Announcement Outstanding Drilling Results Returned from Hyperion 17 November 2025 (click here to view the announcement) Prodigy Gold NL (ASX: PRX) has released a strong suite of Reverse Circulation (RC) drilling results from the Hyperion Gold Deposit, part of the Tanami North Project in the Northern Territory (Figure 1). The 19-hole, 2,339m program across the Hyperion, Seuss, and Tethys Lodes continues to reinforce the project’s scale, grade continuity, and potential for multiple high-grade zones. Figure 1: Project location in the Tanami Region (source: PRX) The Business of the Company: Focus – Gold Production Projects Prodigy Gold NL is a Tanami-focused gold explorer and developer, currently concentrating on advancing its Tanami North and Twin Bonanza projects (Figure 2) and assessing how its 1Moz-plus Mineral Resources can be converted into mineable inventory. Over the next five years, Prodigy Gold’s strategy is to: Remain focused on mine development and gold exploration in the Tanami Region (NT). Complete mining studies on Tanami North and Twin Bonanza to define development options. Pursue partner-backed development opportunities to generate cash flow for ongoing work. Grow the Mineral Resource base while advancing new projects across the tenement package. Work with Joint Venture partners to progress projects around the Company’s active sites. Figure 2: Prodigy Gold major Project areas. (source: PRX) Highlights – Strong Intercepts Across All Three Lodes 1. Seuss Lode delivers broad, high-grade gold zones (Figure 3) 24m @ 5.5g/t Au from 75m (SURC25008) 18m @ 4.2g/t Au from 79m (SURC25006) 23m @ 2.2g/t Au from 37m (SURC25005) 9m @ 3.2g/t Au from 63m in hole SURC25008 9m @ 2.5g/t Au from 19m in hole SURC25001 30m @ 2.7g/t Au from 61m in hole SURC25009 6m @ 4.0g/t Au from 122m in hole SURC25009 Figure 3: Seuss Section – 7836350mN looking North through Seuss and Tethys mineral resource (source: PRX) Mineralisation outcrops, supported by rock chips up to 3.72g/t. Figure 4 highlights a short interval of core from HYDD25003 (88.7–88.8m), where quartz breccia with quartz–hematite veining and possible weathered sulphides is clearly visible. Figure 4: Selected drill core (HYDD25003) (source: PRX) 2. Hyperion Lode extends high-grade zones up-plunge 12m @ 4.6g/t Au from 131m (HYRC25004) 10m @ 3.1g/t Au from 123m (HYRC25007) These results extend mineralisation beyond the 2024 intercept from HYRC24003 (15m @ 3.1g/t Au) (Figure 5). Figure 5: Hyperion Section 613220mE (source: PRX) 3. Tethys Lode tested at depth with RC and diamond tails 5m @ 2.3g/t Au from 124m (HYRC25005) 4m @ 2.1g/t Au from 27m (HYRCD25002) 2m @ 4.9g/t Au from 106m (HYRCD25002) Follow-up diamond tails are now underway to test the deeper parts of the Tethys lode and tighten up the geometry seen on Figure 6. Figure 6: Tethys Lode Section 613550mE. (source: PRX) 4. Additional targets Pandora: 3m @ 1.6g/t Au Limestone Ridge: No significant intercepts Figure 7 provides the broader drill layout across Hyperion, highlighting the positions of the Pandora and Limestone Ridge holes within the wider mineralised system. Figure 7: Map of Hyperion Mineral Resource Lodes (source: PRX) Leadership Commentary Prodigy Gold Managing Director, Mark Edwards, commented: “These latest drilling results from Hyperion continue to demonstrate the potential for significant, high-grade gold mineralisation across the Hyperion mineralised system. The Seuss Lode returned several outstanding intercepts, including 24m at 5.5g/t Au from 75m in hole SURC25008, and 18m at 4.2g/t Au from 79m in hole SURC25006, confirming the continuity of broad, higher-grade zones near surface. The consistency of these results, combined with multiple high-grade intersections across adjacent holes, supports the potential for a coherent, steeply plunging higher-grade mineralisation that is close to surface and suitable for conventional open pit mining techniques. The last few weeks has also seen a significant forward step around the establishment of a mining operation at the Hyperion deposit with onsite environmental field work commencing around MLA34047. This work will be a key element in the application for an environmental (mining) licence over the deposit and to assist with the granting of the mineral lease. These baseline observations will be used with post wet-season observations to build a solid understanding of the local environmental conditions and to assist with the development of our mining applications.” About Hyperion Project Hyperion is a structurally hosted gold system in the Tanami Region, about 150km southwest of Lajamanu and positioned between the Groundrush/Ripcord (1.3Moz) and Crusade (0.1Moz) deposits, roughly 25km north of Prodigy Gold’s 80koz Tregony resource (Figure 8). Gold is developed in steeply dipping mafic units intruded by granite dykes, with mineralisation sitting in quartz–carbonate veins along east-southeast to west-northwest shear zones. The Seuss, Hyperion, and Tethys lodes define the three main mineralised corridors. The current work program is about tightening confidence in the existing Resource, extending these lodes, and building the environmental and baseline data needed to support future mining approvals. Environmental monitoring, dust and weather observations, and flora/fauna assessments are now underway to support the Hyperion Mineral Lease application. Work will continue through the wet season. Figure 8: Location of the Hyperion Deposit within the Tanami North Project area (source: PRX) Near-term Milestones to Watch Updated Hyperion Mineral Resource estimate (early 2026). Assay results from diamond tails at Tethys and Seuss. Metallurgical testing, including confirmatory Photon Assay for samples >10g/t. A high-level mining options study to support the environmental approvals process. Ongoing negotiations with the Central Land Council for a Mining Agreement. Pending RC results from the Tregony prospect. How Samso Understands the Investment Memo for the Company From an investment perspective, Hyperion offers: a growing near-surface gold system within a proven multi-million-ounce district; three separate mineralised corridors with continuity across multiple holes; a clear pathway toward mining approvals; modest drilling depth, which supports cost-efficient exploration; and a strong dataset that will feed directly into an updated Resource in 2026. The combination of structure, grade, and geological consistency continues to build a coherent investment case. Samso Concluding Comments Hyperion continues to represent one of the more compelling emerging gold systems in the Tanami Region. What stands out in this announcement is not just the high-grade intercepts but the consistency across multiple lodes, particularly at Seuss and Hyperion. This strengthens the geological interpretation and suggests strong internal continuity—a key factor for any near-term development scenario. Drilling is targeting both infill and extension zones while simultaneously generating the baseline environmental datasets required for future approvals, which is important. It is a long-term development approach layered over incremental exploration de-risking, aligning well with how mature gold systems are typically advanced. The upcoming resource update will be interesting. The results reported here, especially the 24m @ 5.5g/t Au and 18m @ 4.2g/t Au at Seuss, have the potential to influence grade distribution within updated models. Investors should view 2026 as a year where resource and mining study milestones converge into a clearer development narrative. Overall, this is a good update that reflects Prodigy Gold’s strategy and execution. With drilling now complete for the season and further results pending, the coming months will define the next phase of resource growth and exploration targeting. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) The Samso Way – Seek the Research Always look beyond the headline grades — the geological context is where the real story lives. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Union Hill Waste Dump Drilling to Commence 25 November 2025 (click here to view the announcement) Kaiser Reef Limited (ASX: KAU) has released an operational update outlining the commencement of a substantial drilling program across the Union Hill waste dumps at the Maldon Gold Project in central Victoria (Figure 1). The Project includes multiple historical high-grade underground mines and an operating 200ktpa processing plant at Porcupine Flat. The planned program forms part of Kaiser’s renewed strategy to identify near-surface, readily accessible material to support continued processing while longer-term mining options are assessed. Figure 1: Maldon Gold Project in central Victoria (source: KAU) The Business of the Company: Focus – Gold Kaiser’s activities span two core operating regions: Victoria – Maldon Gold Project Union Hill Mine – fully permitted, on care and maintenance Historical production: 1.75Moz @ 28 g/t Au (pre-1926) Current resource: 186koz @ 4.4 g/t Au Operating 200ktpa Porcupine Flat Processing Plant Tasmania – Henty Gold Mine Operating underground mine 438koz @ 3.3 g/t Au MRE, 199koz @ 3.3 g/t Au Ore Reserve 300,000tpa processing plant At Maldon, the waste-dump program reflects Kaiser’s broader approach: leveraging existing infrastructure to unlock value from surface and near-surface material while planning larger-scale underground re-establishment. Highlights – Union Hill and Nuggetty Waste Dump Evaluation Major Union Hill Waste Dump Drilling Program Underway 240-hole, ~3,191m slimline RC program scheduled to commence before month-end. Waste dump footprint: >50,000m²; estimated volume >410,000m³. Insert Figure: Planned Union Hill Waste Dump Drill Hole Locations – Figure 1, Page 3. Channel sampling over accessible areas returned average 0.6 g/t Au, with variability across the dump. October trial processing of 2,628t reconciled at 0.86 g/t Au with 99% recovery. Trial captured a portion of underlying “battery sands”, extent currently unknown. Initial screening test work indicates potential to upgrade mill feed. Further bulk sample work underway to establish specific gravity and convert cubic metres to tonnes. A second-pass infill program may be required to refine understanding of grade distribution. Figure 2: Planned Union Hill Waste Dump Drill Hole Locations and Waste Dump Outline (Yellow) (source: KAU) Nuggetty Waste Dump – High Early Grades, Permitting in Progress Located 1.5 km north of Union Hill; ~16,000m² footprint. Insert Figure: Nuggetty Waste Dump Outline – Figure 2, Page 4. Surface rock-chip samples (321 samples) averaged 1.8 g/t Au. Historical (2018) bulk sample: 2,401t @ 2.50 g/t Au, 87.1% recovery. Rock chips and legacy bulk samples are not considered definitive—drilling and new test work required for tonnage and grade confidence. Figure 3: Planned Union Hill Waste Dump Drill Hole Locations and Waste Dump Outline (Yellow) (source: KAU) Leadership Commentary Kaiser’s Managing Director, Brad Valiukas, commented: “With historical gold production of 1.75moz @ 28g/t gold , Maldon represents a district-scale gold opportunity for Kaiser, with numerous historical mines and lines of working that remain substantially underexplored. “Successful drilling of the Union Hill waste dump could potentially convert it to a substantial low-grade stockpile. Between Union Hill and Nuggetty, we have an estimated 450,000m 3 of potential material. Success will allow Kaiser to continue operating the 200ktpa Porcupine Flat Processing Plant profitably, while we explore the Project overall work towards a potential restart of mining. The grades to date at Nuggetty make it a high priority, and we are working on permitting now. “This drilling is part of our renewed and systematic approach to the Maldon Gold Project. As a result of taking a much wider view of the Project, we are currently working up multiple, from surface, exploration targets within the Project footprint, and will update the market as these are firmed up. “The next exploration steps at the Union Hill Mine, following the recent strong drilling results from within the open pit, will be to re-establish the underground as an