As investors, we are always looking for the next investment, and this search is one of the most common headaches for all investors, especially those like me, in the retail end of the spectrum. We are always the last to know about the things we need to know, and we are the ones that help the "Purple Circle" create their wealth, and to top it all off, we are also the ones that help them exit their positions. As we enter 2026, there is no doubt that all eyes are on Gold and Silver, and closely followed by Copper. I am confused if eyes are still on Antimony, but I suspect there are fewer looking at that now, as the whole Antimony chatter is getting long in the tooth for most investors. I think the heat may have cooled. Figure 1: The gold and silver price chart as of 7th January 2025 over the last 10 years. (source: macrotrends) The gold and silver price rise has long been seen as a marriage of the best friends (Figure 1). Although the quantum of the prices is significantly different, the way they "copy" each other is like a suckerfish to a whale. Every time you see a whale, you will see the suckerfish. Suckerfish (remoras) on a Whale Shark. (source: Divemagazine.com) The narrative for copper is stronger, and with all the talk of AI and the clean energy transition, copper was always going to appreciate, as it's like the backbone metal of civilisation, like iron ore and the hated oil and gas. There is no doubt in my mind that the value appreciation will continue (Figure 2). It is not a rare metal, but the abundance required makes it critical in the sense of future extraction. Figure 2: The copper price chart over the last 45 years as of 7th January 2025. (source: Macrotrends) I know there will be a lot of views on other metals that are going to play a big role, but I think the ones I have mentioned clearly overshadow the other metals. I have not put lithium up as a clear show stopper because I think the discussion of how lithium or EV is going to change the world is not just co mmon speak. It is not, in my opinion, a revelation anymore. Like Vanadium or High Purity Quartz, these are not old news, and frankly, it does not excite people. A great example is Molybdenum, which is looking like it's going to establish a strong case for all-time high pricing (Figure 3), but the market is not that excited. Anyone who is in the sector has been saying that the market is typically short on supply with an increasing demand for the metal. Figure 3: The molybdenum price chart since 2006. (source: Daily Metals) There has been a lack of investment into new mines and existing mines in the US, and most likely in China, are depleting with no new resources to replenish existing reserves. Does the market get excited? No, in fact, I used to say that the market does not even know how to spell the word. So what Does All This Mean In October 2025, I had a coffee with an associate, and we had a discussion in a cafe that got me thinking that the current gold price run may just be the start of something much larger in scale than I had ever thought would happen in my lifetime. He told me that a Bank in Europe is telling buyers of gold that delivery is a 6-month wait. If this is true, then are we looking at a shortage of major metals? “This isn’t a theme trade. This is a supply-chain reality trade.” Does this mean that the global shortage of these "critical" metals is going to cause the Clean Energy Revolution to take five and slow down, simply due to the fact that there are just not enough materials to build this new world we are being told is coming? As in all supply crunches, does this mean that we are just going to have to accept an increase in metal prices and hence an increase in the pricing of pretty much everything civilisation requires to make our world tick? What if the discussion of cryptocurrencies is all heading to stable coin representation? The last time I looked, the top 67 cryptocurrencies have a market capitalisation of billions, and the top 11 have multiple billions. Now, if all start to go towards stable coins, then the gold price may just be heading higher. The good news is that there is plenty of gold to extract, but the future demand for gold as a hedge for stable coins may change the availability. What happens If The Metal Is Important And Hard To Find, Like Tungsten? In 2012, when I was promoting a tungsten project, one of the exercises was to find and detail projects that I could compare and contrast for my presentations and discussions with shareholders and potential investors. Tungsten sample from the Kirwan Hill Tungsten Project in New Zealand. (source: Samso) AS my research grew deeper, it became apparent that there were not that many operational projects, either in the mining or exploration stage. Interestingly, there were not that many exploration projects. The list below is a summary of the main projects (Figure 4) at that time: Dolphin Tungsten Project — King Island Scheelite Ltd (ASX: KIS) now Group 6 Metals Limited (ASX: G6M) - King Island, Tasmania (Australia). Promoted on the back of a Definitive Feasibility Study (DFS) released in March 2012 and related development messaging. Mt Carbine Tungsten Project — Carbine Tungsten Ltd (ASX: CNQ) now EQ Resources Limited (ASX: EQR) - Far North Queensland (Australia). Promoted through 2012 investor/market materials positioning Mt Carbine as a restart/upgrade tungsten business. Nui Phao Tungsten Project - Masan High-Tech Materials (part of the Masan Group) - Polymetallic deposit with scheelite-hosted tungsten, alongside significant fluorspar, bismuth, and copper mineralisation. Reserves (approximate): ~55–83 million tonnes of ore defined, grading around 0.2–0.21 % tungsten (WO₃) — a very substantial resource base. Watershed Tungsten Project — Vital Metals Ltd (ASX: VML) - North West of Cairns, Queensland (Australia). Promoted in 2012 around feasibility and permitting, including financing to complete DFS work Barruecopardo Tungsten Project — Ormonde Mining plc (LSE: ORM) - Salamanca Province, Spain. Promoted during 2012 as it moved off a completed DFS (Q1 2012) into permitting, funding, and offtake discussions. Sangdong Tungsten Project — Woulfe Mining Corp. (TSX-V: WOF at the time) - South Korea. Promoted strongly in 2012 with a Sangdong Feasibility Study (effective June 2012) and ongoing market communications. There was also a connection to Warren Buffett through his company, IMC International Metalworking Companies (IMC), a subsidiary of Berkshire Hathaway. In 2012, IMC invested significantly in Woulfe Mining Corp. (which owned the mine) to secure a major supply of tungsten, a strategic metal for IMC's metal-cutting tool manufacturing in South Korea, positioning Sangdong to become a vital source for the global tungsten market. Hemerdon / Drakelands Tungsten-Tin Project — Wolf Minerals (ASX: WLF at the time) - Devon, United Kingdom. Widely promoted in the 2011–2012 window on the back of its DFS and development narrative as a major non-China tungsten supply option. Cantung Tungsten Mine — North American Tungsten Corp. (TSX-V: NTC at the time) - Northwest Territories (Canada). Promoted in 2012 as a restart/production resumption story (road reopening enabling production restart). Figure 4: Location of Tungsten projects being promoted in 2012. (source: Samso) As I am writing this blog, I have just realised that apart from the project I was promoting, there was only one other company that was promoting tungsten exploration, and that was Tungsten Mining Limited (ASX: TNG), which had just listed at the end of 2012. They were promoting a project called Kilba (Figure 5), which had a JORC-compliant Indicated and Inferred Resource of 5.0MT @ 0.27% WO3 that was announced on the 31st May 2013. Figure 5: Location of the Kilba Tungsten project. (source: TGN ASX Release 12th June 2013) Today, the majority of the projects are no longer in a near-production state. I am told that Nui Phao has reduced its production (though with the current pricing, they may be doing better). The Barruecopardo Tungsten Project appears to be in production, and Sangdong is "near" production. None of the projects is in a big production state; however, with the recent surge in pricing, things may start to look different soon. The Tungsten narrative is largely driven by the following: "China dominates it, and now the Trump factor has come to save it, but the market is somehow not interested, even when the metal price (ATP) is surging to an all-time high of USD $900 per mtu (metric ton unit). If you strip away the noise, tungsten’s 2026 story is simple: it sits at the intersection of defence, industrial capability, and supply-chain leverage. It’s not a “new economy” metal, but it has become a strategic economy metal—because so much of the upstream and processing chain still runs through China. Price reality check: what the market is actually saying (2025–early 2026) On the pricing front, APT (Ammonium Paratungstate) remains the benchmark reference point used across the industry, because it’s the key intermediate feeding most downstream tungsten products. Metal Recent market pricing snapshots show APT (CIF Rotterdam) sitting in a high band late 2025 into early 2026, alongside elevated China APT pricing. Metal A useful “market narrative” datapoint that’s been cited publicly is the view that APT moved materially higher across FY2025 and into 2026, reinforcing the idea that tungsten is trading above older baselines (regardless of the exact source you prefer). “When a minor metal holds high prices for long enough, it stops being a spike and starts looking structural.” The true driver: policy and permissions, not geology The tungsten market in 2026 is heavily shaped by export controls/licensing frameworks and policy signalling, especially out of China. Reuters has reported China expanding export restrictions to include tungsten-related products (among other critical minerals) using a licensing approach tied to national security framing. “Supply isn’t just ‘how much is mined’—it’s ‘how much can move’.” Will the “Fanya shadow” appear in 2026 The Fanya Metal Exchange was a China-based metals trading platform from 2011 to 2015 that accumulated huge rare-metal inventories (including tungsten in the form of ammonium paratungstate). When it collapsed in 2015, investors were left unable to withdraw funds, and courts seized the metal holdings. A lot of the stockpiles were later sold or absorbed by state-linked buyers. “Fanya taught the market what hidden inventory can do. 2026 is about controlled inventory and controlled flows.” How Big Were the Stockpiles? Analysts looked closely at the Fanya data in its final years: Reported holdings for tungsten (in the form of ammonium paratungstate, or APT) were allegedly around 29,000+ tonnes, or approximately as much as 30% of China’s annual production at one point. It stored significant quantities of other metals too — including large amounts of indium, bismuth, and rare earths — which in some cases were multiple times annual world output. These stockpiles were stored in warehouses across China under the exchange’s control. Why the Stockpiles Matter to Markets The existence — and then liquidation — of these stockpiles had major effects on metal prices and supply dynamics: Price Suppression from Overhang When the exchange collapsed, and authorities seized its inventory, there was concern that the sudden release of metal onto the market would depress prices — especially for tungsten and other hard-to-produce metals. At times, analysts suggested that if the Fanya APT stocks were released, prices could fall back to levels seen in earlier market lows, because a large overhang would flood available supply. Price Volatility Before Collapse During Fanya’s accumulation phase (2011–2014), speculative buying and accumulation pushed prices up because physical supply was being warehoused rather than hitting the open market. This distortion was widely blamed for significant price spikes during that period. What Happened to the Stockpiles After the Collapse? After Fanya froze operations in 2015: Chinese courts seized the exchange’s metal inventories. Some metals (like indium and antimony) were auctioned off or bought in bulk by large state outfits such as China Minmetals Auctions were conducted via online platforms like Taobao, often below market value, making it unclear how much of the backlog was fully absorbed or held strategically by state actors rather than released into open commerce. Not all stockpiled metals have been transparently returned to market: some were bought privately, some moved into strategic government inventories, and some may still be held in various forms under Chinese oversight. Is the Fanya Stockpiles Still Relevant? In 2025–2026, the Fanya Metal Exchange stockpile issue is generally not a major direct driver of tungsten markets anymore, though it still comes up in historical context. The relevance of the Fanya Shadow is no longer an issue for the following reasons: Less Direct Impact on Prices Now The bulk of the ex-Fanya APT stockpiles has been seized and at least partially absorbed into industry inventories or held by corporate/state buyers. Small Caps Market commentary and price behavior in late 2025/early 2026 focus much more on current supply tightness, geopolitical export controls, and Chinese production/export policy, rather than potential liquidation of Fanya stocks. Discovery Alert+1 In other words, the idea that a large stockpile could suddenly hit the market and pull prices down is less relevant now than it was a decade ago. Current Drivers That Matter More Recent supply/demand dynamics are shaped by: Chinese export controls and licensing strategies affecting tungsten supply globally. Geopolitical tensions and diversification of supply chains (e.g., Western buyers seeking non-China sources). Strong prices and tight inventory levels in the tungsten market through late 2025/early 2026, with prices at elevated levels and market participants in a wait-and-see mode. These factors are driving price trends and investment interest now far more than the remnants of Fanya stockpiles. Tungsten Price Trends (2025–2026): What the Market Is Really Responding To Now. 1. Prices: Structurally Higher, Not Speculative Through late 2025 into early 2026, tungsten prices (typically referenced via APT – Ammonium Paratungstate) have remained elevated and relatively firm compared to the long-term average. This is not being driven by financial speculation (as seen during the Fanya years), but by: Persistent supply tightness Limited new mine development Rising strategic demand, particularly from defence, aerospace, and advanced manufacturing The market tone is best described as tight but orderly. 