🆕 IPO Review: Early Performance and Strategy Announcements: Presentation Mt Solitary Gold Exploration Target Quarterly Activities About Mount Hope Mining Limited - The Copper and Gold Hopeful Mount Hope Mining Limited (ASX: MHM) is a newly listed exploration company focused on copper and gold in the Southern Cobar Basin of New South Wales. With a 175km² strategic landholding and a well-connected location in an established mining region, the company is positioning itself within a district known for its polymetallic endowment and historic production. Figure 1: Mount Hope Project Location Map (source: MHM) Mount Hope listed on the ASX in December 2024, raising capital to advance exploration across several historical and underexplored prospects, including Mt Solitary, Mount Hope, and Black Hill. Since listing, Mount Hope has followed through on early promises of active, technically driven exploration. ASX Code: MHM Listing Date: 20 December 2024 IPO Offer Price: $0.20 Current Share Price (as at June 2025): $0.160 Market Capitalisation: $6.60 million Industry Group: Materials What Has Mount Hope Done Since Listing? In their first full quarter of operation (March 2025), Mount Hope has delivered several foundational milestones: ✅ Exploration Programs Underway Ground Gravity Survey: Completed across 97 km² using 1,732 stations. Data is being processed for 3D geological modelling by Southern Geoscience Consultants (Figure 2). Soil Geochemistry: Orientation sampling across Mount Hope East and Black Hill confirmed anomalies of up to 710 ppm Pb, 680 ppm Cu, and 0.25 ppm Ag. A Stage 2 survey is in progress. Figure 2: Gravity station locations, including infill stations (source: MHM) Reprocessing of Magnetic Data: Enhanced structural understanding of mineralised corridors and highlighted prospective zones for drilling (Figure 3). Regional Data Integration: Historic data within a 20km radius has been acquired to enrich the centralised geological database and refine targeting Figure 3: Mount Hope aeromagnetic demonstrating structural interpretation & prospective areas (source: MHM) ✅ Mt Solitary Gold Exploration Target On 10 June 2025, MHM announced an Exploration Target at Mt Solitary: 1.32–1.87 Mt @ 1.0–1.35 g/t Au for 42.5–81.4 koz of gold. Based on historical drilling (83 holes), trenching, and production figures. A 3,000m drilling campaign is planned for mid-2025 to test mineralisation continuity (Figure 4) and define a JORC-compliant resource. Figure 4: Mt Solitary long section with mineralised envelope (source: MHM) Use of Funds vs Prospectus Since listing in December 2024, Mount Hope Mining Limited (ASX: MHM) has maintained a disciplined approach to capital deployment. According to the March 2025 quarterly report, the Company has spent approximately $960,450 out of the $5.48 million raised at IPO. The majority of expenditure to date has been directed toward exploration groundwork ($118,093), while significant portions remain allocated for ongoing programs across the Mount Hope Project. Notably, the Company has fully paid its joint lead manager fees and incurred slightly higher-than-expected offer expenses. With over $4.52 million in cash still on hand, MHM is well-positioned to fund its planned drilling campaign and advance resource development initiatives in the Cobar Basin. Share Price Performance Since Listing At the time of writing, MHM shares last traded at $0.160, with no volume recorded for the day and a market capitalisation of $6.60 million (Figure 5). The current bid/offer spread sits between $0.140 and $0.160, reflecting a relatively tight range. While liquidity remains light — as is often the case in the early chapters of exploration IPOs — investors will be watching closely as the Company progresses toward its maiden drill campaign and builds momentum from the groundwork already laid. Figure 5: MHM Share Price as at 17 June 2025 (source: ASX) Mount Hope Mining Managing Director & CEO Fergus Kiley commented: “MHM is pleased to announce the maiden exploration target for the Mt Solitary Project. This Exploration Target, which is predicated on substantial previous drilling and resource modelling, demonstrates the prospectivity of Mt Solitary. We have defined a route forward for resource conversion drilling and a clear pathway for value creation for the Company. The physical attributes of this project, including its raised topographic setting, previously disturbed site, proximity to a major bitumen road (Kidman Way) and to the township of Mount Hope (power, water, people, accommodation etc.) while being less than 200km from seven different mills - many with excess capacity - makes this project the perfect candidate for a rapid development scenario. In a rising gold price environment, we believe this strategy, in conjunction with our current exploration strategy, is the best way to crystallise value for all shareholders and we are excited to continue to grow the size of this project. Samso’s Review: Early Days with Management of Exploration Anxiety to come. Since its ASX debut on 20 December 2024, Mount Hope Mining is going through its paces and managing exploration activities in terms of timing and purpose. It's an early exploration play with appropriate expectations that are expected from raising money for discovery. Importantly, the team has been quick to act on pre-IPO strategies, such as validating historical geophysical data, acquiring regional exploration datasets, and accelerating geochemical fieldwork. The announcement of a JORC-aligned Exploration Target at Mt Solitary within six months of listing is a commendable milestone. In a region with a history of blind discoveries like Wagga Tank and Federation, MHM is working methodically to replicate that success. The board—led by Non-Executive Chair Ben Phillips and MD Fergus Kiley—has kept a tight rein on spending. As of March 2025, over 80% of IPO funds remain unspent, and exploration activities are ramping up towards a maiden drill program. Samso Concluding Comments At Samso, we’ve seen many exploration companies enter the ASX with bold ambitions, but due to a series of factors, execution has taken time. Mount Hope Mining, however, has come out of the gate with structured, data-backed work that aligns with investor expectations of progress in the early months. The Cobar Basin has delivered significant shareholder returns over the past decade, and while MHM’s journey is only just beginning, they’re ticking the right boxes—early-stage surveys, geological validation, and a pathway to drilling. The pending 3,000m campaign at Mt Solitary will be the real litmus test for how much of that potential can be crystallised. What stands out is the recent announcement of a maiden Exploration Target at Mt Solitary. While not yet JORC-compliant, it signals a clear path toward resource development. There is a need to have some caution in thinking that an Exploration Target is a ticket to discovery. Those that are not in this industry should take the Exploration Target as an indication of the faith of the person quoting that number/target. The market has responded with cautious optimism, and rightly so. Mount Hope still has much to prove, but with a tight capital structure, significant cash reserves, and proximity to known mineralised systems, it is positioned to deliver meaningful news flow over the next 6–12 months. The Mount Hope story is one that may have come on the market at the right time. With a market capitalisation of AUD $4.4M, this may be cheap enough to take a position. In my time working as a geologist and investing in this sector, the lesson learnt is that every story that has a legitimate case for discovery will take time, and with the market sentiment (as it is now), speculation will drive capital appreciation and that is simply the fascination of the game. The Samso Way - Seek the Research To give investors the appropriate tools to level up for their own research, one has to have a platform. a source for balanced and independent content. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. 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. Cover photo: Native copper 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper_1.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Multiple New IOCG Targets Identified at Whaleshark As someone who’s followed Miramar Resources (ASX: M2R) since its IPO, I’ve always been intrigued by the Whaleshark Project. Located about 40km east of Onslow in Western Australia’s Ashburton region, this project has been on my radar due to its promising geology. But the recent announcement has taken my interest to a whole new level. Miramar has identified multiple new Iron Oxide Copper-Gold (IOCG) targets at Whaleshark through advanced geophysical remodelling techniques (Figure 1). This development significantly enhances the IOCG potential of the project. The application of sophisticated Magnetisation Vector Inversion (MVI) modelling has revealed several new targets characterised by overlapping gravity and magnetic anomalies—a key signature found in many significant IOCG deposits worldwide. Figure 1:Oblique view (looking southwest) of Whaleshark magnetic inversion model and new targets in relation to granodiorite pluton (red polygon) and drilling (black dots). (source: M2R) Previous exploration at Whaleshark had already established promising indicators of IOCG mineralisation. Aircore drilling in 2022 intersected geochemical anomalism and alteration suggestive of IOCG potential, while EIS co-funded diamond drilling in 2023 confirmed the presence of chalcopyrite (copper sulphide) in two holes, including within an iron-rich northwest-trending structure cutting through granodiorite. Mr Allan Kelly, Executive Chair of Miramar, explained that the advanced modelling had outlined new targets defined by coincident gravity and magnetic highs (Figures 2 and 3), aligning with geophysical characteristics typical of major IOCG deposits (Figure 4): "At Whaleshark, we have strongly anomalous copper, gold and other IOCG pathfinders, IOCG-style alteration and copper sulphide mineralisation associated with iron-rich rocks." “A key advantage of exploration at Whaleshark is that the prospective basement rocks are much shallower