Announcement Amoco Gold-Antimony Project Update 5 December 2025 (click here to view the announcement) Critical Resources Limited (ASX: CRR) has delivered its maiden drilling update from the Amoco Gold–Antimony Project, located in the highly prospective New England Fold Belt, approximately 19 km south-east of the Hillgrove Antimony-Gold Project and 14 km east of Koonenberry Gold’s Enmore Project (Figure 1). The announcement confirms that Amoco hosts a substantial mineralised orogenic system, validating the Company's geological model and marking an important step in its broader strategy across the Halls Peak district. Figure 1: Project Location map showing Halls Peak project area proximity to significant Antimony-Gold projects in the Armidale region, NSW. (source: CRR) The Business of Critical Resources Limited: Gold and Antimony at the Armoco Project. Critical Resources continues to advance a portfolio spanning lithium (Mavis Lake), base metals (Halls Peak), and orogenic gold–antimony systems (Amoco & New Zealand). The Amoco Project has now emerged as a technically validated opportunity, supported by strong pathfinder geochemistry, fault-controlled alteration, and proximity to a proven antimony–gold district. Highlights – Maiden Drilling Confirms Orogenic Gold–Antimony System (Figure 2) 1. Orogenic System Defined with Strong Pathfinder Chemistry Drilling confirmed broad hydrothermal alteration, structurally-controlled quartz–sulphide veining, and multi-element anomalism consistent with Hillgrove-style orogenic systems. Key multi-element readings include: Gold up to 0.38 g/t Au Silver up to 22.7 g/t Ag Antimony up to 133 ppm Sb Arsenic up to 7,020 ppm As (0.7%) Copper up to 0.27% Cu Lead up to 0.46% Pb Zinc up to 0.85% Zn Figure 2: Amoco maiden RC drill program map illustrating rock chips, soil anomalies, and fault structures (source: CRR) 2. Drilling Intercepts Validate the Exploration Model Notable intersections include: 1 m @ 0.38 g/t Au and 22.7 g/t Ag from 36 m (ARC-012) 3 m @ 0.22 g/t Au, 6.4 g/t Ag, 0.32% Pb, 103 ppm Sb from 21 m, including 1 m @ 0.32 g/t Au, 10.1 g/t Ag, 0.46% Pb, 133 ppm Sb (ARC-005) 22 m of hydrothermal alteration logged in ARC-005 These intervals reinforce the presence of a large mineralised system with the potential to vector into higher-grade zones. 3. Surface Rock Samples Continue to Strengthen Prospectivity Previously reported surface rock chips returned up to 17.9 g/t Au and 0.7% Sb, aligning with geochemical anomalies that guided the maiden drill program. 4. Strategic Regional Positioning Amoco sits within a fertile orogenic corridor that hosts long-lived antimony-gold production and modern exploration success. The immediate proximity to Hillgrove enhances the geological rationale. Leadership Commentary Critical Resources Managing Director, Tim Wither, commented: ‘The confirmation of a substantial orogenic system at Amoco validates our geological model and exploration approach. The presence of features consistent with Hillgrove-style mineralisation, together with strong pathfinder anomalism and extensive alteration, provides a solid foundation for continued work. We remain focused on systematically advancing our Halls Peak projects in the highly prospective New England Fold Belt, to unlock significant value for our shareholders through targeted exploration.’ About the Project Amoco was initially defined through detailed geochemical surveys and mapping, covering a 3 x 2 km soil grid with peak assays of 21.0 ppb Au, 14.65 ppm Sb, and 351 ppm As. These anomalies align with major and minor fault structures that have now been validated for mineralisation through RC drilling. The system comprises: quartz–sulphide veining, fault-brecciation, intense alteration, and multi-element pathfinder signatures typical of an orogenic antimony-gold system. Near-term Milestones to Watch CRR’s next steps are clearly defined: 1. Detailed Petrographic Studies Fresh drill samples will undergo further petrographic analysis by Hillgrove-style specialists to refine the mineralisation model. 2. Target Refinement and Structural Mapping Focused on identifying potential feeder zones where higher-grade gold-antimony mineralisation is most likely to accumulate. 3. Next Phase of Drilling Permitting is progressing for the secondary gold-in-soil anomaly. Upcoming drilling will test deeper structures and expand known mineralised corridors. Samso Concluding Comments The Critical Resources gold and antimony project is a sign, for me, that there is a high-grade system lurking that is most likely refractory, but it will be a big system. If all things fall in place for Critical Resources, this may be another asset that could add value to an already full portfolio. Orogenic systems are often elusive in their early stages, but once key structural controls are identified, the pathway to discovery becomes clearer, in theory. At Amoco, CRR has now established the groundwork that allows vectoring toward higher-grade zones—an essential step for any orogenic gold-antimony system. The system’s proximity to Hillgrove, a long-lived antimony-gold district, carries significant geological relevance. Exploration analogues can carry weight, and if proven, it will be compelling because Hillgrove is one of Australia's few known antimony-gold producers. Discovering something like a Hillgrove will set the market chatter going, and that will be a good thing for shareholders of CRR. From an investment perspective, this announcement gives the market something to ponder for a potential confirmation of a mineral system, strong alteration zones, and multi-element anomalism that fits a recognised mineral model. These are the types of early signals that precede value-accretive discovery outcomes and are geared toward getting the market excited. Amoco now stands at the beginning of a potential re-rating pathway—one that will depend on how effectively the Company vectors into the core of this system. Chasing this kind of mineralisation style will be complex and is often not filled with red herrings. The fact that dfrilling is happening is always a good sign that some form of finality will happen soon. Cover photo: Stibnite, calcite, arsenopyrite 6, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Stibnite,_calcite,_arsenopyrite_6_.jpg) The Samso Way – Seek the Research Always anchor decisions on grounded geological evidence and consistent technical validation. 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.

Announcement Cazaly Achieves First Milestone at Goongarrie Gold Project – 20 January 2026 (view the announcement) Cazaly Resources Limited is another new story for the Samso platform as it tries to work on their Goongarrie story that is slowly developing since doing a decent raise late 2025. I tas interesting to see that a placement that raised AUD $3.5M in November 2025 (Strongly Supported Placement To Accelerate RC Drilling) to set drilling underway at the project was supported with promising results released at the end of December showing near surface intercepts of gold (High Grade Gold from Surface in Drilling at Goongarrie). As most geologists who have been working for decades, especially in WA, the Goongarrie area is one that has always held good historical potential but in my 3 decades in the industry not much has happened that had substance. Hence, I am curious with the noise that is currently being created. I wonder what it will bring out in terms of value for the shareholders and what it could mean for potential shareholders. Cazaly Resources Limited – Goongarrie Gold Project, Eastern Goldfields, Western Australia Cazaly Resources Limited (ASX: CAZ) has achieved its first earn-in milestone at the Goongarrie Gold Project, located approximately 90 kilometres north of Kalgoorlie in Western Australia’s north-eastern goldfields (Figure 1). The update confirms completion of the Phase 1 farm-in expenditure, securing an initial 25% interest in the project and advancing exploration along a gold-mineralised structural corridor. Figure 1: Goongarrie Gold Project location map – Eastern Goldfields, 90km north of Kalgoorlie (source: Cazaly Resources Limited). The Business of Cazaly Resources Limited: Gold Exploration and Project Advancement Australian-focused exploration company targeting gold opportunities in established mining districts Current focus on advancing the Goongarrie Gold Project via a staged farm-in joint venture Strategy centred on early geological understanding, structural targeting, and scalable discovery potential Exploration activities include RC drilling, aircore drilling, and surface sampling to define mineralised trends Highlights – Phase 1 Farm-In Completed and Mineralised Trend Confirmed Cazaly Resources Limited has secured an initial 25% interest in the Goongarrie Gold Project by completing the $1 million Phase 1 farm-in expenditure within nine months. The Company retains the right to increase its interest to 51% by September 2027 and 80% by March 2029 through further staged exploration expenditure. Exploration drilling and surface sampling have identified anomalous gold mineralisation greater than 1g/t over a 1.3 kilometre strike length. Mineralisation extends from Goongarrie Lady to Jenny’s Reward, highlighting continuity along the Menzies Shear corridor (Figure 2). Drilling programs comprised 18 RC holes for 1,914 metres and 298 aircore holes for 10,315 metres during the initial earn-in period. Notable intercepts include 19m at 1.5g/t gold (including 4m at 4.7g/t) at the Duchess prospect and 6m at 10.3g/t gold and 10m at 5.7g/t gold at Duke of York. A surface costean sample returned 1m at 10.8g/t gold at Mason’s Flat, scheduled for follow-up drilling. Figure 2: Anomalous gold results from AC and RC drilling along the Goongarrie trend (source: Cazaly Resources Limited). Leadership Commentary Cazaly Resources Limited Managing Director, Tara French, commented: “We are very pleased to have met the initial farm-in expenditure to acquire our first 25% of the Goongarrie Gold project. The initial drilling campaigns undertaken in 2025 successfully identified continuous gold mineralisation >1g/t gold along the Menzies Shear corridor over 1300m and highlighted several new high grade targets for follow up drilling. We now look forward to commencing the next RC drilling campaign later this quarter, targeting the gold mineralisation at depth” Near-term Milestones to Watch Commencement of the planned Q1 2026 RC drilling campaign Testing of the 1.3-kilometre mineralised trend at depth along the Menzies Shear Follow-up drilling at Mason’s Flat and priority prospects, including Duchess and Duke of York Continued progression toward the 51% earn-in milestone through staged exploration Samso Concluding Comments Cazaly Resources Limited has met its first farm-in milestone at Goongarrie within the agreed timeframe and confirms execution against the joint venture structure. The drilling completed to date appear to outlined a continuous mineralised trend. What this is providing is a clear technical basis for the next phase of work. The staged earn-in allows capital to be deployed progressively ultimately limiting early risk while keeping long-term upside open. Planned drilling at depth will test the strength of the system. These results will help guide future exploration decisions. The divestment of the non-core assets looks like the company is gearing to lighten the load and focus on gold as would make perfect sense. The market sentiment is all gold now and anything else will be a distraction and carry not much leverage. Market Implication - The Investor Lens The rise in share price from January (Figure 3) will most likely be related to the placement that occurred in late November and the ASX release of "good" surface results in late December. The lack of volume in those trades caution me to internal excitement but that is not critical. Figure 3: Anomalous gold results from AC and RC drilling along the Goongarrie trend (source: CAZ). A market capitalisation of AUD $17.4M as of the 2nd February 2026 is not high and can be accepted, although, you have companies like Miramar Resources Limited (ASX: M2R) who are sitting at a market cap of AUD $5M drilling as we speak. So for those looking for a ride, Cazaly will be a very early story and volatility will be the name of the game. Personally, I will be watching as the geology in this part of the woods will be very patchy but there is a gold mine nearby, so that will the carrot for Cazaly. 