Announcement FRB Completes Equipment Commissioning for Advanced LMR CAM – 12 January 2026 (view the announcement) This is another new addition to our Samso News coverage, coming in the form of a downstream Manganese narrative. The general Manganese mining has been gaining traction within the ASX lately, and it is definitely stirring my thoughts. Manganese is simplistically a bulk commodity story that, like Silver has been playing second fiddle to gold for decades. I have just come across the Firebird story, and it reads like it is worth having a good old DYOR for the Samso community. Firebird Metals Limited (ASX: FRB) has completed the installation and commissioning of its proprietary cathode active materials (CAM) equipment at its wholly owned China pilot plant, marking a key step in advancing lithium-manganese-rich (LMR) cathode development. The milestone supports Firebird’s vertically integrated ore-to-cathode strategy, with initial LMR CAM production scheduled to commence in February 2026 and customer sampling planned for the second half of 2026. The Business of Firebird Metals: Downstream Manganese Firebird Metals is positioning itself as an integrated manganese technology company servicing electric vehicle (EV) and energy storage system (ESS) markets. The Company’s strategy spans manganese resources, high-purity manganese sulphate monohydrate (HPMSM), and advanced cathode materials, including LMFP, LMR, and NCM, supported by proprietary processing technologies and energy-efficient equipment platforms. Highlights – Commissioning Milestone Advances LMR Pathway Firebird has successfully received, installed, and commissioned proprietary CAM equipment at its China pilot plant to enable production of advanced LMR cathode materials (Figure 1). Figure 1: Recently commissioned LMR reactor vessel at Firebird’s China pilot plant (source: FRB) Initial LMR CAM production is scheduled for February 2026, with customer samples planned for H2 2026 to support qualification and technical engagement programs. The LMR development program is co-funded by strategic partner Taza Metal Technologies, which is funding 50% of research and development activities, materially reducing Firebird’s capital exposure. LMR cathodes target materially higher energy density than conventional LFP, with performance comparable to certain high-nickel chemistries while significantly reducing nickel and cobalt content through high manganese substitution (≥50% Mn) (Figure 2). Figure 2: Slide from General Motors' presentation at the 25th Advanced Automotive Battery Conference (AABC) (source: FRB) Firebird has established an integrated pathway from manganese concentrate through HPMSM to LMFP, LMR, and NCM CAM, to be demonstrated at its Australian Demonstration Plant (ADP) in 2026. The ADP is intended to provide a world-first capability to produce and demonstrate LMR, NCM, and LMFP CAM within a single integrated facility. The LMR and CAM production pathway is illustrated in Figure 3. Figure 3: Firebird’s LMR CAM production process flow (source: FRB) Leadership Commentary Firebird CEO, Mr Ron Mitchell, commented: “Commissioning our LMR cathode active material equipment is a key milestone in delivering Firebird’s ore‑to‑cathode strategy and validating our integrated pathway from manganese concentrate through HPMSM to advanced CAM products. This program positions us to demonstrate the production of high‑energy, manganese‑rich cathode materials that can reduce reliance on nickel and cobalt while meeting the performance, safety and cost requirements of next‑generation EV and energy storage markets. Deploying this process at our Australian Demonstration Plant in 2026 will allow us to showcase LMR, NCM, and LMFP CAM in a single facility and deepen engagement with global customers seeking a secure, sustainable supply of advanced battery materials.” About the Project The LMR program forms part of Firebird’s broader vertically integrated processing pathway, extending from manganese concentrate through HPMSM into advanced cathode materials. The Company’s proprietary synthesis know-how, energy-efficient process design, and high-efficiency kiln platform underpin its ability to deliver manganese-rich cathodes with improved energy density and lower critical metal dependency. Momentum for LMR cathodes is building globally, driven by OEM demand for safer, lower-cost, and higher-performance battery chemistries across EV and ESS markets, with emerging applications also including eVTOL aircraft and humanoid robotics. Near-term Milestones to Watch Commencement of LMR CAM production at the China pilot plant in February 2026 Progression toward customer sampling and qualification programs in H2 2026 Deployment of LMR CAM equipment and process flow at the Australian Demonstration Plant Ongoing engagement with global OEM and battery manufacturing partners Samso Concluding Comments Firebird’s ore-to-cathode strategy is in the battery materials sector, which is searching for scalable, secure, and lower-risk supply chains. The commissioning of LMR CAM equipment signals that the Company is moving beyond concept and into demonstrable capability. The strategic relevance of manganese continues to grow as OEMs reduce exposure to nickel and cobalt volatility. Firebird’s integrated pathway positions it to benefit from this structural shift rather than relying on a single chemistry outcome. The Australian Demonstration Plant is emerging as a pivotal asset, offering a unique platform to showcase multiple cathode chemistries within one integrated facility. This capability may prove important in customer engagement and future commercial negotiations. For investors, Firebird represents a blend of bulk commodity optionality and advanced battery materials exposure. As always, execution, timelines, and customer validation will remain key variables to watch closely. Market Implications The Samso coverage has come just after the recent rise in the FRB share price in late December 2025, and it seems that there is a great amount of interest in the narrative. Figure 4: Firebird’s share price chart as of 16th January 2026 (source: CommSec) With a market cap of AUD $53.22M, this makes an interesting proposition for investors looking for something that is potentially vertically integrated. A company that may have the ability to have the whole spectrum of the business looks cheap at the AUD $50M market capitalisation, which would be a great time to do the good old DYOR. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement ReNerve receives approval in Malaysia – 15 January 2026 (view the announcement) ReNerve AGM Presentation - 27 Nov 2025 (view the announcement) ReNerve Limited was on our IPO Review in June 2025, and I was really interested in the business of "fixing' nerve damage. As anyone who has had a "Pinched Nerve" diagnosis of any degree, we all will appreciate the ability to fix that in terms of the pain experienced. When I worked through the research putting together the IPO review for the ReNerve narrative, I was instantly interested in what this ASX company has instored for your average retail investor like me. This Samso News is really a follow-up to that first coverage back in June 2025. Samso News is leading today with ReNerve Limited (ASX: RNV) announcement confirming market registration approval in Malaysia for the NervAlign® Nerve Cuff (Figure 1), a meaningful regulatory step in the Company’s Asia-Pacific expansion strategy. Figure 1: NervAlign® Nerve Cuff (source: RNV) Malaysia represents a strategically important healthcare market within the region, not just for its population size, but for its interconnected hospital networks that often operate across multiple Asia-Pacific jurisdictions. For ReNerve, this approval adds to existing clearances in Hong Kong and Thailand, reinforcing a pattern of steady regulatory execution rather than a one-off event. Importantly, the approval was granted following a positive assessment of the Company’s clinical evaluation report, further validating the robustness of ReNerve’s clinical data package as it continues to pursue approvals in additional countries. Leadership Commentary Dr Julian Chick, CEO & Managing Director of ReNerve, commented: Our approval in Malaysia is part of our regional strategy and is another major piece of validation, showing the strong clinical data package and clear benefit patients receive when the ReNerve Nerve Cuff is used in peripheral nerve repairs. We look forward to growing our presence in Malaysia and beyond that within the Asia-Pacific region." The ReNerve Limited Peripheral Nerve Injury Story Samso has previously covered ReNerve as part of its expanding focus on ASX companies operating outside the traditional resources space, particularly where progress is driven by clinical data, regulatory execution, and commercial discipline rather than exploration outcomes. ReNerve Limited is an Australian medical device company focused on peripheral nerve injury (PNI) solutions, addressing a clinically underserved area of surgery with products designed to support nerve repair, regeneration, and patient recovery. What is Peripheral Nerve Injury (PNI)? Peripheral nerve injury (PNI) refers to damage to nerves outside the brain and spinal cord (the peripheral nervous system) (Figure 2). These nerves are responsible for carrying movement commands, sensory information, and autonomic signals between the central nervous system and the rest of the body. Figure 2: The central and peripheral nervous systems. The peripheral nervous system branches outward from the spinal cord and brain to reach every part of your body. (source: Cleveland Clinic) What happens in a peripheral nerve injury? Peripheral nerves are like electrical cables (Figure 3). When they’re injured, signals can be slowed, distorted, or completely blocked. Figure 3: Peripheral nerve anatomy and classification of peripheral nerve injuries. (source: Ni, Lingmei & Yao, Zhao & Zhao, Yifan & Zhang, Tianfang & Wang, Jie & Li, Siyue & Chen, Zuobing. (2023). Electrical stimulation therapy for peripheral nerve injury. Frontiers in Neurology. 14. 1081458. 