms. The focus is on advancing the North Pine Project within a framework that supports domestic supply chains for critical minerals. The commentary links the technical work at Springfield with broader strategic objectives rather than providing new geological interpretation. Near-term Milestones to Watch Reopening access to the historic Springfield mine Electromagnetic (EM) survey targeting sulphide-related conductors Submission for U.S. government funding programs Permitting for Phase 1 drilling Gallium Discovery and Multi-Commodity System Confirmation – Gallium Results Define Additional Mineralisation Pathway (Figure 2) Rock chip sampling returned gallium results up to 128.7 ppm Ga₂O₃ Multiple samples above 60 ppm Ga₂O₃ confirm a coherent anomalous zone Gallium mineralisation occurs independently of tungsten Confirms a multi-commodity system: tungsten, gallium, gold and silver Tungsten grades remain strong, up to 2.98% WO₃ Gold values up to 7.75 g/t Au continue to support a separate mineralising event Gallium likely hosted in non-gravity recoverable phases (e.g. micas, feldspars or sulphides) Metallurgical work underway to assess recovery pathways Figure 2: Rock chip locations showing gallium, tungsten and gold. (source: Pioneer Minerals Limited) Near-term Milestones to Watch Metallurgical test work on gallium deportment Assessment of secondary or hydrometallurgical recovery pathways Integration of gallium into processing strategy Continued engagement with U.S. funding initiatives Advancement toward potential tungsten production Samso Concluding Comments The two announcements from Pioneer Minerals describe different parts of the same story. The first is about positioning the project within a broader supply chain framework, and the second is about understanding what is actually in the ground. The tungsten system has been the base of the project, supported by historical work and recent sampling. The gallium results add another layer, but they also introduce new work required to understand how that mineralisation behaves in processing. The separation between tungsten and gallium is a key detail that will influence how the project is developed. The inclusion in the DIBC framework provides access to funding pathways and collaboration opportunities. The introduction of US government facilities will help how the project may be progressed in terms of development and partnerships. As always with mienral resource projects, the next stage of work is focused on data collection. Typically, this will be the same "boring" steps that includes geophysics, metallurgical testing and permitting. These are standard steps, and the execution and the timing of work and the timing of the base commodity pricing will determine how the project moves from early-stage exploration into a defined development pathway. The metals that are being discussed here, namely tungsten and gallium are not your typical mineral resource projects. These are projects that arre boutique and Pioneer Minerals will need to tread carefully as they are not easy to define and will need funding space that are still a challenge even with projected growth in thie commodity market. From a market influence, there is still not much movement in the share price of Pioneer Minerals as we publish so it will be of interest how this will play out in the coming months of 2026. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and 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.