2. China Policy Is the Dominant Lever China remains the key swing factor in tungsten pricing, but the influence today is policy-driven rather than inventory-driven. Key factors: Export licensing and quota controls on tungsten products Environmental and energy-cost pressures on domestic producers Strategic retention of critical metals, aligned with broader industrial policy Rather than flooding the market, China’s behaviour in 2025–26 has leaned toward controlled supply, which supports higher floor prices. 3. Inventory Levels Are Thin Unlike the 2012–2015 period: Western inventories are low There is no visible overhang equivalent to the Fanya stockpiles Buyers are increasingly working on just-in-time or short-term contracts This makes the market more sensitive to: Temporary supply disruptions Export approval delays Geopolitical or trade-policy shocks 4. Demand Is Shifting from “Industrial” to “Strategic.” Traditional demand drivers (hard metals, tooling, wear-resistant alloys) remain solid, but the growth is coming from: Defence and munitions Aerospace and space applications Energy transition technologies High-performance electronics This matters because strategic buyers are less price-elastic — they prioritise security of supply over marginal price movements. 5. What This Means for New Projects In 2026, tungsten is increasingly viewed as: A strategic metal, not just a cyclical commodity A sector where permitting, jurisdiction, and ESG profile matter as much as grade One where credible non-China supply attracts disproportionate interest Projects with: Simple metallurgy Clear permitting pathways Potential domestic or allied-nation offtake are being assessed through a longer-term strategic lens, not short-cycle commodity pricing. Samso Concluding Comments For those who have been following our coverage of tungsten, you will have seen our multiple posts on this space and realised that the next excitement among the ASX hopefuls is the rush into the tungsten space. The incredible fact is the surge in the price of tungsten in mtu. We have been raising awareness among investors on the potential rise to fame for a long time. In fact, the very first episode of Coffee with Samso was on tungsten, and that was in 2019 (A conversation about Tungsten). What is an MTU? - A Metric Ton Unit is defined as 1% of a metric ton (1,000 kg) and therefore equals 10 kilograms. Tungsten is primarily traded in the form of Ammonium Para Tungstate (APT) or tungsten concentrates, with prices quoted per MTU of tungsten trioxide ( WO3) content. Since that time, the price of tungsten has gone from sub USD $300 per mtu to a mind-boggling USD $1,000 per mtu as we write this blog today on 9th January 2026. The Samsop platform started covering tungsten again in earnest in May 2025, and the price then was in the USD $400 mark. Since that period, it has been an incredible rise to today's price in a very short time frame, and for those companies that are now rushing into this space, the big question is really about where they are going to find a tungsten deposit that can become economical, and this is the main issue that will keep driving the price. This Samso Insight is highlighting this very point, as what I see today is no different from when I was promoting a tungsten project in 2012. The main difference is the influx of exploration projects that seem to be banking on the Trump factor, and the focus is really on US projects. If one looks at what is available for mining, there are really not that many. If this continues to be the case, and we all know that developing a producing mine is something that takes years and in most cases decades. If that is the case, then you will have to think hard about what the sustainable price for tungsten will be if the lead time to relieve the supply crunch is the only way to reduce the surging price, and when that will happen. Figure 6: An article taken from SMM. (source: SMM) The article (Figure 6) from SMM (Shanghai Metals Market) is the perfect way to close this discussion. If you read the heading, it tells of a stable market that is very ordinary. The underlying truth is that the price have surge to a level now that is more than 300% times what it would have been 12 months ago. If there is no obvious relief in supply (assuming there is no Fanya Shadow lurking), what will be the ultimate multiple for the price before it is considered a stable market? 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. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High Grade Niobium Mineralisation Extends East of Green MRE - 17 December 2025 (view the announcement) Encounter Resources Limited (ASX: ENR) has reported continued success from aircore drilling at the Green Prospect, part of the Aileron Project in the West Arunta region of Western Australia (Figure 1). Recent drilling has confirmed the extension of shallow, high-grade niobium mineralisation east of the existing Green Mineral Resource Estimate (MRE), reinforcing the scale and continuity of this emerging carbonatite-hosted niobium system. Figure 1: Location of Aileron Project in the West Arunta region of Western Australia (source: ENR) The Business of Encounter Resources: Niobium and More Niobium Encounter Resources is an Australian mineral exploration company focused on discovering major copper and niobium–rare earth element (REE) deposits. Its project portfolio is 100% owned and located in Tier-1 Australian jurisdictions, with the Aileron Project representing a key strategic asset within the underexplored West Arunta Province. The company’s exploration strategy is centred on high-impact discovery supported by systematic drilling, geophysics, and metallurgical work. Highlights – High-Grade Niobium Continues to Grow at Green East Shallow, high-grade niobium mineralisation continues along strike at Green and remains open to the east beyond the current MRE footprint (Figure 2). Figure 2: Green Prospect – Niobium AEM Layered Earth Inversion (LEI) with MRE outline (source: ENR) Step-out drilling has confirmed high-grade niobium over 400 metres east of the initial Green MRE, including: 8m @ 2.2% Nb₂O₅ from 46m, within 18m @ 1.3% Nb₂O₅ (EAL1399). 13m @ 1.1% Nb₂O₅ from 35m, within 18m @ 0.9% Nb₂O₅ (EAL1387). Infill drilling continues to deliver thick, high-grade intersections (Figure 3), including: 53m @ 2.6% Nb₂O₅ from 43m, part of 125m @ 1.5% Nb₂O₅ to end of hole (EAL1375). 12m @ 2.5% Nb₂O₅ from 112m, part of 45m @ 1.1% Nb₂O₅ (EAL1377). Figure 3: Green Prospect – Cross Section A–A’(source: ENR) Near-surface niobium mineralisation at Crean has been extended further east, highlighting the broader system scale along the Elephant Island Fault (Figure 4). Figure 4: Elephant Island Fault – RTP Magnetics with Crean MRE outline (source: ENR) A strong news flow is anticipated, with further assay results expected from January 2026, an MRE upgrade planned for H1 2026, and a major field program scheduled for 2026. Leadership Commentary Executive Chairman, Will Robinson, comments: "Green East continues to shape up as a priority area for potential resource growth with broad-spaced drilling demonstrating the continuation of high-grade mineralisation along strike outside the existing MRE. At Green, the latest infill results highlight that increasing drill density in these systems has strong potential to lift both the grade and thickness of the resource. In addition, broad-spaced aircore drilling along the Elephant Island Fault east of Crean is also intersecting shallow niobium-REE mineralisation linked to the large carbonatite complex that runs more than 8km from Crean to Hurley. We still haven’t found the edges of the system, and further drilling is likely to identify additional shallow mineralisation.” About the Project The Aileron Project hosts carbonatite-related niobium deposits at Green, Crean, and Emily, with an Inferred Mineral Resource of 19.2 Mt @ 1.74% Nb₂O₅ reported above a 1.0% Nb₂O₅ cut-off (Table 1). Green represents the largest component of this resource, containing 12.1 Mt @ 1.63% Nb₂O₅. Mineralisation is hosted within weathered carbonatite systems, where regolith processes have enriched near-surface niobium, supporting shallow drilling and potential development optionality. Table 1: Aileron Project Inferred Mineral Resource Estimate Near-term Milestones to Watch Ongoing assay results from infill and extension drilling at Green, with results expected through January–February 2026. Completion of an updated MRE in H1 2026, incorporating 2025 drilling. Advancement of metallurgical testwork, including flotation and refining studies, with results anticipated in H1 2026. Commencement of a major 2026 field program targeting increased drill density, regional target testing, and inputs to future development studies. Samso Concluding Comments Encounter Resources’ latest drilling results at Green continue to reinforce the strength of the Aileron Project as an emerging niobium system of scale. The consistency of shallow, high-grade intersections across both infill and step-out drilling suggests that the geological model is holding together as drill density increases. From a Samso perspective, this type of repeatability is critical, as it reduces geological uncertainty while steadily improving confidence in the underlying resource. The extension of mineralisation east of the current Green MRE is particularly noteworthy. Step-out results confirming high-grade niobium over hundreds of metres beyond the existing resource boundary highlight that the current MRE footprint does not yet define the limits of the system. This matters because resource growth driven by systematic drilling is often what differentiates early exploration success from projects that progress toward development studies. Infill drilling at Green is also playing an important role in refining the quality of the resource. Thick, high-grade intersections delivered through tighter drill spacing point to the potential for improvements in both grade and thickness in future MRE updates. While the market often focuses on headline grades, Samso places equal emphasis on continuity and volume, especially for critical minerals where scale and consistency underpin long-term strategic relevance. Beyond Green, the continued success at Crean along the Elephant Island Fault reinforces the district-scale nature of the Aileron Project. The presence of shallow niobium–REE mineralisation linked to a large carbonatite complex extending over several kilometres suggests that Aileron is not a single-deposit story. With further assays pending, metallurgical work underway, and an MRE upgrade planned, Encounter is entering a phase where exploration outcomes will increasingly feed into clearer development and strategic narratives—an evolution Samso will continue to monitor closely. Market Implications As of the 5th January 2025, the market capitalisation of ENR is AUD $211.9M, which feels high, but if you take into context that they are virtually going through their paces to build what could be the mecca of Niobium, and goodness, what else they will find with time. Figure 5: The share price chart for Encounter Resources as of 5th January 2025. (source: CommSec) As a geoscientist and being in the mineral exploration sector for over three decades and spending the last 15 years trying to make that discovery as the founder of an ASX company, I can only wish I had the opportunity that is in front of ENR. I remember when WA1 made the Luni discovery, there were talks that ENR had missed out on the prize, but with time and perseverance, I think ENR is going to come up with the ultimate prize of being the owner of a Niobium province. As an investor, if you take the same view as I, the market cap of AUD $211.9M is going to be very cheap. If you take a look at Firefly Metals Limited and their discovery in Canada, they are now sitting on a market capitalisation of AUD $1.419B. If and when ENR continues to develop the province, I do not doubt that the valuations will be way north of what they are now. This is a long-term proposition, and one cannot take a short-term position as the mineral resource game is always long-term. In conclusion, DYOR and make sure you don't miss the boat. I don't think it has left the harbour yet, and time is still available for those still pondering. The Samso Way – Seek the Research Consistent drilling results, clear geological context, and defined milestones highlight why ongoing research and data-driven analysis remain essential when following emerging critical mineral stories like Encounter Resources. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Amoco Gold-Antimony Project Update 5 December 2025 (click here to view the announcement) Critical Resources Limited (ASX: CRR) has delivered its maiden drilling update from the Amoco Gold–Antimony Project, located in the highly prospective New England Fold Belt, approximately 19 km south-east of the Hillgrove Antimony-Gold Project and 14 km east of Koonenberry Gold’s Enmore Project (Figure 1). The announcement confirms that Amoco hosts a substantial mineralised orogenic system, validating the Company's geological model and marking an important step in its broader strategy across the Halls Peak district. Figure 1: Project Location map showing Halls Peak project area proximity to significant Antimony-Gold projects in the Armidale region, NSW. (source: CRR) The Business of Critical Resources Limited: Gold and Antimony at the Armoco Project. Critical Resources continues to advance a portfolio spanning lithium (Mavis Lake), base metals (Halls Peak), and orogenic gold–antimony systems (Amoco & New Zealand). The Amoco Project has now emerged as a technically validated opportunity, supported by strong pathfinder geochemistry, fault-controlled alteration, and proximity to a proven antimony–gold district. Highlights – Maiden Drilling Confirms Orogenic Gold–Antimony System (Figure 2) 1. Orogenic System Defined with Strong Pathfinder Chemistry Drilling confirmed broad hydrothermal alteration, structurally-controlled quartz–sulphide veining, and multi-element anomalism consistent with Hillgrove-style orogenic systems. Key multi-element readings include: Gold up to 0.38 g/t Au Silver up to 22.7 g/t Ag Antimony up to 133 ppm Sb Arsenic up to 7,020 ppm As (0.7%) Copper up to 0.27% Cu Lead up to 0.46% Pb Zinc up to 0.85% Zn Figure 2: Amoco maiden RC drill program map illustrating rock chips, soil anomalies, and fault structures (source: CRR) 2. Drilling Intercepts Validate the Exploration Model Notable intersections include: 1 m @ 0.38 g/t Au and 22.7 g/t Ag from 36 m (ARC-012) 3 m @ 0.22 g/t Au, 6.4 g/t Ag, 0.32% Pb, 103 ppm Sb from 21 m, including 1 m @ 0.32 g/t Au, 10.1 g/t Ag, 0.46% Pb, 133 ppm Sb (ARC-005) 22 m of hydrothermal alteration logged in ARC-005 These intervals reinforce the presence of a large mineralised system with the potential to vector into higher-grade zones. 3. Surface Rock Samples Continue to Strengthen Prospectivity Previously reported surface rock chips returned up to 17.9 g/t Au and 0.7% Sb, aligning with geochemical anomalies that guided the maiden drill program. 4. Strategic Regional Positioning Amoco sits within a fertile orogenic corridor that hosts long-lived antimony-gold production and modern exploration success. The immediate proximity to Hillgrove enhances the geological rationale. Leadership Commentary Critical Resources Managing Director, Tim Wither, commented: ‘The confirmation of a substantial orogenic system at Amoco validates our geological model and exploration approach. The presence of features consistent with Hillgrove-style mineralisation, together with strong pathfinder anomalism and extensive alteration, provides a solid foundation for continued work. We remain focused on systematically advancing our Halls Peak projects in the highly prospective New England Fold Belt, to unlock significant value for our shareholders through targeted exploration.’ About the Project Amoco was initially defined through detailed geochemical surveys and mapping, covering a 3 x 2 km soil grid with peak assays of 21.0 ppb Au, 14.65 ppm Sb, and 351 ppm As. These anomalies align with major and minor fault structures that have now been validated for mineralisation through RC drilling. The system comprises: quartz–sulphide veining, fault-brecciation, intense alteration, and multi-element pathfinder signatures typical of an orogenic antimony-gold system. Near-term Milestones to Watch CRR’s next steps are clearly defined: 1. Detailed Petrographic Studies Fresh drill samples will undergo further petrographic analysis by Hillgrove-style specialists to refine the mineralisation model. 2. Target Refinement and Structural Mapping Focused on identifying potential feeder zones where higher-grade gold-antimony mineralisation is most likely to accumulate. 3. Next Phase of Drilling Permitting is progressing for the secondary gold-in-soil anomaly. Upcoming drilling will test deeper structures and expand known mineralised corridors. Samso Concluding Comments The Critical Resources gold and antimony project is a sign, for me, that there is a high-grade system lurking that is most likely refractory, but it will be a big system. If all things fall in place for Critical Resources, this may be another asset that could add value to an already full portfolio. Orogenic systems are often elusive in their early stages, but once key structural controls are identified, the pathway to discovery becomes clearer, in theory. At Amoco, CRR has now established the groundwork that allows vectoring toward higher-grade zones—an essential step for any orogenic gold-antimony system. The system’s proximity to Hillgrove, a long-lived antimony-gold district, carries significant geological relevance. Exploration analogues can carry weight, and if proven, it will be compelling because Hillgrove is one of Australia's few known antimony-gold producers. Discovering something like a Hillgrove will set the market chatter going, and that will be a good thing for shareholders of CRR. From an investment perspective, this announcement gives the market something to ponder for a potential confirmation of a mineral system, strong alteration zones, and multi-element anomalism that fits a recognised mineral model. These are the types of early signals that precede value-accretive discovery outcomes and are geared toward getting the market excited. Amoco now stands at the beginning of a potential re-rating pathway—one that will depend on how effectively the Company vectors into the core of this system. Chasing this kind of mineralisation style will be complex and is often not filled with red herrings. The fact that dfrilling is happening is always a good sign that some form of finality will happen soon. The Samso Way – Seek the Research Always anchor decisions on grounded geological evidence and consistent technical validation. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. VKA Acquistion of Tungsten Project Investor Presentation - 22 December 2025 (view the announcement) 2. VKA To Acquire Production Proven USA Tungsten Projects - 16 December 2025 (view the announcement) Viking Mines Limited (ASX: VKA) has announced the acquisition of a high-grade, production-proven tungsten portfolio in Nevada, USA, a Tier-1 mining jurisdiction (Figure 1). The transaction provides Viking with 100% exposure to six historical tungsten projects located in close proximity to strategic US defence infrastructure, positioning the Company within a critical minerals supply chain at a time of heightened geopolitical urgency. Figure 1: Location map of Viking’s Nevada Tungsten Projects and regional peers (source: VKA) The Business of Viking Mines: Tungsten Viking Mines is transitioning from a diversified Australian explorer into a company with a clear strategic emphasis on critical minerals, anchored by tungsten assets in the United States. The acquisition complements the Company’s existing Western Australian gold and battery minerals portfolio while introducing a new growth platform aligned with US defence, aerospace, and industrial demand. The Nevada portfolio comprises six projects: Linka, Alpine, Long, Terrell, Ragged Top, and Victory, all located within established tungsten districts and supported by extensive historical production data. Highlights – Securing a Strategic US Tungsten Platform 100% acquisition of six Nevada tungsten projects in a Tier-1 jurisdiction, supported by existing regional infrastructure, establishing Viking’s footprint in the US critical minerals sector (Figure 2). Figure 2: Photo looking West showing location of powerline and road access proximal to the Linka Project. (source: VKA) Proven historical production of ~123,000 tonnes at 0.54% WO₃, with legacy mine workings and coarse ore stockpiles at Linka reinforcing the brownfields character of the portfolio and reducing greenfields exploration risk (Figure 3). Figure 3: Photo looking south of the Linka Shaft, Vent Raises, Pit, and Coarse Ore Stockpile. (source: VKA) Flagship Linka Project hosts three historical mines: Linka, Hillside, and Conquest, spanning ~820 metres of strike length, remaining open along strike and at depth (Figure 4). Figure 4: Map of the Linka Project area and mineral claims. Note the location of the three historic mines and the ~820m mineralised trend, which is open to the NE and the SW. Sample grades annotated are historic surface channel and grab samples from the 1970’(source: VKA) Exceptional historical grades, including underground channel sampling of: 6.1m at 1.50% WO₃ 1.5m at 2.11% WO₃ Stopes historically mined at grades up to 3.0% WO₃ (Figure 5) Figure 5: Underground geology map of the Linka-Conquest Mine showing location of high-grade 3%WO3 stope and underground sampling results. (source: VKA) Continuous tactite-hosted tungsten mineralisation at Linka, defined over ~820m of strike length, with underground channel sampling demonstrating consistent widths and mineralisation remaining open down dip (Figure 6). Figure 6: Map of the 150ft Level at Linka showing extent of underground workings and historical channel sampling completed in 1955 and 1977. Note the strike length and width of the tactite-hosted scheelite (red), which remains open down dip (source: VKA) Strategic cornerstone investment of A$750,000 from American Tungsten Corp (CSE: TUNG), validating the quality of the assets and providing in-country technical support. Strong macro tailwinds, with tungsten prices reaching record highs during 2025 amid tightening Chinese export quotas and growing US defence demand. Leadership Commentary Viking Mines MD & CEO Julian Woodcock commented: “Securing this high-grade tungsten portfolio in Nevada, alongside the strategic investment from American Tungsten, is a significant step for Viking. The Project’s history of production, combined with high-grade historical results and existing drill targets, provides a strong foundation for the Company to delineate a critical mineral resource in the USA. “With tungsten designated as a critical defence mineral and prices reaching record highs, the macro environment is highly favourable for this acquisition. We have secured these assets on attractive commercial terms and look forward to commencing our exploration programme to test the Project’s full potential.” American Tungsten Corp CEO Mr Ali Haji commented: “We are pleased to make a strategic cornerstone investment in Viking Mines and to become a substantial shareholder as the Company builds a meaningful U.S. tungsten platform. Our decision is anchored in a simple view: tungsten’s outlook has rarely been stronger, and secure Western supply has never been more important. This investment complements American Tungsten’s existing U.S. footprint. We are advancing our brownfields IMA Tungsten Mine toward production, and Viking’s Projects create clear strategic alignment across exploration, resource growth, and future domestic supply. We look forward to supporting Viking as it undertakes due diligence and launches targeted exploration in Nevada. With record tungsten prices, strong U.S. policy tailwinds, and multiple highgrade growth opportunities across the portfolio, we believe Viking is exceptionally well-placed to create shareholder value. About the Project The Linka Project is the cornerstone of the acquisition, having processed approximately 65,000 tonnes of ore through a 360 tonne-per-day mill between 1955 and 1956. Tungsten mineralisation occurs as scheelite within tactite (skarn) developed along the contact between granodiorite intrusions and carbonate host rocks. Underground development reached approximately 90 metres depth, although mining only advanced to the 45-metre level prior to closure, leaving mineralisation open at depth and along strike. Historical drilling and sampling confirm continuity