exploration platform. We expect to be tendering the electrical works later this week as part of setting up to rehabilitate the decline early next calendar year ”. About the Project – Waste Dump Strategy at Maldon Union Hill Kaiser is advancing a systematic assessment of the Union Hill waste dump with drilling on a 20m x 10m grid where topography allows. The work follows channel sampling programs that tested accessible surfaces across the dump. The aim is to: Determine the spatial distribution of gold grade. Convert the large waste dump (estimated >410,000m³) into a classified stockpile. Assess the potential of “battery sands” and screened fractions as upgraded feed. Nuggetty Nuggetty represents a second, higher-grade opportunity, with early results showing promise but requiring a full drill program to quantify grade and volume (Figure 4). Work is currently focused on permitting and planning. Figure 4: Maldon – 2.1 Moz of Production (ASX 7 Dec 2020) (includes alluvial production) (source: KAU) Near-term Milestones to Watch Commencement of 240-hole drilling at Union Hill. Return of assay results from the initial drill program. Decision on second-pass drilling based on grade continuity. Completion of bulk density/specific gravity test work for tonnage conversion. Permitting advancement for drilling at Nuggetty. Tendering and commencement of Union Hill underground rehabilitation works. How Samso Understands the Investment Memo for the Company From the Samso perspective, Kaiser is demonstrating a pragmatic approach to generating value from existing assets. The waste dump strategy fits into a broader operational philosophy—leveraging processing infrastructure, testing low-cost, near-surface material, and building optionality while larger-scale underground pathways are reassessed. This approach has two dimensions: Operational Continuity Waste dumps offer a low-risk material stream to keep the plant operating, reducing fixed-cost pressure. Strategic Optionality Positive results may provide a bridge to more substantial exploration outcomes across the Maldon system. The near-term focus is on defining grade and volume with confidence before making decisions that feed directly into production planning. Samso Concluding Comments Looking across the Project, Kaiser appears to be positioning itself for operational flexibility. In a rising and extremely buoyant gold price environment that traditionally rewards low-cost ounces, the strategic use of waste dumps makes sense as it will generate cash flow, and support further exploration. The larger picture at Maldon remains compelling. Historical mines, underexplored trends, and established infrastructure all point to a multi-layered opportunity—but success depends on disciplined technical execution. The focus on re-establishing underground access is a significant step—strong underground platforms often unlock deeper, higher-grade extensions in Victorian gold systems. However, I think anything that is close to be capable to be mined and processes will need to be seriously considered. Investors should watch the drilling results closely. If the waste dumps convert into meaningful tonnage at consistent grades, Kaiser may strengthen its operational base heading into 2026. Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) The Samso Way – Seek the Research Independent thinking comes from understanding the details—always read the source documents. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Institutional Placement to fund project development 14 November 2025 (click here to view the announcement) Rox Resources Limited (ASX: RXL) has secured a significant equity raising to advance the development of the high-grade Youanmi Gold Project, located near Mt Magnet in Western Australia, approximately 480km northeast of Perth (Figure 1). The placement represents one of the largest capital injections into a WA gold development project in recent years, positioning the Company to move into construction and long-lead procurement. Figure 1: Youanmi Gold Project (source: RXL) The Business of the Company: Focus – Projects Rox Resources is a WA-focused exploration and development company, fully owning the historic Youanmi Gold Project. The Project currently hosts a 12.1Mt resource at 5.6 g/t Au for 2.2Moz (Figure 2), underpinning the strategy to transition from explorer to producer. Rox is executing a clearly defined development plan supported by a recently delivered Definitive Feasibility Study. Figure 2: Youanmi DFS (source: RXL) Highlights – A$200 Million Institutional Placement Supports Development A breakdown of the funding initiative: A$200M raised (before costs) via a two-tranche placement backed by high-quality domestic and international investors. L1 Capital cornerstone commitment: A$60M, taking ~12.9% post-placement holding. Major shareholder participation: Hawke’s Point – A$18M (Tranche 2) QGold – A$25M Proforma cash position post-raise: A$243.7M (before costs). Share Purchase Plan (SPP) to raise a further ~A$10M at the Placement price of A$0.35 per share. Proceeds will fully fund the equity component of the Youanmi Gold Project development, including: EPC processing plant, camp, wastewater treatment, access roads, and dewatering infrastructure Underground development at United North & Pollard; rehabilitation of Youanmi Main decline Resource definition and extensional drilling from surface and underground Regional exploration commencing early 2026 Working capital and financing costs Leadership Commentary Rox Resources Managing Director & Chief Executive Officer, Phill Wilding, commented: “The Youanmi Gold Project is a high-grade, high-margin project, as showcased in the recently announced Definitive Feasibility Study. “The Placement capitalises on this momentum, with the level of support from existing and new shareholders being a testament to the compelling and robust business case for the Youanmi Gold Project, and the team that will deliver it. “Securing these funds significantly de-risks the delivery timeline for the construction of Youanmi and ensures we can order long-lead items. “We have laid the foundations for our pathway to production, and are in a strong position to leverage the outstanding fundamentals of Youanmi and record gold prices to deliver sustained value for all shareholders.” About The Youanmi Gold Project The Youanmi Gold Project is one of Western Australia’s high-grade underground gold systems with a long production history and strong growth potential. Rox controls the entire project, allowing it to execute a streamlined development strategy. Key characteristics include: 100% ownership of a historically significant goldfield, 2.2Moz resource at high grades suitable for underground mining, DFS-supported pathway toward production, and strong leverage to the current gold price environment Figure 3: Pathway to Production (source: RXL) Near-term Milestones to Watch Completion of debt financing package following strong equity support Commencement of long-lead procurement for processing infrastructure Underground resource definition drilling – Q2 2026 Surface and underground extensional drilling – Q3 2026 Regional exploration program beginning early 2026 Progress toward first gold pour – mid-CY2027 How Samso Understands the Investment Memo for the Company From an investment lens, Rox has now positioned the Youanmi Gold Project with the financial certainty required to transition into development. The scale of support—from institutional and major shareholders—reinforces the technical and economic confidence that underpins the DFS. With equity secured, the remaining steps toward debt completion and construction appear to be well-defined. The Project now progresses into a phase where execution capability becomes the value driver. Samso Concluding Comments This is simply a vote of confidence to get the Youanmi Gold project happening. There are obvious technical issues with the project, and that is why it has laid unloved for all these years. The consolidation of ownership into Rox Resources was a good sign to move the project forward. I have always known that this project was riddled with issues. Firstly, it has a refractory gold chemistry, and this will and is still an issue, irrespective of the current buoyant gold price. The issue with gold projects now is that investors need to be even more diligent in their DYOR process. Many gold projects that are riddled with issues will be where the "money pit" disease will be rampant. I am not saying that Youanmi is issue-bound, but I am just cautious of the project cost of renovating, as that is always brighter than it actually is in reality. Figure 4: Rox share price as of 28th November 2025 (source: CommSec) The recent capital raise has been good to Rox (Figure 4); however, I think the litmus test will come in the next 9 months as the company moves from receiving cash and executing the process of mining. With a current market capitalisation of AUD $367M, I would think that this is already in the "risky" situation of the gold price deciding to retreat to a more sustainable level. My recommendation is to do some serious DYOR, and you may find that you want to take your risk somewhere else, or not. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) The Samso Way – Seek the Research Always anchor your decisions in the underlying data—every project has a story, and the best insights are found in the details. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement TR8 to Progress Christmas Gift Gold Project After $5M Offer 25 November 2025 (click here to view the announcement) Tarrina Resources Limited (ASX: TR8) has formally recommenced trading on the ASX following the successful completion of a $5 million capital raising, enabling the Company to immediately progress exploration across its NSW and South Australian assets. The Company’s flagship asset—the Christmas Gift Gold Project, located 15 km east of Cootamundra within the southern Lachlan Fold Belt (Figure 1)—provides the geological backbone of Tarrina’s exploration strategy, underpinned by historical high-grade production and open mineralised extensions. Figure 1: Project Location Map (Southern Lachlan Fold Belt, NSW) (source: TR8) The Business of the Company: Focus – Projects Tarrina Resources controls a portfolio of projects with exposure to orogenic gold, IOCG copper–gold, sedimentary copper–silver and carbonatite-style REE systems: Christmas Gift Gold Project (NSW) – 100% High-grade historic production, strong drill intercepts, open soil anomalies, and stored historical core for relogging. Walparuta Copper-Gold Project (SA) IOCG-style copper–gold potential across three tenements with strong magnetite correlation. Yongala Copper-Silver & REE Project (SA) Large 1,676 km² tenure with documented copper–silver mineralisation and REE occurrences. Highlights – Exploration Momentum After ASX Reinstatement (Figure 2) Figure 2: Historic Workings & Sampling Map (source: TR8) A. Successful Relisting and Capitalisation Completion of $5M Public Offer at $0.02/share and reinstatement to ASX trading on 25 November 2025. B. Christmas Gift Gold Project – High-Grade System with Untested Depth Extensions Historic underground production of 30,000 oz @ 18 g/t Au over 225 m strike and 110 m depth (Figure 3). Significant high-grade drilling intercepts, including: 13.0 m @ 13.20 g/t Au (DDH076) 8.0 m @ 17.23 g/t Au (FRB012) 9.0 m @ 11.54 g/t Au (DDHC007) 13.0 m @ 6.60 g/t Au (PDH22) Multiple shallow high-grade RAB intersections Figure 3: Drill Collar Locations & Gold Intercepts (source: TR8) Only two holes drilled deeper than 150 m, both gold-mineralised. Drill section confirms down-plunge continuity of high-grade lodes (Figure 4) Figure 4: Drill Section with Intersections (source: TR8) C. Large-Scale Soil Anomaly – Open to the North (Figure 5) 1,000 m gold-in-soil anomaly (>200 ppb Au) within a broader 2.5 km mineralised trend. Grid extension into EL 9683 to test the northern strike. Figure 5: Levelled Gold Soil Anomaly Map (source: TR8) D. Drill-Ready Targets Identified for Early 2026 Priority zones: Down-plunge extensions at Christmas Gift Venables Prospect Cullinga Extended Western Zone Northern