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 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 Multiple Gold & Copper Targets Defined in Lorraine IP Survey – 13 January 2026 (view the announcement) This Samso News has come about from the interesting-looking targets identified from the ASX announcement by Pivotal Metals Limited. Mineral exploration is usually a hit-and-miss exercise, but the compelling part of the situation is about the lure of targets that almost always make explorers feel compelled to drill the target generated, as their conviction has been aroused. I know all about targets being as common as... but when something has the geological backing, it's hard to ignore. As a fellow exploration geologist, when you see maps that show "nice" looking potential discoveries, I always have a sense of alertness and am excited to get a better understanding. As we have been covering Pivotal Metals, this seems like a good one to highlight to the Samso community. Pivotal Metals Limited (ASX: PVT) has reported the results of a recent Induced Polarisation (IP) survey completed at the Lorraine Mine target, part of its 100%-owned Belleterre Projects in Québec, Canada (Figure 1). The survey has defined multiple gold, copper, and nickel targets immediately east of the historic Lorraine Cu-Ni-Au Mine, extending known mineralisation into areas with limited modern exploration. The Lorraine Project sits within the Belleterre–Angliers Greenstone Belt, a highly endowed Archean terrane in the Canadian Shield, located approximately 85 km south of Rouyn-Noranda in Québec. Exploration activity across the broader Belleterre district is accelerating into 2026, supported by multiple concurrent geophysical programs and planned near-term drilling. Figure 1: Belleterre-Angliers Greenstone Belt (BAGB) Projects & Horden Lake Cu-Ni-PGE Project (source: PVT) The Business of Pivotal Metals Limited: Copper–Nickel–Gold Exploration in Québec, Canada Pivotal Metals is a Canadian-focused explorer and developer targeting copper, nickel, platinum group elements (PGE), and gold within established mining districts. The Company’s strategy combines advancement of its Horden Lake Cu-Ni-PGE project with aggressive exploration across the Belleterre Projects, where multiple high-grade deposits, occurrences, and a past-producing mine demonstrate the fertility of the mineral system. The Belleterre portfolio includes the Lorraine Mine, Midrim, Alotta, Lac Croche, Delphi-Patry, Zullo, Blondeau, and LaForce prospects, all located within trucking distance of major mining infrastructure and processing facilities in the Abitibi region (Figure 2). Figure 2: Belleterre Projects location map in relation to nearby current and historic mining and milling operations. (source: PVT) Highlights – Multiple Drill-Ready Cu-Au and Cu-Ni Targets Emerging at Lorraine Multiple high-chargeability IP anomalies have been identified immediately east of the historic Lorraine Cu-Ni-Au Mine, extending known mineralisation into areas with minimal modern exploration. Gold-focused IP anomalies extend for up to 1.8 km east, coincident with historic underground and surface gold-copper mineralisation, including bonanza grades of 28 m @ 45 g/t Au from underground channel sampling (Figure 3). Figure 3: IP interpreted anomalies over UAV magnetic data showing proximity to historic mining and sampling (source: PVT). Discrete high-chargeability targets correlate with historic drilling, trenching, and surface sampling, supporting a laterally extensive gold-bearing structural system. Copper-nickel targets are defined by coincident high chargeability and low resistivity responses, consistent with gabbro-hosted magmatic sulphide mineralisation analogous to the Lorraine deposit (Figure 4). Figure 4: IP survey results showing 70m depth slice resistivity (upper) and chargeability (lower). (source: PVT) Historic surface samples have returned up to 0.63% Cu and 0.93% Ni, reinforcing the potential for additional Cu-Ni sulphide accumulations east of the mine. The historic Lorraine Mine produced approximately 600 kt at 1.4% Cu, 0.6% Ni, and 0.6 g/t Au between 1964 and 1968, demonstrating the fertility of the mineral system. Exploration intensity across the Belleterre district is increasing in 2026, with multiple Cu-Au and Cu-Ni targets prioritised for near-term drill testing and drilling expected to mobilise in late January, subject to final permitting. Leadership Commentary Ivan Fairhall, Pivotal Managing Director, commented: “These IP results at Lorraine validate the systematic approach we are applying across the Belleterre district, highlighting significant upside in areas that have seen very limited modern exploration. Multiple high-quality chargeability anomalies coincident with historic high-grade gold, copper and nickel mineralisation reinforce the scale and fertility of the system. “With drilling expected to mobilise shortly and multiple geophysical programs underway, Pivotal is materially increasing the pace of exploration. Our focus is on rapidly building and testing a pipeline of high-quality Cu-Ni-PGE and gold drill targets. “As we move into 2026, Belleterre is emerging as a district-scale opportunity, which, alongside the advanced Horden Lake deposit, supports our excellent positioning to capitalise on a the rapidly increasing demand and pricing environment for our core commodity suite” About the Project The Lorraine Mine is a past-producing Cu-Ni-Au operation hosted within gabbro intrusions of the Belleterre–Angliers Greenstone Belt. Mineralisation includes both massive sulphide Cu-Ni systems and structurally controlled quartz-vein gold-copper mineralisation. The December 2025 IP survey comprised 18 north-south lines totalling 25.6 km, targeting extensions of known mineralisation east of the historic mine. Results identified multiple gold and copper-nickel anomalies associated with favourable geology, magnetic features, and historic mineral occurrences, supporting a strong exploration case for follow-up drilling (Figure 5). Figure 5: Belleterre Project mineralised occurrences over regional magnetics. (source: PVT) Near-term Milestones to Watch Mobilisation of diamond drilling at Lorraine and Midrim, subject to final permitting (Figure 6). Figure 6: Belt-scale conductive anomalies and priority envelope. (source: PVT) Completion and interpretation of the large-scale FLTEM survey over the Alotta–Midrim–Lac Croche trend (Figure 7). Figure 7: Allotta-Midrim-LacCroche large-scale FLTEM survey (yellow lines), with historical drill collars at the three main deposit areas as shown. (source: PVT) Additional surface geophysical surveys are planned at Blondeau and Roy. Ongoing optimisation activities at the Horden Lake project. Samso Concluding Comments From Samso’s perspective, the strength of this announcement lies in its coherence rather than any single data point. The IP survey results integrate cleanly with historic mining, surface sampling, and geological understanding, suggesting a system that remains open and under-explored. The Lorraine area stands out because it hosts both bonanza-grade gold and meaningful copper-nickel sulphide mineralisation, a combination that is not common and can materially enhance project economics if discoveries are made. The historic grades and production provide important context rather than speculative optimism. At a broader scale, the Belleterre district shows multiple high-grade deposits aligned along structural and magmatic trends, reinforcing the idea of a large mineralising event rather than isolated occurrences. This is where district-scale thinking becomes important for investors assessing long-term upside. As exploration ramps up in 2026, Pivotal Metals is positioning itself as an active participant in one of Canada’s most productive greenstone belts. For investors tracking copper, nickel, PGE, and gold optionality in established jurisdictions, this is a story that warrants close attention and disciplined due diligence. Market Implications The market seems to be showing signs of positive activity, which is a good thing for existing shareholders. There is no guarantee that the targets are going to be mineralised or become an economical deposit, but it does give a good narrative to the story in general. All investors and mineral explorers will tell you that all targets are compelling, but some are more marketable than others. Figure 8: PVT share price chart as of 20th January 2026. (source: CommSec) By the looks of the share price chart in Figure 8, the excitement in the share price has been the recent rise and the release of these targets. A market cap of just under AUD $27M is still relatively reasonable in the scheme of things. PVT is going to the drilling stage soon, and that will be where the test of the project will see the light of day. They had a decent raise of AUD $5.4M recently, and that should see them to the drilling stage. How many holes they can achieve will be the big question, as I am sure the cost of mineral exploration in that part of Canada will not come economy level. There is no rush into this stock, in my opinion, so plenty of time to do some good old DYOR. Cover photo: Pretty Rocks, Mary Lewandowski. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Drilling_occurred_at_Pretty_Rocks_in_2018._Core_samples_from_the_drilling_indicate_how_much_ice_underlies_this_part_of_the_(db7aa7dd-5660-41f2-8ced-0f001b7f2a6f).