10.3389/fneur.2023.1081458.) Depending on the nerve involved, PNI can affect: Movement → weakness or paralysis Sensation → numbness, tingling, pain, burning Autonomic function → sweating, temperature regulation, blood flow Common causes of PNI Trauma (cuts, fractures, crush injuries) Surgery-related nerve damage Compression (carpal tunnel syndrome, herniated discs) Stretching or traction injuries Ischaemia (loss of blood supply) Toxins, infection, or metabolic disease (e.g., diabetes) Types of peripheral nerve injury (severity-based) Clinicians often describe PNI by how badly the nerve structure is damaged: Neuropraxia (mild) Temporary conduction block No structural damage Recovery: days to weeks Axonotmesis (moderate) Axon damaged, connective tissue intact Nerve can regrow Recovery: months Neurotmesis (severe) Complete nerve disruption Often requires surgery Recovery may be incomplete ReNerve Core Business At the core of the business is NervAlign®, ReNerve’s flagship nerve protection technology: A bioabsorbable nerve cuff used in peripheral nerve repair procedures. Designed to protect repaired nerves during the critical post-surgical healing phase (Figure 4). Naturally absorbed within approximately six months, removing the need for additional surgery. FDA-cleared in the United States, forming the clinical and regulatory foundation for global expansion. Figure 4: The comparison of pain scores between the two cohorts of patients – Patient Pre & Post Surgery Pain Score (source: RNV) Clinical performance is a key part of the ReNerve story. A recently reported clinical study showed that patients treated with the NervAlign® Nerve Cuff experienced materially lower post-surgical pain scores compared with standard-of-care nerve repair, reinforcing the product’s clinical relevance. Building a Multi-Product Platform with Global Commercial Foundations Beyond the nerve cuff, ReNerve is building a broader, platform-style portfolio rather than relying on a single product: Nerve conduit and nerve guide matrix products targeting more complex nerve repair scenarios. Dermal and amniotic tissue product ranges used in reconstructive, orthopaedic, and wound-healing applications. A development pipeline that spans products already on the market through to next-generation nerve repair technologies (Figure 5). Figure 5: Product Development Pipeline (source: RNV) From a commercial standpoint, ReNerve has already established sales, logistics, and distribution infrastructure in the US, supported by a growing network of distributors. This US base provides both revenue traction and a clinical data platform that the Company is now leveraging to support ex-US approvals and market entry, including Asia-Pacific, India, and the Middle East. Near-term Milestones to Watch Initial commercial rollout of NervAlign® in Malaysia. Further regulatory approvals across Asia-Pacific, including India. Progress from the ongoing “Align” clinical study during 2026. Expansion of the nerve repair product portfolio. Continued growth of US sales and distributor coverage. Samso Concluding Comments My take on the current stage for ReNerve Limited Peripheral Nerve Injury Story is all about establishing the market, and I guess it is a matter of time, or it is a matter of a bridge too far. As Richard Branson once said, the line between success and failure is very thin. I like the concept of the ReNerve business and I said the same in our first Samso News back in June 2025 (ReNerve Limited (ASX: RNV) — Transforming Nerve Repair Through Science - A Medical Tech Story.), this is a business that should be at the forefront of any medical needs, nerves don't regenerate and once you have damaged them, there is no cure. From a marketing point of view, patience may be a virtue, but in business, patience is really measured by the size of your wallet, which is directly correlated to your sustenance power to maintain a position as an ASX company. One must never forget that to stay in the ASX is an expensive proposition. I think this will be something that ReNerve will soon have to face, as I don't know if revenue is flowing in a quick fashion. According to a presentation slide (Figure 6) I found in the November Annual General Meeting in November 2025, it does paint a booming sector. As I have mentioned previously, it does not take a genius to figure out the potential size of the market. Figure 6: ReNerve Limited market potential. (source: ReNerve) Is time what RenErve needs? Market Implication - The Investor Lens Looks like the market is on the fence with ReNerve, as there has not been much movement on the station in terms of the share price direction for ReNerve (Figure 7). With a market capitalisation of just under AUD $17M, this is a very promising "punt"; however, I would probably want to understand the business a bit more before contemplating taking any position here. Figure 7: ReNerve Limited share price chart as of 15th January 2025. (source: CommSec) 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 PortfolioA 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 US Patent Granted for Galidesivir in filoviridae viruses – 7 January 2026 (view the announcement) The Island Pharmaceutical story is another new one for the Samso News platform as we look to expand our coverage in the health sector. The business of keeping human beings healthy and monitoring for potential medical issues is probably one of the best form on revenue generation. Recently, I saw a post on LinkedIn where someone mentioned that the monitoring for ovarian cancer does not exist. As humanity struggles with the need to maintain a longer life, it is often forgotten that the obstacles required to make that a reality. In terms of ASX businesses, I am now understanding why the high-risk biotech sector exists and continues to attract risk capital. Since establishing Samso News in 2025, we have been covering several companies that we feel are worth some good old DYOR. Island Pharmaceuticals Limited (ASX: ILA) is advancing its antiviral strategy through the clinical development of Galidesivir, a broad-spectrum antiviral targeting high-consequence viral threats, including Marburg and Ebola. The program is positioned within a global biosecurity and public health framework, with regulatory engagement centred on the United States Food and Drug Administration (FDA) and potential inclusion in government stockpiles. The Business of Island Pharmaceuticals: Galidesvir Antiviral Programs Island Pharmaceuticals is focused on two clinical-stage antiviral assets (Figure 1): Figure 1: Two clinical-stage antiviral assets (source: ILA) Galidesivir – A broad-spectrum antiviral with activity demonstrated (Figure 2) across more than 20 RNA viruses, including Category A biothreats such as Marburg and Ebola, supported by extensive non-human primate (NHP) efficacy data and Phase 1 human safety studies. Figure 2: Broad-spectrum antiviral with activity demonstrated (source: ILA) ISLA-101 – A repurposed small-molecule antiviral targeting dengue and other mosquito-borne diseases, with a well-established human safety profile and completed Phase 2a/b dengue trial. The Company’s strategy is underpinned by regulatory pathways that prioritise speed to approval for unmet medical needs, including the FDA’s Animal Rule. How Island Pharmaceuticals Galidesivir Antiviral Strategy Works Galidesivir (also known as BCX4430) is a broad-spectrum antiviral designed to stop viruses from replicating once they enter human cells. The core mechanism: Galidesivir tricks the virus during replication. Many dangerous viruses (like flaviviruses and filoviruses) copy themselves using an enzyme called RNA-dependent RNA polymerase (RdRp). Galidesivir is a nucleoside analogue—a synthetic molecule that closely resembles one of the natural RNA building blocks. When the virus tries to copy its RNA, Galidesivir gets inserted into the growing viral RNA chain instead of the correct building block. Once inserted, it halts or fatally disrupts RNA synthesis, preventing the virus from completing replication. No replication → no spread inside the body. Why this matters Broad-spectrum: Because many RNA viruses rely on RdRp, Galidesivir has activity against multiple viruses rather than just one. Early-stage intervention: It’s most effective when given early, before viral load escalates. Host-independent: It targets a viral process, not human DNA or RNA, reducing off-target toxicity risk. Viruses studied with Galidesivir Research has shown activity against: Yellow fever Zika Dengue Ebola Marburg Other RNA viruses with conserved replication machinery Highlights (7 January 2026): US Patent Grant Strengthens Galidesivir IP Position US Patent No. 12,508,266 granted, covering the use of Galidesivir for the treatment of filoviridae viruses, including Marburg and Ebola. Patent protection extends through October 2031, materially strengthening the commercial and strategic framework of the Galidesivir program. The patent aligns directly with Island’s clinical focus on Marburg, following confirmation of the FDA Animal Rule pathway for approval in November 2025. The approval represents another successful conversion within the Galidesivir patent portfolio acquired by Island, reinforcing ongoing execution of its IP expansion strategy. Leadership Commentary CEO and Managing Director, Dr David Foster, commented: “This latest patent grant highlights that our IP footprint continues to go from strength to strength, and further validates the vigour of the patent portfolio that we gained full ownership rights of as part of the Galidesivir acquisition.” “What is particularly pleasing about this patent is that it provides IP protection over a broad range of claims in the application of Galidesivir to treat filoviruses, in direct alignment with detailed clinical development pathway for the treatment of Marburg – a member of the filoviridae virus family.” “As we continue to advance the study design in close consultation with the FDA, this patent approval provides a strong framework to further expand our IP footprint alongside our clinical progress.” About the Project: Galidesivir Program Galidesivir is a clinical-stage, small-molecule antiviral with demonstrated activity against more than 20 RNA viruses across multiple virus families, including filoviridae, flaviviridae, and coronaviridae. Historical non-human primate studies showed: 94% overall survival in Marburg-infected primates, with 100% survival when dosed up to 48 hours post-infection. 100% survival in Ebola models (Figure 3) when Galidesivir was administered immediately or within 48 hours post-infection, with reduced but meaningful survival at later dosing intervals. Figure 3: Ebola Non-Human Primate Study Summary” (source: ILA) These results form the basis of Island’s regulatory engagement under the FDA Animal Rule (Figure 4). Figure 4: FDA Animal Rule: A Proven Regulatory Pathway with Significant Strategic and Commercial Precedent (source: ILA) Near-term Milestones to Watch (Figure 5) Preparation of the New Drug Application (NDA) for Galidesivir under the FDA Animal Rule – Q1 CY2026. Filing of the NDA with the US FDA for approval of Galidesivir as a treatment for Marburg viral infection – Q2 CY2026. Continued expansion of the Galidesivir patent portfolio alongside regulatory progression. Figure 5: Near-term Milestones – Galidesivir (source: ILA) Samso Concluding Comments As discussed in the beginning of this blog, our association with the company business is still early. What we have learnt is that Island Pharmaceuticals continues to methodically build a defensible antiviral platform anchored by Galidesivir. The combination of clinical data, regulatory alignment, and now strengthened IP coverage reflects hard work and less headline-driven momentum. The 7 January 2026 patent grant adds tangible depth to the Galidesivir story. Intellectual property remains the main purpose when engaging with regulators, partners, and government procurement agencies. Market Implication From an investment strategic perspective, ILA is just starting to move in terms of share price (Figure 6) and is in the process of revenue generation. I feel that is reasonably placed at AUD $123.70M that may be reflecting more about the stage the business is at, rather than its value - that is the way I see it in my equity valuation thinking. The valuation of all companies that are publicly listed is beholden to the moods of the market. As valuation is simply the number of shares multiplied by the price, it is easily able to move up or down via the market fluctuations. Does a share price drop (other than a material reason) in a market sell off a reflection of the individual prospects? Figure 6: ILA share price charts as of 15th January 2026. (source: CommSec) For me, the journey for Samso News to look at the ins and outs of Island Pharmaceuticals will be exciting to share with the Samso community. For now, as we all say, DYOR. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Beecher High-Grade Rubidium Hits up to 0.50% – 8 January 2026 (view the announcement) Iris Metals is a company that is not new to me. Not long ago, they were promoting a very promising lithium project in the US and talking about a significant project that would be a game-changer. Today, when I read about the Rubidium project, I was obviously interested to have a look. Rubidium sits well with the Critical Metal conversation, and I do have an interest in the space; however, like many of the "new" metal discussions, I am not familiar with the numbers, meaning I am not sure what is good and what is not, and what investors are looking at in terms of DYOR. The curiosity of trying to get a handle on a metal that is obviously going to gain market attention, I thought I would start to get an introduction to this space and introduce it to the Samso platform. As we at Samso always do, we will follow this narrative through and look to get more into the space of Rubidium. IRIS Metals Limited (ASX: IR1) has reported high-grade rubidium assay results from its 2023 and 2024 drilling programs at the Beecher Project, located in the southern Black Hills of South Dakota, USA (Figure 1). The results confirm a significant rubidium discovery alongside the project’s established lithium resource, further positioning Beecher as a multi-commodity critical minerals asset in a mining-friendly U.S. jurisdiction. Figure 1: Beecher Project surface geology and 2023/2024 drill hole locations (source: IR1) The Business of Iris Metals: Begins Rubidium Narrative Portfolio focused on pegmatite-hosted critical minerals in the United States Core commodities include lithium, rubidium, caesium, tantalum, and beryllium Beecher Project forms the flagship asset in South Dakota Additional exposure through Tin Mountain (rubidium-lithium) and the pending Finley Basin Tungsten Project in Montana Highlights – High-Grade Rubidium Emerges at Beecher Review of 117 drill holes identified 45 intersections >2m at >0.20% Rb₂O, confirming a high-grade rubidium discovery Standout intercepts include: BDD-23-005: 10.5m @ 0.41% Rb₂O from 136.9m (incl. 5.8m @ 0.50% Rb₂O) BDD-23-007: 23.2m @ 0.29% Rb₂O from 80m (incl. 5.5m @ 0.48% Rb₂O) Multiple wide, shallow rubidium intervals, including mineralisation from surface (Figures 2 & 3) Figures 2 & 3: Cross-sections showing multiple rubidium drill intercepts (source: IR1) Rubidium adds high-value optionality to the existing JORC lithium resource of 2.20 Mt @ 1.05% Li₂O Maiden rubidium Mineral Resource Estimates planned for Beecher and Tin Mountain in Q1–Q2 2026 Positions IRIS to potentially declare the only rubidium MREs in the United States Leadership Commentary Figure 5: Share price chart of Iris Metals as of 13th January 2026. (source: CommSec) President of U.S. Operations, Matt Hartmann, commented: “Building on the encouraging rubidium results from our Tin Mountain Project reported last quarter, we promptly reviewed assay data from prior drilling programs. We are thrilled with the outcomes of this initiative, which have revealed a discovery of truly world-class rubidium mineralisation grades at Beecher. The addition of high-grade rubidium to Beecher’s existing lithium resource elevates the project to a true multi-commodity critical minerals asset. With rubidium pricing around US$1,200/kg and Beecher’s existing mine permit, the economic potential is significant and positions us to capture a meaningful share of the Western world’s rubidium supply.” About the Project The Beecher Project comprises private landholdings and surrounding federal claims approximately 7km from Custer, South Dakota. The project hosts three zoned LCT pegmatites—Beecher, Longview, and Black Diamond—which together define a combined outcropping strike length of nearly 2km. Rubidium mineralisation is primarily hosted within potassium feldspar and muscovite, with higher-grade zones concentrated in the Longview pegmatite and the southern portion of the Black Diamond pegmatite. Near-term Milestones to Watch Updated Beecher Mineral Resource Estimate, including lithium and rubidium – late Q1 2026 Maiden Tin Mountain lithium-rubidium MRE – Q1–Q2 2026 Finalisation of the Finley Basin Tungsten Project acquisition – January 2026 Commencement of 2026 drilling programs at Ingersoll – April 2026 Why Rubidium Matters: Rubidium is a constrained-supply critical mineral with strategic relevance across defence, technology, and U.S. supply chains (Figure 4). Figure 4: Rubidium: An Overlooked Critical Mineral (source: Samso) Samso Concluding Comments 1 IRIS Metalsis reposition themselves for market acceptance; however, in my opinion, the introduction of Rubidium is technically sound, but the market is always very shallow in thinking. It wants gold, silver, copper, and it looks like tungsten is gaining traction. Bulk commodities such as iron ore, manganese, oil, and gas are all still high on the interest space. The introduction of Rubidium reminds me of the Gallium narrative. While they are rare and they are critical in terms of an "East vs. West" political storm, there is still a large gap in making this economically feasible for the average investor. 2026 is going to be a year for commodities, but I am not sure where boutique metals like Rubidium will sit in the pecking order of market and economic viability. Having had experience in the tungsten space when the market was not all interested around 2012, I caution "jumping in" on the hype. Time will tell soon enough how this narrative plays out. As the Samso community is well-versed, DYOR is your friend. Market Implication Figure 5: Share price chart of Iris Metals as of 13th January 2026. (source: CommSec) The market is an interesting beast when it comes to the valuation of companies. IR1 is now sitting at a market capitalisation of UAD $53.35M as we are writing this blog on the 14th January 2026, and a share price that is pretty much back at the start (Figure 5), so how is that expensive for a company that is trying to "reevaluate" its narrative? Anyone who has had experience in the capital structure of ASX companies will tell you that this is expensive. As I have mentioned, the equity market has a consistent shallow personality, and no matter which exchange you are on, they will always be blunt and forward in their opinion on valuation. For me, I think IR1 has a valuation problem; however, if they get their story straight, this will be cheap. I have always maintained that the valuation of a company is not objective and is 100% subjective, so unless you are behind what I call the "Purple Circle" of information, you will never know that a $50M market cap company is overpriced or cheap. Looking at Figure 5, there is no doubt that the share price run has come to an end, and this is simply a restart. How the narrative adds value now is the key. Is it expensive for a punt? I think for a retail investor, currently, there is probably a better bet somewhere else. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Miramar to Test Gold, Copper & Silver Targets in Q1 – 13 January 2026 (view the announcement) For those following the Samso platform, you will know that Allan Kelly, the Executive Chair, has had a lot of content created with Coffee with Samso. I like the concept, and I like the exploration mentality that is in Miramar, and Allan has had success. If you watch the Coffee with Samso conversations, you will understand why I think he has the right DNA for exploration. This is why I am also a shareholder who is very pleased to see the move towards testing the gold assets again in 2026. The market in 2026 is going to reward exploration success, and I am hoping that Gidji is going to finally give up its secret. The gold hunt is still alive, and the concept at the Gidji JV has a credible theory. Miramar Resources Limited (ASX: M2R) has outlined plans to commence drilling across multiple high-priority targets during the first quarter of 2026, spanning gold exploration at its 80%-owned Gidji JV Project near Kalgoorlie and base metal exploration at the Chain Pool Project in the Gascoyne region of Western Australia. The planned programs aim to test previously identified but underexplored gold and copper-lead-silver systems using deeper drilling methods following encouraging surface and shallow drilling results. The Business of Miramar Resources: Gold Exploration in Western Australia - A Reminder Miramar Resources is a WA-focused explorer with exposure to gold and base metals (Figure 1). Its core asset is the 80%-owned Gidji JV Gold Project near Kalgoorlie, within a proven gold district. Gidji controls ~15 km of strike along the Boorara Shear Zone, hosting multiple drill-ready gold targets. Near-term focus is on RC drilling to test bedrock gold potential, with additional base-metal optionality. Figure 1: Miramar Resources’ Exploration Projects in the Eastern Goldfields and Gascoyne regions of WA. (source: M2R) Highlights – Q1 2026 Drilling Programs Across Gold and Base Metals RC drilling of the Blackfriars and Highway gold targets at the Gidji JV Project is scheduled for January–February 2026 (Figure 2). Figure 2: Gidji JV Gold Project showing the Blackfriars and Highway targets and proposed RC drilling (source: M2R) The RC program will comprise 10–12 holes for approximately 2,500–3,000 metres, targeting bedrock mineralisation beneath the Gidji Paleochannel. Blackfriars and Highway host ~1 kilometre-long aircore gold anomalies, with multiple historical results exceeding 1 g/t Au from shallow drilling. Blackfriars is located within the Boorara Shear Zone, sharing geological similarities with the nearby ~4 Moz Paddington gold deposit located approximately 15 km along strike. Highway has not previously been tested by RC drilling and is associated with a gravity low and conductive anomaly interpreted as an intrusion within the Black Flag Beds. Auger drilling is planned at the Joy Helen Cu-Pb-Ag prospect within the Chain Pool Project, following high-grade rock chip results over a strike length of approximately 400 metres. Rock chip sampling at Joy Helen returned ore-grade copper, lead, and silver, with individual samples reporting up to 7.23% Cu, 54.5% Pb, and 73.48 g/t Ag (Figure 3). Figure 3: The Joy Helen prospect showing significant rock chip results and alteration halos outlined from soil sampling. (source: M2R) Soil sampling at Chain Pool outlined alteration halos consistent with SEDEX-style base metal mineralisation, interpreted to be structurally repeated by folding. The Chain Pool auger drilling program will be the first drilling at the project since 1964 and is scheduled to commence later in Q1 2026 following completion of the Gidji RC program. Leadership Commentary Miramar’s Executive Chairman, Mr Allan Kelly, commented: “Following last year’s successful capital raise, we are itching