and grade, supporting near-term drill targeting (Figure 7). This geological setting is consistent with classic skarn-hosted tungsten systems documented across Nevada. Figure 7: Map of Linka-Hillside mine located ~330m NE of Linka. Sample grades annotated are historic surface channel and grab samples from the 1970’s. (source: VKA) Satellite projects such as Alpine, Victory, Ragged Top, Long (Figure 8), and Terrell provide district-scale upside, with several hosting historical production grades ranging from ~0.6% to 1.0% WO₃ and limited modern exploration. Figure 8: Historical geology map of the surface and underground workings at the Long Mine. (source: VKA) Near-term Milestones to Watch Completion of due diligence and historical data compilation Surface mapping and rock-chip sampling across priority targets (Figure 9) Metallurgical sampling using historic stockpiles and underground access Drill permitting and maiden drill testing at Linka and Alpine Engagement with US Government funding pathways under the Defence Production Act Figure 9: Photo of grab samples collected from the Linka Project (Linka Mine 514065E, 4353242N) shown in visible and UV light. Dominant fluorescent mineral (white/blue colour) is interpreted to be scheelite. Visual estimate of abundance ~1.0 to 2.5% scheelite (0.8% to 1.8% WO3). Assay required to confirm WO3 content, with results expected in Q1 2026. (source: VKA) Samso Concluding Comments Viking Mines has secured assets that look very interesting with historical production, documented grade, geological continuity, and proximity to infrastructure. In theory, these factors reduce technical uncertainty and allow early exploration efforts to focus on confirmation and extension rather than discovery from first principles (Figure 10). Figure 10: Plan maps and cross sections of the Alpine Mine. Note granodiorite contact not tested, and depth extensions to Alpine unknown, representing a target for initial drill testing (source: VKA) However, as those investors with grey hair or a lack of hair in this industry will know well, it is never that easy. I have looked at a lot of tungsten projects, and my experience tells me that you need bulk mining types. However, with the tungsten price today at over USD $9000 per mtu, may the scenario be that the high-grade narrow styles have a place in the market? Time will tell us when the market finds its sustainable price, whatever that number is in the future. From a geologist’s perspective, the Linka Project may stand out as a logical starting point. The combination of high-grade historical stopes, consistent underground channel sampling, and mineralisation that remains open along strike and at depth suggests a system that was never fully tested by modern standards. Importantly, the geological model is well understood, with scheelite-hosted tactite developed along a granodiorite–carbonate contact — a classic skarn setting that lends itself to predictable targeting. Beyond Linka, the broader Nevada portfolio provides district-scale optionality. Projects such as Alpine and Long introduce additional exploration pathways without forcing immediate capital allocation. These assets sit firmly in the “known but unfinished” category, where historical production and mapping provide a framework, but modern drilling has yet to define the full extent of the systems. This staged approach allows Viking to advance the portfolio methodically, guided by results rather than narrative. In a market increasingly crowded with early-stage critical minerals stories, Viking’s strategy is notably restrained. The Company appears to be realistic, and the concept appears to be relying on tangible geological evidence and a clear understanding of historical context. For investors seeking exposure to tungsten with real technical backing, this acquisition is a measured entry into a sector where supply security, rather than speculation, is becoming the defining theme. Market Implication With a market capitalisation of just under AUD $14M (as of 4th January 2026), and a share price chart that has not seen any significant rise (Figure 11), this may be worth keeping on the watchscreen. As I have mentioned, there is an increasing influx of tungsten stories, and one has to be careful not to be caught up in the hype. Figure 11: The share price chart for VKA as of 2nd January 2026. (source: CommSec) The Samso Way – Seek the Research Understanding critical minerals starts with geology, history, and data — not headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

IPO Replacement Prospectus (27 May 2025) A Rare Window Into a Forgotten Gold-Copper System The IPO wardrobe has been pretty bare in 2025 and it si good to see the emergence of an IPO with a project that appear to have been off the radar for the last four decades in the heart of New South Wales’ Macquarie Arc – one of Australia’s most fertile mineral belts (Figure 1). When I reviewed LinQ Minerals Limited’s IPO Replacement Prospectus (27 May 2025) and accompanying investor presentation, it was clear this is not your standard greenfields hopeful. LinQ does offer something much more compelling: a genuine brownfields gold-copper project with real tonnage, credible grade, deep geological understanding, and—importantly—a team that’s been here before. In an IPO draft, this is not a bad start. The offer is simple: 37.5 million shares at $0.20 to raise a minimum of $7.5 million, up to 50 million shares for a maximum raise of $10 million. This does not appear to be a spray-and-pray IPO; it is an old project with 470,000 metres of historical drilling and a global resource of 3.7Moz gold and 1.2Mt copper under the company’s belt. Figure 1: Map of Gilmore Project and Macquarie Arc showing nearby Tier-1 deposits (source: LinQ Minerals) The Foundation: Gilmore Gold-Copper Project At the heart of LinQ’s IPO is the Gilmore Project, a consolidated tenement package spanning nearly 600km², wholly owned by LinQ. Located near West Wyalong and Temora, this project sits within the Macquarie Arc—a belt that also hosts Cadia, Northparkes, and Cowal. The project does have good real estate, which is a good thing to have for the promotional part of the equation. LinQ holds two things I consider rare in today’s IPO market: A JORC-compliant resource that’s not just conceptual but already well drilled: ~1.2Moz Au and ~120Kt Cu at Gilmore South alone. Clear evidence of high-grade intercepts (Figure 2), such as: 40m @ 2.8g/t Au 167m @ 1.0g/t Au, 0.7% Cu 150m @ 1.02% Cu, 0.75g/t Au Figure 2: Drill intercept highlights (source: LinQ Minerals) This isn’t early-stage sniffing. This is resource confirmation and potential system expansion. Strong Capital Discipline LinQ plans to use the IPO proceeds primarily for exploration and project advancement, allocating $5.0 million to $7.0 million toward drilling and development, depending on the amount raised. Offer costs are estimated between $0.62 million and $0.77 million, with the remaining $2.43 million to $2.78 million set aside for working capital. “Our aim is to deliver discovery and resource growth in a cost-efficient manner, with over 40 years of historical investment to build on.” – Michael Gibson, Executive Director Who’s Running the Show? The leadership at LinQ is one of the most experienced I've seen in a junior IPO this year. Clive Donner (Executive Chair): 40+ years in mining private equity, ex-NM Rothschild and Citibank Scott Munro (Chief Geologist): 6+ years of direct experience on Gilmore, Lachlan Fold Belt specialist John Holliday (Technical Advisor): Principal discoverer of the Cadia porphyry deposit “We’ve built LinQ to execute like a private equity-backed team—lean, experienced, and discovery-focused.” – Clive Donner The Upside: More Than a Starter Resource Yes, LinQ is listing with a solid base. But it’s the exploration pipeline that excites me (Figure 3). Multiple systems remain open along strike and at depth +20 prospects across a 40km corridor, spanning porphyry and epithermal targets Near-term catalysts from drill-ready zones like Donnington and Monza “The current JORC resources are only estimated to 300–450m. This is shallow compared to major producing peers in the Arc.” – LinQ Prospectus Figure 3: Geological clusters and target zones (source: LinQ Minerals) Samso’s Concluding Comments To me, LinQ Minerals is a good IPO that commonly slips under the radar until a discovery headline forces everyone to look. What I can say is that the project is real, the team is ok and the address can be classed Tier-1 or at least have the potential to be in the same class. And the upside, from a system already demonstrating grade and scale, is substantial. The potential is great, and the market sentiment is obvious. Unlike some IPOs fishing in greenfield ground, LinQ is reactivating a proven system with modern geological thinking and a sharp execution model. As the company says, “drill, don’t drift.” The price of gold is good, and the potential pricing of copper will remain on the upside. This isn’t investment advice—just my take. We all know that there is never a sure thing, but when the geology and the capital plan all line up like this, I tend to pay attention. Don’t Miss the Mark 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 not driven by hype—we only tell stories we believe are worth telling, backed by sound geology and credible management. If you’re new to what we do, I encourage you to explore our three core products:Coffee with Samso, Samso News, and Samso Insights. Each offers a unique perspective, whether it’s a deep dive into a company, reflections on market trends, or long-form interviews that go beyond the surface. There are many paths to success in investing, but if there’s one thing I’ve learned over the years, it’s this: the most successful investors stay committed to making informed decisions. Equip yourself with the right knowledge and tools, and you’ll always be one step closer to your financial goals. Most importantly, know your limits. Be clear about your own risk-reward tolerance and financial capacity. Never bite off more than you can chew. As I always remind people, Rome wasn’t built in a day, and the Great Wall didn’t go up overnight. Good things take time, patience, and a solid foundation. That’s what we aim to help you build here at Samso. 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 Renewal of U.S. DoD Licenses and Secures Drawdown Facility - 22 December 2025 (view the announcement) archTIS Limited (ASX: AR9) has provided a detailed update on its progress with the United States Department of Defense (U.S. DoD), highlighting the successful production deployment of its NC Protect software within the Microsoft DoD365 environment. The update also outlines renewed licenses, customised development work, and new non-dilutive funding aimed at accelerating U.S. market penetration. The core activities are centred in the United States, with archTIS headquartered in Canberra, Australia. The Business of archTIS Limited: Software archTIS operates as a global provider of data-centric security software designed for secure collaboration of sensitive information across government, defence, and regulated industries (Figure 1). The Company’s flagship product, NC Protect, applies real-time attribute-based access control (ABAC) directly to data, aligning with Zero Trust security architectures mandated by U.S. defence authorities. The Company also continues to integrate Spirion following its acquisition, broadening its product suite and U.S. market reach. Figure 1: archTIS Product Portfolio (source: AR9) Highlights – Advancing from Pilot to Mission-Critical Deployment Production Deployment Achieved: NC Protect has been successfully deployed into the U.S. DoD’s Microsoft DoD365 production environment, validating its ability to protect live production data under authorised conditions. 