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Axel REE Set to Unlock Brazil’s Rare Earth Potential Axel REE LimitedTakes on Brazil with ASX Listing Brazil-focused critical minerals explorer Axel REE Ltd (ASX:AXL)  has begun trading on the ASX following the completion of an IPO that raised A$13.3 million.  The Victoria-based debutante is focused on the discovery and development of critical mineral resources, primarily rare earth elements (REE), in Brazil.  The company listed on July 23, 2024 losing 32% of its value with an opening price of A$0.135 with nearly 9.4 million shares changed hands.  Consequently, Axel’s enterprise value now stands at A$7 million.  F igure 1: AXL share price chart for opening day . Focus on Brazilian REE Projects Axel REE’s portfolio comprises over 1,000 square kilometres of REE projects in Brazil, located amongst globally significant mines and REE discoveries, positioning the company strategically within the sector (Figure 2). Axel’s REE Projects are: 1. The Caladão Project is located in northern Minas Gerais, in the Lithium Valley region, approximately 30 kilometres from Sigma Lithium Corp. Initial exploration has revealed shallow total rare earth oxide (TREO) intercepts up to 2 metres at 7,612 parts per million (ppm) and a 35% high-value magnetic rare earth oxide (MREO) proportion. 2. The Caldas Project is situated in the Poços de Caldas Alkaline Complex, an area known for significant ionic adsorption clay (IAC) REE discoveries, including the high-grade Caldeira Resource by Meteoric Resources NL (ASX: MEI). 3. The Itiquira Project in Mato Grosso presents potential as a new carbonatite intrusive discovery spanning 20 kilometres in diameter, which may host REE and niobium. 4. The Corrente Project is a grassroots initiative over a saprolite clay zone in the Corrente Municipality, Piaui State. Figure 2: Location of Axel’s Projects in Brazil (Source: Axel REE Website)     Utilisation of IPO Funds The funds raised by the IPO will be primarily used to advance Axel’s exploration portfolio, focusing on drill programs at the Caladão and Caldas Projects. Axel is fully funded to fast-track the Caladão Project towards a maiden resource and to commence extensive drilling at the Caldas Project in the Poços de Caldas Alkaline Complex. Additional exploration activities will be conducted at the Itiquira and Corrente Projects, with funds also allocated for working capital. “With a clear exploration strategy in place and a highly experienced board behind it, we are now fully funded to commence extensive drilling programs and we look forward to delivering strong results for our supportive shareholders,” said Chairman Paul Dickson. “Next Major Player” Axel Non-Executive Chairman Paul Dickson said: “The REE sector in Brazil is growing rapidly following significant discoveries of high-grade ionic adsorption clay-hosted mineralisation in recent years. “Axel has an opportunity to become the next major player in the Brazilian REE exploration sector with plans to advance two major clay-hosted REE projects (Caladão and Caldas) whilst completing preliminary work on a further two REE projects showing significant upside potential.” Board of Directors The Axel Board of Directors comprises an experienced management team with a proven track record in pioneering resource discoveries and extensive experience in capital markets and resource development. Paul Dickson – Non-Executive Chairman: A finance and corporate advisory professional with over 30 years of experience in the finance services industry, Paul Dickson is also the Non-Executive Chairman of Alligator Energy Limited (ASX ) and a founding director at Paradigm Capital, a boutique corporate advisory firm. Dr. Fernando Tallarico – Managing Director: Based in Brazil, Dr. Tallarico has over 30 years of international experience in minerals exploration and grassroots discoveries for junior exploration companies. Previously, he was the Managing Director of Aguia Resources (ASX ), where he played a key role in developing its phosphate and copper portfolio in Southern Brazil. Pat Volpe – Non-Executive Director: The founder of Axel REE, Pat Volpe has over 38 years of experience in minerals and metals exploration, with an extensive history in Brazil. He has been the founder and Chairman of unlisted supply-critical metals exploration companies in Brazil and has developed strong relationships with local explorers and governments. Ian Kiers – Non-Executive Director: With over 27 years of experience in the private equity sector, specialising in mergers and acquisitions (M&A), Ian Kiers is currently the Non-Executive Chairman of SI6 Metals Limited (ASX ) and was the Chief Executive Officer of GBM Group (a Smorgon Private Family Office) for 19 years. REE Sector in Brazil The REE sector in Brazil has seen significant growth in recent years, following the discovery of ionic adsorption clay (IAC) mineralisation in the State of Minas Gerais by several mining exploration companies. Brazil, along with Russia, was ranked as the third-largest country globally in terms of REE resources in 2023, each hosting 21 million tonnes (Mt) of REE resources, according to the US Geological Survey. China and Vietnam are the first and second largest, with 44Mt and 22Mt of resources respectively. In 2022, China dominated global REE production with a 78% market share, followed by the United States’ Mountain Pass project at 15%, and Australia’s Mt Lynas contributed 6%. The remaining 1% came from various other projects worldwide, including those in Myanmar, India, Malaysia, and elsewhere. In Brazil, primary REE mineralisation is predominantly associated with carbonatite and granitic rocks. Economic deposits are concentrated through secondary processes including weathering, ionic adsorption, and sedimentation. The Samso Way – Seek the Research At Samso, we believe insight is earned   through curiosity, patience, and a willingness to follow the data where it leads. The story of Lupins is a case in point. Beneath the surface of a quiet legume lies a wealth of scientific research, agronomic innovation, and commercial momentum. Whether you're an investor, academic, or just someone who values thoughtful discovery, the message is simple: research reveals what the headlines miss. And in a world of noise, that’s your edge. 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. If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso

Announcement High-Res Mag Survey Extends Au & Cu Target Area at Lorraine Pivotal Metals Limited (ASX: PVT)  has revealed encouraging results from its latest high-resolution magnetic survey over the Lorraine property, a critical part of its 100%-owned Belleterre-Angliers Greenstone Belt (BAGB) project in Quebec, Canada (Figure 1). The program has significantly enhanced the geological understanding of the Lorraine area, unveiling new structural features and target zones for high-grade copper, nickel, platinum group metals (PGMs), and gold exploration. Figure 1: Pivotal holds a significant 157km² position in the highly prospective BAGB mineral belt. (source: PVT) 🔷 Key Survey Highlights – Expanding the Horizon - Au-Cu-Ni-PGM ✅  Magnetic Survey Complete: 287.75 line-km of high-resolution drone-based magnetic data collected over Lorraine, processed into magnetic field derivative maps (Figure 2). Figure 2: 2025 high-resolution magnetic survey (TMI) and expanded target corridor at Lorraine (source: PVT) ✅  High-Grade Gold Corridor Extended: New structural breaks and folds indicate eastward extensions towards the Roy gold occurrence (Figure 3).   Figure 3: Lorraine Mine Gold and Copper Highlights (source: PVT) ✅  Bonanza Grade Gold Reaffirmed: Historic intercepts such as 28m @ 45 g/t Au support the area's prospectivity. ✅  New Gabbroic Intrusions Detected: Magnetic signatures suggest multiple new gabbroic bodies—potential hosts for Cu-Ni-PGM sulphide mineralisation, akin to the historic Lorraine and nearby Kelly Lake and Blondeau deposits. ✅  Field Activity Ongoing: Mapping, sampling, and trench validation underway; further geophysical surveys planned for Q3 2025.  This high-resolution dataset will feed directly into drill targeting strategies for both gold and polymetallic sulphide systems across the Lorraine project, which remains largely undrilled across the expanded corridor.   Managing Director Ivan Fairhall  commented:   “This high-resolution magnetic data supports our active regional exploration program at Lorraine. The property already hosts multiple high-grade magmatic base metals and high-grade gold discoveries, which demonstrate a widespread mineralising system that is substantially underexplored.” Fairhall added that the eastward corridor revealed by the survey presents a near-virgin terrain, representing a compelling opportunity to vector from known mineralisation into discoveries across the BAGB.   🔷 BAGB Prospectivity: A High-Grade System in an Underexplored Belt The Lorraine project forms part of a wider 295-claim package spanning the prolific Belleterre-Angliers Greenstone Belt. Pivotal holds strategic coverage over prospective volcanic and intrusive terrains historically known for hosting magmatic Cu-Ni-PGE and shear-hosted gold systems.  