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Mining and mineral exploration are complex fields that rely on understanding various rock types and their properties. One such rock, often overlooked but highly significant, is carbonatite (Figure 1). This unique igneous rock plays a crucial role in mining due to its rich mineral content and industrial applications. In this article, we will delve into the nature of carbonatite, its applications, and its importance in the mining sector. Figure 1: A calcite-carbonatite from Oka complex, Deux-Montagnes RCM, Laurentides, Québec, Canada. (source: mindat.org ) What Is Carbonatite and Why Is It Important? These rocks are typically formed from deep mantle sources and are often associated with alkaline igneous complexes. Their rarity and unique chemistry make them a focus for mining companies looking to extract strategic minerals essential for modern technologies, including electronics, renewable energy, and aerospace (Figure 3). I won't go into too much detail in this section as most of this is covered in our post on the 21st September 2025 - Carbonatites - Economic Importance and A Strategically Important Source Rock. Key Characteristics of Carbonatite: High concentration of carbonate minerals Rich in rare earth elements and niobium Often found in alkaline igneous complexes Important for strategic mineral extraction Figure 2: Close-up of carbonatite rock texture (source: WIX) Carbonatite Applications in Mining and Industry The applications of carbonatite in mining are diverse and highly valuable. Due to its mineral richness, carbonatite is mined primarily for its niobium and rare earth element content. Niobium is a critical metal used to strengthen steel alloys, which are essential in construction, automotive, and aerospace industries. Rare earth elements extracted from carbonatite deposits are vital for manufacturing magnets, batteries, and electronic devices. Practical Applications Include: Niobium Extraction - Carbonatite deposits are the primary source of niobium worldwide. The metal improves the strength and durability of steel. Rare Earth Elements (REEs) - These elements are crucial for high-tech applications such as smartphones, electric vehicles, and wind turbines. Phosphate Mining - Some carbonatite complexes contain significant phosphate deposits used in fertilizers. Industrial Minerals - Calcite and dolomite from carbonatite are used in cement production and as soil conditioners Mining companies often target carbonatite complexes because they offer multiple valuable resources in one location, reducing operational costs and environmental impact. Figure 3: The Särkijärvi Carbonatite Mine main pit seen from southern end of the mine in April 2016. The Siilinjärvi carbonatite complex is located in central Finland close to the city of Kuopio.The current production is roughly 11 Mt of ore per year, while the average in situ grade is 4.0 wt-% of P2O5.[6] Roughly 85% of the apatite concentrate is processed on-site in Siilinjärvi to produce phosphoric acid and fertilisers (source: Wikipedia and Photo is by kallerna - Own work, CC BY-SA 4.0 ) Is Carbonatite Mafic or Felsic? Understanding whether carbonatite is mafic or felsic helps geologists classify it and predict its mineral content (Figure 4). Mafic rocks are rich in magnesium and iron, while felsic rocks contain more silica and lighter elements like aluminum and potassium. Figure 4: Carbonatite classifications according to (a) IUGS based on wt.% (Le Maitre 2002) and (b) Gittins and Harmer (1997) based on molar proportions. C/CMF is the molar ratio of CaO/[CaO + MgO + FeO* + MnO]; FeO* expressed as molar FeO if both FeO and Fe2O3 are determined. From Simandl, G. J., & Paradis, S. (2018). (source: https://www.alexstrekeisen.it/english/pluto/carbonatites.php ) Carbonatite does not fit neatly into either category because it is dominated by carbonate minerals rather than silicates. However, it is often associated with alkaline igneous rocks, which tend to be more felsic in composition. The unique chemistry of carbonatite means it is classified separately from typical mafic or felsic rocks. This distinction is important for mining exploration because it influences the types of minerals that can be expected in the deposit. For example, carbonatite complexes often host niobium and rare earth elements, which are not commonly found in typical mafic or felsic rocks. How Carbonatite Deposits Are Explored and Mined Exploring carbonatite deposits requires specialized geological techniques due to their unique mineralogy and formation processes. The basic methodology that are used is the same for all minerals except that the pathfinders will be different. Hence methods such as the use geophysical surveys, geochemical sampling, and drilling are used. Exploration Techniques: Geophysical Surveys : Magnetic and gravity surveys help detect the dense, mineral-rich carbonatite bodies beneath the surface. Geochemical Sampling : Soil and rock samples are analyzed for elevated levels of niobium, rare earth elements, and phosphate. Drilling : Core drilling provides detailed information about the deposit’s size, grade, and mineral distribution. Once a deposit is confirmed, mining methods depend on the depth and size of the carbonatite body. Open-pit mining is common for near-surface deposits, while underground mining may be necessary for deeper ore bodies. Mining Process: Extraction - Removing the ore from the ground using heavy machinery. Crushing and Grinding - Breaking down the ore to liberate valuable minerals. Concentration - Using flotation or magnetic separation to concentrate niobium and rare earth minerals. Refining - Processing concentrates to produce pure metals or compounds. Efficient mining and processing of carbonatite deposits require careful environmental management to minimize impacts such as dust, water contamination, and habitat disruption. Future Trends and Innovations in Carbonatite Mining The demand for minerals found in carbonatite deposits is expected to grow significantly due to the global shift towards clean energy and advanced technologies. This trend drives innovation in exploration, mining, and processing techniques. Emerging Trends: Sustainable Mining Practices : Emphasizing reduced environmental footprint and community engagement. Advanced Geophysical Tools : Using drones and 3D imaging to improve exploration accuracy. Improved Processing Technologies : Developing more efficient methods to extract rare earth elements and niobium with less waste. Recycling and Circular Economy : Integrating recycled materials to reduce reliance on primary mining. Companies investing in the search for carbonatites and the subsequent mining are exploring partnerships with technology firms to develop new applications for the minerals extracted, such as in battery technology and green hydrogen production. Understanding the role of carbonatite in mining reveals its critical importance in supplying minerals essential for modern life. From niobium to rare earth elements, this unique rock type supports industries that drive innovation and sustainability worldwide. As exploration and mining technologies advance, carbonatite deposits will continue to be a valuable resource for the future. Samso Comments This Samso Insight is a simplistic take on what the upcoming narrative for the Mineral exploration industry on the ASX. The search for carbonatites has never been on the radar for as long as I have been in this industry, and that is now over 30 years. I had a fascination with carbonatites when I was in undergraduate studies, but I had never come across headlines till the recent discoveries by WA1 Resources Limited (ASX: WA1) and Encounter Resources Limited (ASX: ENR). As outlined above, the applications of the minerals found in carbonatites are very industrial; one would have thought that they are sought after, but it is only the recent rise of "critical minerals" that the limelight has started to shine. While the content of this blog is meant to be simple, readers need to remember that like all deposits, there are a lot of complexities and all carbonatites are not the same. The hybrid nature of carbonatites are typical of any geological concepts, where it be porphyries, BIF-hosted, VMS, IOCG, Intrusive-Related Gold Systems, Orogenic Gold Systems...etc Jon Hronsky has kindly sent me Figure 5 below to demonstrate the complexities of Carbonatites. Figure 5: The different types of Carbonatites in drill core. (source: Jon Hronsky) The different types will host or not host different metals and endowments. A good example of a company that is going through this phase of figuring out the different potential of carbonates is Encounter Resources Limited (ASX: ENR). I have listed below some of the content we have done in Samso News below: Encounter Resources—High-Grade Niobium and Shallow REE Extend >1 km East of Green MRE (Aileron, West Arunta) - Rare Earth rich Carbonatites Encounter Resources delivers highest-grade niobium yet at Green, building the high-grade Niobium core at Aileron (West Arunta) - Establishing the World Class Carbonatite Province High-Grade Niobium–REE Zone Discovered 500m East of Crean Investors in the ASX should take more care to understand the fundamentals to position themselves for the coming decades. I do feel that the headlines of mining are now taking a greater emphasis in global discussion as we enter a new era for the human species. The greater need to have cleaner energy and to "save the planet" is now realising that mining is the only saviour. The one-and-off love relationship with the so-called "evil" mining sector is slowing down as more people are realising that to have those benefits, you have to do mining. The geopolitics of 2025 and beyond are not overriding the "green" old-fashioned thinking of "Not In My Backyard" and the irresponsible thinking that renewable energy is actually clean will start to face. The search for the "other" source of minerals will have to take centre stage, and rocks such as carbonatites will have an important place in the future cleaner energy world. The Samso Way – Seek the Research Always understand the geology, the process, and the numbers behind the story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try 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.

Based on the multidisciplinary study undertaken by CSIRO and OD6 Metals A Landscape Built for Rare Earth Element Discovery The Splinter Rock clay-hosted REE prospect, located northeast of Esperance within the east Albany–Fraser Orogen in Western Australia, has emerged as one of the most scientifically compelling regolith-hosted REE systems in the country (Figure 1). A multidisciplinary study led by CSIRO has produced the first integrated geological, geophysical, mineralogical, and geochemical characterisation of this emerging clay-hosted REE district. The research addresses the fundamental question: 1.      How do REEs concentrate within the deep weathering profiles of Southern WA 2.      What does this mean for future economic extraction?   Figure 1: Simplified geology map of the east Albany–Fraser Orogen showing the Splinter Rock project area (source: Ore Geology Reviews Volume 186, November 2025, 106929) What stands out is the scientific rigour placed on decoding the regolith architecture, clay mineral distribution, palaeo-valley development, and REE-hosting mineral phases—all necessary precursors to understanding true clay-hosted REE potential.   