Announcement Resolution Footwall Delivers High Grade Results 3 Dec 2025 (click here to view the announcement) Aureka Limited (ASX: AKA) has delivered another strong set of drilling results from the Irvine Project within the Stawell Gold Corridor of Western Victoria (Figure 1). Figure 1: Location of the Stawell Gold Corridor (source: AKA). The new assays from RD048, drilled in September–October 2025, confirm high-grade gold mineralisation along a newly identified Footwall Vein, located immediately southeast and down-plunge from the existing 304 koz @ 2.43 g/t Au Inferred Resource (Figure 2). Figure 2: Fine visible gold from hole RD048 at 492.18m, within 5.66m @ 6.13g/t Au from 489.34m (Incl 0.38m @ 85.8g/t Au from 492.18m. (source: AKA). The Business of the Company: Focus – All About Gold Aureka continues to focus on systematic structural modelling and targeted drilling across the Resolution and Tenacity Fault zones at the Irvine Project. The program aims to expand the 304 koz Inferred Resource by testing along-strike and down-plunge extensions and identifying new high-grade structures within both the hanging wall and footwall environments (Figure 3). Figure 3: Resolution Long Section with drilling outside the 304koz JORC Resource (source: AKA). Highlights – New High-Grade Footwall Vein Confirmed at Irvine (Figure 4) Figure 4: High-grade intercept schematic for RD048 and RD047 (source: AKA). 5.66m @ 6.13 g/t Au from 489.34m, including 0.38m @ 85.8 g/t Au, intercepted within the newly identified Resolution Footwall Vein. Confirms a second high-grade gold zone, complementing the earlier 10m @ 12.1 g/t Au from 413m, including 0.3m @ 183 g/t Au and 0.3m @ 64.3 g/t Au in the Tenacity Hanging Wall Fault. The high-grade intercept sits 70m below the mineralisation previously reported in October 2025. Results demonstrate 135m of potential strike continuity between RD047 (August 2025) and RD048. Mineralisation occurs within a south-east dipping quartz vein, hosted in weakly metamorphosed sediments with arsenopyrite-rich sulphide zones. Drilling continues to reinforce broad structural complexity, enhancing the likelihood of multiple high-grade veins within the Resolution system. Leadership Commentary Aureka’s Managing Director, James Gurry, commented: “Our focus on persistent drilling and ongoing geological updates at Irvine continues to deliver high grade intercepts beyond the current 304koz Mineral Resource area3. This new foot wall structure represents a fantastic target for additional drilling and comes so soon after the Tenacity Hanging Wall Fault delivered us some of the highest grades since discovery on the project.” Aureka’s Exploration Manager, Jozef Story, commented: “The geology team are continuing to update and develop a new robust geological model at Irvine which is driving our exploration targeting and culminating in exploration success. The most recent high grade drill results from RD048 are a prime example. RD048 drilling was extended by a further 80m to test the potential along strike propagation of the high-grade Foot Wall hosted mineralised vein – previously identified within hole RD047 drilled 135m to the north. This resulted in the successful intersection of additional highgrade mineralisation along the extrapolated Foot Wall vein, demonstrating approximately 135m of potential mineralisation strike length continuity between RD047 and RD048, and with further development of our geological understanding, has identified a new targeting opportunity for additional high-grade Foot Wall structures that are yet to be thoroughly assessed. The Resolution lode at the Irvine Project continues to deliver exploration success for Aureka and demonstrates ongoing upside with multiple mineralised extensions unveiled in this year’s drilling” About the Project The Irvine Gold Project is located 16km south of the operating Stawell Gold Mine, within Victoria’s world-class Stawell Gold Corridor. More than $13 million has been spent on the project to date, delivering: A JORC Inferred Resource of 304koz @ 2.43 g/t Au (Table 1) An Exploration Target of 280–420koz @ 2–3 g/t Au. Table 1: Irvine Project estimated Mineral Resources in accordance with the 2012 edition of JORC Code. Gold at Irvine is hosted within a steep west-dipping shear system on the margins of the Irvine basalt dome, with mineralisation controlled by rheological contrasts between sheared basalts and meta-sediments (Figure 5). Figure 5: Long Projection showing significant intercepts (source: AKA). Near-term Milestones to Watch Continued drilling through the summer across the Resolution Footwall and Tenacity Hanging Wall structures. Infill drilling between the southern boundary of the current JORC Resource and Step-Out zones. Targeting down-plunge extensions along both the Footwall Vein and the Tenacity Fault. Ongoing refinement of the structural model, focusing on permeability-enhanced geological positions. Potential resource expansion beyond the current 304 koz @ 2.43 g/t Au. Samso Concluding Comments The technical narrative emerging from the Irvine Project is one of refinement and expansion. The updated structural interpretation has shifted the plunge orientation from 35° to a shallower 20–25°, which could be a crucial adjustment that now guides drilling more effectively into the mineralised corridors. These subtle but important discoveries often mark the turning point in maturing gold systems. From a Stawell Corridor perspective, the similarities to known high-grade analogues such as Magdala reinforce the potential for a long-life structural gold system. Aureka’s capability to integrate geophysics, detailed structural logging, and oriented core data supports a geological approach aligned with the region’s most successful explorers. The high-grade intercepts reported here—particularly the 85.8 g/t Au hit within the Footwall Vein. According to the company, these grades are not isolated events and are part of a progressively emerging pattern. If these patterns can be repeated, then the concept of scale can start to be discussed. Looking ahead, the next phase of drilling across the southern extensions and step-out zones will be pivotal. If continuity along both the Footwall and Tenacity structures is maintained or improved, Aureka could soon be reassessing the scale of its gold inventory at Irvine. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) The Samso Way – Seek the Research Always follow the evidence, and let the geology tell its story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement AuMEGA Identifies Several Gold and Base Metals Targets – 8 January 2026 (view the announcement) AuMEGA has been on our platform for many years and the first time we covered them was on the 30th April 2020 before they transformed into a Iain Murray (former Chair of Gold Road Resources Limited) led team and we had a Coffee with Samso in May 7th 2022 "Matador Mining Limited (ASX: MZZ) -The Birth of a Tier-1 Gold Miner". Matador then transitioned into AuMEGA, and Sam Pazuki was introduced to the ASX and the incoming Chair and Managing Director of Matador Mining, "The transitioning of Leadership - Strengthening Management for Success - Matador Mining Limited -MZZ" (which later became AuMEGA Metals Limited). When you look at the transition over that period, from 2020 to 2026, it is still in an exploration stage, but it has very big hitters in their shareholding. The B2Gold Corp investment has given AuMEGA a profile that is the envy of most mineral explorers. For this reason, the Samso platform fully understands that in the game of looking for that holy grail of a mineralised and economical gold deposit, one needs shareholders who understand the word patience and have the ability to sustain capital for mineral exploration drilling. AuMEGA has those two key components, and for this reason, the Samso platform is continuing our coverage, especially in a market that has a surging gold price. Readers also need to understand that AuMEGA has over 800K ounces of gold resource as well. AuMEGA Metals Ltd (ASX: AAM) has reported the results of its 2025 surficial till geochemistry and geological mapping program at the Bunker Hill Project, located within the Company’s 110-kilometre district-scale landholding along the Cape Ray Shear Zone (CRSZ) in southwestern Newfoundland, Canada (Figure 1). Figure 1: AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage Flexure (Source: AAM) The work provides a materially improved understanding of structural controls, system scale, and target prioritisation across Bunker Hill, reinforcing the project’s underexplored potential. The Business of AuMEGA Metals Limited: Looking for Gold. Advancing a district-scale exploration strategy across Newfoundland. Core landholding spans 110 kilometres along the Cape Ray Shear Zone, a major underexplored gold structure. Exploration approach integrates surficial geochemistry, structural interpretation, and geological mapping. Strategy focused on refining high-conviction drill targets ahead of capital-efficient drilling programs. Bunker Hill Project is a core asset within the portfolio. Bunker Hill represents a large, structurally complex system with limited historical drilling relative to its scale. Highlights – Structural Corridors Define High-Conviction Gold and Polymetallic Targets A multi-kilometre gold trend has been defined along the Branch Fault Corridor, a major structure linked to the CRSZ, with minimal historical drilling despite proximity to a previous 1.84 g/t gold intercept. Figure 2: 2025 surficial geochemical program results (gold-in-till over magnetics) (Source: AAM) Gold-in-till responses demonstrate continuity and strength, particularly where Branch Fault splays intersect northwest-trending structural lineaments, a pattern now recognised across the project (Figure 3). Figure 3: Gold-in-till results filtered to >20 ppb Au (source: AAM) The Nitty Gritty area is emerging as a polymetallic target zone, supported by elevated copper, lead, zinc, and silver responses a nd historical high-grade surface samples. Re-logging at Nitty Gritty has identified previously unrecognised intrusive textures, materially changing the geological model and reopening the area for follow-up. A priority target zone at Bunker Hill West has been established, aligned with repeatable northwest–southeast structural orientations observed across multiple corridors. Additional target areas to the north and southeast highlight broader system scale and reinforce the district-wide structural interpretation. 2026 work programs will prioritise high-conviction drill targets, focusing on scale, structural control, and geological confidence. Leadership Commentary AuMEGA Metal’s Managing Director and CEO, Sam Pazuki, commented: “The winter drilling at Bunker Hill in the first quarter of 2025 gave us a starting point. The surficial geochemistry has filled in the missing context and provided more encouraging data. We are dealing with a much larger, more connected system than originally interpreted. We’re now seeing multiple and broad gold and base metals responses along major structural corridors that are significantly underexplored. “What stands out is how the new data ties together with previous data from the limited drilling and historic exploration work with entirely new, previously unrecognised trends emerging. This has expanded our opportunities and tightened our focus whereby we’re not just adding targets, we’re upgrading the quality of the targets. “The broader Nitty Gritty area is the best example of that shift. While earlier drilling didn’t return economic hits, the re-logging has revealed intrusive textures that were missed the first time around. Combine that with elevated copper, lead, zinc and silver responses and historical high-grade surface till and grab samples, and it’s emerging as a legitimate polymetallic opportunity. That changes the conversation for this part of the project. “We are integrating the entire 2025 dataset, ranking our growing list of targets, and positioning ourselves for focused drill programs in 2026. The work completed last year has materially increased our confidence in where capital should be deployed, and we’re now in a stronger position to pursue a more meaningful outcome at Bunker Hill.” About the Project The Bunker Hill Project lies within the Cape Ray Shear Zone, Newfoundland’s largest identified gold structure. The 2025 program comprised 2,812 till samples across 3,301 stations, collected on systematic grids and integrated with geological mapping and previous airborne magnetics: Multi-element anomalies are supported by historical high-grade surface samples, expanding the exploration focus beyond gold. Surficial geochemistry highlights elevated copper, lead, zinc, and silver responses. 