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Announcement Optioneering Study Supports Heap Leaching as Low Cost Route for the Splinter Rock Rare Earth Project - 11 September 2025. OD6 Metals Limited (ASX: OD6)   has released results from its CPC Engineering Optioneering Study, confirming that heap leaching is the lower-cost and preferred primary leach option for the Splinter Rock Rare Earth Project (Figure 1). This is a significant step in de-risking the project and optimising development economics, with the study showing heap leach delivers superior recovery, lower capital intensity, and simplified operations when compared to conventional agitated tank leaching.  Figure 1: The Splinter Rock Rare Earth Project (source: OD6)   Key Highlights - Beginning of the Rare Earth Story Heap Leach Confirmed as Preferred Route:  CPC Engineering’s multi-criteria assessment validates heap leaching as the lower-cost option for clay-hosted REE mineralisation. Higher Recovery Potential:  Heap leach shows superior rare earth recovery compared with tank leach, enabling more MREC production per tonne processed. Lower CAPEX Profile:  Eliminates the need for large leach tanks, clay washing, and complex separation circuits. Modular design allows for scalable, staged construction. Lower OPEX Drivers:  Energy and maintenance costs are reduced; the inclusion of a Chlor-Alkali Facility allows on-site reagent generation and acid recycling. Premium MREC Product:  The downstream process flowsheet (heap leach + nanofiltration + ion exchange + impurity removal) is designed to deliver a high-quality, low-impurity Mixed Rare Earth Carbonate (MREC). Strategic Partnerships:  Ongoing collaboration with ANSTO and CPC Engineering , guiding development pathway decisions. Upcoming Drill Campaign:  Twin-hole diamond core drilling to provide 1.5–2.5t of REE-bearing material for advanced ANSTO testwork. Techno-Economic Review & Peer Benchmarking OD6 assessed multiple flowsheet options against criteria such as recovery, circuit complexity, capital and operating costs, product quality, and scalability (Figure 2). Benchmarking shows OD6 sits mid-range among ASX peers on capital intensity, with potential upside once stripping ratios and reagent cost efficiencies are finalised. Key observations: Simplicity and Expandability:  Heap leach reduces system complexity and allows for staged pad expansions. Operating Advantage:  Lower energy demand and mechanical maintenance; acid recycling and CAF integration further enhance cost profile. Market Alignment:  Uranium and thorium removal steps ensure transport compliance and widen potential markets (Asia, Europe, US). Figure 2: Peer Comparison Table – Heap Leach vs Tank Leach Projects (source: OD6) Metallurgical and Study Progress OD6, CPC, and ANSTO have successfully demonstrated a multi-stage pathway (Figure 3) from heap leach through to final MREC/MREH precipitation, with key steps including: Figure 3: Indicative Processing Steps – Heap Leach, NF, IX & Impurity Removal (source: OD6). Heap Leach:  Low-acid leach to generate enriched solution. Nanofiltration:  Acid recycling and REE concentration. Ion Exchange:  Further concentration and impurity reduction. Impurity Removal:  Eliminates deleterious elements (Al, Fe, U, Th). Precipitation:  Produces premium, low-impurity MREC/MREH. Chlor-Alkali Facility:  Provides reagent supply security and lowers OPEX (Figure 4). Figure 4: Example of two BICHLOR™ Electrolysers utilised to produce H2 (g) + Cl2 (g) + 2NaOH (aq) (source: OD6) The final MREC/MREH product contains elevated Nd, Pr, Dy, and Tb – highly sought-after magnet rare earths critical for global EV and wind turbine supply chains.  Managing Director Brett Hazelden  commented: “The work being conducted by CPC’s optioneering study confirms what our ANSTO testwork and flowsheet work have indicated – heap leaching combined with our innovative downstream steps appears to be the most capital-efficient and operationally simple route to unlock value at Splinter Rock. Importantly, when benchmarked against other peers in the industry, it suggests a lower CAPEX profile is possible after removing the complex and expensive solid-liquid separation steps in an agitated tank leach process. Notably, integration of our impurity removal steps and a Chlor-Alkali Facility (CAF) suggests a lower capital cost outcome and supports production of a high-value MREC product. We’ll now move quickly to commence scale up testwork to optimise the Heap Leach and Impurity Removal conditions and produce MREC samples for testing and offtake discussions.” Next Steps Scale-Up Testwork:  Heap leach and impurity removal optimisation using 1.5–2.5t bulk samples; expected to yield ~1kg of MREC for offtake discussions. Offtake Partner Engagement:  Initiating commercial payability discussions for MREC and MREH. Government & Financing Engagement:  Ongoing dialogue with government bodies and potential financiers. Exploration & Drilling:  September campaign to deliver high-quality core for testwork and resource updates. Samso Concluding Comments This is a very interesting release as the Heap leach validation could be a major milestone for OD6, as it positions Splinter Rock as a competitive and scalable rare earths project in a global market hungry for magnet REEs. The decision to focus on a lower-cost, modular, and technically robust solution will materially improve project economics. From an investor’s point of view, this milestone will significantly de-risk the project’s processing route, assuming all the numbers do indeed stack up. As an avid follower of the OD6 story, this will start to move OD6 closer to producing a high-value MREC product that aligns with global magnet rare earth demand. The upcoming drill program and bulk testwork will be key to translating these study outcomes into a full feasibility case. The value of OD6 will be further enhanced by the fact that competitors in this area are decreasing. If OD6 comes to fruition, I believe it will lead to substantial value creation for shareholders, as it will essentially be a situation of being the last one standing. However, I think this will likely not happen in the short term, and the ongoing efforts to make the business viable will be crucial for potential investors and current shareholders when considering their future decisions. As always, #SamsoNews reminds investors that the project remains at a study and testwork stage, with further exploration and feasibility work required before production decisions.   The Samso Way – Seek the Research We separate signal from noise. The real story sits in the data, the rocks, and the plan—never just the headline. Do your own work and test every claim. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 28 August 2025 Saloro 3rd XRT Ore Sorter & Commenced Ore Reserve Update. EQ Resources Ltd (ASX: EQR)  has released an update on operations at its 100%-owned Saloro tungsten mine in Spain, underscoring its strategy to lift efficiency and build on the improving tungsten price environment. The commissioning of a third XRT Ore Sorter marks a step-change in throughput capacity and cost optimisation, while the company has also commenced a periodic Ore Reserve update expected in Q4 CY2025. Highlights - A Tungsten Business Rushing To Finally Reap the Benefits. Third XRT Ore Sorter commissioned and ramped up on time and within budget , expanding sorting capacity by 50% from 100tph to 150tph. Ore sorting removes ~60% of waste rock early in the flowsheet , boosting efficiency and lowering cost at the main gravity plant. Reserve update underway , to incorporate recent recovery improvements, sorter expansion benefits, and stronger tungsten prices. Benchmark tungsten price sits at US$520/mtu (APT) , ~15% above the $450/mtu used by other producers in recent assessments.   Expanding Ore Sorting Capacity The Saloro team has now successfully integrated a third XRT Ore Sorter (Figure 1), bringing nominal throughput to 150 tonnes per hour . Ore sorting continues to play a key role as a debulking step, removing barren waste rock from fresh ore and low-grade stockpiles in the 8–40mm size range. This translates into more efficient plant operations , reduced unit costs, and higher-grade feedstock being pushed downstream.   Figure 1: Saloro XRT Ore Sorters in operation (source: EQR) EQR Executive Chairman, Oliver Kleinhempel , commented: “It is great to witness the significant positive impact ore sorting has on our operations. Under the leadership of Kevin MacNeill (EQR’ Chief Technical Officer) our teams both at Mt Carbine and Saloro are mastering this technology leading to more sustainable operations – both environmentally and commercially more sustainable, given the cost optimisation impact.” Ore Reserve Update Underway The company has commenced a periodic Saloro Ore Reserve update . Over the last 18 months, improvements in recovery and the latest sorter expansion have provided upside to the reserve base (Figure 2). This is further supported by a strengthening tungsten market , with prices rising over the past six months. Figure 2: Typical XRT rock scan showing tungsten-bearing ore vs barren waste (source: EQR) EQR expects to publish the updated Ore Reserve at the beginning of Q4 CY2025. About EQ Resources EQ Resources is a dual-asset tungsten producer with operations at Mt Carbine in Queensland  and Barruecopardo in Spain . The company applies advanced mineral processing technologies across its projects, positioning itself as a globally significant supplier of tungsten , a critical mineral for the new economy. Samso Concluding Comments What stands out in this announcement is the practical execution of EQR’s growth strategy. Commissioning the third XRT Ore Sorter is not about chasing production headlines; it is about embedding efficiency into the flowsheet. Removing 60% of waste at the front end has real implications for cost, recovery, and sustainability. This operational strategy is important to build some form of resilience in a historically cyclical market. The decision to commence a reserve update at this point is interesting. With recovery improvements in place, expanded capacity online, and tungsten prices trending higher, EQR is correctly aligning technical upgrades with favourable market dynamics. Investors will be watching closely for the Q4 CY2025 reserve statement, which should offer a more transparent view of Saloro’s long-term potential. What we continue to see is that tungsten is not a marginal story . As I have mentioned many times, it is definitely front and centre in the critical minerals narrative, and companies that can demonstrate reliable, scalable production are positioned to attract attention from both the market and strategic partners. Make no mistake here, as I have mentioned previously in detail, the tungsten business will be all about high tonnage and low-grade mining. EQ Resources will have to demonstrate that they are able to do this correctly and economically. Ore sorters have been around for a long time, and it is definitely not a new idea/process that will change anyone's balance sheet by the mere appearance of the item. Investors will need to monitor the progress and see if the products are appearing, and if so, the high APT price should hold up and have a decent time in the limelight for companies to harvest their fruits of labour. All the tungsten players will be appreciative of the opportunity at hand. Check out : Terra Uranium Limited - Could the Glen Eden Project Be The Next Tungsten and Molybdenum Story in Australia - A Sisson-Style Tungsten Project? Tungsten: The Quiet Giant – Market Trends and Investment Pathways. At Samso, we keep stressing that clarity comes from facts on the ground, not noise in the market . Saloro’s sorter expansion and reserve update are facts investors can work with. #SamsoNews is here to remind you that the real investment edge lies in recognising operational signals early, before they are fully priced into the market. The Samso Way – Seek the Research #SamsoNews is about separating fact from noise. Real insight comes from digging into the details and always doing your own research (DYOR).   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.