The Business of the Prospect: Why Splinter Rock Matters In the Clay-Hosted REE System Splinter Rock sits within a highly weathered terrain shaped by long-term tectonic uplift, prolonged weathering, and episodic marine transgressions. The geological context presents a unique combination of: REE-fertile Booanya Suite source granites Deep, clay-rich palaeo-valleys acting as natural traps for weathered materials Well-developed saprolite horizons enriched in kaolinite and secondary REE minerals A regolith profile thick enough to host meaningful accumulations of TREO This regolith-dominated system is fundamentally different from hard-rock REE systems. Its behaviour, mineralogy, and extraction implications require a precise understanding of the weathering sequence, mineral hosts, and mobility of REEs over geological time. Figure 2  demonstrates the basement geological framework, showing Splinter Rock aligned with Booanya Suite intrusions and major shear zones of the east Albany–Fraser Orogen—a structural and lithological setting well suited for developing REE-enriched weathering profiles. Figure 2: Basement geology, structural setting, and project location (source: Ore Geology Reviews Volume 186, November 2025, 106929)   Highlights: What the Multidisciplinary Study Reveals (Key Findings) 1. A Well-Defined Four-Layer Regolith Model The study identifies a consistent, mappable vertical sequence across the project: Layer 1:  Upper transported cover — sands, clay, calcrete Layer 2:  High-conductivity transported clays, including the black clay unit, where present Layer 3:   Saprolite  — the primary REE-rich zone Layer 4:   Saprock  — less weathered basement transitioning to fresh granite This model comes directly from integrating AEM conductivity layering, downhole geochemistry, and hyperspectral mineralogy, and is clearly illustrated in the schematic regolith stratigraphy (Figure 3). Figure 3: Regolith Layers and Landforms at Splinter Rock (source: Ore Geology Reviews Volume 186, November 2025, 106929) 2. AEM Geophysics Maps the Palaeo-Valleys Controlling REE Distribution Electromagnetic (AEM) data clearly delineate deep palaeo-valleys containing thick conductive clay sequences—key hosts of REE-enriched saprolite: The thickest clay packages occur to the south-east . The conductivity layering correlates strongly with regolith stratigraphy. Layer 3 (saprolite) maps precisely to where TREOY grades peak (Figure 4). Figure 4: Thickness of the saprolite (Layer 3) interpreted from AEM (source: Ore Geology Reviews Volume 186, November 2025, 106929) The highest TREOY concentrations consistently occur within the saprolite, just above the saprock. To see how this looks in a section, Figure 5 takes a slice through the Centre prospect. The AEM conductivity profile maps the layered regolith architecture from transported cover down into saprolite and saprock, with the strongest REE grades sitting neatly in the saprolite horizon just above the basement. Figure 5: AEM conductivity cross-section across the Centre prospect, showing layered regolith and TREOY distribution (source: Ore Geology Reviews Volume 186, November 2025, 106929) 3. Mineralogical Work Confirms REE-Hosting Phases, Not Ion-Adsorbed Clays Contrary to Chinese-style ion-adsorption deposits, Splinter Rock (Figure 6) shows: REE-phosphate minerals (rhabdophane/monazite) increasing with depth Al-REE phosphates (e.g., Ce-florencite) in upper saprolite Minor REE-fluorocarbonates (e.g., parisite/synchysite) No strong evidence of significant ion-adsorbed REEs This has major implications for leaching behaviour , processing routes, and economic potential. Figure 6: SEM images of REE phosphates and fluorocarbonates (source: Ore Geology Reviews Volume 186, November 2025, 106929)   4. Geochemistry Confirms Saprolite as the True REE Host Key chemical signatures include: TREOY up to 6600 ppm  directly above saprock Strong correlation between kaolinite crystallinity and REE enrichment Potassium spikes marking the saprolite–saprock boundary Black clay layers possessing very high TOC and S , indicating a transported, estuarine influence (Figure 7) Together, these create a strong decision-making framework for differentiating economic saprolite vs. non-economic transported cover . Figures 7: Drill hole SRAC0220 intersected the black clay layer at the Centre prospect (source: Ore Geology Reviews Volume 186, November 2025, 106929) In areas where the black clay horizon is missing (Figure 8), everything below the sandy cover transitions straight into a clay-dominated profile, with colours shifting from orange–red through to darker grey tones. Figures 8: Drill hole SRAC0226 in the Centre prospect without the black clay layer (source: Ore Geology Reviews Volume 186, November 2025, 106929)   5. A Complete Regolith Evolution Model for Exploration Targeting The study reconstructs the geological weathering and palaeo-environmental history (Mesoproterozoic → present), showing: Granite emplacement Deep weathering in Mesozoic humid conditions Eocene valley incision Marine transgression and organic-rich sedimentation Miocene aridification and saline groundwater development In simple terms, the work shows how REEs have moved through the landscape and ended up concentrated in the saprolite. The block model (Figure 9) and AEM data back this up by mapping out the old valleys, where the cover gets thicker in the lowlands, and the geology lines up with what the drill holes are actually hitting in the ground. Figure 9: Block diagram of erosional vs. depositional regimes (source: Ore Geology Reviews Volume 186, November 2025, 106929)   Samso Take: Interpreting the Science Behind Splinter Rock This work gives us much more confidence that the Splinter Rock REE story is not guesswork but grounded in solid science. The system is now described in a way that explorers and investors can actually hang their hat on. The study outlines a project where: • The source rocks are clearly defined • The key mineral hosts are identified • The regolith processes are mapped out • The palaeo-valleys hang together structurally • The saprolite is confirmed as the main enrichment horizon For an emerging clay-hosted REE province in Western Australia, this level of detail is not common. It puts OD6 and its scientific partners a step ahead of the usual early-stage regolith REE stories. About The Splinter Rock clay-hosted REE Prospect (Western Australia) The Splinter Rock prospect sits in a deeply weathered granitic terrain where the regolith has been stripped, reworked, and infilled over a long period of time. The profile steps down from thin or absent cover on the higher granitic areas into thicker clay-dominated sequences developed along palaeo-valleys. Figure 3 illustrates the schematic regolith stratigraphy along a SE–NW transect at Splinter Rock, showing how the transported cover, saprolite, and saprock stack up across the granitic terrain and where the key REE-hosting horizons sit in that profile. The saprolite consistently delivers the highest TREOY grades, making it the primary exploration and processing focus. Figure 10  helps put this into a map view, showing how the different soil types and regolith regimes are distributed across the project area and where the key prospects sit along those trends. The simplified regolith-regime map highlights the transition from erosional highs into depositional lowlands, which is where the thicker clay packages — and the better-developed saprolite — are most likely to occur. Figure 10: Soil classification and simplified regolith-regime map for the Splinter Rock project area (source: Ore Geology Reviews Volume 186, November 2025, 106929)     Near-Term Milestones to Watch Based on this work, the next phase is less about “finding” Splinter Rock and more about proving how it can work in practice. The value now sits in tightening up the mineralogy, the leach response, and the scale of the system. Mineralogical refinement o    Pin down the balance between monazite and rhabdophane in the REE phosphates o    Work out how much of the REE inventory sits in primary vs. secondary phases Leachability testing o    Test how these REE-hosting minerals actually respond to leaching o    Use those results to see which processing routes are realistic and which are not Regolith model expansion o    Push the AEM + geochemistry framework out across more of the tenement o    Check that the four-layer regolith model and saprolite focus hold up at scale Palaeo-valley targeting o    Drill deeper into the SE palaeo-valley zones highlighted as thicker and more prospective o    Confirm continuity of saprolite-hosted TREOY along those valley trends These steps will ultimately decide whether Splinter Rock can move from being a technically impressive clay-hosted REE system on paper to a project that is scalable and economically defensible in the real world.   How Samso Understands the Investment Memo for Splinter Rock From where I sit, Splinter Rock looks less like a blue-sky story and more like a technically advanced regolith-hosted REE system that has already done a lot of the hard geological work. It is backed by credible, multi-disciplinary science rather than just a few good drill intervals and a slide deck. The project benefits from: Confirmed REE mineral hosts  – we know where the REEs sit and in what minerals, not just that they are “in the clays”. Strong geological controls  – the link to Booanya Suite granites, palaeo-valleys, and saprolite development is now well defined. Saprolite-based enrichment rather than guesswork in the cover  – the highest TREOY sits in a clear, mappable horizon. Clear exploration vectors – AEM, regolith mapping, and geochemistry all point to how and where to grow the system. A depth of geological data that is well ahead of most REE juniors  – particularly in the regolith-hosted space. For me, the question at Splinter Rock is no longer “Is there a system here?” – the geology says there is. The real task now is to show that the REE mineral hosts can be leached and processed in a way that stacks up economically and environmentally.   Samso Concluding Comments For me, one of the most important outcomes of this work at Splinter Rock is that it takes a lot of the guesswork out of the clay-hosted REE story. Many regolith REE narratives are built on limited data and broad assumptions, but here the integration of AEM, hyperspectral logging, SEM, XRD, and detailed geochemistry creates a coherent picture of how the system works from surface down to saprock. That moves Splinter Rock out of the realm of “interesting anomaly” and into the category of a system that is genuinely understood in three dimensions. The confirmation that REEs are largely hosted in secondary phosphates and minor fluorocarbonates, rather than being dominantly ion-adsorbed on clays, is a critical distinction. Western Australia does not share the same climatic and weathering history as the classic Chinese ion-adsorption districts, and this study reinforces that point. The long-lived weathering history, changes in groundwater, and evolving redox conditions all appear to have pushed the system towards more stable mineral hosts over time. That is a different processing challenge, but at least the mineralogical reality is now on the table rather than assumed. The palaeo-valley framework and regolith architecture emerging from the AEM and mapping work also give Splinter Rock a strong geomorphic and structural context. Instead of isolated high-grade intervals with uncertain continuity, the project is now framed within an interpreted network of incised, granite-sourced valleys infilled with transported and residual clays. That kind of model is what allows explorers to think about scale, repeatability, and where to place the next dollar of drilling with more confidence, rather than chasing spotty geochemical highs. In the end, this study should be seen as a starting platform, not a final answer. Science has done its job in defining the architecture, the mineral hosts, and the key controls on REE distribution. The focus now has to shift towards metallurgical testwork, leachability studies, and an honest assessment of deleterious elements and processing complexity. If the REE-bearing phases at Splinter Rock respond favourably to leaching and the project can demonstrate a technically and environmentally defensible flowsheet, then this body of work will have laid the groundwork for a credible development story. If not, it will still stand as a reference model for how to properly characterise a clay-hosted REE system in Western Australia—something the broader industry can learn from.   References: Reid, N., Thorne, R. L., Iglesias-Martinez, M., Lampinen, H. M., Davis, A., Bamforth, T. G., Spaggiari, C., Fan, R., Webster, N. A., Pinchand, T., Cribb, B., & Hazelden, B. (2025). Multi-disciplinary characterisation of the splinter rock clay-hosted REE prospect, Western Australia. Ore Geology Reviews, 186, 106929 ( https://doi.org/10.1016/j.oregeorev.2025.106929 ) The Samso Way — Seek the Research Every REE project has a story; Splinter Rock now has the science to back it. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Pure Secures Strategic Funding Facility to Support Growth 21 October 2025 ( click here to view the announcement ) Pure and AMQ to Assemble ZE Vehicles in Australia 29 October 2025 ( click here to view the announcement ) Pure Hydrogen Corporation Limited (ASX: PH2)  has released two important ASX announcements outlining a step-change in its strategic positioning across Australia’s zero-emission (ZE) vehicle and clean mobility sector.  The first update (29 October 2025) details a new collaboration between Pure’s subsidiary, Pure One Operations, and Advanced Manufacturing Queensland (AMQ) to begin assembling hydrogen fuel-cell trucks and the Ford F-150 Lightning locally in Brisbane.  