Extension into EL 9683 E. Stored Core Secured for Modern Relogging 33 historic diamond drill holes (2,240 m) available for relogging using PXRF, HyLogger, and petrophysics. F. South Australian Projects Progressing in Parallel: Walparuta Copper–Gold Project (Figure 6) Figure 6: Walparuta Project tenement locations, copper working and geology (source: TR8) Historic intersections up to: 7.62 m @ 0.90% Cu & 0.62 g/t Au 4.57 m @ 0.73% Cu & 1.49 g/t Au 100 samples >1,000 ppm Cu (Figure 7) Strong magnetite correlation mapped by high-quality magnetic data Figures 7: Walparuta magnetic anomalies and drill hole locations (source: TR8) Yongala Copper–Silver & REE Project (Figure 8) Rock chips up to 10.8% Cu and 57.1 g/t Ag REE anomalies up to 0.35% TREO Multiple untested targets across a broad geological corridor Figure 8: Yongala Geology & Location Map (source: TR8) Leadership Commentary Tarrina Resources Chairman Francis De Souza commented: “We are very pleased to have completed our successful relisting and $5 million recapitalisation, and I want to thank both existing and new shareholders for their support. With funding in place, our team has already commenced advancing the Christmas Gift Gold Project, one of NSW’s most historically significant high-grade gold systems. Work has begun on relogging more than 2,200 metres of historical diamond core and expanding geochemical coverage in preparation for a 1,500-metre diamond drilling program, set to commence once all approvals have been received, expected in early 2026. This work will give us the modern geological data we need to target extensions of the known high-grade gold mineralisation with subsequent RC drilling that will aim to establish a maiden resource. We are also progressing field programs at Walparuta and Yongala where there exists potential for a greenfields discovery of copper, gold and rare earth elements, similar to the Kalkaroo copper project being developed jointly by Havilah Resources and Sandfire Resources 80 km to the north of Walparuta.” About the Project Christmas Gift Gold Project – NSW (100%) Two tenements (EL 9615 & EL 9683, 22 km²). Located within the regional gold-rich structural corridor of the Lachlan Orogen. Gold hosted in quartz veins within steeply dipping thrust-related shear zones. Historical mining and drilling indicate continuity of high-grade lodes along strike. Planned work includes relogging, soil grid expansion, updated 3D modelling, a 1,500-m diamond drill program, and follow-up RC drilling to support a maiden MRE. Walparuta Copper–Gold Project – SA IOCG-style potential with magnetite-associated mineralisation. Regional magnetic & gravity datasets support structural and lithological targeting. Yongala Copper-Silver & REE Project – SA Prospective for sedimentary Cu–Ag and REE mineralisation. Historic and recent results highlight multi-commodity potential. Near-Term Milestones to Watch January 2026 1,500 m Phase 1 diamond drilling begins at Christmas Gift. Soil sampling extension program (results starting February 2026). Q1 2026 Delivery of relogged core datasets (PXRF, HyLogger, petrophysics). Updated 3D geological model for drill targeting. March 2026 onwards Progressive release of diamond and soil assay results. RC drilling to follow based on assay interpretation. Ongoing Geophysics, geochemistry, and drilling across Walparuta & Yongala. How Samso Understands the Investment Memo for the Company Tarrina Resources is entering the market with a clean corporate structure, fresh capital, and a project portfolio anchored by a historically high-grade gold system. The immediate value proposition lies in systematically converting legacy datasets—historic drilling, stored diamond core, and soil geochemistry—into a modern geological model capable of producing new high-grade extensions. At the same time, diversified jurisdictional exposure in South Australia provides optionality across copper, gold, and REE targets. The investment narrative is grounded, early-stage, and data-driven, where upcoming drilling and geochemical expansion programs form the backbone of value conversion. Samso Concluding Comments Tarrina Resources enters 2026 and professes a group of geologically minded investors. The combination of an established high-grade gold system, a large soil anomaly that remains open, and multiple under-tested structural positions will be an exciting phase of exploration activities. Technically, the projects do "stack" up with the presence of mineralisation and a clear continuity of geological architecture along strike and at depth—an essential box ticked if you want to have a chance of having a successful orogenic gold discovery in the region. It will be interesting to see how the relogging of the 33 historic diamond drill cores goes in highlighting any targets that were missed previously. This dataset will enable Tarrina to fast-track geological understanding without the immediate cost of drilling, while simultaneously helping with Phase 1 drill design. The integration of PXRF, HyLogger, and petrophysical datasets could help build a robust structural and lithological framework, which may please eager investors. The South Australian projects offer exposure across several mineralisation styles. Walparuta lies within the Curnamona Province, a region historically capable of producing IOCG-style systems of scale. Yongala, meanwhile, is emerging as a multi-commodity opportunity with copper, silver, and REE signatures present across a large 1,676 km² landholding. While early, these assets provide strategic depth and commodity diversification that may prove valuable in future cycles. The key now will be to not turn this company into a lifestyle playground, and this will give investors hope for success. For investors looking at early-stage exploration stories, this is one to keep an eye on developments, but having been involved in two ASX listings myself in the last 15 years, I think patience will see the market capitalisation of AUD $14M presently soften as they sort things out. This is a typical path, but if they find Gems in the historical drilling, this is the ideal market sentiment for multi-bags of value adding. Remember, DYOR is your friend. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) The Samso Way – Seek the Research Always follow the data, understand the geology, and let the evidence guide your investment thinking. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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 New IP Gold Target To Be Drilled at Perseverance Prospect 11 November 2025 (click here to view the announcement) Verity Resources Limited (ASX: VRL) has released a strong technical update from the Monument Gold Project, located approximately 40 km west of Laverton in Western Australia (Figure 1). The Company has completed an Induced Polarisation (IP) survey across the Perseverance Prospect, resulting in a newly defined, near-surface chargeability anomaly that aligns with outcropping BIF units and historical gold-bearing rock chips. Figure 1: Location of Perseverance Prospect at Monument Gold Project (source: VRL). With the RC rig already operating at Korong and Waihi, Verity is preparing to drill this untested anomaly by late November, marking the next stage of systematic exploration along the 20 km BIF corridor. The Business of the Company: Focus – Projects Verity Resources is progressing exploration across its 100%-owned Monument Gold Project in WA, where a 154 koz Inferred Mineral Resource has already been defined across the Korong and Waihi deposits (Table 1). The Company’s exploration strategy is built on: Systematic testing of BIF-hosted gold targets along a 20 km strike corridor. Expanding drilling coverage on an area of which only ~10% has been properly drill-tested to date. Leveraging new geophysical data to refine drill targeting across multiple BIF and syenite-associated prospects. Advancing parallel strategic positions in Brazil (lithium, REE) and Botswana (nickel–copper–PGE), adding long-term critical metals exposure. Table 1: Inferred Resource was calculated at Korong and Waihi by CSA Global Pty Ltd in 2021 (see Table 2) using a 0.5g/t cut-off grade. See ASX announcement on 2 August 2021, “Mineral Resource Estimate Declared for Monument Gold Project”. (source: VRL). Highlights – New Chargeability Anomaly Confirmed at Perseverance - A Gold Target High-priority IP anomaly identified at Perseverance, interpreted as a chargeability high coincident with BIF outcrop The anomaly sits along the same BIF stratigraphy hosting the 154 koz Korong–Waihi resource. Previous rock chips returned >1 g/t Au, directly above the newly defined chargeability zone: IP lines across the 1.2 km corridor at Perseverance align with gold-bearing rock chips, confirming a coherent BIF-hosted chargeability trend toward Waihi (Figure 2). Figure 2: Location of IP survey lines and surface rock chip sampling Perseverance Prospect, Monument Gold Project. (source: VRL). Three IP lines consistently map a strong chargeability high beneath gold-bearing rock chips, confirming a repeatable drill-ready target (Figure 3). Figure 3: IP Chargeability and results from Perseverance Prospect at Monument Gold Project and surface rock chip sampling >1g/t Au (source: VRL) 3D modelling confirms a continuous chargeability body across all IP lines, indicating a coherent subsurface target (Figure 4). Figure 4: 3D oblique view of IP Chargeability results at Perseverance looking north. (source: VRL) RC drilling scheduled for late November, with approvals and heritage clearance already in place. Less than ~10% of the 20 km BIF trend has been systematically drilled—multiple structural and syenite-related targets remain untested. Leadership Commentary Verity Director, Patrick Volpe, commented, “The Perseverance IP survey has delivered a compelling, near-surface chargeability target that aligns with outcropping BIF and earlier rock chip results above 1 g/t gold. Importantly, this anomaly has never been drilled and sits on the same BIF corridor that hosts our 154koz KorongWaihi resource. With the RC rig already operating on site and approvals in place, we will move quickly to drill test Perseverance in late November. Success here could open up additional targets along the 20km BIF trend and provide a low-cost pathway to potentially growing our resource base at Monument.” About the Project The Perseverance Prospect lies within the broader Monument Gold Project, a 195 km² landholding in the Laverton Gold District—one of Australia’s most prolific gold regions (Figure 5). Key geological context from the PDF includes: Monument’s BIF unit is interpreted to be the same stratigraphy hosting the 1.4 Moz Westralia deposit. Korong (139 koz) and Waihi (15 koz) together form VRL’s 154 koz resource along this BIF corridor. Approximately 60 untested targets remain across BIF horizons and syenite-intrusion settings. Figure 5: Monument Gold Project location in the Laverton Gold District amongst major gold deposits. (source: VRL). The Project remains early in its systematic discovery path, with substantial strike length still under-explored. Near-term Milestones to Watch RC drilling at Perseverance to begin late November. Assessment of IP anomaly results to refine follow-up drilling. Potential expansion of IP surveys to additional prospects, including Waihi, A4, A39, and A1. Ongoing resource-focused drilling at Korong and Waihi. Integration of geophysical, structural, and rock sampling datasets to rank the remaining 60+ targets. How Samso Understands the Investment Memo for the Company This update reinforces Verity’s technical strategy: use modern geophysics to accelerate discovery along a well-endowed yet under-tested BIF corridor. The identification of a new chargeability anomaly—backed by geological mapping, magnetics, and rock chip geochemistry—provides a clean and data-supported pathway to value-add drilling. Monument remains an early-stage but scalable gold system. The catalysts are straightforward: hit gold-bearing sulphide zones at Perseverance and begin unlocking the broader 20 km belt potential. Samso Concluding Comments Verity is working with a corridor that already hosts a defined resource, yet has seen only limited systematic drilling. The new IP data effectively sharpens the exploration lens, converting a previously broad conceptual target into a drill-ready anomaly supported by geophysical modelling and surface geochemistry. This is the type of incremental, evidence-based technical work that often precedes meaningful discoveries. The Monument belt is structurally complex, and BIF-hosted systems are known for delivering significant resource growth once subsurface sulphide zones are intersected. In this context, a modelled 20 mV/V chargeability anomaly coincident with low resistivity and a break in magnetic stratigraphy is a legitimate vector for sulphide-rich mineralisation. If drilling validates this, Perseverance could quickly become a second pillar alongside Korong–Waihi. Having the RC rig on site and approvals already in place reduces operational delays and allows Verity to convert geophysical results into drilling outcomes rapidly. This efficiency adds weight to the investment case in a market where execution is often as important as geology. This company update reflects the early phase of a methodical discovery strategy. The Monument Gold Project has the hallmarks of an emerging multi-target system, and each technical milestone—such as this IP result—helps to de-risk the geological model. Investors seeking structured, data-driven exploration programs may find the unfolding story worth following, particularly as drilling begins to test these untried anomalies. Cover photo: Gold bullion bars, Stevebidmead. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_bars.jpg) The Samso Way – Seek the Research Always follow the facts, understand the geology, and let the data tell the 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 a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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 Miramar to Test Gold, Copper & Silver Targets in Q1 – 13 January 2026 (view the announcement) For those following the Samso platform, you will know that Allan Kelly, the Executive Chair, has had a lot of content created with Coffee with Samso. I like the concept, and I like the exploration mentality that is in Miramar, and Allan has had success. If you watch the Coffee with Samso conversations, you will understand why I think he has the right DNA for exploration. This is why I am also a shareholder who is very pleased to see the move towards testing the gold assets again in 2026. The market in 2026 is going to reward exploration success, and I am hoping that Gidji is going to finally give up its secret. The gold hunt is still alive, and the concept at the Gidji JV has a credible theory. Miramar Resources Limited (ASX: M2R) has outlined plans to commence drilling across multiple high-priority targets during the first quarter of 2026, spanning gold exploration at its 80%-owned Gidji JV Project near Kalgoorlie and base metal exploration at the Chain Pool Project in the Gascoyne region of Western Australia. The planned programs aim to test previously identified but underexplored gold and copper-lead-silver systems using deeper drilling methods following encouraging surface and shallow drilling results. The Business of Miramar Resources: Gold Exploration in Western Australia - A Reminder Miramar Resources is a WA-focused explorer with exposure to gold and base metals (Figure 1). Its core asset is the 80%-owned Gidji JV Gold Project near Kalgoorlie, within a proven gold district. Gidji controls ~15 km of strike along the Boorara Shear Zone, hosting multiple drill-ready gold targets. Near-term focus is on RC drilling to test bedrock gold potential, with additional base-metal optionality. Figure 1: Miramar Resources’ Exploration Projects in the Eastern Goldfields and Gascoyne regions of WA. (source: M2R) Highlights – Q1 2026 Drilling Programs Across Gold and Base Metals RC drilling of the Blackfriars and Highway gold targets at the Gidji JV Project is scheduled for January–February 2026 (Figure 2). Figure 2: Gidji JV Gold Project showing the Blackfriars and Highway targets and proposed RC drilling (source: M2R) The RC program will comprise 10–12 holes for approximately 2,500–3,000 metres, targeting bedrock mineralisation beneath the Gidji Paleochannel. Blackfriars and Highway host ~1 kilometre-long aircore gold anomalies, with multiple historical results exceeding 1 g/t Au from shallow drilling. Blackfriars is located within the Boorara Shear Zone, sharing geological similarities with the nearby ~4 Moz Paddington gold deposit located approximately 15 km along strike. Highway has not previously been tested by RC drilling and is associated with a gravity low and conductive anomaly interpreted as an intrusion within the Black Flag Beds. Auger drilling is planned at the Joy Helen Cu-Pb-Ag prospect within the Chain Pool Project, following high-grade rock chip results over a strike length of approximately 400 metres. Rock chip sampling at Joy Helen returned ore-grade copper, lead, and silver, with individual samples reporting up to 7.23% Cu, 54.5% Pb, and 73.48 g/t Ag (Figure 3). Figure 3: The Joy Helen prospect showing significant rock chip results and alteration halos outlined from soil sampling. (source: M2R) Soil sampling at Chain Pool outlined alteration halos consistent with SEDEX-style base metal mineralisation, interpreted to be structurally repeated by folding. The Chain Pool auger drilling program will be the first drilling at the project since 1964 and is scheduled to commence later in Q1 2026 following completion of the Gidji RC program. Leadership Commentary Miramar’s Executive Chairman, Mr Allan Kelly, commented: “Following last year’s successful capital raise, we are itching to get back on the ground and demonstrate the inherent value of our asset portfolio. Our upcoming drilling campaign at Gidji will target the high-priority Blackfriars and Highway gold prospects under the Gidji Paleochannel, which have not yet been tested with deeper drilling. “We have previously done a significant amount of shallow aircore drilling at both of these targets and outlined ~1 kilometre-long aircore anomalies with multiple gold results greater than 1g/t. The average drill hole depth to date is still only around 60 metres so, with RC drilling going deeper, we aim to discover one or more large bedrock gold deposits. “The RC drilling programme will comprise 10-12 holes (approximately 2500-3000m) testing the Blackfriars and Highway targets. “Blackfriars has the same geological setting as the ~4Moz Paddington gold deposit which lies about 15km along strike to the northwest, so to now test these targets with deeper drilling for the first time makes it a particularly exciting drilling campaign for our shareholders. “We also have multiple options to monetise any discovery at Gidji given the proximity to infrastructure including several gold processing plants. “In addition, recent gains in the silver price mean the high-grade silver results we have obtained from rock chip sampling at Chain Pool make this project even more valuable and we look forward to the inaugural drilling program later in Q1,” “As previously discussed, we are also in the process of refreshing our board and corporate structure; and will provide further information to the market as this progresses.” About the Project The Gidji JV Project, located approximately 15 km north of Kalgoorlie-Boulder, covers around 15 km of strike along the Boorara Shear Zone within the Eastern Goldfields Province. Despite being surrounded by operating gold mines and processing plants, the project has remained underexplored due to extensive transported cover and the presence of the Gidji Paleochannel. Since late 2020, Miramar has identified multiple supergene gold discoveries through systematic aircore drilling and has defined several bedrock targets for deeper testing (Figure 4). Figure 4: Gidji JV Project. (source: M2R) The Chain Pool Project, located in the Gascoyne region, hosts the Joy Helen prospect, where high-grade copper-lead-silver mineralisation has been identified at surface. Geological interpretation suggests sedimentary exhalative-style mineralisation with structural repetition, enhancing the potential scale of the system. Near-term Milestones to Watch Commencement of RC drilling at Blackfriars and Highway in late January 2026 Completion of the 2,500–3,000 m RC drilling program at Gidji Initiation of auger drilling at the Joy Helen Cu-Pb-Ag prospect Ongoing corporate and board structure updates flagged by management Samso Concluding Comments The latest update is long overdue. The gold market is super hot and probably will get even hotter in 2026. M2R has finally given shareholders something to cheer about, and that question of a corporate move is still in play. I think from a shareholder point of view, the low market cap and the enticing share price sit well for all shareholders, assuming you have averaged down, and potential investors. The Company narrative is very attractive for investors to have a position in a company that may give multiple bags of returns if success comes from Gidji or a corporate move. The technical aspect of Blackfriars and Highway is well known for the Samso Community, so that is the easy part. Let's see how this drilling program progresses. Market Implication - The Investor Lens This recent ASX update by M2R is what all shareholders are looking for in terms of investment opportunities in 2026. With a market cap of less than AUD $3M, this is a very good punt. If there is moderate success at Gidji, I think the revaluation of the stock will be good, assuming one has done the averaging down with the share price at AUD $0.004. Figure 5: Miramar Resources share price chart as of 16th January 2026. (source: CommSec) In terms of the potential upside, in my opinion, I like my chances with Allan and a gold project showing so much promise right next to Kalgoorlie. The economics for me are simple in terms of the costs of getting a mining proposition, literally a stone's throw from the Super Pit, Paddington and several other Mills that will be hungry for ore or being out some place requiring a CAPEX of 100s of millions. Whether there is a discovery for the discussion of CAPEX cost comparison, well, that is another discussion. As they say, one has to be in it to be considered for any potential rewards. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) 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. Cover photo: KENNECOTT MINE IS THE LARGEST OPEN-PIT COPPER OPERATION IN THE WORLD, Bruce McAllister. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:KENNECOTT_MINE_IS_THE_LARGEST_OPEN-PIT_COPPER_OPERATION_IN_THE_WORLD_-_NARA_-_544789.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

