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The proposed listing of Everlast Minerals Ltd (ASX: EV8)   introduces investors to a company aiming to establish a presence in Bangladesh’s underexplored mineral sands sector. Anchored by the Gaibandha Mineral Sands Project (Figure 1) , which already holds three granted mining leases along the Brahmaputra–Jamuna River, Everlast is seeking to build a foundation for trial mining and eventual commercial production. The Company’s portfolio also includes licence applications at Kurigram and Pabna, offering additional exposure to heavy mineral sands prospective for ilmenite, rutile, zircon, garnet and magnetite .  Figure 1: Exploration activities at Gaibandha Mineral Sands Project (source: EV8) With plans to raise $4–6 million at $0.20 per share, Everlast Minerals will list with a market capitalisation of $24–26 million. The proceeds will support project development and operations in Bangladesh, giving investors speculative exposure to the first wave of mineral sands exploration in the region.   ASX Listing Details ASX Code : EV8 Listing Date : TBA Issue Price : AUD 0.20 Issue Type : Ordinary Fully Paid Shares Capital to be Raised : $8,000,000 Expected Offer Close Date : Thursday, 7 August 2025 Underwriter : Alpine Capital Pty Ltd  (Lead Manager) Industry Group : Materials – Mineral Exploration & Development   Highlights - What A Mineral Sands IPO Looks Like in 2025. Offer Structure : Public Offer of 20m–30m shares  at $0.20 each. Secondary Offers include:– 2.7m Performance Rights  (Directors & Senior Management).– 19.8m Eligible Shareholder Options  (exercise $0.20, 4-year expiry).– Up to 5m Lead Manager Options  (exercise $0.30, 3-year expiry). Projects Portfolio: 🔹Gaibandha Mineral Sands Project (Bangladesh)  – The Company’s flagship asset, comprising three granted mining leases along the Brahmaputra–Jamuna River  in northern Bangladesh (Figure 2). With confirmed prospectivity for ilmenite, rutile, zircon, garnet and magnetite , Gaibandha has advanced to the stage of an independently prepared JORC Code resource estimate . The Project is earmarked for initial trial mining and processing, positioning Everlast to potentially transition from exploration to production and establish itself as a first-mover in Bangladesh’s mineral sands sector.  Figure 2: Gaibandha Mineral Sands Project Location (source: EV8) 🔹Kurigram Mineral Sands Project  – exploration licence application (Brahmaputra River).  The Kurigram Project covers 4,000 hectares  of sandbars and river sand bed along the Brahmaputra–Jamuna River Channel in northern Bangladesh. Located in Kurigram District, near the Indian border, the project area extends approximately 17 km in length and 5 km in width , with good access via highways and railways from Dhaka, 350 km to the south (Figure 3) . While still at the application stage, Kurigram offers exposure to a prospective stretch of river sands that complements the Company’s broader mineral sands portfolio.  Figure 3: Kurigram Mineral Sands Project Location (source: EV8) 🔹Pabna Mineral Sands Project  – exploration licence application (Padma River) The Pabna Project is an exploration licence application covering 4,000 hectares along the Padma (Ganges) River  in central Bangladesh (Figure 4). Situated across the districts of Pabna and Rajbari, the project area spans river channels and sand bars that are prospective for heavy mineral sands. The location benefits from proximity to regional infrastructure and is accessible from Dhaka, providing a strategic addition to Everlast’s emerging mineral sands portfolio. Figure 4: Pabna Mineral Sands Project Location (source: EV8) All projects are prospective for ilmenite, rutile, zircon, garnet, and magnetite . Development Focus: Initial trial production planned at Gaibandha, with commercial production as the long-term goal. Independent JORC Code resource estimation already completed for Gaibandha. Mining and trial processing operations ready to progress, subject to successful listing. Capital Allocation: Proceeds directed to mining equipment and operating costs at Gaibandha. Working capital, corporate overheads, and Offer costs covered. Future funding (equity/debt) anticipated for full-scale mine development and potential expansion to Kurigram and Pabna. Key Dates: Offer Opens: 3 July 2025 Offer Closes: 7 August 2025 Expected ASX Listing: 15 August 2025   Company Snapshot: Incorporated : 2017, Australia (subsidiary in Bangladesh, 99.99% owned). Business Strategy : Junior mineral sands explorer/developer targeting heavy mineral sands along major rivers in Bangladesh. Board & Management : Everlast Minerals is led by Executive Chair Paul Qian, supported by a board and executive team with strong corporate, financial, and exploration credentials. The Company’s Bangladesh subsidiary is managed by Delwar Titu and Baharul Biswas, providing essential local expertise. Together, the leadership group combines international resource experience with on-the-ground knowledge to advance Everlast’s mineral sands projects. Paul Qian  — Executive Chairperson Founder of the company, Executive Chairperson since incorporation in July 2017. He holds a B.Sc. in Chemistry from East China Normal University and serves as a NSW Justice of the Peace. He is also a director of the company's subsidiary and the sole director of Creative Mortgages Pty Ltd, as well as the major shareholder. George Edwards  — Non‑Executive Director Holds a B.Sc . (Metallurgy) from UNSW, and is a seasoned industry professional with fellowships including FAICD, FAusIMM (Chartered Professional), FIE (UK), and FAIE. Past President of the Australasian Institute of Mining & Metallurgy, former chair of Standards Australia and ASX-listed SAI Global. Over 55 years of experience in mineral and coal sectors, including ownership and operation of export coking coal mines.  Greg Starr  — Non‑Executive Director Brings extensive corporate governance and financial leadership experience—including chair, independent director, managing director, and finance director roles. Experienced in arranging equity, debt, convertible financing, IPOs, mergers and acquisitions, and operational leadership across heavy mineral sands, gold, copper, lead, silver, and silica sand sectors. He has led ASX- and TSX-listed mining operations in Australia, PNG, China, Fiji, and Brazil.  Key Risks As with all resource IPOs, investors should note the speculative nature of the opportunity: Exploration and development risk in Bangladesh. Political, regulatory, and permitting uncertainties. Offtake arrangements yet to be secured (local demand prioritised under Bangladesh law). Infrastructure and operational risks given project location. Requirement for future funding to progress projects to production.   Samso Concluding Comments The IPO of Everlast Minerals Ltd (ASX: EV8)  offers investors early exposure to a frontier mineral sands play  in Bangladesh, anchored by the Gaibandha Project. While the potential prize is significant – given the mineral sands suite of ilmenite, rutile, zircon, garnet, and magnetite – the Company faces the usual high-risk factors of jurisdiction, permitting, and financing. The proposed pathway to trial mining and early production is commonly pushed in the Asian projects. While it sounds great in principal, time is the only judge of success, so it's a serious case of DYOR. As with all junior listings, this is a speculative opportunity that requires investors to carefully assess risk appetite against the potential for first-mover advantage in an underexplored region. As always, this is one of those opportunities where the prize is enticing, but the journey will test investor patience and resilience . At # SamsoNews , we continue to stress the importance of independent research #SamsoDYOR . Seek the Research. Do your own due diligence. The Samso Way – Seek the Research Always look beyond the headlines and dig into the details before making your investment decisions.     Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Prospectus Green & Gold Minerals Equity Raise Presentation July 2025  From the Green & Gold Minerals Limited Prospectus (8 July 2025)  and the July 2025 Equity Raising Presentation , we gain a detailed picture of a Queensland-focused gold explorer positioning itself for near-term development. The Company’s flagship Mt Wandoo project, located within the Chillagoe Gold Project in northern Queensland,  anchors its gold strategy (Figure 1), while a growing rare earth element (REE) portfolio broadens its critical minerals exposure. With this dual focus, Green & Gold Minerals is targeting a strong entry to the ASX under the proposed code GG1 . Figure 1: The Chillagoe Gold Project is located in northern QLD (source: GG1) The offer seeks to raise between $5 million and $7 million  at $0.20 per share , funding development studies at Mt Wandoo and accelerating exploration across gold, fluorite, and REE prospects (Figure 2). Figure 2: Chillagoe Gold – Near-Term Development with Multi-Million Ounce Potential (source: GG1)     ASX Listing Details Company : Green & Gold Minerals Limited ASX Code : GG1 Issue Price : AUD $0.20 per share Capital Raised : $5m (min) – $7m (max) Shares on Issue at Listing : 57.7m – 67.7m Market Capitalisation : $12m – $14m (at offer price) Offer Close Date : 18 August 2025 Expected Listing : 28 August 2025 Lead Manager : Harbury Advisors Pty Ltd   Project Portfolio - Gold, REE and Fluorite. 🔹 Chillagoe Gold Project (North Queensland) (Figure 3) Flagship Asset – Mt Wandoo Inferred Resource: 905kt @ 1.1 g/t Au and 13 g/t Ag , for 32 koz Au and 387 koz Ag . Hosted on granted mining leases, shallow and expandable. Recent intercepts include 70.5m @ 1.7 g/t Au  and high-grade shoots (e.g., 6m @ 22.5 g/t Au, 43 g/t Ag). Ore sorting test work achieved up to 8x grade uplift with 91% recovery .   Figure 3: Wandoo Mining Leases – Shallow Resource Growth and Fast-Track Development (source: GG1) Exploration Upside (Figure 4) Little Wandoo  – historic mines with grades up to 2,700 g/t Au , no current resource. North Wandoo  – intercepts include 30m @ 1.4 g/t Au, 13 g/t Ag . Satellite Prospects : Sentinel, Dingo, Yum Yum – early-stage targets with large intrusive-related gold system potential.   Figure 4: Mt Wandoo – Shallow, Expandable and Development-Ready (source: GG1) Infrastructure Advantage Located only 12km from Mungana mill  (currently idle). 70ML onsite water dam and established road access. Critical Minerals – REE & Fluorite 🔹 Nutgrove Rare Earth Prospect (Cosgrove Project, QLD) (Figure 5) Rock chips up to 1.4% TREO (75% heavy REE, dominated by yttrium). Early-stage, interpreted as a large alkaline intrusive diatreme system. No drilling to date – mapping and sampling ongoing. Figure 5: Nutgrove Prospect – Potential Large Breccia-Hosted Heavy REE Deposit (source: GG1)   🔹 Fluorite Potential (Chillagoe Tenements) (Figure 6) Historic mines with a 2.6 km vein system . Fluorite demand linked to LiPF₆ electrolytes for lithium-ion batteries . Figure 6: Fluorite Revival – Historic Veins Positioned for Modern Lithium Battery Demand (source: GG1) Board & Management Anthony Bellas – Chair 40+ years in corporate and government, former CEO of CS Energy and Ergon Energy, Deputy Chairman at Novonix (ASX: NVX). Quentin Hill – Managing Director Geologist with 25+ years’ experience, including key role in Hawsons Iron discovery. Former MD of Carpentaria Resources. Edward (Ted) Boulton – Non-Executive Director Mining engineer, founding partner of MEC Mining, with deep expertise in resource economics and mine planning. With 90+ years of combined experience , the Green & Gold Minerals board blends technical and financial expertise with a proven record of responsibly managing shareholder funds , positioning the Company to advance Mt Wandoo and its wider portfolio.   Use of IPO Funds Funds from the raise will be directed towards: Mt Wandoo drilling  – resource expansion and confidence upgrade. Development studies  – mining, processing, and environmental approvals. Little Wandoo & North Wandoo drilling  – targeting new resource delineation. Exploration  – gold (Sentinel, Dingo, Yum Yum), fluorite, and Nutgrove REE. Working capital & IPO costs . Key Highlights Shallow gold resource  with near-term development potential. Multi-million-ounce exploration upside  across the Chillagoe cluster. Ore sorting breakthrough  delivering significant grade uplift. Strategic critical minerals exposure  (REE + fluorite). Strong board and management  with proven ASX, technical, and corporate track records. Samso Concluding Comments Green & Gold Minerals Limited (ASX: GG1) is stepping onto the ASX with a story that blends near-term gold development with long-term discovery potential. The Mt Wandoo project offers a shallow, expandable resource backed by ore-sorting technology, while Little Wandoo and North Wandoo provide the promise of high-grade extensions. Layered on top is the Company’s foothold in REE and fluorite—commodities linked to the clean energy future. For investors, this is a classic early-stage proposition: speculative by nature but carrying leverage to both gold market sentiment  and critical mineral demand . The additional exposure to REE and fluorite  adds a strategic angle, particularly with fluorite’s role in lithium battery supply chains. As always, the real value lies in what the drill bit can prove. #SamsoNews is where investors can look for valuable information—so seek the research, understand the risk, and watch how this Queensland explorer executes on its plans. The Samso Way – Seek the Research At Samso, it’s about looking beyond the headlines. Seek the Research , weigh the risks, and ground your decisions in facts.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their fina

