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. Cover photo: Wolframite with quartz - Wolframite with quartz from Cornwall, England, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Wolframite_with_quartz_(GeoDIL_number_-_195).jpg) 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 Drilling Commenced at Western Queen Project 7 October 2025 Rumble Resources Limited (ASX: RTR) has kicked off a ~20,000 m diamond program at Western Queen (Figure 1), with two DDH1 rigs chasing high-grade down-plunge gold beneath the South and Central pits while advancing sub-parallel tungsten lodes. The work targets growth/upgrade of the 370 koz @ 3.1 g/t Au MRE and builds on the 13.2 kt WO₃ tungsten MRE, supported by geotech and metallurgy (+93% historical Au recovery). The first rig started on 4 Oct, the second lands mid-Oct, with drilling to Feb 2026 ahead of an early-2026 MRE update. Figure 1: Location Plan of the Western Queen Gold Project (source: RTR) Peter Harold, Managing Director and CEO commented: “We are delighted that DDH1 has been able to mobilise a rig so quickly and get this major drill program underway. The program has three main aims which are to: • discover more gold resources down-plunge of the known resources at both Western Queen South and Central; • upgrade some of the existing Inferred Resources into the Indicated category; and • discover more high-grade tungsten resources. The drilling will also allow us the opportunity to do a geotechnical review of the ground conditions in the vicinity of the proposed portal and decline for the underground. We look forward to providing shareholders with regular updates on the drilling and assay results as they come to hand.” Highlights - Gold and Tungsten Story Up to 20,000 m diamond program now underway (DDH1 providing two rigs) targeting high-grade down-plunge gold extensions at Western Queen South and Central. Program designed to grow the Western Queen gold MRE: 3.72 Mt @ 3.1 g/t Au for 370 koz Au (current) (Figure 2). Infill drilling at Western Queen South to upgrade part of 2.32 Mt @ 2.66 g/t Au for 198.9 koz from Inferred → Indicated. Concurrent focus on tungsten lodes sub-parallel to gold over ~1.5 km strike between the South and Central pits; aim to grow/upgrade maiden WQ tungsten MRE: 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃, including a higher-grade domain 1.44 Mt @ 0.51% WO₃ for 7.4 kt WO₃. Geotech: two holes to assess ground conditions for the proposed underground portal/decline. Metallurgy: selected core to confirm +93% historical gold recoveries across WQ South & Central. Timeline: first rig started 4 October 2025; second rig mid-October; program targeted to be completed by February 2026, with basis for a revised MRE in early 2026. Figure 2: DDH1 Drilling rig at Western Queen South (source: RTR) Project Snapshot Western Queen is Rumble’s near-term development focus, with ongoing resource growth through targeted drilling of high-grade shoots below existing pits (Western Queen South & Central) and parallel tungsten lodes. The current gold MRE totals 3.72 Mt @ 3.1 g/t Au for 370 koz, and the tungsten MRE totals 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃, as detailed in the Company’s July/August 2025 updates. Work program (what RTR is doing now) Step-out diamond drilling down-plunge at WQ South & Central to chase high-grade gold extensions (Figure 3). Infill at WQ South to re-classify Inferred → Indicated, supporting potential mining studies (subject to permits, ore sales/tolling, and other conditions for FID). Tungsten drilling to expand/upgrade WO₃ resources and refine the controls/timing of mineralisation for local and district-scale targeting. Geotechnical holes at the proposed portal/decline location. Met testwork using selected diamond core to validate historical +93% Au recovery. Figure 3: Western Queen Long Section showing target areas below Western Queen South and Central deposits (source: RTR) About Rumble Resources Limited Rumble Resources Ltd (ASX: RTR) is an Australian exploration company listed since July 2011, focused on adding value through selected WA mineral assets and disciplined acquisitions. Its portfolio includes the Western Queen Gold Project—being advanced for near-term cash flow with ongoing resource growth—and the Earaheedy Zn-Pb-Ag discovery, underscoring the team’s capability to find large-scale orebodies. Samso Concluding Comments Rumble’s Western Queen program reads as a sensible, staged de-risking exercise: step-outs to test the depth and continuity of high-grade gold, infill to lift resource confidence where it matters for studies, and parallel holes to define the tungsten lodes that sit within the same mining envelope. Adding geotech at the portal/decline location and fresh metallurgy to validate historical recoveries is exactly the kind of groundwork that shortens the path to credible mine planning. From an investor's lens, the drilling results need to stack up. As Samso has been following the Rumble story since March 2025 with a Samso Insight article, the story has been very inconsistent, which is probably more about the messaging than potentially the technical narrative. I do feel that the tungsten is not significant enough to add value, but what I will say is that a step back to look at the bigger picture may be a better path forward. The problem in doing that is that the market is hot to trot, and it needs stories and a marketable pathway. This is always a bad situation to be in, as the market needs will always win, and this may be to the detriment of the project, in terms of finding a more economical story for Western Queen. In my opinion, the bigger picture for Western Queen is that it is a brownfields system with known high-grade gold and now a tungsten vector that could prove strategically useful if drilling does what the targeting suggests—more ounces where the infrastructure already is, plus a maturing tungsten inventory—the project steps closer to study-ready status and a resource update that can re-frame the development conversation. DYOR and keep your eyes on the details as Rumble slowly unfolds this story to the ASX. Cover photo: Scheelite; mica, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite;_mica.jpg) The Samso Way – Seek the Research Anchor every view to the source—read the ASX, check the figures and tables, verify assumptions—and let the data, not the noise, drive the conclusion. 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.

