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

Announcement Further High-Grade Rutile Results from Minta Project – 12 December 2025 (view the announcement) Lion Rock Minerals Ltd (ASX: LRM) has reported further high-grade rutile and heavy mineral (HM) results from its Minta Rutile and Monazite Project, located in central Cameroon (Figure 1). The latest drilling confirms the scale, grade, and consistency of residual and alluvial rutile mineralisation across a vast exploration footprint, while reinforcing strategic alignment with global mineral sands producer Tronox Holdings plc. Figure 1: Minta Project, located in Cameroon (source: LRM) The Business of Lion Rock Minerals: Focus – Projects Lion Rock Minerals is an Australian-listed exploration company focused on rutile, zircon, and rare-earth monazite mineralisation. Its flagship asset, the Minta Project, comprises 18 granted exploration permits and three applications covering approximately 8,800 km² in an under-explored region of Cameroon with historical rutile production and favourable geology for heavy mineral sand systems. Highlights – High-Grade Rutile Confirms Scale and Value (Figure 2) The latest drilling results continue to strengthen the investment case for the Minta Project, with multiple lines of evidence pointing to a large, high-value mineral system: Residual insitu rutile grades up to 1.8%, with previous results up to 2.2%, confirming consistency across the project area. Five drill locations recording ≥1.0% total insitu rutile, and 40 locations ≥0.5%, averaging approximately 0.7% insitu rutile. High-grade HM intercepts, including: 2.81 m at 11.34% HM from surface (residual), 5.67 m at 9.21% HM from surface (residual), 4 m at 12.5% HM from surface (alluvial), 8 m at 11.1% HM from 1 m (alluvial). Clear identification of central and northeastern Minta regions as primary value drivers, contrasting with lower-value assemblages in the southwest. Completion of first-pass reconnaissance drilling across ~5,000 km², delivering results over a 3,800 km² footprint, enabling targeted Stage 2 infill drilling. Figure 2: Insitu rutile results from southern and western locations with Minta Est infill program highlighted (source: LRM). Leadership Commentary Lion Rock Chief Executive Officer, Casper Adson, commented: “The continued strengthening of Tronox’s rare-earth strategy - underpinned by its recent US$400 million debt raise and the conditional support of up to US$600 million from EFA and EXIM - is highly aligned with Lion Rock’s long-term vision for the Minta Project. As a strategic shareholder, Tronox brings globally recognised processing expertise in both mineral sands and critical minerals, and we see increasing convergence between their downstream rareearth ambitions and our emerging rutile–zircon–monazite inventory in Cameroon. “The latest drilling results across Minta - including insitu rutile grades up to 1.8%, with prior results up to 2.2%, continue to validate the reconnaissance exploration model which has identified the exceptional scale and grade potential of the Minta Project. “Our strategy remains clear: focus resources on delineating high-value rutile corridors and advancing the monazite-enriched Minta Est zone through targeted infill drilling, detailed mineralogy and in-country analytical capability. The verification of the expansive Yong river basin that is 750m wide and up to 20km long and is highly prospective for alluvial rutile, zircon and monazite mineralisation by our technical team, on a recent site visit, highlights the exciting potential at Minta as we develop both residual and alluvial targets across the Project. “The establishment of our Yaoundé laboratory will materially accelerate turnaround times, improve data quality and support rapid decision-making as we progress toward defining an economic resource. “With accelerating field programs and alignment with a globally significant strategic investor, Lion Rock is well positioned to convert the scale of the Minta system into a high-value development pathway. The Company looks forward to delivering continued exploration progress, further assay results and ongoing updates on technical and strategic work streams as we advance one of the largest under-explored rutile and rare-earth provinces globally.” About the Project The Minta Project is underlain by kyanite-bearing mica schists, a geological setting favourable for the formation of rutile through the breakdown of titanium-bearing minerals. Deep tropical weathering has released rutile, zircon, and monazite into residual soils and concentrated these minerals within extensive river basins. At Minta Est, drilling targets both: Residual soil plateaus hosting very high-grade rutile, zircon, and monazite, and Alluvial systems, where heavy minerals are naturally concentrated within river channels up to 750 m wide and extending for as much as 20 km. Independent analysis has confirmed that, subject to resource definition, these alluvial systems are suitable for potential dredge-mining development. Near-term Milestones to Watch Ongoing infill drilling at Minta Est targeting rutile, zircon, and monazite. Continued mineralogical analysis to refine high-grade rutile corridors. Completion and commissioning of the Yaoundé laboratory, with Heavy Liquid Separation (HLS) scheduled for January 2026. Progressive reporting of additional rutile and HM assay results. Samso Concluding Comments The Minta Rutile and Monazite Project is now at a stage where it is starting to become confusing for me, as I am now potentially seeing what I was doubting in the early part of the story. As a shareholder of the story, the doubt I had was that it is always difficult to confine an alluvial process into a bankable resource. I was hoping that this would be a residual deposit, and it may have the consistency of a bauxite deposit. What is emerging for me is that this is less the case as I see it now. I am not saying that this is the case, but I am happy that I have reduced my position significantly a couple of months ago. The upside of the story is that it is definitely very early stage, and the scale is not a given at this stage. I do believe that there is scale, but putting that together is going to be time-consuming. What is very positive is the alignment with Tronox, which places Lion Rock within a broader global conversation around critical minerals and supply chains. While there is no certainty around future funding outcomes, the strategic relationship itself provides validation of the geological model and mineral assemblage being defined at Minta. As infill drilling continues and in-country laboratory capacity comes online, the pace of learning should accelerate. From Samso’s perspective, Minta is steadily evolving from a large exploration story into a project with emerging technical and strategic substance. From a market perspective, and this is told through the eyes of a retail investor, I think the share price in Figure 3 speaks for itself. LRM is a complex beast, with the major shareholders, as they are all seasoned market participants. It is hard to dismiss the potential of LRM as an investment solely because of the major shareholders. Figure 3: LRM share price chart as of 31st December 2025 (source: CommSec). The marekt cap (currently AUD $91.91M) has always been an issue for me as it is on the high side for a project at this level of value. As I mentioned, you are amongst the royalty of investors in the stock, so sometimes it is best to just hang in there and hope for the best. The Samso Way – Seek the Research Samso encourages readers to review the full ASX announcement and supporting appendices and to always DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 8km Critical Mineral Corridor Confirmed at Radium Hill – 12 December 2025 (view the announcement) Heavy Rare Earths Limited (ASX: HRE) has reported encouraging reconnaissance rock chip sampling results from its Radium Hill Project in South Australia’s Curnamona Province (Figure). The work has outlined an extensive, 8 km-long structural corridor associated with the historic Radium Hill uranium mine, highlighting significant enrichment in scandium, yttrium, rare earth elements (REEs), uranium, and vanadium. This announcement reframes Radium Hill as a broader critical minerals opportunity rather than a single-commodity uranium project. Figure 1: Location of HRE’s project areas and uranium deposits in the Curnamona Province of eastern South Australia. (source: HRE) The Business of the Heavy Rare Earths Limited: Focus – Projects Heavy Rare Earths Limited (ASX: HRE) is an Australian uranium and critical minerals explorer with a South Australia–focused project portfolio. Key projects include: Radium Hill Project, South Australia Located in the Curnamona Province, surrounding Australia’s first uranium mine. Current exploration has defined an ~8 km structurally controlled corridor enriched in uranium, scandium, yttrium, and rare earth elements. Positioned as a multi-commodity critical minerals opportunity rather than a single-commodity uranium project. Prospect Hill Uranium Project, South Australia Provides additional exposure to uranium mineralisation within an established South Australian uranium district. Forms part of HRE’s broader uranium exploration strategy in the region. Lake Namba–Billeroo Uranium Project, South Australia Located within the uranium-rich Curnamona Province. Complements the Company’s Radium Hill activities by expanding regional exploration coverage. Prospect Hill Tin Project, South Australia Adds a tin exploration focus to the portfolio. Broadens HRE’s commodity exposure beyond uranium and rare earth elements. Together, these projects provide HRE with a diversified exploration pipeline across uranium and critical minerals, supporting a strategy aimed at unlocking value from historically productive but under-explored terrains. Highlights – Defining an 8 km Critical Mineral Corridor The latest reconnaissance program has materially strengthened the geological case for Radium Hill as a multi-commodity critical minerals system. Rock chip sampling along an 8 km-long structural corridor returned high-grade scandium (up to 959 ppm Sc₂O₃), yttrium (up to 2,236 ppm Y₂O₃), and uranium (up to 0.36% U₃O₈). Figure 2: Radium Hill project showing proposed Critical Mineral Corridor and high-grade rock samples. (source: HRE) The corridor extends along strike from the historic Radium Hill uranium mine and is interpreted to follow the axial plane of a regional anticlinal fold. Significant mineralisation has been confirmed at multiple prospects, including Bristowe’s, Railway, Taylor’s Shaft, and Bonython Hill, with anomalous results recorded up to 5 km from the historic mine. A lode sample from the Railway Prospect returned 0.36% U₃O₈, 253 ppm Sc₂O₃, and 1.26% TREO, located just over 100 m along strike from the Radium Hill