than in other IOCG provinces, such as the Stuart Shelf in South Australia.” Figure 2: Cross Section of T8 and T9 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models. (source: M2R) Figure 3: Cross Section of T11 and T12 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models in proximity to 2023 diamond hole WSDD003. (source: M2R) Figure 4: Examples of IOCG deposits showing relationship between early and/or deeper magnetite and later and/or shallower hematite mineralisation (Skirrow, 2022) (source: M2R) Decoding the MVI Advantage - The chase for Copper and Gold The MVI technique represents a significant advancement over traditional magnetic modelling methods. While conventional 3D susceptibility modelling assumes subsurface magnetisation occurs solely by induction in the direction of Earth's inducing field, MVI can account for magnetic remanence and other anisotropic phenomena that often distort magnetic fields. This capability is crucial because magnetic remanence is now recognised as far more prevalent than previously thought, affecting both crustal rocks and mineralised zones. The MVI method has already proven its value globally, contributing to several significant copper-gold discoveries by providing more reliable representations of subsurface geology. At Whaleshark, MVI analysis has enabled: Detailed structural analysis Identification of collapse structures Mapping of hydrothermal migration patterns Recognition of pervasive alteration zones Delineation of deep fluid pathways that create favourable host environments for larger deposits The Landscape of Opportunity The Whaleshark Project is strategically located in the Ashburton region of Western Australia, approximately 40km east of the coastal town of Onslow. The project area is characterised by a banded iron formation and granite intrusion beneath approximately 100m of Cretaceous sediments of the Northern Carnarvon Basin. This geological setting provides an ideal environment for the formation of IOCG deposits. Figure 5: Location of Miramar’s Whaleshark Project (source: M2R) Samso Concluding Comments Miramar Resources' recent advancements at the Whaleshark Project exemplify the dynamic nature of mineral exploration and the pivotal role of innovative geophysical methods in uncovering hidden mineral wealth. The successful identification of new IOCG targets through MVI modelling not only enhances the project's value but also sets a precedent for future exploration endeavours. There is good merit in taking a close look at Miramar as they're sitting at under a market capitalisation of AUD $4M. A discovery of a decent target, as is hoped for by Miramar, will make some investors very happy. I have always felt that this region of Western Australia is a heaven for major discoveries. The issue for Miramar will be to chase the gold targets at Gidji JV or take a punt and drill some holes here. The fact that the targets are shallow is a double-edged sword, as you don't want preservation issues. This is said with some personal experience with the shallow target story. Sometimes, the targets are deep for a very good reason, and that is that the mineralisation is still preserved. At Samso, we believe that informed decisions create lasting value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Whether it’s through Coffee with Samso, Samso Insights, or Samso News, we’re here to help you think smarter, invest better, and stay ahead of the curve. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. 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. 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. Cover photo: KENNECOTT MINE IS THE LARGEST OPEN-PIT COPPER OPERATION IN THE WORLD, Bruce McAllister. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:KENNECOTT_MINE_IS_THE_LARGEST_OPEN-PIT_COPPER_OPERATION_IN_THE_WORLD_-_NARA_-_544789.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

From Prospectus to Progress: 🆕 IPO Review Announcements: Golden Horse Minerals Investor Presentation May 2025 DEEP DRILLING AT HOPES HILL DELIVERS OUTSTANDING RESULTS 10 June 2025 Successful A$15 Million Placement To Accelerate Growth Golden Horse Minerals Limited (ASX: GHM), a recently listed explorer on the ASX (IPO December 2024), is demonstrating its potential as a significant player in Western Australia's gold sector with a strong update from its Hopes Hill project (Figure 1). With more than 10,000m of reverse circulation (RC) drilling already completed across 44 holes since January 2025, the latest round of deep drilling results strengthens the view that the Central Zone is part of a larger, high-grade gold system. Figure 1: Location of Hope Hill Project (source: GHM) The company continues to leverage its consolidation of over 1,900km² in the underexplored Southern Cross Greenstone Belt, building momentum through systematic, high-impact drilling. ASX Code: GHM Listing Date: 16 December 2024 IPO Offer Price: $0.25 Current Share Price (as at June 2025): $0.420 Market Capitalisation: $70.78 million Industry Group: Materials What Has Golden Horse Minerals Limited Done Since Listing? Hopes Hill Delivers – High-Grade Continuity at Depth - A Gold Mining Story Four new RC holes (GHHHRC0041 to GHHHRC0044) were drilled beneath the central part of the historical Hopes Hill pit. These were designed to extend mineralisation at depth, and the assays looked promising (Figure 2). It's not something you would shout a round of beers, but it's in the right direction. Figure 2: Gold Gram-metre accumulation long section of Hope Hill C-C’ (source: GHM) Key Intercepts (Figure 3): GHHHRC0043: o 10m @ 4.7 g/t Au from 279m o 17m @ 1.5 g/t Au from 203m, including 9m @ 2.2 g/t Au from 210m GHHHRC0041: o 18m @ 2.8 g/t Au from 203m, including 8m @ 3.6 g/t Au GHHHRC0042: o 17m @ 2.4 g/t Au from 237m GHHHRC0044: o 19m @ 2.1 g/t Au from 206m Figure 3: Hope Hill Drill Hole Location Plan with Section Lines (source: GHM) The standout result—10m @ 4.7 g/t Au from 279m in hole GHHHRC0043—sits approximately 175 metres below the pit floor, potentially unveiling a new footwall mineralised zone. This is a significant development, as it not only shows depth continuity but also suggests the mineralisation system remains open and robust beyond the current drilling extent. Momentum Building – Capital, Rigs and the EIS Grant With strong support from both new and existing shareholders, GHM recently completed a capital raise that enables a 50% increase in drilling activity. The funds will also bring a diamond core rig to the site, which will support structural understanding and deeper targeting beneath the Central Zone. Adding further momentum, GHM has secured Exploration Incentive Scheme (EIS) funding from the WA Government, further affirming the project’s geological promise. As they say, you are not going to be mining for gold and have the opportunity to be considered a gold miner if you don't drill holes. Managing Director Nicholas Anderson remarked: “The fact that hole GHHHRC0043 has delivered such an outstanding intersection of 10m at 4.69 g/t gold clearly shows we are working with a large gold system.” Irene Betty – Parallel Reef System with High-Grade Hits The Irene Betty prospect, located adjacent to the main Hopes Hill trend, is also showing early promise (Figure 4). The quartz reef system here—interpreted as a narrow but high-grade structure—returned: GHIBRC0010: 2m @ 6.04 g/t Au from 46m GHIBRC0003: 1m @ 8.32 g/t Au from 11m These results follow earlier highlights, including a previously reported 10m @ 18.4 g/t Au. Golden Horse has flagged the presence of coarse gold and submitted intervals for screen-fire assay, which is better suited to accurately gauge such mineralisation. Figure 4: Regional Location Plan – Hope Hill Area (source: GHM) Hopes Hill’s structural geology The strategic deployment of funds has resulted in: ✅Earlier-than-expected testing at depth ✅Accelerated regional exploration (e.g., Irene Betty) ✅A ramp-up in drilling capacity (RC + diamond rigs) The outcome is a company rapidly moving toward resource definition with a broadened geological understanding and improved structural targeting capacity, on a timeline that aligns with investor expectations and the original listing intent. Use of IPO Funds – Summary (Actual vs Budget) Since its ASX debut in December 2024, Golden Horse Minerals has deployed IPO funds in line with the priorities outlined in its Prospectus. A significant portion was allocated to aggressive drilling programs at Hopes Hill, resulting in over 10,000m of RC drilling, exceeding the initial budgeted meterage. The Company also fast-tracked metallurgical test work, advanced regional exploration, including at Irene Betty, and secured a second rig to increase drilling throughput by 50%. With the support of a successful capital raise and WA Government EIS funding, GHM has not only stayed on budget but has strategically accelerated its exploration schedule beyond original forecasts, reinforcing its commitment to resource definition and discovery momentum. Share Price Performance Since Listing Since listing on 16 December 2024 at an IPO price of $0.25, Golden Horse Minerals (ASX: GHM) has delivered a strong market performance, reflecting investor confidence in its exploration success and project potential. The rising sentiment for the gold price is probably a big catalyst for support. As of June 2025, the share price has risen to $0.420, representing a 68% gain since IPO (Figure 5). The stock has shown resilience and upward momentum, supported by consistent high-grade drill results from Hopes Hill and growing interest in the Company’s expanding footprint across the Southern Cross Greenstone Belt. Daily trading activity and price support suggest growing institutional and retail engagement as Golden Horse transitions from exploration to potential resource definition. Figure 5: GHM Share Price as of 23 June 2025 (source: ASX) Samso’s Review Golden Horse Minerals' latest update is appearing to be consistent with earlier work at Hopes Hill—a definite potential for an evolving mineralised system. The scale of drilling (10,000 m+ since January 2025), the strength of the recent intercepts, and the emerging depth potential appear to highlight both grade and