Roughly half the world's tungsten lives in skarn: a hard, ugly, calc-silicate rock that forms where a hot granite leans against limestone. Strip away the market noise and this is a story about chemistry at a contact. Here is how it works — in pictures. Samso Insights Research Insights Understanding Tungsten - Part 1 Geology Series WHAT THIS PIECE COVERS 1.00 THE SHORT VERSION A skarn is a chemical handshake between two rocks. 2.00 THE SETTING The recipe in cross-section, and how a tungsten skarn is made. 3.00 TWO PROCESSES, ONE ROCK Baking versus rebuilding, and why geologists keep them separate. 4.00 THE TWO ACTS Prograde then retrograde, and how tungsten moves twice. 5.00 THE FINGERPRINT What a tungsten skarn is made of, besides the tungsten. 6.00 ZONATION Distance from the granite works as a thermometer. 7.00 TWO FLAVOURS Reduced against oxidised, and why the split still matters. 8.00 THE EXPLORER'S TRICK Why scheelite glows under ultraviolet light, and how that finds it. 9.00 KNOW YOUR ORE MINERAL Scheelite in skarns, wolframite in veins, and what each tells you. 10.00 IN PRACTICE, AT HOME The Australian skarn, King Island and beyond. 1.00 — THE SHORT VERSION A skarn is a chemical handshake between two rocks The theory : a rising granitic magma will naturally proceed to a cooling phase as it makes contact against a limestone, leading to the granite exhaling hot, metal-bearing fluid into a rock that is almost pure calcium carbonate (Figure 1). Where the two meet, the limestone is rebuilt into a coarse, dense rock packed with calcium-silicate minerals. That rebuilt rock is the skarn. When the fluid is carrying tungsten, the calcium it strips from the limestone locks the tungsten up as scheelite — calcium tungstate, CaWO₄. The short version of what a skarn is now explained. Just remember that a tungsten skarn needs four ingredients in the same place: a fertile granite, a carbonate host, heat, and a plumbing system to move fluid. Miss one and you get no ore. The diagrams below walk through each of them. Skarn A coarse-grained calc-silicate rock formed by the chemical replacement of carbonate rock (limestone or dolomite) near an igneous intrusion. The ore-grade, fluid-built variety is sometimes called tactite. Scheelite CaWO₄ — calcium tungstate, the dominant tungsten ore mineral in skarns. About 80% WO₃ by weight. Heavy (SG ≈ 6), pale, and famously glows blue under ultraviolet light. 2.00 — THE SETTING The recipe, in cross-section - the creation of a tungsten skarn This is the picture to carry around. A granite pluton rises into a layered sequence of sediments (Figure 1). The heat alone bakes the surrounding rock into hornfels. But where the carbonate layers sit against the granite — and especially where faults give fluid a path — the limestone is chewed out and replaced by skarn. Scheelite concentrates right at that reaction front. Figure 1: The tungsten-skarn system. Heat bakes a metamorphic aureole; fluid from the granite (blue arrows), guided by faults, replaces the carbonate host with calc-silicate skarn (orange). Scheelite concentrates at the reaction front. Schematic by Samso, after standard skarn models (USGS Open-File 02-195; Meinert et al.). Samso take Notice what does the work: it is the carbonate, not the granite, that makes a tungsten skarn. The limestone supplies the calcium that traps tungsten as scheelite. No carbonate at the contact, no skarn — which is exactly why explorers map the marble, not just the granite. 3.00 — TWO PROCESSES, ONE ROCK Baking versus rebuilding Two different things happen near the intrusion, and geologists keep them separate. Contact metamorphism is heat alone — the rock recrystallises but its chemistry barely changes. Metasomatism is the active one — fluid floods in and physically swaps elements in and out of the rock. Ore-grade skarn is built by metasomatism. Figure 2: Heat alone turns limestone into marble (left). Fluid-driven metasomatism rebuilds it into calc-silicate skarn and drops scheelite (right). Schematic by Samso, after Geology Science & ITIA descriptions. 4.00 — THE TWO ACTS Prograde, then retrograde — and tungsten moves twice Skarns build in two acts as the system heats then cools. The hot prograde stage grows anhydrous minerals — garnet and pyroxene — and drops the first, fine scheelite. As the system cools, the wetter retrograde stage overprints it with amphibole, mica and fluorite, and crucially re-dissolves and re-concentrates the scheelite into coarse, high-grade masses. The best ore is usually retrograde. Figure 3: Tungsten precipitates twice. Early prograde scheelite is fine and molybdenum-rich; cooling retrograde fluids re-dissolve it and re-deposit it as the coarse, high-grade ore that mines chase. Schematic by Samso, after Newberry & Einaudi (1981) and Kwak & Tan (1981), King Island. Why does the ore move twice? Because the two processes produce two distinct types of scheelites. The prograde process — characterized by heat and dryness — crystallizes garnet and pyroxene, depositing the first scheelite at the marble front. This scheelite is fine-grained, dispersed throughout the rock, and typically molybdenum-rich, as molybdenum easily integrates into scheelite formed from these early high-temperature fluids. The retrograde process is where the value lies. As the pluton cools and the fluid becomes water-rich and more acidic, hydrous minerals such as amphibole, mica, epidote, and fluorite overprint the anhydrous framework. The initial scheelite that isn't trapped within garnet dissolves and re-precipitates as coarse, molybdenum-poor masses, usually accompanied by sulfides. The USGS skarn model clearly