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 get in touch with 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. This is an interesting story that is simply all about Silver. The rising silver price is bringing in a lot of interest in the sector, so the hype will bring some interest to this story. Mt. Carrington is steeped in history with this type of mineralisation, and it will be a good source of news for Legacy. As the Samso platform is lacking coverage on silver, I am thinking that this could be one to have on the watchlist. 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 115 Moz silver-equivalent. Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) The Business of the Legacy Minerals: Silver Focus? 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.” 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 As I mentioned, this is an introduction for the Samso Community, and I am eager to follow this story and see where things land. Silver and Gold tend to flow in the same direction, and in 2026, I do think that both will go higher. Whether silver ends up with greater value due to its industrial needs, too, is still to be debated. What I do know is that even at USD $90/oz, this may not be enough to get investors to see silver as a serious form of investment. Historically, silver has been very volatile, but looking at Figure 5, this push could be the one that takes silver to a value that the punters have been talking about for decades. Figure 5: Silver price as of 15th January 2026. (source:silverprice.org) Market Implication - The Investor Lens What does all this mean for Legacy Minerals? Well, not a lot at the moment, as you can see in Figure 6. They are still new in the journey, and as you can see, the real work seems to be only moving now. The silver play for me will bring some interesst and if they get lucky, they may actually make a difference. Figure 6: The share price chart for Legacy Minerals as of the 16th January 2026. (source: CommSec) Cover photo: Silver and cerussite - Silver and cerussite in gossan, Wardner, Idaho, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silver_and_cerussite_(GeoDIL_number_-_892).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.

Prospectus Green & Gold Minerals Equity Raise Presentation July 2025 From the Green & Gold Minerals Limited Prospectus (8 July 2025) and the July 2025 Equity Raising Presentation, we gain a detailed picture of a Queensland-focused gold explorer positioning itself for near-term development. The Company’s flagship Mt Wandoo project, located within the Chillagoe Gold Project in northern Queensland, anchors its gold strategy (Figure 1), while a growing rare earth element (REE) portfolio broadens its critical minerals exposure. With this dual focus, Green & Gold Minerals is targeting a strong entry to the ASX under the proposed code GG1. Figure 1: The Chillagoe Gold Project is located in northern QLD (source: GG1) The offer seeks to raise between $5 million and $7 million at $0.20 per share, funding development studies at Mt Wandoo and accelerating exploration across gold, fluorite, and REE prospects (Figure 2). Figure 2: Chillagoe Gold – Near-Term Development with Multi-Million Ounce Potential (source: GG1) ASX Listing Details Company: Green & Gold Minerals Limited ASX Code: GG1 Issue Price: AUD $0.20 per share Capital Raised: $5m (min) – $7m (max) Shares on Issue at Listing: 57.7m – 67.7m Market Capitalisation: $12m – $14m (at offer price) Offer Close Date: 18 August 2025 Expected Listing: 28 August 2025 Lead Manager: Harbury Advisors Pty Ltd Project Portfolio - Gold, REE and Fluorite. 🔹 Chillagoe Gold Project (North Queensland) (Figure 3) Flagship Asset – Mt Wandoo Inferred Resource: 905kt @ 1.1 g/t Au and 13 g/t Ag, for 32 koz Au and 387 koz Ag. Hosted on granted mining leases, shallow and expandable. Recent intercepts include 70.5m @ 1.7 g/t Au and high-grade shoots (e.g., 6m @ 22.5 g/t Au, 43 g/t Ag). Ore sorting test work achieved up to 8x grade uplift with 91% recovery. Figure 3: Wandoo Mining Leases – Shallow Resource Growth and Fast-Track Development (source: GG1) Exploration Upside (Figure 4) Little Wandoo – historic mines with grades up to 2,700 g/t Au, no current resource. North Wandoo – intercepts include 30m @ 1.4 g/t Au, 13 g/t Ag. Satellite Prospects: Sentinel, Dingo, Yum Yum – early-stage targets with large intrusive-related gold system potential. Figure 4: Mt Wandoo – Shallow, Expandable and Development-Ready (source: GG1) Infrastructure Advantage Located only 12km from Mungana mill (currently idle). 70ML onsite water dam and established road access. Critical Minerals – REE & Fluorite 🔹 Nutgrove Rare Earth Prospect (Cosgrove Project, QLD) (Figure 5) Rock chips up to 1.4% TREO (75% heavy REE, dominated by yttrium). Early-stage, interpreted as a large alkaline intrusive diatreme system. No drilling to date – mapping and sampling ongoing. Figure 5: Nutgrove Prospect – Potential Large Breccia-Hosted Heavy REE Deposit (source: GG1) 🔹 Fluorite Potential (Chillagoe Tenements) (Figure 6) Historic mines with a 2.6 km vein system. Fluorite demand linked to LiPF₆ electrolytes for lithium-ion batteries. Figure 6: Fluorite Revival – Historic Veins Positioned for Modern Lithium Battery Demand (source: GG1) Board & Management Anthony Bellas – Chair 40+ years in corporate and government, former CEO of CS Energy and Ergon Energy, Deputy Chairman at Novonix (ASX: NVX). Quentin Hill – Managing Director Geologist with 25+ years’ experience, including key role in Hawsons Iron discovery. Former MD of Carpentaria Resources. Edward (Ted) Boulton – Non-Executive Director Mining engineer, founding partner of MEC Mining, with deep expertise in resource economics and mine planning. With 90+ years of combined experience, the Green & Gold Minerals board blends technical and financial expertise with a proven record of responsibly managing shareholder funds, positioning the Company to advance Mt Wandoo and its wider portfolio. Use of IPO Funds Funds from the raise will be directed towards: Mt Wandoo drilling – resource expansion and confidence upgrade. Development studies – mining, processing, and environmental approvals. Little Wandoo & North Wandoo drilling – targeting new resource delineation. Exploration – gold (Sentinel, Dingo, Yum Yum), fluorite, and Nutgrove REE. Working capital & IPO costs. Key Highlights Shallow gold resource with near-term development potential. Multi-million-ounce exploration upside across the Chillagoe cluster. Ore sorting breakthrough delivering significant grade uplift. Strategic critical minerals exposure (REE + fluorite). Strong board and management with proven ASX, technical, and corporate track records. Samso Concluding Comments Green & Gold Minerals Limited (ASX: GG1) is stepping onto the ASX with a story that blends near-term gold development with long-term discovery potential. The Mt Wandoo project offers a shallow, expandable resource backed by ore-sorting technology, while Little Wandoo and North Wandoo provide the promise of high-grade extensions. Layered on top is the Company’s foothold in REE and fluorite—commodities linked to the clean energy future. For investors, this is a classic early-stage proposition: speculative by nature but carrying leverage to both gold market sentiment and critical mineral demand. The additional exposure to REE and fluorite adds a strategic angle, particularly with fluorite’s role in lithium battery supply chains. As always, the real value lies in what the drill bit can prove. #SamsoNews is where investors can look for valuable information—so seek the research, understand the risk, and watch how this Queensland explorer executes on its plans. 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 At Samso, it’s about looking beyond the headlines. Seek the Research, weigh the risks, and ground your decisions in facts. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their fina

Announcement Burbanks Drilling Returning Spectacular Grades 6 October 2025 Horizon Minerals (ASX: HRZ) has reported fresh high-grade infill hits from the Burbanks Gold Project, ~9 km south of Coolgardie, adding weight to the historical high-grade pedigree (Figure 1). The early Phase 1 results delivered multiple high-grade intercepts within the existing resource envelope, including standout intercepts (e.g., 1.55 m @ 99.65 g/t Au), reinforcing geological continuity across Main Lode and Burbanks North ahead of development studies. Figure 1: Project location map (source: HRZ) Highlights - The Gold Mining Hub Historical underground production at Burbanks: 324 koz @ 22.7 g/t Au, in addition to an existing JORC (2012) Mineral Resource of 6.1 Mt @ 2.4 g/t Au for 466 koz. Ongoing 30,000 m program (Phase 1 infill ~15,000 m; Phase 2 extensional ~15,000 m). 18/45 Phase 1 holes completed; assays returned for 15 holes. Stand-out Phase 1 infill intersections (downhole, not true width) include: ◽ 1.55 m @ 99.65 g/t Au from 336.3 m, incl. 0.37 m @ 350.00 g/t Au (25HBBD004) ◽ 1.71 m @ 37.18 g/t Au from 71.0 m (25HBBD004) ◽ 4.00 m @ 12.75 g/t Au from 366.1 m, incl. 0.47 m @ 67.28 g/t Au (25HBBD002) ◽ 1.00 m @ 31.63 g/t Au from 106.0 m (25HBBD005) ◽ 1.00 m @ 19.84 g/t Au from 285.0 m (25HBBD013) Visible gold observed in multiple holes; infill drilling is improving resource continuity/confidence toward Indicated classification to support Ore Reserve and development studies. Managing Director and CEO Mr Grant Haywood commented, “These spectacular high-grade intersections from our infill diamond drilling program further demonstrate the exceptional quality of the orebody and underscores the potential of our Burbanks project. Confirming such strong results within our existing resource area provides real assurance in the project and demonstrates the opportunity to deliver improved resource confidence that will feed directly into development studies, ultimately providing valuable high-grade feed to our 100% owned Black Swan processing plant.” Project Overview Burbanks is hosted within the Burbanks Shear Zone across basalts with intercalated gabbro/dolerite and sediments. Gold occurs in laminated quartz veins with sulphides and an alteration assemblage including biotite and garnet; quartz-pyritic shears and garnetiferous diorite sills are also noted. Tenement M15/161 is fully granted and in good standing, with established local infrastructure (Figure 2). Figure 2: Burbanks Mining Centre showing the location of the completed holes in the current drill program (source: HRZ) Drill Program — What’s Been Done Phase 1 (Infill ~15,000 m) targets Main Lode and adjacent lodes (Birthday Gift, Burbanks North) to improve continuity and upgrade resources from Inferred to Indicated—supporting Ore Reserve conversion and mine planning. As of this update, 18/45 holes are complete, with assays for 15 holes published and multiple intercepts >20 g/t Au reported. Visible gold in quartz at 357.56 m (25HBBD004) within 0.4 m @ 7.43 g/t Au from 357.4 m (Figure 3) —image is illustrative and not representative of grade/metal content. Figure 3: Visible