Significant past intercepts from the Midrim and Alotta areas (Figure 4) underscore the potential: 💠Midrim (MR 17-01): 9.4m @ 4.3% Cu, 3.5% Ni, 4.6 g/t 3E from 56.6m 💠Midrim (MR 00-05): 4.3m @ 5.2% Cu, 6.6% Ni, 7.2 g/t 3E from 57.2m 💠Midrim (MR 01-29): 18.9m @ 2.1% Cu, 1.5% Ni, 2.4 g/t 3E from 17.6m 💠Alotta (ZA 18-05): 11.3m @ 2.2% Cu, 2.2% Ni, 3.1 g/t 3E from 61.2m 💠Alotta (ZA 18-08): 9.2m @ 2.8% Cu, 2.6% Ni, 3.6 g/t 3E from 85.2m 💠Alotta (ZA 19-05): 17.0m @ 2.9% Cu, 1.5% Ni, 3.3 g/t 3E from 54.0m   Figure 4: Regional location of the BAGB project area and its Baby, Lac des Bois, and Belleterre greenstone belt segments showing the location of Pivotal's tenements and known mineral occurrences (source: PVT) These results point to a robust and high-grade polymetallic system with clear potential for further discovery. (*Notably, the Lorraine project borders Vior Inc.’s Belleterre Gold Project to the east, which historically produced 750koz Au at 10.7 g/t and is currently undergoing a 100,000m drill campaign.)   🔷 Infrastructure Advantage – A Strategic Location Located just 85 km south of Rouyn-Noranda in the Abitibi region, the BAGB project area is exceptionally well-serviced (Figure 5): Proximity to road and rail networks Hydro-powered electrical grid (5.5c/kWh) Skilled workforce and major smelters nearby (Glencore’s Horne & Sudbury) With over 100 historic mining operations in the region and Agnico Eagle forecasting 14 Mt/year of spare milling capacity from 2028, any discovery here has clear development advantages. Figure 5: BAGB projects location map to nearby current and historic mining and milling operations  (source: PVT) 🔷 Exploration Next Steps Pivotal’s team is remobilising in July for detailed fieldwork focused on: Mapping structural controls of gold-bearing veins Geochemical soil surveys to define trenching targets Surface EM surveys targeting magmatic sulphide intrusions The goal is to integrate structural, geophysical, and geochemical datasets into a pipeline of drill-ready targets by late 2025.   Samso Concluding Comments The Pivotal Metals (ASX: PVT) story is fairly simple. It's an early stage, and a contingent of companies has moved to seek greener pastures in Canada. It is hard to say that these are better projects because there are also issues in the North American continent that come with having a business in this sector. The historical results are definitely promising, but I don't have an affinity with Canadian early-stage exploration projects. What seems to work are projects such as Champion Iron and Cyclone Metals with their iron ore projects, which are at the production stage. I find that there are few to very limited success stories that come from greenfield Canadian projects. A stock to keep in mind, but I don't think there is much excitement. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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.

After writing the last post on Misunderstanding Dementia – A Common Issue , I have developed more passion to share the awareness of Dementia.  The response I received were all very complimentary.  Interestingly, when talking to people, they are still fixated on the memory loss as the primary symptom.  In this post, I want to share on some of my research on the good things that you can do as friends and family of dementia. I find it challenging to write this post as I am never one to dwell on negatives. However, over the years of caring for my parents, I have a great appreciation for the aged care industry.  Watching these people who cared for us all those years now become people that do things you are not accustomed to is not pleasant.  I don’t think this is anything new as every reader will agree. Cultural Issue To many people still feel the embarrassment and taboo of talking about these topics.  I think the ethical side and those from the older generation is very much to blame.  I am slowly realising these issues as I speak to more people.  I feel that the misunderstanding is a result of not wanting to be associated with the stigma of an illness such as Dementia. It is not due to a lack of understanding of facts… As they say, we immigrants bottle our culture and we take it out and use it as when we see fit. However, the place where we come from has been progressing with time and when we look back, we find that we have indeed been living in a culture that has been stuck in a bottle. When I was trying to get my last post out to the general public, I started to see that there are many associations here in Australia. To my surprise, Malaysia and Singapore had a few too.  I should touch on that in upcoming posts.  Reading the news from those places made me think that people like me should share our thoughts on this topic.  I call my self a “Banana” (Yellow on the outside and white on the inside), and we should help bridge the gap. Life Continues But in a Different Way In my opinion, as bad as this topic is, my parents are still relatively healthy.  For example, my mother is now playing mahjong and cards four times a week (when they go to the Chung Wah Community Centre ) and she has never played that over the years.  She only started playing cards after going to the centre. I cannot speak highly enough about what the Community Center means to us.  The staff are great at making the experience fun and comfortable.   There are many people with different level of care there and are well cared. I do encourage that friends and family of the aged do check these places out.  Another topic for the next blog… 🙂 My parents look forward to going there.  They bring their newspaper, snacks (homemade by us :-), and they come back telling us of who they met and what they did…. who did what, who was funny…  who was a pain…etc.  There was even someone who made Texas style BBQ sauces and they bought some back for us.  All of them are living a whole new, different life but they are existing and relatively enjoying their life. Having dementia, as bad as it is, has many positives as well.  My mum now plays mahjong and cards… 🙂  Recently, she was also trying to play pool. Community Centre - Willeton Centre. How the Community Centre Works. The great thing about the community centre is that participants get to mingle and mix with together. A van comes in the morning to pick them up between 8:30 and 9 am and takes them back around the 2:30 pm mark. I have been there and they are able to do the following, Group Exercise Play Games such as Mahjong. Not sure if old Asians play scrabble 🙂  Staff are there to encourage communication, They have morning tea, lunch, afternoon tea and even dinner if required. Watch television. The greatest benefit is that they are able to do relatively normal things.  They still think of what they want to eat, and respond pretty well to conversations.  It may not be what we consider as normal conversations, but it is still a conversation.  There are many sad stories but its how you make of a situation. Speaking to a relative who has family in Melbourne last night, there is a lot of people who do not know of these kinds of help.  I encourage readers who are in similar situations to seek these kinds of help. Whether you are in Australia or another country, the relief from 24hr care will help maintain good relations. On the occasion, there is an outing that happens and they go to see places. They were taken to go fishing one time too.  Now that is a good life. The Inspiring Stories. I felt inspired by a guy in the US who made a documentary about his mother and dementia.  The way he goes about doing things shows that you can still have normal conversations, it’s just on different topics.  There was a video they went out to have ice cream.  When you have acted as a carer, you notice the small things. You say to yourself, wow, we can also do that, now that is a good idea, why did we not think of that….etc Unfortunately, that video is no longer available. In the video you can see the sad side or the encouragement side.  I prefer to see a great effort he makes to create a difference in the story. I encourage readers to share their comments and create awareness that there is life even with the discomfort of this illness. There is a video on a Dementia Village that I attached to my post on Dementia,  where there was this social worker who had the best attitude in dealing with the awkward behaviours of citizens of the village.  I have started the video below at the stage where she was being interviewed, From my experience, I do find that the carers all have this kind of mindset, or at least similar.  Having seen a few carers over the years, they are a special breed of people.  They give respite to the primary carers and I tell you, it is very appreciated.  It also makes life easier.  My advice for all carers is to make sure you take full advantage of these services.  I appreciate that many of these services may not be affordable for many people but it is worth seeking the alternatives. Personally, the more I learn about the issues, the easier it is for me to deal with situations. It is not about me expressing my assumed knowledge, it is all about sharing that its a work in progress. Some Interesting News – Promising News There is an article talking about that there are ways you can do to prevent Dementia.  This was published by The Economic Times, titled Good News: Now, dementia can be predicted 10 years in advance.   