First metallurgical tests suggest Murga’s low-iron scandium could be leached at atmospheric pressure — a cheaper, simpler alternative to the HPAL route its neighbours face. Rimfire Pacific Mining Ltd (ASX: RIM) has released the first metallurgical results from its Murga Scandium Deposit situated within the Fifield district of central New South Wales, Australia. The early read is the kind that matters in scandium: the rock appears to be cheap to process. Initial bottle-roll tests suggest that if the recovery rate seen over 14 days holds across a commercial timeframe, scandium recoveries of 60–90% could potentially be achieved. Importantly, this is at atmospheric pressure, rather than via the capital-hungry high-pressure route Murga’s neighbours are contemplating (Figure 1). For a company whose stated goal is to build “a globally significant scandium resource inventory” at Fifield, this is the first hint that the inventory might also be economically extractable. It is early, and Rimfire says so plainly - but the direction is encouraging. ▸ At a Glance Item Description Company Rimfire Pacific Mining Limited (ASX: RIM) — a critical-minerals explorer Focus Scandium — the Fifield District, central NSW (“Australia’s scandium epicentre”), ~70km NW of Parkes The deposit Murga Scandium Deposit — Inferred Mineral Resource of 11,900t (11.9Kt) scandium oxide The news First-ever metallurgical tests on Murga material — a 14-day bottle-roll leach at atmospheric pressure The result Recovery rate over 14 days indicates 60–90% scandium recovery may be achievable over a commercial timeframe (indicative, not definitive) Why it matters Murga’s low iron content (~16% Fe) raises the prospect of atmospheric heap/vat leaching — far less capital-intensive than High Pressure Acid Leach (HPAL) Point of difference Neighbouring deposits (Syerston, Flemington, Burra) are higher-iron (Burra ~34% Fe) and are contemplating HPAL; low iron is Murga’s key differentiator Resource inventory More than 16Kt Sc₂O₃ in total across Melrose (1.1Kt), Currajong (3.1Kt) and Murga (11.9Kt) What’s next Two longer Stage 2 bottle-roll tests (160–180 days) now underway; a possible column/vat leach test; and an agitated tank leach test as an alternative pathway Tenure Fifield Project (EL8935), 100%-owned by Rimfire, subject to an earn-in under which Golden Plains Resources (GPR) can earn 50.1% by spending $3.6m and arranging mine-development finance Leadership MD & CEO David Hutton; Chairman Ian McCubbing; metallurgy led by consultant Boyd Willis (40+ yrs, ~10 in scandium) Stage Early — first metallurgical test work; results indicative and to be confirmed by longer-duration testing; no economic study yet ▸ Rimfire's Pitch Scandium is a genuinely useful critical mineral - it makes aluminium alloys stronger and more weldable (aerospace, lightweighting) and is a key material in solid-oxide fuel cells — but it has never had a reliable, low-cost supply. Part of the reason is processing: most scandium sits in iron-rich laterite deposits that need High Pressure Acid Leaching (HPAL) to extract it, and HPAL is expensive, technically demanding and capital-hungry. Rimfire’s pitch with Murga is that it might sidestep that problem. Murga’s scandium sits in material with relatively low iron (~16% Fe), versus much higher iron at the other Fifield deposits. Iron is a major acid consumer and a key reason HPAL is needed. Lower iron raises the possibility that Murga could be leached at atmospheric pressure — using simpler, cheaper heap or vat leaching — and the first bottle-roll tests are the opening evidence for that thesis. Figure 1: Fifield Scandium Projects showing Rimfire and third-party projects, deposits, and prospects.(Source: RIM ASX Announcements) Managing Director and CEO David Hutton puts the distinction plainly. “Traditionally, scandium is recovered from the laterite-hosted nickel-cobalt-scandium deposits of the sort we’re dealing with here at Fifield through an upfront extraction process — typically a high-pressure acid leach, which is expensive and quite complicated,” he says. “Once the scandium has been dissolved into solution, that solution is passed through a solvent extraction process, which produces the scandium oxide. What we’re trying to do, which is a little different, is extract the scandium initially using atmospheric leaching rather than high-pressure acid leaching. The key reason is that atmospheric leaching techniques are less complex and less expensive.” Table 1 — Rimfire’s Fifield scandium inventory Deposit Scandium oxide (Sc₂O₃) Melrose 1.1 Kt Currajong 3.1 Kt Murga 11.9 Kt Total inventory >16 Kt ▸ What the Tests Actually Showed The work to date is Stage 1: two ~3.5kg composite core samples from Murga (drillhole FI2679) were subjected to bottle-roll leaching at atmospheric pressure and ambient temperature over 14 days (Figure 2). The first metallurgical examination of Murga material ever undertaken. Two findings stand out. First, the rate of scandium recovery over the 14 days was relatively constant, which is what lets the company extrapolate to 60–90% recovery over a commercially realistic leach cycle (heap leaching of these laterites typically runs 100–250 days). Second, iron extraction — the major acid consumer — was relatively low, which is exactly what you want to see for an atmospheric-leach economic case. The caveats are equally important, and Rimfire states them clearly: the results are indicative, not definitive, they rest on extrapolating a 14-day rate, and they require confirmation through longer-duration testing. This is an early guide to how the material might behave at scale, not a finished metallurgical answer. As Hutton describes it, “the outcome of these test results clearly demonstrates that there is potential to recover scandium from our Murga deposit using the atmospheric leaching technique… not only is there potential to recover scandium with atmospheric leaching techniques — which are less complex and less expensive than HPAL — but also there is merit in continuing the test work over longer and more commercial time frames to confirm the recovery amounts and extraction rates.” Figure 2: Photo of Murga Bottle Roll test in laboratory (Source : Rimfire ASX Announcement) ▸ Why Low Iron Is the Whole Story It is worth dwelling on the iron point, because it is the crux of the Murga thesis. At Rio Tinto’s nearby Burra deposit, the resource iron grade is around 34% Fe; Murga’s is roughly 16% Fe. High-iron scandium deposits at Fifield — Syerston, Flemington, Burra — are generally looking at HPAL, a process that works but carries heavy capital and operating costs and meaningful technical risk. If Murga’s lower iron genuinely enables atmospheric heap leaching, the capital and complexity of getting scandium out drop substantially. That is the “key point of difference” Rimfire is leaning on, and it is why a metallurgical result — not a drill result — is the news here. Table 2 — Atmospheric leaching vs HPAL Feature Atmospheric leaching (Murga’s potential route) HPAL (high-iron neighbours) Pressure & temperature Ambient pressure; low to moderate temperature High pressure; high temperature Capital intensity Lower Higher Complexity Less complex More complex, technically demanding Best suited to Low-iron material (iron is a major acid consumer) High-iron laterites Fifield example Murga (~16% Fe) — now under test Syerston, Flemington, Burra (~34% Fe at Burra) For Hutton, this is fundamentally about commercially de-risking the asset. “We have a large deposit, and its geological characteristics, primarily its low iron content, theoretically enable it to be extracted using atmospheric leaching,” he says. The update, in his words, “demonstrates that there is merit in continuing to examine atmospheric leaching as the preferred processing route, and it justifies the ongoing metallurgical test work.” ▸ The Path Forward Rimfire has already commenced Stage 2: two new bottle-roll tests running over a much longer 160–180 days with weekly sampling, designed to confirm whether the Stage 1 extraction rate holds over a commercial timeframe. Depending on those results, the company may run a column (vat) leach test — a 50kg sample over 3–6 months that simulates a full-scale heap/vat leach and reveals whether issues like slumping or loss of permeability appear. Running concurrently, an agitated tank leach test (higher acidity, 95°C) will be undertaken as a fallback atmospheric technique should heap/column leaching not deliver economic recoveries. In short: a staged, low-cost program designed to de-risk the processing question step by step, with regular updates promised along the way. Hutton is clear that heap leaching is the goal, with options if it doesn’t deliver. “We’re definitely trying to demonstrate that atmospheric leaching is the method that we want to use,” he says. “Heap leaching, or static heap leaching, is the typical method — but there are also other atmospheric leaching methods if the heap leaching doesn’t stack up. We can use what we call agitated tank leach as an alternative, which is still leaching at atmospheric pressures, but also introduces a bit of heat into the tank to aid the extraction.” Samso Concluding Comments The story for Rimfire is now going to be a test for investors patience. Unfortunately, this is going to be painful but as a long term investor myself, this is the stage that the investing community should be looking seriously. This release is about Rimfire trying to go through the process of finding a cheaper and more efficient flow sheet. It is a metallurgical update, and obviously not a discovery message. The encouraging news is that Murga’s low-iron scandium might be extractable by a cheaper, simpler route than its high-iron neighbours can use. This is a genuinely important question for scandium projects, because like all metal mining projects, scandium’s problem has never really been geology, instead it is about the cost and complexity of getting it out of the ground and into a saleable product. Samso’s observation is that the signal here is potentially looking good as the news indicate a relatively constant recovery over 14 days, low iron extraction, and a credible path to atmospheric leaching that would differentiate Murga in Australia’s scandium heartland. As David Hutton frames it, the update is about commercially de-risking the project and marking Rimfire’s “transition from pure exploration into pre-development.” The noise to resist is over-reading a 14-day, indicative result — the company itself is admirably clear that this needs confirming over a commercial timeframe, and the 60–90% range is wide for a reason. The next real markers are concrete: the Stage 2 long-duration bottle rolls, the column-leach test that follows, and ultimately, whether all of this converts into a costed, economic flowsheet. For now, Rimfire has taken the first step toward answering the most important question about its scandium inventory. The Scandium Market Backdrop The strategic logic behind consolidating scandium ground becomes clearer against the backdrop of how the metal's market actually works. Scandium sits in an unusual category — a market that is tiny in tonnage but disproportionately high in strategic value. Global scandium oxide production has been running at only around 40 tonnes a year, with annual consumption estimated in the range of roughly 15 to 25 tonnes (Figure 5). In a market measured in tens of tonnes, Samso notes that a single credible project can shift the entire supply narrative. Figure 3: Scandium Market Scale bar chart: 2022 (<40 t) vs 2024 (~40 t) with source notes. (Source: Samso) That value comes from function rather than volume. Adding a fraction of a percent of scandium to aluminium produces alloys that are lighter, stronger, more weldable and more heat- and corrosion-resistant — properties prized in aerospace, defence and advanced manufacturing — while scandium-bearing ceramics also play a role in solid oxide fuel cells used in clean-energy systems. Scandium appears on the critical minerals lists of Australia, Canada, the European Union and the United States. Supply, however, is highly concentrated, with China dominating primary production and refining, and most output historically recovered only as a by-product. Samso points to rising Western interest in securing alternative supply, including reported moves by the U.S. Defence Logistics Agency to buy scandium oxide for strategic stockpiles. Against that picture, New South Wales has emerged as Australia's most concentrated scandium province — described by Samso as the country's scandium hotspot, or the "Kalgoorlie of scandium" — hosting projects spanning exploration through to construction-ready assets, including those of Sunrise Energy Metals, Scandium International Mining and Rimfire. About Rimfire Pacific Mining Limited Rimfire Pacific Mining Ltd (ASX: RIM) is an ASX-listed critical minerals explorer focused on building a globally significant scandium resource inventory in Australia's Fifield Scandium District, located approximately 70km northwest of Parkes in central New South Wales. The company's scandium portfolio comprises three deposits — Melrose, Currajong, and Murga — together delivering a combined global resource inventory of 10.6Kt Sc (16.2Kt Sc Oxide). The Murga Scandium Deposit, the most recently updated, holds an Inferred Mineral Resource of 56.1Mt at 138ppm Sc for 7,760t Sc. Murga is notable within the Fifield District for its relatively low average iron content of approximately 16% Fe, which creates the possibility that its scandium could be extracted using Atmospheric Tank Leaching or Vat Leaching — simpler and less capital-intensive techniques than the High Pressure Acid Leaching (HPAL) methods being considered by operators of higher-iron deposits in the same district. A metallurgical study to investigate this pathway is now underway. The company also holds the Malamute Scandium Prospect approximately 40km north of Murga on its 100%-owned Rabbit Trap Project, offering regional resource growth optionality. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Samso There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Another Vale tranche lands - backing a 13.6Bt resource and premium DR-grade iron ore in Canada’s Labrador Trough. Iron Bear Resources (ASX: IBR) has banked another US$2.0 million funding tranche from Vale. The cheque size is not the story. The name on the cheque is. The Iron Bear story is now a common coverage for Samso and as previously disclosed, Samso is a very happy shareholder and is looking at the long term investment proposition. It is now coming to about three years of patience and I think with the upcoming PFS results, things should get very interesting. Vale is the world’s second-largest iron ore producer. And it is steadily funding Iron Bear’s flagship project in Canada’s Labrador Trough - paying its way to a 75% stake. Each tranche is another vote of confidence from a major that knows iron ore as well as anyone. With this payment, Vale has now put in US$16.7 million. A final US$1.3 million is due in July 2026, completing the Phase 1 contribution. For a junior, a backer like that is rare. It is also the kind of validation money usually can’t buy. At a Glance Item Description Company Iron Bear Resources Limited (ASX: IBR) — an emerging iron ore developer, based in Perth, WA Flagship The Iron Bear Project, in the Labrador Trough, Newfoundland & Labrador, Canada The news Vale has paid a fourth US$2.0m funding tranche; it has now contributed US$16.7m, with a final US$1.3m due July 2026 Cash Subsidiary Iron Block 103 Corporation holds ~A$3.6m for project development The partner Vale S.A. — under a binding Development Agreement (Feb 2025), Vale can fund up to US$138m across two phases to earn a 75% interest Resource JORC 2012: 13.6 billion tonnes at 30% Fe, including 4.5 billion tonnes at 29.5% Fe (Indicated) The product Metallurgy has produced 71% Fe direct-reduction (DR) concentrate at 1.2% SiO₂, plus premium low-carbon DR pellets — feed for green steel Infrastructure Less than 35km from an open-access heavy-haul railway linked to an iron ore export port Other assets Earlier-stage exploration interests in New Zealand and WA (gold, copper, nickel, PGE) Leadership Managing Director Paul Berend What the money does Funds an upcoming drilling campaign and completion of the Pre-Feasibility Study (PFS) Stage Pre-development — PFS underway; no ore reserve or final investment decision yet The 60-Second Pitch Lets remind ourselves why Iron Bear Resoruces is still a very good investment position. Iron Bear has one very big asset. It is a 13.6-billion-tonne iron ore resource in the Labrador Trough, one of the world’s great iron ore provinces. The headline grade is modest - 30% Fe. That is normal for magnetite. Magnetite’s value is in what it becomes after processing. And Iron Bear’s test work has turned this ore into a 71% Fe concentrate with very low silica. That is premium feed for “green” steelmaking. The real hook is the partner. Funding a multi-billion-dollar iron ore mine off a junior’s balance sheet is close to impossible. So Iron Bear did a deal with Vale instead. Vale funds the work. Vale earns up to 75%. Iron Bear trades ownership for a fully-funded, de-risked project. Figure 1: Location of the Iron Bear Project (Source: IBR Website) The Vale Partnership This is the heart of the story. The binding Development Agreement was signed in February 2025. Under it, Vale can provide up to US$138 million across two phases to earn 75% of the project. The tranches landing now are Phase 1 - US$16.7 million in, US$1.3 million still to come. Table 1: The Vale Development Agreement Item Detail Agreement Binding Development Agreement, signed February 2025 Total Vale funding Up to US$138m, across two phases To earn A 75% interest in the Iron Bear Project Phase 1 has contributed to date US$16.7m (including the latest US$2.0m tranche) Final Phase 1 tranche US$1.3m, expected July 2026 Project cash on hand ~A$3.6m (held by subsidiary Iron Block 103 Corporation) For shareholders, it cuts both ways. The upside is real: Vale is one of the best iron ore operators on earth, and its funding removes the cash risk that kills most juniors. So is the trade-off: if Vale earns its full 75%, Iron Bear keeps 25% of its flagship. The bet is simple. A quarter of a project Vale will build beats all of a project a junior could never build. The Resource and the Product The resource is big - 13.6 billion tonnes at 30% Fe, including 4.5 billion tonnes at 29.5% Fe in the Indicated category. But 30% Fe is a low head grade. A magnetite project lives or dies on how cheaply it can be concentrated, and how good the final product is. Table 2: Resource and product Measure Result Mineral Resource (JORC 2012) 13.6 Bt @ 30% Fe Indicated portion 4.5 Bt @ 29.5% Fe DR-grade concentrate 71% Fe at 1.2% SiO₂ Pellet product Premium low-carbon DR pellets, ultra-low impurities That is why the metric work matters more than the tonnes. Iron Bear has produced a 71% Fe DR-grade concentrate at just 1.2% silica, plus premium low-carbon DR pellets. DR-grade is the high-value end of the market. It feeds direct-reduction steelmaking — the low-emission route that uses gas or hydrogen instead of coal. It is where steel is heading. Infrastructure and Location Logistics make or break iron ore. Here, location helps. The project sits in the Labrador Trough, a tier-one iron ore district. And it is less than 35km from an open-access heavy-haul railway that runs to an export port. For a bulk commodity, that proximity is real money saved — and real risk removed. Figure 2: Iron Bear Projects connectivity to Sept-Iles and Pointe Noire (Source: IBR ASX Announcement) What the Money Does The cash is already earmarked. Managing Director Paul Berend tied it straight to work on the ground: “The payment of the fourth tranche of funding demonstrates the strong ongoing commitment that Vale provides to the Project. This funding will support operational progress, including the upcoming drilling campaign and the completion of the Pre-Feasibility Study (PFS), building on the achievements made over the past several months.” In short, more drilling, and the study that turns a resource into a development plan. A De Grey Heavyweight Takes the Chair Iron Bear has landed a notable name. On 26 June 2026, the Company appointed Simon Lill as Non-Executive Chairman, effective 1 July. Lill chaired De Grey Mining for 12 years. I In that time, De Grey grew from a $1 million minnow into an ASX 200 developer, on the back of the world-class Hemi gold discovery (11.2Moz) — and was taken over by Northern Star for around $6 billion in May 2025. He replaces David Sanders, who stays on as a Non-Executive Director. To align him with shareholders, Lill was granted 15 million performance rights that vest on real milestones: Vale moving to Stage 2, and the share price reaching 10c and 15c. For a junior progressing a PFS with a major partner, attracting a chairman with that track record is a statement of intent. Samso Concluding Comments There is not much needed to say in terms of what the message is all about at this stage, other than to reiterate that a major iron ore producer, a Tier-1 iron ore producer is funding Iron Bear’s project, on schedule. In a sector where juniors run out of money before they prove anything, that takes the biggest risk off the table. The Vale relationship - not any single tranche - is the story. The signal is strong. A large resource in a tier-one district. Metallurgy that yields a premium DR-grade product. Infrastructure close by. And a major in writing the cheques. The placement of Simon Lill as the Chair is also a great feature being added to the Iron Bear story. Simon comes with a lot of support and he has been through the ins and outs of negotiations and will be a great asset to have on the Board when the discussion gets serious. Those that have made a lot of money from his previous appointments will be looking to back his next venture. The noise for investors to take note is mistaking backing for completion. The 30% grade still has to be processed economically. The PFS still has to land. And Iron Bear’s share of the prize is 25%, not 100%. The bet is clear — a smaller slice of a project a world-class partner will build. What to watch next is concrete: the final Phase 1 tranche in July, the drilling campaign, and the PFS that turns a giant resource into a costed plan. About Iron Bear Resources Iron Bear Resources Limited (ASX: IBR), formerly Cyclone Metals is an emerging iron ore developer listed on the Australian Securities Exchange and based in West Perth, Western Australia. The Company is focused on developing its flagship Iron Bear Project — a world-class, large-scale iron ore project in the Labrador Trough, in Newfoundland and Labrador, Canada. Iron Bear also holds several earlier-stage exploration assets across New Zealand and Western Australia, spanning gold, copper, nickel and platinum-group elements. The Iron Bear Project hosts a globally significant JORC 2012 Mineral Resource of 13.6 billion tonnes at 30% Fe, including 4.5 billion tonnes at 29.5% Fe in the Indicated category. The project benefits from strategic infrastructure access, sitting less than 35km from an open-access heavy-haul railway linked to an iron ore export port. Development is supported by a binding Development Agreement with Vale S.A., under which Vale can provide up to US$138 million in funding across two phases to earn a 75% interest in the project. To date, Vale has contributed US$16.7 million of its Phase 1 commitment, with a final US$1.3 million tranche expected in July 2026. Metallurgical test work has produced high-grade direct-reduction (DR) concentrate grading 71% Fe at 1.2% SiO₂, along with premium low-carbon DR pellets exhibiting excellent metallurgical performance and ultra-low impurities — feed essential for the production of high-quality, lower-emission steel. The Company is led by Managing Director Paul Berend and is advancing the project toward completion of a Pre-Feasibility Study (PFS), supported by an upcoming drilling campaign. Cover photo: Magnetite - Magnetite, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Magnetite_(GeoDIL_number_-_1390).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

An established, cash-generating gold producer has begun a 4,350m surface drilling campaign at Maldon - a historic, high-grade Victorian goldfield adjacent to a processing facility it already owns. Kaiser Reef Limited (ASX: KAU) has kicked off a surface diamond drilling campaign at its Quill Gold Target within the Maldon Gold Project in Victoria, marking a renewed exploration effort at one of Australia’s highest-grade historic goldfields. The Maldon field has historically produced approximately 1.75 million ounces of gold at an average grade of 28g/t - an exceptional grade by any measure - yet much of the district remains underexplored following decades of limited activity. The campaign is designed to test that potential systematically, and from a position of operational and financial strength. Figure 1. Drill Rig at the Quill Target (Source: KAU ASX Announcement) At a Glance Item Description Company Kaiser Reef Limited (ASX: KAU) — a profitable, multi-asset Australian gold producer The news Surface diamond drilling has commenced at the Maldon Gold Project (Victoria), beginning with the new Quill target The campaign Approximately 4,350m planned across four targets in an initial phase; drilling to continue through 2026 Producing asset The Henty Gold Mine, Tasmania — an underground operation producing ~30,000oz per annum, with a 300ktpa plant and a 199koz Probable Ore Reserve Growth asset The Maldon Gold Project, Victoria — a fully permitted 200ktpa CIL processing facility, existing underground access, and high-grade exploration potential Maldon pedigree The field has historically produced 1.75moz at 28g/t Au Group resource 625koz Au in total (Henty 438koz; Maldon/Union Hill 187koz) First target Quill — generated from TSF sterilisation drilling; an earlier hole returned 8m @ 4.16g/t Au (incl. 2m @ 9.90g/t) Other targets Union Hill North, Nuggetty South and Nuggetty (the Nuggetty Reef historically produced ~301koz at ~187g/t) Why it matters A producer with cash flow and two processing facilities is funding exploration internally — growth without the funding risk typical of junior explorers Leadership Managing Director Brad Valiukas Stage Established producer undertaking exploration for organic growth; Maldon mill and access already in place Overview Kaiser Reef is, first and foremost, a gold producer. Its Henty Gold Mine in Tasmania is an established underground operation producing approximately 30,000 ounces per annum, supported by a 199koz Probable Ore Reserve and a conventional 300ktpa processing plant. Henty generates the cash flow that underpins the wider business. The Maldon Gold Project, in Victoria’s historic Golden Triangle, provides the company’s principal growth optionality. Kaiser owns a fully permitted, operating 200ktpa carbon-in-leach (CIL) processing facility at Maldon, together with existing underground access. With the processing infrastructure already established, the key requirement is additional mineable ore — and the district’s history indicates considerable scope to define it. The result is an unusual profile for an exploration story: a cash-generating operation on one hand, and a high-grade, under-drilled district with its own processing facility on the other. The current campaign is intended to convert that latent potential into defined resources, funded from internal cash flow rather than dilutive equity raisings. Table 1 — Group resource & reserve Asset & category Tonnes (Mt) Grade (g/t Au) Au (koz) Henty, Tasmania — Resource 4.11 3.32 438 Maldon (Union Hill), Victoria — Resource 1.31 4.4 187 Group total — Resource 5.42 3.59 625 Henty, Tasmania — Ore Reserve (Probable) 1.89 3.28 199 Why Maldon Matters Maldon is not a speculative greenfield prospect. It is a proven goldfield that produced approximately 1.75 million ounces at 28g/t before activity wound down — a grade profile rarely encountered in modern exploration. Kaiser’s thesis is straightforward: an extended period of limited exploration has left a district-scale opportunity adjacent to processing infrastructure the company already controls. Figure 2: Maldon Gold Project (Source: Kaiser Reef Website) The existing resource base reinforces the case. The Union Hill deposit hosts 187koz at 4.4g/t, while the historic Nuggetty Reef is estimated to have produced around 301koz at approximately 187g/t. Importantly, most of the project’s reef systems remain untested at depth and along strike, and it is these extensions and repetitions that the drilling program is designed to evaluate. The Drilling Campaign The initial phase comprises approximately 4,350 metres of surface diamond drilling across four targets, and is expected to be extended and to continue through the remainder of 2026. Kaiser has indicated that it intends to maintain a surface drilling rig over the long term, complementing its ongoing underground activities. Figure 3: Quill Target and TSAC_021 location (Source: KAU ASX Announcement) The first target is Quill, a newly defined prospect. It was generated during sterilisation drilling for a proposed tailings storage facility, when hole TSAC_021 returned 8m @ 4.16g/t Au from 10m, including 2m @ 9.90g/t. A subsequent reconnaissance electrical resistivity survey identified a north-south trending zone of high resistivity - interpreted as a potential quartz reef - coincident with that intersection, and this now forms the focus of the follow-up drilling. Drilling will then progress to Union Hill North, Nuggetty South and Nuggetty. Additional surface targets are being developed through mapping, soil sampling and a planned heli-magnetic survey. Table 2: The four drill targets Target What is being tested Quill New target from TSF sterilisation drilling; earlier hole 8m @ 4.16g/t (incl. 2m @ 9.90g/t); resistivity-defined reef Union Hill North Northern extensions to the Eaglehawk Reef mineralisation Nuggetty South 170m of untested strike; historical results of 3.4m @ 34.0g/t and 4.3m @ 11.2g/t along plunge Nuggetty West lode and remnant targets; the Nuggetty Reef has produced ~301koz at ~187g/t Management Commentary Managing Director Brad Valiukas characterised Maldon as a long-term, district-scale opportunity. “Maldon represents a district-scale gold opportunity for Kaiser, with numerous historical mines and lines of working that remain substantially underexplored, despite having historically produced an enviable 1.75moz at 28g/t,” he said. “We are committed to generating the most value from the entire project… aiming to unlock the district after decades of exploration neglect.” Mr Valiukas also emphasised the company’s broader strategy, noting its intention to retain a surface rig for the long term, and to maintain a balance sheet capable of supporting both organic growth and potential acquisitions. Samso Concluding Comments The Kaiser Reef story is slowly developing and in the midst of a depreciating gold price, the story is just all about doing the business of producing gold. Kaiser Reef Limited is a profitable producer with its Henttyu operations in Tasmania and this release is all about advancing exploration across a historically high-grade, underexplored goldfield adjacent to processing infrastructure it already owns. This is a combination that allows it to pursue growth without the funding pressures typically faced by junior explorers. Maldon is a substantial history of high-grade production, multiple untested reef systems, an encouraging new target at Quill, and an exploration program funded from internal cash flow. As always, Samso highlights that the principal caveat is equally clear is that historical bonanza grades should not be assumed to reflect what modern drilling will deliver, and the program’s results remain to be demonstrated. As we digest the information, the key milestones from here are well defined. The initial assays from Quill, followed by results from Union Hill North and the Nuggetty targets as the campaign progresses are what investors should be watching. The Samso perspectiuve is always about the geology. Taking away the semantics of "mining the market", the technicals are what the market still requires. As they always say, good geology will always lrevail over hype. Hence, for Kaiser Reeef, a producing company with an established mill and a goldfield of Maldon’s pedigree, the forthcoming drill results will be the opportunity. A Second Exploration Front: Regional Work Begins at Henty On 1 July 2026, the Company appointed Colin Skidmore as Exploration Manager at the Henty Gold Mine in Tasmania - a dedicated role focused on regional exploration beyond the immediate mine footprint. Skidmore is an experienced exploration geologist with more than 25 years in senior positions across Australia, Kazakhstan, Canada, the United States, South America and Kosovo. The appointment gives effect to the regional exploration program flagged in the Company's February 2026 Strategic Plan. Henty sits within the Mount Read Volcanics, one of Australia's most richly endowed mineral belts. This belt is host to the Rosebery, Mount Lyell, Hellyer and Que River mines - and Kaiser regards its holdings, which contain numerous gold and base-metal occurrences both north and south of the mine, as materially under-explored. Managing Director Brad Valiukas emphasised the opportunity: "Regionally, Henty has some fantastic exploration potential… as part of a much larger mineralised trend that has received very limited work in modern times," adding that any success would "leverage off our significant infrastructure and existing operating capacity at Henty." As at Maldon, the work will begin with a period of data consolidation and early-stage activity ahead of drilling, which the Company expects to commence during the coming summer, running in parallel with ongoing in-mine exploration. About Kaiser Reef Limited Kaiser Reef Limited (ASX: KAU) is an Australian gold producer and exploration company with operating assets in Tasmania and Victoria. The company presents itself as a multi-asset gold producer with a growing production base, supported by annual production of more than 30,000 ounces from the Henty Gold Mine and a high-grade Maldon Gold Project with a fully operational 200ktpa processing plant. In Tasmania, Kaiser owns and operates the Henty Gold Mine, an established underground gold operation with a processing facility and associated exploration tenure. Henty has become a key production asset for the company and provides Kaiser with operating exposure to the Australian gold sector. In Victoria, Kaiser is advancing the Maldon Gold Project, located in the historic Victorian goldfields. Maldon includes the Porcupine Flat Processing Plant and the Union Hill underground mine area. The project has a long mining history and is reported by Kaiser to have produced approximately 1.75 million ounces of gold at 28g/t from quartz reefs. Kaiser’s stated focus is on production growth, reserve expansion and building value from its Australian gold asset base. The company’s project portfolio gives it exposure to both current gold production and exploration upside across two established mining jurisdictions. Its published core values are integrity, respect, responsibility and performance. Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. 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As the ASX small-cap market is showing a slowness in hype, is Encounter Resources simply a case the market may be missing the potential value to come. Encounter Resources sits on a globally significant niobium resource next door to the most celebrated discovery on the ASX critical-minerals board, the WA1 Resources Limited (ASX: WA10, Luni Niobium Project. . Yet it trades at a fraction of its neighbour's value, and the gap has widened even as the resource has grown. This Insight asks a simple question: is that discount a fair read of a lower-grade, less-advanced asset — or is the market overselling a story that is about to add the one thing it is missing, confidence? Samso News Sector & Commodity Pillar Critical Story - Niobium Sector & Commodity Pillar WHAT THIS PIECE COVERS 1.00 THE FRAME A discount that grew while the asset did. 2.00 WHY NIOBIUM, AND WHY IT'S WATCHED A small market with an outsized strategic problem. 3.00 THE NEIGHBOURHOOD West Arunta, and the shadow Luni casts over it. 4.00 WHAT ENCOUNTER ACTUALLY HAS From a 19 Mt system to a 120 Mt system in one season. 5.00 THE VALUATION GAP Roughly three times the value per tonne in the ground. 6.00 THE OTHER SIDE Four reasons the share price has fallen anyway. 7.00 THE CATALYST THE MARKET IS UNDERWEIGHTING Thirty thousand metres aimed at the one word the resource is missing. 1.00 — THE FRAME A discount that grew while the asset did - The Encounter Resources Issue There is a particular kind of mispricing that small-cap resource investors learn to watch for: the moment when a company keeps delivering good news and the share price keeps drifting the other way. Encounter Resources (ASX: ENR) has spent the past year growing its niobium resource by more than half, posting strong metallurgy, lodging a mining lease, and signing a battery partnership, while its shares fell from a 52-week high near $0.62 to about $0.255 by mid-June 2026 (Figure 1).1,2 If you take the longer term view of the share price since early 2023, which was the start of the strings of discoveries, ENR has only just doubled its value and pretty much wiped out all the gains since that time (Figure 1). Figure 1: The share price chart for Encounter Resources Limtied as of 2nd July 2026. (Source: Commsec). As investors reading this Samso Insight, the discussion that is being highlighted is whether this fall in valuation is something that opportunistic investors should take note. The obvious sight now is that when the operational news and the share price point in opposite directions for long enough, one of two things is true: either the market knows something the announcements don't, or the announcements contain something the market hasn't yet priced. Lets lay out both readings from Encounter's own public record, and try and identify the single event most likely to settle the argument. What this note is — and isn't This is a research and education piece in Samso's Sector & Commodity pillar. Every project figure below is sourced to an Encounter ASX release or a named third party. It is deliberately a two-sided read: the bull case is stated plainly because it is under-discussed, and the bear case is given its own section rather than buried. It is not a recommendation. Do your own work. 2.00 — WHY NIOBIUM, AND WHY IT'S WATCHED A small market with an outsized strategic problem Niobium is a quiet metal with a supply story into the steel, a micro-alloy that makes structural steel lighter and stronger which is a smaller, faster-growing tail of high-tech uses across superconductors, aerospace, medical imaging and, increasingly, batteries.3 The reason it sits high on critical-minerals lists is concentration, not scale. The entire global market is only around US$5 billion, yet supply comes from essentially three mines (Figure 1.1) two in Brazil, where CBMM is the dominant producer, and one in Canada.3,4 Ferroniobium fetches roughly US$30,000/t and niobium oxide about US$45,000/t.3 A market that small, supplied by that few, is exactly the kind of supply chain that governments now want diversified — which is why a new, high-grade source in a Tier-1 jurisdiction like Western Australia attracts attention out of proportion to the tonnes involved. Figure 1.1: The western niobium supply base is tiny and high-margin: three producers (two in Brazil, one in Canada) anchor a ~US$5 bn market, which is why a new high-grade source draws attention out of proportion to its tonnes. (Source: ENR investor presentation, 2 Mar 2026). There is also an optionality layer the market has started to notice. Niobium-anode battery technology which is led by Cambridge-based Echion Technologies, backed by CBMM has been moving from the lab toward commercial deployment, with applications in fast-charging, long-life cells and grid-scale storage.5 On 27 May 2026 Encounter signed an MoU with Echion and Perth-based Switch Technologies to work toward an integrated lithium-niobium battery industry in Australia anchored on Aileron.5 That is not a revenue line; it is a signal about where downstream demand could go, and it sits as free upside on top of the resource story. Samso take Niobium's investment case is the inverse of most commodities: the prize isn't a giant market, it's a strategically fragile one. For an explorer, that means the bar to relevance is "can you be a credible non-Chinese-aligned, non-Brazilian source of high-grade material" and on grade, Encounter is trying to make its case. The battery angle is the call option, not the thesis. 3.00 — THE NEIGHBOURHOOD West Arunta, and the shadow of Luni To understand Encounter's valuation you have to understand WA1 Resources. In a remote corner of east-central WA, WA1 made the Luni niobium discovery in November 2022. WA1 made a find of global significance that turned a roughly $7 million company at IPO into one carrying a market cap above A$1 billion.4 Luni rewrote what the market thought the West Arunta was for both WA1 and Encounter (Figure 2)had originally gone there hunting iron-oxide copper-gold and orogenic gold, and found niobium instead.4 Luni is the benchmark every other West Arunta niobium project is now measured against: a mineral resource of 220 Mt at 1.0% Nb₂O₅ in the Indicated category, with higher-grade subsets capable of becoming starter pits, and a company already in mine-design and study stage.4 I feel that one of the main issue for Encounter is that the asset is "the other one" and being the other one to a market darling may be Encounter's biggest tailwind (it validated the province) and its heaviest weight (it framed ENR as the runner-up). Figure 2: Aileron sits within the West Arunta carbonatite province, immediately along strike from WA1's Luni — the discovery that re-rated the whole belt. (Source: ENR investor presentation, 2 Mar 2026) 4.00 — WHAT ENCOUNTER ACTUALLY HAS From a 19 Mt system to a 120 Mt system, in one season Encounter's maiden Aileron resource, confirmed in its 2025 Annual Report, was modest but striking on grade: 19.2 Mt at 1.74% Nb₂O₅.6 A single season of drilling later, on 21 April 2026, the company lifted the combined Inferred resource by 54% to 120 Mt at 0.77% Nb₂O₅ (0.25% cut-off), including a high-grade core of 26 Mt at 1.7% Nb₂O₅ (1.0% cut-off) across a cluster of deposits anchored by Green and Crean (Figure 3).7,8 Figure 3: Green and Emily MRE outline in plan view. (Source: ENR 22 April 2026) Two things matter in that picture. First, the dilution of grade is real and is the heart of the bear case — a big, low-grade Inferred inventory is valued very differently from a small high-grade one. Second, and less discussed, the 26 Mt high-grade core at 1.7% is grade in the same league as Luni's higher-grade subsets, and it is exactly the material the company intends to stand up as starter pits.7,8 A project is rarely valued on its average grade; it is valued on the grade of the first thing it will mine. Figure 4: Green Block Model in isometric view. (Source: ENR 22 April 2026) The supporting work has kept pace. Metallurgical testwork at Green (Figure 4) has returned strong recoveries at high concentrate grades across multiple composites representing anticipated starter-pit sections.9 The company has lodged a Mining Lease application over the proposed mining, processing and infrastructure area, and sketched a conceptual site layout including processing plant, tailings storage, ponds, stockpiles, an airstrip, camp and a solar farm.10,11 These are the unglamorous artifacts of a project moving from "discovery" toward "development." 5.00 — THE VALUATION GAP Roughly three times the value, per tonne in the ground Here is where the "cheap" argument earns its keep. In late April 2026, with the upgraded resource freshly out, veteran resources columnist Barry FitzGerald put numbers on it: WA1 carried a market value around A$1.08 billion, Encounter about A$154 million at 27.5c, a gap of roughly A$854 million and asked whether that gap still made sense given Encounter's world-class resource scale and larger ground position.4 Figure 5: A back-of-envelope normalisation at two dates. Dividing each company's market value by its contained Nb₂O₅ (tonnes × grade) put WA1 near A$491/t and Encounter near A$167/t in late April; by late June both had drifted lower to roughly A$459/t and A$154/t. The discount didn't narrow — it held at about 3× even as Encounter's resource growth, metallurgy, mining-lease lodgement and battery MoU all landed. Samso calculation from disclosed resources and market values: April per FitzGerald / Stockhead, 26 Apr 2026; June per market data (stockanalysis.com / Yahoo Finance, ENR A$142.6m at $0.255 on 15 Jun 2026, WA1 ~A$1.01bn mid-Jun 2026); resources per ENR & WA1 ASX disclosures. In-ground metrics ignore confidence category, metallurgy and dilution and are indicative only. The concluding thought that should interest a value-minded reader is that the gap has not shrunk. When you look at the numbers two months on, in late June 2026, the picture barely moved. Both stocks drifted lower together (WA1 to about A$1.01 billion, Encounter to about A$143 million), so the per-tonne discount didn't close at all. It held at roughly 3×, and on an absolute per-tonne basis Encounter is fractionally cheaper than it was in April — despite the resource upgrade, the metallurgy, the mining-lease lodgement and the battery MoU all arriving in between.1,4 Good news landed; the re-rate didn't. The market's implied logic is a "one winner" assumption: that the West Arunta produces a single developed niobium mine and it will be Luni, so WA1 deserves the premium and Encounter the scraps.4 In some ways, it does make sense, WA1 is more advanced, higher grade and higher confidence. However, the potential error with this line of thinking is that it ignores three things Encounter Resources can point to in its valuation. Firstly, there is a resource still actively growing, second, a rare-earth and copper-gold upside across a dominant ground position, and finally, a high-grade core that doesn't need the whole 120 Mt to work.4 For context on how the market once saw the upside, in August 2025 broker Argonaut carried a 70c valuation on the stock which is multiples of where it trades today.12 Samso take A discount to WA1 is correct. The size of the discount is the debating point. When a higher-grade, more-advanced peer trades at ~3× your in-ground value, the gap can close two ways — the peer de-rates, or you prove enough to deserve a re-rate. Encounter can't control the first. Section 6 is about the second. 6.00 — THE OTHER SIDE Why the share price has fallenFour factors behind the decline Encounter's share price fell from a 52-week high near $0.62 to about $0.255 by mid-June 2026. The decline is not attributable to any single announcement. As far as I can understand, there may be four separate factors account for it, and each remains a genuine risk to the investment case. Figure 6: Three reference points over the past year: the 52-week high (~$0.62), the November 2025 placement price ($0.45), and the price in mid-June 2026 (~$0.255). Samso illustration; prices per ENR ASX placement disclosure (Oct–Nov 2025) and market data (stockinvest.us, 15 Jun 2026). Four factors behind the decline 1. Grade dilution. As the resource grew, the average grade fell from 1.74% to 0.77% Nb₂O₅. Niobium projects are valued heavily on grade, so a larger, lower-grade resource is valued differently from a smaller, higher-grade one.6,7 2. Placement dilution. In October–November 2025 Encounter issued 54,444,444 shares at $0.45 to raise about $24.5 m (the first tranche of a $25 m placement). This increased the shares on issue and established a reference price below the earlier highs.13,14 3. Resource confidence. The entire 120 Mt resource is classified as Inferred, the lowest-confidence category under the JORC Code, and cannot yet support a development study.7,8 4. Pre-revenue status. Encounter is several years from production, and will be funding expenditure for a while to come. Its share price therefore moves with sentiment toward junior critical-minerals explorers, which has weakened since the 2024 niobium boom.1 Each of these factors relates to the project's current stage of development rather than to the quality of the orebody. Three of the four reasons, grade perception, resource confidence and market sentiment, would be directly affected by an upgrade of the resource from Inferred to Indicated at higher grades. That upgrade is the stated purpose of the drilling program described in the next section. 7.00 — THE CATALYST THE MARKET IS UNDERWEIGHTING 30,000 metres aimed at the one word the resource is missing In June 2026 Encounter put two rigs on the ground as the front end of a planned ~70,000m 2026 program. What I like is the 40,00m of regional drilling chasing the next discovery which is one asset that Encounter has and WA1 Resource do not, exploration upside. The number that matters for valuation is the 30,000 m of infill drilling across the potential starter-pit areas at Green, with an explicit purpose to upgrade the resource from Inferred to Indicated and unlock the more detailed technical studies that an Inferred resource cannot support.10,11,15 Figure 7: The infill program targets the rung the valuation is stuck on. An Inferred-to-Indicated upgrade at the high-grade starter-pit zones is the event most likely to force a re-rate of how the resource is priced. Samso illustration of ENR's stated program (ASX activity update, June 2026; mining.com.au; smallcaps.com.au). This is important because the extra drilling should upgrade the resource to higher confidence and hopefully allow the grade to be more attractive. The infill program is aimed at the high-grade starter-pit zones as well and hence, create a dual benefit in time. Converting Inferred to Indicated will help the project be put into the economic studies that institutions actually underwrite. It is, in plain terms, the difference between "interesting tonnes" and "a project you can value." The market is pricing the resource as Inferred today because that is what it is. The catalyst is the moment that sentence changes. Figure 8: "Conceptual Site Layout for the Aileron Project" (processing, TSF, ponds, airstrip, camp, solar farm). (Source ENR 16 June 2026 ASX release) Figure 9: "Aileron Magnetics (RTP) showing prospects to be tested in 2026 and major regional faults." The layout signals the explorer-to-developer shift; the magnetics map shows where the rigs are going in 2026 to test regional prospects. Investors should look at the simple fact that upgrading the resource make the 2026 pipeline read less like a single drill-result lottery and more like a sequenced de-risking. The de-risking process will be a process that includes the infill to lift confidence, a third rig in Q3 for the geotechnical, hydrogeological and metallurgical samples that feed engineering, a mining lease already lodged, environmental baseline studies underway, and 40,000 m of regional drilling holding the blue-sky option open across niobium, REE and copper-gold.10,11,15 If even the confidence upgrade lands as intended, the most-quoted reason for the discount, "it's all Inferred" — stops being true. Samso take — the thesis in one paragraph Encounter looks oversold not because the factual case is wrong, but because the factual case is time-limited. Typically, for investors, especially the more sophisticated versions, the grade, confidence and sentiment are the three legs of the discount. Hopefully the infill program aimed squarely at the high-grade starter-pit zones will be sufficient to knock out two of them in one campaign. The market is pricing today's Inferred resource so hopefully, the 30,000m will move the valuation up as Encounter moves its resource from inferred to indicated and beyond. I think that is the potential catalyst that will change the markets view of Encounter. The risk will come from a disappointing infill drilling result where grade continuity does not hold, a faulty Indicated upgrade (less grade, less tonnes), and a continued market depression in the commodity or the market in general. The continued decrease in gold price will create a negative general market sentiment which will put weight on the share price of a broader range of ASX companies such as Encounter Resources. How to read the next six months The cleanest test of this thesis is specific and public: watch for the updated Mineral Resource Estimate that carries an Indicated component at the Green starter-pit zones, and the grade it reports there. If that lands and the discount to WA1 doesn't narrow, the "oversold" read was wrong. If it lands and the gap closes, the market was simply early to sell and late to look. References & sources Every project figure in this Insight is drawn from Encounter Resources' public ASX disclosures or a named third party, listed below. Company geological and site figures are referenced for insertion from the original releases rather than recreated, as the company's own diagrams are authoritative. All charts marked "Samso illustration/calculation" are our own renderings of disclosed data. Share-price range, current price and pre-revenue/loss status — market data, ENR.AX (stockinvest.us; stockanalysis.com; Yahoo Finance), price ~$0.255 on 15 Jun 2026, 52-week high ~$0.62. Operational momentum vs price drift — synthesised from the ENR announcement timeline below. Niobium market structure, pricing, end-uses and supply concentration — B. FitzGerald (Garimpeiro), "Why Encounter's niobium story is more than WA1 nearology," Stockhead, 26 Apr 2026; Resources Rising Stars, Aug 2025 (US$5 bn market scale). WA1 / Luni comparison, market values, $854 m gap, "one winner" framing, Luni 220 Mt @ 1.0% Nb₂O₅ Indicated — FitzGerald, Stockhead, 26 Apr 2026. Niobium-anode batteries; Echion Technologies / Switch Technologies MoU (27 May 2026); CBMM backing; haul-truck trial — Kalkine, 27 May 2026; smallcaps.com.au (Jun 2024, CBMM/VW testing). Maiden Aileron MRE 19.2 Mt @ 1.74% Nb₂O₅ — ENR 2025 Annual Report (reported via smallcaps.com.au, 17 Feb 2026). Resource upgrade to 120 Mt @ 0.77% Nb₂O₅ (Inferred, 0.25% cut-off) incl. 26 Mt @ 1.7% (1.0% cut-off) — ENR ASX, "Aileron Resources Grow by Over 50% to 120Mt," 21 Apr 2026. Resource detail, starter-pit intent, higher-grade subsets — ENR ASX (21 Apr 2026); smallcaps.com.au, 12 Jun 2026. Strong metallurgical recoveries at Green — ENR ASX, "Strong Metallurgical Recoveries at Aileron – Green," 17 May 2026. Mining Lease application; conceptual site layout (processing, TSF, ponds, airstrip, camp, solar farm) — ENR ASX activity update, June 2026; smallcaps.com.au, 12 Jun 2026. 70,000 m program: 30,000 m infill at Green (Inferred→Indicated, starter pits) + 40,000 m regional + third rig Q3 2026 (geotech/hydro/met) — ENR ASX activity update, June 2026; mining.com.au, 12 Jun 2026. Argonaut 70c valuation on ENR — Resources Rising Stars, Aug 2025. $25 m placement: 54,444,444 shares at $0.45 (first tranche ~$24.5 m) — Globe and Mail / TipRanks, 6 Nov 2025. Raise context, treasury to ~$38 m — miningnews.net, 30 Oct 2025. 2026 program / catalyst framing and confidence-category logic — ENR ASX activity update (June 2026); discoveryalert.com.au; smallcaps.com.au; mining.com.au. Announcement timeline (Feb–Jun 2026) — ENR ASX releases via stocklight.com / Market Index: "High-Grade Niobium Extends Over 4km at Green" (17 Feb), "Aileron Resources Grow by Over 50% to 120Mt" (21 Apr), "Quarterly Activities Report" (29 Apr), "Strong Metallurgical Recoveries at Aileron – Green" (17 May), "Niobium-Lithium Battery Development MOU" (26 May). Primary sources are Encounter's ASX announcements, available on the ASX platform and the company's investor page. Where this note cites a secondary outlet, it is because that outlet aggregated or commented on the underlying ENR disclosure; readers should verify against the original release. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso Insights | www.samso.com.au | An Investor Lens on ASX-Listed Companies

I started to look at the world of Artificial Intelligence (AI) seriously 12 months ago with a trip to the SuperAI Conference in Singapore in 2025. This event was so impactful that I will be attending again this year on the 10th and 11th June 2026. As part of the AI revolution for the Samso Platform, I sought out practitioners of the industry to join me for a Coffee with Samso. My goal was to get an "AI for Dummies" approach to kickstart our journey into AI. I found Eric Starling, who provided a solid introduction to the world of AI. It's not that the general public lacks understanding of AI and its implications; rather, I wanted insight into how industry players perceive the world of AI. Check out the Coffee with Samso with Eric Starling: What I learned from Eric Starling, who was then the Principal Innovation Advisor at Amazon Web Services (AWS), was that AI is essentially coding, now referred to as English. The concept is simple: programming has advanced significantly over the last decade, aided by technological improvements in hardware and the proliferation of data centres. This evolution has enabled the resolution of various software issues. Understanding AI from an Investor's Perspective As an investor, I wanted to delve deeper into the mechanisms, components, and levels of AI's workings. I am particularly interested in what is currently fueling the excitement among AI stakeholders. Artificial Intelligence in Healthcare, AI Health, digital healthcare provider, telemedicine, medical technology (source: ChatGPT) There are moments in markets when investors become so focused on price charts, quarterly earnings, and the latest headlines that they overlook the deeper structural changes taking place. The current excitement surrounding artificial intelligence feels like one of those moments. Many people look at NVIDIA and see a company whose share price has surged due to its production of chips essential for AI systems. While this observation is accurate, it is also incomplete. NVIDIA GTC Washington, DC: Live Updates on What’s Next in AI (source: NVIDIA) The Insights of Jensen Huang To truly understand what is happening, investors must step back from the noise and listen closely to Jensen Huang, the CEO of NVIDIA. Huang does not speak like a typical executive trying to sell a product cycle. Instead, he describes a transformation in industrial architecture. His language consistently revolves around platforms, factories, infrastructure, ecosystems, and the future shape of productivity. This message is vastly different from merely selling faster semiconductors. I watched Jensen Huang speak at the PMWC 2025 (Precision Medicine World Conference) and thought he was spot on. While it appeared to be a speech at a healthcare and precision medicine conference, it was about AI transcending the technology sector and integrating into the operational frameworks of real industries. Jensen Huang is a well-known figure in the semiconductor world, but it is essential to remember that other semiconductor giants also exist. Companies like TSMC, Broadcom, AMD, Samsung, and Intel dominate key areas such as foundry services, logic chip design, and memory. While NVIDIA is the leading fabless designer, TSMC is the world's largest manufacturer (foundry) of advanced AI chips. Companies like ASML are critical for providing the lithography machines necessary for production. Here is a good summary of the list of semiconductor players that matter: 10 Biggest Semiconductor Companies Readers and investors must realize that the world of data centres and the energy required to power our children's and grandchildren's futures will differ significantly from our current world and that of our great-grandparents. The Market Sees Chips. NVIDIA Sees Infrastructure. The simplest way to understand NVIDIA is to say it designs GPUs. This explanation may have sufficed years ago when graphics processors were mainly associated with gaming and visual computing. Today, however, this definition is outdated and no longer represents the true source of value. What NVIDIA increasingly provides is infrastructure for machine intelligence. The chips are just one part of the stack. Surrounding them are software, networking, developer tools, data centre architecture, robotics frameworks, digital twin environments, and a developer ecosystem that has taken years to build. This complexity is why many of NVIDIA's competitors find the story harder than expected. Designing a chip is challenging, but replicating an ecosystem is even more difficult. Investors often underestimate this distinction because financial markets prefer neat classifications. They want to categorize companies into sectors. Yet some companies evolve beyond their original categories. The efficiency of AI hinges on the database from which the AI is trained, and this is a crucial aspect that investors often overlook. Companies like Echo IQ Limited (ASX: EIQ) can have an "AI Agent" that makes a difference because they train their AI using an exclusive dataset that is unparalleled in their field of influence. Achieving milestones validated by rising market capitalisation is the ultimate recognition of success. Check out the latest Coffee with Samso with Echo IQ Limited: In this context, NVIDIA has transformed from a semiconductor company into an enablement company. It assists others in building the future more rapidly. The recent partnership with Nokia clearly illustrates NVIDIA's vision. By adding value to its business chain, NVIDIA is redefining its role. The NVIDIA AI Revolution - Why Semiconductors Have Become Strategic Assets For many years, semiconductors were viewed as crucial but largely invisible components of the global economy. Consumers cared about phones, laptops, gaming consoles, and internet services, but few considered the chips inside them. Today, advanced semiconductors influence military systems, cloud computing, scientific modelling, industrial automation, language models, robotics, and national competitiveness. The chip sector is no longer a quiet supplier in the background; it has become a frontline player in economic power. On equity exchanges such as the ASX, the mere mention of "semiconductor" can impact price and company valuation, rendering the term itself a significant factor. News headlines aligning the global concern of the supply of semiconductors. The extent of its importance has led governments to discuss semiconductors in strategic terms. One might even think that wars could be sparked by who controls semiconductor production, similar to oil and minerals. Export controls, domestic manufacturing subsidies, supply chain resilience, and sovereign capability are now common policy themes. The world has recognized that computational power is not just a commercial advantage; it is a geopolitical asset. AI and the Semiconductor industry are now joined at the hip. (source: ChatGPT) When markets grasp this shift, valuations across the semiconductor ecosystem begin to make more sense. This is no longer merely about cyclical demand for consumer electronics; it is about controlling the digital production layer of the next economy. It is about how the NVIDIAs of the global semiconductor sector manage their business infrastructure and influence the way humanity will function as we transition into a new era of coexistence with machines. AI and The NVIDIAs - Why Healthcare Was Such an Important Signal When Huang spoke at PMWC, it was evident that he foresaw the significance of the healthcare setting. Healthcare is not known for adopting change quickly; it is regulated, complex, data-heavy, and rightly cautious. If artificial intelligence can gain traction in such an environment, it suggests that the technology has moved beyond novelty. Medicine generates vast amounts of information. Imaging scans, pathology results, genetic data, patient histories, treatment responses, and administrative workflows all create layers of complexity that traditional systems struggle to process efficiently. AI is well-suited for environments where patterns are hidden within large datasets. Healthcare and Artificial Intelligence (source: Hospital Magazine) This means the real opportunity may not be a robot replacing doctors, as some headlines imply. Instead, it may involve systems that improve diagnosis speed, identify risks earlier, streamline workflows, support clinical judgement, and reduce waste. From a Samso perspective, this is where investors should focus. The best technologies often do not create the loudest headlines; they are the ones that quietly solve expensive problems. What This Means for the Wider Semiconductor World For investors and the global community, the need for NVIDIAs to succeed is just the beginning. The demand for data infrastructure and the energy required to support this exponentially growing industry is just the tip of the iceberg. This is a thought that should not be underestimated. A large AI buildout pulls demand through multiple layers of industry. Chip designers need foundries. Foundries require equipment. Servers need memory. Data centres need cooling, electricity, land, and network connectivity. Software companies need complete access. Enterprises require consultants and integration partners. The fear of humans being replaced by machines is exaggerated. The relationship between machines and humans is more interconnected than the narratives circulating in the media suggest. The Interaction of Humans and Artificial Intelligence. (source: Arquimea) This is why significant structural themes rarely reward only one company. Railways created demand for steel, coal, engineering, land development, and finance. The internet generated opportunities in hardware, software, logistics, media, payments, and advertising. AI is likely to do the same. This broader perspective is important because investors often arrive late to headline names and overlook the surrounding ecosystem where value may still be emerging. NVIDIA and Nokia: The Marriage that will Drive The Future Digital Infrastructure Story This partnership should serve as a wake-up call for investors examining this sector. What we once labeled as the AI sector can no longer be categorized in that manner. If I were to put on my thinking "hat," this sector is evolving into something beyond just AI and software. Nvidia has unveiled its Aerial RAN Computer Pro (ARC-Pro), an accelerated computing platform for 6G including connectivity, computing, and sensing capabilities, giving telcos a software-upgrade path to move from 5G-Advanced to 6G. (source: TheNextPlatform) The AI narrative is no longer solely about better software. It is transforming into a story about power, chips, networks, data centres, fibre, edge computing, and the capacity to move intelligence closer to decision-making. This is what the NVIDIA and Nokia combination could set as a trend for the future of communications. NVIDIA is constructing the compute layer of the AI world. Its Blackwell architecture is designed for large-scale generative AI and accelerated computing, featuring GPUs, CPUs, and networking built as a full-stack data-centre platform. Nokia and NVIDIA announce their partnership that could position the two tech giants as leaders of the future generational communication and technological revolution. (source: Telco Magazine and Telecoms.com) Nokia, on the other hand, is focused on the connectivity layer. Its AI-RAN strategy aims to integrate artificial intelligence into the radio access network, ensuring that future 5G-Advanced and 6G networks are not merely communication pipes but intelligent infrastructure. Nokia describes AI-RAN as three components: AI improving the network, AI operating on the network, and AI sharing infrastructure with the network. “It’s driven by two exponentials,” [two growth curves happening simultaneously.] Huang stated. “We now have visibility. I think we’re probably the first technology company in history to have visibility into half a trillion dollars of cumulative Blackwell and early ramps of Rubin through 2026. As you know, 2025 is not over yet, and 2026 hasn’t started. This is how much business is on the books. Half a trillion dollars worth, so far. We’ve already shipped 6 million of the Blackwells in the first several quarters. . . . We still have one more quarter to go for 2025 and then we have four quarters [referring to 2026]. So the next five quarters, there’s $500 billion, half a trillion dollars. That’s five times the growth rate of Hopper [NVIDIA Hopper was already one of the fastest-selling enterprise compute platforms in history.].” Or, put simply: Demand for AI is exploding, and the computing needed for each AI system is also exploding. Those two forces together are creating unprecedented order momentum for NVIDIA. The key takeaway is this: AI will not transform the world by remaining confined within a data centre. It needs to