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Announcement Breakthrough Stem Cell Tech Acquired-StemSmart Presentation NeuroScientific Biopharmaceuticals Ltd (ASX: NSB)  has taken a major strategic step by acquiring StemSmart™ , a globally patented and clinically validated stem cell platform. This acquisition adds a powerful, next-generation therapeutic capability to the company’s focus on neuroimmune and inflammatory diseases. The news marks a turning point for NSB, expanding its pipeline into the high-need space of refractory Crohn’s disease while positioning the company for broader clinical and commercial relevance in cell-based regenerative medicine.  The recent completion of the acquisition of Isopogen WA —secured through an ASX announcement dated 27 June 2025 —brings the high-potential StemSmart™ Mesenchymal Stromal Cell (MSC) technology fully into NSB’s hands. What makes this so compelling is the technology’s early clinical success, regulatory foundation, and scalability, especially at a time when the FDA has only recently approved its first MSC therapy, reigniting global enthusiasm in this field.   What are Mesenchymal Stem Cells (MSC)? MSC are adult stem cells traditionally harvested from bone marrow. MSC can also be isolated from other tissues.   Figure 1: Mesenchymal Stem Cells (MSC) (source: NSB) Key Highlights – Breakthrough Stem Cell Tech Acquired StemSmart™  is a patented MSC manufacturing platform designed to enhance safety and efficacy via proprietary cell media and GMP protocols. The platform has shown clinical efficacy  in Phase 2 trials for biologic-refractory Crohn’s disease and compassionate use programs  for steroid-refractory GvHD. NSB’s Special Access Program (SAS Program) for fistulising Crohn’s disease  has now commenced, with results expected to inform progression into formal trials. MSC therapy under the StemSmart™ platform works best in highly inflammatory environments , ideal for refractory immune diseases where standard treatments have failed. The addressable market  across Crohn’s, transplant rejection, and lung disease is estimated to exceed US$60 billion  over the next decade. NSB holds ~$7.5M in cash , with a market cap of $26.5M (as at 27 June 2025) , providing a strong base for near-term execution. How does Stem Cell technology work? Stem cells are often called the “body's building blocks”, as they can potentially develop into any tissue or organ. Mesenchymal stem cells interact with the immune system, adjusting immune responses and reducing inflammation in target tissue, contributing to disease control and tissue repair.   Crohn’s Disease – A Strategic First Focus NSB is prioritising the treatment of fistulising Crohn’s disease , an aggressive and painful form affecting up to 30% of Crohn’s patients. These individuals are often left with no options other than surgery after failing antibiotics, steroids, and biologics. What is Crohn’s Disease? ⚬ Life-long chronic inflammation of the gut ⚬ Incurable affecting more than 1 million in the USA alone ⚬ Has a chronic relapsing and remitting course, sometimes life-threatening ⚬ Considered an autoimmune disorder, affecting all age groups, with incidence peaking in early adulthood ⚬ Commonly results in perianal Fistulas   Refractory Crohn’s (life-threatening) ⚬ Unresponsive to conventional therapies (Antibiotics/Steroids/Biologics) ⚬ Surgery only option ⚬ ~30% patients become refractory– don’t respond to therapies Fistulas ⚬ Sores/ulcers, creating abnormal passageway from intestine to another organ or to ⚬ outside surface of the body ⚬ About 30% of Crohn’s patients will develop fistulas ⚬ Unresolved chronic inflammation The StemSmart™ Special Access Program , launched in June 2025, is treating fewer than 12 patients with weekly MSC infusions for four weeks, with evaluation at 8–10 weeks. The primary benchmark: a >50% closure of fistula openings or discharge reduction  in at least four patients. If achieved, these results will trigger performance milestones and likely fast-track formal trials, potentially under Australia’s Priority Review Pathway. Previous clinical work using this platform already shows promise— a 78% clinical response rate  in a Phase 2 Crohn’s trial and consistent safety across both adult and paediatric patients in GvHD studies.   StemSmart™ – The Technology Behind the Momentum What differentiates StemSmart™  is its manufacturing process. The platform uses patented proprietary media to prime MSCs  for enhanced anti-inflammatory responses, allowing them to: Reduce inflammation Regenerate damaged tissue Moderate immune cell activation Fight apoptosis and fibrosis Secrete bioactive factors that promote healing The technology is GMP-compliant , with an existing TGA product license , providing a clear regulatory path for broader clinical deployment in Australia and beyond. The consistency of product manufacturing and the ability to reproduce outcomes  across trials and patient groups is a critical asset rarely found at this stage in biotech development.   Beyond Crohn’s – Addressing Global Immune and Inflammatory Diseases While NSB’s initial target is Crohn’s, the scope for StemSmart™ is far greater. Clinical work and preclinical studies already indicate efficacy across: Graft-versus-host disease (GvHD) – with survival rates in steroid-refractory patients more than doubling. Kidney transplant rejection  – reducing dependency on long-term immunosuppressants. Lung disorders  – including COPD (Chronic Obstructive Pulmonary Disease), interstitial lung disease, and transplant-related rejection.  This strategy taps into Key Addressable Markets: Crohn’s Disease – US$13.8B by 2026 GvHD – US$5.31B by 2032 Lung Disorders – US$33B by 2034 Kidney Transplant– US$7.2B by 2030 By adopting a multi-indication, multi-market strategy, NSB is creating a diversified clinical and commercial pipeline that adds depth to the platform and de-risks the company’s future trajectory. Chairman, Robert McKenzie,  commented: “I’m pleased that NSB’s acquisition of Isopogen will allow our StemSmartTM technology to be progressed for the benefit of vulnerable patients with limited treatment options. Our immediate focus will be on a special access clinical program in fistulising Crohn’s disease, which is challenging to treat and where sustained healing has proven limited with standard therapies. Longer term our desire is to further clinical activities to progress the technology to achieve regulatory approval.    Samso Concluding Comments NeuroScientific Biopharmaceuticals (ASX: NSB) has made a decisive and potentially transformational move with the acquisition of the StemSmart™ platform. A clinically validated platform that is not just another licensing deal or an early-stage idea makes a world of difference for investors' thinking. The StemSmart™ platform is also GMP-licensed, and globally patented stem cell technology that’s already been tested in real-world settings with high-need patient groups. In the world of biotech, this is a significant step. For a company with a market capitalisation of just $53.2 million (as of 11th July 2025), this kind of therapeutic leverage is rare. Figure 2: The NSB share price chart as of 11th July 2025. (source: commsec). The market is obviously very happy with progress, as shown in Figure 2. The market acceptance is critical in the company's movement forward, as they say no money, no honey. Focus on Crohn's Disease. The strategic focus on fistulising Crohn’s disease is both technically sound and commercially smart. This is an area where conventional therapies often fail, and the only option left for many patients is invasive surgery. By targeting an urgent unmet need, NSB is creating a near-term pathway to impact, not only for patients but also for investors watching the biotech sector for genuine catalysts. What stands out with StemSmart™ is the platform itself. Unlike many cell therapies that stall in translation, this one has already shown reproducibility, safety, and efficacy across multiple studies and disease types—from Crohn’s and GvHD to transplant rejection and COPD. It’s this multi-disease potential, backed by IP and regulatory foundation, that puts NSB in a different category. Samso's Take on Market Value - An Investor's Need for Positioning in NSB. I don't want to come across as someone who is pretending to understand all these big words, but as an investor, I can see that there is merit in doing some serious DYOR. A company that has a market cap of just below AUD $54M with a potential for greater confirmation of its business is still cheap. Companies that have discoveries, such as what NSB is trying to validate, are measured in market valuations at significantly higher numbers. In summary, the broader narrative here is about timing and credibility. With recent global momentum behind MSC therapy—particularly the FDA’s approval of Mesoblast’s product—there is renewed investor interest in cell-based platforms. NSB’s move couldn’t be more timely. What matters now is execution: delivering results from the Special Access Program, launching formal trials, and building a broader clinical strategy. These will define how the market responds. For those tracking the next wave of Australian biotech innovation, this is one story worth following closely.   The Samso Way – Seek the Research The acquisition of StemSmart™ by NeuroScientific Biopharmaceuticals (ASX: NSB) exemplifies the kind of grounded innovation Samso looks for—technology backed by human data, regulatory readiness, and intellectual property protection. This is not blue-sky science but a platform with demonstrated clinical efficacy in Crohn’s disease and GvHD, now being deployed in a focused, milestone-driven strategy. With global regulatory momentum behind MSC therapies and NSB advancing a Special Access Program for fistulising Crohn’s, the fundamentals are aligned for both scientific impact and investor value. This is the type of story that rewards those who genuinely 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 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 OpenLearning Signs $155K SaaS Agreement with ECA OpenLearning Signs circa A$495,000 Platform SaaS Agreement With Leading Publisher in the Philippines OpenLearning Limited (ASX: OLL)  has announced two strategic SaaS milestones in quick succession, strengthening its presence across both Southeast Asia and Australia. On 1 July 2025, the Company revealed a circa A$495,000 software-as-a-service (SaaS) agreement with   CE-Logic Inc ., a leading educational publisher in the Philippines. This 3-year usage-based deal will see OpenLearning’s AI-powered Learning Management System (LMS) deployed to support a minimum of 3,000 students in the first year and scaling to at least 20,000 students annually in years two and three. OpenLearning CEO, Adam Brimo,  commented “We are delighted to partner with CE-Logic, a respected leader in digital learning solutions in the Philippines. This agreement reinforces the value of OpenLearning’s platform in supporting large-scale education delivery and highlights the increasing demand for flexible, AI-powered learning solutions. With a strong pipeline of opportunities, we are well positioned to support the digital transformation of education throughout the region.” Building on that momentum, OpenLearning has now secured a 5-year SaaS agreement  with the Education Centre of Australia (ECA),  valued at a minimum of A$155,000  and covering at least 2,500 students per year across ECA’s language, vocational, and professional year programs. These consecutive wins highlight OpenLearning’s growing market traction and underline its ability to deliver scalable, AI-enabled education infrastructure to reputable institutions across key growth regions. Both ECA executives, Sharon Oh and Luciano D’Ambrosi , praised OpenLearning for its scalable assessment tools and capacity to bridge academic learning with real-world application. This customer validation reinforces the platform’s core value proposition: AI-powered, outcomes-driven learning designed for flexibility and scale.   Key Highlights – Strategic SaaS Momentum Across Two Regions: An Education Story for a Global Market. OpenLearning continues its disciplined execution strategy, announcing yet another major SaaS partnership—this time with the Education Centre of Australia (ECA) —just two days after securing a significant deal in the Philippines with CE-Logic Inc. The latest agreement with ECA, valued at a minimum A$155,000 over five years, is usage-based and will support at least 2,500 students annually. ECA has selected OpenLearning to power its LMS delivery across three major divisions: 1.      