gold in quartz at 357.56 m (25HBBD004) (source: HRZ) Burbanks North — Continuity Strengthened Infill drilling has confirmed lode position/grade, extended high-grade trends west, and infilled along MRE margins. Continuity has been demonstrated northward and in the corridor between Burbanks North and Main Lode (Figure 4). Figure 4: Long section (SW–NE) showing Main Lode & Burbanks North, MRE categories and >1.0 g/t pierce points (source: HRZ) Main Lode Figure 5 presents a local-grid cross-section (±10 m of the section line) featuring hole 25HBBD004 in context with nearby historical drilling. All >1.0 g/t Au downhole intersections are displayed, illustrating where mineralisation has been pierced across the section and aiding correlation of lodes between old and new drilling. Note: intervals are reported as downhole lengths; true widths are not yet known. Figure 5: Cross-section (±10 m) for 25HBBD004 with >1 g/t pierce points (source: HRZ) Hole 25HBBD008 intersected mineralisation ~70 m beneath historical workings, extending the trend to ~300 m below surface (Figure 6) and improving confidence in the geological model. Further drilling is planned along this gap between existing pierce points spaced ~100 m to north and south. Figure 6: Schematic cross-section (±20 m) with >1 g/t intercepts in 25HBBD008 (source: HRZ) Mineral Resource Context Burbanks Mineral Resources (cut-off 0.5 g/t Au for OP, 2.5/2.0 g/t Au for UG) (Table 3): OP Total: 4.86 Mt @ 1.90 g/t Au for 297.7 koz UG Total: 1.19 Mt @ 4.38 g/t Au for 167.9 koz Combined: 6.05 Mt @ 2.39 g/t Au for 465.6 koz (rounding applied). The Company confirms no material changes since the 1 Aug 2024 Group MRE update. Table 3. Horizon Minerals Limited – Burbanks Gold Mineral Resources (source: HRZ) Next Steps Second diamond rig mobilised to accelerate Phase 1; program scheduled to complete by December 2025. Remaining Phase 1 assays expected by end March 2026; Updated MRE targeted for June 2026, followed by Ore Reserve studies. Phase 2 (extensional ~15,000 m) planned to commence early 2026 to grow the resource base. Samso Concluding Comments When I first caught onto the Horizon Minerals story, I was intrigued by the strategy and the intend of how the company is moving forward. What I saw was a company that should be worth a lot more in terms of market capitalisation with the surging gold price. The valuation of gold companies on the ASX was starting to run upwards, and many had already bolted out of the gate in valuation, but I was wondering why Horizon was still very modest. Coffee with Samso: Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX: HRZ). In our discussion on the Coffee with Sasmo, Grant started to lay out the foundations for the Samso platform, and I have been a keen admirer of the story since that time. It is also great to see that the rising share price for the company since that time. Figure 7: The share price chart for Horizon Minerals Limited (source: Commsec). For me, this is a great confirmation of the strategy, and as Grant mentioned in the Coffee with Samso, the Burbanks story is an integral part of the Horizon story. One of the things I learnt over the years is that good geology that has delivered will always keep delivering, and Burbanks is what good systems do: deliver high grade where you already have ounces and show you there’s more beneath the old workings. Have a watch of Grant Haywood talking about the Burbanks project in the recent Coffee with Samso that he did in August 2025. The early Phase 1 holes have tightened geological continuity across Main Lode and Burbanks North and, importantly, tagged deeper mineralisation below historical stopes. That combination—grade plus continuity inside the current envelope with indications of depth potential—supports the core aim here: upgrade classification and de-risk mine design rather than chase step-outs for headlines. For investors, the remaining Phase 1 assay batches will hopefully continue to grow. After that, Phase 2 step-outs become the growth lever. If the team continues to turn high-grade pierce points into coherent, mineable blocks, the market will have a much easier time pricing Burbanks as a developing asset rather than a historical curiosity. From a global view, one would be brave to call a drastic fall in the gold price. I do see a correction, but as the new world order is being shifted and being restored at the same time, I think the uncertainty will keep the shiny metal in demand. If you throw in the talk about balancing the capital market within the East vs. West scenario, gold will no doubt be in play. 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 Always anchor your view in the understanding of the facts. Always do that extra step and ask that question. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Production Update - Quarter ending September 2025 Kaiser Reef Limited (ASX: KAU) has marked its first full quarter since acquiring the Henty Gold Mine, with reconciled production reported for 1 July – 30 September 2025. Alongside the steadying of Henty as the core asset, the quarter featured renewed activity at Maldon and a strategic transition at A1, setting a clearer operational footing across the portfolio (Figure 1). Figure 1: KAU - Multi-asset Tasmanian and Victorian gold producer (source: KAU) Highlights - A Gold Mining Story. Henty Gold Mine (processed & reconciled): 68,675 t processed (dry), 4.12 g/t head grade, 89.1% processing recovery, 8,115 oz Au produced. Portfolio activities in train: Maldon drilling commenced (results expected in October). Henty plant modifications largely completed; detox capacity upgraded; throughput trials to start with added crushing capacity. Henty Resources & Reserves update progressing; release targeted for October. A1 Gold Mine transitioning to care & maintenance. Bulk sampling of historical material underway at the Maldon Processing Plant. Kaiser Reef Managing Director, Jonathan Downes (Now Retired) , commented: “This has been a great quarter for Kaiser, marked by a successful first full quarter of ownership at the Henty Gold Mine, which produced well over 8,000 ounces of gold. Henty has solidified its position as our flagship production asset, and we are progressing on several fronts to realise continued upside from Henty. “Our portfolio-wide activities have progressed significantly. Exploration drilling at Maldon has recommenced, targeting zones under the Union Hill Open Pit, and we are working through multiple pathways to ensure that the Maldon Processing Plant remains operational and ready for future mining production. Whilst we have committed to transitioning the A1 Gold Mine to care and maintenance, overall, we think this will place the company in a much stronger position going forward and ensure we realise the inherent value of the historic Maldon Gold Project. With robust gold production, a strong pipeline of exploration and development opportunities and a solid balance sheet, Kaiser is well positioned to capitalise on a surging gold price. I’m very pleased with where Kaiser is now positioned, and we are well set for organic production growth. “ Operations & Activity — What’s Moving Henty (Tasmania): Production metrics above establish Henty as the current flagship producer within the portfolio (Figure 2). Processing upgrades (including detox capacity) and imminent throughput trials indicate a practical focus on plant performance and potential rate uplift. Henty has excellent infrastructure (Figure 2), with a grid-powered 300 ktpa SAG–CIL plant (≈A$100m replacement) staffed by 150+ locals, reliable water and power, sealed-road access and workshops, plus TSF capacity approved for ~2.5 years and permitting underway for ~6 more years. Figure 2: Henty – excellent infrastructure (source: KAU) Maldon (Victoria): Drilling has recommenced, initially targeting zones beneath the Union Hill Open Pit (Figure 3); historical material bulk sampling is also in progress through the Maldon plant to keep the facility operationally active ahead of future mine schedules. Results are expected in October. Figure 3: Maldon Victoria – prolific high-grade tenure (source: KAU) A1 (Victoria): The operation is moving to care and maintenance, a decision positioned by management as strengthening the Company’s forward footing and sharpening focus on value realisation at Maldon/Henty. What To Watch Next Maldon drilling results (October). Henty Resources & Reserves update (October). Henty plant throughput trials with additional crushing capacity. Operational readiness at Maldon via bulk sampling and plant utilisation. About Kaiser Reef Kaiser Reef is an ASX-listed gold producer-explorer with Henty (Tasmania), Maldon (Victoria), including the Union Hill mine and operating a 200,000 tpa plant, and the A1 Gold Mine (Victoria) is now moving to care & maintenance. Henty includes an underground operation and ~300,000 tpa processing plant. Samso Concluding Comments From a production lens, the headline is simple: Henty delivered a clean, reconciled quarter and now anchors Kaiser’s story. When a newly acquired asset settles quickly, it tells you two things: operational control is improving, and plant tweaks are starting to matter. The focus on practical upgrades and throughput trials points to incremental, low-risk lift rather than blue-sky promises, which is exactly what you want to see at this stage. Maldon adds the growth option that is both geologically sensible and infrastructure-aware. Drilling beneath established workings and keeping the plant “warm” via bulk sampling is a pragmatic way to shorten the path between discovery and milling—if the drill bit cooperates. The near-term cadence matters: results flagged for October will do the heavy lifting in converting potential into a pipeline, and they’ll tell us whether Maldon can step up from optionality to plan. Placing A1 into care and maintenance is a portfolio choice that is a very smart thing to do. Concentrate on what is making the money, and Henty is by far the best option. In my opinion, it is the only option at this time. What should investors track from here? First, the Henty reserves/resources update and how it squares with the production profile; Second, the outcome of plant throughput trials versus realised head grade and recovery; Third, the Maldon drill results and any follow-through targeting; and finally, balance-sheet flexibility to fund what works. My thoughts are that the reserves/resource update is going to happen, and it is going to add value to the current market capitalisation. People like Brad Valiukas are all about finding ounces, and he probably already knew where the ounces were before he took the reins of the project. Figure 4: Kaiser Reef share price chart as of 13th October 2025. (source: CommSec). The value of the company was always going to head north and figure 4 is a great example of the uplift in valuation for shareholders. My gut feeling is that this is going to happen again once the new numbers come out. With the Australian gold price at over AUD6,000/oz, someone like Brad would make a killing on the production ounces, and you will have very happy shareholders soon. With a current market capitalisation of just over AUD $181M and projecting 25,000 ounces annually, it is not that hard to see an uplift coming soon. 