to get back on the ground and demonstrate the inherent value of our asset portfolio. Our upcoming drilling campaign at Gidji will target the high-priority Blackfriars and Highway gold prospects under the Gidji Paleochannel, which have not yet been tested with deeper drilling. “We have previously done a significant amount of shallow aircore drilling at both of these targets and outlined ~1 kilometre-long aircore anomalies with multiple gold results greater than 1g/t. The average drill hole depth to date is still only around 60 metres so, with RC drilling going deeper, we aim to discover one or more large bedrock gold deposits. “The RC drilling programme will comprise 10-12 holes (approximately 2500-3000m) testing the Blackfriars and Highway targets. “Blackfriars has the same geological setting as the ~4Moz Paddington gold deposit which lies about 15km along strike to the northwest, so to now test these targets with deeper drilling for the first time makes it a particularly exciting drilling campaign for our shareholders. “We also have multiple options to monetise any discovery at Gidji given the proximity to infrastructure including several gold processing plants. “In addition, recent gains in the silver price mean the high-grade silver results we have obtained from rock chip sampling at Chain Pool make this project even more valuable and we look forward to the inaugural drilling program later in Q1,” “As previously discussed, we are also in the process of refreshing our board and corporate structure; and will provide further information to the market as this progresses.” About the Project The Gidji JV Project, located approximately 15 km north of Kalgoorlie-Boulder, covers around 15 km of strike along the Boorara Shear Zone within the Eastern Goldfields Province. Despite being surrounded by operating gold mines and processing plants, the project has remained underexplored due to extensive transported cover and the presence of the Gidji Paleochannel. Since late 2020, Miramar has identified multiple supergene gold discoveries through systematic aircore drilling and has defined several bedrock targets for deeper testing (Figure 4). Figure 4: Gidji JV Project. (source: M2R) The Chain Pool Project, located in the Gascoyne region, hosts the Joy Helen prospect, where high-grade copper-lead-silver mineralisation has been identified at surface. Geological interpretation suggests sedimentary exhalative-style mineralisation with structural repetition, enhancing the potential scale of the system. Near-term Milestones to Watch Commencement of RC drilling at Blackfriars and Highway in late January 2026 Completion of the 2,500–3,000 m RC drilling program at Gidji Initiation of auger drilling at the Joy Helen Cu-Pb-Ag prospect Ongoing corporate and board structure updates flagged by management Samso Concluding Comments The latest update is long overdue. The gold market is super hot and probably will get even hotter in 2026. M2R has finally given shareholders something to cheer about, and that question of a corporate move is still in play. I think from a shareholder point of view, the low market cap and the enticing share price sit well for all shareholders, assuming you have averaged down, and potential investors. The Company narrative is very attractive for investors to have a position in a company that may give multiple bags of returns if success comes from Gidji or a corporate move. The technical aspect of Blackfriars and Highway is well known for the Samso Community, so that is the easy part. Let's see how this drilling program progresses. Market Implication - The Investor Lens This recent ASX update by M2R is what all shareholders are looking for in terms of investment opportunities in 2026. With a market cap of less than AUD $3M, this is a very good punt. If there is moderate success at Gidji, I think the revaluation of the stock will be good, assuming one has done the averaging down with the share price at AUD $0.004. Figure 5: Miramar Resources share price chart as of 16th January 2026. (source: CommSec) In terms of the potential upside, in my opinion, I like my chances with Allan and a gold project showing so much promise right next to Kalgoorlie. The economics for me are simple in terms of the costs of getting a mining proposition, literally a stone's throw from the Super Pit, Paddington and several other Mills that will be hungry for ore or being out some place requiring a CAPEX of 100s of millions. Whether there is a discovery for the discussion of CAPEX cost comparison, well, that is another discussion. As they say, one has to be in it to be considered for any potential rewards. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 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. 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.

Announcements: Investor presentation – the Berkeley Biologics Partnership Market Approval in Bahrain for the NervAlign® Nerve Cuff™ Quarterly Investor Presentation – Q2 2025 From Prospectus to Progress: 🆕 IPO Review From Listing to Today — The ReNerve Journey - Nerve Repair ReNerve Limited (ASX: RNV) listed on the ASX in November 2024, positioning itself as a commercial-stage medtech company aiming to transform nerve repair through innovative tissue-engineered solutions. Less than two years later, the company has demonstrated consistent momentum in bringing its products to market, establishing international distribution networks, and expanding its product pipeline. At the core of ReNerve’s offering is its NervAlign® Nerve Cuff, an FDA-cleared device that improves post-surgical outcomes for peripheral nerve injuries. Backed by rigorous clinical validation, the product is already achieving real-world adoption across key surgical markets. 🔹 ASX Code: RNV Listing Date: 26 November 2024 IPO Offer Price: $0.20 Current Share Price (as at June 2025): $0.10 Market Capitalisation: $14.25 million Industry Group: Health Care Equipment & Services 🔹What Has ReNerve Done Since Listing? ReNerve’s post-listing performance has centred on commercial traction, product validation, and geographic expansion. Some of the key developments include: NervAlign® Nerve Cuff (Figure 1) Sales Growth: Q3 FY25 sales reached A$75K, marking a ~40% increase from the previous quarter. Figure 1: NervAlign® Nerve Cuff (source: RNV) Clinical Validation: A statistically significant reduction in post-operative pain was demonstrated at the American College of Foot and Ankle Surgeons conference (Phoenix, March 2025). Pain dropped from 7.1 to 0.4 in patients treated with the Nerve Cuff (Figure 2). Figure 2: The comparison of pain scores between the two cohorts of patients (source: RNV) Product Pipeline Advancements: o NervAlign® Nerve Conduit (Figure 3) is on track for FDA submission by Q4 CY25. Figure 3: NervAlign® Nerve Conduit (source: RNV) o Nerve Guide Matrix (Graft) (Figure 4) progressing to Stage 3 development in H2 CY25. Figure 4: Nerve Guide Matrix (Graft) (source: RNV) New Products via Berkeley Biologics Partnership (announced 2 June 2025) (Figure 5): Dermal Tissue Range: Closely aligned with ReNerve’s existing customer base, these are designed for improved wound healing and surgical integration. Amniotic Tissue Products: Three variants tailored for wound coverage and healing, targeting trauma, micro, plastic, and orthopaedic surgeries. Figure 5: Dermal Tissue Range & Amniotic Tissue Products (source: RNV) Expanding the Global Footprint Within the first year of listing, ReNerve successfully entered key international markets: Asia: Sales in Hong Kong, marketing approval in Thailand. Middle East: Distribution agreement with Union Mediscience B.S.C. Latin America: Exclusive agreement with Imbiomex in Mexico. India: Regulatory strategy initiated with NetCentrix Ventures. These partnerships, combined with a targeted direct sales strategy and appointment of VP of Sales & Marketing Eric Feliciano in the U.S., reflect ReNerve’s focus on global scalability. Science Backed. Surgeon Approved. ReNerve’s medical-grade technology—such as its Supercritical carbon dioxide (scCO₂) tissue processing—delivers bioactive, sterilised, and pliable implants that require no change to surgical technique. Importantly, these are bio-absorbed within six months, eliminating the need for secondary surgeries. Surgeons have consistently highlighted their ease of use and high patient satisfaction outcomes. 🔹 Use of IPO Funds – Summary (Actual vs Budget) Since listing in November 2024, ReNerve has deployed its IPO funds in line with the strategic priorities outlined in its prospectus. Capital was directed toward advancing product development, with the NervAlign® Nerve Conduit and Nerve Guide Matrix progressing toward key clinical and regulatory milestones. The company also invested in sales and distribution infrastructure, including the appointment of a U.S.-based VP of Sales and the establishment of international partnerships across Asia, the Middle East, and Latin America. Funds were allocated to clinical validation, supporting the successful NervAlign® study presented at the ACFAS conference, which demonstrated significant pain reduction. Importantly, the Berkeley Biologics partnership — delivering two new product ranges — reflects a tactical use of capital to accelerate revenue generation. Overall, ReNerve has maintained disciplined expenditure while advancing all major pillars of its go-to-market and innovation strategy. ReNerve Director, Dr Julian Chick, commented on the new partnership with Berkeley Biologics and the new product ranges: “The rationale for this partnership is to build-out the product offerings that ReNerve can provide to surgeons, patients and hospitals. The products we are looking to launch this year are used by the existing and new customers for ReNerve's peripheral nerve product range. Surgeons that work on nerve repairs also undertake other types of surgery, where they are required to repair not only damaged nerves. With these two new product lines, the Company can offer surgeons, hospitals and patients a more complete product range for all the tissues that are required for surgery." 