Tusker Minerals Ltd (ASX: TSK) has discovered high-grade titanium mineralisation hosted predominantly as rutile within the company’s Mzimba Project in northern Malawi, Africa. Over the last 12 months, I have learnt a lot about the titanium scene in which rutile is the King of the Castle. The focus is on rutile and not all HM deposits are found in the same way. Residual ruitle is the key and the establishment of titanium sources being sourced from rutile and not ilmenite is a step in the right direction. Natural rutile is considered a premium titanium mineral because of its high TiO₂ (titanium dioxide ) content and relatively simple processing pathway compared to ilmenite. About Tusker Minerals Limited Tusker Minerals' exploration portfolio includes projects in Malawi and Cameroon, where geological environments resemble the Kasiya-style rutile systems currently attracting global attention. The company’s exploration approach relies on reconnaissance soil sampling, mineralogical analysis, and systematic follow-up drilling to identify zones of residual rutile enrichment. The company's ASX announcement released on 12 March 2026 outlines early-stage reconnaissance sampling covering only a small portion of the company’s licence area. Elevated titanium dioxide values. Tusker Minerals' discovery comes from the company’s initial reconnaissance soil and rock-chip sampling program, which utilised XRF geochemical analysis and XRD mineralogical testing to evaluate titanium mineralisation across the project area (Figure 1). Early results show significant near-surface titanium enrichment, with a large proportion of soil samples returning elevated titanium dioxide (TiO₂) values. Figure 1: Location map of the Mzimba Project licences in northern Malawi. (source: Tusker Resources Limited) Importantly, the mineralogical analysis indicates that the titanium occurs predominantly as rutile, which is generally considered the most valuable natural titanium mineral due to its high TiO₂ grade and direct suitability for titanium pigment and metal markets. The sampling program covered approximately 50 km², representing only around 7% of Tusker’s 710 km² licence package in the Mzimba region. The results provide an early validation of the project’s geological potential. Tusker Minerals Highlights: High-Grade Rutile Titanium in Malawi The key outcomes from the reconnaissance sampling program where Tusker Minerals discovered high-grade rutile titanium in Malawi include: 1. Strong Titanium Results from Surface Sampling Soil and rock-chip sampling has identified elevated titanium oxide values across the Mzimba licences (Figure 2). Key assay results include: • Peak assay of 1.88% TiO₂• 47% of soil samples returned greater than 1% TiO₂• Titanium mineralisation identified across multiple sampling locations These results demonstrate the presence of widespread near-surface titanium enrichment across the sampled areas. Figure 2: Map showing soil and rock-chip sample locations and TiO₂ assay distribution. (source: Tusker Minerals Limited) 2. Mineralogical Confirmation of Rutile Tusker Minerals' Mineralogical testing using XRD analysis confirms that titanium mineralisation (Table 1) at Mzimba occurs primarily as: • Rutile (dominant titanium mineral) • Minor anatase • No ilmenite detected This mineralogical composition is important because rutile is typically considered the highest-value titanium feedstock due to its higher TiO₂ concentration. Table 1: XRD analysis of select soil samples from the Mzimba project, highlighting that the titanium is in Rutile. (source: Tusker Minerals Limited) 3. Large Exploration Licence Package with Limited Initial Testing The reconnaissance sampling program covered: • Approximately 50 km² of ground; and • Only about 7% of the total 710 km² licence area. This means that a large portion of the project area remains untested, leaving scope for further exploration. 4. Geological Environment Comparable to Major Rutile Deposits The geological setting at Mzimba is described as being comparable to other Malawian rutile systems, including the Kasiya deposit, which is currently recognised as one of the largest rutile discoveries globally. The comparison is based on (Figure 3): • Weathered saprolite profiles • Residual titanium enrichment • Geological source rocks capable of producing rutile through weathering These characteristics suggest the potential for residual rutile mineralisation formed through deep tropical weathering processes. Figure 3: Geological interpretation of the rutile-bearing weathering profile. (source: Tusker Minerals Limited) Management Commentary Chief Executive Officer Cliff Fitzhenry commented on the results from the reconnaissance sampling program. He noted that the early sampling program has returned strong TiO₂ values across a relatively small portion of the licence area, with nearly half of the soil samples exceeding 1% TiO₂ and peak values reaching 1.88% TiO₂. The mineralogical analysis confirming the presence of rutile is considered important because rutile represents the most valuable natural form of titanium dioxide mineralisation. The company indicated that these results represent an early validation of the geological potential of the Mzimba Project, and that further systematic exploration programs are planned across the broader licence package. Near-term Milestones to Watch Following the reconnaissance results, Tusker Minerals has outlined several exploration activities that may advance the project: • Expansion of soil sampling programs across the remaining licence areas • Follow-up geochemical surveys targeting zones of elevated TiO₂ values • Further mineralogical testing to confirm rutile distribution • Systematic exploration programs designed to evaluate the broader 710 km² licence package These programs are intended to determine whether the initial titanium enrichment identified during reconnaissance sampling extends across larger areas of the project. Samso Concluding Comments The reconnaissance sampling results reported by Tusker Minerals highlight the presence of widespread titanium enrichment across the Mzimba Project area. Nearly half of the soil samples returning greater than 1% TiO₂ indicates that elevated titanium concentrations occur across multiple sampling locations. The mineralogical confirmation that the titanium occurs predominantly as rutile rather than ilmenite provides an important technical observation. Rutile typically contains a higher titanium dioxide content and is often considered a premium titanium feedstock in the global market. Another aspect of the announcement is that the sampling program covered only a small portion of the overall licence area. The reconnaissance work was conducted across approximately 50 km² within a total licence package of around 710 km², leaving a large portion of the ground untested at this stage. The geological comparison with other Malawian rutile systems suggests that the mineralisation may be associated with residual weathering processes similar to other rutile deposits in the region. Additional exploration programs will be required to determine the continuity and scale of the titanium mineralisation identified in this early sampling work. Market Implication As I have mentioned previously in one fo the other Samso News coverage, the market is now pretty much gold concentric. Anything else is not happening. With a market capitalisation of just under AUD $9M makes Tusker Minerals in the game for uplift with any good results. Looking at the share price journey of Tusker Resources Limited, the high of over AUD $0.35 is the potential, even thought the share price is at AUD $0.07 as we publish. Figure 4: Share price chart for Tusker Minerals Limited as of 13th March 2026. (source: commsec) This is the name of the game and investors who have been in this sector for a while will attest to this form of thinking. The titanium narrative is quiet now but that does not make the business unattractive. It is all about timing. Management looks good with Dan Smith as he has been in the deep end of the corporate world for a long time. He knows how to manoeuvre the ship and I am sure good news form the project will deliver capital gains for shareholders. Cliff Fitzhenry as the CEO is based in South Africa and having a local is important to make things happen economically. At the moment, Tusker Minerals is looking at a project that has the potential for high-grade rutile, so DYOR and position for the market to return. Previous Samso News Coverage – An Investor Lens Samso has previously covered developments related to Tusker Minerals (previously DY6 Metals) and its rutile exploration strategy. Previous Samso News articles include: 19 December 2025 Rutile–Graphite System Strengthens at the Central Rutile Project, Cameroon https://www.samso.com.au/post/rutile-graphite-system-strengthens-at-the-central-rutile-project-cameroon This Samso News article summarised auger drilling results from the Central Rutile Project in Cameroon. The drilling program identified multiple rutile-bearing intervals from surface and confirmed the presence of flake graphite within saprolite horizons, indicating the potential for a dual commodity system within a large exploration licence area. 2 October 2025 DY6 Advances Malawian Critical Metals Portfolio – Tundulu & Machinga Projects https://www.samso.com.au/post/dy6-advances-malawian-tundulu-machinga-gallium-phosphate-ree-hree-niobium This Samso News article examined operational updates across DY6’s Malawian assets, including the Tundulu and Machinga projects, where exploration programs were targeting gallium, rare earth elements, niobium and phosphate mineralisation through systematic sampling campaigns. 19 September 2025 DY6 Expands Central Rutile Project – Secures Yaoundé West Historical Mining Site https://www.samso.com.au/post/dy6-expands-central-rutile-project-secures-yaound%C3%A9-west-historical-mining-site This Samso News article covered DY6’s acquisition of the Yaoundé West Project in Cameroon, an area historically mined for rutile between 1935 and 1955. The acquisition expanded DY6’s landholding in the emerging Central African rutile province and added a historically recognised rutile-producing district to the company’s exploration portfolio. 8 September 2025 DY6 Metals Ltd – High-Grade Saprolite Rutile Confirmed at Central Rutile Project https://www.samso.com.au/post/dy6-metals-ltd-asx-dy6-high-grade-saprolite-rutile-confirmed-at-central-rutile-project This Samso News article reported reconnaissance exploration confirming saprolite-hosted rutile mineralisation across a strike length of approximately 41 km within the Central Rutile Project in Cameroon. Early exploration identified rutile grades up to 2.1% from surface, supporting the geological model of residual rutile systems similar to other African deposits. 10 July 2025 DY6 Metals – Multi-Front Progress in Gallium, Rutile and Heavy Mineral Sands Exploration Across Malawi and Cameroon https://www.samso.com.au/post/an-emerging-critical-metals-narrative-gallium-from-tundulu-rutile-heavy-mineral-sands This Samso News article reviewed DY6’s exploration strategy across its African portfolio, highlighting the company’s work on gallium mineralisation at the Tundulu Project in Malawi and its rutile exploration programs in Cameroon. The article outlined the early-stage exploration approach being used to evaluate multiple critical mineral opportunities. 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. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Samso Insights: IOCG Prominent Hill Carrapateena - Redefining Exploration Models| Samso Introduction – Why These Two Discoveries Still Matter - Is the Cover Hiding Other Different Types of IOCGs? When we talk about modern mineral discoveries in Australia, two names inevitably surface in the same breath: Prominent Hill and Carrapateena. Both sit in South Australia’s Gawler Craton, both are world-class Iron Oxide Copper-Gold (IOCG) systems, and both ended up becoming cornerstone assets for OZ Minerals, now part of BHP. But lumping them together as “IOCG discoveries” misses the deeper story. Prominent Hill and Carrapateena were not just discoveries of ore bodies — they were discoveries of ideas. Each one forced the industry to confront uncomfortable assumptions about where mineral systems can exist, how they express themselves, and how much conviction is required to find them when there is nothing obvious at surface. In this Samso Insights piece, I want to step back from grades and tonnages and focus on something far more important: the discovery models themselves — why Prominent Hill was found the way it was, why Carrapateena required an entirely different mindset, and what these two discoveries continue to teach explorers and investors today. Let's Discuss The IOCG Factor IOCG deposits (Figure 1) are found globally and my current thought is what if they are all occurring in the same mineral system but are really defined by the amount or reactivation of geology and timing. Investors in the ASX who are chasing these stories or are told to chase these stories forget that it is very difficult in terms of the capital required and the time required to establish their value. The discovery hole is always sexy, but the establishment of a deposit like Prominent Hill or Carrapateena takes more drilling, and in recent times, the excitement has fizzled out to despair for investors. Those who rode the Minotaur Resources journey in 2001 did fare better, but this search for the next IOCG in South Australia has not been that great. There is no doubt that when the value is established by discovering something like a Tier-1 deposit, there is no mistake in realising that the value to shareholders is immediate and abundant. Figure1: Geographical distribution of IOCG provinces with selected deposits worldwide. (source: Zhu, Zhimin. (2016). Gold in iron oxide copper–gold deposits. Ore Geology Reviews. 