states: early scheelite near the marble front is generally remobilized and redeposited in coarse-grained, high-grade masses within the zones of hydrous alteration. Three factors make retrograde ore highly desirable, all of which are commercial. Grade where the richest tungsten is typically found with the hydrous, retrograde minerals. In the Processing stage, the coarse scheelite separates cleanly and can be recovered through inexpensive gravity separation, whereas the fine prograde scheelite is the sub-10-micron material that eludes gravity (the issue addressed in Part 2). The third factor is quality. The molybdenum, which was a disadvantage in the early scheelite, is removed during remobilization, resulting in cleaner retrograde scheelite. THE KILBA TELL You can read the retrograde signature straight off the metallurgy. Research is showing that the Kilba deposit (ASX: TGN) — a skarn / calc-silicate system against the Kilba granite in WA's Ashburton carries its tungsten as coarse-grained scheelite that responds to conventional gravity separation, and 2015 testwork produced an extremely high-grade concentrate. Coarse, gravity-recoverable and high-grade is the fingerprint of retrograde-remobilised ore: Kilba sits at the good-ore end of the curve above. The same story, across Australia The model is played out in the Australian deposits. The textbook case is the King Island (Dolphin) mine, where a classic 1981 study traced the exact sequence . The early Mo-rich scheelite with garnet and pyroxene, then coarse Mo-poor scheelite and molybdenite during the retrograde overprint. Read Table 1 below as a context map for what "prograde, then retrograde" means on the Australian project. Table 1: Australian tungsten deposits with Prograde and Retrograde examples. that Sources: Kwak & Tan (1981), Economic Geology 76(2), King Island (Dolphin); USGS skarn model (OF 02-195); JORC resource/reserve figures from company disclosures — Tungsten Mining NL (Kilba, Mt Mulgine, Big Hill, Watershed), Group 6 Metals (Dolphin), Venture Minerals (Mount Lindsay), EQ Resources (Mt Carbine). The Mt Mulgine molybdenum interpretation is Samso's, built on the reported Mo grades. Deposit (ASX) Where Style Resource & grade The prograde → retrograde tell King Island / Dolphin (G6M) King Island, TAS Scheelite skarn (Grassy Granite) Dolphin ~3.0 Mt @ 0.73% WO₃ (probable reserve) Kwak & Tan (1981) traced early Mo-rich scheelite with garnet–pyroxene, then coarse Mo-poor scheelite + molybdenite in the retrograde overprint — the model deposit. Mt Mulgine (TGN) Murchison, WA Porphyry / vein-stockwork W–Mo (greenstone) ~72.2 Mt @ 0.18% WO₃ (~186–220 ppm Mo) The molybdenum credit is the prograde-scheelite signature; large, lower-grade disseminated system. Kilba Ashburton, WA Skarn / calc-silicate 7.2 Mt @ 0.19% WO₃ Coarse, gravity-amenable, very high-grade concentrate — the retrograde end. Big Hill Pilbara, WA Scheelite (calc-silicate) ~11.5 Mt @ 0.15% WO₃ Same skarn-style scheelite. Mount Lindsay (CRI) NW Tasmania Sn–W magnetite skarn ~45 Mt @ 0.2% Sn, 0.1% WO₃ Polymetallic skarn with the same prograde (magnetite-garnet-pyroxene) → retrograde architecture. Watershed (TGN) ~130 km N of Cairns, QLD Calc-silicate-hosted scheelite TGN development project Another calc-silicate / skarn-style scheelite system. Mt Carbine (EQR) Far North QLD Wolframite in quartz veins (greisen) Australia's primary W producer The counter-example — a vein / greisen deposit, not a skarn, so it does NOT follow the prograde → retrograde model. 5.00 — THE FINGERPRINT What a tungsten skarn is made of A skarn announces itself by its minerals apart from the tungsten minerals that we have discussed such as scheelite (Figure 5) and wolframite. The diagnostic pair is garnet plus pyroxene and in tungsten skarns garnet usually dominates. Add the retrograde overprint and a few accessories, and you have the assemblage a geologist logs at the drill rig (Figure 4). Figure 4: The skarn assemblage. Anhydrous garnet and pyroxene form first; a hydrous retrograde overprint carries the high-grade scheelite and the sulphides. Compiled by Samso from USGS, mindat.org and Meinert skarn classifications. Those legend entries aren't abstractions — name a line and a famous deposit shows it. China's Shizhuyuan (Hunan), a world-class W–Sn–Bi–Mo–F skarn, carries exactly the prograde set: garnet, pyroxene, vesuvianite and wollastonite, with scheelite and bismuthinite between the grains. Its ore, though, sits mostly in the retrograde overprint of fluorite, epidote, amphibole and magnetite. Korea's giant Sangdong deposit is the textbook in miniature — you can walk from an outer, low-grade pyroxene–garnet zone, through an amphibole–biotite zone, into a quartz–mica core where the grade is highest. Both say what Part 1's curve does: the rich ore tracks the hydrous, retrograde minerals. Figure 5: Scheelite, the orange-brown pseudo-octahedral crystals, on muscovite. Its high density (SG ≈ 6) is a field giveaway. Specimen located from Mt Xuebaoding, Pingwu County, Mianyang Prefecture, Sichuan Province, China. (Source: Wikimedia Commons ) The garnet-versus-pyroxene balance also flags the skarn's "flavour" (section 7.00). Garnet-dominant, andradite-rich systems like Shizhuyuan are oxidised and tend to carry more molybdenum in their scheelite; pyroxene-dominant, hedenbergite-and-pyrrhotite systems like Canada's Cantung and Mactung are reduced, and their highest grades again sit in the retrograde amphibole and biotite facies. The minerals you log are already telling you the deposit type, the molybdenum penalty, and where the best ore should be. Named deposits that show the fingerprint A spread of well-studied tungsten skarns — two from China, three from elsewhere — and the assemblages that define them: Table 2: Sources: Shizhuyuan — Lu et al. (2003, Economic Geology 98(5)); Yang/Newberry Shizhuyuan studies; Xianglushan — comparative scheelite geochemistry, Shizhuyuan vs Xianglushan (oxidising vs reducing fluids). Sangdong — Almonty Korea project geology; Seo et al. genetic model (prograde