1,000 Production Licences Renewed: A U.S. DoD systems integrator has renewed 1,000 NC Protect licences for a six-month term valued at US$38,500, supporting ongoing active mission operations across the warfighter network. Customised Enhancements Underway: The U.S. DoD has procured customised software enhancements for NC Protect to meet interoperability and scalability requirements, with delivery expected by mid-January 2026 (Figure 2). Figure 2: Q1 FY26 Highlights – U.S. Focus & DoD Progress (source: AR9) Enterprise Licence Discussions Re-engaged: Enterprise licence negotiations have recommenced following delays caused by the U.S. Government shutdown, with future licence blocks expected to start at approximately 8,000 users and potentially scale to several hundred thousand users. Spirion Integration Delivering Cost Synergies: Integration with Spirion (Figure 3) has generated initial annualised cost synergies of approximately A$4.5 million, supporting cross-sell campaigns in the U.S. market. Figure 3: Spirion Acquisition (source: AR9) Non-Dilutive Funding Secured: archTIS has established an A$8 million senior secured drawdown debt facility to accelerate product integration and U.S. market expansion without shareholder dilution. Leadership Commentary Mr Daniel Lai, CEO and Managing Director of archTIS, commented: “The production deployment and license renewal represent a major milestone forward in our U.S. DoD sales opportunity. It demonstrates the U.S. DoD’s intention and continued investment to deploy our product within authorised DoD environments. Not many Australian companies achieve this. Additionally, the recent announcement by the U.S. Department of Defense Chief Information Officer, Katherine Arrington, mandates that all DoD branches, Military Services and Combat Commands, must achieve target Level Zero Trust as a ‘non-negotiable’ requirement before September 2027. This directive potentially positions archTIS at the forefront of the U.S. DoD’s strategy for enforcing Zero Trust in DOD365, presenting a significant opportunity.” About the Project NC Protect is designed to enforce real-time, data-centric ABAC policies directly on sensitive information within cloud and hybrid environments. Its deployment within DoD365 confirms compliance with U.S. DoD Zero Trust objectives and marks a transition from pilot testing to sustained, mission-supporting operations (Figure 4). The Company is also delivering contracted customised development and integration services alongside defence partners, further embedding NC Protect into operational workflows. Figure 4: U.S. DoD Zero Trust framework and allied interoperability across DoD365. (source: AR9) Near-term Milestones to Watch Delivery of customised NC Protect enhancements by mid-January 2026 Progression of enterprise licence negotiations following resumption of U.S. federal procurement Continued execution of the 100-day Spirion integration plan and expansion of U.S. cross-sell activities Samso Concluding Comments The progression of archTIS’ NC Protect from evaluation and pilot stages into an authorised production environment within the U.S. Department of Defense is a meaningful milestone. The fact that AR9 has entry into DoD365 production is already a big step, as it requires compliance with strict security, interoperability, and operational standards that few vendors successfully meet. From Samso’s perspective, this transition confirms validation of both the product architecture and the Company’s ability to operate within highly controlled defence environments. The renewal of 1,000 licences, while modest in absolute revenue terms, is strategically more important than the dollar value alone suggests. It confirms ongoing operational use rather than a one-off trial and demonstrates continuity of engagement during a period affected by U.S. Government administrative disruption. The fact that customised enhancements have been commissioned further indicates that NC Protect is being shaped to meet broader operational needs, a characteristic often seen before wider enterprise adoption in large government systems. The resumption of enterprise licence discussions following the U.S. Government shutdown is another point worth noting. Large defence procurement processes are inherently slow, process-driven, and susceptible to external delays, making persistence and alignment critical. The reference to future licence blocks starting at approximately 8,000 users and scaling higher frames the opportunity in terms of system-wide applicability rather than isolated deployments, which materially changes how the long-term commercial potential can be assessed. Finally, the establishment of a non-dilutive A$8 million debt facility and the delivery of early Spirion integration synergies suggest the Company is actively positioning itself for execution rather than expansion at any cost. Cost discipline, integration progress, and balance sheet flexibility matter in markets where sales cycles are long, and validation precedes scale. For Samso, this announcement reflects steady, process-driven progress in a complex and demanding market, where credibility is earned incrementally, and outcomes are determined over time rather than quarters. Market Implications AR9 has been on the Samso radar since August 2025, and they have been watching from a distance as the story develops. There was a spike in its share price in June 202,5 and it now looks like it may be consolidating with what appears to be investors taking good profit since the June spike (Figure 5). From a business point of view, having a client like the DoD is the ultimate in working with a cash "diansaur". They don't move quickly, and their methodology feels and looks archaic, but they have an endless supply of cash. Figure 5: The share price chart for AR9 as of 2nd December 2025. (source: CommSec) Let's put the conversation in a simpleton mannet, to be considered as a potential supplier is a win, to be considered as a repeat supplier is being invited into dinner with the inner sanctum. To be considered for concepts to make the product better is to be asked to sit at the table, which is not at the back of the room. A company with a market capitalisation of AUD $57M, which is being considered a "supplier" for the DoD, is definitely worthy of anyone's watchlist. Could the pullback in share price be the discount that investors have been gifted? The Samso Way – Seek the Research Always go back to the primary ASX announcement, understand the deployment context, and assess progress against stated milestones before forming an investment view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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 Algorae Signs Distribution Agreement with Dr. Reddy's - 27 November 2025 (click here to view the announcement) Algorae Pharmaceuticals Limited (ASX: 1AI) has taken another step in building its commercial presence within the Australian pharmaceutical market. The Company has entered into a distribution agreement with Dr. Reddy’s Laboratories Ltd (NSE: DRREDDY), marking a strategic shift from purely into tangible near-term revenue generation. The first shipment of Capecitabine 500mg tablets is scheduled to arrive in Australia in December 2025, positioning Algorae for an accelerated commercial rollout. The Business of Algorae Pharmaceuticals Algorae operates a dual-focused business model combining: AI-driven drug-combination discovery through its proprietary platform, AlgoraeOS. Pharmaceutical commercialisation via its subsidiary AlgoraeRx, which sources, licenses, and distributes medicines across Australia and New Zealand. This model integrates research partnerships—such as ongoing oncology validation studies at the Peter MacCallum Cancer Centre—with commercial distribution agreements to increase product accessibility and create a diversified revenue pathway. Highlights – Strategic Commercial Expansion via Oncology Portfolio Distribution agreement signed with Dr. Reddy’s Laboratories Ltd, a global pharmaceutical leader with operations across generics, biosimilars, APIs, and consumer health. First shipment of Capecitabine expected in December 2025, supplying a widely used chemotherapy medicine (500 mg tablets) to the Australian market. Strengthens Algorae’s oncology commercialisation strategy, supporting near-term revenue while broader AI-driven projects mature. Second executed commercial agreement through AlgoraeRx, complementing ongoing oncology R&D at Peter MacCallum Cancer Centre, with validation results expected in Q4 2025. Provides a strategic platform for future collaborations, leveraging Dr. Reddy’s global scale and reputation. Leadership Commentary Algorae Chief Commercial Officer, Mr. Vishal Shah, commented: “Our distribution arrangement with Dr. Reddy’s for Capecitabine represents Algorae’s ongoing focus on oncology product commercialisation and provides the Company with a clear pathway to near-term revenue. We are delighted to enter into an agreement with such a reputable partner and look forward to positioning Algorae for long-term growth and future product collaborations” About the Project The Capecitabine distribution initiative forms part of AlgoraeRx’s growing portfolio of generic and specialty medicines. This agreement enhances supply channels for a key oncology drug and supports the Company’s broader objective of expanding patient access to essential treatments through reputable global manufacturers. In parallel, Algorae continues to advance oncology validation testing at the Peter MacCallum Cancer Centre, where results are expected to inform future AI-guided therapeutic development. Near-term Milestones to Watch December 2025: Arrival of the first Capecitabine shipment to Australia. Q4 2025: Results from oncology validation studies at the Peter MacCallum Cancer Centre. Additional commercial agreements: Continued expansion of AlgoraeRx’s supply channels. Pipeline development: Ongoing AI-enabled drug-combination research via AlgoraeOS. Samso Concluding Comments Algorae is steadily converting its AI-enabled drug discovery capability into commercially meaningful steps. The agreement with Dr. Reddy’s strengthens the Company’s near-term revenue outlook and demonstrates its ability to secure partnerships with global pharmaceutical groups. It shows management’s intent to generate revenue while continuing its AI-based discovery work. The combination of AI-driven R&D with a growing portfolio of distributed medicines provides strategic diversification. The introduction of Capecitabine into the Australian supply chain is a meaningful addition to AlgoraeRx’s portfolio. It positions the Company to participate in a stable oncology market segment. Investors should not underestimate the partnerships with multinational groups, as this validates the Company’s credibility in a highly competitive sector. These relationships may become valuable as Algorae progresses additional products. For investors, the next 12 months will centre on execution—particularly the delivery of the Capecitabine rollout and the outcomes of oncology validation studies. The Samso Way – Seek the Research Always take the time to understand the business, the strategy, and the science behind every investment. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Mavis Lake Strategic Asset for Canada's Lithium Supply Chain 27 November 2025 (click here to view the announcement) Critical Resources Limited (ASX: CRR) continues to position its Mavis Lake Lithium Project in northwestern Ontario as one of the more advanced hard-rock lithium assets in the region (Figure 1). The Company has expanded its landholding by 25% to more than 400 km², strengthened its geological footprint, and advanced exploration to position the Project as a future supplier to the North American battery supply chain. With more than 58,000 metres drilled since 2022, a maiden JORC Inferred Resource of 8 Mt @ 1.07% Li₂O, and a district-scale exploration pipeline, Mavis Lake is advancing towards scalable development within a Tier-1 jurisdiction. Figure 1: Mavis Lake Project Location Map (source: CRR). The Business of Lithium and Battery Future. Critical Resources is advancing a multi-jurisdictional portfolio anchored by the lithium-focused Mavis Lake Project in Canada. The Company’s broader portfolio in Australia and New Zealand provides exposure to gold, antimony, and base metals, but the strategic focus remains on lithium given its role in global electrification. Flagship Project: Mavis Lake Lithium Project, Ontario, Canada Additional Assets: Halls Peak (NSW), gold–antimony prospects in Otago (NZ) Strategic Direction: Leverage critical minerals expertise to support North America’s emerging battery supply chain Operating Advantage: Access to infrastructure, clean hydro power, and strong federal–provincial critical minerals policies Highlights – Strong Progress Across Resource Growth, District Consolidation & Battery Technology 1. Rapid Resource Growth and District Expansion (Figure 2) Landholding expanded by 25% to more than 400 km², consolidating key structural and geological corridors. Maiden MRE: 8 Mt @ 1.07% Li₂O (Inferred). Exploration Target expanded: 18–29 Mt @ 0.8–1.2% Li₂O (conceptual). Over 31 new LCT pegmatite occurrences discovered in 2024. Figure 2: Project Area Map and Newly Staked Cells (source: CRR). 2. Strong Drill Results Beyond Current Resource Model (Figure 3) Standout intercepts include: 74.4m @ 1.18% Li₂O (incl. 32.9m @ 1.81% Li₂O) 50.2m @ 1.28% Li₂O 14.6m @ 1.83% Li₂O Multiple wide intervals confirm extensions at depth and along strike. Figure 3: Mavis Lake main zone cross section A-A’ (source: CRR). 3. District-Scale Future Potential (Figure 4) Large areas remain untested; Tot and Gullwing Prospects are fully permitted, spodumene-bearing at surface, and drill-ready. Recently acquired claims include new untested LCT targets, expanding upside potential. Figure 4: Mavis Lake Project – Main Zone with long-section A-A’ (source: CRR). 4. Metallurgical Success Supports Low-Cost Development Feasibility-level test work indicates: Near 100% spodumene recovery ~30% increase in lithium grade during processing Low-impurity, high-grade concentrate suitable for downstream conversion. 5. Infrastructure and Permitting Advantage Immediate access to Trans-Canada Highway, rail, and clean hydroelectric power. Active Indigenous partnerships, including an Agreement-in-Principle with Wabigoon Lake Ojibway Nation. First full year of baseline environmental studies completed. 