ELSIS  – A multi-city English language college with a global student base. 2.      ECA College  – A registered training organisation offering vocational qualifications. 3.      ECA Professional Year – A job-readiness program tailored for IT graduates in Australia. This adds to OpenLearning’s momentum in Southeast Asia, where recent SaaS agreements with CE-Logic, two major institutions in the Philippines, total a minimum contract value of A$1.26 million over 3–5 years . Two major institutions have recently signed SaaS agreements with OpenLearning: 1.      National University:  With 14 campuses and 85,000 students (projected to exceed 100,000), it is now leveraging OpenLearning’s platform. 2.      St Paul University:  Serving 10,000 students and part of the six-university Paulinian network, it too has adopted OpenLearning’s LMS. This positions OpenLearning as a key digital learning partner in one of Southeast Asia’s fastest-growing EdTech markets. Figure 1: The Philippines – Expansion (source: OLL) Together, these announcements underline OpenLearning’s dual-market growth strategy in both Australia and the high-growth Southeast Asian education technology landscape.   Samso Concluding Comments OpenLearning’s recent agreements—with CE-Logic in the Philippines and now with ECA in Australia—paint a clear picture of a company that is executing well. While the top-line figures (A$495k and A$155k minimums, respectively) may not immediately catch the eye of headline-chasers, the significance lies in the architecture of these deals: scalable, usage-based SaaS contracts with reputable, high-volume education providers. The ECA agreement, in particular, deepens OpenLearning’s domestic footprint and signals confidence from a shareholder who understands the platform intimately. It reflects strategic alignment between commercial rollout and stakeholder buy-in—something rarely achieved so seamlessly in the SaaS space. Shareholders and potential investors should see this as an early stage of a flywheel effect. With every new institutional partnership, OpenLearning not only adds revenue but also strengthens its market credibility, which in turn attracts more inbound interest. This is how enterprise SaaS businesses scale sustainably—through trust, delivery, and embedded value. In a sector where many promise growth, OpenLearning is showing how to build it—patiently, transparently, and contract by contract. For investors tuned into the fundamentals, this is a story worth tracking. Is the Market Receptive? OLL is a business that is not a sugar hit with each ASX announcement, as you can see in Figure 2. With a market capitalisation that is below UAD $9M, the story is primed for growth in the next 12 to 18 months. A story like OLL will only attract the broader investor base when they pile up future Saas agreements. Figure 2: OLL share price chart as of the 17th July 2025 since January 2023. (source: commsec) What I like about OLL is, firstly, it's a global business, and in the majority of developing countries, education is still the best form of creating future generational wealth. Investors who do not understand that the majority of the globe does not have the "old money" to help them chase passion, nor governments that are subsidising their pursuit of a hybrid income-generating income. The second is the building of online education. What the majority of developing countries have is a good network of communication and a general sense of maintaining that line of communication to sustain and develop their economies. This will help online businesses as it helps reduce the infrastructure cost that comes with migration to the "Universities". OLL is going to be a slow business, but the speed will start to increase as they rack up more SaaS agreements, as that will give them credibility and economies of scale to fine-tune their business. As usual, DYOR; however, keep OLL on your watch screen. The Samso Way – Seek the Research OpenLearning’s execution over the past month exemplifies what we at Samso refer to as structured scale-up. These aren’t speculative “tech-for-the-sake-of-tech” announcements—each deal is backed by known institutions with established student pipelines. The ECA agreement is particularly strategic given its alignment with a substantial shareholder (>10% of OLL) and board representation, and it adds an Australian-based growth engine to complement the Philippines expansion. Importantly, these contracts are built on usage-based models with minimum thresholds, offering both downside protection and scalable upside as adoption increases. With three major institutions in the Philippines and now another key partner in Australia, OpenLearning is anchoring itself across both established and emerging markets. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Acquisition of Advanced Brownfields Gold and Copper Projects in QLD and NSW 30th of June 2025 – Lightning Minerals Ltd (ASX: L1M)  has announced a transformational acquisition of two advanced brownfields projects targeting gold and copper in Queensland (Mt Turner Projects) and New South Wales (Lachlan Fold Copper Porphyry Project). The acquisition of Lotus Minerals Pty Ltd significantly strengthens the Company’s portfolio and introduces immediate drill targets in some of Australia’s most mineral-endowed regions. The addition of these projects complements Lightning’s existing lithium assets in Brazil, offering a diversified exposure to three high-demand commodities: gold, copper, and lithium. ASX Snapshot – Lightning Minerals Ltd (ASX: L1M) ASX Code : L1M Listing Date : 10 November 2022 Current Share Price (as at June 2025) : $0.04 Market Capitalisation : ~$7.5 million (pre-acquisition) Industry Group : Materials – Gold, Copper, Lithium Key Highlights – Acquisition and Exploration Potential for Gold and Copper. Strategic Acquisition: L1M is acquiring 100% of Lotus Minerals Pty Ltd, which holds two advanced gold-copper assets—Mt Turner (QLD) and Lachlan Fold Belt (NSW)—through a scrip-based deal aligned with exploration milestones. 🔷Mt Turner Gold Project (QLD):  Near-term drilling set to commence within eight weeks, targeting high-grade gold mineralisation along the 14km Drummer Fault (Figure 1). Figure 1: Isometric view of the Mt Turner project demonstrating the 14km Drummer Fault (source: L1M) Historic results (Figure 2) include: 16m @ 3.56 g/t Au 16.0m @ 3.60g/t Au 12m @ 6.5 g/t Au 7m @ 6.45 g/t Au and 43g/t Ag 3m @ 5.1 g/t Au and 51 g/t Ag Figure 2: Previous gold intersections at the historic Drummer Toy pit (source: L1M) 🔷Mt Turner Copper Porphyry Project:   Identified 6km+ porphyry system with strong IP chargeability anomalies—multiple drill targets confirmed by 2022 surveys by Meryllion Resources (Figure 3). Figure 3: Potential targets generated by geophysics at the Mt Turner Copper Project - completed in 2022 by Meryllion Resources Corp (CSE: MYR) (source: L1M) 🔷Lachlan Fold Copper-Gold Projects (NSW):  Boree Creek/Dairy Hill Project sits between Cadia (Newmont) and Northparkes (Evolution Mining) in the Lachlan Fold Belt (Figure 4): 48m @ 0.35% Cu and 0.31 g/t Au 62m @ 0.23% Cu and 0.14 g/t Au 57m @ 0.12% Cu and 0.10 g/t Au 33m @ 0.23% Cu and 0.14g/t Au Figure 4: Lachlan Fold Belt Projects – Borre Creek/Dairy Hill, Burdett and Manildra (source: L1M) 🔷Warby-Scardon Gold and Copper Project (QLD):  Large clay alteration system with gold and silver anomalies (Figure 5). Close to Mt Turner, enabling shared exploration logistics. Figure 5: Warby-Scardon Gold and Copper Project (source: L1M) 🔷Project Pipeline:  Additional tenements acquired include Burdett, Manildra, Gundagai (NSW) and Corryong (VIC), expanding potential in multiple mineral systems. 🔷Capital Raise Completed:  $2.0M raised at $0.04 per share to fund near-term drilling, led by GBA Capital and Canaccord Genuity. 🔷Balanced Commodity Exposure: This acquisition positions Lightning with near-term gold and copper upside while maintaining optionality in lithium through Brazilian assets in Lithium Valley. 🔷Proposed Acquisition Terms: 💠Upfront Consideration:  30 million fully paid ordinary shares issued to the sellers (valued at $1.2 million at $0.04/share). 💠Milestone-Based Shares: Up to 60 million additional shares, issued in three tranches: ⚬ 10 million shares upon completion of 1,000m of drilling. ⚬ 20 million shares upon delineating a JORC-compliant 250,000oz gold equivalent resource. ⚬ 30 million shares upon delineating a 500,000oz gold equivalent resource. 💠Escrow Terms: Upfront and first milestone shares: 12-month voluntary escrow. Second and third milestone shares: 6-month escrow. 💠Conditions Precedent: Completion of $2.0M capital raise. Completion of FNQ asset transfer into Lotus. Shareholder and ASX approvals. Receipt of any required third-party consents.   Lightning Minerals Managing Director Alex   Biggs commented: “The Company is excited to announce the acquisition of Lotus which will provide our shareholders with an exposure to the strong gold and copper markets. We have been reviewing multiple projects globally to gain exposure to gold and copper and the potential that exists across these assets is significant, particularly near-term drilling opportunities at the Mt Turner Gold Project. A focused drill program targeting beneath existing open pits and along strike allows us to begin testing the 14km Drummer Fault which we believe holds excellent gold potential. We are also excited about the copper potential that exists at both the Mt Turner Copper Project and the Lachlan Fold Copper Porphyry Project that already demonstrates multiple significant intersections, including 48m @ 0.35% Cu and 0.31g/t Au from 96m at the Boree Creek/Dairy Hill Project. The location, close to both Cadia and Northparkes mines is a strong indicator that the Lachlan Fold Copper Porphyry Project presents potential to host a significant porphyry-style mineralised system. Our works in Brazil continue at our lithium assets in the prolific Lithium Valley region. The focus now is to complete further target generation to position ourselves for a turn in the lithium market at which point we will have drill targets ready for execution. The Proposed Acquisition demonstrates a strong portfolio synergy providing investors with a near-term exposure to gold and copper and a medium-term exposure to lithium. We look forward to starting our works in Queensland and New South Wales and continuing our works in Brazil. We are pleased to welcome new shareholders to L1M and thank our existing shareholders for their support”.   Samso Concluding Comments Lightning Minerals’ acquisition of Lotus Minerals represents a clear tactical pivot to secure near-term value in gold and copper. At the same time, the Company contemplates its position for a future lithium recovery. The Mt Turner and Boree Creek/Dairy Hill projects can be classed as a more advanced style project with meaningful drill history, geophysical support, and established mineralised trends. The use of scrip consideration linked to tangible exploration milestones—such as drilling completion and JORC-compliant resource definitions—is good capital management. In a market that is still hard to raise capital, this is a logical step. Lithium-focused companies have not had a good time lately, and the change in commodity focus for Lightning is typical and required. How good these results are for the company will come with time spent on the projects. For investors, this update confirms L1M is refocusing, and it will be a while before they can create real value. Investors should look at the cheap entry as a good time to position some money and then wait for the action to come. Unfortunately, not all of these kinds of investments come good, but if you give it a longer period, my experience shows me that a greater percentage pay off eventually.   The Samso Way – Seek the Research The acquisition marks the beginning of a new project story for Lightning Minerals (ASX: L1M), and it’s worth a closer look. With immediate drill-ready targets in proven provinces—gold at Mt Turner and porphyry copper-gold in the Lachlan Fold Belt—this is more than just a portfolio addition. It’s an opportunity to step into a new gold story at an early stage. The Drummer Fault presents textbook structural gold potential, while proximity to Cadia and Northparkes gives real weight to the porphyry upside. The milestone-driven deal structure keeps progress aligned with value creation, and the ongoing lithium work in Brazil adds longer-term depth. For investors seeking early entry into a technically sound gold play, this is one to watch. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Lupin Modification Trial Validates Manufacturing Scale Up Wide Open Agriculture Ltd (ASX: WOA)  has announced a major technical milestone with the successful completion of a commercial-scale manufacturing trial of its proprietary lupin protein isolate process (BP80F), conducted in the United States. Samso has previously covered WOA's journey in lupin-based innovation , and this latest update continues that narrative of disciplined progress and technical refinement. The results mark a critical advancement in WOA’s goal of becoming a global leader in clean-label, plant-based proteins, offering both operational efficiency and scalability for its lupin protein technology. Key Highlights – Lupin Modification Trial Results ✅  Energy Efficiency Breakthrough : The trial demonstrated up to 80% reduction in energy consumption  during WOA’s licensed processing step, achieved while maintaining product quality (Figure 1). ✅ Significant Time Savings: Processing time was reduced by approximately 50%,  accelerating the pathway toward more cost-effective large-scale production. ✅  Use of Commercial-Scale Equipment:  This was the first time automated, commercial-scale systems —not previously applied to lupin protein—were successfully used, proving the scalability of the technology. ✅  IP Protection via Black Box Configuration:  The core processing step was executed in an automated “black box” setup , shielding the proprietary methodology and enhancing IP defensibility. ✅  Enhanced Production Metrics: A comparison with WOA’s German facility showed that the U.S. trial units processed 40L of lupin mixture twice as fast  as the four existing units in Germany, while still achieving the required viscosity levels with drastically lower energy input. The trial achieved the target viscosity using 80% less energy and in half the time compared to WOA’s German equipment (Figure 1). The new process is faster, more efficient, and maintains product quality, highlighting strong potential for scalable, commercial production. Figure 1: Comparing Viscosity at various energy input; German Facility vs Trials (source: WOA) Technical Outcomes: Energy & Viscosity A critical marker of success was achieving target viscosity across a broad range of energy inputs. In simple terms, this confirms the robustness and flexibility of WOA’s proprietary technology. These efficiency gains also signal a clear path to lowering both Operating Expenditure (OPEX) and Capital Expenditure (CAPEX), which is vital for future expansion and investor confidence. From Proof-of-Concept to Scale-Up Following this validation: Next Steps  include a second trial phase at the WOA’s Grimmen facility in Germany to: Fine-tune process parameters Validate across varying lupin inputs Confirm consistency under real-world production conditions Commercial Integration Underway:  Discussions are already taking place regarding financing and leasing of the U.S. trial system to embed into WOA’s infrastructure. This paves the way for efficient, IP-protected production in Europe  as demand for lupin protein scales across sectors such as dairy alternatives, functional food, and nutraceuticals.   Why This Matters In Delivering Lupin Protein Benefits to the Market? Wide Open Agriculture’s ability to deliver plant-based protein ingredients that are high-performing, clean-label, and sustainable positions the company at the intersection of three fast-growing market trends: sustainability, health-conscious consumption, and alternative protein innovation. The successful outcome of this U.S. trial sends a strong message to the market: WOA is not only innovating, but it is also executing on its scale-up vision , backed by engineering capability and a clear commercial strategy.   Wide Open Agriculture Chair, Yaxi Zhan,  commented: “Our team has worked tirelessly to optimise and scale our lupin protein technology, and this improvement in efficiency is a critical step forward.” “It demonstrates the strength of our R&D and engineering capabilities, and the information will inform our scale-up plans as our sales pipeline grows.” Wide Open Agriculture CEO, Matthew Skinner, commented: “This milestone sends a strong signal to our customers, investors, and partners that as lupin protein adoption grows, WOA will be able to scale production to meet demand,”    Samso Concluding Comments Wide Open Agriculture (ASX: WOA) has taken a meaningful step forward with this manufacturing trial. The results speak clearly—an 80% reduction in energy use and 50% faster processing time, all while maintaining product quality. It is important to note that these are not hypothetical improvements—they are measurable, validated gains in a commercial-scale environment using advanced, automated systems. That is the sort of data that strengthens investor confidence. What’s particularly notable is that these improvements apply specifically to the IP step that underpins WOA’s lupin protein isolate process. By isolating and improving this critical stage, WOA has demonstrated a deep understanding of where efficiency matters most. It’s a smart, focused advancement that aligns with a broader strategy to build a defendable, cost-effective, and scalable production model for plant-based proteins. The inclusion of a “black box” configuration to protect proprietary processes adds another layer of commercial sophistication. It shows that WOA is not only engineering for performance but also thinking about long-term defensibility and licensing potential. As lupin protein continues to gain attention for its clean-label, versatile applications, being able to meet demand at scale—without compromising IP—is a powerful position to be in. For those following food-tech and alternative protein themes, this is one to watch. WOA isn’t just talking about sustainability and innovation—it’s demonstrating it with verifiable progress. The next round of trials in Germany will be important, but if similar results are achieved, WOA may be well on its way to becoming a cornerstone player in the lupin-based protein segment. Seek the data, follow the engineering, and watch how this story unfolds. The Samso Way – Seek the Research Wide Open Agriculture (ASX: WOA) continues to demonstrate how targeted R&D and proprietary IP can drive real commercial outcomes. This trial result reinforces WOA’s position in the plant-protein sector, not just as an innovator, but as a company executing on scalable, energy-efficient production. For investors seeking substance behind sustainability and food-tech narratives, WOA is offering a clear data-driven case to research further. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR.      To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High Grade Gallium Re-assay Results at Cummins Range RareX Engages Ausenco to Advance Studies for Mrima Hill RareX appoints WSP for Mrima Hill social and environmental planning RareX Enters Strategic Collaboration with Gega Elements RareX Discovers High-Grade Gallium at Cummins Range RareX Limited (ASX: REE) has delivered another round of eye-catching assay results that significantly strengthen its position as the developer of one of Australia's most advanced and highest-grade gallium deposits at the Cummins Range Project (Figure 1). The latest update, announced on 24 June 2025 , showcases high-grade gallium re-assays  from Cummins Range and builds upon an already compelling narrative that began with RareX’s March 2025 discovery announcement . Figure 1: Cummins Range Project (source: REE) Key Highlights – Cummins Range Gallium Re-assay Results 💠Significant Intercepts Include (Figure 2) : 60m @ 99 g/t Ga₂O₃, 3% TREO, 195 g/t Sc₂O₃ from 29m, including 33m @ 115 g/t Ga₂O₃ and 258 g/t Sc₂O₃. 50m @ 68 g/t Ga₂O₃, 2% TREO, 227 g/t Sc₂O₃ from 47m, including 5m @ 113 g/t Ga₂O₃, 10.2% TREO and 420 g/t Sc₂O₃. Results are derived from re-assaying of 2020 infill drilling  pulps – the first 15 of a 58-hole re-assay program. These numbers confirm and expand upon the March 2025 discovery , where RareX reported values up to 6,826 g/t Ga₂O ₃ in historical drilling data. Cummins Range is now shaping up as not just Australia’s most advanced gallium project, but potentially one of the world’s most strategic due to its co-location with rare earths, scandium and phosphate —a powerful multi-commodity suite. Figure 2: Section 307315E with gallium grades across 250m of the Rare Carbonatite Dyke.   (source: REE ASX 24 June 2025) The gallium-rich mineralisation is hosted within the weathered saprolite horizon, with its geometry and distribution clearly illustrated in Figure 3.   Figure 3: Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 1) location.   (source: REE ASX 24 June 2025). CEO and Managing Director, James Durrant,  commented: “This latest round of assays confirms what our early analysis suggested; the gallium at Cummins Range is not only real, but significant. With consistent grades now returned from infill drilling, we can probably say Cummins Range is one of Australia’s most advanced and highest- grade gallium projects. “What makes this particularly strategic is that the gallium sits within a broader rare earth-phosphate-scandium system, making Cummins Range one of the most geopolitically relevant critical mineral deposits in the country. With Chinese supply effectively off the table, and no meaningful Western production, we’re now prioritising pathways to unlock gallium as a core value stream alongside rare earths and phosphate, including working in our strategic partnership with Gega Elements to assess novel refining technology that could enable low-cost gallium extraction.” Historical High-Grade Gallium Intercepts The latest assays build upon the significant results first announced  in March 2025 , which brought Cummins Range into the spotlight as one of Australia’s most prospective gallium-hosting deposits. Key historical intercepts  (Figure 4 & Figure 5) included: 99m @ 106 g/t Ga₂O₃, 0.77% TREO, 160 g/t Sc₂O₃ from 1m 60m @ 124 g/t Ga₂O₃, 3% TREO, 372 g/t Sc₂O₃ from 36m, including  12m @ 242 g/t Ga₂O₃, 6.7% TREO, 638 g/t Sc₂O₃ 74m @ 123 g/t Ga₂O₃, 2.4% TREO, 186 g/t Sc₂O₃ from surface , including  30m @ 206 g/t Ga₂O₃, 4.6% TREO, 310 g/t Sc₂O₃ Figure 4: Section 307340E with gallium intercepts at Cummins Range deposit. Section location is shown in Figure 5. (source: REE ASX 25 March 2025) These results, derived from historical drilling campaigns between 2007 and 2012, were only recently reassessed for gallium, revealing grades that place Cummins Range among the highest in Australia. The fact that only 25% of historical holes were originally assayed for gallium suggests considerable upside remains untapped across the broader resource footprint. Figure 5: Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 4) location.   (source: REE ASX 25 March 2025) Why Gallium Matters – Market Relevance Gallium is a critical mineral with essential roles in: Semiconductors (gallium arsenide, gallium nitride). 5G networks, defence systems, AI chips. Optoelectronics and solar energy technologies.  The global market  for gallium is forecast to explode from US$2.45B in 2024 to US$21.53B by 2034 , driven by structural supply risks (98% of production controlled by China) and surging demand across semiconductors, EVs, defence and renewables .   Strategic Positioning – RareX’s Gallium Advantage These latest assays underscore that gallium is not an incidental by-product at Cummins Range. It is present in thick, high-grade zones , often overlapping with rare earth and scandium zones in the weathered saprolite profile  of the carbonatite pipe.  Importantly, RareX is: Already re-assaying past drilling  with excellent success. Pursuing refining collaboration with Gega Elements Pty Ltd (Gega), as announced on 30 May 2025. Actively integrating gallium into broader project economics and planning. This places RareX ahead of the curve  in Australia’s race to develop sovereign gallium production.   Other Notable Developments from RareX This gallium news follows several important company milestones:  Strategic Collaboration with Gega Elements:  RareX is working with Gega to develop Australia’s first integrated gallium refining capability , aiming to transform laboratory success into an operational refining flow sheet. Environmental & Social Commitment at Mrima Hill:  RareX has appointed WSP to lead early-stage ESG planning  at its Kenyan critical minerals project, underlining its disciplined, long-term strategy. Ausenco Appointed for Early Infrastructure Studies:  Ausenco’s local Kenyan experience (notably Kwale) strengthens RareX’s operational readiness at Mrima Hill. Together, these moves reinforce RareX’s “develop it right” approach, targeting not just geological potential but supply chain depth and ESG alignment.   