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 Start with the data, verify the claims, and let evidence—not headlines—shape your investment view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso | Episode 211 | UWA Club, Crawley, Western Australia. Guest: Darren Cooke – CEO, FireFly Metals Ltd (ASX: FFM) Introduction In this episode of Coffee with Samso, we continue our Exploration Discovery Series with one of the most fascinating stories from Western Australia’s goldfields — the Pegasus gold discovery. This story is unique. It is not a greenfields success; rather, it was hiding in plain sight. The discovery was made within the Swiss cheese of decades of drilling in the Kundana gold camp. In 2014, Pegasus was recognized as one of the most significant discoveries of the decade. At the time of its unveiling, the project hosted a resource of 2.1 million tonnes at 11.4 g/t Au, containing approximately 763,000 ounces of gold. Northern Star Resources (ASX: NST) later proved what Bill Beament claimed — that this would be a million-ounce deposit just 350 meters from their Rubicon mine. To unpack this milestone discovery, I spoke with Darren Cooke, the CEO of FireFly Metals Limited (ASX: FFM) and the former geology and long-term planning manager for Barrick at Kundana. He later worked with Northern Star Resources Limited (ASX: NST) during the Pegasus discovery years. This conversation is not just a walk down memory lane. It is a technical, strategic, and cultural deep dive into how great discoveries can be made in places everyone thinks they already know. Setting the Scene – Kundana in the 2000s - The Pegasus Gold Discovery The Kundana Province is well-known for its gold. By the early 2000s, it was already a 10Moz gold camp. The ground around Pegasus was peppered with drill holes — hundreds of them — yet the discovery remained elusive. In 2005, Placer Dome drilled the first hole into what would later become Pegasus. However, they walked away because it did not meet their discovery parameters. Fast-forward to 2011–2012, a new team at Barrick re-examined the data. What followed was not a stroke of luck but a combination of fresh geological thinking, technical persistence, and the right mindset to challenge old assumptions. “It wasn’t that Pegasus wasn’t drilled. It was that no one had looked at the data differently. We just saw what others missed.” — Darren Cooke Unlocking the Historical Dataset (2011–2012) When Darren stepped into the Barrick geology and planning role, the first thing the team did was dig through the database — not for something new, but for something overlooked. 100+ drill holes were already in the area. Most were shallow and targeted under a subvertical plunge model. Hits were dismissed because follow-up holes below were barren. No one questioned whether the plunge direction was wrong. Darren’s team challenged the model. By recognizing a double-plunging shoot orientation, they unlocked a structure that others had effectively drilled around. “It was a classic case of model bias. Everyone was fitting data to the model rather than re-examining the model itself.” The Turning Point – Geological Insight Meets Practical Pressure Pegasus was not just a technical story. It was also about operational necessity. The Barrick Kundana team was running out of ore. The long-term planning and geology groups collaborated closely to rethink their targeting strategy. This internal pressure drove them to rework the historical data. The double plunge model that emerged: Explained the original hit and subsequent misses. Predicted mineralization at depth offset from previous holes. Led to rapid resource definition once drilling resumed. The result: a million-ounce gold system hiding between existing infrastructure and old drill collars. “Well Drilled” Does Not Mean “Well Explored” One of the most powerful takeaways from this conversation is the difference between density of drilling and quality of exploration. “Well drilled doesn’t mean well explored. You can have a pin cushion of holes and still miss the prize.” This statement resonates across WA discoveries: Hemi sat beside 1.4Moz of known gold. Never Never was hidden in existing data. Pegasus was 350m from Rubicon and hiding in plain sight. Brownfields areas are full of opportunity, but only for those willing to break models and reframe the geological story. From Discovery to Development – The Northern Star Effect In 2014, Barrick sold the Kundana assets to Northern Star Resources for $75 million. Barrick described the assets as “high-cost, short-life.” Northern Star saw the opposite: long-life, company-making assets. The cultural difference was stark: Within weeks, Northern Star doubled drill rigs at Pegasus. Approved an underground decline for drilling access. Backed the geological team to prove the model quickly. “Every mine has its right size owner. For Barrick, Pegasus was peripheral. For Northern Star, it was core.” The entrepreneurial mining mindset turned geological opportunity into economic reality. Brownfields Discovery – A Playbook for the Future The Pegasus story mirrors many of WA’s recent major discoveries. It shows: Brownfields is fertile ground — geology doesn’t stop at mine fences. Challenging geological dogma can change everything. The right owner and investment are crucial in turning potential into production. Every mineral system is bigger than one orebody. “Once you’ve found one part of the system, you know there’s more hanging around. Pegasus unlocked the belt. That thinking helped lead to Millennium and more.” Lessons for a New Generation of Geologists Darren’s advice to young geologists is simple: Don’t stay in the Perth office — get into the field. Don’t accept geological interpretations as fact — interrogate them. Talk to other geos — learn different ways of seeing things. Be persistent — chew harder when the work gets tough. “Discoveries like Pegasus don’t come from staring at a computer. They come from challenging assumptions, collaborating across disciplines, and getting your boots dirty.” Samso Concluding Comments The Pegasus discovery is one of those stories that will be told for decades — not because it was lucky, but because it exemplifies what happens when good geology meets the right mindset. It serves as a reminder that a deposit missed is not a deposit lost, and that WA’s brownfields have plenty more to give to those willing to think differently. Northern Star’s success with Pegasus was built on a strong interpretation of sound geological ideas, supported by bold corporate action. This is the essence of Australian gold exploration history — and the kind of story Samso strives to document. So, as is the Samso phrase, grab your favourite beverage and sit back for the return of the Exploration Discovery Series. Chapters 00:00 Start 02:39 Introduction 04:03 Introduction to Darren Cooke. 04:54 The early days of the Discovery - Pre 2011 07:11 The Unlocking of the Historical Dataset - 2011 to 2012 08:32 The Duration of the Work to “work” the data. 09:45 What was the structural concept? 10:47 Was the narrow mineralisation of Kundana the key to thinking differently? 11:58 With hindsight, was Pegasus easy to define/discover? 12:38 The double plunging mineralisation is the thinking that helped other discoveries? 13:48 Well Drilled Does Not Mean Well Explored - Quality of Data 14:46 Time is required to understand historical data 15:42 Geological Models are only a good guide. 16:35 How much confidence did Management know about the Pegasus potential? 18:20 The Northern Star “Thinking”. 19:40 Was there a Sliding Door moment that would have meant Pegasus would not be discovered? 21:52 Was Anton Billis a good JV partner? 22:48 Was the purchase price of AUD $75M cheap? 24:02 Was there something that could have made Pegasus not a discussion? 25:29 Is there more discoveries left to discover from “Brownfield” projects? 26:47 Is there another Pegasus still out there like a Never Never? 27:53 A different view to a Brownfield project? 29:18 Brownfield projects should be more about a Brownfield new discovery not a reintroduction of the old concepts. 31:45 A Mineral System Is Always More Than One Success. 32:06 The FireFly Story. 33:34 Is Northern Star the new generation of Western Mining in terms of quality work. 35:12 The skillset required in developing a Mining of Mineral Resources 36:33 The culture DNA of Northern Star. 37:19 Words of Wisdom to the new generation of geologists. 38:48 A Special DNA to Find the Solution. 40:03 Darren last Words 40:30 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. 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 organization 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 Arrakis Gold Discovery Confirmed With 54m @ 1.2g/t Au 22 September 2025 Yandal Resources Ltd (ASX: YRL) has confirmed a new gold discovery at the Arrakis Prospect within the Caladan target area of the Ironstone Well–Barwidgee Project — a major milestone that de-risks exploration and advances the project (Figure 1). With 54m @ 1.2g/t Au from fresh rock, including 8m @ 4.7g/t Au, the result highlights scale and continuity over more than 2.2km of strike. Figure 1: Yandal Resource exploration Project locations within the Yandal Greenstone Belt. The Arrakis Prospect is located within the Caladan target area. (source: YRL) Key Highlights: Gold Discovery 54m @ 1.2 g/t Au from 108m, including 24m @ 2.1 g/t Au and 8m @ 4.7 g/t Au from 154m to EOH (Hole 25IWBRC0040) (Figure 2). Figure 2: Yandal Resource exploration Project locations within the Yandal Greenstone Belt. The Arrakis Prospect is located within the Caladan target area. (source: YRL) Confirmation of primary mineralisation within fresh rock, demonstrating down-dip continuity below previous air-core intercepts. 