travel. It requires reduced latency. It demands edge processing. It requires network reliability. It needs energy-efficient infrastructure. This is why NVIDIA’s US$1 billion investment in Nokia in October 2025 is significant. This partnership aims to accelerate AI-RAN innovation and facilitate the transition from 5G to 6G. For investors, this represents a crucial shift in perspective. The AI opportunity extends beyond models and applications; it also encompasses the essential backbone: data centres, optical networks, telecom equipment, high-performance chips, cooling, power, and software-defined networks. Nokia’s recent comments underscore this point. Its CEO cautioned that Europe risks falling behind the US and China if it does not develop sufficient AI data-centre and connectivity infrastructure. This indicates that AI is now regarded as national infrastructure, not merely a technology sector. The NVIDIA–Nokia relationship also hints at a future where telecom networks become integral to the AI economy. Nokia and Orange are already collaborating with NVIDIA on AI-RAN use cases that may enhance spectral efficiency, radio performance, and new services like integrated sensing and communication. My Samso view is straightforward. The next phase of AI will be dominated by those who control both intelligence and delivery. NVIDIA provides the AI world with processing power. Nokia aims to make the network intelligent enough to carry that power into the physical world. This is why digital infrastructure is crucial. Without it, AI remains powerful but centralized. With it, AI becomes distributed, responsive, and embedded into everyday systems — factories, hospitals, vehicles, cities, mining operations, logistics, defence, and communications. The future AI landscape may not be defined solely by who has the best model. It may be shaped by who possesses the best infrastructure to make AI practical in the real world. The Australian Perspective It is unlikely that Australia will host the leading global GPU designer. However, this does not mean Australia is excluded from the narrative. Some companies may emerge, but the race will be dominated by the giants mentioned earlier. Australia can, however, play a significant role in components that are part of the future AI-driven pathway. Plans are underway to construct the nation’s largest data centre in the remote northern area of Western Australia to support large-scale artificial intelligence (AI) training, including platforms like ChatGPT (ABC News). Plans to build a large data centre in Western Australia. (source: ABC News) Project Meridien, powered by wind, solar, and natural gas, is expected to provide approximately 240 megawatts of IT capacity and involve an investment of billions of dollars. This "AI factory" is planned to be developed in stages on Karajarri land, located south of Broome in the Kimberley, approximately 2,000 kilometers north of Perth, with an expected opening in 2032. The proposed new Data Centre in the northern part of Western Australia (source: Gingerah Energy) Gingerah Energy, the joint venture leading the project, is spearheaded by chief executive Jop van Hattum. He mentioned that the project would expand on the initial 240 megawatts of IT capacity. "Ultimately, the project will be four times larger," he stated. "The chosen site allows for a 1 gigawatt IT facility." Every major technology cycle requires raw materials, energy, infrastructure, and specialist applications. Australia has relevance in each of these areas. Copper, rare earths, nickel, uranium, and high-quality iron ore all intersect with industrial modernization in various ways. Reliable energy becomes increasingly important as data centres consume more power. The Australian Critical Minerals Story. (source: Geoscience Australia) Beyond resources, Australia may also produce niche software and healthcare technology businesses that apply AI to specific problems rather than attempting to build global foundational models. In many cases, this can be the more practical commercial path. Samso readers should remember that not every winning investment must be the inventor of the platform. Sometimes, it is enough to own a business that benefits from the platform becoming essential. The Risk of Believing Every AI Story - A Reality Check For Investors No significant investment theme arrives without exaggeration. Markets are inherently enthusiastic, and promoters quickly learn to attach themselves to fashionable narratives. This means investors need discipline. Not every company mentioning AI has a defensible product. Not every high valuation reflects durable earnings power. Not every pilot program evolves into a real business. The challenge lies in distinguishing genuine utility from borrowed excitement. This requires asking grounded questions. Does the technology address a genuine pain point? Will customers pay for it? Can it be deployed at scale? Is the competitive advantage real? Can management execute? These questions matter more than whether the presentation deck uses the letters A and I fifty times. The Samso View Jensen Huang’s significance may ultimately have less to do with one company’s market capitalisation and more to do with how clearly he has articulated the next phase of computing. He has consistently framed AI as infrastructure, not entertainment. As productivity, not novelty. As industrial capacity, not a fleeting software trend. This framing is worth understanding. Markets will overshoot at times. Valuations will fluctuate. Competitors will emerge. Cycles will come and go. But structural shifts tend to endure despite the surrounding volatility. The current AI era may be remembered less as the rise of chatbots and more as the moment intelligence became embedded into the operating systems of industry. That is a much larger narrative than one chip company. Samso Final Thoughts Investors often ask whether they have missed NVIDIA. That may be the wrong question. A better question is whether they understand what NVIDIA represents. If AI becomes foundational infrastructure, opportunities will continue to arise across semiconductors, power, resources, software, healthcare, logistics, and automation. The winners may not always be obvious in the early stages. The real edge comes from recognizing the second-order effects before the crowd does. That is usually where thoughtful investing begins. Cover photo: National Semiconductor 24-bit flat panel display link - (Emtec Gdium Liberty 1000) (49849213136), Martijn Boer from Netherlands. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:National_Semiconductor_24-bit_flat_panel_display_link_-_(Emtec_Gdium_Liberty_1000)_(49849213136).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support the independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, and particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organization 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 – John Anderson and the Thinking Behind the Paris Silver Discovery There are mining discoveries, and then there are stories about why discoveries happen. The difference matters. In this episode of Coffee with Samso, I sat down with John Anderson, the geologist most closely associated with the discovery of the Paris Silver Deposit on South Australia’s Eyre Peninsula. John is not just another explorer who drilled a successful hole. He represents a generation of geologists who instill the life of geoscientists into the exploration industry through persistence, pattern recognition, and the willingness to challenge accepted geological thinking. This conversation in this Coffee with Samso was less about one silver deposit and more about how discoveries are made when ideas are allowed to mature over decades. The Geologist Behind the Discovery John Anderson was born in South Australia and developed an early fascination with rocks, fossils, and the natural world. He graduated from the University of Adelaide in 1975 with studies in geophysics and geology before starting a career that would take him through some of Australia’s most important mining districts. His early years included underground work at Broken Hill, nickel exploration around Kalgoorlie, tin projects, and later senior exploration roles with major mining groups. These experiences shaped a style of thinking John repeatedly referenced in our discussion — understanding how systems form, not simply where anomalies sit on a map. That distinction is critical. Many people talk about targets. Fewer talk about mineral systems. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 217 | The Discovery of the Paris Silver Deposit | Adelaide | South Australia Audio Podcast Coffee with Samso - Episode 217 | The Discovery of the Paris Silver Deposit | Adelaide | South Australia Chapters 00:00 Start 01:59 Introduction to John Anderson 04:01 The Tin Connection and the see of Mienral System. 07:35 The Discussion of Mineral System Thinking? 11:38 The Investigator Resources Connection 13:22 The thinking behind the Discovery of Paris 14:22 The Beginning of the Search for A Paris Discovery 15:42 The Use of PEMA or EPMA - Electron Probe Micro-Analysis 25:30 The Diamond Drilling that proved Mineralisation. 26:41 Was there any pussback to the exploration? 29:27 Did The Discovery of Paris changed the thinking of Gawler Geology. 32:29 Is there more of the Olympic Dam scale or hybrids of smaller IOCGs 33:04 The potential of variance of the IOCGs, Porphyrys - Discovery of Hybrids. 33:54 WIll the BHP Funding Initiatves Help Discovery of the Hybrids. 35:05 John Anderson Theory for the Gawler Graton 38:19 Can we find a Cadia in the Gawler? 40:08 The Double Subduction Model 41:19 Similarities of Olympic Dam and the Paris System 44:38 The Galwer - Olympic Dam Tectonic Environment 45:39 What would John say to the Younger Generation of Geoscientists? 49:04 Lack of Boots on The Ground. 50:28 Last Words from John Anderson 51:34 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

EchoSolv AS Enters Mount Sinai Health System: A Deployment Inside One of the United States' Leading Cardiovascular Networks Samso News | ASX: EIQ | Source: Echo IQ Limited ASX Release, 28 April 2026 Samso has been following the Echo IQ since September 2025. The research that went into preparing for the first Coffee with Samso with Dustin Haines was the eye opener for myself. It became very clear that this was a business that just needed validation and the first was the FDA submission which I now understand is not something that is caually done. The proecess and the acceptance of the request for approval in itself was a strenous process and is almost a tick of approval on acceptance for the requrest. It was at that stage that my thoughts was that this is a matter of time and not a need for pprove of concept. The acceptance for partnership or acceptance of their product into the Mayo Clinic and now the Mount Sinai system is the ebst validation that I can think of, in my humble opinion anyway. The product targets severe aortic stenosis — a condition that carries meaningful consequences when it goes undetected. The commercial model is predicated on integration into existing echocardiography workflows rather than requiring new infrastructure, which reduces the barrier to adoption inside hospital systems. The Mount Sinai engagement confirms that leading cardiovascular institutions are willing to put this software into active clinical use. Echo IQ Limited (ASX: EIQ) has confirmed the deployment of EchoSolv AS into Mount Sinai Health System, a major healthcare network based in New York, United States. This announcement represents the company's most significant US institutional placement to date. Mount Sinai Health System operates seven hospitals, more than 400 outpatient practices, and over 3,760 beds across its campuses. Its affiliate, the Icahn School of Medicine at Mount Sinai, is a globally recognised medical school. Mount Sinai Hospital The system services millions of patient interactions each year and is consistently positioned among the top hospital networks in the United States across multiple clinical specialties, with cardiology and heart surgery among its most prominent areas. The significance of this deployment is grounded in the specific ranking of Mount Sinai Fuster Heart Hospital at The Mount Sinai Hospital. According to U.S. News & World Report's 2025–26 Best Hospitals rankings, it holds the No. 1 position in New York and No. 2 in the nation for Cardiology, Heart and Vascular Surgery. For a company commercialising AI-based decision support software for the assessment of severe aortic stenosis, placing that product inside the second-ranked heart hospital network in the United States is a measurable step in its stated US commercial strategy. Severe aortic stenosis is a condition in which narrowing of the aortic valve restricts blood flow from the heart. It can go undetected or be inconsistently assessed in high-volume clinical environments, and when left untreated, patients cannot benefit from the therapeutic options available. EchoSolv AS is designed to operate as an adjunct within existing echocardiography workflows, providing a measurement-based second review to assist physicians in identifying cases that may otherwise be missed. The software is not intended to replace physician judgment but to augment the assessment process. Echo IQ Limited Mt Sinai Health System Highlights of the Echo IQ Asx Release - 28th April 2026 EchoSolv AS finds hidden cases Management Commentary - Echo IQ and EchoSolv AS What the Company's Leadership Said About the Mount Sinai Deployment Nick Lubbers, US President and General Manager of Echo IQ, addressed the strategic context of the deployment. He described the engagement as an important step in the company's US commercial growth, noting that it reflects increasing interest from cardiologists in tools that can support assessment within routine echocardiography workflows. Lubbers characterised EchoSolv AS as a practical, measurement-based second look for physicians assessing severe aortic stenosis, and stated the company intends to demonstrate the product's utility at scale through its work with Mount Sinai Health System. He also framed the Mount Sinai engagement as consistent with Echo IQ's broader trajectory of building partnerships with leading hospitals and expanding access to AI-enabled decision support in cardiology. "Mount Sinai is the kind of institution that helps set the standard for clinical excellence and innovation." — Nick Lubbers, US President and General Manager, Echo IQ Limited Clinical commentary was provided by Dr. Stamatios Lerakis MD, PhD, Director of the Cardiovascular Imaging Program and Imaging for Structural and Valve Interventions for Mount Sinai Health System. Dr. Lerakis noted that EchoSolv AS can highlight cases of aortic stenosis that may otherwise be under-diagnosed and remain untreated, meaning affected patients would not benefit from the therapeutic advances available in the management of aortic valve disease. He described the software as an adjunct for the echocardiographer, confirming that the physician retains final interpretive authority, and stated that the product would strengthen patient care. "This product can highlight patients with aortic stenosis that can be otherwise under-diagnosed, remain untreated and as a result, not benefit from the tremendous therapeutic advancements in the space of aortic valve diseases." — Dr. Stamatios Lerakis MD, PhD, Director Cardiovascular Imaging Program, Mount Sinai Health System Disclosure noted in the ASX release: Dr. Stamatios Lerakis serves as a paid key opinion leader, speaker, and advisory board member for Echo IQ Limited. Near-Term Milestones to Watch What Investors Should Monitor Following This Deployment Announcement Near-Term Milestones to Watch Map illustrating Mount Sinai Health System's New York footprint across its seven hospitals and outpatient practices. Samso Concluding Comments Putting the Mount Sinai Deployment in Context To say that the deployment of EchoSolv AS into Mount Sinai Health System is a significant step for Echo IQ would be an understatement. The relevance of the institution is well documented in the medical profession and the narrative of importance whenever you hear thatat some person of significance has been admited to a Mt. Sinai hospital, To the intiated, this hospital system may be ranked second in the nation for cardiology and heart surgery by U.S., however to the "nomral people, the everday population, the mention of Mt. Sinai represents the upper tier of the US without stipulating the cardiovascular landscape. For Echo IQ Limited with a product designed specifically for cardiologists operating within echocardiography workflows, gaining access to a system of this standing reflects the product's ability to meet the standards required by a top-level clinical institution. Shareholders should be sitting back rubbing their hands already knowing that the ASX release uses the language of deployment, which denotes active clinical use. For now, I think that Echo IQ Limtied is enjoying the spotlight of good compnay stories on the ASX. Previous Samso News Coverage Samso has followed Echo IQ across multiple ASX releases. The following represents our prior published coverage of the company: April 16, 2026 - Echo IQ – AI Diagnostics, Mayo Clinic & Hypergrowth March 26, 2026 - Echo IQ – Mayo Clinic Agreement Expands Commercial Pathway for EchoSolv HF After FDA Clearance January 30, 2026 - Echo IQ Limited — FDA 510(k) Submission Lodged Following Mayo Clinic Validation - Catalyst for Market Acceptance ? - Time to get On Board the EIQ Train December 15, 2025 - EchoIQ (ASX:EIQ) — New Clinical Data Reinforces Market Potential of EchoSolv™ AS November 26, 2025 - Is this A for Gift Shareholders of Echo IQ Limited - EchoSolv HF Validated at Mayo Clinic Platform – Lining Up for FDA 510(k) Submission October 25, 2025 - Echo IQ (ASX: EIQ): Strong Operational Momentum & Regulatory Milestones. Recent Setback May Be A Discount Opportunity for Investors - Diagnosing Heart Disease. September 7, 2025 - Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ). About Echo IQ Echo IQ Limited (ASX: EIQ) — AI-Driven Decision Support in Cardiology Echo IQ is a Sydney-based AI and medical technology company. Its lead product, EchoSolv AS, is an AI-based decision support software indicated as an adjunct to echocardiography for the assessment of severe aortic stenosis. The software is designed to be used by qualified healthcare professionals alongside existing clinical tools, providing a measurement-based review to assist physicians in identifying cases of severe aortic stenosis that may otherwise go undetected. EchoSolv AS holds FDA 510(k) clearance in the United States. The company's commercial strategy centres on deploying the software at high-volume cardiovascular institutions and cardiology practices across the US market. Cover photo: Sonography Machine Donation from Raleigh Radiology-22, waketechcc. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sonography_Machine_Donation_from_Raleigh_Radiology-22.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. . ---

Black Swan Processing Hub Refurbishment Funded and Underway: Maritana Minerals Limited Presents Its Pathway to Standalone Gold Production in the WA Goldfields Samso News | ASX: MRT | Source: Maritana Minerals Limited - Investor Presentation - Mining Forum Europe , 15 April 2026 Maritana Minerals Limited (ASX: MRT) was Horizon Minerals Limited (ASX: HRZ) before a name change announced on the 10th April 2026. The company was on a Coffee with Samso in August 2025, where Grant Haywood, the Managing Director and CEO, shared with us the business that was to become what is now called Maritana Minerals Limited. My interest in the story stems from the fact that at that time, this was a gold-producing story that was pretty much "undervalued" in terms of a business that was pretty much producing gold. For those who remember, the gold price was "surging" at that time at USD $3200 per ounce. It reached a high of USD $5,600 and is now currently sitting at USD $4,600 per ounce. Similarly, the share price of Maritana Minerals rose from AUD $0.67 to a high of AUD $1.51 and with the falling gold price, the share price is now at AUD $0.75 with a market capitalisation of AUD $277M. At the time we published the Coffee with Samso, the market capitalisation of Maritana (then Horizon Minerals Limited) was around AUD $100M. The increase in market capitalisation has increased with an aggressive capital raise since that time. Is it time to have a relook at this opportunity? The Business of Maritana Minerals Limited Maritana Minerals operates in a space where the key risk variables for a development-stage gold company are resource definition, processing infrastructure, funding, and permitting. In the strict terms of being a gold producer, Maritan is not quite there yet, and for those that have been following their story, is this a case of on-risk or de-risking situation? From a Samso point of view, the potential positives are that Maritana Minerals' Black Swan Processing Hub is now 100%-owned with the potential of a 2.2Mtpa processing facility that removes the need to build a new plant from the ground up, cutting both capital requirements and development timelines relative to a greenfield approach. The company's A$175M equity raise has been completed, placing the project in a funded position ahead of construction. The study results have been published, FEED is underway, major approvals are in place, and long lead items have been ordered. For a development-stage company, the number of open variables is potentially materially lower than is typical at this stage. The Black Swan refurbishment approach is a model that Samso considers worth tracking as the company moves toward its mid-2027 first gold production target. Maritana Minerals Limited (ASX: MRT) — West Australian Gold Developer Targeting Standalone Production via Refurbished Processing Hub - The Facts. Maritana Minerals is a West Australian gold developer that holds a 1,167km² land package centred around the Kalgoorlie and Coolgardie regions of Western Australia, underpinned by a 1.9Moz Mineral Resource at 1.7g/t Au. Its cornerstone asset is the Black Swan Processing Hub — a 2.2Mtpa processing facility currently in care and maintenance, located approximately 50km northeast of Kalgoorlie. The company's stated strategy is to refurbish Black Swan and convert it to gold processing, using a hub-and-spoke model to draw ore from multiple deposits across its landholding. A feasibility study supports an operation producing an average of approximately 102,000 ounces of gold per year over a five-year mine plan, with first gold targeted for mid-2027. The company is fully funded for plant refurbishment and mine development, having completed an A$175M equity raise in February 2026. In addition to its gold assets, Maritana holds the Nimbus Silver-Zinc deposit located 44km from Black Swan, which contains 20.2Moz of silver and 104kt of zinc. Introducing the Presentation Maritana Minerals Limited presented its April 2026 investor presentation at the Mining Forum Europe, setting out the current status of the Black Swan Processing Hub development and the company's pathway to first gold production. The presentation consolidates the key milestones reached since the company's rebrand from Horizon Minerals and details the funded position, study results, resource base, and construction timeline that underpin the company's stated plan to become a standalone West Australian gold producer by mid-2027. The core of the presentation is the Black Swan Processing Hub, a 2.2Mtpa facility currently in care and maintenance, located approximately 50km northeast of Kalgoorlie. The company's strategy is to refurbish and convert this plant to gold processing, avoiding the cost and timeline associated with a new build. The study results support a project-level pre-tax NPV of approximately A$631M at an 8% discount rate and an IRR of 83%, using a base case gold price of A$5,500 per ounce. At the time of the presentation, spot gold was reported at A$7,300 per ounce. Pre-production capital has been estimated at A$160.5M, with a capital intensity of approximately A$1,500 per ounce, and payback of 18 months from plant commissioning at the base case gold price. The company completed an A$175M equity raise in February 2026, with a further A$4.65M raised through a Share Purchase Plan, placing the project in a fully funded position for plant refurbishment and mine development. Front End Engineering Design (FEED) is underway, the Final Investment Decision (FID) is expected in the second quarter of 2026, and plant construction is scheduled to begin in the third quarter of 2026. The company has also reported that major environmental and regulatory approvals are in place, and that long lead items — including motors and variable speed drives — have been ordered. Ore stockpiling at Boorara has commenced, with 460,000 tonnes at 1.21g/t gold reported as a de-risked startup inventory ahead of plant commissioning. Highlights Highlights of the Maritana Minerals Business - April Investor Presentation - Mining Forum Europe - 15th April 2026 The Balck Swan Processing Hub Strategy. (souce: Maritana Minerals Limited) Management Commentary Grant Haywood, Managing Director and CEO of Maritana Minerals, has framed the Black Swan Processing Hub as the foundation of the company's plan to become a standalone West Australian gold producer. The investor presentation positions the project as a low capital intensity, expedited pathway to production, with Haywood and the board pointing to the use of existing processing infrastructure as the key differentiator relative to a greenfield development. "All elements in place to support aspirational target to become a ~100kozpa GOLD producer." — Maritana Minerals Limited, April 2026 Investor Presentation The presentation highlights that the project benefits from key approvals already being in place, long lead items having been ordered, and FEED studies being underway. Maritana Minerals Limtied has communicated that construction is expected to commence from mid-2026, with commissioning in early 2027 and first gold production by mid-2027. The board and management team, which includes a Project Director and Project Manager in addition to executive leadership, has been presented as having operational experience relevant to mine development and production in the Western Australian goldfields. On the subject of project economics, the company has highlighted that the base case study was run at A$5,500/oz gold and that the spot price at the time of the presentation was A$7,300/oz. The company has not presented updated economics at the spot price, but has included a sensitivity analysis showing that gold price is the most significant variable affecting NPV — with a 20% increase in the gold price producing an optimistic NPV materially above the A$631M base case figure. The Maritana Minerals Limited Business Model. (source: Maritana Minerals Limited) Near-Term Milestones to Watch Key Delivery Points Between Now and First Gold Production at Black Swan Near-Term Milestones to Watch Key Milestones and Timing (source: Maritana Minerals Limited) Samso Concluding Comments Putting the Black Swan Development in Context Despite the recent fall in share price which is consistent with the gold price pulling back, Maritana Minerals, as of April 2026 is still a story that a number of development-stage gold companies in Western Australia have sought but fewer have reached at this point in the cycle. Maritana has published feasibility study, a funded balance sheet, major approvals in place, long lead items ordered, and a concrete construction timeline. Readers should remember that the Black Swan Processing Hub does represent an estimated replacement value of over A$200M. The company is acquiring access to that asset for a refurbishment capital cost of approximately A$101M. The pre-production capital total of A$160.5M, which includes mining capital, is funded without debt from the capital raise completed in February 2026. Refurbishment versus new build comparison table (cost, timeline, approvals, sustainability (source: Maritana Minerals Limited) The current mine plan is for five years and 546,000 ounces. The Burbanks high-grade underground mine, with its 465,500-ounce Mineral Resource and historical production grade of 22.7g/t, is not included in that plan and while it sits as a real potential to add ounces, this is still a work in progress. I would probably prefer to keep this as a pie in the sky for now. A Mineral Resource for Burbanks upgrade is scheduled for mid-2026 and is expected to be incorporated into a combined pre-feasibility study and updated life of mine plan. If that process proceeds on the stated timeline, investors should have a clearer picture of the mine life beyond the initial five years by the end of 2026. The Black Swan site itself has also been identified as carrying gold prospectivity that has not been systematically tested. Grnt did mention this as early as the Coffee wiht Samso that only 5% of historical drill assays at the site tested for gold, and a 6.5km gold trend has been identified adjacent to the existing infrastructure. Neither of these represents a confirmed resource addition at this stage, but both represent additional optionality within the existing landholding. Black Swan exploration potential map showing North, East, West, and South gold anomalies with soil results and the Mt Monger Fault (source: Maritana Minerals Limited) The economics presented in the feasibility study are based on a gold price of A$5,500 per ounce. The spot gold price at the time of the investor presentation was reported at A$7,300 (Currently AUD $6300) per ounce, so at the current state of the market, this has to be considered. The AISC of A$3,353/oz at base case, against a spot price of A$7,300/oz, did represent a margin that was meaningful to track as construction capital is committed and cash costs are refined through FEED. Study outcomes chart showing closing cash position by financial year and gold produced (koz) alongside the NPV sensitivity tornado chart. (source: Maritana Minerals Limited) With the changing dynamics that is always full of surprise, if the view is that the gold price will continue to move upwards with time, then this may be a situation of a second chance to get in on the story; however, if the gold price did move further downwards, then waiting may be the right mvoe for investors. In the space of mining, the details are important. Previous Samso News Coverage Samso has followed Maritana Minerals (formerly Horizon Minerals) across multiple ASX releases. The following represents our prior published coverage of the company: October 8, 2025 - Horizon Minerals (ASX: HRZ) — Burbanks drilling returns spectacular grades - The Early Steps to Build a Gold Mining Story. September 2, 2025 - Horizon Minerals (ASX: HRZ) – Advancing the Black Swan Pre-Feasibility Study - A Gold Mining Hub. August 21, 2025 - Horizon Minerals Expands Strategic Footprint Near Black Swan with Gordons Dam Acquisition - Creating a Gold Mining Hub. August 1, 2025 - Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX: HRZ) July 27, 2025 - Horizon Minerals Limited (ASX: HRZ) – 2025 Growth Strategy in Action - An Undervalued Gold Miner Story ? June 29, 2025 - Horizon Minerals: Strategic Pivot Towards Standalone Gold Production Cover photo: Gold bullion bars, Stevebidmead. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_bars.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. . ---