Samso Concluding Comments RareX’s evolving gallium story at Cummins Range is an interesting story that is aligning with the compelling critical mineral narratives on the ASX right now. The recent resampling does tell a good story, and it does seem to demonstrate that it occurs in broad zones. In a market where gallium is almost entirely controlled by China, RareX is positioning itself as a participant to meet a rapidly emerging supply chain gap. As I have mentioned in a previous Samso News, I am not overly versed in what the grades mean. As you can see from the release, the numbers seem to be significant—some of which exceed 200 g/t Ga₂O₃—but also in the scale and consistency of mineralisation. The grades do speak for themselves, with intercepts such as 60m @ 99 g/t Ga₂O₃ and 50m @ 68 g/t Ga₂O₃ placing Cummins Range firmly in the high-grade category. The company’s decision to re-assay historical pulps and integrate gallium into its development strategy shows a maturity that’s often lacking in early-stage critical mineral stories. The strategic collaboration with Gega Elements for refining technology and the appointment of WSP and Ausenco for ESG and infrastructure planning, respectively, show a clear path forward. These appear to be not token partnerships—the credible and long-term moves do reflect RareX’s intent to advance Cummins Range from resource to production. For investors, the key will be watching how gallium is integrated into the broader feasibility and economic models. If RareX can demonstrate that gallium can be economically recovered alongside its rare earth-phosphate base, the implications are significant. This could transform Cummins Range from a strong rare earths project into a globally strategic, multi-commodity development. Samso has followed many early-stage stories, but this one may offer a unique blend of technical merit, strategic timing, and execution capability. What concerns me, or rather, I am pondering why this is still an AUD 16M market capitalised company. I understand that this was a much lower valued comp[any prior to the ASX releases on this topic, but with all the hype of Gallium, I am not sure why it is still "cheap".  Figure 6: RareX Limited share price chart as of 11th July 2025. (source: commsec) The Samso Way – Seek the Research Is this a real gallium story? The re-assay results from the Cummins Range show consistently high-grade gallium intersecting with rare earths and scandium, which is promising, but promising alone isn’t enough. The real shift comes with RareX’s appointment of heavyweight contractors like WSP and Ausenco to lay the groundwork for ESG compliance, infrastructure readiness, and eventual production. That move gives the story some real-world credibility. Still, the core investor question remains: are the grades sufficient, and is there enough resource to build an economic case? The early signs are strong, but as 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 News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR.      To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Canyon Resources Limited (ASX: CAY) and Metro Mining Limited (ASX: MMI). The Best Small-Cap Bauxite Companies on the ASX – Canyon Resources Limited (CAY) and Metro Mining Limited (ASX: MMI) is a continuation from my first bauxite article titled “ Bauxite – The next commodity rush? “.  I hope the first article will shed some light into the following piece of writing. Bauxite companies that swim in the small-cap sector are hard to find.  Bauxite is a commodity that seems to be reserved for bigger players around the world, what we call Tier 1 players.  Take the two bauxite province in Australia. The Darling Range is Alcoa and Worsley and the other in Weipa is all about Rio Tinto. Personally, bauxite is one of the most straightforward commodity to evaluate.  It’s just a bulk commodity and controlled by size and chemistry.  As usual, many will argue that it is not that simple. If I want to be honest, I agree, but for this purpose of a desktop evaluation, I will say that it is simple. Metro Mining Limited (ASX: MMI) According to the Metro Mining Limited website, the company was established in 2014 and is a company focused on the Bauxite Hills deposit.  The project is located 95km north of Weipa on Western Cape York with a total tenement holding of 1.900 square kilometres.  The Bauxite Hills Mine has a total Resource of 144.8 million tonnes. Mining began in April 2018 and produced approximately 2 million tonnes to China and was announced on 31 December 2018 . Metro Mining Limited Project Location. (Source:Metro Mining Limited) Mining ceased in December 2018 due to the wet season and will be commenced again in April 2019.  An update for the new activities issued on the 28 February 2019 . Capital Structure Market Capitalisation:  187M (03/2019) Outstanding Shares:  1,362M (06/2018) Top 20 Shareholding:  76.50% (2018) Metro Mining Limited (ASX: MMI) 5 Year Chart. (Source:Commsec) Flagship Project Metro Mining’s flagship project, The Bauxite Hills Mine, is located 95kms north of Weipa on Western Cape York where the company holds a total tenement package covering approximately 1,900 square kilometres. The Bauxite Hills Mine, alone, has an estimated ore Reserve of 92.2Mt and total Resources of 144.8Mt Bauxite Hills Deposits. (Source: Metro Mining Limited) The deposit type is lateritic bauxite derived from the weathering of aluminous sediments in a tropical to sub-tropical environment. The mineralisation within the Bauxite Hills Mine forms part of the Weipa Plateau, a widespread area of aluminous laterite on the west coast of Cape York Peninsula that includes Rio Tinto Alcan’s Weipa, Andoom and Amrun bauxite deposits as well as Metro Mining’s Bauxite Hills Mine. The bauxite deposits in the Project area generally consist of a single flat-lying pisolitic bauxite layer, generally 0.5m – 3m thick that is underlain by a kaolin horizon. Within the area of the resources the average bauxite thickness is 1.6m. The bauxite deposits are overlain by lateritic overburden and topsoil. Under the bauxite deposits there is often a ferruginous cemented layer and a kaolin clay layer. Kaolin, sandy clays and minor quartz sand deposits occur beneath the bauxite layer and extend beyond the bauxite areas. The geological model is grade-based using a cut-off of ≤15% total SiO2 and ≥45% Al2O3 for the BH1 resource area, a cut-off of ≤8% reactive SiO2 (at 1500C) and ≥45% Al2O3 for the BH2 area and a cut-off of ≤20% total SiO2 and ≥45% Al2O3 for the combined BH6 and Gulf (Skardon) resource area. (Source:  Metro Mining Limited) Mining operations commenced in April 2018. In its first year of operations, Metro achieved its 2018 production guidance shipping 2 million tonnes to five different Chinese companies. Metro Mining Bauxite Hills Mine site (Source: Metro Mining) The company has announced an expanded 2019 calendar year production from 3.0Mtpa to 3.5Mpa. Metro has also commenced a DFS for potential Stage 2 Expansion of Annual Production to 6.0Mtpa by 2021. Metro is also further exploring its tenement holdings on Cape York, initially focusing on near mine opportunities for Bauxite Hills. The Bauxite Hills Mine employs up to 220 people with an indigenous workforce of approximately 37%. Around 90 people on site at any one time. Simple Mining Operation: • Mining operations are undertaken only in the dry season, which is notionally 8 months from April to November. • Free-dig bauxite is mined by front-end loaders, trucked to a port infrastructure area, screened to a max product size of 100mm and fed onto the Barge Loading Facility and into barges. • Barges are towed down the Skardon River to an anchorage point at sea where the bauxite is transhipped to freight vessels. Canyon Resources (ASX: CAY) Canyon Resources is developing the Minim Martap Project which is located in the Adamawa region of Cameroon which is alongside the company’s other project, Birsok Bauxite Project. The Minim Martap Project includes two projects, the Ngouadal and Minim Martap deposits, which are within 25km of each other.  The total area of the permits is 1,349 square kilometre. Capital Structure Market Capitalisation:  90M Outstanding Shares: 315.4M  (06/2018) Top 20 Shareholding: 33.50% (2018) Minim Martap Project What I like about the project is the size.  The ones in Australia that are owned by small players do not have the size.  The grade is high but short of the 50% mark that is common in these tropical deposits.  These deposits are refractory and usually require high temperature to treat them. Chemically, bauxite deposits are complex and different deposits will have their issues.  The size present with Canyon is impressive, and I am sure they have an excellent chance to extend their resource.  What I am not sure about is the typical sovereign issues that seem to muddy all projects from Africa. Canyon Resources project location, rail and port facilities. (Source: Canyon Resources) However, in defence of the potential sovereign risk issues,  I have a few associates tell me that those issues are not as bad as reported.  In some degree, I have to agree as there are indeed many projects that are doing well in places such as Africa and Asia where you would think that these sovereign issues will be a deal breaker. Conclusion There is a lack of small-cap bauxite players and the reason, I believe, is the bulk nature of deposits and the lack of a market price.  The lack of a spot market price can be hazardous for small players, especially when they don’t have a large deposit.  The other issue is that the value-adding occurs when you turn it into alumina and if you are not blessed with a significant resource and an excellent grade, you are going to have a problem. The fact that bauxite is a product of chemical weathering and you are in a tropical climate,(rare to be in an arid environment),  you need a geological condition to retain and subsequently capture the end product.  If you do not have a “geological collection point”, you are not going to get a large deposit. With limited competition, if these two companies get their cash flow happening, they are going to be very interesting. There is no argument that the Chinese market will improve and demand will surge.  I think these two companies will take time to get their act together and like many small-cap companies, the liquidity of their cash position will determine how long they hang around. Canyon has decent looking chemistry with their resource.  Their silica content is very low as the industry is buying up to 8% silica.  I am not clear on the chemistry for Metro, but I would assume that Weipa will be reasonably consistent.  What I do know about the Weipa bauxite is the requirement of high-temperature refining. I am guessing the refractory nature causes the same problem as what you get in refractory gold issues.  The Weipa grade is good. However, I think they need to get the tonnages up. 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. www.samso.com.au 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 on noel.ong@samso.com.au . About Samso