🔹Copper-in-till results at Bunker Hill highlight coherent copper anomalies aligned with key structural corridors (Figure 4), including the Nitty Gritty and additional copper target areas, reinforcing the project’s emerging polymetallic potential. Figure 4: Copper-in-till results (source: AAM) 🔹Lead-in-till results at Bunker Hill show elevated lead responses coincident with key structural trends and the Nitty Gritty target area (Figure 5), supporting the emerging polymetallic signature identified across the project. Figure 5: Lead-in-till results (source: AAM) 🔹Zinc-in-till results at Bunker Hill show coherent zinc anomalies aligned with key structural corridors (Figure 6), particularly around the Nitty Gritty target area, further reinforcing the project’s emerging polymetallic signature. Figure 6: Zinc-in-till results (source: AAM) 🔹Silver-in-till results at Bunker Hill outline elevated silver responses that coincide with key structural corridors and the Nitty Gritty target area (Figure 7), strengthening the interpretation of a coherent polymetallic system across the project. Figure 7: Silver-in-till results (source: AAM) This dataset has improved source attribution for gold and base metals, supporting more disciplined and targeted drill planning across structurally favourable corridors. Near-term Milestones to Watch Extension of till sampling and mapping north of the Branch Fault Corridor Regional surficial geochemistry towards the Intersection Prospect Detailed 1:5,000 geological mapping and channel sampling over priority anomalies Focused diamond drilling program planned for summer 2026 targeting high-conviction areas Pending assays from Isle aux Morts Granite, Hermitage geochemical surveys, and Cape Ray drilling, expected in Q1 2026 Samso Concluding Comments The announcements are outlining an emerging structure-driven mineralisation. The Branch Fault Corridor and its splays are no longer conceptual features as there is now coherent data and geochemical responses. The polymetallic potential at Nitty Gritty adds to the Bunker Hill story. While still early-stage, the combination of base metals, silver, and intrusive textures broadens the exploration optionality. The consistency of northwest–southeast structural trends across multiple corridors suggests a district-scale control rather than isolated anomalies. That observation materially elevates the exploration thesis. Scale is always your friend in mineral exploration. For investors, this is a reminder that patient, methodical exploration can unlock value not through headlines, but through understanding the system. Bunker Hill is now being advanced with that mindset. Market Implications AAM has a market capitalisation of AUD $31.56M as of the 9th January 2025, which is not really high for a company that has over 800K ounces of gold resource and a major shareholder like B2Gold. There is support from high net worths to keep the exploration programs going, and this is very important. As far as the market sentiment, it is plainly obvious that the gold explorers have the attention. By the looks of things, 2026 is also going to be a good year for gold explorers. Figure 8: AAM share price chart as of 9th January 2025. (source: CommSec) The share price chart you see in Figure 8 shows a fairly decent zone of buy and sell, and I am sure that the market is going to respond to good results when they come to the market, or not. 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 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.

September 2026 saw a series of tungsten investment and supply agreements, led by US$450 million in US government funding committed to Elmet Group and a separate defence stockpile contract capped at US$2 billion (Figure 1). The announcements covered mining, chemical processing and manufacturing, with projects in Australia, Britain, Vietnam and the United States. ASX-listed EQ Resources (ASX: EQR) signed a framework agreement for a Nevada processing venture, while Elmet secured arrangements with Vietnam’s Masan High-Tech Materials and Britain’s Tungsten West. US funding also extended to the Redmoor tungsten project in Cornwall. Key Highlights US government commits US$450 million to Elmet’s tungsten expansion. Separate stockpile contract includes US$150 million in guaranteed funding. EQR agrees to participate in a US processing venture and eight-year supply arrangement. British projects secure an offtake agreement and development funding. European APT remains elevated at US$2,700–2,900 per metric tonne unit in a 28 September report. US funding covers production and stockpiling Elmet announced the government investment in September, with funding directed towards expanding tungsten mining, processing and manufacturing capacity. The agreement provides for an initial US$200 million drawdown at closing, followed by further drawdowns. The separate Defence Logistics Agency contract covers tungsten ores, concentrates and sodium tungstate. Its US$2 billion ceiling represents potential orders, with US$150 million guaranteed and funded. The base ordering period runs through August 2031, with an option to extend through August 2033. Elmet said stockpile deliveries would begin when sufficient additional supply became available through mining investments, offtake agreements and processing expansions. Its investment programme includes the proposed restart and expansion of APT conversion capacity at the Springer complex in Nevada. At month's end, Elmet Technologies announced another US$36 million contract to supply molybdenum and tungsten aerospace materials to the National Defense Stockpile. Products include specialised wire and alloy billets, bars and ingots used in jet-engine components and other aerospace applications. EQ Resources secures a role in US processing At home, EQR announced a binding framework agreement on 15 September with Elmet and Blue Moon Metals to restart the 4,000-tonne-per-year Springer APT plant. The proposed ownership structure gives Elmet 70%, Blue Moon 20% and EQR 10%. Elmet is to fund the first US$75 million of restart expenditure. The framework includes an eight-year, spot-priced offtake arrangement for 4,000 tonnes in aggregate of contained tungsten trioxide in concentrate from EQR, beginning after commissioning. EQR would also gain access to up to 1,000 tonnes annually of APT processing capacity during the first five operating years, alongside a technical role in engineering and project delivery. Implementation remained subject to definitive agreements at the announcement date. Vietnam and Britain secure long-term supply agreements On 23 September, Elmet announced an agreement to acquire 4.99% of Masan High-Tech Materials for US$124.75 million. Associated commercial agreements cover tungsten from the Nui Phao mine and conversion services at Masan’s refining complex in Vietnam. Completion was subject to approvals and other closing conditions when announced. A day earlier, Elmet announced a long-term offtake agreement with Tungsten West, covering expected deliveries exceeding 1,000 tonnes annually of tungsten trioxide equivalent from the Hemerdon mine in Devon. Hemerdon had initiated processing and was targeting full-scale production by the end of the first quarter of 2027. Material supplied to Elmet is to be converted through its allied refining network before downstream manufacturing. Redmoor receives US backing; Almonty targets mine tailings On 28 September, Strategic Minerals announced US$9.25 million in US government funding for its Cornwall Resources subsidiary to advance the Redmoor tungsten-copper-tin project. The non-dilutive funding supports drilling, resource updates, metallurgical work, engineering and feasibility studies. The programme targets completion of technical and commercial work towards a final investment decision within 32 months of the agreed programme start. Separately, Almonty Industries announced on 17 September a supply agreement with Sandvik subsidiary Wolfram Bergbau und Hütten to recover tungsten from existing tailings at the Los Santos mine in Spain. The multi-year, take-or-pay agreement covers at least approximately 1,720 tonnes of contained tungsten trioxide and includes a conditional US$3 million upfront payment for offtake rights. Production depends on restarting the processing plant. September prices: elevated overseas, weaker in China A 15 September market report citing Chinatungsten Online quoted European APT at US$2,900–3,000 per metric tonne (Figure 2). The report put prices 204.4% above the beginning of 2026, although 10.8% below recent highs. Chinese domestic APT was quoted separately at RMB590,000–600,000 per tonne, amid subdued buying and pressure on processing margins. The figures show that high international prices persisted into late September, alongside softer Chinese domestic conditions. They refer to APT, a processed tungsten intermediate, rather than tungsten concentrate. January 2027 procurement deadline approaches September ended with approximately three months remaining before expanded US defence sourcing restrictions take effect. From 1 January 2027, DFARS clause 252.225-7052 extends restrictions upstream to mining and feedstock production for covered tungsten materials originating in China, Russia, North Korea and Iran. The clause covers tungsten metal powder, heavy alloys and specified components, subject to exceptions. It applies to covered defence procurement rather than all commercial tungsten imports. The effective date is January 2027. Samso Concluding Comments September’s agreements give investors specific developments to assess: committed funding, processing capacity, offtake volumes and commissioning schedules. For ASX tungsten companies, the commercial opportunity depends on delivering compliant material at competitive costs. Government backing and higher benchmarks can support project economics, but production performance and realised margins will determine shareholder outcomes. Previous Samso Coverage of Tungsten Samso has written on tungsten since 2018. The pieces below are the ones closest to this month’s developments, newest first. The entry marked in gold is a Coffee with Samso interview rather than a written piece. 14 SEPTEMBER 2026 Priced by Three Eras: what the 2026 price regime does to a century-old tin and tungsten field The third note in the Eastern Australia tin and tungsten series. It prices the fields that the first two parts mapped and tested. 31 AUGUST 2026 The Known Tin and Tungsten Fields of Eastern Australia, Part 1 of 3 Why the tin and tungsten fields of Eastern Australia have been long known but underdeveloped. 3 AUGUST 2026 US shuts the back door on Chinese defence metals, and Australian tungsten is suddenly in play The 1 January 2027 US defence sourcing deadline, and where Australian producers sit against it. 10 JANUARY 2026 A Real Critical Metal Narrative For 2026 - The Year a Minor Metal becomes a Strategic Lever - An Investor's dream with Global Low Inventory and a Surging Demand - Tungsten The tungsten outlook Samso wrote at the start of 2026, on low global inventory and rising demand. COFFEE WITH SAMSO 29 NOVEMBER 2025 Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten An interview with Oliver Frieson, CEO and Executive Director of Guardian Metals Resources PLC, on tungsten. 