The second update (21 October 2025) confirms that Pure Hydrogen has secured a $2.5 million loan facility to support its growing sales pipeline and vehicle rollout commitments.  Together, these announcements reinforce Pure Hydrogen’s expanding footprint in Australia’s clean mobility landscape. The Business of the Company: Focus – Hydrogen - Projects Pure Hydrogen is developing an integrated portfolio that covers: Zero-Emission trucks and light commercial vehicles Hydrogen fuel supply solutions Localised assembly capacity through strategic partnerships A pipeline of clean mobility infrastructure across Australia Supporting energy projects, including natural gas assets in Australia and Botswana   Highlights – Strategic Manufacturing Partnership with AMQ (29 October 2025) Pure One Operations × Advanced Manufacturing Queensland (AMQ) Pure One has signed a Term Sheet with AMQ, enabling local assembly and integration  of hydrogen fuel-cell trucks at AMQ’s Brisbane facility (Figure 1). Figure 1: AMQ Facility – Zero-Emission Vehicle Assembly Area (source: PH2) The collaboration includes integrating hydrogen components ,  vehicle assembly , and  shared value in vehicle sales . Pure One retains control of pricing strategy  and customer relationships —a key long-term competitive advantage. The partnership enables Pure to sell the Ford F-150 Lightning , expanding its ZE vehicle offering and revenue channels (Figure 2). Figure 2: Ford F-150 Lightning – in Field Operation (Pilbara) (source: PH2) AMQ brings advanced manufacturing capability aligned with the Federal Government’s Future Made in Australia strategy . Both companies will explore additional commercial opportunities  across the zero-emission mobility sector. A binding agreement is expected early 2026 . Highlights – Funding Facility to Support Growth Pipeline (21 October 2025) $2.5 million Strategic Loan Facility Secured Pure Hydrogen has executed a $2.5 million loan facility  with Gam Company Pty Ltd. The facility provides working capital flexibility  to accelerate ZE vehicle deliveries and customer contracts. Supports the Company’s in-build vehicle fleet , including multi-vehicle orders across industrial and construction sectors. Loan terms include: Eight-month duration 15% annual interest , payable pro rata 28 million options exercisable at $0.13 , with a three-year expiry First-ranking security  over Pure’s assets Early repayment allowed with no penalty Enables continuity in delivery schedules while longer-term funding strategies are developed.   Leadership Commentary Pure Hydrogen Managing Director, Mr Scott Brown , commented: “This collaboration transforms how we approach zero-emission transport in Australia. By integrating assembly capabilities locally through AMQ, we gain the ability to scale production, innovate across vehicle platforms, and maintain full control over customer relationships and pricing strategy, reinforcing our long-term growth potential. Beyond production, this partnership unlocks broader strategic opportunities. It strengthens our domestic presence and establishes a foundation for future expansion. Local assembly is a game-changing capability that will underpin our vision of delivering zero-emission transport solutions across Australia and internationally. We look forward to working with AMQ to spearhead the next phase of growth in Australia’s clean energy vehicle sector.”   Advanced Manufacturing Queensland (AMQ) Managing Director, Mr Edward Kocwa,  added: “AMQ is driving the future of clean mobility in Australia. From the F-150 Lightning to our Hyundai remanufacturing program, this partnership with Pure One demonstrates how we can add value through local manufacturing and deliver worldclass zero-emission vehicles, which also aligns with the Federal Government’s Future Made in Australia strategy. We’re pleased to partner with Pure One to support the growth of zero-emission transport in Australia, and this collaboration aligns perfectly with our mission to bring world-class manufacturing capability back to Australian soil.”   About the Project (Australia – Zero-Emission Mobility Platform) Pure Hydrogen’s ZE mobility initiative integrates: Hydrogen fuel-cell trucks , purpose-built for industrial logistics Battery-electric platforms , including the Ford F-150 Lightning Strategic assembly and integration capability  via AMQ Domestic and US sales channels  supported by multi-vehicle order interest Supporting energy infrastructure , including hydrogen production and supply solutions   Near-Term Milestones to Watch Finalisation of a binding AMQ assembly agreement  (expected early 2026). Continued delivery of hydrogen fuel-cell trucks and ZE vehicles  to customers nationwide. Deployment of additional F-150 Lightning vehicles  into commercial fleets. Expansion of domestic ZE mobility infrastructure , including refuelling capability. Progress on follow-up US orders  under existing sales and distribution agreements. Ongoing development of hydrogen supply frameworks  to support fleet rollout.   How Samso Understands the Investment Memo for the Company Pure Hydrogen’s announcements highlight two clear investment trends: Local capability is becoming central to Australia’s ZE vehicle supply chain. The AMQ partnership gives Pure an early-mover advantage in domestic assembly. Financial flexibility is critical during the scale-up phase. The loan facility provides Pure with the liquidity required to maintain delivery momentum. A broader commercial footprint is emerging. The ability to sell, assemble, and service multiple ZE platforms—both HFC and BEV—positions Pure as a multi-channel provider. Strategic positioning is strengthening against international competitors. Local manufacturing capability is a defensible long-term differentiator.   Samso Concluding Comments The combined impact of these two updates is more significant than it may appear on the surface. Pure Hydrogen is not only improving its ability to deliver vehicles—it is structurally embedding itself inside Australia’s emerging clean mobility value chain. Local assembly creates a long-term ecosystem advantage, particularly in fleet markets where serviceability, reliability, and cost control matter. The Company’s decision to retain pricing strategy and customer relationships hints at a deliberate focus on building brand equity alongside market share. These choices are important for any company transitioning from technology rollout into commercial maturity. The funding facility, while modest in size, plays a crucial role in ensuring continuity. Maintaining delivery momentum is essential in early-stage commercialisation cycles, especially where customer confidence is directly tied to execution capability. Taking both announcements together, Pure Hydrogen appears to be moving toward a more vertically integrated business model. This could enable the company to capture value at multiple points across the ZE vehicle supply chain while positioning itself strongly for future industry consolidation.   The Samso Way – Seek the Research At Samso, we always encourage investors to look beyond the headlines and understand the underlying strategy.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Race Clinical Program Update 17 November 2025 ( click here to view the announcement ) Race Oncology Limited (ASX: RAC)  has announced the expansion of its clinical strategy with two new programs centred on Acute Myeloid Leukaemia (AML) and EGFR-mutated Non-Small Cell Lung Cancer (NSCLC) (Figure 1). Figure 1: EGFR-mutated (EGFRm) Non-small Cell Lung Cancer (NSCLC) (source: RAC) These programs build directly on the newly characterised mechanism of action of (E,E)-bisantrene (Figure 2) and position RC220 for accelerated clinical validation across major oncology markets. Figure 2: The Science Behind (E,E)-bisantrene (source: RAC) The Business of the Company: Focus – Projects Race Oncology is a Phase 3 clinical biopharmaceutical company focused on advancing its proprietary formulation RC220 , a next-generation delivery form of (E,E)-bisantrene. The company aims to address high-value oncology areas through: Phase 3 AML bridging program  to align RC110 and RC220 Phase 1a/b EGFRm NSCLC program  targeting TKI resistance Phase 1a/b RC220 + doxorubicin cardioprotection program Pipeline expansion opportunities via MYC silencing and G4 stabilisation biology Highlights – Expansion of Clinical Programs in AML and EGFRm NSCLC 1. New Phase 3 AML Trial: Bridging RC110 to RC220 Race has established a cost-efficient pathway to potential regulatory approval through a two-part Phase 3 design incorporating (Figure 3): A PK/PD bridging stage  to demonstrate clinical equivalence between RC110 and RC220 Biomarker generation assessing MYC gene silencing Alignment with US FDA Project Optimus Figure 3: Phase 3 Pathway to Approve RC220 in r/r AML (source: RAC) 2. New EGFRm NSCLC Trial Targeting TKI Resistance A Phase 1a/b program (HARNESS-1) will evaluate RC220 + osimertinib in patients with detectable ctDNA to delay or prevent resistance (Figure 4). Key points: All preclinical data, KOL engagement, protocols, and CRO contracts completed Ethics submission made to Bellberry HREC (29 Sept 2025) Five major Australian oncology sites secured Figure 4: HARNESS-1 Phase 1a/b Trial Overview (source: RAC) 3. Cardioprotection & Solid Tumour Opportunity Race continues its ongoing Phase 1a/b trial of RC220 in combination with doxorubicin to explore dual benefits: Mitigation of doxorubicin cardiotoxicity Enhanced anticancer activity 4. Program Funding & Readiness Planning is highly advanced across all programs Execution timing tied to conversion of $1.25 piggyback options (expiry May 2026) Cash position: $11.3m as of 30 Sept 2025 Leadership Commentary   Race Oncology CEO and Managing Director, Dr Daniel Tillett, commented, “It is an exciting milestone for Race Oncology to translate the mechanism of action of (E,E)-bisantrene into tangible clinical programs. The opportunity to use RC220 to delay, or even prevent, TKI resistance across a range of cancers is a compelling opportunity. The scale of the opportunity is enormous, with more than US$10 billion of EGFRm TKIs sold every year for lung cancer alone. I want to especially thank the Race Oncology preclinical and clinical teams for their extraordinary effort in moving from the initial discovery of the mechanism of action of (E,E)-bisantrene to a full clinical trial program in lung cancer in under 9 months.” About the Project While Race Oncology’s programs operate nationally, the broader portfolio reflects collaborations across leading research institutes in Australia and international cancer centres.RC220’s development leverages preclinical work conducted in partnership with institutions such as: University of Wollongong University of Newcastle UNC School of Medicine Sheba City of Health (Israel) The Company is also actively exploring partnerships, licence agreements, or commercial mergers and acquisitions to accelerate access to RC220 for patients with cancer worldwide. Near-term Milestones to Watch Q1 2026:  First patient recruited in HARNESS-1 Phase 1a/b NSCLC trial 2026:  AML Phase 3 bridging stage initiation (pending funding) Completion of ctDNA screening across multiple sites Regulatory interactions and responses from Bellberry HREC Ongoing MYC biomarker data development Further conversion of piggyback options to support program roll-out How Samso Understands the Investment Memo for Race Oncology Samso’s interpretation is that Race Oncology is positioning RC220 as a highly differentiated oncology asset capable of influencing major cancer treatment markets. The Company’s focus on TKI resistance, MYC gene targeting, and biomarker-led clinical design suggests a strategy grounded in science, commercial relevance, and regulatory alignment. The dual AML and NSCLC programs collectively offer pathways that could support accelerated value creation if clinical outcomes validate the mechanism.   Samso Concluding Comments Race Oncology’s strategic expansion arrives at a key junction for precision oncology. The industry has been grappling with therapy resistance, particularly in EGFRm NSCLC, where, despite billions in annual TKI sales, real-world outcomes remain constrained by subclone emergence and bypass signaling. RC220’s mechanistic positioning — targeting G-quadruplex structures and MYC silencing — could mark a substantial shift in how resistance biology is approached clinically. The AML pivotal trial pathway is equally notable, leveraging regulatory precedents and orphan drug frameworks. By bridging RC110’s historical clinical data with RC220’s modern formulation under a Project Optimus-aligned design, Race is pursuing an approval strategy that is both pragmatic and scientifically grounded. This reduces uncertainty associated with dosing, variability, and historical comparator alignment. The integration of ctDNA as a patient selection and response metric is also an important direction for modern oncology trials. It provides measurable, early indicators of therapeutic effect and allows for more efficient trial conduct. This position aims to generate data that is directly relevant to clinicians and regulators who are increasingly seeking biomarker-anchored trial designs. Overall, Race Oncology appears to be shaping a pipeline that leverages deep molecular insight, commercially significant disease settings, and realistic pathways to regulatory approval. The next 12–24 months will be critical as these programs move from planning into execution.   