I am a shareholder of E79 Gold Mines Limited (ASX: E79), and I am liking the new potential of the new consolidated 65km² landholding in the Day Dawn goldfield, immediately south of Westgold’s Great Fingall Gold Mine (1.2Moz @ 19.2g/t Au). In this update, we discuss the completion and identification of numerous geophysical targets. As we all know, anomalies are just an area of interest and it has no direct correlation to mineralisation but the high-resolution gravity survey have a history in this region. It is a method used successfully in the district to define cross-cutting structures within favourable host rocks. From a mineral exploration point of view, this is a good start. It is good to see that the company has placed themselves in the "blue sky" stage of the game and that is exciting for an investor. Announcement Gravity Survey Identifies Multiple Priority Drill Targets - 16 February 2026 ( view announcement ) High-Resolution Gravity survey Completed at Cue Gold Project - 2 February 2026 ( view announcement ) About E79 Gold Mines Limited (ASX: E79) E79 Gold Mines Limited is an Australian gold-focused exploration company with projects located in Western Australia and the Northern Territory. E79 Gold Mines Limited’s strategy is centred on identifying and advancing structurally controlled gold systems within established mineral provinces. Its portfolio comprises approximately 2,403km² of tenure across three key regions: Cue Gold Project – Murchison Gold Province, WA ~65km² landholding in the Day Dawn goldfield. Located immediately south of Westgold’s Great Fingall Gold Mine (historical production of 1.2Moz @ 19.2g/t Au). Target style: high-grade quartz reef-hosted gold associated with cross-cutting structures in the Great Fingall Dolerite and Meekatharra Formation greenstones. Current focus area for drilling and gravity-defined structural targeting. Held through Cue Metals Pty Ltd, 90% owned by E79 Gold. This project forms the Company’s primary near-term gold exploration focus. Laverton South Gold Project – Laverton Tectonic Zone, WA ~272km² tenure. Located within the Yilgarn Craton. Region known for significant gold endowment (>30Moz). Exploration targeting structurally controlled gold systems. Northern Territory Projects – McArthur Basin Includes Mountain Home (~1,366km²) and Jungar Flats (~698km²). Located within the McArthur Basin, recognised as the world’s largest Zn-Pb accumulation. Prospectivity for copper, gold, and diamonds. Represents longer-term base and precious metals optionality. Corporate Snapshot (Recent ASX Disclosures) ASX Code: E79 - E79 Gold Mines Limited Market capitalisation: ~A$10–14M (based on recent announcements) Shares on issue: ~325–353 million ASX Release 1 – 2 February 2026 High-Resolution Gravity Survey Completed at Cue Gold Project Source: E79 Gold Mines Limited Introduction – Survey Completion Across the Entire Project Area On 2 February 2026, E79 Gold Mines Limited announced completion of a project-wide high-resolution gravity survey at the Cue Gold Project in the Murchison region of Western Australia (Figure 1). Figure 1: Processed ground gravity data over the Cue Gold Project (source: E79 Gold Mines Limited) The Cue Gold Project covers approximately 65km² and is located immediately south of the historical Day Dawn goldfield, home to the Great Fingall Gold Mine, which historically produced 1.2Moz at an average grade of 19.2g/t gold (Figure 2 and Figure 3). Figure 2: Cue Gold Project location plan and surrounding gold operations (source: E79 Gold Mines Limited) The geological setting comprises the Great Fingall Dolerite intruding the Meekatharra Formation greenstones. Gold mineralisation in the district is associated with cross-cutting structures within these units. High-resolution gravity data has been used successfully by operators in the region to identify structures that are not visible in other datasets. Figure 3: Aerial view of Cue Gold Project relative to Great Fingall and Break of Day (source: E79 Gold Mines Limited) Highlights – Survey Specifications and Data Quality 3,474 gravity stations surveyed across the project. 100m x 100m spacing in the western half. 200m x 200m spacing in the eastern half. Survey conducted using a Scintrex CG-5 Autograv gravity meter. Instrument precision better than 0.01 milligals. Elevation precision ±5cm via RTK GPS. 40-second readings at each station. Base station readings taken at the beginning and end of each day. Processing undertaken by experienced third-party specialists. Target generation expected within 2–3 weeks. The survey lines were oriented east-west to cross interpreted stratigraphy. E79 Gold Mines Limited Management Commentary CEO Ned Summerhayes stated that acquiring the high-resolution gravity dataset is key to understanding discovery potential. He referenced the demonstrated use of gravity data at Day Dawn and Break of Day in identifying mineralised structures through preferred host rocks. Near-term Milestones to Watch Completion of gravity data processing and interpretation. Definition of priority drill targets. Drill program planning. Progression of heritage agreements. Advancement of pending tenure applications. ASX Release 2 – 16 February 2026 Gravity Survey Identifies Multiple Priority Drill Targets at Cue Gold Project Source: E79 Gold Mines Limited Introduction – Target Definition from Interpreted Gravity Data On 16 February 2026, E79 Gold Mines Limited announced that interpretation of the processed gravity survey has identified over 40 drill targets across the Cue Gold Project (Figure 4). From these, 12 high-priority targets have been defined. These targets combine: Cross-cutting structural features Preferred host rocks Occurrence on granted tenements Figure 4: – Drape of gravity image over Cue Gold Project (source: E79 Gold Mines Limited) The announcement confirms that the Great Fingall Dolerite extends further across the project than previously recognised. The Great Fingall Dolerite hosts the Great Fingall Mine located 8km along strike to the northeast (Figure 5). Figure 5: Drape of gravity over solid geology with interpreted drill targets (source: E79 Gold Mines Limited) Highlights – Breakdown of High-Priority Targets Overall Target Definition Over 40 gravity-defined targets across the project. 12 high-priority targets selected for initial drill testing. Targets occur within Great Fingall Dolerite, Meekatharra Greenstone, and eastern sequence. Great Fingall Dolerite Targets Five high-priority targets interpreted as cross-cutting structures through the Great Fingall Dolerite. Includes the Riptide Prospect: 4m @ 0.3g/t Au from 16m (LAC586) 4m @ 0.6g/t Au from 32m (LAC802) 28m @ 0.4g/t Au from 143m (arsenopyrite altered dolerite) Limited deeper drilling completed historically. Remaining four targets largely untested. Meekatharra Greenstone Targets Five high-priority targets. Combine gravity highs and lows with interpreted cross-cutting structures. Notable ~600m long gravity high units orthogonal to NE-trending stratigraphy. Host rocks include basaltic greenstone sequence. Eastern Targets Two high-priority targets in eastern geology sequence. Area mapped as granite, but drilling confirms sediments and intermediate rocks. Northern extension of MBA23: 4m @ 4.4g/t Au from 35m within foliated intermediate volcanics. Next Steps Confirmed Drill planning over priority targets. Heritage clearances in progress. Tenure applications advancing. E79 Gold Mines Limited - Management Commentary CEO Ned Summerhayes stated that interpretation indicates a greater extent of the Great Fingall Dolerite than previously recognised. He noted structural complexity within the Meekatharra Formation and confirmed the Company intends to test priority targets with drilling. Near-term Milestones to Watch Heritage clearance completion. Drill rig mobilisation. Initial drill testing of 12 high-priority targets. Further interpretation of gravity and magnetic datasets. Ongoing target ranking refinement. Samso Concluding Comments The two ASX releases show the progression from data acquisition to target definition. The first announcement confirmed completion of a high-resolution gravity survey across the full project area (Figure 1). The second announcement confirmed interpretation of that dataset and identification of priority drill targets (Figure 4). The gravity survey has mapped structural corridors through the Great Fingall Dolerite and Meekatharra Formation (Figure 5). These units are recognised host rocks for gold mineralisation in the district. Historical production at Great Fingall provides regional context. The definition of 12 high-priority targets across multiple geological domains indicates structural repetition and potential scale (Figure 5). The Riptide Prospect demonstrates existing anomalism within the dolerite, while the eastern targets show high-grade historical intersections. The obvious next phase will be to drill test these gravity-defined structures. Heritage clearances and tenure progression are required prior to drilling. The announcements provide a defined pathway from geophysical targeting to drill execution. E79 Gold Mines Limited has outlined a dataset-driven exploration approach at Cue. The gravity survey results provide the basis for initial drill programs aimed at testing cross-cutting structures within recognised host rocks. Further updates are expected as drilling plans advance. Market Implication - The Investor Lens As I have mentioned in the beginning of this blog, I am a shareholder of E79 Gold Mines Limited and the recent placement is keeping investors like myself happy (Figure . With a market capitalisation of just below AUD $15M, this is a good level for some excitement, once drilling begins to happen. Like my other gold punt, Miramar Resources Limited (ASX: M2R), the location is great for a discovery. With producers within reach for an acquisition, a discovery of any economical size will have an exit in the short term. If they do discover something that the neighbouring producers feel is too small, the rising gold price will make sure that the interest is reinvigorated. In all my previous coverage of E79 Gold Mines Limited, I have mentioned that I am a big fan of the management so this will be an interested upcoming months as we await drilling programs. Figure 6: The share price chart for E79 as of 20th February 2026 (source: commsec) Cover photo: Gold bullion bars, Stevebidmead. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_bars.jpg) 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 Drilling Commences at Silver-Gold Targets, Mt Carrington – 12 January 2026 (view the announcement) A silver story to keep on your watch screen. The Legacy Minerals story is one that keep Samso thinking about the "What If" scenario. The WHAT IF silver does re-establish itself as a potential wealth creating metal that has been in hibernation for decades? Legacy does have an established, sizeable silver-equivalent resource base with genuine discovery-driven upside at depth and along strike. The commencement of drilling at Mascotte highlights a disciplined strategy focused on unlocking value from historical high-grade systems that have seen minimal modern exploration, particularly for gold. Legacy Minerals Holdings Limited (ASX: LGM) has commenced diamond drilling at the Mascotte Silver-Gold Prospect within its flagship Mt Carrington Project in New South Wales (Figure 1). The program targets high-grade silver and gold mineralisation beneath historical workings and newly defined structural and geochemical targets, to expand the existing Mt Carrington Mineral Resource of 115Moz silver-equivalent. Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) The Business of legacy Minerals: Focus – Silver and Gold Legacy Minerals is an ASX-listed explorer focused on gold, silver, copper, and base metals in New South Wales. The Company’s portfolio is anchored by the Mt Carrington Project, a large epithermal system hosting multiple deposits and prospects within a caldera-scale geological setting (Figure 2). Figure 2: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) Beyond Mt Carrington, Legacy Minerals is advancing a diversified suite of exploration assets, including nickel-cobalt exposure at Nico Young, copper-gold exploration via joint ventures, and multiple epithermal and porphyry-style targets across NSW. Highlights – Drilling Commences at Mascotte Silver-Gold Prospect A 2,000m diamond drilling program has commenced at the Mascotte Silver-Gold Prospect, targeting high-grade mineralisation beneath historical workings and new priority targets (Figure 3). Figure 3: Interpreted deep-set structure and lineaments on 3D MT conductivity (201 to 1700ohm.m) (source: LGM) The initial program comprises nine drill holes, with drilling expected to take approximately six weeks. Mascotte sits within the broader Mt Carrington Project, which hosts a 115Moz AgEq Mineral Resource at an average grade of 105g/t AgEq. Historical drilling at Mascotte was completed between 1969 and 1970, was shallow (generally less than 70m depth), and focused on a limited strike length. Best historical results include 18.3m at 237g/t Ag from 3m, including 9.1m at 394g/t Ag. Importantly, historical drill holes were not assayed for gold, leaving significant upside potential untested. Recent rock chip sampling by Legacy Minerals has confirmed elevated gold-silver mineralisation, with results of up to 11.2g/t Au and 222g/t Ag along a ~1.3km trend (Figure 4). Figure 4: Mascotte Prospect plan view showing rock chip assays, planned drilling, and historical workings (source: LGM) The Mascotte trend