Announcement Western Queen South Scoping Study 27 NOVEMBER 2025 (click here to view the announcement) Rumble Resources Limited (ASX: RTR) continues to advance the Western Queen Gold Project, located approximately 90 km northwest of Mt Magnet in Western Australia. The Company has released a Scoping Study for the Western Queen South deposit, outlining a technically simple, low-capital underground development that sits adjacent to multiple toll-treatment options within a 200 km radius (Figure 1). The Project is supported by a strong historical production record, a significant 370 koz @ 3.1 g/t Au Mineral Resource, and a district-scale structural setting with clear growth potential. Figure 1: Western Queen tenure & nearby mills (source: RTR). The Business of the Company: Focus – Projects Rumble Resources Limited is a Western Australian exploration company focused on advancing high-quality mineral assets with near-term development potential. The Western Queen Gold Project is the Company’s lead asset, positioned for potential early cash flow through a low-capital underground development model. Ongoing drilling aims to expand the existing 370 koz gold resource base and support future project growth. The Project’s location within the Warda Warra Greenstone Belt provides strong structural and geological upside (Figure 2). Figure 2: Western Queen South Underground Design (source: RTR). Rumble also manages additional growth opportunities: The Earaheedy Zn-Pb-Ag Project highlights the Company’s proven capability to identify and progress large-scale discoveries. Overall, the Company’s strategy is to grow value through focused exploration, resource conversion, and the development of its flagship Western Queen asset. Highlights — Strong Economics, Low Capital, Rapid Start-Up - A Gold Production Path Scoping Study Confirms a Robust Underground Project The WQS underground study delivers free cashflow of $133M, NPV (8%) of $112M, and IRR of 370%, assuming A$5,540/oz gold. Upfront capital < $10M, reflecting the simplicity of the decline access, minimal site infrastructure needs, and proximity to established processing plants. Ore toll-treatment assumed at Gylden Resources’ Kirkalocka plant, ~180 km south-east, targeting recommissioning in 2H CY2026. Production Target: 617 kt @ 2.95 g/t Au for 58.5kozs contained gold, with only 29% of the WQS Mineral Resource included (Figure 3). Figure 3: Western Queen Underground Design – Stage 1 (isometric view) below the existing Western Queen South pit (source: RTR). Rapid start-up: first ore potentially within six months of commencing decline development. High-grade shoots extend directly below the existing pit and maintain strong geological continuity, providing a straightforward underground mining opportunity (Figure 4). Figure 4: Geological cross-section & MRE block model (source: RTR) 20,000 m diamond drilling program underway to infill, expand WQS and WQC resources, and provide geotechnical/metallurgical samples. Tungsten opportunity: ongoing metallurgical testwork could unlock meaningful additional value in a short time frame. Leadership Commentary Rumble’s Managing Director, Peter Harold, commented: “It is a fantastic result. The Western Queen South Scoping Study clearly demonstrates the incredible value of the underground development option at our Western Queen Gold Project. Importantly, the upfront capital required is relatively small. Given the scoping study only considers the Western Queen South resource there is huge upside to increase mine life with the addition of the Western Queen Central resource which could be accessed from the same decline. Our primary focus now is getting Western Queen into production as soon as possible. To that end we continue to progress the approvals process on the existing Mining Leases and are negotiating an ore tolling agreement with Gylden Resources, the owner of the Kirkalocka plant which is due to be operational in the second half of 2026. In addition to our plans to start mining Western Queen as soon as possible we are currently undertaking a 20,000m diamond drilling program aimed at increasing the size and confidence of the mineral resources, both gold and tungsten, at Western Queen. Once the current diamond drill program is completed and assuming there is an upgrade in Indicated Resources at both Western Queen South and Central this could lead to a significant increase in material that could be mined from underground. The metallurgical testwork being undertaking on the tungsten material will provide important information on how we may be able to monetise that resource which is located proximal to the gold mineralisation.” About the Project Western Queen sits on the Warda Warra Greenstone Belt, a prolific segment of the Murchison Province with over 35 Moz of historical gold production. Key geological attributes include (Figure 5): Steep west-dipping amphibolite-hosted shear zones with quartz–mica–sillimanite schist mineralisation. Historical open-pit production (Central + South pits) of 215,000 oz @ 7.6 g/t Au. Mineralisation remains open at depth and along strike. Figure 5: Western Queen Project Geology & Prospectivity (source: RTR). The Scoping Study incorporates: A conventional decline-access underground mine design. Uphole bench stoping with 85% stope recovery and 15% dilution. Assumed 94% gold recovery based on historical performance and prior metallurgical testwork. Proximity to multiple processing options improves commercial flexibility. Near-term Milestones to Watch Completion of the ongoing 20,000 m diamond drill program across WQS and WQC. Geotechnical, groundwater, and metallurgical datasets to support next study phases. Updated Mineral Resource Estimates, with potential upgrades from Inferred to Indicated categories. Finalisation of a commercial toll-treatment agreement for processing at Kirkalocka or an alternative mill. Tungsten metallurgy results to determine processing pathway and revenue potential. Modification of existing open-pit approvals to reflect an underground development pathway. How Samso Understands the Investment Memo for the Company From an investor’s perspective, Western Queen represents a near-term, technically simple gold development pathway supported by favourable logistics and low upfront capital. The Scoping Study, while preliminary, demonstrates strong margins even under conservative scenarios. Importantly, only a fraction of the current resource has been used for the Production Target, indicating clear upside from ongoing drilling. Tungsten adds a secondary growth vector that could enhance future project economics. As with all Scoping-level assessments, the key risks remain processing agreements, funding certainty, and confirmation of resource continuity through upcoming drilling. Samso Concluding Comments As always, these types of Scoping Study results must be viewed through a balanced lens. The numbers are attractive, but they rely on a progression of permitting, drilling outcomes, toll-treatment negotiations, and funding success. Nevertheless, the operating context for Western Queen is favourable, with multiple mills nearby and a strong regional precedent for high-grade underground operations. The limited percentage of the resource included in the Production Target highlights both caution and opportunity — the current study deliberately takes a conservative approach, leaving room for material expansion as drilling progresses. This aligns well with Rumble’s staged development strategy. The tungsten dimension may add an interesting layer not commonly seen in small-to-mid tier gold assets. If the ongoing metallurgical work confirms a viable processing route, this could create an incremental revenue source that enhances economic resilience. For investors, Western Queen remains early-stage but increasingly de-risked. The Scoping Study provides a foundation upon which future studies can build, and the tight capital profile is notable in the current market environment. The Samso Way – Seek the Research Always take the time to understand the geology, the development pathway, and the assumptions behind the numbers. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement New IP Gold Target To Be Drilled at Perseverance Prospect 11 November 2025 (click here to view the announcement) Verity Resources Limited (ASX: VRL) has released a strong technical update from the Monument Gold Project, located approximately 40 km west of Laverton in Western Australia (Figure 1). The Company has completed an Induced Polarisation (IP) survey across the Perseverance Prospect, resulting in a newly defined, near-surface chargeability anomaly that aligns with outcropping BIF units and historical gold-bearing rock chips. Figure 1: Location of Perseverance Prospect at Monument Gold Project (source: VRL). With the RC rig already operating at Korong and Waihi, Verity is preparing to drill this untested anomaly by late November, marking the next stage of systematic exploration along the 20 km BIF corridor. The Business of the Company: Focus – Projects Verity Resources is progressing exploration across its 100%-owned Monument Gold Project in WA, where a 154 koz Inferred Mineral Resource has already been defined across the Korong and Waihi deposits (Table 1). The Company’s exploration strategy is built on: Systematic testing of BIF-hosted gold targets along a 20 km strike corridor. Expanding drilling coverage on an area of which only ~10% has been properly drill-tested to date. Leveraging new geophysical data to refine drill targeting across multiple BIF and syenite-associated prospects. Advancing parallel strategic positions in Brazil (lithium, REE) and Botswana (nickel–copper–PGE), adding long-term critical metals exposure. Table 1: Inferred Resource was calculated at Korong and Waihi by CSA Global Pty Ltd in 2021 (see Table 2) using a 0.5g/t cut-off grade. See ASX announcement on 2 August 2021, “Mineral Resource Estimate Declared for Monument Gold Project”. (source: VRL). Highlights – New Chargeability Anomaly Confirmed at Perseverance - A Gold Target High-priority IP anomaly identified at Perseverance, interpreted as a chargeability high coincident with BIF outcrop The anomaly sits along the same BIF stratigraphy hosting the 154 koz Korong–Waihi resource. Previous rock chips returned >1 g/t Au, directly above the newly defined chargeability zone: IP lines across the 1.2 km corridor at Perseverance align with gold-bearing rock chips, confirming a coherent BIF-hosted chargeability trend toward Waihi (Figure 2). Figure 2: Location of IP survey lines and surface rock chip sampling Perseverance Prospect, Monument Gold Project. (source: VRL). Three IP lines consistently map a strong chargeability high beneath gold-bearing rock chips, confirming a repeatable drill-ready target (Figure 3). Figure 3: IP Chargeability and results from Perseverance Prospect at Monument Gold Project and surface rock chip sampling >1g/t Au (source: VRL) 3D modelling confirms a continuous chargeability body across all IP lines, indicating a coherent subsurface target (Figure 4). Figure 4: 3D oblique view of IP Chargeability results at Perseverance looking north. (source: VRL) RC drilling scheduled for late November, with approvals and heritage clearance already in place. Less than ~10% of the 20 km BIF trend has been systematically drilled—multiple structural and syenite-related targets remain untested. Leadership Commentary Verity Director, Patrick Volpe, commented, “The Perseverance IP survey has delivered a compelling, near-surface chargeability target that aligns with outcropping BIF and earlier rock chip results above 1 g/t gold. Importantly, this anomaly has never been drilled and sits on the same BIF corridor that hosts our 154koz KorongWaihi resource. With the RC rig already operating on site and approvals in place, we will move quickly to drill test Perseverance in late November. Success here could open up additional targets along the 20km BIF trend and provide a low-cost pathway to potentially growing our resource base at Monument.” About the Project The Perseverance Prospect lies within the broader Monument Gold Project, a 195 km² landholding in the Laverton Gold District—one of Australia’s most prolific gold regions (Figure 5). Key geological context from the PDF includes: Monument’s BIF unit is interpreted to be the same stratigraphy hosting the 1.4 Moz Westralia deposit. Korong (139 koz) and Waihi (15 koz) together form VRL’s 154 koz resource along this BIF corridor. Approximately 60 untested targets remain across BIF horizons and syenite-intrusion settings. Figure 5: Monument Gold Project location in the Laverton Gold District amongst major gold deposits. (source: VRL). The Project remains early in its systematic discovery path, with substantial strike length still under-explored. Near-term Milestones to