Announcement 2 September 2025 New Gold Targets Delineated over Gascoyne Gold Project Western Yilgarn Limited (ASX: WYX)   has released the results of a high-level geophysical interpretation over its 100%-owned Gascoyne Gold Project in Western Australia (Figure 1). Conducted by Core Geophysics Pty Ltd, the review of airborne magnetic, radiometric, and gravity data has delineated several high-priority structural and geophysical targets within the Dalgaringa Supersuite — the same host rocks as the neighbouring Glenburgh Gold Project ( Benz Mining Corp, ASX: BNZ ). Non-Executive Director Pedro Kastellorizos highlighted that the Project offers outstanding potential, being only 8.7km from Glenburgh, which hosts 16.3Mt @ 1.0 g/t Au for 510,100 oz contained gold. With seven new gold target zones now identified, the Company has effectively positioned itself within one of the most prospective gold belts in the Gascoyne Region. Figure 1: Gascoyne Gold Project Location Map with surrounding Gold Deposits/Occurrences (source: WYX) Key Highlights - Perfect projects for Investors to Take a Position. Expanded Portfolio  – WYX’s ground position now covers 207km²  of highly fertile craton-margin metamorphic belt, directly analogous to Glenburgh. Multiple Gold Targets  – Seven structural/geophysical targets  have been delineated, all considered prospective for gold mineralisation. Proximity to Glenburgh  – Just 8.7km from Benz Mining Corp’s Glenburgh Gold Project , which is developing into a significant gold system. Untested Potential  – Extensive structural and magnetic trends across the project remain completely untested by drilling. Figure 2: Gascoyne Gold Project Location Map with surrounding Gold Deposits/Occurrences (source: WYX) Core Geophysics Interpretation Magnetic imagery across the eastern tenements (E09/2986 & E09/2987) revealed distinct east–west and northwest–southeast trends, interpreted as shear zones and intrusive features similar to those controlling gold mineralisation at Glenburgh (Figure 3). Importantly, the review identified structural intersections and shear zones that remain entirely untested, presenting immediate exploration upside. Gravity data, though coarse, suggests the southern portion of E09/2987 could be highly prospective, aligning with a regional gravity residual trend. Figure 3: E09/2986 & E09/2987 gravity image with interpreted structures (source: WYX)     Gold Targets Generated Seven target zones have been mapped, each demonstrating features such as magnetic lows, structural fabrics, potassium anomalies, and analogues to known Glenburgh mineralisation (Figure 4). GB_01 & GB_03 (E09/2986):  Located in the northeast, associated with magnetic lows paralleling structural fabrics within the Dalgaringa Supersuite. GB_02 (E09/2986):  Strong NW-SE magnetic features with potassic response and no prior geochemical sampling. GB_04–GB_07 (E09/2967):  Larger east–west structural zones with discrete potassium responses, quartz veining, and similarities to nearby Gascoyne Resources’ Firebird prospect.  Figure 4: Structural/Magnetic Gold Target Zones (source: WYX)   Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos  commented: “We are extremely pleased to have secured the Gascoyne Gold Project, which offers outstanding potential to delineate gold resources comparable to those of Benz Mining Corp’s Glenburgh mineralised system - now extending over 50 km in strike length. Our tenements share the same host lithologies metamorphic rocks of the Dalgaringa Supersuite as the Glenburgh Gold Project, located immediately to the north”. “A high-level geophysical interpretation conducted by Core Geophysics has identified multiple new drill targets, including several previously unrecognised by Western Yilgarn. Importantly, extensive structural and magnetic trends have been outlined across the project area all of which remain completely untested by drilling within the Dalgaringa Supersuite.   Next Steps Western Yilgarn plans to implement a reconnaissance sampling program during 2025, focusing on geochemical evaluation across these new targets. Follow-up work will consider sampling frequency and density to define the most prospective drill-ready anomalies.   Samso Concluding Comments 1 Western Yilgarn is building its case as an investors dream position play by strengthening its footprint in the Gascoyne Region by outlining high-priority gold targets adjacent to a growing mineralised system. The Gascoyne Project shares the same lithological framework as Glenburgh, yet much of the ground remains untested — a combination that naturally attracts investor attention. All exploration success has historically been linked to structural control and geophysical signatures, both of which are now evident within WYX’s tenements. With seven new targets defined and systematic geochemical programs ahead, the coming months will be critical in confirming the potential of these anomalies. At Samso, we continue to emphasise the importance of separating signal from noise . True insights lie in understanding the geological context and following the exploration work as it unfolds. For investors, this announcement highlights an early-stage but strategically placed opportunity in Western Australia’s Gascoyne region.   Western Yilgarn’s announcement is a reminder of how the Gascoyne region continues to reveal itself as a fertile gold province. The proximity to Glenburgh is significant, but the real story lies in the structural signatures and magnetic features now identified within WYX’s ground. These are the hallmarks of a system with discovery potential, yet they remain untested. The identification of the seven priority targets marks the start of a systematic approach that could add real substance to the Company’s gold portfolio. The next phase of geochemical work will be key in determining whether these targets translate into drill-ready prospects and, ultimately, resource definition. For investors, the early-stage nature of this story means patience will be required. However, the geological setting, combined with proximity to a proven mineralised system, makes this a development worth watching closely. Taking positions in a company such as WYX is crucial from an investors point of view. I have a small position in the company since I first reviewed the story as the value proposition for a prospective small market capitalised story is an opportunity not to be ignored. This is a #SamsoDYOR story. At Samso, we always remind readers that announcements like this provide a foundation for further research. Investors should take the time to study the geological context, track the upcoming exploration programs, and compare the progress with neighbouring projects. The Samso Way – Seek the Research Exploration success is built on evidence, not speculation. Always dig deeper, question the data, and do your own research. That is The Samso Way. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1 Sept 2025 Cyclone Launches Pre-Feasibility Study for Iron Bear. Cyclone Metals Limited (ASX: CLE)  has announced a major step forward with the commencement of a Pre-Feasibility Study (PFS)  for its 100%-owned flagship Iron Bear Project , located in the Labrador Trough, Canada (Figure 1) . The appointment of global engineering firm Hatch  to lead the study underscores the project’s significance and the Company’s intention to position Iron Bear as a strategic supplier of high-grade magnetite concentrate  for the global steel market.   Figure 1: Project Location Map (source: CLE) This follows the strong Scoping Study released in August 2025 and represents the transition of Iron Bear into a more advanced phase of development. Cyclone has set a clear timeline, targeting PFS completion in Q2 CY2026 .   Cyclone CEO and Managing Director, Paul Berend , commented: “The launch of the PFS for Iron Bear, predicated by the outstanding results of the Scoping Study, represents a critical step in our strategy to unlock the value of this world-class asset. With increasing global demand for high-grade, low-emission iron ore products, such as blast furnace concentrate and pellets, Iron Bear is uniquely positioned to meet future market needs. We look forward to advancing the project through this next phase and demonstrating its significant economic and strategic potential.”   Key Highlights - A Green Iron Ore Story. Appointment of Hatch , a leading global engineering firm with extensive experience in large-scale iron ore projects. PFS Scope  will include: Detailed mine design and scheduling Advanced metallurgical test work Processing plant and infrastructure evaluation (including pelletising studies) Logistics options (rail and slurry pipeline) Capital and operating cost estimates Environmental, social, and permitting studies Marketing studies Comprehensive risk assessment and mitigation scenarios Pelletising Expertise  – Cyclone has also engaged IDOM , a consulting group specialising in steel and metals industrial plants, to deliver pelletising plant design and cost estimation. With over 60 years of experience and five offices across Canada and the US, IDOM brings both global expertise and local capabilities . Cyclone’s updated development timeline shows a pragmatic shift in the transition from Phase 1 to Phase 2 , moving from April to June 2025 (Figure 2). This adjustment reflects the realities of permitting, approvals, and the sequencing of key operational activities, rather than any fundamental change to the project’s trajectory. Importantly, it also allows for better alignment with Vale ’s decision process , which underpins the funding and progression of Iron Bear. With the launch of the Pre-Feasibility Study now formalised as milestone 13 , the project remains firmly on track, signalling both momentum and a disciplined approach to managing the complexities of a world-class development. Figure 2: Updated Development Timeline (highlighting Phase 1 to Phase 2 shift) (source: CLE)   Next Steps Completion of advanced metallurgical test work. Progress on mine design, logistics, and pelletising plant studies. Ongoing stakeholder and environmental permitting workstreams. Delivery of the PFS in Q2 CY2026 , marking the next key de-risking milestone. These next steps mark the transition of Iron Bear from concept to detailed planning, with a clear focus on technical validation, infrastructure design, and regulatory alignment . Each milestone builds towards the delivery of the PFS in Q2 CY2026, which will serve as a pivotal checkpoint in demonstrating the project’s economic and strategic potential. Samso Concluding Comments Cyclone Metals’ Iron Bear project appears to be advancing along a logical roadmap, with the PFS marking a pivotal stage in shaping the project’s future. The dual engagement of Hatch and IDOM signals a commitment to be ticking all the boxes to have technical rigour  and market relevance , with a strong focus on sustainability and global competitiveness. The highlight is there is a need to keep the studies that will be in line with any Tier-1 company such as Vale. Investors looking at this announcement need to be reminded that the Cyclone story is unique with the strategic funding arrangement with Vale , ensuring momentum and credibility as Iron Bear progresses. While there are still challenges to overcome such as, permitting, logistics, and market dynamics, the project appears well-aligned with the broader industry trend of securing low-emission, high-grade iron ore supply . As a shareholder of the company, the comfort in the process is the understanding that this business at this stage has minimum technical issues as in most cases, the advancement to a mature study such as a PFS, is only open now to Black Swan events. As I have mentioned in my previous blogs on Cyclone Metals, a partnership with a company like Vale does not come with rigorous due diligence that was taken in the earlier stages of the project. Vale is not a newcomer to the iron ore industry. Vale is not a newcomer to the Green Iron story. Anyone who have had to deal with a Tier-1 company like Vale will know that someone like Vale would not commit its resources and time to a project that they don't have a strong conviction of a positive outcome. For investors and observers, the Q2 CY2026 PFS milestone  will no doubt be a critical marker of value creation. For the believers, the Green Iron Ore story is on track and its aligned with market expectations as one of disciplined advancement, careful partnerships, and strong positioning in the global iron ore narrative. As always, #SamsoNews is about looking past the noise and focusing on the facts that matter.   