September 2026 saw a series of tungsten investment and supply agreements, led by US$450 million in US government funding committed to Elmet Group and a separate defence stockpile contract capped at US$2 billion (Figure 1). The announcements covered mining, chemical processing and manufacturing, with projects in Australia, Britain, Vietnam and the United States. ASX-listed EQ Resources (ASX: EQR) signed a framework agreement for a Nevada processing venture, while Elmet secured arrangements with Vietnam’s Masan High-Tech Materials and Britain’s Tungsten West. US funding also extended to the Redmoor tungsten project in Cornwall. Key Highlights US government commits US$450 million to Elmet’s tungsten expansion. Separate stockpile contract includes US$150 million in guaranteed funding. EQR agrees to participate in a US processing venture and eight-year supply arrangement. British projects secure an offtake agreement and development funding. European APT remains elevated at US$2,700–2,900 per metric tonne unit in a 28 September report. US funding covers production and stockpiling Elmet announced the government investment in September, with funding directed towards expanding tungsten mining, processing and manufacturing capacity. The agreement provides for an initial US$200 million drawdown at closing, followed by further drawdowns. The separate Defence Logistics Agency contract covers tungsten ores, concentrates and sodium tungstate. Its US$2 billion ceiling represents potential orders, with US$150 million guaranteed and funded. The base ordering period runs through August 2031, with an option to extend through August 2033. Elmet said stockpile deliveries would begin when sufficient additional supply became available through mining investments, offtake agreements and processing expansions. Its investment programme includes the proposed restart and expansion of APT conversion capacity at the Springer complex in Nevada. At month's end, Elmet Technologies announced another US$36 million contract to supply molybdenum and tungsten aerospace materials to the National Defense Stockpile. Products include specialised wire and alloy billets, bars and ingots used in jet-engine components and other aerospace applications. EQ Resources secures a role in US processing At home, EQR announced a binding framework agreement on 15 September with Elmet and Blue Moon Metals to restart the 4,000-tonne-per-year Springer APT plant. The proposed ownership structure gives Elmet 70%, Blue Moon 20% and EQR 10%. Elmet is to fund the first US$75 million of restart expenditure. The framework includes an eight-year, spot-priced offtake arrangement for 4,000 tonnes in aggregate of contained tungsten trioxide in concentrate from EQR, beginning after commissioning. EQR would also gain access to up to 1,000 tonnes annually of APT processing capacity during the first five operating years, alongside a technical role in engineering and project delivery. Implementation remained subject to definitive agreements at the announcement date. Vietnam and Britain secure long-term supply agreements On 23 September, Elmet announced an agreement to acquire 4.99% of Masan High-Tech Materials for US$124.75 million. Associated commercial agreements cover tungsten from the Nui Phao mine and conversion services at Masan’s refining complex in Vietnam. Completion was subject to approvals and other closing conditions when announced. A day earlier, Elmet announced a long-term offtake agreement with Tungsten West, covering expected deliveries exceeding 1,000 tonnes annually of tungsten trioxide equivalent from the Hemerdon mine in Devon. Hemerdon had initiated processing and was targeting full-scale production by the end of the first quarter of 2027. Material supplied to Elmet is to be converted through its allied refining network before downstream manufacturing. Redmoor receives US backing; Almonty targets mine tailings On 28 September, Strategic Minerals announced US$9.25 million in US government funding for its Cornwall Resources subsidiary to advance the Redmoor tungsten-copper-tin project. The non-dilutive funding supports drilling, resource updates, metallurgical work, engineering and feasibility studies. The programme targets completion of technical and commercial work towards a final investment decision within 32 months of the agreed programme start. Separately, Almonty Industries announced on 17 September a supply agreement with Sandvik subsidiary Wolfram Bergbau und Hütten to recover tungsten from existing tailings at the Los Santos mine in Spain. The multi-year, take-or-pay agreement covers at least approximately 1,720 tonnes of contained tungsten trioxide and includes a conditional US$3 million upfront payment for offtake rights. Production depends on restarting the processing plant. September prices: elevated overseas, weaker in China A 15 September market report citing Chinatungsten Online quoted European APT at US$2,900–3,000 per metric tonne (Figure 2). The report put prices 204.4% above the beginning of 2026, although 10.8% below recent highs. Chinese domestic APT was quoted separately at RMB590,000–600,000 per tonne, amid subdued buying and pressure on processing margins. The figures show that high international prices persisted into late September, alongside softer Chinese domestic conditions. They refer to APT, a processed tungsten intermediate, rather than tungsten concentrate. January 2027 procurement deadline approaches September ended with approximately three months remaining before expanded US defence sourcing restrictions take effect. From 1 January 2027, DFARS clause 252.225-7052 extends restrictions upstream to mining and feedstock production for covered tungsten materials originating in China, Russia, North Korea and Iran. The clause covers tungsten metal powder, heavy alloys and specified components, subject to exceptions. It applies to covered defence procurement rather than all commercial tungsten imports. The effective date is January 2027. Samso Concluding Comments September’s agreements give investors specific developments to assess: committed funding, processing capacity, offtake volumes and commissioning schedules. For ASX tungsten companies, the commercial opportunity depends on delivering compliant material at competitive costs. Government backing and higher benchmarks can support project economics, but production performance and realised margins will determine shareholder outcomes. Previous Samso Coverage of Tungsten Samso has written on tungsten since 2018. The pieces below are the ones closest to this month’s developments, newest first. The entry marked in gold is a Coffee with Samso interview rather than a written piece. 