Watch RC drilling at Perseverance to begin late November. Assessment of IP anomaly results to refine follow-up drilling. Potential expansion of IP surveys to additional prospects, including Waihi, A4, A39, and A1. Ongoing resource-focused drilling at Korong and Waihi. Integration of geophysical, structural, and rock sampling datasets to rank the remaining 60+ targets. How Samso Understands the Investment Memo for the Company This update reinforces Verity’s technical strategy: use modern geophysics to accelerate discovery along a well-endowed yet under-tested BIF corridor. The identification of a new chargeability anomaly—backed by geological mapping, magnetics, and rock chip geochemistry—provides a clean and data-supported pathway to value-add drilling. Monument remains an early-stage but scalable gold system. The catalysts are straightforward: hit gold-bearing sulphide zones at Perseverance and begin unlocking the broader 20 km belt potential. Samso Concluding Comments Verity is working with a corridor that already hosts a defined resource, yet has seen only limited systematic drilling. The new IP data effectively sharpens the exploration lens, converting a previously broad conceptual target into a drill-ready anomaly supported by geophysical modelling and surface geochemistry. This is the type of incremental, evidence-based technical work that often precedes meaningful discoveries. The Monument belt is structurally complex, and BIF-hosted systems are known for delivering significant resource growth once subsurface sulphide zones are intersected. In this context, a modelled 20 mV/V chargeability anomaly coincident with low resistivity and a break in magnetic stratigraphy is a legitimate vector for sulphide-rich mineralisation. If drilling validates this, Perseverance could quickly become a second pillar alongside Korong–Waihi. Having the RC rig on site and approvals already in place reduces operational delays and allows Verity to convert geophysical results into drilling outcomes rapidly. This efficiency adds weight to the investment case in a market where execution is often as important as geology. This company update reflects the early phase of a methodical discovery strategy. The Monument Gold Project has the hallmarks of an emerging multi-target system, and each technical milestone—such as this IP result—helps to de-risk the geological model. Investors seeking structured, data-driven exploration programs may find the unfolding story worth following, particularly as drilling begins to test these untried anomalies. The Samso Way – Seek the Research Always follow the facts, understand the geology, and let the data tell the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement TR8 to Progress Christmas Gift Gold Project After $5M Offer 25 November 2025 (click here to view the announcement) Tarrina Resources Limited (ASX: TR8) has formally recommenced trading on the ASX following the successful completion of a $5 million capital raising, enabling the Company to immediately progress exploration across its NSW and South Australian assets. The Company’s flagship asset—the Christmas Gift Gold Project, located 15 km east of Cootamundra within the southern Lachlan Fold Belt (Figure 1)—provides the geological backbone of Tarrina’s exploration strategy, underpinned by historical high-grade production and open mineralised extensions. Figure 1: Project Location Map (Southern Lachlan Fold Belt, NSW) (source: TR8) The Business of the Company: Focus – Projects Tarrina Resources controls a portfolio of projects with exposure to orogenic gold, IOCG copper–gold, sedimentary copper–silver and carbonatite-style REE systems: Christmas Gift Gold Project (NSW) – 100% High-grade historic production, strong drill intercepts, open soil anomalies, and stored historical core for relogging. Walparuta Copper-Gold Project (SA) IOCG-style copper–gold potential across three tenements with strong magnetite correlation. Yongala Copper-Silver & REE Project (SA) Large 1,676 km² tenure with documented copper–silver mineralisation and REE occurrences. Highlights – Exploration Momentum After ASX Reinstatement (Figure 2) Figure 2: Historic Workings & Sampling Map (source: TR8) A. Successful Relisting and Capitalisation Completion of $5M Public Offer at $0.02/share and reinstatement to ASX trading on 25 November 2025. B. Christmas Gift Gold Project – High-Grade System with Untested Depth Extensions Historic underground production of 30,000 oz @ 18 g/t Au over 225 m strike and 110 m depth (Figure 3). Significant high-grade drilling intercepts, including: 13.0 m @ 13.20 g/t Au (DDH076) 8.0 m @ 17.23 g/t Au (FRB012) 9.0 m @ 11.54 g/t Au (DDHC007) 13.0 m @ 6.60 g/t Au (PDH22) Multiple shallow high-grade RAB intersections Figure 3: Drill Collar Locations & Gold Intercepts (source: TR8) Only two holes drilled deeper than 150 m, both gold-mineralised. Drill section confirms down-plunge continuity of high-grade lodes (Figure 4) Figure 4: Drill Section with Intersections (source: TR8) C. Large-Scale Soil Anomaly – Open to the North (Figure 5) 1,000 m gold-in-soil anomaly (>200 ppb Au) within a broader 2.5 km mineralised trend. Grid extension into EL 9683 to test the northern strike. Figure 5: Levelled Gold Soil Anomaly Map (source: TR8) D. Drill-Ready Targets Identified for Early 2026 Priority zones: Down-plunge extensions at Christmas Gift Venables Prospect Cullinga Extended Western Zone Northern Extension into EL 9683 E. Stored Core Secured for Modern Relogging 33 historic diamond drill holes (2,240 m) available for relogging using PXRF, HyLogger, and petrophysics. F. South Australian Projects Progressing in Parallel: Walparuta Copper–Gold Project (Figure 6) Figure 6: Walparuta Project tenement locations, copper working and geology (source: TR8) Historic intersections up to: 7.62 m @ 0.90% Cu & 0.62 g/t Au 4.57 m @ 0.73% Cu & 1.49 g/t Au 100 samples >1,000 ppm Cu (Figure 7) Strong magnetite correlation mapped by high-quality magnetic data Figures 7: Walparuta magnetic anomalies and drill hole locations (source: TR8) Yongala Copper–Silver & REE Project (Figure 8) Rock chips up to 10.8% Cu and 57.1 g/t Ag REE anomalies up to 0.35% TREO Multiple untested targets across a broad geological corridor Figure 8: Yongala Geology & Location Map (source: TR8) Leadership Commentary Tarrina Resources Chairman Francis De Souza commented: “We are very pleased to have completed our successful relisting and $5 million recapitalisation, and I want to thank both existing and new shareholders for their support. With funding in place, our team has already commenced advancing the Christmas Gift Gold Project, one of NSW’s most historically significant high-grade gold systems. Work has begun on relogging more than 2,200 metres of historical diamond core and expanding geochemical coverage in preparation for a 1,500-metre diamond drilling program, set to commence once all approvals have been received, expected in early 2026. This work will give us the modern geological data we need to target extensions of the known high-grade gold mineralisation with subsequent RC drilling that will aim to establish a maiden resource. We are also progressing field programs at Walparuta and Yongala where there exists potential for a greenfields discovery of copper, gold and rare earth elements, similar to the Kalkaroo copper project being developed jointly by Havilah Resources and Sandfire Resources 80 km to the north of Walparuta.” About the Project Christmas Gift Gold Project – NSW (100%) Two tenements (EL 9615 & EL 9683, 22 km²). Located within the regional gold-rich structural corridor of the Lachlan Orogen. Gold hosted in quartz veins within steeply dipping thrust-related shear zones. Historical mining and drilling indicate continuity of high-grade lodes along strike. Planned work includes relogging, soil grid expansion, updated 3D modelling, a 1,500-m diamond drill program, and follow-up RC drilling to support a maiden MRE. Walparuta Copper–Gold Project – SA IOCG-style potential with magnetite-associated mineralisation. Regional magnetic & gravity datasets support structural and lithological targeting. Yongala Copper-Silver & REE Project – SA Prospective for sedimentary Cu–Ag and REE mineralisation. Historic and recent results highlight multi-commodity potential. Near-Term Milestones to Watch January 2026 1,500 m Phase 1 diamond drilling begins at Christmas Gift. Soil sampling extension program (results starting February 2026). Q1 2026 Delivery of relogged core datasets (PXRF, HyLogger, petrophysics). Updated 3D geological model for drill targeting. March 2026 onwards Progressive release of diamond and soil assay results. RC drilling to follow based on assay interpretation. Ongoing Geophysics, geochemistry, and drilling across Walparuta & Yongala. How Samso Understands the Investment Memo for the Company Tarrina Resources is entering the market with a clean corporate structure, fresh capital, and a project portfolio anchored by a historically high-grade gold system. The immediate value proposition lies in systematically converting legacy datasets—historic drilling, stored diamond core, and soil geochemistry—into a modern geological model capable of producing new high-grade extensions. At the same time, diversified jurisdictional exposure in South Australia provides optionality across copper, gold, and REE targets. The investment narrative is grounded, early-stage, and data-driven, where upcoming drilling and geochemical expansion programs form the backbone of value conversion. Samso Concluding Comments Tarrina Resources enters 2026 and professes a group of geologically minded investors. The combination of an established high-grade gold system, a large soil anomaly that remains open, and multiple under-tested structural positions will be an exciting phase of exploration activities. Technically, the projects do "stack" up with the presence of mineralisation and a clear continuity of geological architecture along strike and at depth—an essential box ticked if you want to have a chance of having a successful orogenic gold discovery in the region. It will be interesting to see how the relogging of the 33 historic diamond drill cores goes in highlighting any targets that were missed previously. This dataset will enable Tarrina to fast-track geological understanding without the immediate cost of drilling, while simultaneously helping with Phase 1 drill design. The integration of PXRF, HyLogger, and petrophysical datasets could help build a robust structural and lithological framework, which may please eager investors. The South Australian projects offer exposure across several mineralisation styles. Walparuta lies within the Curnamona Province, a region historically capable of producing IOCG-style systems of scale. Yongala, meanwhile, is emerging as a multi-commodity opportunity with copper, silver, and REE signatures present across a large 1,676 km² landholding. While early, these assets provide strategic depth and commodity diversification that may prove valuable in future cycles. The key now will be to not turn this company into a lifestyle playground, and this will give investors hope for success. For investors looking at early-stage exploration stories, this is one to keep an eye on developments, but having been involved in two ASX listings myself in the last 15 years, I think patience will see the market capitalisation of AUD $14M presently soften as they sort things out. This is a typical path, but if they find Gems in the historical drilling, this is the ideal market sentiment for multi-bags of value adding. Remember, DYOR is your friend. The Samso Way – Seek the Research Always follow the data, understand the geology, and let the evidence guide your investment thinking. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Durack project update - high-grade rare earths 24 November 2025 (click here to view the announcement) BPM Minerals Ltd (ASX: BPM) has released a significant exploration update on the Durack REE-Ti-Zr Project, located approximately 110 km south of Wyndham and 100 km northwest of Halls Creek in the Eastern Kimberley (Figure 1). The latest fieldwork has highlighted exceptionally high-grade monazite-hosted rare earths within lithified heavy mineral sandstones, reinforcing Durack as a potentially large-scale, district-wide REE opportunity. Figure 1: Durack Project Location – Western Australia (source: BPM) The Business of the Company: Focus – Rare Earths Projects BPM Minerals continues to build a diversified portfolio of precious, base, and critical minerals projects across Western Australia, with a strategy centred on Tier-1 jurisdictions and early-stage opportunities that offer scalable upside. The Company’s exploration focus remains disciplined, targeting geological systems with clear potential for grade, continuity, and long-term development pathways. Key project areas include: Durack REE–Ti–Zr Project – an emerging district-scale rare earth system hosted within lithified heavy mineral sands, now delivering exceptionally high-grade monazite-dominant rock chips.Rare Earth Forelands Gold Project – a newly acquired high-grade gold system situated along a major structural corridor on the Yilgarn–Albany–Fraser margin. Beachcomber Prospect (Santons Project) – with RC drilling underway and assays expected in early 2026, forming part of BPM’s broader gold exploration pipeline. District-scale landholding strategy, focused on consolidating underexplored structural corridors with demonstrated mineral endowment. Together, these projects position BPM as a proactive explorer with exposure to both the critical minerals thematic and traditional gold exploration, supported by a leadership team with a track record in major discoveries. Highlights – High-Grade REE System with District-Scale Potential Exceptional Rock Chip Grades at Chandler’s Find (Figure 2) Figure 2: Recent Rock Chip results at Chandler’s Find within the Durack REE Project (source: BPM) Rock chips returned exceptionally high TREO values (Figure 3), including: 9.65% TREO incl. 2.20% Nd₂O₃ + Pr₆O₁₁ 6.34% TREO incl. 1.44% Nd₂O₃ + Pr₆O₁₁ 3.71% TREO incl. 0.84% Nd₂O₃ + Pr₆O₁₁ These results complement earlier assays of: 4.89% TREO incl. 1.06% Nd₂O₃ + Pr₆O₁₁ 4.38% TREO incl. 0.96% Nd₂O₃ + Pr₆O₁₁ Figure 3: Aerial view over Chandler’s Find looking northeast, showing the approximate location of rock chips collected along the prospective REE-Zr-Ti horizon of the lower Warton Sandstone. (source: BPM) 4 km of Newly Identified High-Grade Outcrop Recent fieldwork extended the footprint of Chandler’s Find by ~4 km, with mineralisation remaining open in both directions. A further ~45 km strike in the southern tenements remains untested for the 2026 season. Monazite as the Dominant REE Mineral Petrography confirms coarse-grained monazite (100–150 µm) within lithified heavy mineral sands, alongside zircon and Ti-bearing minerals. Favourable mineral liberation characteristics support cost-efficient gravity and magnetic separation. Radiometric Data Indicates Larger District Potential Priority thorium radiometric anomalies extend well beyond Chandler’s Find, defining multiple kilometre-scale targets (Figure 4) Figure 4: Durack Project (South) – GSWA Radiometrics (Thorium) (source: BPM) Radiometrics highlight two major prospective corridors extending over 100 km (Figure 5) Figure 5: Durack Project (South) – GSWA Radiometrics (Thorium) (source: BPM) Strategic Alignment with Australia’s REE Processing Infrastructure Durack’s monazite aligns with domestic downstream facilities such as Iluka’s Eneabba Rare Earths Refinery, supported by ~A$1.65 billion in federal funding. High Nd/Pr content supports demand trends linked to EV motors, wind turbines, and defence technology (Figure 6). Figure 6: Forecast NdFeB Magnet Consumption (source: BPM) Leadership Commentary BPM CEO Oliver Judd commented: “We are very encouraged by the recent observations and rock chips from Chandlers find Prospect at the Durack Project. Chandlers represent less the 5% of the total strike length of the project, demonstrating the potential for this project to host a major heavy mineral sand deposit containing REE’s. Rock chips have returned multiple high-grade Rare Earth Element assays demonstrating significant concentrations, including 9.65% TREO with 2.20% Nd2O3+Pr6O11. The REE’s are hosted within the mineral Monazite, a typical source of LREE’s globally and a favourable mineral for commercial processing. HMS style deposits can be huge, often in the billions of tonnes. With this in mind, coupled with the initial high grade rock chips, large prospective land holding and compelling scalable radiometric anomalies, the Durack Project has the potential to deliver a major REE bearing resource in a new emerging REE district. With REEs recognised as a Critical Mineral by the Australian federal government, there are opportunities to benefit from national initiatives aimed at establishing Australia as a leader in the global Rare Earth market.” About the Project The Durack Project covers 151 exploration blocks across multiple pastoral leases, targeting lithified heavy mineral sands within the Proterozoic Warton Sandstone. Key attributes include: 100 km of outcropping, REE-prospective strike High-grade monazite-hosted REE within coarse, well-sorted heavy mineral bands Geological continuity across a regional corridor Project secured under a non-dilutive exclusive option agreement The mineralisation dips gently (~10°) westward and reflects ancient beach placer systems preserved inland (Figure 7). Figure 7: Ross Chandler standing on a well-exposed outcrop near where DRK056 was taken. Rocks dip shallowly (~10°) towards the west (right-side of image). Ross is approximately 5’6” for scale. (source: BPM) Near-Term Milestones to Watch According to the company’s published forward program: 2026 field season will include additional sampling, radiometric surveying, and metallurgical work Heritage agreement execution with Kimberley Land Council anticipated in H1 2026 Tenement grants expected shortly after heritage approvals Expanded assessment of the ~45 km prospective strike in southern tenements Continued evaluation under the Durack Project option agreement It is also worth noting that BPM continues to advance exploration across its broader portfolio, with ongoing work at Forelands and Beachcomber expected to carry through the 2025–2026 period. How Samso Understands the Investment Memo for the Company Durack presents a rare combination of high-grade, geological scale, and strategic relevance within a favourable jurisdiction. The consistent presence of monazite-hosted Nd-Pr mineralisation across a growing outcrop footprint suggests the potential for a large-tonnage REE-Ti-Zr system, comparable to heavy mineral projects known for multibillion-tonne potential. With the Australian Government actively backing downstream REE processing, projects such as Durack — featuring coarse monazite and relatively simple beneficiation pathways — stand to benefit from emerging domestic supply chains. However, true project momentum will require systematic exploration once tenure is granted, including drilling to verify continuity and tonnage potential. Samso Concluding Comments According to BPM, Durack sits within one of Australia’s most prospective yet underexplored REE terrains, and the combination of monazite dominance and strong Nd-Pr representation stands out in the current market context. What is nice to see is the potential scale implied by the newly confirmed 4 km high-grade extension and the still-untested 45 km southern corridor. This is where the long-term value proposition resides: the potential emergence of a significant REE province in the Proterozoic Warton Sandstone. The presence of coarse, well-sorted monazite is particularly important. It not only supports favourable processing characteristics but also aligns well with Western Australia’s downstream infrastructure initiatives. As EV and magnet supply chains diversify away from China, such attributes will carry increasing strategic weight. Durack is in a province that is hard to move logistically, and there may be issues with land access. The red tape is not easy in the Kimberley, but that is not saying that it is unworkable. For now, Durack presents a robust early-stage opportunity with meaningful upside. As always, the path from discovery to definition is long, but the ingredients present here offer a promising start. The Samso Way – Seek the Research Always look beyond the headlines — the real story lies in the geological context and the long-term development pathway. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Kasiya-Style Flake Graphite Confirmed at Central 25 November 2025 (click here to view the announcement) DY6 Metals Ltd (ASX: DY6), now Tusker Minerals Limited (ASX: TSK), has released new rutile and graphite assay results from reconnaissance auger drilling across the Nsimbo and Alamba licences, part of the broader Central Rutile Project in Cameroon (Figure 1). Figure 1: Map showing the location of the 24 mechanised auger drill holes drilled on the Nsimbo and Alamba licences at the Central Rutile Project. (source: TSK) The program confirms multiple thick rutile zones from surface and the presence of Kasiya-style flake graphite within mottled and saprolite horizons. These results underline the dual-commodity potential emerging across this 8,782 km² landholding. The Business of the Company: Focus – Projects TSK continues to advance its saprolite-hosted rutile and graphite strategy across Central Cameroon. A systematic, low-cost auger campaign is testing extensions of mineralisation identified by regional activity to the north. The Company holds or is acquiring 21 exploration permits covering a rapidly emerging rutile province. The geological model mirrors the Tier-1 Kasiya deposit in Malawi, where rutile and graphite co-exist within deeply weathered profiles. Highlights – Thick Rutile Zones and Confirmed Flake Graphite 1. Multiple Rutile Intercepts from Surface Reconnaissance auger drilling returned several thick intervals (Figure 2), including: 11m @ 0.49% rutile, incl. 4m @ 0.63% and 1m @ 0.88% rutile. 11m @ 0.47% rutile, incl. 3m @ 0.54% rutile. 5m @ 0.51% rutile, incl. 3m @ 0.65% and 1m @ 0.78% rutile. 9m @ 0.42% rutile, incl. 3m @ 0.52% rutile. Figure 2: Disseminated Flake Graphite (0.47%) in Mottled Saprolite Zone (source: DY6) All holes reporting >0.5% rutile show mineralisation beginning at surface and remaining open at depth (Table 1). Table 1: Auger drilling results (rutile only), Central Rutile Project (UTM32N & UTM33N) 2. Graphite Confirmed – Strong Grades in Saprolite Horizon Graphite assays show a consistent enrichment profile: 2m @ 0.48% TGC, incl. 1m @ 0.60% TGC. 5.6m @ 0.33% TGC, incl. 2m @ 0.50% TGC. Additional intervals of 9m @ 0.27% TGC and 7m @ 0.29% TGC. Every hole assayed ended in graphite, with grades increasing into mottled/saprolite zones—typical of Kasiya-style weathering sequences. 3. Dual-Commodity Value Proposition The combination of high-grade natural rutile near surface and free-dig, saprolite-hosted flake graphite strengthens TSK’s ability to build a low-cost, high-margin critical minerals project (Figure 3). Figure 3: Flake Graphite (0.47%) observed in mottled zone during desliming (source: TSK) 4. Geological Validation – Kasiya-Style System Visual and analytical confirmation of flake graphite supports the geological model linking Central Rutile to the world-class Kasiya deposit in Malawi. 5. Follow-Up Work Underway Ongoing soil sampling and auger drilling at Bounde and Nganda aim to delineate deeper, higher-grade rutile–graphite zones. Leadership Commentary CEO, Cliff Fitzhenry, commented: “These results mark a significant and transformational step forward for the Central Rutile Project. The discovery of flake graphite mineralisation within the mottled clay and saprolite horizons shows a clear Kasiya-style enrichment profile. The prospects demonstrate clean, saprolite-hosted and free-dig graphite, with grades increasing into the saprolite horizon and remaining open in all holes assayed to date. Importantly, with the strong, natural rutile prospectivity of the project, these results point to the exciting dual commodity opportunity for the Central Rutile Project. Combining premium, high-purity natural rutile potential near surface along with high-quality, flake graphite is a game-changing development. These results could position the project as a strategic, low-cost, multicommodity, critical minerals asset in West Africa. We are continuing our project-wide soil sampling, as well as targeted hand-auger drilling, across the project.” About the Project The Central Rutile Project spans 8,782 km² across a region historically known for high-purity rutile production (15,000 tonnes between 1935–1955). Key geological features include: Garnet mica-schist and kyanite-bearing paragneiss—the primary rutile source. In-situ saprolite-hosted rutile, formed through deep tropical weathering. Flake graphite enrichment in mottled and saprolite horizons, increasing with depth due to preservation under less oxidised conditions. Potential for secondary alluvial concentration through reworking of weathered profiles. This geological environment closely parallels the Kasiya blueprint, offering scalability and operational simplicity (Figure 4). Figure 4: Map of Central Cameroon showing TSK’s Central Rutile Project (source: TSK) Near-term Milestones to Watch Expansion of soil sampling across Bounde and Nganda. Verification drilling on deeper rutile–graphite targets. Assay acceleration via the Company’s new in-country laboratory. Targeted hand-auger