Pioneer Minerals Ltd (ASX: PMM) delivered a 17.6x tungsten upgrade from historic tailings at the Springfield Tungsten Mine, part of the Company’s North Pine Project in Idaho, USA. The tungsten space is on top of my watchlist and this new development by Pioneer Minerals is definitely worth a mention. As a shareholder and a keen advocate of the sector, I am interested to see what this new update will do for the market implication. The interest in the sector is rising so any form of news that may link the company to production of tungsten will be more than an interesting thought. At a current price of USD $1,700 mtu, it becomes easier for the business. The March 10, 2026 announcement highlighted grading up to 3.27% WO₃, representing a 17.6 times upgrade relative to the initial tailings. About Pioneer Minerals Pioneer Minerals is focused on the exploration and development of critical minerals projects in the United States, with its flagship North Pine Project located in Idaho (Figure 1). The project sits within the Yellow Pine mining district, an area known for tungsten and antimony mineralisation and located near major deposits including the Stibnite Gold Project. Figure 1: Showing the Location of the North Pine Tungsten Project and prospect areas nearby to Perpetua Resources, Stibnite Gold Project and Resolution Minerals, Horse Heaven Antimony Project. (source: Pioneer Minerals Limited) The Company is assessing the potential of historical tungsten mineralisation and historic mine tailings at the Springfield Tungsten Mine, which previously operated during the 1950s when tungsten was processed using gravity concentration techniques. Historical processing focused on recovering coarse tungsten grains, leaving finer mineral fractions in tailings. Recent metallurgical test work has been undertaken on these historic tailings to evaluate whether modern mineral processing techniques can recover tungsten that was not captured by earlier processing circuits. This approach allows the Company to assess both potential value in historic tailings and metallurgical behaviour relevant to future exploration targets within the broader North Pine Project. Tungsten News Pioneer Minerals' Tungsten Upgrade Potential The Company has reported results from preliminary metallurgical beneficiation test work conducted on historic tailings material from the Springfield Tungsten Mine, part of the Company’s North Pine Project in Idaho, USA. The test work was undertaken by Mineral Technologies using composite material collected from historic mine tailings generated during previous tungsten production operations (Figure 2). These tailings consist primarily of fine-grained particles that were not recovered during historical gravity processing circuits, which typically operated at relatively coarse crush sizes. Figure 2: A map of the historic Springfield Tungsten mine with location and grades of rock chip samples taken during reconnaissance field work (ASX: PMM 01/12/2025) and the location of tailing samples taken and composited used in the recovery test work underway with Mineral Technologies. (source: Pioneer Minerals Limited) The metallurgical program aims to evaluate how fine-grained tungsten mineralisation behaves under modern beneficiation techniques, including particle size fractionation, heavy liquid separation and gravity concentration. Initial results demonstrate that tungsten contained within the tailings can be materially upgraded using conventional gravity-based processing techniques, with the Mozley gravity table producing concentrates grading up to 3.27% WO₃, representing a 17.6 times upgrade relative to the initial tailings material. These results provide early metallurgical insight into both the historic tailings and the potential behaviour of fine tungsten mineralisation within the Springfield system, supporting the broader evaluation of the North Pine Project. Highlights - Metallurgical Test Work Demonstrates Significant Tungsten Upgrade Through Gravity Separation The preliminary metallurgical test program delivered several key outcomes regarding the behaviour of tungsten mineralisation contained within the historic Springfield tailings (Figure 3). Figure 3: Mineral Technologies and Pioneer scope of works and flowsheet showing work completed to date and results pending. (source: Pioneer Minerals Limited) Strong Tungsten Grade Upgrade Demonstrated Preliminary beneficiation test work showed tungsten grades could be upgraded by up to 17.6 times relative to the composite head grade through conventional mineral processing techniques. High-Grade Tungsten Concentrate Produced Gravity table testing using a Mozley table produced tungsten concentrates grading up to: 32,713 ppm WO₃ (~3.27% WO₃) Concentrate generated from heavy mineral fractions following beneficiation Figure 4: Shows phases of physical beneficiation from initial tailings head grade of 0.21% WO3 to 3.27% WO3 via HLS and Mozley Table. (source: Pioneer Minerals Limited) This demonstrates that tungsten contained in the tailings can potentially be recovered using established gravity separation methods commonly used in tungsten operations. Tungsten News Heavy Liquid Separation Confirms Dense Tungsten Mineral Phases Heavy liquid separation (HLS) testing generated a dense mineral sink fraction grading approximately 9,060 ppm W (~1.14% WO₃). This represents more than a five-times upgrade relative to the composite head grade, confirming the tungsten occurs in high-density mineral phases suitable for gravity-based recovery techniques. Size-by-Assay Results Indicate Tungsten Enrichment in Fine Fractions Particle size analysis showed tungsten grades increase progressively as particle size decreases. Key results include: Composite head grade: ~1,700 ppm W (~0.214% WO₃) Peak grade in fine fractions: ~0.41% WO₃ This distribution reflects the historical processing approach where coarser tungsten minerals were preferentially recovered, leaving finer particles within the tailings material. Tungsten News Metallurgical Test Program Supports North Pine Exploration Strategy The metallurgical behaviour observed in tailings material provides insight into how fine-grained tungsten mineralisation from the Springfield system may respond to modern mineral processing methods. These results will inform future exploration and metallurgical evaluation across the North Pine Project. Management Commentary Commenting Pioneer Minerals Tungsten Chief Executive Officer Michael Beven stated that the preliminary metallurgical results provide an encouraging early indication of the response of tungsten mineralisation contained within the historic Springfield tailings to conventional beneficiation processes. The size-by-assay results show that tungsten becomes progressively enriched within the finer particle size fractions, which is consistent with the expected behaviour of fine-grained tungsten mineralisation. Heavy liquid separation testing also demonstrates that tungsten minerals within the sample exhibit a significant density contrast relative to surrounding gangue minerals, supporting the potential for gravity-based separation. Gravity table testing further confirms that tungsten can be concentrated using conventional gravity processing methods, although recovery calculations will depend on completion of full mass balance analysis and optimisation of the metallurgical flowsheet. Tungsten News Near-term Milestones to Watch Pioneer Minerals has outlined several near-term activities associated with the North Pine Project and the ongoing metallurgical evaluation. Metallurgical Program Continued beneficiation testing with Mineral Technologies Detailed mineralogical characterisation of tungsten-bearing phases Particle size and liberation analysis to optimise processing strategies Exploration and Project Development Clearing and reopening the historic Springfield Mine access road Completion of an electromagnetic (EM) geophysical survey targeting conductive mineralised zones Preparation of applications for United States Government critical minerals funding programs, including Department of Defence initiatives Submission of a Notice of Intent (NOI) and Plan of Operations to support Phase 1 drilling at the Springfield Prospect. Tungsten News Previous Samso News Coverage – An Investor Lens Samso has previously covered developments relating to Pioneer Minerals Limited (ASX: PMM) as the Company advances its North Pine Project in Idaho, USA, targeting tungsten, antimony and precious metals within a recognised critical minerals district. The following Samso articles provide earlier coverage of Pioneer Minerals and the evolution of the North Pine Project: 27 December 2025 – Dual Mineral Systems Confirmed at Springfield as Pioneer Becomes PMM – A Tungsten Story that Needs Attention https://www.samso.com.au/post/dual-mineral-systems-confirmed-at-springfield-pmm-tungsten 11 January 2026 – Pioneer Minerals and the Search for America’s Next Tungsten System https://www.samso.com.au/post/coffee-with-samso-pioneer-minerals-and-the-search-for-america-s-next-tungsten-system February 2026 – Pioneer Minerals – $1.0M Capital Raise to Accelerate U.S. Critical Minerals Portfolio https://www.samso.com.au/post/samso-news-pioneer-minerals-1-0m-capital-raise-to-accelerate-u-s-critical-minerals-tungsten These previous Samso publications highlight the progression of the North Pine Project exploration story, including the identification of tungsten and precious metal mineralisation at the Springfield Prospect, the Company’s strategic shift toward critical minerals, and its positioning within the United States supply chain narrative for strategic metals such as tungsten and antimony. Samso Concluding Comments The metallurgical test work undertaken at the Springfield Prospect focuses on evaluating the behaviour of tungsten contained within historic mine tailings generated during previous mining operations. The results demonstrate that the tailings material contains tungsten mineral phases that can be significantly upgraded using gravity separation techniques. The Mozley table concentrate grading approximately 3.27% WO₃ represents a substantial increase relative to the composite head grade of approximately 0.21% WO₃. Particle size distribution analysis shows tungsten enrichment in finer size fractions within the tailings material. This distribution reflects the historical processing methods used during the 1950s, which were designed to recover coarse tungsten grains while allowing finer particles to remain in tailings. Heavy liquid separation results confirm that tungsten minerals present in the tailings occur in dense mineral phases that respond to gravity-based beneficiation methods. This observation supports the use of conventional mineral processing techniques for tungsten concentration. The staged metallurgical test program is continuing and will include further mineralogical characterisation and optimisation studies aimed at better understanding tungsten mineral associations and processing behaviour within the Springfield system. Market Implication - The Investor Lens The Pioneer Minerals Limited story is one that I am watching closely both as a shareholder and a commentator. As most readers and followers of Samso will know, I am a big tungsten bull so any tungsten news is interesting. The tungsten space is slowly developing its own story as the price continues to rise. The value creation dynamics have changed and the way I look at economical means to create value for companies have changed. Figure 5: The share price chart of Pioneer Minerals Limited as of the 10th March 2026. (source: commsec). The share price movement for Pioneer Minerals will be hard to gauge as the disconnect between the tungsten demand/price value and investor acknowledgement is still not seen. It feels that there is a big valley in between what investors are thinking about and the reality of the criticality of tungsten. The critical nature of finding an economical deposit is one thing but with the added pressure of geopolitical factors that are now enhanced with the Iran situation, this could make the rise of tungsten astronomical. Time will be the eventual fortune teller so keep your eyes on this space. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Anax Metals Limited (ASX: ANX) outlined its updated definitive feasibility study (DFS), highlighting strong economic metrics for its Whim Creek Copper-Zinc Project in Western Australia. I came across the Anax Metals story a couple of years ago, and it has finally come to a very interesting stage. This latest ASX release is probably a welcome update for existing shareholders. There is still some way to go to raise the funds but the copper price is buoyant and hopefully, for existing shareholders, this could be the light at the end of the tunnel. The February 2026 ASX announcement outlines a development scenario with strong financial metrics, supported by updated commodity prices and revised capital assumptions. About Whim Creek Copper-Zinc Project The Whim Creek Copper-Zinc Project in the Pilbara region of Western Australia. The project hosts a polymetallic volcanogenic massive sulphide (VHMS) system containing copper, zinc, lead, silver and gold. The project is located approximately 120 km southwest of Port Hedland, close to established logistics infrastructure including ports, highways and power supply. Anax currently holds an 80% interest in the project, with the remaining 20% held by Develop Global Limited. Anax metals and their Copper Story is centred on redeveloping the historic Whim Creek mining district using modern processing methods, including ore sorting and polymetallic flotation circuits, to produce copper, zinc and lead concentrates with silver and gold credits. Anax Metals Updated Whim Creek DFS The company's updated DFS indicated: Pre-tax NPV7: A$501 million Internal Rate of Return: 98% Forecast free cash flow: A$723 million These values are based on forecast commodity prices. Under spot metal prices, the project’s NPV increases to A$649 million and free cash flow to A$928 million. The study assumes development capital of approximately A$91 million, including A$77 million pre-production capital and A$14 million working capital. Payback is estimated at approximately 14 months from commencement of mining. Production is expected from a 400,000 tonne per annum polymetallic concentrator, generating copper, zinc and lead concentrates with precious metal by-products. Figure 1: Whim Creek Project Location Map (source: Anax Metals Limited) Key Highlights of the 2026 DFS Update Key metrics from Anax Metals Whim Creek DFS included: Project Financial Metrics NPV7: A$501 million (pre-tax) IRR: 98% Free cash flow: A$723 million Development capital: A$91 million Payback period: 14 months Under spot commodity prices: NPV7: A$649 million IRR: 118% Free cash flow: A$928 million Whim-Creek-DFS-Update-Confirms-… Ore Reserves and Mine Life The project is based on 4.61 Mt of proven and probable ore reserves, grading: 1.36% Copper 2.31% Zinc 0.67% Lead 30 g/t Silver 0.27 g/t Gold The Life-of-Mine production schedule totals 4.91 Mt, including a small proportion of inferred material. Contained metals in the production target include: 66 kt Copper 120 kt Zinc 35 kt Lead 4.7 Moz Silver 43 koz Gold Figure 2: VHMS Deposit Geological Model (source; Anax Metals Limited) Project Overview - Mining Strategy and Production Profile Mining will commence with open pit operations at Mons Cupri, followed by the Whim Creek open pit. Underground mining will later be introduced at: Evelyn deposit Salt Creek deposit Underground mining at Evelyn is expected to begin in year three of operations and continue for approximately three years. The overall project plan supports a ten-year mine life, with an average annual production of 13 kt copper equivalent per year during the first eight years (Figure 3). Figure 3: Ore Reserve and Life-of-Mine Production Schedule (source: Anax Metals Limited) Processing Strategy- Polymetallic Concentrator and Ore Sorting Circuit Anax Metals Whim Creek processing plant will utilise a 400 ktpa polymetallic concentrator incorporating (Figure 4): X-ray transmission (XRT) ore sorting Inline pressure jig gravity separation flotation circuits for copper, zinc and lead concentrates Figure 4: Proposed Whim Creek Concentrator (source: Anax Metals Limited) The flowsheet (Figure 5) includes: crushing and screening ore sorting and gravity pre-concentration flotation recovery circuits concentrate filtration and storage Figure 5: Simplified Concentrator Flowsheet (source: Anax Metals Limited) The processing strategy is designed to reject waste material early in the processing stream and improve feed grade to the concentrator. Infrastructure and Logistics - Established Infrastructure and Pilbara Access Anax Metals Whim Creek site benefits from existing infrastructure (Figure 6), including: haul roads gas pipeline and power supply bore water supply offices and workshops bulk fuel storage historic heap leach infrastructure Figure 6: Existing Site Infrastructure (source: Anax Metals Limited) Concentrate transport is planned using containerised transport via Port Hedland using specialised concentrate containers operated by logistics provider Qube. Funding Update - Debt Funding Offers Received Anax Metals reports receiving multiple non-binding debt funding offers. Indicative term sheets include offers of up to A$57 million, which would fund approximately 75% of Anax’s development contribution. Funding options under consideration include: project debt equity funding royalties or streaming agreements joint venture participation Near-term Milestones to Watch Key upcoming activities outlined in the announcement include: updated ore reserve estimation in H1 2026 evaluation of 500 ktpa concentrator expansion drilling program at Salt Creek in Q3 2026 update of the heap leach study in H2 2026 potential addition of a pyrite flotation circuit to recover additional silver and gold Samso Concluding Comments Anax Metals updated DFS outlines the technical and financial parameters for the development of the Whim Creek polymetallic project in the Pilbara region of Western Australia. The study incorporates updated commodity price assumptions, revised capital costs and modifications to underground mine designs. These inputs produce updated financial metrics including a project NPV of A$501 million and free cash flow of A$723 million under forecast pricing assumptions. The project design integrates open pit and underground mining operations supported by a 400 ktpa processing facility capable of producing copper, zinc and lead concentrates with precious metal by-products. Sensitivity analysis within the study indicates that project economics are most sensitive to exchange rate movements, copper price and operating cost variations. The development strategy incorporates the use of existing site infrastructure and established logistics pathways to export concentrate through Port Hedland. The company is currently evaluating financing options and progressing discussions with potential debt and off-take partners to advance the project toward a final investment decision. Market Implications The anticipation of something happening in a very buoyant copper market is clearly seen in Figure 7. The slow rise in value for Anax Metals Limited is positive for shareholders but at this point, the hard part is to convince the g money to come and get in t game. Figure 8: The price chart for Anax Metals Limited (source: Anax metals Limited) The key for Anax Metals is to get its partner, Develop to chip in with the funds to get things going. However, as Develop is not really in a hurry to do things as they are themselves "doing well", getting them to get inon the game may be easier thought of than executed. Where Anax Metals will fail, is the inability to raise the appropriate funding to make the project happen. The new shareholder for Anax may have the capacity but getting Develop to be part of the party will be the key, or they sell their stake and then the game will probably happen as there will no longer be this giant elephant in the room. The key for any potential shareholders lurking on the fence deciding whether to enter the play is to keep your eyes wide and ears on the ground and do some serious DYOR. I do see some risk now with the uncertainty and having had a similar situation with Cyprium Metals Limited before they went into administration, I am cautious. I don't see Anax metals Limited having the same ending, as the wind of fortune does feel like its flowing with Anax. Hence, if things go well for Anax Metals Limited, the laughing will be the shareholders. The good news is that commodity pricing is going to go higher due to the the rise of the next generation of industrialists. As I always say, DYOR. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Investor Presentation – 14 January 2026 (view the announcement) Secures $1m Placement to Accelerate US Critical Minerals – 14 January 2026 (view the announcement) Petrographic studies confirm Springfield mineralisation – 20 Jan 2026 (view the announcement) Samso has participated in the recent capital raise for Pioneer Minerals, and this is our first position in the Tungsten sector. I like the management and the potential of the Pioneer projects because they offer direct leverage to U.S. critical minerals policy themes through a diversified portfolio spanning tungsten, antimony, uranium, and lithium, all within Tier-1 mining jurisdictions. The combination of historical production, recent high-grade surface results, and near-term drilling catalysts positions PMM as a company transitioning from early-stage consolidation into active value creation. Pioneer Minerals – North Pine Tungsten and Antimony Project, Idaho, USA (Idaho, Colorado, Wyoming, Ontario) Pioneer Minerals Ltd (ASX: PMM) is advancing its North Pine Project in Idaho, a past-producing tungsten district located near established antimony and gold operations in a Tier-1 U.S. jurisdiction (Figure 1). Recent announcements in January 2026 focused on securing funding and strengthening geological confidence at the Springfield Prospect through detailed petrographic work. Figure 1: Location map of the North Pine Project and nearby operations (source: PMM) Highlights – Capital Secured to Accelerate U.S. Critical Minerals Portfolio | 14 January 2026 (Figure 2) Firm commitments received to raise A$1.0 million via a placement to sophisticated and professional investors, strengthening the balance sheet and funding near-term exploration programs. Placement priced at $0.18 per share, with one free attaching option for every three shares, exercisable at $0.20 by 14 October 2028, providing medium-term alignment. Funds allocated primarily to North Pine (tungsten–antimony) in Idaho, alongside Skull Creek (Colorado) and Central Buttes (Wyoming) uranium projects, supporting continued portfolio advancement (Figure 2). Non-Executive Chairman participation of $100,000, subject to shareholder approval, aligning management with incoming investors. Figure 2: Capital structure and corporate summary (source: PMM) Leadership Commentary Pioneer Minerals Chief Executive Officer, Michael Beven, commented: “The strong demand for this placement reflects growing investor confidence in Pioneer’s strategy and the quality of our US critical minerals portfolio. Securing A$1 million in new capital positions the Company to advance exploration at North Pine, where recent rock-chip sampling at the Springfield prospect has delivered highly encouraging tungsten and gold results. These results highlight Springfield as a compelling critical minerals opportunity with clear scale potential, located in a proven U.S. mining jurisdiction of strategic importance to defence and energy supply chains. With funding now in place, we are moving swiftly into detailed geophysics to refine structural controls on mineralisation, followed by targeted drilling of high-priority zones. We thank shareholders for their continued support and look forward to delivering consistent exploration news flow as activities accelerate.” Highlights – Petrography Confirms a Primary Tungsten System at Springfield (20 January 2026) (Figure 3) Figure 3: Location map of the North Pine Project and nearby operations (source: PMM). Independent petrographic studies confirmed tungsten mineralisation at the Springfield Prospect occurs as primary scheelite (Figure 4), rather than surface-derived enrichment, strengthening confidence in the geological model. Figure 4: High-grade scheelite under UV light (source: PMM). Scheelite identified in all samples examined, with mineralisation spatially and temporally associated with pyrrhotite-dominant sulphide mineralisation, supporting a genetically linked hydrothermal system. Host rocks interpreted as felsic intrusive and/or volcanic lithologies, consistent with evolved phases of the Idaho Batholith, expanding the geological model beyond a narrow skarn-only interpretation. Primary mineralisation textures preserved beneath a supergene weathering overprint, indicating tungsten mineralisation is likely better preserved at depth and supporting depth-focused exploration potential. Previously reported surface results at Springfield, including tungsten grades up to 2.98% WO₃ and gold up to 7.75 g/t Au, remain relevant and are now supported by petrographic validation (Figure 5). Figure 5: Springfield Prospect sample locations and assay results (source: PMM). Leadership Commentary Pioneer Minerals Chief Executive Officer, Michael Beven, commented: “This petrographic work is an important step forward in our understanding of the Springfield mineral system. The study provides clear evidence that tungsten mineralisation occurs as primary scheelite across a range of lithologies and textural settings and importantly confirms a close association with hydrothermal processes rather than isolated surface enrichment. Of particular significance is the observation that the dominant host rocks examined are granitic in nature. This supports our evolving geological model that Springfield is not solely a skarn-hosted system, and that the historically mined skarn mineralisation may represent only one component of a much larger, intrusion-related tungsten system. The findings also have practical implications beyond exploration targeting. Understanding the timing, mineral associations and alteration styles of the mineralisation is critical in guiding downstream processing and metallurgical considerations as the project advances. Collectively, these results strengthen our confidence in the scale potential at Springfield and will directly inform the next phase of geological modelling, exploration planning and technical studies” Near-term Milestones to Watch Integration of recent petrographic findings into the Springfield geological model to refine structural and lithological targeting. Receipt and interpretation of radiometric and magnetic survey data across the North Pine Project to support target generation. Completion of metallurgical recovery test work on historic Springfield tailings, with results expected in the near term. Ongoing fieldwork and target refinement, supported by funding from the January 2026 placement. Samso Concluding Comments From an investor perspective, Pioneer Minerals is advancing in measured steps. Funding and geology are being addressed before higher-cost exploration phases. The capital raise provides sufficient runway to progress priority assets while limiting dilution. This supports staged value creation rather than premature scale-up. Petrographic confirmation improves the quality of the exploration model at Springfield. Better models lead to better targeting decisions. Taken together, these January updates paint the perfect picture of a very measured approach and show that the funds raised are going into the ground. The small raise is enough for now to capture the work that is required and allowed. Most investors don't realise that the early stage of projects has a lot of waiting time, and if you have a high overhead cost, capital is just going to pay for those non-inground expenditure. The small raise tells me that the company is managing the costs, and knowing a limited pool of funds, they will have to be equally efficient in the way they spend. Market Implication - The Investor Lens As I mentioned at the beginning of this blog, Samso has taken a small portion of the placement, and this is our first position in the Tungsten space, which I have been extremely bullish on since 2012. My resurgent interest in the sector started mid-last year when I realised that the tungsten price had recovered in earnest from the lows of USD $300 mtu to the mid USD $400 mtu. It is now hovering at USD $1000 mtu. This is a spectacular run, but what is probably the gift is that there are few to no small explorers, and the prospect of having a discovery of economical tungsten deposits is far from reality. Figure 6: PMM share price chart as of 23rd January 2026. (source: CommSec). The share price of PMM (Figure 6) has not even moved, and although investors on the last placement are looking at an appreciation, I think there is more to come. The market capitalisation of the company is still only AUD $13.53M, which would make any new ASX releases that show positive movement greatly welcomed by shareholders. This is a definite DYOR project for those reading this blog now. Timing is critical, and I am sure everyone is aware that there is nothing in life that is a sure thing. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement IMV Strategic Commercial Agreement Investor Briefing – 15 January 2026 (view the announcement) IMV Strategic Partnership Investor Presentation – 15 January 2026 (view the announcement) Vitrafy Enters Strategic Commercial Agreement with IMV – 15 January 2026 (view the announcement) The Vitrafy Life Sciences story was last on our radar when we reviewed their progress after their IPO on the 25th of June 2025 - Vitrafy Life Sciences Limited (ASX: VFY) — Turning Cryopreservation Innovation into Market Reality - Animal and Human Health Solutions. This was a first for Samso as we started to increase our coverage on the ASX. From a Samso perspective, this announcement gives us additional interest to feature on the Samso platform because it demonstrates partner-led commercial validation rather than speculative market positioning. Aligning with a global incumbent like IMV Technologies materially reduces execution risk and confirms that Vitrafy’s technology is being tested in real-world, scaled operating environments. Vitrafy Life Sciences Limited – Strategic Partnership Update (15 January 2026). Vitrafy Life Sciences Limited (ASX: VFY) released a market update on 15 January 2026 outlining a strategic commercial agreement with global animal reproduction leader IMV Technologies. The agreement positions Vitrafy’s cryopreservation technology within IMV’s global product and distribution platform, marking a material step in Vitrafy’s commercial execution strategy following Samso’s earlier IPO coverage of the Company. About IMV Technologies (IMV) IMV Technologies is a global leader in reproductive biotechnologies and animal reproduction technologies, with a legacy of innovation dating back to 1963 when founder Robert Cassou developed the revolutionary “French Straw” for semen storage and artificial insemination. The company operates worldwide, designing, manufacturing, and distributing equipment, consumables, software, and solutions that support the entire reproductive process for farm animals, including semen collection, analysis, preservation, storage, insemination, and pregnancy diagnosis. The “French Straw” — What It Is and Why It Was Revolutionary The “French Straw” is a small, sealed plastic tube developed in the early 1960s by Robert Cassou, founder of IMV Technologies, to store, freeze, transport, and use animal semen for artificial insemination (AI). At the time, semen was stored in glass ampoules or bulky containers, which were fragile, inconsistent in volume, difficult to label, and unreliable during freezing and thawing. The French Straw changed all of that. Core Focus & Innovation Innovation “For Life”: Research and development are central to IMV’s mission, with a dedicated R&D team of veterinarians, biologists, engineers, cryobiologists, and others driving new technologies and improvements. They invest a significant portion of their revenues into innovation and hold hundreds of patents. Broad Expertise: Their technological developments cover equipment for collecting, analyzing, preserving, and packaging reproductive cells—as well as advanced data processing software that helps partners make informed decisions every day. Customer Collaboration: IMV works closely with customers—breeders, veterinarians, insemination centers, and researchers—to develop solutions that meet real-world needs and continuously improve outcomes. The Business of Vitrafy Life Sciences Limited: Cryopreservation Technology Platforms Vitrafy Life Sciences is a cryopreservation technology company delivering nitrogen-free freezing and thawing solutions across regulated and unregulated life sciences markets. The Company’s platform integrates proprietary hardware, software, and managed services, designed to improve post-thaw cell viability and operational consistency. Core applications span animal reproduction, aquaculture, blood platelets, and cell and gene therapies, providing multiple commercial pathways. Vitrafy’s strategy focuses on partner-led scale in animal reproduction while advancing human health market expansion in North America. Highlights – IMV Strategic Commercial Agreement (15 January 2026) Exclusive 12-month strategic commercial agreement with IMV Technologies, the global leader in animal reproduction (Figure 1). Figure 1: IMV Strategic Partnership overview (source: VFY) IMV (Figure 2) supports over 500 million animal inseminations annually across operations in 128 countries, providing immediate access to scale. Figure 2: IMV Technologies: Global Leader in Animal Reproduction (source: VFY) Agreement designed to integrate Vitrafy’s next-generation cryopreservation technology into IMV’s globally recognised product suite (Figure 3). Figure 3: Agreement scope and validation pathway (source: VFY) Vitrafy to receive up to approximately A$480,000 in recurring monthly fees over the initial term. Additional milestone payments of up to approximately A$450,000, linked to successful technical and commercial outcomes. Structured pathway toward a long-term commercial agreement, subject to validation and integration milestones. Leadership Commentary Upon execution of the Agreement, Managing Director and CEO, Brent Owens, commented: “This agreement with IMV Technologies represents a significant step in Vitrafy’s commercialisation strategy. By partnering with the global leader in animal reproduction, we accelerate the validation and adoption of our cryopreservation technology at scale. This Agreement creates immediate revenue opportunities but also positions Vitrafy for longterm growth through global market access, while we continue to advance our human health strategy in North America.” CEO of IMV Technologies, Oliver Kohlhaas, commented: “Vitrafy’s unique nitrogen-free cryopreservation technology has the potential to improve post-thaw cell viability. We are excited to collaborate with Vitrafy to offer even better solutions for our customers.” Near-term Milestones to Watch Completion of species-specific validation testing across aquaculture and livestock segments. Integration outcomes between Vitrafy’s technology and IMV’s existing product platforms. Achievement of commercial and technical milestones linked to additional payments. Progression toward a long-term commercial agreement beyond the initial term. Samso Concluding Comments When Samso first reviewed Vitrafy during its IPO, the core idea was simple. The company needed to show that its lab-based cryopreservation results could work the same way in everyday commercial use. The partnership with IMV supports this aim by placing Vitrafy’s technology into a large, established animal reproduction platform. This provides a practical setting to test performance, reliability, and integration. The commercial terms are also structured in a controlled way. Regular fees provide income while milestone payments depend on results being achieved. From a Samso view, this release acts as a progress check rather than a change in direction. Vitrafy is continuing to follow the path set out at IPO, making this a clear #SamsoDYOR reminder focused on delivery. Market Implication - The Investor Lens Vitrafy is an interesting company for the Samso platform as it has a decent market cap of AUD $121M and its share price is looking steady. For me, this means that the value has not really been unlocked. For me, the market cap makes me feel that there is value in the business and not just a prospective ground that may have potential to become mineralised or later an economical business. Figure 4: Vitrafy share price chart as of 23rd January 2025. (source: CommSec) A business like Vitrafy is for the population of the globe, and the market is projected to be in the USD $17-18 billion by 2034-2035 and at a GAR of 8% over the decade. A fraction of that will be sufficient, and I am sure the market capitalisation of Vitrafy will be more than the current AUD $121M. The most important thing is that the business works and there is market capture, which is still unknown at this stage. With positive news such as that release on the ASX update, one can only hope that the wheels are turning and shareholders will be hoping that it is going to turn faster soon. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Viking Acquires Extensive Historical Data for Linka Project – 22 January 2026 (view the announcement) The tungsten show has begun, and you are now going to start seeing a lot of companies showcasing tungsten as the metal to look for, and they are not wrong. However, I will caution that not all tungsten projects are made the same. Tungsten projects are notoriously hard to develop into an economical deposit. With this in mind, the market hype will be even greater, and if the general public fully understands the reality of a supply crunch on the actual tungsten metal, the market hype will be even greater. It is at this point that potential investors will either ride the hysteria or take caution and position in a good, solid project. Viking Mines Limited – Building Geological Clarity at the Linka Tungsten Project, Nevada (USA) Viking Mines Ltd (ASX: VKA) has completed the acquisition of an extensive historical technical dataset covering its Linka Project in Nevada, USA (Figure 1). The dataset provides a high-resolution technical framework that supports faster geological understanding, early targeting, and validation drilling aimed at future JORC compliance. Figure 1: Example of historical outcrop geology map showing drillhole locations and cross sections (source: VKA). Samso’s coverage of Viking Mines reflects a focus on execution and technical progression rather than short-term news flow. This update is relevant as it builds geological confidence and improves time efficiency by using existing data instead of surface-led exploration. The acquisition of historical datasets supports faster project evaluation while controlling capital use. Highlights – Converting Historical Knowledge into Immediate Technical Leverage Viking has acquired a comprehensive historical dataset representing approximately 2,816 metres of drilling across 68 drillholes, including 8 diamond and 60 percussion holes, covering the Linka, Hillside, and Conquest targets. The dataset was acquired for US$35,000 (~A$50,000), with the Company estimating a replacement cost in excess of A$1.0 million at current market rates. High-quality scans of late-1970s cross sections and geological maps identify known high-grade zones and underground workings, reducing the need to re-establish historical mineralisation (Figure 2). Figure 2: Zoomed section of outcrop geology map illustrating detailed drillhole locations, cross sections, and mapped geology (source: VKA). The information enables rapid 3D geological modelling, providing a technical shortcut that could save months of fieldwork and reduce exploration capital requirements. The dataset supports the immediate planning of validation (“twin-hole”) drilling, a key step toward bringing historical results up to modern JORC standards. Leadership Commentary Viking Mines MD & CEO Julian Woodcock commented: “Sourcing this extensive dataset substantially shortcuts the time required to advance the Linka Project, reduces the capital outlay required and reduces the exploration risk. “We are extremely fortunate to have been able to source this information and have commenced with converting the information into digital format to bring into 3D geological modelling software. “Upon completion of the airborne survey at the Project we will have the necessary ground features to accurately georeference the historical maps and sections to allow us to extract the drillhole collar information and build a drillhole database. “I look forward to interrogating the data and releasing to market as we complete the digitisation process.” Near-term Milestones to Watch Completion of georeferencing using high-resolution airborne survey data currently being collected. Digitisation of historical drill logs, maps, and sections into a 3D geological environment. Finalisation of drill targeting to support a Notice of Intent (NOI) submission to U.S. Federal agencies. Release of digitised data in three tranches, covering Linka first, followed by Hillside and Conquest. Samso Concluding Comments From a project perspective, the Linka dataset provides Viking with a rare level of historical detail that is often unavailable at early exploration stages. The ability to reference mapped geology, underground workings, and historical drilling allows for more informed targeting. The stated plan to validate historical results through twin-hole drilling aligns with accepted industry practice. This approach prioritises data quality and regulatory alignment rather than speculative expansion. The emphasis on 3D geological modelling suggests the Company is positioning Linka for structured advancement rather than incremental exploration. This is a step that often precedes more capital-intensive programs. As always, the value of this update will be measured by execution. Investors will be watching how quickly Viking converts this historical advantage into validated, modern datasets. Market Implication - The Investor Lens In the current state of the ASX market or any equity markets, if you are not a gold producer, you are missing out on probably one of the greatest bull runs that has come from a commodity. As we write this blog, gold is testing USD $5,000 per ounce. So if you don't have the first prize, one has to look for at least a second prize, and that is looking like tungsten at the moment. In that regard, Viking Mines Limited, venturing into the tungsten sector, has the right commodity in terms of engaging with the broader market, and the historical data will help them establish a beachfront. Figure 3: Viking Mines share price chart as of 23rd January 2026. (source: CommSec). The market capitalisation of Viking is presently AUD $16.99M, and looking at Figure 3, there has not been too much hype. Whether this is a good or bad sign is anybody's guess at the moment. When you make commentary from the outside of the "purple circle" or "inner management", it is always hard to know, as in a market that is well known for purposeful mixed messages. If we take the information on face value, I think the lack of response from the market now would be a good sign to think about taking a position for potential uplift that may come. I, for one, will be very keen to see the dataset as it will give a good indication of the potential of the project. So keep an eye on this company as they make releases in the coming months. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 144m at 1.0g/t AuEq intercepted at the Dam Deposit – 8 January 2026 (view the announcement) 2nd Hole Returns 142m at 1.01g/t AuEq at the Dam Deposit – 14 January 2026 (view the announcement) 3rd Hole Returns 130m at 1.0g/t AuEq at the Dam Deposit – 20 January 2026 (view the announcement) It is nice to see some drilling results coming out from LinQ, as the last time we covered LinQ was at its IPO in June 2025. As I mentioned in that review, this is not a greenfield project that has not had any historical work. It is a proven mineral system, and from our Samso perspective, the question is more about how fertile it is. I have taken a liking to the story, and with the three ASX releases showing evidence that there is some mineralisation, the story is building momentum. With surging gold, silver, and copper prices, I think the LinQ pricing will be good to watch. Introduction – Thick Gold-Copper Intercepts Strengthen the Southern Zone at Gilmore. LinQ Minerals Limited (ASX: LNQ) has reported a second consecutive, thick gold-equivalent drill intercept from the Dam deposit within its 100%-owned Gilmore Gold-Copper Project, located between West Wyalong and Temora in central-west New South Wales. The latest diamond hole, TDRCD002, returned 142 metres at 1.01 g/t Au Eq from 121 metres, reinforcing the continuity of a shallow, higher-grade gold-copper core positioned approximately 600 metres south of the historical Gidginbung open pit, within a recognised Macquarie Arc porphyry province. The Business of LinQ Minerals Limited: Gold and Copper. (Figure 1) LinQ Minerals Limited is advancing its 100% owned Gilmore Gold-Copper Project in central-west New South Wales. The project is located between West Wyalong and Temora, within the Macquarie Arc, Australia’s premier porphyry gold-copper province. Gilmore hosts multiple porphyry and epithermal systems, with geological analogues to Cadia, Cowal, and Northparkes. The Company controls approximately 597 km² of contiguous tenure, covering a ~60 km mineralised belt. The tenure package includes 20+ prospects and six defined mineral resource deposits. The Gilmore Project hosts a global JORC Mineral Resource Estimate of 516 Mt, containing approximately 3.7 Moz of gold and 1.2 Mt of copper (Au + Cu). Figure 1: Regional Geological setting of the Gilmore Project (Green shade represents Macquarie Arc volcanics) (source: LNQ) Highlights – Thick Shallow Porphyry Gold-Copper Intercepts at the Dam | 8 January 2026 LinQ intersected 144 metres at 1.00 g/t Au Eq from 84 metres in drill hole TDRCD001, the first hole completed at the Dam during the current program (Figure 2). Figure 2: Gidginbung/ Dam plan image illustrating the location of drilling results and pending assays. (source: LNQ) (source: LNQ) TDRCD001 significantly extends the thickness of shallow gold and copper mineralisation and confirms continuity of high-grade porphyry mineralisation adjacent to Gidginbung (Figure 3). Figure 3: Dam cross-section illustrating the results from hole TDRCD001 (local northing 8880N) (source: LNQ) The hole was a 110 metre step-out south of historical hole DD93GB45, which previously returned 167 metres at 1.87 g/t Au Eq, demonstrating consistent mineralisation along strike. Results verify a 300 metre strike length exceeding 100 gram-metres Au Eq, reinforcing the scale and continuity of the Dam system (Figure 4). Figure 4: Dam long section illustrating the results from hole TDRCD001. (source: LNQ) All four holes drilled at the Dam intersected visible porphyry-related quartz-sulphide stockwork veining before passing through the Dam Footwall Fault, which defines the western boundary of mineralisation. Assay results for the remaining holes (TDRCD002, TDRCD003, and TDRC004) are pending and expected within the coming weeks. Drilling is scheduled to resume shortly at both the Dam and Gidginbung areas. Highlights – Thick Gold-Copper Intercepts Extend the Dam System | 14 January 2026 142m @ 1.01 g/t Au Eq from 121m intersected in diamond hole TDRCD002 at the Dam deposit (Figure 5). Figure 5: Gidginbung/ Dam plan image illustrating the location of drilling results and pending assays. (source: LNQ) Confirms continuity of a shallow, high-grade (>100 gram-metre Au Eq) gold-copper core within the southern strike of the system (Figure 6). Figure 6: Dam cross-section illustrating the results from hole TDRCD002 (local northing 8930N). (source: LNQ) Reinforces results from nearby holes (Figure 7): DD93GB45: 167m @ 1.87 g/t Au Eq TDRCD001: 144m @ 1.00 g/t Au Eq from 84m Figure 7: Dam long section illustrating the results from Linq holes TDRCD001 & TDRCD002, along with historical hole DD93GB45. (source: LNQ) Demonstrates strong grade coherence across >100 metres of strike where limited historical drilling existed. Results pending from two additional Dam holes (TDRCD003 and TDRC004), with further news flow anticipated in coming weeks. Leadership Commentary LinQ Minerals Executive Chair, Clive