Argentina has long been one of those jurisdictions that sits in the investor’s peripheral vision, not being ignored, but was never fully committed to as a "safe or aprropriate jurisdiction. For close to three decades, the global mining industry has watched the country with a mix of interest and hesitation. The reason is not difficult to understand. Argentina hosts ground that would be considered first-order by most geologists, sitting within the Andean Copper Belt and the Lithium Triangle, yet the level of production has consistently lagged the geological potential (Figure 1). Figure 1: Summary of mineral deposits in Argentina. (source: Canning House) That gap has historically had little to do with what sits below surface. It has been shaped by what happens above it. Currency controls, shifting royalty structures, and an often fragmented alignment between federal and provincial governments have made long-term planning difficult. For mining companies — particularly those accountable to public markets — uncertainty in policy translates directly into uncertainty in capital allocation. When the rules are not stable, modelling long-term returns becomes an exercise in risk management rather than project development. The election of Javier Milei in December 2023 marks a shift in that narrative. The policy direction has moved decisively toward attracting investment, with early signs that structural reform is being implemented rather than simply discussed. For an industry that operates on multi-decade timelines, that change in direction is meaningful, but it does not remove the need for careful observation. Figure 2: President Javier Milei during his election win in 2023. (source: El Orden Mundial) This Samso Insight takes a step back from the noise and lays out the moving parts. The political environment is evolving, new regulatory incentives are being introduced, and the resource base remains as compelling as it has always been. At the same time, the structural risks that have defined Argentina over the past three decades have not disappeared. The intention here is not to form a view on whether Argentina deserves investor capital. It is to provide a clear, factual map of the jurisdiction as it stands today — particularly in the context of ASX-listed companies already operating in the country or considering entry. In markets like Argentina, understanding the balance between opportunity and execution risk is what ultimately shapes outcomes. Contents 1.1 Javier Milei and the Reform Agenda 1.2 Federal Structure and Provincial Dynamics 2.0 The RIGI - Argentina's investment Incentive Regime 2.1 What RIGI Is 2.2 Why the Forex Provision Matters 2.3 Early Uptake 2.4 Limitations and Criticisms 3.0 Australian Companies In Argentina 3.1 Copper 3.2 Gold THE OPERATING MINES IN CONSTRUCTION IN DEVELOPMENT — ADVANCED THE OPERATING PROJECTS 3.3 Lithium IN DEVELOPMENT — ADVANCED SAMSO THOGHTS 3.4 Silver THE OPERATING MINES THE BLOCKED DEPOSIT IN DEVELOPMENT — ADVANCED THE ASX-CONNECTED SILVER PIPELINE SAMSO THOUGHTS Samso Concluding Thoughts 1.1 Javier Milei and the Reform Agenda The election of Javier Milei was not a routine political transition. It marked a clear break from Argentina’s recent economic history. Milei came into office positioning himself as a libertarian economist, with a mandate built around fiscal contraction, deregulation, and a deliberate unwinding of what he described as an overextended state. Figure 3: Javier Milei elected as President of Argentina with an inflation rate of over 200% in 2023. (source: Google) He inherited an economy under significant strain. Inflation had moved beyond 200% annually — a level that removes any real visibility for long-term planning. For the mining sector, that type of macro environment makes it difficult to commit capital, regardless of geological quality. Milei’s initial response was direct. Public spending was cut, subsidies were reduced, and the reliance on monetary financing of the deficit was effectively stopped. The adjustment phase was not without consequence. Through 2024, the social impact was visible, with poverty levels rising as the economy reset. By late 2025, however, the macro indicators began to stabilise. Inflation moderated from peak levels of around 211% to closer to 30% by year-end, with further declines projected if fiscal discipline is maintained (Figure 4). At the same time, GDP, which had contracted through 2023 and 2024, showed signs of recovery, with growth forecasts approaching 5% for 2025. Figure 4: Javier Milei as President has lowered the inflation rate to 5% but underlying the dramatic inflation miracle, is the underlying tone of a rise in unemployment, poverty and growing discontent. Is this a real economic turn-around or will it just prove to be another false dawn for Argentina and also are there any lessons for the UK economy? (source: OECD) The October 2025 midterm elections became an important checkpoint. Milei’s party, La Libertad Avanza, performed better than expected, strengthening his legislative position. While he does not hold a full congressional majority, the outcome provides enough support to defend key policies and continue pushing reform. For investors, this matters. It suggests that, at least in the near term, the policy direction is not being reversed. 1.2 Federal Structure and Provincial Dynamics Argentina’s federal system is one of the more important factors in understanding how its mining sector actually functions. While national policy sets the broader direction, the practical side of mining, such as titles, permits, and environmental approvals, sits with the provinces (Figure 5). Figure 5: An important distinction of how regulations in the mining industry sector works in Argentina is that the Provincial authorities control the important component s of a mining project, the titles, permits, and environmental approvals (source: Google) Each province operates with a degree of independence. There is no single permitting framework across the country. Provinces such as San Juan and Salta (Figure 6)have built a reputation as pro-mining jurisdictions, with established pathways for project development. Others, including Mendoza and Chubut, have taken a more restrictive approach, particularly around open-pit mining and certain processing methods. Figure 6: View of a mine in San Juan and the Salta lithium Solars, Argentina. (source: Google) What this creates is variation. A supportive national policy environment does not guarantee smooth execution at the project level. The interaction between federal incentives — such as RIGI — and provincial control over approvals becomes a key part of the operating landscape. For companies on the ground, this is not theoretical. It directly influences timelines, capital requirements, and ultimately project viability. 1.3 Political Continuity — What to Watch From an investment perspective, the question is not whether policy has changed — it clearly has. The more relevant question is how long that change will hold. The 2025 midterm result provides some short-term confidence. Milei’s improved position in Congress (Figure 7) reduces the immediate risk of key legislation being unwound, particularly the RIGI framework that underpins much of the current investment narrative. It gives the government enough support to maintain direction, even without full control of the legislature. Figure 7: The seats in the Chamber of Deputies in the Argentine National Congress. The longer-term view is less certain. The 2027 presidential election will be a more definitive test of policy durability. Argentina has a history of policy resets when administrations change, and that remains part of the risk profile. What is worth noting is how global capital is responding. Major mining companies such as BHP, Rio Tinto, and Glencore have committed significant capital to Argentine projects under the current framework. These are long-cycle investments, typically measured in decades rather than years. Their participation suggests that, at a minimum, the current direction is being taken seriously. Figure 8: Rio Tinto's $2.5B Rincon Lithium Project is one of the long-cycle investments in Argentina. Do we follow the leader? For ASX investors, this becomes the balance to understand. The policy environment is improving, capital is moving in, and the geology has always been there. The variable that remains is continuity — and in jurisdictions like Argentina, that is often the factor that determines whether potential translates into outcome. 2.0 The RIGI - Argentina's investment Incentive Regime Like all jurisdiction, the opportunities in mining will be driven by what the investment arena perceives the risk - reward structure of the location. Argentina is not a new regime and it is definitely not thought of as a cowboy nation. Over my 30 years in the industry, Argentina has always been in the conversation, however, I have never looked into the details. The region has always been the playground of the North American mining fraternity and the bold Australians. When I came up with this topic for a Samso insight, I thought this will be a great reason to dig deeper into the ins and outs of doing a mining business in Argentina. 2.1 What RIGI Is The Regime for the Incentivisation of Large Investments — commonly referred to as RIGI — is the central policy mechanism introduced under Javier Milei to reposition Argentina as a destination for large-scale capital. Approved by Congress in July 2024 and implemented in October of the same year, RIGI is designed with a clear objective. It is aimed at attracting long-term investment into capital-intensive sectors such as forestry, tourism, infrastructure, mining, technology, steel, energy, and the oil and gas sector. The framework applies to projects with a minimum capital commitment of US$200 million. What distinguishes RIGI is not a single incentive, but the combination of measures that attempt to remove the historical friction points that have defined Argentina’s investment narrative. At its core, the regime offers a reduction in corporate tax from 35% to 25%, alongside a phased reduction in dividend taxes after seven years of operation. More importantly, it introduces a 30-year stability framework covering tax and foreign exchange conditions. For investors used to policy volatility, this is the element that carries the most weight. Additional provisions include exemptions on import tariffs for capital equipment and key inputs, the ability to access export revenues in foreign currency, and access to international arbitration mechanisms rather than relying solely on domestic courts. Individually, these are not unique in a global context. In combination, they represent an attempt to align Argentina with jurisdictions that compete for the same pool of mining capital. Southern Pulse has a LinkedIn post that gives a good summary of what RIGI is all about. The biggest concern for observers is that the political lifespan since 2011 has been one term and there has been a history of false promises and a change in political agendas. According to El Pais, a prominent Spanish newspaper, all is not well with the Javier Milei government. According to El Pais, public sentiment in Argentina is showing that all is not well with the Javier Milei administration a combination of concerns for the economy and the political scene. The most commonly cited issues are corruption (43.3%), unemployment (42.2%), inflation (35.3%), the weakening of democracy (31.4%), and the broader economic situation (29.6%). Recent polling across the country shows a mixed but consistent trend in support for Javier Milei. Some surveys indicate approval levels around 40%, while others point to disapproval closer to 50%. According to the paper, local Isasi-Burdman polling firm reports that the President approval ratings has declined to 46%, however, the President current standing remains stronger than that of previous presidents at a similar stage in their terms. Other data suggests a more cautious outlook. Synopsis Consultores reports a disapproval rating of 56% and approval at 35%. El Pais reports that the decline in support since December 2025 is likely to be linked to ongoing economic pressures, including wages falling behind inflation, weak consumption recovery, and continued job losses. 2.2 Why the Forex Provision Matters For mining companies, the ability to generate revenue is only part of the equation. The ability to move that revenue is equally important. Under previous administrations, companies operating in Argentina could export commodities and generate foreign earnings, but often faced restrictions when attempting to repatriate those funds. The result was a structural imbalance. Capital was effectively trapped within a depreciating currency environment, reducing real returns to shareholders. RIGI directly addresses this issue. Projects that qualify under the regime are given progressively greater access to foreign currency, with restrictions easing over time and materially improving after the initial years of operation. From an investor perspective, this is one of the more practical changes within the framework. It shifts Argentina from being a jurisdiction where value could be created but not easily realised, to one where capital mobility is at least partially restored. 2.3 Early Uptake The early response to RIGI provides some indication of how the market is interpreting the policy shift. By late 2025, around 20 projects had applied for inclusion under the regime, representing an estimated US$30 billion in potential investment. The majority of these applications sit within the mining sector, with copper projects alone accounting for approximately US$16 billion of that pipeline. One of the more visible early approvals has been the expansion of Rio Tinto’s Rincón lithium project in Salta Province, a development valued at US$2.7 billion. This is not a small-scale commitment. It reflects a long-term view on both the resource and the policy environment. Government projections suggest that, if the current pipeline progresses, mining investment could reach approximately US$22 billion between 2026 and 2029. Whether that figure is realised will depend on execution, but the direction of capital flow is becoming clearer. 2.4 Limitations and Criticisms While RIGI has been positioned as a pro-investment framework, it has not been without opposition. One of the more consistent criticisms has come from Argentina’s domestic manufacturing sector. The exemption of import tariffs on capital equipment allows project developers to source machinery and inputs internationally without additional cost. Local producers argue that this creates an uneven playing field, where domestic suppliers are disadvantaged relative to imported alternatives. These concerns are not purely economic. They carry political weight. Industrial stakeholders have argued that the regime may undermine local production capacity by favouring external supply chains for major projects. For investors, this introduces a secondary consideration. Policy frameworks do not exist in isolation. Where there is domestic resistance, there is always the potential for political response over time. RIGI addresses many of the historical barriers to investment, but it also introduces new dynamics that will need to be monitored as the policy environment evolves. In practical terms, RIGI represents a structured attempt to reduce sovereign risk in Argentina’s mining sector. It does not remove that risk entirely. What it does is change the balance — and for capital-intensive industries, that shift is often enough to move projects from the sidelines into active consideration. 3.0 Australian Companies In Argentina To give some context to the activities of ASX companies in Argentina as of April 2026, I did a "comprehensive" search of ASX-listed companies with active operations, projects or joint venture interests in Argentina. To add some form of an attempt for structure, I have tried to sort the list by commodity followed by the stage the projects are at, as of April 2026. I will add that I have not entirely verified the details so please DYOR and don't take my list as gospel. I hope at best, it would help your search, assuming you wanted to do that :-) The list of companies qualify for the list where Argentina represents a material part of their current or planned operations. JV structures and partner relationships are noted where relevant. The statistics showing ASX companies in Argentina and the status of projects related to these companies. In a recent paper by the Ministerio de Economica Republica Argentina, I found some great information in regards to the status of projects (Figure 9). This isa good highlight of the existing mineral resource projects in country. Figure 9: Status of mineral resource projects in Argentina. (source: Ministerio de Economica Republica Argentina) The upcoming section is split up in commodities to help structure the Samso Insight, so the list of ASX compnaies will be within the sections. 3.1 Copper Copper is arguably the most well known commodity that aligns itself with investors in this region. Chile is the most well know of what I call the tiology of copper porphry deposits in South America. The other nations are Peru and Argentina. (Figure 10 ) Figure 10: Copper projects in Argentina. (source: Ministerio de Economica Republica Argentina) As far as I know, Chile is the world's leading copper producer, accounting for roughly 30% of annual global production. It also holds the largest copper reserves worldwide, estimated at over 200 million tonnes. In terms of giant deposits, I would say that Northern Chile is home to some of the world's largest, most prolific porphyry deposits, including Escondida (the world's largest), Chuquicamata, and El Teniente. Around 80% of Chilean copper production comes from porphyry copper-gold deposits. Geologically, Chile's northern regions are part of a massive Andean metallogenic belt that contains multiple parallel, porphyry-rich belts formed between the Cretaceous and Pliocene eras. The paper that I found while researching for this Samso Insight by Osvaldo Rabbia is a good run down on the endowment of the region and the need to discover more copper to fee the green energy transition. Table 1: Companies in Argentina that are working on copper projects. As for Argentina, it is regarded as an emerging, top-tier global destination for porphyry copper deposits, sharing the same highly fertile Andean geological belt as Chile and Peru (Figure 9). It boasts massive, world-class assets, notably the Vicuña district and Josemaría, with significant potential for further discoveries in less-explored areas. Table 1 above covers some of the companies that are in copper and its obvious that the main player will be BHP. Belararox are still in the exploration territory. The Vicuña district (filo del sol, Josemaría) is among the largest copper-gold-silver deposits globally (Figure 11). Other key projects include Agua Rica, Altar, and the mature Bajo de la Alumbrera. From an exploration perspective, compared to northern Chile, Argentina is less explored, providing higher potential for new discoveries within the same productive belt. Figure 11: Location of the Josemaría porphyry copper-gold deposit in the late Oligocene-Miocene volcanic belt of northern Chile and contiguous Argentina, showing the age assignment of the main porphyry and epithermal deposits. Insets show the location of the flat-slab portion of the subducted Nazca plate (contours from Cahill and Isacks, 1992) and position of Figure 1a in South America. b. More detailed geology of the Josemaría area and vicinity. Volcanic rocks compiled mainly from Maksaev et al. (1984), Mpodozis et al. (1995), Fauqué (2001), Panteleyev and Cravero (2001), Zappettini et al. (2001, 2008), SERNAGEOMIN (2003), Sanguinetti (2006), Martínez et al. (2015a), Mpodozis et al. (2018), and C. Mpodozis (writ. commun., 2018). The age of older volcanic rocks west of the Los Helados fault is uncertain, but between Paleocene and Oligocene. Deposit age assignments based on Sillitoe et al. (1991, 2013, 2016), Kay et al. (1994), Mpodozis et al. (1995), Bissig et al. (2001), Mpodozis and Kay (2003), Perelló et al. (2012), Maydagán et al. (2014), Cáceres (2015), Y. Kapusta inRode et al. (2015), Yoshie et al. (2015), Holley et al. (2016), Astorga et al. (2017), and NGEx Resources Inc. (unpub. data). Background shaded-relief image from Esri (2014 version). (source: Richard H. Sillitoe, Fionnuala A.M. Devine, Martin I. Sanguinetti, Richard M. Friedman; Geology of the Josemaría Porphyry Copper-Gold Deposit, Argentina: Formation, Exhumation, and Burial in Two Million Years. Economic Geology 2019;; 114 (3): 407–426. doi: https://doi.org/10.5382/econgeo.4645) The region, particularly the Frontal Cordillera in San Juan, hosts numerous porphyry centres with copper, gold, and molybdenum. While Chile currently leads significantly in production, the central Andes-Argentina arc segment is one of the most fertile porphyry belts globally. As we have discussed, the upside for Argentina is that it's mining sector has seen substantial growth, with mining exports in 2025 reaching record highs. What is interesting is that Argentina’s porphyries often feature significant gold and silver content alongside copper. Here are some samples where this gold-silver-copper associations are observed. 1. Filo del Sol (San Juan) Significance: Known as one of the largest copper-gold-silver deposits currently under development (Figure 11). Gold/Silver Content: The project hosts a massive high-grade "by-product" resource of over 4.6 million ounces of gold and nearly 160 million ounces of silver. Latest Resource: As of May 2025, it reported 32 million ounces of measured and indicated (M&I) gold and 659 million ounces of M&I silver, alongside 13 million tonnes of copper. (source: Australian Resources and Investments) 2. Josemaria (San Juan) Significance: A major porphyry copper-gold deposit that was 100% owned by Lundin Mining before a 50% acquisition by BHP in early 2025 (Figure 11). Gold/Silver Content: The project features a Feasibility Study highlighting a major porphyry Cu-Au system. Resource Data: Part of the Vicuña district along with Filo del Sol, which holds a total of 13 million tons of copper, 32 million ounces of M&I gold, and 659 million ounces of M&I silver. (source: Australian Resources and Investments) 3. Taca Taca (Salta) Figure 12: The location of the Taca Taca Deposit in Argentina. (source: First Quantum) Significance: First Quantum's flagship project in Argentina, a massive, high-quality porphyry copper-gold-molybdenum deposit (Figure 12). Gold/Silver Content: The 2025 technical report outlines a proven and probable mineral reserve containing 8,429 kt of copper and over 5.5 million ounces of gold. Production Focus: It is expected to produce significant quantities of gold and silver alongside copper over a 35-year mine life. (source: First Quantum) 4. Agua Rica (Catamarca) Significance: A major porphyry Cu-Mo-Au deposit located in the Farallon Negro region, close to the previous Alumbrera mine. Characteristics: Known for complex porphyry copper centres (Quebrada Seca-Trampeadero and Melcho) which are heavily enriched with gold. (source: PorterGeo) 5. Altar (San Juan) Significance: A significant porphyry copper-molybdenum-gold deposit (Figure 11). Gold/Silver Content: While sometimes lower in gold compared to Chilean counterparts, it still contains a notable porphyry Cu-Au system, with gold often associated with early stockwork veining and late-stage veins. (source: [26]) 6. Los Azules (San Juan) Significance: A large-scale porphyry copper deposit located in the San Juan province, known as one of the top undeveloped copper projects (Figure 11). Characteristics: Features significant gold and silver credits in addition to copper. (source: Wikipedia) 3.2 Gold Gold is Argentina's dominant mining export, accounting for approximately 68% of total mineral export earnings in 2024 at US$3.14 billion. In the gold sector, Argentina reports 138.4 million ounces in resources and 33.6 million ounces in reserves, with active operations including Cerro Vanguardia, Cerro Negro, Veladero, Lindero and Don Nicolás (Figure 13). Figure 13: Gold projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) THE OPERATING MINES Cerro Negro — Newmont Corporation | Santa Cruz Province Cerro Negro is Argentina's highest-profile gold operation and one of the world's highest-grade underground gold mines. Operated by Newmont (NYSE: NEM) in Santa Cruz Province within the Deseado Massif (Figure 13). The mine has three high-grade underground operating mines, Eureka, Mariana Central and Mariana Norte and two underground deposits, Emilia and San Marcos, which is currently being developed. The company expects higher production in 2026 driven by increased throughput from ongoing productivity initiatives, with five other deposits in late-stage evaluation for development to expand existing operations. Cerro Negro produced 278,000 ounces of gold in 2025. In February 2026, Newmont committed approximately US$800 million to extend the life of Cerro Negro beyond 2035 under the Cerro Negro Expansion 1 (CNE1) project, funded by a record US$7.3 billion in 2025 free cash flow. Both Newmont and the government of Santa Cruz Province described the initiative as "strategic," noting it will require US$800 million over six years, with the infrastructure programme key to maintaining production levels and extending operations beyond 2035. Veladero — Barrick Mining / Shandong Gold (50/50 JV) | San Juan Province Veladero has been in operation since 2005 and is Argentina's largest gold exporter by volume (Figure 13). In its 20th year of production, Veladero produced 503,000 ounces of gold in 2024 and has proposed an expansion initiative targeting an additional 1.6 million ounces of gold, with a capital expenditure of approximately US$400 million deployed between 2025 and 2028, submitted under the RIGI framework. The project is projected to add US$3.8 billion in export revenue through 2033. The Veladero mine currently employs 3,800 people, with 91% of the workforce from the local San Juan province. Located at elevations of 4,000 to 4,850 metres above sea level, approximately 374 kilometres northwest of San Juan city, Veladero is operated by a 50/50 joint venture between Barrick and Shandong Gold. Cerro Vanguardia — AngloGold Ashanti (92.5%) | Santa Cruz Province Cerro Vanguardia, in which AngloGold Ashanti holds a 92.5% stake with Argentine state company Fomicruz holding the remaining 7.5%, is a gold-silver operation with multiple small open pits and multiple narrow-vein underground mines that has been operated since 1998 (Figure 13). In the third quarter of 2025, Cerro Vanguardia produced 43,000 ounces of gold at a total cash cost of US$1,139 per ounce, with year-to-date production to September 2025 of 137,000 ounces at US$1,253 per ounce — a 6% increase year-on-year driven by higher recovered grades and an increase in ore tonnes treated. The mine is a long-life Deseado Massif epithermal operation with multiple pit and underground sources contributing to production. Lindero — Fortuna Mining Corp (100%) | Salta Province Fortuna acquired the fully permitted, shovel-ready Lindero development project in July 2016 and made a positive construction decision in September 2017 (Figure 13). Mass earthmoving began in 2018, with first gold pour in October 2020. The Lindero deposit is a gold-rich porphyry system hosted within diorite to monzonite porphyritic stocks. Fortuna's 2026 guidance for Lindero is 92,000 to 102,000 ounces of gold at an AISC of US$1,520 to US$1,655 per ounce. In Q1 2026 Fortuna commenced a 7,000-metre exploration programme at the Cerro Lindo gold prospect, 70 kilometres from the Lindero mine in Salta Province, as part of the company's brownfield exploration programme. Lindero was the first operating metallic mine in Salta Province. Don Nicolás — Cerrado Gold | Santa Cruz Province Cerrado Gold owns the Minera Don Nicolás mine (MDN), located in Santa Cruz Province, Argentina (Figure 13). The Minera Don Nicolás mine is a producing high-grade gold mine with significant expansion and exploration potential. Cerrado Gold reported Q1 2026 production results from MDN in April 2026. Don Nicolás is a smaller-scale Deseado Massif epithermal operation contributing to Argentina's gold production profile alongside the larger mines. IN CONSTRUCTION Calcatreu — Patagonia Gold (TSXV: PGDC) | Río Negro Province Calcatreu represents the newest addition to Argentina's gold production roster. Upon receipt of all provincial permits in Q4 2024, construction commenced in Q1 2025, with mining activities beginning in August 2025 and the first blast in September 2025. Leaching operations commenced at Calcatreu on March 31, 2026, with over 91,300 tonnes of ore amassed, 73,300 tonnes crushed and 18,800 tonnes stacked on the leach pad. The Calcatreu deposit is a low-sulphidation epithermal gold and silver system with indicated mineral resources of 690,000 ounces of gold and inferred resources of 343,000 ounces. Patagonia Gold secured a US$40 million investment in 2025, with the investor receiving a 40% interest in the project, allowing the company to accelerate development while maintaining operational control. IN DEVELOPMENT — ADVANCED Gualcamayo — Minas Argentinas / Aisa Group | San Juan Province Gualcamayo's ambitious development plan includes the construction of a new mine (Carbonatos Profundos), a pressure oxidation plant and a 50MW solar park. The company predicts annual output of 120,000 ounces of gold from 2029, with an estimated 17-year lifespan and potential exports worth US$400 million per year. The mine possesses 3 million ounces of economically viable gold reserves, a fraction of the 5 million ounces of certified resources discovered on just 3% of a 40,000-hectare property. In August 2025, Gualcamayo was pursuing a US$665 million redevelopment under RIGI, and in December 2025 the RIGI committee approved the project — the tenth approval under the scheme. Table 2: ASX compnaies with Gold projects in Argentina. As you can see, Argentina's gold sector in 2026 is is attracting new capital commitments indicating a genuine confidence in the jurisdiction's long-term direction. Here are three signs that gives me the confidence to say that things in the gold sector may be leading the pact in new capital. First, Newmont's US$800 million Cerro Negro expansion commitment — announced in February 2026 and backed by Argentina's Economy Minister, so that will represent that the world's largest gold company choosing to extend a flagship Argentine operation through to at least 2035. Second, the Barrick/Shandong Gold RIGI application for US$400 million at Veladero demonstrates that a 20-year-old mine with maturing reserves can still attract major life extension capital under the right regulatory framework. Third, Calcatreu's progression from construction permit to first leaching in under 18 months illustrates that permitting and execution timelines in Argentina can, under the right provincial and federal conditions, be internationally competitive. For ASX companies operating in Argentina's gold space such as Challenger Gold Limited (ASX: CEL), Austral Gold Limited (ASX: AGD), NewPeak Metals Limited (ASX: NPM) and Pursuit Minerals Limited (ASX: PUR), are not pioneers but this is not saying that working in Argentina will be a walk in the park. The sector's credibility may be underwritten by the operating track record of the mines above, but discovering and having a handle of expenditure will be challenging. The presence of the global majors do provide a jurisdiction backdrop that reduces the perceived risk premium for smaller operators in the same country, but raising money is a problem for small companies and Argentina is a long way from Australia. It should not be forgotten that the global majors operating in Argentina did not just occur. There has been decades of passage and the global names have changed over time as well. 3.3 Lithium For anyone that was invested in the Lithium bull run a couple of years ago, you would be very familiar with Argentina being the land of Solars. Hence it is not surprising that one would find that Lithium is Argentina's fastest-growing mining export and its most structurally significant commodity for the decade ahead. In the first eight months of 2025, lithium exports totalled US$494 million, representing year-on-year growth of 32% in value and 56% in volume, making lithium the country's second most-exported mineral at 14% of total mining exports. Argentina, the world's fifth-largest lithium producer, expected to produce 130,800 tonnes of lithium carbonate equivalent in 2025 and that is a 75% increase from 2024 which is primarily driven by new operations in Salta and expansions in Catamarca and Jujuy (Figure 14). Figure 14: Lithium projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) Over the past decade, mining companies have invested over US$7.6 billion to bring production capacity to 183,700 tonnes of LCE (Lithium Carbonate Equivalent). Private-sector estimates suggest launching 17 of the 30 registered new projects would require an additional US$12.8 billion in investment, enough to raise Argentina's productive capacity to 580,000 tonnes of LCE and if eight additional planned processing plants come online alongside the seven already in operation, Argentina could become the world's single largest lithium producer. That is the macro framing. What follows is a factual account of where the sector's major projects stand as at April 2026. An important terminology that some readers need to understand in the lithium industry is DLE Technology: Direct Lithium Extraction (DLE) is a set of technologies designed to extract lithium directly from brine sources—such as underground solar brines, geothermal brines, or oilfield wastewater—without relying on the traditional, slow method of solar evaporation ponds. DLE acts like a "smarter filter," using chemical or physical processes to capture lithium ions while leaving behind other components, which allows for significantly faster, more efficient, and more sustainable production. Hence, I thought I post this here so that it is easier to get through the details below. The DLE technology is something that was talked about in the past but is now pretty much mainstream conversation among the lithium "Want To Be Producers". THE OPERATING PROJECTS (as of April 2026) Cauchari-Olaroz — Lithium Argentina / Ganfeng Lithium | Jujuy Province Cauchari-Olaroz is Argentina's largest single lithium operation, located in the Olaroz-Cauchari salar system in Jujuy Province at altitude. Lithium Argentina holds a 44.8% interest in the operation through its equity stake in Minera Exar, with Ganfeng Lithium holding the majority of the balance and the Jujuy provincial government holding 8.5% through JEMSE. Full-year 2025 production totalled approximately 34,100 tonnes of lithium carbonate, achieving the high end of annual guidance of 30,000 to 35,000 tonnes. Record quarterly production of approximately 9,700 tonnes was achieved in Q4 2025, with an average operating rate of 97% of nameplate capacity. Cash operating costs are expected to be below US$6,000 per tonne for Q4 2025, reflecting continued operational optimisation. 