72. 37-42. 10.1016/j.oregeorev.2015.07.001.) Setting the Scene – The Gawler Craton Before Prominent Hill - Carrapateena - The IOCG Race It is popular thinking that before Prominent Hill was drilled in 2001, the prevailing narrative around the Gawler Craton was simple: Olympic Dam was unique. Discovered in 1975, Olympic Dam was so large, so metal-rich, and so geologically complex that it was viewed more as an anomaly than a template. For years, the industry struggled to decide whether Olympic Dam represented a repeatable mineral system or a once-in-a-generation geological accident. For me, I think the Olympic Dam story is a geological event that may still not be repeated. Evaluating the genesis of a geological phenomenon like Olympic Dam will most likely draw out more questions than answers. Macmahon working underground at Olympic Dam Operations. (source: Macmahon) I tell people that if you made a discovery like Olympic Dam, why bother about how it formed? Your attention to developing and maintaining the production to its full potential will take up multiple generations as it is. Figure 2 below shows why the Gawler IOCGs are always being talked about in terms of grade and size. Olympic Dam is easily ahead of its competitors compared to other global IOCG deposits, and when you take the three biggest singular deposits together, Grasberg, Bingham, and Olympic Dam, these three are in their own league. Figure 2: A diagrammatic representation of the Gawler IOCG comparison to other known global IOCG deposits regarding copper endowment in 2006. Grade-tonnage data showing copper grades for selected IOCG deposits and other deposits (magnetite-apatite and skarn), after Williams et al. (2005: fig.3). Note the extreme range (three orders of magnitude) of copper grades when deposits are combined in this way and even one order of magnitude variation for the Cu-bearing IOCG deposits. Note also the generally higher copper (and gold, not shown) grades than those of most porphyries, at the same size. (source: Groves, David Ian et al. “Iron Oxide Copper-Gold (IOCG) Deposits through Earth History: Implications for Origin, Lithospheric Setting, and Distinction from Other Epigenetic Iron Oxide Deposits.” Economic Geology 105 (2010): 641-654. | Williams, P.J., Barton, M.D., Johnson, D.A., Fontboté, L., de Haller, A., Mark, G., Oliver, N.H.S., and Marschik, R., 2005, Iron oxide copper-gold deposits: Geology, Space-time distribution, and possible modes of origin: ECONOMIC GEOLOGY 100TH ANNIVERSARY VOLUME, p. 371–405.) In South Australia, the compounding issue is that the whole IOCG scene is under cover. Much of the Gawler Craton is buried beneath younger sedimentary basins. There were few outcrops, limited geochemical clues, and plenty of reasons to believe that meaningful exploration success would be slow, expensive, and uncertain. This is the environment in which Prominent Hill was conceived. Prominent Hill – A Discovery of Conceptual Courage The declared Ore Reserves and Mineral Resources at Prominent Hill in mid 2008, prior to the commencement of production in 2009, were: Copper resource - Measured + Indicated + Inferred Resources: 174.20 Mt @ 1.39% Cu, 0.56 g/t Au, 3.4 g/t Ag (0.5% Cu cut-off). Gold resource - Measured + Indicated + Inferred Resources: 109.2 Mt @ 0.09% Cu, 1.21 g/t Au, 1.0 g/t Ag (0.5 g/t Au cut-off & <0.5% Cu). TOTAL Resource: 283.4 Mt @ 0.89% Cu, 0.81 g/t Au, 2.48 g/t Ag. Western Copper resource (additional) - Inferred Resources: 14.5 Mt @ 1.69% Cu, 0.28 g/t Au, 3.7 g/t Ag (0.5% Cu cut-off). (source: PorterGeo - Prominent Hill) Challenging the “Olympic Dam Is Unique” Assumption Prominent Hill was discovered by Minotaur Resources in 2001, at a time when the dominant exploration risk was not depth or drilling cost, but model risk. Prominent Hill Mine Site. (source: BHP) Minotaur’s central idea was deceptively simple: If the Gawler Craton could host Olympic Dam, it should be capable of hosting other IOCG systems. That idea may sound obvious today, but at the time, it ran directly against industry thinking. The risk was not whether a target could be drilled, but whether the underlying geological thesis was even valid. The unthinkable and the lack of history are two of the biggest quandaries that mineral explorers have faced in the past and definitely in the present. The Prominent Hill Discovery Model Prominent Hill’s discovery relied on a combination of: Airborne magnetics, identifying iron-rich alteration consistent with IOCG systems Gravity surveys, confirming a dense subsurface body Moderate depth drilling, testing basement targets without extreme cost Importantly, Prominent Hill was not screaming from surface. There was no obvious copper staining or gold anomalism. The signal was subtle, and the interpretation required confidence in geophysics and mineral systems thinking. When drilling finally intersected hematite-rich breccias with copper-gold mineralisation, the implications were immediate. Olympic Dam was no longer an outlier. The IOCG model had legs. Why Prominent Hill Changed Everything Prominent Hill proved three critical points: IOCG systems are repeatable Cover does not eliminate discovery potential Conceptual thinking matters more than surface noise For the Australian exploration industry, this was a turning point. Prominent Hill didn’t just add a mine to the map — it opened an entire province. Prominent Hill planned open-cut mine - production 2009. (source GSA - IOCG Workshop - Adelaide, 24th February 2006 - Roger Skirrow) Carrapateena – Taking the Model to Its Logical Extreme JORC compliant Mineral resources as at 30 June 2020 (OZ Minerals 2020 Mineral Resources and Ore Reserves Statement ) were as follows: Measured Resource - 130 Mt @ 0.96% Cu, 0.42 g/t Au, 3.6 g/t Ag; Indicated Resource - 500 Mt @ 0.62% Cu, 0.26 g/t Au, 2.9 g/t Ag; Inferred Resource - 330 Mt @ 0.32% Cu, 0.16 g/t Au, 2.0 g/t Ag; TOTAL Resource - 950 Mt @ 0.57% Cu, 0.25 g/t Au, 2.7 g/t Ag. (source: PorterGeo - Carrapateena) From Concept to Conviction If Prominent Hill answered the question “Can IOCGs exist beyond Olympic Dam?”, then Carrapateena asked something far more confronting: “How deep are we prepared to go to find them?” Discovered by Oxiana in 2005, Carrapateena was a deliberate escalation of the Prominent Hill model. This was not conceptual bravery — this was conviction exploration. By the time Carrapateena was drilled, the industry broadly accepted that IOCGs existed across the Gawler Craton. The challenge was no longer belief; it was commitment. The Carrapateena Discovery Model Carrapateena sits beneath more than 400 metres of sedimentary cover, making it one of the most deeply buried major copper-gold discoveries in Australia. Key elements of the Carrapateena model included: Gravity as the primary targeting tool, rather than magnetics Acceptance that magnetics might be subdued or ambiguous Deep, expensive drilling, with long lead times and limited early feedback Early drilling did not deliver instant gratification. There were no spectacular first holes that screamed “discovery.” Instead, Carrapateena required patience, internal conviction, and a willingness to absorb cost without immediate validation. This is where many explorers fail. A schematic representation of the geological view of the Carapateena IOCH Deposit. (source PorterGeo - Carapateena) Why Carrapateena Worked Carrapateena succeeded because Oxiana was prepared to: Trust gravity data in covered terrain Accept delayed technical validation Maintain focus on a single, high-quality target The discovery ultimately revealed a large, vertically extensive, magnetite-rich IOCG system, distinct in character from Prominent Hill but no less significant in scale. Carrapateena proved that world-class mineral systems could exist far deeper than previously assumed — and still be economically viable. Prominent Hill vs Carrapateena – Two Very Different Risks Although both deposits sit within the same province and belong to the same mineral system family, the risks involved in their discovery were fundamentally different. Prominent Hill was dominated by model risk. Carrapateena was dominated by depth and capital risk. Prominent Hill could be tested relatively quickly and cheaply once the concept was accepted. Carrapateena required long-term funding, corporate patience, and technical resilience. This distinction is critical, particularly for investors watching today’s exploration juniors attempt to emulate these successes. Lessons for Modern Exploration - Looking for the Elusive IOCG Prize. Geological Lessons IOCG systems are not uniform — hematite-dominant and magnetite-dominant systems express differently No single geophysical tool is sufficient on its own Gravity becomes increasingly important as the cover thickens Strategic Lessons Prominent Hill shows the power of conceptual clarity Carrapateena demonstrates the necessity of financial endurance Not all “Carrapateena-style” targets are appropriate for juniors The Investor Lens – Why Does the Discovery of IOCG Deposits like Prominent Hill and Carrapateena Still Matter From a Samso perspective, these discovery models are being tested against what I call corporate matters. It's a simple description, as I always see that the technical information is typically consistent, but they have to argue against limited cash and against the opportunity cost and the resulting corporate environment after an unsuccessful drilling campaign. Prominent Hill-style exploration often suits well-run juniors: moderate depths, manageable budgets, and quicker technical feedback. Carrapateena-style exploration is a different beast entirely. It demands: Strong balance sheets Long timelines Acceptance of low news flow and high uncertainty When juniors talk about “Carrapateena analogues,” investors should ask a simple question: Do they have Carrapateena-level patience and funding? Samso Concluding Comments Prominent Hill and Carrapateena remind us that discovery is not about luck — it is about thinking clearly, committing deeply, and staying the course when validation takes time. One could say that Prominent Hill gave the industry permission to believe again in the Gawler Craton. Carrapateena forced it to grow up and accept that the next generation of discoveries would be harder, deeper, and more expensive. It is now abundantly clear that the mineral industry, especially in the Gawler, discovering IOCG deposits like Prominent Hill and Carapateena, is all about having a lot of courage, capital, and luck to seek the deep discoveries. All the easy discoveries are now a memory. For the foundation of the mineral exploration foundation, the discovery of both IOCG deposits, Prominent Hill and Carrapateena, may have formed the blueprint for modern undercover exploration at that time, and a warning that shortcuts rarely work. To mineral explorers in 2026, it is accepted that in many of the well-explored regions in Australia, one must accept that undercover mineral exploration is the norm. Fortunately, Australian explorers have been used to the deep weathering profile for many decades. To give some form of comparison, the Degrussa Copper project, which was a great copper deposit that has yet to be repeated in recent times, had a resource of 10.67 Mt @ 5.6% Cu, 1.9 g/t Au, 15 g/t Ag. The copper metal was about 597,530 tonnes of contained metal. Prominent Hill had a discovery resource of 101MT at 1.5%Cu, 0.55g/t Au for approximately 1,515,000 tonnes of contained copper metal. As quoted by PorterGeo, the JORC compliant Mineral resources for Carrapateena as at 30 June 2020 (OZ Minerals 2020 Mineral Resources and Ore Reserves Statement ) were 950 Mt @ 0.57% Cu, 0.25 g/t Au, 2.7 g/t Ag. For comparison, the Ernest Henry IOCG style CU-Au deposit in Queensland had a total reserve and resource prior to the commencement of mining in 1998 of 166 Mt @ 1.1% Cu, 0.54 g/t Au. One could say that Prominent Hill, compared to Carapateen, may be considered small in terms of resources for an IOCG, but I will take the discovery of Prominent Hill as my discovery any time. No matter the size, the discoveries of both deposits ultimately showed that depth is hiding great wealth if you have the courage and the ability to chase it. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