17 SEPTEMBER 2025 https://www.samso.com.au/post/eq-resources-ltd-asx-eqr-saloro-commissions-3rd-xrt-ore-sorter-tungsten An operations update from EQ Resources on its Saloro tungsten mine in Spain. 13 JULY 2025 EQ Resources Advances Its Regional Tungsten Hub Strategy and Completes Placement of AUD $4M - US EXIM Bank Supports Mt Carbine with up to USD $34M Debt Facility. Ore sorting trial results at the Wolfram Camp Project, a placement, and US EXIM Bank debt support for Mt Carbine. 25 MAY 2025 Tungsten: The Quiet Giant – Market Trends and Investment Pathways. An overview of the tungsten market and why Samso keeps the metal on its watchlist. VOCABULARY APT. Ammonium paratungstate. A white powder made by chemically refining tungsten concentrate. It is the main form in which tungsten is traded and priced. Concentrate. The product of a mine’s processing plant, where the tungsten minerals have been separated from most of the waste rock. Tungsten trioxide (WO3). The oxide of tungsten. Grades, tonnages and prices in the tungsten industry are usually quoted by the tungsten trioxide a material contains. Metric tonne unit (mtu). A pricing unit for tungsten. One metric tonne unit is 10 kilograms of tungsten trioxide, which is one per cent of a tonne. Offtake agreement. A contract in which a buyer agrees to purchase a set amount of a producer’s future output. Take-or-pay. A contract term under which the buyer pays for an agreed volume whether or not it takes delivery. Framework agreement. An agreement that sets out the main terms of a deal, with the detailed contracts to follow. Non-dilutive funding. Funding that does not involve issuing new shares, so existing shareholders keep the same percentage of the company. Tailings. The finely ground material left over after a processing plant has taken out the minerals it was built to recover. Final investment decision. The point at which a company’s board commits the money to build a project. DFARS. The Defense Federal Acquisition Regulation Supplement, the rules the US Department of Defense applies to its purchasing. Cover photo: Scheelite 1, Géry Parent. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite_1.jpg). Scheelite is a tungsten ore mineral. Reproduced photograph, shown under the Samso News blue glass on the article thumbnail. 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. Investors can explore our four core platforms: Coffee with Samso Samso Insights Samso News Samso Research 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 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. 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, Samso Insights, Samso News and Samso Research are four ways into the same work. Interviews, long-form research, short takes on announcements and company-specific studies. Every one of them is about how to think about investing rather than what to buy. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies Samso News is independent research commentary for general information only. Nothing in this article is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed. Market-sensitive numbers change daily. Samso or associated parties may hold positions in, or have commercial arrangements with, companies mentioned. Seek professional advice before making investment decisions. © Samso 2026 · samso.com.au

Announcement Henty throughput rates up to 33% above nameplate 20 October 2025 Kaiser Reef Limited (ASX: KAU) has reported materially higher processing performance and a coordinated ramp-up program at the Henty Gold Mine in Tasmania (Figure 1), alongside actions to de-bottleneck underground access, modernise the fleet, and accelerate resource growth drilling. Management frames these steps as critical to lowering unit costs and underpinning near-term Reserve calculations. Figure 1: Henty project location (source: KAU) Highlights - A Gold Production Story Processing rate tested at ~400,000 tpa — up to 33% above the 300,000 tpa nameplate, achieved without major infrastructure changes; circuit fine-tuning continues. Decline de-bottlenecking in progress — floor stripping equipment on site; a decline bypass is underway (also providing additional ore access), enabling larger trucks and removing a life-of-mine production constraint. Fleet uplift committed — jumbo fleet now standardised to twin-boom jumbos; larger trucks and loaders on order; OEM equipment finance secured with no significant effect on cash balance. Second underground diamond rig commissioned — dedicated capacity to target resource additions and extensions, initially the Cradle Zone above a large portion of the mine. Context — Henty Mineral Resource 449 koz @ 3.4 g/t Au; Ore Reserve 154 koz @ 4.0 g/t Au; updated 2025 Resource & Reserve statement is “due shortly.” Kaiser’s Managing Director, Brad Valiukas, commented: “We continue to see significant upside at Henty, and I’m very pleased with the progress to date. Increasing the processing rate, de-bottlenecking the decline and bringing in more productive equipment are key improvements to drive down unit costs per tonne across the business, noting that a large portion of Henty’s costs are considered fixed. “We are looking to build both mine life and resilience at Henty over the next 12 months. Our 2025 Resource and Reserve statement is due shortly, and productivity and unit costs are important to Reserve calculations. “Bringing in the second underground diamond drill rig gives us dedicated capacity, targeting Resource growth beyond the rate of depletion for mining and, subject to success, further extensions of mine life.” Processing: What Changed and Why It Matters Kaiser attributes the higher throughput to several incremental, practical modifications: Circuit water balance & distribution changes. Cyclone operation tweaks that improved material classification. Cyanide detox capacity increased by converting a water tank to additional reactor capacity (back end of circuit). Mobile secondary crusher (on hire) to reduce feed size. These measures collectively allowed the recent throughput trials to demonstrate sustained operation well above historical rates (~20 years at/near nameplate). The Company plans progressive upgrades to plant items (pumps/screens) historically tuned to 300 ktpa as it fine-tunes for higher sustained rates. Underground: Removing the Bottlenecks A targeted decline bypass and floor-stripping campaign addresses geometry constraints that have limited haulage. Management expects the works to enable larger trucks, remove a life-of-mine production constraint, and lift overall material movement capacity. The bypass also accesses additional ore, adding operational flexibility. Fleet & Financing Standardising to twin-boom jumbos and introducing larger trucks/loaders aims to increase development and haulage productivity. OEM equipment finance is in place and is not expected to materially impact cash, aligning capital efficiency with the ramp-up timeline. Drilling: Building Life and Resilience A second underground diamond rig is now operational. Initial focus is the Cradle Zone, strategically positioned above a large portion of the mine. The goal is to add and extend resources beyond depletion rates, supporting mine-life growth and Reserve renewal. Why This Matters (Operational Take) Throughput uplift + haulage capacity → lowers unit cost per tonne where a large cost base is fixed. Fleet modernisation → productivity leverage during ramp-up. Dedicated drilling → optionality for Resource/Reserve growth heading into the 2025 statement. About Kaiser Reef Kaiser is a profitable ASX-listed gold producer with Henty (Tas.) (Figure 2) and Maldon (Vic.) assets. Henty hosts a 300 ktpa plant (tested to ~400 ktpa run-rate in trials), 449 koz @ 3.4 g/t Resource and 154 koz @ 4.0 g/t Reserve. In Victoria, the Maldon project (including Union Hill at 186 koz @ 4.4 g/t) and a 200 ktpa plant complement the portfolio; the A1 Gold Mine is being transitioned to care and maintenance. Figure 2: – Henty Project Map And Resources (source: KAU) Samso Concluding Comments Henty’s processing uplift is the first real signal that KAU can squeeze more out of an existing plant without heavy capex. When a circuit consistently tests 30%+ above nameplate, the path to lower unit costs becomes tangible rather than theoretical. This was always going to happen. As they say, a loved asset is always going to be treated with more care than one that is not loved. Removing the decline bottleneck and standardising the fleet is the unglamorous work that actually changes tonnes moved per day. If the bypass and bigger trucks deliver as planned, throughput gains at the mill can translate into sustained mine output—closing the classic gap between nameplate and reality. When you have a seasoned operator like Brad going through the details, items such as the second underground rig are the quiet catalyst. Extending resources ahead of depletion is what protects cash flow, supports Reserve renewal, and buys time for optimisation to compound. The initial focus on the Cradle Zone adds sensible near-mine ounces to the critical path rather than chasing far-flung targets. There have been recent announcements that have been released since this Samso News was published, but a good understanding of the steps is a good foundation for understanding the Kaiser story. Execution is now the story. Keep an eye on how quickly the haulage upgrade bites, whether higher mill rates are maintained without recovery slippage, and how the drill bit converts into Resources/Reserves. If these pieces hold together, the investment case shifts from turnaround potential to operating leverage. DYOR. 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 anchor your view in the source documents, track the numbers, not the noise, and DYOR before you make any call. 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 Springfield Gold Deposit Due Diligence Update 29 October 2025 Thunderbird Resources Limited (ASX: THB) has updated its due diligence on the Springfield Gold Deposit in NSW (Figure 1), and the take-home is simple: very limited historical drilling has already cut thick, shallow gold, and the geology points to a much larger mineralised system along a 7 km structural corridor. Systematic geochem in mid-November will set up a maiden drill program immediately after assays are received. Figure 1: The Location of Springfield Gold Deposit in NSW and LM2’s other projects in relation to Thunderbird’s existing Rockvale and Kookabookra Gold-Antimony Projects. (source: THB) Highlights - A New Gold System Exploration potential upgraded: Multiple geological indicators suggest the known Springfield mineralisation forms part of a significantly larger system with outstanding upside. Compelling historical intercepts from minimal drilling (~6,568 m total): 27.0 m @ 3.65 g/t Au from surface (incl. 6.0 m @ 8.29 g/t from 1.0 m; 3.0 m @ 9.23 g/t from 11.0 m) 86.0 m @ 1.04 g/t Au from 104.0 m (incl. 12.0 m @ 2.90 g/t from 160.0 m; 26.0 m @ 1.83 g/t from 146.0 m) 65.0 m @ 1.16 g/t Au from 2.0 m (incl. 13.0 m @ 2.92 g/t from 12.0 m) 41.0 m @ 1.47 g/t Au from 22.0 m (incl. 8.0 m @ 3.87 g/t from 32.0 m) 43.0 m @ 0.96 g/t Au from surface (incl. 15.0 m @ 1.81 g/t from 26.0 m) 29.0 m @ 1.32 g/t Au from 4.0 m (incl. 2.0 m @ 4.61 g/t from 4.0 m; 7.0 m @ 2.51 g/t from 14.0 m) 12.0 m @ 2.78 g/t Au from 25.0 m (incl. 4.0 m @ 6.63 g/t from 31.0 m). System-scale targeting: Deposit sits inside a north-south corridor >7 km bounded by the Mt Galambine and Magpie Hill faults; mineralisation/alteration in core is pervasive (Figure 2). Figure 2: The Location of Springfield Gold Deposit in NSW and LM2’s other projects in relation to Thunderbird’s existing Rockvale and Kookabookra Gold-Antimony Projects. (source: THB) Pathfinders