🔹 Share Price Performance Since Listing Since listing on 26 November 2024 at an IPO price of $0.20, ReNerve Limited’s (ASX: RNV) share price has gradually settled into its early trading rhythm, closing at $0.10 as of June 2025 (Figure 6). The chart probably is reflecting a typical early-stage medtech trajectory — marked by investor anticipation post-listing, followed by recalibration as the market awaits delivery on strategic milestones. While the share price has retraced from its listing level, investor sentiment has remained sensitive to milestone events, such as the March clinical data release and the June announcement of the Berkeley Biologics partnership. As the company progresses its next wave of product launches and regulatory filings, market attention is expected to shift from speculative positioning to revenue and validation outcomes. Figure 6: RNV share price as of 23 June 2025 (source: ASX) Samso Concluding Comments ReNerve Limited is an interesting proposition. As we review the company and learn what the business is all about, it comes across as something that would be attractive to the market. Development looks promising, but it is hard to understand why the share price direction is negative. From what I can learn, ReNerve look like it's expanding its reach. By adding complementary product lines through its Berkeley Biologics partnership, the company is filling gaps in its product range and building a comprehensive solution for a global surgical audience. These are smart moves to create a more robust business. As a newcomer in this sector and having a good understanding of having patience to allow the business to grow, one can only think that this is the hurdle. I would think that the medical ability to fix or heal nerves would have a booming business, so I shall wait and see how this develops. The company has a low market capitalisation of AUD $10M but I think this one has to go into the "Need To Understand this Business More" category. As an investor and retail investor, I will say that ReNerve is definitely out of my "pay packet", so all I can say is DYOR. The Samso Way – Seek the Research ReNerve is a reminder that real value in biotech/medtech is complicated and not just ideas. One has to understand the underlying meaning of clinical results, FDA progress, and global sales. At Samso, we urge investors to look beyond the pitch — follow the data, the approvals, and the partnerships. That’s where the story takes shape. 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 News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new 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 Pancreatic and Ovarian Cancer Early Detection Blood Testing – 9 December 2025 (view the announcement) BCAL AGM Presentation – 28 November 2025 (view the announcement) Here is another one of those non-mineral resource stories that compelled me to have it on Samso News. As more readers will know, the Samso News platform was only created in May 2025, and the transition for Samso into non-mining stories has brought a greater appreciation of ASX stories such as BCAL. Like all new stories for Samso, there is always deep research, and for BCAL Diagnostics Limited (ASX: BDX), that will come with more content being generated in the future. As for our introduction, the two announcements listed above have given us a real insight into what the potential of success will do for a company like BDX. One of the most compelling learnings for Samso since venturing outside of our mineral resource sector, is that fact that stories like BDX are revenue-generating and if the product works and catches on, there is no limit to the number of customers. It's like the saying about the funeral business. Nobody negotiates, and it's a valid business for prepaying your own funeral. This works in the way of the medical sector. Let's face it, who negotiates a "better price" to get better if you are sick, and who would not guarantee a payment for a surgery to save your life? BCAL Diagnostics Limited (ASX: BDX) is transitioning from a long-standing research-led organisation into a commercial early cancer diagnostics company, with laboratory operations based in Sydney and expanding national reach across Australia. The Company’s FY25 Annual General Meeting and its 9 December 2025 ASX announcement collectively outline a business now focused on scaling commercial adoption following the launch of its first diagnostic product and the upcoming national rollout of additional early-detection tests. The Business of BCAL Diagnostics: Early Cancer Detection Australian healthcare company focused on the development, validation, and commercialisation of blood-based diagnostic tests for early cancer detection. Core technology built on in-house lipidomic science, supported by more than 15 years of research and clinical validation. Flagship commercial product BREASTESTplus™, a rule-out blood test designed to be used alongside mammography for women with dense breasts (Figure 1). Figure 1: Digital Patient Education Supporting Clinical Engagement (source: BDX) Commercial launch of BREASTESTplus™ in Sydney in March 2025, supported by NATA accreditation and ISO15189 laboratory standards. Ownership of a substantial biobank of ~45,000 aliquots, collected under rigorous ethical and clinical protocols, underpins current and future product development. Strategic partnership with ClearNote Health to expand the portfolio into ovarian, pancreatic, and future multi-cancer early detection tests (Figure 2). Figure 2: ClearNote Health Partnership Broadening BCAL’s Diagnostic Offering (source: BDX) Exclusive rights to distribute Avantect® ovarian and pancreatic cancer tests in Australia and New Zealand (Figure 3). Figure 3: Avantect Tests Address High-Risk Patient Populations (source: BDX) Business strategy focused on scaling clinician adoption, expanding national access, and building diversified revenue streams across multiple cancer indications. Highlights – National Expansion of Early Cancer Detection (9 December 2025) BCAL announced that Avantect® pancreatic and ovarian cancer early-detection blood tests (Figure 4) will be available to Australian clinicians and patients from 19 January 2026, marking a significant expansion of the Company’s commercial offering beyond breast cancer diagnostics. Figure 4: Avantect Multi-Cancer Program Advancing Through Clinical Validation (source: BDX) Nationwide access will be facilitated through Sonic Healthcare’s Australian pathology network, enabling broad geographic reach while leveraging BCAL’s North Ryde laboratory and ClearNote Health’s CLIA-certified facility in San Diego. The Avantect tests are based on epigenomic and genomic analysis of circulating DNA, supported by artificial intelligence and machine learning algorithms, and have demonstrated strong predictive value in early-stage cancers where traditional protein-based tests often fail (Figure 5). Figure 5: Comparative Performance Against Existing Screening Programs (source: BDX) Patient consultations for Avantect testing will commence at the Sydney Breast Clinic from 19 January 2026, providing an immediate clinical entry point for adoption and physician engagement. Leadership Commentary BCAL CEO, Shane Ryan, commented: “For the first time, Australians will be able to access vital early-detection blood tests across the country. Pancreatic and ovarian cancers are considered ‘silent killers’ because they are often detected too late. Through early detection, physicians have a wider array of treatment options that can lead to profound increases in survival rates, so we are proud to have brought Avantect to the Australian market so quickly.” About the Project BCAL’s current commercial focus centres on BREASTESTplus™, a rule-out blood test designed to be used alongside mammography for women with dense breasts. The test was commercially launched in Sydney in March 2025 and is supported by NATA accreditation and ISO15189 laboratory standards. The Company’s partnership with ClearNote Health (Figure 6) expands BCAL’s portfolio to include Avantect pancreatic and ovarian tests, with exclusive distribution rights in Australia and New Zealand. These tests are already in clinical use internationally, with regulatory approvals in the US and UK and reimbursement arrangements in place in the United States. Figure 6: ClearNote Health (source: BDX) Near-term Milestones to Watch (Figure 7) Commencement of Avantect ovarian and pancreatic patient testing from January 2026. Expansion of BREASTESTplus™ into Melbourne and Brisbane, with a planned regional rollout. Integration of BREASTESTplus™ into Best Practice GP management software nationally. Commercial launch of BREASTESTplus™ V2. Targeting minimum BREASTESTplus™ sales volumes of 150 tests per month by Q4. Achieving full-year Avantect test revenue of $300,000 Figure 7: 2026 delivery roadmap (source: BDX) Samso Concluding Comments As I read it, the BDX is now just starting to roll out its core business as we speak, and if you look at the share price (Figure 8), the timing for an entry to position an investment looks good. With a market capitalisation of AUD $36.8M (as of 9th January 2025), it feels that there is more upside in the coming future. Figure 8: The share price chart for BDX as of 9th January 2025. (source: CommSec) As this is our first read of the BDX business, what I gather from face value is that it is a company that has been in research for a long time, and the business is now being rolled out. If I take that as gospel, this is not a bad business if you think about how they have researched the business and are beginning the revenue stream. Not a bad time to get on board, as the risk is now more about revenue rather than a test of the concept. The business of BCAL Diagnostics with the Early Cancer Detection narrative will stir interest, and as cancer treatment is by far the most easily understood by the general investing community, traction will happen when results are released. This is the reason I would put this as a SamsoDYOR tick of approval for readers to do some homework on the company. Let's see how this goes for the short to medium term and follow this journey. I think the volatility of the last two years is a good sign that there is indeed interest in the stock. Any entry into the stock from here will be a good range that has lasted for nearly 2.5 years. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Adisyn Achieves Key Technical Milestone in Graphene Deposition Process - 17 November 2025 (view the announcement) Adisyn strategic review outcome - 23 December 2025 (view the announcement) Adisyn Confirms Successful Low-Temp Deposition Process - 6 January 2026 (view the announcement) This is the first time we have taken an interest in Adisyn Limited, and it does feel that the timing could be perfect. The company is reevaluating its purpose and direction, and it is a very interesting path. As we all know, the word semiconductor has been conjuring up waves of excitement in the equity markets for a few years already. When the word semiconductor is used, I am thinking of NVIDIA, Qualcomm, AMD, Broadcom, and ARM - manufacturers and foundries such as TSMC, Intel, Samsung, SK Hynix, and equipment and materials providers like ASML, Applied Materials, and Lam Research, which are all crucial for powering AI, data centers, smartphones, and automotive tech. These companies have been creating news on the stock market for decades, but it is the recent AI rush that has made them household names. When I came across AI1, I was thinking, let's get into the company, and let's go deeper into what they can offer investors who have not been on the board of this train as yet. Adisyn Ltd (ASX: AI1) is advancing a graphene-based semiconductor technology platform through its wholly owned subsidiary, 2D Generation (2DG), supported by international research collaborations across Israel, Europe, and the United States. The Company’s core development work focuses on low-temperature graphene deposition processes designed for compatibility with existing semiconductor manufacturing environments, while its legacy Adisyn Services business provides managed IT and cybersecurity services to Australian SMEs. The Business of Adisyn Limited: A Semiconductor Business Adisyn operates across two distinct business units: 2D Generation (2DG) – a graphene-based semiconductor technology platform developing a patented low-temperature Atomic Layer Deposition (ALD) process aimed at enabling direct