scale. Importantly, the new footwall intercept below the pit floor is a step forward—could this be a game-changer? Time will tell. The Irene Betty results illustrate that GHM's landholding is more than just a one-prospect story. As re-assays progress and new RC/diamond campaigns are launched, the company’s strategy of exploring along and adjacent to a known mineralised trend is beginning to bear fruit. Samso Concluding Comments The Golden Horse Minerals narrative is starting to gain pace to be more than exploring gold—they're uncovering a system that has been overlooked, yet quietly persistent beneath the Hopes Hill pit. These latest intercepts—especially the standout 10m @ 4.7 g/t Au from 279m—tell us that this is more than just a shallow oxide play. Time will tell if this develops into a mining proposition but as an early advanced exploration play that has a scent of mining, and in a market that is hot, Golden Horse is worth keeping an eye on it. Having a market capitalisation of over AUD $70M is not a cheap punt but you are looking at a company that is in a very hot market. The fact that there is an affinity to hug the "We Can Mine" narrative, it may well be cheap. Another good sign is that it feel that since listing in December 2024, Golden Horse has executed with purpose: over 10,000m of drilling completed, funding secured, a second rig mobilised, and a growing body of evidence suggesting that Hopes Hill and its surrounding prospects could support a large-scale gold development. The addition of a diamond rig, EIS funding, and ongoing high-grade returns from Irene Betty reflect a company prepared to push the envelope on multiple fronts. For investors, the alignment of capital, geological confidence, and rapid operational progress is noteworthy. Backed by Emerald Resources and with access to established infrastructure, Golden Horse is one of the few newly listed explorers demonstrating both near-term drilling success and longer-term development credentials. This is not a speculative punt—it’s becoming a technically grounded story with layers of growth potential. As the company progresses deeper into the Central Zone and widens its scope across the Southern Cross Belt, investors should be watching for what comes next. In a market that rewards news, ounces, and momentum, Golden Horse appears to be ticking all three boxes. Cover photo: Grabill - Open cut in the great Homestake mine, at Lead City, Dakota, John Grabill. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Grabill_-_Open_cut_in_the_great_Homestake_mine,_at_Lead_City,_Dakota.jpg) The Samso Way - Seek the Research Since listing, GHM has methodically delivered results that reward those who dig deeper. This is not a story built on speculation—it’s one underpinned by structural geology, consistent drilling, and strategic land consolidation in one of WA’s most historically productive belts. The deeper you look, the clearer it becomes: high-grade intercepts, expanding mineralised zones, and a team that understands the value of data over hype. For those who follow the details—not just the headlines—GHM is quietly shaping into a discovery that could redefine the Hopes Hill corridor. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Robex Resources commences ASX trading following A$120M IPO Robex Resources Inc. (ASX: RXR) has joined the ASX boards through a successful A$120 million IPO, becoming one of the few dual-listed gold developers with production-stage assets in West Africa. With a cornerstone project in Guinea, production underway in Mali, and an experienced leadership team, Robex’s entry offers investors a well-timed exposure to the next wave of mid-tier African gold producers. About the Company – From Exploration to Production Robex Resources Inc. is a Canadian-incorporated, West African gold company with a dual listing on the TSX Venture Exchange (TSX-V: RBX) and now the ASX (ASX: RXR). The company is progressing two core assets: Kiniéro Gold Project – An advanced development project in Guinea (Figure 1). Nampala Mine – An operational gold mine in southern Mali. With gold output already being generated at Nampala and Kiniero on track for first gold in Q4 2025, Robex brings near-term production appeal coupled with long-term exploration upside across a 470km² package. Figure 1: Location of Kiniéro Project (source: RXR) IPO Snapshot – Well-Funded and Institutional-Backed Gold Mining Opportunity. IPO Raise: A$120 million @ $3.11 per CDI Market Cap on Listing: ~A$675 million ASX Code: RXR CDIs Issued: 38.6 million Trading Commenced: 11:00 am AEST, 5 June 2025 Closing Price (Debut Day): Above IPO Price, AUD $3.56 as of 12th June 2025 Kiniéro Gold Project – Flagship with Scale and Speed in Guinea At the heart of Robex’s strategy is the Kiniéro Gold Project, a 3.7 million-ounce resource (Indicated + Inferred) in the prolific Birimian Greenstone Belt. The project has a JORC-compliant Reserve of 1.41Moz, with a brand-new 5Mtpa CIL plant under construction and first gold expected in Q4 2025. Key Metrics at 30 Nov 2024: Indicated Resource: 71.23 Mt @ 0.96 g/t Au = 2.2 Moz Inferred Resource: 45.29 Mt @ 1.05 g/t Au = 1.53 Moz Probable Reserve: 45.5 Mt @ 0.97 g/t Au = 1.41 Moz An updated feasibility study estimates: Post-tax NPV: US$647 million (at US$2,320/oz) AISC: US$1,066/oz Mine Life: ~9 years Target Output: +150,000 oz Au/year (first 6 years) Nampala Mine – Revenue Generating and Operational Robex also operates the Nampala Mine in Mali, providing cash flow while Kiniéro ramps up: Resource: 8.6 Mt @ 0.94 g/t for 261,000 oz Reserve: 4.04 Mt @ 0.93 g/t for 121,000 oz This active mine gives Robex a production base and regional footprint across multiple West African jurisdictions. Leadership That Delivers - Done it Before Matthew Wilcox (Managing Director & CEO) is no stranger to West African success, having previously delivered the Sanbrado and Abujar gold projects. His team includes industry veterans from Nordgold, Tietto, and Evolution Mining. Chairman Jim Askew brings deep mining governance experience, including chairmanship of Syrah Resources (ASX: SYR) and founding directorship at Evolution Mining (ASX: EVN) This track record matters: Kiniero is targeting its first gold by December 2025, and the leadership's ability to deliver on complex African projects on time and budget significantly de-risks the investment case. How the Funds Will Be Used Construction Completion: civil works, process plant modules, commissioning (Figure 2) Exploration Campaigns: ~200 km of RC & diamond drilling across high-priority targets Working Capital: permitting, community engagement, and access road development Figure 2: Kiniero Construction Progress (source: RXR) Strategic Acquisitions & Industry Partnerships Concession Extensions: negotiations to add adjacent ground along the Kouroussa trend Local JV Frameworks: early-stage commercial agreements with regional service providers Potential Risks & Investor Considerations Execution: delivering greenfield development on schedule and within budget Jurisdictional: Guinea’s permitting and fiscal regime Commodity: gold price volatility during project commissioning Why This IPO Could Be One to Watch First-Mover Edge: production-ready, 2 Moz+ asset before cash flow generation Dual Listing: access to both Canadian (TSX-V: RBX) and Australian capital pools Balanced Strategy: near-term production catalysts coupled with long-term exploration upside Samso Concluding Comments I think Robex’s successful ASX debut on 5 June 2025 marks another gold developer joining the list of African producers. The A$120 million IPO, now trading under RXR at a modest A$135 million market cap, provides funding to complete the 5 Mtpa CIL plant at Kiniero and kick off a 200 km drilling campaign. The rising gold price is going to make RXR a very good investment, as long as there is no more nationalism of assets from the African states. The Kiniero project lies in the under-explored Kiniero–Kouroussa thrust zone, adjacent to Predictive Discovery’s 5.38 Moz Bankan deposit. With 2.2 Moz of indicated resources and 1.41 Moz of probable reserves, Robex is targeting its first gold pour in December 2025 and aiming for roughly 150 koz per annum in steady state. Kiniero Construction Progress is on track—civil works are nearing completion, and key mill modules are arriving onsite, and near-mine exploration upside across a 5 km strike offers immediate growth potential. That said, regulatory permitting in Guinea and potential fluctuations in gold prices remain the biggest threats to success. Ultimately, the success of this new listing on the ASX is very simple, and as we have discussed, the rewards will be substantial. The whole journey will now depend on how Robex navigates construction, commissioning, and exploration over the coming months. Execution discipline, jurisdictional factors in Guinea, and gold price dynamics will all play a part. For those potential investors watching RXR, what is on the table will be a blend of near-term catalysts and longer-term resource optionality, making it one to keep on your radar as the project advances toward first pour. Cover photo: Gold bullion bars, Stevebidmead. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_bars.jpg) The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement New 5,000m Drilling Program Commences at Barimaia Gold Project, WA From Prospectus to Progress: 🆕 IPO Review ASX Snapshot – Ordell Minerals Limited (ASX: ORD) ASX Code: ORD Listing Date: 19 July 2024 IPO Offer Price: $0.20 Current Share Price (as at 27th of June 2025): $0.40 Market Capitalisation (as at 27th June 2025): $14.58M million Industry Group: Materials A New Chapter at Barimaia – 5,000m Drilling Campaign Underway Ordell Minerals Limited (ASX: ORD) has announced the commencement of a new 5,000m multi-rig drilling campaign at its flagship Barimaia Gold Project in the Murchison region of Western Australia. Since its ASX debut in July 2024, the Company has progressed Barimaia from concept to active and high-impact exploration, preparing for a gold discovery. The Barimaia Project, adjacent to Ramelius Resources’ Mt Magnet mill, is well positioned within one of Australia’s most productive gold belts. Drilling efforts to date have revealed both scale and grade, particularly across the McNabs and McNabs East Prospects, and momentum is building (Figure 1). Figure 1: Location of the Barimaia Project and other nearby deposits in the district. (source: ORD) What Has Ordell Done Since Listing? Since its ASX debut, Ordell has executed a pipeline of exploration activities that have progressively expanded the Barimaia Gold Project’s scale and potential: ✅ Aircore Drilling Success: Doubled the known extent of the Barimaia granodiorite host from 3km to over 7km of strike, identifying multiple new anomalous zones (Figure 2). Figure 2: Plan view showing prospects and recent aircore drilling highlighting significant strike extent of interpreted Barimaia Intrusion. The target footprint of the intrusion has more than doubled. (source: ORD) ✅ High-Grade Intercepts at McNabs East: 22.7m @ 4.09g/t Au from 71.3m (24BADD004) 29m @ 2.52g/t Au from 81m (24BARC083) 17m @ 2.25g/t Au from 86m (25BARC116) 10m @ 4.24g/t Au from 44m (25BARC114) ✅ Shallow High-Grade Gold – Towards The Furnace: 4m @ 9.62g/t Au from 59m (24BARC102) 4m @ 7.97g/t Au from 56m (25BARC132) 1m @ 23.61g/t Au from 67m (25BARC128) The current drilling phase, running through to July 2025, aims to extend known mineralisation, define new zones, and systematically follow up on the recent aircore discoveries – particularly across the +200m-wide granodiorite intrusion, both laterally and at depth, with a clear focus on extending known mineralisation and initiating first-pass drilling into newly identified zones (Figure 3). Figure 3: Section 585,590E showing proposed diamond drill hole traces. The felsic intrusion is over 200m wide however, the exact orientation of the contacts is unclear due to the lack of drilling into the contact zones. Note the large area untested by drilling on the southern side of the intrusion at shallow depths. (source: ORD) Managing Director Michael Fowler commented, “Our focus will be to build on our growing understanding of the mineralised system with the dual objective of testing extensions of the known mineralisation and making new discoveries.” Barimaia’s District Context – A Strategic Location for a Gold Discovery. The proximity of Barimaia to producing operations like the Eridanus Deposit (~6km away, 1.2Moz Au resource; Ramelius Resources) and several operating mills places Ordell in a prime development corridor. The scale and geometry of the Barimaia system are showing early signs of being analogous to Eridanus, offering potential for future open-pit and underground development options. Ordell’s interest in Barimaia (80.3%) was acquired from Genesis Minerals (ASX: GMD), who retain an 8% shareholding in ORD, adding weight to the strategic value of this asset. In addition, Ordell expanded its project pipeline by consolidating the Goodia Project, near Norseman, and planning reconnaissance at Fisher South, adding further depth to its exploration portfolio (Figure 4). Figure 4: Ordell Minerals Project locations in Western Australia. (source: ORD) Use of IPO Funds – Summary (Actual vs Budget) As of 31 March 2025, Ordell Minerals (ASX: ORD) has provided a transparent breakdown of how it has deployed capital raised from its IPO. Of the $2.26 million allocated to exploration at the Barimaia Gold Project, $1.215 million has already been spent, reflecting the Company’s focus on advancing its flagship asset. Expenditure at the Goodia and Fisher South projects was modest, with $46,000 spent on each, preserving funds for future targeted campaigns. Administrative costs came in at $653,000, well within the $1.39 million budgeted, and IPO-related expenses totalled $668,000, close to the original estimate of $696,829. Notably, the $527,071 earmarked for working capital remains untouched. Overall, this measured and prioritised use of funds highlights Ordell’s disciplined approach to exploration and capital management, ensuring that every dollar is directed toward value-generating milestones. Share Price Performance Since Listing Ordell Minerals Limited (ASX: ORD) listed on the ASX on 19 July 2024 at an IPO offer price of $0.20. Since then, the Company has attracted growing market attention on the back of strong exploration progress at its Barimaia Gold Project. The share price rallied sharply in March and April 2025, driven by high-grade drill results and the expanding footprint of the Barimaia granodiorite system, peaking above $0.70 (Figure 5). While some profit-taking followed in May, the stock has since stabilised, and as of 23 June 2025, ORD is trading at $0.47 — more than double its listing price. The chart reflects a classic discovery-driven re-rating: a steep upward trend supported by news flow and drilling milestones, with consolidation forming a new base for the next phase of exploration. For a junior in the Materials sector, ORD’s trajectory highlights the market’s appetite for well-executed, geology-led stories. Figure 5: ORD’s Share price as of 23 June 2025 (source: ASX) Samso Concluding Comments Ordell Minerals is not your ordinary IPO. Sometimes you want to read through the smoke and see what is inside the company. Genesis Minerals holds an 8% shareholding in the company, and the main project, the Barimaia Gold Project came from Genesis. Genesis is a 4.9B market capitalisation company that would have been a good buy when it was about 30 cents. What Ordell has shown in under two years post-listing is a textbook buildout of geological confidence. The current 5,000m drilling campaign is a meaningful step that could move the needle. Results from this round will determine just how close Ordell is to defining a significant resource, and with drilling underway on both flanks of McNabs East, we are watching closely. What does this mean for retail investors like Samso? I am sure that if this drilling program had success, the night of an AUD $4B MC company will be behind pushing for defining the gold discovery. This is a definite DYOR, and I would even be contemplating keeping this close to the trigger. The management in Genesis has built an AUD 4B MC company from scratch, so Ordell may just be the next one. The Samso Way – Seek the Research Ordell Minerals is an example of a well-structured explorer executing a clear, geology-led strategy. Investors watching the Barimaia narrative unfold have been rewarded with data-driven milestones—growing mineralisation zones, strategic drilling campaigns, and geological parallels to producing deposits like Eridanus. This is exactly the kind of story that rewards those who take the time 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 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. Cover photo: Gold bullion bars, Stevebidmead. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_bars.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 MARCH 2025 ARGENTINA EXPLORATION UPDATE From Prospectus to Progress: 🆕 IPO Review ASX Code: PR2 Listing Date: 15 July 2024 IPO Offer Price: $0.20 Current Share Price (as at 27th of June 2025): $0.09 Market Capitalisation (as of 27th of June 2025): $7.10 million Industry Group: Materials Piche Resources Limited (ASX: PR2) listed on the ASX on 15 July 2024, entering the market with a portfolio focused on uranium and gold exploration. Since its IPO, Piche has advanced exploration in both Argentina and Western Australia, with primary efforts concentrated on the Cerro Chacon gold project and the Sierra Cuadrada uranium project, both located in Argentina’s Chubut Province (Figure 1). Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean Projects in the Chubut Province. (source: PR2) 🔷 What Have They Done To Find that Gold and Uranium Prize? 💠Cerro Chacon (Gold–Silver, Argentina): Piche’s fieldwork has led to the identification of a 14km-long mineralised corridor, extending from the Chacon Grid through La Javiela and Toro Hosco (Figure 2). Figure 2: extending from the Chacon Grid to the north to Toro Hosco in the south, creating a 14km zone of anomalous Au/Ag and pathfinder geochemistry. The Cerro Chacon mineralised corridor is the target for the 2025 drilling programme. (source: PR2) Key highlights include: Over 2,000 geochemical samples collected to date. Assay highlights: Toro Hosco: 11.65 g/t Au, 120.3 g/t Ag La Javiela South: 333.65 g/t Ag, 9.48% Pb, 8.52% Zn EIA approval received for Chacon South, with Chacon Middle pending. A maiden RC drill program of 8,000 metres is scheduled to commence in Q2 2025. 🔷 Sierra Cuadrada (Uranium, Argentina): The uranium potential at Sierra Cuadrada continues to strengthen with: Exceptional assays such as: 8,146 ppm U₃O₈ (Teo 3) 6,236 ppm U₃O₈ (Teo 2) 28,650 ppm (2.86%) U₃O₈ rock chip (Teo 8) Mapping of uranium-hosting stratigraphy across a 70km fluvial sequence. New zones defined in Mamuny I & II and other priority targets (Figure 3). Regulatory clearance via EIA approval for ground-disturbing activities, including RC drilling. Figure 3: Location of broad-spaced auger drill holes. The Holes with visible uranium are highlighted in yellow. Piche has recently finalised access agreements with Priority 1 & 2 targets (P1 & P2) and will target these areas in early 2025. (source: PR2) 🔷 Use of IPO Funds – Summary (Actual vs Budget) Based on the latest quarterly activities and cash flow disclosures, Piche Resources Limited (ASX: PR2) has not provided a detailed "Actual vs Budget" table for IPO funds, but the reports indicate steady and strategic expenditure aligned with the prospectus intentions. Since listing, the company has focused its capital on advancing both the Cerro Chacon and Sierra Cuadrada projects. Over the past nine months, approximately $2.64 million has been invested into exploration activities, alongside staff and administrative costs of $803,000 and $937,000, respectively. IPO-related expenses total $165,000 to date. With $5.84 million in cash reserves as at 31 March 2025, PR2 appears well-funded to support its planned drilling campaigns in the second half of 2025. The company’s use of funds reflects a disciplined approach to capital deployment consistent with exploration-stage milestones. 