The Revolution Private Credit Income Trust (ASX: REV)   is set to provide investors with institutional-quality access to the Australian and New Zealand private credit market. This listed investment trust will focus on high-quality secured loans, asset-backed securities, and commercial real estate loans, aiming to generate reliable monthly income underpinned by disciplined underwriting standards. The IPO is structured to raise AUD 400 million , with units priced at AUD 2.00  each. Listing is scheduled for Monday, 22 September 2025 , with the offer expected to close on 8 September 2025 .   Investment Highlights Target Return : RBA Cash Rate + 4% p.a. (net of fees) * Diversified Portfolio : Exposure across Australian and New Zealand leveraged loans, asset-backed securities, and commercial real estate loans. Institutional Quality : Access to private credit traditionally unavailable to retail investors. Monthly Income : Designed to deliver stable monthly distributions backed by contractual interest obligations. Capital Preservation : Focus on secured lending with risk managed through strong credit covenants. Professional Management : Revolution Asset Management brings a proven track record in alternative credit markets. (*This is a target only and there is no guarantee the target will be met.)   Investing in REV is investing in a Credit Income story. REV positions itself as a unique opportunity for retail investors to gain access to the private credit asset class , typically available only to institutional investors. With a strategy built around diversification, capital preservation, and income stability, the Trust offers a portfolio designed to withstand interest rate and inflation cycles while aiming for long-term sustainable returns. Key Benefits include : Private credit access at scale. Reliable monthly income. Capital preservation focus. Diversification across industries. Professional management expertise. Inflation & rate cycle resilience.   Underwriting & Management The IPO is not underwritten , with placement supported by a strong syndicate of Joint Lead Managers and Arrangers, including Wilsons Corporate Finance, MST Financial, Shaw and Partners, Morgans, E&P Capital, NAB, Canaccord Genuity (Australia), and Commonwealth Securities . Revolution Asset Management will act as Investment Manager, applying its disciplined credit process to deliver risk-adjusted returns without compromise . REV Leadership & Experience The Revolution portfolio management team  founded the business and takes personal ownership of its investment responsibilities. With more than 100 years of combined experience , the team has a strong record of investing across Australian and New Zealand private debt markets. Their long-standing collaboration underpins the Trust’s focus on disciplined underwriting and investor outcomes. Bob Sahota  – Managing Director and Chief Investment Officer Simon Petris, Ph.D.  – Executive Director and Senior Portfolio Manager David Saija CFA  – Executive Director and Senior Portfolio Manager Steve Sutinen  – Portfolio Manager Lucie Bishop CFA  – Portfolio Manager Pratik Joshi CFA CAIA MBA  – Portfolio Manager   Samso Concluding Comments The listing of Revolution Private Credit Income Trust (ASX: REV) represents an opportunity for investors seeking exposure to institutional-grade private credit  in a listed structure. By combining secured lending, diversification, and stable income , REV provides retail investors access to an asset class that has traditionally remained in wholesale markets. While risks remain—such as unit price volatility, liquidity constraints, leverage, and credit exposure—there is a proposed framework that suggests a robust structure designed to mitigate these factors. At Samso, we view this IPO as a reflection of the growing interest in alternative investments  as part of the evolving listed markets. For retail investors, REV may offer a compelling pathway to diversification and stable income generation . #SamsoNews – Seek the Research. The key is always to separate the signal from the noise and base decisions on grounded analysis. The Samso Way – Seek the Research At #SamsoNews , the focus is always on separating signal from noise and grounding every analysis in facts and context. Real insights only emerge when investors take the time to do their own research and look beyond the headlines. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.   The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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.

Ariana Resources Plc (ASX: AA2 | AIM: AAU)   is entering into the ASX spotlight with a dual listing that combines global operational success with a bold growth vision anchored in Zimbabwe’s emerging gold sector. With producing mines in Türkiye and a 100%-owned flagship gold project at Dokwe in Zimbabwe (Figure 1), Ariana offers a rare blend of cash-generating assets , a robust pipeline , and resource expansion upside . Following a consistent profit streak since 2016 and a proven development model, Ariana’s entry onto the ASX sets the stage for a fresh valuation re-rate. Figure 1: Location of Dokwe Project in Zimbabwe (July 2025) (source: AA2) This move comes at a pivotal time in the gold cycle, with Ariana looking to capitalise on its multi-million-ounce portfolio, a strategic alliance with Newmont, and a disciplined capital strategy. The upcoming IPO aims to raise up to A$15 million via CHESS Depositary Interests (CDIs) priced at A$0.28. ASX Listing Details ASX Code:  AAU Listing Date:  Expected 15 September 2025 IPO Offer Price:  A$0.28 per CDI Current Share Price (as at August 2025):  Not yet trading on ASX. Current AIM market capitalisation is ~£34.02M (≈A$70.42M) Market Capitalisation (on Admission): At Minimum Subscription (A$10M raise): ~A$92.8M At Maximum Subscription (A$15M raise): ~A$105.5M Industry Group:  Materials – Mineral Exploration & Development   Investment Highlights – Ariana, a Gold Mining Story at a Glance. Multi-Asset Gold Exposure : Dokwe Gold Project (Zimbabwe)  – 1.42Moz in JORC (2012) Resources; DFS underway targeting 100koz/year (Figure 2). Figure 2: Dokwe Gold Project (source: AA2) Zenit Partnership (Türkiye)  – Producing mines at Kiziltepe (172koz Au at 1.63g/t Au grade MRE) and Tavşan (311koz Au at 1.26g/t Au grade MRE) with 2Moz in total Resources. Proven Developer & Operator : Two mines built in Türkiye – Kiziltepe (producing since 2017) and Tavşan (2024). Over 81,900m drilled FY21–24; further drilling in 2025. Financial Strength & Track Record : Special dividends of £7.74 million paid across 2021–22. £1.8 million raised in Q1 2025; US$2 million debt facility drawn. Consistent profitability since 2016. Undervalued Resource Base : Ariana's EV/resource ounce of A$27/oz is low compared to peers – ASX listing designed to close this valuation gap. Strategic Relationships : Newmont holds ~4% of Ariana and is funding generative exploration in SE Europe. JV structure in Zenit includes Proccea (23.5%) and Özaltin Holding (53%).   Core Asset: Dokwe Gold Project – Zimbabwe’s Largest Undeveloped Gold Resource. The Dokwe Gold Project lies at the heart of Ariana’s strategy, boasting: JORC Resource : 22.9Mt @ 1.52g/t for 1.1Moz Au (0.6g/t cut-off). JORC Reserve : 18.25Mt @ 1.36g/t Au for 795.8koz Au. Scalable Development : 2024 PFS outlines a 65koz p.a. operation. DFS underway targeting 100koz p.a. with completion due mid-2026. Estimated capex: US$82M (A$124.6M), payback in 1.8 years. Use of IPO Funds : Up to A$6M allocated to accelerating DFS and expanding Resources/Reserves. Strong potential for strike and depth extensions. Turkish Cash Engine: Zenit Operations Kiziltepe Gold-Silver Mine (Figure 3) 126koz gold in JORC Resources. Historic cash flow generator. Figure 3: Kiziltepe Location Map, also showing Kepez, Karakavak and Kizilcukur Projects (September 2024) (source: AA2) Tavşan Gold-Silver Mine (Figure 4) Recently commissioned (2024). 311koz gold in Resources with 30koz p.a. production target. New heap leach plant scheduled for Q3 2025. Figure 4: Tavşan Location Map (June 2025) (source: AA2) Salinbaş-Ardala Gold Project (Figure 5) Large-scale 1.5Moz gold Resource across NE Türkiye. High exploration upside. Figure 5: Salinbas Gold Project (source: AA2) Growth Beyond Core: Kosovo and Cyprus Newmont Partnership – Backed by US$3.3M investment to fund Kosovo exploration, with follow-on funding tied to licences and drilling at Hertica Project confirming a Cu-Au porphyry system. Slivova (Kosovo) (Figure 6) 76% indirect interest in Western Tethyan Resources Ltd, which owns 51% of the Slivova Gold Project. Advancing through earn-in. Figure 6: Slivova Gold Project (source: AA2) Magellan (Cyprus) 61% indirect interest via Venus Minerals. Resource: 96.7kt Cu and 26.8kt Zn. Asgard Metals 100%-owned investment vehicle targeting early-stage discovery companies across the Eastern Hemisphere.   