There are moments in the ASX mining space where a transaction changes everything for a company. This Coffee with Samso conversation with Brad Valiukas from Kaiser Reef Limited is one of those moments. Filmed back at Samso HQ at the University of Western Australia, this discussion centres on what I described as an “overnight producer” story - driven by the acquisition of the Henty Gold Mine in Western Tasmania. And in many ways, that label fits. Coffee with Samso - Episode 220 | Kaiser Reef Limited (ASX: KAU) | The University Club | Crawley | Western Australia In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Samso Concluding Comments This Coffee with Samso reinforces something I’ve seen many times: A company becomes interesting when: It generates cash It controls its own growth It has optionality beyond the current asset Kaiser Reef is now ticking all three boxes. The Henty acquisition has given them: Cash flow Operational control A platform to grow The next phase is execution. And as always, the market will decide how quickly it recognises that value. Chapters 00:00 Start 01:49 Introduction 02:03 The Best Deal of the Century 02:48 Brad Walks Us Through the Henty Deal 05:11 Taking over an Ongoing Business 06:23 The Rise of the Gold Price 07:19 How much of the cost-cutting has been done? 10:10 Is Henty Considered Difficult? 12:07 How much of the resource can be converted into reserves? 15:02 Exploration Upside? 17:48 Any base metal potential? 18:30 What is the Focus of Kaiser Reef? 23:14 Is the operating cost rising? 24:34 Are operating costs stable? 25:30 When does Brad think that Hedging of the Gold Price becomes a Good Idea? 27:55 A Trialling Stop Loss Strategy 28:47 What Could Go Wrong For Kaiser? 30:41 New project adding to the portfolio 32:48 Thoughts on Gold Price 35:04 Discussion on Gold Price Movement 36:49 Inflationary Asset is not an Increase of Value 37:29 Market Capitalisation Valuation 40:18 What Does Brad Want the Market to View Kaiser? 42:12 Conclusion The “Overnight Producer” – What Changed? Kaiser Reef’s acquisition of the Henty Gold Mine has effectively repositioned the company from an explorer-developer into a cash-flowing gold producer. Brad walks through the structure of the deal, and what stands out is its balance: Combination of cash and scrip consideration Deferred gold payments (linked to production) Retention of Catalyst Metals as a ~20% shareholder Strategic optionality via infrastructure (Maldon plant exposure) From a Samso lens, this wasn’t just an acquisition—it was a business transition. Kaiser Reef's Henty Gold Mine One of the key takeaways here is that Kaiser didn’t buy a problem asset—it bought an operating business. Immediate production profile (~2,000+ oz/month) Strong early quarterly output (~8,000 oz) Margins supported by a rising gold price environment AISC sitting in the mid-$3,000/oz range (AUD) This is important. The risk profile is very different when: You are stepping into an existing cash-generating system rather than building one. That’s what gives Henty its role as the backbone asset of Kaiser. The Gold Price Tailwind – Timing Matters Brad is very clear about one thing—timing helped. The deal was struck just as gold began its upward move, and since then: Gold price > A$7,000/oz Costs relatively stable Margins expanding significantly But what I like about this conversation is that there is no assumption that this continues indefinitely. The business decisions are still being made based on current or conservative pricing, not blue-sky scenarios. That’s a grounded approach. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Lion Rock Minerals Ltd (ASX: LRM) has reported drilling results from its Minta Project in central Cameroon, confirming widespread in-situ rutile mineralisation of up to 2.6% with multiple shallow intercepts, including 4m at 1.8% rutile. According to management, the results define a continuous mineralised system across the Ayong Yerap Basin, with approximately 24 kilometres of strike, and zones remain open in multiple directions. Ongoing infill drilling across both residual and alluvial targets is aimed at supporting a maiden Mineral Resource Estimate expected in the second half of 2026. Lion Rock Minerals Limited – Large-Scale Rutile System Emerging in Cameroon Lion Rock Minerals Limited has reported new assay results from its reconnaissance and infill drilling programs at the Minta Rutile and Monazite Project in central Cameroon. The results confirm widespread in-situ rutile mineralisation across both residual and alluvial systems, with grades up to 2.6% rutile and multiple shallow intercepts. Figure 1: Ayong Yerap Basin drill results and strike extent (source: Lion Rock Minerals Limited) The announcement highlights the definition of a significant alluvial basin at Ayong Yerap, extending over approximately 24km of strike and up to 500m in width, with mineralisation remaining open in multiple directions. The ongoing drilling programs are designed to support the delivery of a maiden Mineral Resource Estimate (MRE), targeted for H2 2026. Figure 2: Conceptual mineralisation model across Minta Project (source: Lion Rock Minerals Limited) About Lion Rock Minerals Lion Rock Minerals Limited is progressing a large-scale rutile exploration story in central Cameroon, targeting both residual and alluvial heavy mineral systems. The company is focusing on heavy mineral sands, particularly rutile, monazite, and zircon, within its flagship Minta Project in Cameroon. The scale of the Minta Project, combined with consistent rutile intercepts and expanding drilling activity, positions the company within the critical minerals narrative, particularly in titanium feedstock supply. The project covers approximately 8,800 square kilometres across 18 granted permits and additional applications in a historically underexplored but known rutile-producing region. The mineralisation is interpreted to be derived from metamorphic processes acting on titanium-bearing minerals, with subsequent concentration into both residual plateau zones and large alluvial basins. The company’s strategy is to define large-scale, near-surface heavy mineral systems with minimal overburden, allowing for potential low-cost development pathways. Highlights – Broad, Shallow Rutile Mineralisation Across 24km Strike The latest drilling results continue to demonstrate consistent shallow rutile mineralisation across the Minta Project: Insitu rutile grades up to 2.6% reported Key intercepts include: 4m @ 1.8% rutile (MRAU0306) 5m @ 1.3% rutile (MRAU0305) 6.5m @ 0.8% rutile (MRAU0169) Mineralisation defined over a 24km strike length at Ayong Yerap Basin Basin remains open to the north, south, and at depth High-grade alluvial assemblages with up to 81% rutile in heavy minerals Stage 2 infill drilling underway across 507km² target area 488 holes completed for 2,212m in early-stage infill drilling Expansion to six drill rigs targeting additional high-priority zones The results confirm the coexistence of both residual rutile systems and large alluvial basin targets, providing multiple exploration pathways. Figure 3: Residual rutile infill drilling map showing priority zones (source: Lion Rock Minerals Limited) Management Commentary Lion Rock Minerals Ltd Chairman Robert Boston highlighted that the Ayong Yerap Basin results define a large-scale rutile system with significant exploration upside, particularly given its continuity over 24km and open-ended nature. The technical team noted that the exploration strategy is confirming widespread rutile mineralisation across both residual and alluvial systems, with increasing confidence in defining a maiden resource. The company emphasised that drilling is systematically advancing priority targets, supported by expanding operational capacity. Near-trm Milestones to Watch Completion of residual infill drilling to define grade continuity Commencement of alluvial basin drilling, starting with Yong Basin Expansion into Ayong Yerap Basin in Q3 2026 Delivery of mineralogical results from Minta Est granite Progress toward maiden Mineral Resource Estimate (H2 2026) Increased throughput from Yaoundé laboratory to accelerate results Samso Concluding Comments Lion Rock Minerals has a long session without any updates so this one should be a welcome relief for shareholders. The results presented confirm that the Minta Project hosts widespread rutile mineralisation across both residual and alluvial environments. The shallow nature of drilling and consistent intercepts indicate a large mineralised footprint. The Ayong Yerap Basin is now defined over 24 kilometres and remains open. This provides a hope that there may be some form of indication that the project is not limited to isolated zones but may represent a continuous mineralised system. It's good to see that the drilling strategy is expanding from reconnaissance into systematic infill work. The increase in drill rigs and target areas suggests that the company is moving toward defining scale rather than just confirming presence. The next stage of work will be important in determining continuity and grade distribution. The delivery of a maiden resource estimate in H2 2026 will provide a clearer framework for understanding the overall size and potential of the project. Previous Samso News Coverage – An Investor Lens Samso has followed the progress of Lion Rock Minerals Limited (ASX: LRM) across its projects and the transition to a name change from Peak Minerals Limited (ASX: PUA). The following articles provide additional context on the company’s evolving project portfolio and technical developments. Lion Rock Minerals – Advancing the Minta Rutile & Monazite Project in Central Cameroon Published: 1st January 2026 This article provided a broader project-level update, summarising exploration progress and strategic direction. It outlined the combination of residual and alluvial targets and the ongoing drilling programs aimed at progressing toward a maiden Mineral Resource Estimate. The content reinforced the scale of the tenement package and highlighted the company’s systematic exploration approach across multiple high-priority zones. Lion Rock A Monazite - Heavy Rare Earth Story or Is It Time For Investors to Find a New Horse Published: 26 November 2025 This article shifted the focus from rutile toward monazite and its heavy rare earth potential. It outlined the identification of monazite-enriched zones within the Minta Est area and discussed the implications for rare earth exposure. The content explored how the project could evolve from a rutile story into a broader critical minerals play, particularly with respect to heavy rare earth elements, while maintaining a factual lens on the early-stage nature of the discovery. Lion Rock Minerals — Exceptional Rutile Up to 2.2% In-Situ at Minta; Rutile, Titanium and Monazite Story Published: 20 November 2025 This Samso News piece focused on the confirmation of high-grade insitu rutile mineralisation at the Minta Project, with grades reaching up to 2.2%. The article highlighted the growing scale of the rutile system and introduced the broader heavy mineral assemblage, including monazite and zircon. The narrative centred on the emerging multi-commodity potential of the project and the increasing evidence that Minta hosts a large, continuous mineralised system rather than isolated zones. Tronox Joins Lion Rock: 5% Cornerstone to Accelerate Minta (Rutile + Monazite) Published: 30 October 2025 The Samso News article outlines the strategic partnership between Lion Rock Minerals Limited and Tronox, a global titanium feedstock producer, to advance the Minta Rutile and Monazite Project in Cameroon. The blog focuses on how Tronox’s involvement provides technical validation of the project’s mineral potential and introduces a pathway toward development through industry expertise. The content highlights that the collaboration is aimed at accelerating exploration, improving understanding of mineral processing and recoverability, and positioning the project within the global supply chain for titanium and associated critical minerals such as monazite. The announcement is presented as a step toward moving the project from exploration into a more structured development framework. Lion Rock Minerals Ltd (ASX: LRM) - Premium Grade Rutile Nuggets Confirmed at Minta Published: 28 August 2025 This Samso News article reported the identification of coarse rutile nuggets across the Minta Project, confirming a high-quality rutile source. The presence of angular rutile grains was interpreted as an important indicator of proximal mineralisation and potential for higher recoverable grades. The article emphasised the significance of nugget-style mineralisation in increasing the overall valuable heavy mineral content of both residual and alluvial targets. Lion Rock Minerals Confirms Expansion of Major Rutile Mineral Sands System at Minta Published: 22 August 2025 This piece documented the early expansion of the Minta mineralised footprint, showing that rutile mineralisation extends across multiple zones within the project area. The article highlighted reconnaissance drilling and sampling results that confirmed the presence of a large-scale mineral sands system. The focus was on demonstrating continuity and scale, reinforcing that the project had moved beyond initial discovery into defining a broader mineralised province. Peak Minerals Limited (ASX: PUA) – A Critical Mineral Breakthrough in Cameroon: Rutile, Monazite, Zircon and Rare Earths Take Centre Stage Published: 12 August 2025 This Samso News article introduced the Minta Project as a new critical minerals discovery in Cameroon under Peak Minerals. It outlined the initial identification of rutile, monazite, and zircon within both residual and alluvial settings. The article positioned the project within the broader critical minerals narrative and highlighted the early exploration success in identifying multiple valuable heavy mineral components within a large, underexplored region. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Echo IQ Ltd (ASX: EIQ) has expanded its agreement with Mayo Clinic to enable the potential resale and distribution of its heart failure decision support solution, EchoSolv HF, following FDA clearance. I have liked the Echo IQ story from the first time I was introduced to it. The business is operating in a space where clinical validation, regulatory approval, and commercial deployment must align before revenue can be realised. In my humble opinion, acceptance by Mayo is a transition from validation to potential commercialisation through a recognised US healthcare partner. The agreement with Mayo Clinic introduces a defined pathway for distribution, contingent on FDA clearance, which is a key step in moving from technology development into the healthcare system. Introduction – Echo IQ's Positioned for Commercial Deployment Through Mayo Clinic Platform The expanded agreement allows EchoSolv HF to be deployed through the Mayo Clinic Platform – Solutions Studio Program, providing access to Mayo Clinic hospitals, its health system network, and more than 80 external partner hospitals. The revised terms include improved commercial arrangements and an automatic extension mechanism that could extend the partnership to six years. This development follows a completed validation study and the submission of a 510(k) application to the US FDA, with the product currently under regulatory review. The Business of Echo IQ Limited Echo IQ Limited is an AI-driven medical technology company focused on improving clinical decision-making in cardiology through proprietary software solutions. The company’s core product, EchoSolv HF, is designed to assist in identifying heart failure using echocardiographic data. The business model is based on integrating software into existing hospital workflows and scaling distribution through established healthcare networks. The company is currently in the regulatory phase, with commercial deployment dependent on FDA clearance. Highlights – Expanded Commercial Pathway via Mayo Clinic Platform Expanded agreement enables Mayo Clinic to resell and distribute EchoSolv HF following FDA clearance. Deployment planned through the Mayo Clinic Platform – Solutions Studio Program, providing access to Mayo hospitals, health systems, and over 80 external partner hospitals. Revised agreement includes improved commercial terms and an automatic extension, potentially extending the partnership to six years. Platform-based distribution provides a defined pathway to scale adoption and potential revenue generation. Validation study demonstrated sensitivity of 99.5% and specificity of 91.1% for heart failure detection (not yet FDA reviewed). FDA 510(k) application submitted, currently under review. US market context includes ~6.7 million diagnosed heart failure patients and ~2 million undiagnosed cases. Approximately 16 million echocardiograms are performed annually in the US, with around 8 million containing heart failure-relevant findings. Management Commentary Echo IQ's Chief Executive Officer, Dustin Haines, stated that the expanded agreement represents a key milestone as the company approaches FDA clearance and potential commercial deployment. He noted that the revised agreement provides a scalable pathway to market through the Mayo Clinic Platform and access to a broader healthcare ecosystem. The company remains focused on progressing the FDA review process while preparing for commercial rollout and expanding its US healthcare partnerships. Near-term Milestones to Watch Outcome of FDA 510(k) review process for EchoSolv HF Potential FDA clearance enabling commercial deployment Initial deployment through Mayo Clinic Platform Conversion of hospital access into revenue-generating installations Expansion of US healthcare network partnerships Previous Samso News Coverage – An Investor Lens Samso has previously covered developments related to Echo IQ Limited (ASX: EIQ) and some recent articles have include: Echo IQ Limited — FDA 510(k) Submission Lodged Following Mayo Clinic Validation - Catalyst for Market Acceptance ? - Time to get On Board the EIQ Train - Published: 30th January 2026 Is this A for Gift Shareholders of Echo IQ Limited - EchoSolv HF Validated at Mayo Clinic Platform – Lining Up for FDA 510(k) Submission - Published: 26th November 2025 EchoIQ (ASX:EIQ) — New Clinical Data Reinforces Market Potential of EchoSolv™ AS - Published: 15th December 2025 Echo IQ (ASX: EIQ): Strong Operational Momentum & Regulatory Milestones. Recent Setback May Be A Discount Opportunity for Investors - Diagnosing Heart Disease. - Published: 20th October 2025 Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ). - Published: 7th September 2025 Samso Concluding Comments Without a full understanding of the business infrastructure of Echo IQ, this announcement, should read really well for shareholders. The share price is telling the market that this is welcomed news, and I would assume that this is going to continue to end well. Figure 1: The share price chart for Echo IQ Limited as of the 23rd March 2026. (source: Echo IQ Limited). In contrast to the mineral resources sector, recognition from a major company like the Mayo Clinic serves as a testament to quality. Therefore, it stands to reason that the market acceptance aspect of the business is likely to endure. The inclusion of the Mayo Clinic Platform provides access to a network of hospitals and healthcare providers. This creates a structure for scaling deployment without requiring the company to build its own distribution network. The validation study results indicate strong diagnostic performance, but these results remain subject to FDA review. The regulatory process remains the key step before any commercial activity can begin. The market context shows a large number of echocardiographic studies and a gap in accurate diagnosis. The company’s strategy is based on integrating its software into existing workflows within this environment and I think this extra step is what large organisations need. It is a tool for streamlining the flow of work and that means cost savings and output efficiency. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso - Episode 218 | Investigator Silver (ASX: IVR) – Understanding the Leverage to Silver Through the Paris Project | Adelaide Markets | Adelaide | South Australia In this episode of Coffee with Samso, I had the opportunity to sit down with Lachlan Wallace, Managing Director of Investigator Silver Limited, to discuss what I would call a very timely story in the current commodities cycle. Silver has always been one of those metals that sits quietly in the background—until it doesn’t. When it moves, it tends to move quickly, and often, the market is not fully prepared for what that means. What this conversation highlighted for me is not just the rising silver price, but how that price fundamentally changes the viability of projects like the Paris Silver Project in South Australia. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Samso Concluding Comments As this Coffee with Samso goes out to release, the silver share price (Figure 1) has taken a backward movement. As of the 23rd March 2026, it is now at just over USD $67. The recording was done on the day ti made the massive drop in price and it is interesting to see the state of the silver space now that the dust seems to have settled. Figure 1: The silver price as of 23rd March 2026. (source: Trading Economics) The question we should be asking now is if what we are seeing now is just a price move os is it a shift in how the market values silver. The share price for Investigator Silver Limited (Figure 2) has pretty much followed the fall in valuation and that would be expected. What is interesting is that in the Coffee with Samso, Lachlan Wallace made the comment that even at USD $67, it is above his expectation of pricing. Figure 2: The share price chart for Investigator Silver Limited as of 23rd March 2026. (source: commsec) For me, it is now all about ticking all the boxes for the development to happen. This is a project that has always had the geology. What it needed was the right price environment. That environment, even with the latest volatility, now appears to be in place. In Australia, there are very few opportunities to gain direct exposure to silver. Investigator Silver stands out because of that. The next phase is critical—DFS, permitting, financing, and construction. If these steps are executed well, the market will respond. Chapters 00:00 Start 00:10 Introduction 02:39 Lachlan Introduction 03:31 How has the recent silver price aftected the economics of the project ? 10:19 What kind of silver price movement was predicted? 13:15 What would the pit size be to mine Paris? 15:35 What is the status of the technical aspect of the Paris Silver project? 17:34 How much would the upcoming PFS compare with the present study? 18:39 Would the dual uses of silver be affected with the rising price? 21:08 How high would this silver price go? 22:57 Is the historical manipulation of Silver still happening? 26:15 By product silver projects will not increase supply with rising prices. 27:40 Simialr dynamics as Molbdenum - Decreasing inventory 28:16 Geology not allowing easy discoveries of new deposits. 30:21 Status of Permits 34:59 South Australia and its pragmatic mining jursidiction. 36:25 Upside for the Investigator Silver Limtied 39:09 What is the magical grade that makes a silver deposit economical. 42:19 The geometry of the ore body is the key driver for economica 43:30 How does the unpredictable silver price affect the proejct? 45:29 Opportunities with high silver price - The unique leverage advantage for Paris. 48:59 DFS timing 50:06 No other sIlver mines in Australia 51:09 A discussion on Investigator's market apitalisation 52:10 Last words from Lachlan 53:10 Potential market capitalisation in the coming future. 56:12 Conclusion The Paris Project – A Story of Timing for Investigator Silver Limited The Paris Silver Project is not a new discovery. It has been around for some time, but like many projects in the mining sector, it has been waiting for the right conditions. From what Lachlan shared, the earlier work—particularly the prefeasibility study—showed that the project could work, but only just. At lower silver prices, financing becomes difficult, and that is often where projects stall. What has changed now is the silver price. The move from around US$20–30/oz to significantly higher levels has transformed the project from something marginal into something that could be very robust. From a Samso perspective, this is a classic example of how commodity cycles dictate project outcomes more than geology alone. Why Silver Is Different One of the most important parts of the discussion was understanding why silver behaves differently from other commodities. Silver has two key roles: A precious metal (store of value like gold) An industrial metal (used in solar panels, electronics, electrification) This dual nature creates a powerful demand profile. At the same time, supply is constrained: Only a small portion of silver is mined as a primary product Most comes as a by-product of base metal mining This means that even if the silver price rises, supply does not respond quickly. From an investor lens, this is a critical point:👉 Rising demand + constrained supply = structural price support. What Makes Investigator Silver Limited Stand Out What caught my attention—and something I think the market is still digesting—is the uniqueness of Investigator Silver in the Australian context. Most “silver” companies are not really silver companies. They are: Lead-zinc operations Copper operations With silver as a by-product That means their exposure to silver price is limited. In contrast, Investigator Silver is positioning itself as a pure silver play, producing silver doré with no reliance on other metals. That distinction matters. In a rising silver market, leverage is everything. The Simplicity of the Mining Story Another key takeaway for me is how simple the Paris Project appears from a mining perspective. We are talking about: A shallow open pit Mineralisation close to surface Low stripping requirements Straightforward processing This is not a technically complex project. And in mining, simplicity reduces risk. From a financing and development perspective, this becomes very important. It is much easier to build a mine that is predictable, well understood, and operationally straightforward. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