Announcement INVESTOR PRESENTATION | MARCH 2025 CYM Regains Control of Paterson Exploration Project Nifty Copper Complex Approvals Update Cyprium Bolsters Senior Leadership Team $2.5M Progress Payment on Surplus Generator Sale A Story of Momentum: From Strategy to Execution at the Nifty Copper Complex. Unlocking Nifty’s Asymmetric Potential for Mining and Producing Copper? In March 2025, Cyprium Metals Ltd (ASX: CYM) presented a clear vision to the market—a strategy built on speed, simplicity, and a low-capex restart of the Nifty Copper Complex (Figure 1). The March investor presentation positioned Nifty as a rare brownfield asset with infrastructure already in place, permits largely secured, and over 720kt of copper historically produced . With 91kt of copper still contained in surface stockpiles  and an 83Mt @ 0.90% Cu sulphide reserve adjacent to a 3.0Mtpa concentrator , the proposition was bold but grounded (Figure 2).  Figure 1: Location of Nifty Copper Mine (source: CYM) The plan is straightforward: restart the SX-EW cathode plant to generate early cash flow,  then progress to a full-scale sulphide open pit operation supported by the upgraded concentrator (Figure 3). A combined value of over A$1.1 billion in pre-tax NPV has been cited from the two-phase PFS work. Figure 2: Asset-Rich Brownfield Sets Stage For Rapid Restart (source: CYM) The scale, speed, and strategic optionality put Cyprium in a strong position—yet it’s not just the numbers that are compelling. It’s the disciplined execution of this roadmap that tells us Cyprium may finally be nearing a production restart. Figure 3: SXEW Plant (source: CYM) Strategic Control of the Paterson: A Key Milestone On 23 April 2025, Cyprium regained full ownership of the expansive 1,938km² Paterson Exploration Project following IGO Limited’s withdrawal from the JV.  IGO had invested ~$24 million in exploration over five years, generating a large and high-quality dataset. This includes over 36,000m of drilling and significant geophysics across targets like Rainbow, MB01, and the NL05 EM plate—many of which lie near Nifty and Maroochydore (Figure 4) . Figure 4: Nifty and Maroochydore location (source: CYM) Cyprium’s Executive Chair Matt Fifield commented: “The Paterson Exploration Project footprint sits adjacent to our Nifty Copper Complex which through its two brownfield processing plants has the ability to process both oxide and sulphide ores, and increases our potential to generate additional meaningful resources from the advanced targets already identified. With strategic control of the ground and exploration process, Cyprium can extend the upside potential of our copper platform in the Paterson. First up is to absorb the information coming at us. IGO has spent five years and $24 million collecting excellent data and building geological models. Their investment and technical excellence have significantly de-risked these tenements, and we will re-integrate this data with our strong understanding of the Nifty Copper Complex and growing confidence in Maroochydore.” This wasn’t just about regaining land. It was about consolidating control of one of Australia’s most prospective copper provinces under a single, production-focused operator (Figure 5). However, one looks at the metrics of the situation, what is certain is that the copper narrative may actually be coming to reality. Figure 5: Location of the Paterson Exploration Project (source: CYM) Investors in the copper space would know very well about the coming of the Almighty Copper Squeeze that will propel the copper price. The coming of the squeeze that has not happened since 2015, but I think the recent news seems to be indicating there is movement in the station. Time will tell, but I do sense a different vibe in the air. The increasing portfolio that CYM had announced may play well in time. Approvals Aligned, Final Hurdle in Sight By 24 June 2025, the Company announced that it had secured all major regulatory approvals required to commence Phase 1 at Nifty—the reactivation of the cathode plant . This includes amendments to the Works Approval (now valid until August 2027), extensions to the Nifty Mine Closure Plan submission (now due April 2026), and updates aligning with evolving state guidelines. Importantly, Cyprium now holds approvals for: 1.      Refurbishment of the SX-EW plant and heap leach facility. 2.      Construction of new infrastructure; Heap Leach Facility South, acid storage and containment bunds. 3.      Ancillary infrastructure to support heap leach operations. 4.      Surface mining cutbacks and ROM pad operations. 5.      Use of up to 3.875 million kL of groundwater. 6.      Metal production up to 30,000 tonnes/year and beneficiation of 9.6Mtpa. 7.      Some Native Vegetation Clearing Permits that enable future operational activities.   Cyprium’s Executive Chair Matt Fifield  commented: “In summary, Cyprium has and continues to maintain the vital approvals that allow us to quickly embark on a phased redevelopment plan, and a constructive working relationship with our regulators as we build Australia’s next great copper company.” The only outstanding item is the Ministerial Consent to proceed—a formality in the broader context. With regulatory risk all but neutralised, Cyprium’s focus now shifts to physical and financial readiness (Figure 6).   Figure 6: CYM is executing a straightforward plan at pace (source: CYM)   Strengthening the Team: People Matter in Production On 27 June 2025, Cyprium announced two key leadership additions. Jeff Sommers  has been formally appointed Chief Financial Officer, bringing deep ASX and institutional finance experience (including roles at Qantas, Lion, AMP, and GenesisCare). He had already been leading enterprise reporting frameworks with execution partner Macmahon, making his transition seamless. Angus Miles , already VP of Corporate Development, now also leads Investor Relations. His background in capital markets and IR roles (notably with GreenTech Metals) makes him well-suited to shepherd Cyprium through the next stage of engagement with equity markets and strategic partners. Cyprium’s Executive Chair Matt Fifield commented: “These are two key appointments that further our mission to build Australia’s next great copper company.”   Non-Core Monetisation: Cash from Idle Assets In a further sign of financial pragmatism, Cyprium confirmed on 1 July 2025 that it had received a $2.5 million (AUD) progress payment from the sale of surplus TM-2500 generators. Though completion has been delayed due to shifting U.S. tariffs and logistical constraints, total receipts now stand at $4.3 million, with another $5.0 million expected in Q3. While not transformative in itself, this transaction reflects disciplined capital recycling—unlocking value from underutilised assets to support development without equity dilution. Samso Concluding Comments Cyprium’s journey over the past few months has awakened my view on the path for Cyprium. The string of approvals and announcements has been very encouraging for me, as it’s all about restoring investor confidence through structured progress. In a market where many investors like myself (I was and still am a supporter of the Cyprium story) have been disillusioned and had their value stripped with the declining share price, Cyprium looks like it's finally rebuilding value from the ground up with this brownfield copper asset with a defined execution and a phased strategy. Cyprium is now building momentum to create a story that is about mining and producing copper in Australia. The reactivation of Nifty is now looking more like a speculative aspiration. It appears that it is now backed by real infrastructure, strong datasets, regulatory traction, and a growing operational team. The convergence of permitting success, technical readiness, and strategic asset control—especially through the Paterson consolidation—suggests that Cyprium is quietly repositioning itself as a near-term copper producer in a supply-constrained global market. There’s still work to do—financing, final consent, and operational commissioning all lie ahead—but the heavy lifting of repositioning has already been done. Investors would do well to look past disappointments and assess what’s on the table now: a funded, permitted, and strategically managed pathway to copper production with upside from both Nifty and beyond. Whether you are looking at the heap leach for its cash flow, or the 20-year sulphide reserve for long-term leverage to copper, Cyprium is one of the few ASX-listed plays offering both. Execution risk remains, as with all projects at this stage, but the pieces are undeniably falling into place. Figure 7: Cyprium share price chart as of 17th July 2025 over the last 5 years. (source: commsec) I feel confident now to say that for those seeking exposure to copper with both near-term production and long-term district scale, Cyprium is becoming harder to ignore. I have sold out of my position, but I am now looking at re-entering this investment proposition. With a current market capitalisation of just over AUD $66M, it's small compared to its contemporaries on the ASX. Looking at the 5-year journey of the company (Figure 7), one can see the shareholders' interest in the stock. The anticipation for Cyprium to become a copper producer is still in its copper veins. Figure 8: Cyprium share price chart as of 17th July 2025 over the last 2 years. (source: commsec) The market anticipation is obvious when you drill down over the last 18 months. Unfortunately for shareholders, building a copper-producing story is marred with complexities, and time is definitely a precious commodity. Waiting is not the most common trait for shareholders, but for those who have waited and done some averaging down on entry, pricing may be most rewarded. As I mentioned, the time for the coming of the copper squeeze may be soon, and if my recent enlightening of the Tungsten market is repeated with the copper sector, CYM is going to be a very interesting investment proposition. CYM is now all about turning what was a disastrous copper mining story into a new story that is all about mining and producing copper. Like all of the investments on the ASX, DYOR is critical and coupled with the market anticipation of rising copper prices and the reality of a real copper supply crunch, companies like CYM have to be at the top of the list. The Samso Way – Seek the Research What stands out here is how Cyprium has moved from survival to strategic execution. This is not just a story of restarting a mine—it’s a platform play built on undervalued brownfield assets, tier-1 infrastructure, and significant upside from greenfield exploration. The pace of progress since March—from investor presentations to project approvals, land consolidation, and leadership appointments—signals serious intent. For those watching the copper thematic, particularly with a long-term supply deficit in view, this is a story to watch closely. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Fraser Range Drilling Completed Fraser Range Drilling Campaign Completed West Cobar Metals Limited (ASX: WC1) has concluded a focused reverse circulation (RC) drilling program across its wholly owned Fraser Range Project in southern Western Australia. Situated 120 km north-east of Esperance, this region sits within the Biranup Zone—an important structural corridor adjacent to the Fraser Zone, host of the Nova-Bollinger nickel-copper deposit.  Figure 1: Geology showing the five IOCG and BHT targets to be tested, and areas containing established resources (source: WC1). The program delivered nine RC holes across five compelling targets (Figure 1) for a total of 1,958 metres drilled.  Highlights ✅  Nine RC holes drilled , totalling 1,958 metres ✅  Five greenfield prospects tested, targeting IOCG and BHT-style copper-gold systems ✅  Assays due early August 2025 , with geochemical analysis to guide follow-up programs ✅  Program fully funded under the Minrex Resources Ltd farm-out agreement   Targeting IOCG and BHT Systems - Copper and Gold Story. The exploration focus revolved around five well-defined geophysical targets—three of Iron Oxide Copper-Gold (IOCG) nature and two Broken Hill-type (BHT) systems. These targets were developed through a reprocessing of historical geophysics and reflect structurally complex zones within the Biranup Zone of the Albany Fraser Mobile Belt (AFMB). This belt, composed of high-grade metamorphic gneisses and granites, is a regionally significant mineral terrane that remains underexplored compared to other parts of WA. West Cobar’s approach is methodical—greenfields targeting based on geophysical interpretation, supported by heritage clearance and geochemical validation.   Awaiting Assays – Next Steps Assay results are expected in early August 2025. Once received, West Cobar will evaluate the data for geochemical vectors and alteration indicators. This will determine the path forward for a follow-up drill campaign, which may include aircore (AC) and additional RC drilling. The drilling program was entirely funded by Minrex Resources Ltd ( ASX: 26 March 2025 ) as part of the farm-out option agreement announced in March 2025, allowing West Cobar to progress significant ground without equity dilution or capital raise pressures. West Cobar’s Managing Director, Matt Szwedzicki,  commented: “We have successfully carried out an RC drill program testing major greenfield targets from modelled geophysical data in outstanding structural settings, under a funding deal with Minrex Resources Limited. We look forward to receiving assay results over the next few weeks, which will enable us to fully evaluate the potential of the project and to plan the next stage of exploration.”    Technical Observations All drill holes were geologically logged at 1-metre intervals. A Schramm T450 RC rig with 5.7” hammer bit was used. Sample quality and recovery were deemed acceptable for first-pass work. Drill collars were located via handheld GPS (±3m) with downhole surveys every 10m. All chip samples were photographed and stored in trays for future reference. Work was conducted under heritage agreements with the Ngadju Native Title Claim.   