deposit, indicating continuity of mineralisation into HRE’s project area. Approximately 50% of the interpreted corridor is covered by soil and alluvial material, remaining largely untested by modern exploration methods. Table 1: Selected U–Sc–Y–REE reconnaissance sampling results, Radium Hill Leadership Commentary Chair of the Board, Gabriel Chiappini, commented: “It’s highly encouraging to receive positive assay results from ongoing groundwork at Radium Hill as our geological model continues to develop. Reinterpretation of aerial geophysical data, collected by HRE in 1H_2025, coupled with intense investigation of historical data, is refining our knowledge of an 8km structural corridor, enriched in a suite of critical minerals, including from the Radium Hill mine. Given this structural corridor is a geological extension of Australia’s first uranium mine, we anticipated receiving positive uranium samples but are encouraged to find anomalous values for a range of critical minerals. HRE’s recently refreshed board are excited to accelerate exploration across Radium Hill alongside our other projects, with these results adding further evidence that Radium Hill has the potential to host a sizable critical minerals resource. We feel there is considerable potential for discovery from a suite of critical minerals in a historical mining camp which has not been tested by a single drillhole in the past 64 years, and where previous mining focussed almost solely on one commodity, uranium.” About the Project Radium Hill is Australia’s first uranium mine, which produced approximately 850 tonnes of U₃O₈ between 1954 and 1961 from 954,000 tonnes of ore at 0.12% U₃O₈. Historical records also indicate that around 135 kg of scandium oxide was recovered on a pilot scale from processing residues, an insight that is now highly relevant given current critical mineral demand. HRE’s recent work integrates modern airborne magnetic and radiometric data with detailed historical reviews (Figure 3), identifying a northeast–southwest trending corridor with strong structural control on mineralisation. The project hosts uranium, scandium, yttrium, and REE mineralisation within gneisses and schists of the Willyama Supergroup, affected by multiple mineralising events. Figure 3: HRE geologist collecting representative samples near Taylor Shaft. (source: HRE) Historic workings at Bristowe’s Prospect expose quartz–davidite–ilmenite mineralisation, highlighting the surface expression of the broader U–Sc–Y–REE system developed along the Radium Hill structural corridor. (Figure 4). Figure 4: Historic working at Bristowe’s Prospect showing quartz-davidite-ilmenite mineralisation. (source: HRE) Near-term Milestones to Watch Finalisation of the updated geological model for the Radium Hill Project, incorporating recent reconnaissance sampling results and reinterpreted airborne geophysical data. Ongoing geological mapping and follow-up surface sampling along the defined Critical Mineral Corridor to better constrain mineralisation controls and continuity (Figure 5). Target generation across both exposed and covered portions of the corridor, particularly where high-grade scandium, yttrium, and uranium have been identified along strike from the historic mine. Advancement toward drill-ready targets to test the scale and continuity of the U–Sc–Y–REE mineral system during future exploration programs. Figure 5: Taylor Shaft looking southwest along the Critical Mineral Corridor. (source: HRE) Samso Concluding Comments From Samso’s perspective, the Radium Hill results clearly demonstrate why mineral explorers should think outside the box more often. The trend has always been to follow the leader in terms of the flavour of the market, but at times when you don't have the actual fruits, re-evaluating what else you may have is a very good idea. Historical mining districts can be re-evaluated through a modern critical minerals lens, and this has been done many times over with favourable results. One of the best examples is the discovery of the Pegasus Gold Deposit -Unlocking the Pegasus Gold Discovery: A Million Ounces in a Brownfields Camp. Radium Hill was once viewed primarily as a uranium operation is now looking like there is a broader mineral system enriched in scandium and rare earth elements. From a corporate viewpoint, this reframing expands the project’s relevance beyond legacy uranium and positions Radium Hill within today’s strategic minerals landscape. Geologically, this makes complete sense when you adopt the mineral system approach. All "geological deposit type" comes from a central kitchen. It comes out as a different dish because you cook it differently. The identification of an 8 km-long structurally controlled corridor will be the key for HRE. Mineralisation occurring both adjacent to the historic mine and several kilometres along strike suggests a system with meaningful continuity rather than isolated occurrences. With roughly half of this corridor concealed beneath shallow cover, a large portion of the prospective geology remains effectively unexplored using modern techniques, leaving clear scope for further discovery. The reported surface grades provide additional technical encouragement. Scandium values approaching 1,000 ppm Sc₂O₃ and strong yttrium and TREO values compare favourably with grades from established scandium projects, even at this early stage. While rock chip results are not predictive of resources, they are important indicators when they align with a coherent structural and geological model, as appears to be the case at Radium Hill. The introduction of Scandium into the mix may be the "Golden Goose" for HRE, as the market for Scandium apparently is booming. A real tightening of supply and the market latching onto the demand vs. supply story will give HRE the additional boost for increasing market value for shareholders. Figure 6: HRE share price chart as of 31st December 2025. (source: CommSec) With a market capitalisation of AUD $10M, and a share price chart showing some support for the new story, I think this is a good stock on your watchscreen. Is it a position now? I'm not sure. The market still has a lot more safer bets, so DYOR is key, but I am on the fence for now Ultimately, Radium Hill remains an early-stage opportunity that will be defined by discoveries of significant mineralisation. The geological logic is sound, the historical context is compelling, and the critical minerals narrative is increasingly relevant. As we all know, in this form of investing, it will now come to time, money, and lots of luck. The Samso Way – Seek the Research As always, Samso encourages readers and investors to review the original ASX announcement and conduct their own independent 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 merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Copper & Potassic Alteration Above Main Porphyry Target 10 November 2025 (Click here to view the announcement) FMR Resources Limited (ASX: FMR) has provided an update from the Llahuin Project Joint Venture in Chile, where it partners with Southern Hemisphere Mining Limited (ASX: SUH). Drilling at Target A – Southern Porphyry has now advanced to 1,198.9 metres downhole, intersecting zones of copper-bearing veining and strong potassic–biotite alteration above the main magnetotelluric (MT) anomaly. Ground conditions remain excellent, and drilling is expected to recommence shortly following mechanical maintenance. The project lies within a six-kilometre mineralised corridor hosting multiple copper–gold–molybdenum porphyry centres within the Llahuin district of Chile (Figure 1). Figure 1: Plan view of Southern Porphyry showing surface projections of geophysical models and planned drill targets (source: FMR) The Business of FMR Resources - Finding a copper–gold–molybdenum porphyry FMR Resources is a diversified ASX-listed explorer with a strategic focus on battery and critical minerals exploration. The Company’s portfolio spans: Llahuin Project (Chile) — targeting copper, gold, and molybdenum through a JV with Southern Hemisphere Mining. Fairfield and Fintry Projects (Canada) — focused on copper and rare earth element (REE) potential. The Company aims to create value through targeted exploration and geoscientific modelling, aligning with global demand for sustainable energy transition metals. Highlights — Potassic Alteration Validates Geological Model Drilling at Target A has reached 1,198.9 m downhole. Copper-bearing quartz–sulphide veins and strong potassic–biotite alteration observed above the main porphyry target zone. Geophysical calibration confirms the hole remains above the high-amplitude MT anomaly, interpreted as the main mineralised centre. Drilling temporarily paused due to mechanical failure; replacement equipment mobilised to site. Ground conditions remain excellent, supporting continuation to the planned 1,600 m depth (Figure 2). Figure 2: Cross-section A–A’ showing geophysical models and planned drillhole to 1,600 m depth (source: FMR) These geological observations—veining, alteration, and conductivity gradients—are consistent with the Company’s geophysical model predicting proximity to a porphyry core (Figure 3). Figure 3: Geological Observations (source: FMR) Leadership Commentary Managing Director, Mr Oliver Kiddie, commented: “What we are seeing in the core continues to validate our geological and geophysical models. The copper veining, biotite alteration, and potassic overprint are exactly the features we expect above a porphyry centre. Importantly, ground conditions remain excellent. In addition, the hand held conductivity measurements confirm we are still above the main MT target which, following the current short pause for mechanical reasons, will be tested when we recommence drilling imminently.” About The Llahuin Project (Chile) Located at Southern Porphyry within a ~6 km mineralised corridor in the Llahuin Project, Chile. Corridor hosts multiple Cu–Au–Mo porphyry centres (Figure 4). Mid-2025 fieldwork confirmed surface indicators: argillic alteration, silicification, and epithermal quartz veining. These features are typical of upper porphyry levels, supporting the porphyry model at Llahuin. Figure 4: Southern Porphyry target area within the Llahuin JV concessions (source: FMR) Near-term Milestones to Watch Recommence drilling toward the 1,600 m target depth once replacement gear arrives. Continue geological logging and sample collection for whole-rock geochemical and petrographic analyses. Conduct downhole geophysics (IP, EM conductivity, spectral gamma) following hole completion. Report additional assays and geological updates as they become available. These near-term steps will refine the vectoring toward the porphyry core and inform follow-up drill targeting. How Samso Understands the Investment Memo for the Company This announcement demonstrates that FMR’s exploration model