graphene growth on semiconductor wafers. Adisyn Services – a managed IT, cloud, cybersecurity, and AI services business servicing Australian SMEs. Following a comprehensive strategic review completed in December 2025, the Company has identified its semiconductor business as the primary value driver and is assessing options to unlock value from Adisyn Services. Highlights – Graphene Technology and Strategic Progress (Nov 2025 – Jan 2026) 🔹 17 November 2025 – Pre-Clean Process Validation Achieved Adisyn confirmed successful validation of a critical sub-process within the pre-clean stage of its low-temperature graphene deposition workflow. The pre-clean stage is designed to prepare wafer surfaces for atomic-scale graphene growth and is a foundational step in the overall deposition sequence (Figure 1). Validation confirms that Adisyn’s process architecture is operating as designed and is ready to progress into broader deposition trials. Development is supported by international collaborations with Tel Aviv University, imec (Belgium), and the EU Connecting Chips Initiative. Technical Progress: Initial Pre-Clean Step Created Figure 1: Process sequence for Phase 1 development activities (source: AI1) 🔹 23 December 2025 – Strategic Review Refocuses Capital on Semiconductors Adisyn completed a strategic review of its asset portfolio, including 2DG and Adisyn Services. The review identified opportunities to improve scale and unlock value by reallocating capital toward the graphene semiconductor business. The Company is assessing strategic alternatives for Adisyn Services, including potential transaction or change-of-control outcomes, with inbound interest received during the review process. No binding agreements have been entered into at this stage. 🔹 6 January 2026 – Independent Verification of Low-Temperature Deposition Adisyn confirmed successful low-temperature deposition of an sp²-based carbon layer using an ALD system, achieving deposition below 300 °C (Figure 2). The milestone was independently verified by Professor Yoram Selzer of Tel Aviv University, in accordance with the Share Sale and Purchase Agreement (SPA) for 2DG. Raman spectroscopy confirmed material structure through the identification of characteristic G and D bands consistent with sp² carbon bonding. This milestone represents a material de-risking step toward integration within semiconductor manufacturing thermal limits (<450 °C). Figure 2: Atomic Layer Deposition (ALD) Machine (source: AI1) Leadership Commentary Adisyn Non-Executive Chairman Kevin Crofton commented: “The achievement of Milestone 1 represents a meaningful step in the development of the 2DG technology. Importantly, this outcome has been independently verified by a suitably qualified academic, providing the Board with confidence in the technical progress achieved to date. Low-temperature deposition is a critical requirement for semiconductor applications, and this achievement establishes a solid foundation as the Company continues to advance the development program over the coming year.” About the Project Adisyn’s graphene technology targets one of the key challenges in advanced semiconductor manufacturing: the performance limitations of copper interconnects at sub-2 nm process nodes. As chip dimensions shrink, copper becomes increasingly resistive and thermally inefficient. The Company’s patented low-temperature ALD approach aims to enable direct graphene growth on semiconductor wafers at temperatures compatible with existing fabrication environments. Successful implementation has the potential to support faster, smaller, and more energy-efficient chips for AI, computing, and communications applications. Near-term Milestones to Watch Expansion of graphene deposition trials using multiple precursor compounds Continued refinement of remaining pre-clean sub-processes Optimisation of deposition parameters (plasma power, gas flow, pressure, temperature) Material characterisation for structure, crystalline quality, and electrical performance Progression from coupon-level testing toward wafer-level evaluation Samso Concluding Comments The AI1 story is one that is well positioned in the "Let's Get Excited" category, as the way the speculative ASX sector that the company is in at the moment will love the word semiconductor. The Samso platform has not looked into the business in great details and that will come as we introduce the company story into our platform. From a market implication or a market "punting" position with little understanding of the details, the potential for positioning is not bad. The company has a market capitalisation of just under AUD n$44M at the moment, and from Figure 3 below, the share price chart looks reasonable as it has not had any spikes. The flattening on a new support level is encouraging. Figure 3: The AI1 share price chart as of 9th January 2026. (source: CommSec) This is in no way an endorsement for any investment, but it is a good start. As we move into 2026, look out for more Samso News on Adisyn Limited, and let's hope that will aid our DYOR process. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News, and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing, and remember, always DYOR. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Since Samso started to look at the Australian healthcare sector, the Samso platform has started to appreciate the investor attention in the sector as companies progress from early development into clinical validation, regulatory approval, and commercialisation. This Samso Insights ASX Companies Snapshot & Market Position provides a brief, side-by-side overview of selected ASX-listed healthcare companies, outlining what each business does, where it sits within the market, and how it is currently positioned from a market capitalisation and execution perspective. 💊4DMedical Limited 4DMedical Limited (ASX: 4DX) is an Australian-listed medical technology company focused on advancing the diagnosis and management of respiratory disease through functional lung imaging. Headquartered in Melbourne with a growing presence in the United States, the company operates at the intersection of medical imaging, software, and artificial intelligence, targeting unmet needs in lung health diagnostics across global healthcare systems. The Business of the Company Develops and commercialises software-based lung imaging solutions built on its proprietary XV Technology®, converting standard CT and fluoroscopy scans into functional insights on ventilation and perfusion. Core product portfolio includes FDA-cleared XV LVAS® and CT LVAS™, alongside flagship CT:VQ™, which delivers combined ventilation and perfusion analysis from routine non-contrast CT scans (Figure 1). Products are delivered via a Software-as-a-Service (SaaS) model, integrating directly into existing hospital workflows and PACS systems without requiring new imaging hardware. Strategic focus on the U.S. healthcare market, executing an academic medical centre (AMC)-led commercialisation strategy. Following FDA clearance, CT:VQ™ has been adopted by leading U.S. institutions, including Stanford University, University of Miami, and Cleveland Clinic, establishing high-profile reference sites to support broader market adoption. Figure 1: CT:VQ™ - Coronal CT images of ventilation and perfusion (source: 4DX) Market Standing Market Capitalisation: ~$2.14 billion (as of early January 2026), reflecting a material re-rating from earlier stages of the company’s commercial lifecycle. Industry Group: Health ASX Listing Date: 7 August 2020, providing public market exposure during the transition from technology development through regulatory clearance and into early commercial deployment. Share price performance shows a sharp upward re-rating from late 2025 into early January 2026, accompanied by elevated trading volumes, indicating increased market participation and investor attention (Figure 2). Figure 2: 4DX’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Actinogen Medical Limited Actinogen Medical Limited (ASX: ACW) is an Australian-listed biotechnology company focused on the development of novel therapies for neurological and neuropsychiatric diseases associated with dysregulated brain cortisol. Headquartered in Sydney, the company is advancing a differentiated central nervous system (CNS) drug development program targeting large, high-unmet-need indications, with its primary focus on Alzheimer’s disease. The Business of the Company Focused on the development of its lead drug candidate Xanamem® (emestedastat), a first-in-class, oral small-molecule therapy targeting excess cortisol within brain cells through inhibition of the 11β-HSD1 enzyme. Xanamem is being developed primarily for Alzheimer’s disease, with supporting clinical evidence in major depressive disorder and potential applicability across other neurological and psychiatric conditions. Designed as a once-daily oral therapy that reduces cortisol levels in the brain without interfering with normal systemic cortisol production, which is critical for overall physiological function. Advancing the XanaMIA Phase 2b/3 clinical trial in mild-to-moderate Alzheimer’s disease, a 36-week, randomised, placebo-controlled study conducted across Australia and the United States (Figure 3). Full enrolment of 246 participants completed, with an interim safety and efficacy futility analysis expected in late January 2026 and final topline results scheduled for November 2026. An open-label extension study is planned to commence in Q1 2026, aimed at collecting longer-term safety and efficacy data in participants receiving active Xanamem treatment. Figure 3: XanaMIA Phase 2b/3 Trial Design & Key Clinical Milestones (source: ACW) Market Standing Market Capitalisation: ~$210.34 million. Industry Group: Pharmaceuticals, Biotechnology & Life Sciences. ASX Listing Date: 16 October 2007, providing long-standing public market exposure through multiple clinical development cycles. The share price shows a steady upward trend from late December 2025 into early January 2026, supported by periodic increases in trading volume, indicating growing market interest ahead of key clinical milestones (Figure 4). Figure 4: ACW’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Neuren Pharmaceuticals Limited Neuren Pharmaceuticals Limited (ASX: NEU) is an Australian-listed biotechnology company focused on developing therapies for severe neurodevelopmental disorders with high unmet medical need. The company’s strategy centres on rare and orphan paediatric indications, where well-defined patient populations, clear regulatory pathways, and the potential for accelerated approval frameworks underpin its development approach. The Business of the Company Neuren operates a dual-asset model comprising a commercial royalty-generating product and a late-stage clinical development platform. DAYBUE® (trofinetide) is approved by the U.S. FDA for the treatment of Rett syndrome and is commercialised globally by Acadia Pharmaceuticals under an exclusive licence. Neuren receives tiered royalties on net sales, milestone payments, and other commercial income streams, providing recurring revenue to fund pipeline expansion. NNZ-2591 is Neuren’s wholly owned, next-generation neurodevelopmental drug candidate. It is an oral synthetic