The Samso Way – Seek the Research Always take the time to understand the science, the data, and the path that companies choose to create value for shareholders. 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 Broken Hill Reborn 5 November 2025 ( Click here to view the announcement ) Impact Minerals Limited (ASX: IPT)   has resumed exploration  at its 100%-owned Broken Hill Project (NSW) , citing stronger metal prices, new in-house copper concepts from the BHP Xplor program, and renewed third-party activity  in the district (Figure 1). The Company has begun a progressive review of past work and presents context and results from Platinum Springs as the first step.  Figure 1: Location of Broken Hill within the world-class Curnamona province in NSW (source: IPT) The Business of Impact Minerals Limited (ASX: IPT) Lake Hope High Purity Alumina (HPA) Project, WA  (IPT earning 80%), and Alluminous (IPT 50%), plus the HiPurA®  HPA technology platform. Broken Hill (NSW, 100%) ( Figure 2) — a district-scale position (~ 1,770 km² ; >100 km  strike) targeting high-grade magmatic Ni-Cu-PGE (Platinum Springs, Red Hill, Rockwell–LBH; basal channels along the ~9 km Moorkai Trend) (Figure 2), Figure 2: Rock chip sample results from along the Moorkai Trend (ASX Release 21st October 2020) (source: IPT) Arkun   WA Commonwealth Gold-Silver Project NSW (JV with Kuniko) Southern Sky JV Highlights - Milestones & Value Pathways - Copper Exploration restart at Broken Hill  driven by: sharp price rises  (Au, Ag, Pt, Pd, Cu); widespread high-grade occurrences  on IPT tenure, which covers ~1,770 km² and >100 km of strike (Figure 3); BHP Xplor IP (2023)  is now applied to large copper targets. Three target styles ( Ni–Cu–PGE; Ag–Pb–Zn; large copper) :   (Figure 3) large sedimentary/magmatic copper  tied to mafic sills & possible structural offsets; high-grade magmatic Ni-Cu-PGE  (Platinum Springs, Red Hill, Rockwell–Little Broken Hill); Broken Hill–style Ag-Pb-Zn  (Dora East). Figure 3: Regional TMI, licences & prospects (source: IPT)   Historic tenor is real (PSD02):   0.6 m @ 7.6% Cu, 7.4% Ni, 25.6 g/t Pd, 11.5 g/t Pt, 1.4 g/t Au, 44.3 g/t Ag  from 57.4 m (massive sulphide) (Figure 4). Figure 4: Core photo: 60 cm massive sulphide from PSD02 (source: IPT)   Technical step-change (2020):  IPT’s proprietary multi-metal ratio  (measurable by hand-held XRF ) that correlates with PGE grade , enabling real-time vectoring during RC drilling. Kambalda-style channels confirmed:   (1) Conceptual cross-section through the Kambalda Dome  showing multiple ribbon-like basal channels and associated nickel ore shoots—the analogue for Moorkai’s channel model (Figure 5). Figure 5: Cross-section through the Kambalda Dome highlights multiple ribbon-like basal channels hosting nickel ore shoots, emphasizing their scale and abundance. (source: IPT) Magnetic image over Platinum Springs  outlining Plat West/Central/East  and PSD02, with ~1 km distribution of high-grade PGEs and interpreted channels at Plat Central (Ni–Cu–PGE) open in both directions (Figure 6). Figure 6: Platinum Springs magnetics (Plat West/Central/East + PSD02) (source: IPT) Plat Central cross-section  depicting the interpreted channel geometry, reported intercepts, and positions of the higher-grade zones (Figure 7). Figure 7: Cross-section at Plat Central on Traverse 6,472,110 mN (source: IPT) Recent intercept examples (Plat Central/East): 1 m  with 3.3% Ni, 1% Cu, 23 g/t Ag,  and high 7PGE tenor from 62 m  (includes Pd, Pt, Rh, Os, Ir, Ru). 7 m @ 3.8 g/t 7PGE , 0.6% Cu, 0.5% Ni, 9.4 g/t Ag (from 53 m), incl. a 1 m  higher-grade internal. Work program:   Detailed ground EM (closer-spaced, better coupling) to refine targets; MT  in progress to frame early-2026  drilling.   Leadership commentary   Impact Minerals’ Managing Director, Dr. Mike Jones , commented: “Although we are making important progress on all aspects of our work in the High Purity Alumina field, both at Lake Hope and with our major investment in Alluminous Pty Ltd, there is still unfinished business for Impact at Broken Hill. Given the recent sharp rises in precious metal and copper prices, and the area's revitalisation following the recent acquisition of the famous Rasp Mine by Broken Hill Mines Limited (ASX:BHM), some of our recently raised funds will be allocated to revamping our exploration efforts there. Our previous work identified numerous high-grade prospects for nickel-copper-PGMs and Broken Hill-style silver-lead-zinc mineralisation, both of which still require follow-up. Additionally, we have developed new theories for large copper deposits based on our participation in the inaugural BHP Xplor program in 2023, which, earlier this year, resulted in us acquiring a substantial new ground-holding in the region. We are currently conducting a ground magneto-telluric survey to help identify drill targets for early 2026, and we are eager to see the results.”, About Lake Hope HPA Project (WA) Location: Tier 1 jurisdiction in Western Australia Ownership: IPT earning 80% , via issuance of 120 million shares Key PFS outcomes: A$1.165b NPV10 , A$259m capex , US$5,860/t opex  (with potential 100 km  strike) Prospects: Platinum Springs, Red Hill, Little Broken Hill Styles: Ni-Cu-PGE channels (Moorkai Trend) Broken Hill–style Ag-Pb-Zn (e.g., Dora East) Large copper concept tied to mafic sills/structural offsets Near-term Milestones to Watch MT (magneto-telluric)/EM (electromagnetic) surveys refinement of channel/copper targets → drill target list finalised Follow-up drilling at Plat Central/East (channel continuity/tenor) Dora East next steps (Ag-Pb-Zn optionality) Any district updates that de-risk infrastructure or services (e.g., nearby operator activity) How Samso Understands the Investment Memo for Impact Minerals Thesis:  District-scale ground ( ~1,770 km²; >100 km strike ) with multi-commodity levers  (copper concept at depth/offset, Ni-Cu-PGE channels , Ag-Pb-Zn ). The mix provides several shots on goal as the cycle improves. Edge/Process:  The XRF-driven ratio  is a practical vectoring tool  to shorten drill-learn cycles and rank channel targets  along the Moorkai Trend. Evidence:  Historic PSD02 tenor  plus recent Plat Central/East  intercepts validate fertility  and geometry of the channel model. Execution:   Re-process legacy EM → close-spaced ground EM → drill ; run MT  for the copper thesis; keep Dora East  in the queue. Low-regret cadence with clear 2026 catalysts.   Samso Concluding Comments This ASX release, for me, is the redirection of Impact Minerals. I think this is a good move, as the market for the HPA and all the other REE hopefuls is no longer in the game. The established REE players will be the only ones that will make the grade for market attention, such as OD6 Metals Limited and possibly Critica Limited. Interestingly, it was the Broken Hill story that drew me to Impact in the first place; however, at that time, the market was more interested in lithium than REE, and in the case of Impact, the HPA story. I have long learned that the boring brick-and-mortar stories are always the ones left standing when things hit the fan. So here we are, talking about Broken Hill again. What the company is now talking about is to reprocess legacy EM, run close-spaced ground EM , and use the ongoing ground MT  to frame early-2026 drill targets —it's not rocket science but mineral exploration 101 as this is simply "Find where to Drill" talk. On the Ni-Cu-PGE channel  story, the proprietary multi-metal ratio  (repeatable on hand-held XRF) appears to be correlating with PGE grades and has already vectored drilling into ribbon-like, Kambalda-style basal channels —with three channels  defined at Plat Central/East and remaining open along trend and at depth  across the ~9 km Moorkai Trend . From the market perspective, what will move the needle is grade reproducibility and continuity . Historic PSD02  proves fertility, while recent hits at Plat Central/East  include 1 m @ 22.7 g/t 7PGE, 3.3% Ni, 1% Cu, 23 g/t Ag (PSIPT030),  and 7 m @ 3.8 g/t 7PGE (PSIPT031). Additional potential is coming from sections and magnetics showing embayments/channels  where higher grades sit within or at the base  of the channel. If step-outs extend these shoots along strike and down-dip, there will be reasons for the market to get excited. Scale and district tailwinds  help. Impact holds ~1,770 km² and >100 km of strike , and the region is seeing renewed activity as companies move away from the previous rush for lithium projects. Corporate moves such as BHM’s Rasp/Pinnacles acquisition with high-grade drill results , plus a South32 JV  to the north, are fueling the rush to jump on the next "Flavour". If Impact’s MT/EM outcomes align with this momentum, it will create the narrative momentum for the right path for shareholders. Early stage, but this is a good option for shareholders, even if it feels like the only option. Keep DYOR in mind.   The Samso Way – Seek the Research Read the primary announcement , follow the figures/sections/tables , and build your own conviction— DYOR . Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 sees the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Critica's MREP Flowsheet Achieves 63% Gallium Leach Recovery 10 November 2025 ( click here to view the announcement ) Jupiter Delivers Impressive High Grade (84% TREO) MREP 28 October 2025 ( click here to view the announcement ) Critica Limited (ASX: CRI)  has released two major updates that strengthen the technical and strategic credentials of the Jupiter Project, located in Western Australia (Figure 1). Figure 1: Location of The Jupiter Project in Tier-1 Western Australia (source: CRI) The Company has successfully produced its first high-grade Mixed Rare Earth Product (MREP) and, in parallel, delivered confirmation that gallium can be recovered as a valuable by-product within the same beneficiation-first flowsheet. Both developments form part of Critica’s staged, disciplined derisking program as the company transitions from explorer to developer.  The Business of Critica Limited: Focus — Gallium - REE -Projects Critica is rapidly advancing the Jupiter clay-hosted rare-earth Project , which stands today as: Australia’s largest clay-hosted rare earth resource. A globally significant magnet-REE dominant system (Nd, Pr, Dy, Tb). A project with exceptionally low uranium and thorium impurities. Jupiter’s flowsheet design is anchored in beneficiation-first (Figure 2) , allowing mass rejection of ~95% and strong grade uplift prior to hydrometallurgy — a key differentiator among clay-hosted REE deposits. Figure 2: Jupiter beneficiate-first flow sheet now with MREP and Gallium byproduct streams (source: CRI) Highlights – First Mixed Rare Earth Product (MREP) Produced (28 October 2025) First MREP successfully produced from Jupiter concentrate, assaying 84% TREO . 78% recovery achieved to Mixed Rare Earth Oxide (MREO), demonstrating high leach extraction (Figure 3). Figure 3: Initial Mixed Rare Earth Product (oxide) 84% TREO (source: CRI) Standard acid-bake process validated; parallel optimisation underway at ANSTO and Minutech-AMML. Very low impurities — uranium and thorium well below transport thresholds . 