remains open along strike and at depth, with multiple parallel structures identified. In parallel with exploration drilling, a new Ausenco-led Scoping Study is progressing on the existing Mt Carrington deposits and is expected to be completed in early Q1 2026. Assay results from recent Battery drilling are expected by the end of January 2026. Leadership Commentary Legacy Minerals CEO & Managing Director, Christopher Byrne, commented: “The commencement of drilling at the Mascotte silver and gold Prospect represents an important step in unlocking the broader value potential of the Mt Carrington Project. Mascotte sits within a highly prospective low-sulphidation epithermal gold-silver system, where historical high-grade silver intersections, strong surface geochemistry and extensive untested strike provide compelling evidence for a discovery opportunity. The current drilling program is targeting an area that has seen minimal modern exploration, with historical drilling both shallow and limited in extent. Importantly, drilling was never assayed for gold, with recent rock chip sampling confirming the presence of high-grade gold mineralisation along the broader trend. With mineralisation remaining open at depth and along strike, Mascotte offers clear upside potential to grow the existing Mt Carrington silver-equivalent resource base. This drilling program is being undertaken against a backdrop of both silver and gold trading at or near record prices. These market conditions further enhance the strategic importance of advancing highquality silver and gold assets, such as Mt Carrington, which contains a silver-equivalent Mineral Resource estimate of 115Moz AgEqii . Legacy Minerals is adopting a dual-track approach to unlock the substantial value at Mt Carrington: discovery and development. We are progressing development studies through the Ausenco-led Scoping Study to demonstrate a clear pathway to realise value from the existing Mineral Resource, while in parallel pursuing discovery-driven upside through targeted drilling at Prospects such as Mascotte. This strategy provides multiple avenues to create value for shareholders, balancing near-term development optionality with the potential for new discoveries. Following our last drilling in December, the final diamond drill hole assays from the Battery drilling are expected to be received by the laboratory by the end of January. We also look forward to providing further updates as drilling progresses and as the Scoping Study continues to advance, with the expected delivery of that significant work expected early this quarter.” About the Project The Mascotte Prospect is defined by extensive historical workings across a mineralised trend approximately 1.3km in length, with evidence for multiple parallel structures. Mapping has identified widespread silica alteration, chalcedony, and jasperoidal silica associated with epithermal veining. Recent Airborne Mobile-MT surveys have delineated a northeast-trending conductivity lineament associated with known mineralisation and historical workings, suggesting scale and depth potential consistent with the broader Mt Carrington epithermal system. Near-term Milestones to Watch Completion of the nine-hole diamond drilling program at Mascotte Receipt of Battery drilling assay results by the end of January 2026 Delivery of the Ausenco-led Scoping Study in early Q1 2026 Ongoing drill updates and results from the Mascotte program Samso Concluding Comments From Samso’s perspective, the Mascotte drilling program reflects the current market sentiment for silver. The recent pullback from its high of over USD $120 per ounce is still a lot better than it was when silver price was in the low USD $20s. There is definitely more interest in the metal today as it is transforming from a docile precious metal to a dual purpose of precious metal and industrial metal narrative in 2026. The focus on historical high-grade areas that were shallowly tested aligns with a broader industry trend of revisiting legacy mining districts using modern techniques. I don't think this is an innovative thought process by any means but it is definitely a good value pathway if Legacy was to make this a workable project. The confirmation of gold mineralisation through surface sampling is notable, given that earlier drilling programs focused almost exclusively on silver. This expands the potential metal mix and enhances the strategic importance of Mascotte within the Mt Carrington portfolio. The discussion of integrating the use of geophysics, surface geochemistry, and structural interpretation will keep the methodology on the vanilla path and gives confidence that the current drill targets are well-conceived. The identification of district-scale conductivity features further supports the potential for depth extensions and will generate future value creation for shareholders and new investors. Ultimately, Legacy Minerals is positioning Mt Carrington as both a development-ready asset and a platform for discovery-led growth. The outcomes of the Mascotte drilling and Scoping Study will be important in shaping the next phase of the Company’s strategy. Market Implications Legacy is an interesting company with a current market capitalisation of AUD $37.50M with a decent silver story in the right location. The shrae price journey is steady (Figure 5) and that is also good at this stage, in my opinion. The current resource 34.4Mt at 105g/t silver-equivalent (AuEq) – 0.7Moz Au, 24.3Moz Ag, 147kt Zn, 33kt Pb, 20kt Cu, even though it is a silver equivalent resource is a good asset to have at a time when the silver price is finally making its move (Figure 6). The recent presentation (16th February 2026) does paint a pretty picture and as I said, Mt Carrington is a good address to have if you are chasing silver in Australia. The drilling and the potential upside looks credible and a bit exciting from a spectator point of view. Figure 5: The Legacy share price chart as of 16th February 2026. (source: commsec) Where the silver price go from here will be the headline act as one would think that the recent pullback would only be temporary, If it persist to lower pricing, this would not be a good scenario of would be producers. As figure 6 clearly show, it has been a long time between drinks for silver investors and the recent rise has been welcomed by long investors. If the recent chatter of a conspiracy by major players is true, in causing the sharp pullback, the the future will be uneasy for companies such as Legacy. Here is where some serious DYOR will be required. I am hoping that the pullback will allow profit taking and the market demand for the commodity and the lack of good silver supply will naturally create a sustainable price levels for all to enjoy. What this level will be the million dollar question. Figure 6: The Silver price as of 16th February 2026. (source: Trading Economics) Cover photo: Silver ore, Романвер. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silver_ore.JPG) 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. Investors can view our three main products in Coffee with Samso, Samso News, and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing, and remember, always DYOR. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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 Sascha Marcelina Project Update 3 December 2025 (click here to view the announcement) Pursuit Minerals Limited (ASX: PUR) has advanced another significant step in its South American growth strategy, finalising all Conditions Precedent for the acquisition of the Sascha Marcelina Gold Project in Santa Cruz, Argentina (Figure 1). Following shareholder approval on 24 November 2025, the Company continues to refine its geological interpretation and preparations toward a targeted maiden drilling program across one of the most prospective low-sulphidation epithermal corridors in the province. Figure 1: Sascha Marcelina District: Priority Target Zones Across the 100 km² Gold–Silver System (source: PUR) The Business of the Company: Focus – Gold and Silver Pursuit Minerals is building a dual-commodity platform in Argentina through the advancement of two cornerstone assets: Sascha Marcelina Gold–Silver Project – A structurally controlled epithermal system with multiple high-grade shoots along a 2 km corridor and one of the province’s rare preserved silica caps. Rio Grande Sur Lithium Project – A brine project progressing toward a 5,000 tpa feasibility study, with a broader staged development pathway targeting up to 17,500 tpa. Both projects complement each other within a Tier-1 jurisdiction, enabling Pursuit to pursue scale, optionality, and long-term production potential. Highlights – Due Diligence Complete & High-Impact Targets Prioritised Key Operational and Strategic Milestones Due Diligence Completed following shareholder approval at the 24 November EGM; all legal, technical, and financial matters finalised with no material issues identified. Exploration Strategy Advancing, integrating historical datasets with structural and alteration modelling to define three priority shoots along a 2 km Sascha Main trend (Shoots A, B, and C) (Figure 2). Figure 2: Priority Discovery Targets Across the 2 km High-Grade Corridor (source: PUR) Maiden Drilling Contractor Selection Underway, with quotes received from multiple Santa Cruz–based drillers now under evaluation. Dual-Project Growth Strategy Strengthening, with Sascha Marcelina and Rio Grande Sur advancing in parallel. High-Impact Discovery Potential Identified, including the preserved Marcelina Silica Cap, a geological analogue to Newmont’s Cerro Negro system (Figure 3). Figure 3: Marcelina Silica Cap: High-Impact Discovery Target (source: PUR) These highlights underscore a technically driven and capital-efficient growth platform, backed by strong geological rationale and a clear initial drilling strategy. Leadership Commentary Pursuit Managing Director & CEO, Aaron Revelle, commented: “The finalisation of Due Diligence and satisfaction of all Conditions Precedent marks an important milestone for Pursuit, with completion now largely administrative. In parallel, our technical team has been advancing the exploration strategy, integrating historical datasets with new geological interpretation to refine a series of high-impact drill targets for our maiden program. We look forward to completing the acquisition of Sascha Marcelina in the coming weeks and rapidly advancing this exceptional gold–silver opportunity alongside the continued development of our Rio Grande Sur Lithium Project. Together, these assets position Pursuit with a compelling dual-commodity growth platform in Argentina.” About the Project Sascha Main – High-Grade Shoots Along a 2 km Corridor The Sascha Main trend comprises a structurally controlled, high-grade epithermal system where multiple vein-hosted shoots remain open at depth. Re-interpretation of historical drilling indicates a largely untested boiling-zone horizon between ~260–400 m, where grade and continuity are expected to increase. Shoot B is supported by significant high-grade surface results (up to 160 g/t Au and 780 g/t Ag), strong structural controls, and coherent geophysical vectors. Historical drilling includes intercepts such as 9.2 g/t AuEq over 1.6 m (DDS02) and 10.9 g/t AuEq over 0.3 m, including 320 g/t Ag (DDS13). Marcelina (Pellegrini Trend) – Rare Silica Cap with Deep Discovery Potential Marcelina hosts one of only three preserved silica caps in the Santa Cruz province. These caps are known to mask the upper “steam-heated” zone above high-grade boiling-zone mineralisation – the same geological architecture that underpins the Cerro Negro deposit. Historical drilling intersected hydrothermal breccias and anomalous Au-Ag-Pb-Zn values but never penetrated the boiling zone. New geophysical modelling reveals: A strong, coherent chargeability + resistivity anomaly directly beneath the historical holes A well-defined feeder structure, consistent with major epithermal systems (Figure 4) Figure 4: Plan View and Cross Section with feeder structure (source: PUR) Near-term Milestones to Watch Final completion and settlement of the