14 SEPTEMBER 2026 Priced by Three Eras: what the 2026 price regime does to a century-old tin and tungsten field The third note in the Eastern Australia tin and tungsten series. It prices the fields that the first two parts mapped and tested. 31 AUGUST 2026 The Known Tin and Tungsten Fields of Eastern Australia, Part 1 of 3 Why the tin and tungsten fields of Eastern Australia have been long known but underdeveloped. 3 AUGUST 2026 US shuts the back door on Chinese defence metals, and Australian tungsten is suddenly in play The 1 January 2027 US defence sourcing deadline, and where Australian producers sit against it. 10 JANUARY 2026 A Real Critical Metal Narrative For 2026 - The Year a Minor Metal becomes a Strategic Lever - An Investor's dream with Global Low Inventory and a Surging Demand - Tungsten The tungsten outlook Samso wrote at the start of 2026, on low global inventory and rising demand. COFFEE WITH SAMSO 29 NOVEMBER 2025 Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten An interview with Oliver Frieson, CEO and Executive Director of Guardian Metals Resources PLC, on tungsten. 17 SEPTEMBER 2025 https://www.samso.com.au/post/eq-resources-ltd-asx-eqr-saloro-commissions-3rd-xrt-ore-sorter-tungsten An operations update from EQ Resources on its Saloro tungsten mine in Spain. 13 JULY 2025 EQ Resources Advances Its Regional Tungsten Hub Strategy and Completes Placement of AUD $4M - US EXIM Bank Supports Mt Carbine with up to USD $34M Debt Facility. Ore sorting trial results at the Wolfram Camp Project, a placement, and US EXIM Bank debt support for Mt Carbine. 25 MAY 2025 Tungsten: The Quiet Giant – Market Trends and Investment Pathways. An overview of the tungsten market and why Samso keeps the metal on its watchlist. VOCABULARY APT. Ammonium paratungstate. A white powder made by chemically refining tungsten concentrate. It is the main form in which tungsten is traded and priced. Concentrate. The product of a mine’s processing plant, where the tungsten minerals have been separated from most of the waste rock. Tungsten trioxide (WO3). The oxide of tungsten. Grades, tonnages and prices in the tungsten industry are usually quoted by the tungsten trioxide a material contains. Metric tonne unit (mtu). A pricing unit for tungsten. One metric tonne unit is 10 kilograms of tungsten trioxide, which is one per cent of a tonne. Offtake agreement. A contract in which a buyer agrees to purchase a set amount of a producer’s future output. Take-or-pay. A contract term under which the buyer pays for an agreed volume whether or not it takes delivery. Framework agreement. An agreement that sets out the main terms of a deal, with the detailed contracts to follow. Non-dilutive funding. Funding that does not involve issuing new shares, so existing shareholders keep the same percentage of the company. Tailings. The finely ground material left over after a processing plant has taken out the minerals it was built to recover. Final investment decision. The point at which a company’s board commits the money to build a project. DFARS. The Defense Federal Acquisition Regulation Supplement, the rules the US Department of Defense applies to its purchasing. Cover photo: Scheelite 1, Géry Parent. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite_1.jpg). Scheelite is a tungsten ore mineral. Reproduced photograph, shown under the Samso News blue glass on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple. Cut through the noise and spotlight what matters. Genuine stories, grounded insights, and real opportunity. Investors can explore our four core platforms: Coffee with Samso Samso Insights Samso News Samso Research 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso, Samso Insights, Samso News and Samso Research are four ways into the same work. Interviews, long-form research, short takes on announcements and company-specific studies. Every one of them is about how to think about investing rather than what to buy. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies Samso News is independent research commentary for general information only. Nothing in this article is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed. Market-sensitive numbers change daily. Samso or associated parties may hold positions in, or have commercial arrangements with, companies mentioned. Seek professional advice before making investment decisions. © Samso 2026 · samso.com.au

Announcement Henty throughput rates up to 33% above nameplate 20 October 2025 Kaiser Reef Limited (ASX: KAU) has reported materially higher processing performance and a coordinated ramp-up program at the Henty Gold Mine in Tasmania (Figure 1), alongside actions to de-bottleneck underground access, modernise the fleet, and accelerate resource growth drilling. Management frames these steps as critical to lowering unit costs and underpinning near-term Reserve calculations. Figure 1: Henty project location (source: KAU) Highlights - A Gold Production Story Processing rate tested at ~400,000 tpa — up to 33% above the 300,000 tpa nameplate, achieved without major infrastructure changes; circuit fine-tuning continues. Decline de-bottlenecking in progress — floor stripping equipment on site; a decline bypass is underway (also providing additional ore access), enabling larger trucks and removing a life-of-mine production constraint. Fleet uplift committed — jumbo fleet now standardised to twin-boom jumbos; larger trucks and loaders on order; OEM equipment finance secured with no significant effect on cash balance. Second underground diamond rig commissioned — dedicated capacity to target resource additions and extensions, initially the Cradle Zone above a large portion of the mine. Context — Henty Mineral Resource 449 koz @ 3.4 g/t Au; Ore Reserve 154 koz @ 4.0 g/t Au; updated 2025 Resource & Reserve statement is “due shortly.” Kaiser’s Managing Director, Brad Valiukas, commented: “We continue to see significant upside at Henty, and I’m very pleased with the progress