6. Vertical Integration – Solid-State Battery Technology Option Exclusive option with South Dakota School of Mines & Technology covering five granted US patents. Targets improved thermal stability, safer operating range, and scalable low-cost processing. Creates potential licensing pathways and mine-to-market integration. Leadership Commentary Critical Resources Managing Director, Tim Wither, commented: ‘The counter-cyclical opportunity to stake and acquire additional claims secures a dominant land position over highly prospective geology. This strategic decision underpins future growth potential across the Mavis Lake Lithium Project. A recent onsite meeting with our First Nations partners and the Dryden municipality highlighted the strong local support for Mavis Lake and the opportunity to collaborate on the advancement of the project. ‘For shareholders, Mavis Lake stands as one of Ontario’s significant lithium assets, distinguished by its scale, grade, and access to world-class infrastructure, positioning the project to play a key role in North America’s lithium supply chain. We remain committed to responsible development, strong Indigenous partnerships, and maximising value as the lithium market recovers.’ About the Project The Mavis Lake Lithium Project lies within the Archean Greenstone Belt of northwestern Ontario—an emerging lithium corridor with multiple spodumene-bearing pegmatites. Key characteristics include: Strategic jurisdiction with supportive critical minerals policies District-scale landholding exceeding 400 km² Major infrastructure: all-season roads, highway access, rail, hydro power Established partnerships with local First Nations Exploration strength evidenced by >58,000m drilled and >31 new pegmatite occurrences Mavis Lake is situated near established North American battery manufacturing hubs in Canada and the US, aligning the Project with downstream demand growth expected from 2026 onwards. Near-term Milestones to Watch Updated Mineral Resource Estimate (MRE): Incorporate recent drill results and potential new pegmatite zones. Permitting Advancement: Continue environmental and baseline studies supporting streamlined approvals (Figure 5). Offtake and Strategic Engagements: Ongoing discussions with battery manufacturers, utilities, and service providers. 2026 Exploration Program: Drilling at Tot, Gullwing, and newly acquired claims targeting additional spodumene zones. Technical Studies: Scoping Study progression and preliminary DFS work supported by metallurgical drilling and bulk tests. Figure 5: Rehabilitation Image Demonstrating Environmental Management (source: CRR). Samso Concluding Comments Mavis Lake is a counter-cyclical lithium strategy anchored by systematic exploration, disciplined capital management, and strong infrastructure fundamentals. The district-scale landholding and significant exploration upside offer potential for resource uplift with drilling. While lithium markets remain soft, if independent forecasts suggest recovery from 2026, positioning Critical Resources will benefit as sentiment strengthens across the North American supply chain. The Mavis Lake story does have scale, does promote geological quality, and infrastructure advantage. Few early-stage lithium projects can point to near-100% spodumene recovery, strong concentrate grades, and immediate access to hydropower, highway, and rail logistics. These elements lower development risk and strengthen future project economics, and most importantly, these points are very marketable to capital, which they will need if they want to take this project to an advanced stage. The exploration narrative is impressive, with more than 58,000 metres of drilling in three years, new pegmatite discoveries, and extensive untested ground that collectively will highlight the district-scale potential. The ability to add tonnes quickly—and at low cost—is central to building a resilient lithium asset story. With what I think is a bet on lithium and battery recovery and chasing the gold in New Zealand, CRR does look like they are building a good picture. I am bullish on 2026, and I think if they can handle the capital required to run this strategy, a dual lithium and gold play, this could fair well for shareholders. Finally, the optionality created through the solid-state battery technology agreement aligns the Project with potential downstream innovations. While still early-stage, such positioning may enhance long-term strategic value as North America accelerates its battery manufacturing footprint. The Samso Way – Seek the Research Always look beyond the headline—understanding the data is how investors gain real clarity. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement IR1 right to High Grade Tungsten Project, Cap Raise Update - 18 December 2025 (click here to view the announcement) IRIS Metals Limited (ASX: IR1) has secured an exclusive right to farm-in to the Finley Basin Tungsten Project, located in Granite County, Montana, USA, through a binding Heads of Agreement with Finley Mining Inc and its shareholders. The transaction provides IRIS with entry into a historically high-grade tungsten system within a mining-friendly U.S. jurisdiction, aligning with its broader critical minerals strategy and U.S.-focused asset base. The Business of IRIS Metals: Initiating a Tungsten Narrative IRIS Metals is a U.S.-focused critical minerals exploration company with an established portfolio in South Dakota, primarily targeting lithium and rubidium under its “Hub & Spoke” development strategy. The proposed farm-in to the Finley Basin Tungsten Project represents a strategic diversification into tungsten, a metal of increasing importance to defense, aerospace, electronics, and energy transition technologies. The Company continues to prioritise advancement of its South Dakota assets toward near-term development while selectively adding complementary critical mineral opportunities within the United States. Highlights – Entry into a High-Grade U.S. Tungsten System Binding farm-in agreement executed: IRIS has signed a binding Heads of Agreement granting exclusive rights to farm-in to the Finley Basin Tungsten Project, subject to final agreements within a 40-business-day exclusivity period (extendable). Historically high-grade tungsten mineralisation: Limited drilling by Union Carbide in the late 1970s–early 1980s defined a historical, non-JORC compliant tungsten reserve of 850,000 tonnes at an average grade of 0.68% WO₃, which is considered high-grade relative to many global tungsten deposits (Figure 1). Figure 1: Table – Historical Tungsten Reserve (Union Carbide, 1983) (source: IR1) Staged pathway to 100% ownership: The farm-in structure allows IRIS to earn up to 100% interest through staged exploration expenditure of up to USD$2.0 million over four years, culminating in delivery of a JORC-compliant Inferred Resource. Clear exploration and development pathway: Exploration activities are planned to commence in early 2026, targeting resource confirmation, expansion of known mineralisation, and metallurgical studies to assess processing options. Established processing infrastructure nearby: A fully permitted and operational contract mill with 1,000 tonnes per day capacity is located approximately 30 km from the project, providing a potential pathway to accelerated development if resources are confirmed. Strategic U.S. critical minerals exposure: The transaction expands IRIS’s exposure to tungsten, a critical mineral with growing strategic importance for U.S. supply chains amid geopolitical supply risks. Leadership Commentary IRIS Metals Executive Chairman Peter Marks commented: "This binding agreement marks an exciting step for IRIS as we grow and diversify our critical minerals portfolio into tungsten, a vital component for the defense and technology industries. The Finley Basin Project offers significant upside with its prospective geology and location in a mining-friendly jurisdiction. Combined with our existing South Dakota portfolio, this positions IRIS to capitalise on significantly growing demand for US-sourced critical minerals." About the Project The Finley Basin Tungsten Project is located within the Flint Creek Mountain Range of Granite County, Montana, a region with a long history of tungsten exploration and production dating back to the early 1900s. The project covers approximately 378 hectares of unpatented mining claims. Geologically, the project is characterised by scheelite-dominant tungsten mineralisation hosted within a tactite skarn system, developed at the contact between a granitoid intrusion and Mississippian-age calcareous limestone. Historical exploration indicates mineralisation from surface to depths of approximately 300 metres, with the system remaining open both laterally and at depth. Near-term Milestones to Watch Acquisition and consolidation of historical geological and drilling data Generation of an initial 3D geological model Execution of a planned 4,500 m Phase I drill program to confirm and expand historical results Initial metallurgical testing to assess suitability of local processing facilities Delivery of a JORC-compliant Inferred Resource, targeted for early Q1 2027 Samso Concluding Comments From Samso’s perspective, the Finley Basin transaction reflects an increasing flow of storytelling into the tungsten sector. I have been a strong advocate of the tungsten narrative, and it is now pretty clear that Tungsten is increasingly being recognised as a strategically important marketing metal, particularly within the United States, where secure domestic supply has become a policy and industrial priority. The project’s location in Montana, combined with its historical production context, places it within a jurisdiction that understands and supports critical mineral development. The historical tungsten grades reported by Union Carbide provide a meaningful reference point for the opportunity. Grades averaging 0.68% WO₃ are considered high relative to many global tungsten deposits; however, the limited drilling undertaken historically suggests the system remains underexplored. The real value will be determined by IRIS’s ability to validate and expand these results through modern drilling and compliant resource estimation. Infrastructure and development optionality are also notable aspects of this acquisition. The presence of a permitted and operational processing facility within trucking distance materially improves potential development scenarios should exploration success be achieved. This type of infrastructure leverage is often overlooked but can significantly shorten development timelines and reduce capital intensity compared to greenfield builds. Overall, I view this farm-in as an entry into tungsten that complements IRIS Metals’ existing U.S. critical minerals footprint. The staged earn-in structure will manage their risk while preserving upside, and the defined exploration milestones provide clarity on value creation steps. The lack of technical information makes it hard to comment on the meat of the project. Hence, a very careful approach is required at this stage, and with my understanding of tungsten projects, it takes a special kind of mineralisation style sand scale to make a tungsten project more than "mining the market". The Samso Way – Seek the Research Understand the geology, the jurisdiction, and the structure—then follow the drill results. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement PromarkerD predicts risk of DKD in Aboriginal Australians - 15 December 2025 (click here to view the announcement) Proteomics International Laboratories Ltd (ASX: PIQ) has released new clinical evidence demonstrating that its PromarkerD blood test (Figure 1) has meaningful predictive value for diabetic kidney disease (DKD) in Aboriginal Australians, one of the highest-risk populations globally. The findings are based on Australian clinical cohorts and reinforce the test’s relevance in addressing a major national health challenge. Figure 1: PromarkerD Clinical Pathway (source: PIQ) Highlights – Clinical Validation of PromarkerD in High-Risk Populations PromarkerD demonstrated acceptable and clinically meaningful predictive accuracy for DKD in Aboriginal people with diabetes. A peer-reviewed study published in the Internal Medicine Journal showed no statistically significant difference in test performance between Aboriginal and non-Aboriginal participants. The test achieved an area under the ROC curve (AUC) of 0.71 in Aboriginal participants, which falls within the range considered clinically acceptable. High negative predictive values of greater than 85% indicate strong “rule-out” capability, meaning individuals with a low PromarkerD score are unlikely to experience near-term kidney decline. The study highlights the potential for PromarkerD to support better allocation of healthcare resources by identifying patients who may not require intensive intervention. National context remains critical, with the burden of diabetic kidney disease reported to be more than seven times higher in Aboriginal people than in non-Indigenous Australians. The next-generation PromarkerD test is now available to type-2 diabetes patients in Australia through multiple healthcare channels. Leadership Commentary Proteomics International Managing Director Dr Richard Lipscombe commented: “Aboriginal people bear a disproportionately high burden of diabetes and DKD, often with earlier onset and faster progression - raising both the need and the potential benefit for better prognostic tests validated in these communities.” About Proteomics International Laboratories - The Project The findings are derived from an analysis of 1,081 adults with diabetes, including 71 Aboriginal participants, sourced from the Fremantle Diabetes Study Phase II and the Aboriginal Diabetes Sub-study. The study assessed PromarkerD’s ability to predict incident DKD or rapid kidney function decline over four years. The results support the test’s role in identifying patients at low risk of progression, enabling more targeted clinical management (Figure 2). Figure 2: PromarkerD Biomarker Analysis and Risk Classification Workflow (source: PIQ) Near-term Milestones to Watch (Figure 3) Ongoing dissemination and citation of the Internal Medicine Journal publication in clinical and healthcare policy settings. Continued uptake of the next-generation PromarkerD test across Australian healthcare channels. Further engagement with clinicians and health services focused on high-risk and underserved populations. Figure 3: Near-Term Commercial and Clinical Milestones for PromarkerD (source: PIQ) Samso Concluding Comments This study adds an important layer of clinical validation for PromarkerD in a population with significant unmet medical needs. The results are grounded in peer-reviewed data rather than promotional claims. Another value-creating news to PIQ. This has been one of the easiest companies to review as the rising share price since Samso started covering the business is very clear that the business model is working. As you can see in Figure 4, the marekt seem to be liking the news coming out from PIQ. Our coverage of PIQ started on June 6, 2025 (A Blood Test Revolution in Women’s Health – PromarkerEndo’s Clinical Leap Forward on Endometriosis), and we have been following the journey since. Figure 4:The PIQ share price as of 31st December 2025. (source: CommSec) This recent ASX release is a great tick for the company as it tries to tackle one of the most common ailments for the Australian Indigenous people. I have always said that if technology creates a benefit in the medical arena, the business of making money will be automatic, especially with the transition to an increased reliance on technology. With a market capitalisation of just under AUD $100M, this may be a good horse to ride. The boxes are getting ticked, and the market is liking these boxes being ticked. The Samso Way – Seek the Research As always, Samso encourages investors and readers to review the original clinical publication and ASX announcement and form their own view based on the data. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please 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 Gold Exploration Targets Defined at CLE's Gold Projects NZ - 31 December 2025 (click here to view the announcement) Cyclone Metals Limited (ASX: CLE) has announced the definition of new gold exploration targets across its wholly owned Waikerikeri (PP60708) and Drybread (PP60707) Prospecting Permits located in Central Otago, New Zealand (Figure 1). The results follow systematic geochemical sampling campaigns aimed at identifying primary gold mineralisation in an area historically dominated by alluvial gold workings. Figure 1: Location of areas sampled within Drybread (PP60707) and Waikerikeri (PP60708) Prospecting Permits in Central Otago, NZ. (source: CLE) The Business of Cyclone Metals: Creating Additional Value through Gold Exploration. Cyclone Metals is advancing early-stage gold exploration within structurally prospective ground in Central Otago. The Company holds a 100% interest in both the Waikerikeri and Drybread permits, which lie proximal to established gold systems, including Santana Minerals’ Rise & Shine project and OceanaGold’s Macraes Flat operation. These projects are positioned along major regional structures, notably the Dunstan Range Fault, a recognised control on gold mineralisation in the region. Highlights – New Structurally Controlled Gold Targets Defined Strong pathfinder element associations, including arsenic, antimony, and tungsten, were recorded, which are considered inconsistent with alluvial gold alone and supportive of orogenic gold mineralisation models (Figure 2). Figure 2: Gold and Pathfinder geochemical responses overlaid on 390Hz resistivity and Lidar topography imagery over Glassfords & Matakanui areas. (source; CLE) Multiple priority target areas were identified at Moutere, Matakanui, and Glassfords, while Lauder Station returned weak and discontinuous anomalism and is not considered a current exploration priority (Figure 3). Figure 3: Gold and Pathfinder geochemical responses overlaid on 390Hz resistivity and Lidar topography imagery at Moutere within Waikerikeri PP60708. (source; CLE) The sampled areas are located approximately 15 km from Santana Minerals’ Rise & Shine gold system, reinforcing the regional prospectivity of the structural corridor (Figure 4). Figure 4: Location of granted Cyclone E Prospecting and Exploration Permits in Central Otago, New Zealand. (source: CLE) Ionic Leach™ geochemical techniques identified responses consistent with structurally controlled gold mineralisation (Figure 5). Figure 5: Comparison of Gold & Pathfinder responses at Glassfords and Mareburn (source: CLE) Anomalous gold and multi-element geochemical responses have been identified across both Waikerikeri and Drybread, defining new exploration targets interpreted to be related to primary hard-rock gold systems rather than purely alluvial sources (Figure 6). Figure 6: Gold and Pathfinder responses along Matakanui traverse (source: CLE) Leadership Commentary Cyclone Managing Director, Paul Berend, commented: “Waikerikeri and Drybread are early-stage exploration project with significant gold mineralisation potential. These initial geochemical results are encouraging and define targets potentially from primary mineralisation which have never previously been identified; whilst there are alluvial gold deposits in the area, the anomalous responses are supported by the multi-element character of the results which is a strong indicator of primary mineral processes and formation of hard-rock gold deposits.” About the Project – Geochemistry and Structural Context The exploration strategy was designed around the Dunstan Range Fault, a high-angle reverse or thrust fault comparable to structures hosting the Macraes and Rise & Shine gold systems. Reconnaissance traverses spaced approximately 2 km apart were completed, with follow-up infill sampling conducted where geological and geochemical responses warranted further investigation. At Glassfords, geochemical responses were associated with the Drybread No. 3 Fault, a basement structure interpreted as a precursor to the Dunstan Range Fault. Gold and pathfinder element anomalies were stronger than those recorded at Cyclone’s Mareburn prospect, where sampling was conducted directly over exposed Macraes-style mineralisation. At Matakanui, gold responses coincided precisely with the Dunstan Range Fault, while weaker pathfinder responses suggest transported alluvial material contaminated by mineralisation sourced from elsewhere along the structural corridor. Within the Waikerikeri permit, the Moutere area returned elongate gold and pathfinder anomalies aligned with interpreted basement structures identified in 390 Hz resistivity data. These results are interpreted as geochemical leakage from mineralisation located on or near a concealed structure, potentially representing a continuation of the Drybread No. 3 Fault (Figure 7). Figure 7: Gold and Pathfinder responses along 4997600mN within the Moutere area of Waikerikeri PP60708. (source: CLE) Near-term Milestones to Watch Follow-up geochemical sampling to further refine priority gold targets within Waikerikeri and Drybread. Assessment of passive seismic or gravity surveys to better define basement depth and structural architecture prior to drill targeting. Samso Concluding Comments While the Iron Bear Iron Ore project is going through its paces, the recent update on the gold targets in New Zealand is a great addition to the value for shareholders. As a happy shareholder, I am keen to exploit the upside of these projects and hope that they generate some form of value creation like that of Santana Minerals Limited (ASX: SMI). Figure 8: The share price chart of Santa Minerals Limited as of 2nd January 2026. (source: CommSec) The discovery of the Rise and Shine deposit was released in late 2021, and the share price has only been rising (Figure 8). The Cyclone project in New Zealand is still early stage, but as a shareholder, I think the money in the bank should be used to "prospect" for another value-creating asset like Iron Bear. Central Otago is a mature gold province, and the Cylcone results highlight that modern exploration techniques can still uncover new opportunities. The identification of anomalous geochemical responses beneath cover suggests that parts of the system remain underexplored using contemporary methods. The comparison between Glassfords and Mareburn is particularly instructive, demonstrating that transported cover does not preclude the detection of meaningful geochemical signatures. In some cases, the pathfinder responses are stronger than those observed over exposed mineralisation. Waikerikeri stands out as an area of interest, with coherent structural-aligned anomalies that warrant further work. The interpretation of possible fault continuity between Drybread and Waikerikeri provides a regional-scale exploration narrative. For investors, this update is best viewed as target-generation progress, not a resource milestone. The strength of the announcement lies in its technical clarity and disciplined exploration logic rather than headline grades. The Samso Way – Seek the Research Early-stage exploration success is built on understanding the geology, not chasing numbers—always seek the research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to, your specific investment objectives, financial situation, risk profile, tax position, or particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The Gawler Craton is one of Australia’s oldest and most mineral-endowed pieces of continental crust, forming the geological backbone of central and western South Australia (Figure 1). Covering an area of more than 440,000 square kilometres, the craton represents a long-lived and complex geological province that has recorded over two billion years of crustal evolution. Its stability through deep time has allowed multiple mineralising events to be preserved, making it a globally significant terrain for understanding large-scale ore-forming processes. Figure 1: ap of Australia showing the broad subdivision into three major cratonic elements (after Myers et al., 1996); the North Australian Craton, West Australian Craton and South Australian Craton. Also shown are geological provinces and regions. (source: Fraser, Geoff & Huston, David & Gibson, George & N.L., Neumann & Maidment, D.W. & Kositcin, Natalie & Skirrow, Roger & Jaireth, Subhash & Lyons, Patrick & C., Carson & Cutten, Huntly & A., Lambeck. (2007). Geodynamic and metallogenic evolution of Proterozoic Australia from 1870-1550 Ma: a discussion. From an exploration perspective, the Gawler Craton is best known as the host to world-class mineral deposits, including Olympic Dam, Prominent Hill, and Carrapateena (Figure 2). These deposits sit within the eastern portion of the craton and collectively define one of the most important Iron Oxide Copper-Gold (IOCG) provinces on Earth. The presence of these systems highlights the craton’s unique ability to focus deep-sourced fluids along long-lived crustal structures, a characteristic that continues to attract exploration interest today. Figure 2: Simplified basement geology map of the Gawler Craton, showing the location of the Olympic Cu-Au-(U) province and the Cultana Inlier. (source: Curtis, Stacey. (2009). Definition of the Cultana Subsuite: a high level felsic Hiltaba Suite age intrusive in the eastern Gawler Craton. MESA Journal. 53. 