🔹 Offer Summary Details Minimum Maximum Offer Price A$0.28 A$0.28 Funds Raised A$10M A$15M CDIs Issued 35.7M 53.6M Use of Funds DFS, exploration, RiverFort debt repayment (A$3.4M), working capital Market Cap on Listing ~A$70M ~A$75M (undiluted) The Road Ahead – Key Near-Term Catalysts Completion of DFS at Dokwe by mid-2026. Full-scale Tavşan ramp-up and heap leach plant commissioning in Q3 2025. New drill programs across Zimbabwe, Türkiye, and Kosovo. Potential monetisation of non-core holdings (Zenit, WTR, Venus, Asgard). Newmont-supported exploration across SE Europe. ASX re-rate opportunity based on resource growth and production scalability. Board and Management – Proven Leadership Across Continents A seasoned board leads Ariana Resources with deep experience in exploration, mine development, and capital markets. Chairman Michael de Villiers  brings strong financial oversight, while Dr. Kerim Sener , Managing Director, drives strategy and discovery—having led the development of Ariana’s Turkish mines and now focused on unlocking value at Dokwe in Zimbabwe. The team is rounded out by operational specialist Galip Sener , financial expert William Payne , and ESG-focused Dr. Lucy Morgan , combining technical capability with disciplined governance. Their global perspective and in-country expertise underpin Ariana’s success across Türkiye, Africa, and Europe. Board of Directors – Ariana Resources Plc Dr Ahmet Kerim Sener  – Managing Director and CEO (founder, appointed April 2005). A long-serving executive, holding both leadership and board responsibilities. Michael John de Villiers  – Executive Chairman & Company Secretary (since approximately 2009–2010). Also chairs the Audit Committee. William J. B. Payne  – CFO and Non-Executive Director (appointed December 2010). Chairs Compensation Committee and sits on Audit Committee. Michael William Atkins  – Independent Non-Executive Deputy Chairman; serves on Audit Committee. (Appointed Aug 2018) Christopher John Stuart Sangster  – Independent Non-Executive Director; sits on Compensation Committee. Appointed August 2016. Nicholas John Graham  – Non-Executive Director (appointed June 2024); founder and substantial shareholder.  Andrew John du Toit  – Operations Director & Director (appointed June 2024); part of the executive leadership. Use of IPO Funds – Summary (Actual vs Budget) Ariana Resources will use its IPO funds to progress the Dokwe Gold Project , allocating A$1.0M  to feasibility studies, A$1.8–4.0M  to drilling, and up to A$1.0M  for environmental work, while also supporting the Slivova Project (A$0.4–0.9M) , Western Tethyan Alliance (A$0.4–0.5M) , and Venus Minerals (A$0.2M) . In addition, A$3.4M  is earmarked for part repayment of the RiverFort Facility (pre- and post-Admission), alongside A$1.8–2.7M for working capital and A$1.4–1.7M  for Offer costs. Under the maximum raise of A$15M , Ariana will significantly expand drilling and complete a full EIA, strengthening the Dokwe development pathway. Investor Takeaway:  The funding strategy prioritises fast-tracking Dokwe  while maintaining a balance between growth, debt reduction, and portfolio development .   Samso Concluding Comments Ariana Resources is anchored by a producing asset base in Türkiye, but it is the potential scale of the Dokwe Gold Project in Zimbabwe that could transform Ariana into a mid-tier gold producer. With an experienced board, a proven management team, and the support of strategic partners such as Newmont , Ariana is well-positioned to deliver on both near-term cash flow and long-term growth. The strength of this story lies in balance. Ariana has demonstrated its ability to generate shareholder returns  — through dividends, disciplined capital management, and smart partnerships — while still pushing forward aggressively on resource growth. This is not a one-dimensional exploration story; it is a growth strategy underpinned by production, feasibility, and discovery. For investors, Ariana has multi-jurisdictional exposure , tangible development pathways, and exploration blue-sky potential. The next two years will be critical, as the DFS at Dokwe progresses and Ariana seeks to unlock the broader copper-gold opportunities in Kosovo under its Newmont alliance. At Samso, we remind readers that #SamsoNews is where investors can look for valuable information . Always seek the research , and remember — the market rewards companies that not only tell a good story but can also deliver it. The Samso Way – Seek the Research At Samso, we believe in one principle — Seek the Research . The Samso Way is about cutting through noise, focusing on facts, and understanding the real stories that drive investment value. 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.

Coffee with Samso | Episode 209 | UWA Club, Crawley, Western Australia In this latest episode of Coffee with Samso , I reconnect with exploration legend Jon Hronsky  to unpack one of the most significant emerging geological stories in Australia: the Westrunter carbonatite province . This conversation builds on John's recent presentation at the AIG’s event and dives deep into how Encounter Resources Limited (ASX: ENR) has methodically uncovered what may become a globally significant carbonatite-hosted niobium and rare earth element (REE) district in remote Western Australia. From big structures and conceptual targeting to nuanced mineral system thinking, this discussion is a masterclass in modern greenfields exploration. It reminds us that true discovery lies in resisting the urge to pigeonhole — and embracing complexity. Key Highlights A Career in Discovery Jon Hronsky is entering his fifth decade in mineral exploration, with a long history of working across major greenfields campaigns. He is a director at Encounter Resources and previously with Western Mining Corporation, where he was mentored by Roy Woodall. Discovery of West Arunta - Carbonatite Province. Encounter pegged a strong magnetic anomaly in remote WA, now known as the Hoschke Prospect , with initial IOCG targeting. Drilling in 2019 revealed complex magnetite alteration and ultimately a carbonatite with 16m @ 1% Nb₂O₅ . What began as an IOCG hunt became a game-changing niobium-carbonatite discovery , drawing analogies with Palabora and Olympic Dam. Mineral System Thinking Jon challenges rigid classifications like IOCG vs carbonatite, advocating for a spectrum-based approach  to targeting. Shared features across IOCG and carbonatites: deep mantle-tapping structures, lamprophyres, and metasomatic fluids. Gravity vs Magnetics While gravity anomalies aided other discoveries (e.g., Luni), the Westrunter carbonatites lack strong gravity signatures due to weathering offsets. Emphasis is placed on magnetic data and structural interpretation  as primary exploration tools in the region. Targeting with Data Exploration guided by WA’s exceptional pre-competitive datasets (GSWA, GA). Shallow cover (<50m in many places) enables low-cost aircore drilling , accelerating discovery. Encounter also incorporates EM, passive seismic, and gravity for 3D understanding of mineralisation. Metallurgy and Development Encounter believes its discoveries could support a standalone niobium operation. Metallurgical testwork is ongoing — John notes that niobium is far less complicated  to process than rare earths. Early-stage studies suggest the project is economically viable “on the back of the envelope.” Conceptual Learnings Jon highlights the concept of IOCGs without the iron  — disseminated copper without the typical magnetic/gravity signature. Explains the significance of multi-scale thinking , where the key is understanding regional and global context for every local anomaly. Building a Province Carbonatite event dated to ~800 Ma, with potential reactivation of 1590 Ma Olympic Dam-aged structures. Big structures show repeated pulsing through time , allowing multiple mineralisation events. The Greenfields Challenge Funding remains a structural issue — greenfields needs long-term, risk-tolerant capital. Small caps struggle to sustain non-revenue-generating exploration without external support or JV backing. Advice to Young Geologists John’s #1 advice: develop the cognitive skill of scale integration  — link deposit, district, regional, and global frameworks. Always ask: “What is the context?” Expand the search space. Use regional data to make better local decisions. Next Steps Continue metallurgical studies and mineralogical definition across the West Arunta belt. Target additional carbonatite-hosted systems along the identified structural corridor. Drill conceptual copper targets associated with 1590 Ma geochronology and surface anomalies. Advance regional exploration using passive seismic and detailed gravity. Chapters 00:00   Start. 00:10   Introduction. 01:03   Introducing Jon Hronsky. 01:12   Jon Introduction. 02:30   Mineral System Approach and Discovering the West Arunta Carbonatite Province. 03:19   Jon's view of Mineral Systems - The similarity of geological relationships. 04:14   Reason why Encounter gets involved in the West Arunta region. 05:29   The IOCG Connection - The Beginning. 06:34   The Roy Woodall Concept of tenement consolidation. 07:02   The remoteness of the West Arunta Project. 07:40   The Discovery hole. 08:49   The Geophysical Conundrum - Carbonatite Signatures for Encounter Resources. 10:19   The Hybrid Conversation of Mineral Mineralisation - IOCG without the Iron. 12:46   Jon's Concept of Search Space. 14:45   The fundamentals of the West Arunta Province for Large Scale Mineralisation. 18:17   Funding the Reality of taking Discovery to Mining. 19:58   Any learnings from the discovery techniques by WA1 Resources? 21:44   The Competitive Advantage of Free Government Datasets. 23:21   Current project acquisition from free data. 24:08   Chemistry of Kimberlites and Lamprophyres could be a clue to future discoveries? 26:01   Are there any thoughts in the past that could help modern mineral exploration? 27:49   Is there a place left for Field Mapping? 28:39   Are the learnings of modern exploration being taught to younger geologists? 29:54   AI Targeting. 30:56   Risk reward ratio for Greenfield Exploration 32:29   The difference in Greenfield and Near-Mine Exploration. 33:43   The challenges to provide capital and skillset to do proper mineral exploration. 34:45   What advice would you give to the incoming young geologists today? 36:43  Conclusion. Samso Concluding Comments In the world of mineral exploration, for me, few conversations are more engaging in terms of explaining the complexities of mineral exploration than that with Jon Hronsky. This episode is about the conversation of Western Australia standing at the edge of a new global province — and it’s not lithium, gold, or copper. It’s Carbonatites , niobium, and rare earths. What is the significance of Carbonatites? Generally, carbonatites are rare, and globally there are only a few hundred known occurrences, typically small bodies (plugs, dikes, breccia pipes) associated with alkaline complexes. Despite their rarity, they are incredibly economically significant as many of the world’s richest REE and niobium deposits, plus phosphate (P), and sometimes Fe–Cu, come from carbonatites (e.g., Bayan Obo, Mountain Pass, Araxá/Catalão, Palabora). This story is what I call the power of staying open-minded in geology. You go in searching for an IOCG and come out with a Carbonatite. You chase magnetics but find your answer in subtle alteration. You expect Olympic Dam–style signatures but discover something without the iron. I have had so many conversations on what real mineral exploration looks like — messy, adaptive, and powered by deep systems thinking. The significance of West Arunta is not just what Encounter Resources has drilled — it’s the framework they’re exposing and building. Encounter is opening the door to a scale of mineral endowment that few in the market are fully appreciating yet. As Jon notes, greenfields isn’t about hope — it’s about managing a portfolio with creative concepts, disciplined testing, and repeatable targeting. This province — if it matures — could become the next big thing not just in WA, but globally. 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. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge.   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 News 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. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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.

JUNE 2025 INVESTOR PRESENTATION Proposed ASX code PC Gold Ltd  is preparing to list on the ASX, bringing forward a gold exploration story anchored by its 100%-owned Spring Hill Project in the Pine Creek region of the Northern Territory (Figure 1). Through its subsidiary TM Gold Pty Ltd, the company controls both a granted 21-year mineral lease and surrounding exploration licence, offering a substantial growth runway. Figure 1: Spring Hill (100% -owned) in A Tier-1 Location (source: PC2) With a JORC 2012 Mineral Resource Estimate (MRE) of 821,000 oz Au at 1.0 g/t Au  (424koz Indicated, 397koz Inferred), Spring Hill stands as a solid foundation in a province known to host more than 20Moz gold. The IPO is designed to fund an intensive drilling and feasibility program, moving the project toward development while testing multiple exploration targets that could significantly expand the resource base.   IPO Offer Details Issue Price:  $0.25 per Share Capital Raising:  Minimum $10M – Maximum $15M (before costs) Shares Offered:  40M – 60M new shares Market Capitalisation Post-IPO:  $65.2M – $70.2M (undiluted) Expected ASX Listing Date:  7 October 2025 Joint Lead Managers are Wallabi Group and Canaccord Genuity, with CPS Capital as Co-Manager.   Project Highlights – Spring Hill Gold Project A Tier-1 Location. Situated just two hours south of Darwin, with sealed road access and proximity to power, gas, and water infrastructure. Pine Creek region has a long mining history and remains underexplored despite hosting world-class deposits. Mineral Resource & Upside. JORC Resource:  821koz Au (Indicated + Inferred) across the Hong Kong (Figure 2), Macau and Main zones. Figure 2: Hong Kong Zone (source: PC2) Exploration Target:  An additional 1–2Moz Au identified across strike extensions and new zones such as Steve’s Gully, Vein Heaven and Zbonsky. Mineralisation remains open along strike and at depth, with historic drilling suggesting grade increases at depth (Figure 3). Figure 3: Spring Hill Resource Opportunity (source: PC2) Near-Term Growth Strategy 34,000m drilling program underway , targeting extensions to the MRE and testing high-priority exploration zones (Figure 4).  Figure 4: Near-Term Growth Strategy (source: PC2) Initial 6,000m infill and step-out drilling  in the MRE zone (including the Lasagne lode). North Zone drilling (46 holes planned) , including a co-funded 400m deep hole to test plunge potential (Figure 5). Figure 5: North Target Zone (source: PC2)   Photon Assay re-analysis program  covering ~40% of historical pulps, aiming to capture coarse gold missed by fire assay and potentially increase grades (Figure 6). Figure 6: Near-Term Growth Strategy (source: PC2)   Metallurgical and Development Pathway Bulk sampling at Spring Hill has confirmed strong recoveries of ~97% and highlighted a ~45% uplift in grade compared to fire assay, reinforcing the free-milling nature of the ore with high gravity recoveries. A Photon Assay re-analysis of ~40% of historical samples is underway to better capture coarse gold and potentially upgrade the Mineral Resource. With a 21-year mining lease and open - pit approvals already secured, PC Gold plans to fast-track a standalone CIL plant under NT’s updated regime. Strong nearby infrastructure supports a clear development pathway, starting with open-pit mining and potential underground expansion at depth.   Use of Funds (IPO Proceeds) According to the Prospectus, funds will be directed towards: Resource expansion drilling and feasibility studies. Updated plant engineering studies and grade control drilling in Eastern and Macau pits. Ongoing exploration across multiple targets (North and Far North zones, untested southern strike). Working capital and corporate purposes. IPO costs.   Management & Alignment The leadership team is led by Executive Chair & CEO, Ashley Pattison , supported by a strong technical group including COO Sean Church (ex-Agnico Eagle), GM Exploration Peter Harris, and NT Technical Advisor Geoffrey Eupene. Importantly, insiders and management are expected to hold ~30% of the company post-IPO, ensuring strong alignment with shareholders.   Samso Concluding Comments The PC Gold IPO brings to market a tightly structured gold exploration story in a proven province. The Spring Hill Project already hosts a sizeable JORC Resource, but the real intrigue lies in the multiple growth vectors – strike extensions, parallel lodes, and the potential 1–2Moz exploration target. Investors should recognise both the opportunity and the risk. While the company benefits from a granted mining lease, supportive infrastructure, and environmental approvals, this remains an exploration-driven story with speculative risk inherent to the sector. Success will hinge on drilling results, resource conversion, and the feasibility of development. The investment case is strengthened by previous metallurgical work that shows high recoveries and the potential for grade uplift, coupled with existing environmental approvals that de-risk the pathway to production. What is unusual for the typical Australian mineral resource IPO is the alignment of management, who will retain around 30% post-IPO, ensuring their interests remain closely tied with shareholders. With drilling already underway and regular news flow expected into 2026, PC Gold is positioning itself for a steady stream of catalysts that will test the true scale of Spring Hill. For those following Australian gold exploration, PC Gold is offering exposure to a gold project that is in a very hot timing with the high gold price, with significant potential scale, strong management alignment, and a clear path to de-risking. The IPO funds will directly test whether Spring Hill can grow beyond its current 821koz base toward a multi-million-ounce gold system. As always, #SamsoNews,  we encourage investors to take the time to review the full Prospectus and company presentation, consult advisers where appropriate, and do their own due diligence. The Samso Way – Seek the Research Behind every mineral, there’s a deeper story of timing, strategy, and market context. At Samso, we dig past the surface to understand what really moves the needle. Do the research. Ask the right questions. That’s how value is found.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 26 August 2025 Exploration JV with Sumitomo at Bangemall Ni-Cu-PGE Project. Miramar Resources Limited (ASX: M2R) has taken another decisive step forward, announcing a multi-year Exploration Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) at its Bangemall Ni-Cu-PGE Projects  in Western Australia (Figure 1). This agreement, which could see SMMO earn up to 90% interest through staged expenditure and feasibility milestones, is designed to systematically test for giant Norilsk-style Ni-Cu-PGE deposits—some of the most valuable mineral systems globally. For Miramar, the partnership provides both capital strength and technical validation of its early exploration work.  Figure 1: Bangemall Ni-Cu-PGE Projects (source: M2R) At #SamsoNews , we have been following Miramar’s journey closely. From its initial exploration campaigns through to the discovery of disseminated nickel and copper sulphides earlier this year, the company has steadily built the foundations of its geological concept. This new JV now marks a turning point—moving from proof-of-concept towards the possibility of a world-class discovery, with one of the industry’s most experienced global mining groups at its side.  