I have been a keen follower of the Kaiser Reef Limited (ASX: KAU) story since it became literally an overnight gold producer. Kaiser made the transition to become a profitable Australian gold producer operating in Tasmania and Victoria when it acquired the Henty Gold Mine. The Company currently owns and operates the Henty Gold Mine in Tasmania and the Maldon Gold Project in Victoria, including the Union Hill Gold Mine and the Porcupine Flat Processing Plant. Gold Bars for All Australian Gold Producers Henty has a Mineral Resource of 438koz @ 3.3g/t Au and Ore Reserves of 199koz @ 3.3g/t Au. Maldon includes Union Hill with a Resource of 186koz @ 4.4g/t Au and a historical production record of over 1.75Moz Au prior to 1926. The two February announcements outline: A defined Inferred Resource for the Union Hill waste dumps (now classified as a stockpile). A forward strategic plan for Henty and Maldon focused on production growth, exploration, and balance sheet management. Kaiser Reef – Defined Low-Grade Gold Stockpile and District-Scale Strategic Plan The 11 February 2026 release confirmed the successful conversion of historical Union Hill waste dumps into a defined Inferred Mineral Resource stockpile. This work provides a quantified low-grade base to support ongoing processing at Porcupine Flat. The 16 February 2026 release outlines Kaiser Reef Limited’s strategic plan for both Henty and Maldon, targeting: Increased production run rate at Henty to 35kozpa Au from late FY27 Near-mine and regional exploration programs Advancement of Union Hill underground works Continued low-grade processing to underpin cash flow Balance sheet reduction initiatives Together, the announcements define both short-term operational continuity and medium-term growth initiatives. Highlights – Union Hill Stockpile Defined and Strategic Growth Path Outlined Union Hill Waste Dump Converted to Inferred Stockpile Resource (Figure 1 and Figure 2) The Union Hill waste dumps have been estimated at: 566kt @ 0.48g/t Au for 8,649oz Au (Classified as Inferred Mineral Resource under JORC 2012) 163 RC drill holes 2,212m of drilling 20m x 10m grid spacing Inverse Distance (ID1) block modelling Top cut of 5g/t Bulk density of 1.91 Processing in January included: 3,234t @ 1.61g/t Au 90.7% recovery 152.3oz Au produced Processing was exclusively Union Hill stockpile material during that period. Figure 1 Union Hill Stockpile (Green) with topography and Union Hill Pit. (source: KAU) Figure 2: Union Hill Waste Dump Drill Hole Locations and Waste Dump Outline (Yellow). (source: KAU) Nuggetty Waste Dump Investigation (Figure 3) At Nuggetty (1.5km north of Union Hill): Approximate area: 16,000m² 321 rock chip samples averaging 1.8g/t Au Permitting underway for reclamation and processing Figure 3 Nuggetty Waste Dum p Outline (Yellow). (source: KAU) Henty Gold Mine – Production and Exploration Plan (Figure 4) Strategic plan for Henty includes: Production run-rate target increased to 35kozpa Au from late FY27 Continued underground development to open additional stopes Second underground diamond drill targeting resource and reserve growth Near-mine exploration commencing H1 FY27 Regional exploration commencing H2 FY27 Processing capacity currently exceeds underground output, with focus on increasing aggregate development. Figure 4: Maldon Gold Project Strategic Plan. (source: KAU) Maldon Gold Project – District-Scale Strategy (Figure 5) Strategic workstreams at Maldon include: Continued low-grade base load processing Ongoing data consolidation Target generation and drilling at Nuggetty, South Nuggetty and Porcupine Flat Re-establishment of Union Hill underground services Drill positions at Union Hill expected Q1 FY27 Targeting ore development at Union Hill commencing H2 FY27 Figure 5: Maldon Gold Project Map. (source: KAU) Balance Sheet Management The 16 February release confirms: Final Auramet gold call option (1,000oz @ A$5,300) to be closed out in February Gold loan and deferred payments being progressively reduced All growth and resilience works to be self-funded from underlying cash flow Management Commentary Managing Director Brad Valiukas stated that: The Union Hill waste dumps have been converted into a defined stockpile resource. Processing at Porcupine Flat can continue while exploration and rehabilitation works progress. Maldon represents a district-scale gold opportunity with multiple historical workings. Henty has near-mine and regional exploration potential along a broader mineralised trend. Balance sheet liabilities continue to be reduced. Near-Term Milestones to Watch Ongoing processing of Union Hill stockpile Permitting for Nuggetty surface reclamation Recruitment of exploration team at Henty Commencement of near-mine exploration (H1 FY27) Union Hill underground drill positions available Q1 FY27 Ore development targeting H2 FY27 Updated production guidance for FY27 Samso Concluding Comments The February announcements outlines the obvious. The Kaiser Reef Limited story is one that I have liked since it morphed itself out of nothing in the beginning of the new company narrative with the acquisition of the Henty Gold Mine. It was like the rise of the Phoenix. The news on the Union Hill stockpile provides an additional quantified low-grade material source that supports continued utilisation of the Porcupine Flat plant. Figure 6: Union Hill Stockpiles – Plan View. (source: KAU) In the current gold price environment, this will be the icing on the cake for Kaiser Reef Limited that was not in existence when the gold price was significantly lower six months ago. Investors should be very keen to see how this develops as if the studies are positive, this will indeed add to the fortunes of Kaiser Reef Limited. Figure 7: Union Hill Stockpiles – Long Section – looking East. (source: KAU) At Henty (Figure 8), the focus is on increasing underground development to match existing processing capacity. The production run-rate target of 35kozpa from late FY27 is supported by development and exploration programs. Without elaborating on the obvious merits of being part of a money printing business to existing shareholders, I have always said that an operator like Brad will make this work and with the rising gold price, his job got significantly easier. Figure 8: Henty Project Map. (source: KAU) The Maldon strategic plan outlines concurrent workstreams including target generation, permitting, rehabilitation and potential ore development. The district-scale approach is supported by multiple historical mines and infrastructure already in place (Figure 9). Figure 9: Central Victorian Goldfields. (source: KAU) The balance sheet update indicates progressive reduction of legacy liabilities while funding exploration and development internally. The announcements collectively provide operational data, resource definition and forward activity timelines without revising existing resource and reserve assumptions. Market Implication - The Investor Lens There is not much to say about the market implication as we all know that any gold producer now is laughing all the way to the bank. All shareholders of a gold producer are doing the same, so Figure 10 is all you need to understand the fortunes of Kaiser Reef Limited. Figure 10: The share price chart for Kaiser Reef as of 24th February 2026. (source: commsec) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

As the followers of Samso know, I am a big fan of Tungsten and the current price of tungsten is just ballistic. I cannot ignore any new news on the tungsten sector now as the current state of the market, assuming it is sustained, changes the economic scenario of projects dramatically. What companies like Viking Mines Limited (ASX: VKA) is now proposing can no longer be taken in the same light as it would have been when the tungsten pricing was in the USD $400s per mtu. This is the reason investors must take notice when VKA is advancing its USA Tungsten Project in Nevada, targeting domestic supply into a tightening U.S. procurement environment. This ASX release on the 24th February confirms completion of full historical data digitisation at the Linka Project and reports high-grade intercepts at the Conquest area. The announcement also outlines an accelerated pathway toward early production aligned with U.S. defence procurement changes. Completion of Historical Dataset Validates High-Grade Tungsten Conquest Potential at Linka Project, Nevada Viking Mines Ltd is focused on tungsten exploration and development in Nevada, USA. The Company has entered into a binding agreement to acquire a 100% interest in the Linka Project (Figure 1) and associated tungsten assets from BLK Group LLC, subject to staged payments totalling US$2.88 million over seven years, with a retained 2% NSR (with a 1% buy-down option for US$2M). The 24 February 2026 ASX announcement confirms that project-wide historical digitisation is now 100% complete, covering 70 drillholes for approximately 2,881 metres. The final tranche focuses on 32 holes (959m) at the Conquest area, which has delivered some of the highest-grade tungsten results recorded within the broader Linka Project. The Company states that drilling at Conquest averaged only 30m depth, with a maximum depth of 56m. This indicates limited historical testing and leaves open potential along strike and at depth. Figure 1: Map showing surface geology and drillhole locations at the Conquest Mine. Highlights significant intercepts and the priority untested target area. Highlights – High-Grade Tungsten With Shallow Intercepts Define Immediate Development Targets The Conquest area returned the following significant drill intercepts (downhole widths): 12.2m @ 1.3% WO₃ from 26.5m (CR-19), including 1.5m @ 4.8% WO₃ from 32.6m 22.9m @ 0.6% WO₃ from 19.8m (CR-02), including 6.1m @ 1.2% WO₃ from 36.6m 22.9m @ 0.5% WO₃ from 15.5m (CR-20), including 11.3m @ 0.6% WO₃ from 26.2m 10.7m @ 0.6% WO₃ from 14.0m (CR-17) 18.3m @ 0.5% WO₃ from 21.3m (CR-07) Additional moderate-grade intercepts were reported from CR-16 and CR-15. The Company notes that all widths reported are downhole intercepts and true thickness is not yet established. Mineralisation at Conquest is hosted in the Vinini Formation, which is considered less favourable than the Antelope Valley Limestone (host to Linka Main mineralisation). Geological interpretation suggests the Vinini Formation thickness in this area may be between 65–100m, implying potential for additional mineralisation at depth where the intrusive contacts the Antelope Valley Limestone. Figure 2: Long section Y-Y showing drillholes and untested western zone. Highlights potential lower contact mineralisation and quartz monzonite thickness uncertainty. Figure 3: Cross section S-S’ showing historical drill results and interpreted contact with Antelope Valley Limestone (source: VKA) Regional Exploration Potential & Immediate Drill Targets The digitised historical data defines three immediate target areas: Conquest Pit and Southwest Contact – No historical drilling directly beneath the pit due to access constraints and vertical hole orientation. Future angled drilling is planned to test beneath the pit and along the southwest contact zone. Untested Volcanic Cover – Six holes tested only the base of the Bates Mountain Tuff and did not reach the prospective contact beneath. This leaves the southeast zone open for follow-up drilling. Antelope Valley Limestone at Depth – Geological interpretation suggests potential mineralisation where the intrusive meets the more favourable AV Limestone at depth. The Company also references ongoing gravity and magnetic surveys to map a 1.6km mineralised corridor, integration of datasets into a 3D geological model, and federal permitting via submission of a Notice of Intent (NOI) for a June quarter 2026 maiden RC drilling campaign. Management Commentary Managing Director & CEO Julian Woodcock stated that completion of the digitised dataset consolidates the historical exploration record and validates the opportunity presented by the high-grade tungsten system at Conquest. The announcement references upcoming changes to U.S. defence procurement rules under DFARS clause 225.7018-2. Through 31 December 2026, restrictions apply to tungsten metal powder and heavy alloy from covered countries (including China, Russia, Iran, and North Korea). From 1 January 2027, broader restrictions apply to tungsten mined, refined, or produced in covered countries. The Company states that its maiden drill programme is being designed to support early mining scenarios by targeting high-grade, shallow blocks identified in historical drilling. Near-Term Milestones to Watch Completion of 3D geological modelling integrating all 70 digitised drillholes Final interpretation of gravity and magnetic surveys across the 1.6km corridor Submission of federal Notice of Intent (NOI) Maiden RC drilling programme targeting shallow high-grade mineralisation (June Quarter 2026). Samso Concluding Comments The tungsten space is one of the most exciting space in the mineral resource space. I have said that investors are not understanding the key fundamentals of the critical nature of the sector. For the last decade, the phrase "Critical Minerals" have been thrown around but the reality of a mineral being so scarce that it creates a supply crunch is Tungsten. Rare Earths are not rare and so is lithium. If you do the research, you will suddenly realise