3,000 kg closed-circuit pilot plant  at GAVAQ (Hanoi) now in commissioning (Figure 4). Figure 4: GAVAQ Pilot Plant – cold commissioning of Pilot Plant (source: CRI) Beneficiation continues to achieve ~95% mass rejection  with a 6–10× grade uplift . Reinforces Jupiter’s magnet-REE bias (~23% of total REO)  — critical for EVs, AI, renewables, and defence systems. Leadership Commentary Critica’s CEO, Jacob Deysel, commented: “This first unoptimised Mixed Rare Earth Product is a pivotal step for Critica. Our metallurgical results confirm that beneficiated Jupiter concentrate can be successfully leached using conventional, scalable processing to produce a high-grade oxide product. With beneficiation proven, MREP achieved, and pilot commissioning underway, we are moving decisively from explorer to developer. Our focus now is optimisation, product specification, and engagement with prospective offtake and strategic partners as we continue building a credible, low-cost, Western-aligned rare earth supply chain anchored in one of the world’s largest and cleanest clay-hosted deposits.” Highlights – Gallium Confirmed as Valuable By-Product (10 November 2025) Jupiter’s 1.8 Bt  resource averages ~39 ppm Ga₂O₃ , representing ~70,000 tonnes of contained gallium (Figure 5). Figure 5: Resource Model – showing Ga₂O₃ grade distribution across the resource model (source: CRI) Metallurgical testwork confirms ~63% gallium recovery to leach solution  within Critica’s existing REE flowsheet (Figure 6). Figure 6: Schematic of GAVAQ MREO Flowsheet - standard acid-bake and gallium recovery pathway (source: CRI) Gallium upgrade factor of ~1.2× in flotation concentrate ; recovery achieved without altering process scope. Gallium is hosted in both clay and REE phosphate minerals, demonstrating predictable leach behaviour . Critical market context: China controls >98% of global gallium supply . Additional co-product potential now under evaluation: scandium, germanium, and iron . Confirms integrated REE–gallium value pathway within the same process circuit.   Leadership Commentary Critica’s CEO, Jacob Deysel, commented: “Jupiter continues to deliver scale, simplicity and strategic value. Metallurgical results indicate a clear line-of-sight to by-product recovery of gallium within the same process circuit that produced our first Mixed Rare Earth Product (MREP). Achieving ~63% gallium extraction into solution marks an important step in demonstra t ing coproduct potential from within our existing process, without changing scope or strategy. This is not a pivot — it is a logical progression of Critica’s systematic flowsheet de-risking program. The strategic imperative for the West remains unchanged: it is no longer enough to access critical minerals — we must secure custody of supply. By proving the ability to recover gallium alongside rare earths, Critica strengthens its position within a Western-aligned, low-risk and technically validated supply chain.” About the Project (Western Australia) The Jupiter Project is located in the Murchison region of Western Australia and represents: A 1.8 Bt clay-hosted REE system , with a strong magnet-REE profile. Resource grades (Table 1): 1,700 ppm TREO  at 1,000 ppm cut-off. ~39 ppm Ga₂O₃  average gallium oxide. Table 1: Jupiter clay-hosted REE and Ga Resource at preferred TREO lower cut-offs Hosted within deeply weathered clay and saprolite overlying an alkaline granitoid intrusion. Low impurity levels (U, Th) allow favourable handling and transport characteristics. Metallurgical testwork on a Jupiter intermediate concentrate has confirmed strong upgrade factors for TREO and defined the basis for the reported ~63% gallium extraction to leach solution (Table 2). Table 2: Jupiter intermediate concentrate used to produce the reported Gallium extraction. Near-term Milestones to Watch Q4 2025 – H1 2026 Operate the 3,000 kg closed-circuit pilot plant  at GAVAQ. Bake and leach optimisation across GAVAQ, ANSTO, Minutech-AMML . Selective precipitation trials for gallium , plus screening for germanium and scandium co-products. H1 2026 Finalise MREP/MREO product specifications . Feed pilot data into the Scoping Study . H2 2026 Commence Pre-Feasibility Study . Ongoing Offtake and downstream engagement with Western-aligned partners.   How Samso Understands the Investment Memo for the Company Critica is building a rare-earth processing pathway that balances scale , simplicity , and strategic alignment . The Company’s model is based on a beneficiation-first approach that reduces mass early, lowers capital intensity, and enables higher-quality hydromet feed. The new confirmation of gallium recovery adds a further dimension to the value proposition and may materially enhance project economics. The Company is now positioned in a globally relevant segment — magnet rare earths + critical by-products  — with a technically validated flowsheet that is progressing toward feasibility-level robustness.    Samso Concluding Comments Many clay-hosted rare earth stories show promise at the laboratory scale, but struggle when asked to demonstrate integration across larger, more representative programs. Jupiter is moving through this sequence in a steady, evidence-based manner. Beneficiation has now been proven several times over, delivering repeatable mass rejection and grade uplift. Hydrometallurgy has shown that this upgraded material converts into a high-quality oxide product. And now, with gallium extraction validated within the same circuit, the flowsheet is showing signs of forming a multi-commodity pathway without additional complexity. Gallium brings a strategic layer that should not be understated. In a market where more than 98% of global supply sits within a single jurisdiction, the ability to source gallium from a Western-aligned project anchored in a Tier 1 jurisdiction is significant. What matters most is that Critica has not pursued gallium as a separate exercise — the recovery emerged naturally from the same leach solution used to produce its MREP. This speaks to the underlying mineralogy and the integrity of the integrated flowsheet. If future optimisation improves recovery or defines a clear commercial product, gallium could become a genuine by-product contributor rather than a marginal value add. From an investor perspective, Jupiter now presents a combination that is rare in the clay-REE space: scale, metallurgical simplicity, and jurisdictional strength. The ability to beneficiate clay-hosted material upfront is not common, and it sets the project apart in terms of capital intensity and downstream optionality. The 3,000 kg pilot plant is an important next step, as it will provide the operating data, product volumes, and engineering basis needed for meaningful Scoping Study inputs. As these datasets accumulate, the market will gain more clarity on the cost structure, product specification, and long-term margin potential of the project. Looking ahead, the next 12–18 months will be formative for Critica. Pilot-scale results, ongoing hydromet optimisation, and the definition of final MREP specifications will shape the project’s position in the Western rare-earth supply chain landscape. These developments are occurring against a backdrop of increased interest in magnet-REE supply security, AI-driven hardware demand, and the global re-balancing of strategic minerals. If Critica maintains its current momentum, Jupiter may emerge as one of the few clay-hosted magnet-REE projects advancing toward a credible development case supported by both scale and technical validation.   The Samso Way – Seek the Research Always explore the data behind the story — that is where the real value lies.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Terra to Acquire True American Tungsten Project ( click here to view the announcement ) Terra Critical Minerals Limited (ASX: T92)  has taken a decisive step into the North American critical minerals landscape with the acquisition of the True American Tungsten Project , located in central Nevada at the junction of the prolific Getchell and Battle Mountain Mineral Belts (Figure 1) . Figure 1: Project Location Map (source: T92)   This is a historic, high-grade, past-producing tungsten system with geological signatures consistent with larger skarn-style systems. The combination of location, grade, commodity pricing, and strategic timing  makes this a highly intriguing development from the Company.   The Business of the Company: Focus – Projects Terra Critical Minerals continues to operate as a diversified strategic minerals explorer focused on tungsten, tin, silver, gold , and uranium across Australia and Canada. The Company’s portfolio now includes: True American Tungsten Project (Nevada, USA)  – newly acquired, high-grade tungsten system. Ottery Tin & Precious Metals Mine (NSW)  – 100% owned. Glen Eden Tin–Tungsten–Molybdenum Project (NSW) . Athabasca Basin Uranium Portfolio (Canada)  – including Engler Lake, HawkRock, Rapid River, Yurkowski Lake, and more. With a team that has deep structural and uranium expertise, Terra is positioned across multiple critical supply chains. Highlights – Binding Agreement to Acquire a High-Grade Tungsten Project in Nevada 1. Terra Acquires 100% of the True American Tungsten Project Terra has signed a binding agreement to acquire the True American Tungsten Project  in Nevada, a jurisdiction hosting tier-one tungsten, gold, and polymetallic systems. This project sits along strike of the Springer Mine , adjacent to Pilot Mountain  and Tennessee Mountain , all recognised tungsten centres.   2. Historic High-Grade Tungsten Samples up to 11.1% WO₃ The Project boasts compelling historic assays from US Bureau of Mines datasets, including: 11.1% WO₃  from hand-sorted ore (USBM 1963). 5.12% WO₃  (USBM 1963). 4.2% WO₃  (USBM 1963).A total of 33 tonnes  of ore historically shipped returned grades between 1.69% to 11.1% WO₃ . These are exceptional grades for tungsten skarn systems.   3. District-Scale Exploration Potential Identified by USGS (2021) Recent USGS work highlights strong anomalous stream-sediment geochemistry , suggesting that multiple tungsten-bearing zones may extend south of the known workings. This aligns with intrusive-related fluid pathways typically associated with larger skarn systems (Figure 2). Figure 2: USGS Prospectivity Analysis (source: T92).     4. Geological Positioning Linked to Major Tungsten Skarn Systems The Project sits at a key structural and intrusive intersection where granite contacts with limestone and volcanics generate tungsten skarn mineralisation. The USGS tungsten skarn model shows the potential scale of these systems (Figure 3). Figure 3: USGS Tungsten Skarn Model (source: T92).     5. Under-Explored with No Modern Exploration Since the 1940s Despite historic production, no modern drilling, geophysics, or systematic mapping  has been conducted since 1945. The area remains open for major new target definition.   6. Tungsten Prices at All-Time Highs Tungsten prices have surged above USD $780/MTU , driven by tightening Chinese export restrictions, escalating defence needs, and expanded demand from aerospace and datacentres (Figure 4). This macro setting strengthens the strategic rationale for Terra’s acquisition. Figure 4: Tungsten Market Chart (Source: Shanghai Metals Market).   7. Proposed Exploration Program (2026 Onwards) Terra plans to launch a staged program including: Geological mapping and structural analysis. Geochemical sampling for W–Mo–Bi–Cu pathfinders. Geophysics: IP and magnetics to identify contacts and concealed intrusions. Targeted diamond drilling across prospective limestone units at depth. This staged program aims to identify a larger, blind tungsten system at depth.   8. Additional Claims, Royalty Terms, and Entitlement Offer Terra will acquire 100% with staged share payments and modest royalties (combined NSR 1.5%, partly buy-backable). A separate Entitlement Offer of quoted options aims to raise up to $600,000 , supporting both working capital and exploration budgets. Key milestones include additional claim staking and reporting of future JORC-compliant resources. About the Project The True American Tungsten system is hosted within a metamorphosed shale–volcanic package with thin limestone horizons intruded by diorite dykes. This geological setting is classic for tungsten skarn development, particularly where intrusives feed metal-bearing fluids toward receptive carbonate host rocks (Figure 5). Figure 5: Local Geology and Mineral Claims Map (source: T92). The mineralisation is primarily scheelite within quartz vein stockworks , with evidence of contact metasomatic alteration forming tungsten lenses along limestone beds dipping ~30–40° east. The presence of diorite dykes is interpreted as evidence of a deeper concealed pluton — the likely source of the system’s fertility. Near-term Milestones to Watch Completion of the acquisition and claim transfer (expected end of 2025). Staking of additional unpatented mining claims. First-phase mapping and structural interpretation. Initial tungsten–pathfinder geochemistry program. Geophysical surveys (magnetics & IP) to define subsurface targets. Identification of drill targets along limestone units proximal to intrusive margins. Entitlement Offer completion and quotation of new options   How Samso Understands the Investment Memo for the Company This acquisition is best viewed as a strategic, high-grade tungsten entry  into the US supply chain at a time when global tungsten markets are undergoing significant geopolitical rebalancing. The rarity of high-grade tungsten systems, combined with the Project’s location near known deposits, gives Terra a unique platform to grow value in a commodity that is experiencing long-term structural support from defence, aerospace and advanced manufacturing. The minimal historic work and absence of modern exploration increase the chance of transformative upside.   