The Samso Way – Seek the Research At Samso, we emphasise cutting through the noise. As always, DYOR—true insights come from understanding the details behind each milestone, not just the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Pre Feasibility Study 27 Aug 2025 Horizon Minerals Limited (ASX: HRZ)  has provided an update on the ongoing Pre-Feasibility Study (PFS) for the Black Swan Project , situated 40km northeast of Kalgoorlie-Boulder in the Western Australian Goldfields (Figure 1). The PFS incorporates mining, infrastructure, and processing studies to refurbish and repurpose the Black Swan operation into a gold processing facility. Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure (source: HRZ) Managing Director and CEO Grant Haywood commented: “Progressing the Black Swan Pre-Feasibility Study is an important step in our development and growth pathway towards being a new, independent mid-tier gold producer. The study work is founded on robust technical and economic analysis of our assets and is advancing well. With work completed on the option studies and associated preliminary engineering design, we look forward to sharing the final outcomes in the December quarter when completed and making a Financial Investment Decision shortly thereafter, and moving to the next steps of refurbishment and commissioning.” Highlights - The Path to a Gold Mining Story. Processing PFS Progress (Figure 2) GR Engineering Services (GRES) is nearing completion of the PFS on Black Swan’s processing facility. The design incorporates refurbishment of the comminution circuit and installation of a new gold Carbon-in-Leach (CIL) facility. The plant is designed for 1.5Mtpa throughput  with a product size of P80 106µm . A preferred comminution option has been identified: single stage crushing plus SAG and ball mill , maximising flexibility and robustness for future ore types. Detailed process flow diagrams, mechanical and electrical lists, and engineering studies have already been completed.  Figure 2: Black Swan – Process Flow Diagram (source: HRZ)   Comminution and Recovery Circuits Three comminution circuit options were reviewed as part of the Black Swan PFS. Both GR Engineering Services (GRES) and Orway Minerals Consultants (OMC) independently favoured the Single Stage SAG (SS SAG) design for 1.5Mtpa throughput. To future-proof the project, consideration is also being given to incorporating both SS SAG and SABC circuits at refurbishment stage, providing greater long-term flexibility and expansion potential.   Downstream, the new gravity and CIL recovery circuits are being purpose-built with scalability in mind, ensuring capacity for increased throughput if required. Importantly, the existing nickel flotation circuit will remain on care and maintenance, deliberately isolated to preserve optionality for future redevelopment without disrupting gold operations. Mining and Infrastructure Studies Mining Plus has completed scoping studies on 24 open pit and underground deposits . A ranking process has identified prioritised deposits to provide feed to Black Swan. Infrastructure studies cover power, water, accommodation, and ore storage requirements under a hub-and-spoke model. Environmental and permitting approvals are advancing. The Burbanks project , with a Mineral Resource of 465.5koz @ 2.8g/t Au , is a cornerstone but requires further drilling and metallurgical work before inclusion at PFS level. It will remain at Scoping Study level for now.   Next Steps The full PFS, incorporating the processing facility refurbishment, mining, and infrastructure components, is on track for completion in the December 2025 quarter . Horizon expects this study, together with the Burbanks Scoping Study, will provide sufficient basis for a Financial Investment Decision (FID) . Pending a positive outcome, refurbishment and construction at Black Swan could commence in 2026.   Samso Concluding Comments To simply summarise this announcement, this is the logical step forward for the company. The shareholders are obviously crying out for Horizon Minerals to get the gold mining business happening so this is a good sign to the market that there is a process in mind. The careful balancing of processing options, integration of multiple ore sources, and structured path towards an FID underscores the company’s intent of making the path a reality. Horizon needs to show scale and optionality by incorporating flexibility upfront and they need to show beyond today’s processing requirements by leaving the door open for future growth. The inclusion of Burbanks—though only at Scoping Study stage—adds another layer of potential upside, especially with its sizeable resource base. If Horizon can progressively de-risk and upgrade this asset, the long-term production profile could be significantly enhanced. As always, the market will be waiting for the December 2025 PFS release to assess the numbers and economics. However, this staged update demonstrates that Horizon is steadily positioning itself for its next growth chapter. The challenge for Horizon will now be to show impatient shareholders and potential investors that the reality of being a gold mining company is within their ability and their available resource. Time will be the key determinant of all that needs to be answered.   The Samso Way – Seek the Research At #SamsoNews , the focus remains on separating signal from noise. The Black Swan PFS update is not just about technical refinements; it reflects the practical steps Horizon is taking toward independent production. Investors should follow the details, understand the scope of work, and align it with their own due diligence. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Major Expansion of the Minta Rutile Project 12 August 2025 Drilling Confirms the Expansion of Major Mineralised System. Lion Rock Minerals Limited (ASX: LRM) , formerly called Peak Minerals Limited (ASX: PUA), has reported further high-grade heavy mineral (HM) assay results from the Minta Rutile Project in central Cameroon. This confirms the expansion of what is shaping up to be a globally significant rutile system. The defined mineralised footprint has now grown to approximately 2,125km² within a broader 3,500km² target area. This reinforces the scale and continuity of rutile-rich mineralisation (Figure 1). This is the first modern exploration in the Minton #Titaniuma region. The Company has employed a cost-efficient hand-auger drilling program to target near-surface rutile. This method is widely recognised in the global heavy mineral sands industry. It is particularly effective in the residual soils of Minta, enabling rapid, systematic coverage of vast areas while maintaining low operational costs. The approach is already delivering consistent results, confirming the geological continuity and high-value potential across multiple target zones. Figure 1: Results further confirm the scale of the mineralised zone1 at Minta Rutile Project. (source: LRM) Highlights - A Mineral Sands Project Enriched in Rutile Continuous High-Grade HM Mineralisation Every one of the 330 drill holes completed to date has intersected heavy mineralisation. Key intercepts from the latest 52 drill holes include: 4.0m @ 8.0% HM from 3m 5.8m @ 3.5% HM from surface 5.0m @ 3.9% HM from 4m Extensive Drilling and Assays Pending A total of 552 holes have now been drilled, with assays pending for 222 holes . Broad reconnaissance spacing is being used to locate high-value zones, which will be targeted in upcoming infill drilling. Minta Est – Monazite, Zircon, and Rutile Fieldwork at Minta Est has confirmed strong monazite, zircon, and rutile mineralisation in residual soils. This aligns with earlier panned sample results from nearby artisanal gold workings. The presence of exceptionally coarse monazite and abundant rutile with minimal gangue has been described as highly encouraging. Alluvial Channel Targeting Reconnaissance sampling has confirmed well-washed heavy minerals and visible gold in certain zones. Some areas host thick, high-grade HM intervals. These will undergo detailed mineralogical analysis to assess mining potential. Oversize Rutile Contribution Samples from priority areas are being analysed to assess the contribution of oversize rutile to overall HM grades. There is potential for a material uplift in in-situ rutile content. Lion Rock Chief Executive Officer, Casper Adson, commented: “These results further confirm that Minta hosts a massive, high-grade rutile system, with strong geological continuity and clear targets for follow-up exploration. The fact that heavy mineralisation has been intersected in every hole drilled to date underscores the consistency and scale of the system.” Lion Rock Competent Person and Technical Manager, Richard Stockwell, added: “Our systematic approach is already highlighting regions with elevated concentrations of high-value minerals. The challenge now is to identify the highest value areas from the outset in this highly prospective province.” Field Sampling Confirms High-Value Mineralisation at Minta Results further confirm the scale of the mineralised zone at the Minta Rutile Project. This underscores the continuity and extent of high-value rutile-rich mineralisation (Figure 2). Figure 2: Collecting roadside samples in Cameroon. (source: LRM) The exploration team is seen collecting roadside samples in Cameroon. This is an important step in ground-truthing the latest exploration model and refining target areas (Figure 3). Figure 3: Panned sample from MRGR0039 at Minta Est shows ~10% monazite within ~2% heavy minerals, with coarse rutile particles visible. (source: LRM) A panned sample from Minta Est reveals a visible band of approximately 10% monazite within ~2% heavy minerals. Coarse rutile particles are clearly identifiable (Figure 4). Figure 4: Peak Minerals’ exploration team collecting roadside sample as referred to in Figure 3. (source: LRM) Next Steps Mineralogical analysis of sand and oversize heavy minerals in priority areas is currently underway. Residual drill hole samples will soon be assessed for mineralogy. Preliminary mining studies are progressing on high-value alluvial targets , complemented by planned wet table trials across both residual and alluvial zones. An exploration target for the alluvial setting is anticipated by September 2025 . Meanwhile, priority monazite, rutile, and zircon targets will guide infill drilling programs aimed at delivering a maiden JORC Mineral Resource Estimate in 2026 . In parallel, planning is advancing for the establishment of a dedicated Heavy Mineral Sands laboratory in Yaoundé . All exploration activities through 2025 and into 2026 are fully funded . Minta Rutile Project – Background The Minta Project spans 8,800km² over 18 granted permits (plus 3 under application) in a highly under-explored rutile province. Early-stage work has delineated areas of high-grade rutile, monazite, zircon, and gold in both alluvial and residual settings. Large angular rutile nuggets have also been discovered, which could materially boost total valuable heavy mineral grades. Samso Concluding Comments The Minta Rutile Project is quickly establishing itself as a standout in the global mineral sands sector. The sheer scale of confirmed mineralisation – with every drill hole intersecting heavy minerals – is a rare and compelling feature. This level of geological consistency, combined with high-value mineral assemblages, places Minta in a strong position to emerge as a world-class rutile asset. The presence of monazite, zircon, and coarse rutile within both residual and alluvial settings adds depth to the project’s potential value streams. These accessory minerals are highly sought after in advanced technology, clean energy, and industrial markets. This enhances the overall strategic significance of the discovery. Lion Rock Minerals' decision to employ low-cost, hand-auger drilling has proven efficient and effective. This enables the systematic coverage of a vast landholding. This approach ensures that exploration is both comprehensive and cost-controlled, creating a solid foundation for long-term project development. With all exploration activities fully funded and clear milestones ahead – including the September 2025 alluvial target release and the maiden JORC Mineral Resource in 2026 – the next 12 months will be pivotal. The market will be watching closely as Minta moves from large-scale exploration success towards resource definition and potential development. The Samso Way – Seek the Research At Samso, we believe that meaningful investment decisions are built on thorough, fact-based research. It’s about looking beyond the headlines, understanding the geology, the strategy, and the market forces at play. By taking the time to examine the details – from drill results to project economics – investors can better identify opportunities with genuine potential. The Samso Way is about clarity, context, and insight, so that every decision is anchored in knowledge, not speculation. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new 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 and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Tungsten, the metal. Prior to a few months ago, the word "tungsten" would have been foreign to most people, and I dare say that the majority of investors on the ASX would struggle to understand its significance or prospectivity, even now in September 2025. There is definitely no argument that it is one of those commodities that rarely makes headlines, yet it quietly underpins some of the most critical sectors of the global economy. As I read the tea leaves today in 2025, the strategic importance of tungsten is unparalleled, and the scarcity of the metal, along with its dominance by a single nation, China, which has been discussed for a decade, is now at potentially critical levels. The issue has finally reared its head, and the solution is not easily found nor easily implemented. There is going to be a lot of pain, and before any market volatility can be calmed. The tungsten space has had very little movement since the early 2010s, leading to a lack of opportunities for investors to get a position because there simply has not been any positive news. The intriguing part of the tungsten space is that not only has there been not much news on the positive pricing trends, but there is also a lack of understanding of what makes the industry tick, from the geological and the technical requirements to gain favour from the capital market. The good news is that I think there is now movement in both the pricing, which is now at all time high, and for ASX investors, there is a AUD $3.78M market cap company with what I think compares very well with giant deposits like The Sisson project in Canada. Terra Uranium Limited (ASX: T92) has acquired an interesting project in New South Wales, Australia, which I think could make shareholders of the company some good returns in the coming future. The historical data reminds me of the time that I was working in the Tungsten sector and it compares very well with the Watershed project in Queensland and the Sisson project in British Columbia, Canada. For this Samso Insight, I am going to make a direct comparison to the Sisson project as I feel that this is the market leader, it will be the nearest tungsten project to be in production that has all the hallmarks for being a long life economical tungsten mine. What Is Driving the Lack of Tungsten? A major problem with the Tungsten Supply issue, similar to the challenges faced in the REE conflict that the "West" is striving to overcome or at least gain progress in, is the severely limited tungsten mining and processing capabilities outside of China. Figure 1: Location of the Sangdong and Boguty Tungsten Mine (Almonty and www1.hkexnews.hk ) Projects like the Sangdong Tungsten Mine and Kazakhstan’s Boguty mine (Figure 1) contribute minimally relative to global demand. Processing bottlenecks and underdeveloped beneficiation infrastructure further hinder diversification. Investors looking for a play in this space are continuously playing a losing game. My experience in this commodity space began in 2012, and I will say that I have not seen one winning project. The list I have of projects is all losers, which reflects the technical deficiencies and the lack of market support via price and capital funding for such projects. The Price Factor One of the biggest factors that has plagued the success of tungsten projects has been the price of Ammonium Paratungstate ( APT). The APT price has always been used to measure the market, and that has not had a good run until now. For those interested, Samso published an in-depth look into the tungsten industry in May 2025, " Tungsten: The Quiet Giant – Market Trends and Investment Pathways , " where we first discussed the rising tungsten pricing to levels in the USD400+ mtu. As you can see in Figure 2 below, that is now at $USD 520/mtu. Figure 2: Price of Tungsten products and the Tungsten price trend as of 18th August 2025 in RMB. (source: www.ctia.com.cn ) Once you accept that the pricing is now at an all-time high, then let's consider factors such as the irreplaceable nature of tungsten from military applications and aerospace engineering to everyday tools and electronics. What obscures the sexiness of tungsten from the everyday investor is that, unlike gold or copper, the tungsten story is less about glamour and more about geopolitics, supply chains, and the reality of doing business in a market dominated by China. Figure 3: Uses of Tungsten (source: samaterials.com ) Understanding the business of tungsten is not just about geology—it is about strategy, economics, and a resource that has become central to the conversation on critical minerals. Tungsten Is Not just Another Metal Tungsten is not just another industrial metal—it is a strategic asset, and its price is taking off like a rocket (Figure 2). Its unmatched hardness, density, and resistance to heat make it indispensable in sectors ranging from defense and aerospace to energy and high-tech manufacturing (Figure 3). Yet despite this demand, investment opportunities outside China remain extremely limited, placing a premium on any project with the scale and economics to enter production. The fact that the scarcity is amplified by the ongoing geopolitical tension between the West and China may bring some question as to the durability of the price rise, but when you start to understand the economical geology nature of tungsten in terms of the economic geology. With China controlling nearly 80% of global tungsten supply, Western governments are acutely aware of their vulnerability to supply shocks. The result is a growing push to diversify supply chains, secure critical minerals through domestic or allied sources, and back projects that can shift the balance of dependence. For investors, the tungsten sector is no longer just a resource play—it is becoming a frontline in the broader strategic competition between East and West. The Geological Reasons why Tungsten is going to have a Supply Crunch. The other factor that the capital market ignores is that to find and develop an economical tungsten deposit is very hard. Firstly, the nature of tungsten geology is that it does not occur as an economical scenario every time you have tungsten mineralisation. If you look at the global types of economical deposits, they are the low-grade and large tonnage style mines. To add complications, there are the byproducts, and some have items such as radioactive minerals (commonly in small quantities that are enough to spook investors and the potential metallurgical issues), and if you throw ESG issues, that will be the nail in the coffin scenario. The other geological influence is the presence of by-products that require extra processing, creating cost implications that negatively reflect the outcome of the economical equation. The Sisson project is Molybdenum-Tungsten, and 15 years ago, when Molybdenum was not worth a lot, that held back Sisson as a good project. Today, when Molybdenum is in a shortage and pricing is finally buoyant, there is now a boost in energy for the Sisson story. Figure 4: The Sisson partnership that is driving the fortune of the Sisson Tungsten and Molybdenum Mine. (source: The Sisson Partnership). This is pretty much all the drivers controlling the tungsten story. For all the critical minerals that are talked about in the media, it seems that Tungsten may be the first of the ranks that is in reality mode now. Path To Understanding the Tungsten Story. To understand the Tungsten Story and what makes a sustainable and economical Tungsten Story, one must first look at the metal and the global examples. Personally, my thoughts are that there are two examples that are in front of my mind in terms of a potential economical project, that I know well enough to say, and that are the Sisson and Watershed projects. To keep things simple, I have chosen the Sisson project to discuss here. True to the Samso platform, I will try an compare the Terra Uranium Limited (ASX: T92) recent acquisition of the Tungsten-Molybdenum project in New South Wales, Australia, to give ASX investors something to think about from a small capitalisation entry to the tungsten story. Looking at the ASX release ( Terra Uranium to Acquire Largest Tungsten Project in NSW ) , I am reminded of my days looking at tungsten projects, and there are hallmarks of a potential to become a world-class concept. A recent ASX release with some rock chips is giving some good indications that mineralisation does exist ( Deepwater Rock-Chips 3% Tin, 13.7% Tungsten & 6% Molybdenum ) . This region is renowned for IRGS (Intrusion Related Gold Systems) and tin, tungsten, molybdenum and potentially lithium. It's just the ideal geological environment to find the later-stage metal deposition from the incompatible suite of elements on the periodic table. So let's get into the main part of this Samso Insights with the following chapters to help navigate the details of this Samso Insight. Why is Tungsten Unique? The Sisson Project Project Background & Infrastructure History & Current Status History Current Stage Economic & Development Highlights Recent Developments & Funding Technical Details: Resources, Mining & Processing Mineral Reserves and Resource Estimates Mining & Processing Plan Processing The Terra Uranium Project The Acquisition at a Glance Exploration and Development Potential A Multi-Phase Hydrothermal System Evidence from Historical Drilling Metallurgical Evidence – Unlocking Value Why Geology Matters for Investors Geological Comparisons – Henderson-Style Potential Why is Tungsten Unique? One of the key properties of tungsten is that it is one of the densest metals , but contrary to popular thinking, it’s not the very densest. Here’s the breakdown: Tungsten (W):  Density ~ 19.25 g/cm³ Osmium (Os):  Density ~ 22.59 g/cm³  → the densest naturally occurring element. Iridium (Ir):  Density ~ 22.56 g/cm³  → almost as dense as osmium. Platinum (Pt):  ~21.45 g/cm³. Gold (Au):  ~19.32 g/cm³ (slightly denser than tungsten). So tungsten is extremely dense (comparable to gold), but osmium and iridium are denser . What makes tungsten unique is that, while it isn’t the absolute densest, it combines very high density with the highest melting point of any metal (3,422 °C) , which is why it’s so valuable for industrial and defense applications. 1 . Highest Melting Point of Any Metal 3,422 °C (6,192 °F) — higher than any other pure metal. Enables use in applications exposed to extreme heat (rocket nozzles, turbine blades, plasma torches, light bulb filaments). 2. Very High Density 19.25 g/cm³ — comparable to gold and almost twice as dense as lead. This density makes it ideal for kinetic penetrators, armour-piercing ammunition, counterweights, and ballast in aerospace. 3. Exceptional Hardness & Strength In carbide form (tungsten carbide), it’s one of the hardest known substances (≈9 on Mohs scale). Critical for cutting tools, drilling bits, and wear-resistant machinery. 4. Resistance to Thermal Expansion Very low coefficient of thermal expansion. Maintains dimensional stability under rapid heating/cooling cycles → key for high-precision equipment. 5. High Tensile Strength at Elevated Temperatures Retains strength even when red-hot. Used in applications where other metals would soften (e.g., aerospace components, furnace elements). 6. Chemical Stability Highly resistant to corrosion and oxidation. Useful in harsh industrial and chemical environments. The Sisson Project (source: The Sisson partnership) Field technicians at Northcliff’s Sisson tungsten-molybdenum project in central New Brunswick. (source: Canadian Mining Journal - Credit: Northcliff Resources) The Sisson Partnership is dedicated to developing the Sisson Project , a modern, long-life open-pit mine for tungsten  and molybdenum , situated on Crown land in central New Brunswick, about 100 km northwest of Fredericton (Figure 5). It emphasizes responsible and ethical mining , with a focus on sustainability  and respect for local communities and the environment, aiming to become a North American leader in the production of these critical minerals . ( Source: The Sisson Partnership ) Figure 5: Location of the Sisson Project in Canada. (source: The Sisson Partnership). Project Background & Infrastructure. (source: The Sisson partnership) The project site is well-served by existing infrastructure—roads, highways, railways, power lines, deep-sea ports, and water supplies—helping to reduce development costs. Initial mineralization was discovered in 1978, with extensive drilling and resource evaluation completed by 2012. A positive Feasibility Study was finalized in January 2013, outlining a 27‑year mine life supported by open‑pit mining and onsite processing, including an ammonium paratungstate plant. History & Current Status. (source: The Sisson partnership) History Discovery : 1978 by Kidd Creek; drilling extended into 2009 under Geodex. Northcliff acquired 70 % in 2010, and the remaining 30 % by mid‑2012; Todd Minerals (a sub of Todd Corporation) invested around C$14 million to gain an 11.5 % stake , with Northcliff (88.5 %) as operator. Positive Feasibility Study completed in January 2013 , affirming a long-life, open-pit development. Current Stage Northcliff is working to update feasibility , complete engineering, secure financing, and finalize offtake agreements before advancing to a construction decision. Economic & Development Highlights. According to the 2013 Feasibility Study: Construction phase: ~500 jobs. Permanent operations: ~300 jobs. Estimated capital expenditure: C$579 million. Estimated pre‑tax Net Present Value (NPV, at 