to date. Increasing the processing rate, de-bottlenecking the decline and bringing in more productive equipment are key improvements to drive down unit costs per tonne across the business, noting that a large portion of Henty’s costs are considered fixed. “We are looking to build both mine life and resilience at Henty over the next 12 months. Our 2025 Resource and Reserve statement is due shortly, and productivity and unit costs are important to Reserve calculations. “Bringing in the second underground diamond drill rig gives us dedicated capacity, targeting Resource growth beyond the rate of depletion for mining and, subject to success, further extensions of mine life.” Processing: What Changed and Why It Matters Kaiser attributes the higher throughput to several incremental, practical modifications: Circuit water balance & distribution changes. Cyclone operation tweaks that improved material classification. Cyanide detox capacity increased by converting a water tank to additional reactor capacity (back end of circuit). Mobile secondary crusher (on hire) to reduce feed size. These measures collectively allowed the recent throughput trials to demonstrate sustained operation well above historical rates (~20 years at/near nameplate). The Company plans progressive upgrades to plant items (pumps/screens) historically tuned to 300 ktpa as it fine-tunes for higher sustained rates. Underground: Removing the Bottlenecks A targeted decline bypass and floor-stripping campaign addresses geometry constraints that have limited haulage. Management expects the works to enable larger trucks, remove a life-of-mine production constraint, and lift overall material movement capacity. The bypass also accesses additional ore, adding operational flexibility. Fleet & Financing Standardising to twin-boom jumbos and introducing larger trucks/loaders aims to increase development and haulage productivity. OEM equipment finance is in place and is not expected to materially impact cash, aligning capital efficiency with the ramp-up timeline. Drilling: Building Life and Resilience A second underground diamond rig is now operational. Initial focus is the Cradle Zone, strategically positioned above a large portion of the mine. The goal is to add and extend resources beyond depletion rates, supporting mine-life growth and Reserve renewal. Why This Matters (Operational Take) Throughput uplift + haulage capacity → lowers unit cost per tonne where a large cost base is fixed. Fleet modernisation → productivity leverage during ramp-up. Dedicated drilling → optionality for Resource/Reserve growth heading into the 2025 statement. About Kaiser Reef Kaiser is a profitable ASX-listed gold producer with Henty (Tas.) (Figure 2) and Maldon (Vic.) assets. Henty hosts a 300 ktpa plant (tested to ~400 ktpa run-rate in trials), 449 koz @ 3.4 g/t Resource and 154 koz @ 4.0 g/t Reserve. In Victoria, the Maldon project (including Union Hill at 186 koz @ 4.4 g/t) and a 200 ktpa plant complement the portfolio; the A1 Gold Mine is being transitioned to care and maintenance. Figure 2: – Henty Project Map And Resources (source: KAU) Samso Concluding Comments Henty’s processing uplift is the first real signal that KAU can squeeze more out of an existing plant without heavy capex. When a circuit consistently tests 30%+ above nameplate, the path to lower unit costs becomes tangible rather than theoretical. This was always going to happen. As they say, a loved asset is always going to be treated with more care than one that is not loved. Removing the decline bottleneck and standardising the fleet is the unglamorous work that actually changes tonnes moved per day. If the bypass and bigger trucks deliver as planned, throughput gains at the mill can translate into sustained mine output—closing the classic gap between nameplate and reality. When you have a seasoned operator like Brad going through the details, items such as the second underground rig are the quiet catalyst. Extending resources ahead of depletion is what protects cash flow, supports Reserve renewal, and buys time for optimisation to compound. The initial focus on the Cradle Zone adds sensible near-mine ounces to the critical path rather than chasing far-flung targets. There have been recent announcements that have been released since this Samso News was published, but a good understanding of the steps is a good foundation for understanding the Kaiser story. Execution is now the story. Keep an eye on how quickly the haulage upgrade bites, whether higher mill rates are maintained without recovery slippage, and how the drill bit converts into Resources/Reserves. If these pieces hold together, the investment case shifts from turnaround potential to operating leverage. DYOR. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) The Samso Way – Seek the Research Always anchor your view in the source documents, track the numbers, not the noise, and DYOR before you make any call. 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.

Announcements Gold Mining and Processing Update 31 March 2025 Group Mineral Resources Statement 29 April 2025 Successful A$30M Two Tranche Placement to Fast Track Growth 26 May 2026 As the gold price continues to surge and with global events fueling the need to find some form of safe haven, the play now is to try and identify what could be deemed an "undervalued" proposition in a gold sector that is the hottest product on the Australian Stock Exchange. The task to find an undervalued gold miner story is an extremely difficult task but it's not an impossible task. I came across Horizon Minerals Limited (ASX: HRZ) and approached management for a chat to try and understand why this company may fit the undervalued tag for investors. Talking to Grant Haywood, he shared some of his thoughts with me, and I like the story. Grant does make a convincing message in noting that Horizon has taken definitive steps in 2025 to transition from a small-scale gold producer into a multi-commodity growth platform. With consistent production from Boorara and Phillips Find, a major expansion of its mineral resource base following the Poseidon Nickel merger, and a $30 million capital raise to support exploration and infrastructure upgrades, Horizon is setting itself up for both near-term cash flow and looking to lock in future potential resource upgrades