peptide analogue targeting impaired neuronal function and inflammation, designed for chronic administration in paediatric populations. NNZ-2591 is being advanced as a multi-indication platform, with development programs underway in Phelan-McDermid syndrome (PMS), Pitt Hopkins syndrome (PTHS), Angelman syndrome, SYNGAP1-related disorder, and Hypoxic-Ischaemic Encephalopathy (HIE). The lead NNZ-2591 program is the Koala Phase 3 trial in Phelan-McDermid syndrome, the first-ever Phase 3 study conducted in this indication, with regulatory alignment already established with the U.S. FDA. Figure 5: DAYBUE® (trofinetide) (source: NEU) This structure positions Neuren as a company with near-term cash flow visibility from an approved product alongside multiple late-stage clinical value drivers. Market Standing Market Capitalisation: ~$2.40 billion. Industry Group: Pharmaceuticals, Biotechnology & Life Sciences. ASX Listing Date: 3 February 2005, reflecting a long-established presence on the ASX and multiple value-creation cycles across drug development and commercialisation. The share price shows a sustained upward trend through 2025 with elevated trading activity, reflecting continued investor confidence supported by recurring royalty income and late-stage pipeline progress (Figure 6). Figure 6: NEU’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Oneview Healthcare PLC Oneview Healthcare plc (ASX: ONE) is an ASX-listed healthcare technology company focused on enabling the Connected Care Experience within hospitals and healthcare systems. Founded in 2008 and headquartered in Dublin, Ireland, Oneview provides digital platforms that connect the patient room with care teams and hospital systems, aiming to improve patient engagement, clinical workflows, and operational efficiency. The company has an established international footprint across the United States, Australia, Ireland, and Thailand, with a strategic emphasis on the U.S. healthcare market. The Business of the Company Oneview develops and commercialises a modular, scalable software platform designed to digitise and integrate the in-room patient experience with hospital clinical and operational systems. Key elements of the business include: Delivery of connected care solutions spanning patient engagement, care team workflows, and hospital operations, deployed across televisions, tablets, mobile devices, and bedside systems. A recurring revenue model driven primarily by software subscriptions, supplemented by deployment and implementation services. A growing portfolio of AI-enabled products, including Ovie, a generative AI-powered care assistant designed to personalise patient engagement, anticipate needs, and optimise staff workflows (Figure 7). A commercial model characterised by high customer retention, enterprise-wide expansion opportunities, and strong upsell potential once systems are embedded within hospital environments. Figure 7: Ovie — Oneview’s Gen AI-Powered Virtual Care Assistant (source: ONE) Operationally, Oneview tracks performance using live endpoints rather than beds, reflecting the scalable nature of its platform and its ability to monetise multiple devices and interfaces within a single hospital deployment. Market Standing Market Capitalisation: ~$306.89 million. Industry Group: Health Care Equipment & Services. ASX Listing Date: 17 March 2016, reflecting nearly a decade of public market exposure through the company’s transition from platform development to commercial scale-up. The share price shows a strong recovery and upward re-rating from October 2025 into early January 2026, accompanied by increased trading volumes, indicating renewed investor interest as commercial execution gains traction (Figure 8). Figure 8: ONE’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Cynata Therapeutics Limited Cynata Therapeutics Limited (ASX: CYP) is an Australian-listed, clinical-stage biotechnology company specialising in cell therapeutics and regenerative medicine. Headquartered in Melbourne, Cynata is focused on developing off-the-shelf mesenchymal stem cell (MSC) therapies using its proprietary Cymerus™ platform, which is designed to overcome the scalability, consistency, and cost limitations of conventional donor-derived cell therapies. The Business of the Company Cynata’s business is centred on the development and commercialisation of next-generation MSC therapies derived from induced pluripotent stem cells (iPSCs) via the Cymerus™ platform. Key elements of the business include: Cymerus™ platform technology, which produces MSCs from a single donor-derived iPSC master cell bank, enabling large-scale, consistent, and repeatable manufacturing without ongoing donor sourcing. A diversified clinical pipeline led by CYP-001, Cynata’s intravenous MSC product for acute graft versus host disease (aGvHD), an area of high unmet medical need (Figure 9). Phase 2 clinical trial of CYP-001 in aGvHD, with patient enrolment completed (65 patients across the US, Europe, and Australia), primary evaluation expected to be completed in March 2026, and results anticipated around June 2026. Additional advanced programs include CYP-004 in osteoarthritis (Phase 3), CYP-001 in kidney transplantation (Phase 1/2), and CYP-006TK in diabetic foot ulcers (Phase 1 completed). Multiple programs supported by FDA regulatory engagement, including Orphan Drug Designation for CYP-001 in aGvHD. Figure 9: CYP-001 (source: CYP) Market Standing Market Capitalisation: ~$94.98 million. Industry Group: Pharmaceuticals, Biotechnology & Life Sciences. ASX Listing Date: 20 December 2007, reflecting a long-standing presence on the ASX through multiple clinical development cycles. Share price performance shows a clear upward re-rating from mid-2025 into early January 2026, supported by increased trading volumes, indicating growing investor attention ahead of key Phase 2 and Phase 3 clinical readouts. Figure 10: CYP’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) Near-term Milestones to Watch Clinical data readouts: Interim and topline results from late-stage trials remain the most significant value inflection points, particularly where programs are moving from Phase 2 into Phase 3 or toward regulatory decision-making. Regulatory progress: FDA interactions, trial approvals, and pathway clarity (including orphan or fast-track designations) will continue to shape timelines and risk profiles across the sector. Commercial execution: For companies with approved products or live deployments, evidence of adoption, contract expansion, and revenue traction will be key indicators of execution beyond validation. Partnerships and funding: Licensing discussions, strategic collaborations, and balance sheet updates will be important signals of how companies intend to fund the next phase of growth without excessive dilution. Samso Concluding Comments - ASx Healthcare Investors all know that the art of investment is not a process that has set rules. Every element is different, and there is never one business, one company, or an investment idea that is a linear event. Share prices often move ahead of fundamentals, lag behind progress, or respond sharply to single data points. This is why understanding where a company sits — clinically, commercially, and structurally — is critical before reacting to market movement. What this snapshot tries to highlight is the diversity of pathways within the ASX healthcare sector. Some companies are transitioning from regulatory de-risking into commercial execution, while others remain value-driven by upcoming clinical data. These are very different investment propositions, even if they sit under the same sector label. Market capitalisation alone does not tell the full story. A company’s revenue visibility, trial design quality, regulatory engagement, and execution discipline all contribute to how risk is priced over time. These factors tend to matter far more than short-term price volatility. The final piece of the problem is to understand that the best research, the best mathematical prediction, will ultimately be all undone by a black swan event that will always come from a place nobody expects. Ultimately, this snapshot is firstly an introduction to the Samso community that may not have come across the companies, and it hopefully will help potential investors step back from headlines and focus on structure. Understanding the business model, the clinical roadmap, and the market context provides a stronger foundation for decision-making than reacting to price action alone. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: AlgoraeOS v2 Launched on 5 December 2025 Peter Mac Testing Validates AlgoraeOS - v2 Launched 5 December 2025 (*click here to view the announcement Algorae Pharmaceuticals Ltd (ASX: 1AI), headquartered in Melbourne, has reported a significant technical milestone with the independent preclinical validation of its AI-driven drug-combination platform, AlgoraeOS v1 (AOS1). The validation, completed at the Victorian Centre for Functional Genomics (VCFG) at the Peter MacCallum Cancer Centre, provides the first external confirmation that AOS1 can identify synergistic drug pairs with real biological impact. Algorae Pharmaceuticals Algorae operates at the intersection of AI-enabled drug discovery and pharmaceutical commercialisation. Its core platform, AlgoraeOS, uses machine learning to identify synergistic drug combinations and optimise dose selection for preclinical development (Figure 1). In parallel, its commercial arm, AlgoraeRx, supplies licensed and generic medicines across Australia and New Zealand through partnered manufacturers and established distribution channels. Figure 1: Closed-Loop Learning for Better Predictions (source: 1AI) Highlights – Independent Preclinical Validation of AlgoraeOS v1 (AOS1) Key Validation Outcomes Independent preclinical testing was completed by the Victorian Centre for Functional Genomics at PMCC under Professor Kaylene Simpson and Dr James McKenna. AOS1 selected 21 drugs predicted to show synergy when combined with CBD, generating ~10,000 data points across four cancer cell lines (T98G, BT20, PANC1, 22Rv1). The program tested 84 CBD–drug–cell combinations, including AI-predicted synergistic and non-synergistic pairs. Using predefined internal thresholds, AOS1 demonstrated the ability to: - Identify a subset of combinations experimentally confirmed as synergistic. - Exclude most combinations assessed as non-synergistic. Results showed a positive correlation across three of four global synergy models: Bliss, Loewe, and ZIP. Several potential synergistic drug targets were identified for further preclinical work. Building on the findings, AlgoraeOS v2 (AOS2) has been launched—trained on 5.5 million inhibition records, outperforming state-of-the-art models, including Google DeepMind benchmarks. AOS2 will deliver the first confidence-weighted in silico predictions in December 2025. Leadership Commentary Chief Scientific Officer, Dr James McKenna, commented: “These validation experiments mark an important milestone in the real-world testing of the AOS1 in silico predictions. By testing both positive and negative predictions of synergy, we have gained important insights into the strengths of the baseline version of AlgoraeOS. Completing this program in collaboration with