that a tungsten deposit that allows mining to occur in an economic manner is indeed rare. The only factor that is making the space very different now is the rising price. The completion of digitisation of 70 historical drillholes provides Viking with a consolidated geological dataset across the Linka Project. This allows the Company to move from historical compilation into structured technical evaluation (Figure 1), which is exciting for shareholders and management of VKA. The Conquest drilling demonstrates that high-grade tungsten occurs at shallow depths, with average historical drilling limited to approximately 30 metres. This shallow nature aligns with the Company’s stated intention to evaluate early mining scenarios (Figure 2 and Figure 3). Another benefit for Viking is the policy framework in the United States under DFARS introduces procurement restrictions on tungsten sourced from covered countries. The timing of Viking’s advancement toward drilling and potential early production aligns with this regulatory transition. Ongoing work including 3D modelling, geophysics integration, and permitting will determine the next stage of technical assessment. The upcoming maiden drill programme will provide updated data to validate historical results and test open zones identified in the digitised dataset. Market Implication - The Investor Lens As we write, Viking is currently at a market capitalisation of AUD $35M and a market that seem to be missing when we are talking about the potential value of a tungsten acquisition. The missing excitement is something that is a mystery to me. Like the market tightness of Molybdenum, the ASX investing community does not seem to understand the potential of tungsten. Figure 4: The share price chart for Victory Mines as of the 25th February 2026. (source: commsec) There looks like there is some demand for Viking shares (Figure 4) in January but in terms of the potential that I see, I can only explain it with a lack of market understanding and a lack of capital that is willing to enter this sector in a substantial volume. As they say, time will be the ultimate judge and for me, anything in the tungsten space now is fair game as the price of tungsten has gone ballistic at around USD $1760 mtu as quoted on the 24th February 2026. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Samso has been following Adisyn Limited due to its development of low-temperature Atomic Layer Deposition (ALD) graphene technology targeting semiconductor interconnect applications. Adisyn Limited core value proposition has been centred on addressing performance limits of copper interconnects in advanced semiconductor devices. This latest ASX announcement introduces an additional proof-of-concept application of Adisyn Limited graphene capability in radar signature reduction. While the semiconductor roadmap remains the primary focus, this release highlights a parallel technical validation program with potential defence and aerospace relevance. This summary reflects the factual disclosures made in the ASX release dated 26 February 2026 below: Adisyn successfully tests additional use case for proprietary graphene technology – 26 February 2026 ( view the announcement ) Graphene Composite Achieves 20dB Radar Reflection Reduction in Laboratory Testing On 26 February 2026, Adisyn Limited announced completion of an initial proof-of-concept (POC) program in collaboration with Ramot, the technology transfer company of Tel Aviv University, demonstrating radar reflection reduction using graphene-enhanced composite materials. Who Is Ramot and What Do They Do Ramot is the official technology transfer company of Tel Aviv University (TAU), based in Israel. Ramot’s role is to: Identify research discoveries made at Tel Aviv University Protect intellectual property (IP), including patents Commercialise technologies through licensing agreements or spin-out companies Connect academic research with industry partners globally Technology transfer companies like Ramot act as the bridge between university research and commercial markets. Core Functions Intellectual Property ProtectionRamot files and manages patents arising from TAU research. Licensing AgreementsIt negotiates agreements with companies seeking to use TAU-developed technologies. Startup FormationIt helps create and support spin-off companies based on university innovations. Industry PartnershipsIt facilitates collaborations between TAU researchers and commercial partners. Relevance in the Adisyn Context In the recent ASX release, Adisyn’s proof-of-concept radar program was conducted in collaboration with Ramot, meaning: The research originated from Tel Aviv University. Ramot manages the commercial rights to that technology. Adisyn holds a 12-month option to secure exclusive, perpetual rights under agreed terms. Laboratory testing confirmed up to 20dB reduction in radar reflection coefficient relative to baseline materials under controlled conditions. Further optimisation is underway with a target of up to 30dB reduction, which would equate to a 1,000-fold reduction in effective radar cross-section. Adisyn Limited also confirmed that its low-temperature ALD graphene deposition program for semiconductor interconnects remains on track, with updates expected in coming weeks. The Business of Adisyn Limited (ASX: AI1) Adisyn Limited is an ASX-listed technology company focused on graphene-based solutions for the semiconductor industry. Its core technology is a patented low-temperature Atomic Layer Deposition (ALD) process designed to enable direct graphene growth on semiconductor wafers. The objective of this technology is to address performance constraints of copper interconnects and support faster, stronger and more energy-efficient computing systems. In addition to graphene development, the Company operates Adisyn Services, providing managed IT solutions including cloud, cybersecurity and AI services to Australian SMEs. Highlights – Proof-of-Concept Radar Signature Program Initial proof-of-concept completed in collaboration with Tel Aviv University’s technology transfer arm. Laboratory testing demonstrated up to 20dB radar reflection reduction using graphene-based composite material. Further optimisation targeting up to 30dB reduction. A 30dB reduction would reduce effective radar cross-section by a factor of 1,000. Potential applications identified in UAV, defence, aerospace and advanced composite materials markets. Program led by Professor Pavel Ginzburg, radar physicist at Tel Aviv University. 12-month option to secure exclusive, perpetual rights to the technology under agreed terms. Strategic Radar Industry Relevance The ASX release outlines potential advantages in UAV, aerospace and defence applications where radar signature management is critical. The release explains that a 30dB reduction could shrink the radar detection profile of a drone from an object appearing as 1 square metre to approximately 10 square centimetres. Adisyn Limited notes that this program is at an early stage of technical validation and further laboratory optimisation and scalability validation would be required before commercial assessment. Scientific Leadership The radar research program is led by Professor Pavel Ginzburg, Full Professor of Electrical Engineering at Tel Aviv University. Professor Ginzburg specialises in radar physics, electromagnetics and scattering control, providing academic oversight during the proof-of-concept phase. Core Semiconductor Graphene Interconnect Program Remains Primary Focus Adisyn Limited confirmed that the radar-related initiative does not alter its primary semiconductor roadmap. Adisyn Limited core focus remains development and commercialisation of its low-temperature ALD graphene deposition technology for semiconductor interconnect applications. Management Commentary Managing Director Arye Kohavi confirmed completion of the initial proof-of-concept and noted that further optimisation work is underway. The Board considers that successful optimisation could position Adisyn Limited within a specialised segment of the advanced 2D materials market focused on signature-aware composite systems. Near-Term Milestones to Watch Continued laboratory optimisation targeting up to 30dB radar reflection reduction Further validation to assess scalability and performance consistency Potential exercise of 12-month option for exclusive, perpetual technology rights Separate update on semiconductor interconnect program milestones. Previous Samso News Coverage – An Investor Lens Samso has previously covered Adisyn’s corporate and technology developments, including: A New Leader - A Semiconductor-Focused Business - - Is this Perfect Timing for New Investors?– Appointment of New Managing Director. Technical Validation, Strategic Focus, and Capital Reallocation - A Semiconductor Story These prior Samso News blogs outlined the Company’s semiconductor-first strategy and its focus on graphene-enabled interconnect technology. Samso Concluding Comments This ASX release confirms that Adisyn Limited has completed a laboratory proof-of-concept demonstrating radar reflection reduction using graphene-enhanced composites. The reported 20dB reduction was achieved under controlled testing conditions. Further optimisation is underway targeting up to 30dB reduction. Adisyn Limited has stated that this initiative is secondary to its semiconductor interconnect program. Development of the low-temperature ALD graphene deposition process remains the primary focus of the business. The radar application introduces a parallel validation stream that leverages existing graphene expertise. The technology remains at an early technical validation stage and requires further optimisation and scalability assessment. Under the collaboration framework, Adisyn Limited holds a 12-month option to secure exclusive rights to the radar-related technology. Further updates will be provided as material milestones are achieved. Market Implication - The Investor Lens Currently as of the 2nd march 2026, Adisyn Limited has a market capitalisation of AUD $42.5M which sits well for me, in terms of taking a punt from a retail investors lens of opportunity. The share price chart (Figure 1) does look reasonable as it starts to trend in a northerly direction. This is not saying that this is going to be its trend moving forward, but its a lot more easier to think positive with with this trend. One could say that the market cap should be lower to take that investment risk but times like this, I think about how we react to brands. The fact that branding is all about quality and hence reassurance of quality, is a company with a market cap of AUD $10M a good "punt" or one that is AUD $42.5M ? Figure 4: The share price chart for G11 Resources Limited as of the 2nd march 2026. (source: commsec). I like the sector that the business is trying to pursue and I think this is definitely one that is future proof. The hard part to visualise is that it is an Australian venture and this sector is not one that we see Australian ventures star well. There is always a new way to see things and this is why I am keen to follow the progress. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

archTIS Limited (ASX: AR9) operates in a specialised segment of the cybersecurity market focused on data-centric security for government, defence, and regulated industries. The Company’s positioning within Zero Trust architecture and attribute-based access control (ABAC) environments places it in a sector where procurement cycles are long and compliance standards are strict. This ASX release dated 26 February 2026 outlines three separate but connected developments: Award of a U.S./European military alliance contract. Progress update on a key U.S. Department of Defense (DoD) contract. Increase in the Company’s Commonwealth Bank of Australia (CBA) debt facility. The announcement provides clarity on contract values, deployment status, operational integration, and capital structure. This summary reflects the factual disclosures made in the ASX release dated 26 February 2026 below: AR9 Awarded US/EU Alliance Contract & Provides US DOD Update – 26 February 2026 ( view the announcement ) Previous Samso News Coverage - archTIS Limited 8th January 2026 - archTIS Limited – U.S. Department of Defense Progress Signals Strategic Momentum 6th November 2025- archTIS secures additional U.S. DoD contract for NC Protect (DoD365) 11th August 2025 - A Global Cybersecurity Narrative in Motion: Defence-Grade Trust Fuels archTIS Momentum archTIS Limited – Business Context archTIS Limited is a global provider of data-centric security solutions designed to enable secure collaboration of sensitive information across cloud, on-premises, and hybrid environments. Its product suite includes: NC Protect Kojensi Trusted Data Integration Spirion The Company’s core offering centres around policy-enforced Zero Trust architecture and attribute-based access control (ABAC), which allows fine-grained, context-aware access to sensitive data across complex multi-domain environments. The primary customer base includes government, defence, enterprise, and regulated industries. U.S./European Military Alliance Selects NC Protect for Transatlantic Defence Collaboration Highlights – Contract Award and Commercial Structure 1. Contract Award Structure archTIS Limited has been awarded a contract by a U.S. and European military alliance to safeguard member nation data for secure collaboration across transatlantic allied defence operations. Initial award: ~A$416,000 Two subsequent option years: ~A$805,000 Total potential value: ~A$1,220,000 The initial award covers the balance of calendar year 2026 and includes: ~A$244,000 for licensing ~A$170,000 for configuration and support Each optional year includes: ~A$267,000 licensing ~A$136,000 support costs The award may be cancelled for convenience, with payment made for completed and accepted work. Optional year issuance is at the sole discretion of the purchaser. 