🔷 Share Price Performance Since Listing Since debuting on the ASX in July 2024 at an IPO price of $0.20, Piche Resources (ASX: PR2) has moved through a classic early-stage exploration cycle. After a softening post-listing—typical of pre-drill stories—the stock has shown signs of renewed momentum, now trading at $0.115 (Figure 4). With drilling on the horizon and robust sampling results behind it, the company is entering a phase where market sentiment often begins to shift in tandem with news flow. Figure 4: PR2’s Share price as of 19 June 2025 (source: ASX) Samso Concluding Comments Stories like Piche Resources often go unnoticed until a catalyst event—typically drilling—reveals the scale of what’s quietly been built. What we see now is a company that has taken the time to gather meaningful geological datasets across two compelling fronts: gold and uranium. The Cerro Chacon project in Argentina is showing all the hallmarks of a significant epithermal system. High-grade rock chips, a defined structural corridor, and robust geophysical correlations are the prelude to discovery. On the uranium side, Sierra Cuadrada continues to deliver substantial grades and a growing footprint, validating the geological theory and building confidence in its scale. The market tends to wait for the drill core, but the pre-drilling work here has been thorough. With EIA approvals in place and the rigs ready to turn, 2025 could become a transformative year. This is the kind of story that Samso likes with a low market capitalisation and a decent blue sky potential. I will continue to follow the PR2 journey, as this is the kind of story that rewards those who understand how the foundation of a discovery is really made. Those Who Dare To Wait are often Winners. The Samso Way – Seek the Research At Samso, we value companies like PR2 that invest in foundational work — mapping, geochemistry, and geophysics — before drilling. It’s this disciplined, data-led approach that often precedes meaningful discoveries. For investors, it’s a reminder that the real story starts well before the first assay hits the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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. Cover photo: Pitchblende371, Geomartin (talk). Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pitchblende371.JPG) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Fraser Range Drilling Completed Fraser Range Drilling Campaign Completed West Cobar Metals Limited (ASX: WC1) has concluded a focused reverse circulation (RC) drilling program across its wholly owned Fraser Range Project in southern Western Australia. Situated 120 km north-east of Esperance, this region sits within the Biranup Zone—an important structural corridor adjacent to the Fraser Zone, host of the Nova-Bollinger nickel-copper deposit. Figure 1: Geology showing the five IOCG and BHT targets to be tested, and areas containing established resources (source: WC1). The program delivered nine RC holes across five compelling targets (Figure 1) for a total of 1,958 metres drilled. Highlights ✅ Nine RC holes drilled, totalling 1,958 metres ✅ Five greenfield prospects tested, targeting IOCG and BHT-style copper-gold systems ✅ Assays due early August 2025, with geochemical analysis to guide follow-up programs ✅ Program fully funded under the Minrex Resources Ltd farm-out agreement Targeting IOCG and BHT Systems - Copper and Gold Story. The exploration focus revolved around five well-defined geophysical targets—three of Iron Oxide Copper-Gold (IOCG) nature and two Broken Hill-type (BHT) systems. These targets were developed through a reprocessing of historical geophysics and reflect structurally complex zones within the Biranup Zone of the Albany Fraser Mobile Belt (AFMB). This belt, composed of high-grade metamorphic gneisses and granites, is a regionally significant mineral terrane that remains underexplored compared to other parts of WA. West Cobar’s approach is methodical—greenfields targeting based on geophysical interpretation, supported by heritage clearance and geochemical validation. Awaiting Assays – Next Steps Assay results are expected in early August 2025. Once received, West Cobar will evaluate the data for geochemical vectors and alteration indicators. This will determine the path forward for a follow-up drill campaign, which may include aircore (AC) and additional RC drilling. The drilling program was entirely funded by Minrex Resources Ltd (ASX: 26 March 2025) as part of the farm-out option agreement announced in March 2025, allowing West Cobar to progress significant ground without equity dilution or capital raise pressures. West Cobar’s Managing Director, Matt Szwedzicki, commented: “We have successfully carried out an RC drill program testing major greenfield targets from modelled geophysical data in outstanding structural settings, under a funding deal with Minrex Resources Limited. We look forward to receiving assay results over the next few weeks, which will enable us to fully evaluate the potential of the project and to plan the next stage of exploration.” Technical Observations All drill holes were geologically logged at 1-metre intervals. A Schramm T450 RC rig with 5.7” hammer bit was used. Sample quality and recovery were deemed acceptable for first-pass work. Drill collars were located via handheld GPS (±3m) with downhole surveys every 10m. All chip samples were photographed and stored in trays for future reference. Work was conducted under heritage agreements with the Ngadju Native Title Claim. Samso Concluding Comments The Fraser Range remains one of Western Australia’s most enigmatic mineral frontiers. While it is well-known for nickel-copper discoveries, West Cobar’s focus on copper-gold systems—specifically IOCG and BHT styles—is a strategic pivot. These deposit styles have the potential to deliver scale and grade, particularly when underpinned by large structural settings as seen here. The greenfield nature of this program should not be overlooked. This is the start of a systematic campaign on underexplored tenure in a proven belt. The farm-out agreement with Minrex has also de-risked the financial execution of this first pass, which is notable in today’s capital-constrained environment. What comes next is crucial. The assay results, due in August, will offer the first real geochemical dataset over these targets. If the results demonstrate alteration halos or sulphide associations, we may be looking at the early signals of something significant. For now, it’s a classic Samso moment—one of patience and perspective. It’s still early days, but the work so far ticks the boxes of disciplined, technically led exploration. Cover photo: CORE SAMPLES, NEVADA TEST SITE, Department of Energy. National Nuclear Security Administration. Sandia National Laboratories. 3/1/2000. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CORE_SAMPLES,_NEVADA_TEST_SITE_-_DPLA_-_344a80c6542b9421f65b34db561bdfcf.jpg) The Samso Way – Seek the Research This is the research play in motion. West Cobar’s approach—leveraging geophysics, preserving capital, and drilling for major copper-gold systems—epitomises what Samso looks for in early-stage exploration. Low market cap. High geological intent. And now, a clear timeline with assays due in August. The Samso Way is to keep this one on your radar. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 30 Jun 2025 Ausgold Definitive Feasibility Study Katanning Gold Project Ausgold Limited (ASX: AUC) has delivered a definitive milestone with the release of its Definitive Feasibility Study (DFS) for the 100%-owned Katanning Gold Project (KGP). The study validates KGP as one of Australia’s most advanced undeveloped open-pit gold projects, combining scale, near-term development potential, and robust economics within a Tier-1 jurisdiction (Figure 1). Figure 1: KGP Project - Long-life, low-risk operation in a Tier-1 jurisdiction (source: AUC) Ausgold Executive Chairman John Dorward commented: “We are delighted with the outcomes of the DFS which clearly demonstrate the robust financial returns that will be generated by the KGP. The onschedule completion of this high-quality study marks a critical milestone in Ausgold’s journey to becoming Australia’s next mid-tier gold producer. We are now turning our minds to the next phase of project development, including front-end engineering and design and debt financing, while we also progress activities to finalise land access and complete permitting for the Project.” Key DFS Highlights – A Glance at the Path of the Gold Mining Operation. (Figure 2). Life-of-Mine (10 years): ▸ 1.14Moz gold production ▸ AISC: A$2,265/oz ▸ Post-tax NPV5: A$954 million ▸ IRR: 53% ▸ Post-tax cashflow: A$1.37 billion ▸ Payback: 13 months First 4 Years (High-Grade Phase): ▸ Avg. production: 140koz/year ▸ AISC: A$2,180/oz ▸ Gold recovery: 91.1% Ore Reserve: 35.2Mt @ 1.11g/t for 1.25Moz (84% Proved) Updated Mineral Resource: 69Mt @ 1.11g/t for 2.44Moz (91% Measured & Indicated) (Figure 3) Pre-Production CapEx: A$355.1 million (incl. contingency) Figure 2: KGP Project – KGP DFS layout (source: AUC) Figure 3: Updated MRE of 69Mt @ 1.11g/t Au for 2.44Moz Constrained to A$4,500/oz optimised pit shell (source: AUC) Mining & Processing Overview The DFS outlines a conventional open pit operation (Figure 4): Mining Strategy: ▸ Load-and-haul with a strip ratio of 6.85 ▸ Ore mined: 3.5Mtpa ▸ High-grade feed front-loaded to optimise early cashflows Processing Facility: ▸ 3.6Mtpa CIL plant ▸ Recovery: 90.4% LOM average ▸ Tailings detoxification and TSF lined with geomembrane for environmental compliance Power: Hybrid LNG + solar with BESS (42% renewable contribution) Figure 4: KGP Process Plant Layout (source: AUC) Figure 5: Integrated Waste Rock and TSF Facility (source: AUC) Financial Metrics and Sensitivities Base Case @ A$4,300/oz gold price: ▸ NPV5 (post-tax): A$954M ▸ IRR: 53% ▸ Payback: 13 months Spot Case @ A$5,000/oz: ▸ NPV5: A$1.35B ▸ IRR: 68% ▸ Payback: 12 months Cashflow: ▸ Pre-tax: A$1.93B ▸ Post-tax: A$1.37B ▸ WA Royalties: A$122M ▸ Commonwealth Tax: A$565M Regional & Social Impact Job Creation: ▸ Construction phase: ~250 FTEs ▸ Operational phase: ~350 FTEs Community & Indigenous Engagement: ▸ Ongoing collaboration with Traditional Owners and local councils ▸ Regional benefits and procurement programs under discussion Development Timeline & Next Steps