8% discount): C$714 million. Internal Rate of Return (IRR): 20.4%. Payback period: ~4.1 years. Recent Developments & Funding (source: The Sisson partnership) US Funding : In May 2025, the U.S. Department of Defense awarded USD $15 million  (approx. C$20.7 million) under the Defense Production Act to support the project’s pre-construction phase. Canadian Funding : In August 2025, Natural Resources Canada  granted C$8.21 million  for updating the feasibility study and basic engineering as part of its Global Partnerships Initiative, complementing the U.S. contribution. The combined C$29 million in bilateral funding underlines Canada and the U.S.'s commitment to securing the supply of these critical minerals, reinforcing North American competitiveness and supply chain resilience. As of mid‑2025, Northcliff has invested around C$70 million to date in studies, environmental approvals, and development activities. Timeline to Construction : The CEO of Northcliff, Andrew Ing, has suggested that with these investments, the project is nearing a construction decision , and that actual mining (i.e., digging) might begin in roughly five years, though past figures may no longer reflect updated capital cost estimates. Technical Details: Resources, Mining & Processing (source: The Sisson partnership) Mineral Reserves and Resource Estimates The project is estimated to host 334 million tonnes  of proven and probable ore, grading approximately 0.066 % tungsten trioxide (WO₃)  and 0.021 % molybdenum , containing roughly 22.2 million metric tonne units (mtu)  of WO₃ and 154.8 million pounds  of molybdenum (Figure 6 and Table 1). Figure 6: Sisson deposit geology and mineralisation. (source: Northcliff Resources ) Geological setting: Hosted in structurally controlled zones (I, II, III, and Ellipse) adjacent to the Howard Peak Granodiorite. Mineralization is within narrow, northwest-trending quartz-sulphide veins (scheelite for tungsten, molybdenite for molybdenum). Table 1: Sisson deposit Mineral Resource. (source: NorthCliff Resources ) Mining & Processing Plan Mining : Scheduled as a conventional open-pit operation using truck-and-shovel methods, targeting a daily mining rate of around 30,000 dry metric tonnes per day . Processing Crushing , grinding , and flotation  to produce separate tungsten and molybdenum concentrates at an on-site plant. Unique to Canada, the project includes an Ammonium Paratungstate (APT) plant , using alkali pressure leach technology. Annual production projections include 557,000 mtu of APT  and 4.1 million pounds of molybdenum concentrate . The Terra Uranium Project - A Tungsten and Molybdenum Gift. Terra Uranium Limited (ASX: T92) has taken a decisive step beyond its uranium focus, announcing the acquisition of Dundee Resources Pty Ltd, which holds an undeveloped tungsten–molybdenum project in New South Wales (Figure 7). The move comes as tungsten prices surge to 12-year highs—above USD $450/MTU—driven by rising demand across military, aerospace, and advanced technology sectors. Figure 7: Tenement location plan for the Terra Uranium Limited new project. (source: Terra Uranium). The project is located in the highlands of New South Wales and has a strong history of tin mining and strong mineralising history of molybdenum, and is a well-sought-after place for prospectors hunting for sapphires and semi-precious stones. The Acquisition at a Glance The agreement secures Terra Uranium's 100% ownership of Exploration Licence EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects . Among these, Glen Eden stands out as a significant mineral system hosting tungsten, molybdenum, tin, and bismuth. Previous drilling has shown consistent mineralisation with intervals such as: 282m @ 0.28% WO₃ equivalent from 7m (0.11% MoS2, 0.02% SnO2 and 0.08% WO3) 235m @ 0.25% WO₃ equivalent from 15m (0.10% MoS2, 09.03% SnO2 and 0.06% WO3) 392m @ 0.14% WO₃ equivalent from 3m (0.06% MoS2, 0.01% SnO2 and 0.025% WO3) Notably, metallurgical test work conducted by Amoco in 1981 demonstrated strong recoveries—66% tungsten, 58% tin, and 86% molybdenum—indicating the potential to generate saleable concentrates. Exploration and Development Potential Glen Eden is defined by a 500m-wide greisen breccia and stockwork complex hosted in rhyolitic volcanics. The mineralised system remains open at depth beyond 385m, and geological modelling suggests similarities to deep-seated molybdenum–tungsten deposits such as Henderson in the U.S. A JORC-endorsed Exploration Target  estimates between 20–30Mt grading 0.18–0.29% WO₃ equivalent  to depths of 100–150m. While conceptual at this stage, Terra Uranium has confirmed plans to launch a drilling campaign aimed at converting this target into a JORC-compliant resource within the next two years. Historical soil sampling has created a large footprint of potential mineralisation in the main area (Figure 8). Figure 8: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited). A Multi-Phase Hydrothermal System The project area is dominated by a hydrothermally altered rhyolitic volcanic sequence , mapped over an area of approximately 1,500 metres by 800 metres. Within this alteration halo sits a 500-metre-wide central greisen and breccia complex , which forms the core of the mineralised system. Geologists have identified three distinct phases of mineralisation : Phase 1 – Hydrothermal Alteration Early alteration halos consisting of sericitic, phyllic, and potassic assemblages. This broad zoning indicates the system was driven by a substantial intrusive body at depth, which remains unexposed at surface. Phase 2 – Greisen and Vein Development An irregular greisen breccia and stockwork zone developed within the rhyolitics. Mineralisation here includes molybdenite (MoS₂), wolframite (WO₃), cassiterite (SnO₂), and bismuth minerals , pointing to a polymetallic system with multiple saleable commodities. Phase 3 – Overprinting Brecciation Later structural events created more intense veining, brecciation, and stockwork zones. These overprint earlier mineralisation, effectively recharging and enriching the system. This multi-phase history is significant because it indicates the system has been reactivated and re-mineralised multiple times, increasing the probability of high-grade shoots at depth. Evidence from Historical Drilling Past explorers, including Carpentaria Exploration (1960s)  and Amoco Minerals (1980s) , drilled to depths of nearly 400 metres. Mineralisation remained open at depth in all directions, suggesting the system extends much further than tested (Figure 9). Some key intercepts include: 282m @ 0.28% WO₃ equivalent from 7m (GENSW80-1) 235m @ 0.25% WO₃ equivalent from 15m (GENSW80-2) 392m @ 0.14% WO₃ equivalent from 3m (GENSW81-5) Notably, these were not narrow, high-grade veins but broad, bulk-minable zones , consistent with the potential for a large tonnage system. Figure 9: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited). Metallurgical Evidence – Unlocking Value Historical test work on Glen Eden ore has already demonstrated promising metallurgical recovery rates: 66% tungsten recovery 58% tin recovery 86% molybdenum recovery These results show that not only is the mineralisation significant in scale, but it also has the potential to produce marketable concentrates, strengthening the commercial case for development. Why Geology Matters for Investors From an investor’s perspective, Glen Eden represents more than just another exploration play. Its geology suggests: Large-scale system  – with alteration halos, breccia pipes, and stockworks supporting a bulk-mining model. Polymetallic upside  – tungsten, molybdenum, tin, silver, and bismuth offer multiple revenue streams. Exploration potential  – mineralisation remains open at depth, with modelling pointing to deeper, high-grade zones. Critical mineral leverage  – tungsten and molybdenum are both classified as critical minerals , giving the project strategic importance. In short, the geology of Glen Eden provides the foundations for a project that could evolve into one of Australia’s most important non-ferrous critical mineral deposits. Geological Comparisons – Henderson-Style Potential Geochemical signatures and alteration patterns suggest Glen Eden may share similarities with Henderson (USA) , one of the world’s largest molybdenum–tungsten deposits. Like Henderson, Glen Eden exhibits: Multi-phase breccia and greisen development Persistent molybdenite and wolframite mineralisation Open mineralisation at depth, indicating potential high-grade shells This geological model underpins the JORC-endorsed Exploration Target  of 20–30Mt grading 0.18–0.29% WO₃ equivalent  to depths of 100–150 metres. The Other Notable Tungsten Projects Hemerdon Tungsten Project: Geology and Resource: (Figure 10) Ore Reserves:  ~101.2 million tonnes grading 0.14% tungsten (WO₃) and 0.03% tin (Sn). Mineral Resources:  ~351.5 million tonnes at 0.12% tungsten and 0.03% tin. Figure 10: Hemerdon Site layout. (source: Tungsten West). Sangdong Tungsten Project: Geology and Resource. Proven and probable reserves:  around 7.9 million tonnes with grade ~0.45% WO₃. Measured & indicated resources:  approximately 8 million tonnes at ~0.49% WO₃; inferred resources total ~52.8 million tonnes at ~0.44% WO₃. These figures place Sangdong (Figure 11) among the largest high-grade tungsten deposits in the world. Figure 11: Sangdong Tungsten Mine in South Korea. (source: Wikipedia). Nui Phao Tungsten Project: Geology and Resource. (Figure 12) Ore Reserves : Estimates range from ~55 million tonnes  to 66 million tonnes  of ore, with average WO₃ (tungsten trioxide) grades of 0.21% . It’s recognized as one of the largest tungsten deposits outside China , featuring a polymetallic composition including fluorspar, bismuth , and copper. Figure 12: Sangdong Tungsten Mine in South Korea. (source: Wikipedia). Samso Concluding Comments The tungsten narrative is typically flying under the radar, and I am really surprised at how low-key this is compared to the Antimony hype, which seems to be taking a journey of greater excitement since it started 12 months or so ago. Even the recent rush for the clay rare earths is making more waves than Tungsten, which is at its APT price at an all-time high (Figure 2). The APT price at USD520/mtu is a lot higher than in 2012, when it was hovering in the USD420/mtu range. When I had the conversation with Oliver Friesen a few months ago, we were talking about a potential price that was around the USD 460/mtu, so you can imagine my surprise when I saw that while researching for this Samso Insight. Tungsten has long since been what I call a dark metal, meaning that the demand vs. supply narrative is shrouded in mystery. It is very hard to visualise the real market. When you look at the global demand and then you look at what is outside of China, you will start to see why it is so hard to visualise where the supply can come from. If my thoughts are correct that there are few economical tungsten projects outside China, then the scarcity issue is in Defcon 1 critical status. The Market Leaders In The Last Tungsten Boom. In 2012, there was talk of the Hemerdon (Drakelands) tungsten‑tin project, Sangdong and Nui Phao Mine coming on stream. At that time, the Sangdong mine was the most talked about, as there were some comments that Warren Buffett was backing it. These three projects were the most advanced, and they were all going to feed into the supply of tungsten. What happened in reality was that Nui Phao was the only one that produced, but it never reached its potential. At that time, as I said, these projects were the market leaders, and they were going to be the superstars of the "Western" tungsten production world (Figure 13). The fact that in 2025, we are only seeing small production figures coming out from Nui Phao and an APT price in the USD 520/mtu levels should be giving investors and shareholders of tungsten projects hugs of excitement. Where is the new production going to come from, and could the tungsten price be setting its new base level? Figure 13: M&I resource tonnes and WO3 grade of major world projects. The Dolphin project is located on King Island in Australia. Nui Phao is in in Đại Từ District, Thái Nguyên Province, northern Vietnam—around 80 km from Hanoi. The Drakelands deposit is about 7 miles northeast of Plymouth, near Plympton in Devon, England. The Sisson project is in NorthEast Canada. (source: QuotedData ) Could the new pricing levels be the catalyst for capital to start seeking projects such as Glen Eden? Could the market situation give the small-cap company with a market capitalisation of less than AUD $5M the edge it needs? All these questions should be asked, and the market will have to get itself familiar with the real, critical nature of tungsten. There just isn't enough tungsten to bring out from the ground now. So what does that mean for the end-users? Real Companies That Will Feel The Supply Crunch. What does it mean for companies that make bullets and ammunition, including global defence conglomerates like BAE Systems, General Dynamics Corporation, and Northrop Grumman Corporation, as well as specialized ammunition manufacturers such as Ammo Inc., Hornady, NIOA, Remington Arms, Sellier & Bellot, and Winchester Repeating Arms Company ? What about the