the VCFG has allowed us to successfully benchmark the capabilities of AOS1 and build capacity to rapidly test future in silico predictions. The promising combinations identified from this initial study can now be considered for further assessment.” About the Project The AOS1 validation consisted of 96 preclinical assessments using high-throughput microscopy to measure cancer-cell proliferation. Each drug pair was evaluated using four recognised global drug-interaction models—HSA, Bliss, ZIP, and Loewe—providing a conservative assessment of synergy. The study confirmed that synergy predictions by AOS1 align with three models, while highlighting known limitations associated with the fourth. Near-term Milestones to Watch Release of the first AOS2 in silico predictions in December 2025. Progression of identified synergistic combinations into further in vitro or in vivo studies. Ongoing refinement of internal scoring, ranking, and thresholding within AlgoraeOS. Potential application of AlgoraeOS across additional therapeutic areas via research and commercial partnerships. Samso Concluding Comments Algorae’s momentum lies in its ability to validate AI predictions with real-world biological outcomes. The successful AOS1 evaluation is not just a scientific milestone—it represents a commercial inflection point where AI-driven drug discovery becomes quantifiably more efficient. Over time, this could lead to accelerated preclinical decision-making, better allocation of development capital, and stronger commercial partnerships. The launch of AOS2 points toward a deeper and more scalable computational engine. A platform trained at this magnitude, outperforming leading global models, positions AlgoraeOS as a serious player in AI-based pharmaceutical development. The inclusion of confidence-weighted predictions also adds a layer of transparency and reliability that is increasingly demanded by industry partners. For shareholders, the integration of validated biological findings with next-generation AI models creates a pathway toward expanding the Company’s relevance across oncology and other therapeutic areas. The dual business model—AI discovery plus commercial supply through AlgoraeRx—helps diversify revenue pathways while the platform matures. As Algorae moves into 2026, the combination of validated science, advanced AI modelling, and clear commercial intent positions the Company to unlock more opportunities across the global pharmaceutical landscape. The Market Discussion Since we first covered 1AI way back in May 2025 (AI-116: A New Hope in the Fight Against Dementia.), the fortunes of the company have been very encouraging. From AUD $0.005, it is now AUD $0.013 with a current market capitalisation of AUD $16.88M as we write this on the 23rd December 2025. Figure 2: Share price chart for 1AI as of 23rd December 2025 (source: CommSec) As you can see in Figure 2, a technical trader would be looking for a breakout from the current price. As we move into a reliance on technology with a much higher tolerance level, the success of what 1AI has in store will likely become the norm. This is where businesses take advantage of the market, and it is typically when business owners see a rise in market share. It is always about market acceptance and market dominance with positioning. What I see in Figure 2 is the volume when the share price was stabilising and a lack of volume when the share price was sliding. If you do your own research and look at the volume to price action prior to 2021, you will notice a stark contrast in volume activity with the share price. This is a positive sign, as it shows there is greater interest in the stock now than ever. In my opinion, keep following, take a position, and as pointed out, Samso has seen the price appreciation since May 2025. Check out our Previous coverage on 1AI: AI-116: A New Hope in the Fight Against Dementia. Algorae Pharmaceuticals signs binding term sheet with Cadila for Australian & New Zealand generics - Cardiovascular and Metabolic Disorders Algorae Pharmaceuticals (ASX: 1AI) – First Oncology Commercial Deal in ANZ AlgoraeOS v2 Sets New Benchmark for AI Drug Discovery The Samso Way – Seek the Research Always seek the data that validates the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. Support Page Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or a solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus 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 US patent secured for PromarkerEso diagnostic test for EAC - 17 December 2025 (view the announcement) The Proteomics International story has been one of revelation for the Samso platform. We first covered the company story on June 6th, 2025 (A Blood Test Revolution in Women’s Health – PromarkerEndo’s Clinical Leap Forward on Endometriosis) when we started to learn and understand the potential of the PIQ story. One of the fascinating parts of developing the Samso News platform is that we are constantly learning about the other parts of the ASX that are making advances in their own field. From an investor's point of view, the art of providing a medical solution is noble and extremely lucrative. Since following this story, PIQ has had a stellar run on the ASX. Proteomics International Laboratories Ltd (ASX: PIQ), based in Perth, Western Australia, has announced a major intellectual property milestone with the granting of a United States patent for its PromarkerEso diagnostic test (Figure 1). The patent strengthens the Company’s position in the world’s largest healthcare market and supports the commercialisation pathway for a first-in-class blood test targeting esophageal adenocarcinoma (EAC), a cancer with poor survival outcomes when detected late. Figure 1: Promarker®Eso Project Overview (source: PIQ) The Business of Proteomics International: PromarkerEso Proteomics International is a precision diagnostics company specialising in proteomics, the large-scale study of proteins and their role in disease. The Company develops and commercialises blood-based diagnostic tests designed to address significant unmet medical needs. PromarkerEso forms part of PIQ’s growing portfolio of proprietary diagnostic technologies aimed at improving early disease detection and patient outcomes. Highlights – US Patent Strengthens Global Commercial Pathway US Patent Granted: The United States Patent Office has granted a patent for PromarkerEso, protecting the Company’s proprietary blood test for early diagnosis of esophageal adenocarcinoma until 28 February 2036. Multi-Jurisdiction IP Coverage: PromarkerEso is now protected across Australia, China, Hong Kong, Europe, and the USA, providing broad global intellectual property coverage. Commercial Significance of the US Market: Securing patent protection in the United States underpins direct sales, partnership opportunities, and future licensing strategies in the world’s largest healthcare market. Addresses a Major Unmet Clinical Need: Approximately 90% of EAC cases are undetected until late stage, with a median survival time of less than one year and a five-year survival rate below 20%. Patient-Friendly Alternative to Endoscopy: Current gold-standard screening relies on invasive endoscopy procedures costing approximately US$2,750 in the US, whereas PromarkerEso offers a blood-based, less invasive diagnostic pathway. Early-stage diagnostic strength: Promarker®Eso has demonstrated high accuracy in detecting early-stage esophageal adenocarcinoma (Stages I and II), with strong AUC values and high specificity, supporting its role in addressing the challenge of late EAC diagnosis and poor survival outcomes (Table 1). Table 1 - Promarker®Eso Performance – early-stage EAC detection (source: PIQ ASX Release 19 September 2025) Leadership Commentary Proteomics International Managing Director Dr Richard Lipscombe commented: “This is a significant achievement because the USA is the largest and most advanced healthcare market in the world. Securing patent protection for our diagnostic technology there is a key step in our commercialisation pathway and provides a strong foundation for potential partnerships, licencing, and regulatory advancement.” About the Project PromarkerEso is a first-in-class blood test (Figure 2) that uses a panel of four serum glycoprotein biomarkers—alpha-1-antitrypsin, alpha-1-antichymotrypsin, complement C9, and plasma kallikrein—combined with patient clinical factors such as age, sex, and body mass index. These inputs are analysed using a proprietary algorithm to generate a clear “traffic light” risk score, classifying patients as low, moderate, or high risk for EAC. Patients identified as high risk are recommended to consult a gastroenterologist. Figure 2: Promarker®Eso – Clinical Rationale, Validation and Commercial Status (source: PIQ) Near-term Milestones to Watch Progression of PromarkerEso commercialisation activities in the United States Advancement of regulatory and partnership discussions enabled by US patent protection Continued clinical validation and awareness initiatives addressing EAC and GERD-related risks How Samso Understands the Investment Memo for the Company From Samso’s perspective, the US patent materially de-risks the PromarkerEso commercial pathway by securing long-term intellectual property protection in a critical market (Figure 3). The announcement reinforces PIQ’s strategy of building defensible diagnostic assets that address large, unmet healthcare needs with scalable global potential. Figure 3: Promarker®Eso – Addressable Market and GERD Screening Funnel (source: PIQ) Samso Concluding Comments The significance of this announcement lies not just in the patent itself, but in what it enables. The United States represents the largest healthcare market globally, and securing intellectual property protection there provides a credible foundation for revenue-generating activities. EAC remains a disease with poor outcomes largely due to late diagnosis. A blood-based test that improves early detection has clear clinical relevance and potential health-economic benefits, particularly when compared with the cost and invasiveness of current screening methods. From an investor perspective, the breadth of patent coverage across multiple jurisdictions reduces competitive risk. It also extends the commercial lifespan of the PromarkerEso asset through to 2036 in the US. Samso sees this update as consistent with PIQ’s long-term strategy of translating proteomics research into practical diagnostic solutions with global reach. Market Implications As we have mentioned in our last Samso News on PIQ (Proteomics International Laboratories - PromarkerD Demonstrates Predictive Value for Diabetic Kidney Disease in Aboriginal Australians - May be time to get on this Horse), the market looks like it is liking the progress (Figure 4). This latest ASX release will support the story, so it looks like happier times are ahead. Figure 4: The PIQ share price chart as of 9th January 2025. (source: CommSec) I am sure that the Proteomics International PromarkerEso product will be bringing in more highlights for the PIQ journey. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News, and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing, and remember, always DYOR. 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.