Permitting & Land Access: ▸ Ongoing; key hearings scheduled from August 2025 Project Milestones: ▸ FID targeted: mid-2026 ▸ Construction: ~18 months ▸ First gold pour: late 2027 Regional Exploration Ausgold holds a dominant +3,500km² land position across the Katanning Greenstone Belt, encompassing all known mineralised trends. The FY26 drilling program will target regional prospects to identify satellite deposits to support a broader production hub at Katanning. Key targets include Nanicup-Zinger (shallow, high-grade hits), Kulin (untested >3km soil anomaly with strong trenching results), and Stanley (28km of gold-in-soil anomalism within the same host rocks as KGP but underexplored at depth) (Figure 6). Figure 6: Ausgold - Regional Exploration (source: AUC) Samso Concluding Comments This DFS from Ausgold does, in my view, give an answer to the doubts of the project. Why has it taken this long to create management confidence to backup the mining game?, I think its just the time taken to collect the data and "maybe" the rising gold price help them push the concept further. The mining game is all about de-risking as much as possible before committing funds to operations. For those that are new to this side of the resource industry, this is where things get really boring for speculators and really interesting for those that INVEST in solid projects. The market capitalisation of Ausgold is now RUD $255M and this is where serious DYOR and serious risk management for incoming investors starts. Figure 7: Ausgold share price chart as of 23rd July 2025. (source: commsec) The Ausgold journey has been a long one, and could the DFS be the start of a mining story for the company, or is it setting itself up for a bigger player to come and take the company out? Shareholders who are in the money will be very happy. The rising fortune since 2024 for shareholders will keep future fundraising roadshows buoyant, as long as the gold price remains at this level or higher. There is still work to be done, no doubt—land access, permitting, and securing financing. But that’s part of the journey, and the DFS gives them the credibility to have those conversations at the right table. With the first gold targeted for late 2027, there is now a visible runway to development. For investors who follow Samso, this is where we usually say—it’s time to keep your eyes on the data. The Katanning Gold Project isn’t just a gold story anymore. It’s a project with structure, clarity, and a path forward and most importantly, clarity on potential value on paper This looks to be a good conservative investment play for gold mining cash flow or an M&A exit for existing shareholders. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) The Samso Way – Seek the Research This DFS reaffirms the discipline of staged de-risking. Ausgold has moved from resource growth to validated economics while preserving the upside of further reserve conversion and exploration-led extensions. With 91% of the MRE in Measured & Indicated, and a lean AISC profile in the lower half of the cost curve, the Katanning story now stands as a practical case study in project buildability and capital efficiency. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Final Results Received for Hyperion Metallurgical Test work. Prodigy Gold Receives Exploration Grant for Diamond Drilling at Hyperion under the Resourcing the Territory Initiative. Presentation In the world of gold exploration, few districts in Australia have remained as persistently prospective yet underexplored as the Tanami region of the Northern Territory. Prodigy Gold NL (ASX:PRX) is one of the companies maintaining a steady presence in this gold-rich district, methodically building its inventory through focused exploration, key partnerships, and well-timed field programs (Figure 1). Figure 1: Map of Prodigy Gold NL (source: Prodigy Gold) The Tanami has a rich history of gold discoveries dating back to the late 1800s with the first major development in the early 1980s with the establishment of the Tanami Gold Mine by Normandy Mining (Now Newmont). The Callie Gold deposit was discovered in 1991 and that has been the core of the operations at the Tanami Gold Operations. At its core, Prodigy Gold continues to maintain a strategic grip on multiple gold systems across its Tanami North and Twin Bonanza project areas, with a total group Mineral Resource now approaching 1 million ounces (989koz Au). The recent AGM presentation (30 October 2024) and the June 2025 NT Government grant announcement offer shareholders an updated window into the company's current position and forward plans. The PRX Snapshot – Numbers That Matter For a Gold Mining Story. Total Mineral Resource Inventory: 21.7Mt @ 1.4g/t Au for 989,000 ounces of gold (as of 3 June 2025) Market Capitalisation (as at 29 Oct 2024): A$4.7 million Enterprise Value (EV): A$3.0 million EV per Ounce of Gold: A$3.18/oz — deeply undervalued on a per-ounce basis Cash Balance (30 Sep 2024): A$1.7 million Debt: Nil Capital Structure: 2.33 billion shares on issue & 404 million unlisted options Four deposits anchor Prodigy Gold’s current Mineral Resource base (Figure 2): Hyperion – 435Koz Au Tregony – 80Koz Au Buccaneer – 359Koz Au Old Pirate – 115Koz Au All projects are held 100% by Prodigy Gold. Figure 2: Map Showing Location of all Prodigy Gold Minerals Resources (source: Prodigy Gold) Hyperion Gold Deposit – Tanami North Project: Delivering Consistent Results Hyperion remains the company’s most active and advanced asset (Figure 3). Recent RC drilling results from the 2024 program continue to showcase mineralisation with both grade and scale. Intercepts such as: 10m @ 15.9g/t Au (Tethys Lode) 33m @ 2.6g/t Au (Hyperion Lode) 99m @ 2.7g/t Au 53m @ 2.9g/t Au These results provide growing support for the deeper potential of the system, especially within the Tethys lode. Notably, Prodigy Gold has secured co-funding from the NT Government under the Resourcing the Territory program for two diamond drill holes aimed at testing these deeper extensions. This marks a strategic validation of the project’s geological upside. Tregony Gold Deposit: Small, High-Grade, and Upgraded Tregony, located 25km north of Hyperion, was also subject to a Mineral Resource update in June 2025, now standing at 80Koz Au. Highlights include: 6m @ 12.0g/t Au 3m @ 10.7g/t Au (with visible gold in RC chips) 1m @ 69.1g/t Au confirmed by Chrysos PhotonAssay™ Figure 3: Location of the Tanami North Project area (source: Prodigy Gold) While smaller in scale than Hyperion, the quality of intercepts indicates strong potential for small-scale, high-grade development. Co-Funded Diamond Drilling at Tethys – Key Highlights Prodigy Gold received up to A$112K in co-funding under Round 18 of the NT Government’s Geophysics and Drilling Collaborations (GDC) program, part of the Resourcing the Territory initiative. Grant supports two deep diamond drill holes at the Tethys lode within the Hyperion Gold Deposit (Figure 4). The drill holes aim to: ৹ Test down-dip and down-plunge extensions of the mineralisation ৹ Follow up on standout intercept of 10m @ 15.9g/t Au from 177m (hole HYRC24004) ৹ Provide better geological understanding through high-quality core sampling ৹ Investigate the structural controls and continuity of brecciated, high-grade zones Historical diamond drilling (e.g., 13m @ 5.6g/t Au from 184m in TYRD10003) supports the deeper potential of the Tethys system. Drill hole plans: ৹ HYDD25001: To intersect Tethys at depth via westward drilling through Suess lodes ৹ HYDD25002: To define orientation of high-grade zone and locate the regional Suess Fault Diamond drilling to assist in refining: ৹ Structural modelling ৹ Resource expansion ৹ Potential future underground mining scenarios Figure 4: Cross-section view of Tethys lode showing proposed location of hole HYDD25002 (source: Prodigy Gold) Prodigy Gold Managing Director, Mark Edwards, commented: “Prodigy Gold is very pleased to have received the support of the NT Government for our exploration programs through Round 18 of the Geophysics and Drilling Collaborations (GDC) grants program funded by the Resourcing the Territory initiative,” said Managing Director Mark Edwards. “Without the co-funding support of the NT Government some of these programs would take a lot longer to be initiated, delaying our geological understanding of the regions we work in.” “These sorts of programs significantly increase our knowledge of the local and regional geology of our projects and could fast track the next major discovery.” Buccaneer and Old Pirate: The Twin Bonanza Platform Combined, these deposits total 474 Koz Au and reside on granted Mineral Leases with site infrastructure intact. Historic production from Old Pirate further validates its potential, with: 157kt @ 5.9g/t Au for 29.3koz sold (processed at Coyote) 8.1kt @ 15.4g/t Au for 3.5koz (trial gravity plant run) Figure 5: Location of the Twin Bonanza Project (source: Prodigy Gold) Buccaneer has been modelled with updated metallurgy and geotechnical inputs and remains the focus of ongoing mining studies. Strategic Partnerships: Backed by the Majors Prodigy Gold maintains active joint ventures with some of the world’s largest players: Newmont (NYSE:NEM) – Monza and Tobruk JVs surrounding the world-class Callie Mine and the 2.7Moz Oberon Deposit (Figure 6). IGO Limited (ASX:IGO) – JV partner on the Lake Mackay project covering gold and base metals. Australasian Metals and Castile Resources – Participating in additional JV programs across the territory. Figure 6: Newmont Exploration JVs (source: Prodigy Gold) These partnerships not only bring capital and technical support but offer proximity leverage to some of the most significant mineral systems in the region. Planned Work and Outlook: What to Expect in 2025 Looking ahead, Prodigy Gold has laid out a structured field season and milestone program: Q2–Q4 2025 – Follow-up drilling at Hyperion and Tregony Deep diamond drilling at Hyperion to test extensions of the Tethys lode Metallurgical testwork to refine processing pathways, including gravity and CIL Mining lease application process to continue for Hyperion Assessment of ore sorting to enhance development economics This ongoing pipeline shows Prodigy Gold’s commitment to de-risking its assets while maintaining optionality for mine development. Samso Concluding Comments In reviewing where Prodigy Gold stands today, I think the company has made it clear that it is not about rushing to production but rather getting the fundamentals right—geology, metallurgy, approvals, and partnerships. The value proposition here isn’t just about ounces in the ground; it’s about de-risked growth in a highly prospective and strategically positioned district. The recent drilling at Hyperion, in particular, is starting to paint a picture of scale, not just width and grade at surface, but emerging depth extensions that may one day support underground development. That kind of optionality is what separates a deposit from a project. Receiving the NT Government’s support through a co-funding grant is not just a financial win—it’s a recognition that what’s happening at Hyperion might be one of the next significant gold stories in the Tanami. For investors, especially those with a longer view, I think Prodigy Gold is one to keep on the radar. They are not chasing the headlines. They are building something that could, piece by piece, become a much more significant story. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and