Samso Concluding Comments The Fraser Range remains one of Western Australia’s most enigmatic mineral frontiers. While it is well-known for nickel-copper discoveries, West Cobar’s focus on copper-gold systems—specifically IOCG and BHT styles—is a strategic pivot. These deposit styles have the potential to deliver scale and grade, particularly when underpinned by large structural settings as seen here. The greenfield nature of this program should not be overlooked. This is the start of a systematic campaign on underexplored tenure in a proven belt. The farm-out agreement with Minrex has also de-risked the financial execution of this first pass, which is notable in today’s capital-constrained environment. What comes next is crucial. The assay results, due in August, will offer the first real geochemical dataset over these targets. If the results demonstrate alteration halos or sulphide associations, we may be looking at the early signals of something significant. For now, it’s a classic Samso moment—one of patience and perspective. It’s still early days, but the work so far ticks the boxes of disciplined, technically led exploration. The Samso Way – Seek the Research This is the research play in motion. West Cobar’s approach—leveraging geophysics, preserving capital, and drilling for major copper-gold systems—epitomises what Samso looks for in early-stage exploration. Low market cap. High geological intent. And now, a clear timeline with assays due in August. The Samso Way is to keep this one on your radar. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR.    To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Successful $55M Placement US$40M Prepayment Facility and Offtake Agreement Equity Raise Presentation AIC Mines Limited (ASX: A1M)  has reached a major funding milestone with the successful completion of a $55 million Placement and the signing of a US$40 million Prepayment Facility and Offtake Agreement with Trafigura. These capital moves form a cornerstone of the company’s strategy to expand the Eloise Processing Plant and develop the Jericho Copper Mine , paving the way for a significant lift in copper output. Figure 1: The Eloise Copper Mine Location (source: A1M) Successful $55M Placement – Strong Institutional Support for a Copper Mining Story. Announced on 24 June 2025, AIC Mines received firm commitments for $55 million  from a combination of existing shareholders and new international investors , including notable institutions from North America and the UK . The placement was structured in two tranches, comprising approximately 183.3 million new fully paid ordinary shares: Tranche 1: ~142.8 million shares issued under the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Tranche 2: ~40.5 million shares,  subject to shareholder approval at a General Meeting expected in mid-August 2025. The placement price of  $0.30 per share represented a: 9.1% discount to the last close of $0.33 12.1% discount to the 5-day VWAP, and 10.8% discount to the 15-day VWAP. AIC Mines has entered into a Strategic Investor Agreement with Hawke’s Point , creating a clear framework for potential future financial support . The agreement is designed to reduce funding risk over the next two years, particularly if new opportunities arise that require accelerated or additional capital. AIC Mines’ Managing Director, Aaron Colleran , commented: “This capital raising allows AIC Mines to fully commit to the expansion of the Eloise processing plant and development of the new Jericho copper mine. New shares have been preferentially placed to large long-term oriented resource investors with a number of important North American and British investors joining the register.” “We have also entered into a strategic investor agreement with Hawke’s Point, crystallising over 18 months of due diligence and relationship building. Hawke’s Point has a unique approach to investing that has delivered them great success. It is therefore pleasing to see them join our register as part of the Placement and also enter into a strategic investor agreement, signalling their ongoing support.”   US$40M Prepayment Facility and Offtake Agreement – Strengthening the Trafigura Partnership In a move that reinforces its longstanding relationship with Trafigura, AIC Mines has entered into a US$40 million prepayment facility to support the delivery of copper concentrate from the Jericho Mine. This arrangement, announced on 20 June 2025, provides flexible funding without the need for commodity hedging and includes an 18-month grace period before repayments begin. Key facility terms include: Interest rate: 3-month SOFR + 3% p.a. Term: 36 months from availability Security: Over Eloise and Jericho mining leases, AIC’s assets, and shareholdings Early repayment flexibility  As part of the agreement, Trafigura has secured a  minimum 400,000dmt offtake  from the Jericho deposit under market-standard treatment and refining terms. Payment structure involves 90% provisional value upfront , with the balance settled post-assay. This builds upon the existing life-of-mine agreement for Eloise concentrate, established with Trafigura in 2021.    Fully Funded to Expand and Execute These funding mechanisms—debt, equity, and internal cash flow—collectively underpin the $215.8 million capital program required to realise AIC Mines’ “step-change” production profile. The funds will be deployed as follows:  $77.6M  to expand the Eloise plant to 1.1Mtpa (Figure 2) $37.6M  toward non-plant infrastructure and tailings expansion (Figure 3) $61.0M  to develop Jericho and complete the 3km underground link drive (Figure 4) $12.0M  allocated to exploration drilling across the company’s 2,000km² tenement base $27.6M  for working capital, offer costs, and corporate overheads Figure 2: Eloise’s significant exploration upside (source: A1M)  In parallel, the existing Eloise Mine is expected to generate $62 million in free cash flow  over the next 18 months, which will directly support development activities. Importantly, the Eloise expansion has already been de-risked with the award of a fixed-cost EPC contract to GR Engineering , with construction scheduled to begin in August 2025 and commissioning targeted for the December 2026 Quarter. Figure 3: Eloise’s tailings dams (source: A1M). Oversized processing equipment will be installed during Stage 1, allowing for a potential low-cost, high-efficiency upgrade to 1.5Mtpa  in the future, contingent on increased mining rates at Jericho. Figure 4: Jericho Deposit (source: A1M) Samso Concluding Comments For investors tracking the copper space, AIC Mines is now a growth-focused Australian mid-tier producer. This latest funding sequence demonstrates the alignment of capital markets, offtake partnerships, and operational readiness. This capital restructure signals a pivotal shift for AIC Mines. It’s not just about raising funds—it’s about structuring funding in a way that drives near-term execution while future-proofing the long game . With a committed offtake partner in Trafigura, major shareholder and director participation, and a globally engaged investor base, the company has effectively de-risked the expansion pathway while enhancing its operational resilience. AIC Mines is building momentum— securing flexible financing, locking in margins through scale, and planning with modular upgrades . Eloise and Jericho are now part of a larger vision—an emerging copper powerhouse, grounded in delivery. The Samso Way – Seek the Research The recent placement and strategic alignment suggest that AIC Mines (ASX: A1M)  is gearing up to become the next mid-tier copper producer  in Australia. With a market capitalisation of around AUD 172 million , the structure and scale of its funding—and the backing of strategic investor Hawke’s Point—position the company as a potentially “safer” copper play  in an otherwise volatile sector. This isn’t just capital for capital’s sake; it’s targeted growth with future support mechanisms already in place. As 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 News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR.      To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement AusPozz Project Preliminary Feasibility Study Zeotech Limited (ASX: ZEO) Zeotech Limited (ASX: ZEO)  has released a Preliminary Feasibility Study (PFS) for its AusPozz™ Project , underpinned by its Toondoon Kaolin Project in Queensland (Figure 1), confirming the strong technical and economic potential of Australia’s first metakaolin manufacturing facility for the production of low-carbon concrete additives. The study marks a major milestone for Zeotech’s ambition to support Australia’s decarbonisation efforts and transform the construction materials landscape. Figure 1: Toondoon Kaolin Project map (source: ZEO) Zeotech, Chief Executive Officer, James Marsh commented: “We are excited by the positive outcomes of the AusPozz™ Project PFS, which presents a compelling business case for establishing Australia’s first manufacturing facility dedicated to producing a world-class high-reactivity metakaolin. This advanced supplementary cementitious material (“SCM”) product offers both significant environmental and technical benefits, making it a key enabler in accelerating the transition to low-carbon concrete across a broad range of applications.” “AusPozz™ is well-positioned to become a game changer in Australia’s building and construction materials sector, with the potential to make a substantial contribution to the nation’s net-zero carbon emission targets. We eagerly look forward to advancing the DFS and continue driving sustainable innovation.” What is AusPozz™ Metakaolin? AusPozz™ is a high-reactivity metakaolin , a supplementary cementitious material (SCM) that enhances strength, reduces shrinkage, and improves durability in concrete (Figure 2). It is made by calcining ultra-high purity kaolin from Zeotech’s Toondoon Kaolin Deposit  in Queensland. “AusPozz™ is well-positioned to become a game changer in Australia’s building and construction materials sector, with the potential to make a substantial contribution to the nation’s net-zero carbon emission targets. We eagerly look forward to advancing the DFS and continue driving sustainable innovation.” Figure 2: Zeotech's AusPozz™ high-reactivity metakaolin . (source: ZEO) Unlike traditional SCMs such as fly ash (Figure 3) or slag, AusPozz™ is designed to be low-carbon, high-performance, and domestically produced. The proposed facility at the Port of Bundaberg will process 6.23 Mt of kaolin feed over the mine life, supported by nearby infrastructure, utilities, and export routes. Figure 3: Traditional SCM from coal fly ash. (source: ZEO) Key Project Highlights The AusPozz™ PFS outlines a project with robust economics and clear sustainability credentials: Project Cashflow:  $1,014 million (after-tax) EBITDA:  $1,604 million over the 20-year Life of Mine Net Present Value (NPV8):  $406 million after-tax Internal Rate of Return (IRR):  42% Payback Period:  2.1 years Initial Capital Cost:  $115 million, with early DSO sales reducing funding needs to ~$95 million Importantly, early revenue from Kaolin Direct Shipping Ore (DSO)  reduces upfront capital needs and accelerates the project’s payback. The PFS also confirms AusPozz™ production capacity of 300,000 tonnes per annum , underpinned by a JORC-compliant Measured and Indicated Resource of 10.87 Mt of high-purity kaolinite and plastic clay.  From a commercial standpoint, Zeotech has secured strong early interest: 65 active sales/specifier leads MOUs with major industry players: Holcim Australia  (for AusPozz™ trials and potential offtake) MSI China  (for 950,000 tonnes of Kaolin DSO over five years) Environmentally, AusPozz™ offers a 1-for-1 cement replacement , potentially reducing emissions by 229,800 tonnes CO₂-e per year  at nameplate production, equivalent to removing 53,600 petrol-powered cars or powering over 30,860 homes annually. The Road Ahead: DFS and Beyond to a Low-Carbon Concrete Company. With the PFS now complete, Zeotech is preparing to launch a Definitive Feasibility Study (DFS) in Q3 2025 , to reach Final Investment Decision in Q1 2026 and achieve full-scale production by Q1 2029.  