2. Technical Scope – ABAC Deployment in Coalition Environments NC Protect will provide attribute-based access control (ABAC) policy enforcement leveraging Microsoft SharePoint. The solution will operate across multiple civil-military security domains from dozens of allied nations, where organisations must balance “need-to-know” with “need-to-share”. Traditional role-based access control was deemed insufficient for this environment. NC Protect was selected due to: Fine-grained ABAC controls Native SharePoint integration Centralised policy administration Real-time enforcement The operational effectiveness of the solution was validated through a funded pilot prior to award. U.S. DoD Contract Update – Deployment Progress archTIS Limited reconfirmed continued progress with a key U.S. DoD contract, including: Deployment and integration into multiple live environments Successful completion of contracted development services archTIS is working toward second-stage deployment of NC Protect licenses within the U.S. DoD environment. archTIS Limited has successfully deployed NC Protect into a complex operational environment and continues supporting Zero Trust mandate targets. CBA Facility Upgrade – Capital Structure Update archTIS Limited confirmed an increase in its Commonwealth Bank financing facilities from: $2,000,000 → $8,000,000 total The facilities comprise: $4,000,000 facility maturing 30 July 2026 $2,000,000 facility maturing 29 January 2027 $2,000,000 facility maturing 31 January 2027 Interest is at a fixed margin over Bank Bill Swap Yield (BBSY) with standard reporting and compliance terms. The increase is intended to support: Working capital cycles Product investment Ongoing contract execution Management Commentary The CEO and Managing Director noted that the award strengthens archTIS Limited position in defence and allied markets and expands its footprint within large-scale enterprise environments. The Chief Strategy Officer and U.S. President stated that the contract represents an important milestone in the Company’s defence sector growth strategy and reflects increasing demand for data-centric security within allied defence environments. Near-term Milestones to Watch Operationalisation of NC Protect within the alliance’s enterprise architecture. Issuance or non-issuance of optional contract years. Progression of second-stage deployment within U.S. DoD. Continued integration across live operational environments. Utilisation of expanded CBA facility for working capital and product investment. Samso Concluding Comments The 26 February 2026 announcement outlines a structured defence-sector contract award, an operational deployment update, and a financing facility increase. The initial alliance contract is defined with clear licence and support components, and optional years remain subject to purchaser discretion. The deployment update with the U.S. DoD confirms integration into live operational environments and progression toward broader licence deployment. This establishes that the product is operating within complex defence systems rather than remaining in pilot stage. The increase in banking facilities from $2 million to $8 million extends the archTIS Limited funding capacity to manage working capital and contract execution cycles. The maturity profile extends into 2027, creating a staged debt structure. This announcement provides defined contract values, deployment confirmation, and financing detail. The factual elements relate to contract structure, technical deployment, and capital facilities as disclosed in the ASX release dated 26 February 2026.* Market Implication - The Investor Lens This is an interesting business in which the hurdles of creating a cyber secure platform or barrier is incrementally harder with the development of the very tool they are using to create the business. The business of AI is helping both side of this business and the use and advancement of the intelligence is almost running in parallel with each other. Figure 1: The share price chart for archTIS Limited as of the 2nd march 2026. (source: commsec). As you can see in Figure 1, the share price journey for AR9 is somewhat flat. I would have thought that the incoming introduction of the DoD would give the share price a boost but it seems to have just created a profit taking scenario. A market capitalisation of AUD $42M at the time of writing is pretty standard as I have been reviewing ASX stories in the sector for a while. The recent decline in the US markets have probably had some influence on the market sentiment in the ASX but lets see what happens with time. I like the sector that the business is trying to pursue and I think this is definitely one that is future proof with everything that we do related to the internet. I think this is an oxymoron statement as in 2026, whoever still think we are not is in need for a neurosurgeon. Samso has been covering archTIS Limited for a while and we still feel that there is room for improvement. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Control Bionics Limited (ASX: CBL) operates in the neurotechnology medical device sector, with more than 20 years of experience in surface electromyography (EMG) technologies. The Company develops assistive communication solutions for individuals with complex communication needs. The ASX announcement dated 26 February 2026 outlines a strategic joint venture with NextLevel Assistive Technology to expand Control Bionics’ presence in the United States iOS-based speech-generating device (SGD) market. The United States represents the largest global Augmentative and Assistive Communication (AAC) market, with an estimated 2.5–3.5 million individuals requiring speech-generating solutions. This release provides structural detail on how Control Bionics intends to participate in that segment through a capital-light partnership model. Joint venture with NextLevel Assistive Technology – 26 February 2026 ( view the announcement ) About NextLevel Assistive Technology NextLevel Assistive Technology is a United States-based developer of speech-generating device (SGD) hardware designs focused on Apple iOS-based Augmentative and Assistive Communication (AAC) solutions. The company specialises in designing device chassis and hardware components that integrate with iOS tablets to create dedicated speech-generating devices for individuals with complex communication needs. These devices are typically used by people with neurological conditions such as ALS, cerebral palsy, stroke-related impairments and other conditions that affect speech. Introduction – Joint Venture to Enter High-Volume iOS-Based AAC Segment in the US Control Bionics Limited announced that its US subsidiary, Control Bionics Inc., has entered into an exclusive manufacturing, distribution and intellectual property licence agreement with NextLevel Assistive Technology. The agreement is structured to jointly commercialise a new range of iOS-based speech-generating devices under the Uno Touch Omni and Active product line in the United States. The structure is capital light. NextLevel will fund all device tooling and manufacturing. Control Bionics will perform final assembly, regulatory compliance and distribution. Highlights – Exclusive iOS-Based SGD Agreement in the US Market The key elements of the agreement are: Exclusive agreement to manufacture, distribute and sell UnoTouch Omni and Active iOS-based SGDs in the United States Control Bionics to act as FDA Manufacturer of Record and distributor through established partner channels NextLevel to fund all device tooling and manufacturing Control Bionics to receive a fixed per device contribution margin Advanced negotiations with multiple US distributors under non-binding Letters of Intent Capital-light structure with positive working capital dynamics Industry estimates referenced in the announcement indicate: Approximately 60–70% of new US SGD prescriptions are tablet-based Annual US SGD volumes of approximately 55,000–65,000 devices iOS-based SGDs represent a US$100–150 million annual segment The Company disclosed that negotiations with distributors contemplate potential annual volumes in the range of approximately 1,000–1,500 iOS devices. These volumes are subject to definitive agreements, regulatory and reimbursement processes, and market rollout. There is no certainty that negotiations will result in binding agreements or that contemplated volumes will be realised. Management Commentary The CEO stated that the partnership allows Control Bionics to participate at scale in the largest segment of the US AAC market through existing distributor channels, without capital investment or manufacturing risk. The announcement states that the arrangement is revenue, profit and cashflow accretive. It complements the NeuroNode neural-interface platform by adding a high-volume iOS device portfolio, strengthening the Company’s position within US distribution channels. The Business of Control Bionics Limited – Company Context Control Bionics is a neurotechnology medical device company focused on assistive communication solutions. Its core patented NeuroNode technology detects EMG signals from skeletal muscles and enables speech and computer-controlled functions. The NeuroNode integrates touch, eye gaze and neural interface control, providing multi-modal access for users. The Company is also commercialising NeuroStrip, a miniaturised wearable EMG device that may provide access to additional markets including diagnostics, sports performance and rehabilitation. Control Bionics operates in North America, Australia, Europe and Japan. Previous Samso News Coverage Published 13 February 2026 - Control Bionics Limited — U.S. Pilot Distribution Agreement with Tobii Dynavox Near-Term Milestones to Watch Execution of definitive agreements with US distributors Completion of regulatory and reimbursement processes Initial commercial rollout of UnoTouch Omni and Active devices Confirmation of annual unit volumes within the contemplated 1,000–1,500 device range Integration of iOS-based portfolio alongside the NeuroNode product suite Samso Concluding Comments The ability to communicate is a critical aspect of the human species. It is what makes us as an evolved and evolving species. Control Bionics devices empower those who fall behind in the race to have a moral functional daily life. The paragraphs below gives potential investors a good feel of what is to be gained for the shareholders if the company can get the application and the execution on track. Our devices empower people across a wide spectrum of needs, from those living with conditions such as ALS/MND, Spinal Muscular Atrophy, Cerebral Palsy, and Spinal Cord Injury, to athletes and patients working on sports performance and physical rehabilitation. When diagnosed or recovering, you are making a lot of tough decisions. When it comes to augmentative and alternative communication devices (AAC) and wearable neurotechnology, the decision is easy. Control Bionics guides you through every step of the process and makes sure you receive the technology you need to communicate, recover, and perform at your best all day, every day. ----- Control Bionics Limited This announcement outlines a defined expansion into the tablet-based segment of the US speech-generating device market. The agreement divides roles between NextLevel and Control Bionics, separating manufacturing funding from regulatory and distribution functions. Getting the business into the US AAC market data will allow the company to get some form of footing and this opportunity presented indicates a structural shift toward tablet-based devices. The joint venture aligns the Company with this high-volume segment while maintaining its existing neural-interface product line. The capital-light model reduces direct manufacturing exposure. NextLevel funds tooling and chassis production, while Control Bionics retains regulatory responsibility and distribution control as FDA Manufacturer of Record. Distributor negotiations remain non-binding and subject to further agreements, regulatory processes and market rollout. Realisation of contemplated volumes will depend on execution and commercial uptake. If there was a weakness in the ASX release, it would be the non-binding nature as we all know, business strategies need structure. Non-binding agreements can be more show than walk, so lets see how this pans out. Market Implication - The Investor Lens Control Bionics are still at an early stage of their journey and the market capitalisation of AUD $24.2M as of 2nd March 2026 is a reflection of the early stage business. Samso has made many comments of the years that we believe that a good health story is far more valuable than a metal discovery, as it has benefits in terms of a financial gain for investors and a more important gain for humanity. Figure 1: The share price chart for Control Bionics Limited as of the 2nd march 2026. (source: commsec). This may all sound a bit altruistic but for Samso, making money empathically is a lot more fun than not. The need to enjoy and being purposeful in our investments is more meaningful and satisfying. Our interest in following CBL is to be part of seeing the business do well and like all investments of this nature, patience is the only medicine. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The Samso News update is all about the commencement of drilling at the Belleterre Project by Pivotal Metals since acquiring the project package in Québec, Canada. As we say, the litmus test is now and a program to test the multiple electromagnetic conductor targets within a district that already hosts high-grade copper, nickel, gold, and platinum-group metal (PGM) mineralisation should be interesting, especially when both gold and copper are hot topics. For investors, this is a time to keep the Pivotal story on your watchlist. This is a bet on positive results and hence speculation as the targets lie within a proven magmatic sulphide system where previous drilling has returned high-grade copper and nickel intersections. Belleterre complements Pivotal’s more advanced Horden Lake project, which already hosts a defined copper-equivalent mineral resource. The Belleterre exploration program will compliment the current narrative that a district-scale discovery potential may be in the making. Drilling to Commence at Belleterre High-Grade Cu Targets – 26th February view the announcement The Pivotal Metals Limited Story Pivotal Metals Limited (ASX: PVT) is a Canadian-focused explorer and developer targeting copper, nickel, and platinum-group metals. The Company’s key assets include: Horden Lake Project (Québec) – an advanced copper-nickel-PGM deposit with a JORC Mineral Resource of 37Mt at 1.1% CuEq containing 407kt copper equivalent. Belleterre Exploration Projects – a portfolio of high-grade Cu-Ni-PGM and gold prospects including Midrim, Lorraine, Laforce and Alotta. The Belleterre portfolio covers approximately 160 km² within the Belleterre-Angliers Greenstone Belt, part of the Archean Superior Province of the Canadian Shield, an established mineral province with extensive historical mining. Introduction The ASX announcement reports that Pivotal Metals is preparing to commence its first drilling campaign at the Belleterre Projects in Québec. The initial program will focus on targets at the Midrim project area (Figure 1), where geophysical surveys have identified conductive anomalies interpreted to represent potential sulphide mineralisation. These targets lie beyond the footprint of historical drilling and represent new exploration opportunities within a known high-grade mineral district. The program will also extend to the Lorraine project area, where copper and gold targets are planned for follow-up drilling once permitting is completed. Figure 1: MIDRIM PROJECT (Belleterre) Location of known Cu-Ni-PGE sulphide deposits with a 6km priority envelope and new untested drill-ready conductive anomalies (stars) interpreted to represent possible sulphide accumulations; on satellite image background with property outline. (source: PVT) Highlights Drilling is scheduled to commence at the Midrim project area, with drill mobilisation expected shortly. The program will test multiple undrilled electromagnetic conductors identified through recent geophysical surveys. Key drill targets include: “Alotta” – an undrilled extension target parallel to historical drilling. “Midrim East” – a newly identified sub-cropping conductive anomaly. The Midrim system hosts multiple high-grade Cu-Ni-Au-PGM deposits. An initial 1,500m diamond drilling program has been planned. Drilling may expand depending on results and ongoing exploration programs. The Company reported $5.5 million cash at 31 December 2025 to support exploration activities. Follow-up drilling is planned at the Lorraine Project, targeting the Shanty Lake and Lorraine Mine East copper and gold prospects. Management Commentary Managing Director Ivan Fairhall stated that the Midrim project hosts a mineral system with a high intensity of magmatic sulphide mineralisation. The exploration strategy is focused on expanding the search radius around the existing cluster of high-grade occurrences. The initial drilling campaign is designed to test priority targets across the broader Belleterre land package. Management noted that the Company remains well funded and has the flexibility to expand the program depending on results and additional targets generated through ongoing exploration. Near-Term Milestones to Watch Commencement of diamond drilling at Midrim. Drill testing of the Alotta and Midrim East conductor targets. Receipt of remaining permits for the Lorraine Project drilling program. Expansion of drilling depending on initial results. Ongoing geophysical interpretation and regional exploration across the Belleterre land package. Previous Samso News Coverage – An Investor Lens Samso has previously covered Pivotal Metals Limited through several Samso News articles focused on exploration progress and project development across the Company’s Québec assets. 1. Pivotal Metals Limited (ASX:PVT) – Ore Sorting Delivers Up to 2.1x Grade Uplift at Horden Lake – Interesting Time Published: 20 February 2026 This article discusses large-scale ore sorting trials at the Horden Lake Project which demonstrated the potential to significantly upgrade copper-equivalent grades while rejecting waste prior to processing. The work highlights development optionality and potential cost benefits as the project advances toward production studies. 2. Pivotal Metals – Multiple Gold & Copper Targets Defined at Lorraine – A District-Scale Cu-Ni-Au Exploration Leverage – Decent Looking Targets – Cautious DYOR Required Published: 23 January 2026 This Samso News article examined the results of an induced polarisation (IP) survey at the Lorraine Project, which identified multiple copper, gold, and nickel targets east of the historic Lorraine Mine. The work expanded the geological understanding of the Belleterre district and supported further exploration drilling. 3. Pivotal Metals Limited (ASX:PVT) Broadens High-Grade Exploration Targets at Lorraine with High-Resolution Magnetic Survey – Au-Cu-Ni-PGM Published: 7 July 2025 This earlier Samso News article reviewed results from a high-resolution magnetic survey at Lorraine which identified additional structural features and exploration targets associated with copper, nickel, platinum-group metals, and gold mineralisation within the Belleterre-Angliers Greenstone Belt. Samso Concluding Comments The Belleterre drilling campaign represents a classic early-stage exploration step in a district with known high-grade mineralisation. The Midrim area already hosts multiple copper-nickel-PGM occurrences and historic drilling results that demonstrate the fertility of the system. The current program is designed to move beyond those historic discoveries and test new targets generated through modern geophysical surveys (Figure 2). Figure 2: Belleterre Project mineralised occurrences over the regional shaded total field magnetic map illustrating the complex nature of the geology and the extensive areas under Pivotal Metals’ 100% ownership. (source: PVT) A key aspect of this announcement is the identification of undrilled electromagnetic conductors. In magmatic sulphide systems, conductive responses are often associated with sulphide accumulations that can host copper, nickel, and platinum-group metals. The drilling program therefore represents a geological test of whether these geophysical anomalies correspond to mineralised sulphide bodies. The broader Belleterre landholding (Figure 3) also provides district-scale context. Multiple occurrences including Midrim, Alotta, Lac Croche, Delphi-Patry, and Lorraine demonstrate that the mineralising system extends across several kilometres. Historical drill intersections at Midrim and Alotta include wide zones of copper-nickel-PGM mineralisation, indicating the presence of a robust magmatic system within the greenstone belt. Figure 3: Belleterre Projects location map in relation to nearby current and historic mining and milling operations. (source: PVT) From a project development perspective, Belleterre complements the more advanced Horden Lake deposit in Pivotal’s portfolio. While Horden Lake represents a defined copper resource moving toward development studies, Belleterre provides exploration optionality with the potential to discover additional high-grade deposits within the same regional mining district. Market Implication - The Investor Lens The PVT story is one that could be compared to Firefly Metals Limited (ASX: FFM) as they try and make their story tick which is not a bad place to be if the success can be similar. A market capitalisation of just under AUD $25M is not bad for a "punt". That part of Canada is not easy to work but the data does look "interesting". An early stage play that is in the realm of highly speculative but in the current state of the metal markets, this is what investors look for to have a go. Figure 4: The share price chart of Pivotal metals as of the 6th March 2026. (source: commsec). The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The acquisition of the Quinn Fluorspar Project introduces OD6 Metals Limited to the fluorspar market, a mineral classified as critical across multiple jurisdictions including the United States, Australia, the European Union, Canada, and Japan. Fluorspar is the primary source of fluorine, an element used across semiconductor manufacturing, advanced batteries, nuclear fuel processing, and defence technologies. The project is located in Nevada, a globally recognised mining jurisdiction with established infrastructure and regulatory frameworks supportive of mineral development. The United States is currently fully reliant on imported fluorspar, creating potential strategic interest in domestic supply sources. From an investor's viewpoint, OD6 Metals Limited is now exploring emerging technology supply chains and national security issues. With the market volatility, OD6 Metals Limited look likes its managing portfolio risks. The acquisition also brings in a project with historically high-grade fluorspar occurrences and past small-scale production, offering an initial geological framework for resource delineation. OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS – 4th March 2026 - view the announcement USA FLUORSPAR ACQUISITION PRESENTATION - 5th March 2026 - view announcement 2. About OD6 Metals OD6 Metals Limited is an Australian-listed exploration company focused on critical minerals. The Company is building a portfolio of projects targeting commodities considered important for energy transition and advanced technologies. Its current asset portfolio includes: The Quinn Fluorspar Project in Nevada, United States Rare earth projects such as Splinter Rock Copper exploration assets including Gulf Creek The Quinn acquisition adds fluorspar exposure to the company’s portfolio and provides a potential pathway into the United States critical minerals supply chain. 3. Introduction OD6 Metals Introducing Fluorspar To Portfolio The March 2026 ASX presentation outlines the proposed acquisition of the Quinn Fluorspar Project located in Nevada, USA. The project hosts multiple historical fluorspar prospects with reported high-grade mineralisation from previous sampling and small-scale mining activity. The OD6 Metals Limited presentation describes the geological setting, historical exploration results, acquisition structure, and planned exploration activities. Fluorspar deposits at Quinn occur within carbonate host rocks affected by hydrothermal alteration linked to Tertiary volcanism. Mineralisation is interpreted to occur in veins, breccias, and replacement bodies within limestone and dolomite units. OD6 Metals Limited intends to verify historical data and undertake systematic exploration with the aim of defining a JORC-compliant mineral resource. Figure 1: Quinn Fluorspar Project Location Map in Nevada. (OD6 Metals Limited). About Fluorspar Fluorspar (CaF₂) is the primary mineral source of fluorine and is widely used in semiconductor manufacturing, lithium battery chemistry, nuclear fuel processing, and advanced materials production. 