6m @ 1.1 g/t Au from 180m to EOH in 25IWBRC0041, confirming mineralised structure at depth. Mineralisation interpreted to have sub-vertical geometry with ~30m apparent width – open along strike and at depth. Further five RC holes completed with results pending, designed to test the 2.2km Arrakis trend. Diamond drilling planned to re-enter and extend 25IWBRC0041, supported by heritage surveys clearing drilling lines across the prospect. Exploration Context Arrakis is part of the Caladan target area, located 60km south of Jundee (ASX: NST) and just north of the Siona discovery, within the Yandal Greenstone Belt. The current drilling program was designed to test mineralisation continuity in fresh rock below significant air-core intercepts, which had defined a +2.2km mineralised corridor (Figure 3). Figure 3: Collar plan showing drill hole locations and interpreted Arrakis structure (source: YRL) Geological Observations Mineralisation in 25IWBRC0040 is hosted within a strongly foliated, sheared, and altered mafic-derived unit. High-grade zones are associated with intense silica-albite-carbonate alteration, quartz veining, and up to 5% disseminated pyrite/arsenopyrite (Figure 4). Lower-grade envelopes are marked by sericite alteration with minor veining. Figure 4: Example of RC rock chips (155–160m) showing intense alteration and sulphide dissemination (source: YRL) Yandal Resources’ Managing Director, Mr Chris Oorschot, commented: “In a region where gold remobilisation within the regolith profile is common and complex, fresh rock tests represent a significant milestone in de-risking and progressing exploration targets. These first results demonstrate significant primary fresh rock mineralisation, confirming the discovery of a new mineralised system at Arrakis and the capacity for this system to be large in scale. Well done to the Yandal team, whose resolve and focus on executing the long-term exploration strategy have been paramount to this success. The Arrakis trend has been defined over more than 2.2km based on 400m and 800m spaced air-core lines. The impact of this discovery will be determined with further results and as exploration is progressed; however, the discovery potential is substantial when you consider the scale of the trend, and the limited and broadly spaced nature of current drilling. Our priority going forward is simple: to confirm the extent of primary fresh rock mineralisation across the 2.2km of strike. With one heritage survey complete and a second scheduled for the end of September, Yandal will soon have a significant amount of drilling positions available from which to progress the Arrakis discovery.” Next Steps Yandal has already completed one heritage survey, clearing 200m spaced lines, and has a second survey scheduled for late September to clear 100m spaced lines, giving flexibility for follow-up drilling. Immediate exploration plans include: Diamond drilling to extend 25IWBRC0041. RC drilling on 200m spaced lines along strike to the northwest and southeast. Integration of geological observations with assay results to refine targeting across the 2.2km trend. Looking Ahead With a strong cash position and a fully funded program, Yandal is maintaining an aggressive exploration schedule through the remainder of 2025. Near-term news flow will include: Results from the five remaining RC holes at Arrakis. Mobilisation of a diamond rig in October. First results from AC drilling at the New England Granite target. Completion of the Gordons Gold Project sale agreement for A$2.81M in cash and shares. Samso Concluding Comments The confirmation of a new primary gold system at Arrakis is a meaningful outcome for Yandal Resources. Fresh rock intercepts of this scale are rare, and they represent more than just a continuation of air-core success – they show that the mineralised system is robust and likely to persist at depth. From an investor perspective, this discovery sets Yandal apart in the Yandal Belt, where brownfields exploration can often be hit or miss. The continuity of mineralisation over 2.2km of strike offers leverage, and with further RC and diamond drilling on the way, the next set of assays could be a real catalyst. Geologically, the alteration style and sulphide association support the presence of a well-developed hydrothermal system. If step-out drilling continues to deliver similar grades and widths, we may be looking at the foundation of a significant resource. As with all early-stage discoveries, patience is key. Investors should watch for upcoming results, pay attention to how the geometry of mineralisation is refined, and track how Yandal systematically tests the full strike length. This is where long-term value is created. 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 look beyond the first announcement. Discovery confirmation is only the beginning–track how Yandal Resources continues to step out along strike, extend depth continuity, and integrate geological and geophysical data into the model before forming a long-term view. 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 Acquisition of Highly Prospective Gold Deposit in NSW 22 September 2025 Thunderbird Resources Limited (ASX: THB) has executed a binding agreement to acquire 100% of the Springfield Gold Deposit in central NSW (Figure 1) — a project with historical shallow drilling, multiple thick, high-grade intercepts, and significant exploration upside. Alongside this acquisition, Thunderbird has secured $2.2M through a placement at $0.014/share, ensuring it is well-funded to accelerate its exploration programs. Figure 1: Location of the Springfield Gold Deposit and LM2’s other projects in relation to Thunderbird’s existing (source: THB) Key Highlights - A Developing Gold and Antimony story. Springfield Gold Deposit Acquisition – 100% interest in a drill-ready gold project within the Slashers Flat Project (EL 8437), located ~10km south of Gulgong, NSW. Mineralised Intrusion – Well-defined monzodiorite mapped over >1,700m strike, with drilling to date focused on only 500m (Figure 2). Figure 2: The mineralised monzodiorite at the Springfield Gold Deposit is mapped to shallow mineralisation focused on just 500m of strike at the Springfield Deposit (source: THB) Impressive Historical Intercepts – Including: 27m @ 3.65g/t Au from surface (incl. 6m @ 8.29g/t Au) 65m @ 1.16g/t Au from 2m (incl. 13m @ 2.92g/t Au) 86m @ 1.04g/t Au from 104m (incl. 26m @ 1.83g/t Au) Open in All Directions – Mineralisation remains open along strike and at depth, with Springfield North Prospect showing shallow hits yet to be followed up (Figures 3,4 & 5). Figures 3,4 & 5: Mineralisation remains open in all directions at the Springfield Gold Deposit. (See Figure 2 for location of cross section) (source: THB) Complementary Portfolio – Strengthens THB’s position alongside its Rockvale and Kookabookra Gold-Antimony Projects in NSW. $2.2M Placement – Firm commitments received; directors to subscribe for $235k subject to shareholder approval, funding drilling and exploration programs. Geology & Exploration Upside. The Springfield Deposit is hosted in monzodiorite intruding volcaniclastics, with alteration ranging from propylitic to phyllic. Quartz stockwork veining and sulphide mineralisation (arsenopyrite, pyrite, minor chalcopyrite) dominate the system. Historical exploration — just 6,568m of drilling — intersected mineralisation at very shallow depths, yet deep drill holes confirm potential continuity at depth. Springfield North offers an immediate opportunity with untested mineralised zones over 500m strike. Additional prospects within Slashers Flat (Lady Belmore, Divide 4) have also returned encouraging gold intercepts, presenting a pipeline of targets (Figure 6). Figure 6: All previous drilling within the Slashers Flat project area. Multiple intrusions have been mapped within the project area, with many of these known to be mineralised (including at Springfield) (source: THB) Upcoming Exploration & Maiden Drilling Program. Maiden Drilling: Thunderbird to commence first drilling program soon after acquisition completion. 1.7km Mineralised System: Lightly tested with significant strike length still open. Discovery Potential: Infill drilling to define and expand high-grade zones at Springfield. Step-out drilling to test strike extensions north and south. Deeper drilling to explore mineralisation continuity at depth. First follow-up drilling at Springfield North to test untested shallow mineralisation. Permitting in Progress: New land access agreement being finalised. Other permits underway to enable drilling to start in coming months. Samso Concluding Comments I like the Springfield acquisition as it is a natural move for Thunderbird — it adds a drill-ready project with proven mineralisation in a premier NSW gold belt. The presence of thick, high-grade gold near the surface and the fact that more than two-thirds of the mineralised strike has never been drill-tested make a compelling story for the market. What I believe is not mentioned is an older resource that cannot be released. Looking at the about of drilling already completed, it does not take a genius to realise that there will be something like that coming out in time. With Mike Haynes as Executive Chair, I am very happy as a shareholder. The CPS Capital and Mike haynes combination is going to work well for shareholders. The $2.2M placement ensures that Thunderbird is not just acquiring ground but is positioned to act on it immediately. Investors should watch for the maiden drilling program results, as even modest step-out success could materially scale the known mineralised envelope. What we are really seeing here more than the creation of a strong gold-antimony portfolio across NSW, with Springfield joining Rockvale and Kookabookra to form a consolidated exploration pipeline. Thunderbird is now purpose driven and I feel that with the right mix of a proven management backed by the largest micro-small cap group in Australia, there are good things to come. Figure 7: The share price journey of THB (source: commsec). With a market capitalisation of just over AUD $11M, this is a viable position play based on my comments above. For the technical investors, looking at that chart above, it is primed for some action? As I have mentioned, I am a shareholder and I am encourage with what I am seeing and with the performances of the suite of CPS Capital stocks rocketing to the moon with their share prices, I am going to be applying the art of being patience. As always, keep an eye on execution: access agreements, permitting, and drilling start dates will be key near-term catalysts. The real excitement will come when those first assay results hit the market. 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 Always track how management converts strategic acquisitions into drilling success. Follow the permitting progress and maiden drill campaign closely, as this is where value creation will accelerate. 