matter: Arsenic–gold association is strong; shallow air-core shows broad arsenic anomalism over ~1.7 km of mapped monzodiorite, strongest and open to the south, pointing to high-priority drill targets. Imminent work: Project-wide soil sampling scheduled to start mid-November 2025 (contractor engaged), with maiden drilling to commence immediately after assays (Company anticipates January 2026). Process items: Due diligence targeted for completion before the AGM on 19 November 2025; new land access agreement expected early-November. The Story Asset & setting. Thunderbird has signed a binding share sale agreement to acquire 100% of the Springfield Gold Deposit in central NSW (Figure 2). Historical mapping and shallow drilling outline a well-mineralised intrusion over >1,700 m strike, with mineralisation open along strike and at depth; no drilling since 1999. Figure 3: Readily accessible, open grazing land at the Springfield Gold Deposit and Springfield North Prospect. (source: THB) What the site work shows (Figure 4). Executive Chairman and Senior Geologist reviewed 1999 diamond core: thick intervals of visual sulphides/alteration consistent with a large hydrothermal system. Structurally, Springfield sits inside a 7 km corridor bracketed by two north-south faults—prime architecture for fluid focusing and scale. Figure 4: Geologists assessing historical diamond drill core from the Springfield Gold Deposit, NSW. (source: THB) Geochem vectoring. A close Au–As association is evident. Shallow AC coverage shows continuous arsenic anomalism across the corridor, with the southern end both strongest and open, underscoring immediate step-out potential. Modern, systematic soils have never been run here—low-cost, high-impact work that can rapidly rank targets (Figure 5). Figure 5: Readily accessible, open grazing land at the Springfield Gold Deposit and Springfield North Prospect. (source: THB) Near-Term Program & Milestones Soil geochemistry (project-wide): Starts mid-November 2025; modern multi-element methods to delineate extensions and rank drill targets. Targeting & prioritisation: Drill collaring to follow receipt of soil assays, with the highest-priority targets first. Drilling anticipated January 2026 (subject to assays/logistics). Corporate/process: Due diligence to complete pre-AGM (19 Nov 2025); new access agreement expected early-November. What Does Samso Like? Scale indicators line up: Wide, shallow gold from sparse drilling + corridor-scale structure + pervasive alteration = system capacity. The southern open anomaly is a natural first test. Efficient de-risking: Modern soils on a farm-access project is an efficient vectoring tool ahead of drilling—time and dollars spent where it counts. Clear cadence: Soils → assays → maiden drilling gives a clean news pathway into early 2026. Samso Concluding Comments This update does the important work of reframing Springfield from a set of good historical hits into a corridor-scale opportunity with modern vectoring. The Au–As relationship and continuous arsenic anomalism make the geochem program particularly meaningful in ranking drill-ready domains. For investors, the context is limited historical metres delivering thickness and grade—that typically argues for system strength rather than isolated luck. The structural picture—two bounding faults over ~7 km—supports this thesis. The path forward is now about drilling the southern open anomaly alongside near-deposit extensions. Access to the land is important, and this could be what will delay the story (Figure 6). Figure 6: THB share price chart as of 14th November 2025. (source: CommSec) For readers, the DYOR process is highly recommended, as this is still an early-stage story. As we write this Samso News on the 14th November, the general ASX market sentiment is lower, and there is no rush to get in at this stage. This is a CPS Capital-sponsored stock, so if there was urgency, it would be to get into position before the "pump" happens. Cover photo: Grabill - Open cut in the great Homestake mine, at Lead City, Dakota, John Grabill. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Grabill_-_Open_cut_in_the_great_Homestake_mine,_at_Lead_City,_Dakota.jpg) The Samso Way – Seek the Research Read the original announcement and figures, scrutinise the data tables and methods, and build your own view—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.

E79 Gold Mines Limited (ASX: E79) has sharpened the Mountain Home Copper–Gold (Figure 1) story in the NT with a simple but telling update (23 October 2025): fresh mapping plus 24 rock-chip samples have pushed high-grade copper outside the known gossan and onto parallel trends. With assays up to 35.9% Cu and Cu-Au-Bi mineralisation tracking along sinistral brittle faults, the footprint now looks more like a structural corridor than a single showing. Access has been secured, heritage fieldwork is done with approvals expected in the December quarter, and a co-funded airborne gravity survey over ~350 km² is booked for December—setting the stage to convert surface vectors into 2026 drill targets. In short, it’s scale plus structure, and the next datasets should tell us how big this system might be or not. Figure 1: Location map of the Mountain Home Project within the McArthur and Carpentaria Basins. (source: E79) Announcement Outstanding HighGrade Copper Rock Chips & Expanded Footprint 23 October 2025 Highlights - Finding a new Copper-Gold Mineral System Reconnaissance mapping and 24 rock-chip samples returned multiple high-grade copper assays, extending mineralisation around the Mountain Home Gossan. Key results include: MHR040: 35.9% Cu, MHR037: 32.5% Cu, MHR039: 18.55% Cu (gossan area). Step-outs recording MHR036: 24.3% Cu & 0.11 g/t Au (≈200 m south), MHR038: 22.5% Cu & 1.56 g/t Au (parallel trend ≈150–200 m west), MHR049: 2.53% Cu (parallel trend ≈950 m north). Access agreement signed with the local pastoralist; heritage survey fieldwork completed with approvals expected in December quarter 2025, enabling initial drilling in 2026 post-wet season. Co-funded airborne gravity survey over ~350 km² scheduled to commence December 2025 (NT Government GDC support, up to $150k). Separate RC drilling grant up to $100k applied to extend to May 2026. Mapping indicates brittle, sinistral fault-controlled quartz breccia and crack-seal veins with Cu-Au-Bi; mineralised envelope mapped for ~3 km north of the gossan. Geological fingerprint suggests intra-cratonic Cu-Au (ICG) affinity within the broader IOCG family (Tennant Creek-style indicators noted). Regional follow-up ~17.5 km NW returned up to 1,125 ppm Cu in rock chips; anomaly remains open in all directions. E79 Gold CEO, Ned Summerhayes, commented: “The recent mapping and sampling programs were successful in significantly increasing the footprint of known high-grade copper and gold mineralisation at Mountain Home. “The mapping program, in conjunction with an independent expert, has enhanced our understanding of the Mountain Home Gossan and its surrounds, indicating a structural aspect to the mineralisation at the Mountain Home Gossan. “Pre-drilling approvals are progressing with a key access agreement signed with the local pastoralist and the required heritage survey field work also now completed over the Mountain Home Gossan. The results of the heritage survey, and the grant of the potential heritage licence, are both expected in the current December Quarter, which will allow for initial drilling to take place in 2026 at the conclusion of the wet season. “A large-scale co-funded gravity survey is scheduled to start in December, which will potentially map large-scale structures and prospective rock units over a 350km2 area and provide insights to discovery opportunities under cover.” Consulting Geologist Carl Brauhart commented: “The Mountain Home Project is in a very desirable address, with a geochemical signature and regional setting typical of Intracratonic copper-gold (ICG) systems. Notable ICG systems include Olympic Dam, Ernest Henry, Telfer and Winu, all of which lie in the hangingwall to a cratonic suture and postdate subduction tectonics by hundreds of millions of years. Although known mineralisation is quartz vein hosted, extreme Bi concentrations suggest a possible affinity with the Tennant Creek Au-Cu-Bi IOCG deposits. Clear brittle structural control mapped in the field, combined with the prospective geochemistry at the Mountain Home Gossan provide very important leads for exploring the wider Mountain Home Region.” Project Snapshot Location & tenure: Mountain Home Copper–Gold Project, Northern Territory (EL32470 100%; EL33886 & EL33887 under application 100%; EL4178 & EL34179 mineral rights). E79 controls ~1,366 km² across inliers of Proterozoic McArthur Basin lithologies within the Carpentaria Basin. Work completed (Aug 2025): 24 rock-chip samples + detailed outcrop mapping over the gossan and surrounds. Assays via multi-element 4-acid digest (ICP-MS/OES) and gold by 50 g fire assay (Figure 2). Figure 2: Location map of the Mountain Home Project with recent soil sample locations, and new target area. (source: E79) Results & Interpretation (What’s Changed) (Figure 3) Footprint expanded: High-grade copper now confirmed outside the known gossan along parallel trends north and west, and to the south of prior sampling, indicating multiple conduits and a broader structural corridor. Structural model: Field mapping (with independent expert) identifies en-echelon, sinistral brittle faults hosting Cu-Au-Bi mineralisation in quartz breccia/veins. Left-stepping jogs on regional faults are flagged as high-priority targets for focused hydrothermal flow and mineral deposition. Scale vector: Similar brittle quartz breccias mapped ~3 km north of the gossan—supporting a larger mineral system beyond surface expressions. Deposit style: Early geochemical/structural fingerprints are consistent with ICG/IOCG systems; the Cu-Au-Bi association draws comparison to Tennant Creek-type occurrences. (Preliminary—further work required). Figure 3: Map of the Mountain Home gossan area with recent and past rock chip sample locations. (source: E79) Approvals, Programs & Timeline Access secured: Agreement signed with the local pastoralist; heritage survey fieldwork completed and approvals anticipated in Dec Q 2025. Near-term programs: Airborne gravity (Dec 2025): Co-funded survey (~350 km²). Aim: map major structures and prospective rock units through cover to refine drill targets. (GDC supports up to $150k). RC drilling: GDC grant (up to $100k) under extension request to May 2026; initial drilling planned after the 2025–26 wet season (calendar 2026). Regional Upside A separate regional target ~17.5 km NW of Mountain Home Gossan returned up to 1,125 ppm Cu in rock chips, validating earlier soil anomalies in Cu-Zn-Pb-Au; the anomaly is open and unconstrained—follow-up warranted post-gravity and infill geochem. About E79 Gold Mines Limited E79’s portfolio totals ~2,401 km² (NT McArthur Basin; WA Laverton South & Murchison). On 3 Oct 2025, E79 signed a Binding HOA to acquire 90% of Cue Metals Pty Ltd (Cue Gold Project, Day Dawn Goldfield), with completion targeted late Nov 2025 (subject to shareholder approval). Figure 4: Map of E79 Gold’s exploration projects. (source: E79) Samso Concluding Comments I have always liked the Mountain Home project as it is what I call "something new". The recent release on Mountain Home is the stage that goes beyond a “gossan-and-glamour” story, as it is now more about the emergence of a structure-driven narrative. Parallel trends, jogs, and a 3 km mapped envelope are the words you want to use to show before committing to drilling. As they say, surface copper grades get attention; plumbing gets value. The Cu–Au–Bi association and brittle quartz–breccia textures point towards an ICG/IOCG family resemblance. It is still a hypothesis, but it creates a reason for taking geophysics to a tighter geochem to vector along structures. I would think that reconnaissance drilling will start to test the strongest intersections of structure and geophysics. For the newcomers to mineral exploration, these steps are the journey of de-risking the postulations. It is good to see that land access is signed, heritage fieldwork completed, and co-funded gravity is scheduled—these are always good pragmatic steps that keep time and capital honest. If approvals land this quarter and the geophysical surveys and interpretations deliver coherent targets, first-pass drilling in 2026 can be decision-quality rather than speculative. The near-field gossan, the parallel trends, and the open regional anomaly to the northwest create multiple shots on goal over the next 6–12 months. For investors, the signal to watch is target convergence—when structure, geophysics, and geochemistry agree. Until then, DYOR and track the data cadence, not the noise. 