It quotes research that was done by the University of Copenhagen in Denmark. “If those individuals at highest risk can be identified, a targeted prevention with risk-factor reduction can be initiated early before disease has developed, thus delaying onset of dementia or preventing it,” said Ruth Frikke-Schmidt, a professor at the University of Copenhagen. The study looked at data on 1,04,537 people in Copenhagen, Denmark, and linked it to diagnoses of dementia. Researchers found that a combination of age, sex and a common variation in the APOE gene could identify high-risk groups, with a seven per cent risk for women and six per cent risk for men in their 60s. There was a 16 per cent and 12 per cent risk, respectively, for people in their 70s; and a 24 per cent and 19 per cent risk, respectively, for those aged 80 years and  … Dementia Rates Declining? There was one article that I thought was interesting.  The article mentioned that researchers found that those who completed high school were less prone to develop symptoms of dementia.  They talk about being healthy to reduce cardiovascular issues. Doing this may have some influence on the risk of adopting symptoms of dementia.  However, another result showed a rather surprising result.  This was that overweight and obese study participants actually had a lower risk of dementia than others. (source:  https://www.senioradvisor.com/blog/2017/01/the-good-news-about-dementia-rates-theyre-dropping/ ) They mentioned that this is still too early to be factual, as other studies connect excess weight with heart disease, which can raise dementia risk. The reasoning may be that the extra weight late in life might offer some protection against cognitive decline. Is It True? To me, that may have some truth.  When I recently spoke to a pharmacist he mentioned that in traditional medicine, people are taught that if you have high cholesterol, you must remove it.  In fact, that level of cholesterol is the basic building blocks for the other parts of the system. Removing it will dampen that body sequence to develop its own “medicine”.  Anyway, I am no medical practitioner but when this was explained, it was really interesting. Here are some facts from a recent search with ChatGPT - July 2025. Declining Age‑Specific Rates in High‑Income Countries A growing number of cohort studies from the Americas and Europe show a 13% drop in dementia incidence per decade  over the past ~25 years. In the U.S., the age‑adjusted prevalence  among those 65+ fell from roughly 12.2% in 2000 to 8.5% in 2016  — a decline of about one-third. A recent JAMA Network Open study found lower prevalence  in more recent birth cohorts— 21.2% in the U.S., 38.9% in Europe, and 28.3% in England —compared to older cohorts at the same age. Multi-country data (U.S., UK, parts of Europe) show prevalence dropping significantly across successive generations, especially among women. Global Context & Mixed Signals Globally, the age-standardized dementia prevalence  is relatively flat, with only a +0.1% change from 2019 to 2050  (95% UI: –7.5 to +10.8). Worldwide Alzheimer’s disease incidence rates have stayed stable overall , slightly rising in some regions but declining in others . A recent Lancet Public Health review confirmed that age‑specific incidence and prevalence have decreased in many high‑income settings , though results vary, particularly among the very oldest . Why This Happened (High‑Income Countries) ? Factors likely contributing to declines include: Better cardiovascular health : improved treatment of hypertension, cholesterol, and diabetes. Reduced smoking rates . Increased education , building cognitive reserve. Enhanced hearing and vision care , alongside public-health improvements. These "birth cohort" effects mean newer generations enter old age with lower dementia risk Any decrease in dementia rates is good news, not only for seniors and their families, but also for public health. Dementia is the most costly condition a person can face, because it can progress slowly over many years, during which patients require round-the-clock supervision to prevent wandering, falls, and distress. Caring for a loved one with dementia is more than a full-time job, and professional care is expensive. The Alzheimer’s Association says the  total cost of caring for people with dementia  in the US was $236 billion in 2016. My Research However, my research from the Australian Institute of Health and Welfare show, Global Prevalence & Incidence (Updated July 2025) 57 million  people worldwide had dementia in 2021—over 60%  living in low- and middle-income countries. Nearly 10 million new cases  are diagnosed each year globally.  That’s approximately one new diagnosis every 3 seconds   Projected Growth The number of people living with dementia is expected to nearly double from 55 million in 2020 to 78 million by 2030 , and hit 139–152 million by 2050   A more recent estimate suggests a rise to around 153 million by 2050  . There is a link available to the Australian Bureau of Statistics on Dementia . Whether the rates are increasing or not, the fact of the matter is that people need to care in the best possible way.  As the world is going into an ageing period of our history, we are going to see more issues than less. Like everything old, it needs TLC and maintenance is not going to be cheap. I was inspired to write this follow up after talking to a few people who gave me the impression that there was this downhill slope when you have dementia.  Life is still worth living and it is up to us who are “normal” to make it as comfortable as possible for them. Also Check For:- Dementia Awareness- A Common Issue of Misunderstanding Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso

Announcement 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.  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.

Announcement Completion of Acquisition and Operational Update Avira Resources Ltd (ASX: AVW)  has made a number of announcements over the past several months that suggest a period of repositioning. While not a traditional IPO in the sense of a new listing, the company has completed a capital restructuring , including an Options Prospectus , and appears to be preparing for a more active exploration season in 2025. This article pulls together key developments from their recent announcements to give readers a clearer picture of where the company is headed and what has changed since the start of the year. 🔷The Tangadee Story – What’s on the Ground - Copper - Nickel - Zinc According to Avira’s latest announcements, the company now holds three exploration licences in the Ashburton Region of Western Australia (Figure 1) : E52/4411 E52/4439 E52/4413 Figure 1: Location of the Tangadee Project in the Ashburton region of Western Australia (source: Avira Resources Limited) These three tenements, collectively called the Tangadee Project , span 779 km²  and are described as having potential for sediment-hosted Cu-Zn sulphide  and magmatic Cu-Ni sulphide  mineralisation. The project lies across the faulted contact of the Edmund and Collier Basins in the Capricorn Orogen , an area that has attracted several explorers, including Teck Australia, Dreadnought, Bellavista, Miramar, and Greatland Exploration (Figure 2) .  Figure 2: Explorers are currently active within the vicinity of Avira’s Tangadee Project area(source: Avira Resources Limited) The company has identified three late-time EM conductors  from historical VTEM surveys (2018, 2023) (Figure 3) . These are the basis for their initial drill targeting. According to the company, no previous drilling has been carried out across these tenements. Historic lag samples have returned up to 1080 ppm Cu  and 190 ppm Cu with 560 ppm Pb  from GSWA samples.  Figure 3: E52/4411: Summary of historical exploration and location of EM Target 1 on VTEM image (source: Avira Resources Limited). Avira has stated that fieldwork is planned for mid-2025 , including access assessments, mapping, and consultation with native titleholders. This will precede potential drill testing of the EM conductors—Targets 1, 2, and 3—which are situated near the Mount Vernon Fault  and in structurally complex fold hinge zones. 🔷 What’s Happening in Sweden – The Puolalaki Project Avira also holds an exploration permit in Sweden known as the Puolalaki Project , located in the Gällivare mining district . The project contains both Nickel-Copper sulphide mineralisation  and zones of gold ± Cu-W-Mo mineralisation , based on historical exploration by LKAB and others. In late 2023, the company intersected high-grade gold at the base of hole PUO23005, which was originally targeting a deep EM conductor. This led to a reassessment of the gold potential. According to Avira, discussions are currently ongoing with a Swedish-based gold explorer regarding a potential farm-out , but no binding agreement has been entered into as of the latest updates. The company has indicated that while these discussions are preliminary, they are part of a broader strategy to realise value from the project without overextending internal resources. 🔷 Corporate Activity – Options and Placements - A Copper - Nickel - Zinc Corporate Investment with A Deeper Meaning? In February 2025, Avira issued a Prospectus  offering up to 48,435,500 new AVWOB options  at $0.001  each, exercisable at $0.015  on or before 30 June 2027 . This was a follow-on from the expiry of a previous series of options (AVWOA) and appears to have been designed to provide long-term optionality for existing holders. In March and April 2025, Avira also announced a $506,000 placement in two tranches, priced at $0.007 per share , with 1-for-1 free attaching AVWOB options . Tranche 1 raised ~$253,000 and was completed on 4 April 2025. Tranche 2 and the associated options remain subject to shareholder approval. These moves suggest a capital strategy that aims to maintain optionality while minimising dilution, particularly during early-stage exploration activities. This is a typical Corporate investment that may be laying the groundwork for the pathway to increase shareholder value. What readers need to understand is that this is a Copper-Nickel-Zinc story that is required for corporate investment activities to create the company narrative that will drive the story. 