programs to refine higher-grade zones for future resource definition activities. How Samso Understands the Investment Memo for the Company The emerging narrative at TSK is one of progressive geological validation across a very large landholding. The intersection of rutile and graphite within the same weathered profile provides a compelling strategic advantage—two globally critical minerals generated by the same low-cost, saprolite-hosted system. What stands out is the consistency: mineralisation begins at surface, continues through the profile, and remains open at the base of drilling. Each auger hole is contributing to a clearer picture of a mineral system that has the scale, simplicity, and geological integrity to support future development work. From an investment perspective, the project is still in an early phase, but the building blocks—geological continuity, validation of the model, and dual-commodity upside—are taking shape in a way that aligns well with TSK’s broader strategic positioning in West Africa. Samso Concluding Comments While still in the reconnaissance phase, the auger results demonstrate a geological system with depth potential and grade consistency. Importantly, all holes ended in graphite, which suggests that deeper programs could reveal stronger graphite zones similar to what defines world-class saprolite-hosted deposits. This is an encouraging signal for those watching the long-term potential of this project. The dual-commodity aspect is not to be understated. Rutile and graphite each have their own market dynamics, supply gaps, and strategic value. Being able to delineate a project where both occur naturally within the same weathered horizon is significant. It lowers complexity, potentially reduces capital intensity, and opens the door to future processing synergies. These are the types of characteristics that can fundamentally shift the economics of a critical minerals project. The geological correlation to Kasiya will draw ongoing comparisons, but what matters now is whether TSK can continue validating this model through the next phases of drilling. The Company’s broader portfolio across Cameroon gives it the landholding necessary to explore at scale, and the early data suggests there may be multiple zones capable of supporting future resource definition. Consistency and continuity will be key markers in future updates. As more data arrives from Bounde, Nganda, and subsequent lab work, investors should expect a clearer view of where TSK's strongest targets reside. For now, the narrative is one of steady progress—measured, data-driven, and aligned with building a foundation for a long-term critical minerals project in West Africa. The Samso Way – Seek the Research Every project has a story—understanding the geology is where clarity begins. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Major metallurgical advancement - Kennedy Rare Earth Deposit 24 November 2025 (click here to view the announcement) DevEx Resources Ltd (ASX: DEV) has reported new heap leach column test results that materially enhance the extraction outlook for critical Magnetic Rare Earth Elements (MREEs) from the Kennedy ionic clay-hosted system. The Kennedy Rare Earths Project, located in North Queensland approximately 50km south of Mount Garnet and connected to Townsville’s port and infrastructure corridor, has delivered a significant step forward in its metallurgical understanding (Figure 1). These results strengthen the project’s positioning as one of Australia’s emerging rare earth clay prospects. Figure 1: Kennedy Rare Earths Project Location and Infrastructure. (source: DEV) The Business of the Company: Focus – Rare Earths - Clay-Hosted. (Figure 2) DevEx Resources continues to advance its 100%-owned Kennedy Ionic Adsorption Clay-Hosted REE Project through systematic drilling, metallurgical test work, and expanding the understanding of the Inferred Mineral Resource Estimate (MRE). Kennedy contains high-value MREOs: Praseodymium, Neodymium, Dysprosium, and Terbium. The entire Inferred MRE sits in soft, unconsolidated clays beginning at surface, supporting low-cost mining potential. Testing is now focused on validating a simplified heap leach processing pathway using ammonium sulphate (AMSUL). Broader exploration opportunities exist to the south-west, where broad-spaced drilling indicates further extensions. Figure 2: Extent of the Kennedy Inferred MRE and Bulk Sample Drill Coverage. (source: DEV) Highlights – Major Metallurgical Advancement from Heap Leach Column Tests 1. Strong Magnet Rare Earth Recoveries Column leach tests delivered 67% and 68% total MREE recoveries, a material improvement over earlier diagnostic test work. The system shows consistent extraction across Pr, Nd, Dy, and Tb. Cerium recovery remained <5%, which is favourable as Ce is a low-value component. Vertical flow of AMSUL (ammonium sulphate) solution was excellent, as demonstrated in the Australian Nuclear Science and Technology Organisation (ANSTO)’s column test work, confirming favourable physical characteristics for a heap leach design (Figure 3). Figure 3: ANSTO Facilities, Column Setup and Agglomeration (source: DEV) 2. Representative Composite Sample Validated Results were derived from a 127 kg composite homogenised from 68 drill holes, representing a broad cross-section of the Inferred MRE and confirming consistency across the deposit (Table 1). Two 2-metre-high columns were used, irrigated over 37 days. Table 1: Head Grade of Composite Sample 1 used for Column Leach Test Work 3. Low Acid Consumption Acid consumption measured only 6–8 kg/t, which is exceptionally low for clay-hosted REE systems and may translate into materially lower operating cost inputs (Table 2). Table 2: Heap Leach Column Tests – Final MREE Extraction Low impurity extraction was observed, supporting the potential for cleaner downstream processing and reduced purification complexity (Table 3). Table 3: Heap Leach Column Tests – Final TREE4 Extraction About the Project Kennedy is an ionic adsorption clay-hosted REE deposit containing high-value MREOs essential for permanent magnet manufacturing in electric vehicles, wind turbines, and renewable technologies. Key geological and metallurgical features: Surface-hosted clays require no overburden removal. Unconsolidated materials with pisolites and nodules dispersed throughout. Rapid desorption of REEs using weakly acidic AMSUL solutions (pH 3–4). Excellent vertical flow and agglomeration characteristics support heap leach scalability. Potential for expansion, with wide-spaced drilling pointing to new zones requiring follow-up (Figure 4). Figure 4: Wireframe (light red) for Inferred MRE at 325ppm TREO-CeO2 cut-off and air-core/RAB drilling looking north-west. (source: DEV) Near-term Milestones to Watch Further optimisation of leach parameters to enhance MREE recovery while controlling impurity dissolution. Ongoing assessment of acid addition strategy to achieve the most efficient recovery-cost balance. Continued exploration, particularly south-west of the existing resource outline, to test for additional mineralised clay horizons. Advancement of project development pathways incorporating updated metallurgical understanding. How Samso Understands the Investment Memo for the Company The latest metallurgical work materially strengthens the project narrative for Kennedy. These results show that DevEx is advancing its technical foundations. The project’s attributes—surface clays, soft material, simple leach chemistry, and low acid consumption—are shaping an early picture of a potentially cost-efficient extraction pathway. The consistency across broad drill coverage provides confidence in the deposit’s uniform metallurgical response. For investors, Kennedy remains a long-term, methodical development story requiring continued optimisation and exploration to define scale, economics, and positioning within Australia’s evolving REE landscape. Samso Concluding Comments The Kennedy Project offers an intriguing combination of shallow mineralisation, favourable metallurgy, and proximity to established infrastructure—factors that collectively shape the early potential of a clay-hosted REE system. The 67–68% MREE recovery range is meaningful for a first round of column test work and signals potential for improvement through optimisation. From a development perspective, the low acid consumption reduces operational risk and may influence future economic modelling positively. This level of reagent efficiency is not common across clay-hosted rare earth deposits globally, and the implications for downstream purification circuits are equally important. DevEx continues to benefit from structured, methodical technical work undertaken in partnership with ANSTO and process engineering specialists. This approach reduces uncertainty and increases clarity around the project’s pathway. That said, Kennedy is still at an early stage. Future work will need to verify scalability, consistency across expanded drill grids, and economic competitiveness within the broader REE sector. Investors should appreciate the long-term nature of such developments, particularly in a market where strategic positioning and cost structure will ultimately determine a project’s standing. The Samso Way – Seek the Research Always take the time to understand the technical narrative behind the numbers. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Union Hill Waste Dump Drilling to Commence 25 November 2025 (click here to view the announcement) Kaiser Reef Limited (ASX: KAU) has released an operational update outlining the commencement of a substantial drilling program across the Union Hill waste dumps at the Maldon Gold Project in central Victoria (Figure 1). The Project includes multiple historical high-grade underground mines and an operating 200ktpa processing plant at Porcupine Flat. The planned program forms part of Kaiser’s renewed strategy to identify near-surface, readily accessible material to support continued processing while longer-term mining options are assessed. Figure 1: Maldon Gold Project in central Victoria (source: KAU) The Business of the Company: Focus – Gold Kaiser’s activities span two core operating regions: Victoria – Maldon Gold Project Union Hill Mine – fully permitted, on care and maintenance Historical production: 1.75Moz @ 28 g/t Au (pre-1926) Current resource: 186koz @ 4.4 g/t Au Operating 200ktpa Porcupine Flat Processing Plant Tasmania – Henty Gold Mine Operating underground mine 438koz @ 3.3 g/t Au MRE, 199koz @ 3.3 g/t Au Ore Reserve 300,000tpa processing plant At Maldon, the waste-dump program reflects Kaiser’s broader approach: leveraging existing infrastructure to unlock value from surface and near-surface material while planning larger-scale underground re-establishment. Highlights – Union Hill and Nuggetty Waste Dump Evaluation Major Union Hill Waste Dump Drilling Program Underway 240-hole, ~3,191m slimline RC program scheduled to commence before month-end. Waste dump footprint: >50,000m²; estimated volume >410,000m³. Insert Figure: Planned Union Hill Waste Dump Drill Hole Locations – Figure 1, Page 3. Channel sampling over accessible areas returned average 0.6 g/t Au, with variability across the dump. October trial processing of 2,628t reconciled at 0.86 g/t Au with 99% recovery. Trial captured a portion of underlying “battery sands”, extent currently unknown. Initial screening test work indicates potential to upgrade mill feed. Further bulk sample work underway to establish specific gravity and convert cubic metres to tonnes. A second-pass infill program may be required to refine understanding of grade distribution. Figure 2: Planned Union Hill Waste Dump Drill Hole Locations and Waste Dump Outline (Yellow) (source: KAU) Nuggetty Waste Dump – High Early Grades, Permitting in Progress Located 1.5 km north of Union Hill; ~16,000m² footprint. Insert Figure: Nuggetty Waste Dump Outline – Figure 2, Page 4. Surface rock-chip samples (321 samples) averaged 1.8 g/t Au. Historical (2018) bulk sample: 2,401t @ 2.50 g/t Au, 87.1% recovery. Rock chips and legacy bulk samples are not considered definitive—drilling and new test work required for tonnage and grade confidence. Figure 3: Planned Union Hill Waste Dump Drill Hole Locations and Waste Dump Outline (Yellow) (source: KAU) Leadership Commentary Kaiser’s Managing Director, Brad Valiukas, commented: “With historical gold production of 1.75moz @ 28g/t gold , Maldon represents a district-scale gold opportunity for Kaiser, with numerous historical mines and lines of working that remain substantially underexplored. “Successful drilling of the Union Hill waste dump could potentially convert it to a substantial low-grade stockpile. Between Union Hill and Nuggetty, we have an estimated 450,000m 3 of potential material. Success will allow Kaiser