with regional projects Gold Mining Operations Update: Boorara and Phillips Find In the March 2025 update, Horizon confirmed operational momentum at its Boorara and Phillips Find gold projects near Kalgoorlie-Boulder and Coolgardie. Phillips Find processed 37,624 dry tonnes at 1.46g/t gold, recovering 1,675 oz and generating $7.92 million in JV revenue (Figure 1). Additional 150,000 tonnes are scheduled for treatment at Greenfields Mill and Three Mile Hill through June and into September/October 2025. Boorara processed its first parcel of 50,604 tonnes at 0.791g/t for 1,163 oz, generating $4.95 million (Figure 2). Additional parcels are currently being processed, hauled, or stockpiled, with Boorara operating at steady-state ore production. Figure 1: Mining the Newhaven pit at Phillips Find (source: 31 March 2025 HRZ Announcement) This operational consistency has freed up capacity at the Greenfields Mill, allowing Boorara to bring previously uneconomic low-grade material into profitable treatment due to the elevated gold price. Figure 2: Boorara ore stockpiles on West ROM pad (source: 31 March 2025 HRZ Announcement) Resource Expansion: Merging with Poseidon Nickel April saw Horizon release an updated consolidated Mineral Resource Statement post-merger with Poseidon Nickel (Figure 3). Key highlights from the expanded Group MRE include: Total gold resources of 1.8Moz Addition of 20.2Moz of silver and 104kt of zinc Significant nickel uplift with 422kt of nickel and 7,800t of cobalt Incorporation of key nickel assets, including: o Black Swan o Silver Swan o Windarra o Golden Swan Inclusion of the Black Swan processing plant, which is now being assessed for refurbishment and conversion to a gold plant Infrastructure and resource additions offer immediate development and production optionality, broadening Horizon’s commodity exposure beyond gold Figure 3: Regional map of consolidated gold and nickel assets post-merger (source: 29 April 2025 HRZ Announcement) These additions significantly expand Horizon's footprint in Western Australia's gold and nickel belts and strengthen its platform for future organic and strategic growth. Capital Raise: $30 Million to Fast-Track Growth On 26 May 2025, Horizon announced a successful two-tranche placement raising $30 million at $0.043 per share. Placement Structure: Tranche 1: $11.8M using placement capacity Tranche 2: $18.2M subject to shareholder approval (July 2025) Use of Funds: Infill and extension drilling at Burbanks, Crake, and Coote Greenfields and brownfields exploration at Wilsons, Kestrel, Phillips Find, Greater Boorara, and Nimbus Engineering studies to convert Black Swan plant for gold processing Working capital support during upcoming Boorara stockpile processing Potential debt retirement Management noted the strategic importance of this raise in maintaining momentum across mining operations and exploration efforts. Strategic Summary: Is Horizon An Undervalued Gold Miner Story? Gold Production: Consistent output at Boorara and Phillips Find Resource Base: Expanded to include 422kt nickel, 1.8Moz gold Exploration: Active drilling at five project clusters Infrastructure: Black Swan plant refurbishment studies underway Capital Position: $30M raise provides working capital buffer. Market Capitalisation: AUD $135M (as of 17th June 2025) Samso Concluding Comments Reading through the recent ASX releases and speaking to Grant Haywood, I think I am being convinced that Horizon Minerals appears to be executing on a dual-pronged strategy—building cash flow through gold production while seeding longer-term growth, potentially with nickel, cobalt, and silver exposure through the Poseidon assets. With Ore stockpiles in place and processing agreements secured, Horizon is generating consistent revenue and using that leverage to reinvest in growth. Horizon Minerals is in a very good position where its market sentiment is now driving business. They are producing, at least mining and selling their ore and most importantly, making money. The recent capital raise is taking advantage of the market hype early, which is a smart move, as one never knows when the market could turn. Grant explains that they are just taking in the funding now and using that to progress work and knowing that they will replenish that in the coming months with the selling of what they have already mined. This is a great position to be in with a market that is known to turn quickly. Investors also need to watch what will happen with the Silver story with Horizon. Horizon does have a decent silver project, but whether this is going to be economical in future will largely depend on whether the "talk" of silver going for a run will eventuate. Let's all remember that a couple of years ago, companies like Horixon would not be able to raise funds, as all the focus was on lithium and aspiring gold miners were largely ignored by the capital markets. For investors watching the junior gold and polymetallic space, this is a case study in how operational progress and infrastructure leverage can support scalable development. As exploration ramps up at Burbanks, Coote, and other project areas, and as the Black Swan plant study advances, there is a real opportunity to see the company transition into a mid-tier gold-nickel story. This type of measured but flexible execution may appeal to those looking to balance current production exposure with longer-horizon optionality. From what I can see, Horizon has quietly executed a series of moves that now place it on the radar of both gold and nickel investors. The gold revenue from Boorara and Phillips Find is building, the newly consolidated resource base is meaningful, and the exploration programs are aligned with clear growth corridors. The $30M capital raise isn't just about sustaining operations—it’s about preparing the ground for long-term delivery. While risks remain—as they always do in exploration and production—Horizon appears to be putting its capital and projects to work in the right direction. Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) The Samso Way - Seek the Research Stories like Horizon are the reason why investors should pay attention to what is in the media and how it is producing the content. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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.