🔷 Management’s Strong Hand David Deloub (Executive Director):  20+ years in finance and public company management; focuses on strategy and corporate structuring. David Wheeler (Non-Executive Chairman):  Brings decades of board experience across ASX-listed entities; provides governance oversight. James Robinson (Non-Executive Director):  Background in legal structuring and commercial negotiation. Capital Approach:  Fundraising appears to be deliberately modest and timed around key project developments. Project Strategy:  According to announcements, technical efforts are focused on untested EM conductors and ground with known anomalies. Governance Style:  Decisions to explore farm-outs and carefully staged placements suggest a cautious and structured approach.   Samso Concluding Comments Avira Resources (ASX: AVW) is working on repositioning themselves. The company appears to have reframed its direction, particularly with the Tangadee Project. Technically and geologically, from what they’ve shared, the area hasn't seen much in terms of previous drilling, yet the presence of late-time EM conductors and historical copper anomalies makes it something to watch. It's the kind of ground that, based on their current approach, could reveal more as the work progresses. On the Swedish front, the Puolalaki Project has been a consistent part of the story, and now there seems to be a renewed focus on the gold potential. According to their latest updates, they’re looking into a possible farm-out, which suggests they’re considering different ways to unlock value without stretching internal resources. It’s early days, and there’s no guarantee anything will materialise, but the fact that discussions are underway shows they’re keeping their options open. The most important aspect of this company is that it appears to be a house stock for the CPS Capital Crew. Typically, the projects are coming in to earn equity in the company and from this point of view, I would safely say that this definitely a good DYOR. This is what I would call the perfect Bottom Drawer Investment. The valuation could move very quickly when their timing is set. In the meantime, patience is the name of the game. As always, doing your own research and engaging with the company's available information is the best way to get a feel for where it’s all heading. 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. 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 Marimaca Drills Pampa Medina Sulphides Marimaca Copper Corp (ASX: MC2 | TSX: MARI) has reported a significant breakthrough in its exploration campaign in the Pampa Medina area, situated 28km east of the Marimaca Oxide Deposit (MOD) (Figure 1). The standout result is a spectacular 6m at 12.0% Cu within a broader intercept of 26m at 4.1% Cu in hole SMRD-13. These new high-grade copper sulphide hits redefine the scale and geological potential of this manto-style , sediment-hosted system—something that is rarely seen in Chile . Figure 1: The location of Marimaca Copper Project near Antofagasta in northern Chile. (source: MC2) This is a material development for the company. For those who have followed Marimaca's story—particularly with its strong oxide copper foundation—the emergence of deeper sulphide potential adds a substantial new dimension to the narrative. Could this be the beginnings of a copper mining story for the company.   🔷Pampa Medina Drilling Highlights - Creating a Copper Mining Story? Marimaca’s 2025 drilling campaign at Pampa Medina has materially extended mineralisation and uncovered a potentially Tier-1 copper sulphide system (Figure 2). Figure 2: The location of Marimaca Copper Project near Antofagasta in northern Chile. (source: MC2) These are the standout results (Figure 3): 💠SMRD-13: 6m @  12.0% Cu from 594m Within 26m  @ 4.1% Cu from 580m Within 100m  @ 1.3% Cu from 580m 💠SMD-02: 40m @  2.1% Cu from 282m Within 132m  @ 1.0% Cu from 278m 💠SMRD-12: 56m @  1.4% Cu from 566m 💠SMD-01 (~600m north-west of SMD-13): 68m @  1.2% Cu from 298m, including 20m  @ 2.3% Cu 22m @  1.7% Cu from 602m 💠SMR-01 (previously reported): 56m @  2.1% Cu, including 18m @  5.0% Cu from 296m Within a broader 102m @  1.2% Cu from 250m  💠SMD-03: 42m @  0.72% Cu from 226m Figure 3: Pampa and Step-out Drilling Locations Medina Deposit (source: MC2) These intercepts define a zone of mineralisation now traced over a 600m (E-W) x 1,000m (N-S) footprint, with potential extensions to 1.4km x 1.2km. Importantly, the copper mineralisation is hosted in flat-lying, sedimentary units with characteristics similar to Kupferschiefer or African-style deposits.   🔷 Geological and Structural Context Pampa Medina’s geology is unconventional for Chile—stratiform, sediment-hosted, high-grade copper mantos within interbedded sandstones, shales, conglomerates, and tuffs. Bornite and chalcopyrite dominate the deeper zones, while upper horizons continue to show chalcocite and oxide potential. Stratigraphic continuity between holes SMR-01, SMD-01, SMD-12, SMD-02, and SMRD-13 suggests a coherent, laterally extensive copper horizon. The sedimentary units are relatively flat-lying with a gentle easterly dip, intersected by several north-south faults which appear to influence grade and continuity. Drill core from SMRD-13 revealed intense bornite mineralisation hosted within altered black shales, suggesting a high fluid flow regime and strong stratabound control.   🔷 Implications for Development Strategy   With these results, Marimaca has paused the previously announced Preliminary Economic Assessment (PEA) for Pampa Medina, as the new sulphide horizon may justify a broader-scale development concept.  While the flagship MOD DFS is nearing completion—with release anticipated in the near term—management has confirmed a 14-hole follow-up program (10,000m) at Pampa Medina is already underway. Two diamond rigs are currently active on site.  The proximity of Pampa Medina to MOD (28km) and to regional infrastructure (power, water, ports, workforce) makes it a natural candidate for potential integration into future production plans. Hayden Locke, President & CEO of Marimaca Copper, commented: With these thick, high-grade, sulphide intersections we now see the potential for a much larger scale copper system. Importantly, the location of Pampa Medina means it benefits from the same characteristics as our flagship MOD, such as access to first class infrastructure, proximity to workforces, lower permitting risk, and therefore any new discovery brought into development should be extremely competitive on a capital intensity basis.” “This is the first time in my 40-year career that I have seen stratiform, sediment-hosted, ultra high-grade copper in Chile of this potential scale.” — Sergio Rivera, VP Exploration    Samso Concluding Comments These are the kinds of drilling results that materially alter a project’s risk/reward profile. Marimaca’s SMRD-13 intercept—6m at 12% copper—is not something you see often in Chilean copper stories. It's rare, it's stratabound, and it points to something much larger than originally anticipated. To be honest, for me, anything that is not a porphyry-related story from this part of the South American continent is new to me. I have never worked in the region nor have anything other than talking to those who have many years of experience in the region. Hence, as I cover this stock, I am learning. From a potentially stratabound-type copper deposit, the drilling results are indeed good. Some of the richest copper deposits are found in this type of copper mineralisation. Generally, this also marks a shift in how the Pampa Medina area should be viewed. What was once a complement to MOD’s oxide story could now become a significant sulphide pillar in its own right. That 600m by 1,000m footprint—with thick, high-grade zones—is more than just encouraging. Strategically, this strengthens the hub-and-spoke model Marimaca is positioning for. The flat terrain, proximity to MOD, and access to existing infrastructure reduce future capital intensity. That’s a major plus in today’s environment.  If you’re looking for a story that has transitioned from a conventional oxide leach development into something with potentially district-scale sulphide upside, this is a case study. The results may still need validation through a resource update, but the directional change is clear. In the broader context of copper investment themes—grade scarcity, cost inflation, permitting hurdles—discoveries like this matter. They offer optionality, scale, and the kind of upside that can complement an already viable development story. Marimaca may still be several steps away from defining the full extent of Pampa Medina, but the direction of travel is clear. The opportunity is becoming more layered, and that’s usually a positive sign for long-term value creation. The Samso Way – Seek the Research Pampa Medina is emerging as more than a satellite target—it now has the footprint, grade profile, and geological scale to potentially reposition Marimaca’s district narrative. What started as a shallow oxide exploration play now contains high-grade sulphide mantos with strong stratabound controls. For investors, this means there is now a clear dual pathway to value: the near-term MOD oxide development and the longer-term district sulphide potential led by discoveries like SMRD-13. The context of low altitude, proximity to infrastructure, and Chilean jurisdiction adds further weight. Do your own work, but this is definitely one to watch. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Completion of reconnaissance program with further natural rutile observed at the Central Rutile Project Thick zones of HM mineralisation observed across Douala High Grade Gallium Potential discovered at Tundulu DY6 significantly expands size of the Central Rutile Project A Trio of Critical Minerals in Motion - Gallium, Rutile and Heavy Mineral Sands. DY6 Metals (ASX: DY6 ) is pushing forward on multiple fronts across its African exploration portfolio, with material updates out of Malawi and Cameroon. The company is advancing a three-pronged strategy that spans gallium and rare earths at the Tundulu Project in Malawi, and natural rutile and heavy mineral sands (HMS) across the Central Rutile and Douala Basin Projects in Cameroon. Currently, at the early stage of the projects, each program is delivering early signals that suggest technical merit. DY6’s approach appears credible—driven by existing datasets, reinterpreted mineral systems, and structured reconnaissance—and the latest announcements highlight progress and potential economical discovery, however, as I stressed, this is still very early stages of the work.   🔷 Gallium at Tundulu: Not Just a Rare Earths Project On 29 April 2025, DY6 announced it had uncovered high-grade gallium mineralisation  at its Tundulu Project in Malawi (Figure 1). The review of 2014 drill data found that gallium occurs from surface and at depth, with some of the most notable intercepts being: 74m @ 93.26g/t Ga₂O₃, incl. 14m @ 202.79g/t (TU043) 53m @ 72.79g/t Ga₂O₃, incl. 12m @ 145.07g/t (TU011) 30m @ 94.63g/t Ga₂O₃, from surface (TU014)   Figure 1: Gallium-TREO correlation plot at Tundulu – shows a potential positive geochemical link (source: DY6) These intercepts also coincide with significant rare earth mineralisation, which reinforces the polymetallic nature of the carbonatite system. According to the company, just 40% of the known target area has been drill-tested,  and metallurgical testwork is now underway to assess the recovery potential for gallium alongside REE and phosphate. Given gallium’s importance in electronics, particularly semiconductors and photovoltaic cells, this discovery adds a technical and strategic dimension to the Tundulu story, especially considering China’s dominance in gallium supply.   🔷 Cameroon’s Central Rutile: Rutile Nuggets in the Regolith A week later, on 30 June 2025, DY6 confirmed the completion of its reconnaissance exploration program  at the Central Rutile Project in Cameroon (Figure 2). The company reported visible coarse rutile nuggets—up to 4cm in size (Figure 3) within both alluvial and residual settings across all five tenements.  The fieldwork involved: 9 auger drill holes 44 channel samples 13 surface grabs 3 stream sediment samples  Figure 2: Reconnaissance sampling locations at the Central Rutile project (source: DY6) Technical Consultant, Cliff Fitzhenry,  commented: “The reconnaissance programme has been a great success, having identified visual HM and rutile mineralisation across each licence. What we have uncovered at the Bounde licence is particularly exciting. I have never seen rutile nuggets of this size before.   Figure 3: A coarse rutile nugget (~4cm) with partial thin secondary ferricrete coating was recovered from residual regolith comprising mainly fine-grained, iron-rich soil and clay near a road cutting at sample site GRMAU0012. (source: DY6) All samples are now being analysed at a laboratory in Cape Town, with assay results expected in the September quarter. If confirmed, the potential exists for saprolite-hosted rutile deposits analogous to Sovereign Metals’ Kasiya project in Malawi—a globally significant discovery in its own right.    🔷 Douala Basin: Heavy Mineral Sands Confirmed Just days prior, on 23 June 2025, DY6 also completed its initial reconnaissance across the Douala Basin HMS Project , located near Cameroon’s Atlantic coast (Figure 4). The Douala Basin consists of six tenements totalling 2,580km² and hosts known paleo-placer dune systems.  Highlights from the program include: Thick zones of visually high-grade HMS  in auger and channel samples Visible rutile grains  recovered from multiple sites Visual HM concentrations of up to 6% in auger holes , notably from the Mbanga and Diwong licences Figure 4: Reconnaissance sampling (hand auger and channel) locations at the Douala Basin HMS project. (source: DY6) The team followed up on historical drilling by Eramet, and the early confirmation of HMS supports the broader thesis of Douala’s placer potential. Laboratory assays will be the next checkpoint, and if grades align with visual estimates, the project could emerge as a scalable HMS asset in a logistically favourable location near the port city of Douala. 🔷 Expansion to Weaver Licences: Central Rutile Project Doubles in Size On 8 July 2025, DY6 announced the acquisition of six new exploration licences , collectively known as the Weaver Project , located immediately south of its existing Central Rutile Project (Figure 5). This expansion more than doubles the project area  from 2,124km² to 4,974km². Key highlights include: 100% acquisition of six new licences under valid application Landholding in Cameroon increases to 7,554km² , including the Douala Basin project The new tenements are underlain by kyanite-bearing mica schist , the same host geology as the original project area Reconnaissance sampling confirmed fine-grained HM and rutile , with up to 10% HM  and 5% rutile in some channel samples During a recent due diligence site visit, DY6 and its technical consultants observed both alluvial  and eluvial (residual)  sources of rutile and heavy mineral sands (HMS) , confirming multiple styles of mineralisation across the project area. Figure 5: Map of Central Cameroon showing DY6’s newly acquired six Weaver licences to the southeast which will be incorporated into the Central Rutile Project together with the company’s original 5 licences. (source: DY6) Executive Chairman, Dan Smith , commented: “The acquisition of this new licence package more than doubles our landholding in this highly prospective area of Central Cameroon. Desktop work as well as a recent due diligence site visit, indicates that the Weaver Project area is underlain by the same favourable geology that we have seen at our existing Central Rutile Project. We are also highly encouraged by the results that Peak Minerals has reported to date from their Minta Project which borders us to the north and look forward to getting back in the field.” Samso Concluding Comments In the business of ASX small-capitalised mineral exploration, DY6 Metals is building a portfolio of critical minerals, which is somewhat unique as most ASX critical mineral stories have developed either as a one-commodity play or a necessary shift forced by the market. DY6 has chosen to be exposed to three globally strategic minerals—gallium, rutile (titanium), and rare earths—across two mineralised provinces in Africa. For the moment, importantly, this exposure is supported by drilling data, field observations, and near-term assay programs. Is it ideal for a small cap company on the ASX? Market narratives normally see that more than one is a distraction. Personally, I think that more than one reduces risks. The gallium discovery at Tundulu could shift investor focus from REEs alone to a broader technology metals story. Meanwhile, the Cameroon rutile portfolio positions DY6 next door to what may become a globally significant rutile province , especially if the Kasiya analogy plays out. Visual confirmation of rutile nuggets and heavy mineral sands across Central and Douala is a promising first step. While assay results will be key in confirming grade and scale, the groundwork is being laid now—methodically, systematically, and to unlock real value. The market likes the story and The market likes the story (Figure 5) and at a current market capitalisation of AUD $15.26M, this is not an expensive "punt". Exciting news on results could give multi-bags for shareholders, from this junction. As we write, the company is in trading halt awaiting news of a potential acquisition. Figure 5: DY6 share price chart as of 4th July 2025. (source: Commsec) From an investor's point of view, this is a good DYOR candidate. I know some of the management and they are seasoned participants in the industry. I do believe that the company will be able to attract some well-versed players into the register, if they are not already in the register. Check out the story and keep your eyes and ears pinned to what is happening here as I think there could be some more upside to come. The Samso Way – Seek the Research This is what early-stage multicommodity exploration often looks like: data reanalysis, ground-truthing, geological intuition, and steady technical milestones. DY6 isn’t just adding buzzwords to a portfolio—it’s pursuing a methodical and evidence-based strategy that unfolds one layer at a time. Gallium, rutile, and HMS each come with their own markets, processing paths, and exploration nuances, and DY6 seems aware of the need to treat each accordingly. 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.