wollastonite–garnet–clinopyroxene → pyroxene–garnet; retrograde amphibole–biotite → quartz–mica). Cantung / Mactung — Elongo et al. (2020) and CanTung E-Zone studies (reduced grossular–hedenbergite–pyrrhotite; highest grade in hydrous retrograde facies). King Island — Kwak & Tan (1981). Framework: Newberry & Einaudi (1981); USGS OF 02-195. Deposit (country) Skarn type Prograde assemblage Retrograde / ore assemblage The tell Shizhuyuan (Hunan, China) Oxidised, garnet-rich (W–Sn–Bi–Mo–F) Garnet · pyroxene · vesuvianite · wollastonite (+ interstitial fluorite, scheelite, bismuthinite) Fluorite · epidote · amphibole · chlorite · magnetite + scheelite, wolframite, molybdenite Ore mostly in the retrograde skarn; higher-Mo scheelite from oxidising fluids. Xianglushan (Jiangxi, China) Reduced-type W skarn Garnet–pyroxene skarn + layered sulphide–scheelite Scheelite (lower-Mo), sulphides The reduced counterpart to Shizhuyuan — cleaner, lower-Mo scheelite. Sangdong (South Korea) Zoned giant W(–Mo) skarn Wollastonite–garnet–clinopyroxene → pyroxene–garnet (outer, low grade) Amphibole–biotite → quartz–mica core (highest grade); scheelite >95% of W, minor wolframite, molybdenite Grade climbs inward with the hydrous overprint (~0.3% → ~3% WO₃). Cantung / Mactung (Canada) Reduced (high-grade) Grossular garnet + hedenbergite pyroxene (+ abundant pyrrhotite) Amphibole + biotite skarn (highest grade); scheelite tracks pyrrhotite; chalcopyrite, bismuth Textbook reduced W skarn — ore in the hydrous retrograde facies. King Island / Dolphin (Australia) Garnet–pyroxene skarn (Grassy Granite) Garnet · pyroxene hornfels; early Mo-rich scheelite Coarse Mo-poor scheelite + molybdenite (retrograde amphibole) The Kwak & Tan (1981) model deposit (also in §4.00). 6.00 — ZONATION Distance from the granite is a thermometer Walk away from the pluton and the skarn changes in an orderly way, because the fluid cools as it travels. At King Island's Dolphin mine, scheelite-bearing fluids ran at roughly 500°C at the granite contact and cooled to about 300°C some 500 m out. Garnet sits proximal (andradite-rich nearest the contact), pyroxene takes over distally, and the richest ore tends to sit near the marble front where the chemistry tips over. Figure 6: Skarn zonation. Proximal garnet gives way to distal pyroxene and finally marble; the high-grade scheelite clusters near the reaction front. Temperatures from the King Island (Dolphin) study. After Kwak & Tan (1981), Economic Geology, King Island (Dolphin) zoning study. 7.00 — TWO FLAVOURS Reduced versus oxidised — and why it matters In 1981 Newberry and Einaudi split tungsten skarns into two families, and the split still frames how geologists think. Reduced skarns form deeper, in carbon-bearing host rocks, with hedenbergite-rich (ferrous) mineralogy and often higher grade. Oxidised skarns form shallower, in hematite-bearing hosts, with andradite-rich (ferric) mineralogy. The distinction predicts grade, by-products and metallurgy. Figure 7: The reduced/oxidised division of Newberry & Einaudi (1981), based on host-rock chemistry, iron oxidation state and depth. It is shorthand for what grade and metallurgy to expect. After Newberry & Einaudi (1981), via the EarthSci / USGS skarn literature. 7.50 — The Mo tell: molybdenum writes the conditions into the crystal Section 7 sorted skarns into reduced and oxidised by the company they keep. But there is a finer signal hiding inside the scheelite — its molybdenum content — and it records the fluid one pulse at a time. Here is the catch that trips people up, and it looks at first like it contradicts the table above. The reduced/oxidised split tells you whether a system carries molybdenum — and reduced tungsten skarns very often are W–Mo deposits. But whether that molybdenum ends up locked inside the scheelite is a different question, and the answer runs almost the opposite way. Molybdenum only slips into the scheelite lattice — substituting for tungsten — when the fluid is oxidising enough to carry it as Mo⁶⁺. Turn the fluid reducing and the molybdenum walks off to build its own mineral, molybdenite, leaving the scheelite clean. So a high-Mo scheelite is the fingerprint of an oxidising pulse, not a reduced one. Figure 7.5: Where molybdenum goes. Oxidising fluids load Mo⁶⁺ into the scheelite lattice; reducing fluids divert it into molybdenite and leave the scheelite low-Mo. The same deposit can record both as it cools — at Yaogangxian the molybdenum in scheelite falls roughly an order of magnitude from the early oxidising stage to the late reducing one, and both generations are ore. Schematic by Samso, after Hsu (1977) and Li et al. (2023), Ore Geology Reviews. You can watch this play out inside a single orebody. At Yaogangxian in South China, the early retrograde scheelite grew from an oxidising fluid and carries around 1,800 ppm molybdenum (Figure 7.5). The later sulphide-stage scheelite — grown as the system cooled and turned reducing, with pyrrhotite everywhere — carries roughly 240 ppm. Same deposit, same granite, an order of magnitude less Mo in the crystal, purely because the redox shifted. And crucially, both generations are ore. The redox state changed the flavour of the scheelite without ever stopping it forming — which is the quiet lesson that oxygen state is not the master switch on whether tungsten drops out, just on what comes with it. Samso take This is where the geology reaches the bank. Molybdenum in scheelite is a penalty element in a tungsten concentrate — APT buyers want it low — so an oxidised, high-Mo orebody forces a choice: strip the Mo out, or sell it as a molybdenite credit. Western Australia's Mt Mulgine is the local case in point: its scheelite carries molybdenum, which is exactly why the flowsheet there is built to pull two products rather than one. Read the Mo number in the rock and you are reading a processing-and-pricing decision that is fixed long before the plant is designed. So is lattice Mo a bad thing for getting the tungsten out? It depends entirely on the form, and this is the