🆕 IPO Review: Early Performance and Strategy Announcements: Presentation Mt Solitary Gold Exploration Target Quarterly Activities About Mount Hope Mining Limited - The Copper and Gold Hopeful Mount Hope Mining Limited (ASX: MHM) is a newly listed exploration company focused on copper and gold in the Southern Cobar Basin of New South Wales. With a 175km² strategic landholding and a well-connected location in an established mining region, the company is positioning itself within a district known for its polymetallic endowment and historic production. Figure 1: Mount Hope Project Location Map (source: MHM) Mount Hope listed on the ASX in December 2024, raising capital to advance exploration across several historical and underexplored prospects, including Mt Solitary, Mount Hope, and Black Hill. Since listing, Mount Hope has followed through on early promises of active, technically driven exploration. ASX Code: MHM Listing Date: 20 December 2024 IPO Offer Price: $0.20 Current Share Price (as at June 2025): $0.160 Market Capitalisation: $6.60 million Industry Group: Materials What Has Mount Hope Done Since Listing? In their first full quarter of operation (March 2025), Mount Hope has delivered several foundational milestones: ✅ Exploration Programs Underway Ground Gravity Survey: Completed across 97 km² using 1,732 stations. Data is being processed for 3D geological modelling by Southern Geoscience Consultants (Figure 2). Soil Geochemistry: Orientation sampling across Mount Hope East and Black Hill confirmed anomalies of up to 710 ppm Pb, 680 ppm Cu, and 0.25 ppm Ag. A Stage 2 survey is in progress. Figure 2: Gravity station locations, including infill stations (source: MHM) Reprocessing of Magnetic Data: Enhanced structural understanding of mineralised corridors and highlighted prospective zones for drilling (Figure 3). Regional Data Integration: Historic data within a 20km radius has been acquired to enrich the centralised geological database and refine targeting Figure 3: Mount Hope aeromagnetic demonstrating structural interpretation & prospective areas (source: MHM) ✅ Mt Solitary Gold Exploration Target On 10 June 2025, MHM announced an Exploration Target at Mt Solitary: 1.32–1.87 Mt @ 1.0–1.35 g/t Au for 42.5–81.4 koz of gold. Based on historical drilling (83 holes), trenching, and production figures. A 3,000m drilling campaign is planned for mid-2025 to test mineralisation continuity (Figure 4) and define a JORC-compliant resource. Figure 4: Mt Solitary long section with mineralised envelope (source: MHM) Use of Funds vs Prospectus Since listing in December 2024, Mount Hope Mining Limited (ASX: MHM) has maintained a disciplined approach to capital deployment. According to the March 2025 quarterly report, the Company has spent approximately $960,450 out of the $5.48 million raised at IPO. The majority of expenditure to date has been directed toward exploration groundwork ($118,093), while significant portions remain allocated for ongoing programs across the Mount Hope Project. Notably, the Company has fully paid its joint lead manager fees and incurred slightly higher-than-expected offer expenses. With over $4.52 million in cash still on hand, MHM is well-positioned to fund its planned drilling campaign and advance resource development initiatives in the Cobar Basin. Share Price Performance Since Listing At the time of writing, MHM shares last traded at $0.160, with no volume recorded for the day and a market capitalisation of $6.60 million (Figure 5). The current bid/offer spread sits between $0.140 and $0.160, reflecting a relatively tight range. While liquidity remains light — as is often the case in the early chapters of exploration IPOs — investors will be watching closely as the Company progresses toward its maiden drill campaign and builds momentum from the groundwork already laid. Figure 5: MHM Share Price as at 17 June 2025 (source: ASX) Mount Hope Mining Managing Director & CEO Fergus Kiley commented: “MHM is pleased to announce the maiden exploration target for the Mt Solitary Project. This Exploration Target, which is predicated on substantial previous drilling and resource modelling, demonstrates the prospectivity of Mt Solitary. We have defined a route forward for resource conversion drilling and a clear pathway for value creation for the Company. The physical attributes of this project, including its raised topographic setting, previously disturbed site, proximity to a major bitumen road (Kidman Way) and to the township of Mount Hope (power, water, people, accommodation etc.) while being less than 200km from seven different mills - many with excess capacity - makes this project the perfect candidate for a rapid development scenario. In a rising gold price environment, we believe this strategy, in conjunction with our current exploration strategy, is the best way to crystallise value for all shareholders and we are excited to continue to grow the size of this project. Samso’s Review: Early Days with Management of Exploration Anxiety to come. Since its ASX debut on 20 December 2024, Mount Hope Mining is going through its paces and managing exploration activities in terms of timing and purpose. It's an early exploration play with appropriate expectations that are expected from raising money for discovery. Importantly, the team has been quick to act on pre-IPO strategies, such as validating historical geophysical data, acquiring regional exploration datasets, and accelerating geochemical fieldwork. The announcement of a JORC-aligned Exploration Target at Mt Solitary within six months of listing is a commendable milestone. In a region with a history of blind discoveries like Wagga Tank and Federation, MHM is working methodically to replicate that success. The board—led by Non-Executive Chair Ben Phillips and MD Fergus Kiley—has kept a tight rein on spending. As of March 2025, over 80% of IPO funds remain unspent, and exploration activities are ramping up towards a maiden drill program. Samso Concluding Comments At Samso, we’ve seen many exploration companies enter the ASX with bold ambitions, but due to a series of factors, execution has taken time. Mount Hope Mining, however, has come out of the gate with structured, data-backed work that aligns with investor expectations of progress in the early months. The Cobar Basin has delivered significant shareholder returns over the past decade, and while MHM’s journey is only just beginning, they’re ticking the right boxes—early-stage surveys, geological validation, and a pathway to drilling. The pending 3,000m campaign at Mt Solitary will be the real litmus test for how much of that potential can be crystallised. What stands out is the recent announcement of a maiden Exploration Target at Mt Solitary. While not yet JORC-compliant, it signals a clear path toward resource development. There is a need