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 AuMEGA Identifies Major New Anomaly at the Cape Ray Project 2 October 2025 AuMEGA Metals Limited (ASX: AAM) has reported a standout result from its July airborne time-domain EM survey over Cape Ray: the work both maps known mineralisation at Central Zone and—critically—defines a large, previously untested conductor just 500 m to the southeast that mirrors Central Zone’s geophysical signature (Figure 1). With a fully funded drilling program slated for Q4 2025, the discovery pipeline at Cape Ray continues to expand. Figure 1: AuMEGA Metals Portfolio on the CRSZ and Hermitage Flexure (source: AAM) Key Highlights - A Gold Story With a Changing Journey. (Figure 2) Major, untested anomaly 500 m SE of Central Zone: ~1,000 m strike, ~500 m width; open along strike beyond the survey edge; same conductive host (graphitic schist in Windsor Point Group) as Central Zone; never drill-tested. Central Zone “lights up”: EM conductivity tightly matches the gold-bearing host rocks, validating EM as a vectoring tool at Cape Ray. Historic ultra-high-grade clue: nearby heavy-mineral concentrate sample assayed 111.5 g/t Au (1988), proximal to the new EM source. Multiple new targets: Additional EM conductors (incl. “Anomaly B, C, D”) align with second- and third-order structures off the Cape Ray–Valentine Shear Zone (CRSZ), with geochemical support in places. Near-term catalysts: Crews on the ground for till geochem, mapping, and sampling now; drilling before year-end 2025. Figure 2: Major EM Anomaly Southeast of the Central Zone deposits (source: AAM) AuMEGA Metal’s Managing Director and CEO, Sam Pazuki, commented: “The EM survey delivered exactly what we wanted – clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies. Most exciting is a major target located just 500 metres southeast of our high-grade Central Zone deposits that has never been drilled yet mirrors its geophysical signature. It’s a compelling opportunity that we believe could represent a completely new trend of gold mineralisation at Cape Ray. “With drilling scheduled for later this year, a fully funded 2025 program, and ongoing work at Bunker Hill and Cape Ray West, we continue to have a strong pipeline of opportunities to drive the next phase of discovery on what I have long believed to be the next major mining district in Canada.” What’s New — Survey Takeaways The 930 line-km airborne EM program delineated conductive zones beneath cover (graphite/sulphide-rich horizons) that correlate with gold at Central Zone, while revealing several unrecognised trends (Figure 3). The survey confirms the Central Zone is hosted in graphitic schist within the Windsor Point Group, and it shows multiple open-ended conductors along strike and at depth beyond current resource limits. Figure 3: Electromagnetic anomalies adjacent to the Central Zone resource areas. (source: AAM) The New SE Anomaly — Why It Matters Scale & Signature: Conductivity strength, geometry, and orientation are comparable to Central Zone—Cape Ray’s largest deposit. The anomaly extends ≥1 km long by ~500 m wide and remains open along strike. Structure: Coincident with a north-to-east trending fold, truncated by a second-order CRSZ splay—an architecture consistent with gold emplacement at Cape Ray. Evidence Under Cover: Area is largely concealed; the Central Zone access road passes through it; historical work is sparse, but a standout 111.5 g/t Au HMC sample sits near the EM source. No drilling has ever tested this target. Next Step: Elevated to high-priority drilling status in Q4 2025 after current till geochem/mapping. Additional Conductors — Broadening the Pipeline (Figure 4) Major EM Anomaly (south of Window Glass Hill Granite): Within Windsor Point Group sediments—same host sequence for most resources—300–1,500 m along strike from historical drilling; analogous structural setting to Central Zone. Anomaly B (Cape Ray West): On the interpreted SE boundary of the Windsor Point Group; strong EM response (graphitic schist) plus favourable structure; first-pass mapping/geochem completed in July 2025; assays pending. Anomaly C (east of Central Zone): Historic drilling likely tested the wrong horizon; gold-in-soil anomalism aligns directly with the EM response—an immediate follow-up target. Anomaly D (SW edge of survey): ~800 m strike; minimal prior work; supported by a 550 m gold-in-till anomaly and a 2023 float sample grading 4.38 g/t Au, 49 g/t Ag, 1.38% Cu (MR001585). Figure 4: Several EM Anomalies Identified at Cape Ray (source: AAM) Field Programs & Near-Term Work (Figure 5) Till & Rock Geochem: 1,082 till and 91 rock samples collected at Cape Ray West in August 2025. Historical datasets show a strong correlation between till anomalies and known deposits. Pending assays will be integrated with EM/magnetics for a multi-layered targeting model ahead of drilling. Planned Activities (2025): Priority surficial geochem over key conductors, detailed mapping/rock sampling to tighten controls, and RC/diamond drilling to test the highest-priority targets. Figure 5: Cape Ray West Till and Rock Sampling Program (source: AAM) Resource & Context Cape Ray currently hosts ~420 koz Au (Indicated) and ~141–160 koz Au (Inferred) on resource statements under a US$1,750/oz gold price assumption (see 30 May 2023 reference). The broader land position spans ~110 km along the CRSZ, with strategic backing that includes B2Gold. The company is also active in the Hermitage Flexure and holds an option on Blue Cove Copper. Samso Concluding Comments There is a saying that I have kept in my memory bank, and that is Good geology will always deliver, and Cape Ray is the classic case of that methodology. What AuMega is doing, and all credit to management, is that they are looking at the dataset and allowing the geology to guide their exploration. The large, untested conductor just 500 metres to the southeast is the kind of near-mine target that can change the growth profile quickly if drilling connects. From here, it is all execution. Till geochem and mapping will tighten the vectors; then the drill bit answers the only question that matters—are these EM features also gold systems of scale? The geometry, host rocks, and structural position tick the right boxes, but we still need intercepts to translate potential into value. Investors should anchor expectations to tangible catalysts: assay results from current surface work, drill collar selection, and first drilling outcomes in the next campaign. Keep an eye on how the company sequences targets along the CRSZ splays and whether early holes demonstrate continuity, width, and grade comparable to Central Zone. Figure 6: The share price chart for AuMega Metals Limited (ASX: AAM) as of 13th October 2025. (source: CommSec) The share price reaction (Figure 6) is a testament to both the market sentiment and the investors following the AuMega story. I am a big fan of the management of AuMega and the geology that they have in Cape Ray. With a market capitalisation of just over AUD$30M, I do feel that there is still a lot of room for improvement. Don't forget that AUD $30M is including over 800,00 ounces of gold. Gold at the heights of over USD4,000 an ounce is going to change the dynamics of AuMega very soon. I think there are exciting times ahead, and it would be good for readers to check out the Coffee with Samso that we did in June 2024. Coffee with Samso: AuMega Metals Limited (ASX: AAM) - Large Scale Gold Exploration in Newfoundland, Canada. As always, do your own work—read the technical notes, examine the figures, and understand the limits of geophysical inference. Funding runway, seasonal windows in Newfoundland, and service availability are practical variables that can shape timelines. If AuMega Metals can convert one or more of these conductors into meaningful gold intercepts, the Cape Ray story moves from validation to acceleration. 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 go to the source—read the full PDF, scrutinise figures and assumptions, cross-check history and tenure, map results to geology, track catalysts against cash and execution, and decide only after DYOR. 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 Acquisition of Cue Gold Project in the Day Dawn Goldfield WA 3 October 2025 E79 Gold Mines Limited (ASX: E79) has signed a binding agreement to acquire 90% of Cue Metals Pty Ltd, securing the rights to the Cue Gold Project (~70 km²) in the Day Dawn Goldfield, immediately south of Westgold’s high-grade Great Fingall operation (historic 1.2 Moz @ 19.2 g/t Au). The company has also received binding commitments for a $3.0 million placement at A$0.021/share (two tranches) to accelerate exploration. Figure 1: Aerial view of the Cue Gold Project, looking south, relative to the Great Fingal Mining Complex, Break of Day Mine, Caprice Resources Island Project, and Mt Magnet Operations. (source: E79) E79 Gold CEO Ned Summerhayes commented: “The Cue Gold Project is situated in a discovery and M&A hotspot within one of the best gold addresses in Australia. The area contains Westgold’s famous high-grade Great Fingall and Golden Crown Gold Mines, Ramelius Resources’ Break of Day Mine and other exciting projects such as Caprice Resources’ Island Gold Project. Not many junior explorers get the opportunity to secure ground with gold discovery potential like this in such a tightly-held region. “We are looking forward to unlocking this significant discovery opportunity with an aggressive and focused exploration campaign. “We are also very much looking forward to working with Glenn Martin as Technical Consultant given Glenn’s track record of discovery in the region. We also welcome Matt Bowles to the E79 Gold Board, bringing additional corporate experience and extensive knowledge of the discovery and growth opportunity in the Murchison Region from his time at Alto Metals.” E79 Gold Technical Consultant for the Cue Gold Project, Glenn Martin, commented: “The Cue Gold Project represents a highly prospective area which remains under-explored due to post-mineral cover and shallow broad-spaced drilling. It has all the ingredients to contain significant high-grade gold deposits that this part of the Murchison Province is renowned for.” Highlights - Resetting the Gold Exploration Targets. Acquisition: Binding SPA to acquire 90% of Cue Metals (Cue Gold Project), with Cue Metals’ remaining 10% free-carried to completion of a Feasibility Study. Completion subject to customary conditions (shareholder approvals, ASX waiver, shareholder agreements, option formalities, and regulatory approvals). Placement: $3.0m (before costs) at 2.1c, 12.8% discount to 5-day VWAP; Tranche 1 expected to settle on 10 Oct 2025 with allotment around 13 Oct 2025; Tranche 2 (incl. $115k director participation) subject to AGM approval (late Nov 2025). Not conditional on acquisition completion. Lead Manager: GBA Capital (6% fee). Tier-1 address: Project sits immediately south of Great Fingall and along trends that have delivered high-grade quartz-reef gold systems (Great Fingall, Golden Crown, Break of Day). Under-explored due to post-mineral cover—opening discovery upside (Figure 2). Early drill vectors: Historical intercepts include 13 m @ 2.2 g/t Au (EOH) (Ada), 20 m @ 0.6 g/t Au (Ada), 2 m @ 4.8 g/t Au (Chloe), 4 m @ 0.6 g/t Au (Riptide), 4 m @ 4.4 g/t Au (MBA23). Average historical drilling has only tested to ~50 m depth. People: Appointment of Glenn Martin (ex-Musgrave Chief Geologist who led Break of Day discovery) as Technical Consultant; Matthew Bowles (ex-MD, Alto Metals) to join Board upon completion. Infrastructure: Proximity to third-party mills (Ramelius’ Checkers ~60 km S; Westgold’s Tuckabianna ~25 km E) and Great Northern Highway. Figure 2: Cue Gold Project location plan and local gold operations. (source: E79) Project Overview & Geological Context Cue lies within the Murchison Gold Province (Youanmi Terrane, Yilgarn