NH3 Clean Energy Ltd (ASX: NH3) is building a clean ammonia project positioned within the Pilbara region of Western Australia, targeting the growing demand for low-emission marine fuels across the Asia Pacific. The company’s WAH2 Project sits at the intersection of energy transition, shipping decarbonisation, and infrastructure development. The NH3 story came to my attention last week and it is a very interesting proposition to position the business, providing clean ammonia (replacing greenhouse-gas-emitting fuels with clean ammonia), to meet the growing clean energy needs of the Asia-Pacific region. NH3 Clean Energy wants to establish a clean ammonia business in the two biggest sectors, power generation and marine transportation which makes good sense after my conversation with Charles Whitfield (Chair of NH3 Clean Energy). The recent ASX release (Memorandum of Understanding (MoU) with ITOCHU Corporation), a large Japanese trading house with global reach across energy, infrastructure, and logistics, is a early indication that the process of the mission is well in place. The ASX release links NH3’s supply ambition with a potential demand pathway and commercial structure, which are key steps toward a Final Investment Decision (FID). About NH3 Clean Energy Limited: Positioning Clean Ammonia in the Energy Transition NH3 Clean Energy Ltd is an ASX-listed company focused on developing low-emissions ammonia as a future fuel source. The company’s strategy is centred on supplying clean ammonia into industrial and marine markets, particularly across the Asia Pacific region where demand for energy and shipping fuels remains high. The company is positioning itself within a segment of the energy transition that targets hard-to-abate sectors. These are industries where electrification is not easily applied, and where alternative fuels such as ammonia are being considered as part of decarbonisation strategies. The focus of NH3 is not just production, but the development of a full supply chain that connects inputs, processing, infrastructure, and end-users. The Business of NH3 Clean Energy: Clean Ammonia as a Scalable Energy Carrier NH3 Clean Energy’s core business is the development of clean ammonia production and distribution. Ammonia is being evaluated globally as a fuel that can store and transport energy efficiently, particularly for shipping and industrial use. The company’s approach includes: Producing ammonia using natural gas with carbon capture to reduce emissions Developing infrastructure to export and distribute ammonia Supplying ammonia into marine bunkering markets Building partnerships across engineering, logistics, and end-users The long-term strategy includes transitioning toward renewable ammonia production as technologies mature and become commercially viable. This positions NH3 not as a traditional resource company, but as an energy infrastructure developer with exposure to emerging fuel markets. The WAH2 Project: The Foundation Asset The WAH2 Project in Western Australia is the company’s flagship development. It is designed to produce clean ammonia at scale and supply it into regional markets. The project is strategically located in the Pilbara, which provides: Access to existing export infrastructure Proximity to major shipping routes to Asia Integration with industrial and energy networks The project is currently in the Front-End Engineering and Design (FEED) phase (ASX Release). This stage focuses on refining technical design, cost estimates, and commercial structures before a Final Investment Decision. Key elements of the WAH2 Project include: Gas supply as the primary feedstock Carbon capture and storage solutions Water supply agreements Export and bunkering infrastructure The scale of the project indicates a capital-intensive development model, requiring partnerships and external funding to move toward construction. The recent ASX releases noting the consummation of a relationship with ITOCHU Corporation will have ticked one of the many boxes required to consummate the business model. ITOCHU Corporation – Business Overview and Commercial Achievements ITOCHU Corporation is one of Japan’s leading general trading and investment companies, known as a “sogo shosha.” Its business model is built around identifying global supply chain opportunities and investing across multiple sectors to create integrated commercial platforms (Figure 1). The company operates across a wide portfolio of industries, including: Energy and Chemicals Metals and Minerals Food and Agriculture Machinery and Infrastructure Textiles and Consumer Goods Finance and ICT ITOCHU’s approach is not limited to trading. The company typically takes equity positions in projects and businesses, allowing it to participate across the full value chain—from sourcing raw materials to delivering finished products into end markets. Figure 1: Summary of ITOCHU Corporation. (source: NH3 Clean Energy) 4.01 Global Presence and Scale ITOCHU has a significant global footprint, with operations in more than 60 countries and a network of offices and subsidiaries that support its trading and investment activities. The company generates substantial annual revenues and has consistently ranked among the largest corporations globally. Its diversified portfolio allows it to manage exposure across different commodity cycles and economic environments. A key feature of ITOCHU’s strategy is its ability to combine financing, logistics, and market access, enabling it to structure complex international deals and long-term supply arrangements. 4.02 Commercial Achievements and Strategic Positioning ITOCHU’s commercial track record is built on long-term investments in major global industries. The company has been involved in: Development and financing of large-scale energy and resource projects Establishment of international supply chains across commodities and industrial products Strategic investments in infrastructure, including transport and logistics networks Expansion into consumer-facing sectors such as food and retail In recent years, ITOCHU has focused on energy transition themes, including: Investment in low-emissions energy solutions Development of hydrogen and ammonia supply chains Participation in renewable energy and decarbonisation initiatives Partnerships aimed at reducing emissions in shipping and industrial sectors The company has also been active in developing ammonia as a marine fuel, including initiatives in vessel development, bunkering infrastructure, and global supply networks (Figure 2). Figure 2: ITOCHU Corporation Ammonia Bunkering Initiatives. (source: NH3 Clean Energy) ITOCHU Corporation operates as a global commercial intermediary and investor with the ability to link supply, infrastructure, and end markets. Its scale, diversified portfolio, and experience in structuring cross-border projects position it as a participant in emerging energy transition supply chains, including clean ammonia. Strategy: Building a Full Value Chain NH3 Clean Energy is progressing its business through an integrated value chain approach. This means developing all key parts of the system rather than relying on third-party infrastructure. The strategy can be broken into three main components: 1. Inputs and Resources Securing natural gas supply Establishing water supply agreements Developing CO₂ capture and storage solutions 2. Engineering and Development Completing FEED studies Partnering with engineering firms Advancing project design and approvals 3. Sales and Distribution Developing export pathways via ports Establishing marine bunkering operations Securing demand through MoUs and partnerships This structure reflects a coordinated approach where progress in one area supports progress in others. Market Focus: Asia Pacific and Marine Fuel Demand The company’s primary market focus is the Asia Pacific region. This is driven by several factors: High concentration of global shipping activity Strong demand for energy imports Increasing regulatory pressure to reduce emissions Marine fuel is a key target market. Shipping routes between Australia and Asia, particularly those transporting bulk commodities such as iron ore, represent a large and consistent demand base. Ammonia is being evaluated as a potential fuel for these routes due to its ability to reduce emissions compared to traditional fuels. NH3’s positioning in the Pilbara aligns with these shipping corridors, providing a potential supply advantage into these markets. Commercial Approach: Partnerships and Agreements NH3 Clean Energy is progressing its business through partnerships rather than standalone development. This includes: Agreements with input providers (gas, water) Engineering and technology partners Logistics and port authorities Potential customers and trading houses The use of Memorandums of Understanding (MoUs) is a key feature of the strategy. These agreements outline intent and collaboration frameworks but are not yet binding offtake contracts. The commercial model also considers potential equity participation and project-level financing, which may result in shared ownership of the project. Development Stage and Funding Considerations The WAH2 Project is currently at a development stage and has not yet reached a Final Investment Decision. Key requirements before progressing include: Securing funding for project development Finalising engineering design Obtaining regulatory approvals Converting agreements into binding contracts The capital requirement for the project is significant, and funding is expected to involve a mix of equity, debt, and potential project-level partnerships. There is also the possibility of farm-out arrangements, which may reduce NH3’s ownership while enabling project advancement. Samso Concluding Comments NH3 Clean Energy is focused on developing a clean ammonia project that integrates production, infrastructure, and distribution into a single system. The WAH2 Project is the central asset, and its development is tied to multiple parallel workstreams including engineering, partnerships, and funding. The company’s approach involves building agreements across the value chain, from securing inputs to establishing demand pathways. These agreements form part of the structure required to move the project toward a Final Investment Decision. The positioning of the project in the Pilbara aligns with existing export routes and industrial activity. This location provides access to infrastructure and proximity to shipping corridors that connect Australia with key markets in Asia. Figure 3: NH3 Clean Energy Limited clean ammonia fuel production potential Asia-Pacific clean energy market. (source: NH3 Clean Energy) The market focus on marine fuel reflects broader industry trends where alternative fuels are being evaluated for emissions reduction. The data presented by the company indicates that shipping routes in the Asia Pacific region represent a significant potential demand base for ammonia. The project remains in the development phase, with key milestones including funding, approvals, and commercial agreements still to be achieved. Progress across these areas will determine the timing and pathway toward construction and operation. Market Implication - The Investor Lens The NH3 Clean Energy story intrigues me as it has a market capitalisation of AUD $52.75M which seems to be "cheap" compared to the potential of the business. The recent share price run (Figure 4) looks like a vote of confidence to management for showing confirmation that steps are being processed by the series of ASX release since June of 2025. I realise that this is still an early stage play but I feel that if the ducks line up, this will have a very handsome reward. Timing will be key here as the lead time will be hard to pin down. Figure 4: Share price chart for NH3 Clean Energy Limited as of 20th March 2026. (Source: commsec) The strategy is based on partnerships and while that is a good way to move a business forward, the downside is that in most cases, dealing with multiple large organisation will be testing.(Figure 5). When you do your DYOR on the NH3 Clean energy story, you will realise that the future is bright if management can make this happen. Figure 5: Delivering the NH3 mission through collaborating partners. (source: NH3 Clean Energy) The relationship recently announced news with ITOCHU Corporation is a critical sign that the path has started. As i said, time will tell us how successful the NH3 Clean energy story will end. I am hoping to get NH3 on a Coffee with Samso as I do think that this business is very interesting. It is not normally accessible to the retail side of the ASX. I cannot think of an energy play that was "cheap" enough to catch the eyes and ears of the retail fratenity on the ASX. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Reading and comprehending ASX announcements is essentially the main way to grasp a company's business on the Australian Securities Exchange (ASX). Hence, it is very easy to say that the ability to understand these documents is crucial. Therefore, it is a good reason to have your eagle hawk eyes on and closely monitor company announcements, while investing in the ASX. These releases frequently contain insights into a company’s condition, strategies, and possible risks. However, the true expertise comes in interpreting what the announcements reveal and what they omit. These are some smart investing measures to keep your hard-earned money "safer". Investing in the ASX One of the biggest mistakes that investors make is to take these updates at face value. Seasoned investors who have closely monitored the company's story are typically comfortable with the messaging as they have a good handle on the ins and outs of the project. However, for those that have just come across the story, it is imperative to capture the scene asap or you will be easily influenced by the "hype". Experience investing in the small end of town in the mineral exploration industry has taught me that empty promises are the same as perceived promises, and that is why it is an art to keep your sensors tuned into the right wavelength. To make smart or balanced decisions, investors need to look deeper. They must understand the business in its market and check if the company has the "faculties" to carry out its plans. Bright Idea I am not saying that management is being deceptive and acting in a illegal corporate behaviour. It just means that there is always a winner and a loser, so just make sure you are not the loser more often than being a winner. Remember that your job is to keep collecting smart investing behaviours. In this post, I will share some of my learning and hopefully, it will guide you on how to read ASX announcements critically. It will also show how tools like ASX Announcements Tracker, Market Insight Reports, and Financial Health Check Services can help you get a clearer picture. What to Look for in ASX Announcements ASX announcements cover a wide range of topics: earnings reports, strategy updates, acquisitions, capital raises, and more. Here are some key points to focus on: 1. The Tone and Language Used In my experience, the tone of the language is mostly not about the expression of the news, it is about the news itself. Collecting rock chips and announcing "high-grade" results, for me, are typically a promotional message. All rock chips are typically going to be high-grade. Looking at a rock and seeing blue-green colour will tell you that there is potentially copper mineralisation. Looking at a "haematitic" or "magnetitic" rock that would typically carry high-grade iron and using language that is "surprising" is a big hard to believe. Now, if that was shown and the language was more low key, I would take that as a more "sincere" way of saying, "hey you see these rocks, they are carrying good grades, its very interesting but lets find out more....". The other form of language what is commonly used to keep investors confident are vague phrases like “exploring opportunities” or “considering options.” These can mean the company is unsure and delaying decisions as they are now looking at alternative projects or the results means that they are needing to rethink the strategy. Clear Message Therefore, look for clear, specific statements about goals and timelines. If the language is overly cautious or full of qualifiers, it might signal uncertainty. 