to have some caution in thinking that an Exploration Target is a ticket to discovery. Those that are not in this industry should take the Exploration Target as an indication of the faith of the person quoting that number/target. The market has responded with cautious optimism, and rightly so. Mount Hope still has much to prove, but with a tight capital structure, significant cash reserves, and proximity to known mineralised systems, it is positioned to deliver meaningful news flow over the next 6–12 months. The Mount Hope story is one that may have come on the market at the right time. With a market capitalisation of AUD $4.4M, this may be cheap enough to take a position. In my time working as a geologist and investing in this sector, the lesson learnt is that every story that has a legitimate case for discovery will take time, and with the market sentiment (as it is now), speculation will drive capital appreciation and that is simply the fascination of the game. The Samso Way - Seek the Research To give investors the appropriate tools to level up for their own research, one has to have a platform. a source for balanced and independent content. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Native copper 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper_1.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Multiple New IOCG Targets Identified at Whaleshark As someone who’s followed Miramar Resources (ASX: M2R) since its IPO, I’ve always been intrigued by the Whaleshark Project. Located about 40km east of Onslow in Western Australia’s Ashburton region, this project has been on my radar due to its promising geology. But the recent announcement has taken my interest to a whole new level. Miramar has identified multiple new Iron Oxide Copper-Gold (IOCG) targets at Whaleshark through advanced geophysical remodelling techniques (Figure 1). This development significantly enhances the IOCG potential of the project. The application of sophisticated Magnetisation Vector Inversion (MVI) modelling has revealed several new targets characterised by overlapping gravity and magnetic anomalies—a key signature found in many significant IOCG deposits worldwide. Figure 1:Oblique view (looking southwest) of Whaleshark magnetic inversion model and new targets in relation to granodiorite pluton (red polygon) and drilling (black dots). (source: M2R) Previous exploration at Whaleshark had already established promising indicators of IOCG mineralisation. Aircore drilling in 2022 intersected geochemical anomalism and alteration suggestive of IOCG potential, while EIS co-funded diamond drilling in 2023 confirmed the presence of chalcopyrite (copper sulphide) in two holes, including within an iron-rich northwest-trending structure cutting through granodiorite. Mr Allan Kelly, Executive Chair of Miramar, explained that the advanced modelling had outlined new targets defined by coincident gravity and magnetic highs (Figures 2 and 3), aligning with geophysical characteristics typical of major IOCG deposits (Figure 4): "At Whaleshark, we have strongly anomalous copper, gold and other IOCG pathfinders, IOCG-style alteration and copper sulphide mineralisation associated with iron-rich rocks." “A key advantage of exploration at Whaleshark is that the prospective basement rocks are much shallower than in other IOCG provinces, such as the Stuart Shelf in South Australia.” Figure 2: Cross Section of T8 and T9 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models. (source: M2R) Figure 3: Cross Section of T11 and T12 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models in proximity to 2023 diamond hole WSDD003. (source: M2R) Figure 4: Examples of IOCG deposits showing relationship between early and/or deeper magnetite and later and/or shallower hematite mineralisation (Skirrow, 2022) (source: M2R) Decoding the MVI Advantage - The chase for Copper and Gold The MVI technique represents a significant advancement over traditional magnetic modelling methods. While conventional 3D susceptibility modelling assumes subsurface magnetisation occurs solely by induction in the direction of Earth's inducing field, MVI can account for magnetic remanence and other anisotropic phenomena that often distort magnetic fields. This capability is crucial because magnetic remanence is now recognised as far more prevalent than previously thought, affecting both crustal rocks and mineralised zones. The MVI method has already proven its value globally, contributing to several significant copper-gold discoveries by providing more reliable representations of subsurface geology. At Whaleshark, MVI analysis has enabled: Detailed structural analysis Identification of collapse structures Mapping of hydrothermal migration patterns Recognition of pervasive alteration zones Delineation of deep fluid pathways that create favourable host environments for larger deposits The Landscape of Opportunity The Whaleshark Project is strategically located in the Ashburton region of Western Australia, approximately 40km east of the coastal town of Onslow. The project area is characterised by a banded iron formation and granite intrusion beneath approximately 100m of Cretaceous sediments of the Northern Carnarvon Basin. This geological setting provides an ideal environment for the formation of IOCG deposits. Figure 5: Location of Miramar’s Whaleshark Project (source: M2R) Samso Concluding Comments Miramar Resources' recent advancements at the Whaleshark Project exemplify the dynamic nature of mineral exploration and the pivotal role of innovative geophysical methods in uncovering hidden mineral wealth. The successful identification of new IOCG targets through MVI modelling not only enhances the project's value but also sets a precedent for future exploration endeavours. There is good merit in taking a close look at Miramar as they're sitting at under a market capitalisation of AUD $4M. A discovery of a decent target, as is hoped for by Miramar, will make some investors very happy. I have always felt that this region of Western Australia is a heaven for major discoveries. The issue for Miramar will be to chase the gold targets at Gidji JV or take a punt and drill some holes here. The fact that the targets are shallow is a double-edged sword, as you don't want preservation issues. This is said with some personal experience with the shallow target story. Sometimes, the targets are deep for a very good reason, and that is that the mineralisation is still preserved. At Samso, we believe that informed decisions create lasting value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Whether it’s through Coffee with Samso, Samso Insights, or Samso News, we’re here to help you think smarter, invest better, and stay ahead of the curve. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: KENNECOTT MINE IS THE LARGEST OPEN-PIT COPPER OPERATION IN THE WORLD, Bruce McAllister. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:KENNECOTT_MINE_IS_THE_LARGEST_OPEN-PIT_COPPER_OPERATION_IN_THE_WORLD_-_NARA_-_544789.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