The DFS will advance: Resource definition and expansion drilling Binding offtake agreements Detailed engineering and vendor trials Environmental approvals and Port infrastructure agreements  Zeotech also unveiled “Horizon 2” downstream opportunities, including: zeoteCH₄®, a proprietary zeolite targeting landfill methane emissions Animal feed supplements aimed at preventing milk fever in cows  These initiatives highlight Zeotech’s long-term vision of becoming a diversified green materials technology company. Next Steps – Summary ✅  Strong Business Case: AusPozz™ offers low-cost, low-risk production with strong market demand and attractive project margins. ✅  High-Quality Resource: The Toondoon Kaolin Deposit contains ultra-high purity kaolinite (>90%), ideal for DSO and metakaolin production. ✅  Scalable Production:  The proposed 300,000 tpa AusPozz™ Manufacturing Facility at the Port of Bundaberg is supported by robust infrastructure, with potential for future expansion (Train 2). ✅  Market Readiness: Zeotech has secured 65 active sales leads and MOUs with Holcim (for AusPozz™) and MSI (for Kaolin DSO), signalling strong commercial interest. ✅  Environmental & Social Alignment:  The Project supports low-carbon cement alternatives while promoting regional job creation and economic development. ✅  Execution Pathway: DFS to commence in Q3 2025 Final Investment Decision (FID) targeted for Q1 2026 Full-scale AusPozz™ production expected by Q1 2029 Samso Concluding Comments Zeotech’s Preliminary Feasibility Study for AusPozz™ should command investor attention. Seasoned investors will always agree that numbers speak volumes—strong margins, a quick payback period, and scalable market applications. I like that there is an alignment with a global shift toward greener infrastructure. At a time when governments and industries are actively seeking alternatives to traditional cement, Zeotech is positioning itself at the forefront of that transition. The Company’s emphasis on commercial readiness—with active leads and MOUs—reinforces the Project’s viability, not just from a technical perspective but from a real-market demand lens. The backing of Holcim Australia is particularly notable, offering strong third-party validation. In addition, the Project’s location at Bundaberg and its connection to regional development goals enhance its long-term social and economic sustainability. From the market perspective, a market capitalisation of AUD $127M is not a bad place for investors to consider a position. If Zeotech can make this happen, I would see much bigger valuations and numbers in the 8 numbers will easily be achieved. I think the narrative is that Zeotech is not a kaolin play. It’s a transformative move into advanced materials with purpose—one that touches everything from housing to infrastructure, and even animal health in the longer term. That’s a rare blend in today’s resource sector. The Samso Way – Seek the Research At Samso, we always say the best stories are the ones that show the homework. Zeotech (ASX: ZEO) has done exactly that—through validated testwork, independent resource reviews, and detailed planning for both commercial and environmental success. With a strategic product like AusPozz™ and the groundwork in place, this is a story for those seeking growth with substance. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Additional Partial Response in Pancreatic Cancer Trial. Amplia Gains US Ethics Approval for Pancreatic Cancer Trial . Second Complete Response in ACCENT Pancreatic Cancer Trial . Pathological Complete Response in Pancreatic Cancer Trial . Capital Raising Presentation . Amplia Therapeutics Limited (ASX: ATX) is entering a compelling phase in its clinical journey, as recent announcements reinforce the growing potential of its lead compound, narmafotinib (AMP945 ), in the fight against advanced pancreatic cancer (Figure 1). With news of two rare and confirmed complete responses emerging from the ongoing ACCENT trial, investors have reason to take notice. These outcomes are not only clinically remarkable—they may signal a turning point in one of oncology’s most difficult indications.  Narmafotinib blocks the activity of the FAK protein. Figure 1: Narmafotinib blocks critical pathways supporting tumour growth (source: ATX) Narmafotinib (AMP945) is the company’s best-in-class inhibitor of the protein FAK (Focal Adhesion Kinase). FAK, a protein—an enzyme that plays a critical role in cancer growth, disease spread, and the formation of fibrotic (scar) tissue. FAK is frequently over-expressed and hyperactive in solid tumours, and elevated levels are strongly associated with poorer patient outcomes. By targeting and blocking FAK activity, narmafotinib reduces cancer progression both within cancer cells and across the tumour microenvironment. ACCENT Trial Delivers Rare Complete Responses The ACCENT clinical trial is a Phase 1b/2a multicentre, open-label study evaluating narmafotinib in combination with gemcitabine and Abraxane® in first-line patients with advanced pancreatic cancer (Figure 2). Initially focused on dose safety and optimisation, the study has progressed into Phase 2a, where efficacy is the key focus. The trial is being conducted at seven sites in Australia and five sites in South Korea. Figure 2: Narmafotinib in combination with standard of care gemcitabine and Abraxane® (source: ATX) On 16 June 2025, Amplia announced that a patient in the trial had achieved a pathological complete response (pCR) —meaning no live tumour tissue was detected following surgical resection of both the primary pancreatic tumour and liver metastases. Just days later, on 19 June, a second patient recorded a confirmed complete response (CR) , defined as the total disappearance of all tumour lesions sustained for more than two months. A pathological complete response (pCR) is very rarely reported in patients with advanced pancreatic cancer, where the disease has spread to other organs in the body. In patients with locally advanced (i.e. non-metastatic) pancreatic cancer, however, around 5% of patients do record a pCR in response to treatment with neoadjuvant chemotherapy (chemotherapy before surgery). In these earlier-stage patients, a pCR is associated with improvements in overall survival. These results are statistically rare in metastatic pancreatic cancer. For context, the pivotal MPACT study (NEJM 2013) reported only one CR among 431 patients treated with gemcitabine and Abraxane alone. Amplia’s achievement of two such responses among just 55 trial participants suggests a strong signal of efficacy that warrants continued clinical attention.   Regulatory and Clinical Expansion into the US In a parallel development, Amplia has secured Institutional Review Board (IRB) approval in the US to initiate a new Phase 2 clinical trial exploring narmafotinib in combination with FOLFIRINOX . This alternative chemotherapy regimen is the preferred first-line therapy in the United States. This marks a strategic broadening of the company’s development footprint and a critical step in establishing narmafotinib as a globally viable oncology asset. FOLFIRINOX is a chemotherapy cocktail of four drugs used in the treatment of advanced pancreatic cancer, and in the US is the preferred treatment for newly diagnosed patients. The trial is structured as a two-part study and will adhere to the FDA’s Project Optimus framework. Part A will determine the optimal dose of narmafotinib when used with FOLFIRINOX, and Part B will assess safety and efficacy at the recommended dose. Amplia expects to recruit 60–70 patients across up to six US sites and two Australian locations. Dr Chris Burns, Amplia’s CEO and Managing Director, commented: “Receiving the protocol approval from the IRB is a critical step in initiating the US trial of narmafotinib in combination with FOLFIRINOX. Importantly, results from this trial will complement the existing positive data emerging from our current ACCENT trial, aiming to establish narmafotinib as the optimal combination partner for chemotherapy in this challenging disease.” Capital Raising Supports Clinical Acceleration for a Solution to Pancreatic Cancer To fund this expanded pipeline, Amplia launched a capital raising in October 2024 of up to A$13 million. The offer included a pro-rata entitlement offer and institutional placement priced at A$0.115 per share, with attaching options exercisable at $0.1725. Funds raised are being directed toward:  Completion of the ACCENT Phase 2a trial Launch and progression of the US-based FOLFIRINOX trial Preclinical R&D and drug manufacturing General working capital and operational support As of 30 September 2024, Amplia had $4.6 million in cash and anticipated an additional $4.0 million in R&D rebates, placing it in a relatively stable position to deliver key trial milestones in 2025.   Samso Concluding Comments At Samso, we often talk about the importance of clinical signals that challenge the norms, and Amplia Therapeutics may have just delivered one. In the complex and unforgiving landscape of advanced pancreatic cancer, recording two confirmed complete responses in a small patient cohort is not business as usual. These results, drawn from a well-structured trial using narmafotinib in combination with standard chemotherapy, are giving early shape to what could become a pivotal story in oncology drug development. What makes this even more compelling is the scientific backbone supporting the results. Narmafotinib targets Focal Adhesion Kinase (FAK), a protein increasingly recognised for its role in cancer progression and treatment resistance. By inhibiting FAK, narmafotinib appears to disrupt both the cancer cell’s internal survival mechanisms and the broader tumour microenvironment—an approach that may be enabling chemotherapy to work better, faster, and more durably. This isn’t just another combination trial; it’s a strategic layering of mechanisms backed by translational logic. Amplia’s concurrent move into the US clinical landscape, with FOLFIRINOX as the backbone chemotherapy, is a smart step. It shows not just confidence in the science but also a clear understanding of clinical positioning and market expectations. Layer in their recent capital raise—timed to support both the completion of the ACCENT trial and the launch of the FOLFIRINOX study—and the strategy becomes one of focused execution, not speculative ambition. The additional response to the pancreatic cancer trials is another positive for the company's case for discovery. The additional response brings the objective response rate to 29%. The response data is made up of 6 out of 55 patients enrolled in the trial, with 20 patients still enrolled in the trial. The market is obviously loving the results (Figure 3), and with a market capitalisation of AUD $132M, I would think that there is still plenty of room for expansion. The steep rise in valuation since mid-June is a clear indication that shareholders are excited. Figure 3: Amplia Therapeutics Limited share price chart as of 9th July 2025. (source: commsec) As always, the data will speak for itself in time, but the early indicators are strong. Amplia appear to be staying in their lane and pursuing a high-value therapeutic niche with a well-differentiated molecule. It feels that in the case of looking for a really important topic, such as pancreatic cancer, diversification from this path, for me, would be a sign that they are not focused enough. For clinicians, these complete responses offer hope. And for Samso, this is precisely the kind of story we’re here to track: grounded in science, validated by data, and delivered with clarity. The Samso Way – Seek the Research At Samso, we believe that true insights emerge when you look beyond the headlines and into the data that drives conviction. Amplia Therapeutics (ASX: ATX) exemplifies this approach. Their focused pursuit of FAK inhibition in hard-to-treat cancers is backed by rigorous science, translational depth, and early clinical results that are breaking through expectations. The company’s recent clinical milestones in pancreatic cancer are not just updates—they are signals worth dissecting. This is why we say: Seek the Research. Because it’s in the fine print of well-run trials and the clarity of execution where the most compelling stories often begin. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:   Coffee with Samso Samso Insights Samso News   There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.  Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.   The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR.   