is working — the correlation between core alteration, copper veining, and MT geophysical data strengthens confidence in the system. The Llahuin JV gives FMR leveraged exposure to large-scale copper–gold–molybdenum potential, while maintaining a balanced critical-minerals portfolio through its Canadian assets. The project remains early-stage but technically robust, and the confirmation of porphyry-style alteration at depth is a critical step toward potential resource definition. Samso Concluding Comments This Samso News is about the Llahuin Project underpinning FMR Resources’ porphyry model. The combination of copper-bearing veining, potassic–biotite alteration, and consistent geophysical responses represents a powerful convergence of evidence. The features are reflecting a system that is as predicted by the Company’s modelling. In the world of mineral exploration, such alignment between data and expectation is rare and meaningful. Without stating the obvious, it does look like FMR has got itself a coherent geological vector toward a porphyry centre, allowing management to convert what appears to be a technical success from speculative drilling. The validation of the geophysical–geochemical–geological correlation within the Llahuin system is driving the porphyry story, and while this is a technical success, what investors need to start separating is whether this is going to lead to value creation with the share price. For investors following this story, the message is clear: FMR is approaching a geological inflection point. The next few hundred metres of drilling at Target A will test the heart of the anomaly — the potential mineralising core that the entire exploration model has been building toward. Should the porphyry centre be confirmed, it would represent a pivotal discovery event that redefines the Company’s value proposition. Until then, what stands out is the technical success has ticked one box of many to come. The Samso Way – Seek the Research Always read the data, study the geology, and understand the context — this is how discovery value is recognised before the market does. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Resource grows 59Moz to 539Moz AgEq at 71g/t - 9 December 2025 Sun Silver Limited (ASX: SS1) has delivered yet another step-change in the scale of its cornerstone Maverick Springs Silver–Gold Project, located in northeast Nevada, approximately 85km from Elko and proximal to the world-renowned Carlin Trend. Figure 1: Project Location (source: SS1) The latest Mineral Resource upgrade increases the total Inferred Mineral Resource to 539Moz silver equivalent (AgEq) at 71 g/t AgEq, representing an additional 59Moz AgEq uplift from the 2025 exploration and re-assay program. This marks the third Mineral Resource upgrade delivered by Sun Silver in less than two years — a trajectory that continues to elevate Maverick Springs as one of the most strategically important undeveloped primary silver assets in the United States. The Business of the Silver: Focus – Maverick Springs Project Sun Silver is advancing the Maverick Springs Project as a large-scale silver–gold system with strong geological continuity, favourable metallurgy, and significant extensional potential. The Project hosts broad, disseminated mineralisation typical of Carlin-style and epithermal-sediment-hosted systems. With mineralisation remaining open in all directions, the system is positioned for continued growth both in grade and footprint. Highlights – Strategic Resource Growth and Uplift in Grade This upgrade is driven by three key catalysts: 2025 extensional and infill drilling, A major multi-element re-assay program, and The removal of a legacy regression applied to historic silver data. 🔷 Key Highlights (9 December 2025) • Total Maverick Springs Resource increased by 59Moz AgEq to 539Moz AgEq at 71 g/t AgEq — comprising 347.2Moz silver at 45.5 g/t Ag and 2.25Moz gold at 0.30 g/t Au (Table 1). Table 1 – Maverick Springs JORC Resource Upgrade • Silver-only Resource increased to 347.2Moz at 45.5 g/t Ag, representing an uplift in both grade and ounces. • Three Mineral Resource upgrades achieved in under two years, reflecting continuous value creation and strong geological understanding. • Maverick Springs remains open in all directions, with 2024–2025 drilling hitting some of the broadest intercepts along the Resource margins: Section Line A (Oblique Long Section) (Figure 2) High-grade intercepts occur beyond the previous MRE boundary: Drillholes such as MR25-211 (70m @ 160 g/t AgEq) and MR24-190 (71.6m @ 112 g/t AgEq) sit outside or directly on the edge of the earlier mineral resource envelope, demonstrating continuation of wide, high-grade zones along the hinge beyond historical limits. Near-surface and deeper extensions remain unmodelled and open: Multiple intercepts highlighted as “Near-Surface Intercepts Outside Mineral Resource” show mineralisation continuing vertically and laterally beyond current modelling, reinforcing open extensions both up-dip and along strike. Figure 2: Oblique Long Section Line A showing the Mineral Resource extent, near-surface mineralisation not included in this Mineral Resource upgrade (NAD83) (source: SS1) Section Line B (Oblique Long Section) (Figure 3) Broad intercepts confirm open mineralisation to the north and south: Significant hits such as MR25-230 (140.2m @ 71 g/t AgEq) and MR25-250 (102.1m @ 105 g/t AgEq) extend beyond the existing boundaries and illustrate that high-grade, thick mineralised intervals persist along the full strike length, remaining open NNW–SSE. New extensional drilling demonstrates depth continuity: Deep intercepts including MR06-167 (54.9m @ 317 g/t AgEq) and MR12-127 (114.3m @ 105 g/t AgEq), sit beyond the previous modelled volume, indicating that the mineralised system continues at depth with consistent thickness and grade. Figure 3: Oblique Long Section Line B showing the Mineral Resource extensions, near-surface mineralisation not included in this Mineral Resource upgrade (NAD83) (source: SS1) • Recent U.S. Department of the Interior listing of silver as a 2025 Critical Mineral enhances strategic importance and increases U.S.–Australian government interest. • China’s new export controls and tax changes on silver signal tightening supply conditions — elevating the relevance of large, Western-based silver projects. • Re-assay program confirms historical silver grades were underestimated by >20%, providing a strong uplift in confidence and grade accuracy (Figure 4). Figure 4: QQ Plot Comparison (source: SS1) • 2025 drilling highlights include (Figure 5): — MR25-211: 70m @ 160 g/t AgEq, including 22.4m @ 460 g/t AgEq — MR25-212: 54.1m @ 137 g/t AgEq, including 6.3m @ 506 g/t AgEq Figure 5: Plan View of Drilling (source: SS1) This combination of geological scale, increasing grade, and strategic relevance places Maverick Springs at the centre of the evolving North American silver supply chain narrative. Leadership Commentary Sun Silver Managing Director, Andrew Dornan, commented: “Delivering our third Mineral Resource upgrade in under two years highlights Maverick Springs’ emergence as one of the most strategically important undeveloped silver assets in the United States. Our 2025 drill program and extensive re-assay work have added a further 59Moz AgEq, increasing the Resource to 539Moz AgEq at a higher grade of 71g/t AgEq, an 85% increase to the size of the Mineral Resource since listing. With silver now on the U.S. Critical Minerals List and China moving to restrict exports, the need for secure Western supply has never been clearer. Maverick Springs is exceptionally positioned to support domestic U.S. supply as we continue to expand and increase confidence in a system that remains open to the north and south.” About the Project The Maverick Springs deposit is located along the southeastern extension of the Carlin Trend and is hosted in Permian limestones and dolomites, forming a broad, gently folded antiform. Mineralisation is characterised by: pervasive decalcification, varying intensities of silicification, fine-grained Ag–Au sulphide dissemination, and localised high-grade, fracture-controlled silver zones. The mineralised body extends from approximately 120m depth to over 500m and remains open along strike and down-dip. Combined modelling of silver and gold supports a large-scale, continuous silver-equivalent system (Figure 6). Metallurgical testwork from historic campaigns, combined with updated density measurements, supports a current assumption of 85% recovery for both silver and gold. Further metallurgical programs are underway using newly drilled 2025 core to refine recovery profiles across oxidation states. Figure 6: Grade Tonnage Curve of Maverick Springs 2025 Mineral Resource Upgrade (<150 g/t AgEq cutoff, ID² Estimate) (source: SS1) This figure illustrates the sensitivity of the mineral resource to varying cut-off grades and visually demonstrates the robustness of the deposit across multiple grade thresholds — reinforcing the Project’s bulk-tonnage potential within a Tier-1 jurisdiction. Near-term Milestones to Watch Sun Silver has several value-generating activities underway: Outstanding 2025 infill drilling results — to be released in coming months. Additional metallurgical testwork using 2025 core samples — to refine recovery assumptions (currently 85% Ag & Au). Resource confidence upgrades — targeting Indicated classification through increased drill density. Exploration drilling targeting north-west high-grade extensions — supported by wide, high-grade intercepts outside current modelling. Strategy updates linked to U.S. critical-mineral policy developments. How Samso Understands the Investment Memo for the Company Maverick Springs stands at the intersection of geological scale, grade uplift, and strategic supply-chain importance. The 59Moz AgEq increase — driven largely by robust re-assay work — elevates confidence in both grade continuity and metallurgical potential. The Project’s open geometry, Carlin-style characteristics, and proximity to major mining infrastructure present an opportunity for sustained resource expansion. From an investment perspective, the combination of a Tier-1 jurisdiction, rising Western critical-mineral focus, and strengthening silver demand positions Sun Silver for continued growth. Samso Concluding Comments Maverick Springs is steadily emerging as a prominent silver-gold system with the scale to contribute meaningfully to Western supply chains. The business of Silver is now creating a lot of opportunities for Sun Silver. The scalability of the project is being pushed to a "doable" level, and the geology of the system — large, continuous, and hosted within favourable carbonate lithologies — is now being looked at seriously to support a long-life development potential in a jurisdiction that is globally recognised for permitting stability and mining