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

Announcement New 5,000m Drilling Program Commences at Barimaia Gold Project, WA From Prospectus to Progress: 🆕 IPO Review ASX Snapshot – Ordell Minerals Limited (ASX: ORD) ASX Code: ORD Listing Date: 19 July 2024 IPO Offer Price: $0.20 Current Share Price (as at 27th of June 2025): $0.40 Market Capitalisation (as at 27th June 2025): $14.58M million Industry Group: Materials A New Chapter at Barimaia – 5,000m Drilling Campaign Underway Ordell Minerals Limited (ASX: ORD) has announced the commencement of a new 5,000m multi-rig drilling campaign at its flagship Barimaia Gold Project in the Murchison region of Western Australia. Since its ASX debut in July 2024, the Company has progressed Barimaia from concept to active and high-impact exploration, preparing for a gold discovery. The Barimaia Project, adjacent to Ramelius Resources’ Mt Magnet mill, is well positioned within one of Australia’s most productive gold belts. Drilling efforts to date have revealed both scale and grade, particularly across the McNabs and McNabs East Prospects, and momentum is building (Figure 1). Figure 1: Location of the Barimaia Project and other nearby deposits in the district. (source: ORD) What Has Ordell Done Since Listing? Since its ASX debut, Ordell has executed a pipeline of exploration activities that have progressively expanded the Barimaia Gold Project’s scale and potential: ✅ Aircore Drilling Success: Doubled the known extent of the Barimaia granodiorite host from 3km to over 7km of strike, identifying multiple new anomalous zones (Figure 2). Figure 2: Plan view showing prospects and recent aircore drilling highlighting significant strike extent of interpreted Barimaia Intrusion. The target footprint of the intrusion has more than doubled. (source: ORD) ✅ High-Grade Intercepts at McNabs East: 22.7m @ 4.09g/t Au from 71.3m (24BADD004) 29m @ 2.52g/t Au from 81m (24BARC083) 17m @ 2.25g/t Au from 86m (25BARC116) 10m @ 4.24g/t Au from 44m (25BARC114) ✅ Shallow High-Grade Gold – Towards The Furnace: 4m @ 9.62g/t Au from 59m (24BARC102) 4m @ 7.97g/t Au from 56m (25BARC132) 1m @ 23.61g/t Au from 67m (25BARC128) The current drilling phase, running through to July 2025, aims to extend known mineralisation, define new zones, and systematically follow up on the recent aircore discoveries – particularly across the +200m-wide granodiorite intrusion, both laterally and at depth, with a clear focus on extending known mineralisation and initiating first-pass drilling into newly identified zones (Figure 3). Figure 3: Section 585,590E showing proposed diamond drill hole traces. The felsic intrusion is over 200m wide however, the exact orientation of the contacts is unclear due to the lack of drilling into the contact zones. Note the large area untested by drilling on the southern side of the intrusion at shallow depths. (source: ORD) Managing Director Michael Fowler commented, “Our focus will be to build on our growing understanding of the mineralised system with the dual objective of testing extensions of the known mineralisation and making new discoveries.” Barimaia’s District Context – A Strategic Location for a Gold Discovery. The proximity of Barimaia to producing operations like the Eridanus Deposit (~6km away, 1.2Moz Au resource; Ramelius Resources) and several operating mills places Ordell in a prime development corridor. The scale and geometry of the Barimaia system are showing early signs of being analogous to Eridanus, offering potential for future open-pit and underground development options. Ordell’s interest in Barimaia (80.3%) was acquired from Genesis Minerals (ASX: GMD), who retain an 8% shareholding in ORD, adding weight to the strategic value of this asset. In addition, Ordell expanded its project pipeline by consolidating the Goodia Project, near Norseman, and planning reconnaissance at Fisher South, adding further depth to its exploration portfolio (Figure 4). Figure 4: Ordell Minerals Project locations in Western Australia. (source: ORD) Use of IPO Funds – Summary (Actual vs Budget) As of 31 March 2025, Ordell Minerals (ASX: ORD) has provided a transparent breakdown of how it has deployed capital raised from its IPO. Of the $2.26 million allocated to exploration at the Barimaia Gold Project, $1.215 million has already been spent, reflecting the Company’s focus on advancing its flagship asset. Expenditure at the Goodia and Fisher South projects was modest, with $46,000 spent on each, preserving funds for future targeted campaigns. Administrative costs came in at $653,000, well within the $1.39 million budgeted, and IPO-related expenses totalled $668,000, close to the original estimate of $696,829. Notably, the $527,071 earmarked for working capital remains untouched. Overall, this measured and prioritised use of funds highlights Ordell’s disciplined approach to exploration and capital management, ensuring that every dollar is directed toward value-generating milestones. Share Price Performance Since Listing Ordell Minerals Limited (ASX: ORD) listed on the ASX on 19 July 2024 at an IPO offer price of $0.20. Since then, the Company has attracted growing market attention on the back of strong exploration progress at its Barimaia Gold Project. The share price rallied sharply in March and April 2025, driven by high-grade drill results and the expanding footprint of the Barimaia granodiorite system, peaking above $0.70 (Figure 5). While some profit-taking followed in May, the stock has since stabilised, and as of 23 June 2025, ORD is trading at $0.47 — more than double its listing price. The chart reflects a classic discovery-driven re-rating: a steep upward trend supported by news flow and drilling milestones, with consolidation forming a new base for the next phase of exploration. For a junior in the Materials sector, ORD’s trajectory highlights the market’s appetite for well-executed, geology-led stories. Figure 5: ORD’s Share price as of 23 June 2025 (source: ASX) Samso Concluding Comments Ordell Minerals is not your ordinary IPO. Sometimes you want to read through the smoke and see what is inside the company. Genesis Minerals holds an 8% shareholding in the company, and the main project, the Barimaia Gold Project came from Genesis. Genesis is a 4.9B market capitalisation company that would have been a good buy when it was about 30 cents. What Ordell has shown in under two years post-listing is a textbook buildout of geological confidence. The current 5,000m drilling campaign is a meaningful step that could move the needle. Results from this round will determine just how close Ordell