2026 production guidance has been set at 35,000 to 40,000 tonnes. In December 2025, Cauchari-Olaroz submitted environmental permit and RIGI applications for a Stage 2 expansion of 45,000 tpa of additional lithium carbonate production capacity. A 5,000 tpa DLE demonstration plant continues engineering in China, with installation in Argentina targeted for 2026. The PPG regional project — consolidating Ganfeng's Pozuelos-Pastos Grandes with Lithium Argentina's Pastos Grandes and Sal de la Puna interests — targets up to 150,000 tpa of LCE across three phases, with a scoping study reporting an after-tax NPV of US$8.1 billion and an IRR of 33% at US$18,000 per tonne of lithium carbonate. Fénix (Salar del Hombre Muerto) — Rio Tinto (via Arcadium) | Catamarca Province The Fénix project, owned by Livent before being acquired through Arcadium, currently has a production capacity of 20,000 metric tonnes of lithium carbonate in situ and another 9,000 metric tonnes of lithium chloride from an external plant in the town of Güemes in Salta. Fénix is one of Argentina's two longest-operating lithium plants and has provided the technical foundation for further development at Hombre Muerto. Rio Tinto's overall lithium business reported 57,000 tonnes of LCE production in 2025, of which 46,000 tonnes were directly attributable to the company, reflecting the completion of the Arcadium Lithium acquisition in March 2025. The Fénix 1B expansion, with capacity for 10,000 tonnes per year of LCE, has completed construction and is advancing through commissioning, currently 60% complete, with delivery scheduled for the second half of 2026 backed by US$700 million in committed investment. Olaroz — Rio Tinto / Toyota Tsusho / JEMSE | Jujuy Province The Olaroz brine operation produces 43,000 mt per year of LCE. In Jujuy, the Olaroz lithium operation runs as a joint venture between Rio Tinto (66.5%), Toyota Tsusho (25%) and the Jujuy provincial government through JEMSE (8.5%). Olaroz has been in operation since 2015 and represents the model by which Argentina's brine extraction industry has been validated at scale over a decade of continuous operation. The project produces battery-grade lithium carbonate through conventional solar evaporation and remains one of the lower-cost operations in the global lithium supply chain. Centenario-Ratones — Eramet / Tsingshan | Salta Province The Centenario-Ratones deposit is one of the most attractive salars in Argentina, with drainable mineral resources of more than 15 million tonnes of LCE at an average concentration of 407 mg/L of lithium, supporting further capacity expansion. At full capacity, the Centenario Phase 1 plant will produce 24,000 tpa of battery-grade lithium carbonate equivalent. The project is owned by Eramet (50.1%) and Zhejiang Tsingshan (49.9%). The inauguration of Centenario-Ratones as the fourth lithium production plant in Argentina and the first in Salta Province marked a significant milestone, with the Argentine Chamber of Mining Companies noting that production potential had tripled from 37,500 tonnes of LCE in 2022 to 136,500 tonnes. Centenario-Ratones also holds the distinction of being Argentina's first DLE-based commercial lithium operation. Mariana — Ganfeng Lithium (100%) | Salta Province Mariana is a lithium-potassium salt lake project located in the Salar de Llullaillaco in Salta Province, operated by Ganfeng's 100% owned subsidiary Litio Minera Argentina. Total lithium resources reach approximately 8.12 million tonnes of LCE. The project carries an investment of around US$600 million to produce 20,000 tonnes of lithium chloride — or approximately 17,300 tonnes of LCE — per year. Ganfeng inaugurated the Mariana lithium project during Q1 2025, with initial cash flow from the project anticipated thereafter. Mariana is a wholly Chinese-owned lithium operation, representing the first independently operated Chinese lithium project in Argentina's Lithium Triangle. Tres Quebradas (3Q) — Zijin Mining | Catamarca Province Zijin Mining's Tres Quebradas lithium project in Catamarca holds 8.54 million tonnes of LCE resources. Phase 1 construction enabling 20,000 tonnes of LCE production capacity was completed, with the project targeting progression towards Phase 2. Once fully developed, the project has the capacity to produce 40,000 to 60,000 tonnes of LCE per year. Zijin Mining began operations at Tres Quebradas in Catamarca Province, targeting production of 20,000 tonnes of LCE. The Tres Quebradas deposit is characterised by an average lithium concentration of 786 mg/L — one of the highest grades of any brine project in Argentina — and sits within a single contiguous resource that Zijin acquired from Neo Lithium Corp in 2022 for US$770 million. IN DEVELOPMENT — ADVANCED Rincón — Rio Tinto (100%) | Salta Province Rio Tinto's Rincón project is the most discussed lithium development in Argentina in 2026, and for good reason. Rincón has completed its first commercial export — 200 tonnes of battery-grade lithium carbonate shipped from the Port of Buenos Aires to Shanghai in March 2026 — and is backed by US$2.5 billion in committed capital to expand to 60,000 tpa, supported by a US$1.175 billion project loan from IFC, IDB Invest, Export Finance Australia and JBIC. First production from the expanded facility is expected in 2028 over a 40-year mine life. Rincón and Galan Lithium's Hombre Muerto West are the only two lithium projects in Argentina to have received formal RIGI approval. Sal de Vida — Rio Tinto (100%) | Catamarca Province Sal de Vida is a lithium brines project located in the Eastern Subbasin of Salar del Hombre Muerto, Catamarca. Nominal annual LCE capacity is designed to reach 45,000 tonnes in two stages, with Stage 1 providing 15,000 tonnes of LCE from brine extracted from the East Wellfield. Construction of the first three pond complexes is complete and brine pumping for concentration has begun. Pre-commissioning and commissioning activities are expected by H1 2026, with first production expected in H2 2026. Sal de Vida has completed construction and is 40% through commissioning, with US$700 million in committed investment. Hombre Muerto West (HMW) — Galan Lithium (ASX: GLN) | Catamarca Province Galan Lithium's Hombre Muerto West project is discussed in detail in the ASX Company Profiles section of this Insight, but it merits inclusion here for context. Phase 1 construction is complete as at April 2026, with a 10,000 tonne LCE brine inventory accumulated in evaporation ponds and wet commissioning of the nanofiltration plant underway. First lithium chloride concentrate is targeted in H1 2026 with first shipment in H2 2026. HMW Phase 1 is among the near-term milestones in Catamarca that will advance the province's installed lithium capacity alongside Fénix 1B. Pozuelos-Pastos Grandes (PPG) — Ganfeng (67%) / Lithium Argentina (33%) | Salta Province PPG consolidates three adjacent projects — Ganfeng's Pozuelos-Pastos Grandes, Lithium Argentina's Pastos Grandes, and the jointly-held Sal de la Puna — into a single regional development programme. The consolidated PPG project hosts a 15.1 million tonne LCE measured and indicated resource. A comprehensive scoping study reports an after-tax NPV of US$8.1 billion and an IRR of 33% at US$18,000 per tonne. Initial capital cost for Stage 1 is estimated at US$1.1 billion. The development approach targets 150,000 tpa of LCE across three phases, utilising a hybrid DLE flowsheet. Environmental permit for Stage 1 has been secured from the Government of Salta following a 14-month review. RIGI applications for Cauchari Stage 2 and PPG are being prepared. SAMSO THOGHTS It appears that the lithium scene in Argentina has changed materially since the lithium bull run three years ago. The country has moved from two operating plants and a large pipeline to seven operating facilities spanning three provinces, with multiple projects at various stages of commissioning, development and feasibility. The operator base has grown to a global deck of comapnies such as Rio Tinto, Ganfeng, Zijin, Eramet, Toyota Tsusho and Lithium Argentina represent capital from Australia, China, France, Japan, Canada and the United States. For investors looking at the Argentinian space, it seems that even with the global downturn for lithium projects, Argentina's Lithium Triangle is doing well and is now no longer just a regional story but a globally competed supply position. Another change that my research is indicating is that DLE technology is becoming a commercial reality in Argentina rather than a theoretical alternative. Centenario-Ratones was the first commercial DLE operation in the country, Rio Tinto uses DLE at Rincón, and both Galan and Cauchari-Olaroz are advancing DLE demonstration or expansion pathways. Argentina is also entering a new expansion phase in its lithium industry, with over 30 registered projects and a development timeline stretching to 2033. Industry leaders have drawn the analogy that "lithium is the next Vaca Muerta" — Argentina's prolific shale oil and gas province — suggesting patience and sustained capital are the ingredients required to unlock the full endowment. (Lithium Argentina) Table 3: ASX companies in the Argentinian Lithium sector. For the ASX companies that are listed in Table 3, it seems that the competition has indeed heated up. The real players are all taking sights and are locked on to take as many slices as they can from the Lithium space here in Argentina. The small caps that were enjoying value creation during the lithium bull run will have to start getting their act together. 3.4 Silver When I think of silver mining, I normally think of Mexico and the Andes. Hence, this Samso Insight is a good learning experience for me to start getting a better handle of the silver mining story since my recent Coffee with Samso with John Anderson and Investigator Silver Limited. Check out the Samso content below. With the rising price of silver, it has pushed the thinking about silver further into the mainstream "punters" on the ASX. The recent pullback of precious metal pricing is a good thing, in my opinion. This should be the time for investors to take stock and start to think about what is actually a good project to back. Did you know that Argentina is named after the Latin word for silver — argentum — and while the country's silver industry no longer carries the symbolic weight of colonial-era discovery, the Deseado Massif of Patagonia and the Puna Plateau of the northwest remain genuinely significant addresses in the global silver landscape (Figure 14). Silver is produced both as a primary metal — from operations including San José (Hochschild Mining) in Santa Cruz and Puna Operations (SSR Mining) in Jujuy — and as a by-product from gold mining centres such as Cerro Vanguardia, Cerro Moro and Cerro Negro in Santa Cruz and Veladero in San Juan. Figure 14: Silver projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) Argentina reports 3,839 million ounces of silver in total resources. The sector's near-term trajectory is upward — high silver prices in 2025, an active pipeline of near-production development projects, and a regulatory environment that has improved markedly under RIGI all point in the same direction. THE OPERATING MINES Cerro Moro — Pan American Silver (100%) | Santa Cruz Province Cerro Moro is Argentina's most significant primary silver-gold underground operation in production as at 2026. Located in the Deseado Massif within Santa Cruz Province, the Cerro Moro operation consists of several open pit and underground mines, producing doré through a conventional leaching and Merrill-Crowe process. In Q4 2025, Cerro Moro produced 27,600 ounces of gold and 0.92 million ounces of silver, representing year-on-year growth of 22.7% and 10.6% respectively. For 2026, Pan American Silver expects silver production from Cerro Moro to be 2.80 to 3.00 million ounces, indicating a 16% year-on-year increase at the mid-point, driven by mine sequencing into higher silver grade ores at the underground zones. Importantly, the project's mine life is being actively extended. A 2025 drilling campaign at Cerro Moro executed 34,764 metres focused on converting inferred resources to higher confidence categories, delineating new zones and assuring operational continuity — including at the Bahía Laura sector, the Nini zone and Vein 4, all of which returned high-grade intercepts that will be incorporated in future resource updates. Santa Cruz Province's Ministry of Mining confirmed the results of that campaign as highly positive and cited the likely significant extension of the mine's operating life. San José — Hochschild Mining (51% operator) / McEwen Mining (49%) | Santa Cruz Province San José is one of Argentina's longest-operating silver-gold underground mines, having commenced production in 2007. The San José silver-gold mine is located in Santa Cruz Province, 1,750 kilometres south-southwest of Buenos Aires, operated by Hochschild Mining as the controlling 51% partner, with McEwen Mining holding the remaining 49%. In 2025, McEwen Mining's attributable production from San José was 58,120 gold equivalent ounces, from 37,700 gold ounces and 1,776,000 silver ounces, using a gold-to-silver price ratio of 86:1 for the year. The mine operates multiple underground epithermal vein systems — Huevos Verdes, Frea and Kospi among them — within a 2,781 square kilometre property package, providing ongoing exploration optionality beyond the current active mining areas. During H1 2025, San José delivered 4.4 million silver equivalent ounces. The operation recorded higher throughput tonnage compared to H1 2024, though this was partially offset by the mining of lower-grade border areas of the veins, reflecting the type of grade variability common in narrow-vein epithermal systems. San José has been one of the defining operations of the Deseado Massif and the technical template from which many subsequent Argentine silver-gold discoveries have been evaluated. Puna Operations — SSR Mining (100%) | Jujuy Province Puna Operations is Argentina's primary silver-lead-zinc operation, located at high altitude in Jujuy Province in the northwest of the country. The Puna Operations comprise the Chinchillas mine, which is a silver-lead-zinc open pit deposit that achieved commercial production in December 2018 and the Pirquitas processing facilities, which process ore transported 40 kilometres from Chinchillas and produce a silver-lead concentrate and a zinc concentrate shipped to international smelters. The Pirquitas facilities have been in commercial production since 2009. SSR Mining's 2025 guidance for Puna was 8.00 to 8.75 million ounces of silver, with throughput targeted at approximately 5,000 tonnes per day. Exploration at the Cortaderas target was advancing ahead of an initial economic evaluation, alongside work to evaluate potential mineral reserve conversion at Chinchillas to extend the mine life. Puna is the only major silver operation in the Jujuy-Salta-Catamarca Puna plateau that is currently in production, and its continued operations provide important context for the feasibility of high-altitude Argentine silver production. THE BLOCKED DEPOSIT Navidad — Pan American Silver (100%) | Chubut Province Navidad deserves inclusion in any factual account of Argentina's silver sector, even though it is not in production and no production timeline can currently be defined. Pan American Silver owns 100% of the Navidad project, one of the world's largest undeveloped silver deposits. The Navidad properties are located in north central Chubut Province and comprise eight individual mineral deposits in three separate mineralised trends. The Province of Chubut passed Law 5001 in 2003, which prohibits open pit mining and the use of cyanide in mineral processing across the entire province, effectively preventing the development of Navidad. As of mid-2025, that law remains in place. Pan American Silver's activities at Navidad are currently guided by a maintenance investment plan focused on satisfying the legal requirements necessary to maintain property interests under current mining law. The Navidad story is instructive for Samso Insight readers in two ways. First, it illustrates what the provincial variation risk discussed in the earlier part this Samso Insight looks like in practice. A world-class deposit blocked not by geology, economics or permitting failure but by a provincial law that the national government cannot override. This also provides a measure of how much latent silver value Argentina holds that is not being extracted. Navidad is estimated to contain approximately 1 billion ounces of silver equivalent across its combined resource — a figure that contextualises the gap between geological endowment and actual production output. IN DEVELOPMENT — ADVANCED Diablillos — AbraSilver Resource Corp (TSX: ABRA) | Salta / Catamarca Border Diablillos is the most significant undeveloped primary silver-gold project in Argentina currently moving toward a construction decision. Diablillos stands out among Argentina's silver projects, ranking among the top 10 undeveloped silver projects in Latin America. An updated mineral resource estimate released on May 6, 2026 reported measured and indicated resources of 232 million tonnes containing approximately 248 million ounces of silver and 2.54 million ounces of gold — totalling 454 million ounces of silver equivalent. This represents a 25% increase in M&I silver, a 48% increase in gold and a 30% increase in silver equivalent versus the July 2025 estimate, incorporating 170,368 metres of drilling from 790 drill holes. RIGI approval for Diablillos was confirmed by Argentina's Minister of Economy Luis Caputo in February 2026. The approval is among the first silver projects to receive this designation. Both Salta and Catamarca Provinces, where the project is located, have opted into the regime. The Definitive Feasibility Study is expected in Q2 2026, with design and engineering substantially complete for a 9,000 tonne per day tank leach processing plant. The environmental approval from the Government of Salta Province — the DIA (Declaración de Impacto Ambiental) was received in early 2026, representing the principal environmental permit required for mining projects to advance to construction in the province. AbraSilver is targeting a construction decision in the second half of 2026, with the project anticipated to produce approximately 7.6 million ounces of silver and 72,000 ounces of gold annually at full production, from a total capital investment of approximately US$544 million. THE ASX-CONNECTED SILVER PIPELINE Beyond the projects profiled above, the Deseado Massif of Patagonia hosts a growing cluster of ASX-connected silver exploration and development positions that are directly relevant to the Samso Insight. Unico Silver (ASX: USL) holds the 232 million ounce silver equivalent Cerro Leon and Joaquin district position in Santa Cruz Province — profiled in full in the ASX Company Profiles section of this Insight. Pursuit Minerals (ASX: PUR) holds the Sascha Marcelina gold-silver project in the Deseado Massif, currently in its maiden drill programme targeting depth extensions below historical shallow drilling. Both companies are exploring in the same geological province that hosts the operating mines described above, using the established ore deposit models of San José, Cerro Moro and Cerro Vanguardia as geological templates for target selection. SAMSO THOUGHTS Argentina rants in the bottom end of the top 10 silver producers with Mexico being the clear leader but reading my research, this looks prospective with a lack of expenditure. I am assuming the porphyry nature of the silver mineralisation will mean that not too many companies will be spending "Porphyry Money" What is interesting is that the level of activity for current operators are showing signs of vibrancies as projects like Cerro Moro's 2025 drilling campaign with 34,764 metres executed to extend mine life. The reported production guidance for 2026 confirm that the existing Deseado Massif operations has potential to extend mine life. The government looks like it is indeed promoting the mining sector with the Diablillos project's receiving RIGI approval and Salta DIA environmental approval. The project May 2026 resource update to 454 million ounces of silver equivalent helps the construction decision and will likely represent the largest new primary silver mine to enter production in Argentina in over a decade. ON the other side of the promising rise in mining activities, the Navidad deposit, while it is a reminder that Argentina's silver endowment significantly exceeds what is currently being developed, it is also an indication that provincial policy settings can be as consequential as national regulatory frameworks in determining which deposits move from resource to operation. For ASX investors, the silver sector in Argentina represents an opportunity but, the geological style of the silver mineralisation is probably a reason that the silver opportunity is not going to drive exploration to focus on the metal. Table 4: ASX companies that have a silver project in Argentina. Samso Concluding Thoughts This has been a very interesting Samso Insight. I have never thought of Argentina as a sole mining jurisdiction. It has always been a South American assets. It was the northern region, being Columbia area, Brazil and then the Peru/Chile/Argentina region. I don't think it has ever been a thought about Argentina as a jurisdiction. The research that has gone into this blog has really made me feel that Argentina is new. I know its not new but it does give me the thinking that this is a place that still has a lot to give. As I have not worked in this region before, it is hard to anticipate what is required to make a project work in Argentina. Having spoken to Aaron Revelle from Pursuit Mining Limited, I do get a sense that things happen. The logistics and the infrastructure are manageable and there are enough skilled labour to allow a flow of work. The range of companies and the range of commodities that are of a global scale makes good the thinking of finding a economical mining project in Argentina. I hope readers get some good value from the Samso Insight. For more detailed reading, check out our Samso Insight page: References Cahill, T., and Isacks, B.L., 1992, Seismicity and shape of the subducted Nazca Plate: Journal of Geophysical Research: Solid Earth, v. 97, p. 17,503–17,529. Carrapa, B., Adelmann, D., Hilley, G.E., Mortimer, E., Sobel, E.R., and Strecker, M.R., 2005, Oligocene range uplift and development of plateau morphology in the southern central Andes: Tectonics, v. 24, TC4011 Maksaev, V., Moscoso, R., Mpodozis, C., and Nasi, C., 1984, Las unidades volcánicas y plutónicas del Cenozoico superior en la Alta Cordillera del Norte Chico (29°-31°S): Geología, alteración hidrotermal y mineralización: Revista Geológica de Chile, no. 21, p. 11–51. Mpodozis, C., Cornejo, P., Kay, S.M., and Tittler, A., 1995, La Franja de Maricunga: síntesis de la evolución del Frente Volcánico Oligoceno-Mioceno de la zona sur de los Andes Centrales: Revista Geológica de Chile, v. 21, p. 273–313. Fauqué, L., 2001, Hoja geológica 2969-I Pastillos, La Rioja y San Juan. 1:250,000: Servicio Geológico Minero Argentino [SEGEMAR] Boletín 316 (preliminar) Panteleyev, A., and Cravero, O., 2001, Faja del Potro and Cordón de la Brea ore deposits, La Rioja and San Juan. Radiometric dating, analytical results and sample documentation: Servicio Geológico Minero Argentino (SEGEMAR), Serie Contribuciones Técnicas, Recursos Minerales 11, 56 p. Zappettini, E., Miranda Angeles, V., Rodrigues, C., Palacios, O., Cocking, R., Godeas, M., Uribe-Zeballos, H., Vivallo, W., Paz, M.M., Seggiaro, R., Heuschmidt, B., Gardeweg, M., Boulangger, E., Koreniewski, L., Mpodozis, C., Carpio, M., and Rubiolo, D., 2001, Mapa metalogénico de la región fronteriza entre Argentina, Bolivia, Chile y Perú (14°S y 28°S), escala 1:1,000.000: Buenos Aires, Servicio Geológico Minero Argentino [SEGEMAR] , Publicación Geológica Multinacional 2, 222 SERNAGEOMIN, 2003, Mapa geológico de Chile, versión digital: Servicio Nacional de Geología y Minería, Publicación Digital 4 (CD-ROM, versión 1.0, 2003). Sanguinetti, M.I., 2006, Geología del sector El Potro y Los Helados, Cordillera Frontal (28°20’, 69°30’), Provincias de La Rioja y Copiapó, Argentina y Chile: Buenos Aires, Universidad de Buenos Aires, unpub. Tesis de Licenciatura, 138 p. Martínez, F., Peña, M., and Arriagada, C., 2015a, Geología de las áreas Iglesia Colorada-Cerro del Potro y Cerro Mondaquita, Región de Atacama. Escala 1:100,000: Servicio Nacional de Geología y Minería, Carta Geológica de Chile, Serie Geología Básica 179–180, 67 p. Mpodozis, C., Clavero, J, Quiroga, R., Droguett, B., and Arcos, R., 2018, Geología del área Cerro Cadillal-Cerro Jotabeche, región de Atacama. Escala 1:100,000: Servicio Nacional de Geología y Minería, Carta Geológica de Chile, Serie Geología Básica 200 , 94 Sillitoe, R.H., McKee, E.H., and Vila, T., 1991, Reconnaissance K-Ar geochronology of the Maricunga gold-silver belt, northern Chile: Economic Geology , v. 86, p. 1261–1270. Sillitoe, R.H., Tolman, J., and Van Kerkvoort, G., 2013, Geology of the Caspiche porphyry gold-copper deposit, Maricunga belt, northern Chile: Economic Geology , v. 108, p. 585–604. Sillitoe, R.H., Burgoa, C., and Hopper, D.R., 2016, Porphyry copper discovery beneath the Valeriano lithocap, Chile: Society of Economic Geologists Newsletter 106, p. 1, -15–20. Mpodozis, C., Cornejo, P., Kay, S.M., and Tittler, A., 1995, La Franja de Maricunga: síntesis de la evolución del Frente Volcánico Oligoceno-Mioceno de la zona sur de los Andes Centrales: Revista Geológica de Chile , v. 21, p. 273–313. Bissig, T., Lee, J.K.W., Clark, A.H., and Heather, K.B., 2001, The Cenozoic history of volcanism and hydrothermal alteration in the Central Andean flat-slab region: New 40Ar-39Ar constraints from the El Indio-Pascua Au (-Ag, Cu) belt, 29°20′–30°30′S: International Geology Review , v. 43, p. 312–340. Mpodozis, C., and Kay, S.M., 2003, Neogene tectonics, ages and mineralization along the transition zone between the El Indio and Maricunga mineral belts (Argentina and Chile 28°-29°S) [abs.]: Congreso Geológico Chileno, 10th, Concepción, 2003, CD-ROM , 1 p. Perelló, J., Sillitoe, R.H., Mpodozis, C., Brockway, H., and Posso, H., 2012, Geologic setting and evolution of the porphyry copper-molybdenum and copper-gold deposits at Los Pelambres, central Chile: Society of Economic Geologists Special Publication 16, p. 79–104. Maydagán, L., Franchini, M., Chiaradia, M., Dilles, J., and Rey, R., 2014, The Altar porphyry Cu-(Au-Mo) deposit (Argentina): A complex magmatichydrothermal system with evidence of recharge processes: Economic Geology , v. 109, p. 621–641. Cáceres, M., 2015, Nuevos antecedentes geocronológicos del Distrito Casale, sur de la Franja Maricunga, Región de Atacama, Chile [ext. abs.]: Congreso Geológico Chileno, 14th, La Serena, 2015, Extended Abstracts , v. 2, p. 44–47. Rode, M., Guitart, A., Sanguinetti, M., and Richard, F., 2015, El depósito tipo pórfido Cu-Au de Los Helados, III Región, Atacama, Chile [ext. abs.]: Congreso Geológico Chileno, 14th, La Serena, 2015, Extended Abstracts , v. 2, p. 373–376. Astorga, D., Crosato, S., Gallardo, M., Griffiths, S., Guerra, R., Jorquera, C., and Plasencia, C., 2017, Alturas: A unique discovery within a mature district through integrating sound geological practices, multidisciplinary expertise and leading technology, in NewGenGold 2017, Case histories of discovery : West Perth, Paydirt Media Pty Ltd., p. 219–235. Yoshie, T.Otsubo, T., Oku, N., and Ueda, Y., 2015, Exploration and resource estimation of the Caserones porphyry Cu-Mo deposit in III Region, Chile: Shigen-Chishitsu , v. 65, p. 53–79 (in Japanese with English abs.). Holley, E.A., Bissig, T., and Monecke, T., 2016, The Veladero high-sulfidation epithermal gold deposit, El Indio-Pascua belt, Argentina: Geochronology of alunite and jarosite: Economic Geology , v. 111, p. 311–330. Osvaldo Rabbia, Metal endowment and fertility of Andean porphyry-copper belts, Ore Geology Reviews, Volume 190, 2026, 107153, ISSN 0169-1368 Richard H. Sillitoe, Fionnuala A.M. Devine, Martin I. Sanguinetti, Richard M. Friedman; Geology of the Josemaría Porphyry Copper-Gold Deposit, Argentina: Formation, Exhumation, and Burial in Two Million Years. Economic Geology 2019;; 114 (3): 407–426. doi: https://doi.org/10.5382/econgeo.4645 Carmen Zwahlen, Stefania Cioldi, Thomas Wagner, Roger Rey, Christoph Heinrich; The Porphyry Cu-(Mo-Au) Deposit at Altar (Argentina): Tracing Gold Distribution by Vein Mapping and LA-ICP-MS Mineral Analysis. Economic Geology 2014;; 109 (5): 1341–1358. doi: Cover photo: Salar del Hombre Muerto from SW, PierreLht. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Salar_del_Hombre_Muerto_from_SW.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

High-Grade, Near-Surface HMS Confirmed at Douala Basin as JORC Exploration Target and Infill Drilling Program Take Shape Samso News | ASX: TSK | Source: Tusker Minerals Limited ASX Release, 8 May 2026 At a time when global demand for rutile, zircon, and ilmenite is part of the energy transition, we are keeping an eye on one ASX rutile - titanium stories that are still in the realm of everyday retail investors, Tusker Minerals Limited (ASX: TSK). The critical minerals portfolio that Tusker Minerals is building in Cameroon and Malawi is definitely on our watch screen. The Douala Basin HMS Project is an early-stage exploration with indication of potential high-grade, surface-starting mineralisation and is direct proximity to deep-water port infrastructure. The historical drilling was conducted by Eramet, a leading French multinational mining and metallurgy group, recognized as the world's second-largest producer of manganese ore and a major player in nickel and mineral sands extraction, is good credibility for the dataset that Tusker is now building upon. African-Focused Critical Minerals Explorer Advancing HMS and Rutile Assets in Cameroon and Malawi Having the project close to a port which is within 50km of the project removes one of the most significant capital and logistical risks that typically burden African mineral sands development projects, if not globally. The engagement of Mineral Technologies to deliver a JORC-compliant Exploration Target is a transition that provides investors with a measurable near-term catalyst to track. The ASX announcement dated 8 May 2026 outlining the high-grade, near-surface Heavy Mineral Sands (HMS) potential of its Douala Basin project in coastal Cameroon is what has sparked this Samso News. The ASX release consolidates the historical drilling dataset generated by Eramet and the engagement of independent mineral sands specialists Mineral Technologies to deliver a JORC (2012)-compliant Exploration Target over the high-grade HMS zones. Doula Basin Summary This is an interesting step as this will move the narrative from an early explorer to one that has a "resource" that means something. There will be targets to follow up as well which will hopefully expediate the process of exploration. The company has also confirmed plans for targeted infill drilling commencing in the third quarter of 2026 to validate and extend the mineralised zones identified by historical work. The Douala Basin HMS Project covers 2,580km² of coastal sedimentary terrain in western Cameroon. It sits within 50km of the deep-water Port of Douala (Figure 1). The geological setting is a thick sequence of Cretaceous to Quaternary marine and aeolian sands, which are the host geology for palaeo-placer HMS deposits. Figure 1: Figure: Map of Cameroon showing Tusker Mineral’s Central Rutile Project in green, and the Douala Basin Project in blue, encompassing +11,000km2 of highly prospective tenure of highly prospective tenure. (source Tusker Minerals Limited) Eramet's historical program comprised 60 sonic drill holes totalling 1,080 metres and 39 hand-auger holes totalling 190 metres. That work confirmed consistent heavy mineralisation from surface across the project area, including the presence of rutile and zircon within the valuable heavy mineral suite. Heavy Mineral Sands projects are typically assessed by the market on two primary variables, firstly the grade (Rutile % is the one that makes good sense) and logistics, are you able to move this to the market at an economical manner). The Douala Basin intercepts, which commence from surface and carry meaningful rutile and zircon values, address the grade question directly from the historical record. The port proximity addresses the logistics question. Management Commentary Cliff Fitzhenry, Chief Executive Officer of Tusker Minerals, addressed both the quality of the existing dataset and the next steps the company is taking to advance it. He characterised the Douala Basin project as a compelling second-front opportunity within the company's Cameroon portfolio, noting that the historical intercepts demonstrate surface-starting mineralisation with meaningful rutile and zircon values in close proximity to port infrastructure. Cliff Fitzhenry described the project as one the company intends to quickly quantify and de-risk through the JORC Exploration Target process and planned infill drilling — framing the near-term work program as directed specifically at converting qualitative prospectivity into market-disclosed resource data. " With historical intercepts already demonstrating thick, surface-starting mineralisation with meaningful rutile and zircon values close to port infrastructure, this project is a compelling second-front opportunity within our Cameroon portfolio." — Cliff Fitzhenry, Cheif executive Officer, Tusker Minerals Limited Near-Term Milestones to Watch What Investors Should Monitor Following This Douala Basin Announcement Near-Term Milestones to Watch Samso Concluding Comments Putting the Mount Sinai Deployment in Context The 8 May 2026 ASX release from Tusker Minerals is best understood as a dataset presentation combined with a forward work program disclosure. The company is not announcing a new discovery — the historical drilling by Eramet is the dataset, and it was first disclosed to the market through the April 2025 acquisition announcement. What the 8 May release does is consolidate that dataset into a single investor-facing document, frame its significance in the context of the project's logistics advantage, and announce the two next steps: a JORC Exploration Target and an infill drilling program. The commercial and investment significance of this announcement, therefore, lies primarily in those next steps rather than in the historical intercepts themselves, which were previously disclosed. The quality of the historical data is relevant to assess. Eramet is a credible prior operator — a French industrial and mining major with a long track record in mineral sands and high-performance alloys. Its dataset was generated using sonic drilling, which is a well-regarded method for mineral sands sampling and typically produces reliable results for THM grade estimation. The intercepts themselves — best grades of 5.0% THM and 4.7% THM from surface, with multiple holes ending in mineralisation — are objectively strong by mineral sands industry standards. Surface-starting mineralisation is a meaningful characteristic for project economics: it implies minimal to no pre-stripping requirement, which directly supports the low strip ratio and low-cost development pathway thesis the company is advancing. The presence of rutile specifically — confirmed in multiple intercepts — is also significant, as rutile is the highest-value pigment mineral in the HMS assemblage and commands a price premium over ilmenite. The logistics advantage deserves its own consideration. A mineral sands project located within 50km of a deep-water port on the African continent is not a common configuration. Port proximity in mineral sands is not a minor operational convenience — it directly determines the viability of bulk commodity export economics. Many African mineral sands projects have faced extended development timelines or commercial constraints specifically because of port distance or inadequate port infrastructure. The Port of Douala is a functioning deep-water facility with established trade routes. The coastal location also provides access to road and power infrastructure, which reduces two further capital line items from any future development study. None of this replaces the need for a confirmed resource and a properly constructed feasibility study, but it means that if the grade and tonnage case is established by the Exploration Target and infill drilling program, the logistics variables are already materially addressed. The open question at this stage is scale. The Exploration Target, when delivered, will provide the first quantified assessment of how large the high-grade HMS zones are and at what average grade they present. That number — whether it is tens of millions of tonnes or hundreds of millions of tonnes of material — will define whether this is a project capable of supporting a standalone mining operation or whether it is better considered in the context of a broader development structure. The infill drilling program will then refine and extend that estimate. Investors tracking the company should note that neither the JORC Exploration Target timeline nor the infill drilling results timeline has been precisely specified in the 8 May announcement. The Q3 2026 date refers to drilling commencement, not results delivery. The Exploration Target timeline is not disclosed. These are the data points to watch as Tusker progresses its Douala Basin work program in the periods ahead. Previous Samso News Coverage Samso has followed Tusker Minerals across multiple ASX releases. The following represents our prior published coverage of the company: March 29, 2026 - March16, 2026 - December 19, 2025 - October 15, 2025 - September 30, 2025 - September 26, 2025 - September 19, 2025 - September 8, 2025 - August 17, 2025 - July 10, 2025 - About Tusker Minerals Limited Tusker Minerals Limited (ASX: TSK) — African-Focused Critical Minerals Explorer Advancing HMS and Rutile Assets in Cameroon and Malawi Tusker Minerals Limited (ASX: TSK) is an African-focused explorer advancing a portfolio of critical mineral assets across Cameroon and Malawi. In Cameroon, the company holds the Central Rutile Project (its flagship asset) and the Douala Basin Heavy Mineral Sands (HMS) Project. Together the projects encompass more than 11,000km² of prospective tenure. In Malawi, Tusker holds the Machinga Heavy Rare Earth Element (HREE) Project and the Mzimba Rutile Project. The company operates an in-house Heavy Mineral Sands laboratory in Yaoundé, Cameroon, providing on-the-ground analytical capability. The Douala Basin HMS Project covers 2,580km² of coastal sedimentary terrain within 50km of the deep-water Port of Douala, and hosts historical sonic drilling results confirming thick, high-grade mineralisation from surface across a palaeo-placer dune system. The target mineral assemblage includes rutile, zircon, ilmenite, and possible monazite — all critical minerals with established industrial and energy transition demand. ASX: TSK Tusker Minerals Limited | High-Grade, Near-Surface HMS Potential at Douala Basin, Cameroon | ASX Release 8 May 2026 Cover photo: Ilmenite sand, Mx. Granger. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ilmenite_sand.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Abstract Australian Rare Earths Limited (ASX: AR3) is two very different propositions on one balance sheet. Koppamurra is an ionic clay rare earths project in South Australia and Victoria, which means the rare earths sit in a soft clay blanket near surface rather than locked in hard rock, with a completed Pre-Feasibility Study, a maiden Ore Reserve of 26 million tonnes at 920 parts per million total rare earth oxide, a post-tax net present value of A$858 million and ore running through a pilot plant at ANSTO in Sydney. Overland is a large South Australian uranium exploration position where, in April and May 2026, a drill program looking for sedimentary uranium instead intersected a niobium and rare earth carbonatite in hole OV167, a rare carbonate-rich igneous rock that supplies most of the world's niobium. What is proven at Koppamurra is the deposit, the flowsheet and the study. The ore is soft clay that needs no drilling and blasting, the rare earths leach out at about pH 2.2, there is no tailings dam, and initial capital is A$178 million for a 12-year operation producing about 1,860 tonnes of total rare earth oxide a year. Roughly a quarter of the product by weight is in the group of rare earths China placed under export control in April and October 2025. What is not proven is a pilot-scale recovery number, which is what the ANSTO program exists to produce, and the offtake, which remains a non-binding memorandum with Neo Performance Materials. What is proven at Overland is much less, and the workup is deliberate about saying so. One aircore hole returned 19 metres at 0.61 per cent total rare earth oxide from 86 metres to the end of the hole at 105 metres, with the only reported niobium grades being 7 metres at 0.27 per cent Nb2O5 and, inside it, 1 metre at 0.53 per cent. Pyrochlore, the principal niobium ore mineral worldwide, was identified by petrography and scanning electron microscope. Reprocessed magnetics defined a 10 kilometre corridor, and about 2,000 metres of aircore across five traverses started on 1 September 2026. Set against WA1 Resources' Luni at 1.38 per cent Nb2O5 Indicated and Encounter Resources' Aileron high-grade core at 1.7 per cent, AR3's reported niobium grades are a fraction of both. There is no niobium metallurgical testwork at Overland at all. The constraint that governs everything is the balance sheet. Cash was A$4.607 million at 30 June 2026, there are no financing facilities, and the company's own Appendix 5B reported 2.10 quarters of funding available on its June quarter run rate. Against that is at least A$178 million of development capital, which AR3's disclaimer states there is no certainty of raising when needed, and which it says may be dilutive. At the 3 September 2026 price of A$0.1225, raising A$178 million in equity alone would mean issuing roughly 1.45 billion shares against 256.9 million on issue. Section 12 compares AR3 with seven listed rare earth and niobium peers on market capitalisation, stage, commodity, jurisdiction risk and the evidence for an economic discovery. Four findings come out of it. AR3 is the smallest company in the comparison by a factor of more than four. Koppamurra is one of only two assets in it with a JORC Ore Reserve, the Code's formal statement that economic extraction has been demonstrated, the other being Arafura's Nolans, which is in construction. South Australia ranks fourth of 68 jurisdictions on the Fraser Institute's 2025 Investment Attractiveness Index. Victoria, where the other five Koppamurra licences are, ranks 49 of 68. And Overland is the only asset in the comparison with no Mineral Resource at all. The closest technical analogue is Meteoric Resources, whose Caldeira ionic clay project holds 703 million tonnes at 2,617 parts per million total rare earth oxide, about three and a half times Koppamurra's grade, and trades at about twenty times AR3's market capitalisation. Koppamurra is a low-grade deposit even by ionic clay standards. What it has instead is study maturity, a maiden reserve, government backing and a heavy-weighted basket. The Samso Call on AR3 is WATCH. Both questions that decide what this company is worth, whether Overland is a deposit and how Koppamurra gets funded, have answers arriving within months rather than years. The Overland assays, the ANSTO pilot recovery, the first bulk mixed rare earth oxide sample expected in late September 2026, the Mining Lease Application and any funding announcement are all live. None of them has landed yet. The call describes attention, not action. Contents 1 Why This Company Warrants a Full Workup 9 What Overland Would Have To Become 2 The Company in Brief 10 The Niobium Market 3 The Koppamurra Resource and the Reserve 11 The Rare Earth Market 4 The Koppamurra Pre-Feasibility Study Economics 12 Peer Comparison 5 Koppamurra Metallurgy and the ANSTO Pilot 13 The Balance Sheet and the Funding Gap 6 What OV167 Returned at Overland 14 Management Weighed 7 The 10 Kilometre Overland Corridor and the Drilling Now Underway 15 Samso Concluding Comments 8 The Science Behind Carbonatites 16 Disclaimer Snapshot - Australian Rare Earths Limited Prices below are as at the date in the meta line above, the point this workup was compiled from. This is a living document. The share price and market cap will have moved, up or down, in the time since. Metric Value Share price A$0.1225 (ASX, 3 September 2026) Market capitalisation A$30.8m (ASX company data feed, 3 September 2026) Shares on issue 256,864,776 (ASX, 3 September 2026). 256,074,545 at 30 June 2026 Unlisted options on issue 46,485,347 (30 June 2026) 52-week range A$0.087 to A$0.41 (ASX, 3 September 2026) Cash A$4.607m (30 June 2026, Appendix 5B) Financing facilities Nil (30 June 2026, Appendix 5B item 7.4) Quarters of funding available 2.10 (30 June 2026, Appendix 5B item 8.7) Koppamurra Mineral Resource 243 Mt at 751 ppm TREO (25 June 2026) Koppamurra Ore Reserve 26 Mt at 920 ppm TREO, Probable (25 June 2026) Koppamurra PFS post-tax NPV8 A$858m, IRR 99%, payback 0.9 years (25 June 2026) Koppamurra initial capital A$178m Overland status One drill hole (OV167), 10 km magnetic corridor, ~2,000 m aircore underway from 1 September 2026 Government support A$5m International Partnerships in Critical Minerals grant Offtake Non-binding MOU with Neo Performance Materials, 50% of stage 1 Broker coverage None identified in the sources reviewed for this workup Samso Call WATCH Register, as AR3 reports it in the 25 August 2026 presentation. Directors, management and co-founders approximately 15%, Acorn Capital approximately 7%, Neo Performance Materials approximately 1%, and other holders approximately 77%. Share price context. AR3 has traded between A$0.087 and A$0.41 over the past 52 weeks, so the 3 September 2026 price of A$0.1225 is close to the bottom of that range and about 70 per cent below the high. The company's own 25 August 2026 presentation showed A$0.105 as at 19 August 2026. The stock has therefore firmed modestly since the Overland drilling commenced on 1 September 2026, from a low base. The Pre-Feasibility Study and maiden Ore Reserve were released on 25 June 2026 and the share price is lower now than the 52-week high that preceded them, which is the clearest single statement of how the market has received the study so far. 1 Why This Company Warrants a Full Workup Australian Rare Earths Limited is carrying two very different assets on one small balance sheet. Its market capitalisation on 3 September 2026 was about A$31 million. The Pre-Feasibility Study on one of those assets puts a post-tax net present value of A$858 million on it. Section 13 sets out why that gap is the price of funding still to be raised. The first asset is Koppamurra, an ionic clay rare earths project in south-eastern South Australia and western Victoria. Ionic clay means the rare earth elements are held loosely on the surface of clay particles instead of locked inside hard minerals, so they can be lifted off by ion exchange, which is another chemical simply displacing them. At Koppamurra that is done with dilute acid at about pH 2.2. The alternative, for a hard rock deposit, is crushing, roasting and dissolving, and that is what makes the processing here simple and cheap. Koppamurra has a Pre-Feasibility Study, a maiden Ore Reserve, a government grant, and ore in a pilot plant at ANSTO in Sydney right now. That A$858 million net present value is a 100 per cent project figure, and AR3 holds Koppamurra 100 per cent, so all of it is attributable to the company. The second asset is Overland, a very large uranium exploration position in South Australia where, in April and May 2026, AR3 drilled 22 aircore holes looking for sedimentary uranium and instead intersected something else. Hole OV167 returned 19 metres of rare earth and niobium mineralisation, and petrographic work identified pyrochlore, the mineral that supplies most of the world's niobium. A carbonatite is a rare igneous rock made up mostly of carbonate minerals, and carbonatites are the world's main source of both niobium and rare earths. Section 8 explains why. Reprocessing of an airborne magnetic survey then defined a 10 kilometre magnetic corridor, and drilling to test it started on 1 September 2026. Koppamurra is an advanced study asset with a funding problem. Overland is a one-hole discovery with a very long runway and no funding attached to it. A workup that looked at only one of them would be describing a different company. Niobium has also become a live theme on the ASX. WA1 Resources announced the Luni discovery in the West Arunta in Western Australia in November 2022 and built a company the ASX valued at A$831 million on 3 September 2026. Encounter Resources followed with Aileron. Samso has written about both. So when a third ASX company reports pyrochlore in a carbonatite, the question is whether the numbers reported so far are in the same league. On the public record they are not, and section 9 sets out the comparison. AR3 went to Overland looking for uranium in sediments. It did not find significant uranium in that program. It found a carbonatite instead. That is worth stating plainly, because a discovery made while looking for something else is a common way that mineral systems get found, and it is also a reason the company had no prior geological framework built around it. It is also a great reminder that WA 1 Resources Limited went to find IOCGs (Iron Oxide Gold Copper) and they found a world class carbonatite. 2 The Company in Brief AR3 listed on the ASX on 1 July 2021. It holds 31 tenements across South Australia, Victoria and Queensland, all 100 per cent owned except two Overland licences noted as subject to transfer or ministerial consent. The tenement schedule is in the June 2026 quarterly. The tenement schedule names nine projects. Three of them carry the story. Koppamurra is the flagship. Eleven exploration licences, six in South Australia and five in Victoria, about 300 kilometres south-east of Adelaide, within 8 kilometres of a main highway, and about 380 kilometres from the Port of Adelaide. FIG. 1 shows the licence outlines and the towns. It holds a Mineral Resource of 243 million tonnes at 751 parts per million total rare earth oxide and a maiden Ore Reserve of 26 million tonnes at 920 parts per million. Parts per million is the standard way to report a low-grade, high-volume deposit. 920 parts per million is 0.092 per cent, which sounds trivial until you note that the material is free-digging clay and the rare earths wash out with dilute acid. Figure 1. The Koppamurra Project, South Australia and Victoria. AR3's location map. The deposit is about 300 kilometres south-east of Adelaide and straddles the South Australian and Victorian border, which is the split section 12 returns to. Naracoorte, Keith, Bordertown and Penola are the towns the South Australian licences are named for. Source: AR3 ASX release, Quarterly Activities Report, 31 July 2026. Overland is the uranium and now niobium position. It is in South Australia and is described by the company as approximately 8,000 square kilometres in the June 2026 quarterly and the 11 August 2026 release, and as approximately 7,000 square kilometres in the covering note to the 25 August 2026 Tribeca presentation. Both figures are as published by the company. Samso reports them as they stand and does not attempt to reconcile them. Northern Queensland is nine rare earth exploration permits, grouped under five project names, on which no work was done during the June 2026 quarter. Two further South Australian uranium licences are outside those three groups. EL7010 at Wirrealpa is the Triggs Bore project and EL7011 at Moolawatana is the Hamilton Creek project. Neither featured in the company's reporting for the period reviewed here. One detail in the schedule is worth recording. EL7079 at Fisher is the only tenement whose listed commodity includes niobium, and it is the licence the carbonatite discovery is in. The company describes itself as a diversified critical minerals company. On the evidence of where the money went, that is accurate but weighted. A$1.74 million was spent on exploration and evaluation in the June 2026 quarter, and the Managing Director's commentary and the presentation both put Koppamurra first. 3 The Koppamurra Resource and the Reserve Koppamurra's estimates were updated on 25 June 2026, alongside the Pre-Feasibility Study. Three separate things were reported that day and they are routinely blurred. A Mineral Resource is mineralisation that has been drilled and estimated well enough to have reasonable prospects of eventual economic extraction. It comes in three confidence categories. Measured is the highest, then Indicated, then Inferred. An Ore Reserve is the part of a Mineral Resource that a study has shown can actually be mined and processed at a profit, after applying mining, processing, cost, price, permitting and environmental assumptions. Only Measured and Indicated material can convert into an Ore Reserve. Inferred material cannot, which is why the reserve is so much smaller than the resource. An Exploration Target is neither. It is a stated range of possible tonnes and grade, based on insufficient drilling to estimate a resource, and the JORC Code requires it to carry that warning every time it is quoted. The JORC Code is the Australasian Joint Ore Reserves Committee code, the rulebook governing how an Australian listed company may report exploration results, Mineral Resources and Ore Reserves. More than half the resource is Inferred. 129.6 million tonnes, or about 53 per cent, and the company states that approximately 47 per cent is Measured or Indicated. Inferred material carries low geological confidence and cannot be used in an Ore Reserve. The grade barely moves between confidence categories. Measured is 773 parts per million, Inferred is 737. That is what an ionic clay blanket looks like. It is laterally continuous, and grade is not the variable drilling resolves. The resource grew by about 7 million tonnes on the September 2024 estimate with no new drilling at all. The company attributes that to improved geological modelling and re-domaining to isolate calcium-rich material. That is a legitimate technical exercise and it is disclosed as such. It is also not the same thing as finding more rock. Table 2 gives the reserve. Its grade of 920 parts per million is about 22 per cent above the global resource average of 751. That is the company's own framing and it is arithmetically correct. It reflects the fact that a reserve is a selected, higher-grade, study-tested subset. The deposit did not get better. Two things behind that uplift are not disclosed. There is no cut-off grade in the quarterly or the presentation, and a cut-off is what turns a resource into a reserve in a deposit where grade barely varies. And the conversion is modest. The 26 million tonne reserve was drawn from the Measured and Indicated portion of a 243 million tonne resource, and the company states that portion is about 47 per cent of the whole. Most of the higher-confidence material did not make the mine plan. That is normal for selective mining of a low-grade blanket and it is why the reserve grade is higher, but the reader should be shown it. The Exploration Target is a separate figure again. AR3 reports a 2026 Exploration Target of 680 million to 3,620 million tonnes at 540 to 820 parts per million TREO. The JORC Code requires the accompanying statement, which AR3 gives, that the quantity and grade are conceptual, that there has been insufficient exploration to estimate a Mineral Resource, and that it is uncertain whether further exploration will result in one. The range is wide enough, more than five times from bottom to top, that it describes the size of the ground position. It does not describe the size of a deposit. Under the JORC Code an Exploration Target is reported separately from Mineral Resources, so this range is in addition to the 243 million tonne resource and not inclusive of it. 4 The Koppamurra Pre-Feasibility Study Economics The Pre-Feasibility Study released on 25 June 2026 is the single most important document AR3 has produced. A Pre-Feasibility Study is the second of the three standard study levels. Scoping is first and is indicative. Pre-Feasibility is a preliminary technical and economic assessment good enough to support an Ore Reserve. Definitive Feasibility is the study a board and a lender rely on to commit capital. AR3 is targeting a Definitive Feasibility Study in 2027. Table 3 sets out the base case as the company reports it. Those are strong numbers and they should be treated as such. A 99 per cent internal rate of return and a payback under a year on A$178 million of capital is unusual. The reason it is unusual is structural rather than promotional. The ore is soft clay that needs no drilling and blasting. There is no tailings dam. The flowsheet is a heap leach at about pH 2.2, which means dilute acid trickled through stacked ore, followed by oxalic acid precipitation to make a mixed rare earth oxide. Capital that would be spent on crushing, grinding, tanks and tailings storage in a hard rock rare earth project is not spent here. FIG. 2 sets the flowsheet out step by step and FIG. 3 is the company's rendering of the layout. Figure 2. The Koppamurra process flowsheet. Read left to right. Shallow mining feeds a run-of-mine pad, the ore is agglomerated, then irrigated on a heap leach pad at about pH 2.2. The pregnant leach solution goes to crude mixed rare earth oxide precipitation, re-dissolution and a second precipitation, then to calcination, which the study places offsite and therefore outside the A$178 million capital estimate. Barren material is neutralised and returned to the mined pit. The absence of crushing, grinding and tailings storage is the point of the diagram. Source: AR3 ASX release, Quarterly Activities Report, 31 July 2026. Figure 3. The company's model of the proposed Koppamurra operation. This is a rendering produced by AR3, not a photograph. Nothing in it is built. It is reproduced because it makes the capital argument visible. The rectangular pads are heap leach cells and there is no tailings storage facility anywhere in the layout, which is the single largest reason the initial capital estimate is A$178 million rather than a multiple of it. Source: AR3 ASX release, Quarterly Activities Report, 31 July 2026. There is a counterweight to the no-tailings-dam argument and it is geological. AR3's baseline environmental studies, as listed in the quarterly, cover ecology, groundwater, stygofauna and sinkholes. Stygofauna are animals that live in groundwater. Sinkholes and stygofauna together mean karst, which is limestone that groundwater has dissolved into a connected network of voids. The proposal is to irrigate stacked ore with dilute acid above that system, in a district of irrigated agriculture, drawing process water from the local aquifer. AR3 has done the baseline work and the South Australian Department for Energy and Mining has published a Scoping Report confirming the pathway, so this is already known and already being addressed. But removing the tailings dam removes one class of environmental risk and not this one, and the groundwater case is the part of the Mining Lease Application most likely to draw scrutiny from the people farming the same water. The Life of Mine Production Target is approximately 71 per cent Probable Ore Reserves and approximately 29 per cent Inferred Mineral Resources. Inferred material has low geological confidence and there is no certainty it converts. The company states that project economics modelled on Ore Reserves alone, with no Inferred material, still return a post-tax NPV8 of A$652 million. That disclosure is exactly what the ASX requires and it is the more conservative number a careful reader should anchor on. The arithmetic that disclosure implies is worth doing. Twelve years at 3 million tonnes a year is 36 million tonnes of feed. The Ore Reserve is 26 million tonnes. That multiplication is Samso's own, on the company's published figures, and it is why the production target needs Inferred material at all. The reserve on its own does not fill a twelve-year plan. The presentation goes further and says where the Inferred material is. It is allocated across the whole mine life, at an average of 23 per cent of feed across the first ten years and ranging from 2 to 33 per cent. So the Inferred is not parked at the back of the schedule where drilling could convert it before it is needed. It is in the plan from the early years, which is the more demanding version of the same disclosure and is why the A$652 million reserves-only figure carries weight. Pricing in the base case uses the average of two independent forecasters, Adamas Intelligence and Argus Media, using Q2 2026 long-term Western forecasts to 2040. Long-term forecast pricing to 2040 is a reasonable basis for a study. It is not a spot price, and rare earth prices in 2026 have been volatile in both directions. The company also models a price floor scenario, which returns a post-tax NPV8 of A$635 million and an 83 per cent IRR. Capital is broken out as a processing plant at A$77 million, site infrastructure and services at A$48 million, temporary facilities at A$4 million and owner's costs at A$14 million. Those four are the base estimate and they sum to A$143 million. A contingency of roughly A$35 million, about 25 per cent of that base, takes the figure to the A$178 million headline. A 25 per cent contingency is normal at Pre-Feasibility level and is not a warning sign, but it does mean a quarter of the capital number is an allowance rather than a priced item. Operating cost is estimated at A$96 million per year, with mining about 45 per cent and processing about 51 per cent of the total. Figure 4. Where the A$178 million of Koppamurra initial capital goes. A Samso chart built from AR3's own breakdown. The four base estimate items sum to A$143 million. The contingency of about A$35 million, roughly 25 per cent, sits on top of that figure rather than inside it, so a quarter of the headline capital number is an allowance rather than a priced item. Source: AR3 Pre-Feasibility Study of 25 June 2026, as reported in the Quarterly Activities Report, 31 July 2026. A second number a reader would look for and will not find is the price side. The study gives an all-in sustaining cost of US$38.32 per kilogram of total rare earth oxide and does not, in the material reviewed here, give the realised price per kilogram behind the revenue. Without it the margin cannot be seen, only inferred from the size of the net present value. That matters more than usual because the product is a mixed rare earth oxide rather than separated oxides. A mixed oxide is bought at a percentage of the value of the separated oxides it contains, and that percentage, the payability, is set by negotiation with whoever does the separating. What payability the study assumed is not disclosed in the quarterly or the presentation. It is a fair question to put to the company, because a study carrying the full basket value and a study carrying a payability discount describe different projects. One number a mining engineer would look for is not in the public material reviewed here, and its absence should be stated. There is no strip ratio. A strip ratio is the tonnes of waste that have to be moved to expose one tonne of ore, and it is the single biggest driver of open pit mining cost. Mining is about 45 per cent of the A$96 million annual operating cost, so the strip ratio is embedded in that figure. It is simply not disclosed separately in the quarterly or the presentation. The deposit is described as a shallow blanket in free-digging clay, which implies a low ratio, but implication is not disclosure. The single hardest sentence in the whole disclosure pack is in the presentation's own disclaimer. To achieve the development outcomes described, AR3 estimates that funding of at least A$178 million will be required, there is no certainty it can be raised when needed, and any such funding may be dilutive. Section 13 deals with what that means against a A$4.6 million cash balance. Table 4 shows nearly half the basket by weight is cerium and lanthanum, which are the two cheapest rare earths and are in surplus globally. That is true of almost every rare earth deposit and it is not a criticism of Koppamurra. What matters is the other half. Neodymium and praseodymium together are about 21.9 per cent of the calcined product, and dysprosium and terbium together are about 3.2 per cent. Those four are the magnet rare earths that carry the value. 5 Koppamurra Metallurgy and the ANSTO Pilot Metallurgy decides whether an ionic clay rare earth project works, because the whole economic case depends on the rare earths leaching out cheaply. AR3 has taken a step here that most of its peers have not. It is the first industry partner into ANSTO's clay-hosted pilot plant, which puts it ahead on pilot-scale demonstration even where others are ahead on study stage. On 11 August 2026 the company announced that commissioning of the pilot plant at ANSTO's new critical minerals facility in Sydney was complete, using about 1 tonne of Koppamurra ore, and that approximately 30 tonnes was now being processed. ANSTO is the Australian Nuclear Science and Technology Organisation. The facility was opened in May 2026 by the Minister for Resources, and AR3 is the first industry partner to use the clay-hosted rare earth pilot plant. The commissioning phase, completed on 31 July 2026, produced 940 kilograms of on-specification agglomerates, loaded the columns without incident, ran irrigation above design rates with no degradation of flow, and returned rare earth recovery in line with expectations. Agglomerating means binding fine clay into small pellets so that acid can percolate through the stack rather than blinding it. Clay that will not percolate is the classic failure mode for a clay heap leach, so irrigation running above design rate with no flow degradation is the result that carries in that release. FIG. 5 shows the columns. Figure 5. The ANSTO column leach piloting facility, Sydney. The eight 4-metre columns AR3 is running four cycles through, with about 30 tonnes of Koppamurra ore. AR3 is the first industry partner to use the facility. This is the equipment that will produce the first pilot-scale recovery number, the one the Pre-Feasibility Study's 68 per cent has to survive. One caveat travels with it. A 4 metre column is shorter than a commercial heap lift, and percolation, acid consumption and recovery all shift with bed height. The lift height assumed in the study is not disclosed in the material reviewed here, so the pilot will validate the flowsheet without settling how it behaves at full height. Source: AR3 ASX release, Koppamurra Pilot Processing Underway, 11 August 2026. “Commissioning is complete and Koppamurra ore is now being processed through a continuously operating pilot circuit — a genuine step up from laboratory-scale testwork. We are now generating engineering data and product samples for direct evaluation by potential customers and offtake partners. With our first bulk Mixed Rare Earth Oxide sample expected in late September 2026, this program is delivering exactly what we need to finalise Koppamurra's process design and drive toward a bankable, investment-ready outcome.”Travis Beinke, Managing Director and CEO, AR3 ASX release, 11 August 2026. The claim in that quote worth testing is “bankable, investment-ready”. A bankable feasibility study is a document a lender will lend against. AR3 has a Pre-Feasibility Study and has not yet started a Definitive Feasibility Study, which it targets for 2027. The pilot generates engineering data for that study. So the quote describes a direction of travel accurately and a destination that is at least a study and a funding package away. The rest of it is verifiable and correct. The program is four cycles of eight columns, each 4 metres tall. Liquor from each cycle goes to oxalate precipitation to make a mixed rare earth oxide. The first bulk sample is expected in late September 2026 and heap leach activities are expected to be complete by December 2026. The headline recovery of 68 per cent is a study number, not a pilot number. It was carried into the Pre-Feasibility Study, and the company describes commissioning recovery as in line with expectations without quoting a pilot figure. No pilot number is public. That is the number to watch and it is the reason the pilot exists. The study assumes calcination happens offsite. Calcination is the heating step that turns the precipitated oxalate into a saleable oxide. Doing it offsite keeps capital out of the A$178 million, and it introduces a dependency on a third party that is not named in the material reviewed for this workup. The recovery figure carries a pH but no leach time and no agglomerate size. A heap leach recovery is a function of both. A 68 per cent recovery at 30 days and 68 per cent at 120 days are very different projects, because leach time sets the size of the pad, the working capital tied up in ore under irrigation, and the rate at which the operation can turn over. The pilot is running four cycles through eight columns each 4 metres tall, on Samso's reading of a release that says four cycles of the eight by four metre columns, and the cycle duration has not been published. It should be one of the numbers the pilot reports. The material under test is not broken down by domain. It is Koppamurra ore and the announcements say no more than that. The resource was re-domained in June 2026 to isolate calcium-rich material, so at least one recognised domain in the deposit behaves differently. Whether the 30 tonnes at ANSTO is the reserve blend, the best material, or something in between is not stated. A heap leach at pH 2.2 through calcium-rich clay consumes acid, and the reagent is not named. The 11 August release refers only to lixiviant makeup requirements, a lixiviant being the solution used to dissolve the metal out of the ore. The gap is material. If the lixiviant is sulphate based then calcium does not only consume reagent, it precipitates as gypsum inside the stack, and gypsum blinding is the other classic way a clay heap leach fails alongside the percolation problem. If it is chloride based the question takes a different form. Acid consumption and gypsum behaviour are two of the three variables most likely to move an ionic clay operating cost, and the ANSTO columns are the right place to measure both. Nobody has yet said where the thorium goes. The Ore Reserve as published carries 19 parts per million thorium oxide and 1.4 parts per million uranium oxide. Those are low by the standards of a monazite hard rock deposit, which is a real advantage. The number that decides things is not the head grade though. It is how much thorium reports to the mixed rare earth oxide, because that governs whether the product travels freely and which separation plants will accept it. The company says the oxalic acid precipitation gives high rejection of impurities and does not say which impurities or to what level. The pilot is the right place to answer that, and the answer belongs alongside the recovery number when it comes. 