4. Highlights OD6 Metals Limited has secured an option to acquire the Quinn Fluorspar Project in Nevada, USA. Fluorspar (CaF₂) is classified as a critical mineral by multiple jurisdictions including the United States. The United States currently relies entirely on imported fluorspar supply. Historical exploration identified high-grade mineralisation including: Up to 94% CaF₂ in rock samples Channel samples up to 45% CaF₂. The project contains several prospects including Mammoth, Horseshoe, Spar Mine, and Big Jim. Historic production at the Horseshoe deposit produced approximately 26,000 tonnes from shallow open pits. Acquisition structure involves staged payments with an initial A$75,000 option payment and additional milestone-based payments tied to exploration success. 5. Management Commentary The presentation outlines OD6 Metals Limited’ view that the Quinn Fluorspar Project represents a district-scale high-grade fluorspar system with multiple prospects and exploration pathways. The company highlights that fluorspar plays an essential role in industries such as semiconductor manufacturing, batteries, nuclear fuel processing, and defence systems. Fluorine derived from fluorspar is used in plasma etching for semiconductor fabrication and in lithium battery electrolyte chemistry. Management also notes that the United States’ reliance on imported fluorspar creates a strategic context for domestic supply development. 6. Near-Term Milestones to Watch Planned exploration and development activities include: Surface rock chip and channel sampling programs Verification of historical exploration data Geological mapping and structural interpretation Soil geochemistry surveys Geophysical investigations Development of drilling programs to test mineralisation Permitting processes for initial drilling programs Metallurgical test work planning These activities aim to establish a geological model and progress toward resource delineation. 7. Previous Samso News Coverage – An Investor Lens Samso has previously covered the progress of OD6 Metals Limited across its rare earth and copper exploration activities. These articles provide additional context to the Company’s evolving project portfolio and technical development pathway. 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 30 January 2026 Samso News: OD6 Metals Limited — Advanced ANSTO Metallurgical Testwork Underway – Rare Earths De-Risking and Offtake Readiness https://www.samso.com.au/post/samso-news-od6-metals-limited-advanced-ansto-metallurgical-testwork 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 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 8. Samso Concluding Comments The Quinn Fluorspar acquisition introduces OD6 Metals Limited into the fluorspar sector, a mineral category receiving increasing attention due to its role in advanced industrial technologies. Fluorspar is the primary source of fluorine, which is used in semiconductor chip fabrication, lithium battery chemistry, nuclear fuel processing, and various defence applications. The United States’ current reliance on imported supply creates a strategic context for domestic exploration projects. Geologically, the project area contains multiple occurrences of fluorspar mineralisation hosted within carbonate rocks affected by hydrothermal activity. The Mammoth (Figure 2) and Horseshoe (Figure3) prospects represent the most advanced targets identified from historical work. These prospects host mapped zones of mineralisation interpreted to extend beneath shallow cover and along structural controls. Figure 2: Mammoth Deposit Geological Section (OD6 Metals Limited) Historic sampling from these areas indicates high grades in both rock chips and channel samples. At Mammoth, surface sampling has returned results including 10.7 metres at 44.9% CaF₂ and 15.2 metres at 48% CaF₂, suggesting significant concentrations of mineralisation within breccia-hosted systems. At Horseshoe, historical mining extracted approximately 26,000 tonnes of fluorspar from shallow pits, indicating that mineralisation reaches the surface in places. Figure 3: Horseshoe Deposit Geological Model (source: OD6 Metals Limited) The project also includes several additional prospects such as Spar Mine and Big Jim, where sampling has reported fluorspar grades exceeding 70–90% CaF₂ in veins and channel samples. These occurrences indicate a broader mineralised district that may contain multiple exploration targets. From a development perspective, the company plans to begin with systematic field programs to confirm historical results before advancing toward drilling. If exploration confirms continuity and grade, the next stage would involve defining a JORC-compliant resource. The staged acquisition structure ties major payments to exploration success, aligning financial commitments with geological progress. Market Implication - The Investor Lens The OD6 Metals Limited story is appear to be developing into a US story. I don't know much about the market but we are going to have OD6 Metals Limited on the next Coffee with Samso in the latter part of march 2026. We will get a better understanding of the motivation and hence the value proposition. Figure 4: The share price chart of OD6 Metals Limited as of the 9th March 2026. (source: commsec). The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. 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. 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.

Announcement Acquisition of Cue Gold Project in the Day Dawn Goldfield WA 3 October 2025 E79 Gold Mines Limited (ASX: E79) has signed a binding agreement to acquire 90% of Cue Metals Pty Ltd, securing the rights to the Cue Gold Project (~70 km²) in the Day Dawn Goldfield, immediately south of Westgold’s high-grade Great Fingall operation (historic 1.2 Moz @ 19.2 g/t Au). The company has also received binding commitments for a $3.0 million placement at A$0.021/share (two tranches) to accelerate exploration. Figure 1: Aerial view of the Cue Gold Project, looking south, relative to the Great Fingal Mining Complex, Break of Day Mine, Caprice Resources Island Project, and Mt Magnet Operations. (source: E79) E79 Gold CEO Ned Summerhayes commented: “The Cue Gold Project is situated in a discovery and M&A hotspot within one of the best gold addresses in Australia. The area contains Westgold’s famous high-grade Great Fingall and Golden Crown Gold Mines, Ramelius Resources’ Break of Day Mine and other exciting projects such as Caprice Resources’ Island Gold Project. Not many junior explorers get the opportunity to secure ground with gold discovery potential like this in such a tightly-held region. “We are looking forward to unlocking this significant discovery opportunity with an aggressive and focused exploration campaign. “We are also very much looking forward to working with Glenn Martin as Technical Consultant given Glenn’s track record of discovery in the region. We also welcome Matt Bowles to the E79 Gold Board, bringing additional corporate experience and extensive knowledge of the discovery and growth opportunity in the Murchison Region from his time at Alto Metals.” E79 Gold Technical Consultant for the Cue Gold Project, Glenn Martin, commented: “The Cue Gold Project represents a highly prospective area which remains under-explored due to post-mineral cover and shallow broad-spaced drilling. It has all the ingredients to contain significant high-grade gold deposits that this part of the Murchison Province is renowned for.” Highlights - Resetting the Gold Exploration Targets. Acquisition: Binding SPA to acquire 90% of Cue Metals (Cue Gold Project), with Cue Metals’ remaining 10% free-carried to completion of a Feasibility Study. Completion subject to customary conditions (shareholder approvals, ASX waiver, shareholder agreements, option formalities, and regulatory approvals). Placement: $3.0m (before costs) at 2.1c, 12.8% discount to 5-day VWAP; Tranche 1 expected to settle on 10 Oct 2025 with allotment around 13 Oct 2025; Tranche 2 (incl. $115k director participation) subject to AGM approval (late Nov 2025). Not conditional on acquisition completion. Lead Manager: GBA Capital (6% fee). Tier-1 address: Project sits immediately south of Great Fingall and along trends that have delivered high-grade quartz-reef gold systems (Great Fingall, Golden Crown, Break of Day). Under-explored due to post-mineral cover—opening discovery upside (Figure 2). Early drill vectors: Historical intercepts include 13 m @ 2.2 g/t Au (EOH) (Ada), 20 m @ 0.6 g/t Au (Ada), 2 m @ 4.8 g/t Au (Chloe), 4 m @ 0.6 g/t Au (Riptide), 4 m @ 4.4 g/t Au (MBA23). Average historical drilling has only tested to ~50 m depth. People: Appointment of Glenn Martin (ex-Musgrave Chief Geologist who led Break of Day discovery) as Technical Consultant; Matthew Bowles (ex-MD, Alto Metals) to join Board upon completion. Infrastructure: Proximity to third-party mills (Ramelius’ Checkers ~60 km S; Westgold’s Tuckabianna ~25 km E) and Great Northern Highway. Figure 2: Cue Gold Project location plan and local gold operations. (source: E79) Project Overview & Geological Context Cue lies within the Murchison Gold Province (Youanmi Terrane, Yilgarn Craton), covering parts of the Great Fingall Dolerite, Meekatharra Formation, and Big Bell Suite. The area is renowned for narrow-footprint, high-grade quartz reefs (typically 100–300 m strike, 2–10 m width), localised where dilational shears intersect rheological contrasts. Undercover conditions have historically limited modern, systematic exploration—E79 intends to apply high-resolution gravity and follow up along strike and under cover. Figure 3: Geological setting and selected historical drill results of the Cue Gold Project. (source: E79) Exploration Focus (Near-Term Work Program) Initial work will target five prospects: Ada, Chloe, Riptide, Transformer, MBA23—prioritising areas with shallow, broad-spaced historical drilling and indications of reef-style mineralisation (Figure 4). Figure 4: Location of priority gold targets relative to Golden Crown and Great Fingall open pits. (source: E79) Key historical intercepts: Ada: 13 m @ 2.2 g/t Au from 112–125 m (EOH) in GCRC936; 20 m @ 0.6 g/t Au from 45–65 m in GCRC935 (Figures 5 & 6 ). Figure 5: Drill-hole location plan of Ada gold prospect. (source: E79) See Figure 6 for an interpretive cross-section of the Ada gold prospect. Figure 6: Interpretive cross-section of the Ada gold prospect. (source: E79) Chloe: 2 m @ 4.8 g/t Au from 90–92 m in GCRC944 (plus multiple 2–6 m intervals 0.6–2.9 g/t Au). Riptide: 4 m @ 0.6 g/t Au from 32–36 m in LAC802; 28 m @ 0.4 g/t Au (DD) at depth. Transformer: Multiple 3–8 m intervals 0.5–1.6 g/t Au (AC). MBA23: 4 m @ 4.4 g/t Au (AC). E79 also highlights the potential for reef repeats along a 3+ km extension of the Great Fingall dolerite (Figure 7) and targets over a 6+ km strike in the Meekatharra Formation. High-resolution gravity is flagged as a proven discriminator to refine structural targets. Figure 7: Break of Day / Day Dawn–Great Fingall targeting model (shear zones) (source: E79) Capital Raising — Key Terms Total: ~$3.0m (before costs) at A$0.021/share; 148.3m new shares. Discount: 12.8% to 5-day VWAP prior to announcement. Tranches: T1 under LR 7.1/7.1A. T2 (incl. $115k directors) subject to AGM approval (late Nov 2025). Use of funds: Complete acquisition, scale up gravity surveys, target generation, first-pass drilling, and working capital. If acquisition doesn’t complete, funds will be redeployed to Mountain Home (NT), Laverton (WA), and working capital. Acquisition & Option Structure (Summary) Consideration (up to $1.2m in shares @ $0.021) over milestones: $300k in shares at completion; $600k in shares on transfer of optioned tenements (within 3 yrs); $300k in shares on grant of tenement applications (within 3 yrs, pro-rata). Optionors’ terms (on exercise): $50k cash + $100k cash/shares, plus milestone payments tied to maiden and subsequent JORC resource thresholds (≥100 koz, ≥250 koz, ≥500 koz), at E79’s election, cash or shares; 1% NSR retained by Optionors. Tenure note: One tenement has a late rent payment under review; the company assesses forfeiture risk as low, given short delay and historical expenditure. Board & Technical Appointments Matthew Bowles to join as Non-Executive Director at completion (ex-Alto Metals MD; led growth of Sandstone to +1 Moz before Brightstar acquisition; currently MD of Indiana Resources). Glenn Martin appointed Technical Consultant (ex-Musgrave Chief Geologist; involvement in Martabe, Jinfeng, Break of Day; senior roles at Red Hill, De Grey, Normandy). Next Steps E79 aims to complete the remaining conditions precedent and commence an aggressive exploration program at Cue, while continuing to advance Mountain Home (Cu-Au-Bi) and Laverton South (Au). Further shareholder updates are expected in the coming weeks. Samso Concluding Comments This is a very interesting address for E79. A very contested area that has been out of reach for many years, and for E79 to get its hands on it is certainly a good thing. I like the area as it is sitting alongside Great Fingall and Break of Day, which is as good a nearology play as one can get. Historically, ground in the Cue region has always carried the right geological DNA for narrow but high-grade systems, so this is one tick for E79. The Analogy - The Day Dawn Nearology. I am always against solely banking on a nearology concept, but when it is coupled with being in a belt like Day Dawn and Great Fingall (Figure 8), neighbourhood matters because structure, rheology contrasts, and historical mining