Samso Concluding Comments From an exploration standpoint, the True American Tungsten Project offers a rare opportunity: a historically mined high-grade system that has seen no modern scientific work. In 2025, such opportunities are increasingly scarce. The system’s structural and lithological context suggests that the known workings represent only the shallow expression of a much larger skarn system potentially concealed at depth. The presence of diorite dykes, anomalous geochemistry, and granite intrusions is a textbook precursor for larger tungsten deposits. The tungsten market fundamentals cannot be ignored. With China controlling ~80% of global supply and tightening export restrictions, tungsten has moved from a specialist metal to a strategic asset of international importance. Defence supply chain assessments from NATO, South Korea, and the US all highlight tungsten as a high-risk, high-priority commodity. For Terra to secure an early-stage project in a US jurisdiction at this moment places them strategically ahead of the curve. In summary, the Project’s combination of geology and market timing presents a compelling case. With Terra’s positioning within the Tungsten narrative and the recent success of several ASX companies with critical minerals projects in the US, this will make an interesting narrative. For investors seeking exposure to a rising strategic commodity, this development is worth close attention. For those want a deeper DYOR process, check out the following Coffee with Samso and Samso Insights that we have covered recently: Coffee with Samso: Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten Samso Insights: Tungsten: The Quiet Giant – Market Trends and Investment Pathways. The Samso Way – Seek the Research Real insights come from understanding the geology, the strategy, and the market—so always do your own 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. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Manganese Confirmed at Basin & Neranghi Projects 5 November 2025 ( click here to view the announcement ) Great Dirt Resources Limited (ASX: GR8)   continues to advance its 100%-owned Doherty and Basin Manganese Projects located within EL9527 near Barraba, northern New South Wales (Figure 1). Recent surface sampling across historic workings at the Basin (Copper Hill) and Neranghi areas has confirmed high-grade manganese oxide occurrences, with assays reaching up to 51.8% Mn , reinforcing the district’s potential to host significant manganese systems.   Figure 1: Location of Rock Samples (source: GR8) The Business of the Company: Focus – Projects Great Dirt Resources is shaping a manganese-focused exploration portfolio built on a technical framework that increasingly supports the potential for primary exhalative stratiform manganese oxide systems within its Australian projects (Figure 2). The Doherty Project includes the historic Doherty and Junior Mines, historically supplying battery-grade manganese to Eveready and metallurgical-grade ore to BHP between 1941–1960. The Basin Project (Copper Hill) includes several smaller historic workings where conformable manganese trends align with the dominant chert fabric, suggesting deeper primary systems. Newly expanded WA tenements (Nullagine & Pilbara Projects) broaden exploration exposure into manganese and lithium districts. Figure 2: Great Dirt Resources Projects (source: GR8) Highlights – High-Grade Manganese Confirmed Across Historic Workings Rock chip assays up to 51.8% Mn , confirming high-grade manganese oxide across Basin and Neranghi (Table 1). Table 1: Basin and Neranghi area rock chip sample results (Analyses by Australian Laboratory Services (ALS) Brisbane.Methods ME-ICP61 and over limits by Mn-OG62) Massive manganese boulders and outcrops identified (up to 70 × 40 × 20 cm). Basin mineralisation appears conformable with host fabric , supporting a potential primary exhalative stratiform model . Research program advancing with geophysical reinterpretation, 3D structural modelling, and integrated datasets. Multiple rock chip results above 40–50% Mn , validating geochemical signatures consistent with volcanic-exhalative manganese systems: 1 ) Neranghi Area Sample (High-Grade Surface Mineralisation) Neranghi samples returned multiple high-grade manganese oxide results, including GRR283 (33.5% Mn), GRR284 (45.1% Mn), GRR285 (22.6% Mn), and GRR286 (51.8% Mn), taken from historic workings containing massive black manganese boulders and outcrops (Figure 3). Figure 3: Neranghi samples returned multiple high-grade manganese oxide results (source: GR8) These samples highlight the presence of robust high-grade manganese at surface within historic mine footprints (Figure 4). Figure 4: Historic workings at Neranghi area (source: GR8)                         2) Basin (Copper Hill) Area Sample (Conformable Stratiform Mineralisation) Basin area (Copper Hill) sampling confirmed additional high-grade manganese, including GRR287 (41% Mn), GRR288 (36.8% Mn), GRR289 (50.5% Mn), and GRR290 (51.8% Mn), occurring in mineralisation that is conformable with the dominant chert fabric, supporting the emerging primary exhalative stratiform model (Figure 5). These results reinforce geological continuity and strengthen the case for deeper primary manganese systems. Figure 5: Copper Hill samples returned multiple high-grade manganese oxide results (source: GR8)   About the Project The Doherty and Basin Projects cover a region historically known for producing some of Australia’s highest-grade manganese, including battery-grade ore with MnO₂ grades of 46–74%. Early mining focused on outcropping supergene oxide, leaving significant potential for untested blind mineralisation. Key technical considerations: Rock chip signatures show Mn/Fe ratios and trace element associations (Ba, Sr, Co, Cu, As, W) consistent with modern submarine volcanic-exhalative manganese deposits. Historical float samples outside known mine zones indicate previously unrecognised mineralisation along strike. Integrated geochemical, geophysical, and structural datasets now underpin a systematic approach targeting district-scale manganese systems.   Near-term Milestones to Watch Completion and publication of detailed geophysical reinterpretation and 3D modelling. Additional surface sampling across stratigraphy and untested structures. Ground-truthing of newly ranked geophysical targets (Figure 6). Ongoing drilling program scheduled to commence at the Doherty Project. Figure 6: Ground Truthing at High-Grade Manganese Zones (source: GR8)   How Samso Understands the Investment Memo for the Company Great Dirt is setting the foundations for a district-scale manganese exploration narrative  in northern NSW. The shift from viewing the region as a source of isolated supergene pods toward a more expansive primary exhalative system model  significantly increases potential upside. The combination of high-grade rock chips, supportive geochemical fingerprints, and structured research programs positions GR8 as an early mover in redefining manganese prospectivity in this region. As systematic exploration continues, the market will look for validation of the deeper primary model through geophysics, drilling, and continued surface sampling. Samso Concluding Comments The results released by Great Dirt Resources provide confirmation of multiple high-grade manganese occurrences at surface, combined with the structural context observed in the field. For the shareholders and potential investors, this may also suggest a system with more depth and scale than the historic workings would imply. For the mineral explorers, this gives a form of confidence to proceed. What is interesting to see is that rather than treating high-grade samples as isolated anomalies, the team is focusing on how those grades relate to the broader geological architecture. The alignment of manganese mineralisation with the dominant chert fabric, together with the supporting geochemical signatures, is being postulated that the points to a potential for a primary exhalative stratiform system. On the market side, it is worth noting that manganese continues to trade at relatively subdued levels, sitting at 29.85 CNY/mtu as of 21 November 2025 (Figure 7). The oversupply in the ore market is keeping prices flat, even though demand from steel and the emerging high-purity manganese segment is gradually increasing. The distinction between bulk ore and battery-grade supply is becoming sharper each year. Figure 7: Manganese Market Price as of 28 November 2025 (source: Trading Economics ) For a company in Great Dirt’s position, this backdrop is important. The near-term price environment may be quiet, but the longer-term trend toward high-purity manganese products provides a context in which geological clarity and technical accuracy carry real weight. Exploration that builds a coherent model is often the most valuable foundation an early-stage company can establish. Great Dirt is a new coverage on the Samso platform, and so is manganese. There have been a lot of positive sentiments for manganese players on the ASX, so we felt that this may be worth including in your DYOR list. What the outcome may be is still a learning curve for the Samso platform, but we are noticing movement on the station. The Samso Way – Seek the Research In exploration, clarity comes from understanding the geology—not the noise. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. G11 Corporate Presentation – 15 August 2025 ( click here to view the announcement ) 2. G11 to acquire new Gold and Copper Projects 13 August 2025 ( click here to view the announcement ) 3. G11 defines new Copper/Gold drill target at Sedgwick Bluff, 7 November 2025 ( click here to view the announcement ) G11 Resources Limited (ASX: G11)  has moved decisively in 2025 to expand its footprint across two of Australia’s most prospective mineral belts—Tasmania’s Mt Read Volcanics and the frontier structural corridors of north-western New South Wales (Figure 1). Through the acquisition of Pacific State Metals and further modelling work released later in the year, the Company has unlocked a pipeline of untested gold–copper targets with the scale and geological positioning required for Tier-1 discovery outcomes. Figure 1: Sedgwick Bluff Regional Location (source: G11)   The Business of the Company: Focus – Projects G11 is now positioned across four complementary project areas (Figure 2): Sedgwick Bluff (EL11/2025), Tasmania  — directly along strike from the Mt Lyell Copper–Gold Mine, sharing the same host lithologies and controlled by the Great Lyell Fault. Packsaddle (EL9424, EL9442, EL9469), NSW  — a 100 km structural corridor with IRG-Cu and Orogenic Au potential anchored by the newly identified Kings Hill magnetic–gravity anomaly. NW Cobar (EL9470), NSW  — multiple bullseye magnetic and IP anomalies prospective for Cobar-style base metals. Koonenberry Belt (NSW)  — 3,300 km² of VMS Cu, Orogenic Au, and Ni–Cu–PGE terrane already hosting a significant Exploration Target at Wilandra. Figure 2: NSW PROJECTS: Packsaddle Project, NW Cobar Project & Koonenberry Project (source: G11)   HIGHLIGHTS 1 — G11 to Acquire New Gold & Copper Projects (13 August 2025) A Transformational Acquisition of Pacific State Metals 1.      Sedgwick Bluff: Untested Extension of a Tier-1 System (Figure 3) Figure 3:  SEDGWICK BLUFF – Tier 1 Cu-Au District in Tasmania (source: G11) EL11/2025 covers 23 km² immediately along strike from the Mt Lyell Cu–Au district (312 Mt @ 1% Cu & 0.3 g/t Au endowment). Only 16 historical drillholes, with just four  testing the 4 km continuation of the Mt Read Volcanics adjoining the Great Lyell Fault. Three coherent target zones: West Sedgwick , NE Pyrite Zone , Beatrice (Figure 4). Figure 4: EL11/2025 Geology & Great Lyell Fault Extension (source: G11) Large geophysical and geochemical datasets remain unprocessed using modern methods (Figure 5). Figure 5: Photograph of Mt Lyell–Sedgwick Bluff (source: G11)   2. Packsaddle Project: Kings Hill Anomaly Defined 10 km × 3 km magnetic–gravity high adjacent to the crustal-scale Olepoloko Fault (Figure 6) . Interpreted large granite “heat source” and significant folding, ideal for IRG-Cu and Orogenic Au systems.  