17-27.) Geologically, the Gawler Craton is characterised by Archean to Proterozoic basement rocks that have been repeatedly reworked by major tectono-magmatic events. Of particular importance are large-scale magmatic episodes, such as the Hiltaba Event, which is widely regarded as a key driver of IOCG mineralisation across the province. These events not only introduced heat and metals into the crust but also exploited pre-existing structural corridors, creating favourable conditions for large mineral systems to develop. Importantly, much of the Gawler Craton remains underexplored due to extensive sedimentary and regolith cover, particularly within the Gawler Range Volcanics and adjacent basins. This cover has historically masked prospective geology, but advances in geophysics, geochemistry, and mineral systems thinking have opened new opportunities. As exploration shifts from discovery-led to concept-driven approaches, the Gawler Craton continues to stand out as a province capable of delivering the next generation of major mineral discoveries. Figure 3: A solid geology map with the major mineral deposits in the Gawler Craton. (source: Holly Bridgwater 2020- South Australia pioneers data-driven exploration initiative. AUSIMM Bulletin) What are the Headline Numbers for the Gawler Craton? The Gawler has long been a mixed soup of minerals, with the famous Olympic Dam playing a global role in dominating metal production, firstly in uranium and now copper and gold. Although it is not a major player singularly, with its history of mining over the decades, it has been a dominant producer of both uranium and copper. With the discovery of Carapateena, Prominent Hill, and Challenger Gold Mine, the understanding of the prospectivity has never been in doubt. In recent times, there have been more discoveries with the Paris Silver Deposit (Discovered in 2011), Copper in Hillside (Discovered in 2008), and Titanium with the Muckanippe Deposit (Discovered in 2024) by PTR Minerals (Petratherm). Let's not forget the private players like Peak Iron, who are mining iron ore as well. Gold As the gold price continues to move upwards with vigor (Figure 4), the gold exploration sector on the ASX is heating up as well. In Australia, the A-Grade projects are pretty much out of range for any M&A activities, as the value proposition is pretty much no longer in the realm of discussion. Anyone who has Tier-1 gold assets is now setting their own journey and will not be interested in any diversification. They do not fear the dreaded term, capital raise, anymore, as they are pretty much funding their own needs. They are printing cash. The Tier-2 projects have had their M&A, and now the Tier-3s are being discussed. In some way, even the Bads have had some M&As, and now the "Sugar Honey Ice Teas" are being considered. The price of gold as of 26th December is robust, and most market narrative is that the pricing will continue to rise. Figure 4: Gold price as of 26th December 2025. (source: Kitco) Copper The Gawler Craton is not only a gold heaven, but it is also a very rich copper province, and the copper price is also heading north, as you can see in Figure 5, it is now at an all-time high. The IOCG mines within the Gawler Craton are all now printing money. BHP is in controlled in that department, and their recent takeover of Oz Minerals will now look like the deal of the century. Figure 5: Copper price as of 26th December 2025. (source: Kitco) Silver The silver price is now getting everyone's attention (Figure 6), and even the non-believers are now realising that they may have missed the first move. I have to admit that the breakout pricing has been threatened on many occasions over decades, and I think that the surprise in not catching the rise is why the silver price has moved so fast to the level it is now. Figure 6: Silver price as of 26th December 2025. (source: Kitco) With the rise in Silver price, the Paris Silver deposit may have got a new lease of life, and production may just be around the corner. The search for Paris-type deposits is in earnest, with parts of the Gawler previously not known for potential, now becoming a place to test the waters. Unfolding Discovery Across the Gawler Craton in 2025 - Gold Exploration in The Gawler Heats Up. So this leads us to the discussion of the increased exploration activity across the Gawler Craton. This acceleration is driven by a convergence of the search for Challenger-like high-grade gold discovery and aggressive drill programs now underway. Recently, Marmota Limited (ASX: MEU) made a release of their maiden drilling (14 October 2025) at their Greenewood gold project (Figure 7). The Greenwood project has had historical results that have delivered some of the most spectacular near-surface gold results recorded in the region since the Challenger Mine’s breakthrough in 1995, defining almost one kilometre of continuous mineralisation. Figure 7: Greenewood 1m Splits Plan Overview (source: MEU) At the same time, Taiton Resources Limited (ASX: T88) has mobilised drill rigs to its Kingfish Prospect at Challenger West (Figure 8) and recently completed that drilling program. The company has also secured regulatory approval to drill the Yogi Prospect at the Highway Project—two targets shaped by the same structural and geophysical frameworks that have historically produced Tier-1 outcomes in South Australia. Figure 8: Location of Challenger West Projects (source: T88) Barton Gold Holdings Limited has recently announced that it is undergoing a High-Resolution Gravity survey over its Challenger Gold mine tenement. The aim is to try to identify structures similar to those of the Challenger Gold mine. Together, these datasets show a province entering a new phase of momentum, where empirical evidence, modern targeting methods, and well-funded programs are collectively heating the exploration narrative across the Gawler Craton. Company Focus Marmota’s focus within the Gawler Craton is the emerging Greenewood discovery, part of the Golden Moon JV, where it holds 90% ownership. The project sits 35 km northwest of the Aurora Tank gold deposit and roughly 30 km northeast of the Challenger Gold Mine (Figure 9). Figure 9: Gawler Gold Belt & MEU Tenements (source: MEU) Taiton Resources maintains a dual-front exploration strategy: Challenger West Project – drilling underway at the Kingfish Prospect. Highway Project – DEM-approved drilling at the Yogi Prospect, testing a significant gravity anomaly interpreted as IOCG or carbonatite-hosted REE potential (Figure 10). Figure 10: Location of Highway Project (source: T88) What is in store for all Mineral Explorers with evidence of Mineralisation at Greenewood? From the maiden RC drilling (146 holes, 15,480 m), Greenewood has rapidly advanced into a near-continuous, 900-metre mineralised zone featuring spectacular grades. Key outcomes include: 109 g/t Au (1m split from 26m) – Hole 25GWRC046 95 g/t Au (1m split from 22m) – same hole 94 g/t Au (1m split from 66m) – Hole 25GWRC099 33m @ 10 g/t Au (22m downhole) – 25GWRC046 22m @ 5.1 g/t Au (49m downhole) – 25GWRC099 Multiple intervals between 15–41 g/t Au across the 1m splits dataset The high-grade intervals occur from shallow depths of approximately 17–31m from surface, with additional mineralised zones extending between 32–77m depth. These sections confirm that bonanza-grade mineralisation is present both near surface and at depth, reinforcing the continuity of multiple stacked lodes across the Greenewood trend (Figure 11). Figure 11: Sectional views (source: MEU) MEU confirms several bonanza zones remain open along strike. Table 1 shows multiple +5 g/t Au intercepts, including several 1m samples above 90 g/t Au occurring across different drillholes, confirming that high-grade shoots repeat along the trend and remain open along strike Assays may be Implicating Potential Scale for the Region The 14 October update provided best-ever 4m composite intersections at Greenewood, demonstrating continuity well before the detailed 1m splits arrived (Figure 12): 4m @ 43 g/t Au (Hole 25GWRC099) 4m @ 38 g/t Au (Hole 25GWRC046) 4m @ 29 g/t Au, 25 g/t Au, 14 g/t Au, 11 g/t Au, 10 g/t Au across multiple drillholes Thick intervals such as 28m @ 6.4 g/t, 24m @ 12 g/t, 16m @ 6.5 g/t, 28m @ 5.6 g/t Figure 12: Greenewood Plan Overview (4m Composites)(source: MEU) T88 – Drilling Begins at Kingfish Prospect (Challenger West) On 2 December 2025, Taiton confirmed drillers are on site, and RC drilling has commenced at Kingfish, a prospect located ~40 km west of the Challenger Mine in a geological setting analogous to the Challenger deposit (Figure 13). Figure 13: Drill Rig at Kingfish (source: T88) The 3-week drilling program targets gold and pathfinder anomalism coincident with north-northeast-trending interpreted structures (Figure 14). Figure 14: Area 1 Soil & Magnetic Map (source: T88) T88 – Yogi Prospect Receives Approval to Drill (Highway Project) DEM approved Taiton’s E-PEPR submission to drill the Yogi Prospect, where a >6 mGal gravity anomaly covers a strike of ~1.5 km (Figure 15). Figure 15: Yogi Gravity Model (source: T88) 3D inversion modelling indicates (Figure 16): 3.17 g/cm³ dense core, >1 km strike × 400 m wide, from 600 m depth Lies within a broader 2.97 g/cm³ body over 5 km strike Offset from a magnetic iso-shell (0.025 SI), interpreted as a potential intrusion Figure 16: Yogi prospect long-section of modelled denser core; 3.17 g/cm3 gravity iso-shell (magenta body), within broader dense body 2.97 g/cm3 gravity iso-shell (green wireframe) with modelled 0.025 SI magnetic iso-shell (pink body) interpreted to represent a potential intrusion. (source: T88) These characteristics are consistent with both IOCG and carbonatite-hosted REE systems. About the Project – T88 Taiton Resources is progressing two priority targets in South Australia. Work is advancing at both Challenger West and the Highway Project. Challenger West – Kingfish Prospect RC drilling has completed. Samples will be sent to Adelaide for assay. Kingfish is located ~40 km west of the Challenger Gold Mine. The geological setting is considered analogous to Challenger. Drilling focuses on gold and pathfinder anomalism aligned with NNE-trending interpreted structures. Highway Project – Yogi Prospect DEM approval received to drill Yogi. Target defined by a >6 mGal gravity anomaly. Strike extent: ~1.5 km. 3D inversion modelling identifies: A 3.17 g/cm³ dense core (>1 km long, ~400 m wide, from ~600 m depth). A surrounding 2.97 g/cm³ body extending ~5 km. Offset magnetic iso-shell (0.025 SI), interpreted as a potential intrusion. Prospectivity includes IOCG-style and carbonatite-hosted REE potential. Access is favourable, ~16 km from the Stuart Highway. Together, Kingfish and Yogi provide two distinct exploration opportunities—one gold-focused, one geophysics-driven—within a major metallogenic corridor of the Gawler Craton. Near-Term Milestones to Watch MEU Arrival of next batches of 1m assays Completion of Stage 2 drilling before Christmas 2025 Integration of new assays into the maiden scoping study (commenced 18 Nov 2025) T88 Assay results from Kingfish drilling (expected following 3-week program) Finalisation of drill contractor and scheduling for Yogi’s maiden program (Q1 2026) Potential follow-up on broader Highway Project anomalies Samso Concluding Comments The historical datasets that sat with the old Jumbuck project, which was last drilled by Tyranna Resources has always confirmed a genuine mineralised corridor with repeatable high-grade zones, shallow intercepts, and coherent structural control. The recent release by MEU, which stated a continuity was observed across nearly one kilometre, is particularly noteworthy given the historical drilling. T88’s exploration programs introduce complementary geological stories. At Kingfish, the drilling will probably confirm that the structures observed are a regional characteristic and not limited to what is at the Kingfish project. This may be the key to the structural setting analogous to a million-ounce mine. This is precisely the type of factual, model-driven exploration effort that historically produces meaningful results in the Gawler Craton. The soil-magnetic correlations and interpreted shear zones highlight strong geological justification for drilling. The Yogi story is a completely different narrative from what is unfolding over the art in the Challenger Gold region. This is what Jon Hronsky would call a "Hybrid" geological setting. The region where T88 has its Highway project is neither an IOCG nor a Tunkillia/ Tarcoola gold region. If you watch the Coffee with Samso "All About Carbonatites and the Exploration Concepts | Jon Hronsky | CWS Ep. 209", Jon meticulously outlines what he thinks is the need to move away from the "traditional" notions of mineral types and "Labelled Mineralised Systems". I think the hybrid thinking is what discovered Gruyere by Gold Road Resources, the Tropicana Gold Deposit and The Nova/Bollinger Nickel deposit at the Albany Fraser Belt, the Julimar NI-Cu-PGE depositin the Darling Range of Western Australia, and...etc For T88, the gravity and magnetic inversion modelling provides a robust targeting framework. The geophysical signatures are consistent with major IOCG systems in the Gawler Craton, and carbonatite-related REE possibilities add a layer of prospectivity. DEM approval ensures that T88 can now translate modelling into drilling outcomes. Together, these datasets show a region where multiple companies are simultaneously generating substantial geological evidence. The Gawler Craton is heating up because the data justifies the interest—high grades, major anomalies, and structurally coherent targets are all converging at once. The Samso Way – Seek the Research Always begin with the data, and let the evidence lead your understanding of value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.