Sascha Marcelina acquisition. Appointment of drilling contractor following evaluation of submitted quotes. Commencement of first-pass drilling early in the new year, targeting: Deep tests beneath high-grade positions at Sascha Main Scissor hole and deep extension beneath Marcelina’s silica cap Advancement of the Rio Grande Sur feasibility study through Q4 2025. Potential reassessment of drilling at the Mito tenement given improved lithium market sentiment. Samso Concluding Comments From an investment perspective, the value proposition at Sascha Marcelina lies in the combination of preserved epithermal architecture, untested boiling-zone depths, and coherent structural and geophysical targeting. The comparison to systems such as Cerro Negro is valid, but I think this is very typical of companies to try to drag something like that to "legitimised" their project. Don't get me wrong, the points are grounded in the presence of a silica cap, a structurally controlled vein corridor, and a feeder-style geophysical signature. When the geological architecture mirrors known world-class systems, the exploration pathway becomes more defined and less speculative. This does theoretically reduce uncertainty and strengthens the justification for deep drilling, but it is just theory. What I do like about the PUR story now is the Rio Grande Sur Lithium Project, which, in my opinion, does maintain continuity in the Company’s long-term development pathway. The feasibility study nearing completion, combined with renewed sector optimism, provides Pursuit with a measured, staged approach to future production. This creates a natural balance between high-impact exploration and advancing a second asset toward development readiness. In essence, Pursuit is navigating a dual strategy that blends opportunistic discovery with pragmatic development positioning. The upcoming drilling program will be pivotal in determining the scale of the opportunity at Sascha Marcelina. If the geological indicators perform as modelled, the project may rapidly evolve into one of the more significant epithermal systems emerging in the province. Cover photo: Silver ore, Романвер. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silver_ore.JPG) The Samso Way – Seek the Research As always, investors should follow the technical evidence and continue to seek the research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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 Option to Acquire Scandinavian Copper-Gold Project 28 November 2025 (click here to view the announcement) South Harz Potash Limited (ASX: SHP) has taken its first step toward a multi-asset growth strategy with an exclusive option to acquire the Glava Copper-Gold-Silver Project in western Sweden. Located in the Värmland Province, the project area sits within the eastern extensions of the Proterozoic Grenville Orogenic Belt, a region recognised as an emerging copper-gold district across Scandinavia, the UK, Greenland, and Newfoundland (Figure 1). This potential acquisition marks a significant shift in South Harz’s evolution—from a single-asset potash developer to a diversified critical-minerals company in Tier-1 European jurisdictions. Figure 1: Location of the Glava Cu-Au-Ag Project in Western Sweden (source: SHP) The Business of the Company: Focus – Projects South Harz Potash is broadening its portfolio while maintaining long-term strategic patience on its German potash assets (Figure 2). The new Glava Cu-Au-Ag Project option represents the Company’s first diversification initiative. SHP continues to advance and preserve value in its Ohmgebirge and broader South Harz Potash Project (perpetual tenure, multi-deposit footprint). The Company aims to balance exposure between critical minerals, precious metals, and fertiliser minerals. Strategic partnerships, including alignment with McKnight Resources AB, strengthen SHP’s capability across Europe. Figure 2: Multiple Pathways to European Critical Minerals Value (source: SHP) Highlights – First Step into Scandinavian Copper–Gold Discovery Potential (Figure 3) Option executed to acquire the Glava Cu-Au-Ag Project, expanding SHP into critical and precious metals. High-grade copper–gold–silver–tellurium system, with historic artisanal mining producing ore grading up to 10.5% Cu. Outcropping bornite, covellite, and chalcocite, and visible tellurides recorded in Sweden Geologiocal Survey (SGU) data. Negligible glacial till enables cost-effective surface exploration. Ground magnetic survey (40 line-km) and rock chip sampling completed in November 2025. Results will contribute to drill-target generation for 2026 programs. Option structure includes a strategic relationship with McKnight Resources AB, providing in-country geological expertise. Acquisition is aligned with SHP’s strategy to maintain value in its German potash assets while adding near-term discovery leverage in Europe. Figure 3: Historic Glava East and West Pits with Mapped Structural Lineaments and Sampling Locations (source: SHP) Leadership Commentary South Harz Executive Chairman Mr Len Jubber commented: “The Glava acquisition option represents an exciting milestone and opportunity for South Harz to leverage our European footprint into one of the most geologically prospective and underexplored copper-gold provinces in Scandinavia. This first step transforms South Harz into a diversified resources company, moving from a single asset company towards a broader regional platform. While we maintain strategic patience with our large-scale South Harz Potash Project, we are broadening our portfolio to include metals essential to global supply chains and the energy transition. The Glava Project offers immediate discovery potential, hosting visible bornite, covellite, and chalcocite epithermal mineralisation with gold, silver and tellurium in outcropping vein systems, including historic artisanal production of over 10% copper. Negligible glacial till allows for the use of proven, cost-effective exploration techniques. Initial field activities, including a magnetic survey have been completed under the guidance of McKnight Resources and we look forward to analysing and interpreting the gathered information in the coming weeks. We are committed to systematically exploring Glava’s potential, while continuing to evaluate complementary opportunities to strengthen the portfolio and create sustained shareholder value.” About the Project The Glava Project consists of a 430-hectare licence containing two known mineral occurrences—Glava Koppagruvor and Skarpning SV Glava. Key geological observations include: Strongly metamorphosed volcanic host rocks with near-vertical N–S fracture systems controlling copper mineralisation. Visible bornite, covellite, chalcocite, and accessory gold, silver, and tellurium. Historical mining (1916–1918) extracted ~2,280 tonnes of rock, producing 49 tonnes at 10.5% Cu. Rock chips collected in 2024 show multi-element potential, including up to 4.89 g/t Au, 49 g/t Ag, 1.42% Cu, and up to 54 ppm tellurium (Table 1). Table 1: Analytical Results of Waste Dump Sampling Program, 2024 Near-Term Milestones to Watch (Table 2) December 2025: Ground magnetics data delivered. December 2025–January 2026: Rock chip assay results expected. Q1 2026: Integration of datasets into GIS for target refinement. June Quarter 2026: Start of Phase 2 drilling (rotary core → initial diamond drilling). 2026: Early metallurgical test work and potential expansion into new permits (pending SGU approvals). Table 2: Proposed Glava Work Programme Samso Concluding Comments The significance of this move lies in timing. With potash valuations subdued, South Harz is bringing in a project that will give it some form of marketing. This approach is survival mode thinking. Glava’s position within the broader Grenville Belt—an emerging copper–gold domain—provides South Harz with a narrative of a system capable of hosting meaningful mineral endowment. The historical production record, although not JORC-compliant, provides evidence of grade and system fertility. The Company’s partnership with McKnight Resources will give them local geological expertise, and this will give investors confidence that they can have an on-ground crew to accelerate potential early-stage success, especially in structurally complex terrains. As South Harz moves toward its 2026 drilling campaign, investors will need to be watching for signs of continuity, grade results, and proof of structural controls that may define a new Scandinavian copper–gold discovery. Scandinavian projects, such as what SHP is talking about is not going to be easy. As I have always said, it will come with ability to sustain capital requirements as exploration activities begin. Cover photo: Native copper 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper_1.jpg) The Samso Way – Seek the Research Understanding value begins with understanding the rocks—always look beneath the headline to see the geological truth. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The discovery of a major mineral deposit is one of the most coveted achievements for any geoscientist. Anyone who has spent time searching for mineral systems will understand that being involved in a significant discovery—of any commodity—sits firmly at the top of the professional bucket list. Figure 1: Bau Location plan. (source: Besra Gold inc) For me, as a geoscientist since 1992, and with a family history that traces back to my grandfather discovering a gold deposit, (in Bau, Sarawak, Malaysia - Figure 1 and Figure 2) in the 1940s, that ambition has always been deeply personal. Being part of a major discovery, in any form, remains my number one aspiration. Figure 2: My grandfather had the Saburan (I believe that the spelling here should be Siburan)and the Taiton gold mine. There is a third which is not listed in the figure. (source Bau Feasibility Study - 2013) I was fortunate to have had experience that moment early in my career. In 1992, I was part of the team that discovered the Bronzewing Gold Deposit (Figure 3), and a year later, I was on the drill rig when we intersected the Ector Diamond Pipe—an event that ultimately led to the discovery of the Merlin Diamond Province (Figure 4), Northern Territory in 1993. Figure 3: Regolith section along Line 9200 mN showing buried lateritic residuum in the Discovery Pit. The discovery RAB hole is projected onto the section. The discovery hole intersected up to 0.3 ppm Au in lateritic residuum and 12 m at 1 ppm Au in saprolite. (source: R.R. Anand, C. Phang and Z.S. Varga - BRONZEWING GOLD DEPOSIT, WESTERN AUSTRALIA - CRC LEME- 2005) Those experiences were formative, but like many in this industry, the pursuit of deeper involvement in a truly transformative discovery remains an elusive and driving force in my life. Figure 4: Merlin Diamond Project. (source: Lucapa Diamond Company) That persistent fascination with how discoveries are made, and the people behind them, has led to this latest Samso Insight. This article serves as a prelude to an upcoming Coffee with Samso conversation focused on the discovery of Prominent Hill—one of Australia’s most significant IOCG (Iron Oxide Copper-Gold) discoveries, made in South Australia in 2001. It is important to understand the significance of Iron Oxide Copper-Gold deposits (IOCGs) as an important source of Australia’s most valuable mineral exports, including: iron, gold, copper and uranium. Australia hosts two major IOCG provinces, the Mount Isa Block and Gawler Craton (Figure 5). Figure 5: Location map showing the main IOCGs and the two best known IOCG provinces in Australia. (source: James Austin and Clive Foss, CSIRO - CESRE, North Ryde: Rich, attractive and extremely dense:A geophysical review of Australian IOCGs, 22nd International Geophysical Conference and Exhibition, 26-29 February 2012- Brisbane, Australia. Ahead of that discussion, I felt it was important to introduce the deposit itself and provide some geological and historical context, helping the Samso community better appreciate the scale of the achievement and the individuals who made it possible. Introduction — why Prominent Hill still matters The Prominent Hill IOCG deposit