expertise. Strategically, the timing of this Resource upgrade is important. Silver’s elevation to a U.S. Critical Mineral and concurrent shifts in Chinese export behaviour create a backdrop in which large North American silver projects may command increasing attention from institutional, industrial, and governmental stakeholders. For Sun Silver, further drilling, metallurgical refinement, and resource confidence upgrades are the next steps in de-risking what is shaping up to be one of the most significant pre-production primary silver assets on the ASX and in the United States. The Samso Way – Seek the Research In markets driven by data and context, always seek the research before making decisions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The discovery of a major mineral deposit is one of the most coveted achievements for any geoscientist. Anyone who has spent time searching for mineral systems will understand that being involved in a significant discovery—of any commodity—sits firmly at the top of the professional bucket list. Figure 1: Bau Location plan. (source: Besra Gold inc) For me, as a geoscientist since 1992, and with a family history that traces back to my grandfather discovering a gold deposit, (in Bau, Sarawak, Malaysia - Figure 1 and Figure 2) in the 1940s, that ambition has always been deeply personal. Being part of a major discovery, in any form, remains my number one aspiration. Figure 2: My grandfather had the Saburan (I believe that the spelling here should be Siburan)and the Taiton gold mine. There is a third which is not listed in the figure. (source Bau Feasibility Study - 2013) I was fortunate to have had experience that moment early in my career. In 1992, I was part of the team that discovered the Bronzewing Gold Deposit (Figure 3), and a year later, I was on the drill rig when we intersected the Ector Diamond Pipe—an event that ultimately led to the discovery of the Merlin Diamond Province (Figure 4), Northern Territory in 1993. Figure 3: Regolith section along Line 9200 mN showing buried lateritic residuum in the Discovery Pit. The discovery RAB hole is projected onto the section. The discovery hole intersected up to 0.3 ppm Au in lateritic residuum and 12 m at 1 ppm Au in saprolite. (source: R.R. Anand, C. Phang and Z.S. Varga - BRONZEWING GOLD DEPOSIT, WESTERN AUSTRALIA - CRC LEME- 2005) Those experiences were formative, but like many in this industry, the pursuit of deeper involvement in a truly transformative discovery remains an elusive and driving force in my life. Figure 4: Merlin Diamond Project. (source: Lucapa Diamond Company) That persistent fascination with how discoveries are made, and the people behind them, has led to this latest Samso Insight. This article serves as a prelude to an upcoming Coffee with Samso conversation focused on the discovery of Prominent Hill—one of Australia’s most significant IOCG (Iron Oxide Copper-Gold) discoveries, made in South Australia in 2001. It is important to understand the significance of Iron Oxide Copper-Gold deposits (IOCGs) as an important source of Australia’s most valuable mineral exports, including: iron, gold, copper and uranium. Australia hosts two major IOCG provinces, the Mount Isa Block and Gawler Craton (Figure 5). Figure 5: Location map showing the main IOCGs and the two best known IOCG provinces in Australia. (source: James Austin and Clive Foss, CSIRO - CESRE, North Ryde: Rich, attractive and extremely dense:A geophysical review of Australian IOCGs, 22nd International Geophysical Conference and Exhibition, 26-29 February 2012- Brisbane, Australia. Ahead of that discussion, I felt it was important to introduce the deposit itself and provide some geological and historical context, helping the Samso community better appreciate the scale of the achievement and the individuals who made it possible. Introduction — why Prominent Hill still matters The Prominent Hill IOCG deposit was discovered through diamond drilling of a gravity anomaly in 2001. Prominent Hill sits on the southern margin of the Mt Woods Inlier in South Australia’s Gawler Craton, within the broader Olympic IOCG Province. It is widely recognised as an iron oxide copper–gold (IOCG) system and, critically, it was discovered beneath cover rather than by obvious surface expression. The reason this discovery continues to echo through exploration history is simple: Prominent Hill was found by trusting the physics and the model, not by chasing what was visible at surface. It became a repeatable example of how a covered craton can still deliver large mineral systems when gravity, magnetics, and disciplined drilling are integrated properly. The under-cover problem — and why the Gawler Craton demanded a different playbook A large part of the Olympic Province is blanketed by younger sediments. That makes classic “walk-up” exploration unreliable and pushes explorers toward geophysics-led targeting. Prominent Hill is a clean example of a target that was defined by a near-coincident gravity and magnetic feature, and the deposit itself is noted as being discovered under roughly ~100 m of cover sediment in the SA Geodata record (Figure 6). Figure 6: Simplified geological map of the Prominent Hill deposit area below the 90 to 150 m thick Phanerozoic cover overlying a Permian unconformity, and is based on drilling. The main copper-gold bearing clastic and shelf carbonate sequence is located between metamorphic calcsilicate and metasomatic skarn altered rocks to the north, and unmetamorphosed but strongly altered, volcanic rocks to the south. The main copper-gold ore is hosted by the hematite altered polymictic breccias, while the hematite quartz breccias contain variable gold. The location of the principal resource blocks (Main Prominent Hill Cu-Au, Eastern Cu-Au, Western Au and Western Cu) which lie within these breccias are indicated. (source: PorterGeo - Modified after: Williams et al. (2017) and Freeman and Tomkinson (2010). The discovery moment — URN 1 and the gravity target The discovery story is unusually well documented in South Australia’s exploration reporting. The Target The first decisive test was diamond drillhole URN 1 (often referenced as Uranus/Prominent Hill discovery drilling). In the MESA Journal write-up, URN 1 is described as the first hole drilled to test a discrete gravity anomaly measuring ~1500 m x 500 m, partly coincident with a magnetic anomaly of similar size, and explicitly framed as a common targeting criterion for Olympic Dam–style mineralisation. The intercepts that changed the conversation Two independent sources that summarise the discovery intercepts are: South Australia’s gold commodity page, which states the prospect was discovered in November 2001 by Minotaur and reports URN 1 results including 20.2 m @ 3.03 g/t Au, 107 m @ 1.94% Cu and 0.65 g/t Au, and 152 m @ 1.10% Cu and 0.61 g/t Au. (energymining.sa.gov.au) An OZ Minerals ASX investor presentation (2011) which repeats the same style of intercept reporting for URAN1 and adds an important detail about the target selection (Figure 7). Figure 7: The URN 1 discovery intercept. (source: Oz Minerals presentation April 2011) What Minotaur actually did right — discovery as a sequence of decisions Prominent Hill is often simplified into a single sentence: “drilled a gravity anomaly and hit copper-gold.” The reality is more instructive. They prioritised a discrete anomaly, not a vague regional trend The MESA write-up describes the anomaly as discrete and sizeable (~1500 m x 500 m). Discrete targets generally allow clearer yes/no testing. They used coincident datasets as a filter The same article notes the anomaly was partly coincident with magnetics and frames gravity and magnetics coincidence as a targeting criterion for Olympic Dam–style mineralisation. They understood that “magnetic” isn’t always where the ore is Here’s a detail I like because it’s practical. The OZ Minerals deck describes discovery drilling as targeting “a high frequency, non-magnetic portion of [a] gravity anomaly” and then presents the URAN1 results That wording is a reminder that IOCG systems can be messy in magnetic space: magnetite can dominate some parts; hematite can dominate others; alteration can destroy or create magnetism. Prominent Hill being commonly described as hematite-dominant IOCG sits neatly with that nuance. What is an “IOCG” ? IOCG deposits form within a broader family of Cu–Au–Fe mineral systems and commonly show large alteration footprints, often involving iron oxides (hematite and/or magnetite). One reason gravity and magnetics are so frequently discussed is because iron oxides and associated alteration can produce measurable physical property contrasts (Figure 8). Figure 8: Heterolithic breccia with sandstone, mafic volcanic and hematitic clasts in a strongly altered to steely hematite matrix, at a depth of 440 m, within an interval between 430 and 466 m that averaged 1.6% Cu, 0.75 g/t Au; (source: PorterGeo - Core from SA Geological Survey Core Library; Images by Mike Porter 2022.) Samso translation: If the mineral system builds a big enough “iron engine,” it can show up in geophysics even when nothing shows at surface. The geology lens — why Prominent Hill is described as hematite-dominant IOCG A key reference on Prominent Hill is the Economic Geology paper titled “Prominent Hill: A Hematite-Dominated, Iron Oxide Copper-Gold System” (Antonio Belperio, Richard Flint, Hamish Freeman; Prominent Hill: A Hematite-Dominated, Iron Oxide Copper-Gold System. Economic Geology 2007, 102 (8): 1499–1510- Link). The abstract explicitly links the discovery to Minotaur in November 2001 and frames the deposit as a hematite-dominant IOCG system (Figure 9). Figure 9: Simplified geological map of the Prominent Hill deposit area below the cover sequence, modified from Freeman and Tomkinson (2010). Locations (B) to (D) indicate the position of the cross-sections 55650 mE, 55950 mE and 56050 mE. The color symbols indicate the different ore minerals analyzed for their sulfur isotope composition in each sample. (source: Schlegel, Tobias & Wagner, Thomas & Boyce, Adrian & Heinrich, Christoph. (2019). A magmatic source of hydrothermal sulfur for the Prominent Hill deposit and associated prospects in the Olympic Iron Oxide Copper-Gold (IOCG) province of South Australia. 