all point to repeatable settings. The Great Fingall story is well known and this belt was the hot region when I first started out as a geologist in the early 1990s. After that period, it was kind of quiet till Westgold came along and made this a hot region again. Figure 8: A long section of the Great Fingall Mine. (source: Westgold). According to Westgold: Westgold has multiple near-term development opportunities across its portfolio. Our next new mine is the iconic Great Fingall mine, which is located 5km southwest of Cue.Production from Great Fingall is expected to commence in the first half of FY25, with the decline development having commenced in October 2023. At steady state, Great Fingall will be a long-life, high-grade, high-margin underground mine, producing more than 45,000oz a year. Lets remember that a discovery like Fingall that has stood the test of time is simply going to have many potential mineralisation nearby. One of the virtues of being exposed to this industry over the last 30 years is that the number or opportunities that are discovered right underneath the noses of explorers is amazing. What is Possible - Never Never Discovery. The Never Never discovery by Spartan Resources (Figure 9) is a great example as it was right next to a mined out Gidney's pit which was not the most economical story. Figure 9: The Never Never discovery by Spartan was a significant value adding process for shareholders of Spartan Resources Limited which later merged with Ramelius Resources Limited (ASX: RMS). (source: Spartan Resources Limited). This discovery was significant in the sensed that the project and hence the company was taken out of administration and with the guidance of Simon Lawson, it was history in the making for this industry. Figure 10 below probably highlight the significance of the discovery which I assumed stems from having someone with the pedigree of a Simoon Lawson who was part of the Northern Star culture of developing and having the skillset to understand datasets. Figure 10: The Never Never MRE highlighting the significance of looking at historical data and understanding the significance.. (source: Spartan Resources Limited). As I understand, the Spartan story was borned out of the failed company called Dalgaranga Resources which had the same tenure in which Never Never was discovered. I would assume that there was a rethinking coupled with an ability to look at historical data and probably some inside understanding of geological controls that led to the discovery. Spartan was then merged with Ramelius Resources Limited (ASX:RMS) for a deal about AUD $1.5B as a result of the Never Never discovery. The Discovery of Pegasus and Hemi. Another two obvious great discoveries that come to mind that had heaps of drilling all around it is Pegasus and Hemi. Who would have thought that millions of ounces (Hemi with 10 Moz and Pegasus with 1 Moz plus and up to another 3 Moz attributed to the initial discovery) would be found within an array of existing historical drilling( Figure 11). Figure 11: The Before and After for the discovery of the Pegasus Gold Deposit. (source: Northern Star Resources). Pegasus is located within the Kundana gold operations and was recently moved on to Evolution Mining Limited (ASX: EVN) from it s last part owner Northern Star Resources Limited (ASX: NST). If I am not mistaken, it is now called the Mungari project. The Hemi discovery is very similar to except that the was a discovery of over 10 Moz of gold over the 3 to 4 years of drilling since discovery in 2020. Likewise, the company was eventually bought out for over AUD $4B recently by Northern Star Resources Limited (ASX: NST). Figure 12: The before and after diagram of the discovery of the Hemi gold deposit by De Grey Mining Limited. (source; De Grey Mining Limited). Hemi was in amongst known and mined out pits with resources. There was absolutely no love given to those isolated resources and it amounted to over 1M oz of gold. There was literally thousands of metres of drilling and it was a known province of gold mineralisation and it took a stroke of "whatever" after all those years for Hemi to be discovered. When I mean a stroke of luck, it was someone or some group had probably looked at the dataset and looked at it from a different angle coupled with a different view of potential orientation of mineralisation. Consideration for Potential Investors and Existing Shareholders. In conclusion, my thoughts on the E79 deal is one of optimism and 'in the game of mineral exploration, the correct strategy with the right passion for discovery will be the key moving forward. Bringing in Glenn Martin with experience in the region is a big plus and as he is coming in with the project, I hope there is more in the connection than it appears. I hope he is bringing in the secret sauce. Hopefully Glen has the inside running on what may be in the project and reduces the guesswork and improves the target ranking. A modest raise is good to show that we can at least get to first-pass drilling. In Figure 3, there looks like enough data to get the thinking juice happening and if one takes the view that the previous operators at Pegasus, hemi or Never Never, it will be interesting.. Historical data can do two things, create red hearings or give you enough information to see if there is an alternative thought on where potential places of mineralisation. It is aliso very important to note that it does not cost a lot to have a "small drilling" program come up with results that turns a mouse into a giant elephant. It does take "out of the box thinking" and with the likes of the management in place, I have confidence that is in their DNA. One cannot fault the courage to persevere and having the "cricket balls" to proceed. Inreality, there are no secrets in the next steps. If E79 can tick boxes in sequence, as the story graduates from address to discovery, the market will start to pay attention. Timing is good for E79 and I think the acquisition is in step with affordability, so that is a good sign for the market. It is still an early stage, but with a Gold price surging as it is, good exploration results will give shareholders some reprieve from the past. As I am now a shareholder of the company, I will be making sure E79 is on my watchlist. I am working on getting Mr Ned back on a Coffee with Samso sometime soon. The Samso Way – Seek the Research Do the work—read the source, test the claims, map the risks, and let evidence (not noise) guide your conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso | Episode 214 | Hotel Indigo - Adelaide Markets | Adelaide | South Australia Guest: Michael Beven – CEO, Pioneer Minerals Limited (ASX: PMM) Introduction In this episode of Coffee with Samso, I sat down with Michael Beven, CEO of Pioneer Minerals Limited (ASX: PMM), in the heart of Adelaide, to unpack what is shaping up as one of the more technically compelling US critical minerals exploration stories currently flying under the radar. The discussion focused on tungsten, antimony, and gold, but more importantly, on mineral systems thinking—how deposits form, why certain geological settings matter, and why Pioneer’s ground selection in Idaho, USA, was anything but random. As someone who has followed tungsten closely, this was a conversation that went well beyond commodity hype and into the fundamentals of discovery. This Coffee with Samso episode is about process, geology, and long-term thinking, not short-term market noise. The Business of the Company: Focus – US Critical Minerals Projects Pioneer Minerals Limited is focused on advancing critical minerals exploration in the United States, aligned with US strategic supply-chain priorities. North Pine Project, Idaho – A multi-prospect project (Springfield, Silver Cliffs, Northman) targeting tungsten and antimony, with additional gold and silver mineralisation. Proven mineral systems – High-grade surface results confirm tungsten skarns and precious-metal vein and epithermal-style systems. Strategic location – Located near major regional projects and a nearby tungsten–antimony processing facility, providing potential development leverage. Pioneer’s strategy is to advance North Pine through systematic, data-driven exploration in a Tier-One jurisdiction. Highlights from the Conversation – The Race For Critical Mineral Supremacy North Pine Project, Idaho, is the flagship asset, located near the historic Yellow Pine Mine — the largest tungsten and antimony producer in US history and now a multi-million-ounce gold system, providing a strong discovery analogue. Pioneer is targeting a full mineral system, where tungsten, antimony, and gold are genetically linked, rather than a single-commodity exploration play. Springfield Prospect hosts high-grade historic tungsten, with reported grades of ~3–4% WO₃, yet remains largely untested at depth with minimal historical drilling and no modern geophysics. Early fieldwork validates the model, returning rock-chip results of up to ~2.98% tungsten and gold values up to ~7.75 g/t, supporting both skarn-hosted tungsten and a broader gold halo. Multiple prospects add layered upside, with Silver Cliffs targeting fault-controlled gold–silver–antimony mineralisation and Northman offering true greenfields potential at the granite–sediment contact. Tungsten is framed as the real critical mineral, defined by extreme geological rarity, strategic importance to defence and industry, and a clear disconnect between record prices and current market awareness. Samso Concluding Comments Pioneer Minerals today is not the company it was when it listed as a lithium explorer. This is now a business with: A flagship US-based critical minerals project anchored by a proven Yellow Pine geological analogue High-grade historic tungsten at Springfield with minimal modern exploration and strong depth potential Early field results confirm both tungsten and gold within a broader mineral system Multiple prospects delivering layered upside across skarn-hosted and fault-controlled settings Direct exposure to tungsten, one of the rarest and most strategically important critical minerals globally Why This Coffee with Samso Matters This conversation is a reminder of why geology still matters. In a market often shaped by momentum and headlines, Pioneer Minerals is working from the ground up — anchored in mineral systems, historical evidence, and geological reasoning. Whether Springfield ultimately delivers a Yellow Pine–scale outcome is something only drilling will answer, but the logic behind the project selection is disciplined and well-founded. For investors who prioritise methodology over marketing, this Coffee with Samso discussion provides a rare and useful insight into how genuine exploration decisions are formed — long before the noise arrives. 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 02:34 Michael Beven - Introduction 04:33 The Pioneer Projects - Introduction 05:00 The North Pine Project 05:38 The Yellow Pine Mine - Historical significance 07:32 The Springfield Prospect. 09:18 Geology of Springfield - The Skarn Effect 10:00 The Tungsten Mineralisation at Yellow Pine 10:26 Potential for Tungsten Yellow Pine-type Mineralisation at Springfield. 11:36 Historical Tungsten at Springfield 14:51 What is the Gold Potential for North Pine? 19:39 Silver Cliffs Prospect 22:43 Details of Pioneer Property Claims North Pine Project 25:18 Northman Project 25:59 Are the shareholders supporting the new PMM Story? 29:03 What is the Capital market saying? 30:54 How does PMM convince investors that the projects are the Real Deal? 33:40 Tungsten is the Real Critical Mineral. 36:30 Disequilibrium between Tungsten Price and Tungsten Market Interest. 40:18 Discussion on the market disparity in the Tungsten price 43:20 Is it difficult to raise money for Non-Gold projects? 47:06 Key Parameters for Investors who want to be in this sector? 50:53 Why PMM? 51:55 Conclusions The Samso Way – Seek the Research At Samso, we focus on grounded conversations and geological logic to help investors separate short-term noise from long-term opportunity — always encouraging readers to seek the research and understand the story beneath the surface. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Pioneer Lithium (ASX: PLN) is actively progressing its Canadian lithium projects, focusing on its flagship Root Lake Lithium Project in Ontario. Following its well-received IPO, Pioneer is conducting its maiden drilling program after identifying 89 new pegmatites during fieldwork. The company also recently acquired the Benham Lithium Project, where channel sampling revealed promising grades of up to 4.61% lithium, highlighting the potential for significant discoveries. Additionally, prospecting at the LaGrande Project in Quebec confirmed the presence of nine new pegmatites. This blog is ideal for investors interested in lithium exploration and development, particularly those seeking high-potential projects in Tier-1 jurisdictions. Sign up for your membership on Samso Insights on Patreon now. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. 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. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso