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Announcement Race Investor Presentation Race Oncology Limited (ASX: RAC)  has taken another important step forward in its mission of “protecting patients while optimising their cancer treatment.”   The company has now dosed the first patient in its Phase 1 trial of RC220, the reformulated version of bisantrene d esigned to deliver both anti-cancer efficacy and cardioprotection. With a strong legacy of clinical data, modern reformulation, and global trial expansion underway, Race is entering a period of significant value inflection points across 2025. Original Bisantrene - Anti-Cancer and Cardio Protection. A highly effective, but commercially unviable anticancer drug. Approved in France in 1988. Excellent patient outcomes. Complete response rates above 40% as a salvage drug in leukaemia. In a large Phase 3 breast cancer trial, bisantrene equalled standard of care, but with less heart damage and hair loss. Lederle (Pfizer) ended commercial development after more than 50 trials due to the difficulty administering the drug to patients. Highlights 1.0 First Patient Dosed in Phase 1 Trial RC220 administered safely in Australia with no adverse events, including phlebitis . Stage 1 to recruit up to 33 patients , with international sites in Hong Kong and South Korea coming online in 3QCY25. Trial endpoints include safety, optimal Phase 2 dose, VO₂peak (cardiac fitness), m6A RNA levels, and anti-cancer efficacy. 2.0 RC220 – Next-Generation Bisantrene Reformulated for easier administration  and supported by 20 years of IP protection (Figure 1). Figure 1: RC220 is a clinically & commercially attractive formulation with long IP life (source: RAC) RC220 builds on decades of data showing that doxorubicin alone can achieve objective response rates of 15% to 40% in advanced and metastatic cancers across many common tumour types . By pairing with RC220, Race seeks to preserve and enhance these outcomes while mitigating the cardiotoxicity that has limited doxorubicin’s long-term use. Backed by >1,500 patients’ records  and strong preclinical validation. Demonstrated ability to improve doxorubicin’s cancer-killing activity in 85% of 143 tested cancer cell lines . Dual action: stronger tumour response and protection against cardiac damage. 3.0 Addressing Chemotherapy’s Major Weakness Anthracyclines like doxorubicin remain cornerstone therapies but carry high risk of permanent heart damage . Preclinical data show RC220 protects cardiac function , reducing fibrosis and improving outcomes compared to doxorubicin alone (Figure 2). Figure 2: RC220 = Protecting the Heart (source: RAC)  VO₂peak incorporated as a trial measure, addressing limitations of current cardiac monitoring standards (Figure 3). Figure 3: VO₂peak -  Gold Standard in Cardiac Function (source: RAC) 4.0 Compelling Clinical Evidence Two recent Sheba AML trials reported 40% response rates  in heavily pre-treated patients (Figure 4). Figure 4: Recent Trials Confirm RC220’s Effectiveness (source: RAC) RC220 has potential across multiple tumour types, including breast, lung, ovarian, prostate, and pancreatic cancers. 5.0 Market Opportunity Global anthracycline use expected to grow at 6.6% CAGR to 2030 , creating a market of >20m doses annually (Figure 5). Figure 5: Growing Reliance on Doxorubicin in Cancer Care (source: RAC)   RC220 cardioprotection + anti-cancer therapy estimated at >US$5B/year sales potential . 6.0 Share Price Finds Support, Eyes Next Catalyst Race Oncology’s share price in 2025 has reflected both anticipation and caution around its clinical progress. After easing from January highs near A$1.35 to an April low of ~A$0.95 , the stock rebounded strongly in May to retest A$1.38  before settling into a mid-year consolidation range between A$1.10–1.25 . At its current level of ~A$1.19 (Figure 6), RAC appears to be holding firm above its lows, with upcoming trial updates likely to determine whether momentum resumes toward the upper end of the range. MST Access (a research division of MST Financial Services) values Race Oncology at A$6.37/share (current price A$1.19; market cap A$206.75M),  highlighting the significant valuation gap relative to its long-term potential. Figure 6: RAC Share Price as of 18 August 2025 (source: ASX )   Next Steps Race Oncology will continue dosing patients in Australia while activating sites in Hong Kong and South Korea later in 2025. Data readouts from the open-label Phase 1a/b trial are expected progressively, with particular focus on cardiac outcomes (VO₂peak)  and early efficacy signals. Following completion, the company plans a placebo-controlled Phase 2 trial  in breast, lung, and ovarian cancers. Upcoming catalysts include the expansion of trial sites internationally, the filing of an IND with the US FDA, and the initiation of Phase 2 trials in targeted cancers   Samso Concluding Comments This is our first note on Race Oncology, and it does look like it's a decent story. RAC is currently sitting on an AUD $204M market capitalisation, which is a number that would give most micro-cap retail investors heartburn as they are usually seeking a much lower value proposition for the upside. However, as I cover more non-mineral resource companies, I am learning that a rising market is very different when you are building a revenue-driven model. For RAC, at this moment, the path is to unlock the potential of bisantrene, and RC220 represents the most advanced step yet. It will be interesting to see how the development of creating and maintaining the dual benefit plays out —enhancing cancer treatment efficacy while protecting the heart, a challenge that has long limited the use of anthracyclines. This is not simply about a reformulation; it is about reshaping how cancer care can balance survival and survivorship. Most of us have known someone who is in the predicament of being a patient of some form of cancer, so the path to finding a solution to help these patients will no doubt prove to be highly rewarding for shareholders. It goes without saying that the rewards for RAC shareholders will far exceed the current valuation. The commencement of patient dosing in the RC220 Phase 1 trial is a critical milestone. It provides investors with tangible evidence that the program is advancing from concept to clinic. With international trial expansion, FDA engagement, and a Phase 2 program on the horizon , the company is positioned for meaningful news flow that can drive sentiment and valuation. Race Oncology’s valuation gap , with MST Access setting a target of A$6.37/share against the current A$1.19 , underscores how much is riding on trial execution and results. For long-term investors, this gap highlights the asymmetric opportunity—significant upside potential, but always within the context of the risks inherent in drug development. At Samso, we continue to emphasise that the real test lies in the data. Should RC220 deliver on its promise, Race will not only de-risk its asset base but also carve out a unique place in the oncology market. For now, the journey is about building confidence, step by step, through clinical validation. The Samso Way – Seek the Research Informed investing means looking past the headlines and focusing on the data. With RC220, the real story lies in trial outcomes and long-term value, not short-term noise.    Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position or particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement OpenLearning Signs A$340,000 Platform SaaS Agreement With Cebu Institute of Technology University . OpenLearning Limited (ASX: OLL)  has taken a significant step in its Southeast Asian growth strategy with a five-year, usage-based SaaS agreement with Cebu Institute of Technology University (CIT) in the Philippines. Valued at a minimum of A$340,000 over the term, the deal will see OpenLearning’s AI-powered Learning Management System (LMS) implemented across all faculties and programs at one of the country’s most respected private universities. More than a new client, this partnership marks a strategic entry into a higher education market of over 3.4 million students, where digital transformation is gaining momentum. CIT’s choice, following a competitive review of multiple LMS providers, reinforces the demand for platforms that enhance engagement, graduate employability, and institutional efficiency. With outcome-based education tools, an ePortfolio system, and generative AI course design, OpenLearning is well-placed to support the shift toward modern, industry-relevant learning across the region.   Highlights - Expanding the Education Grip in South East Asia. Five-Year Agreement  — CIT will utilise OpenLearning’s LMS for a minimum of 20,000 students annually . Contract Value  — Minimum SaaS fees of approximately A$340,000  (US$221,000) over five years, with potential upside from increased usage. Competitive Win  — CIT selected OpenLearning after evaluating multiple LMS providers. Regional Growth  — Strengthens OpenLearning’s position as a leading AI-powered LMS provider in Southeast Asia.   Strategic Significance Founded in 1946 and recognised nationally for excellence in engineering, architecture, IT, health sciences, business, and education, CIT University is known for producing industry-preferred graduates and board exam topnotchers. Its decision to adopt OpenLearning’s platform reinforces the company’s market position in the Philippines, a higher education sector with more than 3.4 million students and a rapidly growing adoption of digital learning solutions. OpenLearning’s LMS integrates outcome-based education tools, an ePortfolio system, and generative AI course design capabilities, providing universities with solutions to improve student engagement, graduate employability, and institutional efficiency.   OpenLearning CEO   Adam Brimo  commented: "Partnering with a leading private university in south-central Philippines which has been recognised as a Centre of Excellence in Information Technology Education is a strong endorsement of our platform’s capabilities and the shared vision between CIT University and OpenLearning to enable industry-relevant education. By combining CIT University’s expertise in engineering and innovation with our AI-powered LMS, we can help create a dynamic learning environment that prepares graduates for success in the modern workforce. This partnership reflects a shared commitment to quality, innovation, and scalable impact.”   Agreement Terms The deal commences on 12 August 2025  and includes standard SaaS contract provisions such as termination clauses, service level agreements, and compliance requirements with Philippine regulations. While the minimum annual fees are not financially material, the agreement is strategically important as CIT will adopt the LMS university-wide.   Samso Concluding Comments This agreement with Cebu Institute of Technology University is a reminder that in education technology, credibility is built through results and relationships. CIT’s choice to roll out OpenLearning’s platform university-wide is a strong endorsement of its capabilities, particularly in delivering outcome-based, industry-relevant education at scale.   While the minimum contracted value may not appear material in dollar terms, the strategic weight lies in market positioning. The Philippines’ higher education sector is vast and increasingly digital, and winning a respected institution like CIT provides a launchpad for broader adoption.   It also reflects a shift in how universities evaluate partners — beyond basic functionality, they now seek platforms that can improve graduate readiness, foster innovation, and integrate seamlessly with academic and administrative workflows. OpenLearning’s blend of AI capabilities, engagement tools, and proven track record fits well with these expectations.   For investors, this is an incremental but telling move in OpenLearning’s regional growth story. The challenge now is to leverage this success into further institutional wins, building a network effect that cements its position in the competitive Southeast Asian edtech landscape.   The Samso Way – Seek the Research In education technology, institutional trust is hard-earned and easily lost. This agreement is a reminder that competitive wins often hinge on the ability to deliver measurable outcomes — in this case, enhancing student engagement and graduate employability. As always, the key lies in understanding the market, validating the value proposition, and building partnerships that scale.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 11 Aug 25 Maiden Tungsten Resource at Western Queen Project 05 Aug 25 High-Grade Tungsten Assays at Western Queen Rumble Resources Limited (ASX: RTR) has taken significant steps forward in positioning its Western Queen Project as a dual-commodity operation (Figure 1). In early August, the company reported high-grade tungsten assay results from historical diamond core samples, followed by the announcement of a  maiden Tungsten Mineral Resource Estimate (MRE)  just days later. Together, these developments underline the scale and strategic importance of Western Queen’s tungsten potential alongside its growing high-grade gold inventory. Figure 1: The Western Queen Gold Project Location (source: RTR) 5 August 2025 – High-Grade Tungsten Assays and Expanded Potential Key Highlights : Multiple high-grade intersections  from historical diamond core sampling, including: 3.45m @ 0.66% WO₃ from 299m (including 1.5m @ 0.96% WO₃) 0.57m @ 1.6% WO₃ & 17.3g/t Au from 371.86m 1m @ 2.24% WO₃ & 0.97g/t Au from 221m 3m @ 0.77% WO₃ & 61.4g/t Au from 96m Eighteen tungsten lodes  mapped over a 1.5km strike between the Western Queen South and Central open pits (Figure 2). Tungsten mineralisation remains open along strike and at depth. Geological and geochemical reviews have identified multiple high-priority targets over a 5km x 2.5km area , prospective for tungsten skarn-type mineralisation. Preliminary metallurgical testwork indicates the potential for a meaningful tungsten revenue stream , pending further bulk sample analysis. Figure 2: Current extent of mineralised tungsten lodes interpreted at the Western Queen Project (source: RTR) Tungsten’s classification as a critical raw material — with applications in aerospace, defence, electronics, semiconductors, renewable energy, and military technology — provides strong strategic context for these results. The global market is facing constrained supply, with China controlling over 80% of production and experiencing a recent 12% output decline. Forecasts indicate ~7% CAGR growth to 2029, with prices for ammonium paratungstate up 43% since 2023. 11 August 2025 – Maiden Tungsten Mineral Resource Estimate Key Highlights : Maiden tungsten MRE:  4.31Mt @ 0.31% WO₃ for 13,200 tonnes WO₃ at a 0.1% cut-off (Figure 3). High-grade core:  1.44Mt @ 0.51% WO₃ for 7,400 tonnes WO₃ at a 0.3% cut-off. Mineralisation defined entirely from prior gold-focused drilling — no dedicated tungsten drilling yet completed . Lodes are sub-parallel to the updated gold resource of 3.72Mt @ 3.1g/t Au for 370,000oz. Most of the MRE sits at the Western Queen South Deposit , where gold open-pit mining approvals have been submitted. Reconnaissance work is underway to assess additional tungsten targets identified across the project. Figure 3: Maiden Western Queen Tungsten MRE Highlights High-Grade Trends (source: RTR) Metallurgical testwork will be critical in determining tungsten’s contribution to project economics. A bulk scheelite sample is being prepared for detailed analysis by Mineral Technologies to establish a grade-recovery curve. This will guide revenue modelling and potential inclusion of tungsten in mine scheduling. Peter Harold, Managing Director and CEO, commented: “To have reported a maiden tungsten resource of over 13,000 tonnes shows Western Queen is more than just a high-grade gold project — it has the potential to be a major tungsten project as well.” Next Steps Rumble will integrate the maiden tungsten MRE into its broader Western Queen development strategy, alongside advancing near-term high-grade gold production. Exploration programs are underway to test the newly identified tungsten targets, while metallurgical studies will define potential tungsten revenue contributions. Approvals have already been lodged for open-pit mining of the gold resource at Western Queen South, where much of the tungsten MRE is located.   Samso Concluding Comments The recent results from Western Queen are good in terms of the grade, but when you start to hope for a larger interception that is measured in 100s or metres, of at least north of 50M to give scale, it is a bit disappointing not to see that happening. When I first started covering the Western Queen story, it had gone from a gold prospect to a tungsten hopeful, which was ok, but the numbers coming out look like it's not going to be in the scale of a standalone tungsten project. Rumble is now going to have to decide if this is a gold project or not because I don't think the Tungsten story is going to cut mustard. I have seen several tungsten projects in my time, and this is not smelling the best. I was thinking that, coupled with a gold story, this could make grade, but the longer the Western Queen story is moving, the less confident I am of making a good story. For the shareholders out there, a market capitalisation of AUD $28M is going to make it hard to change directions, as punters are always out for a bargain. I hope I am wrong in my comment, but this is one of those moments that I have had to reassess my optimism on a company. There is time still to make amends, as the share price has been rising for the last 3 months, so maybe the market has got it right and I have not. The market is very buoyant at the moment on the small end of the sector, and there are still many alternatives for investments.   The Samso Way – Seek the Research Announcements give us the facts, but research reveals the scale of the opportunity. Understanding tungsten’s market dynamics and Western Queen’s geological upside is where the real insight lies. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Rutile has long stood in the shadows, overshadowed by better-known commodities like lithium, copper, and even its cousin, ilmenite. But beneath the surface, quite literally, lies a mineral that is becoming increasingly visible to investors as vital to the world’s industrial, technological, and geopolitical landscape. Is this appearance of importance something new or has the market developed the excitement because it needs a new story to sell? At first glance, rutile might appear like just another mineral sand, but its chemistry tells a different story (Figure 1). Composed of titanium dioxide (TiO₂) , rutile is the cleanest, most efficient natural feedstock for producing titanium metal and white pigment. And in a world that demands lightweight alloys for aerospace, corrosion-resistant metals for defence, and UV-blocking pigments for cosmetics and coatings, rutile quietly powers it all. Figure 1: Rutile image. What makes rutile uniquely valuable is its purity. With a typical TiO₂ content of ~95% , it doesn’t require the energy-intensive processing needed for ilmenite. This gives it a lower environmental footprint and makes it the preferred input for chloride-route titanium pigment production and high-grade titanium metal.  As supply tightens globally, the market is waking up. Demand is growing—not just from traditional pigment and welding industries, but also from new technologies and national security imperatives. And herein lies the opportunity: few new large-scale rutile deposits have been developed in recent decades. The sector is small, the barriers to entry are high, and the players are limited. But the upside is significant. Natural rutile also carries scientific intrigue (Figure 2). Its optical properties are exceptional, boasting one of the highest known refractive indices in the visible spectrum. It’s used in optical instruments, polarisation devices, and even in sunscreen, where its nanoscale form absorbs harmful UV radiation while remaining transparent to visible light. It is, quite literally, everywhere—but barely recognised. Figure 2: Natural Rutile: A Mineral of Scientific Fascination. For ASX investors, this is the type of story that often slips through the cracks. Rutile doesn’t dominate headlines, but it underpins sectors that do. And now, with the rise of strategic critical minerals policies and decarbonisation agendas, rutile is being recast as an essential part of the industrial equation.  In this Samso Insight, we’ll explore the geology, global context, and ASX-listed players behind rutile’s quiet rise. From Iluka’s Sierra Rutile in Sierra Leone to Sovereign Metals’ giant Kasiya project in Malawi—and the emerging Minta story in Cameroon—we’ll unpack why rutile could be one of the smartest critical minerals plays that investors are still overlooking.  The rutile story is not one of hype, but of substance. And in today’s market, that’s where the real value lies. The Strategic Importance of Rutile As we have mentioned, the recent news which have created a "rush" for the ruitle narrative has created a new focus for the ASX small-cap sector. The recent news from Lion Rock Minerals Limited , DY6 Metals from Africa, and Petrotherm , with its titanium discovery in South Australia, means that there is a new focus for the sector. Investors are eager, and like all ASX investors, they are eager to pile their hard-earned cash into these stories. One of the many questions I am getting from associates and followers is what the grades mean and what they mean in terms of the viability of the project. I am working on getting some "real" professionals onto a Coffee with Samso soon, but for now, let's see what we can gather as a Rutile 101 from this Samso Insight. Please follow the links below to help guide you through another long and winding research blog. 1.      The Realisation of Rutile’s Strategic Importance 2.      Titanium: A Metal for a High-Tech, Low-Carbon World 3.      Global Supply and Geopolitical Landscape: Rutile Under Pressure a. Top 5 Global Rutile Resource and Production Regions:            i.  Sierra Leone (Sierra Rutile Limited). ii. Malawi (source: Sovereign Metals) iii. Australia (source: Geoscience Australia / Iluka) iv. Kenya (source: Base Resources) (Figure 9) v. Mozambique / Cameroon (Emerging Frontiers – source: LRM) 4.      Highlights of Major Australian Rutile Resources. 5.      Key Rutile Companies ASX Investors Should Be Watching 6.  Iluka Resources (ASX: ILU) – A Mineral Sands Producer with a Natural and Synthetic Rutile Narrative. Rutile in Iluka’s Business: The Sierra Rutile Connection - Historical Narrative. Historical Timeline for the Sierra Rutile Ownership: MP Materials at a Glance Iluka Resources – Rutile Production and Growth Pipeline 7.      Sovereign Metals (ASX: SVM) – Kasiya Rutile-Graphite Proj ect The World’s Largest Natural Rutile Deposit Tier 1 Scale, ESG Credentials and Global Validation 8. Lion Rock Minerals Limited (ASX: LRM) / Peak Minerals (ASX: PUA) – Minta Rutile Project A Frontier Discovery in Cameroon Premium Mineralogy and Critical Co-Products Quietly Emerging as a Critical Minerals Opportunity 9.      DY6 Metals (ASX: DY6) – Targeting Tier-1 Rutile Potential in Cameroon      Systematic Sampling Across a Vast 5,901 km² Tenure      Well-Funded Exploration with Dual-Project Momentum 10. Samso Concluding Comments      Rutile: The Underappreciated Critical Mineral with Strategic Weight      Kasiya vs Sembehun: Complementary Giants in the Titanium Race      Why the Business of Rutile Is Not Just About Grade—But Timing, Jurisdiction, and Delivery 11. The Samso Way – Seek the Research 1. The Realisation of Rutile’s Strategic Importance In the ever-evolving landscape of critical minerals, rutile is emerging as one of the most strategically significant yet often underappreciated commodities. Long associated with industrial paints and pigment production, rutile is now being repositioned as a core enabler of advanced manufacturing, national security, and clean energy infrastructure. Natural rutile stands apart from other titanium feedstocks due to its exceptionally high TiO₂ content , typically around 95% . Unlike ilmenite, which must undergo energy- and carbon-intensive upgrading to become usable as synthetic rutile or slag, natural rutile is production-ready.  This makes it the cleanest, most efficient, and lowest-emission feedstock  for titanium processing—an attribute that is becoming increasingly important in ESG-conscious global markets.  As a feedstock, rutile is indispensable in two critical global supply chains (Figure 3) : Titanium metal production  – essential for industries requiring high strength-to-weight performance, corrosion resistance, and durability. Chloride-route titanium dioxide pigment production , which underpins everything from paints to plastics and sunscreens. Figure 3: Rutile’s Role in Two Vital Global Supply Chains (source: Samso) Titanium metal derived from rutile plays a vital role in: 1.      Jet engine components and structural aerospace materials. 2.      Medical implants and surgical instruments. 3.      Naval armour and submarine casings. 4.      High-durability pigments for paints, coatings, plastics, and packaging. 5.      Plates and components for hydrogen electrolysers and solar technologies. These applications are not optional—they are foundational. And rutile has no easy substitute  in these processes. Its high purity enables more efficient chemical conversion, generates less waste, and results in a lower carbon footprint across the lifecycle. This unique blend of purity, performance, and ESG alignment  is what elevates rutile from an industrial mineral to a strategically critical resource. As such, rutile has been formally recognised as a critical mineral by the United States, the European Union, and Australia —a classification that reflects both its economic importance and the vulnerability of its supply chain. The growing focus on de-risking global titanium supply , especially away from Chinese and Russian dependencies, further enhances rutile’s appeal. With new geopolitical tensions surfacing, supply security is now driving corporate procurement decisions and national industrial strategies alike. For ASX investors, the message is clear: Rutile is no longer just a pigment input—it is a critical enabler of 21st-century technology and national resilience.  And with global supply tightening and few new large-scale deposits in the pipeline, the value of rutile—both economically and strategically—is only beginning to be realised. 2. Titanium: A Metal for a High-Tech, Low-Carbon World Titanium has quietly become one of the most indispensable metals in modern industry. As the world transitions to low-carbon technologies and advanced manufacturing systems, titanium is stepping into a starring role—lightweight, corrosion-resistant, and engineered for environments where strength, durability, and precision matter most. Needle Structure of Rutile (source: CSIRO). Derived primarily from high-grade feedstocks like natural rutile, titanium metal combines a rare set of attributes that make it critical across sectors: 1.      It has the highest strength-to-weight rat i o of any commercial metal. 2.      It is biocompatible , making it ideal for medical implants and surgical tools. 3.      It is resistant to corrosion , even in seawater and extreme industrial settings. 4.      It performs under extreme temperatures , critical for jet engines, spaceframes, and nuclear components. In aerospace, titanium is fundamental. Every modern aircraft relies on titanium in its airframe, engine components, and fasteners to balance weight reduction with structural integrity. The same applies to spacecraft, naval vessels, and defence platforms. In energy systems, titanium is now used in hydrogen electrolysers , solar panel supports, and heat exchangers in geothermal and nuclear power sectors with steep ESG requirements and performance thresholds. As global infrastructure evolves and the energy transition accelerates, titanium is transitioning from a specialist material to a baseline requirement. Whether it’s electric vertical takeoff aircraft (eVTOL), offshore wind structures, or next-generation EV components, titanium is becoming a foundational building block. And the best feedstock for producing that titanium? Natural rutile (Figure 4). Figure 4: Image of High Purity Rutile Product Compared to synthetic rutile or slag, natural rutile’s high purity enables more efficient production of titanium sponge , reducing chlorine usage, emissions, and downstream costs. This advantage aligns with the global push for cleaner supply chains and lower embedded carbon in materials. For investors and governments alike, titanium isn’t just an industrial input—it’s a strategic material underpinning sovereignty, sustainability, and technological leadership . Rutile, as its purest and most direct precursor, now plays a crucial role in this broader global transition.   3. Global Supply and Geopolitical Landscape: Rutile Under Pressure The global rutile market is under mounting pressure, and it’s not just about dwindling supply. As the world simultaneously decarbonises and re-arms, titanium feedstocks like rutile are shifting from simple commodities to elements of strategic planning. The titanium market, especially its natural rutile segment, is entering a phase where industrial demand meets national security. Natural rutile remains a small but critical segment, comprising less than 10% of the global titanium feedstock supply. Yet it is unmatched in quality. With ~95% TiO₂ purity, low impurities, and suitability for chloride processing, it is the feedstock of choice for high-performance uses like jet engines, defence hardware, and low-carbon pigment. The problem is: there simply isn’t enough of it (Figure 5). Figure 5: With ~95% TiO₂ purity, low impurities According to TZMI and Iluka’s Sierra Rutile estimates, demand is set to outpace supply for the rest of the decade. Production from legacy assets is declining, few new projects are coming online, and high-grade resources are increasingly difficult to find and finance. Compounding this is the geographic concentration of supply: most natural rutile comes from just a handful of regions—Sierra Leone, Australia, and potentially Malawi via the Kasiya Project. No other large-scale operation is expected before 2026. China, despite being a major consumer of titanium feedstocks, remains heavily reliant on imports for chloride-grade rutile, creating long-term vulnerability. This is shifting industrial attention toward safer jurisdictions. Australia stands out here, with active mineral sands developments in WA, Queensland, and the Murray Basin. Companies like Iluka Resources (ASX: ILU) and Sovereign Metals (ASX: SVM) are stepping into this role with new projects and value-adding processing strategies. Figure 5A: The closure of the Strandline Coburn project in Shark Bay, Western Australia. (source The West Australian) At the same time, Strandline Resources (ASX: STA)  offers a cautionary note. Its Coburn Mine was placed in care and maintenance in mid-2025 amid trading losses and strategic restructuring. While suspended from trading, the Coburn operation holds long-term potential given its product mix and jurisdictional strength. It highlights a vital truth in the rutile space: execution risk, funding structure, and market timing must all align. The chart below, from TZMI (March 2024), illustrates a projected tightening global rutile market (Figure 6). Top chart:  Rutile demand (yellow line) is expected to consistently outpace supply (SRL + other sources) from 2023 through 2027, highlighting a growing supply gap. Bottom chart:  Rutile prices (US$/tonne FOB) are forecast to rise steadily to 2028, especially under base and high scenarios, surpassing the TZMI long-term inducement price, signalling the need for new supply to meet demand and incentivise production. Figure 6: Global Rutile Supply and Demand Projections (source: TZMI/SRL estimates) Behind every production report is a deeper story of geopolitics, logistics, and capital. The global rutile squeeze is very real. And for investors paying attention, this moment offers both risk and a rare opportunity. According to Straits Research , the global rutile market size was valued at USD 5.68 billion in 2024 and is projected to reach from USD 5.98 billion in 2025 to USD 8.97 billion by 2033, growing at a CAGR of 5.2% during the forecast period (2025-2033). See Figure 6A. Figure 6A: The rutile market Prediction. (source: Strats Research). The industry in 2024 continued to ride a wave of steady growth, with worldwide demand increasing incrementally in the face of subtle supply-side adjustments. Major trends were seen in industrial centers. In China, stricter environmental regulations have held back some mining activities, resulting in periodic supply bottlenecks that have driven spot prices for natural products higher. a. Top 5 Global Rutile Resource and Production Regions:            Like all commodities, the global dominance sets the stage for who is going to be the main player in the supply chain. For many years, Iluka Resources has had the upper hand as they have all the expertise and the infrastructure to make the business work. Let's have a quick look at the major nations in this market. i. Sierra Leone (Sierra Rutile Limited). Figure 7: Sierra Rutile Operations (source: Iluka Resources). World’s Largest Natural Rutile Producer: Sierra Rutile, based in southern Sierra Leone, is the largest producer of natural rutile globally, with over 50 years of operational history. ( Sierra Rutile Media Release ) Significant Global Market Share: The company supplies approximately 20% of the world’s natural rutile, underscoring Sierra Leone’s hefty share in the global rutile market. ( Mining Outlook ) Tier‑1 Sembehun Deposit for Extended Supply: The upcoming Sembehun project is considered a Tier‑1 rutile deposit, capable of producing around 175,000 tonnes annually over a 14-year mine life at steady state. ( Mining Weekly ) Overall, Sierra Leone remains one of the top-five global rutile-producing countries.  ii. Malawi (source: Sovereign Metals) Figure 8: Kasiya Project, Malawi (source: Sovereign Metals) Estimated Resources: >1.8 billion tonnes (Kasiya Project – total MRE) Key Region: Central Malawi – Kasiya, near Lilongwe Notes: Malawi hosts the world’s largest known natural rutile deposit—Kasiya—owned by Sovereign Metals (ASX: SVM). The project is designed to produce ~222,000 tonnes of rutile annually at full capacity, representing approximately 24% of global supply. Kasiya is also the second-largest flake graphite deposit globally, offering a dual critical minerals profile. The project is ESG-aligned and powered by hydro-based electricity from the Mpatamanga Hydropower Project . iii. Australia (source: Geoscience Australia / Iluka) (see Table 1 and Figure 8A) Queensland North Stradbroke Island (Sibelco – historical) Operated for decades producing rutile, zircon, and ilmenite. Mining ceased in 2019 as part of a government transition away from sand mining. New South Wales Balranald Project (Iluka Resources – under development) Contains rutile, zircon, and ilmenite. Commissioning targeted for second half of 2025. Northern NSW mineral sands fields (historical operations) Several deposits have been mined over the years, yielding rutile and zircon-rich concentrates. Victoria Wimmera Region (Iluka Resources – advanced exploration) Hosts fine-grained mineral sands with rutile, zircon, and rare earth-bearing minerals. The Wimmera deposits are considered strategically important for long-term rutile supply. South Australia Jacinth–Ambrosia Mine (Iluka Resources) Primarily a zircon mine, but produces rutile and ilmenite as by-products. Located in the Eucla Basin, west of Ceduna. Bondi, Sonoran, and other Eucla Basin deposits Associated with heavy mineral sands, including rutile, currently processed through Narngulu (WA). Western Australia Narngulu Mineral Separation Plant (Iluka Resources, Geraldton) While not a mine itself, this facility processes concentrates from across Australia, producing market-ready rutile for export. Capel Operations Produces synthetic rutile by upgrading ilmenite, contributing to Australia’s rutile supply chain. Rutile is mined in NSW (Balranald, historic fields), Victoria (Wimmera deposits), South Australia (Jacinth–Ambrosia and Eucla Basin), and historically in Queensland (Stradbroke Island). Today, Iluka Resources is the dominant producer, with production processed at Narngulu (WA) and supported by synthetic rutile from Capel. Figure 8A: Australian heavy mineral sands deposits and operating mines, 2019. Deposit size is based on total resources (EDR + Subeconomic Demonstrated Resources + Inferred). (source: “ Commodity Summaries” section of Australia’s Identified Mineral Resources (AIMR) 2020 report, published by Geoscience Australia.) Table 1: Australian Rutile Operations. Region Rutile Activity Notes Western Australia Eucla Basin deposits, Jacinth–Ambrosia Active processing at Narngulu; significant supply South Australia Jacinth–Ambrosia mine Major rutile by-product operation New South Wales (NSW) Balranald Project (Murray Basin) Development underway; production from 2025 Victoria Wimmera region Exploration-stage deposits Queensland North Stradbroke Island (historical) Mining ended; legacy environmental management iv. Kenya (source: Base Resources) (Figure 9) Figure 9: Map of Kenya, Mrima Hill Project (source: Base Resources) Estimated Resources: ~250–300 million tonnes of heavy mineral sands (Kwale Project) Key Region: Coastal Kenya – Kwale County Notes: Operational Status of the Kwale Project The Kwale Mineral Sands operations, owned and run by Base Titanium Limited (a wholly owned subsidiary of Base Resources) , began production in late 2013 . The operation extracted valuable heavy minerals— rutile, ilmenite, and zircon —through hydraulic mining and processing via a wet concentrator and mineral separation plant. Following comprehensive exploration of nearby areas such as the North Dune and Kwale East, the company determined that these prospects lacked sufficient grade or scale  to justify extending operations. Consequently, mining is scheduled to end in December 2024 , with processing activities winding down soon after. As of May 2025 , Kwale’s mining journey has officially concluded. Base Titanium completed over 11 years of operations , exporting more than 5.2 million tonnes  of mineral sands—including approximately 804,000 tonnes of rutile , 3.89 million tonnes of ilmenite , and 295,000 tonnes of zircon . The final bulk shipment  of rutile departed in February 2025 , marking the end of export operations. Media: Base Titanium Ends 11-Year Mining Operations in Kwale, Exporting Over 5.2 Million Tonnes of Ore - May 22, 2025 Base Resources to close Kenya mineral sands mine in December 2024 v. Mozambique / Cameroon (Emerging Frontiers – source: LRM) (Figure 10) Figure 10: Cameroon (source: LRM) Estimated Potential : Early-stage – resource not yet fully defined Key Regions: Moma (Mozambique); Minta (Cameroon) These frontier regions are increasingly recognised for their rutile-rich mineral sands. In Cameroon, Lion Rock Minerals Limited (ASX: LRM), which was previously known as Peak Minerals Limited (ASX: PUA), is advancing the Minta Project (Figure 10), which has outlined a ~1,500 km² mineralised zone with rutile, monazite, and zircon. Early XRD results confirm high TiO₂ purity (>93% derived from rutile). These regions offer scale and potential, but also carry higher political and logistical risks.   Figure 10A: The Moma Mine in Mozambique which is operated by Kenmare Resources PLC who are listed on the London Stock Exchange. (source: Kenmare Resources PLC). Kenmare operates the Moma Titanium Minerals Mine (Figure 10A and 10B), located on the north east coast of Mozambique. Moma is one of the largest titanium mineral deposits in the world and has Mineral Resources to support production for more than 100 years at the current production rate. Kenmare began production from Moma in 2007, and the Company has had a presence in Mozambique for almost 40 years. Figure 10B: An overview of the Moma Mine in Mozambique operated by Kenmare Resources PLC. (source: Kenmare Resources PLC). 4. Highlights of Major Australian Rutile Resources Australia plays a key role in the global rutile landscape through its high-grade, co-produced mineral sands deposits. These assets are characterised by stability, environmental oversight, and downstream integration. Cataby (WA) (Figure 11) Operator: Iluka Resources Status: Producing Notes: Key rutile-producing mine within Iluka’s mineral sands portfolio. Feedstock is processed at the North Capel plant. Known for reliable output and integrated logistics. Figure 11: Cataby Site Overview (source: Iluka Resources) Eneabba (WA) (Figure 12) Operator: Iluka Resources Status: Development / Processing Figure 12: Eneabba (WA) (source: Iluka Resources) Notes: Strategic processing and stockpile hub. Contains valuable rutile-rich sands and rare earths. Phase 3 development is underway to include titanium and rare earth refinement. Coburn (WA) (Figure 13) Figure 13: Coburn (WA) (source: Strandline Resources) Operator: Strandline Resources (ASX: STA)      Status: Temporary period of care and maintenance       Notes: Care and maintenance allow new owners to reset the mine for long-term sustainability and profitability. North Stradbroke Island (QLD) Former Operator: Sibelco Status: Historical (closed) Notes: Previously a major rutile-producing site. Mining has ceased due to environmental and cultural considerations, but it reflects Australia’s production legacy.   WIM Resource Belt (Western Victoria) (Figure 14) Figure 14: WIM Resource Belt (Western Victoria) (source: WIM Resource) Operators: Astron Corporation , WIM Resource Status: Exploration / Feasibility Notes: Fine-grained heavy mineral sands containing rutile. Early-stage projects aiming to commercialise low-cost inland deposits.   Emerging Projects  Region: Eucla Basin, South Australia & Western Australia Operators: Various juniors (e.g., Sheffield Resources ) Status: Exploration / Pre-development Notes: Several projects targeting rutile as part of larger zircon-ilmenite systems. Potential to add to Australia’s future rutile footprint. 5. Key Rutile Companies ASX Investors Should Be Watching The titanium feedstock market is evolving rapidly, and a select group of ASX-listed small cap companies are positioning themselves to capitalise on the rising strategic importance of natural rutile (Table 2). These companies span the full development curve—from established producers like Iluka Resources to early-stage explorers in high-potential jurisdictions such as Malawi, Cameroon, and Mozambique. For investors seeking exposure to this high-purity, ESG-friendly critical mineral, the following companies represent key positions to monitor. Table 2: A list of Rutile companies in the ASX small-cap sector that have a notable resource.  1.0   SVM | ASX - Feb 2025 - 2.0  PUA | ASX - July 2025 - 3.0   DY6 | ASX - 29th July 2025 📌 Notes on Table 2: a)    The table includes both advanced and emerging ASX-listed rutile companies, focusing on those with either a defined JORC mineral resource or a strategically significant exploration footprint. b)    Sovereign Metals (SVM) and Iluka Resources (ILU)  are included for comparative context—SVM anchors the next tier of potential producers, while ILU remains the global incumbent with a mature portfolio. c)    Lion Rock Minerals Limited (LRM) and DY6 Metals (DY6)  are early-stage entrants. While both have identified significant rutile mineralisation—particularly at Minta (PUA)—they have not yet declared JORC-compliant resources. d)       Rutile grade and TiO₂ concentration data are based on a combination of JORC reports, DFS studies, and third-party analyses (e.g., Toho Titanium, XRD confirmations), as disclosed in ASX announcements between 2018 and July 2025.   6.  Iluka Resources (ASX: ILU) – A Mineral Sands Producer with a Natural and Synthetic Rutile Narrative. Iluka is a leading rutile producer — both natural and synthetic. It is best described as a global mineral sands company with a portfolio spanning rutile, zircon, ilmenite, and rare earths. So, Iluka is not just a rutile company, but rutile remains one of its core products. A complex company with a mineral sands business producing the following products: Zircon – historically its largest revenue contributor (Figure 15). Rutile (natural and synthetic) – Iluka is one of the world’s largest producers. Ilmenite – mined and processed, some upgraded into synthetic rutile. Rare earths – growing focus, with the Eneabba project in Western Australia positioning Iluka as a key critical minerals supplier. Figure 15: The Jacinth-Ambrosia project in South Australia. According to Iluka, it is the worlds largest zircon mine (source: Iluka Resources). Rutile in Iluka’s Business: Iluka produces natural rutile at its Australian mines and processes it through its Narngulu separation facility. It also upgrades ilmenite into synthetic rutile at its Capel kilns in Western Australia (SR2 active, SR1 on standby). Projects like Balranald (NSW) will produce rutile, zircon, and ilmenite. Historically, Iluka was the owner of Sierra Rutile in Sierra Leone (2016–2022), before demerging it into a separately listed company, later acquired by Leonoil in 2024. The Sierra Rutile Connection - Historical Narrative. Iluka Resources, through its subsidiary Sierra Rutile Holdings Ltd (ASX: SRX) , historically operated the world’s largest natural rutile production base in Sierra Leone (Figure: 3). With over 50 years of supply history, Sierra Rutile remains a cornerstone of global high-grade rutile output, providing more than 20% of global demand and servicing industries ranging from pigments to titanium metal and welding. The Sembehun Project completed a Definitive Feasibility Study (DFS) in 2023. Backed by a resource of 173.8 million tonnes at 1.45% rutile, Sembehun is forecast to produce up to 175,000 tonnes of rutile per annum over a 14-year mine life. The project offers robust economics, with a post-tax NPV8 of US$408 million and an IRR of 27.8%, leveraging established infrastructure such as the Area 1 port and processing facilities. Sembehun is emerging at a time of tightening global rutile supply. Its premium rutile feedstock—high TiO₂ with low impurities—is ideally suited for chloride pigment processes and titanium metal, both of which are critical to aerospace, defence, and decarbonisation markets. Over 60% of Sierra Rutile’s sales in 2022–23 were to the U.S., underscoring its geopolitical relevance. Figure 16: Sembehun, one of the world’s largest and highest-grade natural rutile deposits in Sierra Leone (source: SRX) The Sembehun rutile project is owned by Sierra Rutile Holdings Limited, which holds 100% ownership of the project. However, there's an important ownership update to note: As of late 2024, Leonoil Company Limited—a Sierra Leonean-owned company—acquired over 90% of the shares in Sierra Rutile Holdings Limited, and proceeded to complete a compulsory acquisition of the remaining shares under Australian Corporations Law. Sierra Rutile was subsequently delisted from the Australian Securities Exchange on 3 October 2024. Historical Timeline for the Sierra Rutile Ownership: (Figure 16A) 1960s – 1990s: Early Development 1967 – Rutile mining began in Sierra Leone by Sierra Leone Selection Trust (SLST), later renamed Sierra Rutile Limited. For decades, Sierra Leone was one of the world’s largest rutile producers. Operations were disrupted during the country’s civil war (1991–2002), with the mine forced to close. 2005 – 2016: Sierra Rutile as an Independent AIM-Listed Company 2005 – Sierra Rutile Limited was listed on the AIM (London’s Alternative Investment Market). Operated independently, with rutile mining restarting and gradually expanding. December 2016 – August 2022: Iluka Resources (Australia) December 2016 – Iluka Resources Ltd (ASX: ILU), an Australian mineral sands giant, acquired Sierra Rutile for about A$375 million. Sierra Rutile became a wholly owned subsidiary of Iluka, integrated into its mineral sands portfolio. Iluka invested in studies on the Sembehun expansion project during this period. August 2022 – September 2024: Sierra Rutile Holdings (ASX: SRX) August 2022 – Iluka demerged Sierra Rutile, creating a separately listed company on the ASX under ticker SRX. Existing Iluka shareholders received Sierra Rutile shares, and the company operated independently but was still foreign-controlled (ASX-listed). September – October 2024: Leonoil Acquisition September 2024 – Leonoil Company Limited, a fully Sierra Leonean–owned company, launched an off-market takeover for Sierra Rutile Holdings at A$0.18 per share. The offer was successful, Leonoil passed the 90% threshold, and moved to compulsory acquisition of the remaining shares. 3 October 2024 – Sierra Rutile was delisted from the ASX. Since then, Sierra Rutile is 100% owned by Leonoil, making it Sierra Leone–owned for the first time in its history. Figure 16A: Sierra Rutile’s ownership journey spans nearly six decades — from its origins under SLST, through international ownership by Iluka Resources, to its ASX-listed chapter, and now a historic return to full Sierra Leonean control under Leonoil Company Limited. This ILU (Iluka Resources) share chart shows a strong rebound in 2025 (Figure 17). After dipping below $3.50 in mid-April, the stock began recovering through May and June, before sharply rising in early July, peaking above $6.00. As of 31 July 2025, the share price sits at $5.15, reflecting renewed investor confidence likely tied to rutile market momentum and positive project developments. Trading volumes also spiked in July, signalling strong institutional interest. Figure 17: Iluka Resources (ASX: ILU) Share Performance as on 31 July 2025 (source: ASX ) An industry stakeholder has commented that the ILUKA share price rebound is probably due to the U.S. Department of Defense (DoD) investing in MP Materials at 110/kg NdPr floor price. Positive indication for Iluka’s rare earth refinery in Eneabba. MP Materials at a Glance Who they are: MP Materials operates the Mountain Pass mine in California—the only commercial rare earths mining and processing facility in the U.S.—and is vertically integrated across mining, refining, and magnet manufacturing. What they focus on: The company concentrates on neodymium-praseodymium (NdPr), essential for high-performance permanent magnets used in EVs, robotics, wind turbines, and advanced defense systems. Iluka Resources Operations – Rutile Production and Growth Pipeline Established Natural Rutile Producer Iluka Resources remains one of the leading producers of high-grade natural rutile (92–95% TiO₂), sourced from its Australian operations (Table 3). These concentrates are processed at the company’s Narngulu mineral separation facility in Western Australia before being exported to international markets. With a long track record of supply into the pigment, welding, and titanium metal sectors, Iluka’s rutile product suite is firmly positioned at the premium end of the market. S ynthetic Rutile – A Scalable Advantage In parallel, Iluka has built significant capability in synthetic rutile production, upgrading ilmenite into high-purity feedstock (88–95% TiO₂) through its rotary kiln operations at Capel, WA. The SR2 kiln, currently in operation, produces around 225,000 tonnes per year, while the SR1 kiln, restarted in late 2022, adds a further 110,000 tonnes per year capacity when market demand supports additional supply. This flexibility provides the company with a strong competitive advantage in meeting customer needs across different cycles. Growth Pipeline – Balranald and Jacinth-Ambrosia Looking ahead, Iluka is advancing the Balranald Project in New South Wales, which is expected to deliver substantial zircon and rutile production together with feedstock for synthetic rutile and rare earth products. The project is slated to commence commissioning in the second half of 2025, marking a major step in sustaining long-term supply growth. Meanwhile, the Jacinth-Ambrosia mine in South Australia, recognised globally as a Tier-1 zircon operation, also yields rutile and ilmenite by-products that are processed through Narngulu. These operations further consolidate Iluka’s position as a diversified mineral sands producer with rutile as a central pillar of its product portfolio. Table 3: Summary of Iluka Rutile Operations.  Project / Operation Type of Rutile Involvement Status / Location Narngulu (WA) Processing natural rutile Operational; Australia Capel (WA) Producing synthetic rutile via kilns SR2 active; SR1 available on restart Balranald (NSW) Rutile and zircon mining; future synthetic rutile feed Under development, commissioning in 2025 Jacinth-Ambrosia (SA) Co-producing rutile alongside zircon Active operation 7.  Sovereign Metals (ASX: SVM) – Kasiya Rutile-Graphite Project Sovereign Metals is spearheading one of the most significant critical mineral developments globally with its Kasiya Project in Malawi. This flagship operation is defined by its geological simplicity, free-dig lateritic mineralisation, and substantial scale (Figure 18). It is the only known deposit combining a globally dominant rutile resource with a high-quality flake graphite co-product. Together, these attributes offer Sovereign exposure to two essential and supply-constrained critical minerals with diverse industrial applications. Figure 18: Kasiya Rutile-Graphite Project (source: SVM)   Malawi’s supportive jurisdiction, favourable tariff positioning, and expanding power infrastructure further reinforce Kasiya’s commercial potential. With the Definitive Feasibility Study (DFS) expected by late 2025 , and a robust pilot program already underway, Sovereign Metals is methodically progressing Kasiya toward development. The project's multi-commodity profile and strong ESG fundamentals position it to become a cornerstone for sustainable mineral supply chains in a changing geopolitical landscape. The World’s Largest Natural Rutile Deposit Kasiya contains a JORC-defined mineral resource exceeding 1.8 billion tonnes , making it the largest known natural rutile deposit globally. Hosting 17.9 million tonnes of contained rutile , the deposit is unmatched in scale and grade, offering a long-term supply alternative to declining traditional sources like Sierra Leone and Australia. The project’s mine plan outlines an initial 25-year operation delivering 222,000 tonnes of rutile per annum,  equivalent to ~24% of the global natural rutile market at steady state.  The geological profile of Kasiya lends itself to cost-effective operations, as mineralisation occurs in soft, shallow saprolite. This allows for low-strip, free-dig mining and straightforward processing. Notably, the mineral is naturally high in TiO₂ content and low in impurities, reducing the need for energy-intensive upgrading processes typically required for ilmenite-based feedstocks. This purity positions Kasiya’s rutile as a preferred feed for chloride-route pigment production and titanium metal manufacturing.   Tier 1 Scale, ESG Credentials and Global Validation Kasiya’s development has been strategically aligned with ESG benchmarks from the outset. A landmark agreement with Malawi’s state utility ESCOM secures access to grid-connected power, primarily sourced from the upcoming Mpatamanga Hydropower Project—a 358 MW World Bank-backed renewable energy initiative. This allows Kasiya to significantly reduce its carbon footprint and operating costs, placing it among a select few mining operations with a defined path to sustainable, large-scale power. Figure 19: Kasiya: A Tier 1 Asset with Global Strategic Relevance (source: SVM)   Validation from downstream users has also reinforced Kasiya’s market potential. Japan’s Toho Titanium has independently confirmed that the project’s rutile meets premium industrial specifications, including >95% TiO₂, low deleterious elements, and suitable particle size for high-end pigment and titanium metal applications. On the graphite front, the project has delivered strong CSPG battery performance, making it a potential domestic alternative to the Chinese anode supply. Together, these attributes place Kasiya on a short list of Tier 1, future-facing mineral projects with global relevance (Figure 19).  The share chart for Sovereign Metals (ASX: SVM) from February to July 2025 shows a notable rise in early March, peaking just below $1.00, likely driven by positive investor sentiment or company announcements (Figure 20). However, the stock experienced a sharp correction in late March and early April, dropping to around $0.65. Since mid-April, the share price has shown a gradual recovery, fluctuating within the $0.65–$0.80 range. As of 31 July 2025, the stock is trading at $0.71, reflecting a stabilisation phase following earlier volatility. Trading volumes spiked significantly around March and again in July, indicating periods of heightened market activity and investor interest. Figure 20: Sovereign Metals (ASX: SVM) Share Performance as on 31 July 2025 (source: ASX )   8. Lion Rock Minerals Limited (ASX: LRM)/ Peak Minerals (ASX: PUA) – Minta Rutile Project Lion Rock’s Strategic Push into Minta Rutile Project in Cameroon Lion Rock (ASX: LRM) is quietly building a critical minerals play in Cameroon (Figure 21). The Minta Rutile Project has: 1.      A mineralised footprint nearing 1,500 km². 2.      XRD-confirmed TiO₂ from rutile at >93%. 3.      Notable co-products: monazite  (rich in NdPr and DyTb), zircon. 4.      Surface mineralisation is ideal for low-cost, free-dig mining. Figure 21: Mineralised zone at Minta Rutile Project nears 1,500km2. (source: LRM) Minta is still at the exploration stage but shows significant promise. With $3.5 million in new funding  and a 100% drill success rate  in early campaigns, it has the potential to become a high-quality, multi-commodity rutile supply hub. While PUA is not currently producing in Australia, its Cameroon project is quietly emerging as a future-ready asset. • A Frontier Discovery in Cameroon The Minta Project now spans a consolidated landholding of over 1,500 km², with recent tenement additions bringing new exploration corridors into the fold. Located in central Cameroon and supported by access to Atlantic shipping ports, Minta is positioned in an emerging critical minerals zone. Systematic auger and trench sampling across multiple zones has confirmed pervasive near-surface rutile mineralisation, with field observations and assays pointing to bulk tonnage potential. • Premium Mineralogy and Critical Co-Products Laboratory testing confirms the mineralisation is dominated by high-purity natural rutile, with XRD showing over 93% of TiO₂ sourced from rutile. The presence of monazite—rich in neodymium, praseodymium, dysprosium and terbium—suggests valuable rare earth by-products may also be recoverable. The surface expression and low stripping ratio add to the project’s appeal, potentially enabling a low-capex, free-dig operation in the future. • Quietly Emerging as a Critical Minerals Opportunity A 2,000 kg bulk sample program is underway, with follow-up metallurgical testwork to assess separation efficiency and final product quality. Downstream interest continues to grow, as buyers seek to diversify away from increasingly constrained rutile supply chains. With global rutile grades in decline and few new entrants on the horizon, Minta offers a rare mix of scalability, mineralogy, and jurisdictional optionality in a reshaping global titanium market. The share chart for Lion Rock (ASX: LRM) from February to July 2025 shows a prolonged period of flat trading under $0.02 through to early June (Figure 22). A noticeable upward trend began mid-June, accelerating rapidly in July, with the stock peaking at $0.088 before settling at $0.063 by 31 July 2025. This strong rally suggests a surge in investor interest, likely fuelled by positive developments around the Minta Rutile Project or increased market awareness. Trading volumes significantly increased in July, indicating heightened buying activity and momentum-driven sentiment in the small-cap critical minerals space. Figure 22: Lion Rock (ASX: LRM) / Peak Minerals (ASX: PUA) Share Performance as on 31 July 2025 (source: ASX ) 9. DY6 Metals (ASX: DY6) – Exploring Cameroon’s Next Rutile Frontier DY6 Metals is progressing rapidly in Cameroon with a dual-pronged exploration approach across its vast 5,901 km² Central Rutile Project (Figure 23). Located within a geologically rich corridor adjacent to Peak Minerals’ Afanloum discovery, DY6’s ground sits in what is shaping up to be a globally significant rutile province. The company is advancing its soil sampling and auger drilling programs to define rutile-rich zones, targeting in-situ, saprolite-hosted rutile mineralisation—akin to the Kasiya deposit model in Malawi. With systematic fieldwork already underway, DY6 is positioning itself for a maiden drilling campaign that could firmly establish the Central Rutile Project as a strategic asset in the global titanium feedstock pipeline. Backed by a fully funded program and technical execution already in motion, the company is looking to release initial assay results by August 2025. Investors watching this emerging rutile play will be keenly focused on how those early results shape the path forward. Figure 23: Map showing DY6’s full project portfolio in Cameroon. (source: DY6) Systematic Sampling Across a Vast 5,901 km² Tenure Regional soil sampling program underway over the full 5,901 km² holding, with auger drilling in progress on Nsimbo and Alamba licences adjacent to PUA’s Afanloum discovery. Well-Funded Exploration with Dual-Project Momentum Fully funded to accelerate exploration at both the Central Rutile Project and the Douala Basin HMS Project, with initial assay results expected in August 2025. The DY6 Metals (ASX: DY6) share chart from February to July 2025 shows a long period of stability under $0.05 until mid-April, when a sharp spike occurred—likely in response to exploration updates or market revaluation (Figure 24). After a brief correction, DY6 maintained a steady upward trajectory through May and June, before a strong breakout in early July, pushing the price above $0.30. The recent pullback to around $0.26 suggests a consolidation phase following strong interest and higher trading volumes, likely driven by investor excitement over its rutile and rare earths exploration in Cameroon. Figure 24: DY6 Metals (ASX: DY6) Share Performance as on 31 July 2025 (source: ASX )   10. Samso Concluding Comments Rutile: The Underappreciated Critical Mineral with Strategic Weight Prior to the recent discovery by Sovereign Metals Limited and that of Lion Rock Minerals Limited (ASX: LRM), previously known as Peak Minerals Limited (ASX: PUA), the word Rutile was pretty much under the radar of mainstream investors (In the Micro to Small Capitalisation sector), often and recently overshadowed by more headline-grabbing critical minerals like lithium or rare earths. The decarbonisation efforts and sovereign supply chain concerns have brought out the narrative of a supply squeeze and hence, intensified the strategic value of natural rutile is becoming increasingly clear. With the highest TiO₂ content of any titanium feedstock, minimal processing requirements, and essential roles in aerospace, defence, and clean energy technologies, rutile (Figure 25) is no longer just a pigment mineral—it’s now recognised as a linchpin of future industrial systems. That recognition is being codified globally, with rutile now classified as a critical mineral in Australia, the EU, and the US. Figure 25: A specimen of Rutile. (source: https://geologyscience.com/minerals/rutile/ ) The story becomes even more compelling when you consider the tightening global supply dynamics. Mature producers like Iluka’s Sierra Rutile are maintaining strong positions but face rising challenges with grade decline, geopolitical complexity, and limited expansion runway. At the same time, projects like Sovereign Metals’ Kasiya are emerging as new anchors in the global titanium value chain, with tier-1 scale and ESG-aligned design built into their foundations. As natural rutile becomes more scarce—and synthetic substitutes fail to meet ESG or performance benchmarks—markets will increasingly gravitate toward scalable, secure, and low-carbon sources. Kasiya vs Sembehun: Complementary Giants in the Titanium Race The Kasiya and Sembehun projects, while both massive in their own right, represent complementary pillars in the titanium race. Kasiya’s strength lies in its size, purity, renewable energy integration, and graphite by-product upside, positioning it as the next-generation rutile supply base. Sembehun, on the other hand, builds on decades of operational history, offering near-term production and the backing of a globally recognised player in Iluka. Together, they signal a dual-track future for rutile—one rooted in legacy infrastructure and one built for the net-zero world. Investors would be wise not to see them as competitors, but rather as critical co-drivers of titanium’s global future.   ASX Small-Caps Quietly Building the Next Supply Base As we look across the ASX, what’s striking is the quiet momentum building around smaller rutile players—Lion Rock Minerals (Peak Minerals), DY6 Metals, Petrotherm (ilmenite), all of which are carving out potential new lanes in the supply landscape. If you take Petratherm (Predominantly ilmenite) and DY6 Metals (Early stage), you are simply left with a two horse race with Lion Rock Minerals and Sovereign Metals to be the next HM/Rutile mining proposition. This is the moment for investors to get ahead of the curve. Rutile may not dominate headlines yet, but as with lithium a decade ago, the early movers who grasp its strategic weight will be best positioned for what’s next. At Samso, we believe the rutile story is just beginning to unfold—and it’s one worth watching very closely. 11. The Samso Way – Seek the Research Behind every mineral, there’s a deeper story of timing, strategy, and market context. At Samso, we dig past the surface to understand what really moves the needle. Do the research. Ask the right questions. That’s how value is found.  Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References: Base Resources owns and operates the Kwale mineral sands mine in Kenya Mpatamanga Hydro Power Plant (MHPP) Project Sierra Rutile Presentation June 2022 Sembehun DFS Reinforces Strategic Value of Significant Project Presentation - Optimised PFS Outcomes February 2025 Central Rutile Project exploration update Diatreme Resources August 2018 Presentation Leading Japanese Titanium Producer Validates Kasiya Rutile Power Supply MOU and Malawi Hydropower Project Approved Tariff Environment Underscores Kasiya's Significance Rutile Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Geophysics reveals multiple targets corresponding with favourable geology and known mineralisation. Geophysics Uncovers Multiple Priority Drill Targets at Mannix and Mt Secret Thunderbird Resources Limited (ASX: THB) has outlined multiple high-priority drill targets at its 100%-owned Kookabookra Gold Project in NSW , following strong results from a recent GAIP survey (Figure 1). Conducted over the Mannix and Mt Secret prospects , the survey defined compelling chargeability anomalies closely linked to favourable structures, geological contacts, and gold-in-soil geochemistry. With several of these anomalies in areas never previously drill tested, the Company is now preparing for its maiden drilling program in Q4 2025. Figure 1: Kookabookra Gold Project   in north-eastern New South Wales (source: THB)  Highlights - Gold Exploration At Its Best. Multiple Chargeability Anomalies: Significant anomalies (>10msec) identified at both prospects, considered highly promising drill targets. Mt Secret – Sulphide Potential: Two large anomalies in the south-west survey area, adjacent to the Glen Bluff Fault and coincident with geological contacts and gold-in-soil anomalies (>10ppb Au, up to 42ppb Au) (Figure 2). Historical drilling has not tested these areas. Figure 2: Mt Secret Prospect - IP Chargeability, historical drilling and surface geochemistry (source: THB) Mannix – Untested Gold-in-Soil Anomaly: Anomalies in the southern grid are adjacent to an untested gold-in-soil anomaly (>10ppb Au, up to 120ppb Au) (Figure 3). Historic drilling to the north intersected low-grade mineralisation in all 12 holes. Figure 3: Mannix Prospect – IP Chargeability, historical drilling and surface geochemistry (source: THB) Exploration Model: Positive correlation between chargeability anomalies and gold-antimony mineralisation supports potential for intrusion-related and orogenic gold systems, similar to the Hillgrove Sb-Au Project. Next Steps: Drill planning is underway, with permits to be lodged in August. Geological mapping and soil sampling will continue at Bear Hill–Butchers Reef, where historical production exceeded 3,000oz at 28g/t Au (Figure 4). Figure 4: Bear Hill–Butchers Reef Prospects in Kookabookra (source: THB) Survey Details and Geological Context The GAIP survey, completed in early July, covered ~1km² with 25m electrode spacing along 50m line intervals. The method detects subsurface chargeability—often indicative of sulphides such as pyrite and arsenopyrite—correlated with gold mineralisation in similar geological settings. At Mt Secret , three anomalies were defined: Northern anomaly lies along strike from historic workings and coincides with >10ppb Au in soils. Two southern anomalies, the largest ~170m in strike, are proximal to structural features and geological contacts between Black Knob Monzogranite and felsic intrusives/metasediments. At Mannix , chargeability anomalies remain untested by drilling, with the historic program focused on a downslope gold-in-soil anomaly. Several drillholes ended in mineralisation, including 1m @ 1.62g/t Au and 1m @ 3.42g/t Au, but none targeted the geophysical anomalies. Thunderbird Executive Chairman, George Ventouras,  commented: “These are outstanding results which highlight the huge potential at Kookabookra. Significantly, the IP targets are close to historical exploration and drilling. With many of the previous holes having intersected mineralisation, we could consider these historic holes to be a ‘near-miss’ and the current planned drill program will aim to properly test the area for significant gold mineralisation. The combination of results, favourable geology, and known mineralisation points to immense upside at both prospects. And given these targets cover only a small portion of the tenement, the broader potential is significant.” Next Steps Thunderbird’s immediate focus is on finalising preparations  for its maiden RC drilling program  at the Mannix  and Mt Secret prospects, with drill permit applications  to be lodged in August  and drilling scheduled to commence in Q4 2025 .  The GAIP survey results will be integrated with geological mapping , soil geochemistry , and rock chip sampling to refine targeting and prioritise drill holes .  In parallel, follow-up exploration at Bear Hill–Butchers Reef will include geochemical soil sampling and detailed mapping , building on historical production of more than 3,000oz of gold at an average grade of 28g/t .  Assay results  from 79 rock chip and grab samples collected in June  are expected later this month, which will further inform  the next phase of work. Samso Concluding Comments The journey of the Kookabookra Gold Project has been set, and the targets identified look interesting. The GAIP survey has identified multiple chargeability anomalies in highly favourable geological settings and has placed them alongside known gold-in-soil anomalies and structural features that typically host significant mineralisation. This is a good start to create meaningful potential discoveries in orogenic and intrusion-related gold systems.  Typically, the targeted areas that have never been drill tested, in their proximity to past “near-miss” holes. Thunderbird is effectively re-rating the exploration potential of zones overlooked by previous campaigns. With the maiden RC drilling program set for Q4 2025, the market will soon see whether these targets can deliver the kind of grades and widths that transform early-stage exploration into a serious development story.  Investors should also note the parallel work at Bear Hill–Butchers Reef, where historical high-grade production provides a proven mineralised footprint. The combination of strong geophysical targets, supportive geochemistry, and a district-scale landholding gives Thunderbird multiple shots at discovery. This is an exploration with genuine upside, backed by systematic work and a clear strategy.  