Donner, commented: “TDRCD002 reflects another high value result in the Southern Zone which, coupled with TDRCD001 and DD93GB45, significantly extends the grade and thickness of shallow gold and copper mineralisation. There are multiple assays pending and we anticipate further news flow this month.” Highlights – Consistent High-Grade Core Strengthens Southern Zone Confidence | 20 January 2026 Update TDRCD003 returned 130m @ 1.0g/t Au Eq from 108m, including (Figure 2): 67m @ 1.40g/t Au Eq from 171m. Figure 2: Dam cross-section illustrating the results from hole TDRCD003 (local northing 9040N). (source: LNQ). The result confirms continuity of a shallow, high-grade gold-copper core. A consistent >100 gram-metre Au Eq core is now defined over ~300m of strike at The Dam (Figure 3). Figure 3: Dam long section illustrating the results from Linq holes TDRCD001, TDRCD002, TDRCD003 & TDRC004 along with historical holes DD93GB45 & DD94GB72. (source: LNQ). Comparable intercepts include: 144m @ 1.00g/t Au Eq (TDRCD001) 142m @ 1.01g/t Au Eq (TDRCD002) 167m @ 1.87g/t Au Eq (DD93GB45 – historical) 85m @ 1.58g/t Au Eq (DD94GB72 – historical) Mineralisation remains open at depth and along strike. Wide drill spacing to the north leaves scope for additional high-grade cores. Leadership Commentary LinQ Minerals Executive Chair, Clive Donner, commented: “We are highly encouraged by our maiden drilling campaign at the Dam deposit and the latest hole TDRCD003 has again confirmed and extended the strike of the higher-grade thick intersections of shallow gold and copper mineralisation. The Southern Zone is shaping up to be a significant mineralised district. There are currently assays pending and we anticipate further news flow this month.” Near-term Milestones to Watch Receipt of pending assays from Gidginbung and Mandamah. Resumption of drilling at The Dam and Gidginbung deposits. Further step-out drilling to test depth and strike extensions of the high-grade core. Ongoing refinement of geological understanding across the Southern Zone. Samso Concluding Comments As I mentioned in the introduction, LinQ Minerals is incrementally building a clearer picture of the Southern Zone through drilling, and it is good to see that it is not just headline-driven exploration. The Dam deposit now shows multiple intercepts that align in thickness, grade, and geometry. The gold-copper association is important as it underpins the Au Eq calculations used throughout the program. Both metals contribute meaningfully to the reported intercepts, reducing reliance on a single commodity. However, I am not a fan of the Au Eq scenario as it is really about sugar coating results. I know that people will argue that it is a way of representing a unit that everybody understand but I am not a proponent of this view. The consistency of results across several holes and historical data is a good sign, but if I were to highlight negatives (to balance my views), the drilling is not really creating new areas. That is not saying it is bad; it's just not bringing anything new to the table. I can say this because I would have anticipated decent results already with an understanding of the historical data presented previously. What it may show is that it suggests the potential presence of a system that may support scale if the continuity continues to be confirmed. As drilling resumes and pending assays are released, attention will remain on whether additional high-grade cores can be identified. This will be key to understanding the broader potential of the Southern Zone. Market Implication - The Investor Lens The market capitalisation of LinQ has reached AUD $112.4M since the release of the drilling results, and the market is without doubt liking the situation (Figure 4). This is a great situation for mineral explorers, as the need for market appreciation of good drilling results is long overdue. Figure 4: LinQ share price chart as of 13 January 2025. (source: CommSec) The challenge for the company now is to make sure that the mineralisation will extend with strike and increase the potential strike of the resource. I would think that the probability of getting more of the same good news in the area will be good for the company as they move forward with more drilling in the coming months. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Canadian patent secured for PromarkerEso test for EAC – 16 January 2026 (view the announcement) Samso News continues to follow Proteomics International with the latest ASX update on the expansion of PromarkerEso’s patent coverage into Canada, strengthening the Company’s North American positioning and supporting its broader multi-test commercial rollout strategy. Proteomics International and the Precision Diagnostics storyhave featured heavily on the Samso platform over time, and it is good to see that the stock has been appreciating in value since late November. For those in the Samso community who did take a position, it is looking good with this latest ASX update. The Business of Proteomics International: Precision Diagnostics Commercialisation Proteomics International (ASX: PIQ) is a precision diagnostics company focused on the development and commercial launch of first-in-class blood-based diagnostic tests targeting diseases that are often detected late and are costly to manage (Figure 1). The Company operates a platform-based model, combining proprietary biomarkers, validated clinical data, accredited laboratories, and a digital sales pathway to support direct sales and future licensing across multiple tests and jurisdictions. Figure 1: Proteomics International’s business model, where several first-in-class diagnostic tests are supported by shared clinical validation, intellectual property, and commercial systems. (source: PIQ) Highlights – Canadian Patent Secures IP for PromarkerEso in a High-Need Market Canadian patent granted for PromarkerEso, protecting intellectual property until November 2035. PromarkerEso is a first-in-class blood test designed to detect esophageal adenocarcinoma, including early-stage disease. Figure 2: PromarkerEso (source: PIQ) Patent coverage now spans Australia, Canada, China, Hong Kong, Europe, and the United States, supporting global commercialisation. Esophageal adenocarcinoma has a five-year survival rate of less than 20%, with up to 90% of cases undetected until late stage, using current screening approaches. The patent underpins PIQ’s North American strategy, enabling direct sales, partnerships, and future licensing opportunities. Near-term Milestones to Watch (Figure 3) Continued commercial ramp-up of PromarkerEso following launches in Australia and planned expansion in North America. Progress toward US regulatory and reimbursement pathways, including PLA code applications. Growth in direct sales and strategic partnering discussions for Promarker diagnostic tests. Advancement of licensing opportunities as tests gain market traction Figure 3: Milestones – Multiple Value Drivers Achieved & Ahead (source: PIQ) Samso Concluding Comments This ASX update is all about the Canadian patent strengthening the protection around PromarkerEso in a key healthcare market. It would be logical that PIQ will want to extend the geographic reach of the Company’s intellectual property portfolio. The future of the business is all about having the upper hand against any competition. With the rising market interest recently, this should add more to the value creation journey. Esophageal adenocarcinoma remains difficult to detect early using current methods, and PromarkerEso is designed to address this gap with a blood-based approach. I am now a big proponent to whole ASX medical sector as this is starting to make a lot more sense than the hit and miss world of small-cap mineral explorers. Market Implication - The Investor Lens The increased market attention that has moved the share price of PIQ in late November is hopefully something that is simply setting the stage for bigger and better things for shareholders. Figure 4: PIQ share price chart as of 23rd January 2026. (source: CommSec) With a current market capitalisation of AUD $119.5M, I think there is still a way to go in terms of a sustained market valuation. The global precision diagnostics and medicine market was valued at ~USD 122.6 billion in 2024. According to Global Market Insights, it is expected to expand significantly toward ~USD 448 billion by 2034 at a ~13.5% CAGR. Precision diagnostics (which includes blood-based diagnostics) is a multi-hundred-billion-dollar market with strong growth prospects, driven by oncology testing, personalized medicine, and molecular assays. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. Exceptional Results from Validation Study for EchoSolv HF- 24 November 2025 (view the announcement) 2. Formal lodgement of FDA submission for EchoSolv HF - 15 December 2025 (view the announcement) As we release this Samso News on Echo IQ Limited, the market has taken a liking to the recent news. Samso has been following the Echo IQ Limited story as it advances AI-based clinical decision support tools through formal regulatory pathways. This update reflects news across two key steps: independent clinical validation and formal FDA submission. I have now understood that a submission to the FDA is done with a great level of confidence that all the boxes have been ticked and approval is on the higher chance of success. Together, these milestones move the Company from development into the regulatory review phase, which is a recognised inflection point for medical technology businesses targeting the US market. Echo IQ Limited – EchoSolv HF and the Path to US Market Entry Echo IQ Limited (ASX: EIQ) is an Australian AI and medical technology company focused on improving decision-making in cardiology. Its lead product, EchoSolv HF, is a heart failure clinical decision support software designed to assist clinicians in detecting heart failure using echocardiogram data. The Company’s recent announcements outline the completion of clinical validation with the Mayo Clinic Platform and the subsequent formal lodgement of an FDA 510(k) submission in the United States. Highlights – Clinical Validation Milestone | 24 November 2025 Echo IQ Limited announced the successful completion of a clinical validation study for EchoSolv HF in collaboration with the Mayo Clinic Platform’s Validate program, marking the final clinical requirement before FDA submission. The validation study assessed EchoSolv HF on an independent dataset of approximately 17,000 patient echocardiograms sourced from the Mayo Clinic Platform. EchoSolv HF met its primary endpoint, delivering a sensitivity of 99.5% in identifying heart failure cases and a specificity of 91.0% in identifying non-heart failure cases. The Mayo Clinic Platform’s Validate program provides an independent, objective assessment of AI performance, accuracy, and susceptibility to bias. Completion of this study represented the final clinical step required before advancing to a formal FDA 510(k) submission. The Company confirmed that the FDA submission process was being finalised, with lodgement expected in the coming weeks. Management highlighted that potential FDA clearance would enable EchoSolv HF to be marketed in the US, where heart failure accounts for 17% of healthcare expenditure and represents a US$60 billion total addressable market. Highlights – FDA 510(k) Submission Lodged | 15 December 2025 Echo IQ Limited confirmed the formal lodgement of its FDA 510(k) premarket notification for EchoSolv HF, advancing the product into the regulatory review phase in the United States. The FDA submission incorporates results from the completed Mayo Clinic Platform validation study, including performance data from the 17,000-echo dataset. EchoSolv HF demonstrated 99.5% sensitivity and 91.0% specificity, supporting claims of substantial equivalence under the FDA’s 510(k) framework. FDA clearance, if obtained, would allow EchoSolv HF to be marketed and distributed in the US for its cleared indications for use. The Company reiterated that only around 50% of heart failure cases are currently accurately diagnosed, highlighting the clinical need for improved decision support tools. Heart failure is described as the leading cause of