Highlights - The search begins for a Norilsk-style Ni-Cu-PGE deposit. Multi-year, multi-million-dollar Exploration Joint Venture  with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) over Miramar’s Bangemall Ni-Cu-PGE Projects. JV aims to target giant Noril’sk-style nickel-copper-PGE deposits  in the Edmund and Collier Basins, Western Australia. SMMO can earn up to 80% interest through $5.5M expenditure over 5 years , and up to 90% via Feasibility Study completion . Minimum commitment: $600,000 expenditure , with Miramar to manage JV exploration programmes. JV builds on Miramar’s February 2025 discovery of disseminated Ni-Cu sulphides  within differentiated Kulkatharra Dolerite sills. EIS co-funded VTEM and magnetic survey underway , to define next exploration steps (Figure 2). Figure 2: Bangemall Ni-Cu-PGE Projects showing the EIS co-funded VTEM survey (source: M2R)   Exploration JV with Sumitomo Miramar Resources Limited (ASX: M2R) has signed a Non-Binding Term Sheet with SMMO, a wholly owned subsidiary of Sumitomo Metal Mining Co. Ltd, to advance exploration at its 100%-owned Bangemall Ni-Cu-PGE Projects. Sumitomo brings over 300 years of mining expertise , with a portfolio spanning Japan (Hishikari), North America, South America, and Australia. This partnership underscores strong external confidence in Miramar’s strategy to unlock the Noril’sk-style mineralisation potential of the Bangemall region. Miramar’s Executive Chairman Allan Kelly  commented: “We are looking for mafic intrusion-hosted Ni-Cu-PGE deposits, like the Noril’sk deposits in Russia, which are some of the world’s largest and most valuable mineral deposits of any kind,” he said. “The Edmund and Collier Basins have been recognised by the Geological Survey of WA, Geoscience Australia and the CSIRO as having potential for Noril’sk-style mineralisation, however Miramar is the first company to specifically target this style of mineralisation in this region,” he added. “Since commencing exploration at Bangemall, we have demonstrated the existence of differentiated dolerite sills, mafic cumulate rocks and disseminated nickel and copper sulphides, thereby proving the Noril’sk concept. Now we are looking for massive sulphides,” Mr Kelly said. “This Exploration Joint Venture with Sumitomo gives us the resources to systematically explore the project, and we look forward to progressing towards a potentially very significant discovery.” SMMO's Managing Director, Mr Jiro Uesugi, commented: “SMMO is delighted to have signed a term sheet for participation in Miramar's Bangemall project. We believe the Bangemall project has significant potential for Ni-Cu-PGE mineralisation, and we look forward to working with Miramar's strong technical team as the project operator, as well as looking forward in anticipation to the results that can be delivered.” Key JV Terms The Joint Venture has been structured with clear staged earn-in milestones, ensuring that both Miramar and Sumitomo are aligned through progressive investment and exploration success. Farm-in Fee : SMMO will reimburse ~$275,000 for the ongoing EIS co-funded VTEM survey. Minimum Commitment : $600,000 within the first 36 months. First Earn-in : 60% interest through $2.5M expenditure over three years. Second Earn-in : +20% via additional $3M expenditure over two years. Third Earn-in : +10% through completion of a Feasibility Study. Management : Miramar to manage all exploration activities. If either party’s interest drops below 10%, it converts to a 2% NSR .   Next Steps With the EIS co-funded VTEM and magnetic survey nearing completion, Miramar and Sumitomo will soon process the data to refine priority targets. The follow-up program is expected to include detailed mapping, rock chip sampling, and ground EM surveys, leading towards targeted drilling designed to test for massive sulphide mineralisation. Broader Exploration Projects Update (Figure 3) Planning additional geophysical surveys and drilling  at the flagship Gidji JV Gold Project, particularly at the 8 Mile prospect. Sale process initiated for non-core projects, including Glandore  and Randalls,  in the Eastern Goldfields.   Figure 3: Miramar Resources (source: M2R) Share Purchase Plan Miramar reminded shareholders that its Share Purchase Plan closes 5:00 pm AWST, Wednesday, 27 August 2025 .   Samso Concluding Comments This agreement with Sumitomo is a signal that one of the world’s most experienced and long-established miners sees real geological potential in the Bangemall Ni-Cu-PGE Projects. For investors, it shows that Miramar’s hard work and conviction in the concept over the last few years have attracted the interest of a group that is selective about where it commits time and capital. The structure of the earn-in ensures Miramar is free-carried through the early phases of systematic exploration, while still retaining exposure to discovery success. This is typical of such agreements, as it reduces financial risk while allowing the Company’s team to focus on applying their technical expertise. It also creates a pathway for the project to be advanced through feasibility if the results are compelling. At the heart of this story is the scale of the target. Noril’sk-style deposits are some of the largest and most valuable mineral systems globally. If Miramar and Sumitomo can demonstrate that potential in the Bangemall Basin, it would be transformational for both the company and the region. For readers of #SamsoNews, the key takeaway is that this is the next chapter in a story we have been following for some time. It is still early days, and the usual risks of frontier exploration remain, but the involvement of Sumitomo provides the financial muscle and global experience to test this concept properly. Investors should watch the upcoming geophysical results and follow-up drilling closely as the JV begins to unfold.   The Samso Way – Seek the Research At #SamsoNews, the focus is always on separating signal from noise and grounding every analysis in facts and context. Real insights only come when investors take the time to do their own research and look beyond the headlines.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 2 September 2025 Major Flowsheet Improvements at Splinter Rock . OD6 Metals Limited (ASX: OD6)   has released an update on the ongoing development work at its flagship Splinter Rock Rare Earth Project in Western Australia (Figure 1). The announcement, dated 2 September 2025, confirms significant flowsheet improvements  designed to enhance project economics, reduce operating costs, and provide long-term flexibility for downstream processing.  Figure 1: Splinter Rock Rare Earth Project (source: OD6) At the centre of this update is the confirmation of a Chlor-Alkali Facility (CAF)  as part of the process design. This inclusion represents a step-change for the project, delivering reagent cost savings and unlocking pathways for the potential production of high-value separated rare earth oxides Key Highlights - Building a Rare Earths Project. Chlor-Alkali Facility (CAF) (Figure 2): The CAF will allow onsite production of hydrochloric acid (HCl) and sodium hydroxide (NaOH), eliminating costly transport of liquid reagents from Perth (~800km). This materially reduces logistics costs and environmental footprint. Figure 2: BICHLOR™ Electrolysers (source: OD6) Feedstock Advantage: Western Australia’s abundant solar sea salt (NaCl), alongside water and energy, will be utilised as the primary input for the CAF. This provides a secure and low-cost reagent supply. Cost Savings & Economics: The capital outlay for a CAF unit (~A$6M) is considered modest relative to the significant long-term operating cost reductions. Vendor data suggests each electrolyser could support processing up to 5–6Mtpa of ore, producing ~62ktpa HCl and ~69ktpa NaOH. Product Quality: High-quality Mixed Rare Earth Hydroxide (MREH ~59% TREO) has already been demonstrated using onsite NaOH as the precipitation agent. Benchmark payability ranges between 70–85% of REO basket value. Future Flexibility: The CAF positions OD6 for the potential selective production of Nd, Pr, Dy and Tb oxides via a chloride-based solvent extraction process, enabling 100% payability for these critical magnet rare earths. Strategic Importance The CAF provides more than just cost savings—it adds strategic security . By producing reagents onsite, OD6 reduces dependency on third-party suppliers, secures its chemical inputs, and lowers the carbon footprint of operations. Additionally, ANSTO’s metallurgical testwork has confirmed a robust multi-stage pathway including heap leach, nanofiltration, ion exchange, impurity removal, and precipitation (Figure 3). This process consistently recovers and upgrades Nd, Pr, Dy, and Tb, which collectively represent the most valuable subset of the REE basket.  