Corporate Thoughts I have been following the company since 2018, when it was called Valor Resources Limited (ASX: VAL), and the reason I am reviewing THB is mainly due to two main factors. The first is that it is now at its all-time low of AUD $0.01 (Figure 5), and since the release of this announcement, the stock has risen to AUD $0.015 Figure 5: The share price chart of THB since 2016. I have known this Thunderbird Resources, then known as Valor Resources Limited, since 2018, and it has pretty much bottomed out in 2025 at AUD $0.01 (source: commsec). The second reason is that this is a CPS Capital stock, and the shareholders in the company have every interest to make this work as an investment. The market is all about gold, and gold exploration is now the next next thing. The reason is that all the good M&A deals are now completed. The corporate plays are now starting to heat up in the sector, and the story looks set for THB to make its move (Figure 6). Figure 6: The current share price of AUD$0.015 is a good indication that the scenario is set for the value creation to happen for shareholders. (source of chart: commsec). The current time for the ASX Micro-Cap sector is looking brighter. The exploration news is now getting investors excited and looking for the next trade. Thunderbird is still only an AUD $5.8M market capitalised company, so the potential upside has not really moved. Hence, for Samso, the #SamsoDYOR potential is still in its infancy. As always, the real test will come from the drill bit, but the groundwork here has been thorough and technically sound. Kookabookra is entering a critical stage, and for those who understand the value of well-prepared exploration, the months ahead could be particularly telling. The Samso Way – Seek the Research In the Samso way, seeking the research  means looking beyond the headlines to understand the data, the geology, and the strategy driving a project. It’s about analysing the details — from geophysical results to historical production — to identify genuine potential and avoid the noise. In exploration, knowledge is the real commodity, and informed analysis is the edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement HIGH QUALITY MIXED RARE EARTH CARBONATE PRODUCED AT THE SPLINTER ROCK RARE EARTH PROJECT. OD6 Metals Limited (ASX: OD6)  has delivered a key milestone at its 100%-owned Splinter Rock Rare Earth Project in Western Australia, producing high-quality Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH) with low impurities and strong commercial payability potential (Figure 1). The results, achieved through recent flowsheet developments, confirm Splinter Rock’s capability to produce a premium, magnet-rich rare earth product that meets or exceeds global benchmarks, positioning the project among the top tier of global rare earth ventures. Figure 1: The Splinter Rock Project (source: OD6) Highlights - Is this the Beginning of an Australian Rare Earths Production Story? High-Grade Products: MREC grading ~56% TREO and MREH grading ~59% TREO, produced via a simplified, scalable heap leach and impurity removal flowsheet. +90% of value derived from high-demand Magnetic Rare Earths (Nd, Pr, Dy, Tb). Exceptional Product Quality: Low impurities (Al, Fe, P, Si). Uranium and thorium content below 0.001%, avoiding refinery penalties. Meets or exceeds global MREC/MREH specifications. Commercial Positioning: Benchmark payability typically 70–85% of REO basket value; OD6 positioned for premium rates. Engaging with potential offtake partners in Asia, Europe, and North America. Strategic Advantage: Innovative processing pathway using heap leach, nanofiltration, ion exchange, and impurity control. Partnerships with ANSTO and CPC Engineering to finalise optimal development pathway. Product suited for high-tech defence, electronics, and renewable energy applications.   Technical Overview The nine-month metallurgical program, undertaken in collaboration with the Australian Nuclear Science and Technology Organisation ( ANSTO ), successfully demonstrated a comprehensive, multi-stage process designed to extract and refine high-value rare earth elements from Splinter Rock’s clay-hosted deposits. This work represents a critical advancement in OD6’s processing capabilities, confirming the technical viability of producing premium-grade Mixed Rare Earth Carbonate ( MREC ) and Mixed Rare Earth Hydroxide ( MREH ) products. As illustrated in Figure 2, the process integrates heap leaching, nanofiltration, ion exchange, and impurity removal to achieve exceptional product quality with low impurity levels, while maximising the recovery of magnet-rich rare earths essential for high-tech and renewable energy applications.  Heap Leaching:  Low-acid recovery from rare earth-bearing clays. (refer ASX 16 October 2024) Nanofiltration:  Acid recycling and REE concentration. (refer ASX 4 August 2025 ) Ion Exchange:  Enhanced removal of Fe and Al to reduce downstream risk. (refer ASX 7 August 2025 ) Impurity Removal:  Final elimination of deleterious elements. Product Precipitation:  Recovery of MREC (via Na₂CO₃) or MREH (via NaOH), followed by washing and drying. Figure 2: Indicative processing steps including Heap Leach, Nanofiltration plus Ion Exchange & Impurity Removal (source: OD6) The high-quality Mixed Rare Earth Carbonate (MREC) product produced from heap leach solutions at ANSTO as part of the Splinter Rock metallurgical program (Figure 3). The image highlights the tangible outcome of OD6’s nine months of testwork, demonstrating the successful precipitation of a saleable, low-impurity rare earth product that meets or exceeds global benchmarks. Figure 3: OD6 Splinter Rock Heap Leach MREC Product produced at ANSTO (source: OD6) Both products showed >55% TREO with magnetic rare earths forming over 90% of value. Low impurity levels, especially <0.001% U+Th, ensure favourable marketability (Figure 4). Figure 4: Impurity Removal Curve showing decreasing Al and Fe concentration as pH is increased (source: OD6) Next Steps Optioneering Study OD6 has appointed CPC Engineering to conduct an Optioneering Study that will assess several technically viable flowsheet options for the Splinter Rock Project. The study will evaluate each pathway on cost efficiency, recovery rates, scalability, and final product quality to select the optimal development route. Completion is expected this quarter. Offtake Engagement The company is actively engaging with potential offtake partners to evaluate commercial payability for its MREC and MREH products. These discussions are aimed at securing agreements that reflect the premium quality and low impurity levels of Splinter Rock’s output. Scale-Up Testing Plans are in place to scale up heap leach and impurity removal testwork using approximately one tonne of PQ diamond core material. This will enable the production of around one kilogram of MREC, providing multiple samples for optimisation trials, customer assessment, and offtake negotiations.   Managing Director Brett Hazelden  commented: “This is a significant milestone for OD6 and reinforces Splinter Rock’s potential to become a competitive and scalable producer of high value rare earth products. Our innovative processing pathway – using a combination of nanofiltration, ion exchange and impurity control - has enabled us to produce a high-quality, low-impurity MREC and MREH product that meets or exceeds global benchmarks. This opens the door to a wide range of potential offtake partners and is expected to result in favourable payability. We believe the ability to deliver a high quality, magnet-rich mixed rare earth product from a low-cost leaching system gives us a unique strategic advantage. We look forward to engaging with international separation facilities, end users and governments.”   Samso Concluding Comments The significance of these results cannot be overstated. OD6 has finally moved beyond theoretical metallurgy into the production of a saleable, high-value product that ranks competitively on a global scale. Could this news be a sector-changing event, as the market has been struggling to see light at the end of the tunnel for the last 2 years? In a market where quality and impurity levels directly dictate pricing and offtake interest, Splinter Rock’s specifications provide a meaningful competitive edge. This ASX release may be what the market needs to see in regards to the viability of the clay-hosted REE in Australia. The combination of high TREO grades, dominance of magnetic rare earth content, and a processing route designed for scalability places OD6 in a strong position as the rare earth sector continues to attract strategic investment. With downstream engagement now underway, the pathway from testwork to commercial agreements appears tangible and strategically timed. OD6’s ability to produce both carbonate and hydroxide forms offers flexibility to meet diverse customer requirements, an important factor in securing premium contracts. The coming quarters, particularly with the outcome of the Optioneering Study and scale-up testwork, will be pivotal in confirming Splinter Rock’s place as one of the world’s leading clay-hosted rare earth projects. The main obstacle for investors is the belief that OD6 can maintain this level of product quality through scale-up and into production. Investors want to see if Splinter Rock can stand alongside the leading global clay-hosted rare earth projects, offering Australia another strong foothold in a strategically critical supply chain. The Samso Way – Seek the Research At Samso, we believe that every investment decision should be anchored in facts, not hype. Announcements like this one from OD6 Metals show the value of understanding the technical details — from product quality and impurity levels to the steps in the processing pathway. By diving into the data and asking the right questions, investors can separate genuine progress from market noise. The real story is always in the research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Investing wisely in today's economy can be challenging. With so many options and fluctuating markets, knowing where to put your money is crucial. This guide will help you identify promising investments that align with current economic trends and your financial goals. By understanding key factors and strategies, you can make informed decisions that maximize your returns and minimize risks. Understanding Promising Investments in the Current Market Promising investments are those that offer potential for growth, income, or capital preservation in the context of today's economic environment. To identify these, you need to consider several factors: Economic indicators : Look at GDP growth, unemployment rates, inflation, and interest rates. These give clues about the overall health of the economy. Industry trends : Some sectors perform better during certain economic cycles. For example, technology and healthcare often show resilience. Company fundamentals : Analyze financial statements, management quality, and competitive advantages. Market sentiment : Investor confidence and market momentum can influence short-term performance. For example, renewable energy companies have gained traction due to global shifts toward sustainability. Similarly, technology firms focusing on cloud computing and artificial intelligence are expanding rapidly. Corporate investment building To stay ahead, keep an eye on emerging sectors and innovations. Diversifying your portfolio across different asset classes and industries can also reduce risk. Key Strategies to Spot Promising Investments Identifying promising investments requires a mix of research, analysis, and practical steps. Here are some strategies to help you: Conduct thorough research Use reliable sources such as financial news, company reports, and expert analyses. Websites like investment opportunities provide valuable insights into current market trends. Evaluate risk versus reward Every investment carries risk. Assess your risk tolerance and compare it with the potential returns. High returns often come with higher risks. Look for consistent performance Companies or assets with steady growth and stable earnings are generally safer bets. Consider dividend-paying stocks These provide regular income and can be a sign of financial health. Monitor market cycles Timing can impact investment success. Buying during market dips can increase potential gains. Use technical and fundamental analysis Technical analysis looks at price trends and patterns, while fundamental analysis focuses on financial health and business prospects. For instance, investing in blue-chip stocks with a history of dividend payments can provide both growth and income. Alternatively, exploring real estate investment trusts (REITs) might offer exposure to property markets without direct ownership. Financial analysis on laptop How much money do I need to invest to make $3,000 a month? Generating a steady income of $3,000 per month from investments depends on the type of investment and its yield. Here’s a simple way to estimate the required capital: Determine the expected annual return : For example, if you expect a 6% annual return, that’s 0.06. Calculate the annual income needed : $3,000 per month equals $36,000 per year. Divide the annual income by the return rate : $36,000 ÷ 0.06 = $600,000. This means you would need to invest approximately $600,000 at a 6% return to generate $3,000 monthly. Keep in mind: Returns vary by investment type. Bonds might offer 3-4%, stocks 7-10%, and property yields differ by location. Consider taxes and fees, which reduce net income. Diversify to balance risk and income stability. For example, a mix of dividend stocks, bonds, and rental properties can help achieve this goal while managing risk. Australian currency representing investment capital Practical Tips for Evaluating Investment Opportunities When assessing any investment, apply these practical tips: Check liquidity : How easily can you sell the investment if needed? Understand the business model : Know how the company or asset generates income. Review historical performance : Past results are not guarantees but provide context. Assess management quality : Strong leadership often correlates with better outcomes. Consider macroeconomic factors : Interest rates, inflation, and geopolitical events can impact returns. Beware of scams : If it sounds too good to be true, it probably is. For example, before investing in a startup, research its market potential, competitive landscape, and leadership team. For property, evaluate location, rental demand, and maintenance costs. Staying Updated and Adapting Your Investment Approach The economy and markets are dynamic. Staying informed and flexible is key to long-term success. Here’s how to keep your investment strategy relevant: Regularly review your portfolio : Adjust based on performance and changing goals. Follow economic news and reports : This helps anticipate market shifts. Attend webinars and read expert analyses : Continuous learning sharpens your decision-making. Use technology tools : Investment apps and platforms offer real-time data and alerts. Network with other investors : Sharing insights can reveal new opportunities. By adapting to new information and trends, you can capitalize on emerging promising investments and protect your assets during downturns. Identifying promising investments requires a blend of knowledge, analysis, and vigilance. By understanding market conditions, applying sound strategies, and staying informed, you can navigate today’s economy with confidence and build a portfolio that supports your financial goals. The Samso Way – Seek the Research In the Samso way, seeking the research  means looking beyond the headlines to understand the data, the