was discovered through diamond drilling of a gravity anomaly in 2001. Prominent Hill sits on the southern margin of the Mt Woods Inlier in South Australia’s Gawler Craton, within the broader Olympic IOCG Province. It is widely recognised as an iron oxide copper–gold (IOCG) system and, critically, it was discovered beneath cover rather than by obvious surface expression. The reason this discovery continues to echo through exploration history is simple: Prominent Hill was found by trusting the physics and the model, not by chasing what was visible at surface. It became a repeatable example of how a covered craton can still deliver large mineral systems when gravity, magnetics, and disciplined drilling are integrated properly. The under-cover problem — and why the Gawler Craton demanded a different playbook A large part of the Olympic Province is blanketed by younger sediments. That makes classic “walk-up” exploration unreliable and pushes explorers toward geophysics-led targeting. Prominent Hill is a clean example of a target that was defined by a near-coincident gravity and magnetic feature, and the deposit itself is noted as being discovered under roughly ~100 m of cover sediment in the SA Geodata record (Figure 6). Figure 6: Simplified geological map of the Prominent Hill deposit area below the 90 to 150 m thick Phanerozoic cover overlying a Permian unconformity, and is based on drilling. The main copper-gold bearing clastic and shelf carbonate sequence is located between metamorphic calcsilicate and metasomatic skarn altered rocks to the north, and unmetamorphosed but strongly altered, volcanic rocks to the south. The main copper-gold ore is hosted by the hematite altered polymictic breccias, while the hematite quartz breccias contain variable gold. The location of the principal resource blocks (Main Prominent Hill Cu-Au, Eastern Cu-Au, Western Au and Western Cu) which lie within these breccias are indicated. (source: PorterGeo - Modified after: Williams et al. (2017) and Freeman and Tomkinson (2010). The discovery moment — URN 1 and the gravity target The discovery story is unusually well documented in South Australia’s exploration reporting. The Target The first decisive test was diamond drillhole URN 1 (often referenced as Uranus/Prominent Hill discovery drilling). In the MESA Journal write-up, URN 1 is described as the first hole drilled to test a discrete gravity anomaly measuring ~1500 m x 500 m, partly coincident with a magnetic anomaly of similar size, and explicitly framed as a common targeting criterion for Olympic Dam–style mineralisation. The intercepts that changed the conversation Two independent sources that summarise the discovery intercepts are: South Australia’s gold commodity page, which states the prospect was discovered in November 2001 by Minotaur and reports URN 1 results including 20.2 m @ 3.03 g/t Au, 107 m @ 1.94% Cu and 0.65 g/t Au, and 152 m @ 1.10% Cu and 0.61 g/t Au. (energymining.sa.gov.au) An OZ Minerals ASX investor presentation (2011) which repeats the same style of intercept reporting for URAN1 and adds an important detail about the target selection (Figure 7). Figure 7: The URN 1 discovery intercept. (source: Oz Minerals presentation April 2011) What Minotaur actually did right — discovery as a sequence of decisions Prominent Hill is often simplified into a single sentence: “drilled a gravity anomaly and hit copper-gold.” The reality is more instructive. They prioritised a discrete anomaly, not a vague regional trend The MESA write-up describes the anomaly as discrete and sizeable (~1500 m x 500 m). Discrete targets generally allow clearer yes/no testing. They used coincident datasets as a filter The same article notes the anomaly was partly coincident with magnetics and frames gravity and magnetics coincidence as a targeting criterion for Olympic Dam–style mineralisation. They understood that “magnetic” isn’t always where the ore is Here’s a detail I like because it’s practical. The OZ Minerals deck describes discovery drilling as targeting “a high frequency, non-magnetic portion of [a] gravity anomaly” and then presents the URAN1 results That wording is a reminder that IOCG systems can be messy in magnetic space: magnetite can dominate some parts; hematite can dominate others; alteration can destroy or create magnetism. Prominent Hill being commonly described as hematite-dominant IOCG sits neatly with that nuance. What is an “IOCG” ? IOCG deposits form within a broader family of Cu–Au–Fe mineral systems and commonly show large alteration footprints, often involving iron oxides (hematite and/or magnetite). One reason gravity and magnetics are so frequently discussed is because iron oxides and associated alteration can produce measurable physical property contrasts (Figure 8). Figure 8: Heterolithic breccia with sandstone, mafic volcanic and hematitic clasts in a strongly altered to steely hematite matrix, at a depth of 440 m, within an interval between 430 and 466 m that averaged 1.6% Cu, 0.75 g/t Au; (source: PorterGeo - Core from SA Geological Survey Core Library; Images by Mike Porter 2022.) Samso translation: If the mineral system builds a big enough “iron engine,” it can show up in geophysics even when nothing shows at surface. The geology lens — why Prominent Hill is described as hematite-dominant IOCG A key reference on Prominent Hill is the Economic Geology paper titled “Prominent Hill: A Hematite-Dominated, Iron Oxide Copper-Gold System” (Antonio Belperio, Richard Flint, Hamish Freeman; Prominent Hill: A Hematite-Dominated, Iron Oxide Copper-Gold System. Economic Geology 2007, 102 (8): 1499–1510- Link). The abstract explicitly links the discovery to Minotaur in November 2001 and frames the deposit as a hematite-dominant IOCG system (Figure 9). Figure 9: Simplified geological map of the Prominent Hill deposit area below the cover sequence, modified from Freeman and Tomkinson (2010). Locations (B) to (D) indicate the position of the cross-sections 55650 mE, 55950 mE and 56050 mE. The color symbols indicate the different ore minerals analyzed for their sulfur isotope composition in each sample. (source: Schlegel, Tobias & Wagner, Thomas & Boyce, Adrian & Heinrich, Christoph. (2019). A magmatic source of hydrothermal sulfur for the Prominent Hill deposit and associated prospects in the Olympic Iron Oxide Copper-Gold (IOCG) province of South Australia. 10.1016/j.oregeorev.2016.) Later technical work illustrates the deposit’s contrasting textural styles, including hematite breccias hosting copper sulphides and associated alteration/mineral textures (Figure 10). Figure 10: Photographs of representative drill core samples showing textures of (A-C) the magnetite skarn and (D-F) the hematite breccia body of the Prominent Hill IOCG deposit. (A) Patchy magnetite + pyrite ± chalcopyrite alteration (inside dashed yellow area) in chlorite and actinolite rich metasediment, Malu pit; PH56, 10016 mRL ( B) Massive magnetite and dolomite intergrown with pyrite; sample PH56, DP017, 218.8 m. (C) Magnetite + pyrite + K-feldspar veins cross-cut pervasively magnetite + pyrite altered granitoid; PH52, DP017, 208.02 m. (D) Hematite breccia with high copper grade showing abundant coexisting bornite and chalcocite associated with hematite and sericite altered clasts; sample PH446, PH05D057, 189.3 m. ( E) Chalcopyrite, hematite and fluorite-rich hematite breccia matrix; sample PH222, PH05D169, 367.8 m. ( F) Massive chalcocite, digenite and bornite replace pyrite in altered fine-grained diorite; PH466, PH05D186, 272.6 m. Mineral abbreviations: Act: actinolite; Bn: bornite; Carb: carbonate; Cc: chalcocite; Ccp: chalcopyrite; Dg: digenite; Dol: dolomite;; Fl: fluorite; Hem: hematite; Id: idaite; K -fsp: K-feldspar; Mag: magnetite; Py: pyrite; Qtz: quartz; Ser: sericite.(source: Schlegel, Tobias & Wagner, Thomas & Boyce, Adrian & Heinrich, Christoph. (2019). A magmatic source of hydrothermal sulfur for the Prominent Hill deposit and associated prospects in the Olympic Iron Oxide Copper-Gold (IOCG) province of South Australia. 10.1016/j.oregeorev.2016.) Why this matters for discovery: A hematite-dominant IOCG can behave differently from a magnetite-dominant system in magnetic datasets. The Prominent Hill story—gravity first, magnetics as context, and a non-magnetic portion of the gravity target being meaningful—fits that reality. The “near-miss” lesson — the covered province penalty One of the harsh truths in covered terrains is that being close can still be a failure. The OZ Minerals deck notes earlier drilling in the broader area that effectively missed Prominent Hill by a few hundred metres (referencing early 1990s activity), which is a blunt lesson in vectoring and target refinement. Samso takeaway:Covered provinces don’t forgive “almost.” If your targeting logic isn’t tight, you can drill right past the story and never know it. What happened next — from discovery to asset From a discovery-to-mine pathway perspective, Prominent Hill moved quickly into the corporate and development cycle. The discovery itself is widely attributed to Minotaur Resources (and their Mt Woods JV ground), with later ownership and development ultimately sitting with Oxiana/OZ Minerals in company histories and presentations. For this article, the key point is not the corporate detail—it’s what the corporate path signals: Discovery was sufficiently robust (grade + thickness + system scale) to justify rapid follow-up and major-company style advancement. The model was strong enough to become a template for broader IOCG exploration across the province.1 Why did gravity mattered so much at Prominent Hill The discovery target was a discrete gravity anomaly. Gravity responds to density contrasts—and IOCG systems can create dense bodies through iron oxides and alteration. South Australia’s own geoscience commentary on IOCG targeting emphasises the use of coincident anomalies to reduce the search space for IOCG prospects. Samso translation: In the Gawler, gravity is often your first honest signal. It doesn’t care if the surface is quiet. Samso Concluding Comments — what Prominent Hill teaches explorers and investors A mineral deposit discovery is not a task that uses the words "simple, "easy" "often" and anyone who have been involved in one will say that it is a rare series of events in the duration of the career. The discovery of a mineral deposit like Prominent HIll will most likely sit in the once in a lifetime category. I don't think I know of anyone that has had a recurrence of such an event. When I speak to the people who make discoveries like Prominent Hill, it can be forgiven to think that it is one of those discoveries that looks obvious only after it happens. The discovery hole URN 1 was not a random punt—it is a structured test of a discrete gravity target with a supporting magnetic context, explicitly aligned to Olympic Dam–style targeting logic. The problem with that statement is that these anomalies are often identified, the problem is the percentage of "discoveries" from these anomalies are indeed rare. It may be obvious in hindsight, but the number of theses occurrences is very rare. For explorers, the lesson is integration and discipline: gravity defined the opportunity, magnetics shaped the interpretation, and drilling delivered the truth—however, I would go further and say that the truth is the believe and the tenacity of those behind the decision makers, the management making the decisions delivered the discovery. For investors, Prominent Hill is a reminder that the highest-leverage discoveries often come from teams willing to commit to a model before consensus forms. Under-cover exploration isn’t a lottery ticket—it’s a test of whether management understands how to convert imperfect signals into a drill decision and then follow through with technical persistence. Cover photo: Bornite 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Bornite_1.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Always take the time to understand the geology, the development pathway, and the assumptions behind the numbers. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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.