6 What OV167 Returned at Overland On 8 July 2026 AR3 announced the identification of a niobium and rare earth carbonatite mineral system at the R254 prospect within the Overland Project. It came out of the Sedan uranium drilling program, which ran 22 aircore holes for 1,280 metres across April and May 2026 to test two sedimentary uranium targets, the Western Flank Zone and the Basal Sandy Unit. That program continued to indicate anomalous uranium in the sedimentary sequence, but no significant uranium intersections were identified from it. Aircore uses a hollow drill rod with blades that scrape the rock and return chips up the inside of the rod on compressed air. It is fast, it is cheap, and it is the standard first-pass tool in covered terrain. What it returns is cuttings, not core. There is no intact piece of rock to log, measure or orient. Structural measurements are not possible, contacts are approximate, and there is always some risk of down-hole contamination. Aircore answers whether there is something here. It does not answer what its geometry is or how much of it there is. Figure 6. West to east section through the R254 target, with downhole gamma and assays. The most informative single image AR3 has published on Overland. Four holes are plotted, OV166, OV165, OV167 and OV168, looking north. The stratigraphy runs sand and clay, then sand, then limestone, then clay, then basement. The intercepts labelled on the section, 7 m at 0.56 per cent TREO with 0.27 per cent Nb2O5, 3 m at 1.16 per cent TREO and 9 m at 0.46 per cent TREO, are all on OV167 and all fall at or below the basement contact. The neighbouring holes carry the same stratigraphy and no labelled intercepts. Whether they reached basement at all is the question the section does not answer, and an aircore hole that refused in cover has not tested the target beneath it. Source: AR3 ASX release, Quarterly Activities Report, 31 July 2026. The hole ended in mineralisation because the hole ended. AR3 reports 19 metres from 86 metres to the end of the hole at 105 metres, with the interval remaining open at depth. Both statements are accurate as the controlling denominator is that the drilling conditions stopped the process of drilling. Aircore drilling stops when the bit will not cut, which in our geological jargon, it is what we call ground refusal as the ground simply became too hard for the drilling process. This usually means that we have reached fresh basement, and 105 metres is where OV167 gave out. Open at depth is a great way to say that nobody has yet tested below it. It implies but does not mean anyone has evidence the mineralisation continues. The current program does not close that question either. AR3's 1 September release says the open end of hole means the true thickness at OV167 is not yet defined, and then says the program is designed to test that open potential along strike. Along strike is not below. Nothing announced tests what is beneath 105 metres at OV167, and aircore is not the tool that could. The first item on the company's list of evidence for scale is the one item these five traverses leave exactly where it is. The intervals are downhole lengths and the hole's orientation is not reported. AR3 has published the depths and lengths for OV167 but not its dip or azimuth in the material reviewed for this workup, and it has not reported true widths. True width is the thickness of the mineralised body measured perpendicular to it, and it is what a tonnage calculation needs. Downhole length is what the drill measured. The two are the same only when a hole cuts a body at right angles, and one hole cannot establish the body's orientation in any case. Every length in Table 5 should be read as downhole and as an upper bound on true width. FIG. 6 plots OV167 against its three neighbouring holes. The niobium grade is reported over 7 metres and 1 metre only. The parent 19 metre interval carries a TREO grade but no niobium grade. The only niobium numbers in the public record are 7 metres at 0.27 per cent Nb2O5 and, inside it, 1 metre at 0.53 per cent. A reader who takes 0.53 per cent as the deposit's niobium grade has taken the best metre of one hole. Section 9 puts those numbers against what a carbonatite niobium deposit needs to be. Pyrochlore was identified, and that is a real finding. Pyrochlore is the principal niobium ore mineral in the world's major niobium deposits. AR3 identified it by petrography, which means examining the material under a microscope, and by scanning electron microscope work on the drill cuttings. That is a genuine mineralogical identification and it is the difference between "there is niobium in the assay" and "there is niobium in the mineral that industry knows how to process". It says nothing about how much there is. The company's interpretation is modest. AR3 states that OV167 may have intersected a sill or dyke-like expression of a larger, untested carbonatite intrusive system, and that the hole was drilled above a large coherent magnetic anomaly interpreted to possibly reflect iron and titanium oxide accumulation in basement rocks. A sill or a dyke is a thin sheet. The company is saying it may have clipped an offshoot, not the body. The cautionary note in the quarterly says the results are from a single drill hole, there is insufficient data to define a Mineral Resource, and early-stage results may not be representative. That is the correct disclosure and AR3 has given it without being asked. FIG. 7 shows the anomaly and where OV167 cut its eastern edge. Figure 7. The OV167 discovery area on total magnetic intensity, with the section line. The close view. OV167 is on the eastern edge of a magnetic high within EL7079. The box at lower right carries the reported intersections. This is the coherent magnetic anomaly AR3 interprets as possibly reflecting iron and titanium oxide accumulation in basement rocks, and it is the reason the company reads OV167 as a possible sill or dyke off a larger untested body. Source: AR3 ASX release, Quarterly Activities Report, 31 July 2026, using South Australian regional total magnetic intensity images from SARIG dataset mesac139. 7 The 10 Kilometre Overland Corridor and the Drilling Now Underway On 23 July 2026 AR3 reported the result of reprocessing a 1999 airborne magnetic survey flown on 80 metre line spacing. The reprocessing used normalised source strength of the total magnetic intensity, a transform that reduces the distortion a magnetic anomaly suffers when the rock carries remanent magnetism, meaning magnetism locked in when it cooled and pointing in a direction other than today's field. The output was a prominent 10 kilometre north to south magnetic feature extending well beyond OV167. FIG. 8 gives the regional magnetic setting. Figure 8. Regional total magnetic intensity across the Overland tenements. The wider setting, covering EL7079, EL7081 and the Palmer Fault, the same structure Figure 9 labels the Regional Palmer Fault. Drill collars from the Sedan aircore program are shown, including OV165 to OV168 at the discovery. Magnetics respond to magnetite, so a warm colour here is a magnetic rock and not necessarily a carbonatite. Dolerite dykes, mafic intrusions and iron-rich basement all produce the same response. Source: AR3 ASX release, Quarterly Activities Report, 31 July 2026, using South Australian regional total magnetic intensity images from SARIG dataset mesac139. Within that corridor, about 3 kilometres south of OV167, is historic hole R64. R64 recorded a significant gamma response from 56 metres to 71 metres. Gamma logging measures natural gamma radiation down a hole. In this setting it responds mostly to thorium and uranium, which travel with many rare earth minerals. A gamma response is a useful pathfinder. It is not an assay and it does not measure niobium at all. Two further points belong with it. R64 bottomed at 71.0 metres, and at OV167 the mineralisation does not begin until 86 metres, below the base of the cover sequence. On that stratigraphy a gamma response at 56 to 71 metres is likely to be within the cover rather than in basement, and a response in the cover cannot be evidence of a carbonatite beneath it. Overland is also a sedimentary uranium project. The Sedan program was drilled for sedimentary uranium, and the quarterly reports that it continued to indicate anomalous uranium accumulations in the sedimentary sequence. A gamma high in the cover, in ground where the company keeps reporting exactly that, has a competing explanation with nothing to do with the carbonatite. Re-drilling R64 is the right call because it separates the two, and until it is drilled the historic gamma is the weakest of the three pieces of evidence the company puts behind its scale argument. R64 was a 120 millimetre diameter hole drilled vertically to a total depth of 71.0 metres. The gamma response therefore runs from 56 metres to the bottom of the hole. This is the same situation as OV167. The response is open at depth because the hole stopped, not because anything below it has been tested. AR3's 1 September release describes it as a significant gamma response over a 15 metre interval, which is the same 56 to 71 metre window stated a different way. Figure 9. The 10 kilometre magnetic corridor and the five planned drill traverses. The target inventory the current program is testing, from reprocessed 1999 airborne magnetic data flown on 80 metre line spacing. OV167 is at the northern end and R64, shown as R064 on the company’s imagery, about 3 kilometres south. The white bars are the planned traverses, five of them per the release, and the red bracket marks the northern 6 kilometres they cover. The colour scale is normalised source strength in nanotesla per metre, not raw magnetic intensity. The Regional Palmer Fault runs alongside the corridor and the strongest response on the image is in the south, both discussed in the text. What the image shows is a magnetic feature. Whether it is one carbonatite body, a dyke swarm, a structural corridor or something else is what the drilling is for. Source: AR3 ASX release, AR3 commences follow-up drilling to test scale of Overland niobium-REE carbonatite discovery, 1 September 2026. FIG. 9 shows the corridor and the five planned traverses. The current program started on 1 September 2026. It is approximately 2,000 metres of aircore across five traverses, testing priority targets in the northern 6 kilometres of the corridor, including follow-up on R64. FIG. 10 is the rig on the first hole. AR3 states the program is designed to establish whether mineralisation is continuous along strike and to provide the support required to move from a single discovery toward a defined Exploration Target. Figure 10. The rig starting the first hole of the follow-up program at Overland. Drilling commenced on 1 September 2026. About 2,000 metres of aircore across five traverses. Assays and downhole gamma data will be reported progressively, and AR3 has not given a date. Source: AR3 ASX release, 1 September 2026. Travis Beinke, AR3's Managing Director and Chief Executive Officer, put it this way in the release announcing the program. “The commencement of this drilling program marks the next phase of systematic testing of what is emerging as a significant carbonatite system at Overland. Our initial discovery hole, combined with the subsequently identified 10 kilometer magnetic corridor and encouraging historic drilling results, highlights the scale potential of the system. This program is designed to test multiple targets along strike and improve our understanding of the geometry, continuity, and fertility of the carbonatite mineralisation.”Travis Beinke, Managing Director and CEO, AR3 ASX release, 1 September 2026. Read that quote for what it claims and what it does not. It claims the system is emerging and that the program will improve understanding of geometry, continuity and fertility. Those are the three things a second round of drilling is for and the word choice is accurate. It does not claim a grade, a thickness, a tonnage or a resource, and it describes scale potential rather than scale. For a company whose share price is near a 52-week low, that is a restrained piece of language and the restraint is worth crediting. Two things are visible on AR3's corridor image that the text of the release does not raise, and both cut against reading the corridor as a single body. The corridor runs immediately alongside the Regional Palmer Fault, which is consistent with a deep structure controlling where intrusive rock was emplaced and less consistent with one large intrusion there. And the strongest magnetic response on the whole image is in the south, outside the northern 6 kilometres this program is testing. Neither observation is a criticism. Drilling the northern 6 kilometres is a reasonable choice when that is where the discovery hole and the historic gamma response are. It does mean that a null result across these five traverses would not close out the corridor. The stated goal of this program is not a Mineral Resource. It is not even close to one. It is an Exploration Target, which is the conceptual range one full step below a Mineral Resource. AR3 is being straight about that and a reader should hold the company to its own framing. Assays and downhole gamma data will be reported progressively. AR3 has not given a date and this workup does not put one on it. Laboratory turnaround on a program this size is measured in weeks to months rather than days, and that is Samso's expectation from general practice, not a company statement. 8 The Science Behind Carbonatites A carbonatite is an igneous rock, meaning it crystallised from a melt, that is made up of more than half carbonate minerals. That is unusual. Almost every other igneous rock is built from silicate minerals. Carbonatites come from deep in the mantle, they occur in continental rift settings, and they are rare. There are only a few hundred known in the world. They matter far out of proportion to that number because they are the world's dominant source of both niobium and rare earth elements. The reason they carry those metals is chemical. Niobium and the rare earths are what geochemists call incompatible elements. They do not fit neatly into the crystal structures of common rock-forming minerals, so as a melt cools and crystallises they stay in the residual liquid and concentrate. A carbonatite melt is an efficient collector of them. When it crystallises, the niobium ends up mostly in pyrochlore, a calcium sodium niobium oxide, and the rare earths end up in minerals such as bastnaesite, monazite and apatite. The standard reference on how carbonatites are explored is Simandl and Paradis, "Carbonatites: related ore deposits, resources, footprint, and exploration methods", Applied Earth Science, volume 127, issue 4, 2018, pages 123 to 152. It is directly relevant to what AR3 is doing, and it supports part of the approach while raising a question about another part. What it supports is the method. The paper lists airborne radiometric, magnetic and gravity surveys among the primary tools for finding carbonatites. It cites the Oka complex in Quebec, where the gravity anomaly, the residual total magnetic field, the equivalent thorium response and the first vertical derivative of the magnetic field all coincide with the outline of the complex. That is exactly the toolkit AR3 is using, with magnetics having found the corridor and downhole gamma having flagged R64, and the company has said gravity gradiometry is planned. This is textbook carbonatite exploration and there is nothing improvised about it. What it raises is geometry. The paper describes undeformed carbonatite complexes as having circular, ring or crescent-shaped aeromagnetic and radiometric signatures. That is the classic signature, and it comes from the fact that a carbonatite complex is typically a roughly cylindrical pipe or plug. AR3's target is a 10 kilometre north to south linear corridor. A linear feature is not the classic signature. There are at least three ways to read that, and an investor should hold all three at once. The system is dyke and sill dominated rather than a single plug, which is AR3's stated interpretation of OV167. Carbonatite dyke swarms exist and can be extensive. On this reading the linear corridor is real and the intrusive centres are discrete bodies along it, which is what the five traverses are designed to find. The corridor is a structural corridor, a deep-seated fault or rift-related zone, along which one or more carbonatite bodies were emplaced. On this reading the corridor is a control on mineralisation rather than mineralisation itself, and most of its 10 kilometres will be barren. Part or all of the magnetic corridor reflects something else entirely. Dolerite dykes, mafic intrusions and iron-rich basement units are all magnetic. Eighty metre line spacing is detailed rather than coarse, so the limitation is not resolution. It is that total magnetic intensity measures magnetism and not rock type, and cannot discriminate a carbonatite from anything else carrying magnetite. The problem also runs the other way. Carbonatite itself is often only weakly magnetic, and the response commonly comes from associated iron oxide phases or from the altered halo around the intrusion, so magnetics can miss a carbonatite as readily as it can flag something that is not one. AR3's text notes the anomaly under OV167 may reflect iron and titanium oxide accumulation in basement rocks. That is consistent with a carbonatite. It is not exclusive to one. None of these three is disqualifying and the first is entirely plausible. What the corridor gives AR3 is a list of places worth drilling, which is all a magnetic image can ever give. It is not a discovery, and drilling is what turns one into the other. That is why the current program is the piece of news to follow. One further point from the same literature deserves stating because it cuts in AR3's favour. Simandl and Paradis note that the high density niobium and rare earth bearing minerals commonly present in carbonatites, pyrochlore among them, are easy to concentrate. They also note that most carbonatite-related apatite deposits currently in production were enriched by weathering. Both matter here. Pyrochlore that can be concentrated by gravity and flotation is a processing advantage over a mineral that cannot, and lateritic weathering is the process that turns modest primary niobium grades into the high-grade blankets that the world's producing niobium mines actually mine. Whether Overland has a weathered profile of that kind is unknown. Nothing in the public record addresses it. 9 What Overland Would Have To Become Overland's reported numbers are a long way from carrying much weight, and this section sets out why. Table 6 puts AR3's reported niobium numbers against the two ASX carbonatite niobium deposits the market already knows. Figure 11. Reported niobium grades, AR3 against its ASX carbonatite peers. A Samso figure, built from the sourced figures in Table 6. The two orange bars are single drill intercepts from one hole. The four navy bars are Mineral Resource Estimates. These are not equivalent categories of information, and the chart is a comparison of grade only, not of deposits. Sources as for Table 6. FIG. 11 puts the six numbers on one scale, and the arithmetic is not close. Luni's Indicated grade of 1.38 per cent Nb2O5 is about five times AR3's best 7 metre intercept and about two and a half times AR3's best single metre. Encounter's high-grade core at 1.7 per cent is higher again. AR3's 0.27 per cent over 7 metres is, on the current public record, an anomalous intercept rather than an ore grade. That is a statement about one hole, and it should be read as one. Grades in a carbonatite system vary enormously over short distances, and the first hole into a system is very rarely the best one. WA1's own first pass into the West Arunta did not begin at 1.38 per cent either. The reason to state it plainly is that the market has a habit of pricing the word "carbonatite" rather than the number attached to it, and a Samso reader is entitled to see the number. So what would have to happen for Overland's niobium to matter to AR3's valuation? In order. The current program has to intersect carbonatite away from OV167. Five traverses across the northern 6 kilometres. If the corridor is a structural feature with one small intrusive on it, this is where that shows up. Grades have to improve materially. Getting from 0.27 per cent to something starting with a 1 is not an incremental step. It usually requires either a different part of the system, meaning closer to an intrusive centre, or a weathered enriched profile. The depth has to be liveable. The mineralisation at OV167 begins at 86 metres. Whatever is found along the corridor starts beneath that kind of cover, and every tonne carries the cost of removing or going through the cover first. Nothing in the public record says whether a deposit here would be mined open pit or underground, and at this stage nothing could. Depth is a fixed handicap that better grades have to overcome, and it does not improve with drilling. Thickness has to be established with drilling that can measure it. Aircore that stops at 105 metres cannot define the geometry of a body. Diamond drilling, which recovers an intact cylinder of rock, is what gives true widths, structural measurements and material for proper metallurgical testing. Metallurgy has to be done, and none has been. There is no niobium metallurgical testwork at Overland in the public record. Pyrochlore recovery from carbonatite is normally a flotation problem. Flotation separates minerals by making the ones you want stick to air bubbles and float off. It is sensitive to the gangue mineralogy, the gangue being the worthless minerals the ore mineral is mixed with, and particularly to fine-grained iron oxides and to the carbonate itself. Both WA1 and Encounter have spent years and considerable money on this step. The identification of pyrochlore under a microscope is the beginning of that work, not a substitute for it. Someone has to fund it. Section 13. On any reasonable reading, steps one to five are a multi-year program. That is not a criticism of AR3. It is the normal timeline for a carbonatite discovery. 10 The Niobium Market Niobium is a small market with an unusual structure, and understanding the structure explains why an ASX discovery gets rerated so hard. Roughly 90 per cent of niobium goes into steel, as ferroniobium, an iron and niobium alloy. Adding a fraction of a per cent of niobium to steel makes it dramatically stronger, which is why it goes into pipelines, car bodies, structural steel and ships. The remainder goes mostly into superalloys for jet engine turbines, with small volumes in superconducting magnets and electronics. An emerging use is niobium titanium oxide anodes for fast-charging batteries, where CBMM has stated a target of 20,000 tonnes by 2030. Price is where niobium becomes difficult to model. It does not trade on an exchange and there is no transparent daily benchmark. 85 to 90 per cent of sales are made under long-term contracts, so published prices are indicative rather than clearing prices. The USGS weighted average unit value for ferroniobium in 2024 was US$26 per kilogram on a gross weight basis. Shanghai Metals Market quoted 60 per cent ferroniobium at US$48,667 per tonne on 3 August 2026 and 99.5 per cent niobium pentoxide at US$56.86 per kilogram, the latter down 7.8 per cent from US$61.70 in July. Samso's own July 2026 work used approximately US$30,000 per tonne for ferroniobium and around US$45,000 per tonne for niobium oxide. Those figures are not directly comparable to each other because they are different products, different purities, different bases and different reporting dates. Anyone modelling niobium revenue needs to be careful about which one they have picked up. The whole global niobium market is worth roughly US$5 billion a year. For comparison, that is a fraction of the copper or iron ore markets. It is a small, sticky, contract-driven market controlled by one dominant private company. That is precisely why Western governments list niobium as a critical mineral and why a credible new source outside Brazil attracts attention. Niobium is on Australia's Critical Minerals List. Table 7 sets out who produces it. The counterweight is that a small, contract-driven market is a hard market to enter. There is no spot market to sell into. A new producer has to displace CBMM in someone's supply chain, and CBMM has spent decades making that difficult, on price and on technical service. The strategic argument for a Western niobium source is real. Whether a new entrant can find a commercial path into a contract-bound market is a separate question. 11 The Rare Earth Market The rare earth market AR3 is aiming at looks very different from the niobium market, and the difference is the reason Koppamurra has a Pre-Feasibility Study while Overland has one hole. Rare earths are seventeen elements, and only a handful of them carry real value. Neodymium and praseodymium, usually quoted together as NdPr, are the workhorses of permanent magnets. Dysprosium and terbium are added in small quantities to stop those magnets losing their strength when they get hot, which is why they are indispensable in electric vehicle motors, wind turbines and defence hardware. Those four are the magnet rare earths. Cerium and lanthanum are abundant, cheap and in surplus. Two things have reshaped this market since 2025. The first is Chinese export control. In April 2025 China placed export controls on seven rare earth elements, samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. In October 2025 it added five more, holmium, erbium, thulium, europium and ytterbium, under Ministry of Commerce announcement number 61 of 2025, with most measures effective from 1 December 2025. Twelve of the seventeen rare earths are now covered. Every rare earth in the Koppamurra basket other than lanthanum, cerium, praseodymium and neodymium is in that controlled group. Table 4 shows only the larger oxides, so the controlled share of the product is higher than the five entries visible there suggest. Yttrium alone is 16.2 per cent of the calcined product, with samarium at 3.4, gadolinium at 3.3, dysprosium at 2.7 and terbium at 0.5. AR3 makes this point in its material and the point is fair. The second is the arrival of price floors. In July 2025 MP Materials and the United States Department of Defense entered a ten-year agreement with a minimum price of US$110 per kilogram for NdPr. In March 2026 Lynas signed a restructured long-term supply agreement with Japan Australia Rare Earths running to 2038, at a minimum of US$110 per kilogram for 5,000 tonnes a year of NdPr oxide, with upside sharing above US$150. In April 2026 USA Rare Earth agreed to acquire Serra Verde Group for US$2.8 billion, with a fifteen-year full offtake for Pela Ema in Brazil and guaranteed floors of US$110 per kilogram NdPr, US$575 per kilogram dysprosium and US$2,050 per kilogram terbium, backed by United States government agencies. Australia has flagged a Critical Minerals Strategic Reserve expected to be underpinned by national offtake agreements including rare earths. A floor price changes what a rare earth project is. It converts an unbankable commodity price assumption into something a lender can underwrite. That is why AR3 puts those three deals on a slide, and it is a legitimate thing to put on a slide. The counterweight is the spot market. NdPr oxide was quoted at US$97.40 per kilogram on 4 August 2026, down about 11.9 per cent from US$110.55 in July, which put it below the US$110 floor level for the first time in that series. Dysprosium oxide was US$182.91 per kilogram and terbium oxide US$878.63, both down on the month, dysprosium by about 12 per cent and terbium by about 7.6 per cent. Those are Shanghai-referenced indicative prices and they are not the price a Western offtake would be struck at. They do show that the physical market in 2026 has been volatile in both directions, and that the price floors are floors precisely because the spot market is not reliably above them. FIG. 12 sets the two against each other. Figure 12. Where the spot market was against the contracted floors, August 2026. A Samso figure, built from figures already sourced in this section. The floors are the guaranteed minimum prices in the USA Rare Earth and Serra Verde agreement announced in April 2026, backed by United States government agencies. The spot marks are Shanghai-referenced indicative prices as at 4 August 2026. These are not the same market and a floor struck in a Western offtake is not a price a Chinese spot index has to respect, which is the whole reason floors exist. What the chart shows is how far below those floors the physical market was on the day. Floors from the AR3 Tribeca Future Facing Symposium presentation, 25 August 2026. Spot marks from critical-minerals-news.com, 4 August 2026. Two further points a Koppamurra investor should hold. AR3 has a non-binding memorandum of understanding with Neo Performance Materials for 50 per cent offtake of stage one. An offtake agreement is a commitment by a buyer to take a set volume of production, usually over a set period. Non-binding is doing real work in that sentence. A memorandum of understanding is a statement of intent. It is not a contract, it carries no price, and it is not finance. It is still meaningful, because Neo is a real processor and it also holds about 1 per cent of the register, but it should not be read as offtake secured. And the product is a mixed rare earth oxide, not separated oxides. A mixed oxide has to go to a separation plant somewhere, and the separation industry outside China is small. That is a supply chain dependency the Pre-Feasibility Study economics depend on. 12 Peer Comparison A peer comparison is the fastest way to see what the market is actually paying for, and it only works if the comparison is made on stated grounds. This section compares AR3 with seven other listed rare earth and niobium companies across five dimensions. Market capitalisation. What the market pays for the whole company today, read from the ASX company data feed on 3 September 2026. Stage. Where the asset stands on the sequence from a drill intercept, to a Mineral Resource, to a study, to an Ore Reserve, to a final investment decision. This is the dimension that moves valuation most, because each step removes a category of risk. Commodity. Rare earths, niobium, or both, and within rare earths whether the basket is weighted to the heavy magnet elements that are hardest to source outside China. Jurisdiction risk. Measured by the Fraser Institute's Investment Attractiveness Index, which surveys mining company executives and scores 68 jurisdictions on geology and on policy together. It is a survey of perception, not a legal opinion, and that is exactly why it is useful here. Perception is what sets the discount rate a market applies. Geological potential for an economic discovery. The hardest of the five and the one that cannot be reduced to a number. Samso's approach is to state the evidence that exists for each asset and then to place it on a four-step scale, with the scale defined so a reader can disagree with the placement and still use the evidence. The comparison is not a ranking and it is not a valuation. These companies are at very different stages, and a company with a final investment decision is not competing with a company holding one drill hole. There is no target, no multiple and no implied price for anything in the table. Market capitalisation AR3 is the smallest company in Table 8 by a wide margin. At about A$31 million it is roughly one fifth of Encounter Resources, one sixth of Victory Metals, one twentieth of Meteoric, one twenty-seventh of WA1 Resources and roughly one thirty-fifth of Brazilian Rare Earths and Arafura. Some of that gap is stage and some of it is deposit quality, and this section's job is to separate the two. What the raw number establishes is the starting point. AR3 is priced as a company that has not yet solved its funding problem, and the other seven are priced as companies further along, holding better deposits, or both. Stage On stage alone AR3's Koppamurra ranks higher than most of the table. Arafura is the only company here past a final investment decision. After that the order runs as follows. Koppamurra, which has a Pre-Feasibility Study and a maiden Ore Reserve. Then Caldeira and Luni, which have established resources and studies in progress but no reserve. Then Rocha da Rocha and North Stanmore at scoping study level. Then Aileron with an Inferred resource. Last, Overland with one drill hole. An Ore Reserve is the step most of this table has not taken. Under the JORC Code an Ore Reserve is the economically mineable part of a Measured or Indicated Mineral Resource, declared only after a study has applied mining, processing, cost, price, marketing, legal, environmental, social and governmental factors. It is the Code's formal statement that somebody has demonstrated economic extraction. Of the eight assets in Table 8, two have one, Nolans and Koppamurra. Commodity The table splits into three commodity positions. Arafura and Brazilian Rare Earths are light-weighted. Their value is mostly in neodymium and praseodymium, the two elements that carry most of the value in a rare earth basket. Meteoric, Victory Metals and AR3's Koppamurra are the ionic and clay-hosted group, where the attraction is a higher proportion of heavy rare earths, dysprosium, terbium and yttrium among them, and cheap leaching. Victory Metals reports a heavy share of total rare earth oxide averaging 39 per cent. AR3 does not report Koppamurra on that basis in the material reviewed here, so the two cannot be set against each other directly. What AR3 does report is that magnet rare earths are approximately 25 per cent of total rare earth oxide in the Mineral Resource, which counts a different set of elements. Heavy is also not a fixed boundary between companies, so a like for like comparison would need both definitions before it meant anything. WA1 and Encounter are pure niobium, which is a separate market with separate customers and no overlap in the buyer base at all. AR3 is the only company in this table with exposure to both commodities, and that is a real differentiator. It is also the reason its treasury has to be split, which section 13 deals with. Jurisdiction risk FIG. 13 plots the Investment Attractiveness Index score for every jurisdiction in