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement BLUGLASS RAISES $5.3M; CLOSES SPP ANALYST REPORT: BLG REPORTS STRONG Q3 RESULTS BLG to supply Indian Department of Defence with GaN lasers INVESTOR PRESENTATION Quantum precision ATM Facility - Capital Raise Q3 FY25 Investor Presentation Technology and Funding Agreement with APG Pay Quarterly Activities Report I’ve been keeping an eye on how Artificial Intelligence (AI) continues to make its presence felt in the small-cap space on the ASX. While AI is often associated with big tech names, the more interesting stories—at least for those of us with a curious, investor-focused mindset—are often found in the places where commercial traction is building quietly. The ASX AI Technology sector is still relatively flying below most investors' radar screen, so lets see if we can get more light onto this globally important sector of business. This week, we’re revisiting three companies that have caught our attention: BluGlass (ASX: BLG) , Locate Technologies (ASX: LOC) , and Spenda (ASX: SPX) . Each of these companies recently recorded share price movements that piqued our curiosity, not necessarily as the "top picks," but rather as examples worth reviewing for how AI is influencing their commercial models. BluGlass Limited (ASX: BLG) – AI’s Silent Partner in Photonics Precision When you look at BluGlass, you're not looking at a traditional AI company. But the company’s GaN (Gallium Nitride) laser technologies are foundational to many high-performance, AI-driven systems, particularly in quantum computing, defence, and biotech . In Q3 FY25, BluGlass achieved several commercial and technical milestones: $1.34M in revenue , with a strong pipeline valued between $90–100 million. Record-breaking laser performance , reaching 1250 mW output while maintaining single-mode operation—important for AI-integrated LiDAR and sensing platforms. Recently approved as a supplier to the Indian Ministry of Defence , securing a $230k order. A$7.6 million capital raise  (A$2.3 m placement + A$5.3 m SPP) completed mid-2025 to fund manufacturing upgrades and accelerate commercialisation of its GaN laser portfolio BluGlass’s visibility at major conferences such as Photonics West and its deep engagement with global defence primes suggest this isn’t just an R&D play—it’s becoming a commercial hardware enabler for high-end AI systems . Figure 1: BLG Share Price Movement – 12-Month Overview (source: ASX )   Performance in 2025 (Figure 1) : 1.  Secured Major Defence Contracts Approved as a supplier to the Indian Ministry of Defence (April 2025) and secured the first AUD 230,000 order for GaN laser development services. Ongoing CLAWS Hub collaboration with North Carolina State University continued to generate multi-million-dollar U.S. DoD subcontracts, ensuring healthy near-term cash flow. 2.  Record-Setting Technical Breakthroughs Achieved world-record 1,250 mW output from a single-mode GaN laser chip in Q3 FY25, preserving single-spatial-mode operation. Secured repeat orders (e.g., AUD 120,000 from UCF’s CREOL) based on clear performance advantages over incumbent laser diodes. Filed three U.S. provisional patents (January 2025) for high-peak-power continuous-wave tunable GaN lasers targeting defence, quantum, and biomedical markets, strengthening IP moat. 3.  Revenue Growth & Expanding Pipeline Q3 FY25 revenue rose to A$1.34 million, driven by development contracts, government program payments, and first-production foundry services for a European wafer developer. Active pipeline expanded to ~26 qualified opportunities across quantum, defence, aviation, and biomedical segments, representing A$90–100 million in potential project value. 4.  Strategic Advisory Board & Commercial Focus Established an Industry Advisory Board (chaired by Prof. Steven DenBaars and Dr Richard Craig) in Q1 2025 to accelerate go-to-market strategy and shorten lead times from prototype to production. Pivoted from R&D to commercial deployment by hiring key business development executives and showcasing next-gen gain-chip architectures at Photonics West 2025. 5.  Strengthened Balance Sheet to Fund Growth Raised A$7.6 million via a placement (A$2.3 m) and Share Purchase Plan (A$5.3 m) in mid-2025 to upgrade manufacturing capacity and support scaling of its GaN laser business .5. Jim Haden, CEO , commented: “This capital is instrumental to our continued growth, facilitating capabilities that underpin our world-class laser performance while providing a funding runway as we convert our growing project pipeline into large-scale, long-term revenues. These discussions and negotiations continue to progress as we work with key industry partners to design-in BluGlass lasers in next-generation quantum, aerospace, and defence applications. The strength of our pipeline reaffirms our project-to-product strategy is the surest path to delivering long-term shareholder value.” For me, BluGlass sits at the hardware layer of the AI revolution. It’s not AI software, but it’s what AI needs to see, sense, and communicate in high-fidelity environments. Locate Technologies (ASX: LOC) – AI in Last-Mile Logistics The company formerly known as Zoom2u is now operating under the name Locate Technologies , and AI has become central to its growth narrative. Here’s what stood out: Capital Reinforcement:  Raised A$320k via its ATM facility in June 2025—lifting total proceeds to A$875.7k at A$0.144 per share—to bolster the balance sheet for further AI-driven growth. AI-as-a-Service:  Locate2u isn’t just using AI—they’re offering AI tools to customers in logistics. Features like AI photo verification for deliveries, chatbots that answer data queries,  and WhatsApp-based notifications  show practical, bottom-line applications of AI. Locate2u revenue rose 10% YoY in Q3 FY25 , with a growing SME customer base globally. Group-level EBITDA is nearly break-even, reporting– $9k excluding one-offs , indicating tighter control on operations. The real signal here is the integration of AI into operational workflows , not as a gimmick but as a method for cost reduction and customer value enhancement. Their "AI-first, then headcount" philosophy is a clear marker of a business committed to scalable efficiency. Figure 2: LOC Share Price Movement – 12-Month Overview (source: ASX )   Performance in 2025 (Figure 2) : 1.  Balance Sheet Strengthening Raised A$320k via its ATM Facility in June 2025—bringing total ATM proceeds to A$875.7k at A$0.144 per share—providing capital for AI-driven product development and expansion. 2.  AI-First Product Differentiation Rolled out AI-powered proof-of-delivery verification, in-app chatbots, automated billing, and WhatsApp notifications, delivering measurable cost savings and service enhancements that drove 10 % YoY growth in Locate2u revenue to A$681k in Q3 FY25. 3.  Strategic Rebranding The April 2025 name change from Zoom2u to Locate Technologies clarified its transition to a SaaS logistics platform with embedded AI services, reinvigorating investor interest and resonating with enterprise customers. 4.  Operational Efficiency & Profitability AI-enabled automation (route optimisation, driver onboarding) cut operating expenses by 4 % YoY (LTM Q3 FY25), helping the group achieve a near-breakeven underlying EBITDA of–A$9k (ex-one-offs). 5.  Sales Engine Expansion Secured ~200 new paying SME accounts and completed multiple enterprise-grade implementations in Q3 FY25, laying the groundwork for consistent ARR growth through 2025 and beyond.  It’s a subtle evolution, but one that aligns well with broader enterprise SaaS and logistics automation trends. Spenda Limited (ASX: SPX) – Enabling AI in SME Finance Networks Spenda is different from the first two—it’s a payments and software company building digital infrastructure for B2B transactions. It's AI angle? Automated financial workflows and invoice management  that reduce friction in how businesses buy, sell, and get paid. Q3 FY25 showed some solid underlying business momentum: $2.37M in cash receipts , up 160% YoY , and forecast to exceed $4M in Q4. AI partnership with Fresh Supply Co  to integrate smart invoice capture and automated payment processing into their SwiftStatement and AR/AP platforms. ISO 27001 Certification achieved in Q1 2025—complementing SOC 2 and PCI-DSS compliance—to enhance trust for data-sensitive AI-enabled SaaS offerings. Spenda may not be a pure AI play, but what they are building—digitised, intelligent payment infrastructure—creates the environment where AI can automate finance across SME networks .  Figure 3: SPX Share Price Movement – 12-Month Overview (source: ASX )   Performance in 2025 (Figure 3) : Explosive Cash-Receipts Growth & Loan Book Monetisation: Q3 FY25 cash receipts surged to A$2.37 M (+160 % YoY) after selling its invoice finance loan book for A$2 M—de-risking the balance sheet and funding core SaaS expansion; management forecasts Q4 receipts > A$4 M. AI-Powered AR/AP Platforms: Partnered with Fresh Supply Co to develop and embed AI components within SwiftStatement (AR) and SpendaAP (AP), automating invoice capture, data extraction, and payment workflows—technology set to be jointly commercialised and complementary to Spenda’s core offerings. These enhancements underpin broader enterprise roll-outs, including customised implementations across the Carpet Court store network under the SOE program. Enterprise-Grade Security Credentials: Achieved ISO 27001 accreditation in Q1 2025—complementing existing SOC 2 and PCI-DSS compliance, which strengthened Spenda’s credibility with larger corporates and government clients and enabled expanded roll-outs such as the Carpet Court SOE implementations. Diversified Growth Channels & Embedded Credit: Virtual-card programme continues to generate high-margin revenues, supporting Spenda’s service diversification. Signed a 10-year Technology & Funding Agreement with APG Pay (A$50 million facility) to launch a closed-loop corporate credit platform, underpinning future high-margin financing services. Lean Operating Model: Normalised monthly cash burn decreased to A$420,000 in Q3 FY25 from A$624,000 in Q3 FY24, reflecting staff cost savings from the invoice finance loan book sale and other cost-control measures. Adrian Floate, Managing Director, commented: “The business is performing well with triple digit annual growth in cash receipts and strong, growing diversified income streams. I couldn’t ask for more from the team, who have performed well. This quarter should see us take a leap forward as we aim to post a record quarter for cash receipts from customers based on strong performance in the month of April.”   With key partners like Capricorn and Carpet Court rolling out digitised solutions, Spenda’s AI enhancements could help lower customer acquisition friction and support broader SaaS growth. Samso Concluding Comments As a new player in the ASX AI Technology space, I am interested and want more understanding of how each of these companies—BluGlass, Locate Technologies, and Spenda—has turned targeted AI applications into real commercial traction. BluGlass’s mix of defence endorsements, world-record laser performance, and a growing project pipeline demonstrates that deep technical leadership when focused, can unlock substantial recurring revenue. Their success underscores the value of marrying precision hardware breakthroughs with clear market needs.  Locate Technologies shows that AI need not be a headline-grabbing buzzword to drive results. By embedding automation into proof-of-delivery, billing, and customer support, they’ve not only streamlined operations but also nearly breakeven on EBITDA while delivering double-digit revenue growth. Their “AI-first, then headcount” discipline is a model for SaaS businesses aiming to scale efficiently without sacrificing margin. Spenda’s evolution from a loan-book origin to a diversified SaaS and payments platform highlights the power of embedding intelligent automation into finance workflows. The sale of its finance book de-risked the balance sheet, while AI-enhanced AR/AP tools and virtual-card services are setting the stage for sustained high-margin growth. Their ISO 27001 certification further positions them to win enterprise-grade clients who demand robust security alongside innovation. At Samso, we believe the most compelling investment stories emerge where practical AI solutions meet real-world demand. These three companies exemplify that approach—quietly solving concrete problems, winning reputable customers, and building pipelines that support durable, long-term growth. I’ll be keeping a close eye on how they convert these 2025 milestones into persistent revenue streams and expanding margins. The Samso Way – Seek the Research I believe lasting investment insights come from rigorous, on-the-ground analysis rather than headline hype: we dive into primary sources—ASX filings, technical papers, and management commentary—to discern which innovations are truly advancing commercial outcomes; by triangulating company announcements, financial metrics, and independent industry data, we aim to separate substantive AI applications from mere buzz, ensuring our recommendations rest on a foundation of verifiable research and tangible market demand. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.