Craton), covering parts of the Great Fingall Dolerite, Meekatharra Formation, and Big Bell Suite. The area is renowned for narrow-footprint, high-grade quartz reefs (typically 100–300 m strike, 2–10 m width), localised where dilational shears intersect rheological contrasts. Undercover conditions have historically limited modern, systematic exploration—E79 intends to apply high-resolution gravity and follow up along strike and under cover. Figure 3: Geological setting and selected historical drill results of the Cue Gold Project. (source: E79) Exploration Focus (Near-Term Work Program) Initial work will target five prospects: Ada, Chloe, Riptide, Transformer, MBA23—prioritising areas with shallow, broad-spaced historical drilling and indications of reef-style mineralisation (Figure 4). Figure 4: Location of priority gold targets relative to Golden Crown and Great Fingall open pits. (source: E79) Key historical intercepts: Ada: 13 m @ 2.2 g/t Au from 112–125 m (EOH) in GCRC936; 20 m @ 0.6 g/t Au from 45–65 m in GCRC935 (Figures 5 & 6 ). Figure 5: Drill-hole location plan of Ada gold prospect. (source: E79) See Figure 6 for an interpretive cross-section of the Ada gold prospect. Figure 6: Interpretive cross-section of the Ada gold prospect. (source: E79) Chloe: 2 m @ 4.8 g/t Au from 90–92 m in GCRC944 (plus multiple 2–6 m intervals 0.6–2.9 g/t Au). Riptide: 4 m @ 0.6 g/t Au from 32–36 m in LAC802; 28 m @ 0.4 g/t Au (DD) at depth. Transformer: Multiple 3–8 m intervals 0.5–1.6 g/t Au (AC). MBA23: 4 m @ 4.4 g/t Au (AC). E79 also highlights the potential for reef repeats along a 3+ km extension of the Great Fingall dolerite (Figure 7) and targets over a 6+ km strike in the Meekatharra Formation. High-resolution gravity is flagged as a proven discriminator to refine structural targets. Figure 7: Break of Day / Day Dawn–Great Fingall targeting model (shear zones) (source: E79) Capital Raising — Key Terms Total: ~$3.0m (before costs) at A$0.021/share; 148.3m new shares. Discount: 12.8% to 5-day VWAP prior to announcement. Tranches: T1 under LR 7.1/7.1A. T2 (incl. $115k directors) subject to AGM approval (late Nov 2025). Use of funds: Complete acquisition, scale up gravity surveys, target generation, first-pass drilling, and working capital. If acquisition doesn’t complete, funds will be redeployed to Mountain Home (NT), Laverton (WA), and working capital. Acquisition & Option Structure (Summary) Consideration (up to $1.2m in shares @ $0.021) over milestones: $300k in shares at completion; $600k in shares on transfer of optioned tenements (within 3 yrs); $300k in shares on grant of tenement applications (within 3 yrs, pro-rata). Optionors’ terms (on exercise): $50k cash + $100k cash/shares, plus milestone payments tied to maiden and subsequent JORC resource thresholds (≥100 koz, ≥250 koz, ≥500 koz), at E79’s election, cash or shares; 1% NSR retained by Optionors. Tenure note: One tenement has a late rent payment under review; the company assesses forfeiture risk as low, given short delay and historical expenditure. Board & Technical Appointments Matthew Bowles to join as Non-Executive Director at completion (ex-Alto Metals MD; led growth of Sandstone to +1 Moz before Brightstar acquisition; currently MD of Indiana Resources). Glenn Martin appointed Technical Consultant (ex-Musgrave Chief Geologist; involvement in Martabe, Jinfeng, Break of Day; senior roles at Red Hill, De Grey, Normandy). Next Steps E79 aims to complete the remaining conditions precedent and commence an aggressive exploration program at Cue, while continuing to advance Mountain Home (Cu-Au-Bi) and Laverton South (Au). Further shareholder updates are expected in the coming weeks. Samso Concluding Comments This is a very interesting address for E79. A very contested area that has been out of reach for many years, and for E79 to get its hands on it is certainly a good thing. I like the area as it is sitting alongside Great Fingall and Break of Day, which is as good a nearology play as one can get. Historically, ground in the Cue region has always carried the right geological DNA for narrow but high-grade systems, so this is one tick for E79. The Analogy - The Day Dawn Nearology. I am always against solely banking on a nearology concept, but when it is coupled with being in a belt like Day Dawn and Great Fingall (Figure 8), neighbourhood matters because structure, rheology contrasts, and historical mining all point to repeatable settings. The Great Fingall story is well known and this belt was the hot region when I first started out as a geologist in the early 1990s. After that period, it was kind of quiet till Westgold came along and made this a hot region again. Figure 8: A long section of the Great Fingall Mine. (source: Westgold). According to Westgold: Westgold has multiple near-term development opportunities across its portfolio. Our next new mine is the iconic Great Fingall mine, which is located 5km southwest of Cue.Production from Great Fingall is expected to commence in the first half of FY25, with the decline development having commenced in October 2023. At steady state, Great Fingall will be a long-life, high-grade, high-margin underground mine, producing more than 45,000oz a year. Lets remember that a discovery like Fingall that has stood the test of time is simply going to have many potential mineralisation nearby. One of the virtues of being exposed to this industry over the last 30 years is that the number or opportunities that are discovered right underneath the noses of explorers is amazing. What is Possible - Never Never Discovery. The Never Never discovery by Spartan Resources (Figure 9) is a great example as it was right next to a mined out Gidney's pit which was not the most economical story. Figure 9: The Never Never discovery by Spartan was a significant value adding process for shareholders of Spartan Resources Limited which later merged with Ramelius Resources Limited (ASX: RMS). (source: Spartan Resources Limited). This discovery was significant in the sensed that the project and hence the company was taken out of administration and with the guidance of Simon Lawson, it was history in the making for this industry. Figure 10 below probably highlight the significance of the discovery which I assumed stems from having someone with the pedigree of a Simoon Lawson who was part of the Northern Star culture of developing and having the skillset to understand datasets. Figure 10: The Never Never MRE highlighting the significance of looking at historical data and understanding the significance.. (source: Spartan Resources Limited). As I understand, the Spartan story was borned out of the failed company called Dalgaranga Resources which had the same tenure in which Never Never was discovered. I would assume that there was a rethinking coupled with an ability to look at historical data and probably some inside understanding of geological controls that led to the discovery. Spartan was then merged with Ramelius Resources Limited (ASX:RMS) for a deal about AUD $1.5B as a result of the Never Never discovery. The Discovery of Pegasus and Hemi. Another two obvious great discoveries that come to mind that had heaps of drilling all around it is Pegasus and Hemi. Who would have thought that millions of ounces (Hemi with 10 Moz and Pegasus with 1 Moz plus and up to another 3 Moz attributed to the initial discovery) would be found within an array of existing historical drilling( Figure 11). Figure 11: The Before and After for the discovery of the Pegasus Gold Deposit. (source: Northern Star Resources). Pegasus is located within the Kundana gold operations and was recently moved on to Evolution Mining Limited (ASX: EVN) from it s last part owner Northern Star Resources Limited (ASX: NST). If I am not mistaken, it is now called the Mungari project. The Hemi discovery is very similar to except that the was a discovery of over 10 Moz of gold over the 3 to 4 years of drilling since discovery in 2020. Likewise, the company was eventually bought out for over AUD $4B recently by Northern Star Resources Limited (ASX: NST). Figure 12: The before and after diagram of the discovery of the Hemi gold deposit by De Grey Mining Limited. (source; De Grey Mining Limited). Hemi was in amongst known and mined out pits with resources. There was absolutely no love given to those isolated resources and it amounted to over 1M oz of gold. There was literally thousands of metres of drilling and it was a known province of gold mineralisation and it took a stroke of "whatever" after all those years for Hemi to be discovered. When I mean a stroke of luck, it was someone or some group had probably looked at the dataset and looked at it from a different angle coupled with a different view of potential orientation of mineralisation. Consideration for Potential Investors and Existing Shareholders. In conclusion, my thoughts on the E79 deal is one of optimism and 'in the game of mineral exploration, the correct strategy with the right passion for discovery will be the key moving forward. Bringing in Glenn Martin with experience in the region is a big plus and as he is coming in with the project, I hope there is more in the connection than it appears. I hope he is bringing in the secret sauce. Hopefully Glen has the inside running on what may be in the project and reduces the guesswork and improves the target ranking. A modest raise is good to show that we can at least get to first-pass drilling. In Figure 3, there looks like enough data to get the thinking juice happening and if one takes the view that the previous operators at Pegasus, hemi or Never Never, it will be interesting.. Historical data can do two things, create red hearings or give you enough information to see if there is an alternative thought on where potential places of mineralisation. It is aliso very important to note that it does not cost a lot to have a "small drilling" program come up with results that turns a mouse into a giant elephant. It does take "out of the box thinking" and with the likes of the management in place, I have confidence that is in their DNA. One cannot fault the courage to persevere and having the "cricket balls" to proceed. Inreality, there are no secrets in the next steps. If E79 can tick boxes in sequence, as the story graduates from address to discovery, the market will start to pay attention. Timing is good for E79 and I think the acquisition is in step with affordability, so that is a good sign for the market. It is still an early stage, but with a Gold price surging as it is, good exploration results will give shareholders some reprieve from the past. As I am now a shareholder of the company, I will be making sure E79 is on my watchlist. I am working on getting Mr Ned back on a Coffee with Samso sometime soon. 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 Do the work—read the source, test the claims, map the risks, and let evidence (not noise) guide your conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.