Figure 6: Kings Hill Structural Interpretation (source: G11) 3. NW Cobar Project: Large Untested Base Metal System Multiple discrete magnetic anomalies with semi-coincident IP responses (Figure 7). Analogous geological setting to the well-endowed Cobar Region. Figure 7: NW Cobar IP & Magnetics (source: G11) 4. Corporate Terms G11 to issue 183.2M shares at $0.015 per share. Acquisition subject to shareholder approval; BDO appointed as Independent Expert. Post-acquisition share consolidation (10:1) proposed.   HIGHLIGHTS 2 — New Copper–Gold Target Modelled at Sedgwick Bluff (7 November 2025) Modelled CSAMT Anomaly at Zig Zag Hill Defines a Drill-Ready Target (Figure 8) 1. Zig Zag Hill CSAMT Target Identified New 3D-modelled CSAMT anomaly located along the Great Lyell Fault, immediately north of Mt Lyell. Proven CSAMT correlation with Mt Lyell ore zones. Anomaly lies adjacent to a major fold—ideal for fluid focusing and metal deposition. Figure 8: CSAMT Long Section with Mt Lyell Comparison (source: G11) 2. Priority Forward Work Drill program planning underway, pending: Flora & Fauna surveys. Mineral Resources Tasmania approvals. Final grant of EL11/2025. Technical team on site in Tasmania reviewing access and contractor options. 3. Additional Targets Being Assessed Further review is ongoing at the NE Pyrite Zone , reinforcing the emerging multi-target nature of Sedgwick Bluff. About the Project Sedgwick Bluff (Tasmania) Located within the Mt Read Volcanics, one of Australia’s premier multi-commodity belts. The Great Lyell Fault is the primary control on Mt Lyell mineralisation, and the same structure continues directly into EL11/2025. Historical exploration focused elsewhere, leaving the northern strike largely untouched  despite identical geology. Packsaddle (NSW) A major continental-margin structural corridor. Kings Hill hosts “Tier-1 scale” coincident magnetic, gravity, and structural complexity signatures. Cover depth likely <100 m, improving drill economics. NW Cobar (NSW) Targets aligned with Cobar-style systems: discrete magnetic cores, IP chargeability, and favourable basement volcanics. Near-Term Milestones to Watch EL11/2025 grant finalisation in Tasmania. Flora & Fauna surveys followed by drill permitting at Zig Zag Hill. Processing & reinterpretation of 70 years of historical Sedgwick Bluff datasets. Drill targeting refinement at Kings Hill, Packsaddle. Planned maiden drilling across Sedgwick Bluff and Packsaddle in 2026. How Samso Understands the Investment Memo for the Company G11’s acquisition footprint aligns with structurally controlled, large-system deposit types known to host multi-million-ounce and multi-million-tonne resources. Sedgwick Bluff represents a unique structural continuation of Mt Lyell—rarely does a company gain exposure to such a setting with so little modern drilling. Packsaddle and NW Cobar provide scale, optionality, and multi-target diversity across a region traditionally under-explored due to cover. The strategic consolidation simplifies future exploration budgeting and positions the Company to chase Tier-1 outcomes. Samso Concluding Comments G11 is clearly positioning itself for scale, not incremental gains. The Company’s stated commitment to large intrusive and orogenic systems is consistent with the geological signatures emerging from Sedgwick Bluff and Packsaddle. From an investment perspective, the key attraction lies in the structural control of the mineral systems. The Great Lyell Fault is one of the most mineralised structures in G11 is clearly positioning itself for scale, not incremental gains. The Company’s stated commitment to large intrusive and orogenic systems is consistent with the geological signatures emerging from Sedgwick Bluff and Packsaddle. Tasmania, and having a 4 km untested continuation, is a geological opportunity rarely seen in modern Australian exploration. The fact that historical work was constrained by ownership priorities—not prospectivity—creates an opening for G11 that is unlikely to be repeated. Packsaddle, specifically the Kings Hill anomaly, stands out as a frontier target with all the hallmarks of a large IRG-Cu or Orogenic Au system. This is a geological setting where cover has masked significant potential, and the recent gravity reinterpretation provides strong evidence of a substantial intrusive heat source. Such alignments between structure, magnetics, gravity, and basement architecture often precede major discoveries. The NW Cobar Project further strengthens the regional strategy. While Sedgwick Bluff and Packsaddle may carry more Tier-1 upside, NW Cobar fits neatly into G11’s diversification approach by adding a third structurally controlled system with historical under-testing. In modern exploration, multiple bets across complementary geological provinces significantly improve discovery probability. Taken together, G11 has transitioned into a company with genuine exposure to large-scale, system-level exploration—exactly the type of profile that historically leads to transformative drilling outcomes. Investors should monitor the pace of permitting, ongoing data integration, and the first drill program at Zig Zag Hill as the major value inflection points heading into 2026.   The Samso Way – Seek the Research In exploration, context is everything—always follow the geology, the structure, and the data. 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 High-Grade Results Extend Gold Mineralisation at Depth 12 November 2025 ( click here to view the announcement ) Caprice Resources Ltd (ASX: CRS)  has released the first batch of assay results from its Phase 4 RC and diamond drilling program at the Island Gold Project (IGP), located between Mt Magnet and Cue in Western Australia’s Murchison Goldfields (Figure 1). Early results have delivered further high-grade intercepts at the Vadrians prospect, extending known gold mineralisation to ~300m vertical depth and demonstrating continuity of the system down plunge. The Phase 4 program is part of an ongoing 20,000m campaign designed to progress IGP toward a maiden Mineral Resource Estimate. Figure 1: Location of Island Gold Project & recently acquired Comet Project with surrounding mine/processing plants. (source: CRS) The Business of Caprice Resources - Gold Project Focus Caprice Resources is advancing a multi-asset gold development pipeline across the Murchison, supported by a strategy of exploration, resource definition, and development evaluation (Figure 2). The Island Gold Project remains the flagship asset within the Company’s portfolio of four Murchison gold projects. Figure 2: Perspective aerial view of the IGP Corridor: Showing the location of historical shallow gold workings. * Best recorded intercept/grab sample to date (source: CRS) Highlights – High-Grade Zones Extend to ~300m Depth at Vadrians The first 14 drill holes (3,740m) from the Phase 4 program confirm strong high-grade mineralisation both along strike and at depth. Vadrians Strike Extension (Figure 3) 13m @ 7.7 g/t Au from 242m (25IGRC078)  • includes 7m @ 13.9 g/t Au from 246m 3m @ 15.3 g/t Au from 234m (25IGRC078) Figure 3: Schematic long section of the Vadrians gold mineralisation with recently received significant assays. (source: CRS)     Vadrians Depth Extension (Figure 4)   12m @ 3.6 g/t Au from 323m (25IGRC081)  • includes 6m @ 6.5 g/t Au from 323m Figure 4: Plan of the Vadrians gold mineralisation with recently received significant assays (source: CRS)   Vadrians Infill & Metallurgical (Figure 5)   10m @ 12.8 g/t Au from 220m (25IGRC085) 6m @ 6.3 g/t Au from 162m (25IGRC080)  • includes 3m @ 12.1 g/t Au from 164m 6m @ 3.3 g/t Au from 66m (25IGRC084) Figure 5: Vadrians Depth Profile – 200–400m Extension & Stacked BIF Potential (source: CRS) Collectively, these results extend mineralisation to ~300m vertical depth, with deeper diamond drilling to 400m already completed and assays pending.   Leadership Commentary Caprice MD, Luke Cox,  commented: “The deep drilling intercept of 6m at 6.5 g/t gold from 323m downhole is a breakthrough moment for the team demonstrating the effectiveness of the geological targeting model and discovery focused drilling strategy that indicates considerable gold potential at depth and along strike within the Island Gold Project. Deeper diamond drilling is underway to test potential depth extensions at Vadrians to 400m vertical depth, with assays pending. “The consistent occurrence of high-grade intercepts at depth, particularly within the Vadrians system, which is recognised for its elevated gold concentrations, is notable and supports the assessment of continuity and scalability of the Project's gold mineralisation envelope. The combination of both shallow and deeper gold intercepts suggests opportunities for lateral and vertical expansion of the maiden resource opportunity, establishing a solid basis for continued exploration and potential development. “The Phase 4 exploration programme is now in full swing and designed to build on the success of our previous drilling campaigns as we progress towards delivering a maiden MRE at IGP of grade and scale. The campaign will focus on extending known zones of high-grade gold mineralisation and further enhancing our geological understanding of the system. The combination of RC and diamond drilling is expected to provide the drill density required to support a robust resource model, while air core drilling will continue to test the broader IGP system for new gold discoveries.” About the Project (WA) The Island Gold Project sits within the highly endowed Murchison Goldfields (>15Moz gold endowment). Key geological features include: A 5km × 1km mineralised corridor hosting multiple Banded Iron Formation (BIF)  units up to 30m thick. Gold mineralisation controlled by NNW–NE cross-cutting structures, hosting quartz vein arrays and shear-hosted lodes. Recent discoveries at West Star  and Condenser , west of New Orient, demonstrate stacked lodes and additional targets. Historically shallow drilling (<70m) with new drilling confirming deeper plunging zones. Near-Term Milestones to Watch Ongoing Phase 4 drilling (~12,500m still active) across RC, diamond, and aircore programs. Pending assays from multiple deep diamond holes to ~400m depth. Aircore drilling to begin testing concealed BIF trends beneath Lake Austin sediments, including:  1km corridor between New Orient and Vadrians  1km × 1km “Gap” corridor between Iron Clad and Condenser Structural and metallurgical data collection to support a maiden Mineral Resource Estimate (MRE).   How Samso Understands the Investment Memo for the Company Caprice is building a geological foundation that supports scale, continuity, and potential resource growth at IGP. The deep, high-grade extensions at Vadrians provide strong evidence that the project may host vertically and laterally extensive lode systems, consistent with major gold deposits across the Murchison.   Samso Concluding Comments The Island Gold Project continues to present as one of those classic Murchison-style BIF-hosted systems where persistent, methodical drilling tends to be rewarded. The combination of shallow and deep mineralisation is important, as it provides optionality across future development scenarios. Most importantly, Caprice is beginning to demonstrate that Vadrians is not just a near-surface opportunity but potentially a deeper, structurally controlled system with room to grow. The regional context is another factor investors should appreciate. Being situated near long-life processing hubs such as Westgold’s Tuckabianna Mill and Ramelius’ Mt Magnet operations improves the strategic value of any emerging resource. In regions like the Murchison, proximity to mills often accelerates the commercialisation timeline, particularly when high grades are involved. The exploration model being applied across the 5km corridor is steadily adding geological confidence. The presence of multiple BIF units, cross-cutting structures, and newly identified lodes suggests that the system may eventually deliver more than one economic centre. The ongoing structural interpretation work and diamond drilling will shed more light on the scale of these opportunities. As always, exploration carries uncertainties, but Caprice’s systematic approach, strong geological team, and fully funded drill program put the company in a favourable position. The next wave of diamond core assays is likely to provide critical insights into the continuity and depth potential of the system, shaping the pathway toward a maiden Mineral Resource Estimate.   The Samso Way – Seek the Research Always go back to the geology and let the data guide your understanding. 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 MRD Expands Rare Earth and Gallium Tenure 12 November 2025 ( click here  to view the announcement ) Mount Ridley Mines Limited (ASX: MRD) has announced a significant expansion of its tenure at the Mount Ridley Gallium and Rare Earth Project, located north of Esperance, Western Australia (Figure 1). The new Exploration Licences now consolidate the entire Grass Patch Complex — a distinctive geological domain marked by gravity and magnetic highs, interpreted to be associated with mafic intrusions, and recognised as a primary source of gallium and heavy rare earth enrichment. Figure 1: Regional Location Map showing new Mount Ridley Tenements and major infrastructure associated with the project. (source: MRD)   The Business of Mount Ridley Mines - A Potential Gallium Player Mount Ridley is progressing a multi-commodity critical minerals strategy centred on gallium, scandium, and heavy rare earth elements (HREEs). The Company’s landholding now exceeds 1,069 km² and encompasses the entire interpreted corridor hosting three major mineralised blocks — including Blocks 1 and 2, which hold the majority of the Company’s maiden gallium resource estimate. The consolidated position provides continuity over a 68km-long and 12.5km-wide mineralised system.   Highlights – Expansion Establishes One of Australia’s Largest Clay-Hosted Critical Minerals Provinces • Tenure expanded to more than 1,069 km² , securing 100% control of the Grass Patch Complex. • Consolidated footprint covers 68 km of strike  and 12.5 km width , with ~80% of the area untested  by drilling. • New licence applications extend MRD’s holding 31 km southwest of Block 1 and 15.6 km northeast of Block 2 (Figure 2). Figure 2: Gravity image showing the distinct Grass Patch Comp[lex gravity high and expanded Mount Ridley tenement position. (source: MRD) • Blocks 1 and 2 host defined Gallium Mineral Resource Estimates and have intersected significant HREE mineralisation. • Grass Patch remains largely underexplored  for gallium, scandium, and HREEs — historical drilling mostly targeted base metals. • Expansion gives MRD control of one of the largest clay-hosted REE and gallium provinces in Australia . Leadership Commentary Chief Executive Officer, Allister Caird  commented, “This strategic expansion cements Mount Ridley’s dominant position across the Grass Patch Complex, a geological domain that continues to reveal exceptional critical mineral potential, which, to date, includes gallium and heavy rare earths. With most of the area yet to see any modern drilling, we are positioned to unlock substantial new growth beyond the existing resources across Blocks 1, 2 and 3.”   About The Mount Ridley Project (WA) The Grass Patch Complex is interpreted to represent a deep-seated mafic intrusive system expressed as a strong gravity and magnetic high. This geophysical signature correlates with the enrichment of gallium and heavy rare earths observed within the overlying regolith. To date, only 20% of the interpreted corridor has been tested, predominantly through shallow aircore programs. Systematic drilling, including deeper penetration, is expected to further delineate mineralised zones. Mount Ridley’s current resource inventory includes: Gallium Resource (Table 1):  838.7 Mt @ 29.3 ppm Ga (Inferred) across Blocks 1–3 Total REE Resource (Table 2):  168 Mt @ 1,201 ppm TREO (Inferred) at the Mia Prospect, including 25% MagREO. Table 1: Global Total Gallium Inferred Mineral Resource Estimation Table 2: Global Total REO Inferred Mineral Resource Estimation Near-term Milestones to Watch • Completion of modern geophysical data review across the Grass Patch Complex. • Re-assay of historical pulps to refine gallium and rare earth distribution. • Scandium resource potential assessment across priority zones. • Focused evaluation of HREE mineralisation across Blocks 1 and 2. • Drill targeting and prioritisation for step-out resource expansion drilling. How Samso Understands the Investment Memo for the Company This announcement reinforces Mount Ridley’s strategic consolidation play. Full control of a geophysically distinct and mineralogically favourable corridor provides a strong platform for sustained resource growth. The Company’s systematic approach — geophysics, re-assays, and targeted step-outs — indicates a disciplined pathway toward expanding both gallium and REE resources. The underexplored nature of the region, combined with existing resource definition across multiple blocks, positions MRD as a developing story in Australia’s clay-hosted critical minerals space.   Samso Concluding Comments The Mount Ridley story, with its headline Gallium story, is what is captivating this journey. In its previous life, MRD was promoting a clay rare earth project. The consolidation of the Grass Patch is a good way to build what could be a resurgence of the clay rare earth sector, with OD6 Metals and Co. making new claims to extract the rare earths with a sense of profitability. From a geological point of view, there will be technical success, but as we have learnt, this sector is now all about delivering the products. There is no doubt that projects in this area will have the potential resources required for the market. The key is if the compnaies can extract profitably.   Figure 3: The share price chart for Mount Ridley Mines as of 25th November 2025. (source: CommSec) The Gallium story is obviously the prize, as we can see in Figure 3, with the market fully embracing the release of the Gallium resource. I think that whether Gallium will ever see the light of day from a processing manner, the market sentiment will drive more value creation. Currently with a market capitalisation of just under AUD $58M (as of 25th November 2025), it does feel a bit heavy for a punt. Some people would argue that the value is in a Gallium resource, which I am not denying, but can this Gallium be processed as historically, and in fact, currently, there are no primary Gallium facilities. The recent Alcoa deal that has the support of the US government is talking about Gallium from Bauxite ores. The upside for MRD is that there is always a new path that will deal with a primary processing plant, which I think is potentially where an AUD $58M market cap will be considered cheap. I think if there are more retreating of the share price, MRD could well be a good one to take a position. The hope is that the selling will come as we approach the holiday season. For investors, it is pertinent to remember that this growth in critical minerals does not always come from new discoveries. Sometimes, the value lies in securing the right geology, consolidating key positions, and having a product that is amenable to being extracted in a cost-efficient manner.   The Samso Way – Seek the Research Always look beyond the headline — understand the geology, the scale, and the strategy.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso | Episode 213 | London - UK, Perth - Western Australia. Guest: Oliver Friesen – CEo & Executive Director, Guardian Metals Resources Plc (LON: GMET - OTCAX: GMTLF ) Introduction In this episode of Coffee with Samso , I speak with Oliver Frieson , the CEO and Executive Director of Guardian Metals Resources PLC , about one of the most compelling but under-discussed metals in the global supply chain — tungsten . With prices at all-time highs, export bans in place from China, and increasing geopolitical interest, tungsten is now firmly at the centre of the strategic resources conversation . Guardian Metals, listed on the LSE and OTC, is a rare story that began long before the market caught on — positioning itself as a serious player in the US critical minerals space. This Coffee with Samso explores the macro forces driving the tungsten narrative, the market imbalance between China and the West, and Guardian’s role as a key part of the solution. This is a conversation that is highlighted only because the underlying business is not in the headlines. The Business of the Company: Focus – US Tungsten Projects Guardian Metals Resources has two strategic assets: Pilot Mountain , Nevada – One of the largest historical tungsten projects in the US, previously mined during World War II and advanced with a robust ongoing PFS process. Tempuite , Nevada – Formerly the largest producing tungsten mine in the US during the 1980s, now being revitalised with a current drill program and site refurbishment underway. With processing infrastructure already existing in Nevada and strong institutional support, Guardian is aiming to bring both mines into production before the end of the current US administration . Global Tungsten Market – Highlights from the Conversation China Has Weaponised Supply Since Feb 2025 , Chinese exports of tungsten have virtually ceased. China continues to import and stockpile  tungsten despite being the largest producer — creating a supply/demand distortion. Domestic Chinese prices have exceeded international prices — a counterintuitive signal suggesting internal demand pressures. Western Supply Gap is Real Global tungsten demand: ~100,000–120,000 tonnes/year . Western world mine production: ~10,000 tonnes/year . Net gap outside of China/Russia/North Korea: ~40,000–50,000 tonnes/year . New Equilibrium Price Forming Historically, tungsten projects needed USD $500+/MTU  to be viable. Current prices: USD $620–630/MTU  with upside momentum. Guardian’s projects were viable even at pre-2020 pricing norms  — giving them a competitive advantage in a rising-price environment. Leadership Commentary – Oliver Frieson’s Perspective Oliver brings a unique lens — a geologist by trade, Canadian by background, and now building a US-focused tungsten strategy from London. He shared: Guardian’s five-year journey into tungsten (well before the current hype). Why he believes domestic mine supply is now a national imperative . How Guardian has already received US Department of Defense funding  for its Pilot Mountain project. The critical difference between companies "mining the market" and those genuinely positioned to deliver a sellable product. "We’ve spent five years building this position. Now everyone is paying attention, but we were early — and we have the right assets in the right place." About the Projects Pilot Mountain: Located in mining-friendly Nevada . Historical producer during WWII. Ongoing PFS+ study  with engineering, metallurgy, geotech, and mine design in progress. Pilot North staked as potential hub-spoke satellite to main project. Tempuite: Previously produced 0.45% WO3 grades  – high for tungsten. All infrastructure still on site: mill foundation, substation, office. Currently undergoing resource upgrade drilling . Goal is to bypass scoping and move into DFS-level work . How Samso Understands the Investment Memo for the Company Guardian Metals is a real-time case study in: Early contrarian entry into a critical metal market Operating in one of the only jurisdictions with full processing infrastructure Holding assets with historic production, existing infrastructure , and proven metallurgy Aligning with national strategy : awarded US DoD funding, exploring within strategic minerals legislation In a field crowded with hype, Guardian is already executing. Samso Concluding Comments Guardian’s story is a reminder that real value often comes from being early. From my early experience with the Tungsten story, the current macro picture for tungsten is unprecedented — geopolitical shifts, price surges, and the weaponisation of exports all highlight how exposed the West has become. Guardian’s Nevada projects are ticking the right boxes — grade, infrastructure, timing, jurisdiction. There’s real substance here, and it’s worth keeping a close eye on as both projects move forward. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 02:41 Introduction 03:13 Summary of Oliver Friesen 04:38 Update on the Tungsten Market 08:34 The Rarity Conversation of Tungsten. 15:01 The Conversation about the Economics of the Tungsten market. 22:16 How High Could the Tungsten Price go and What is the Sustainable Price? 28:00 About the Guardian Metals Projects? 31:41 What is the Upside of Guardian? 36:48 What stage are the projects at for Guardian? 41:12 The Guardian share price journey. 42:06 How can Investors be encouraged to take position in Guardian Metals. 46:06 Is the Critical Minerals hype translating to actual work on the ground? 49:05 What other Tungsten projects can work out there? 55:53 What should investors look for to help them guide an Tungsten investment. 59:47 Closing Comments 01:01:23 Conclusion 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 merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.