is to defining a significant resource, and with drilling underway on both flanks of McNabs East, we are watching closely. What does this mean for retail investors like Samso? I am sure that if this drilling program had success, the night of an AUD $4B MC company will be behind pushing for defining the gold discovery. This is a definite DYOR, and I would even be contemplating keeping this close to the trigger. The management in Genesis has built an AUD 4B MC company from scratch, so Ordell may just be the next one. The Samso Way – Seek the Research Ordell Minerals is an example of a well-structured explorer executing a clear, geology-led strategy. Investors watching the Barimaia narrative unfold have been rewarded with data-driven milestones—growing mineralisation zones, strategic drilling campaigns, and geological parallels to producing deposits like Eridanus. This is exactly the kind of story that rewards those who take the time to Seek the Research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Gold bullion bars, Stevebidmead. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_bars.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 MARCH 2025 ARGENTINA EXPLORATION UPDATE From Prospectus to Progress: 🆕 IPO Review ASX Code: PR2 Listing Date: 15 July 2024 IPO Offer Price: $0.20 Current Share Price (as at 27th of June 2025): $0.09 Market Capitalisation (as of 27th of June 2025): $7.10 million Industry Group: Materials Piche Resources Limited (ASX: PR2) listed on the ASX on 15 July 2024, entering the market with a portfolio focused on uranium and gold exploration. Since its IPO, Piche has advanced exploration in both Argentina and Western Australia, with primary efforts concentrated on the Cerro Chacon gold project and the Sierra Cuadrada uranium project, both located in Argentina’s Chubut Province (Figure 1). Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean Projects in the Chubut Province. (source: PR2) 🔷 What Have They Done To Find that Gold and Uranium Prize? 💠Cerro Chacon (Gold–Silver, Argentina): Piche’s fieldwork has led to the identification of a 14km-long mineralised corridor, extending from the Chacon Grid through La Javiela and Toro Hosco (Figure 2). Figure 2: extending from the Chacon Grid to the north to Toro Hosco in the south, creating a 14km zone of anomalous Au/Ag and pathfinder geochemistry. The Cerro Chacon mineralised corridor is the target for the 2025 drilling programme. (source: PR2) Key highlights include: Over 2,000 geochemical samples collected to date. Assay highlights: Toro Hosco: 11.65 g/t Au, 120.3 g/t Ag La Javiela South: 333.65 g/t Ag, 9.48% Pb, 8.52% Zn EIA approval received for Chacon South, with Chacon Middle pending. A maiden RC drill program of 8,000 metres is scheduled to commence in Q2 2025. 🔷 Sierra Cuadrada (Uranium, Argentina): The uranium potential at Sierra Cuadrada continues to strengthen with: Exceptional assays such as: 8,146 ppm U₃O₈ (Teo 3) 6,236 ppm U₃O₈ (Teo 2) 28,650 ppm (2.86%) U₃O₈ rock chip (Teo 8) Mapping of uranium-hosting stratigraphy across a 70km fluvial sequence. New zones defined in Mamuny I & II and other priority targets (Figure 3). Regulatory clearance via EIA approval for ground-disturbing activities, including RC drilling. Figure 3: Location of broad-spaced auger drill holes. The Holes with visible uranium are highlighted in yellow. Piche has recently finalised access agreements with Priority 1 & 2 targets (P1 & P2) and will target these areas in early 2025. (source: PR2) 🔷 Use of IPO Funds – Summary (Actual vs Budget) Based on the latest quarterly activities and cash flow disclosures, Piche Resources Limited (ASX: PR2) has not provided a detailed "Actual vs Budget" table for IPO funds, but the reports indicate steady and strategic expenditure aligned with the prospectus intentions. Since listing, the company has focused its capital on advancing both the Cerro Chacon and Sierra Cuadrada projects. Over the past nine months, approximately $2.64 million has been invested into exploration activities, alongside staff and administrative costs of $803,000 and $937,000, respectively. IPO-related expenses total $165,000 to date. With $5.84 million in cash reserves as at 31 March 2025, PR2 appears well-funded to support its planned drilling campaigns in the second half of 2025. The company’s use of funds reflects a disciplined approach to capital deployment consistent with exploration-stage milestones. 🔷 Share Price Performance Since Listing Since debuting on the ASX in July 2024 at an IPO price of $0.20, Piche Resources (ASX: PR2) has moved through a classic early-stage exploration cycle. After a softening post-listing—typical of pre-drill stories—the stock has shown signs of renewed momentum, now trading at $0.115 (Figure 4). With drilling on the horizon and robust sampling results behind it, the company is entering a phase where market sentiment often begins to shift in tandem with news flow. Figure 4: PR2’s Share price as of 19 June 2025 (source: ASX) Samso Concluding Comments Stories like Piche Resources often go unnoticed until a catalyst event—typically drilling—reveals the scale of what’s quietly been built. What we see now is a company that has taken the time to gather meaningful geological datasets across two compelling fronts: gold and uranium. The Cerro Chacon project in Argentina is showing all the hallmarks of a significant epithermal system. High-grade rock chips, a defined structural corridor, and robust geophysical correlations are the prelude to discovery. On the uranium side, Sierra Cuadrada continues to deliver substantial grades and a growing footprint, validating the geological theory and building confidence in its scale. The market tends to wait for the drill core, but the pre-drilling work here has been thorough. With EIA approvals in place and the rigs ready to turn, 2025 could become a transformative year. This is the kind of story that Samso likes with a low market capitalisation and a decent blue sky potential. I will continue to follow the PR2 journey, as this is the kind of story that rewards those who understand how the foundation of a discovery is really made. Those Who Dare To Wait are often Winners. The Samso Way – Seek the Research At Samso, we value companies like PR2 that invest in foundational work — mapping, geochemistry, and geophysics — before drilling. It’s this disciplined, data-led approach that often precedes meaningful discoveries. For investors, it’s a reminder that the real story starts well before the first assay hits the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Pitchblende371, Geomartin (talk). Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pitchblende371.JPG) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

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

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