crux. Molybdenum sitting as its own mineral, which is molybdenite is the easy case. Molybdenite floats off cleanly in processing and can even be sold separately. Molybdenum dissolved into the scheelite lattice is the hard case. Because it is built into the crystal, no amount of gravity, magnetic or flotation work can reject it — it rides with the tungsten straight into the concentrate. It does not lower how much tungsten you recover, but it contaminates the concentrate with a penalty element, forcing an extra chemical step downstream: the Mo dissolves alongside the tungsten during alkaline digestion and then has to be precipitated back out as a sulphide to reach APT specification. So a high-Mo scheelite is genuinely the awkward one — you carry a de-molybdenisation cost you cannot avoid with physics, and because the Mo is dispersed in the lattice rather than present as discrete molybdenite, you cannot bank it as a by-product credit either. The severity tracks the grade: a few hundred ppm is usually manageable, while a properly powellitic (Mo-rich) scheelite becomes a real concentrate problem. 8.00 — THE EXPLORER'S TRICK Why scheelite glows — and how it gets found Scheelite has a gift for explorers: under short-wave ultraviolet light it fluoresces a bright sky-blue. Swap some tungsten for molybdenum and the glow shifts toward cream-yellow — so the colour itself hints at composition. Geologists have mapped skarns at night with UV lamps for a century, and the trick still re-opens old mines by lighting up ore left in the walls. Figure 8: The same rock, two lights. Pure scheelite glows blue under short-wave UV; molybdenum shifts it to yellow. This single property turns a UV torch into a tungsten exploration tool. Schematic by Samso; fluorescence behaviour per Wikipedia (Scheelite), mindat.org and Geology.com. In my previous life working on a tungsten project in New Zealand, the identification of scheelite was indeed a sight to see (Figure 8.5). In my opinion, the Kirwan Hill project still remains one of the untapped tungsten occurrences that could be a game changer if the project was worked on in 2026. Figure 8.5: A scheelite core sample form the Kirwan Hill Tungsten Project, New Zealand. The sample shows scheelite in brecciated unit and occurs as coarse grains as well as in a disseminated form. Samso take Fluorescence is not a party trick — it is a low-cost mapping vector. A handheld UV lamp run over outcrop, drill core or mine walls converts an invisible problem into a visible one. For a small-cap explorer, that is meaningful: cheap nighttime traverses can rank targets before a single expensive metre is drilled. 9.00 — KNOW YOUR ORE MINERAL Scheelite (skarns) vs wolframite (veins) Tungsten comes in two ore minerals, and which one you have tells you a lot about the deposit. Skarns and their carbonate-bound calcium overwhelmingly carry scheelite. The other major ore, wolframite, belongs more to granite-hosted veins and greisens. They look, behave and process differently. Figure 9: The two tungsten ore minerals. Scheelite dominates skarns and gives up its calcium-tungstate identity under UV; dark wolframite belongs to the vein/greisen world. Compiled by Samso from ITIA, mindat.org and mineralexpert.org. The main importance for investors is to understand that Wolframite is the Fe cousin of Scheelite who is a Calcium variant. Discovering these tungsten minerals separately is ok, however, if they are associated in the same ore body, it will create issues in the processing part of the business. Wolframite will be magnetic and as thee ore bodies are commonly associated with magnetic minerals, the separation using a magnetic separator will be hampered. These are some aspects that investors need to keep in mind. IN part 2 of the Understanding Tungsten series, we will introduce the issues for Scheelite as the calcium variant of a tungsten mineral. 10.00 — IN PRACTICE, AT HOME The Australian skarn: King Island and beyond Australia's exemplary tungsten skarn is Dolphin, located at Grassy on King Island. It features scheelite in garnet-pyroxene skarn surrounding the Devonian-Carboniferous Grassy Granite, discovered in the early 1900s and intermittently mined for a century. It exemplifies the classic characteristics: carbonate host, granite contact, fault control, and retrograde high-grade ore. In Western Australia, Mt Mulgine (Tungsten Mining NL, ASX: TGN) contains scheelite with molybdenum, highlighting that the predicted Mo content in the geology becomes a significant factor in processing and pricing downstream. Figure 10: Selected Australian tungsten settings. Skarn-hosted scheelite (Dolphin, Mt Mulgine) contrasts with vein/greisen wolframite (Mt Carbine). Positions indicative only. Compiled by Samso from Group 6 Metals, Tungsten Mining NL and Geoscience Australia disclosures. But Dolphin is neither the biggest nor the only Australian skarn. The country's largest tungsten resource is O'Callaghans (Greatland Resources, ASX: GGP), about 10 km south of Telfer in WA — a flat-lying polymetallic skarn where scheelite- and wolframite-bearing amphibole–pyroxene–garnet rock replaces limestone above the reduced O'Callaghans granite. Its December 2025 resource is ~70 Mt at 0.35% WO₃ with copper, zinc and lead by-products, and the proposed flowsheet is pure Part 2: flotation for the base metals, then magnetic separation and gravity to recover the tungsten. Two more wear the classic fingerprint. Kilba (TGN, Ashburton WA) is scheelite in skarn / calc-silicate against the Kilba granite — and, as section 4 noted, its coarse, gravity-amenable scheelite is a textbook retrograde signature. Molyhil (Thor Mining, ASX: THR), 220 km north-east of Alice Springs, is a scheelite–molybdenite–magnetite skarn — a small but genuine W–Mo skarn that wears its molybdenum on its sleeve. Is Watershed a skarn? Not quite — and that's the point The most useful example is the awkward one. Watershed (TGN, 130 km north of Cairns) sits in the Hodgkinson Formation — a pile of deformed metasediments (conglomerate, psammite, slate), not