Announcements: icetana AI secures $1.7m purchase order for Middle East Safe City project   icetana AI signs A$3.6m strategic partnership with SoftBank Robotics Group, including equity investment and exclusive distribution rights in Japan   icetana AI March 2025 Quarterly Report The AI Surveillance Opportunity: How icetana is Scaling icetana Limited (ASX: ICE) is not a company looking to make headlines—it is one steadily building a global business in the high-growth AI surveillance sector. Headquartered in Perth and operating across six continents, icetana has developed a proprietary self-learning AI software  that monitors large-scale surveillance networks in real-time. Its core value lies in recognising unusual behaviour across thousands of CCTV feeds without pre-set rules—an elegant solution for industries overwhelmed by visual data and limited human monitoring capacity. The company’s recent strategic progress includes two important developments that expand its commercial reach in Iraq  and Japan . Purchase Order: Baghdad Safe City Deployment Announcement Date:  19 March 2025 Contract Value:  A$1.7 million (US$1.1 million) Client:  High Tech Enterprise, via Dubai subsidiary HTE Electronics Delivery Timing:  Q4 FY25 In what is now icetana’s largest single contract to date , the company secured a $1.7 million software order for Iraq’s Baghdad Safe City Project . The agreement with HTE Electronics follows rigorous proof-of-concept trials where icetana’s AI solution demonstrated advanced surveillance capabilities, including: Arabic licence plate recognition Facial recognition Detection of smoke, fire, loitering, and left luggage Directional movement anomalies for people and vehicles The deal is structured around a perpetual licence  (US$874,815) and a first-year maintenance agreement  (US$218,660), with the latter contributing ~A$344,000 to ARR. If extended, the maintenance revenue would continue annually. CEO Kevin Brown  commented: “This initial sale is the largest value contract in icetana AI’s listed history and represents a significant milestone for our company.” This contract also represents icetana’s first entry into the Iraqi market, positioning the Company to potentially support broader national Safe City rollouts in the future. Strategic Partnership: SoftBank Robotics Group Announcement Date:  7 June 2025 Total Value:  A$3.6 million+ Key Components: A$1.87 million equity investment (17.6% stake at 2c/share) A$693,000 minimum ARR in Japan (12-month exclusive distributorship) A$1.08 million in R&D collaboration over 3 years In June, icetana announced a landmark strategic partnership with SoftBank Robotics Group , comprising four distinct agreements: Equity Subscription : SoftBank Robotics Singapore acquired 93.6 million shares at $0.02, representing a 33% premium to the 15-day VWAP. Exclusive Distribution in Japan : A 12-month exclusivity period with a guaranteed revenue floor of US$450,000, aimed at scaling adoption through SoftBank’s network. Joint Development Program : A$1.08 million in co-funded R&D to integrate icetana’s AI with SoftBank’s robotics and automation platforms. Board Rights : SoftBank reserves the right to nominate a non-executive director while holding a minimum 10% stake. This strategic foothold builds on icetana’s earlier work with Macnica, Inc. , and strengthens its presence in Japan’s enterprise and public sector markets. Kevin Brown  commented: “This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.”  Key Company Metrics – March 2025 Quarter Annual Recurring Revenue (ARR):  A$1.7 million Net ARR Retention:  99% (▲1% QoQ) Total Revenue (Q3 FY25):  A$435,000 Gross Margin:  81% Cash Balance (31 March 2025):  A$2.24 million Average Monthly Operating Cash Outflow:  ~A$220,000 Customer Cash Receipts (Q3 FY25):  A$178,000 New Customer Orders (Q3):  Includes A$1.7m order from High-Tech (Iraq) and Singapore’s Henderson Technology Customer Sites:  70+ globally Active Cameras Under Licence:  16,000+ Countries Deployed:  15+ What Makes icetana Different? icetana stands out by offering a self-learning AI surveillance system that requires no manual configuration and begins detecting anomalies within 24 hours. Its real-time alerts, scalability across large networks, and ability to significantly reduce false alarms make it ideal for high-demand environments. Deployed in over 75 sites across 15 countries, icetana’s flexible hardware and cloud solutions cater to industries ranging from public safety to retail and education. Figure 1: icetana AI core product, Safety and Security, connects with your existing security cameras to detect unusual or interesting events across large surveillance networks. (source: ICE) Self-Learning AI: No need for manual rule setting—icetana’s AI learns what’s “normal” for each camera within 24 hours. Real-Time Anomaly Detection:  Instantly detects and alerts to unusual behaviours as they happen. No Configuration Required:  Deploys quickly without complex calibration or custom setup. Scalable Across Networks: Handles thousands of camera feeds across multiple locations with ease. Reduces False Alarms: Intelligent event filtering minimises noise, helping operators focus on real threats. Hardware & Cloud Options:  Offers flexible deployment—on-premise, cloud-based, or hybrid. Industry-Agnostic: Used in retail, transportation, public safety, education, hospitality, and guarding services. Proven Global Footprint: Installed across 75+ sites, 16,700+ cameras, in 15+ countries. Kevin Brown, CEO of icetana AI, commented: “Adding to our existing partnership with Macnica, this agreement with SoftBank Robotics Group represents a major step forward for icetana AI in Japan. Their global leadership in AI and commercial scale in Japan create an ideal launchpad for our next phase of growth. This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.” Why the Market Is Watching The global video surveillance industry continues to expand at pace: 13.7% CAGR forecast  between 2024 and 2028 1+ billion CCTV cameras  deployed in 2024, projected to surpass 6 billion by 2030 Growing government investment  in Safe City initiatives, critical infrastructure, and AI-enhanced public safety systems In this context, icetana is positioning itself as a high-value player  in AI-enabled surveillance, offering a scalable, self-learning platform for real-time anomaly detection across complex environments. Whether it’s shopping malls, universities, transport networks, or nationwide security deployments, icetana’s enterprise-grade solution is built to operate at scale, with minimal configuration and long-term recurring value. Samso Concluding Comments icetana is not a company that I have a lot of exposure to in my investing space, but it is definitely a breath of fresh air. For me, the two deals we discussed, first with High Tech in Iraq and now with SoftBank in Japan, are impressive and should create what I call a base for expansion. Good sales deals help with potential future deals. The Baghdad Safe City contract confirms product-market fit for icetana in one of the world’s most complex environments. The SoftBank Robotics partnership, on the other hand, opens up opportunities to embed icetana’s tech into next-generation robotics platforms and create new commercial channels in Asia. With a relatively modest market cap and a strong strategic partner now sitting on the register, there’s an argument to be made that icetana may be underestimated. Samso’s not saying it’s a must-buy—but for those following the AI security space, this might be one to put on your watchlist. As always, the story is in the execution. As always, this is not a recommendation—Samso doesn’t make those. But for those watching the AI space—especially where it intersects with infrastructure, surveillance, and automation—icetana’s moves over the past few months might be worth noting. The company is still under the radar in valuation terms, yet has now found itself partnered with global names that tend to think long-term. Maybe it’s not about chasing the next big hype cycle. Maybe it’s about finding companies like this—ones that are doing the work. The Samso Way – Seek the Research Pampa Medina is emerging as more than a satellite target—it now has the footprint, grade profile, and geological scale to potentially reposition Marimaca’s district narrative. What started as a shallow oxide exploration play now contains high-grade sulphide mantos with strong stratabound controls. For investors, this means there is now a clear dual pathway to value: the near-term MOD oxide development and the longer-term district sulphide potential led by discoveries like SMRD-13. The context of low altitude, proximity to infrastructure, and Chilean jurisdiction adds further weight. Do your own work, but this is definitely one to watch. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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 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. 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

In this edition of Samso Insights, we revisit Horizon Minerals Limited (ASX: HRZ) , a Western Australian gold mining company embarking on a new chapter. Horizon aims to become an independent, cash-generating gold producer, taking control of its destiny. What stands out is not just the scale of Horizon’s portfolio but also the assets, many of which are largely unseen by investors. Current Market Position of Horizon Minerals Horizon currently has a market cap of $125M AUD. The share price trajectory shown in the graph indicates a significant disconnect from its potential, especially with the gold price exceeding USD $3,382 as of June 13, 2025. To complicate the situation, it is priced at AUD $5,177, which reveals an astonishing margin for any gold producer. For comparison, Meeka Metals Limited (ASX:MEK) boasts a market cap of over AUD $352M but is still at the commissioning stage. Meanwhile, Horizon is in the process of hauling ore for sale in the coming months, indicating an outlook for increased production. Over the years, many companies have circled Kalgoorlie, each with ambitions of building a sustainable pipeline. However, the strategy Horizon is outlining appears different. It represents a realignment of asset strategy supported by operational cash inflows that lend credibility to its approach. Navigating the Competitive Landscape What is critical to Horizon's advancement is its cautious and incremental approach. The company is making smart moves that could strengthen its position in a competitive region. The Horizon Snapshot: Numbers and Narrative of Gold Mining Gold Resource Base : - 1.8 million ounces across 30.5Mt @ 1.84 g/t Au. - Covers multiple deposits within a 1,309 km² tenure across WA’s Goldfields. Processing Infrastructure : - 2.2Mtpa Black Swan facility (100%-owned, currently under care & maintenance). - Located ~40km north of Kalgoorlie with grid power, water, and permitting in place. Current Operations Generating Cash : - Boorara and Phillips Find are producing under ore sale and toll milling agreements. - Estimated ~$30M in free cash flow from Boorara (ASX: 6 May 2024). Financial Position (as of 31 Mar 2025) : - Cash and cash equivalents: $9.1M and a recent capital raise of $30M. - Debt: $8.0M. - Market capitalization: $122M (share price $0.057 as of 6 May 2025). - Enterprise value: ~$120.9M. Exploration Strategy : - ~50,000m of drilling planned for FY25/26. - Key targets include Burbanks, Kalpini, Penny’s Find, Greater Boorara, and Wilsons. Short-Term Production Outlook : - Gold produced from Boorara and Phillips Find. - First gold from Black Swan targeted by the end of 2026. At a glance, Horizon presents a compelling resource-rich story. The early cash inflows, particularly from Boorara and Phillips Find, are funding upcoming exploration and feasibility work. This self-sustaining strategy is rare among junior companies. Very few juniors can claim their market capitalization mirrors cash inflows into their accounts. Figure 1: Horizon Minerals – At A Glance (Source: Horizon Minerals Investor Presentation, May 2025) The early-stage revenue generation without substantial dilution is a defining characteristic of Horizon. There are inherent risks, but the rising gold price is expected to support demand for HRZ. It's surprising to see this company under the radar, raising questions about market awareness. Strategy with Teeth: Black Swan as a Foundation The recent acquisition of the Black Swan processing facility , through the completed takeover of Poseidon Minerals, positions Horizon to control a 2.2Mtpa processing plant located just 40km north of Kalgoorlie. Currently under care and maintenance, Horizon plans a cost-effective refurbishment of the plant for future gold production. Studies are projected for completion by the end of 2025. Figure 2: Black Swan Processing Facility (Source: Horizon Minerals Investor Presentation, May 2025) This facility, estimated to hold a replacement value exceeding $150M, could initially support throughput of 1.0–1.5Mtpa, with room for expansion. GR Engineering has assumed responsibility for running the engineering studies for conversion. This includes adding a CIL circuit to the existing flotation configuration. In discussions with Grant Haywood, the Managing Director of Horizon Minerals, we talked about optimal strategies for the Poseidon plant. There is considerable scope for growth, especially as the costs of manufacturing and construction continue to rise. Refurbishing the plant appears to be the most cost-effective path forward. A Regional Presence with Real Resource Depth Horizon’s consolidated position includes multiple established and advancing projects, all within trucking distance to the Black Swan hub: Boorara Project First gold pour: Jan 2025. Ore sale agreement (1.24Mt) to the Paddington mill through Q2 2026. First parcel produced: 1,163oz @ A$4,256/oz → Revenue: ~$4.95M. Current gold price exceeds A$5,000/oz. Figure 3: Boorara Gold Project (Source: Horizon Minerals Investor Presentation, May 2025) Phillips Find JV A low-risk joint venture with BML Ventures. First pour: Feb 2025, generating ~$7.9M. Further ore treatment contracts secured for late 2025. Additional ore treatment capacity of 80kt available. Figure 4: Phillips Find JV Project (Source: Horizon Minerals Investor Presentation, May 2025) Both projects serve as cash flow contributors and are priming the funding runway for the Black Swan refurbishment. This aspect is of particular importance to investors looking for growth that does not overly depend on dilution. Exploration: Sharpening the Drill Bit Horizon’s 30Mt of existing gold resources includes a 50,000m drilling program planned for FY25/26 (Figure 5): Burbanks (465.5koz @ 2.8 g/t Au). Wilsons. Greater Boorara. Coote-Crake. Penny’s Find. Kalpini. Figure 5: Strong Pipeline Supporting Black Swan (Source: Horizon Minerals Investor Presentation, May 2025) Burbanks Project: Scale, Grade, and Untested Depth The Burbanks project is particularly intriguing. Situated on a granted mining lease 9km from Coolgardie, Burbanks features a large open-pit resource along with a high-grade underground target (167.9koz @ 4.4 g/t Au). Currently, only 30% of the upper 500m has been tested, with 20,000m of the upcoming drill program devoted to this asset. Figure 6: Burbank's Project – Mineral Resource Estimate (Source: Horizon Minerals Investor Presentation, May 2025) After three decades in this industry, I’ve realized that successful mining businesses focus on simplicity in their operations. Each project must be evaluated on its own merits. Projects in proximity to each other can be integrated, while distant projects must be assessed independently. Burbanks stands out as a major highlight for Horizon. The existing resource presents a strong case, but the real allure lies in the unexplored regions. If Horizon executes its exploration strategy effectively, the entire narrative surrounding Burbanks could change rapidly. Penny’s Find: Small Footprint, High Margin Penny’s Find is one of the few WA juniors actively developing underground mining. The project shows strong financial promise, with a Pre-Feasibility Study (PFS) already completed: Life-of-mine: ~23 months. Total ore reserve: 329.9kt @ 3.2 g/t Au. Recovery: 88.9% → 29.8koz of gold. Free cash flow projected at $24M (at A$3,600/oz). Figure 7: Penny’s Find (Source: Horizon Minerals Investor Presentation, May 2025) This project has received all necessary approvals, which significantly reduces the risks associated with its development. Infrastructure Advantage: Unlocking Regional Potential Horizon’s core message emphasizes the importance of controlling processing infrastructure, a growing competitive asset in WA’s Goldfields. With over 1Moz of stranded gold resources in the region lacking processing solutions, Horizon is positioning itself as a regional facilitator. This can take the form of joint ventures, toll milling, or ore purchase arrangements. Figure 8: Platform for Regional Consolidation (Source: Horizon Minerals Investor Presentation, May 2025) Such strategies could evolve into secondary revenue streams or avenues for growth through corporate partnerships. As discussions progress, Horizon remains focused on maintaining optionality. Management and Board Grant Haywood – Managing Director Over 30 years of mining engineering experience. Previously held operational roles with Saracen, Phoenix Gold, and Goldfields Ltd. Proven track record transitioning projects from feasibility to production. Stephen Guy – Chief Geologist Over 25 years in exploration and production. Experience with BHP, FMG, Newcrest, Gindalbie Metals. Background includes multiple commodities: gold, copper, base metals, iron ore. Julian Tambyrajah – CFO & Company Secretary Over 30 years of finance expertise within resource companies. Experienced in project evaluation, feasibility, operations, and logistics. Chartered Company Secretary, Certified Practising Accountant. Ashok Parekh – Non-Executive Chairman Chartered Accountant with over 40 years in Kalgoorlie. Recipient of the Centenary Medal; awarded the Meritorious Service Award by the Institute of Chartered Accountants. Warren Hallam – Non-Executive Director Both a metallurgist and mineral economist with 25 years of experience. Previous roles at Metals X and Westgold; currently on the board of Poseidon Nickel. Rob Waugh – Non-Executive Director Over 35 years in gold and base metals exploration and development. Former Managing Director of Musgrave Minerals (acquired by Ramelius for $200M in 2023) and held senior roles at BHP and WMC Resources. Samso Concluding Comments It's surprising that the Horizon story has not been on my radar since I discovered its existence several years ago. Investors looking for opportunities on the ASX often have limited options to follow, especially with restricted funding. When I revisited Horizon, I was intrigued by its low market capitalisation as a gold mining entity. The undervaluation likely stems from market perceptions regarding Horizon's Enterprise Valuation compared to its gold resources. To put it simply, at the end of the day, what defines the company is its ability to produce as promised. Enterprise value comparisons seem like justifications for analysts’ existence. Considerations for Investors For retail investors, the goal should be to focus on the company's future resources. Yet this line of thought can feel intangible, leading to a dilemma: to believe in what the company projects or not. Horizon Minerals is navigating a path that many aspire to but few succeed—transitioning from asset holder to independent producer. The company’s strategy revolves around real cash flow from its operations that are channeled into exploration and infrastructure. This avoids reliance on speculative forecasts and aims for a methodical approach rooted in current operations. For observers of the WA gold sector, the Black Swan facility represents a strategic opportunity. As the cost of constructing a new plant rises, refurbishing seems increasingly viable. Discussions with Grant indicate that these options have been considered. With processing infrastructure in its possession, Horizon has an effective lever to unlock value, not only from its own assets but also from potential third-party opportunities throughout the region. Such assets are becoming scarce, and their inherent value as a regional solution may become increasingly crucial. If you are an investor seeking rational progress in gold development, Horizon is a company to watch. The coming 12–18 months will challenge its ability to transform planning into actual production, particularly as refurbishment studies are finalized and drilling targets advance. These pivotal moments can truly differentiate companies. Ultimately, this story is about patience and execution. For investors preferring short-term gains, Horizon likely won’t meet their needs. However, the lack of overpromising is refreshing. With the combination of producing ounces and owned infrastructure, they are building a strong case for their standalone future. Still, there’s work to be done. What’s currently unfolding is grounded and incremental—traits that often indicate longer-term success. The Samso Way - Seek the Research At Samso, we pride ourselves on providing independent content for investors, informed by over three decades of industry experience. We constantly ask questions that may seem simple but are often the most insightful. Our mission is straightforward: cut through noise, spotlight genuine narratives, grounded insights, and real opportunities. We only create well-researched content if we see merit in discussing a company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News . Success in investing takes many paths, but a common attribute among achievers is their commitment to informed decision-making. Equip yourself with knowledge, and you're on your way to achieving financial success. Understand your risk-reward balance. Never take on what you cannot handle. As the saying goes, "Rome wasn’t built in a day," and the Great Wall took centuries to construct. The Samso Philosophy: Stay curious. Stay sharp. Digging deeper unveils real value. In life, there’s no such thing as a free lunch. Happy Investing! Remember, the only four-letter word you need to know is DYOR. Support Page Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration your specific investment objectives, financial situation, risk profile, tax position, and 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 that offers insight into which mining portfolios present better and potentially more lucrative investment opportunities. Click here to download this eBook. If you find this article informative, please help share it. Writing about valuable topics is a challenge, especially in identifying stories that fit investment interests. If you or your organization recognize the value of Samso's work and have a journey to share, contact me at noel.ong@samso.com.au . About Samso Samso is a trusted platform providing dedicated investors with up-to-date industry knowledge and insights from leading CEOs and thought leaders. By remaining informed on business advancements and market trends, investors can enhance their financial decisions through expert guidance and independent research.