major airplane manufacturers, including Boeing and Airbus, for large commercial aircraft, while Lockheed Martin and Northrop Grumman focus on military aircraft? Other key players include Embraer and Bombardier for regional jets, Textron Aviation (which owns Cessna and Beechcraft) for general aviation, and emerging companies like COMAC from China and Mitsubishi from Japan . Where are they going to find their tungsten for their production? The issue is that there are just no other projects that you can go and dig some up now. Like all mineral projects, it is a long-term proposition and the capital markets may be just waking up to something that has a real supply issue, unlike lithium, REE, Copper...etc. To date, the Hemerdon and the Sangdong projects have not produced any tungsten, and as far as I am able to find out, Nui Phao is struggling with production targets. In summary, the so-called Western projects have been a complete failure. With the APT price at the USD520/mtu levels, could this be real evidence for the revitalisation of the tungsten industry? Will the market fall and repeat the last boom-bust cycle? According to Oliver Freisen, the supply crunch is real. He mentioned that even Boeing is worried. In support of his comments, the price in China is rising and coupled with reports that China is again a net importer of tungsten concentrate, one would be assured that Oliver's words could be ringing true. What does it mean if this is a real supply crunch? Well, if you look at the current projects, there are not many that I would say will make the all-important economical milestone. The Spanish and Portuguese projects may get up, but historically, they have had issues. The last time around, I was told that the "government" and "pseudo-government" bodies were moving goal posts. There were too many issues with deals and counter-deals for access and approvals. In my opinion, looking at the Chinese deposits, they were all low-grade and high tonnage mines. This is supported by my conversations with the Chinese geological consultants. So if this is the path, that puts out a lot of projects like Los Santos, Barruecopardo, Borralha and Vila Verde and Panasqueira. Figure 14: Tungsten Reserve comparison with what I call the Portuguese and Spanish Tungsten projects. (source: Group 6 Metals Limited) The high-grade Dolphin Tungsten Mine (Australia) has had its second failure recently, and that may be a sign of what can work and what cannot work. The diagram below, Figure 14. It is a great depiction of the smaller end of town that I don't think will be able to be a functional economical proposition. I may be wrong, but I am sure that in time, I should be proven correct. History does not lie; once uneconomical, mining projects never become instantly (without an upgrade or a material change to the geology or resource) economical with a rising metal price. The cost follows the same gradient of the curve. Bridging the Supply Deficient Gap. What does this mean for the industry to bridge the gap? Well, these were projects such as Glen Eden, in my humble opinion, that come into their own. What little information is available is mixed with the understanding that the geological environment is suited for this kind of mineralisation. There is a good chance that Glen Eden will become something like a Sisson. Sisson is characterised by its association with Tungsten and Molybdenum, and the early results at Glen Eden are showing just that from its historical work. One of the great wonders of geology is that although each deposit is different in its structure, the fundamentals of the geology that created the mineralisation are similar. If you have the same cooking mechanics and you are getting similar fruits, the likelihood of a similar style is in place. The big question is the magnitude. Comparing Sisson and Glen Eden I have specifically chosen to compare Sisson with Glen Eden because of the similar style, and Glen Eden is outcropping, which will make the mining proposition more economical from this point of view. I believe that the next Tungsten mine will be Sisson, and with time, this will be a significant player with the backing of the US government. Figure 15: Molybdenum price chart since 2016. (source: Daily Metal Price ). What Sisson and potentially Glen Eden will have, which was a liability in the past but is now potentially an added value that the other project doesn't have, is the presence of Molybdenum. As you can see in Figure 15, the slow rise of Molybdenum to its 2009 high is now within reach. The critical nature of Molybdenum is high on the list as well, and this will be something that both Sisson and Glen Eden will have that could make the project more economical. As far as critical mineral projects go, I think the Tungsten space can be considered a polymetallic heaven. Glen Eden shows great potential for creating newsflow that could make it a global significance. The three drilling intercepts below are what sparked my interest in Glen Eden. 282m @ 0.11% MoS2, 0.02% SnO2 and 0.08% WO3. 235m @ 0.10% MoS2, 09.03% SnO2 and 0.06% WO3 from 15m. 392m @ 0.06% MoS2, 0.01% SnO2 and 0.025% WO3 from 3m. Whenever you have that level of drill intercepts, it indicates some serious cooking mechanism in place. What the company needs to do now is to get onto the ground and start making more sense of the geology and develop what could be a globally significant tungsten-molybdenum deposit. Don't get me wrong, Glen Eden is going to take a while before it becomes anywhere being considered a mining proposition, but for the shareholders, that value creation will bring them good rewards as they establish firstly a resource and then its viability as an economical mining deposit. The Samso Way – Seek the Research Behind every mineral, there’s a deeper story of timing, strategy, and market context. At Samso, we dig past the surface to understand what really moves the needle. Do the research. Ask the right questions. That’s how value is found.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In today’s fast-paced world, keeping up with financial trends is essential for making smart investment decisions and managing personal finances effectively. The financial market is constantly evolving, influenced by global events, economic policies, and technological advancements. Staying informed helps you anticipate changes, reduce risks, and seize opportunities. This article explores practical ways to stay updated on financial trends and understand market movements. Understanding Financial Trends and Their Importance Financial trends refer to the general direction in which the market or specific sectors are moving over time. These trends can be short-term or long-term and are shaped by various factors such as economic indicators, corporate earnings, geopolitical events, and investor sentiment. Why are financial trends important? They help investors identify potential growth areas. They provide insights into market cycles, such as bull or bear markets. They assist in risk management by highlighting possible downturns. They guide financial planning and portfolio adjustments. For example, the rise of green energy stocks over the past decade reflects a long-term trend driven by environmental concerns and government policies. Recognising such trends early can lead to profitable investments. To stay ahead, it’s crucial to monitor reliable sources that provide timely and accurate financial market updates. These updates offer real-time data and expert analysis, helping you make informed decisions. Financial analyst tracking market trends How to Track Financial Trends Effectively Tracking financial trends requires a combination of tools, resources, and strategies. Here are some practical steps to help you stay informed: 1. Follow Reputable Financial News Sources Regularly reading financial news from trusted outlets ensures you get accurate and up-to-date information. Websites, newspapers, and TV channels dedicated to finance provide market summaries, expert opinions, and breaking news. 2. Use Financial Market Platforms and Apps Platforms like Bloomberg, Reuters, and market-specific apps offer real-time data, alerts, and customizable dashboards. These tools allow you to track indices, commodities, currencies, and individual stocks. 3. Subscribe to Newsletters and Reports Many financial analysts and institutions publish newsletters that summarise market trends and forecasts. Subscribing to these can save time and provide curated insights. 4. Analyse Economic Indicators Keep an eye on key economic indicators such as GDP growth, unemployment rates, inflation, and interest rates. These indicators often signal upcoming market movements. 5. Engage with Financial Communities Online forums, social media groups, and investment clubs can be valuable for sharing knowledge and discussing trends with like-minded individuals. By combining these methods, you can build a comprehensive understanding of the market’s direction and make timely decisions. Smartphone showing real-time stock market data Why has the market suddenly fallen today? Sudden market drops can be alarming, but understanding the causes helps in managing reactions and strategies. Market declines often result from a combination of factors: Economic Data Surprises : Poor economic reports, such as lower-than-expected employment numbers or GDP contraction, can trigger sell-offs. Geopolitical Tensions : Conflicts, trade disputes, or political instability create uncertainty, leading investors to reduce exposure. Corporate Earnings Disappointments : When major companies report earnings below expectations, it can drag the market down. Interest Rate Changes : Central banks raising interest rates to combat inflation can reduce liquidity and increase borrowing costs, negatively impacting stocks. Market Sentiment and Technical Factors : Sometimes, automated trading and investor psychology cause rapid price movements. For example, a recent unexpected hike in interest rates by a central bank might cause investors to reassess risk, leading to a market fall. Understanding these triggers helps investors avoid panic and consider long-term perspectives. Stock exchange floor during a market downturn Practical Tips to Stay Ahead of Financial Market Changes Being proactive is key to navigating the financial market successfully. Here are actionable recommendations: Set Up Alerts : Use apps and platforms to receive notifications about significant market events or price changes. Diversify Investments : Spread your portfolio across different asset classes to reduce risk. Review Your Portfolio Regularly : Adjust your holdings based on changing market conditions and personal goals. Educate Yourself Continuously : Attend webinars, read books, and follow expert analyses to deepen your understanding. Avoid Emotional Decisions : Stick to your investment plan and avoid reacting impulsively to market volatility. By implementing these strategies, you can better manage your investments and capitalise on emerging financial trends. The Role of Technology in Monitoring Financial Trends Technology has revolutionised how we access and interpret financial data. Advanced algorithms, artificial intelligence, and big data analytics provide deeper insights and predictive capabilities. AI-Powered Analytics : These tools analyse vast amounts of data to identify patterns and forecast market movements. Automated Trading Systems : They execute trades based on predefined criteria, reducing human error. Mobile Access : Smartphones and tablets allow investors to monitor markets anytime, anywhere. Social Media Monitoring : Platforms like Twitter and LinkedIn offer real-time sentiment analysis and news updates. Embracing technology enhances your ability to stay informed and react swiftly to market changes. For ongoing insights, consider visiting financial market updates to access expert commentary and data. Staying informed about financial trends is not just for professionals. With the right approach and tools, anyone can keep pace with the market and make smarter financial decisions. Regularly updating your knowledge and adapting to new information will empower you to navigate the complexities of the financial world confidently. The Samso Way – Seek the Research In the Samso way, seeking the research  means looking beyond the headlines to understand the data, the geology, the financial news, the scientific analysis, the medical results, the proving of artificial intelligence, and the strategy driving a project. It’s about analysing the details — from start to commercial realisation — to identify genuine potential and avoid the noise. In understanding the art of investing, knowledge is the real commodity, and informed analysis is the edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Surface Gold at Bear Hill and New Kojak Target Thunderbird Resources Limited (ASX: THB)  has delivered another strong set of results from its Kookabookra Gold Project  in north-eastern New South Wales (Figure 1). The latest announcement highlights continued success from surface sampling programs and the emergence of a new high-grade target, reinforcing the district-scale potential for an intrusive-related gold system. Figure 1: Kookabookra Project (source: THB) 🔹 Key Highlights - A Gold Exploration Story High-grade assays confirmed  at Bear Hill and Butchers Reef, including up to 17.35g/t Au  at Bear Hill and 2.79g/t Au  at Butchers Reef. New Kojak target identified  – assays from historical workings returned up to 23.0g/t Au , with mineralisation associated with a north-east trending fault over a 400m strike length. Ongoing soil sampling and geological mapping  programs at Bear Hill, Butchers Reef and Kojak to define drill targets (Figure 2). Recently completed geophysical surveys  at Mannix and Mt Secret outlined strong IP anomalies, providing further drill-ready opportunities. Collectively, results continue to demonstrate potential for a large-scale intrusive-related gold system within the project. Figure 2: Geology, mineral occurrences and historical exploration (source: THB) Exploration Results Assays from 79 rock chip and grab samples  collected in July confirm significant mineralisation across multiple prospects (Figure 3). Figure 3:  Examples of high-grade mineralisation from Bear Hill and Kojak samples (source: THB)   Bear Hill:  Samples up to 17.35g/t Au, with several exceeding 9g/t Au, from historical mine dumps (Figures 4 & 5).  Figure 4: Bear Hill and Butchers Reef prospect area – surface sampling and simplified geology (new results highlighted in yellow) (source: THB) Butchers Reef:  Assays up to 2.79g/t Au, approximately 1km north-west of Bear Hill (Figures 4 & 5).  Figure 5: Bear Hill and Butchers Reef prospect area – surface sampling and simplified geology - New results highlighted in yellow (source: THB) Kojak Prospect:  Newly identified from LiDAR data, assays included 23.0g/t Au, 5.64g/t Au, 3.11g/t Au, and 2.88g/t Au, hosted in a granite-associated fault zone extending at least 400m (Figure 6).  Figure 6: Kojak prospect sampling and historical workings (source: THB)   Geological Interpretation The mineralisation styles observed point towards a large Intrusion-Related Gold System (IRGS)  model. Bear Hill & Butchers Reef:  Fault-controlled vein style hosted within metasediments and monzogranite. Mannix & Mt Secret:  Disseminated and sheeted vein style mineralisation associated with Bi-Te-Mo anomalies, comparable to the Timbarra gold deposit. Kojak:  Granite-hosted mineralisation within a 3m wide quartz-veined fault zone. Figure 7: Schematic exploration model for intrusion-related gold systems (Lang et al., 2000) (source: THB) Thunderbird Executive Chairman, George Ventouras, commented: “We are very encouraged by these latest assay results, which continue to support the significant exploration and discovery potential we see at Kookabookra. Every field program has revealed new targets, and we are now advancing towards our maiden drilling program. The Kojak discovery is particularly exciting as it opens up a new part of the tenement with strong potential for large-scale intrusive-related gold deposits.” “What is most exciting is that every field program we’ve conducted has revealed more targets, and we have still only explored a very small percentage of the total area of the Kookabookra Project. “This is an important development as it opens up a new part of the tenement area as being prospective for large-scale intrusive-related gold deposits. Given that a major discovery requires only a small surface footprint (for example Kidston in Queensland, which had a surface expression of ~1,100m x 900m and delivered >5Moz of gold), the pathway for a discovery at Kookabookra is compelling, particularly with these latest results.   Next Steps Drill permits  to be lodged for Mannix and Mt Secret  in August, testing strong IP chargeability anomalies. Soil sampling and mapping  underway at Bear Hill/Butchers Reef, with further work planned at Kojak and Columbo (Figure 8). Maiden drill program  at Bear Hill and Butchers Reef to be planned following completion of current soil and mapping programs. Figure 8: Central Goldfields area - Geology and surface geochemistry (Au) (new assay results highlighted in yellow) (source: THB) Samso Concluding Comments The current release is one part of the story building process and the Kookabookra story is being unfolded. Bear Hill and Butchers Reef continue to validate their historical significance with repeatable high-grade numbers, while the emergence of Kojak demonstrates underexplored part of the story. For investors, the ability to generate new targets from surface allow the generation of newsflow highlighting the concept of “low-hanging fruit” before the drill rig turns up. The Kojak discovery of a 23g/t gold rock chip within a coherent structural setting is a signpost to the potential scale and fertility of the system. Linking this to the regional intrusive-related gold system model adds geological weight. In many cases, discoveries of this type start with a single overlooked prospect can lead to a system that may be part of a much larger mineralised corridor. The company has steadily advanced Kookabookra alongside its other NSW and Canadian projects, each step supported by data. Every announcement over the past six months has layered more information onto the geological picture—moving from reconnaissance sampling, to geophysics, and now towards drilling. This approach is a good sign of authenticity and its what explorers do which creates the transparency that the market needs. For investors, the coming drill program will be the real test. Rock chips and soil anomalies are encouraging, but it is the drill bit that will define the economic potential. What we can say at this point is that Thunderbird has done the groundwork well, setting up multiple compelling drill targets across Bear Hill, Butchers Reef, Kojak, Mannix and Mt Secret. The market will be watching closely to see if the promise of a large-scale intrusive-related gold system becomes a tangible discovery. This is where patience and independent research matter most. The Samso Way – Seek the Research Exploration success is built on evidence, not speculation. Always dig deeper, question the data, and do your own research. That is The Samso Way. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement $2.6m in non-dilutive capital funding secured 12 August 2025 Precision Psychedelic Therapy 30 July 2024 Bioshares Biotech Summit 7 August 2025   Tryptamine Therapeutics Limited (ASX: TYP) is sharpening its position in the psychedelic medicine sector with continued progress across its precision psilocin program. Focused on treating eating disorders and chronic pain , the company’s lead formulation, TRP-8803 , is designed to overcome the shortcomings of oral psilocybin by delivering precision dosing, rapid onset, and a treatment model built for commercial scalability. Recent updates across clinical and corporate fronts highlight not only the scientific validation of Tryptamine’s approach but also the financial reinforcement needed to accelerate development. Highlights from Recent Updates - All About Precision Psychedelic Therapy. Clinical Pipeline Progress Binge Eating Disorder (BED):  Phase 2a results at the University of Florida showed over 80% reduction in binge episodes using TRP-8802 (oral psilocybin) (Figure 1). Figure 1: TYP- Phase 2A Interim Analysis with University of Florida (TRP-8802) (source: TYP) Transition to TRP-8803 (IV psilocin) is now underway, with a world-first Swinburne University trial in preparation. Fibromyalgia:  Patient dosing has been completed in collaboration with the University of Michigan. Data will be presented at the International Association for the Study of Pain Conference in the Netherlands. TYP – PHASE 2A FM STUDY WITH UNIVERSITY OF MICHIGAN (TRP-8802) FMS characterised by widespread musculoskeletal pain, profound fatigue, sleep disturbances, and numerous other symptoms Symptoms of fibromyalgia often begin after physical or emotional trauma, such as an illness, surgery, infection, life event or injury While fibromyalgia pain feels like it's coming from a specific area of your body, it's actually originating in your brain, specifically from the nervous system Many drugs have a limited effect on Fibromyalgia Pain Co-morbidities include depression and health-related anxiety, sleep disturbances and increased suicide risk. Figure 2: How Fibromyalgia Affects the Body (source: TYP) Irritable Bowel Syndrome (IBS):  A Phase 2a trial with Massachusetts General Hospital (Harvard) has commenced, with the first patient dosed in July 2024 . First-in-Human IV Psilocin Study Conducted in Adelaide, the initial cohort has been successfully dosed with TRP-8803. The 140-minute IV infusion demonstrated: Rapid onset of the psychedelic state (~15 minutes). Precision control of blood levels (Figure 2). Figure 3: TRP-8803 Delivers Consistent Therapeutic Blood Levels (source: TYP) Shortened treatment duration (1–2 hours) improves clinical and commercial feasibility. Intellectual Property Patent protections extend across formulation, dosing methods, and therapeutic indications , including BED, fibromyalgia, and IBS. This strengthens the company’s long-term competitive positioning as the program scales. Strengthened Financial Position On 12 August 2025 , Tryptamine secured a $2.6m non-dilutive R&D loan facility  with Rockford Equity Pty Ltd, secured against FY26 R&D expenditure. The facility complements existing cash reserves of $3.03m  (as at 30 June 2025) and a pending $800,000 R&D tax rebate , providing flexibility to fast-track TRP-8803 trials . CEO Jason Carroll commented : “This agreement provides the Company with financial flexibility at a pivotal time in development of lead asset, TRP-8803. The capital, if required, will be used towards fast tracking a number of key development milestones, including our trial into BED with Swinburne, as well as other opportunities which are very well advanced.”     Next Steps Tryptamine is preparing to advance TRP-8803 into Phase 2b/3 clinical trials , marking the next stage of development for its precision psilocin program. The company’s progress will be driven by its ongoing collaborations with leading academic institutions , which provide both scientific validation and global credibility. Upcoming clinical data readouts from the fibromyalgia and IBS studies  will play a pivotal role in shaping the development pathway and reinforcing the therapeutic potential of IV-infused psilocin. At the same time, the Swinburne University trial for Binge Eating Disorder (BED)  is moving toward dosing completion, positioning Tryptamine at the forefront of a world-first clinical initiative in this indication. To support these milestones, the Company now has access to a non-dilutive $2.6m loan facility , which, together with its cash reserves and R&D rebates, provides the financial flexibility to accelerate progress without immediate reliance on equity dilution. This dual focus on scientific advancement and financial discipline underpins Tryptamine’s strategy as it builds toward the next stage of development.   Samso Concluding Comments Tryptamine Therapeutics is steadily building a case for its precision psilocin platform, with each clinical milestone reinforcing the potential of TRP-8803 to redefine psychedelic-assisted therapy. By targeting conditions such as binge eating disorder, fibromyalgia, and IBS, the company is deliberately focusing on patient populations with few effective treatment options and high unmet needs . The recent first-in-human IV psilocin study provides an important technical validation—showing controlled dosing, faster onset, and a shorter treatment window. These elements not only enhance the patient and clinician experience  but also address the critical commercial challenge of scaling psychedelic medicine. The $2.6m non-dilutive facility, alongside existing reserves, gives Tryptamine room to accelerate its trials without the immediate pressure of equity dilution. For a small-cap ASX biotech, this balance between capital management and clinical ambition is significant. As the next phase unfolds, investors should focus on the upcoming clinical data readouts, the Swinburne BED trial, and the broader regulatory environment for psychedelic therapies. Tryptamine’s progress illustrates the convergence of science, strategy, and market timing— elements that can transform a research-driven platform into a commercially scalable solution .   The Samso Way – Seek the Research At Samso, we believe that understanding a company goes beyond the headlines. True insight comes from diving into the details, connecting clinical milestones, financial strategies, and market context. By seeking the research, investors gain clarity and perspective, allowing them to recognise real value when it emerges. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position or particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Orphan Drug Designation Granted by U.S. FDA For Anal Cancer Invion Limited (ASX: IVX) has achieved a major regulatory milestone  with the United States Food and Drug Administration (FDA) granting Orphan Drug Designation (ODD) to INV043 for the treatment of anal cancer . This recognition is more than just a regulatory tick—it represents a strategic shift in the company’s development pathway. By securing orphan status, Invion gains access to a range of benefits, including seven years of US market exclusivity , financial incentives such as tax credits and fee waivers , and the potential for accelerated approvals through smaller and shorter clinical trials . The FDA designation not only validates the scientific promise of INV043  but also positions Invion favourably as it advances towards clinical trials in partnership with the Peter MacCallum Cancer Centre . At a time when traditional treatments for anogenital cancers, such as surgery, often come with severe side effects, INV043 offers a novel therapeutic approach that combines safety, efficacy, and innovation. For investors, this milestone underscores the potential for INV043 to become a cornerstone in Invion’s pipeline while enhancing the company’s strategic value in the broader oncology landscape. Highlights - A Rapid Path for Anal Cancer Tests. FDA Orphan Drug Designation Granted : INV043, Invion’s lead cancer drug candidate, now holds orphan status for anal cancer. Commercial and Regulatory Incentives : Benefits include seven years of exclusive US marketing rights , potential tax credits , fee waivers , and a faster route to market . Strong Preclinical Efficacy : INV043 achieved ~80% tumour control in mouse models  when combined with immune checkpoint inhibitors (ICI), compared to ~12% with ICI alone. Next Steps in Clinical Development : Invion and the Peter MacCallum Cancer Centre  ( Peter Mac ) are preparing an anogenital cancer clinical trial, targeting anal, vulvar, and penile cancers—diseases where current surgical treatments carry severe side effects.   Clinical Impact INV043 has shown efficacy across six squamous cell carcinoma (SCC) cell lines , covering the full spectrum of anal cancers. Importantly, no negative side effects were reported in preclinical models. This positions INV043 as a potentially safer and more effective option compared to mainstream interventions. Invion is also advancing trials in other cancer indications , further broadening the scope of its Photosoft™ technology. In non-melanoma skin cancer , early Phase I/II clinical data have shown that topical application of INV043 is well tolerated, with patients demonstrating encouraging signs of efficacy. This highlights the potential of INV043 as a safe and non-invasive treatment option. In addition, a Phase II prostate cancer trial has reported 40–44% positive response rates with no significant adverse events. These results reinforce the versatility of INV043 across multiple cancer types and underline the platform’s potential to deliver meaningful clinical outcomes beyond its primary anal cancer program.   Invion’s Executive Chair and CEO,   Prof Thian Chew,  commented: “This regulatory milestone enhances our ability to bring INV043 forward more quickly and cost-efficiently, with meaningful benefits for patients suffering from this challenging disease.” “Over the next five years, the pharmaceutical industry is facing its biggest patent cliff since 2010 as several blockbuster drugs, including ICIs, are expected to lose their patent protection. The Orphan Drug Designation may increase our appeal to strategic partners because of the potentially accelerated pathway to leverage intellectual property that combines their ICIs with our complementary technology.”   About Invion and Photosoft™ Technology Invion is a life sciences company leading the global research and development of Photosoft™ photodynamic therapy (PDT) . PDT uses photosensitisers and light to selectively kill cancer cells and stimulate anti-cancer immune responses. The therapy is less invasive than surgery , carries minimal side effects , and has potential applications in oncology, atherosclerosis, and infectious diseases, including treatment-resistant “superbugs”. What is IN043? Potential for INV043 to assist surgeons in more accurately removing cancers Immunity – Selective Targeting (Figure 1) Figure 1: Selective Targeting INV043 is selectively retained in malignant tissue while sparing healthy organs, reducing toxicity and collateral damage. It combines fluorescence (405nm) for diagnostics  with ablation (660nm) for therapy , offering dual theragnostic potential across multiple cancers, including pancreatic, triple-negative breast, and T-cell lymphoma. Samso Concluding Comments The FDA’s decision to grant Orphan Drug Designation to INV043 is a pivotal moment for Invion. It not only validates the science behind the company’s Photosoft™ platform but also creates a regulatory framework that accelerates clinical progress while reducing development costs. The strength of the preclinical data is demonstrating meaningful tumour control with no adverse effects, and this is paired with the strategic support of the Peter MacCallum Cancer Centre. These elements provide a foundation for moving swiftly into human trials where the medical need is clear, and existing treatments often carry severe burdens. Equally important is the timing within the pharmaceutical landscape . As several high-value drugs face patent expiry, INV043 offers potential as a complementary therapy, making Invion a more attractive partner for global pharma companies. This opens the door for strategic collaborations that could significantly alter the company’s trajectory. For investors, the story here is not limited to anal cancer. Invion’s broader pipeline—in skin, prostate, and other cancers—underscores the versatility of the Photosoft™ technology. With regulatory momentum now in hand, Invion has an opportunity to translate clinical promise into shareholder value , marking this announcement as more than just a milestone, but rather a step into a new phase of growth. Figure 2: Invion Limited share price chart as of 25th August 2025 (source: commsec). From the investor's point of view, IVX is very early in its growth stage with a market capitalisation of just over AUD $10M. One may say that the risk is very high, but the invitation to receive orphan designation is a good step in the right direction. Although it is not an endorsement of the success of the business, it is a leg up. Looking at the share price journey (Figure 2), there seems to be a rise in interest positively from the recent news. One could say that a floor for the share price is developing, which would be a good stage to get some good old research happening. This is exactly the type of development investors should be watching closely. Samso News is where investors can find grounded insights to guide their DYOR  and put announcements like these into the bigger picture.   The Samso Way – Seek the Research At Samso, we emphasise the importance of research-driven investing. Regulatory milestones like this FDA designation mark inflection points in a company’s journey, but understanding the clinical, strategic, and financial context  is essential for investors. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 21 August 2025 Premium Grade Natural Rutile Nuggets Confirmed at Minta Lion Rock Minerals Ltd (ASX: LRM)  has delivered another milestone from its Minta Rutile Project in Cameroon, with premium-grade natural rutile nuggets  confirmed across multiple locations. Independent validation by TZ Minerals International (TZMI), a leading authority in the titanium sector, has reinforced the global significance of Minta , confirming that the high-purity rutile is suitable for all major end-use industries (Figure 1). Figure 1: Close-ups of nugget sets from multiple localities, MRGR0022 – MRGR0029, in order. Images have 6cm vertical height and 5cm horizontal width. Refer to Appendix 2 for further information. (source: LRM)   Key Highlights - A Rutile-Monazite Rich Mineral Sands Story. 🔹High-Purity Rutile Confirmed Laboratory assays returned rutile grading up to 98.6% TiO₂ from coarse nugget samples (Figure 2). Crucially, impurities were negligible (Figure 3), making the material suitable for titanium metal (aerospace, robotics, advanced alloys), industrial welding, and TiO₂ pigment markets. Figure 2: Microscope image of MRGR0026 before and after crushing, showing detail of the rutile mineralisation in the crystal structure. Refer Appendix 2 for further information. (source: LRM)   🔹Independent Validation by TZMI Field teams collected coarse-grained rutile ‘nuggets’ along a 45km strike within the Minta Project (Figure 3). Independent chemical and mineralogical assessments confirmed that this rutile comfortably meets — and in some cases exceeds — specifications across all three critical titanium markets. This positions Minta not just as another rutile project, but as one that stands shoulder to shoulder with, and potentially above, global benchmark deposits Figure 3: Map of Minta Project area showing locations of rutile nugget rock chips, with inset photos. Refer Appendix 2 for further information. (source: LRM)   🔹Oversize Rutile to Boost Grades Inclusion of coarse nugget material into in-situ sands is expected to significantly increase overall rutile and Valuable Heavy Mineral (VHM) grades across the project. 🔹Expanding Mineralised Footprint Results from a further 60 drill holes confirm that heavy mineralisation now extends across 2,750 km² (Figure 4), with standout intercepts such as: 4.6m @ 4.4% HM 2.6m @ 5.7% HM 3.0m @ 4.3% HM 1.4m @ 8.3% HM Figure 4: Planned and completed drilling at the Minta Rutile Project. Recent results are outlined, with historical results also included. (Source: LRM). 🔹Rutile Dominance Confirmed QEMSCAN analysis results verify rutile as the dominant titanium mineral in both sand and nugget fractions, strengthening the case for a long-life, high-value project (Figure 5). Figure 5: Titanium Distribution and Particle Imaging Reinforce Rutile Dominance. (Source: LRM). 🔹Systematic Program Advancing Auger drilling, mineralogical studies, and preliminary mining assessments are well underway, with assemblage results due by September 2025. Lion Rock CEO, Casper Adson , emphasised three key milestones: “These results deliver a major step forward for the Minta Rutile Project, marking three important milestones. First, independent analysis by TZMI, the world’s leading titanium consultancy, has verified that the rutile nuggets are of premium quality, with exceptionally high TiO₂ grades and no impurities, making them suitable across all major titanium markets. “Second, ongoing exploration continues to extend the footprint of mineralisation, confirming that Minta is developing into a globally significant rutile province. “Third, QEMSCAN mineralogical studies have confirmed rutile as the dominant titanium mineral across both the sand and oversize fractions – strengthening the case for a high-value, long-life project. “The combination of outstanding purity, scale, and rutile dominance provides Lion Rock with a truly unique opportunity to advance a project of global significance. We are now building strong engagement with titanium end-users and industry stakeholders as we progress Minta towards development.”   Next Steps Lion Rock remains fully funded for exploration through 2025 and into 2026, with work programs including: Expanded mineralogical analysis  of both sand and nugget heavy mineral fractions. Imminent results from monazite, rutile, and zircon targets  at Minta Est to guide infill drilling. Preliminary mining studies  indicate dredge mining suitability in alluvial zones. Establishment of a dedicated Heavy Mineral Sands laboratory in Yaoundé  to accelerate sample processing. Increased in-field drilling and sample preparation capacity.     Samso Concluding Comments The confirmation of premium-grade rutile nuggets at Minta underscores the strategic importance of Lion Rock’s ground in Cameroon . Independent validation by TZMI strengthens confidence that this project is on track to become a globally significant rutile province . What stands out is the combination of purity, scale, and dominance of rutile across both sands and oversize material—an alignment that is rare in the global titanium industry. For investors, this represents a clear indicator of long-term project potential . As always, this is early-stage exploration, and the real story will unfold  as infill drilling and mining studies advance. However, Lion Rock is clearly positioning Minta as a tier-one rutile project  with strong commercial pathways. Eager readers here should keep an eye on the composition of the Minta project. Is this a mineral sands project that is now more about rutile and monazite? The value proposition could be a lot larger than just rutile? Some of the results may show that the endowment of monazite may create a dual product project. Time will set all these opportunities straight, but it is definitely becoming more than interesting. Those who have not taken a position in Lion Rock should be doing a #SamsoDYOR . Samso News is all about highlighting facts that matter to investors. This is where the detail is unpacked, where context is added, and where the story becomes clearer. For those looking closely at rutile and critical minerals, this is a reminder to DYOR – Do Your Own Research  and weigh the opportunity carefully. Always seek the research  and build your conviction with facts. The Samso Way – Seek the Research At Samso, we believe investment conviction is built on clarity, facts, and perspective. The Samso Way  is simple: seek the research, follow the details, and allow the evidence to guide you. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.