geology, the financial news, the scientific analysis, the medical results, the proving of artificial intelligence, and the strategy driving a project. It’s about analysing the details — from start to commercial realisation — to identify genuine potential and avoid the noise. In understanding the art of investing, knowledge is the real commodity, and informed analysis is the edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement The Calmer Co Secures Expanded Lease in Navua, Fiji Coles Retail Sales Up 81% in July The Calmer Co. International Limited (ASX: CCO)  has capped off an eventful week with two significant developments that speak directly to the company’s dual focus on operational resilience and market expansion. On one front, it has secured long-term control of its manufacturing base in Fiji through an expanded lease arrangement, ensuring uninterrupted production capacity and creating a platform for future scalability. On the other hand, it has reported record-breaking sales growth within the Coles retail network in Australia, underscoring the strong consumer appetite for its kava-based products and the company’s ability to capitalise on growing demand for natural wellness and alcohol alternatives. Together, these announcements highlight a business strengthening its foundations while accelerating its retail momentum, both domestically and in preparation for international market entry. Expanded Lease in Navua, Fiji – Kava Growth Platform Secured ASX Release: August 8, 2025 The Calmer Co Secures Expanded Lease in Navua, Fiji for Future Growth The company has finalised a three-year lease extension for its Navua manufacturing facility in Fiji, with an option to extend until 2031. This move locks in long-term operational control, a critical step as CCO scales production and advances toward breakeven. Originally planning to acquire the property, unforeseen compliance issues prompted a strategic shift. The lease model not only ensures uninterrupted operations but also frees up capital for immediate growth initiatives, including new product launches into the US market. Key Terms : Lease Start : 1 September 2025 – Initial 3-year term, with a 3-year renewal option. Staged Expansion : Over 2,000 sqm operational space by mid-2026, including expanded packing, freezer, admin, and lab facilities. Initial Rent : FJD $14,800/month, rising to $17,850/month in July 2026. Right of First Refusal : Option to purchase if offered during term. Infrastructure Upgrade : Company to install 750KVA transformer for expanded capacity. The staged lease expansion will provide over 2,000 sqm of operational space, with new packing, storage, and office areas available by January 2026, followed by a laboratory by June 2026, enabling the relocation of the company’s core processing, packing, and administrative operations.   Founder & CEO Zane Yoshida commented, "This agreement ensures the stability of our manufacturing operations through 2031. The staged lease expansion gives us the flexibility to expand as needed and supports our plans for growth, especially as we enter the US market." Coles Retail Sales Hit Record – July Up 81% ASX Release: 6 August, 2025 Coles Retail Sales Up 81% in July In a separate update, CCO reported an 81% jump in Coles retail sales for July 2025, reaching $344,000  – up from $190,000 in June. This represents the company’s best monthly result in Coles to date, well above its materiality threshold. Growth has been driven by an expanded footprint and strong sell-through: Taki Mai Kava Shot 50mL  now stocked in 797 stores (+59% from launch) Fiji Kava Instant Kava 150g  now ranged in 801 stores (+170% from launch) Targeted in-store promotions and consumer demand for natural alcohol alternatives have reinforced CCO’s positioning as a category leader. The Calmer Co. is prioritising faster sales growth in major national retailers and boosting consumer engagement for its FijiKava® and Taki Mai® brands, with the Australian retail market remaining central to its plan for sustainable growth and category leadership in the relaxation and wellness sector. Zane Yoshida, Founder & CEO of The Calmer Co,  commented “July marks a new high point in our partnership with Coles and serves as a strong validation of the growing consumer appeal for our products in the mainstream Australian market. The rapid expansion of our retail footprint, coupled with accelerating sales, underscores the strength of our national distribution platform and the increasing relevance of kava as a natural alternative to alcohol. These results reaffirm our strategy to build a profitable and scalable business, and we are proud to be at the forefront of this emerging category as we continue to grow." Samso Concluding Comments The Calmer Co.’s strategic lease in Fiji secures the backbone of its manufacturing and supply chain, avoiding operational disruption while freeing capital for growth. Coupled with a record retail performance in Coles, the company is executing on both operational resilience and sales acceleration. For investors, the combination of long-term production certainty, expanding distribution, and category leadership in natural wellness products points to a business aligning its infrastructure with market demand. As the US rollout progresses, CCO’s capacity to leverage its farm-to-shelf model could well define the next phase of its growth story. The Samso Way – Seek the Research The Calmer Co.’s updates highlight the value of strategic execution — securing a long-term, flexible lease in Fiji to preserve capital while ensuring production stability, and delivering record sales growth in Coles as proof of strong consumer demand. For investors, the lesson is to look beyond the headlines and see how operational control and market penetration work together to create sustainable growth.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 11 August 2025 RareX Initiates Community Engagement for Mrima Hill Project 6 August 2025 Wide High-Grade Gallium Intercepts at Cummins Range RareX Limited (ASX: REE) has announced a major step forward in its gallium re-assaying program at the Cummins Range carbonatite pipe, delivering the widest high-grade gallium intercept recorded at the project to date ( Figure 1 ). This milestone follows a systematic re-assay of historical drill pulps from the 2020 infill program, aimed at unlocking the full critical metals potential of the deposit alongside its established rare earths and scandium resources. The scale and consistency of the new results not only reinforce Cummins Range’s position as one of Australia’s most advanced and highest-grade gallium deposits but also underscore its potential strategic importance in a global market dominated by limited supply and rapidly rising demand. Figure 1: The Cummins Range Location. (source: REE) Highlights – Cummins Range Gallium Results ASX Release: Wide High-Grade Gallium Intercepts at Cummins Range A further 970 gallium re-assays  from 16 drill holes received. Standout intercepts from pulp re-assaying include: 115m at 146 g/t Ga₂O₃, 3.4% TREO and 369 g/t Sc₂O₃ from 22m , including 53m at 200 g/t Ga₂O₃, 5.51% TREO and 588 g/t Sc₂O₃. 86m at 125 g/t Ga₂O₃, 3.93% TREO and 283 g/t Sc₂O₃ from 4m , including 9m at 158 g/t Ga₂O₃, 2.77% TREO and 428 g/t Sc₂O₃. 26 drill holes remain to be re-assayed from the 2020 infill program. Section 307160E with gallium grades across 100m of the Rare Carbonatite Dyke , with mineralisation contained in the weathered saprolite zone (Figure 2). Gallium market forecast to grow tenfold in the next decade, driven by demand from AI, semiconductors, and renewable energy sectors. Figure 2: Section 307160E. Showing gallium intercepts at Cummins Range deposit. (source: REE) CEO & Managing Director James Durrant  commented: “The consistency of high-grade results across multiple holes and long intercepts removes any remaining doubt. Gallium is now a core value stream for Cummins Range. We are advancing both conventional and alternative processing pathways to unlock the full value of the contained metals—rare earths, gallium, scandium, and phosphate.” Gallium grades exceeding 100 g/t are considered high-grade, placing Cummins Range’s intercepts well within this range. With China producing 98% of the world’s gallium, RareX’s Australian supply source could be strategically significant amid growing supply chain pressures. RareX Commences Community Engagement for Mrima Hill Project ASX Release: RareX Initiates Community Engagement for Mrima Hill Project In Kenya, RareX has initiated early-stage community engagement as part of the Iluka–RareX consortium proposal for the Mrima Hill critical minerals project in Kwale County in Kenya. The engagement aims to align project planning with local priorities and build early trust. Highlights – Mrima Hill Community Engagement Engagement led by African Waste and Environment Management Centre (AWEMAC) , a leading East African consultancy with over 500 projects in environmental, social, and stakeholder engagement. Program includes key person interviews  and focus group discussions  with local leaders and residents. Findings to directly inform project design, ensuring community perspectives shape development. Part of the consortium proposal currently under consideration by the Kenyan National Mining Corporation . CEO & Managing Director James Durrant  commented: “We’re confident that the Iluka–RareX consortium offers the strongest delivery model for Mrima Hill. But a project like this must earn the trust of local communities from the outset. AWEMAC’s deep local experience ensures this process is handled respectfully, professionally, and in a way that builds mutual confidence.” This initiative complements RareX’s technical and commercial work on the project and aligns with Kenya Vision 2030 , reinforcing the Company’s long-term commitment to collaborative development.  RareX Share Price Consolidation After March–April Surge RareX (ASX: REE) experienced a strong upward move in March–April 2025, driven by heightened market interest and news flow, with the share price peaking above 0.04 during this period. Following the rally, the price retraced and has since stabilised within a narrower trading range between 0.018 and 0.025. At 0.021  today, the stock is in a consolidation phase, suggesting that the market is awaiting a fresh catalyst to prompt the next directional move. Figure 3  illustrates this transition from high volatility to range-bound trading, highlighting the pause in momentum as investors assess upcoming developments. Figure 3: REE Share Price Overview as on 12 August 2025 (source: ASX ) Samso Concluding Comments RareX’s latest gallium intercepts at Cummins Range could reinforce the project’s position as an Australian source of Gallium. With grades above high-grade thresholds and consistent results over wide intervals, gallium now sits firmly alongside rare earths, scandium, and phosphate as a core value driver for the project. The narrative for the global gallium market remains highly supply-constrained, dominated by China, and forecasts point to rapid demand growth from AI, semiconductors, and renewable energy. This puts Cummins Range in a strategically significant position, offering potential diversification for global supply chains. In Kenya, RareX’s early community engagement at Mrima Hill demonstrates a considered approach to development. Partnering with AWEMAC ensures that local perspectives are heard from the outset, aligning project design with community priorities and building trust. Balancing technical progress with social responsibility is increasingly vital in critical minerals development. RareX’s dual focus on resource advancement and stakeholder engagement reflects a strategy that is both commercially astute and socially aware. The Samso Way – Seek the Research At Samso, we believe the best investment decisions come from understanding the full story — from geology and market trends to corporate strategy. By digging deeper into the facts and questioning assumptions, investors can identify real value and navigate risks with clarity, turning insight into a competitive edge.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement ACQUISITION OF PROJECTS NEAR BLACK SWAN INCLUDING GORDONS DAM PROJECT . Horizon Minerals Limited (ASX: HRZ)  has strengthened its gold development strategy in the Western Australian Goldfields through the acquisition of the Gordons, Mt Jewell, Malone, and Mulgarrie projects from Yandal Resources Limited (ASX: YRL) . The package totals 34 granted mining, prospecting, exploration, and miscellaneous licences over ~77 km², all in close proximity to Horizon’s 100%-owned Black Swan processing facility (Figure 1). Figure 1: Gordons Project location in context to Horizon Minerals tenement holdings, regional geology and surrounding infrastructure (source: HRZ). Key Highlights _ Building a Gold Mining Hub. Binding Tenement Sale Agreement (TSA) executed  for 100% interest in the four gold projects. Gordons Dam Project  lies just 10 km west-south-west of Black Swan, with an established Mineral Resource Estimate (MRE) of 365 kt at 1.7 g/t Au for 20 koz . Mineralisation remains open at depth and along strike on a granted Mining Lease (Figure 2). Advanced exploration upside  with multiple drill-ready targets, including Star of Gordon and Malone prospects. Acquisition terms: $0.2m refundable cash deposit (paid) $1.0m cash on completion from existing reserves $1.610m in Horizon shares at a 10% discount to the 15-day VWAP (or cash at Horizon’s election) Settlement expected in Q3 2025 , subject to regulatory approvals and Ministerial consent under the Mining Act. Figure 2: Gordons Project tenements, prospects and regional geology. Historical and Yandal Resources drilling represented as maximum downhole assays (ppm)   (source: HRZ). Strategic Fit Horizon is progressing a Pre-Feasibility Study to refurbish and repurpose the Black Swan processing plant into a gold facility with a nominal throughput of 1.5 Mtpa . The newly acquired tenure is expected to provide feed sources for a five-year Life of Mine plan , complementing Horizon’s extensive landholding and existing resource base. Managing Director & CEO   Grant Haywood commented: “We are pleased to acquire these projects in close proximity to our processing infrastructure. In addition to the resource at Gordons Dam, these assets complement our current large strategic land holdings in the WA Goldfields. We see great potential in this area for further resource growth along with enormous exploration upside.” Gordons Dam Resource and Geology. The Gordons Dam deposit sits within the Boorara Domain of the Kalgoorlie Terrane, part of the Norseman–Wiluna Greenstone Belt. Gold mineralisation is primarily hosted in quartz veins at the margins of pillow basalts intruded by microgranite/porphyry, extending from ~30 m to 120 m below surface over a strike length of ~320 m. The MRE (classified as Inferred) was prepared by BM Geological Services in November 2022 using 95 drillholes (4 diamond and 91 RC) and a 1.0 g/t Au lower cut-off grade. Horizon’s review has confirmed the integrity of the estimate (Figure 3). Figure 3: Plan view Gordons MRE drillhole location and type including surrounding previous drilling.   (source: HRZ) Exploration Upside Historical and recent drilling indicate significant intercepts, with mineralisation remaining open both at depth and along strike. Horizon plans to integrate the Gordons Dam area into its broader exploration strategy, ranking and scheduling future drill programs post-completion. Samso Concluding Comments From a strategic standpoint, the acquisition of Gordons Dam and its neighbouring projects is clearly creating a gold mining hub. A good move to consolidate a development pipeline within immediate reach of the Black Swan plant, offering tangible synergies in mining, haulage, and processing. The established resource base, while modest, provides a solid foundation that can be scaled with systematic exploration.  What makes this transaction compelling is the blend of near-term development potential and longer-term discovery upside. Horizon is effectively stitching together a portfolio that can deliver a steady feed to its refurbished processing facility while pursuing extensions and new deposits along well-endowed structural corridors.  The geological framework of the Boorara Domain continues to demonstrate its ability to host meaningful gold mineralisation. With historical drilling validating mineralised structures and the potential for deeper and strike extensions, Gordons Dam presents as a project where incremental drilling can yield significant returns.  As the regional consolidation strategy unfolds, Horizon’s approach reflects a clear vision: secure quality ground, leverage existing infrastructure, and drive organic resource growth. In the context of the WA Goldfields, this is a well-trodden path to building a sustainable gold business. The Samso Way – Seek the Research Gordons Dam is a reminder that value lies in the detail. Solid geology, proven data, and strategic location matter more than hype. Do the work, ask the right questions, and let research guide conviction over speculation. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Actinogen June 2025 Quarterly Activity Report Actinogen Medical (ASX: ACW)  has released its June 2025 quarterly activities report, highlighting significant progress in its clinical programs and strategic initiatives surrounding Xanamem®,  the company’s lead therapeutic compound targeting Alzheimer’s disease (AD) and major depressive disorder (MDD).  The June quarter was marked by clinical milestones, manufacturing scale-up, and strengthened financial flexibility through a non-dilutive funding arrangement. Key Highlights - Targeting Alzheimer and Depression ✅  XanaMIA Phase 2b/3 AD Trial Surpasses 100-Patient Milestone The pivotal XanaMIA Phase 2b/3 clinical trial in biomarker-positive Alzheimer’s disease reached the key enrolment milestone of 100 participants by 30 June 2025. As of 29 July, 123 patients were enrolled, with 24 more in advanced screening. 35 sites are open across the US (20) and Australia (15). A safety and efficacy interim analysis by an independent Data Monitoring Committee is planned for January 2026, with final results expected in Q4 2026.   ✅  $13.8 Million Non-Dilutive R&D Tax Funding Facility Secured Actinogen secured a $13.8 million facility through Endpoints Capital, backed by the FY25 and forecast FY26 R&D Tax Incentives. $3 million has already been received and is reflected in the June quarter cash balance.   ✅  Manufacturing Progress and Commercial Readiness A 15kg batch of Xanamem drug substance was produced at Asymchem, supporting current and future clinical supply. This scale-up step is integral to regulatory pathway readiness and future commercialisation discussions.   ✅ Clinical Science Engagement and Thought Leadership Actinogen hosted a Clinical Trials Science Forum (CTSF) on commercialisation readiness featuring its CMO and an external AD expert. Xanamem’s clinical data were presented at major global scientific meetings, including the American Psychiatric Association (APA), the Alzheimer’s Association International Conference (AAIC), and BIO 2025.   Other Strategic Initiatives Commercial Planning:  Expansion of US engagement with AD key opinion leaders (KOLs) and refinement of investor and partner communications. Partnering Discussions : Continued active dialogue with multiple potential regional and global pharmaceutical partners across both AD and MDD indications. Intellectual Property:  Ongoing national phase prosecution of new patents to strengthen and extend protection against generics. Ancillary Trials: A clinical pharmacokinetic study on food effect and absorption is underway in Adelaide. An open-label extension trial (XanaMIA-DUR) is set to launch in Q1 2026 for continued Xanamem access post-XanaMIA trial participation.   Financial Position Actinogen reported a solid financial position at the end of the June 2025 quarter, with $16.5 million in cash on hand. Operating cash outflows totalled $5.2 million for the period, largely directed towards research and development activities. The company maintains a funding runway through to mid-to-late 2026, supported by its recently secured $13.8 million non-dilutive R&D tax incentive facility, of which up to $10.8 million in additional tranches remain conditionally available. Actinogen CEO, Dr Steven Gourlay, commented: “The second quarter of 2025 saw accelerated enrolment in the XanaMIA trial as the result of additional clinical sites commencing screening activities. We now have a clear timeline for the planned interim analysis in January 2026 and final results later in the year. As these key clinical milestones approach the team are busy optimizing the many aspects of Xanamem’s development program designed to prepare the Company for partnering and eventual marketing approvals.”   Samso Concluding Comments We have been following Actinogen Medical for a while, and the consistency of narratives has been shaping itself into a contender in the neuroscience space. The progress made in the June quarter signals a company preparing for commercial relevance. There is a clear clinical development plan, a de-risked funding model, and active partner discussions underway. Actinogen does appear to be executing well.   The 100-patient milestone in the XanaMIA trial was critical—it activates the countdown to the interim readout in January 2026. For investors, that’s the next major value inflection point. As manufacturing capabilities are scaled, IP protections are strengthening, and strategic communication efforts are ramping up across global platforms, the groundwork is being laid for what could be a defining 12 months ahead.   There’s always caution in biotech investing, particularly in neurology. But the Xanamem story has been consistent: a targeted mechanism, robust safety profile, and promising early efficacy signals in both AD and MDD. The company is not trying to do everything at once—it’s doing what matters, and doing it methodically.   This is a business that is aligning itself with milestones that matter—data, partners, and product. That’s where real value gets built, and that’s what makes Actinogen worth watching closely.   The Samso Way – Seek the Research What often looks like a quiet quarter is in fact one built on foundational steps—scale-up manufacturing, open-label trials in motion, and IP fortification. These are signs of a company not only aiming to deliver data but doing so with commercial foresight. For serious investors, this is the kind of progress that merits close attention , not just for what’s been achieved, but for what it enables next.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Diggers & Dealers Presentation 2025 Boss Energy Ltd (ASX: BOE)  has achieved a significant operational milestone with the successful restart and ramp-up of the Honeymoon Uranium Project in South Australia (Figure 1). As one of the few new uranium producers  to emerge in a tightly held global market, Boss is positioning itself as a first mover in a sector benefiting from rising long-term uranium prices, policy momentum, and expanding nuclear power infrastructure.   Figure 1: Honeymoon Uranium Project in South Australia (source: BOE) 🔹 Honeymoon Uranium Project Restart – From Restart to Cashflow Positive The April 2024 restart of the Honeymoon Uranium Project marked the return of commercial uranium production from this historic South Australian operation. Now, just over a year later, Boss Energy has exceeded its FY2025 production guidance with 872,607 lbs of U₃O₈ produced, beating its original target of 850,000 lbs.   Key achievements for Boss Energy at the Honeymoon Project include the declaration of commercial production in January 2025, followed by the project becoming free cash flow positive by April 2025. In the June 2025 quarter, production performance saw a marked improvement, with drummed U₃O₈ output rising by 18% and IX production increasing by 60% compared to the previous quarter. Notably, the C1 cash cost for the second half of FY2025 was reported at US$23/lb, placing Boss well below industry average and highlighting the operational efficiency of the ramp-up phase. Figure 2: NIMCIX columns 1 to 3 at nameplate capacity (source: BOE) Boss attributes this success to consistent wellfield performance and the operation of NIMCIX columns 1 to 3 at nameplate capacity, with columns 4 to 6 now practically complete and set for commissioning (Figure 2).   🔹 Wellfield Expansion and FY2026 Guidance The Company’s ramp-up strategy is gaining momentum. With three wellfields already in operation, five more (B4–B8) are scheduled to come online progressively throughout FY2026. By the end of FY2026, Boss expects all nine wellfields to be operational, supporting its production guidance of 1.6 million lbs of U₃O₈ for the year.   For FY2026, Boss Energy is targeting uranium production of 1.6 million pounds of U₃O₈ from the Honeymoon Project. The Company has guided for a competitive C1 cash cost of US$27–29/lb, with an all-in sustaining cost (AISC) forecast between US$41–45/lb. To support this continued ramp-up, total capital expenditure is expected to range between A$56–62 million, including investment in new wellfields, infrastructure upgrades, and final commissioning of additional NIMCIX columns. Figure 3: NIMCIX columns 1 to 3 at nameplate capacity (source: BOE) Boss is also investing in long-term value creation through the finalisation of NIMCIX commissioning, construction of new wellfields, and enhancements to drying and packing infrastructure. Importantly, ramp-up efforts are matched by measured cost control and capital allocation.   🔹 Exploration to Sustain and Grow Production Boss is simultaneously advancing its satellite deposit strategy to underpin mine life extension. During the quarter: Infill drilling at Gould’s Dam and Jasons satellite deposits  returned strong intersections, such as 3.25m @ 3,873 pU₃O₈ (WRM176) (Figure 4). Mineral Resource Estimate (MRE) updates for both deposits are scheduled for this quarter. Permitting processes for satellite deposits have commenced. Exploration at greenfield targets, including Cummins Dam , continues with passive seismic surveys and aircore drilling. Figure 4: Exploration Activities for Uranium (source: BOE) These exploration efforts are designed to convert known mineralisation into future production and leverage Honeymoon’s existing infrastructure.   🔹 Strategic Platform: Tier 1 Focus and International Growth Beyond Honeymoon, Boss Energy is building a diversified uranium production platform across tier-one jurisdictions:   Alta Mesa (Texas):  30% JV stake; ramping up, with 204,000 lbs U₃O₈ produced in the recent quarter. Laramide Resources (Canada-listed): Strategic stake increased to 19.9%; includes the Westmoreland Project in Queensland (65.8M lbs U₃O₈ MRE). Alligator Rivers (NT):  Earn-in agreement with Eclipse Group. Kazakhstan:  6,000 km² land position in the Chu-Sarysu Basin.   🔹 Positioned for Long-Term Uranium Price Upside Boss Energy is well-positioned to benefit from the rising long-term uranium price, which is now at an all-time high in AUD terms. With approximately 85% of uranium traded under long-term contracts, the sustained strength of this pricing mechanism—currently around US$80/lb—supports Boss Energy’s commercial production strategy and underpins strong cash flow potential from its Honeymoon and Alta Mesa operations. Figure 5: U₃O₈ Prices Since 2004 – Spot vs Long-Term (AUD) (source: BOE) Samso Concluding Comments Boss Energy’s successful restart of the Honeymoon Uranium Project in South Australia is a rare story of persistence, planning, and precision in execution. What began with a 2015 acquisition has now materialised into a cash-generating, fully operational uranium mine—one of the very few globally to reach commercial production status in recent years.  In the context of rising long-term uranium prices, global policy tailwinds, and energy security concerns, Boss is no longer a speculative uranium play. It’s a proven producer with a scalable foundation. The ramp-up strategy is clear, the wellfield development is sequenced, and cash costs are competitive—this is exactly what long-term investors look for in a resource story.  What also stands out is the company’s broader platform: Alta Mesa, the Laramide stake, and ongoing exploration across Australia and Kazakhstan offer Boss the kind of multi-asset, multi-jurisdictional exposure that is often spoken about, but rarely delivered at this scale from the ASX.  The takeaway is simple: Boss Energy has moved out of the explorer category. Honeymoon is not a case study—it’s a case closed. The production is real, the uranium is flowing, and the balance sheet is strong. From here, it’s about scaling, securing offtakes, and staying ahead of the demand curve.  For those watching the uranium sector evolve from promise to production, Boss Energy has quietly become one of the sector’s new benchmarks.   The Samso Way – Seek the Research The uranium narrative is often driven by headlines, but value lies in the details. Boss Energy’s approach—grounded in disciplined ramp-up, tangible production metrics, and long-term infrastructure investment—exemplifies how real value is created in the resource sector. Honeymoon is no longer a future story—it’s a producing asset with momentum, and it warrants a close look from investors seeking exposure to the global nuclear revival.   Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. 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