2. Financial Details and Funding This should be as easy one to describe, however, like all things in life, there are some skeletons in the closet as well. A company’s plans are only as good as its ability to pay for them. hence, always check if the announcement mentions how the project or strategy will be funded. Is the company raising capital? Are they relying on existing cash reserves? Don't fall into the trap of thnking that a rising commodity price for your potential investment will reflect in "finding" funding for the project. Just remember that this sector and in fact, most sectors are driven by brokers who need to have "skin in the game" otherwise, why would they risk their reputation and their source of income, their clients money. A rising sentiment for the company you are looking to invest does not mean that they will secure the funding. One would think that this is a simple equation on face value, but you will need to understand who is behind the "play" and their ability and their apetite to continue to fund the story is another matter. If a company talks about big projects but doesn’t mention funding, that’s a red flag. It could mean the plan is more wishful thinking than reality. You will notice that in almost all the case, big project acquisition comes attached with funding. Beware of the Drip Feed What this refers to is the raising that looks like they are just keeping the company afloat with fund raising of up to $500,000. The average ASx company will need somewhere between ADU $50,000 to AUD $100,000 per month to just pay for the administration. Drip Feeding Funding What that means is that it is just enough to keep the lights on and everyone paid. So if you are hoping that they will do some exploration work, forget about that. Some of the funding are even less. The time when a small raise (anything less than AUD $500,000 is pure administrative funding) like AUD $500,000 or AUD $1,000,000 works is when there is a immediate exploration program that simply require that kind of small funding. Exploration programs such as shallow drilling or soil sampling programs are times when small funding like that can be considered "worthwhile". 3. Market Context and Competition Announcements rarely mention competitors directly. But investors should consider the company’s position in the market. Is the company expanding in a growing sector? Are there new competitors or regulatory changes that could affect results? Questions like that tend to be more specifically related to ASX business that have direct competition issues. For the majority of the ASX mineral explorers, there tend to be less to no direct competition. They have enough problems trying to make a discovery. Understanding the broader market helps you judge if the company’s plans are realistic. Businesses like Calmer Co. International (ASX: CCO), who are selling a unique drink called Kava (derived from Fiji), is one where you would have to assess the market acceptance of Kava, the scalability of the product and the ability to find markets outside the pacific region. Where you are looking at some of the biotech companies, the need to cure a rare disease will always have a market as the likelihood of a mass flood of cure is low. I have also found that in the world of biotech, it is rare to find multiple companies looking to cure the same issue, hence it is rare to have competition in mases. Investor analyzing market trends, seeking insights for a competitive advantage. In the world of mineral exploration, the market context will be my thoughts on those looking for Gallium or marketing Gallium. In my opinion, there is no market for Gallium if you are not Alcoa. It is just too hard to execute for a company that has a market capitalisation of AUD $5M or even AUD $50M. A more relevant business in march 2026 is tungsten. There is a large disconnect between the rising price of tungsten metal and the understanding of investors. The issue is that there is a need to understand the geology of tungsten. Here is the problem, the high-grade sources are always prone to the "nugget-effect" and it is almost impossible to create an economical mining solution. The low-grade system needs to be large enough to create a mining scenario. The price for tungsten metal continues to rise and that is a clear sign that there is a supply issue. Si is the demand going to push the tungsten metal price higher? Tungsten Price Chart as of 2024 - 2025 (Source: Mining.com) The diagram above is a good example of the tungsten issue. In May 2025, the price of tungsten metal was averaging USD $395 per mtu. Today, on the 23rd of March 2026, that price is now averaging USD $2,650 per mtu (Figure below). The average Tungsten price was averaging at USD $2,200 about 10 days ago. Tungsten Price in 2026 So if a company comes out to say they have a tungsten project, it will be good to understand what they have in terms of potential deliverables. If you are not interested in the long term potential, you could easily ride the short term benefits. The problem with that is the market appears to be not overly interested in the sector. Samso Concluding Thoughts - Reading Between the Lines = Smart Investing ASX announcements are valuable sources of information. But they require careful reading and context. Investors should: Watch the language for signs of uncertainty Check if funding is in place for plans Understand the company’s market and competition Use tools like ASX Announcements Tracker, Market Insight Reports, and Financial Health Check Services to get deeper insights This approach helps investors make better decisions and avoid surprises. Remember, the company’s story is only part of the picture. The real value lies in understanding the business behind the words. There are a lot of credible commentators on social media, such as Roland Gotthard and Scott North for example who give their thoughts on Linkedin. Roland is a great one to test your suspicions but look out for these people. Take their thoughts and make your own minds up. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In this episode of Coffee with Samso, Noel Ong speaks with the team from PTR Minerals Limited about the discovery of the Rosewood Titanium Deposit at the Muckanippie Project in South Australia. The conversation explores how a team with a strong discovery pedigree, including links to the Prominent Hill story, identified a new titanium system through practical fieldwork, reinterpretation of historic drilling, and an open-minded geological approach. The discussion also highlights the company’s evolution from Petratherm to PTR Minerals, the significance of Rosewood’s shallow high-grade titanium mineralisation, and why the project may become an important development story in the Australian mineral sands sector. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso | Episode 216 | Adelaide Markets | Adelaide | South Australia Audio Podcast: The Discovery of the Rosewood Titanium Deposit and the New Chapter for PTR Minerals Guest: Derek Carter – Chairperson Rob Sennitt - Executive Director Peter Reid – CEO Barry Van Der Stelt – Exploration Manager Sam Rashier - Project Geologist From Petratherm to PTR Minerals Before getting into the titanium discovery, Peter gave a fascinating overview of the company’s origins. PTR Minerals began life as Petratherm, a company created around the idea of hot dry rock geothermal energy. Back in the early 2000s, this was a genuine frontier concept in Australian energy markets. The team was looking for buried granites with high radiogenic heat, covered by insulating sediments, where deep drilling could tap temperatures of around 200 degrees Celsius at roughly four kilometres depth. The company was one of the early pioneers in this part of the geothermal sector. Peter explained how Petratherm developed models with the University of Adelaide, floated the company in 2004, and spent years testing the geothermal concept. Technically, the project worked. Economically, it did not. Deep drilling was expensive, the development model needed major capital, and by the time the work had advanced, solar and wind had become easier and cheaper investment options. That part of the discussion was important because it highlighted a recurring theme in resource markets: a technically successful project is not always an economically successful one. When the geothermal market faded, Petratherm was effectively put on the shelf. Later, as interest in mineral exploration returned, the company was revitalised and repositioned around minerals. The old team came back together, and the listed shell became the vehicle for a renewed exploration push in South Australia. That is the company that eventually became PTR Minerals. The Search for IOCG and the Shift Toward Muckanippie The original mineral exploration focus for the reactivated company was the Olympic Domain in South Australia, with the team targeting IOCG-style copper-gold systems. That made sense given their background and the geological setting. But exploration rarely follows a straight line. Peter described how the company had also revisited old ground in the northern Gawler Craton, including an historic gold prospect called Comet. In following up old work, the team began to see something else emerging in the geochemistry. Rare earths were showing up, along with elevated titanium, PGEs, and gold, associated with magnetic mafic layered intrusions. Although the rare earth metallurgical story did not stack up, the geology pointed them toward the Muckanippie Suite Intrusion, a large layered complex in the region. Old drilling had already hinted at titanium-rich material, and as the team assembled more ground and reviewed historical data, the titanium story began to strengthen. This is where the exploration story starts to become classic Samso material. The company was not chasing mineral sands. It was trying to understand a layered mafic system and its broader potential. But by keeping an open mind and letting the data lead, the team moved into a discovery space that others had missed. The Discovery of Rosewood The actual discovery story was one of the best parts of the conversation. Peter explained that by 2024, the company had enough encouragement to put boots on the ground at Muckanippie. The instruction to the field team was simple: get out there and see what is actually on the surface. Barry and Sam described how they used Google Earth, elevation models, and simple field logic to identify places where there might be a bit of basement exposure. This was not glamorous exploration. It was careful fieldwork, targeted observation, and the willingness to test things that looked unusual. What they found were small, dark mineral exposures in sediments. The outcrops were not dramatic. In fact, they were the sort of things many people might have walked past. But the samples were taken, sent to the lab, and came back with highly significant titanium values. That first result changed everything. Barry recalled that the initial sample returned around 27% Ti, equivalent to over 40% TiO₂, from what was essentially a random outcrop at surface. From there, they went back out and mapped the escarpment more thoroughly, following the mineralisation for several kilometres and seeing repeated titanium values ranging from modest levels up to very high grades. This was the turning point. What had looked like isolated surface expressions now appeared to be part of a much larger mineralised system. The Exploration Lesson: Boots on the Ground For me, one of the strongest messages in this Coffee with Samso episode was something much simpler than grades or metallurgy. It was the reminder that discoveries still come from fieldwork. Derek, Barry, Peter, and Sam all returned to this idea in different ways. Modern exploration relies heavily on geophysics, remote sensing, and modelling, but the Rosewood story was triggered by geologists physically walking the ground, recognising something unusual in small surface exposures, and sampling it. That matters because it says something about the culture of the team. The Rosewood discovery was not just about sophisticated interpretation. It was also about observation, curiosity, and the willingness to challenge assumptions. They were not specifically looking for an inland mineral sands deposit, yet that is what they found because they were open to what the rocks were telling them. That, to me, is the heart of good exploration. Samso Concluding Comments In our typical fashion, this is all about the discovery and it was good that we had the right mix of geology, discovery thinking, and commercial realism. The Rosewood Titanium Deposit is a serious story, irrespective of its potential economic significance in 2026. Whether it becomes a tier-one development will ultimately depend on the metallurgy, product pathway, market conditions, and execution from here. That is the normal path for any discovery. But what you can say today is that the ingredients are there for something to remember. For me, the most important part of this story is how the discovery was made. It was not a story built on hype. It was built on a technical team revisiting a district, looking at old information in a new way, and then going out into the field with open eyes. That is still how good discoveries are made. Investors should also take note of the stage the company is now entering. The early discovery excitement has already happened. The next phase is more important. This is where the project has to prove that the metallurgy, flowsheet, logistics, and development strategy can support the geological promise. That is where value is either confirmed or lost. My view is that PTR Minerals now has the kind of problem most explorers would love to have. They appear to have found a project with scale, grade, and location. From here, it becomes a matter of turning that discovery into a development story. This episode of Coffee with Samso is definitely worth viewing. It's not merely about another exploration achievement; it's about how experience, fieldwork, and open-minded geology can still generate real value in the Australian resources industry. It emphasizes the often overlooked and neglected details, which, as all seasoned practitioners remind the younger generation, are always the key to making the story unfold. Chapters 00:00 Start 02:16 The PTR Minerals Story on Coffee with Samso 02:42 Peter Reid introduces the team 03:20 The Petratherm Story 06:45 Direction of Support for Petratherm 07:49 10 years of Geothermal Story 08:20 Technically correct but the Economics ended the geothermal story 10:58 Government Policy changes made it worst. 11:41 Could the geothermal story make a comeback? 13:26 The learnings from the journey. 14:12 Change to chasing IOCG. 15:27 The regrowth of Petratherm 16:19 The changing time for the commodity market - Petratherm Restart 17:49 The start of the titanium discovery 23:33 Barry and Sam explains the exploration that made the discovery. 26:04 The discovery outcrop 26:50 Historical drilling compliments the exploration 27:58 The excitement of the share price rising. 29:03 Extensive exploration after the hype confirms the mineralisation 30:23 What is considered a good result in the titanium narrative ? 33:27 Any native title issues? 34:03 Any association to Barton West Titanium project 35:12 Unique Geochemistry. 35:52 Potential Large Resource? 36:19 Progress 36:53 Market Capitalisation 37:56 The status of the titanium market 41:25 How is the market understanding the PTR Minerals story? 44:15 Where is the risk for PTR Minerals ? 46:02 The speed of development of the titanium project. 46:57 A good problem to have. 47:21 Projects take years to develop. 49:27 Geological mapping is still an important part of exploration 52:20 Other projects in PTR Minerals 54:55 Land banking issues in South Australia 55:39 What makes a difference in exploring in the Gawler ? 56:31 What would Sam say to the newer generation of geologists ? 58:30 Olympic Dam or Poor cousin. 59:07 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

RTG Mining Limited (ASX: RTG) has outlined a clear pathway toward near-term production at its Mabilo Copper-Gold Project in the Philippines. The company's Stage 1 Direct Shipping Ore (DSO) operations are now fully financed and approaching development commitment. The project hosts a high-grade reserve of 400kt at 5.13% copper equivalent (CuEq) and is supported by binding financing and offtake agreements covering 100% of Stage 1 production. The RTG Mining story is a revelation on the Samso platform as I have just come across the story. With a market capitalisation of only AUD $67.18M (as of 19th March 2026) , this is going paces with the current storyboard that is in place. I will say that "stumbling" onto RTG Mining bears some similarity to when I learned about the Titan Minerals Limited story who has made significant value addition since I spoke to them late 2025. The initial DSO operation is designed as a capital-light start-up, targeting approximately 100,000 tonnes of high-grade supergene chalcocite material grading around 21% copper, with forecast net operating cashflow of approximately US$198 million after tax. A staged development strategy is planned, with Stage 2 involving a larger-scale processing operation producing copper-gold concentrate. The update highlights strong project economics, including an after-tax NPV of approximately US$1.085 billion, along with sensitivity to copper and gold pricing. Exploration upside remains a key component, with identified porphyry targets and potential for resource expansion beyond the current defined mineralisation. RTG Mining – High-Grade Copper-Gold Project in Philippines Moving Toward Production RTG Mining is advancing the Mabilo Project, a high-grade copper-gold development asset located in the Philippines. The project hosts a Copper Equivalent (CuEq) Reserve of 400kt at 5.13% and Resource of 595kt at 4.68% , placing it among higher-grade undeveloped assets globally. Figure 1: RTG Mining Mabilo Project Location Map (source: RTG Mining Limited) The project is fully permitted with a Mining Permit and Environmental Compliance Certificate and is supported by binding financing and offtake agreements covering 100% of Stage 1 production . Stage 1 focuses on a high-grade DSO operation targeting supergene chalcocite material grading ~21% Cu , designed to generate early cashflow with relatively low capital intensity. The Business of the Company: Focus – Copper-Gold Development with Near-Term Cashflow RTG Mining is a dual-listed (ASX/TSX) company focused on developing high-grade copper and gold assets , with its flagship Mabilo Project as the near-term production driver. The company operates under a joint venture structure in the Philippines, holding 40% equity and approximately 50% of Stage 1 economics , alongside a local partner. Beyond Mabilo, RTG also holds the Chanach Project in the Kyrgyz Republic , a copper-gold exploration asset with a defined resource and ongoing drilling success, providing longer-term growth optionality. Highlights Stage 1 DSO fully financed , including debt facility and offtake agreement with Glencore Capital-light development , with CAPEX estimated at less than US$25M High-grade reserve base , including ~100,000t of 21% Cu supergene chalcocite Net operating cashflow (Stage 1): ~US$198M after tax   Figure 2: Mabilo Project Economic Highlights (source: RTG Mining Limited) Stage 2 expansion planned , with 1.35Mtpa processing plant producing copper-gold concentrate Project NPV5 of ~US$1.085B (after tax)   Strong leverage to commodity prices , with NPV increasing materially under higher copper and gold pricing scenarios Exploration upside , including porphyry targets and potential resource expansion Figure 3: Strong leverage to key commodty pricing. (source: RTG Mining Limited) Management Commentary The update highlights that RTG has secured binding finance and offtake agreements , enabling the transition into development and production. The company has also outlined that development commitment and start-up activities are targeted for 2026 , with operational ramp-up expected thereafter. The presence of an experienced management team with a track record of developing mines across multiple jurisdictions is positioned as a key execution factor. Near-Term Milestones to Watch Finalisation of remaining operating permits (conversion and land clearing) Commitment to Stage 1 development and mobilisation Commencement of DSO mining (targeted 2026) Initial production from oxide gold cap and skarn material Transition into high-grade chalcocite mining phase Progression of Stage 2 engineering and development planning Continued drilling targeting resource expansion and porphyry system Figure 4: Near Term Commitment. (source: RTG mining) Samso Concluding Comments The RTG Mining update outlines a project that is moving from development into production, with the key focus on Stage 1 DSO operations at the Mabilo Project. The presence of high-grade copper material, combined with a capital-light start-up model, provides a pathway for early cashflow generation. The economic metrics presented in the update indicate strong project fundamentals, with a defined net present value and operating cashflow profile. The sensitivity to copper and gold prices shows that the project outcomes are closely tied to commodity market conditions, which is consistent with most development-stage assets. The staged development approach, beginning with DSO and followed by a larger-scale processing plant, demonstrates a structured pathway to scale. This reduces upfront capital requirements while allowing for operational progression based on initial cashflow. Figure 5: Mabilo exploration upside. (source: RTG mining) The broader project potential is supported by exploration upside (Figure 5), including porphyry targets (Figure 6) and regional extensions. These elements indicate that the current resource base may not represent the full extent of the mineral system. Figure 6: Mabilo project potential porphry target. (source: RTG mining) Market Implication - The Investor Lens The RTG Mining Limited story is a fairly simple one, the story is just about to start. The investment upside is laid out for everyone to see and we can all see the matrix of how the Mabilo project will easily make RTG over USD $1B at current commodity prices. There is one caveat, the projects are in the Philippines and their other project is in Kyrgyzstan. Both projects to most ASX investors are in poor jurisdiction but when you talk to management, they have been successful in these kinds of jurisdiction. Figure 7: Share price chart for RTG Mining Limited as of 19th March 2026. (source: commsec) Effective management is crucial, and I witnessed this firsthand with an investment in CGA Mining around 2008 which had the same management as RTG. After talking to Justine Magee (CEO) and Mark Turner (COO), I can see that the team is competent, reminiscent of a conversation I had with Titan Minerals Limited (ASX: TTM). Both companies are clearly undervalued currently, but TTM has more than doubled their market cap since I had the discussion with Melanie Leighton (CEO). For me, this is a must DYOR and a strong candidate for investors to take this seriously. Look at what they have and the market capitalisation. There is definitely a great divide in the current valuation and what the valuation would be if things go well for management. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Miramar Resources Limited (ASX: M2R) has reported shallow high-grade gold mineralisation from recent reverse circulation (RC) drilling at its 80%-owned Gidji JV Gold Project, located approximately 15 kilometres north of Kalgoorlie in Western Australia. The drilling intersected 3 metres at 9.45 g/t gold from 47 metres, including 1 metre at 23.11 g/t gold, at the Highway Prospect, marking the highest-grade result recorded at the project to date. The RC drilling programme comprised 19 holes for a total of 2,431 metres, targeting the Blackfriars and Highway prospects beneath earlier aircore gold intersections. Several holes intersected supergene gold anomalism near the base of the Gidji Paleochannel, indicating potential bedrock sources for mineralisation within the project area. Miramar Resources is awaiting additional assay results from the drilling campaign and has indicated that further drilling will be planned to evaluate the potential for shallow gold resources within the Highway Prospect area. About Miramar Resources Limited Miramar Resources Limited (ASX: M2R) is a Western Australian focused exploration company targeting gold and base metals across the Eastern Goldfields and the Gascoyne region of Western Australia. The company’s strategy is centred on exploration discovery in established mineral provinces with strong infrastructure and processing capacity nearby. One of the Miramar Resources' s key exploration assets is the Gidji JV Gold Project, located approximately 15 km north of Kalgoorlie-Boulder, in the world-class Eastern Goldfields Province of Western Australia. The project sits along approximately 15 km of strike of the Boorara Shear Zone, a major structural corridor that hosts several gold deposits in the district. Exploration at Gidji has focused on identifying gold mineralisation beneath transported cover and the Gidji paleochannel system, which has historically limited exploration in the area. Since commencing systematic drilling in 2020, Miramar Resources has identified multiple supergene gold discoveries through aircore drilling and has generated bedrock targets for deeper testing. The ASX release dated 10th March details shallow high-grade gold intersections from reverse circulation (RC) drilling at the Highway Prospect, within the larger Gidji JV exploration corridor. Miramar Resources RC Drilling Delivers Shallow High-Grade Gold at Gidji Miramar Resources Limited has reported shallow high-grade gold mineralisation from a recent RC drilling programme at the Gidji JV Gold Project, located north of Kalgoorlie in Western Australia. The drilling campaign intersected 3 metres at 9.45 g/t Au from 47 metres, including 1 metre at 23.11 g/t Au, in hole GJRC043 at the Highway Prospect. The intersection occurs at the contact between basal gravels of the Gidji Paleochannel and weathered diorite bedrock. The Highway Prospect forms part of a broader gold discovery corridor identified by Miramar Resources since exploration commenced in 2020. The company is awaiting further assay results from the current RC programme and intends to undertake additional drilling to determine the scale and continuity of mineralisation. Figure 1: Plan view of the Gidji JV Project showing drill hole locations across the Blackfriars and Highway prospects. (source: Miramar Resources Limited) Highlights 3m @ 9.45 g/t Au from 47m, including 1m @ 23.11 g/t Au, intersected at the Highway Prospect. Mineralisation occurs near the base of the Gidji Paleochannel and within weathered diorite bedrock. The RC programme comprised 19 holes for 2,431 metres testing the Blackfriars and Highway targets. Several holes intersected supergene gold anomalism at or below the base of the paleochannel. Additional assay results from multiple holes remain pending. Further drilling is planned to evaluate the potential for a shallow gold resource at the Highway Prospect. Geological Context and Drilling Results The RC drilling programme at Miramar Resources Gidji high-grade gold prospect tested targets beneath earlier aircore gold intersections across the Gidji project area. Holes were designed to test both bedrock mineralisation beneath transported cover and the supergene gold zones identified in previous exploration campaigns. Drilling at the Highway Prospect identified an altered diorite body with abundant sulphides, positioned between more mafic units. The key high-grade intersection from hole GJRC043 occurs within this altered zone at the base of the paleochannel. Figure 2: Cross-section through the Highway Prospect showing the high-grade mineralised zone intersected in hole GJRC043. (source: Miramar Resources Limited) Figure 3: Chip tray from hole GJRC043 showing the high-grade interval at the boundary between paleochannel sediments and weathered diorite. (source: Miramar Resources Limited) Management Commentary Miramar Resources Managing Director Marion Bush noted that the intersection represents the best gold result recorded from the Gidji project to date and highlights the potential for shallow gold mineralisation in the area. The company highlighted that the project is located in close proximity to multiple operating gold processing plants, which could assist with the monetisation of any potential deposit identified through ongoing exploration. Management also stated that the company expects to receive additional assays from the drilling programme in the coming weeks and will then plan further drilling to determine the scale of the mineralisation at the Highway Prospect. Near-term Milestones to Watch Receipt of remaining assay results from the current RC drilling campaign. Planning of additional drilling to test bedrock mineralisation and potential resource targets. Follow-up drilling to determine the scale and continuity of mineralisation at the Highway Prospect. Auger drilling programme at the Chain Pool Project in the Gascoyne region, targeting copper-lead-silver mineralisation at the Joy Helen prospect. Previous Samso News Coverage – An Investor Lens 1. Miramar Resources – Drilling to Test High-Priority Gold and Base Metal Targets in Q1 2026 – Good Reasons to Be in This Punt Published: 17 January 2026Link: https://www.samso.com.au/post/miramar-resources-drilling-to-test-high-priority-gold-and-base-metal-targets-in-q1-2026-good-rea This Samso News article discusses Miramar’s plans to drill multiple exploration targets in Western Australia during Q1 2026, including gold targets at the Gidji JV Project near Kalgoorlie and base-metal targets at Chain Pool in the Gascoyne region. The program aims to test bedrock mineralisation beneath previously identified anomalies using deeper drilling techniques. 2. Miramar Resources Ltd – Bangemall Project Update Published: December 2025 (approx. – site indicates ~3 months ago)Link: https://www.samso.com.au/post/miramar-resources-ltd-bangemall-project-update This article reviews Miramar’s exploration strategy at the Bangemall Ni-Cu-PGE Project in Western Australia. The project sits within the Edmund and Collier Basins and hosts Kulkatharra dolerite sills that could potentially host large Norilsk-style nickel-copper-PGE sulphide deposits. 3. Miramar Resources Limited (ASX: M2R) – Sumitomo Confirms the Prospectivity of Bangemall – Looking for a Norilsk-Style Ni-Cu-PGE Deposit Published: 11 September 2025Link: https://www.samso.com.au/post/miramar-resources-limited-asx-m2r-sumitomo-confirms-norilsk-ni-cu-pge-bangemall This Samso News piece covers Miramar’s exploration joint venture with Sumitomo Metal Mining Oceania, which could see Sumitomo earn up to 90% interest through staged expenditure and feasibility work. The partnership aims to test the Bangemall region for large Norilsk-style nickel-copper-PGE deposits. 4. Coffee with Samso – Miramar Resources Limited (ASX:M2R) – A Perfectly Valued Gold Story – The Gidji Gold Project and the Path to Being a Gold Mining Business Published: 9 July 2025Link: https://www.samso.com.au/post/coffee-with-samso-miramar-resources-limited-asx-m2r-a-valued-gold-story-the-potential-mining-gidj This Coffee with Samso feature discusses Miramar’s exploration strategy and the potential of the Gidji Gold Project near Kalgoorlie, highlighting the geological model and the company’s ambition to discover a significant gold deposit in the Eastern Goldfields. 5. Coffee with Samso – Insights: An Insight into a Mineral Explorationist, a Practical Eternal Optimist Published: 20 August 2024Link: https://www.samso.com.au/post/coffee-with-samso-insights-an-insight-into-a-mineral-explorationist-a-practical-eternal-optimis This Coffee with Samso Insights article profiles Allan Kelly, Executive Chair of Miramar Resources, discussing his philosophy on mineral exploration and the challenges of making economic discoveries in the mining sector. 6. Miramar Resources Limited (ASX: M2R) – Surprises in the Bangemall: Carbonatites and IOCG Published: 30 November 2022Link: https://www.samso.com.au/post/miramar-resources-limited-asx-m2r-surprises-in-the-bangemall-carbonatites-and-iocg This Coffee with Samso discussion explores early exploration work at Miramar’s Bangemall and Whaleshark projects in Western Australia and the geological potential of the region for new discoveries, including IOCG-style and carbonatite-related mineral systems. 7. Project Updates at Miramar Resources Limited (ASX: M2R) Published: 20 May 2022Link: https://www.samso.com.au/post/project-updates-at-miramar-resources-limited-asx-m2r This article accompanies a Coffee with Samso interview discussing Miramar’s exploration portfolio across the Eastern Goldfields, Murchison, and Gascoyne regions, including gold targets at Gidji and other exploration opportunities within trucking distance of existing operations. 8. Miramar Resources Limited (ASX: M2R) – Mineral Exploration Success – Discovery at Marylebone Published: 1 November 2021Link: https://www.samso.com.au/post/miramar-resources-limited-asx-m2r-mineral-exploration-success-discovery-at-marylebone This early Samso article discusses drilling results at the Marylebone prospect, where Noel Ong described the results discussed with Allan Kelly as representing a potential discovery and highlighted the broader exploration potential of Miramar’s Eastern Goldfields projects. Samso Concluding Comments The results from the RC drilling programme is going to hard to explain to the general public but all I can say is that it highlight the presence of shallow gold mineralisation within the Highway Prospect area at the Gidji JV Project. The intersection of 3 metres at 9.45 g/t gold will highlight two things, one is that bedrock mineralisation must be beneath the transported cover at some place that is unknown at this stage, The other is that potentially the Gidji paleochannel system or there is a supergene system here that is the prize that has not been realised. What we know is that the geological setting of the project along the Boorara Shear Zone places the exploration target within a known structural corridor that hosts several gold deposits in the Kalgoorlie region. The drilling programme was designed to test beneath earlier aircore gold intersections and evaluate potential bedrock sources for the previously identified supergene mineralisation. The drilling programme comprised 19 RC holes for a total of 2,431 metres, with several holes intersecting anomalous gold values greater than 0.25 g/t Au near the base of the paleochannel. On the surface, the program did not reveal any spectacular results that investors are always thinking will happen, but the reality is that the elusive "prize" is still in the unknown. Additional assays from several drill holes are still pending and will provide further information about the distribution of gold mineralisation across the Highway and Blackfriars prospects. Further drilling planned by the company is expected to test both lateral extensions and bedrock mineralisation beneath the paleochannel system. The objective of the next exploration phase is to evaluate the continuity of mineralisation and determine whether the Highway Prospect can support the definition of a shallow gold resource within the Gidji JV Project area. Market Implication - The Investor Lens There is no movement in the station in terms of the share price (Figure 4) reaction from the results but that is the reality for shareholders. What I will say as a shareholder is that money is being spent on the ground and that is all you can ask from management. with a market capitalisation of under AUD $5M, this is a great play for upside in a booming gold sector. Figure 4: Share price chart for Miramar Resources Limited as of 12th March 2026. (source: commsec) The best asset that Miramar Resources Limited has is the location of the Gidji project. The discovery does not need to be big and from the ASX release today on the 16th March 2026, there are funds are available for further drilling. The upside is still present at Gidji, in my opinion, and if Miramar Resources management is thinking that a supergene story may have potential, then that is good news to my ears. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

It is beyond doubt now that OD6 Metals Limited (ASX: OD6) is positioning itself within the global critical minerals narrative, focusing on rare earth elements and fluorspar across Australia and the United States. The Company’s flagship Splinter Rock Rare Earth Project in Western Australia and the Quinn Fluorspar Project in Nevada place it directly in jurisdictions that are increasingly central to supply chain security discussions. As we commented in our last Samso News publication dated 17th March 2026, we proposed that there may be a shift of positioning for OD6 Metals .Well, this ASX announcement is clearing stamping this new strategic positioning. The appointment of the Hon Julie Bishop and her advisory firm is the deliberate move by OD6 to align itself with government policy, international funding frameworks, and geopolitical supply chain initiatives. For Samso, this is relevant because the critical minerals sector is now as much about policy, diplomacy, and capital alignment as it is about geology. The shift to a US focus is now going to put OD6 and its portfolio of projects in a much brighter stage. About OD6 Metals Limited OD6 Metals Limited is an Australian-listed company focused on the exploration and development of critical minerals, with a primary emphasis on rare earth elements, fluorspar, and copper. The Company’s strategy is centred on building a portfolio of assets located in stable, mining-friendly jurisdictions, particularly Australia and the United States, where government support for critical minerals is increasing due to supply chain security concerns. The Company’s flagship asset is the Splinter Rock Rare Earth Project in Western Australia, which hosts a large clay-hosted rare earth resource. OD6 has focused on advancing this project through metallurgical testwork and process development, selecting a flowsheet designed to produce a high-quality rare earth product with relatively low impurity levels. This project represents the core of OD6’s exposure to the rare earths sector, particularly elements used in clean energy and advanced technologies. In addition to rare earths, OD6 has expanded its portfolio to include the Quinn Fluorspar Project in Nevada, providing exposure to a mineral that is essential in industrial processes, including chemicals, semiconductors, and energy applications. The Company also maintains the Gulf Creek Copper-Zinc Project in New South Wales, where it is applying modern exploration techniques to a historical high-grade mining area. Together, these assets position OD6 as a diversified participant in the critical minerals sector, with a focus on both resource development and alignment with emerging global supply chain priorities. OD6 Metals Strengthens Government and Critical Minerals Strategy Through High-Level Advisory Appointment OD6 Metals has appointed Julie Bishop & Partners (JBP) as Strategic Advisor to support the advancement of its critical minerals projects in Australia and the United States. This appointment comes at a time when both governments are actively implementing policies to secure supply chains for minerals such as rare earths and fluorspar. The Company is aligning its development pathway with these initiatives, which include: US Government initiatives such as FAST-41 permitting and the proposed US$12B “Project Vault” stockpile Australia’s AUD$1.2 billion Critical Minerals Strategic Reserve (CMSR) The announcement reflects a shift in focus from purely technical development toward strategic execution within global frameworks. The Business of the Company – Critical Minerals Focus Across Allied Jurisdictions OD6 Metals is an Australian-listed company focused on the exploration and development of critical minerals including rare earths, fluorspar, and copper. Key Assets: Splinter Rock Rare Earth Project (WA) Indicated: 119Mt @ 1,632ppm TREO Inferred: 563Mt @ 1,275ppm TREO ~23% Magnetic Rare Earth Oxides (MagREE) Processing via heap leach, nanofiltration, and ion exchange (~75% NdPr recovery) Quinn Fluorspar Project (Nevada, USA) Historical grades up to 72% CaF₂ Located in a top-tier mining jurisdiction Fluorspar classified as a critical mineral in the US Gulf Creek Copper-Zinc Project (NSW) Historical high-grade copper mine (2%–6.5% Cu) Recent drilling confirmed mineralisation continuity and geophysical targets Highlights Appointment of Julie Bishop & Partners as Strategic Advisor Advisory team brings experience across government, banking, and executive leadership Alignment with US and Australian critical minerals policy frameworks Strategic positioning of: Splinter Rock (rare earths) Quinn Project (fluorspar) Focus on engagement with: Government agencies Multilateral funding bodies Strategic partners and downstream customers Management Commentary Julie Bishop highlighted that critical minerals are now central to economic security, defence capability, and advanced technology supply chains, with rare earths and fluorspar being key inputs across clean energy, semiconductors, and aerospace sectors. She also noted that OD6’s projects are being developed in trusted jurisdictions, which are actively seeking to diversify supply chains away from concentrated sources. Managing Director Brett Hazelden stated that the appointment strengthens OD6’s ability to position its projects within trans-Pacific critical minerals strategies, particularly given Bishop’s experience in diplomacy and international engagement. Near-term Milestones to Watch Advancement of Splinter Rock Project development pathway Progress on the Quinn Fluorspar Project acquisition and evaluation Engagement with: US and Australian government programs Strategic funding initiatives Offtake and downstream partnerships Continued positioning within critical minerals policy frameworks Previous Samso News Coverage – An Investor Lens 17th March 2026 OD6 Metals Expands Quinn Fluorspar District in Nevada🔗 https://www.samso.com.au/post/od6-metals-expands-quinn-fluorspar-district-in-nevada This article covered OD6’s expansion of its landholding within the Quinn Fluorspar District in Nevada, highlighting the Company’s move into the US critical minerals space. The focus was on the strategic importance of fluorspar as a supply-constrained mineral and the relevance of securing ground in a jurisdiction where the US is fully import-dependent. The narrative pointed to a deliberate diversification beyond rare earths and into minerals with strong industrial and defence demand. 