Announcement Acquisition of Advanced Brownfields Gold and Copper Projects in QLD and NSW 30th of June 2025 – Lightning Minerals Ltd (ASX: L1M) has announced a transformational acquisition of two advanced brownfields projects targeting gold and copper in Queensland (Mt Turner Projects) and New South Wales (Lachlan Fold Copper Porphyry Project). The acquisition of Lotus Minerals Pty Ltd significantly strengthens the Company’s portfolio and introduces immediate drill targets in some of Australia’s most mineral-endowed regions. The addition of these projects complements Lightning’s existing lithium assets in Brazil, offering a diversified exposure to three high-demand commodities: gold, copper, and lithium. ASX Snapshot – Lightning Minerals Ltd (ASX: L1M) ASX Code: L1M Listing Date: 10 November 2022 Current Share Price (as at June 2025): $0.04 Market Capitalisation: ~$7.5 million (pre-acquisition) Industry Group: Materials – Gold, Copper, Lithium Key Highlights – Acquisition and Exploration Potential for Gold and Copper. Strategic Acquisition: L1M is acquiring 100% of Lotus Minerals Pty Ltd, which holds two advanced gold-copper assets—Mt Turner (QLD) and Lachlan Fold Belt (NSW)—through a scrip-based deal aligned with exploration milestones. 🔷Mt Turner Gold Project (QLD): Near-term drilling set to commence within eight weeks, targeting high-grade gold mineralisation along the 14km Drummer Fault (Figure 1). Figure 1: Isometric view of the Mt Turner project demonstrating the 14km Drummer Fault (source: L1M) Historic results (Figure 2) include: 16m @ 3.56 g/t Au 16.0m @ 3.60g/t Au 12m @ 6.5 g/t Au 7m @ 6.45 g/t Au and 43g/t Ag 3m @ 5.1 g/t Au and 51 g/t Ag Figure 2: Previous gold intersections at the historic Drummer Toy pit (source: L1M) 🔷Mt Turner Copper Porphyry Project: Identified 6km+ porphyry system with strong IP chargeability anomalies—multiple drill targets confirmed by 2022 surveys by Meryllion Resources (Figure 3). Figure 3: Potential targets generated by geophysics at the Mt Turner Copper Project - completed in 2022 by Meryllion Resources Corp (CSE: MYR) (source: L1M) 🔷Lachlan Fold Copper-Gold Projects (NSW): Boree Creek/Dairy Hill Project sits between Cadia (Newmont) and Northparkes (Evolution Mining) in the Lachlan Fold Belt (Figure 4): 48m @ 0.35% Cu and 0.31 g/t Au 62m @ 0.23% Cu and 0.14 g/t Au 57m @ 0.12% Cu and 0.10 g/t Au 33m @ 0.23% Cu and 0.14g/t Au Figure 4: Lachlan Fold Belt Projects – Borre Creek/Dairy Hill, Burdett and Manildra (source: L1M) 🔷Warby-Scardon Gold and Copper Project (QLD): Large clay alteration system with gold and silver anomalies (Figure 5). Close to Mt Turner, enabling shared exploration logistics. Figure 5: Warby-Scardon Gold and Copper Project (source: L1M) 🔷Project Pipeline: Additional tenements acquired include Burdett, Manildra, Gundagai (NSW) and Corryong (VIC), expanding potential in multiple mineral systems. 🔷Capital Raise Completed: $2.0M raised at $0.04 per share to fund near-term drilling, led by GBA Capital and Canaccord Genuity. 🔷Balanced Commodity Exposure: This acquisition positions Lightning with near-term gold and copper upside while maintaining optionality in lithium through Brazilian assets in Lithium Valley. 🔷Proposed Acquisition Terms: 💠Upfront Consideration: 30 million fully paid ordinary shares issued to the sellers (valued at $1.2 million at $0.04/share). 💠Milestone-Based Shares: Up to 60 million additional shares, issued in three tranches: ⚬ 10 million shares upon completion of 1,000m of drilling. ⚬ 20 million shares upon delineating a JORC-compliant 250,000oz gold equivalent resource. ⚬ 30 million shares upon delineating a 500,000oz gold equivalent resource. 💠Escrow Terms: Upfront and first milestone shares: 12-month voluntary escrow. Second and third milestone shares: 6-month escrow. 💠Conditions Precedent: Completion of $2.0M capital raise. Completion of FNQ asset transfer into Lotus. Shareholder and ASX approvals. Receipt of any required third-party consents. Lightning Minerals Managing Director Alex Biggs commented: “The Company is excited to announce the acquisition of Lotus which will provide our shareholders with an exposure to the strong gold and copper markets. We have been reviewing multiple projects globally to gain exposure to gold and copper and the potential that exists across these assets is significant, particularly near-term drilling opportunities at the Mt Turner Gold Project. A focused drill program targeting beneath existing open pits and along strike allows us to begin testing the 14km Drummer Fault which we believe holds excellent gold potential. We are also excited about the copper potential that exists at both the Mt Turner Copper Project and the Lachlan Fold Copper Porphyry Project that already demonstrates multiple significant intersections, including 48m @ 0.35% Cu and 0.31g/t Au from 96m at the Boree Creek/Dairy Hill Project. The location, close to both Cadia and Northparkes mines is a strong indicator that the Lachlan Fold Copper Porphyry Project presents potential to host a significant porphyry-style mineralised system. Our works in Brazil continue at our lithium assets in the prolific Lithium Valley region. The focus now is to complete further target generation to position ourselves for a turn in the lithium market at which point we will have drill targets ready for execution. The Proposed Acquisition demonstrates a strong portfolio synergy providing investors with a near-term exposure to gold and copper and a medium-term exposure to lithium. We look forward to starting our works in Queensland and New South Wales and continuing our works in Brazil. We are pleased to welcome new shareholders to L1M and thank our existing shareholders for their support”. Samso Concluding Comments Lightning Minerals’ acquisition of Lotus Minerals represents a clear tactical pivot to secure near-term value in gold and copper. At the same time, the Company contemplates its position for a future lithium recovery. The Mt Turner and Boree Creek/Dairy Hill projects can be classed as a more advanced style project with meaningful drill history, geophysical support, and established mineralised trends. The use of scrip consideration linked to tangible exploration milestones—such as drilling completion and JORC-compliant resource definitions—is good capital management. In a market that is still hard to raise capital, this is a logical step. Lithium-focused companies have not had a good time lately, and the change in commodity focus for Lightning is typical and required. How good these results are for the company will come with time spent on the projects. For investors, this update confirms L1M is refocusing, and it will be a while before they can create real value. Investors should look at the cheap entry as a good time to position some money and then wait for the action to come. Unfortunately, not all of these kinds of investments come good, but if you give it a longer period, my experience shows me that a greater percentage pay off eventually. The Samso Way – Seek the Research The acquisition marks the beginning of a new project story for Lightning Minerals (ASX: L1M), and it’s worth a closer look. With immediate drill-ready targets in proven provinces—gold at Mt Turner and porphyry copper-gold in the Lachlan Fold Belt—this is more than just a portfolio addition. It’s an opportunity to step into a new gold story at an early stage. The Drummer Fault presents textbook structural gold potential, while proximity to Cadia and Northparkes gives real weight to the porphyry upside. The milestone-driven deal structure keeps progress aligned with value creation, and the ongoing lithium work in Brazil adds longer-term depth. For investors seeking early entry into a technically sound gold play, this is one to watch. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 205 is all Miramar Resources Limited (ASX:M2R) and the potential of the Gidji and Bangemall projects. Miramar as a company, is now for better or worst, perfectly valued at less than AUD 3M market capitalisation. Its primmed now for discovery. The Miramar story has been featured on the Samso platform since February 2021 and I still consider this exploration company one that is best suited for discovery. The most notable companies that I can remember as I write which I felt strongly about a discovery, and was approached to be on a Coffee with Samso, prior to their respective discovery event, and was declined, was WA1 Resources Limited, De Grey Mining Limited, Staveley Minerals Limited. I have been a firm believer that the Miramar projects were great projects and with great management, in terms of the potential for discovery and a history of taking the economical discovery to production. Allan Kelly had the history and having numerous discussion with him, I felt that he had the mentality to do that with existing projects. What unsettled the journey was the lack of market sentiment and with the strong market affinity for lithium and the critical minerals; narrative, the gold journey was unsettled and in many cases, great project looked doomed. A great example is the journey of Meeka Metals Limited. Meeka has just poured its first gold bar and its future looks cemented, now with a market capitalisation of AUD $422M. Listed on the ASX with great projects but in the midst of the lithium run which was followed by the great Critical Mineral rush, the company lost an audience and now with gold price taking centre stage, the stage seems set for that journey of discovery something of economical proportions at Gidji. The Business of Miramar Resources Limited - The Path to being a Gold Mining Business. To me, the business of Miramar Resources is now aligned with the market sentiment. The new shareholders may have a different idea for the leadership but I think as a business, Allan Kelly is built for this role. One of the best asset for Miramar is that it is managed well with a strong technical management and keeps the cash burn to a minimal. You don't see many Executive Chair sitting on the drill rig or going out to do reconnaissance sampling and doing prospective type work in the field. Senior management doing the technical work in the field is an extremely rare sight in todays' ASX mineral exploration companies. The value proposition for shareholders has never been more aligned with the potential of a discovery of a gold asset in the backyard of the Kalgoorlie Goldfields. I feel that the strong gold market will easily give Miramar the uplift in valuation if and when a discovery of significance occur. The Coffee with Samso Discussion: In this episode of Coffee with Samso, it is a very clear discussion of the value proposition for the company. Allan gives us a good narrative of the mechanics behind the exploration and what the company faced over the last 4 years as the equity market heavily discounted the market capitalisation of Miramar Resources. Shareholders and potential shareholders will gain insights that will shape their thinking for investing in the company. Whatever you may think about the past, what is very clear is that you have now a company that has a market capitalisation below AUD $3M, in a gold market bull, prospective gold project with all the right factors and a proven management team to bring in a potential discovery. If you take away the emotions of why you should be looking at the company as an investment, you cannot deny the fact that Miramar is very fortunate to be gifted these attributes and with perfect market timing. My advice, sit back, listen to Allan and DYOR. Grab your favourite beverage and invest in the next 45 minutes. Chapters: 00:00 Introduction 01:43 Update on Miramar 02:51 What is SAM Survey ? 06:15 How deep is the Gidji Paleochannel? 11:15 The significance of the potential paddington Dolerite. 13:00 The Value Proposition of Miramar and the Gidji Drilling Program 16:49 The Gold Price Dilemma and the Miramar Opportunity 18:12 Is the Gidji Paleochannel driving Why The market is Misunderstanding the story? 20:01 Is the market now highlighting the uneconomical gold projects? 21:50 Bangemall Update 29:35 Is the Bangemall Project A New Concept? 23:09 Norilsk Phenomenon 23:48 Similarities between Norilsk and Bangemall 25:23 First Evidence:Rock Chips 25:51 Second Evidence: Geophysics - EM Survey. - Drilling. 29:35 New Thinking at bangemall 32:29 The Cheap Entry Point For Miramar Resources. 34:53 A Discussion on Exploration. 36:36 Newsflow 40:01 An Opportunity for Discovery at Gidji. 40:51 Allan Last Words 41:43 Conclusion PODCAST The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso 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 PROSPECTUS Quick Look – Offer Terms and Project Focus IPO Offer: $7.5 million at $0.20/share Listing Date (expected): 21 July 2025 Market Capitalisation (Undiluted): $23.5 million Project Focus: Copper, REE, Niobium, Gold Flagship Project: West Arunta Project, Western Australia ASX Code: TR2 The Tali Resources Story: Revisiting a Frontier for Copper, REE, Niobium and Gold. There’s a quiet but growing narrative forming around Western Australia’s West Arunta region—one that has evolved significantly since the Luni carbonatite discovery by WA1 Resources (ASX: WA1). Tali Resources Ltd (ASX: TR2) now enters the market, aiming to contribute to that story in a meaningful way. As a newly independent entity spun out from Niobium Holdings Pty Ltd and previously supported through a JV with Rio Tinto, Tali brings a well-sized tenement footprint of over 4,000km²—what they describe as Australia’s “last significant geological frontier under shallow cover.” According to the prospectus, Tali’s 100%-owned West Arunta Project consists of 15 granted tenements and, post-IPO, will also include mineral rights to parts of three exploration licences held by Agrimin Potash Pty Ltd (referred to as the Galilee Prospect) (Figure 1). The Company believes this consolidated holding allows them to target a diverse suite of mineralisation types—from IOCG and sediment-hosted copper to REE-niobium carbonatites and orogenic-style gold. Figure 1: Location of the West Arunta Project. (Source: Tali Resources Ltd Prospectus 2025) IPO Highlights: Numbers and Strategy in Brief IPO Size: $7.5M raised through 37.5M shares at $0.20 Cash Allocation: $4.25M (57%) toward West Arunta exploration $1.03M (14%) NHPL loan repayment $1.50M (20%) for corporate/admin $0.50M (6%) costs of the offer Priority Offer: $2M reserved for eligible Agrimin Limited (ASX: AMN) shareholders Capital Structure: Post-listing shares on the issue: 117.5M Options (unquoted): 5M @ $0.30 (exp. May 2028) Free Float: ~32% on listing It’s also worth noting that Agrimin remains a cornerstone shareholder post-offer, with its stake reducing from 40% to 27%. Exploring the West Arunta: Where the Focus Lies The West Arunta Project Tenements (Figure 2) are considered prospective for copper, critical, and precious metals, with geological indicators pointing toward multiple styles of mineralisation—namely, IOCG systems, REE-Nb carbonatites, sediment-hosted copper, and orogenic gold. Figure 2: Location of West Arunta Project Tenements (Source: Tali Resources Ltd Prospectus 2025) Tali has inherited valuable datasets and drill insight from its earlier JV with Rio Tinto, which includes 24 RC holes and extensive geophysics over five core tenements. With that groundwork in hand, their upcoming program will test what they describe as “a series of compelling drill targets” across key prospects, such as (Figure 3): Chilka and Lonar – Strong magnetic/gravity signatures possibly linked to IOCG/carbonatite systems. Maton A–C – EM anomalies that may point to sediment-hosted copper. Don Juan and Alakol – Gravity/magnetic features thought to reflect IOCG and/or alkaline intrusions. Kalybas and Selenca – Historic near-surface gold anomalism, suggestive of orogenic gold potential. Colorada – Previous drilling has yet to explain these gravity and EM anomalies. Figure 3: West Arunta Project, Priority Prospects and regional geophysical setting (Source: Tali Resources Ltd Prospectus 2025) Drill testing is planned to commence in the second half of 2025. Importantly, Tali states that much of the region remains underexplored, and their geophysical strategy will expand alongside early drilling outcomes. Management’s Strong Hand Mark Savich – Non-Executive Chairman Rhys Bradley – Managing Director Thomas Lyons – Non-Executive Director Paull Parker – Non-Executive Director Each member of the board brings experience that spans corporate leadership, geological interpretation, and project execution. Notably, the team has a history of working with Indigenous stakeholders, having negotiated a new access agreement in late 2024 that now covers all 15 tenements within the Kiwirrkurra native title determination area. Samso Concluding Comments Tali Resources Ltd (ASX: TR2) is entering the market at a time when West Arunta is no longer just a remote region—it’s becoming a serious exploration frontier. Tali anchoring themselves in the emerging critical minerals conversation, particularly around REE and niobium potential, while keeping one foot grounded in copper and gold exploration logic. There’s no overstatement in the prospectus because there is no need. Management is from the famous sister company, WA1 Resources Limited, which also means that the leadership team has a strong understanding of not just the geology, but also the local social landscape—something that’s crucial for long-term operational access in Aboriginal reserve lands. The leadership of Tali is a mirror of WA1 Resources, and hence, the narrative of Tali will be the unfolding of the critical minerals narrative, especially around carbonatite-hosted REE-Nb systems or the renewed hunt for Tier-1 IOCG deposits in Australia. For this reason, this is a company you might want to keep on your radar. The initial drill programs at Chilka, Lonar, and Maton prospects—planned for the second half of 2025—will be telling. These are the kinds of turning points where greenfield concepts either build momentum or quietly reset expectations. From what I’ve seen, Tali isn’t trying to promise the world but you can escape the thought that they must know something the rest of the market does not about the potential of success with their understanding of the discovery with WA1 Resources. They’re taking the right early steps, which could lay the foundation for something much bigger. This is not a near-term production story—it’s about positioning and patience. If that fits your lens as an investor, this is a name to follow closely. As always, have a look at the full prospectus, study the geophysics, and pay attention when the drill rigs start turning. Because it’s often at this stage—quietly, away from the crowd—that some of the most compelling mineral stories begin to take shape. A definite DYOR. Cover photo: Teghut Mine - open pit closeup, Serouj. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Teghut_Mine_-_open_pit_closeup.jpg) The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life there is no such thing as a Free Lunch. Happy Investing and the only four letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.