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 Read the original ASX release and study the full assay table and figures before forming a 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 Copper & Potassic Alteration Above Main Porphyry Target 10 November 2025 (Click here to view the announcement) FMR Resources Limited (ASX: FMR) has provided an update from the Llahuin Project Joint Venture in Chile, where it partners with Southern Hemisphere Mining Limited (ASX: SUH). Drilling at Target A – Southern Porphyry has now advanced to 1,198.9 metres downhole, intersecting zones of copper-bearing veining and strong potassic–biotite alteration above the main magnetotelluric (MT) anomaly. Ground conditions remain excellent, and drilling is expected to recommence shortly following mechanical maintenance. The project lies within a six-kilometre mineralised corridor hosting multiple copper–gold–molybdenum porphyry centres within the Llahuin district of Chile (Figure 1). Figure 1: Plan view of Southern Porphyry showing surface projections of geophysical models and planned drill targets (source: FMR) The Business of FMR Resources - Finding a copper–gold–molybdenum porphyry FMR Resources is a diversified ASX-listed explorer with a strategic focus on battery and critical minerals exploration. The Company’s portfolio spans: Llahuin Project (Chile) — targeting copper, gold, and molybdenum through a JV with Southern Hemisphere Mining. Fairfield and Fintry Projects (Canada) — focused on copper and rare earth element (REE) potential. The Company aims to create value through targeted exploration and geoscientific modelling, aligning with global demand for sustainable energy transition metals. Highlights — Potassic Alteration Validates Geological Model Drilling at Target A has reached 1,198.9 m downhole. Copper-bearing quartz–sulphide veins and strong potassic–biotite alteration observed above the main porphyry target zone. Geophysical calibration confirms the hole remains above the high-amplitude MT anomaly, interpreted as the main mineralised centre. Drilling temporarily paused due to mechanical failure; replacement equipment mobilised to site. Ground conditions remain excellent, supporting continuation to the planned 1,600 m depth (Figure 2). Figure 2: Cross-section A–A’ showing geophysical models and planned drillhole to 1,600 m depth (source: FMR) These geological observations—veining, alteration, and conductivity gradients—are consistent with the Company’s geophysical model predicting proximity to a porphyry core (Figure 3). Figure 3: Geological Observations (source: FMR) Leadership Commentary Managing Director, Mr Oliver Kiddie, commented: “What we are seeing in the core continues to validate our geological and geophysical models. The copper veining, biotite alteration, and potassic overprint are exactly the features we expect above a porphyry centre. Importantly, ground conditions remain excellent. In addition, the hand held conductivity measurements confirm we are still above the main MT target which, following the current short pause for mechanical reasons, will be tested when we recommence drilling imminently.” About The Llahuin Project (Chile) Located at Southern Porphyry within a ~6 km mineralised corridor in the Llahuin Project, Chile. Corridor hosts multiple Cu–Au–Mo porphyry centres (Figure 4). Mid-2025 fieldwork confirmed surface indicators: argillic alteration, silicification, and epithermal quartz veining. These features are typical of upper porphyry levels, supporting the porphyry model at Llahuin. Figure 4: Southern Porphyry target area within the Llahuin JV concessions (source: FMR) Near-term Milestones to Watch Recommence drilling toward the 1,600 m target depth once replacement gear arrives. Continue geological logging and sample collection for whole-rock geochemical and petrographic analyses. Conduct downhole geophysics (IP, EM conductivity, spectral gamma) following hole completion. Report additional assays and geological updates as they become available. These near-term steps will refine the vectoring toward the porphyry core and inform follow-up drill targeting. How Samso Understands the Investment Memo for the Company This announcement demonstrates that FMR’s exploration model is working — the correlation between core alteration, copper veining, and MT geophysical data strengthens confidence in the system. The Llahuin JV gives FMR leveraged exposure to large-scale copper–gold–molybdenum potential, while maintaining a balanced critical-minerals portfolio through its Canadian assets. The project remains early-stage but technically robust, and the confirmation of porphyry-style alteration at depth is a critical step toward potential resource definition. Samso Concluding Comments This Samso News is about the Llahuin Project underpinning FMR Resources’ porphyry model. The combination of copper-bearing veining, potassic–biotite alteration, and consistent geophysical responses represents a powerful convergence of evidence. The features are reflecting a system that is as predicted by the Company’s modelling. In the world of mineral exploration, such alignment between data and expectation is rare and meaningful. Without stating the obvious, it does look like FMR has got itself a coherent geological vector toward a porphyry centre, allowing management to convert what appears to be a technical success from speculative drilling. The validation of the geophysical–geochemical–geological correlation within the Llahuin system is driving the porphyry story, and while this is a technical success, what investors need to start separating is whether this is going to lead to value creation with the share price. For investors following this story, the message is clear: FMR is approaching a geological inflection point. The next few hundred metres of drilling at Target A will test the heart of the anomaly — the potential mineralising core that the entire exploration model has been building toward. Should the porphyry centre be confirmed, it would represent a pivotal discovery event that redefines the Company’s value proposition. Until then, what stands out is the technical success has ticked one box of many to come. Cover photo: Teghut Mine - open pit closeup, Serouj. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Teghut_Mine_-_open_pit_closeup.jpg) The Samso Way – Seek the Research Always read the data, study the geology, and understand the context — this is how discovery value is recognised before the market does. 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 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 New Copper-Gold Target at Lorraine 24 November, 2025 (click here to view the announcement) Pivotal Metals Limited (ASX: PVT) has outlined a new copper–gold exploration target at “Kelly Lake East”, part of the Lorraine project within the Company’s 100%-owned Belleterre project portfolio in the Abitibi region of north-western Quebec, Canada (Figure 1). The target lies ~6.6km south-east of the past-producing Lorraine Mine and sits inside a broader belt-scale land position surrounded by established mining infrastructure, hydropower, and multiple operating mills. Figure 1: Lorraine Project overview map – location of Kelly Lake East (L3) within the broader Lorraine claim package. (source: PVT) The Business of the Company: Focus – Projects - Search for Copper - Gold Assets Pivotal Metals Limited is advancing a portfolio of copper–nickel–PGE and copper–gold projects in Quebec, Canada, anchored by its flagship Horden Lake deposit and a belt-scale exploration position at Belleterre (Figure 2). Horden Lake (flagship): 37Mt at 1.1% CuEq (Indicated and Inferred), hosting copper, nickel, PGE, gold, silver, and cobalt, with copper as the key value driver. Belleterre-Angliers Greenstone Belt (BAGB): 100%-owned projects including Midrim, Alotta, Lac Croche, Lorraine, and LaForce, covering multiple Cu–Ni–PGE and gold systems defined by VTEM anomalies and limited historic drilling. Infrastructure advantage: Projects are located near Rouyn-Noranda, with access to existing mills, smelters, roads, rail, and low-cost hydropower. Figure 2: Pivotal Metals projects in Quebec (source: PVT) Together, Horden Lake provides a defined resource base, while Belleterre offers high-impact exploration upside in a well-endowed Canadian mining district. Highlights – Kelly Lake East Emerges as a 1km x 1.5km Cu–Au System New priority copper–gold trend (Figure 3): Kelly Lake East sits on the eastern boundary of the Lorraine project, ~6.6km south-east of the high-grade Lorraine Mine. Field work confirms three distinct zones of copper–gold anomalism over strike lengths of 150–200m, hosted in parallel mineralised shears within corridors 8–25m wide. Figure 3: Kelly Lake East southernmost undrilled outcrop, where prior sampling returned grades up to 1.9% Au and 0.8% Cu. (source: PVT) Strong Cu–Au grades at surface (Figure 4): Trenching and outcrop sampling have returned trench and grab results up to 2.0% Cu and 1.9 g/t Au, with local sulphide contents up to ~90% (dominantly pyrite, pyrrhotite and chalcopyrite) associated with quartz shearing, silicification and carbonate alteration. Figure 4: Kelly Lake East trench and grab sample clusters with EM conductors – map showing surface geochemistry and conductor trends. (source: PVT) Widespread geophysical and geochemical support (Figure 5): An east-east-west-trending surface EM anomaly ties together southern zones, while multiple VTEM conductors and copper-in-soil anomalies define a 1km x 1.5km priority footprint. Several soil anomalies are spatially distinct from mapped outcrop, highlighting additional untested targets within the same system. Figure 5: Kelly Lake East soil sampling map – copper-in-soil anomalies over limited survey coverage.