9th March 2026 OD6 Metals Limited – Quinn Fluorspar Project Acquisition in Nevada, USA – Shifting Focus?🔗 https://www.samso.com.au/post/samso-news-od6-metals-limited-quinn-fluorspar-project-acquisition-in-nevada-usa-shifting-focus This piece examined the initial acquisition of the Quinn Fluorspar Project and questioned whether OD6 was broadening its strategic direction. The article outlined the historical production and grades from the project and framed the acquisition within the context of US supply chain vulnerability. It highlighted the Company’s early-stage positioning in fluorspar and the potential implications for future project development. 6th February 2026 OD6 Metals Limited – DHEM Survey Identifies Off-Hole Conductors at Gulf Creek🔗 https://www.samso.com.au/post/samso-news-od6-metals-limited-dhem-survey-identifies-off-hole-conductors-at-gulf-creek-a-defini This article focused on the Gulf Creek Copper-Zinc Project in New South Wales, where downhole electromagnetic (DHEM) surveys identified off-hole conductors. The discussion centred on the geological implications of these conductors and their potential to represent extensions of known mineralisation. The article positioned Gulf Creek as an underexplored asset with modern geophysics providing new targeting opportunities. 30th January 2026 OD6 Metals Limited – Advanced ANSTO Metallurgical Testwork at Splinter Rock🔗 https://www.samso.com.au/post/samso-news-od6-metals-limited-advanced-ansto-metallurgical-testwork This article detailed metallurgical testwork results from ANSTO on the Splinter Rock Rare Earth Project. The focus was on processing efficiency, recovery rates, and product quality, particularly the ability to produce a high-grade mixed rare earth carbonate or hydroxide. The discussion highlighted the importance of metallurgy in clay-hosted rare earth projects and how these results supported the technical viability of the deposit. 20th December 2025 OD6 Metals Ltd (ASX: OD6) – Australia’s Standout Rare Earths & Copper Company — Scale, Metallurgy, and Strategic Leverage🔗 https://www.samso.com.au/post/od6-metals-ltd-asx-od6-australia-s-standout-rare-earths-copper-company-scale-metallurgy-a This broader Samso piece provided an overview of OD6’s asset base, combining rare earths and copper exposure. It discussed the scale of the Splinter Rock resource, the metallurgical pathway, and the optionality provided by the Gulf Creek project. The article framed OD6 as a company with multiple value drivers, emphasising the importance of both resource size and processing strategy. 9th November 2025 Coffee with Samso – OD6 Metals Limited: An Aspiring Australian Clay REE Story🔗 https://www.samso.com.au/post/coffee-with-samso-od6-metals-limited-an-aspiring-australian-clay-ree-story-better-position-seco This Coffee with Samso episode focused on the broader narrative behind OD6’s clay-hosted rare earths strategy. The discussion explored the geological setting, project development approach, and how OD6 compares with other clay REE projects globally. It provided context around the Company’s positioning within the rare earths sector and its long-term development pathway. 8th October 2025 OD6 Metals (ASX: OD6) Selects Innovative Flowsheet with High Recoveries at Splinter Rock🔗 https://www.samso.com.au/post/od6-metals-asx-od6-selects-innovative-flowsheet-rare-earth This article covered the selection of a processing flowsheet for the Splinter Rock Project, incorporating heap leaching, nanofiltration, and ion exchange. The focus was on recovery rates, impurity management, and the production of a high-quality rare earth product. The article highlighted how processing decisions are critical to unlocking value in clay-hosted deposits. 27th November 2024 OD6 Metals Limited – Rare Earths or Copper?🔗 https://www.samso.com.au/post/od6-metals-limited-rare-earths-or-copper This earlier article explored the dual commodity exposure of OD6, questioning whether the Company’s primary focus would remain on rare earths or shift toward copper. It provided an overview of both asset classes and discussed the strategic implications of maintaining a diversified portfolio. The piece captured the early stage of OD6’s evolving identity. Samso Concluding Comments The appointment of a high-level advisory group indicates that OD6 is preparing for the next phase of project development where government engagement becomes important. The Splinter Rock Project and Quinn Fluorspar Project are both positioned within jurisdictions that are actively supporting critical minerals supply chains. This aligns the Company with existing funding pathways and regulatory frameworks. Government initiatives such as the CMSR in Australia and FAST-41 in the United States provide a pathway for projects to move through approvals and development stages. OD6’s decision to bring in advisory support reflects the complexity of navigating these systems. The announcement also highlights the importance of rare earths and fluorspar in industries such as semiconductors, batteries, and defence technologies. This provides context for why these projects are being positioned within strategic supply chain discussions. Market Implication - The Investor Lens I will give it to the management of OD6 Metals to have stuck to its strategy of critical minerals with theier REE apparoach. As the market moved away from the REE marketing narrative, OD6 has stuck to its making and with the addition of what looks like a meaty Fluorspar proejct in the US, things should get more interesting with time. Figure 1: Share price chart for OD6 Metals Limited as of 18th March 2026. (source: commsec) At the opening of trading today (18th march 2026), the market is up iwth a rise of 4.17%. I am sure the market has priced some of the upside into the recent rise but there is no doubt that shareholders are starting to wake up to potential upside coming. As always, the cautionary thought is that time will tell and the current geopolitical tensions will cease (one would hope) and what that means for the broader market is uncertain. The Tump factor is very influencial and will that carry on beyound his term in the office. That will be the million dollar question. AS always, DYOR and oprtimism must be factual and not from the dreamland. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In this Coffee with Samso episode, I went back to Adelaide to sit down with the people who were there when Prominent Hill was found — the discovery that became one of South Australia’s defining IOCG (Iron Oxide Copper-Gold) stories. This is not a corporate recap. It is a first-hand account of what actually happened in the lead-up to discovery, how the target was chosen, what the drillers and geologists saw in the core shed, and why a single drilling decision could have changed everything. The team shared the backstory from the early tenement holders right through to the Uranus prospect becoming the Prominent Hill IOCG deposit— and the reality is simple: discovery is often a chain of decisions, relationships, and technical judgement made under uncertainty. Coffee with Samso | Episode 215 | Adelaide Markets | Adelaide | South Australia The Discovery that Proved Mineral Exploration for Deposits Under Cover. Guest: Derek Carter – Managing Director (later Chair) of Minotaur during the discovery period Tony Belperio (Exploration Lead) – Exploration Manager Barry Van Der Stelt (Contract Geologist) – first recognition of copper Peter Reid (Senior Geologist) – senior geologist involved in the Prominent Hill work 1) Prominent Hill Was Not a “New” Area — It Was a Patiently Reworked Story A key point in the conversation was that the Mount Woods ground had history well before Minotaur. The tenements were originally held by Metals X, who worked the region from the late 1980s onward, focusing on magnetic features and drilling at least one early target. Later, Burmine Limited entered the picture, and then Normandy/Poseidon ran a helicopter-based gravity survey across the area. Burmine Limited (ASX code: BUR1) was an Australian-listed gold and minerals exploration and mining company active in the late 1980s and early-to-mid 1990s. It was primarily focused on Western Australian gold projects, notably operating the Copperhead mine near Bullfinch. This matters because it shows the reality of exploration cycles: ground can be worked, tested, and even partly understood — but still not properly unlocked until the right targeting logic arrives. 2) The Technical Pivot: Magnetics Were Useful, But Gravity Was the Key The story turned when the targeting mindset shifted. Earlier programs were chasing magnetic features — and while they were hitting copper-bearing magnetite breccias, there was a ceiling to the grades being intersected. The breakthrough came when the team could simultaneously interpret magnetics and gravity, and start looking at where these anomalies were offset from each other. The concept was simple but powerful: Magnetic anomaly = something magnetic Gravity anomaly = something dense Offset between the two can be the clue to a different part of the IOCG alteration system This is where the conversation became very “real exploration”: data doesn’t tell you it’s mineralised. It tells you where you should be brave enough to test. 3) 3D Modelling Was a “Game Changer” — And It Was New Back Then One of the most important takeaways was how early this team was in adopting 3D inversion modelling. Today we treat 3D models as routine. Back then, it was cutting-edge. The team explained how the modelling allowed them to rank targets properly, separate those already drilled from those not tested, and better understand the geometry of gravity and magnetic responses. In Samso terms: this was one of those moments where technology didn’t replace geology — it amplified it. 4) “Uranus 1” — The Discovery Hole That Almost Looked Like Nothing The drill hole that changed everything was Uranus 1. Barry Van Der Stelt described the core and is the kind of detail that explorers remember for life: The core was so hematite-rich it was hard to even see textures. The team was washing core just to interpret it. The operation was low-budget — even the core cutting was done on a basic brick saw setup. Then came the moment: blue specks appearing after the core had sat for a couple of days. That blue tarnish was the first real visual signal of copper — and it triggered the call that brought the team running. This was also a reminder that Prominent Hill echoed the Olympic Dam story: sometimes the copper is not obvious until it’s tested, altered, or routinely assayed. 5) The Numbers Were Bigger Than Anyone Expected The team admitted they initially thought they might have something like “30 metres of ~1% copper.” Then assays came back with results that were materially stronger, including: a high-grade copper interval around 4% copper over ~30m, and broader zones around ~1% copper that they simply could not visually recognise in hematite breccia. Later, deeper drilling confirmed additional IOCG-style signatures, including: copper-gold mineralisation and uranium increasing at depth, reinforcing the Olympic Dam-style system interpretation. 6) The Sliding Doors Moment: Drilling the Flank, Not the Core This is one of the most valuable exploration lessons in the episode. After the discovery hole, infill gravity shifted the interpreted peak of the anomaly by several hundred metres. The team realised they had not drilled the very centre. The irony is that drilling into the “peak gravity” later hit barren, intensely altered hematite-silica core, which is now recognised as central IOCG alteration. The team openly discussed the risk: in 2001, if they had drilled the core first and hit barren alteration, they might have walked away. That is a brutal truth about exploration: a discovery can be decided by where you hit a system first. 7) The Business Reality: Minotaur Had Only 19% — But It Was Enough to Reap the benefits of the Prominent Hill IOCG Discovery. One of the most interesting parts of the conversation was the structure. Minotaur’s maximum share of the project was 19%, while the major partner (BHP/Billiton through the merger timeline) held the majority position. Minotaur’s “cost” for that 19% wasn’t cash — it was local geological knowledge and management. The team framed it with a simple idea that still applies today: Better to own a piece of something real than 100% of something you can’t fund. This is a proper junior-to-major alliance lesson, and it explains how big discoveries are sometimes possible in down cycles. 8) Capital Cycles Still Matter The group reminded us that this happened during a period when market attention was elsewhere — the dotcom era, when exploration was not “in fashion.” And yet, the discovery still drove a dramatic market response: strong share price movement, heavily oversubscribed shareholder participation, major legal/accounting work managing scale and compliance. The point wasn’t hype. It was showing how quickly markets can change when geology delivers. What This Episode Really Shows This Coffee with Samso episode is a reminder that discovery requires: Local knowledge (not just imported models) Funding and deal-making (alliances matter) Technical courage (you still have to drill the target) Open-minded thinking (don’t get trapped by one model) A tolerance for failure (because near-misses are common) Prominent Hill wasn’t found because everything was obvious. It was found because the team kept moving forward, making decisions with imperfect data, and backing their judgement. Samso Concluding Comments For me, episodes like this are part of documenting the real value chain of discovery. A lot of people talk about the “next Olympic Dam” like it’s a marketing phrase. This conversation shows what that actually looks like in practice: long lead times, multiple parties, tight budgets, imperfect data, and a team that had the discipline to keep testing. If you want to understand how IOCG discoveries really happen — this is one to watch. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 00:10 Introduction 02:00 Introducing the Team 02:23 Derek Carter introduces the team 02:52 The Beginning 07:42 What was the capital being raised at that time? 08:25 The beginning of the Mt. Woods JV 10:13 Why did Billiton come to minotaur for the JV? 11:09 How was the funding being sourced for the journey? 12:56 The 3D Inversion Concept from Billiton. 14:30 How Uranus was chosen. 14:47 The offset of Gravity and Magnetics Triggered the Discovery Hole. 16:04 The Barren Core 16:45 The Flanks of these anomalies where the goodies are. 17:05 What level of confidence did the team have before the drilling? 18:44 The description of the copper mineralisation at Prominent Hill Discovery hole. 20:41 The sequence of discovery - Timing. 22:36 Realising the Discovery 25:12 A Sliding Door Moment. 26:26 Geochemistry Supporting the Discovery 27:47 The Share Purchase Plan - Share Price Movement 30:13 What percentage did Minotaur have in the JV? 31:38 The Reason why BHP left the JV. 31:59 The BHP Divestment. 34:06 The Oxana Acquisition 34:51 Was the BHP Alliance the Critical Part of the Journey. 35:58 Would the Technology today had helped the Discovery? 36:48 Advice To Aspiring People wanting to make Discoveries - Derek and Tony 38:30 Is the Geological Knowledge Less Important than Marketing Now? 39:50 Advice To Aspiring People wanting to make Discoveries - Barry and Peter 41:59 Should New Ideas be pushed even If the odds are stacked against it. 43:48 Discoveries are made over a long term strategy. 45:11 Is Capital still hard to get ? 45:48 What was the model for Minotaur prior to Discovery? 47:16 The Minotaur JV model 49:42 Toro Energy IPO 51:14 Is there another Olympic Dam ? 51:43 Thanking the Team 52:12 Last Words 53:12 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals Limited (ASX: OD6) has announced the staking of additional exploration claims surrounding the Quinn Fluorspar Project in Nevada, USA, expanding its position within a historically productive fluorite district. In my opinion, this adds genuine substance to the project, as it appears that the OD6 Metals management is working to establish it as the flagship project in the US and likely as the company's primary project as well. This is a great way to move the OD6 Metals journey while the long lead time projects such as Spinter Rock and Gulf Creek takes its time to mature. The US looks like it is playing their geopolitical game to bring focus back to the US and most importantly, the companies are now getting funding and administrative support from the US government as well (something that the Australian Government should learn). The newly secured ground captures interpreted strike extensions of several historical high-grade deposits including Mammoth, Spar, Big Jim, Rocket, Jumbo and Horseshoe, along with key structural corridors and extensive epithermal alteration zones considered prospective for fluorite mineralisation. The expanded landholding also includes the Dresser epithermal alteration target, a large and largely untested zone hosted within favourable carbonate rocks that are known to host fluorite mineralisation elsewhere in the district. Subject to the company exercising its option to acquire the Quinn Fluorspar Project, OD6 plans to undertake geological mapping, surface sampling, geochemical surveys and drill target generation as part of its due diligence program across the broader district-scale fluorite system. About OD6 Metals Limited For readers following the critical minerals sector, OD6 Metals Limited is a company developing a portfolio that spans rare earths, copper and fluorspar exploration assets. The company’s flagship asset is the Splinter Rock Rare Earth Project in Western Australia, where a Mineral Resource Estimate confirmed a large clay-hosted rare earth deposit containing 119Mt @ 1,632ppm TREO (Indicated) and 563Mt @ 1,275ppm TREO (Inferred). Beyond rare earths, OD6 has expanded into the fluorspar sector in the United States, where the company holds an option to acquire the Quinn Fluorspar Project in Nevada. Fluorspar (fluorite) is classified as a critical mineral in the United States, used in applications including semiconductors, batteries, hydrofluoric acid production and nuclear technologies. This Samso News highlights a recent announcement where OD6 has expanded its claim position around the Quinn Fluorspar Project, securing ground interpreted to host extensions of several historic high-grade deposits. OD6 Metals Secures Additional Ground Around Historic High-Grade Quinn Fluorspar Deposits in Nevada OD6 Metals has announced the staking of additional exploration claims surrounding the Quinn Fluorspar Project in Nevada, USA, where the company currently holds an exclusive option to acquire a 100% legal and beneficial interest. The newly staked claims expand the company’s footprint across the broader Quinn fluorite district, securing interpreted strike extensions of several historic deposits including Mammoth, Spar, Big Jim, Rocket, Jumbo and Horseshoe. The claim expansion also captures structural corridors and carbonate host rocks known to host fluorite mineralisation, as well as a large untested alteration zone known as the Dresser target. Figure 1: Quinn Fluorspar Project Claim Expansion Map (source: OD6 Metals Limited) Highlights - OD6 Metals and the Quinn Fluorspar Project Key points from the ASX announcement include: OD6 Metals has staked multiple new exploration claims adjacent to the Quinn Fluorspar Project in Nevada. The additional claims secure interpreted strike extensions of historical high-grade fluorspar deposits including Mammoth, Spar, Big Jim, Rocket, Jumbo and Horseshoe. The expanded landholding captures extensive epithermal alteration zones considered prospective for fluorite mineralisation. Several structural corridors and favourable carbonate host rocks have been secured within the new claims. The newly staked ground includes the Dresser epithermal alteration target, interpreted as a potential centre of hydrothermal activity. The project sits within Nevada, one of the world’s leading mining jurisdictions. Management Commentary OD6 Metals Managing Director Brett Hazelden commented that the new claim staking significantly strengthens OD6’s position within what the company believes to be an expansive district-scale fluorite system in Nevada. According to the company, the expanded claims secure key structural corridors and epithermal alteration zones which may host additional fluorite mineralisation. The claims also capture the Dresser alteration target, a large untested area located within favourable carbonate host rocks similar to those that host the existing fluorite deposits in the district. Hazelden also noted that the United States currently imports 100% of its fluorspar supply, highlighting the strategic importance of developing domestic sources of the mineral. Consolidating a District-Scale Fluorspar System The Quinn project sits within a well-developed fluorite district hosted in carbonate rock sequences, where hydrothermal fluids associated with intrusive activity have produced fluorite-bearing veins, breccia pipes and replacement bodies. Historical geological mapping indicates that the system extends beyond the currently known deposits, with epithermal alteration and structural corridors continuing across a broader area. The new claims were staked to secure: Strike extensions of known deposits Large epithermal alteration zones Favourable carbonate host rocks Structural corridors associated with fluorite mineralisation Figure 2: Quinn Fluorspar Project Location Map (OD6 Metals Limited) New Discovery Target Area – The Dresser Zone A key focus of the claim expansion is the Dresser epithermal alteration target, located south of the main Quinn deposits. This target hosts a large footprint of hydrothermal alteration within Pogonip limestone and Simonson dolomite units, which are geological formations known to host fluorite mineralisation elsewhere in the district. Satellite hyperspectral data analysis has identified alteration signatures across the area, suggesting that the Dresser zone may represent another centre of hydrothermal activity within the broader fluorite system. Near-term Milestones to Watch OD6 Metals has outlined several activities as part of its due diligence and exploration program at the Quinn Fluorspar Project: Surface rock chip and channel sampling Verification of historic assay grades Detailed geological mapping and structural interpretation Soil geochemistry surveys Geophysical studies and interpretation Drill target generation across the district Permitting for an initial drilling program Metallurgical sampling and test work These steps are designed to confirm historical mineralisation and define targets for future drilling programs. Previous Samso News Coverage – An Investor Lens Samso has followed the progress of OD6 Metals Limited (ASX: OD6) across its rare earth, copper and now fluorspar exploration strategy. The following articles provide additional context on the company’s evolving project portfolio and technical developments. 6 March 2026 OD6 Metals Limited – Quinn Fluorspar Project Acquisition in Nevada, USA – Shifting Focus? https://www.samso.com.au/post/samso-news-od6-metals-limited-quinn-fluorspar-project-acquisition-in-nevada-usa-shifting-focus 5 February 2026 Samso News: OD6 Metals Limited — DHEM Survey Identifies Off-Hole Conductors at Gulf Creek – A Definite #SamsoDYOR for Monitoring Subsurface Copper Growth https://www.samso.com.au/post/samso-news-od6-metals-limited-dhem-survey-identifies-off-hole-conductors-at-gulf-creek-a-defini 20 December 2025 OD6 Metals Ltd (ASX: OD6) – Australia’s Standout Rare Earths & Copper Company — Scale, Metallurgy, and Strategic Leverage https://www.samso.com.au/post/od6-metals-ltd-asx-od6-australia-s-standout-rare-earths-copper-company-scale-metallurgy-a 9 November 2025 Coffee with Samso: OD6 Metals Limited — An Aspiring Australian Clay REE Story – Better Position Second Time Around https://www.samso.com.au/post/coffee-with-samso-od6-metals-limited-an-aspiring-australian-clay-ree-story-better-position-seco 22 October 2025 OD6 Kicks Off Phase 2 Drilling at Gulf Creek Copper Project (NSW) https://www.samso.com.au/post/od6-kicks-off-phase-2-drilling-at-gulf-creek-copper-nsw 8 October 2025 OD6 Metals (ASX: OD6) Selects Innovative Flowsheet for Rare Earth Processing at Splinter Rock – Is an Australian Rare Earth Story Happening? https://www.samso.com.au/post/od6-metals-asx-od6-selects-innovative-flowsheet-rare-earth 25 August 2025 OD6 Produces High-Quality Mixed Rare Earth Carbonate and Hydroxide at Splinter Rock – The Making of an Australian Rare Earths Production Story https://www.samso.com.au/post/od6-produces-high-quality-mixed-rare-earth-carbonate-and-hydroxide-at-splinter-rock 27 November 2024 OD6 Metals Limited – Rare Earths or Copper? https://www.samso.com.au/post/od6-metals-limited-rare-earths-or-copper Samso Concluding Comments Does this look like OD6 Metals is making this a new flagship project? The establishment of new projects is not a bad idea to hedge your risk if your bank balance has the qualities to allow such options. My thoughts are that the commodity space is just positioning itself within a gold boom. If one takes a broader view of what is happening, I think the gold boom is a financial play, kind of the establishment of the new geopolitical financial scene t a new commodity equilibrium is being established which will require the new capital funding structure being created now. I like what is happening with OD6 Metals as the latest acquisition may just be what the company needs to re-establish itself with a new image. The expansion of exploration claims around the Quinn Fluorspar Project increases OD6 Metals’ land position within a historically productive fluorite district in Nevada. The new claims secure extensions of known deposits and areas of epithermal alteration that may host additional fluorite mineralisation. The claim staking also includes the Dresser alteration zone, which has been identified through satellite hyperspectral data as a large area of hydrothermal alteration hosted within carbonate rocks. These rock units are similar to those hosting existing fluorite deposits in the district. The Quinn project sits within Nevada, a jurisdiction with a long history of mining and well-developed infrastructure. Historical production from the district and United States Geological Survey work have previously confirmed high-grade fluorspar mineralisation within the region. Time and additional capital will be the key hurdles i will be looking for in 2026 as the company outlines a staged exploration program that includes geological mapping, geochemical sampling and verification of historic grades, followed by the generation of drill targets across the district. These activities form part of the company’s due diligence process as it evaluates the potential acquisition of the Quinn Fluorspar Project. Market Implication - The Investor Lens The market is liking the recent news as the share price chart is clearing showing (Figure 3) in morning trading as we write this blog on the 16th March 2026. As I have mentioned, I think it is a good idea to establish a "near production" play to the mix of projects. Figure 3: Share price chart for OD6 Metals Limited as of 16th March 2026. (source: commsec) This is not to say that there is production tones coming out from management but I like long terms proposition. Projects that of any substance is always long term. So lets wait for the Coffee with Samso with OD6 Metals at the end of March 2026. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. 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