to continue operating the 200ktpa Porcupine Flat Processing Plant profitably, while we explore the Project overall work towards a potential restart of mining. The grades to date at Nuggetty make it a high priority, and we are working on permitting now. “This drilling is part of our renewed and systematic approach to the Maldon Gold Project. As a result of taking a much wider view of the Project, we are currently working up multiple, from surface, exploration targets within the Project footprint, and will update the market as these are firmed up. “The next exploration steps at the Union Hill Mine, following the recent strong drilling results from within the open pit, will be to re-establish the underground as an exploration platform. We expect to be tendering the electrical works later this week as part of setting up to rehabilitate the decline early next calendar year ”. About the Project – Waste Dump Strategy at Maldon Union Hill Kaiser is advancing a systematic assessment of the Union Hill waste dump with drilling on a 20m x 10m grid where topography allows. The work follows channel sampling programs that tested accessible surfaces across the dump. The aim is to: Determine the spatial distribution of gold grade. Convert the large waste dump (estimated >410,000m³) into a classified stockpile. Assess the potential of “battery sands” and screened fractions as upgraded feed. Nuggetty Nuggetty represents a second, higher-grade opportunity, with early results showing promise but requiring a full drill program to quantify grade and volume (Figure 4). Work is currently focused on permitting and planning. Figure 4: Maldon – 2.1 Moz of Production (ASX 7 Dec 2020) (includes alluvial production) (source: KAU) Near-term Milestones to Watch Commencement of 240-hole drilling at Union Hill. Return of assay results from the initial drill program. Decision on second-pass drilling based on grade continuity. Completion of bulk density/specific gravity test work for tonnage conversion. Permitting advancement for drilling at Nuggetty. Tendering and commencement of Union Hill underground rehabilitation works. How Samso Understands the Investment Memo for the Company From the Samso perspective, Kaiser is demonstrating a pragmatic approach to generating value from existing assets. The waste dump strategy fits into a broader operational philosophy—leveraging processing infrastructure, testing low-cost, near-surface material, and building optionality while larger-scale underground pathways are reassessed. This approach has two dimensions: Operational Continuity Waste dumps offer a low-risk material stream to keep the plant operating, reducing fixed-cost pressure. Strategic Optionality Positive results may provide a bridge to more substantial exploration outcomes across the Maldon system. The near-term focus is on defining grade and volume with confidence before making decisions that feed directly into production planning. Samso Concluding Comments Looking across the Project, Kaiser appears to be positioning itself for operational flexibility. In a rising and extremely buoyant gold price environment that traditionally rewards low-cost ounces, the strategic use of waste dumps makes sense as it will generate cash flow, and support further exploration. The larger picture at Maldon remains compelling. Historical mines, underexplored trends, and established infrastructure all point to a multi-layered opportunity—but success depends on disciplined technical execution. The focus on re-establishing underground access is a significant step—strong underground platforms often unlock deeper, higher-grade extensions in Victorian gold systems. However, I think anything that is close to be capable to be mined and processes will need to be seriously considered. Investors should watch the drilling results closely. If the waste dumps convert into meaningful tonnage at consistent grades, Kaiser may strengthen its operational base heading into 2026. The Samso Way – Seek the Research Independent thinking comes from understanding the details—always read the source documents. 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 1. Multiple high-grade intercepts, including 18.3m @ 3.14% Cu - 5 November 2025 (click here to view the announcement) 2. Coppermine Drilling Confirms Thick High-Grade Copper - 24 November 2025 (click here to view the announcement) Somerset Minerals Limited (ASX: SMM) is steadily building a district-scale copper narrative at its flagship Coppermine Project in the Kitikmeot region of Nunavut, Canada (Figure 1). The project covers ~1,665 km² of tenure dominated by the Copper Creek Formation basalts, a setting already known for high-grade, structurally controlled sulphide and native copper mineralisation. Over the last six months, Somerset has moved from initial acquisition work into consecutive drilling and regional programs at the Jura trend, particularly at Jura North. Two ASX announcements – 5 November 2025 and 24 November 2025 – now frame the current position: thick high-grade copper intercepts from a growing ore system at Jura North, and a clearly defined 2026 exploration, permitting, and community agenda for the wider Coppermine camp. Figure 1: Somerset Project locations and mines in Nunavut. (source: SMM) The Business of Somerset Minerals: Focus – Projects Somerset is positioning itself as a growth-focused copper explorer with a portfolio built around North and South American opportunities: Flagship Asset – Coppermine Project, Nunavut (Canada) 102 exploration licences plus one exclusive exploration right with Nunavut Tunngavik Incorporated (NTI), covering ~1,665 km². 90% of tenure overlies Copper Creek Formation basalts, prospective for fault-hosted, flow-top replacement and sediment-hosted copper-silver mineralisation. Other Projects Prescott Project (Nunavut, Canada): Interpreted to host an anticlinal repetition of the same formation that hosts American West Metals’ Storm Copper Project. Blackdome–Elizabeth JV (British Columbia): High-grade past-producing gold project. Rio Zarza and Valle del Tigre (Ecuador): Two early-stage exploration projects in a fertile tectonic setting. Operationally, the company’s near-term focus is clear: advance Jura North from discovery drilling toward resource definition, while using new geophysical and geochemical datasets to open up a broader copper camp across the Coppermine landholding. Highlights – 5 November 2025: Jura North Drilling Grows the System The 5 November announcement reports assays from three additional RC holes at Jura North (JURC007, JURC008, and JURC012), all of which intercepted wide zones of copper mineralisation along strike from the standout discovery hole JURC001. JURC012 – Thick, High-Grade Northern Step-Out (Figure 2) 39.6 m @ 1.61% Cu from 128 m, including 18.3 m @ 3.14% Cu from 131.1 m and 4.6 m @ 6.05% Cu from 143.3 m. This is the northernmost intercept to date and remains open in all directions. Figure 2: Cross-section showing mineralisation intercepted in JURC011 and JURC012 (source: SMM) JURC008 – Broad Mineralised Envelope with High-Grade Core (Figure 3) 71.6 m @ 0.57% Cu from 89.9 m, including 10.7 m @ 2.47% Cu from 131.1 m and 4.6 m @ 4.38% Cu. JURC007 – Shallow Mineralisation Maintaining Strike Continuity (Figure 3) 16.8 m @ 0.82% Cu from 53.3 m, including 3.0 m @ 2.97% Cu from 53.3 m. Figure 3: Cross-section showing mineralisation intercepted in JURC002, JURC007, and JURC008 and interpreted thickening of mineralisation at depth (source: SMM) System Scale and Geometry (Figure 4) Jura North has now been drilled to ~190 m down-dip and remains open in all directions. Ground IP identifies a low-resistivity zone extending from the known mineralisation to >600 m below surface, suggesting significant vertical extent and potential for increasing grade with depth. Figure 4: Plan map of Jura North showing drill collars and significant intercepts (source: SMM) Additional Visual Mineralisation Step-out holes JURC009–JURC011 show multiple intervals of visually logged sulphides over tens of metres (assays subsequently reported in the 24 November update). Highlights – 24 November 2025: Thick High-Grade Copper Confirmed & 2026 Strategy By 24 November, all Jura drilling results are in, and Somerset can summarise the campaign as a consistent success – every hole drilled at Jura North has intersected copper mineralisation. Key intercepts across the program now include: Discovery & Down-Dip Growth (Figure 5) JURC001: 42.7 m @ 2.69% Cu from 15.24 m, including 16.8 m @ 3.96% Cu. JURC005: 61.0 m @ 0.85% Cu from 67.1 m, including 9.1 m @ 2.88% Cu. JURC006: 59.4 m @ 1.50% Cu from 83.8 m, including 19.8 m @ 3.54% Cu (and 4.6 m @ 6.87% Cu reported previously). Figure 5: Section line A. (source: SMM) Northern Extensions & Step-outs (Figure 6) JURC012: 39.6 m @ 1.61% Cu from 128 m, including 18.3 m @ 3.14% Cu from 131.1 m. JURC008: 71.6 m @ 0.57% Cu from 89.9 m, including 10.7 m @ 2.47% Cu from 131.1 m. JURC007: 16.8 m @ 0.82% Cu from 53.3 m. Figure 6: Section line B. (source: SMM) Newly Reported Holes – 24 November Update (Figure 7) JURC011 - Confirms shallow mineralisation in the upper part of the structure with 16.8 m @ 0.7% Cu from 89.9 m, including 7.6 m @ 1.26% Cu from 97.5 m, demonstrating continuity across the steeply dipping fault corridor. JURC012 - Delivers a thick, high-grade down-dip intercept of 39.6 m @ 1.61% Cu from 128 m, including 18.3 m @ 3.14% Cu and 4.6 m @ 6.05% Cu, showing the strong copper zone persists at depth and remains open. Figure 7: Section line C. (source: SMM) Scale and Continuity (Figure 8) The mineralised system at Jura North is now defined over ~250 m of strike, with interpreted true widths locally up to ~60 m and lengths up to 71.6 m. IP defines a large low-resistivity zone from surface to >600 m depth, with associated high-chargeability zones and possible parallel lodes and undrilled targets to the south. Figure 8: Plan map showing wider Jura prospect area, drill hole collar locations, significant intercepts, and rock chip samples. (source: SMM) District Context (Figure 9) Jura represents <5% of the Coppermine landholding, which contains >112 mapped copper occurrences along >100 km of prospective strike. Figure 9: Over 100km of prospective strike with 112 copper occurrences between Laphroaig, Jura and wider project area within the Copper Creek Basalt. (source: SMM) Managing Director, Chris Hansen, commented, “Over the past six months, Somerset has achieved what many explorers take years to deliver. We moved from initial acquisition to completing two back-to-back drill campaigns, each of which has delivered thick, continuous and high-grade copper intercepts across multiple zones at Jura North. Every hole drilled at Jura has intersected mineralisation—an exceptional outcome that confirms we have uncovered a potentially large, growing copper system that remains open in all directions. With strike now defined over ~250 metres, interpreted true widths up to ~60 metres, and geophysics suggesting continuity of mineralisation to depths beyond 600 metres, Jura North has rapidly emerged as an advanced, high-quality discovery with clear potential to evolve into a significant copper deposit. Importantly, Jura represents less than 5% of our large 1,665 km² Coppermine Project landholding. In parallel with resource drilling, we’ve completed the first truly comprehensive regional geochemical and geophysical datasets ever collected across this land package—more than 11,000 line-km of high-resolution magnetics and over 1,500 soil samples. These results, expected shortly, have the potential to identify multiple virgin copper targets across a district already hosting more than 112 mapped copper occurrences. This work is laying the foundation for what we firmly believe is a genuine belt-scale copper camp, capable of delivering not just one, but several significant copper discoveries. With all the groundwork now complete, 2026 is shaping up to be a transformational year for Somerset. We are now preparing for an aggressive program of RC and diamond drilling at Jura North to expand the system along strike, at depth, and into potential parallel lodes, while simultaneously advancing a pipeline of new regional targets for first-pass drilling. As these datasets come together, we expect to unlock the broader potential of Coppermine Project and demonstrate that the district has the potential to host much larger copper systems than previously recognised. We are entering the new year with strong momentum, a growing high-grade discovery, a district-scale opportunity in front of us, and a clear strategy to convert this into significant value for our shareholders.” About the Project – Jura within the Coppermine Copper Camp Geological Setting Coppermine sits within Copper Creek Formation basalts and associated sediments, hosting multiple copper styles: Fault-hosted mineralisation (~2–45% Cu) in sub-vertical brecciated structures. Basalt flow-top replacement (~2–15% Cu). Sediment-hosted mineralisation (~0.25–2% Cu). The broader setting is considered analogous to the Keweenaw Peninsula copper deposits in Michigan, which contain high-grade native copper in continental flood basalts and sediments. Jura Trend Jura comprises a ~7 km long, north–south striking fault zone, with a historic resource to the north and high-grade rock chips along strike, including 19.10% Cu and 21.1 g/t Ag. Drilling and mapping have confirmed copper mineralisation over >3 km of strike, within a steeply east-dipping (~65°) fault corridor. The geometry is characterised by high-grade cores within broader lower-grade envelopes, with chalcocite-dominated sulphides, hematite alteration, and associated magnetic lows providing useful exploration vectors. Regional Targets Beyond Jura, Somerset’s priorities include: Laphroaig District – Along strike from White Cliff’s Vision District (Don & Pat prospects) with rock chips at Somerset’s ground up to 45.4% Cu and 60 g/t Ag. Ardbeg District – Immediately south of White Cliff’s Thor and Rocket districts, supported by historic drilling and surface sampling. Oban District – Hosts the Coronation prospect, a historic resource open at depth and along strike, with historical drilling and EM/IP providing drill-ready positions. Near-term Milestones to Watch (Figure 10) 1. Integration of Regional Datasets (Next ~4 Weeks and Beyond) Delivery and interpretation of: ~11,000 line-km of high-resolution airborne magnetics (200 m line spacing). 1,500 multi-element soil samples on key fault corridors and broader grids. Identification of demagnetised corridors, magnetic lows, and multi-element soil anomalies aligned with major fault zones. Prioritisation of coincident geophysical–geochemical anomalies for ground IP follow-up and first-pass drilling. 2. 2026 Jura North Drill Program – RC + Diamond RC drilling to: Extend mineralisation along strike at Jura North. Test hanging-wall and footwall IP anomalies, including a ~400 m long resistivity low and a highly chargeable footwall zone interpreted as potentially coarser-grained sulphides. Drill the Jura “lookalike” IP/Resistivity target ~3 km south of Jura South. Diamond drilling to: Step the main Jura North zone down-dip to ~400–500 m depth, targeting the deep resistivity low that envelopes known high-grade intercepts. 3. Regional Target Testing (2026 Field Season) Systematic RC testing of ~5–10 regional target areas where magnetics, soils, and structural interpretation converge. Use of ground IP to refine high-priority anomalies prior to drilling. 4. Permitting and Community Engagement Progress of Class A Land Use Permit (CIRNAC), amendments to existing KIA Class III Land Use Permit, and new Class B Water Use Licence application to enable up to 100 drill holes and two small camps (Jura and Hope Lake). Ongoing community meetings and consultation in Kugluktuk and with local organisations such as the HTO and KIA. Figure 10: Indicative 2026 exploration timeline and activity chart (source: SMM) How Samso Understands the Investment Memo for the Company From a Samso perspective, Somerset is methodically de-risking a structurally controlled copper system within a largely underexplored basaltic province. Jura North is emerging as the company’s anchor discovery: thick, high-grade zones, a clear structural control, and geophysical support for significant depth extent. At the same time, the company is not losing sight of the bigger picture. The extensive magnetics and soil programs, plus the focus on coincident geophysical–geochemical anomalies, indicate an intention to build a pipeline of prospects across the Copper Creek basalts, not just refine a single ore shoot. Permitting and community engagement are being treated as core workstreams, not afterthoughts. The move toward small, low-impact field camps, expanded drill approvals, and transparent communication with local stakeholders aligns with a long-term view of operating in Nunavut. For investors, the memo looks like this: Jura is the immediate focus for adding tonnes and grade, while the broader Coppermine region offers optionality in the form of multiple potential discoveries. Funding, drilling density, and execution across future field seasons will decide how quickly this conceptual copper camp can turn into defined resources and, eventually, development options. Samso Concluding Comments The Somerset story at Coppermine is still very much in the “building blocks” phase, but the foundations being laid are meaningful. A consistent run of mineralised drill holes at Jura North, supported by strong copper grades and improving geological understanding, helps when assessing a new district-scale copper play. These broad mineralised envelopes with high-grade cores are encouraging. The resource-style drilling and IP modelling at Jura North are sharpening the picture of a potential initial development centre, while the company is investing heavily in the datasets – magnetics, soils, and mapping, which are required to unlock the underground targets across a 1,665 km² land package. In a region that has seen limited modern exploration since the 1960s, that combination of scale and method is important. There is also a realism to the way Somerset is handling permitting and community engagement. Operating in Nunavut requires patience, clear communication, and a willingness to work with multiple regulatory bodies and local organisations. The Company’s move toward small, low-impact camps and its effort to engage directly with the community in Kugluktuk are positive indicators for how future operations might be conducted, but it is a process that will need ongoing attention as activities scale up. For investors watching from the sidelines, Jura North currently provides the tangible evidence of value. This will come from drill metres, copper grade, and a growing strike length. As always, funding, execution, and market conditions for copper will ultimately shape outcomes. From the Samso viewpoint, Coppermine is an early-stage, technically interesting copper camp where the next two or three field seasons will be critical in determining whether Somerset can convert a promising geological concept into a portfolio of genuine copper assets. The Samso Way – Seek the Research As always, do your own work: read the original Somerset ASX announcements, review the figures, and speak with your financial adviser before making any investment decisions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement OxiDx test correlates with superior racehorse performance 24 November 2025 (click here to view the announcement) Proteomics International Laboratories Ltd (ASX: PIQ) has released new performance data from its majority-owned subsidiary, OxiDx Pty Ltd, in collaboration with The University of Western Australia. The findings were presented at the Australian Physiological Society (AuPS) Annual Scientific Meeting in Sydney, Australia, confirming that Thoroughbred racehorses competing without oxidative stress were significantly more likely to perform at higher levels. With oxidative stress (Figure 1) long associated with muscle damage, impaired recovery, and a higher risk of injury, this dataset provides early but compelling validation for the OxiDx blood test as a performance and welfare tool in the horse racing sector. Figure 1: What is Oxidative Stress? (source: PIQ) The Business of the Proteomics International Laboratories: Focus – Projects Proteomics International Laboratories (PILL) is building a diversified precision diagnostics pipeline. Within this portfolio, OxiDx is a key commercialisation pathway focused on high-performance sports and animal welfare markets. Projects within this business segment include: Commercialisation of the OxiDx oxidative stress blood test (Figure 2), initially targeting the Thoroughbred racing industry. Long-term expansion into elite human athletics. Ongoing R&D collaborations with the University of Western Australia. Deployment of patented, ratio-metric biomarker quantification using dried blood spot technology. Figure 2: The OxiDx test (source: PIQ) This new data strengthens the scientific validation underpinning the OxiDx commercialisation pathway. About OxiDx OxiDx Pty Ltd is a 66% owned subsidiary of Proteomics International based in Perth, Western Australia, focused on commercialising an oxidative stress blood test developed with The University of Western Australia. Uses a patented dried-blood-spot test to detect systemic oxidative stress via precise ratio-metric measurement of protein biomarkers. Targets high-performance athletes and the Thoroughbred horse racing industry as initial markets. Supports assessment of muscle damage, recovery from exercise, and broader health status, with oxidative stress implicated in more than 70 health conditions. Together, these elements position OxiDx as a specialised diagnostic platform aimed at performance management and welfare-focused monitoring. Highlights – Strong Correlation Between Oxidative Stress and Race Performance (Figure 3) 88% of top-three finishers raced without oxidative stress, demonstrating a clear correlation with superior performance. Horses without oxidative stress were 76% more likely to place and 49% more likely to win than horses showing oxidative stress. OxiDx’s blood test detects a highly sensitive oxidative stress biomarker (thiol-oxidised albumin) linked to muscle damage and poor recovery. A study of 75 horses across 216 races found oxidative stress increased with consecutive racing, rising from 24% pre-first race to 53% after three races. Injuries remain a major issue in the sector—85% of Thoroughbreds sustain at least one injury during their 2–3-year-old seasons. The findings highlight OxiDx’s potential to assist in performance optimisation and welfare initiatives. Figure 3: Race performance vs oxidative stress (source: PIQ) Leadership Commentary Proteomics International Managing Director Dr Richard Lipscombe commented: “These results confirm that the first-in-class OxiDx test delivers a unique insight into the physiological readiness of racehorses. By detecting oxidative stress, trainers are better positioned to optimise race performance while maintaining high standards of horse welfare.” About the Project The OxiDx project focuses on commercialising oxidative stress detection technology originally developed with the University of Western Australia. The test measures thiol-oxidised albumin, a biomarker tightly linked to muscle damage and inadequate recovery. Key project elements include: Development of a simple dried-blood-spot test allowing field collection within one minute. Establishing baselines for each horse, enabling precise monitoring across racing cycles (Figure 4). Conducting clinical studies across 75 horses from seven stables to quantify links between oxidative stress and performance. Benchmarking musculoskeletal injury risk and recovery patterns. Figure 4: Baseline biomarker charts, sample collection process (source: PIQ) Figure 5 summarises how routine OxiDx testing can support training optimisation, race scheduling, performance enhancement, and improved welfare for both human and equine athletes. Figure 5: Applications of the OxiDx Test (source: PIQ) Near-term Milestones to Watch Finalisation of partnering agreements within the Thoroughbred industry (Australia and overseas). Commercial launch planning for equine applications. Expansion of OxiDx testing into elite human athletes following equine rollout. Continued publication and presentation of validation studies in peer-reviewed research outlets. How Samso Understands the Investment Memo for the Company This announcement reinforces OxiDx as one of the more commercially practical assets within the broader PIQ portfolio. The equine racing market is large, performance-driven, and increasingly aligned with data-based management. Clear performance correlation gives OxiDx a strong narrative, but adoption curves in traditional industries can be slow, and early commercial momentum will depend heavily on industry partnerships. For PIQ shareholders, this validates scientific progress but also highlights the need for funding, strategic alignment, and disciplined execution as the project moves toward commercialisation. Samso Concluding Comments From my perspective, the OxiDx test enters a sector where performance margins are small and where any measurable physiological insight can shift competitive outcomes. Strong statistical significance across multiple racing cycles suggests a reliable pattern rather than a coincidental outcome. The fact that oxidative stress increases markedly with consecutive races also indicates a real management challenge within stables. This is where OxiDx comes in with a simple, field-friendly test that will easily address the issue. As investors, we are acutely aware that translating scientific insight into industry behaviour is never straightforward. The racing industry is a very traditional and conservative sector that is collared with regulations that balance tradition, economics, and animal welfare, and new diagnostics will need champions within the sector to drive adoption. The partnering discussions will be central to establishing OxiDx as part of standard race preparation and recovery protocols. Without these partnerships, adoption may remain piecemeal. Funding and resourcing remain important considerations. Although the market opportunity is large—Australia alone represents a multi-billion-dollar ecosystem—early deployment will require strategic investment. Trainers, owners, and racing authorities will need clear use-case demonstrations, commercial pricing models, and operational scaling plans before widespread rollout occurs. Nonetheless, this announcement represents a solid step forward. The alignment of strong data, clear welfare implications, and a practical field-ready test positions OxiDx as a technology worth watching over the coming seasons. The Samso Way – Seek the Research Always follow the data, understand the science, and let the evidence guide your investment thinking. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Severe AS data presented at AHA Scientific Sessions 2025 13 November 2025 (click here to view the announcement) Echo IQ Limited (ASX: EIQ), based in Sydney, has released new clinical insights presented at the AHA Scientific Sessions 2025 in New Orleans, highlighting the growing medical need and commercial opportunity for EchoSolv AS, the Company’s AI-powered decision-support tool for severe aortic stenosis (AS). The update is anchored on two major real-world studies involving 30,878 echocardiograms and a broader 1.18 million-patient dataset from the National Echo Database of Australia (NEDA). The Business of the Company: Focus – AI Decision-Support for Cardiovascular Care Echo IQ operates in the cardiology decision-support sector, applying advanced analytics and FDA-cleared AI models to improve the diagnosis and management of aortic stenosis. The Company’s flagship product, EchoSolv AS, is built to assist cardiologists in identifying severe AS phenotypes more consistently and accurately across patient subtypes. Highlights – New Clinical Evidence Strengthens EchoSolv’s Role in Improving AS Diagnosis 1. Investigator-Initiated Study: EchoSolv Outperforms Cardiologists A University of Notre Dame Australia–led study compared cardiologist reporting against EchoSolv across 30,878 echocardiograms (Figure 1). Figure 1: EchoSolv vs Cardiologists – Study Design Overview in ‘Accuracy of cardiologist reporting of severe aortic stenosis vs decision-support artificial intelligence and its impact on clinical management’ (source: EIQ) Key findings include: EchoSolv demonstrated superior accuracy in identifying severe AS, particularly in women and low-gradient presentations. The AI restored gender equity, improving diagnosis ratios from 2.2:1 to 1.1:1 (male: female). Real-time EchoSolv integration could materially reduce delays in diagnosis and intervention, improving clinical outcomes (Figure 2). Figure 2: Echo report–driven follow-up and intervention outcomes for severe AS patients (investigator-initiated study). (source: EIQ) 2. NEDA Study: 1.18 Million Patients Reveal a Treatment Gap in Standard Care A national analysis covering 1.2 million echocardiograms revealed: Only 36% of women and 45% of men with moderate-to-severe AS received intervention. Significant mismatch between haemodynamic severity and treatment rates. “Watchful waiting” is contributing to substantial life-years lost, with early intervention being crucial. The findings emphasise the need for improved monitoring tools like EchoSolv to bridge the diagnostic gap. Leadership Commentary Chief Executive Officer, Mr Dustin Haines, commented: “The cumulative data from the two severe AS studies presented by the University of Notre Dame Australia Researchers at AHA25 have reinforced our commitment to leveraging advanced analytics and AI to transform severe AS care for patients. A key takeaway from the study that reviewed echocardiograms for more than 1.2 million patients is that the ‘watchful waiting’ strategy for moderate-to-severe AS cases is failing many of these patients. In addition, we are excited by the insights from the results that show how EchoSolv AS was able to identify the severe AS phenotype more accurately than cardiologists, particularly in some subtypes of AS. This study was of particular interest as it showed clearly that we have work to do in accurately diagnosing women with aortic stenosis and we are optimistic with the performance of EchoSolv AS to improve the gender equity.” About Echo IQ and Its AI Platform Echo IQ is an AI and medical technology company based in Sydney, Australia, using AI-driven technology and proprietary software to improve decision-making in cardiology. Its EchoSolv AS platform has been validated using large, multi-centre datasets, including the National Echo Database of Australia (NEDA), with ongoing clinical research supporting adoption across Australia and the United States. Near-term Milestones to Watch Increasing clinical deployments following the AHA25 data presentations. Expansion of real-world integrations to support cardiologists in major cardiac centres. Growing alignment with health policy discussions on AS treatment standards. Continued publication of large-scale validation studies in peer-reviewed environments. How Samso Understands the Investment Memo for the Company Echo IQ is positioning EchoSolv AS as a scalable diagnostic aid at a time when AS detection gaps are being increasingly scrutinised. The two AHA25 studies underpin the technology’s relevance across gender groups, clinical settings, and high-risk AS subtypes. The Company’s competitive position is strengthened by FDA clearance, broad data validation, and quantifiable clinical benefits demonstrated at scale. Samso Concluding Comments The cardiology sector has long struggled with the limitations of visual interpretation and human variability in echocardiogram reporting. EchoSolv’s performance highlights how AI can complement rather than replace clinicians, ultimately improving patient outcomes. Both studies presented at AHA25 underscore a systemic challenge: the underdiagnosis and undertreatment of severe aortic stenosis. This is especially true in moderate-to-severe cases where delayed intervention materially affects survival. Echo IQ’s strategy to drive adoption through real-world validation and investigator-led research is aligned with what clinicians and hospitals typically require before integrating new technologies. In the longer term, EchoSolv’s value proposition may extend beyond AS, potentially forming a broader AI-enabled cardiology platform supported by Echo IQ’s proprietary datasets. The Samso Way – Seek the Research Always understand the story behind the data before making an investment decision. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Presentation - Mt Mulgine Critical Minerals Scoping Study 12 November 2025 (click here to view the announcement) Tungsten Mining NL (ASX: TGN) has released its long-awaited Scoping Study for the Mt Mulgine Project in Western Australia (Figure 1), presenting a clear case for a globally significant tungsten–molybdenum development. Located 330km north-northeast of Perth and 15km northeast of Rothsay, the project sits within a premier Tier-1 jurisdiction supported by existing regional infrastructure. What stands out is scale: Mt Mulgine is now positioned among the largest tungsten deposits outside China, demonstrating both economic robustness and multi-commodity optionality under conservative price assumptions. Figure 1: Mt Mulgine Project overview map (source: TGN) The Business of the Company: Focus – Projects Tungsten Mining holds a portfolio of tungsten assets, including Mt Mulgine, Watershed, and Hatches Creek, giving the Company one of the most significant resource inventories in the global tungsten sector (Figure 2). The key development priority is Mt Mulgine, which delivers: A polymetallic system containing tungsten, molybdenum, copper, gold and silver A large, predominantly Indicated Mineral Resource base A long-life, low-strip-ratio open-pit mining strategy Strong project economics under both 6 Mtpa and 15 Mtpa development cases Jurisdictional advantages that matter for strategic metals such as tungsten Figure 2: Global Tungsten Deposits Comparison – TGN’s Mineral Resource Inventory (source: TGN) Highlights – A Strategic WA Tungsten Project with Scale and Strong Economics 1. Globally Significant Resource and Production Profile (Figure 3) Mt Mulgine contains 259Mt @ 0.11% WO₃ for 290kt WO₃, making it one of the largest tungsten deposits outside China. Over 110,000m of drilling has already been completed. Metal suite includes WO₃, Mo, Cu, Au, Ag, with meaningful by-product contributions. Figure 3: Mt Mulgine Mineral Resource table (source: TGN) 2. Strong Scoping Study Economics (6 Mtpa Case) (Figure 4) NPV (Pre-Tax): A$1.0–1.4B IRR (Pre-Tax): 30–45% CAPEX: A$358–495M OPEX: A$25.4–30.8/t ore Mine life: 23 years Strip ratio: 0.8:1 Figure 4: 6 Mtpa economics summary (source: TGN) 3. Large-Scale Expansion Case (15 Mtpa) (Figure 5) NPV (Pre-Tax): A$1.7–2.3B IRR (Pre-Tax): 42–62% CAPEX: A$631–868M Lower operating costs (A$21.6–26.2/t) 10-year mine plan at higher throughput Figure 5: 15 Mtpa economics summary (source: TGN) 4. Competitive Costing & Conventional Flowsheet (Figure 6) Three key concentrates: tungsten, molybdenum, and copper-gold-silver Metallurgical recoveries: WO₃ (72.5%), Mo (70%), Cu (62%), Au (41%), Ag (47%) Utilises conventional gravity + flotation Figure 6: Preliminary Flowsheet & Recoveries (source: TGN) 5. Sensitivity and Price Upside (Figure 7) NPV is highly leveraged to commodity pricing, particularly tungsten. At spot prices (Oct 2025): NPV lifts to A$2.38–2.80B (6 Mtpa case). Figure 7: NPV Sensitivity Charts & Spot vs Base Price Comparison (source: TGN) 6. Infrastructure Advantage (Figure 8) Proximity to Perth & Geraldton Port Potential for solar micro-grid Local skilled workforce Access by mostly sealed roads Figure 8: Site Infrastructure Layout – Power, Water, Logistics, Camp, TSF (source: TGN) About the Project Mt Mulgine is a large-scale polymetallic deposit hosting tungsten, molybdenum, copper, gold, and silver within a favourable mining jurisdiction. The deposit extends across the Mulgine Trench and Mulgine Hill mineralised zones, supported by: A substantial, largely Indicated resource base Simple near-surface open-pit geometry (Figure 9) Proximity to grid power, sealed roads, and regional infrastructure Potential magnetite by-product upside Figure 9: Open Pit Stages & Annual Production Profiles (source: TGN) Near-Term Milestones to Watch (Figure 10) 2025–2026: Commencement of PFS Expanded resource drilling at Mulgine Trench Engagement with offtake partners OTCQB listing and potential NASDAQ pathway 2026–2027: Completion of DFS Final Investment Decision (Q4 2027) 2028–2029: Engineering, procurement, construction Pre-production mining First tungsten concentrate production (Q3 2029) Figure 10: Development Timeline to FID 2027 & First Production 2029 (source: TGN) How Samso Understands the Investment Memo for the Company From an investment perspective, Mt Mulgine appears to offer: A globally significant tungsten inventory in a secure jurisdiction A long-life project with strong margins under conservative assumptions Optionality through higher-throughput development Meaningful by-product credits (Mo–Cu–Au–Ag) Strategic positioning amid tightening global tungsten supply Potential uplift as the project advances through PFS → DFS → FID For followers of critical minerals, Mt Mulgine represents a project with scarcity value, particularly given tungsten’s increasing strategic importance. Samso Concluding Comments The Mt Mulgine tungsten project has been around for a long time, and with the tungsten price at an all-time high of over USD700/mtu, the time to dust the cover is now. Tungsten is emerging as one of the more supply-constrained critical minerals. China dominates both mining and downstream processing, and recent export-restriction policies have intensified concerns about long-term availability. This macro environment gives additional weight to Western Australian projects capable of generating a stable, high-purity tungsten supply. TGN’s Scoping Study is conservative, the flowsheet conventional, and the pricing assumptions well below spot markets. For investors, the timing of the value creation for shareholders is about to be unleashed as the Company moves through PFS and DFS phases, where mining schedules, metallurgical performance, and cost structures will be further optimised. The addition of molybdenum, copper, gold, and silver provides diversification that strengthens the project’s revenue mix. These by-products contribute meaningfully to economic outcomes and reduce reliance on a single commodity, a favourable attribute as markets cycle. As development advances, the questions will revolve around funding, offtake, and alignment with global industrial demand. From what we see today, Mt Mulgine has the scale, location, and commodity mix to be part of the broader strategic minerals conversation for years to come. Market Expectations This has got to be one of the easiest investment decisions. I am now convinced that the only critical metal globally is Tungsten. The price of the commodity will continue to rise, and there will be more to come. Figure 11: The share price chart for TGN as of 1st December 2025. (source: CommSec) One of the main contributing factors to the rise and rise of tungsten is the geological constraint on finding a deposit that will be economical. There are not many deposits out there that will make the grade when it comes to having a tungsten deposit that will make an economical argument for mining and processing. For this reason, I am not sure where the sustainable price will be for tungsten. I will say that it is probably a distance away from the current spot price. Check out this Coffee with Samso with Oliver Friesen from Guardian Metals: The only question I will have is the management. If they do well and the Feasibility Studies hold credibility, then TGN is on a ride not many will see in the ASX. The Samso Way – Seek the Research Always read beyond the headline figures — the real insights often sit inside the assumptions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement New Copper-Gold Target at Lorraine 24 November, 2025 (click here to view the announcement) Pivotal Metals Limited (ASX: PVT) has outlined a new copper–gold exploration target at “Kelly Lake East”, part of the Lorraine project within the Company’s 100%-owned Belleterre project portfolio in the Abitibi region of north-western Quebec, Canada (Figure 1). The target lies ~6.6km south-east of the past-producing Lorraine Mine and sits inside a broader belt-scale land position surrounded by established mining infrastructure, hydropower, and multiple operating mills. Figure 1: Lorraine Project overview map – location of Kelly Lake East (L3) within the broader Lorraine claim package. (source: PVT) The Business of the Company: Focus – Projects - Search for Copper - Gold Assets Pivotal Metals Limited is advancing a portfolio of copper–nickel–PGE and copper–gold projects in Quebec, Canada, anchored by its flagship Horden Lake deposit and a belt-scale exploration position at Belleterre (Figure 2). Horden Lake (flagship): 37Mt at 1.1% CuEq (Indicated and Inferred), hosting copper, nickel, PGE, gold, silver, and cobalt, with copper as the key value driver. Belleterre-Angliers Greenstone Belt (BAGB): 100%-owned projects including Midrim, Alotta, Lac Croche, Lorraine, and LaForce, covering multiple Cu–Ni–PGE and gold systems defined by VTEM anomalies and limited historic drilling. Infrastructure advantage: Projects are located near Rouyn-Noranda, with access to existing mills, smelters, roads, rail, and low-cost hydropower. Figure 2: Pivotal Metals projects in Quebec (source: PVT) Together, Horden Lake provides a defined resource base, while Belleterre offers high-impact exploration upside in a well-endowed Canadian mining district. Highlights – Kelly Lake East Emerges as a 1km x 1.5km Cu–Au System New priority copper–gold trend (Figure 3): Kelly Lake East sits on the eastern boundary of the Lorraine project, ~6.6km south-east of the high-grade Lorraine Mine. Field work confirms three distinct zones of copper–gold anomalism over strike lengths of 150–200m, hosted in parallel mineralised shears within corridors 8–25m wide. Figure 3: Kelly Lake East southernmost undrilled outcrop, where prior sampling returned grades up to 1.9% Au and 0.8% Cu. (source: PVT) Strong Cu–Au grades at surface (Figure 4): Trenching and outcrop sampling have returned trench and grab results up to 2.0% Cu and 1.9 g/t Au, with local sulphide contents up to ~90% (dominantly pyrite, pyrrhotite and chalcopyrite) associated with quartz shearing, silicification and carbonate alteration. Figure 4: Kelly Lake East trench and grab sample clusters with EM conductors – map showing surface geochemistry and conductor trends. (source: PVT) Widespread geophysical and geochemical support (Figure 5): An east-east-west-trending surface EM anomaly ties together southern zones, while multiple VTEM conductors and copper-in-soil anomalies define a 1km x 1.5km priority footprint. Several soil anomalies are spatially distinct from mapped outcrop, highlighting additional untested targets within the same system. Figure 5: Kelly Lake East soil sampling map – copper-in-soil anomalies over limited survey coverage.(source: PVT) Very limited historic drilling: Only 11 historical drill holes were completed in the broader area between 1952 and 1987. Of these, three diamond holes were drilled near mineralised outcrop. Still, stripping suggests they were oriented sub-parallel to the main mineralised trend, meaning the key target zones remain effectively untested at depth. Continuity across property boundary: Mineralised trends and anomalous sampling continue across Pivotal’s eastern tenement boundary into ground held by neighbour Vior Inc. (TSXV: VIOR), where historic grab samples have reported up to 4.1% Cu and 2.1 g/t Au. This external data is referenced to demonstrate the broader prospectivity of the area rather than to imply any ownership. Programmatically integrated into a larger exploration push: Kelly Lake East is one of eight priority target areas at Lorraine, within a broader program that includes extensive FLTEM and IP geophysics, plus drilling scheduled to start across four initial priority targets from January 2026. Leadership Commentary Ivan Fairhall, Pivotal Managing Director, commented: “Our field team has confirmed the presence of an expansive and highly prospective copper-gold target at Kelly Lake East, which underscores the scope of the opportunity with our Belleterre exploration program. The presence of wide gold-copper anomalous zones and untested VTEM anomalies support the high prospectivity of this emerging target area. Importantly, the mineralised system continues directly across our eastern boundary with neighbour Vior Inc. (TSXV:VIOR), who are completing a 100,000m drill program building out their high-grade Belleterre Gold project. This is another exciting target that confirms our belief in the significant untapped potential of this large consolidated Belleterre land package. About the Project – Lorraine and Kelly Lake East Lorraine is a historical Cu–Ni–Au project now being re-evaluated with modern geophysics, while Kelly Lake East has emerged as a new, largely untested copper–gold trend on the eastern side of the tenure. Lorraine Mine area: Historic production with new, undrilled conductors and a separate, high-grade quartz-vein gold trend mapped for ~1.5km. Kelly Lake East: Three parallel Cu–Au mineralised zones within 8–25m-wide corridors, supported by VTEM/EM and soil anomalies over a 1km x 1.5km footprint with minimal historic drilling. District setting: Additional occurrences between and around these areas (Roy Au, historic Kelly Lake deposit on neighbouring ground) indicate a broader magmatic sulphide and Cu–Au corridor at district scale. Near-term Milestones to Watch From the announcement, key workstreams and timing are: Kelly Lake East (Lorraine) – 2026: Outcrop mapping and additional soil sampling to better define structures and controls on Cu–Au mineralisation. Follow-up ground geophysics over the 1km x 1.5km footprint to refine conductor targets ahead of drilling planned after Q2 2026 work. Lorraine Mine and Shanty Lake – Q1 2026: FLTEM surveys underway at Lorraine Mine to better constrain massive sulphide conductors. IP surveys over the bonanza-grade gold vein system at Lorraine Mine (commencing around the time of the release). Drilling of priority conductors at Lorraine Mine and Shanty Lake during the 2025–26 winter campaign. Midrim–Alotta–Lac Croche corridor: FLTEM surveys to follow the Lorraine campaign, targeting undrilled VTEM conductors and gabbro-hosted sulphide positions across a ~6km belt of known Cu–Ni–PGE mineralisation (Figure 6). Project-level targeting: Prioritisation of ~18 target areas across Belleterre, typically defined by VTEM anomalies, prospective intrusives, and limited or no historic drilling. Figure 6: Midrim Project – known Cu–Ni–PGE deposits and new untested conductive anomalies within a 6km priority envelope. (source: PVT) How Samso Understands the Investment Memo for the Company Core thesis – district-scale optionality in the Abitibi: Pivotal already controls a sizeable critical-metal resource at Horden Lake. Belleterre and Lorraine add a second leg to the story by providing a pipeline of magmatic Cu–Ni–PGE and Cu–Au shear/vein targets across a large greenstone belt position that is still underexplored by modern methods. What this announcement changes: Kelly Lake East upgrades one corner of Lorraine from a historical curiosity to a structured exploration target. The combination of wide Cu–Au anomalism, strong geophysical signatures, and limited historic drilling effectively creates a new, priority search space in the eastern Lorraine block. Risk/Stage of project: All work at Kelly Lake East is pre-drilling; the announcement does not report new drill intercepts but rather surface sampling, geophysics, and legacy drilling context. This positions the target firmly in the high-risk / high-reward exploration category, where upcoming geophysics and first-pass drilling will be critical. Why infrastructure matters: The Abitibi location, existing mill, and hydropower cost base are central to the investment memo. If future drilling delineates economic mineralisation, proximity to spare milling capacity and established smelters could reduce capital intensity relative to greenfield locations. Samso Concluding Comments From an investor’s perspective, the key takeaway is that Pivotal is building an exploration story in a proven district. Horden Lake provides a defined copper-equivalent resource base, while Belleterre – and now specifically Kelly Lake East – offers the possibility of additional high-grade discoveries in a region that already hosts several Cu–Ni–PGE and gold deposits. The geological setting and style of mineralisation described in the announcement are consistent with known Abitibi systems, but the level of historical drilling at Kelly Lake East remains low. The technical narrative in the release is careful to separate compliant and non-compliant information. Historic data from neighbouring tenements (Vior Inc., Globex Mining) is cited to demonstrate prospectivity, not to imply ownership or resources for Pivotal. Similarly, the Company reiterates that the Kelly Lake historical resource is not JORC-compliant and that the new work at Kelly Lake East is still at an early exploration stage. This clarity is important when interpreting how much weight to place on external datasets and legacy work. Timeline-wise, investors should note that drilling at Lorraine Mine and Shanty Lake is expected to start in the northern winter of 2025–26, while Kelly Lake East will likely see systematic mapping, soils, and geophysics through 2026 to build a robust drill-targeting framework. In other words, this announcement sets up a sequence of technical milestones rather than delivering immediate drill results. Progress will be measured through geophysical refinements, target ranking, and, eventually, the first significant drill intercepts from this part of the project. Ultimately, the combination of belt-scale tenure, supportive infrastructure, and a growing portfolio of high-priority targets is what frames the Pivotal story. The story is still too early to establish any credibility. Like all early mineral exploration projects, time is of the essence, and patience is required by those who are going for the ride. I think this is an interesting project, but as I get wiser, I now see the timeline as an issue, and the potential funding scenario, as it will be very hard to compete with the gold rush. Today, it's all about easy gold mining stories. The hard ones will suffer with competition for funding. The Samso Way – Seek the Research As always, readers should review the full ASX announcement, technical table, and JORC disclosures in detail and make their own assessment of the risks and opportunities. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.