(source: PVT) Very limited historic drilling: Only 11 historical drill holes were completed in the broader area between 1952 and 1987. Of these, three diamond holes were drilled near mineralised outcrop. Still, stripping suggests they were oriented sub-parallel to the main mineralised trend, meaning the key target zones remain effectively untested at depth. Continuity across property boundary: Mineralised trends and anomalous sampling continue across Pivotal’s eastern tenement boundary into ground held by neighbour Vior Inc. (TSXV: VIOR), where historic grab samples have reported up to 4.1% Cu and 2.1 g/t Au. This external data is referenced to demonstrate the broader prospectivity of the area rather than to imply any ownership. Programmatically integrated into a larger exploration push: Kelly Lake East is one of eight priority target areas at Lorraine, within a broader program that includes extensive FLTEM and IP geophysics, plus drilling scheduled to start across four initial priority targets from January 2026. Leadership Commentary Ivan Fairhall, Pivotal Managing Director, commented: “Our field team has confirmed the presence of an expansive and highly prospective copper-gold target at Kelly Lake East, which underscores the scope of the opportunity with our Belleterre exploration program. The presence of wide gold-copper anomalous zones and untested VTEM anomalies support the high prospectivity of this emerging target area. Importantly, the mineralised system continues directly across our eastern boundary with neighbour Vior Inc. (TSXV:VIOR), who are completing a 100,000m drill program building out their high-grade Belleterre Gold project. This is another exciting target that confirms our belief in the significant untapped potential of this large consolidated Belleterre land package. About the Project – Lorraine and Kelly Lake East Lorraine is a historical Cu–Ni–Au project now being re-evaluated with modern geophysics, while Kelly Lake East has emerged as a new, largely untested copper–gold trend on the eastern side of the tenure. Lorraine Mine area: Historic production with new, undrilled conductors and a separate, high-grade quartz-vein gold trend mapped for ~1.5km. Kelly Lake East: Three parallel Cu–Au mineralised zones within 8–25m-wide corridors, supported by VTEM/EM and soil anomalies over a 1km x 1.5km footprint with minimal historic drilling. District setting: Additional occurrences between and around these areas (Roy Au, historic Kelly Lake deposit on neighbouring ground) indicate a broader magmatic sulphide and Cu–Au corridor at district scale. Near-term Milestones to Watch From the announcement, key workstreams and timing are: Kelly Lake East (Lorraine) – 2026: Outcrop mapping and additional soil sampling to better define structures and controls on Cu–Au mineralisation. Follow-up ground geophysics over the 1km x 1.5km footprint to refine conductor targets ahead of drilling planned after Q2 2026 work. Lorraine Mine and Shanty Lake – Q1 2026: FLTEM surveys underway at Lorraine Mine to better constrain massive sulphide conductors. IP surveys over the bonanza-grade gold vein system at Lorraine Mine (commencing around the time of the release). Drilling of priority conductors at Lorraine Mine and Shanty Lake during the 2025–26 winter campaign. Midrim–Alotta–Lac Croche corridor: FLTEM surveys to follow the Lorraine campaign, targeting undrilled VTEM conductors and gabbro-hosted sulphide positions across a ~6km belt of known Cu–Ni–PGE mineralisation (Figure 6). Project-level targeting: Prioritisation of ~18 target areas across Belleterre, typically defined by VTEM anomalies, prospective intrusives, and limited or no historic drilling. Figure 6: Midrim Project – known Cu–Ni–PGE deposits and new untested conductive anomalies within a 6km priority envelope. (source: PVT) How Samso Understands the Investment Memo for the Company Core thesis – district-scale optionality in the Abitibi: Pivotal already controls a sizeable critical-metal resource at Horden Lake. Belleterre and Lorraine add a second leg to the story by providing a pipeline of magmatic Cu–Ni–PGE and Cu–Au shear/vein targets across a large greenstone belt position that is still underexplored by modern methods. What this announcement changes: Kelly Lake East upgrades one corner of Lorraine from a historical curiosity to a structured exploration target. The combination of wide Cu–Au anomalism, strong geophysical signatures, and limited historic drilling effectively creates a new, priority search space in the eastern Lorraine block. Risk/Stage of project: All work at Kelly Lake East is pre-drilling; the announcement does not report new drill intercepts but rather surface sampling, geophysics, and legacy drilling context. This positions the target firmly in the high-risk / high-reward exploration category, where upcoming geophysics and first-pass drilling will be critical. Why infrastructure matters: The Abitibi location, existing mill, and hydropower cost base are central to the investment memo. If future drilling delineates economic mineralisation, proximity to spare milling capacity and established smelters could reduce capital intensity relative to greenfield locations. Samso Concluding Comments From an investor’s perspective, the key takeaway is that Pivotal is building an exploration story in a proven district. Horden Lake provides a defined copper-equivalent resource base, while Belleterre – and now specifically Kelly Lake East – offers the possibility of additional high-grade discoveries in a region that already hosts several Cu–Ni–PGE and gold deposits. The geological setting and style of mineralisation described in the announcement are consistent with known Abitibi systems, but the level of historical drilling at Kelly Lake East remains low. The technical narrative in the release is careful to separate compliant and non-compliant information. Historic data from neighbouring tenements (Vior Inc., Globex Mining) is cited to demonstrate prospectivity, not to imply ownership or resources for Pivotal. Similarly, the Company reiterates that the Kelly Lake historical resource is not JORC-compliant and that the new work at Kelly Lake East is still at an early exploration stage. This clarity is important when interpreting how much weight to place on external datasets and legacy work. Timeline-wise, investors should note that drilling at Lorraine Mine and Shanty Lake is expected to start in the northern winter of 2025–26, while Kelly Lake East will likely see systematic mapping, soils, and geophysics through 2026 to build a robust drill-targeting framework. In other words, this announcement sets up a sequence of technical milestones rather than delivering immediate drill results. Progress will be measured through geophysical refinements, target ranking, and, eventually, the first significant drill intercepts from this part of the project. Ultimately, the combination of belt-scale tenure, supportive infrastructure, and a growing portfolio of high-priority targets is what frames the Pivotal story. The story is still too early to establish any credibility. Like all early mineral exploration projects, time is of the essence, and patience is required by those who are going for the ride. I think this is an interesting project, but as I get wiser, I now see the timeline as an issue, and the potential funding scenario, as it will be very hard to compete with the gold rush. Today, it's all about easy gold mining stories. The hard ones will suffer with competition for funding. Cover photo: Native copper, malachite, and azurite - Native copper, malachite, azurite from the Black Hills, South Dakota, USA, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper,_malachite,_and_azurite_(GeoDIL_number_-_895).jpg) The Samso Way – Seek the Research As always, readers should review the full ASX announcement, technical table, and JORC disclosures in detail and make their own assessment of the risks and opportunities. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Western Queen South Scoping Study 27 NOVEMBER 2025 (click here to view the announcement) Rumble Resources Limited (ASX: RTR) continues to advance the Western Queen Gold Project, located approximately 90 km northwest of Mt Magnet in Western Australia. The Company has released a Scoping Study for the Western Queen South deposit, outlining a technically simple, low-capital underground development that sits adjacent to multiple toll-treatment options within a 200 km radius (Figure 1). The Project is supported by a strong historical production record, a significant 370 koz @ 3.1 g/t Au Mineral Resource, and a district-scale structural setting with clear growth potential. Figure 1: Western Queen tenure & nearby mills (source: RTR). The Business of the Company: Focus – Projects Rumble Resources Limited is a Western Australian exploration company focused on advancing high-quality mineral assets with near-term development potential. The Western Queen Gold Project is the Company’s lead asset, positioned for potential early cash flow through a low-capital underground development model. Ongoing drilling aims to expand the existing 370 koz gold resource base and support future project growth. The Project’s location within the Warda Warra Greenstone Belt provides strong structural and geological upside (Figure 2). Figure 2: Western Queen South Underground Design (source: RTR). Rumble also manages additional growth opportunities: The Earaheedy Zn-Pb-Ag Project highlights the Company’s proven capability to identify and progress large-scale discoveries. Overall, the Company’s strategy is to grow value through focused exploration, resource conversion, and the development of its flagship Western Queen asset. Highlights — Strong Economics, Low Capital, Rapid Start-Up - A Gold Production Path Scoping Study Confirms a Robust Underground Project The WQS underground study delivers free cashflow of $133M, NPV (8%) of $112M, and IRR of 370%, assuming A$5,540/oz gold. Upfront capital < $10M, reflecting the simplicity of the decline access, minimal site infrastructure needs, and proximity to established processing plants. Ore toll-treatment assumed at Gylden Resources’ Kirkalocka plant, ~180 km south-east, targeting recommissioning in 2H CY2026. Production Target: 617 kt @ 2.95 g/t Au for 58.5kozs contained gold, with only 29% of the WQS Mineral Resource included (Figure 3). Figure 3: Western Queen Underground Design – Stage 1 (isometric view) below the existing Western Queen South pit (source: RTR). Rapid start-up: first ore potentially within six months of commencing decline development. High-grade shoots extend directly below the existing pit and maintain strong geological continuity, providing a straightforward underground mining opportunity (Figure 4). Figure 4: Geological cross-section & MRE block model (source: RTR) 20,000 m diamond drilling program underway to infill, expand WQS and WQC resources, and provide geotechnical/metallurgical samples. Tungsten opportunity: ongoing metallurgical testwork could unlock meaningful additional value in a short time frame. Leadership Commentary Rumble’s Managing Director, Peter Harold, commented: “It is a fantastic result. The Western Queen South Scoping Study clearly demonstrates the incredible value of the underground development option at our Western Queen Gold Project. Importantly, the upfront capital required is relatively small. Given the scoping study only considers the Western Queen South resource there is huge upside to increase mine life with the addition of the Western Queen Central resource which could be accessed from the same decline. Our primary focus now is getting Western Queen into production as soon as possible. To that end we continue to progress the approvals process on the existing Mining Leases and are negotiating an ore tolling agreement with Gylden Resources, the owner of the Kirkalocka plant which is due to be operational in the second half of 2026. In addition to our plans to start mining Western Queen as soon as possible we are currently undertaking a 20,000m diamond drilling program aimed at increasing the size and confidence of the mineral resources, both gold and tungsten, at Western Queen. Once the current diamond drill program is completed and assuming there is an upgrade in Indicated Resources at both Western Queen South and Central this could lead to a significant increase in material that could be mined from underground. The metallurgical testwork being undertaking on the tungsten material will provide important information on how we may be able to monetise that resource which is located proximal to the gold mineralisation.” About the Project Western Queen sits on the Warda Warra Greenstone Belt, a prolific segment of the Murchison Province with over 35 Moz of historical gold production. Key geological attributes include (Figure 5): Steep west-dipping amphibolite-hosted shear zones with quartz–mica–sillimanite schist mineralisation. Historical open-pit production (Central + South pits) of 215,000 oz @ 7.6 g/t Au. Mineralisation remains open at depth and along strike. Figure 5: Western Queen Project Geology & Prospectivity (source: RTR). The Scoping Study