10.1016/j.oregeorev.2016.) Later technical work illustrates the deposit’s contrasting textural styles, including hematite breccias hosting copper sulphides and associated alteration/mineral textures (Figure 10). Figure 10: Photographs of representative drill core samples showing textures of (A-C) the magnetite skarn and (D-F) the hematite breccia body of the Prominent Hill IOCG deposit. (A) Patchy magnetite + pyrite ± chalcopyrite alteration (inside dashed yellow area) in chlorite and actinolite rich metasediment, Malu pit; PH56, 10016 mRL ( B) Massive magnetite and dolomite intergrown with pyrite; sample PH56, DP017, 218.8 m. (C) Magnetite + pyrite + K-feldspar veins cross-cut pervasively magnetite + pyrite altered granitoid; PH52, DP017, 208.02 m. (D) Hematite breccia with high copper grade showing abundant coexisting bornite and chalcocite associated with hematite and sericite altered clasts; sample PH446, PH05D057, 189.3 m. ( E) Chalcopyrite, hematite and fluorite-rich hematite breccia matrix; sample PH222, PH05D169, 367.8 m. ( F) Massive chalcocite, digenite and bornite replace pyrite in altered fine-grained diorite; PH466, PH05D186, 272.6 m. Mineral abbreviations: Act: actinolite; Bn: bornite; Carb: carbonate; Cc: chalcocite; Ccp: chalcopyrite; Dg: digenite; Dol: dolomite;; Fl: fluorite; Hem: hematite; Id: idaite; K -fsp: K-feldspar; Mag: magnetite; Py: pyrite; Qtz: quartz; Ser: sericite.(source: Schlegel, Tobias & Wagner, Thomas & Boyce, Adrian & Heinrich, Christoph. (2019). A magmatic source of hydrothermal sulfur for the Prominent Hill deposit and associated prospects in the Olympic Iron Oxide Copper-Gold (IOCG) province of South Australia. 10.1016/j.oregeorev.2016.) Why this matters for discovery: A hematite-dominant IOCG can behave differently from a magnetite-dominant system in magnetic datasets. The Prominent Hill story—gravity first, magnetics as context, and a non-magnetic portion of the gravity target being meaningful—fits that reality. The “near-miss” lesson — the covered province penalty One of the harsh truths in covered terrains is that being close can still be a failure. The OZ Minerals deck notes earlier drilling in the broader area that effectively missed Prominent Hill by a few hundred metres (referencing early 1990s activity), which is a blunt lesson in vectoring and target refinement. Samso takeaway:Covered provinces don’t forgive “almost.” If your targeting logic isn’t tight, you can drill right past the story and never know it. What happened next — from discovery to asset From a discovery-to-mine pathway perspective, Prominent Hill moved quickly into the corporate and development cycle. The discovery itself is widely attributed to Minotaur Resources (and their Mt Woods JV ground), with later ownership and development ultimately sitting with Oxiana/OZ Minerals in company histories and presentations. For this article, the key point is not the corporate detail—it’s what the corporate path signals: Discovery was sufficiently robust (grade + thickness + system scale) to justify rapid follow-up and major-company style advancement. The model was strong enough to become a template for broader IOCG exploration across the province.1 Why did gravity mattered so much at Prominent Hill The discovery target was a discrete gravity anomaly. Gravity responds to density contrasts—and IOCG systems can create dense bodies through iron oxides and alteration. South Australia’s own geoscience commentary on IOCG targeting emphasises the use of coincident anomalies to reduce the search space for IOCG prospects. Samso translation: In the Gawler, gravity is often your first honest signal. It doesn’t care if the surface is quiet. Samso Concluding Comments — what Prominent Hill teaches explorers and investors A mineral deposit discovery is not a task that uses the words "simple, "easy" "often" and anyone who have been involved in one will say that it is a rare series of events in the duration of the career. The discovery of a mineral deposit like Prominent HIll will most likely sit in the once in a lifetime category. I don't think I know of anyone that has had a recurrence of such an event. When I speak to the people who make discoveries like Prominent Hill, it can be forgiven to think that it is one of those discoveries that looks obvious only after it happens. The discovery hole URN 1 was not a random punt—it is a structured test of a discrete gravity target with a supporting magnetic context, explicitly aligned to Olympic Dam–style targeting logic. The problem with that statement is that these anomalies are often identified, the problem is the percentage of "discoveries" from these anomalies are indeed rare. It may be obvious in hindsight, but the number of theses occurrences is very rare. For explorers, the lesson is integration and discipline: gravity defined the opportunity, magnetics shaped the interpretation, and drilling delivered the truth—however, I would go further and say that the truth is the believe and the tenacity of those behind the decision makers, the management making the decisions delivered the discovery. For investors, Prominent Hill is a reminder that the highest-leverage discoveries often come from teams willing to commit to a model before consensus forms. Under-cover exploration isn’t a lottery ticket—it’s a test of whether management understands how to convert imperfect signals into a drill decision and then follow through with technical persistence. The Samso Way – Seek the Research Always take the time to understand the geology, the development pathway, and the assumptions behind the numbers. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. North Pine Project Delivers High Grade Tungsten and Gold 1 December 2025 (click here to view the announcement) 2. Change of Company Name and ASX Code 2 December 2025 (click here to view the announcement) Pioneer Minerals Ltd (ASX: PMM) (formerly Pioneer Lithium Ltd) is advancing its North Pine Project in Idaho, USA, a region renowned for its Tier-1 critical minerals endowment (Figure 1). The latest field program has delivered multiple high-grade tungsten and gold results from the Springfield Prospect, alongside the identification of a new polymetallic precious-metal system at Silver Cliffs. These results materially expand the exploration proposition across the broader North Pine tenure. Figure 1: North Pine Project Overview Map (source: PMM) The Business of the Company: Focus – Projects Pioneer Minerals is systematically exploring the North Pine Project, comprising the Springfield, Silver Cliffs, and Northman Prospects. The projects are strategically located near Perpetua Resources’ Stibnite Gold Project, one of North America’s most advanced antimony–gold developments. The Company's primary commodity exposure—tungsten, antimony, and precious metals—aligns directly with the US Government’s critical minerals priority list. Highlights – 1 December 2025: High-Grade Tungsten & Gold Systems Defined at Springfield (Based on ASX Announcement 1 December 2025) 1. Springfield Prospect – High-Grade Tungsten System Confirmed (Figure 2 & Table 1) Multiple rock-chip samples returned exceptional tungsten grades up to 2.98% WO₃ (S06). Figure 2: High-grade tungsten samples (source: PMM) Table 1: Significant tungsten (>0.4%) and gold assay results (> 1 g/t) of rock chip samples taken from Springfield Prospect Additional strong WO₃ values include 0.96% (S28) (Figure 3), 0.93% (S19), 0.83% (S20), 0.66% (S12), 0.64% (S02), 0.62% (S42). Figure 3: Sample 28 - Pyrrhotite-rich skarn (source: PMM) Geology and geochemistry confirm a robust reduced scheelite skarn system (Figure 4). Figure 4: WO₃ & Au Sample Location Map (source: PMM) 2. Springfield Prospect – High-Grade Gold System Identified Gold assays peak at 7.75 g/t Au (S48), with strong supporting results (Figure 5):– 1.51 g/t Au (S46)– 1.49 g/t Au (S75) Figure 5: Sample S48 - Gold-bearing oxidised sulphides (source: PMM) Associated Ag–Sb–As–Cu suite confirms a structurally-hosted precious-metal vein system, independent of tungsten mineralisation.• Multivariate geochemical analysis confirms two separate mineralising events:– High-grade WO₃ skarn system– Independent Au–Ag–Sb–As vein system 3. Silver Cliffs Prospect – New Polymetallic System Defined (Figure 6) Figure 6: Silver Cliffs Sampling Map (source: PMM) • Limited sampling due to weather still returned strong mineralisation (Table 2):– 3.89 g/t Au (SC03)– 1.1 g/t Au + 34.8 g/t Ag + 1,077 ppm Sb (SC19) (Figure 7) Figure 7: SC19 Outcrop Photograph (source: PMM) Table 2: Highlight table of rock chip geochemical results from rock chip samples taken from Silver Cliffs prospect showing gold mineralisation and associated polymetallic mineralisation. • Results support a low-sulfidation epithermal-style precious-metal system. Highlights – 2 December 2025: Rebranding to Pioneer Minerals Ltd (ASX: PMM) (Based on ASX Announcement 2 December 2025) The Company’s name has officially changed from Pioneer Lithium Limited to Pioneer Minerals Limited. A new ASX ticker, PMM, will apply from 2 December 2025. The change reflects the Company’s diversification beyond lithium into tungsten, antimony, gold, and critical minerals at the North Pine Project. Leadership Commentary Pioneer CEO Michael Beven commented: “I am extremely encouraged by the results from our latest sampling program at North Pine. The confirmation of consistently high-grade WO₃ values at Springfield represents an important milestone for the Company. These results clearly validate our view that Springfield hosts a robust and well-developed tungsten skarn system, and they provide the strongest evidence to date that this prospect has the potential to develop into a significant tungsten discovery. What is particularly exciting is that our geochemical interpretation now confirms the presence of a second, entirely separate mineralising event at Springfield. The high-grade gold results, together with the associated silver, antimony and arsenic pathfinders, indicate the existence of a structurally controlled precious-metal system that has never been systematically explored. This dramatically expands the exploration potential of the Springfield area beyond tungsten alone and introduces an entirely new gold opportunity overlaying the skarn system. The recognition of a new polymetallic precious-metal system at Silver Cliff further strengthens the district-scale potential of North Pine. We now have multiple high-priority targets across the project area, each supported by strong geochemistry and clear geological context. Our upcoming field programs will focus on advancing both the tungsten skarn and the gold–silver vein systems, and I am confident this work will continue to unlock value for our shareholders”. About the Project The North Pine Project consists of 223 staked lode claims (~18.37 km²) in Idaho. The district hosts geological analogues to major regional deposits such as Stibnite and Horse Heaven. Historical tungsten mining at Springfield (1953–1955) produced: 39,000 tons of ore @ 0.35–0.40% WO₃ High-grade >70% WO₃ concentrate sold into US strategic supply chains. Current work includes: Comprehensive rock-chip sampling Petrography, multivariate geochemical interpretation Target definition at Springfield, Silver Cliffs, and Northman Near-Term Milestones to Watch Airborne magnetic & radiometric survey to commence over Springfield, Silver Cliffs, and Northman (line-spacing: 50m). Petrographic analysis underway on six high-WO₃ samples. Recovery test work initiated on ~60 kg of Springfield Mine tailings for gold & tungsten recovery. Systematic follow-up planned for Silver Cliffs once the weather allows full access. Continued updates as BLM claim confirmation progresses. Samso Concluding Comments The Pioneer Minerals story is an intriguing one that I have only come across because the CEO, Michael Beven, and I have crossed paths previously. The lithium hopeful list on the ASX at the end of the boom, or should we say, the start of the lithium demise, so as usual, companies moved to what is marketable. The shift to Tungsten and potentially gold is a good move. The hint of antimony is there, but I think the Tungsten and gold play is what made me bring PMM onto the Samso platform. What makes the whole PM story even better is that the projects were acquired and not purchased, which makes the technical part of the story more credible. What makes me comfortable is that Michael Beven is a geology CEO with corporate backing from the Board. For me, this adds fuel to allow me to believe the geological evidence. The Springfield results present a compelling early-stage picture: multiple rock-chip samples exceeding 1% WO₃ place the prospect amongst the stronger tungsten-bearing skarn systems reported in recent years. The geological consistency of scheelite-bearing skarn textures, Fe-Ca associations, and elevated HREE signatures points toward a robust magmatic-hydrothermal driver. In a market where tungsten supply remains concentrated and vulnerable, discoveries of this nature in the United States carry outsized strategic value. The existence of a skarn source is good for creating scale, for me at least, that is the heat source, the engine, so to speak. Coupled with what we can see already as evidence of mineralisation, that is, at least some sign that the potential for juice in the story exists. Equally important is the recognition of a second, unrelated gold–silver–antimony–arsenic system overprinting the tungsten skarn. This style of structural mineralisation is characteristic of late-stage fluid pulses and often forms high-grade pods along developing fault systems. The presence of 7.75 g/t Au in surface samples suggests the system is fertile. For investors, dual mineral systems offer portfolio-level optionality—particularly when both tungsten and gold possess strong critical-mineral credentials. Silver Cliffs adds further depth to the story. Even with weather-restricted field access, assays such as 3.89 g/t Au and 1.1 g/t Au with strong Ag and Sb support a low-sulfidation epithermal interpretation. These systems can host high-grade shoots, and the geological analogue to Resolution Minerals’ Golden Gate targets strengthens confidence in the model. The upcoming magnetic and radiometric survey should greatly clarify fault architecture and fluid pathways. As exploration accelerates across North Pine, the dual focus on tungsten and precious metals positions Pioneer to benefit from both critical-mineral demand and the resilience of gold markets. For a company at this stage of discovery, the emerging dataset is encouraging and worthy of investor attention. Market Participation From a market perspective, the "punt" is still good. A market capitalisation of around AUD $4M is a good place for positioning. As you can see in Figure 8, the share price has been steady, and this is probably a good sign that the capital structure is tight. Otherwise, this share price would be significantly lower by now. Figure 8: Share price chart for Pioneer Minerals as of 22nd December 2025 (source: CommSec) One of the issues with the Tungsten sector for the ASX is that there appears to be a great disconnect between the surging Tungsten price and a lack of interest in Tungsten ASX stocks. Getting in early now, before everyman and his dog gets in, may be a good move at this time. The Samso Way – Seek the Research Always follow the data, understand the geology, and let the evidence guide the investment narrative. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Completion of Cap Burn Gold Project Acquisition 4 December 2025 (click here to view the announcement) Critical Resources Limited (ASX: CRR) has completed the acquisition of the Cap Burn Gold Project in the Otago region of New Zealand’s South Island (Figure 1), securing Ministerial approval for the transfer of exploration permit EP60300. The Company has also finalised the transfer of the land access agreement with the local landowner, clearing the way for an inaugural drilling program to commence in the coming weeks. Figure 1: Location of acquired New Zealand projects (Green) with major gold mining projects. (source: CRR) Cap Burn sits ~11 km along the same structural corridor that hosts OceanaGold’s +10Moz Macraes Gold Mine and shares geological similarities with Santana Minerals’ Rise and Shine (RAS) deposit (Figure 2). This acquisition strengthens CRR’s emerging New Zealand gold portfolio and provides immediate exposure to one of the Southern Hemisphere’s most prospective orogenic gold belts. Figure 2: Cap Burn Project location ~11km from OceanaGold Macraes Gold Operations with major and minor interpreted structures. (source: CRR) The Business of the Company: Focus – The Otago Gold Belt Critical Resources continues to build a diversified portfolio of metals and minerals across high-grade, geologically fertile regions. The Company’s assets span lithium (Canada), base metals (NSW), and an expanding gold footprint in New Zealand. The Cap Burn acquisition complements CRR’s existing Otago and Reefton regional tenements, creating a multi-asset pipeline with low holding costs and near-term exploration catalysts. Highlights – Acquisition Completion & Drill-Ready Target Beneath a 1 km² Arsenic Halo Key Highlights from the Announcement: Acquisition Complete: Permit transfer approved by New Zealand Petroleum & Minerals (NZP&M), granting CRR 100% ownership of Cap Burn through its subsidiary Goldfire Resources. Land Access Secured: Transfer of the station land access agreement allows immediate commencement of drilling within the predefined exploration area. Drill-Ready Status: Contractor Ecodrilling NZ has been secured, with mobilisation scheduled in the coming weeks. High-Potential Geological Setting: Cap Burn is located along the same structural trend as Macraes (+10Moz) and Bendigo–Ophir (+2.3Moz), targeting high-grade orogenic gold below a >1 km² arsenic-in-soil anomaly (20–150 ppm As) (Figure 3). Figure 3: Cap Burn and Rock and Pillar Projects – legacy drilling targeting arsenic-in-soil anomaly. (source: CRR) Geophysical and Structural Alignment: The Cap Burn Fault aligns with the Footwall Fault at Macraes and the Thompsons Gorge Fault at Rise and Shine discovery (RAS), both key conduits for gold-bearing fluids. Compelling Down-Plunge Target: Revised geological interpretation highlights potential for high-grade shoots beneath the TZ4–TZ3 schist units, mirroring the RAS discovery path (Figure 4). Figure 4: Cap Burn Project cross-section (top) – Conceptual cross-section & RAS comparison (source: CRR) These highlights reinforce Cap Burn as an advanced, low-cost, structurally controlled gold target with proven analogues along the Otago Schist Belt. Leadership Commentary Critical Resources’ Managing Director, Mr. Tim Wither, commented: ‘We are very pleased to announce the completion of the Cap Burn Gold Project acquisition, marking a significant step forward for Critical Resources in New Zealand. With Ministerial consent secured and land access agreement transfer finalised, we are now ready to commence our inaugural drilling program at Cap Burn. Our drill contractor Ecodrilling NZ is scheduled to mobilise to site in the coming weeks, ensuring rapid progress on exploration activities. We appreciate and acknowledge the support from all stakeholders for the permit transfer to be completed. ‘The geologically robust Cap Burn Project further strengthens Critical Resources gold portfolio, providing shareholders with exposure to a highly prospective, underexplored region adjacent to world-class deposits. Critical Resources is committed to responsible development and close engagement with local stakeholders, ensuring that exploration activities are coordinated seamlessly with ongoing farming operations. We look forward to updating shareholders as drilling begins and to advancing our strategy to deliver multi-cycle value across our global assets.’ About the Project The Cap Burn Project lies on the northern margin of the Otago Schist Belt—one of New Zealand’s most productive yet underexplored gold terrains (Figure 5). Key geological attributes include: A >1 km² arsenic anomaly coincident with a strong EM boundary marking the Cap Burn Fault. Previous drilling results, including: 9 m @ 0.24 g/t Au from 54 m (CBN0003) 1.8 m @ 0.76 g/t Au from 14.2 m (CBN0004) 6 m @ 0.45 g/t Au from 173 m incl. 1 m @ 1.22 g/t Au (CBN0011) Structural and lithological similarities to Santana Minerals’ Rise and Shine deposit, where high-grade mineralisation occurs beneath arsenic-in-soil halos at TZ4/TZ3 boundaries. A revised geological model now targets down-plunge extensions analogous to RAS, where grades up to 3.4 g/t Au over wide intervals have been intersected. Figure 5: Cap Burn Project – looking west along the Cap Burn fault. (source: CRR) Near-term Milestones to Watch CRR has outlined a clear exploration roadmap for Cap Burn and its broader New Zealand portfolio (Table 1): Inaugural RC Drilling at Cap Burn – Dec 2025 to Jan 2026 Follow-up drilling contingent on results Permit transfers underway for Tokomairiro, Lammerlaw, Croesus, Silver Peaks, and Rock & Pillar Geochemistry & field mapping programs scheduled across all new tenements (2026) Table 1 – Proposed work program for New Zealand exploration/prospecting permits. The above timeframes are indicative and subject to change without notice. CRR’s portfolio now spans 1,794 km² of prospective ground across Otago and Reefton, positioning the Company as a significant early-mover in a region witnessing renewed exploration interest. Samso Concluding Comments Like the strategy of CRR in taking a big punt on the mineral prospectivity of New Zealand. The addition of Cap Burn to CRR’s portfolio, for me, simply adds potential to the story within what is a prospective orogenic gold belt. While the broader Otago region has delivered multi-million-ounce deposits such as Macraes and Bendigo–Ophir, large areas remain strikingly underexplored. CRR has effectively positioned itself at the forefront of the next exploration cycle in New Zealand. The geological comparability to Rise and Shine—particularly the TZ4/TZ3 boundary relationship and arsenic halo footprint—provides a robust model for exploration. These kinds of structural repetitions are uncommon, and when they occur, they often create predictable vectors toward higher-grade mineralisation at depth. Investors should also appreciate the timing. CRR is entering the region during a period of renewed discovery momentum, low competition for ground, and strong governmental support for exploration. The holding costs are low, yet the upside remains significant due to the scale of untested structures and the improving understanding of Otago’s orogenic system. As the inaugural drilling program begins, Cap Burn will be a defining test case for CRR’s New Zealand strategy. If drilling validates the down-plunge conceptual target, CRR may unlock a new gold system capable of delivering multi-cycle value over the coming years. The Samso Way – Seek the Research Always follow the data, understand the geology, and let the evidence guide your investment journey. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Silver & Base Metals confirmed at Prospect Hill 4 December 2025 (click here to view the announcement) Heavy Rare Earths Limited (ASX: HRE) has released new findings that reshape the potential of its Prospect Hill Project in the northern Flinders Ranges of South Australia. What was once viewed primarily as a tin-focused system is now revealing a strong polymetallic signature, supported by historic drilling that confirms significant silver, copper, lead, and zinc mineralisation alongside high-grade tin (Figure 1). Figure 1: Drilling of South Ridge Tin Prospect – 2017 (source: HRE) The project sits within the Curnamona Craton, a region known for its polymetallic systems and uranium–rare earth potential (Figure 2). With access to decades of historical data, HRE is moving rapidly to define a maiden Mineral Resource Estimate (MRE) for the South Ridge Prospect. Figure 2: Location of HRE projects in the Curnamona Craton, South Australia. (source: HRE) The Business of the Company: Focus – Prospect Hill Heavy Rare Earths Limited is an Australian exploration company with a portfolio centred on uranium and critical minerals across South Australia and Western Australia. Its core strategy is to unlock multi-commodity value in Tier-1 jurisdictions, with Prospect Hill positioned as a near-term resource development target backed by extensive historical exploration datasets. Highlights – High-Grade Silver & Base Metal System Emerging at South Ridge (Figure 3) Figure 3: Summary of outcropping geology in EL5891 and location of prospects. (source: HRE) HRE’s reassessment of historical drilling has confirmed multiple high-grade polymetallic intervals at South Ridge, adding a new dimension to the previously recognised tin system. Key highlights include: • Standout High-Grade Silver and Base Metals Intercept (Table 1) 1m @ 282 g/t Ag, 1.87% Cu, 3.48% Zn, 3.16% Pb, and 2.9% Sn in drillhole PHRC05 (14–15m). Table 1. Significant intervals of base metal (Cu+Zn+Pb) + Ag mineralisation from historic South Ridge Sn prospect data (using 0.1% Cu cutoff – no internal dilution). Data from historic company reports This interval represents one of the highest silver grades recorded at the project and confirms a strong association between base metals and tin. • Wider Mineralised Zone at South Ridge Prior drilling confirms tin mineralisation over 500m strike and to 120m depth. Significant high-grade tin previously reported includes 3m @ 4.85% Sn. • Multiple Silver-Bearing Intervals Above 1 oz/t Ag Historic holes such as PHRC04, PHRC023, PHP006, and others consistently report silver values >40 g/t, with associated copper, lead, and zinc. • Polymetallic Potential Emerging Data suggests South Ridge hosts structurally controlled tin with overprinting or adjacent silver-base-metal zones, indicating a potentially larger polymetallic system than previously understood. • Ready Pathway to Resource Definition The project benefits from a substantial existing dataset: 71 RC drillholes (5,698m) 350 rock samples, 4,520 soil samples, 305 stream samples 40 trenches, 19 percussion holes, detailed mapping, and petrography This dataset gives HRE a unique advantage in fast-tracking a maiden Mineral Resource Estimate. Leadership Commentary Chair of the Board, Gabriel Chiappini, commented: “The Heavy Rare Earths team are pleased to report that initial findings from the analysis of the extensive historical database acquired with the Prospect Hill project, indicates the project appears to have strong potential as a polymetallic deposit, with RC drill intercepts grading up to 282 g/t Ag, copper grades up to 1.87%, zinc grades up to 3.48%, and lead up to 3.16%. These are highly significant results, and are primarily from the South Ridge target, from which the Company has already reported high-grade tin results, including 3m at 4.85% Sn. The Company plans to achieve a maiden mineral resource estimate quickly from this target, given the rich dataset that includes assays from 56 drill holes + 25 trenches, and this additional data demonstrating the presence of high-grade silver and base metals opens the door to South Ridge becoming a significantly more valuable polymetallic deposit. The prior array of drill hole assay results further enhances the Company’s commodity exposure, which also includes Uranium, Scandium, Dysprosium, Yttrium, Rare Earths, and Tin. We understand that the South Ridge project is predominantly a Tin prospect; however we plan on testing the prospectivity of these additional metals by way of a maiden drilling program at South Ridge. Board appointments in recent weeks, including Dr Amanda Buckingham (NED) and Mr Graeme Morissey (NED), mark a full refresh of HRE’s board with highly experienced, successful, and driven professionals, and we look forward to working together to accelerate exploration at Prospect Hill and HRE’s other projects.” About the Project (Figure 4) Prospect Hill comprises three contiguous tenements (EL5891, EL6271, EL6933) totaling 75 km², hosting Palaeoproterozoic volcanic rocks known for polymetallic mineralisation. The South Ridge Prospect, located within the Mt Painter / Mt Babbage inliers, contains tin-rich shears and additional Cu-Pb-Zn-Ag zones (Figure 4). Previous explorers have identified Sn-rich vein systems, high-grade tourmaline-cassiterite pods, and geochemical anomalies. The geological setting suggests granite-driven mineralised systems typical of the Sn-granite model. Figure 4: Outcropping secondary Cu-Pb-Zn-Ag + Sn mineralisation at South Ridge Prospect (source: HRE) Near-term Milestones to Watch HRE’s immediate focus includes: Maiden drilling program at South Ridge to upgrade to a JORC-compliant MRE Targeted drilling for strike extension and depth continuation of Sn + Ag-base metal zones Field investigations to map the relationship between tin and polymetallic mineralisation Follow-up drilling at additional prospects: Petermorra, Black Rock, Fly Hill Metallurgical testwork from new diamond drilling samples Samso Concluding Comments The Prospect Hill Project is an example of how legacy exploration data can fundamentally shift a project’s valuation proposition when reassessed with a modern lens. Tin already presented a compelling exploration case due to its strategic importance in electronics and solder demand, but the confirmation of significant silver and base metals adds potential. The current narrative is aiming for a polymetallic system, which can paint a different picture for HRE at Prospect Hill. The geology is shaped to be consistent with the mineralisation narrative, so if taken singularly, this is prospective. However, like all things in the mineral exploration world, it is never simple, and it is never what it seems. This is where investors who are attuned with the technical aspects of projects need to take special care to take things on a plate. As we all say in the industry, let the drilling happen, and the truth machine is never wrong. Historical data is great, and the refinement of the data can make projects glow sincerely or not. Hence, DYOR and keep a handle on the excitement. The Samso Way – Seek the Research True investment clarity emerges when companies back strong geological fundamentals with disciplined exploration and transparent reporting. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement Sascha Marcelina Project Update 3 December 2025 (click here to view the announcement) Pursuit Minerals Limited (ASX: PUR) has advanced another significant step in its South American growth strategy, finalising all Conditions Precedent for the acquisition of the Sascha Marcelina Gold Project in Santa Cruz, Argentina (Figure 1). Following shareholder approval on 24 November 2025, the Company continues to refine its geological interpretation and preparations toward a targeted maiden drilling program across one of the most prospective low-sulphidation epithermal corridors in the province. Figure 1: Sascha Marcelina District: Priority Target Zones Across the 100 km² Gold–Silver System (source: PUR) The Business of the Company: Focus – Gold and Silver Pursuit Minerals is building a dual-commodity platform in Argentina through the advancement of two cornerstone assets: Sascha Marcelina Gold–Silver Project – A structurally controlled epithermal system with multiple high-grade shoots along a 2 km corridor and one of the province’s rare preserved silica caps. Rio Grande Sur Lithium Project – A brine project progressing toward a 5,000 tpa feasibility study, with a broader staged development pathway targeting up to 17,500 tpa. Both projects complement each other within a Tier-1 jurisdiction, enabling Pursuit to pursue scale, optionality, and long-term production potential. Highlights – Due Diligence Complete & High-Impact Targets Prioritised Key Operational and Strategic Milestones Due Diligence Completed following shareholder approval at the 24 November EGM; all legal, technical, and financial matters finalised with no material issues identified. Exploration Strategy Advancing, integrating historical datasets with structural and alteration modelling to define three priority shoots along a 2 km Sascha Main trend (Shoots A, B, and C) (Figure 2). Figure 2: Priority Discovery Targets Across the 2 km High-Grade Corridor (source: PUR) Maiden Drilling Contractor Selection Underway, with quotes received from multiple Santa Cruz–based drillers now under evaluation. Dual-Project Growth Strategy Strengthening, with Sascha Marcelina and Rio Grande Sur advancing in parallel. High-Impact Discovery Potential Identified, including the preserved Marcelina Silica Cap, a geological analogue to Newmont’s Cerro Negro system (Figure 3). Figure 3: Marcelina Silica Cap: High-Impact Discovery Target (source: PUR) These highlights underscore a technically driven and capital-efficient growth platform, backed by strong geological rationale and a clear initial drilling strategy. Leadership Commentary Pursuit Managing Director & CEO, Aaron Revelle, commented: “The finalisation of Due Diligence and satisfaction of all Conditions Precedent marks an important milestone for Pursuit, with