a clean limestone. It carries genuine skarn minerals (garnet, clinopyroxene, actinolite), so the rock is calc-silicate / skarn-altered; but the scheelite was largely emplaced in shear-controlled veins and then upgraded during later metamorphism. The published work describes it as a "metamorphic tungsten upgrade after a magmatic-hydrothermal event" — a hybrid that sits between a contact skarn and a metamorphic / vein deposit. Its resource is large and low-grade (~49–70 Mt at ~0.11–0.14% WO₃). Cookes Creek is a similar matter of degree. It isn't a single named skarn but a granite-and-workings cluster in WA's Gascoyne; the defined resource on its margin — Big Hill (~11.5 Mt at 0.15% WO₃) is vein-hosted scheelite within a tremolite-rich calc-silicate unit: skarn-affiliated, but vein-controlled rather than a classic replacement body. So I would call this a hybrid and not a yes/no in regards to being a skarn deposit. Table 3: Australian Tungsten Deposits nd their relationship to being a skarn mineralisation. Sources: O'Callaghans — Greatland Resources (ASX: GGP) December 2025 Mineral Resource (~70 Mt @ 0.35% WO₃) and Newcrest skarn geology; Dolphin — Group 6 Metals / Kwak & Tan (1981); Kilba, Big Hill, Watershed, Mt Mulgine — Tungsten Mining NL disclosures; Molyhil — Thor Mining (ASX: THR) / NT Geological Survey; Mount Lindsay — Venture Minerals (ASX: VMS); Mt Carbine — EQ Resources (ASX: EQR). Watershed geology — Hodgkinson Formation / Mossman Orogen studies (the deposit is described as a metamorphic tungsten upgrade of a Carboniferous magmatic-hydrothermal system). Deposit (owner) Setting Skarn? O'Callaghans (Greatland, GGP) Polymetallic W–Cu–Zn–Pb replacement of limestone above the O'Callaghans granite, Telfer WA ✓ Classic skarn — largest in Australia Dolphin / King Island (G6M) Scheelite in garnet–pyroxene skarn at the Grassy Granite contact, TAS ✓ Classic skarn Kilba Scheelite in skarn / calc-silicate against the Kilba granite, Ashburton WA ✓ Skarn / calc-silicate Molyhil (Guardian Metals) Scheelite–molybdenite–magnetite skarn, Aileron Province NT ✓ Skarn (W–Mo) Mount Lindsay (Critica Limited) Sn–W magnetite skarn, NW Tasmania ✓ Skarn (Sn–W) Watershed (TGN) Scheelite in calc-silicate / skarn-altered metasediments + shear veins, Hodgkinson Fm, FNQ ~ Skarn-altered — not a classic carbonate skarn Big Hill / Cookes Creek Vein scheelite in a tremolite-rich calc-silicate unit on the Cookes Creek granite margin, WA ~ Calc-silicate-hosted, vein-controlled Mt Mulgine (TGN) Porphyry / vein-stockwork W–Mo in greenstone + greisen, Murchison WA ✗ Not a skarn (porphyry / vein) Mt Carbine (EQR) Wolframite in quartz veins / greisen, Far North QLD ✗ Not a skarn (vein / greisen) — SAMSO CONCLUDING COMMENTS The geology is the moat Like all mineral deposits, when it comes to classificating a deposit style type to define deposits as occurring the same way, I find that no single deposits ever sits in the same framework that an institution demands. My experience has shown me that a broad framework of conditions will work but when a discussion starts, everything seems to just falls apart and the final conclusion always seem to fall back to individuality rather than a group classification. Hence if we strip a tungsten skarn back and it is almost elegant in a Type case of a skarn tungsten deposit. It is a granite heat source, source rock, that breathes fluid into a limestone, the limestone gives up its calcium, and tungsten is locked away as scheelite at the reaction front. I think for reader, it is away to remember all the factors we have discussed in this Samso Insight, but I would not hold these points as a hard and fast rule to understanding skarn tungsten deposits. Everything an investor cares about downstream, grade, by-product molybdenum, how hard the ore is to process, whether a UV torch can cheaply find more is written into that geological setup before any mining decision is made. That is the reason Samso keeps coming back to the rocks and the process that creates the minerals and hence, the metal abundances. In a critical-minerals cycle full of noise, the contact between a granite and a carbonate is one of the few things that does not move with the headlines. Understand the skarn, and the tungsten story stops being a ticker and starts being a deposit. References & sources U.S. Geological Survey — Environmental Geochemistry of Skarn and Polymetallic Deposits, Open-File Report 02-195 (Chapter H). Skarn classification and W-skarn behaviour. Newberry, R.J. & Einaudi, M.T. (1981) — reduced vs oxidised tungsten skarn division; summarised in the EarthSci.org / USGS skarn literature. Meinert, L.D. et al. — World skarn deposits classification (resource split ~48% skarn). Via tungsten beneficiation review literature. Kwak, T.A.P. & Tan, T.H. (1981) — "The geochemistry of zoning in skarn minerals at the King Island (Dolphin) Mine," Economic Geology 76(2): 468–497. Bowman, J.R. et al. (1985) — CanTung E-Zone scheelite skarn isotope study, Economic Geology 80(7): 1872–1895. Geology Science — "Skarn deposits" overview; "Scheelite: properties, formation, occurrence." Wikipedia — Scheelite (CaWO₄, fluorescence, occurrence); cross-checked with Britannica and mindat.org (min-3560). Group 6 Metals Limited (ASX: G6M) — Dolphin Tungsten Project overview & exploration pages. Mineral Resources Tasmania — King Island geology documents; Callaghan (Resource & Exploration Geology) Dolphin/Bold Head report. International Tungsten Industry Association (ITIA); mineralexpert.org — scheelite vs wolframite mineralogy & WO₃ contents. Tungsten Mining NL (ASX: TGN) — Mt Mulgine (scheelite + molybdenum) disclosures. Hsu, L.C. (1977) — “Effects of oxygen and sulfur fugacities on the scheelite–tungstenite and powellite–molybdenite stability relations,” Economic Geology 72: 664–670. Li, W.-S., Ni, P., Pan, J.-Y., et al. (2023) — “The genetic association between vein and skarn type tungsten mineralization in the Yaogangxian tungsten deposit, South China,” Ore Geology Reviews 159: 105544 (open access, CC BY-NC-ND). Cover photo: Skarn (tactite) (GeoDIL number - 511), Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Skarn_(tactite)_(GeoDIL_number_-_511).