Announcement SYL Strategic Acquisition Expands Waste Capabilities 1HFY25 RESULTS - ON TRACK TO DELIVER IPO PROFORMA RESULTS Symal awarded $347 million project opens new window From Prospectus to Progress: 🆕 IPO Review Symal’s Latest Update—A Landmark Win and Strategic Progress In its first reporting season since listing on the ASX in late 2024, Symal Group Limited (ASX: SYL)  has made clear strides in delivering its prospectus promises. Most notably, the company has been awarded a $347 million conditional contract  for civil works on the Gawara Baya Wind Farm , located in North Queensland on Gugu Badhun Country. This project aligns directly with Australia’s energy transition agenda, aiming to displace 1.3 million tonnes of CO₂ emissions per year. Symal specialises in civil infrastructure and offers a comprehensive range of services, including contracting, plant and equipment hire, material sales, recycling, and remediation. Symal is your one-stop shop, an Engineering Infrastructure warehouse. Figure 1: Gawara Baya Wind Farm, located in North Queensland (source: SYL) The awarded Civil Balance of Plant (CBoP) scope includes a comprehensive suite of works—from quarry and concrete supply to internal road and bridge construction—contributing to Symal’s growing reputation in renewables-focused infrastructure.   ASX Code: SYL Listing Date:  21 November 2024 IPO Offer Price:  $1.85 IPO Market Capitalisation: AUD $436.9M Current Share Price (as at 27th of June 2025):  AUD $1.76 Market Capitalisation (as at 27th June 2025):  ~ AUD $419.19M Industry Group:  Capital Goods   🔷 What Has Symal Done Since Listing - Engineering Infrastructure Business? ✅ Financial Highlights 1H FY25 Revenue, EBITDA, and NPAT  are factually correct and match the normalised figures from the results: $416.7 million revenue  (+12%) $48.7 million EBITDA  (+30%) $19.6 million NPAT  (+72%) Work in Hand (WIH): $1.37 billion , and 91% of FY25 revenue secured  are both explicitly reported in the investor releases. ✅ Ascot Bin Hire Acquisition Symal’s first strategic acquisition post-IPO. Acquired Ascot Bin Hire , a Melbourne-based construction and demolition waste operator (Figure 2). ⚬ Deal value: $12 million  (comprised of $8 million upfront and $4 million deferred). ⚬ Integrated into Sycle , Symal’s recycling and circular economy division. ⚬ Added 600+ skip bins , enhancing waste collection and operational scale. Expected to contribute an EBITDA uplift of ~$2.5 million  in the first year. Strengthens Symal’s footprint in Victoria’s waste and resource recovery sector. Figure 2: Bringing Ascot Bin Hire into the Symal Group (source: SYL)   ✅ Operational Momentum 50+ project wins in energy and renewables 12 data centre projects for FY25 YTD 30+ community infrastructure projects , including Whittlesea and Craigieburn Hospitals, Port Melbourne Social Housing, and The Home of the Matildas   ✅ Business Model Commentary The breakdown of four core brands ( Symal, Sycle, Unyte, and Wamarra) and revenue mix (80% contracting / 20% plant hire)  reflects their operating model and segment reporting  The business also benefits from low net leverage  and maintains a net cash position of $32.6 million , offering room for further strategic investments and dividend potential. 🔷 Use of IPO Funds – Summary (Actual vs Budget) Following its successful IPO in November 2024, Symal Group raised $136 million and has deployed the funds in line with its prospectus commitments. A key component of this deployment includes the strategic acquisition of Ascot Bin Hire for $12 million, supporting the expansion of its recycling arm, Sycle. Additionally, Symal invested $19.2 million in plant and equipment to enhance delivery capabilities across its infrastructure and energy projects. Despite pre-IPO dividend payments of $39.2 million, the company ended 1H FY25 with a strong net cash position of $32.6 million. These outcomes reflect a disciplined approach to capital allocation, with actual spending closely aligned to the intended use of funds outlined at listing. 🔷 Share Price Performance Since Listing Symal Group (ASX: SYL) made its ASX debut in November 2024 with a strong foundation and a clear growth mandate. Since then, the company has maintained a steady presence in the market, with the share price holding at $1.75  as of June 2025, unchanged on the day amid robust trading volumes exceeding 2.1 million shares (Figure 3). With a bid-offer range between $1.61 and $1.75 , the market appears to be finding equilibrium as investors digest Symal’s execution of major projects and strategic acquisitions. The post-IPO period has been marked by operational delivery and capital discipline—exactly the kind of early progress that long-term investors seek when the noise fades and fundamentals take centre stage. Figure 3: SYL’s Share price as of 18 June 2025 (source: ASX )    Symal Group Managing Director, Joe Bartolo, commented:  "The acquisition of Ascot Bin Hire is a major milestone in building a stronger, more integrated waste management and resource recovery business. By joining forces, we’re enhancing our capabilities and furthering our mission to drive sustainability and innovation in the waste sector. We look forward to working together to build better – not just for our clients, but for the communities we serve."   Samso Concluding Comments As a small-cap investor coming from a predominantly mineral resource portfolio, I am beginning to like the other sectors. Symal Group is particularly interesting. As we build the nation with increasing government spending, companies like Symal are primed to take advantage of the fiscal policy of spending to generate income. There is no simple of say this, working for the government is the best way to generate stable, ongoing income. Anyone who has had an experience working for a government agency will know what I am saying. Throw in a giant like Symal, and you have a predator in the midst of a den of opportunities. To say that this narrative is one for DYOR would be an understatement. It also goes without saying that caution and a greater understanding of the business and the future potential revenue streams are important for all concerned here reading this blog review. Like I have always said, DYOR and happy investing. The Samso Way – Seek the Research At Samso, we believe companies like Symal Group Limited (ASX: SYL)  demonstrate why research matters. SYL’s post-IPO performance, strategic contract wins like the Gawara Baya Wind Farm, and its disciplined acquisition of Ascot Bin Hire are not just headlines—they reflect a business executing on a clearly defined strategy. “Seek the Research” is about uncovering these signals early, understanding the business beyond the share price, and making informed decisions grounded in substance, not sentiment. 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.