rehospitalisation in the US and is estimated to affect one in four Americans over their lifetime. Echo IQ noted that FDA clearance would unlock a significant commercial opportunity within the US healthcare system, which accounts for 17% of national healthcare spending. Leadership Commentary Chief Executive Officer, Mr Dustin Haines, commented: “We are pleased to have completed the formal submission process for EchoSolv HF via the FDA’s 510(k) clearance pathway. The lodgement of the submission is a testament to the hard work and disciplined execution of Echo IQ’s operations team alongside our key industry partners including Mayo Clinic.” “With the submission process complete, we will continue to work with our broad network of industry partners across both product development and distribution, ahead of an expected FDA decision in the coming months. The ongoing advancement of our healthcare technology suite positions the Company for another momentum driven year ahead, leveraging our proprietary technology to deliver improved healthcare solutions, and we look forward to updating our investors on key progress initiatives early in the new year.” Near-term Milestones to Watch FDA review process for the EchoSolv HF 510(k) submission Regulatory feedback or requests for additional information from the FDA Potential FDA clearance decision Continued engagement with US healthcare and distribution partners ahead of commercial rollout Samso Concluding Comments The November and December announcements together outline the path toward US market access for EchoSolv HF. Clinical validation with the Mayo Clinic Platform addressed the final technical requirement before regulatory submission. The December lodgement confirms that Echo IQ Limited has moved into the FDA review phase, which is a critical step for any medical technology seeking US commercialisation. The process is governed by defined regulatory standards and timelines, which remain outside the Company’s control. Heart failure represents a large and well-documented healthcare burden in the US, and Echo IQ’s disclosures consistently reference underdiagnosis as a key problem the software aims to address. However, regulatory clearance is required before any commercial claims can be realised. From an investor perspective, attention now shifts away from development milestones toward regulatory outcomes and execution readiness. The next phase will be shaped by FDA engagement, clearance timing, and the Company’s ability to translate approval into market uptake. Market Implication - The Investor Lens As we write this Samso News, the market capitalisation of EIQ is now approaching AUD $305M, and the share price is doing the vertical dance (Figure 1), which would be pleasing to all shareholders. When we released the first Coffee with Samso with EIQ (Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ), the share price was around the AUD $0.17 mark, and as of the 23rd January 2026, that is at AUD $0.52, which would relate to a rise of 3X in value. This is a great outcome for management, and I would assume that the journey ahead is looking bright. Dustin Haines, who is the CEO of EIQ, was very optimistic about this outcome, and I am sure he will be eagerly awaiting to update the market with pending news. Figure 1: EIQ share price chart as of 23rd January 2026. (source: CommSec) Is this a bad time for investors to get in on the story? Now, if one looks at the potential market value, the simple answer is yes. A market capitalisation of AUD $300M is going to look cheap when you compare it with the ASX companies like ResMed and Mesoblast, in which I was an investor in the early stages. Racura Oncology, which we covered on Samso News before they went on a 4-time multiple recently, is another reason for readers to do some serious DYOR. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Paterson Exploration Review Update – 20 January 2026 (view the announcement) We have just recently covered the capital raise and the value proposition of Cyprium Metals Limited to potential shareholders, and I have help back this review because I think the exploration part of the company story is not really a factor in the overall part of the Cyprium Metals Limited story. The make-or-break for Cyprium Metals Limited will be if they are able to convince the market that they are able to make the extraction and production an economically viable proposition. The immediate concerns for management after the raise will be to get the technicals on track and make the operation profitable. I don't know if the recent raise of AUD $41M is sufficient, but time will tell us that outcome. The exploration upside is secondary to the main show; however, I think once the operations show that it is spinning our millions of profits, the exploration upside will become significant. Cyprium Metals Limited – Reading the Signals at Rainbow Copper Prospects (Paterson Province, Western Australia) Cyprium Metals Limited (ASX: CYM) has provided an update on its Paterson Exploration Project in Western Australia, following the completion of a first-pass review of exploration data returned after regaining full control of the tenement package. The review focuses on the Rainbow and Rainbow South areas, located north of the Nifty Copper Complex, where historic drilling, geophysics, and surface data are being used to refine copper targets and guide upcoming exploration programs (Figure 1). Figure 1: Cyprium Paterson tenement holding and deposits, prospects, and targets (source: Cyprium Metals Limited) The Business of Cyprium Metals Limited: Copper Development and Exploration in Western Australia Cyprium Metals Limited is an ASX-listed Australian copper company with a focus on redevelopment, near-term production, and exploration growth. The Company’s core asset is the Nifty Copper Complex in the Paterson Province of Western Australia, supported by existing infrastructure, permits, and a long operating history. Alongside Nifty, Cyprium Metals Limited controls a large exploration portfolio in the Paterson and Murchison Provinces, targeting sediment-hosted and intrusion-related copper systems. The Paterson Exploration Project provides longer-term growth optionality, with exploration designed to potentially leverage processing infrastructure at Nifty if economic deposits are defined. Highlights – Paterson Exploration Project Data Review Unlocks Multiple Drill-Ready Targets First-pass review of exploration data from IGO is complete, following Cyprium Metals Limited regaining 100% control of ~2,000km² of Paterson tenements. Review confirms multiple copper targets across both Lamil Group and Broadhurst Formation host rocks, including NL04b, NL05a, NL01a, Rainbow South (NB02a), and MB01. Strong potential identified to extend known copper mineralisation at the Rainbow and Rainbow South prospects, supported by historic drill intercepts including: 54m at 0.28% Cu from surface (Rainbow, 1996) Multiple short, higher-grade copper-silver intercepts from 2018 RC drilling at both Rainbow and Rainbow South (Figure 2). Figure 2: Copper in Surface Samples and Early Interpretations of Rainbow by MLX (source: Cyprium Metals Limited) Silver appears as a consistent by-product at Rainbow, with historic assays up to 93g/t Ag over 1m, and recent re-assays confirming silver presence. Additional copper intersections at Stirling, NL04b, and MB01 highlight under-tested targets requiring follow-up drilling. A strong late-time airborne EM anomaly at NL05a, more than 5km from any historic drilling, has been pegged for drill testing in the upcoming dry season. The combined drilling, geophysics, and surface mapping indicate that the Rainbow Prospect sits within an anticlinal structure where the crest has been eroded. Plan views and drill sections show copper lag anomalies aligned with this structure, with historic drilling and MLX interpretations outlining stacked copper mineralisation along the fold architecture (Figures 3 – 6 below). Figures 3: Conceptual Regional Cross Section from MLX 2018 (source: Cyprium Metals Limited) Figures 4: Rainbow Lag Copper Anomaly and Historic Drillholes (source: Cyprium Metals Limited) Figures 5: Interpreted Rainbow Drill Section A-A’ (source: Cyprium Metals Limited) Figures 6: Interpreted Rainbow Drill Section B-B’ (source: Cyprium Metals Limited) Leadership Commentary Cyprium Executive Chairman Matt Fifield commented: “Cyprium recently regained control of ~2,000km2 of exploration ground that previously was subject to a Joint Venture and Farm-In Agreement with IGO. Our exploration ground lies adjacent to the Nifty Copper Complex and Maroochydore Copper-Cobalt Project along the western margin of the Yeneena Basin in the Paterson province, an area that is highly prospective for base metals and possibly more. These re-acquired tenements are accompanied by significant exploration data from legacy exploration programs, including $24 million of exploration expenditure undertaken by IGO. The compiled exploration data package of which we have now completed our first pass review, comprises over 900,000 meters of drilling, tens of thousands of geochemical sampling points, and regional and local electromagnetic and gravity surveys, providing Cyprium with millions of data points. The Paterson Exploration Project provides significant potential to leverage exploration data into meaningful developments for Cyprium, as we continue to build Australia’s next great copper company.” Near-term Milestones to Watch Detailed evaluation and ranking of Rainbow and Rainbow South drill targets. Design and execution of geophysical surveys over priority areas. Drill planning and execution at Rainbow and selected regional targets. Dry-season drilling of the NL05a EM anomaly. Fieldwork commencement across other priority targets, including Stirling, NL04,b, and MB01 in 1H 2026. Samso Concluding Comments As I have already mentioned, this announcement does not change Cyprium’s broader strategy, but it does add clarity to its exploration optionality. The Paterson Project now sits on a large, consolidated dataset generated over several decades and accelerated by the IGO’s recent work. The Rainbow and Rainbow South prospects show repeated copper intersections across different drilling campaigns. That consistency is what justifies further drilling rather than broad regional speculation. Other targets, such as NL04b and MB01, remain early-stage but technically interesting. The presence of copper intercepts and untested EM conductors provides clear next steps rather than open-ended exploration. Overall, this is a significant move for CYM to understand the potential of its other prospects. It shows Cyprium moving from data compilation to drill planning, which is the point where exploration stories either advance or fade. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Cazaly Achieves First Milestone at Goongarrie Gold Project – 20 January 2026 (view the announcement) Cazaly Resources Limited is another new story for the Samso platform as it tries to work on their Goongarrie story that is slowly developing since doing a decent raise late 2025. I tas interesting to see that a placement that raised AUD $3.5M in November 2025 (Strongly Supported Placement To Accelerate RC Drilling) to set drilling underway at the project was supported with promising results released at the end of December showing near surface intercepts of gold (High Grade Gold from Surface in Drilling at Goongarrie). As most geologists who have been working for decades, especially in WA, the Goongarrie area is one that has always held good historical potential but in my 3 decades in the industry not much has happened that had substance. Hence, I am curious with the noise that is currently being created. I wonder what it will bring out in terms of value for the shareholders and what it could mean for potential shareholders. Cazaly Resources Limited – Goongarrie Gold Project, Eastern Goldfields, Western Australia Cazaly Resources Limited (ASX: CAZ) has achieved its first earn-in milestone at the Goongarrie Gold Project, located approximately 90 kilometres north of Kalgoorlie in Western Australia’s north-eastern goldfields (Figure 1). The update confirms completion of the Phase 1 farm-in expenditure, securing an initial 25% interest in the project and advancing exploration along a gold-mineralised structural corridor. Figure 1: Goongarrie Gold Project location map – Eastern Goldfields, 90km north of Kalgoorlie (source: Cazaly Resources Limited). The Business of Cazaly Resources Limited: Gold Exploration and Project Advancement Australian-focused exploration company targeting gold opportunities in established mining districts Current focus on advancing the Goongarrie Gold Project via a staged farm-in joint venture Strategy centred on early geological understanding, structural targeting, and scalable discovery potential Exploration activities include RC drilling, aircore drilling, and surface sampling to define mineralised trends Highlights – Phase 1 Farm-In Completed and Mineralised Trend Confirmed Cazaly Resources Limited has secured an initial 25% interest in the Goongarrie Gold Project by completing the $1 million Phase 1 farm-in expenditure within nine months. The Company retains the right to increase its interest to 51% by September 2027 and 80% by March 2029 through further staged exploration expenditure. Exploration drilling and surface sampling have identified anomalous gold mineralisation greater than 1g/t over a 1.3 kilometre strike length. Mineralisation extends from Goongarrie Lady to Jenny’s Reward, highlighting continuity along the Menzies Shear corridor (Figure 2). Drilling programs comprised 18 RC holes for 1,914 metres and 298 aircore holes for 10,315 metres during the initial earn-in period. Notable intercepts include 19m at 1.5g/t gold (including 4m at 4.7g/t) at the Duchess prospect and 6m at 10.3g/t gold and 10m at 5.7g/t gold at Duke of York. A surface costean sample returned 1m at 10.8g/t gold at Mason’s Flat, scheduled for follow-up drilling. Figure 2: Anomalous gold results from AC and RC drilling along the Goongarrie trend (source: Cazaly Resources Limited). Leadership Commentary Cazaly Resources Limited Managing Director, Tara French, commented: “We are very pleased to have met the initial farm-in expenditure to acquire our first 25% of the Goongarrie Gold project. The initial drilling campaigns undertaken in 2025 successfully identified continuous gold mineralisation >1g/t gold along the Menzies Shear corridor over 1300m and highlighted several new high grade targets for follow up drilling. We now look forward to commencing the next RC drilling campaign later this quarter, targeting the gold mineralisation at depth” Near-term Milestones to Watch Commencement of the planned Q1 2026 RC drilling campaign Testing of the 1.3-kilometre mineralised trend at depth along the Menzies Shear Follow-up drilling at Mason’s Flat and priority prospects, including Duchess and Duke of York Continued progression toward the 51% earn-in milestone through staged exploration Samso Concluding Comments Cazaly Resources Limited has met its first farm-in milestone at Goongarrie within the agreed timeframe and confirms execution against the joint venture structure. The drilling completed to date appear to outlined a continuous mineralised trend. What this is providing is a clear technical basis for the next phase of work. The staged earn-in allows capital to be deployed progressively ultimately limiting early risk while keeping long-term upside open. Planned drilling at depth will test the strength of the system. These results will help guide future exploration decisions. The divestment of the non-core assets looks like the company is gearing to lighten the load and focus on gold as would make perfect sense. The market sentiment is all gold now and anything else will be a distraction and carry not much leverage. Market Implication - The Investor Lens The rise in share price from January (Figure 3) will most likely be related to the placement that occurred in late November and the ASX release of "good" surface results in late December. The lack of volume in those trades caution me to internal excitement but that is not critical. Figure 3: Anomalous gold results from AC and RC drilling along the Goongarrie trend (source: CAZ). A market capitalisation of AUD $17.4M as of the 2nd February 2026 is not high and can be accepted, although, you have companies like Miramar Resources Limited (ASX: M2R) who are sitting at a market cap of AUD $5M drilling as we speak. So for those looking for a ride, Cazaly will be a very early story and volatility will be the name of the game. Personally, I will be watching as the geology in this part of the woods will be very patchy but there is a gold mine nearby, so that will the carrot for Cazaly. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Salazar Project Delivers Major 263Mt Gallium Resource – 22 January 2026 (view the announcement) The West Cobar Limited Gallium Salazar story is one that has graced the pages of Samso for a long time. We have spent a lot of time talking to Matt Szwedzicki over the years and I am not surprised that the company is still able to sell the Salazar story. When I first came across Salazar, my first thought was that this is not your ordinary deposit. The quantum of metals and the variable metal content can make this into a never ending story and it looks like it making magic. The Gallium potential, even though I am not sure how it will be told, is fascinating. The potential value proposition is very clear, there is an absolute demand vs supply deficit and then you throw the East vs. West component and you have the perfect storm. However, I am not sure if the ASX market is entirely versed on the potential value. We all know that the market fully understand fear and the run of the bull, but in this case, I think the time required to figure this story out is simply too much while the market has several bulls running, namely, gold, silver, copper, lithium, tungsten and iron ore ( the defiance of the so call glut coming out as the Simandou iron ore project begins shipping its iron ore). For this reason, I am very keen to follow this story as it develops because if the theoretical narrative gains traction, this will be a good ride for shareholders. Salazar Critical Minerals Project – A Large Clay-Hosted Multi-Commodity System in WA The Salazar Critical Minerals Project is located approximately 120km north-east of Esperance, Western Australia, and comprises the Newmont and O’Connor deposits across a large saprolite-dominated clay system (Figure 1). Salazar is already recognised as one of Australia’s most advanced clay-hosted critical minerals projects, hosting significant rare earth, scandium, titanium dioxide, alumina, and now gallium Mineral Resources. Figure 1: West Cobar’s tenements and neighbouring Esperance district tenure (source: West Cobar Limited). Samso continues to follow West Cobar Metals Ltd (ASX: WC1) as it builds a diversified critical minerals profile anchored by resource definition, metallurgy, and by-product optionality rather than single-commodity exposure. This update adds a gallium Mineral Resource into an already established rare earths, scandium, titanium dioxide, and alumina system, reinforcing Salazar as a multi-product clay-hosted project with strategic relevance. West Cobar Metals – A Major Gallium Resource Added to the Salazar Basket Initial Inferred Gallium Mineral Resource Estimate of 263Mt at 26ppm Ga (35ppm Ga₂O₃) defined at the Salazar Critical Minerals Project using a 20ppm Ga cut-off, covering the Newmont and O’Connor deposits (Figure 2). Figure 2: Salazar Project – tonnes of >20ppm Ga versus TREO cut-off employed (source: West Cobar Limited) Gallium resource is constrained to saprolitic clay-hosted mineralisation that sits within the existing ≥300ppm TREO rare earth envelope, supporting its classification as a potential by-product of REE and scandium extraction (Table 1). Unweathered bedrock gallium mineralisation was excluded from the MRE, despite similar grades, due to improved leachability and economic potential within saprolitic clays (Figure 3). Figure 3: Newmont Deposit section showing gallium distribution relative to >300ppm TREO block model (source: West Cobar Limited) Metallurgical test work indicates gallium may be recoverable alongside rare earths and scandium, with further work underway to confirm recovery and processing performance. The gallium resource adds to Salazar’s existing multi-commodity inventory, which already includes defined Mineral Resources for rare earth elements, scandium, titanium dioxide, and alumina. Clear potential identified to expand gallium resources at both the Newmont and O’Connor deposits through additional air-core drilling programs (Figure 4). Figure 4: Salazar Project drill hole collar positions with reported gallium assays and magnetic amphibolite trends (source: West Cobar Limited). Additional gallium intersections recorded at regional prospects, including Glenmorangie and Talisker, highlight broader system-scale upside beyond the current MRE footprint (Figure 5). Figure 5: Selected significant gallium intersections at the Newmont Deposit showing >300ppm TREO envelope (source: West Cobar Limited). Leadership Commentary West Cobar Managing Director, Matt Szwedzicki, commented: “We are pleased to report a very large initial Mineral Resource estimate for gallium as a by-product at the Newmont and O’Connor deposits in addition to rare earth elements, titanium dioxide, scandium, and alumina. Gallium is a high-value critical mineral (the current gallium oxide price 3 is circa US$284/kg), which has the potential to enhance the overall project economics. Historical metallurgical testwork undertaken by Nagrom shows that the Salazar clays are amenable to leaching with the recovery of REEs, Sc, and Ga concentrates. Testwork demonstrates that excellent leaching recoveries are achievable at atmospheric pressure and could enable competitive extraction costs. Importantly, the unusual mineralogy points to the application of comparatively straightforward processing technologies. Metallurgical and beneficiation test work is moving ahead rapidly to develop a viable multi-product extraction pathway. The export restrictions on gallium products imposed by China highlight the vulnerability of Western markets, with the potential for supply shortages that impact global production of computer chips and semiconductors, used in smartphones, computers, EVs, military applications, and other electronic devices. The recent inclusion of gallium in Australia’s planned Critical Minerals Strategic Reserves is further evidence of the mineral’s importance in the current geopolitical climate. West Cobar has published JORC Resources for each of the strategic resource commodities (antimony, gallium, and rare earths) as prioritised by the Australian Government for the strategic reserve. Near-term Milestones to Watch The Company plans to continue advancing metallurgical and beneficiation test work to develop a viable multi-product processing flowsheet (Figure 6). Further air-core drilling is expected to test extensions to gallium mineralisation at Newmont South, Matilda South, around O’Connor, and at the Glenmorangie and Talisker prospects. Figure 6: Conceptual process testwork flowsheet (source: West Cobar Limited). Samso Concluding Comments The declaration of a 263Mt gallium resource does not change Salazar overnight, but it does broaden its strategic profile. Gallium becomes another lever that could add value within a shared processing pathway. This update does indicate that the resource is not speculative surface material. It is built on existing drilling, re-analysis, and defined geological controls. WC1 has been consistent in framing gallium as a by-product, which is important as this approach keeps the story away from a single commodity outcome. As further drilling and test work progress, Salazar remains a project where optionality is steadily being converted into defined inventory. For Samso, this is a clear case of watching how system understanding translates into development choices. Market Implication - The Investor Lens West Cobar is an ASX stories that seem to have been resilient enough to wade through the last few years and still be intact with a similar story. The Salazar deposit is morphing itself into a beast while changing colour like a chameleon as it went from a REE play to a potential Scandium and now a Gallium monster. Whatever it is, the market is still cool with its direction (Figure 7) and there does not seem to be any bull in sight. Figure 7: West Cobar share price as of 2nd February 2026. (source: commsec). In saying that, the low market capitalisation of West Cobar does make it attractive for leverage. A current value of just over AUD $7M is good for the putners trigger point however, we all know that in reality, that is just a number. The real value of a story is whether this could make an economical story or is it good enough for a "serious investor" to make a "hot" story for the market. Gallium is a new commodity to the scene and I have yet to fully understand what are the matrix of numbers that will make the story sizzle. Time will tell and with some good old DYOR, hopefully, we can figure it out. The West Cobar Metals Gallium story may just be on the verge of moving, assuming the market does not turn backwards and reset itself. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Lake Hope High Purity Alumina (HPA) Project Update – 9 January 2026 (view the announcement) Acquisition of the Huonville gold district at Broken Hill - 23 January 2026 (view the announcement) The narrative that is driving the Impact Minerals Limited HPA has been an interest to the Samso platform since we first covered the story in May 2023 (Impact Minerals Limited (ASX: IPT) - A Low Cost HPA story in Western Australia.) with a Coffee with Samso. This has been a long process, like most mineral resource projects, for Impact Minerals and this recent update has prompted Samso News to take a look. The second ASX update in regards to consolidating its position at the Broken Hill project is very logical for Impact minerals as the market sentiment is now clearly focussing back on the core metals group of gold, copper and base metals. The management of Impact Minerals do appear to have a stronger lean towards the traditional metals so the new focus could be a key component for shareholders and potential investors. I do like that fact that Impact Minerals appear to be focussing back onto its metals projects but it will be interesting if the HPA story continue to go through its paces over time. Impact Minerals Limited (ASX: IPT) has released an update on its Lake Hope High Purity Alumina (HPA) Project in Western Australia (Figure 1), reporting strong technical progress achieved during the first 12 months of its A$2.87 million Cooperative Research Centres Projects (CRC-P) programme. The update highlights advances in membrane technologies applied to Impact’s patented three-stage HPA process, with emerging implications for lower operating costs, improved water efficiency, and meaningful potash by-product opportunities. Figure 1: Lake Hope Project (source: Impact Minerals Limited) The Business of Impact Minerals Limited: The HPA Chapter Lake Hope HPA Project (80% owned) in Western Australia. Development of a patented, low-cost, low-carbon three-stage HPA process. CRC-P programme conducted in partnership with CPC Engineering and the Mineral Recovery Research Centre (MRRC) at Edith Cowan University. Focus on integrating membrane technologies to enhance economics, sustainability, and by-product recovery. Benchmark production scale referenced in the PFS: 10,000 tonnes per annum of HPA. Highlights – Membrane Technology Unlocking Potash and Cost Reduction Pathways | 9 January 2026 Significant technical progress achieved in the first 12 months of the A$2.87M CRC-P programme, supporting the Lake Hope Pre-Feasibility Study outcomes. High-purity sulphate of potash (SOP >94%) successfully produced via direct membrane crystallisation as a Stage 1 by-product (Figure 2). High water recovery achieved from SOP brine, producing high-purity reusable water, reducing operating costs and environmental footprint. Identification of a magnesium-potash (Mg-potash) pathway, enabling potential premium fertiliser products. Emergence of a potential low-cost iron removal method from the hydrochloric acid circuit in Stage 2 (Direct Iron Extraction Method). Identification of a new standalone potash and acid production pathway, independent of the HPA flowsheet, with potential for an additional mining project at Lake Hope. Evaluation of Eutectic-Freeze Crystallisation technology to further enhance potash recovery and wastewater management options. Figure 2: Crystals of high-purity Sulphate of Potash (K2SO4) produced by direct membrane crystallisation, offering lower Capex and Opex compared to conventional SOP crystallisers. (source: Impact Minerals Limited) Leadership Commentary Impact’s Managing Director, Dr Mike Jones, commented: “The first year of CRC-P work has achieved notable technical progress, significantly boosting the value of the Lake Hope project. Our teams at ECU and CPC Engineering are demonstrating clear pathways to lowering operating costs, enhancing water efficiency, and producing high-value fertiliser byproducts—especially high-purity SOP and Mg-potash. As our understanding of potash crystallisation deepens, we have recognised a much larger potash opportunity that could develop alongside the Lake Hope Project. Additionally, we have identified a brine freezing technology that may further enhance the economics of potash production. These outcomes, based around elegant membrane technologies, strongly support the advantages of our patented HPA process for producing low-carbon, low-waste HPA and also highlight the potential to fully realise the commercial opportunities of the Lake Hope project. We are very excited to see what further discoveries we can make in 2026 as we receive results from our ongoing extensive testwork”. Mineral Recovery Research Centre’s Leader and CRC-P Lead Investigator, Associate Prof. Amir Razmjou, said: We are pleased with the strong progress to date in integrating membrane technologies into the HPA production flowsheet. The results are promising in reducing the water footprint and environmental impact, while enabling high-purity SOP production and recovering waste energy to minimise overall energy input. In 2026, we expect further advances in membrane integration across the flowsheet, alongside pilot-scale development and optimisation of the key process steps. About the Project Impact’s patented HPA process is structured as a three-stage metallurgical flowsheet (Figure 3): Stage 1: Alkaline leaching using potassium hydroxide (KOH), producing SOP-rich brine as a valuable by-product. Stage 2: Hydrochloric acid leach producing aluminium chloro-hexahydrate (ACH). Stage 3: Calcination of ACH to produce high-purity alumina. Membrane technologies are being assessed across multiple points in the flowsheet, including water reuse, mineral recovery, acid recovery, and waste management, with Stage 1 potash recovery being the primary focus of current work. Figure 3: Patented metallurgical flowsheet for Impact’s 3-stage HPA process. Stage 1 is shown in detail, with Stages 2 and 3 simplified for this report. (source: Impact Minerals Limited) Highlights – Huonville Consolidates Impact’s Control at Broken Hill | 23 Jan 2026 Impact Minerals has acquired a 100% interest in the 55 km² Huonville tenement (EL8024), covering most of the historic Huonville gold district, 25 km southeast of Broken Hill, NSW. The acquisition expands Impact’s Broken Hill landholding to ~1,800 km², almost fully surrounding the Broken Hill lead–zinc–silver deposit (Figure 4). Figure 4: Regional magnetic image showing the Broken Hill Line of Lode, EL8024 Huonville, and Impact’s surrounding licences. (source: Impact Minerals Limited) Huonville is considered prospective for copper and copper-gold mineralisation, based on a new exploration model developed during Impact’s participation in the BHP Xplor program. Historical shallow workings returned high-grade legacy rock chip gold results (Figure 5), with assays reported up to ~83 g/t gold, accompanied by silver, bismuth, and copper. Figure 5: Huonville goldfield showing legacy gold assays and interpreted gold trends. (source: Impact Minerals Limited) The metal association is consistent with iron-oxide copper-gold (IOCG) systems, and Huonville has been identified as a potential IOCG target in government-supported prospectivity modelling. Historical drilling was limited and shallow, with a full data review now underway, integrating results from a recent ground magnetotelluric survey. Impact Minerals Limited’s Managing Director, Dr Mike Jones, commented: “Huonville is the final piece of the jigsaw at Broken Hill, where we have spent the past decade assembling the largest ground-holding in the region, surrounding one of the world’s great mines. Although gold production was limited, the extent of the vein systems and the associated silver-bismuth and copper indicate they could form the upper sections of a much larger system at depth or nearby. The area was identified as a potential iron-oxide-copper-gold (IOCG) target in publicly available prospectivity mapping conducted by well-respected consultants Kenex, and we are eager to see the results of our recent magnetotelluric surveys completed nearby to explore what might lie at depth.” Near-term Milestones to Watch Lake Hope (WA): Progress membrane and crystallisation testwork, including scale-up preparation for Stage 1 alkaline leaching, SOP recovery, water reuse, and evaluation of iron removal and potash pathways. Huonville (NSW): Complete integration of legacy exploration data with recent ground magnetotelluric survey results to prioritise copper–gold and IOCG-style targets. Portfolio-wide: Advance target definition across both projects to support next-stage technical work and future drilling decisions, subject to data validation and approvals. Samso Concluding Comments I like it that Impact Mineral continues to look at the Lake Hope HPA Project with the recent test work with the outlook of making the concept work. The membrane work builds on the existing flowsheet and does not alter the published Pre-Feasibility Study assumptions. How this will eventually work is another thing but with my view that the mineral resource sector just starting to gain momentum, I think Impact Minerals should consider all value creating avenues. This update does indicate that the potash recovery at Lake Hope has moved from concept toward a more defined process pathways. While acknowledging the project is still at bench scale, the work does highlight how by-products may offset operating costs if future steps confirm scale and quality. For the other parts of the company portfolio of projects, the Huonville acquisition adds scale and continuity to Impact’s Broken Hill position. The ground covers historic gold workings and sits within an area already flagged as prospective for copper–gold and IOCG-style systems. Across both projects, for shareholders, it does look good that Impact is advancing work that improves understanding before committing additional capital. Market implications The recent news loo to be making creating a positive vibe for the share price chart of Impact Minerals (Figure 6). A sharp spike on the 9th of January, potentially on the back of the HPA update will be good news to all stakeholders as 2026 does start to look promising for metals, The recent major pull back of the Silver and Gold price on the 30th January may be dramatic but if it comes back, this could be a resetting of the run. Kind of the market taking a rest and resetting itself for continued growth. Figure 6: Share price chart for Impact Minerals Limited as of 2nf February 2026. (source: commsec) The copper price look like its making a sideways movement since the beginning of January which may mean a period of consolidation. Nickel did have some decline but in the scheme of its rise from the bottom, it was probably a good pull back. The more volatile Gold and Silver pricing was the highlight of that dramatic day. Figure 7: Price chart for Gold, Silver, Copper and Nickel. (source: Trading Economics) Disregarding the focus on the metal pricing, the general consensus in market chatter is that metal pricing will continue to move upward for at least the first half of 2026. The share price of Impact has shown that the market does like the updates and hence, a focused DYOR process will be highly encouraged. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.