Table 8. Figure 13. How mining executives rank the jurisdictions behind each asset in Table 8. A Samso figure, built from the Fraser Institute’s published scores. The index combines a view of geology with a view of policy, and it is a survey of perception rather than a legal assessment. South Australia, where six of the eleven Koppamurra licences and all of Overland are, ranks fourth of 68. Victoria, where the other five Koppamurra licences are, ranks 49 of 68. Source: Fraser Institute, Annual Survey of Mining Companies 2025, Investment Attractiveness Index. South Australia ranks 4 of 68 on the Fraser Institute's Investment Attractiveness Index for 2025, with a score of 89.19, ahead of Western Australia at 6 with 87.01. Brazil ranks 19 with 76.74. The Northern Territory, where Nolans is, ranks 33 with 68.10. Victoria ranks 49 of 68, with 59.52. That is the lowest score attached to any asset in this comparison, and it is attached to part of Koppamurra. AR3 does not raise the point in its own material. AR3's eleven Koppamurra licences are split across the border, six in South Australia and five in Victoria, and the deposit is one continuous blanket that does not care about the state line. What AR3 has said about where development happens first points to South Australia. The Mining Lease Application is proceeding through the South Australian Department for Energy and Mining and the Scoping Report came from the same department. Overland is entirely in South Australia too, in a state that hosts the only three currently operating uranium mines in Australia. So the near-term work is on the high-ranking side of the border and the Victorian ground is longer-dated optionality. One caution on the index itself. It is a survey of mining executives' perceptions, it moves year to year, and a high score reflects a favourable view of both geology and policy combined. The Fraser Institute also publishes a Policy Perception Index that strips the geology out. On that measure Western Australia ranks 13, South Australia 16 and Victoria 34. The gap between Victoria's policy rank of 34 and its overall rank of 49 says that respondents think less of Victoria's geological endowment than of its policy, which is a different problem from the one usually assumed. Geological potential for an economic discovery This dimension cannot be measured and Samso will not pretend otherwise. What can be done is to state the evidence that exists for each asset, place it on a defined scale, and let a reader who disagrees with the placement still use the evidence. Three things fall out of Table 9. The first is that Koppamurra is one of only two assets in this comparison carrying a JORC Ore Reserve, the other being Arafura's Nolans, and it carries the smallest market capitalisation in Table 8 by a factor of more than four. An Ore Reserve is the JORC Code's answer to the question this dimension asks, and Koppamurra has one. Meteoric, which does not, trades at about twenty times AR3. That is the strongest argument in AR3's favour anywhere in this workup. The second is the counterweight, and it is heavy. An Ore Reserve is a statement about rock, not about money. Nolans has a reserve, a final investment decision and A$1.15 billion of market value, and the distance between Koppamurra and Nolans is the distance AR3 has to travel. Grade is also part of the answer. At 751 parts per million globally, Koppamurra is the lowest-grade rare earth deposit in this table by a wide margin, and low grade is what makes the project dependent on the heap leach staying cheap and the recovery staying at 68 per cent. The pilot at ANSTO is testing exactly that. The third is that Overland is the only asset in this comparison placed at Untested, and it is the asset that has attracted the attention. One hole, no resource, no Exploration Target yet, no metallurgy, and reported niobium grades a fifth of Luni's Indicated grade. Nothing about that makes it a poor prospect. Carbonatite systems are found this way and both WA1 and Encounter started with less certainty than they have now. It does mean that anyone pricing AR3 on the carbonatite is pricing a target inventory, and Table 9 is the reason this workup places the weight where it does. What the comparison says about AR3 AR3 is the smallest company in Table 8 by market capitalisation. It holds one of only two assets in the table carrying a JORC Ore Reserve. Its near-term development work is in South Australia, the highest-ranked jurisdiction in the table. And it owns the least advanced exploration asset in the table. All four are true at once, and any argument about AR3 that uses only one of them is incomplete. The gap between AR3 and its closest technical analogue is mostly explained by the deposit rather than by the market. Caldeira is about three and a half times the grade of Koppamurra and its resource is several times larger. Samso has not confirmed how much of Meteoric's 703 million tonnes is Measured and Indicated, so the higher-confidence comparison is not made here. Meteoric trades at about twenty times AR3. Koppamurra is a low-grade deposit even by ionic clay standards. What it has that grade alone does not capture is study maturity, a maiden reserve, a government grant, ore in a pilot plant, and a heavy-weighted basket. The ratio AR3 puts in front of investors is a different one again. The company shows its Pre-Feasibility Study net present value of A$858 million against a market capitalisation it stated at about A$28 million, a ratio of about 0.03 times. That arithmetic is correct. What it does not price is the A$178 million of capital that has to be raised before any of that value is realised, by a company with A$4.6 million in the bank. A market capitalisation to net present value ratio of 0.03 on an unfunded pre-development project is not a mispricing on its own. It is what the market pays when it expects heavy dilution between here and there. Section 13 puts numbers on that. 13 The Balance Sheet and the Funding Gap An Appendix 5B is the quarterly cash flow report every ASX exploration company must lodge, on a form the exchange prescribes. Item 8.7 on that form is the company's own calculation of how many quarters its cash will last at the rate it just spent it. Table 10 carries it. That number decides the rest of this section. On its June quarter run rate, AR3 reported 2.10 quarters of funding available. That is the company's own calculation on the formula the ASX prescribes. It does not include the A$2.1 million grant instalment expected in August 2026, which pushes the position out, and it is a snapshot of a quarter in which A$1.74 million went into exploration and evaluation. But it is the number, and it says AR3 is a company that will need to raise money. Against that, A$178 million of development capital. At the 3 September 2026 price of A$0.1225, raising A$178 million in equity would require issuing roughly 1.45 billion shares, against 256.9 million on issue. That is not a forecast and it is not a suggestion that the company will do it that way. It is arithmetic, and it is the reason the market capitalisation to net present value ratio is 0.03 rather than 0.3. Real development funding for a project of this type normally comes as a package of debt, strategic equity, offtake-linked finance and government support, and AR3 says it is assessing all of those. The company also states plainly that no binding development funding commitment has been received. Figure 14. What AR3 has against what Koppamurra needs, on one scale. A Samso chart built from the company's own reported figures. Cash, market capitalisation, the initial capital requirement and the study net present value are drawn on the same axis, which is what makes the distance between them visible. Sources: AR3 Appendix 5B and Quarterly Activities Report, 31 July 2026, ASX company data feed read 3 September 2026, and the Pre-Feasibility Study of 25 June 2026. The options are a modest offset. Of the 46,485,347 options on issue, 16,374,926 are exercisable at A$0.10 and expire on 30 March 2029. At the current price they are in the money, meaning the exercise price is below the share price so a holder gains by exercising. Full exercise of that tranche would raise about A$1.64 million and issue about 6.4 per cent of the current share count. The next tranche up, 18,189,194 at A$0.2775 expiring 21 April 2029, is well out of the money at A$0.1225. The balance sheet funds exploration and the pilot program. It does not fund a mine, and it does not fund a serious multi-year carbonatite campaign at Overland at the same time. Every dollar spent at Overland is a dollar not spent advancing Koppamurra, and a company with two assets and one small treasury has to choose. So far the choice has been Koppamurra, and the Overland program at approximately 2,000 metres of aircore is small enough to be affordable alongside it. 14 Management Weighed The board and executive are four people. The four descriptions below are as AR3 states them on the team slide of its 25 August 2026 presentation. Samso has not independently verified the individual career claims. Angus Barker, Independent Chairman. Over 30 years of professional experience, including at top-tier global investment banks and as a senior adviser to Australian Government Ministers in key economic portfolios. That second half carries weight for a company whose funding case leans on the A$5 million International Partnerships in Critical Minerals grant reported in the 31 July 2026 quarterly and on a prospective Critical Minerals Strategic Reserve. Government-facing experience is not decoration in this sector in 2026. Travis Beinke, Managing Director and Chief Executive Officer. Over 20 years with Australian and internationally listed resource companies. He is the public face of the company, presenting at RIU Sydney in May 2026 and at the Tribeca Future Facing Symposium in Singapore in August 2026. His commentary in the announcements reviewed for this workup is measured. The 1 September release quoted in section 7 describes Overland as an emerging carbonatite system with scale potential, and claims nothing about grade, thickness or tonnage. Secondary reporting of the 8 July release has him describing the discovery as an unexpected expansion of the company's critical minerals exposure. Samso has not read the 8 July release directly and reports that characterisation at second hand. Rick Pobjoy, Chief Technical Officer and Co-Founder. Geologist with more than 25 years in mining and mineral exploration. He is the named Competent Person for exploration results and the Exploration Target. A Competent Person is the individual who takes personal responsibility under the JORC Code for a reported estimate. A co-founder still holding the technical role is a positive on a company this size, because the person compiling the exploration results has been with the ground from the beginning. Two qualifications belong with that. Mr Pobjoy is named as the Competent Person for exploration results and for the Exploration Target, not for the Mineral Resource or the Ore Reserve, and the Competent Persons for those two estimates are not named in the material reviewed for this workup. Those are the estimates the Pre-Feasibility Study rests on. And Mr Pobjoy is an internal Competent Person, being an officer and co-founder of the company. That is permitted under the JORC Code and is normal at this size, and it stands in contrast to the metallurgy, which is signed by an external Competent Person. Pauline Carr, Independent Non-executive Director. Experienced company director in compliance, governance and risk across 30 years in the resources sector. Metallurgical results are signed off by James Davidson, principal metallurgist of Rendement and a Fellow of the Australasian Institute of Mining and Metallurgy, as an external Competent Person. On the register, the company reports directors, management and co-founders holding about 15 per cent, Acorn Capital about 7 per cent, Neo Performance Materials about 1 per cent, and other holders about 77 per cent. Fifteen per cent held by the people running the company is meaningful alignment at this size. Acorn Capital is a specialist Australian microcap investor, and its presence is a mild positive signal on institutional diligence, with the obvious caveat that a specialist microcap fund holds many positions. Figure 15. The AR3 register as the company reports it. A Samso chart built from AR3's own presentation. Directors, management and co-founders hold about 15 per cent, Acorn Capital about 7 per cent and Neo Performance Materials about 1 per cent, leaving about 77 per cent with other holders. The percentages are approximate and are the company's own. Source: AR3 Tribeca Future Facing Symposium presentation, 25 August 2026. The judgement Samso would offer is this. The disclosure quality is above average for a company of this size. The cautionary statements in the 8 July and 31 July releases were volunteered, not extracted. The Overland language has stayed proportionate to a one-hole result through two months of an obvious opportunity to do otherwise. The presentation is a different document with a different job, and its arithmetic is looser in places, which section 15 returns to. On balance, a reader should treat AR3's announcements as reliable and its presentation as marketing, which is the normal and correct way to read both. 15 Samso Concluding Comments AR3 holds two assets at opposite ends of the development sequence under one ticker, and the Samso Call reflects the one that is further from being resolved. The Koppamurra half is real, advanced and priced well below the net present value its own study carries. A Pre-Feasibility Study, a maiden Ore Reserve, a government grant, ore running through a pilot plant at ANSTO, a defined regulatory pathway and a Mining Lease Application targeted for 2026 are not nothing. Very few A$31 million companies on the ASX have that stack. The heap leach flowsheet is low capital and low technical risk by rare earth standards, and the product basket is weighted toward the elements the West cannot easily buy. The Koppamurra half also has one problem that dominates all its virtues. A$178 million of development capital against A$4.6 million of cash, no debt facility, no binding funding commitment and a share price at A$0.1225. Everything good about the project has to survive that gap. The market is not failing to see the A$858 million net present value. It is pricing the dilution required to get there, and on the current share price that dilution would be severe. The Overland half is interesting and it is very early. Pyrochlore identified by microscope and scanning electron microscope in a carbonatite is a real mineralogical finding. A 10 kilometre magnetic corridor is a real target inventory. Drilling started on 1 September 2026 and results will come. What the public record does not contain is a niobium grade that stands comparison with Luni or Aileron, a second hole, a true width, a thickness, a tonnage, or a single piece of niobium metallurgical testwork. The company's own stated goal for this program is an Exploration Target, which is one step below a Mineral Resource. Nobody should be pricing an Overland niobium deposit today, because there is not yet enough information to describe one. There is a version of the next twelve months where both halves work. The pilot delivers a recovery number that holds, product samples convert a non-binding memorandum into something binding, the Mining Lease Application goes in, the Definitive Feasibility Study starts, a strategic or government funding package appears, and the Overland traverses hit carbonatite with better grades than OV167. In that version A$31 million looks like a mistake. There is also a version where the aircore traverses return more anomalous but sub-ore-grade intercepts, the Definitive Feasibility Study needs money the company has to raise at these levels, and the register is diluted well before any of the Koppamurra value is realised. Neither version is remote. What separates them is information that does not exist yet and will exist within months. That information is the Overland assays, the pilot plant recovery, the first bulk mixed rare earth oxide sample expected in late September 2026, the Mining Lease Application, and any funding announcement at all. That is why the Samso Call on AR3 is WATCH. The assets are not poor and the company is not doing anything wrong. The reason is that the two questions deciding what this company is worth, whether Overland is a deposit and how Koppamurra gets funded, both have answers arriving and neither has arrived. The call means watch this company rather than act on it. Samso publishes no price targets and no valuations. Figure 16. What AR3 has said it will deliver, and when. A Samso figure, assembled from dates the company has stated. Sources, in order. The first bulk mixed rare earth oxide sample and heap leach completion from the AR3 ASX release of 11 August 2026. The Overland assay timing is Samso’s note that AR3 has committed to progressive reporting without giving a date, per the ASX release of 1 September 2026. The Mining Lease Application and the Definitive Feasibility Study from the AR3 Quarterly Activities Report of 31 July 2026. Final investment decision, construction and first production from the AR3 Tribeca Future Facing Symposium presentation of 25 August 2026. Every date is the company’s target, not a commitment, and each depends on funding that has not been secured. FIG. 16 sets the stated dates out in order. Three things would move this call. Overland assays showing niobium grades materially above 0.27 per cent Nb2O5 over useful widths, in more than one hole, along the corridor. That would turn a discovery into a system and would justify reading Overland as a second asset rather than an option. A funding structure for Koppamurra that is not straight equity at these levels. Government support, strategic equity from a customer, or offtake-linked debt would all change the dilution arithmetic that currently caps the share price. A pilot plant recovery number at or above the 68 per cent carried in the Pre-Feasibility Study, with the acid consumption disclosed. That is the single most direct de-risking event available to the company in the next quarter. Two housekeeping notes for completeness, in line with Samso's practice of reporting what a company has published rather than reconciling it. AR3 describes Overland as approximately 8,000 square kilometres in the 30 June 2026 quarterly and the 11 August 2026 release, and as approximately 7,000 square kilometres in the covering note to the 25 August 2026 presentation. The same 25 August presentation states a market capitalisation of about A$28 million based on a A$0.11 share price on one slide, and A$26.9 million based on a A$0.105 share price as at 19 August 2026 on another. Both sets of figures are as published by the company. Resolving them is the company's business, not Samso's, and neither affects the analysis above. The question a reader is left holding is a simple one. If the Overland assays and the pilot recovery number both arrive inside the next two quarters, which of the two actually changes what AR3 is worth? 16 Disclaimer The information contained on this website is the writer's personal opinion and is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. There may be a conflict of interest present with commercial arrangements with companies and/or stock held. Samso or an associate may receive a commission for funds raised. 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. Accordingly, no warranty whatsoever is given, and no liability whatsoever is accepted for any loss arising, whether directly or indirectly as a result of this information. Investments are subject to investment risks, including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before committing to purchase or invest in the investment product(s) mentioned herein. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple. Cut through the noise and spotlight what matters. Genuine stories, grounded insights, and real opportunity. Investors can explore our four core platforms: Coffee with Samso Samso Insights Samso News Samso Research 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. The Samso Philosophy: Stay curious. Stay sharp. And remember, digging deeper always uncovers the real value. Happy Investing, and the only four-letter word you need to know is DYOR. Disclaimer Disclosure of interest. Samso Research Media House holds a small shareholding in Ordell Minerals Limited (ASX: ORD). This workup was not commissioned by Ordell Minerals and Samso received no payment from the company for producing it. This Samso Research Workup is independent research commentary for general information only. Nothing in this document is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed; market-sensitive numbers change daily. Seek professional advice before making investment decisions. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. Samso Research | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Big Jim Fluorspar Lode Rediscovered at OD6 Metals Quinn Project, Confirming a Third High-Grade System in Nevada Samso News | ASX: OD6 | Critical Minerals | Fluorspar — Nevada, USA This is another reason why Samso has been a keen follower of the OD6 story. The pivoting towards a US-based fluorspar portfolio was a good move, especially at a time when the reality of the "critical minerals" narrative is getting rewarded, especially in the United States. The United States currently imports 100% of the fluorspar it consumes, with the majority sourced from China. Samso identified OD6 Metals because the Quinn Fluorspar Project sits in Nevada, one of the world's premier mining jurisdictions, and hosts historical grades that are exceptionally high by any fluorspar standard — including 98.6% CaF₂ at the now-rediscovered Big Jim lode. The project entered the company's portfolio via an option agreement announced in March 2026, and the pace of field work since acquisition has been prompt, as within weeks, the team had relocated a historically documented lode that had not been formally visited in decades. Whether this is it s a fortunate, orchestrated, lucky scenario is irrelevant. Fortune favours the creative is my thought. The Big Jim rediscovery adds a third extensive fluorspar system to the Quinn Project alongside Mammoth and Horseshoe, expanding the district-scale footprint. The company is now systematically de-risking through sampling, mapping, and drill target definition. For investors tracking the critical minerals space, the intersection of ultra-high grade, a strategic domestic supply gap, and proximity to the US Strategic Minerals Reserve at Hawthorne is a combination that warrants close attention. Big Jim Fluorspar Lode Located at Quinn Project: A Third Extensive High-Grade System Confirmed in Nevada as OD6 Metals Defines Its Next Drill Target Samso News ASX: OD6 | Source: OD6 Metals Limited ASX Release, 12 May 2026 Introduction OD6 Metals Limited (ASX: OD6) has announced the rediscovery of the Big Jim Fluorspar Lode at its Quinn Fluorspar Project in Nevada, United States. The lode was historically referenced in United States Geological Survey reports and first mined by Frank and Joe "Big Jim" Perkins from 1934. The lode was discovered through targeted field reconnaissance guided by historical descriptions documented as far back as the 1940s. Its rediscovery in 2026 confirms a third extensive fluorspar system on the Quinn Project tenement, sitting approximately 1km north-northeast of the Horseshoe deposit and complementing the Mammoth and Horseshoe discoveries already identified by the company's exploration team. Historical reports documented by Goulet and Jones in 1947 recorded fluorspar content of 94.6%, 96%, and 98.6% CaF₂ across the main vein. Visual estimates (Figure 1) made by the company's field team during the 2026 rediscovery are consistent with that historical record, estimating the massive fluorspar vein at 85–95% CaF₂ and the footwall breccia at 40–60% CaF₂. Figure 1: Big Jim rediscovered in 2026. Location 616125mE, 4221580mN (Datum NAD83, Zone 11) To place those figures in context, today's economic fluorspar projects generally operate at grades above 20% CaF₂, and some companies indicate that mineralisation at grades above 8% CaF₂ can be considered economic. The Big Jim main vein, which is clearly exposed at surface with a width of approximately 2 metres, sits an order of magnitude above the general threshold for economic viability. OD6 Metals Limited Big Jim Main Vein - Highlights The United States currently imports 100% of the fluorspar it consumes domestically, with approximately 68% of global supply sourced from China. Fluorspar is listed as a critical mineral by the United States Geological Survey, with applications spanning hydrofluoric acid production, AI semiconductor chip etching, advanced battery technologies, nuclear fuel processing, and aerospace and defence applications. The Quinn Fluorspar Project sits approximately 300km by road from the US Strategic Minerals Reserve at Hawthorne, Nevada, a geographic context that the company has consistently flagged as part of the strategic case for domestic fluorspar development (Figure 2). Figure 2: Quinn Fluorspar Location in Nevada. Highlights Key Historical Assay Results — Big Jim Fluorspar Lode (Goulet & Jones, 1947) Big Jim is situated about 1 km NNE of the Horseshoe Fluorspar Deposit. It was discovered and intermittently mined by Frank and Joe "Big Jim" Perkins starting in 1934. Table 1: Key Historical Assay Results — Big Jim Fluorspar Lode (Goulet & Jones, 1947) Source: OD6 Metals ASX Release, 12 May 2026. Historical results from Goulet & Jones, 1947, compiled by Competent Person Dr Darren Holden (Fellow, AusIMM). Visual estimates are not a substitute for laboratory results and should not be relied upon. Assay results are historic in nature and whilst consistent with surface observations should not be relied upon pending new laboratory confirmation. A 1947 report by Goulet & Jones described the Big Jim lode as a shallow dipping, high-grade lode over 6 feet (2m) wide. The workings reported grades of 94.6%, 96%, and 98.6% from the vein (Figure 3). See Table 1 below for some key assay results. Figure 3: Schematic Geological Cross-section of Big Jim geology. Widths are schematic for illustration purposes with the massive fluorspar estimated at 2m, and the footwall breccia at least 2m (lower contact not observed). Management Commentary What the Company's Leadership Said About the Big Jim Rediscovery Brett Hazelden, Managing Director of OD6 Metals, attributed the rediscovery to targeted geological detective work by the company's Nevada-based team, drawing on historical descriptions in documents dating back to the 1940s to narrow the search area. Brett Hazelden characterised Big Jim as the company's highest-grade target to date at the Quinn Project and confirmed it represents a third extensive fluorspar system alongside Horseshoe and Mammoth, each of which is now a target for the drill-out program. He described the visual estimates of size and grade as consistent with the historical reports, lending confidence to the company's assessment of the lode's potential. Hazelden framed the discovery specifically within the context of OD6's strategic objective: to develop a US-based, high-grade fluorspar asset that can contribute to domestic supply at a time when US demand for the mineral is structurally unsupported by any domestic production. "Big Jim perhaps is our highest-grade target to date. This discovery validates our ambition to be a US-based high-grade fluorspar developer coinciding with increasing strategic demand for US domestic supply." — Brett Hazelden, Managing Director, OD6 Metals Limited The geological commentary in the release is notable for its specificity about what remains open. The footwall breccia base contact was not observed during the field visit, which means its true width is not yet confirmed. This may mean that the true width may be thicker than the approximately 2 metres currently visible. The system is described as open to the north and south beyond the 220 metres of historic workings that have been mapped (Figure 4). A third lode, approximately 20 metres beneath Big Jim, reported by Goulet and Jones in 1947, has not yet been located. Each of these represents an aspect of the system that remains to be tested through further field work and, ultimately, drilling. Figure 4: Schematic geological map of the Big Jim area based on recent field visit. Not all historic workings were located at surface, and their position is estimated based on geographically referencing Figure 3. (source: OD6 Metals Limited) Near-Term Milestones to Watch What Investors Should Monitor Following the Big Jim Rediscovery Announcement Near-Term Milestones to Watch Samso Concluding Comments The 12 May 2026 announcement from OD6 Metals is best understood as a field validation of a historically documented deposit, combined with the definition of a new drill target within a growing district-scale fluorspar system. The company is not reporting a new discovery in the geological sense, as Big Jim was mined from 1934 and formally documented in 1947. As far as I understand, the field team has physically located it in 2026, confirmed that the surface exposure is consistent with historical descriptions, collected samples for laboratory confirmation, and identified the geological geometry that defines the depth drill target. As an exploration practitioner, sometimes, situations like this are a greater boost to the project development than what meets the eye. A "discovery" of something like Big Jim can add to the big picture in terms of prospectivity. The bonus is the ability to confirm the grades that are in the historical books (Figure 5). Figure 5: Annotated mine sketch map with historic results (Goulet & Jones, 1947) for AFW Carlson of Bishop, California The grade context deserves emphasis. Fluorspar is unusual among critical minerals in that its commercial grade threshold is well-established and widely published. Existing projects are generally considered economic above 20% CaF₂, with some operators citing 8% CaF₂ as a minimum. The Big Jim main vein has historically recorded 94.6%, 96%, and 98.6% CaF₂ and the footwall breccia material that was historically dismissed as uneconomic "gangue" at 60% CaF₂ would itself be considered high-grade by the standards of today's operating projects. The company has explicitly noted this point in the release, observing that material once considered commercially valueless now represents a potentially valuable fluorspar source by modern economic standards. This is a meaningful observation: it suggests the economic inventory at Big Jim may be larger than the historic operators recognised. The structural geometry of the Big Jim system is also worth noting as an investor consideration. The lode dips shallowly to the west at approximately 32 degrees, which is a geometry that, as the company's schematic cross-section illustrates, places the mineralisation directly beneath the jasperoidal lithocap at accessible depths. A jasperoidal lithocap is a large, erosional, silica-rich capping layer that forms at or near the surface in an epithermal/hot spring system, characterized by intense silicification. It represents a "cap" of altered rock—often replacing limestone or dolomite—that overlies deeper porphyry copper-gold mineralization. ------- University of Tasmania, "Lithocaps - characteristics, origins and significance for porphyry and epithermal exploration" This is a more tractable drill target than a steeply dipping vein that requires deep drilling to intercept at depth. The shallow dip also has implications for potential mining geometry, should the project advance to that stage: flat-lying or gently dipping ore bodies are generally more amenable to open-pit or shallow underground extraction than steep systems. Don't get excited, this is still an early-stage project What will Make This A Economical Fluorspar Project? The open questions at this stage are the ones that assays and drilling will resolve. The laboratory results from the 2026 rock chip samples will confirm or refine the visual grade estimates. The geological mapping program will clarify the strike extent and depth continuity of the system beyond the 220 metres of historic workings. The soil geochemistry program will define the geochemical footprint of Big Jim and the surrounding prospects. And when drilling eventually commences — subject to US Forest Service permitting — it will test whether the historical high grades persist at depth beneath the lithocap. Each of these steps is a discrete, measurable milestone. Investors tracking OD6 Metals and the Quinn Fluorspar Project should watch for the assay results as the next near-term data point, followed by any disclosure on the geological mapping and drill permitting timeline. The company is moving quickly and the March 2026 option agreement suggests an intent to advance the project systematically and disclose results as they come to hand. About OD6 Metals Limited OD6 Metals Ltd (ASX: OD6) is an Australian public company pursuing exploration and development opportunities across the critical minerals sector, with a portfolio spanning fluorspar, rare earth elements, and copper. Its flagship rare earth asset is the Splinter Rock Project in Western Australia's Esperance-Goldfields region, which hosts one of Australia's largest clay-hosted rare earth deposits with an Indicated Resource of 119Mt at 1,632ppm TREO and an Inferred Resource of 563Mt at 1,275ppm TREO. In fluorspar, the company holds an option to acquire the Quinn Fluorspar Project located approximately 220km north of Las Vegas, Nevada — a project with documented high-grade mineralisation across multiple systems, including Mammoth, Horseshoe, and now the rediscovered Big Jim lode, each exhibiting grades well above the economic threshold for fluorspar development. The company also holds the Gulf Creek Copper-Zinc VMS Project near Barraba in New South Wales. Previous Samso News Coverage Samso has followed OD6 Metals Ltd across multiple ASX releases. The following represents our prior published coverage of the company: April 05, 2026 - April 17, 2026 - March 18, 2026 - December 19, 2025- November 08, 2025- September 10, 2025- August 24, 2025 - August 13, 2025 August 22, 2023 Cover photo: Mexico-fluorite (1), Romaine. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Mexico-fluorite_(1).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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