completion now largely administrative. In parallel, our technical team has been advancing the exploration strategy, integrating historical datasets with new geological interpretation to refine a series of high-impact drill targets for our maiden program. We look forward to completing the acquisition of Sascha Marcelina in the coming weeks and rapidly advancing this exceptional gold–silver opportunity alongside the continued development of our Rio Grande Sur Lithium Project. Together, these assets position Pursuit with a compelling dual-commodity growth platform in Argentina.” About the Project Sascha Main – High-Grade Shoots Along a 2 km Corridor The Sascha Main trend comprises a structurally controlled, high-grade epithermal system where multiple vein-hosted shoots remain open at depth. Re-interpretation of historical drilling indicates a largely untested boiling-zone horizon between ~260–400 m, where grade and continuity are expected to increase. Shoot B is supported by significant high-grade surface results (up to 160 g/t Au and 780 g/t Ag), strong structural controls, and coherent geophysical vectors. Historical drilling includes intercepts such as 9.2 g/t AuEq over 1.6 m (DDS02) and 10.9 g/t AuEq over 0.3 m, including 320 g/t Ag (DDS13). Marcelina (Pellegrini Trend) – Rare Silica Cap with Deep Discovery Potential Marcelina hosts one of only three preserved silica caps in the Santa Cruz province. These caps are known to mask the upper “steam-heated” zone above high-grade boiling-zone mineralisation – the same geological architecture that underpins the Cerro Negro deposit. Historical drilling intersected hydrothermal breccias and anomalous Au-Ag-Pb-Zn values but never penetrated the boiling zone. New geophysical modelling reveals: A strong, coherent chargeability + resistivity anomaly directly beneath the historical holes A well-defined feeder structure, consistent with major epithermal systems (Figure 4) Figure 4: Plan View and Cross Section with feeder structure (source: PUR) Near-term Milestones to Watch Final completion and settlement of the Sascha Marcelina acquisition. Appointment of drilling contractor following evaluation of submitted quotes. Commencement of first-pass drilling early in the new year, targeting: Deep tests beneath high-grade positions at Sascha Main Scissor hole and deep extension beneath Marcelina’s silica cap Advancement of the Rio Grande Sur feasibility study through Q4 2025. Potential reassessment of drilling at the Mito tenement given improved lithium market sentiment. Samso Concluding Comments From an investment perspective, the value proposition at Sascha Marcelina lies in the combination of preserved epithermal architecture, untested boiling-zone depths, and coherent structural and geophysical targeting. The comparison to systems such as Cerro Negro is valid, but I think this is very typical of companies to try to drag something like that to "legitimised" their project. Don't get me wrong, the points are grounded in the presence of a silica cap, a structurally controlled vein corridor, and a feeder-style geophysical signature. When the geological architecture mirrors known world-class systems, the exploration pathway becomes more defined and less speculative. This does theoretically reduce uncertainty and strengthens the justification for deep drilling, but it is just theory. What I do like about the PUR story now is the Rio Grande Sur Lithium Project, which, in my opinion, does maintain continuity in the Company’s long-term development pathway. The feasibility study nearing completion, combined with renewed sector optimism, provides Pursuit with a measured, staged approach to future production. This creates a natural balance between high-impact exploration and advancing a second asset toward development readiness. In essence, Pursuit is navigating a dual strategy that blends opportunistic discovery with pragmatic development positioning. The upcoming drilling program will be pivotal in determining the scale of the opportunity at Sascha Marcelina. If the geological indicators perform as modelled, the project may rapidly evolve into one of the more significant epithermal systems emerging in the province. The Samso Way – Seek the Research As always, investors should follow the technical evidence and continue to 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 merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Option to Acquire Scandinavian Copper-Gold Project 28 November 2025 (click here to view the announcement) South Harz Potash Limited (ASX: SHP) has taken its first step toward a multi-asset growth strategy with an exclusive option to acquire the Glava Copper-Gold-Silver Project in western Sweden. Located in the Värmland Province, the project area sits within the eastern extensions of the Proterozoic Grenville Orogenic Belt, a region recognised as an emerging copper-gold district across Scandinavia, the UK, Greenland, and Newfoundland (Figure 1). This potential acquisition marks a significant shift in South Harz’s evolution—from a single-asset potash developer to a diversified critical-minerals company in Tier-1 European jurisdictions. Figure 1: Location of the Glava Cu-Au-Ag Project in Western Sweden (source: SHP) The Business of the Company: Focus – Projects South Harz Potash is broadening its portfolio while maintaining long-term strategic patience on its German potash assets (Figure 2). The new Glava Cu-Au-Ag Project option represents the Company’s first diversification initiative. SHP continues to advance and preserve value in its Ohmgebirge and broader South Harz Potash Project (perpetual tenure, multi-deposit footprint). The Company aims to balance exposure between critical minerals, precious metals, and fertiliser minerals. Strategic partnerships, including alignment with McKnight Resources AB, strengthen SHP’s capability across Europe. Figure 2: Multiple Pathways to European Critical Minerals Value (source: SHP) Highlights – First Step into Scandinavian Copper–Gold Discovery Potential (Figure 3) Option executed to acquire the Glava Cu-Au-Ag Project, expanding SHP into critical and precious metals. High-grade copper–gold–silver–tellurium system, with historic artisanal mining producing ore grading up to 10.5% Cu. Outcropping bornite, covellite, and chalcocite, and visible tellurides recorded in Sweden Geologiocal Survey (SGU) data. Negligible glacial till enables cost-effective surface exploration. Ground magnetic survey (40 line-km) and rock chip sampling completed in November 2025. Results will contribute to drill-target generation for 2026 programs. Option structure includes a strategic relationship with McKnight Resources AB, providing in-country geological expertise. Acquisition is aligned with SHP’s strategy to maintain value in its German potash assets while adding near-term discovery leverage in Europe. Figure 3: Historic Glava East and West Pits with Mapped Structural Lineaments and Sampling Locations (source: SHP) Leadership Commentary South Harz Executive Chairman Mr Len Jubber commented: “The Glava acquisition option represents an exciting milestone and opportunity for South Harz to leverage our European footprint into one of the most geologically prospective and underexplored copper-gold provinces in Scandinavia. This first step transforms South Harz into a diversified resources company, moving from a single asset company towards a broader regional platform. While we maintain strategic patience with our large-scale South Harz Potash Project, we are broadening our portfolio to include metals essential to global supply chains and the energy transition. The Glava Project offers immediate discovery potential, hosting visible bornite, covellite, and chalcocite epithermal mineralisation with gold, silver and tellurium in outcropping vein systems, including historic artisanal production of over 10% copper. Negligible glacial till allows for the use of proven, cost-effective exploration techniques. Initial field activities, including a magnetic survey have been completed under the guidance of McKnight Resources and we look forward to analysing and interpreting the gathered information in the coming weeks. We are committed to systematically exploring Glava’s potential, while continuing to evaluate complementary opportunities to strengthen the portfolio and create sustained shareholder value.” About the Project The Glava Project consists of a 430-hectare licence containing two known mineral occurrences—Glava Koppagruvor and Skarpning SV Glava. Key geological observations include: Strongly metamorphosed volcanic host rocks with near-vertical N–S fracture systems controlling copper mineralisation. Visible bornite, covellite, chalcocite, and accessory gold, silver, and tellurium. Historical mining (1916–1918) extracted ~2,280 tonnes of rock, producing 49 tonnes at 10.5% Cu. Rock chips collected in 2024 show multi-element potential, including up to 4.89 g/t Au, 49 g/t Ag, 1.42% Cu, and up to 54 ppm tellurium (Table 1). Table 1: Analytical Results of Waste Dump Sampling Program, 2024 Near-Term Milestones to Watch (Table 2) December 2025: Ground magnetics data delivered. December 2025–January 2026: Rock chip assay results expected. Q1 2026: Integration of datasets into GIS for target refinement. June Quarter 2026: Start of Phase 2 drilling (rotary core → initial diamond drilling). 2026: Early metallurgical test work and potential expansion into new permits (pending SGU approvals). Table 2: Proposed Glava Work Programme Samso Concluding Comments The significance of this move lies in timing. With potash valuations subdued, South Harz is bringing in a project that will give it some form of marketing. This approach is survival mode thinking. Glava’s position within the broader Grenville Belt—an emerging copper–gold domain—provides South Harz with a narrative of a system capable of hosting meaningful mineral endowment. The historical production record, although not JORC-compliant, provides evidence of grade and system fertility. The Company’s partnership with McKnight Resources will give them local geological expertise, and this will give investors confidence that they can have an on-ground crew to accelerate potential early-stage success, especially in structurally complex terrains. As South Harz moves toward its 2026 drilling campaign, investors will need to be watching for signs of continuity, grade results, and proof of structural controls that may define a new Scandinavian copper–gold discovery. Scandinavian projects, such as what SHP is talking about is not going to be easy. As I have always said, it will come with ability to sustain capital requirements as exploration activities begin. The Samso Way – Seek the Research Understanding value begins with understanding the rocks—always look beneath the headline to see the geological truth. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.