incorporates: A conventional decline-access underground mine design. Uphole bench stoping with 85% stope recovery and 15% dilution. Assumed 94% gold recovery based on historical performance and prior metallurgical testwork. Proximity to multiple processing options improves commercial flexibility. Near-term Milestones to Watch Completion of the ongoing 20,000 m diamond drill program across WQS and WQC. Geotechnical, groundwater, and metallurgical datasets to support next study phases. Updated Mineral Resource Estimates, with potential upgrades from Inferred to Indicated categories. Finalisation of a commercial toll-treatment agreement for processing at Kirkalocka or an alternative mill. Tungsten metallurgy results to determine processing pathway and revenue potential. Modification of existing open-pit approvals to reflect an underground development pathway. How Samso Understands the Investment Memo for the Company From an investor’s perspective, Western Queen represents a near-term, technically simple gold development pathway supported by favourable logistics and low upfront capital. The Scoping Study, while preliminary, demonstrates strong margins even under conservative scenarios. Importantly, only a fraction of the current resource has been used for the Production Target, indicating clear upside from ongoing drilling. Tungsten adds a secondary growth vector that could enhance future project economics. As with all Scoping-level assessments, the key risks remain processing agreements, funding certainty, and confirmation of resource continuity through upcoming drilling. Samso Concluding Comments As always, these types of Scoping Study results must be viewed through a balanced lens. The numbers are attractive, but they rely on a progression of permitting, drilling outcomes, toll-treatment negotiations, and funding success. Nevertheless, the operating context for Western Queen is favourable, with multiple mills nearby and a strong regional precedent for high-grade underground operations. The limited percentage of the resource included in the Production Target highlights both caution and opportunity — the current study deliberately takes a conservative approach, leaving room for material expansion as drilling progresses. This aligns well with Rumble’s staged development strategy. The tungsten dimension may add an interesting layer not commonly seen in small-to-mid tier gold assets. If the ongoing metallurgical work confirms a viable processing route, this could create an incremental revenue source that enhances economic resilience. For investors, Western Queen remains early-stage but increasingly de-risked. The Scoping Study provides a foundation upon which future studies can build, and the tight capital profile is notable in the current market environment. Cover photo: Grabill - Open cut in the great Homestake mine, at Lead City, Dakota, John Grabill. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Grabill_-_Open_cut_in_the_great_Homestake_mine,_at_Lead_City,_Dakota.jpg) The Samso Way – Seek the Research Always take the time to understand the geology, the development pathway, and the assumptions behind the numbers. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. Strongly Supported $65m Placement to Advance Mandilla - 10 December 2025 (click here to view the announcement) 2. Resources Rising Stars Summer Series Conference Presentation – 4 December 2025 (click here to view the Presentation) Astral Resources NL (ASX: AAR) has taken a major step toward bringing the Mandilla Gold Project into production with a heavily oversubscribed A$65 million placement. The funding provides a meaningful runway for completing the Mandilla Definitive Feasibility Study (DFS), progressing early-works, and continuing exploration. All projects sit immediately south of Kalgoorlie — one of Australia’s most productive gold jurisdictions (Figure 1). Figure 1: Mandilla Gold Project in a Tier-1 Location (source: AAR) The Business of the Company: Gold Mining Astral Resources controls three 100%-owned gold assets — Mandilla, Feysville, and Spargoville — which together contain a consolidated 1.76Moz Mineral Resource and 1.08Moz Ore Reserve (Figure 2). These projects represent Astral’s emerging development pipeline anchored by Mandilla, the Company’s flagship near-term production opportunity. Figure 2: Mineral Resources & Ore Reserves (source: AAR) Highlights – Strong Institutional Demand Underpins Mandilla Development Pathway The Highlights section is central to this announcement, showcasing the strength of market support for Astral: A$65 million raised (before costs) through a two-tranche placement of ~325 million new shares at A$0.20 per share. Pricing reflects a 9.1% discount to the last traded price (A$0.22) and a 12.8% discount to the 5-day VWAP (A$0.229). Placement was significantly oversubscribed, with strong support from new and existing domestic and international institutions. Funds, together with cash reserves and potential early revenue from the Think Big mining opportunity, will cover a significant portion of Mandilla’s equity funding requirement. The DFS for Mandilla remains on track for June 2026, with Placement proceeds supporting long-lead procurement and early infrastructure works (Figure 3). Figure 3: Mandilla DFS Remains on Track for June 2026 (source: AAR) These highlights make clear that Mandilla is being positioned as one of Australia’s next significant gold development stories. Leadership Commentary Astral’s Managing Director, Marc Ducler, commented: “As we close in on the delivery of the Mandilla DFS and move towards a Final Investment Decision, we are delighted with the strong support shown by high-calibre investors, both new and existing, in this Placement. “The quality of the participants and the quantum of funds raised is testament to the outstanding credentials of the Mandilla Gold Project, which is shaping up as one of Australia’s best near-term gold development stories. “Proceeds from the Placement will enable Astral to continue with aggressive exploration and evaluation activities at the Mandilla, Feysville and Spargoville projects and deliver a high-quality DFS for Mandilla. “The completion of this Placement puts Astral in a strong position to progress project financing discussions with an array of domestic and international banks and positions the Company to rapidly progress to a Final Investment Decision once the Mandilla DFS is complete. “On behalf of the Astral Board and management, I would like to extend our appreciation to our new shareholders and thank our existing shareholders for their ongoing support as we seek to become the next Kalgoorlie gold producer.” About the Project The proceeds from the Placement, combined with existing cash reserves, will be utilised to: Expand near-mine growth drilling at Mandilla, Feysville, and Spargoville. Finalise the Mandilla DFS. Advance early-works infrastructure and procure long-lead items for the Mandilla development. Support exploration, evaluation, and corporate overheads. Provide working capital and cover Offer costs. The Mandilla DFS anchors Astral’s transition from explorer to developer, while Feysville and Spargoville drilling support future growth and potential mill-feed optionality. Near-term Milestones to Watch DFS Delivery (June 2026 Quarter) – the key technical catalyst. Early-works commencement supported by Placement funds. Advancement of financing discussions with multiple banks. Ongoing drilling across the three projects, especially near-mine growth targets. General Meeting in January 2026 for approval of Tranche 2 and Director Participation Shares. These milestones shape the pathway toward a Final Investment Decision (FID). Samso Concluding Comments The oversubscription of this Placement clearly signals investor confidence in Mandilla’s scale and development pathway. In a gold pricing boom, there is no doubt that Astral is now positioned to progress swiftly toward DFS completion. This is a gold mining story. The Mandilla, Feysville, and Spargoville portfolio provides depth and near-mine growth opportunities. This supports long-term project optionality beyond initial development. Securing high-quality institutional support enhances Astral’s standing in the gold sector. It reflects validation of both the asset suite and the management team. Ultimately, Astral now has a clear funding runway toward its June 2026 DFS and subsequent Final Investment Decision. Market confidence and the strategic advantage of operating in a Tier-1 gold jurisdiction create a compelling development pathway. For investors, the immediate interest lies in tracking DFS progress, drilling results, and the timing of financing discussions. The next phase for Astral will be about maintaining momentum and delivering on the expectations set by this significant capital injection. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) The Samso Way – Seek the Research Always follow the data — every project tells a story when you look closely enough. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement AuMEGA Defines New Multi-Kilometre Gold Corridor at Cape Ray 16 October 2025 AuMEGA Metals Limited (ASX: AAM) has reported results from a surficial geochemistry (till) program at Cape Ray West, defining multiple high-grade gold-in-till anomalies along the western contact of the Isle aux Morts Granite — an intrusive body that has never been drill-tested (Figure 1). The anomalies coincide with structural breaks and magnetic features, establishing a new discovery corridor west of existing resources. Drilling of priority targets is planned and fully funded for Q4 2025; additional assays from broader sampling are pending. Figure 1: Cape Ray Project (source: AAM) AuMEGA Metals’ Managing Director and CEO, Sam Pazuki, commented: “Cape Ray continues to demonstrate all the hallmarks of a fertile gold system, as we’ve now expanded the footprint of mineralisation well beyond the boundaries of our current high-grade deposits. Cape Ray West has opened a brand-new, multi-kilometre discovery corridor. The results, located approximately three kilometres west of our Window Glass Hill mineral resource and one kilometre south of our BP deposit, reveal the convergence of high-grade gold-in-till anomalies with key structural and geophysical features along the Isle aux Morts Granite — a massive, underexplored intrusive complex. We are set up with multiple high-quality drill targets, which the Company is fully funded to drill in the fourth quarter of 2025. Through the great work conducted this year, and the important analysis of the past two years, we’ve built a robust pipeline of high-quality opportunities across our district-scale land package. This includes Cape Ray and Cape Ray West, along with the exceptional regional programs advancing at Bunker Hill and Hermitage. Collectively, these projects reinforce our conviction that AuMEGA is operating within one of the most prospective and underexplored gold belts in Canada — the same belt that hosts the country’s newest large scale gold mine at Valentine.” (Figure 2) Figure 2: AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage (source: AAM) Highlights - Building a Gold Narrative (Figure 3) Multiple >99th percentile gold-in-till anomalies with peaks up to 402 ppb Au over multi-km strike. (see Figs 5–6). Spatial association with cross-cutting structures inside the Isle aux Morts Granite and along intrusive contacts; this intrusive complex has not been drill tested to date. Coincident signatures: till anomalies align with magnetic breaks and mapped structures, creating a multi-layered anomaly footprint. Targeting underway: integrating geochemical, geophysical (EM, magnetics), and structural datasets to rank drill targets. Q4 2025 drilling is fully funded. Assays pending from broader till and rock sampling across the Isle aux Morts Granite and an airborne EM anomaly southeast of Central Zone. Figure 3: Cape Ray West results (>20ppb Au) in relation to the Historic surficial geochemical footprint (>20ppb Au) and pit shell outlines over the Cape Ray Resource Corridor (source: AAM) Project context Cape Ray currently hosts ~420 koz Au (Indicated) and ~141 koz Au (Inferred) (US$1,750/oz basis), within a district-scale land package along the Cape Ray–Valentine Shear Zone (CRSZ) that also hosts Canada’s newest large-scale gold mine at Valentine. AuMEGA has integrated legacy datasets with 2025 high-resolution EM, magnetics, and systematic till geochemistry to accelerate discovery. Program & methodology (Cape Ray West) (Figure 4) Sampling grid: ~160 m × 80 m, north-south orientation; target C horizon (B horizon where C not reached), typical depths 0.5–1.0 m. Fine fraction –63 μm; ALS Au-ME-MS43 (Aqua Regia, ICP-MS). Coverage: western side of Cape Ray resource corridor, including Isle aux Morts Granite and adjacent metasediments. Outcome: three discrete, coherent gold-in-till anomalies defined; pathfinders include arsenic with selected >99th percentile responses. Figure 4: Cape Ray Project area (source: AAM) Results — Three anomalies defined To move the story forward, AuMEGA tightened the geology: detailed mapping and rock sampling layered over airborne magnetics and EM, sharpening structurally controlled, geochem-supported targets. Anomaly One Trend: NW–SE; coincident geophysical feature of same orientation. Setting: Extends into the Isle aux Morts Granite and along a faulted paragneiss–siliciclastic boundary. Peak: 402 ppb Au with coincident As. Anomaly Two Trend/extent: ~1.5 km, N–S; coincident with mapped structures, quartz veins, and geophysical lineaments. Peak: 118 ppb Au; strong, coherent footprint within the Granite. Anomaly Three Trend/extent: ~1.9 km, ENE–WSW; coincident geophysical features in both paragneiss and Granite. Peak: 113 ppb Au. Figure 5–7: Gold-in-till results from Cape Ray West Project (source: AAM) The till program, sampled on a 160 × 80 m north–south grid, defines three discrete Au-in-till anomalies (Figures 5–7). Together, these results spotlight the Isle aux Morts Granite as an untested exploration front and validate AuMEGA’s strategy of fusing modern datasets with legacy knowledge across the CRSZ. Ongoing work & near-term catalysts (Figure 8) Follow-up fieldwork completed: broader till survey, expanded mapping, and rock sampling across the Granite; samples submitted for assay (pending). Targeting: integration of till + geological + EM/magnetics to finalise drill priorities. Drilling: Q4 2025 start at Cape Ray West; program fully funded. Figure 8: Isle aux Morts Granite looking north (source: AAM) About AuMEGA District-scale exposure along ~110 km of the CRSZ, supported by institutional holders and B2Gold as a strategic investor. Current Cape Ray Mineral Resource: 6.1 Mt @ 2.25 g/t Au (450 koz, Indicated) and 3.4 Mt @ 1.44 g/t Au (160 koz, Inferred); additional ground at Hermitage Flexure and the Blue Cove Copper option in SE Newfoundland. Samso Concluding Comments Cape Ray already sits in a known productive shear-zone belt, and pushing the footprint west into the Isle aux Morts Granite adds a new dimensionality to the thesis. Intrusive-related architecture alongside shear-hosted mineralisation is fertile ground in Atlantic Canada. The AuMega story has been featured on the Samso platform for a few years now, and it looks like the market is staying confident about the potential results. As far as I am concerned, the story is simple: continue to test the Cape Ray shear and build the potential for a gold mineralised province. Time will be very important, and being in a gold bull market is a great time to accelerate the exploration activities. It is still an AUD $28M market capitalised company that has over 800,000 ounces of gold. How and if these ounces become a mineable proposition will be the deal breaker for investors. 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 Go to the primary source, verify every number and date, track the stated milestones, and DYOR beyond the headline. 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 High-Grade Gold Results from Union Hill Drilling 28 October 2025 Henty Reserves Increase by 29% 23 October 2025 This Samso News is all about Kaiser Reef Limited (ASX: KAU) at the Henty Gold Mine, West Coast, Tasmania, announcing a 29% lift in Ore Reserves to 199 koz @ 3.28 g/t, strengthening mine-life visibility, while the processing plant demonstrated ~400 ktpa run-rate—about one-third above nameplate—through targeted, low-capex debottlenecking. When the acquisition of the mine was consummated, I mentioned that this was always going to be on the cards. On the 27th April 2025, we published "Kaiser Reef Limited (ASX:KAU) - A Lesson in How To Become A Gold Producer Overnight," and I discussed in length why a revaluation of the ounces and a recalibration of operating costs was what someone like Brad Valiukas was going to produce. This is clearly what is happening now. At Maldon–Union Hill, Central Victorian Goldfields, Victoria, shallow in-pit drilling has confirmed high-grade continuity along the Eaglehawk Reef over a meaningful strike length, indicating potential for near-term underground access and follow-up drilling. Figure 1: Map Location of Henty Gold Mine, Maldon Plant & Union Hill Gold Mine (source: KAU) Together, these updates tighten the operating plan: more ounces in reserve, higher throughput capacity to monetise them, and fresh drill evidence to grow the pipeline. 28 October 2025 — Union Hill in-pit drilling confirms high-grade continuity at Maldon Gold Project (Figure 2) Figure 2: Maldon Gold Project (source: KAU) 22 holes / 960 m program inside the Union Hill Open Pit targeting unmined Eaglehawk Reef (EHR) extensions; 18 of 19 effective holes intersected gold, confirming continuity over ~160 m strike (Figure 3). Standout intercepts (down-hole): 5.8 m @ 5.37 g/t Au from 39.0 m (incl. 2.5 m @ 10.25 g/t). 6.9 m @ 6.05 g/t Au from 30.4 m (incl. 1.98 m @ 16.44 g/t). 8.6 m @ 4.99 g/t Au from 18.4 m (incl. 2.0 m @ 15.69 g/t). Next steps: re-establish underground access as an exploration platform (decline rehab planned to commence in January) and set a northern drill position. Context: Union Hill Resource 187 koz @ 4.4 g/t; district hosts multiple historical reefs. Figure 3: Long Section of 2025 In-Pit Drilling program holes (Blue) with assay results. Note: Only recent drilling shown (source: KAU) Kaiser’s Managing Director, Brad Valiukas, commented: “This recently completed drilling at Union Hill tested a shallow gap zone between known workings, and these are great results in an area that was historically left behind. “Without taking away from the bigger picture approach to the entire Maldon Gold Project, the next step at Union Hill will be to re-establish the underground as an exploration platform. We expect to commence active work on re-accessing and rehabilitating the decline in January, to allow follow-up drilling. Additionally, we plan to establish a drill position giving access to the north. “Maldon represents a district-scale gold opportunity for Kaiser, with numerous historical mines and lines of working that remain substantially underexplored. Kaiser has not previously had the funds to progress the Maldon Gold Project as actively as warranted, but with Henty now bedded in and Kaiser’s transformation into a profitable gold miner complete, we are now in a great position to drive Maldon forward as a key growth asset.” 23 October 2025 — Henty Reserve up 29%; Resource steady (Figure 4) Figure 4: Mineralisation Domain Wireframes and historical mining - Long-Section Projection Looking West (source: KAU) Ore Reserve increased 29% to 199 koz @ 3.28 g/t Au (1.89 Mt @ 3.28 g/t) from 154 koz; depletion to 30 June 2025: 25.7 koz. Mineral Resource updated to 438 koz @ 3.32 g/t Au (4.11 Mt @ 3.32 g/t) at 1.5 g/t cut-off, reported within underground shape optimiser constraints (Figure ). Company indicates >6-year mine-life outlook targeting >30 koz pa Au as operations build through FY26; second underground diamond rig now focused on exploration/resource extension (Figure 5). Figure 5: Mineralisation Domain Wireframes and planned mining (Reserve and other LOM designs) - LongSection Projection Looking West (source: KAU) Kaiser’s Managing Director, Brad Valiukas, commented: “We continue to see significant upside at Henty, and I’m very pleased with the near 30% increase in Reserves we are now reporting. “We are focused on building both mine life and resilience at Henty over the next 12 months. We have brought in the second underground diamond drill rig, giving us dedicated capacity for exploration and resource extension, ultimately targeting continued Resource growth. “We have committed to increasing the processing rate, which removes a significant constraint on underground production potential, de-bottlenecking the decline so we can deliver to the processing plant, and bringing in more productive equipment as key improvements to drive performance. We expect to see continued improvements across the business during the financial year. This is another step that confirms Kaiser’s transformation into a profitable gold producer, with Henty providing a solid production and cashflow base on which to build the Company.” Samso Concluding Comments Kaiser’s October updates are strengthening the operating story with more booked ounces at Henty, a demonstrably faster plant, and fresh shallow drilling at Union Hill that hangs together along strike. For a gold mining business, the positive news on reserves, throughput, and geological continuity is simply all about better mine-life clarity and optionality. The processing uplift to ~400 ktpa without major capex is meaningful, but the proof is sustaining that rate with consistent underground delivery. The decline in de-bottlenecking, fleet changes, and the second rig at Henty are the right levers; execution over the next quarters matters more than the single data point. At Maldon, the other project, confirming high-grade continuity inside the Union Hill pit can be a path to de-risk near-term underground work. Re-establishing underground access and setting a northern drill platform will indicate whether the ~160 m strike of hits can convert to mineable shapes and, ultimately, cash flow. So for investors and shareholders, it will be important to watch underground productivity and dilution control at Henty. Sustaining plant stability at higher tonnage, timing on Maldon access works, and assay flow from both programs will be key points of observation as well. If those boxes tick, the pathway to >30 koz p.a. becomes more credible; if not, the market will discount the stretch targets until the data catches up. DYOR. Market Status - A Discount for New Shareholders? As we write this Samso News, KAU is just coming off a low price point from a fall in the last week (Figure 6). With a strong gold price sentiment globally, with predictions of further growth, I would see this moment as primed for taking positions. Figure 6: Share price chart for Kaiser Reef Limited as of 14th November 2025. (source: CommSec) Conversations with people working in the capital markets have now convinced me that the recent fall in gold price is a time for reloading or getting into positions in this sector, whether it is in gold equities or physical, or ETF gold. The deficit in physical delivery is good evidence that the gold pricing situation is very different from previous times. There will be ups and downs, but I think from a retail end, we can see inflationary pressure being very obvious. DYOR, and I think readers should start reducing themselves for this growing story. 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 Read the original ASX releases and annexures (28, 23, and 20 October 2025), trace each figure back to the text, and form your own 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 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.