Figure 3: Indicative Processing Steps (source: OD6) Next Steps OD6 has outlined the following forward program: Optioneering Study:  Ongoing review of testwork and competing flowsheets with CPC Engineering and ANSTO to identify the most scalable and cost-effective pathway. Drilling Program:  A diamond drill campaign commencing in September to provide 1.5–2.5 tonnes of REE-bearing material for ANSTO’s bulk-scale testwork. Bulk Testing:  Scale-up heap leach and impurity removal tests, producing ~1kg of MREC for sample distribution and offtake discussions. Engagements:  Continued discussions with potential offtake partners, government stakeholders, and financiers. Managing Director Brett Hazelden  commented: “The study conducted, in collaboration with CPC Engineering, confirms that the use of a Chlor-Alkali Facility (CAF) to produce our reagent needs onsite will add substantial value at Splinter Rock. The modest capital cost is strongly outweighed by the substantial savings in operating costs, driving a significant uplift in project economics. Importantly, having a CAF on site not only reduces operating costs but also unlocks strategic flexibility, providing the two critical reagents required for a chloride-based Solvent Extraction process capable of selectively producing Nd, Pr, Dy and Tb oxides. This outcome would enable 100% payability for those high-value products. The Optioneering process is well advanced, benchmarking multiple technically viable flowsheets to determine the optimal economic, scalable, and sustainable development path forward.”   About OD6 Metals OD6 Metals is an Australian public company focused on critical minerals development, with two key assets: Splinter Rock Rare Earth Project (WA): One of Australia’s largest clay-hosted REE deposits, with an Indicated Resource of 119Mt @ 1,632ppm TREO and an Inferred Resource of 563Mt @ 1,275ppm TREO (~23% MagREE). The project concept is based on heap leach development and long-life potential. Gulf Creek Copper-Zinc VMS Project (NSW): A historically high-grade copper mine where modern exploration has defined new high-grade mineralisation and identified over 10km of untested strike (Figure 4). Figure 4: Plan view of Phase 1 drilling at Gulf Creek Copper (source: OD6) Samso Concluding Comments The latest update from OD6 Metals highlights the significance of flow sheet innovation in the rare earths sector. The integration of a Chlor-Alkali Facility at Splinter Rock is more than just a cost-saving measure – it is a step toward operational independence, environmental efficiency, and product flexibility. For investors, the narrative here is about positioning. Splinter Rock already carries the scale and grade to attract attention, but it is the ability to lower costs and improve payability through technically sound pathways that makes the project increasingly compelling. As we have seen across the rare earths space, those companies that can convert resource size into a practical, low-cost, and scalable operation will define the next generation of supply. The coming months will be telling. Bulk-scale testwork, drilling, and offtake discussions will provide clarity on both technical execution and market appetite. The strategic involvement of ANSTO and CPC Engineering adds credibility, but as always, the proof will come from results delivered and economics confirmed. At Samso, we continue to remind readers that while rare earths remain central to the energy transition narrative, execution risk is real. #SamsoNews is about cutting through the noise and anchoring analysis in evidence. As always – DYOR (Do Your Own Research) . The Samso Way – Seek the Research At Samso, the focus is always on grounding analysis in facts rather than headlines. Real value emerges when investors dig deeper, ask the harder questions, and challenge assumptions. In the end, nothing replaces the discipline of doing your own research.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 25 Aug 2025 $4.5M INVESTMENT BY QIC CRITICAL MINERALS FUND DEVELOPMENT . 16 Jul 2025 Presentation . Ark Mines (ASX: AHK)   has secured a $4.5 million investment from the QIC Critical Minerals and Battery Technology Fund (QCMBTF)  to advance development of its flagship Sandy Mitchell Rare Earth and Heavy Mineral Project , located northwest of Cairns (Figure 1 ) . The funding package—$4m in upfront royalty-linked financing and $500,000 in equity (subject to shareholder approval)—follows a collaborative due diligence process and underscores the Queensland Government’s commitment to strengthening domestic critical minerals supply chains.  Figure 1: Sandy Mitchell Project Location (source: AHK) This investment provides Ark Mines with a non-dilutive funding pathway , positioning the company to accelerate its development program. Stage-3 infill drilling is underway, and results will feed into a Pre-Feasibility Study (PFS) scheduled for early 2026. Production is targeted for late 2027 , with ~80 jobs expected to be created locally. The Sandy Mitchell resource currently stands at 71.8 Mt @ 1,732.7 ppm Monazite Equivalent (MzEq) , with Ark aiming to significantly expand this figure in the near term (Figure 2). Figure 2: Exploration Target and Drilling Results (source: AHK) Project Highlights - Moving the Rare Earth Narrative. Strategic Investment : QCMBTF’s backing aligns Ark Mines with the Queensland Government’s strategy to build sovereign capability in critical minerals. Resource Expansion : Current Measured MRE covers only ~4.5% of the anomaly area. Exploration targets outline 1.3–1.5 Bt @ 1,286–1,903 ppm MzEq , suggesting substantial growth potential. Metallurgical Advantage : Early test work returned a concentrate grading ~52% TREO , with gravity separation confirming simple, low-cost beneficiation pathways (Figure 3). Figure 3: Metallurgy Results (Slide 7: Gravity Beneficiation 52% TREO) (source: AHK) Low Environmental Impact : Mining is shallow (10–15m), chemical-free, and designed for continuous rehabilitation — offering an environmentally sustainable profile compared to hard rock alternatives (Figure 4). Figure 4: Low-Impact Mining Method (source: AHK) Pathway to Production Ark Mines has locked in drilling and metallurgical programs that will underpin the upcoming PFS in early 2026 (Figure 5). The company expects the resource base to grow substantially, with management guidance pointing toward an upgrade well beyond the current 71.8 Mt. Offtake discussions with processors and customers are also underway, highlighting market interest in Sandy Mitchell’s high-value rare earth and heavy mineral basket.   Figure 5: Resource Growth Potential (source: AHK) CEO & Managing Director Benjamin Emery commented: “We are pleased to announce this funding agreement with the QCMBTF, which follows an extensive period of engagement with the Fund and marks a significant step forward in our strategy to develop Sandy Mitchell through to production. With a busy works program scheduled for the second half of 2025, this investment provides Ark with an effective non-dilutive source of funding to accelerate development.” “Strategically, it also delivers long-term alignment with the state government’s policy objective to position the North Queensland region as a key supplier of the critical minerals used in global clean energy supply chains. Our goal now is to establish Ark Mines as a leading Australian rare earths supplier, serving end users in domestic and international markets.” “We look forward to updating our investors on more key developments in the coming months, led in the near-term by a comprehensive infill drill program which we expect will deliver a significant increase to the current Measured resource of MzEq at Sandy Mitchell.”   Samso Concluding Comments The Rare Earth sector seems to be lighting some renewed interest back into the ASX. I have to admit that the positive vibes seem to be creating momentum back into what was a very beaten sector. I have not followed Ark Mines, but this ASX release sure does make me think twice about whether there could be a resurgence of interest in the REE story. The $4.5M commitment from the QIC Critical Minerals Fund provides Ark Mines with capital and an endorsement of both the scale of Sandy Mitchell  and the strategic importance of rare earths  to Queensland’s future economy. The structure is a mix a mix of royalties and equity that reduces dilution while tying government-backed funding to long-term project success. Investors should note the dual momentum — drilling to grow a resource already defined at 71.8 Mt @ 1,732.7 ppm MzEq , and metallurgy that has already proven up a 52% TREO concentrate via simple gravity separation . This dual pathway of resource expansion and process validation  places Ark Mines in a strong position ahead of its 2026 PFS. Equally important, Sandy Mitchell’s low-impact, shallow mining model may prove to be one of its greatest differentiators. With no chemicals, no blasting, and continuous rehabilitation, it provides an ESG profile that could attract end-users and financiers focused on supply chain sustainability. This is similar to the recent release by OD6 Metals Limited ( Ion Exchange and Nanofiltration Redefine Rare Earth Processing Flowsheet - First Mover Advantage for OD6 Limited? Is It Time for Investors? ), in defining a new process to treat its ore and hence giving a more economical process for extracting its products. In short, the Ark Mines story is moving into a phase where execution is now paramount and growing the resource, refining the flowsheet, and laying the groundwork for offtake is awaiting shareholders. If these elements align, Sandy Mitchell has every chance of becoming a significant Australian rare earth supplier. #SamsoNews is where investors can look for valuable insights to guide their DYOR. The Samso Way – Seek the Research At #SamsoNews, the focus is always on cutting through the noise and grounding every analysis in facts and context. Real insights come when investors do their own research and look beyond the headlines. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 2 September 2025 High-grade saprolite-hosted rutile confirmed . DY6 Metals Ltd (ASX: DY6)   has confirmed the presence of high-grade saprolite-hosted rutile mineralisation across its Central Rutile Project in Cameroon (Figure 1). Results from reconnaissance auger drilling, channel sampling, and stream sediment sampling indicate rutile as the dominant titanium-bearing mineral with minimal ilmenite and no leucoxene. These findings strengthen the case for a globally significant rutile province, adding momentum to the Company’s exploration strategy. Figure 1: DY6’s Central Rutile Project comprises 5 licence blocks which border Peak Mineral’s Minta Project in Central Cameroon.  (source: DY6)   Key Highlights - The Beginning of a Rutile Story. High-Grade Results: Up to 2.1% rutile over 1m at Nsimbo. Up to 1.57% rutile over 1m at Alamba. Significant channel intercepts include: 3.5m @ 0.78% rutile (5.29% HM) from 0m, including 1m @ 2.1% rutile. 5.8m @ 0.47% rutile (6.98% HM) from 0m, including 1m @ 1.57% rutile. Auger Drilling Intercepts: 2.25m @ 0.6% rutile (8.7% HM), including 0.95m @ 0.96% rutile from surface. 0.8m @ 0.66% rutile (2.81% HM) from surface. 1.35m @ 0.84% rutile (1.23% HM) from surface. Strike Extent: Saprolite-hosted rutile confirmed over 41km strike length  between Nsimbo and Alamba (Figure 2). Figure 2: Zoomed-in geological map of the Nsimbo and Alamba licences showing the recently completed reconnaissance sampling campaign. (source: DY6)   Systematic Exploration: Soil sampling campaign (35% complete) across the 5,901km²  project area. Follow-up reconnaissance auger drilling completed: 24 holes, 237.9m drilled, average depth 9.9m (Figure 3). Figure 3: Locations of reconnaissance auger, channel and stream sediment sampling across the Central Rutile Project. (source: DY6) Project Overview The Central Rutile Project covers 14 exploration permits  across 5,901km² in Central Cameroon (Figure 4). Bedrock geology is dominated by kyanite-bearing mica schist, recognised as the primary source of rutile. In-situ weathering liberates rutile into saprolite, forming deposits analogous to Sovereign Metals’ Tier-1 Kasiya deposit in Malawi . Historical records from 1935–1955 show artisanal mining of alluvial deposits yielding ~15,000 tonnes of high-purity (>95%) rutile. Figure 4: Map of Central Cameroon showing DY6’s Central Rutile Project, which encompasses 5,901km2 of prime geological terrain highly prospective for residual, natural rutile mineralisation. (source: DY6)     CEO, Cliff Fitzhenry , commented: “These first assays of reconnaissance samples has confirmed the presence of high-grade saprolite-hosted rutile mineralisation at the Central Rutile Project with grades of up to 2.1% and 1.57% over 1m from surface respectively. XRD analysis has also confirmed that the dominant titanium bearing mineral collected at the Central Rutile project in all samples collected is dominated by rutile. At Nsimbo and Alamba reconnaissance exploration has so far delineated an extensive area of ~41km of strike of rutile mineralisation from surface to end of hole. These reconnaissance assays cover 10 shallow auger holes, as well as 12 channel sample localities, which only just scratched the surface of such a large licence package. Our Cameroonian technical team is working expeditiously to prep the samples from the recently completed 24 auger holes covering 237.9m for despatch to the labs in South Africa. These auger holes were drilled to the north of the 41km of strike of defined rutile mineralisation at Alamba and Nsimbo, which we believe represents a highly-prospective target for deep, in-situ hosted rutile mineralisation.”   Ongoing Work Soil sampling (~651 samples) to delineate higher-grade areas ahead of deeper auger campaigns (Figure 5). Results pending from follow-up auger drilling at Nsimbo and Alamba, aimed at testing continuity of mineralisation and extensions of strike. Samples from recent drilling are being prepped in-country and will be dispatched for assay to laboratories in South Africa.   Figure 5: Map showing the location of all the reconnaissance samples collected to date in the Central Rutile project. (source: DY6) Samso Concluding Comments This announcement is more about the consistency of near-surface rutile grades and the confirmation that rutile is present as a mineral species across the project. DY6 is making a good start with the geological story emerging from Cameroon carries weight. The Central Rutile Project is still in its early exploration phase, yet the scale of mineralisation identified over a 41km strike provides a strong foundation. The combination of systematic soil sampling and auger drilling will build confidence in continuity and grade. Importantly, these results are reconnaissance sampling and the fact that they are returned across multiple licences, suggesting a broader mineralised system. From an investor’s perspective, this work is about laying down the building blocks of a future Tier-1 rutile development. The global rutile market is tight, and discoveries of this nature are increasingly rare. If DY6 can demonstrate scale and economic extraction potential, the significance of this project will move well beyond exploration success. As always, the Samso message remains clear: look beyond the headline numbers, understand the geological setting, and consider the bigger picture. This is how investors can separate signal from noise. DY6’s Central Rutile Project is still an early stage story and it is offering signals worth watching closely. As always, remember to DYOR – Do Your Own Research . The Samso Way – Seek the Research At Samso, we separate signal from noise. Real insight comes when investors do their own research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and 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.

In this episode of Coffee with Samso, we sat down with Dustin Haines, the newly appointed CEO of EchoIQ Limited (ASX: EIQ) , to unpack the company’s transformative AI-based technology for cardiovascular diagnosis. While the format shifted to Zoom to accommodate Dustin’s base in the United States, the conversation was no less in-depth as we explored how Echo IQ is aiming to solve one of the most pressing challenges in cardiovascular medicine—misdiagnosis. With a 50% misdiagnosis rate  in conditions like heart failure , Echo IQ’s FDA-cleared AI solution could become a game-changer for structural heart disease diagnosis. This is a timely discussion as AI continues to gain traction in medical settings and investors begin to appreciate the real-world value of clinical validation and scalable software solutions. As always, grab your coffee and dive into the conversation. Coffee with Samso: An AI Solution to A Cardiovascular Problem . Guest: Dustin Haines, Chief Executive Officer – EchoIQ Limited (ASX: EIQ) Location: Australia and USA. Meet the CEO: Dustin Haines Dustin brings over 25 years of experience across the pharmaceutical, biotech, and medtech sectors , having operated across regions from Hong Kong to the Middle East and North America. What drew him to Echo IQ was not AI expertise per se, but a deep understanding of how healthcare systems globally are grappling with aging populations, comorbidities, and inefficiencies in diagnosis. "Cardiovascular disease remains the leading cause of death—globally. Echo IQ’s solution doesn’t aim to replace cardiologists, but to help them diagnose better and faster,"  says Haines. The Problem: 50% Misdiagnosis in Heart Disease. One of the most surprising revelations during the research for this episode was the staggering rate of missed or incorrect diagnoses  for cardiovascular conditions: Up to 50% misdiagnosis in heart failure Up to 40% in aortic stenosis These are not untrained professionals making mistakes—cardiologists are highly skilled. The issue lies in complex data interpretation , poor image resolution , and incomplete datasets . Echo IQ’s core proposition is to enhance diagnostic accuracy  through its AI engine, which interprets the underlying data behind echocardiogram images. This is where the company adds the most value. EchoSolv: Real-Time AI Integration That Works. EchoIQ has developed a proprietary neural net-based system that creates a 3D model of the patient’s heart  using the raw data from echocardiogram images. The model can then: Predict presence and severity of structural heart disease Present results in real-time (within 3 seconds) Integrate seamlessly into existing hospital systems—no new hardware or workflow disruption Importantly, EchoSolv delivers a Negative Predictive Value of 99.5% , meaning the system is almost never wrong when it says a patient does not have the disease. On the positive side, its predictions lead to correct diagnoses or detection of other serious heart conditions. “Our AI doesn’t replace cardiologists—it makes them better.” Milestones Achieved & Revenue Model. EchoIQ has ticked off several critical milestones over the past three years: FDA Clearance (late 2024)  – Marked the transition from an R&D company to a commercial entity Flagship Hospital Integration  – First integration with Beth Israel , part of Harvard Medical School Reimbursement Pathway  – Using Code 93799  (miscellaneous), with plans to secure a Category III code  in September 2025 Second Product  – Heart failure model pending FDA submission by end-2025 EchoIQ’s revenue model  is built around a subscription-based SaaS framework , with hospitals either paying directly or through Medicare/Medicaid reimbursement systems. Once Category III reimbursement is achieved, this could act as an inflection point for growth. "We’re in revenue generation mode now—pre-revenue, yes—but on the path to cashflow positivity in 2–3 years." Market Size & Competitive Landscape. The total addressable markets (TAM) are significant: Heart failure : USD $17 billion Aortic stenosis : USD $10 billion Dustin believes EchoIQ will be a market leader in aortic stenosis  and highly competitive in heart failure, with companies like Ultromics  serving as benchmarks. "Ultromics raised $55 million recently. Based on that, I believe Echo IQ is currently undervalued at a ~$140M market cap." Expansion Pipeline: More Than Just Two Conditions. EchoIQ’s AI engine is not limited to aortic stenosis or heart failure. The team is exploring: Pulmonary Arterial Hypertension Mitral Valve Regurgitation Hypertrophic Cardiomyopathy The exclusive partnership with NEDA (National Echo Database of Australia)  gives EchoIQ access to one of the world’s most comprehensive datasets, allowing future product development to scale rapidly. AI Bias and Equity in Healthcare. One of the most compelling aspects of this conversation was the discussion on AI bias in medical diagnosis , especially regarding gender. EchoIQ’s algorithm has shown it can remove gender bias , diagnosing women with cardiovascular disease at the same rate as men. "We don’t ask for gender in our model, yet we achieve equal diagnostic rates. This is a critical area of impact where AI can do real good." Capital Position & Investor Outlook. Echo IQ recently completed a raise and holds $18 million in cash  with no debt . With a burn rate of ~$500k/month, the company has a multi-year runway without needing to return to market. Dustin’s message to investors is clear: “We’ve got cash in the bank, a cleared product, a second in the pipeline, and access to large, growing markets. That’s the definition of robust fundamentals.” And what of market potential? “Look at what Promedicus did. They’re in our space, now worth billions. That’s our blueprint—only faster.” Samso Concluding Comments What stood out in this Coffee with Samso conversation was the real-world practicality  of the EchoIQ solution. This is AI working in a tangible, validated, regulated medical setting. EchoIQ (ASX: EIQ) represents the intersection of medtech, AI, and clinical utility —a rare trifecta. With FDA clearance, an upcoming CPT Category III reimbursement milestone, and integrations into world-class hospitals, the foundations are clearly laid for scale. Dustin Haines is a seasoned operator, and his global healthcare perspective, coupled with clear investor communication, suggests a leadership team that understands both product and capital markets. With revenue on the horizon and a growing product pipeline, EchoIQ might well be on track to follow the path of Australia’s next Promedicus. Watch The Coffee with Sasmo: Chapters: 00:00   Start 00:10   introduction 01:47   Introducing Dustin Haines 05:42   The Cardiovascular Diagnosis Issue. 08:33   The milestones for EchoIQ Limited 13:45   What stage is EchoIQ at? 15:07   What is the core medical issue that EchoIQ is solving? 18:27   What is the accepted level of error for the EcoIQ product? 21:16   What is the realistic level of Misdiagnosis for EchoIQ? 23:58   Why is your technology good? 27:13   The EchoIQ WorkFlow Enhancement 30:06   The Revenue Pathway 33:32   Where does EchoIQ sit on the table of Market Leaders? 36:39   Reimbursement is the Key Revenue Driver. 37:46   Can EchoIQ technology be adopted for other pathways? 39:35   How far can AI go? 44:51   The Benefits and Issues of AI 46:57   Why buy EchoIQ shares? 49:54   What market capitalisation could investors of EchoIQ see in the future? 52:37   Dustin Haines' last Words 54:25   Conclusion PODCAST 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. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge.   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 News 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. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me 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.

From the recent Blackpearl Group Equity Raising Presentation (August 2025)  and the company’s Q1 FY26 investor update, we gain a detailed view of a technology group that has been scaling fast in the US market. Founded in 2012 and headquartered in Wellington, New Zealand, with a US base in Phoenix, Arizona, Blackpearl Group (NZX: BPG) positions itself as a market-leading data technology company. Its focus is squarely on AI-driven sales and marketing solutions , purpose-built for small and medium-sized businesses (SMEs). This IPO marks a milestone in the Group’s evolution into a multi-product SaaS platform  with both organic growth drivers and an expanding acquisition pipeline. ASX Listing Details – Blackpearl Group Limited Listing Date:  Friday, 28 November 2025 Issue Price:  N/A Issue Type:  Ordinary Fully Paid Shares – Foreign Exempt NZX Security Code:  BPG Capital to be Raised:  N/A Expected Offer Close Date:  N/A Underwriter:  N/A Principal Activities:  Technology company building, acquiring, and marketing data-driven cloud services. Current suite includes productivity and demand generation applications for SMBs.     Highlights from Q1 FY26 Blackpearl’s first quarter of FY26 underscored the strength of its transition into a diversified SaaS operator: Annual Recurring Revenue (ARR):  NZ$14.0m as of 30 June 2025, up 63% year-on-year and 12% from Q4 FY25. ARR Per Employee:  NZ$264k, improving 5% YoY and 7% sequentially, highlighting strong operating leverage. Revenue Churn:  4.9%, an improvement from 5.3% in Q4 FY25, reflecting a more retention-aligned customer base. CAC Payback Period:  4.0 months, positioning BPG at the “best in class” SaaS benchmark (0–6 months). Bebop Launch:  Delivered NZ$1.2m ARR in just 45 days—double the ramp speed of Pearl Diver, the Group’s flagship demand generation product. Conditional Acquisition – B2B Rocket:  On completion, Group ARR would rise to NZ$17.5m, representing 105% YoY growth and clear product synergies.   Growth Drivers - A SaaS Business. The company now operates four engines of growth : Pearl Diver  – A proven lead generation product continuing to grow through affiliate expansion and intent data enhancements. Bebop  – A new AI-powered sales enablement platform with one of the strongest product-market fits in BPG’s history. Wholesale / White Label Offering  – Opening broader market reach with scalable distribution. B2B Rocket (pending acquisition)  – A complementary AI technology solution with rapid historical growth (+290% in two years), creating significant cross-product synergies.   Outlook Management sees a clear trajectory beyond NZ$20m ARR in the near term , with visibility towards NZ$50m ARR and beyond . The addition of B2B Rocket accelerates this roadmap, while Bebop’s early traction validates BPG’s ability to launch new AI products with speed and efficiency. The Group is strategically positioned in the SME market, where scalable SaaS demand continues to grow, particularly in data-driven sales enablement and marketing automation. Board Strength Driving Global Growth Blackpearl Group’s Board is built on a strong mix of global leadership, financial expertise, and deep experience in scaling technology companies across major markets. The Chair, Tim Crown , co-founder and current Chairman of Fortune 500 IT solutions company Insight Enterprises (NASDAQ: NSIT) , brings significant strategic and scale-up expertise from leading a business with over 10,000 employees and US$9.2 billion in net sales. Alongside him, Nick Lissette , founder and CEO of Blackpearl, drives the company’s strategic vision and product innovation, drawing on two decades of SaaS and AI leadership.  The Board is further supported by Mark Osborne  in governance and financial policy, Hugo Fisher with global private equity and capital markets expertise, and Jyllene Miller with SaaS and revenue operations experience. Together, they bring the insight to drive Blackpearl Group’s international growth. Samso Concluding Comments Blackpearl Group’s listing represents another SaaS company entering the public markets—it marks the progression of a business with a proven foundation and an expanding suite of growth drivers. With a Chair who has led a Fortune 500 technology company, a founder-CEO with deep SaaS and AI experience, and directors who bring financial, governance, and global capital market expertise, the Board looks well credentialed to support both scale and sustainability. In this space, it is all about the formula to execution, so I think the senior management is crucial. For investors, this combination of good SaaS metrics, multi-product momentum, and seasoned leadership  provides a compelling framework for growth. As Blackpearl looks beyond the NZ$20m ARR milestone toward NZ$50m and beyond, the Group’s international ambitions will likely be matched by the depth of governance guiding its path. At #SamsoNews , we always emphasise The Samso Way – Seek the Research . Blackpearl Group is at the beginning of a new chapter, and for those watching the evolution of high-growth SaaS platforms, this is a story worth following closely. The Samso Way – Seek the Research Blackpearl Group has presented a strong narrative of ARR growth, disciplined SaaS metrics, and a Board with global expertise—but as always, investors should seek the research  and form their own conviction. 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. 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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.