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. 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Announcement Change of Company Name to Terra Critical Minerals Limited 23 September 2025 High grade silver up to 400 g/t identified at Silent Grove 23 September 2025 Terra Critical Minerals Limited (ASX: T92) recently confirmed a new high-grade silver discovery at the Silent Grove Prospect within its 100%-owned Mole River Project in New South Wales (Figure 1). This update represents an important step forward in unlocking the polymetallic potential of the Mole Granite district, an area already known for tin, tungsten, and silver-rich systems. Figure 1: Location of Mole River and the Silent Grove Prospect (source: T92) Key Highlights - A High-Grade Silver News Strategic Positioning and Regional Context Silent Grove is part of Terra’s larger New England exploration portfolio (Figure 2), which includes the Ottery Tin Mine, Castle Rag Silver Deposit, and Glen Eden (NSW’s largest tungsten deposit). The project area is located along the margins of the Permo-Triassic Mole Granite, a geological unit historically hosting over 350 tin operations, with associated wolfram, bismuth, silver, and molybdenum occurrences. Mineralisation styles in the district are polymetallic, with silver typically occurring in hydrothermal quartz lodes associated with cassiterite and base-metal sulphides – often as argentite or within Pb-Zn-Ag sulphides. Figure 2: Regional Map of T92 Project Areas around Mole Granite (source: T92) High-Grade Silver Discovery The company reported standout surface sample results (Figure 3), including: 400 g/t Ag, 6.09% Pb, 4% Zn, 0.55% Sn (Sample G94/095) 203 g/t Ag (Sample 070926-2) 165 g/t Ag (Sample 070926-4) 148 g/t Ag and 0.62 g/t Au (Sample 070926-1) Figure 3: Sample Locations with Satellite Background (source: T92) These results confirm that Silent Grove hosts silver grades significantly above regional background levels, adding a new high-grade zone just 7.5 km from previously announced Mole River mineralisation (>30 g/t Ag across 24 outcrops, up to 147 g/t Ag with Pb-Zn association. Table 1 below summarises the key surface rock chip results from Silent Grove, highlighting the standout silver, lead, and tin assays that underpin the potential for a polymetallic system. Table 1. Surface sample results. (source: T92) Geology and Exploration Pathway The geological setting and historic production records suggest that the Mole River district is underexplored for silver-rich polymetallic mineralisation at depth. Terra has commenced: Reviewing historical datasets (including NSW DIGS data) Undertaking literature and open-file geophysics reviews Progressing access approvals and planning a comprehensive exploration program focused on follow-up sampling, infill drilling, and depth extensions to define mineable zones. Corporate Update In parallel with this announcement, the Company confirmed that Terra Uranium Limited has officially changed its name to Terra Critical Minerals Limited, effective 24 September 2025. The ASX code remains T92. Samso Concluding Comments The geological history of the Mole River district has always been an intriguing part of NSW. This update from Terra Critical Minerals should not be surprising for investors. The Mole Granite has a long history of producing tin and tungsten, and silver tends to occur with those systems in structurally controlled lodes. The upside for Silent Grove is that it is showing a potential footprint of silver mineralisation up to 7.5 km, which means Terra is in the district-scale play. This kind of step-out discovery is often how small explorers add value quickly — by proving that mineralisation is not isolated but part of a broader, repeatable system. The caution here for readers is that this is an area that has a long history of base metals play. While it is promising, one has to pull the brakes on and look at the science first. I do realise that the market is super hot at the moment, but if you want to be in this game for a few more decades (assuming you are a person whose age allows for decades more of investing :-) on the ASX), you have to remember that these parts of the world are notorious for land access issues. While there are obstacles, there are also opportunities when the stars are aligned. Figure 4: The T92 share price chart (source: CommSec). Market acceptance for T92 is very important (Figure 4), and this current narrative is consistent with the broader story. As the market continues to go through its paces, the critical mineral, or what I call the essential mineral story, is not looking to pause. The need for tungsten is now at an all-time high, with real shortages being felt globally. There are now pricing coming out of China being quoted at over USD $620/mtu, and this is backed by narratives that there is just not enough tungsten, so if T92 gets its stars aligned, this is going to be an interesting ride. The optimistic view is that early-stage exploration results should be viewed as the first data points in a longer narrative. The next phase — historical data consolidation, structural interpretation, and follow-up drilling — will determine whether these grades persist at depth and across strike. Success here could transform the Mole River project from a collection of prospects into a coherent, potentially mineable resource base or an M&A opportunity. Ultimately, this is a story that is still in its early chapters. If Terra can demonstrate continuity of presence of economical mineralisation, then Mole River might become an asset that complements its tin and tungsten portfolio and positions the company as a diversified critical minerals explorer. That’s the kind of optionality the market tends to reward when the results continue to back up the thesis. Cover photo: Silver ore, Романвер. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silver_ore.JPG) The Samso Way – Seek the Research Always look beyond the headline grades. High silver assays are a great start, but the next step is proving continuity and volume. Track how Terra designs its exploration program and whether it prioritises near-surface, high-grade zones or deeper polymetallic shoots. 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 28 August 2025 Saloro 3rd XRT Ore Sorter & Commenced Ore Reserve Update. EQ Resources Ltd (ASX: EQR) has released an update on operations at its 100%-owned Saloro tungsten mine in Spain, underscoring its strategy to lift efficiency and build on the improving tungsten price environment. The commissioning of a third XRT Ore Sorter marks a step-change in throughput capacity and cost optimisation, while the company has also commenced a periodic Ore Reserve update expected in Q4 CY2025. Highlights - A Tungsten Business Rushing To Finally Reap the Benefits. Third XRT Ore Sorter commissioned and ramped up on time and within budget, expanding sorting capacity by 50% from 100tph to 150tph. Ore sorting removes ~60% of waste rock early in the flowsheet, boosting efficiency and lowering cost at the main gravity plant. Reserve update underway, to incorporate recent recovery improvements, sorter expansion benefits, and stronger tungsten prices. Benchmark tungsten price sits at US$520/mtu (APT), ~15% above the $450/mtu used by other producers in recent assessments. Expanding Ore Sorting Capacity The Saloro team has now successfully integrated a third XRT Ore Sorter (Figure 1), bringing nominal throughput to 150 tonnes per hour. Ore sorting continues to play a key role as a debulking step, removing barren waste rock from fresh ore and low-grade stockpiles in the 8–40mm size range. This translates into more efficient plant operations, reduced unit costs, and higher-grade feedstock being pushed downstream. Figure 1: Saloro XRT Ore Sorters in operation (source: EQR) EQR Executive Chairman, Oliver Kleinhempel, commented: “It is great to witness the significant positive impact ore sorting has on our operations. Under the leadership of Kevin MacNeill (EQR’ Chief Technical Officer) our teams both at Mt Carbine and Saloro are mastering this technology leading to more sustainable operations – both environmentally and commercially more sustainable, given the cost optimisation impact.” Ore Reserve Update Underway The company has commenced a periodic Saloro Ore Reserve update. Over the last 18 months, improvements in recovery and the latest sorter expansion have provided upside to the reserve base (Figure 2). This is further supported by a strengthening tungsten market, with prices rising over the past six months. Figure 2: Typical XRT rock scan showing tungsten-bearing ore vs barren waste (source: EQR) EQR expects to publish the updated Ore Reserve at the beginning of Q4 CY2025. About EQ Resources EQ Resources is a dual-asset tungsten producer with operations at Mt Carbine in Queensland and Barruecopardo in Spain. The company applies advanced mineral processing technologies across its projects, positioning itself as a globally significant supplier of tungsten, a critical mineral for the new economy. Samso Concluding Comments What stands out in this announcement is the practical execution of EQR’s growth strategy. Commissioning the third XRT Ore Sorter is not about chasing production headlines; it is about embedding efficiency into the flowsheet. Removing 60% of waste at the front end has real implications for cost, recovery, and sustainability. This operational strategy is important to build some form of resilience in a historically cyclical market. The decision to commence a reserve update at this point is interesting. With recovery improvements in place, expanded capacity online, and tungsten prices trending higher, EQR is correctly aligning technical upgrades with favourable market dynamics. Investors will be watching closely for the Q4 CY2025 reserve statement, which should offer a more transparent view of Saloro’s long-term potential. What we continue to see is that tungsten is not a marginal story. As I have mentioned many times, it is definitely front and centre in the critical minerals narrative, and companies that can demonstrate reliable, scalable production are positioned to attract attention from both the market and strategic partners. Make no mistake here, as I have mentioned previously in detail, the tungsten business will be all about high tonnage and low-grade mining. EQ Resources will have to demonstrate that they are able to do this correctly and economically. Ore sorters have been around for a long time, and it is definitely not a new idea/process that will change anyone's balance sheet by the mere appearance of the item. Investors will need to monitor the progress and see if the products are appearing, and if so, the high APT price should hold up and have a decent time in the limelight for companies to harvest their fruits of labour. All the tungsten players will be appreciative of the opportunity at hand. Check out : Terra Uranium Limited - Could the Glen Eden Project Be The Next Tungsten and Molybdenum Story in Australia - A Sisson-Style Tungsten Project? Tungsten: The Quiet Giant – Market Trends and Investment Pathways. At Samso, we keep stressing that clarity comes from facts on the ground, not noise in the market. Saloro’s sorter expansion and reserve update are facts investors can work with. #SamsoNews is here to remind you that the real investment edge lies in recognising operational signals early, before they are fully priced into the market. Cover photo: Scheelite 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite_1.jpg) The Samso Way – Seek the Research #SamsoNews is about separating fact from noise. Real insight comes from digging into the details and always doing your own research (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 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 11 Aug 25 Maiden Tungsten Resource at Western Queen Project 05 Aug 25 High-Grade Tungsten Assays at Western Queen Rumble Resources Limited (ASX: RTR) has taken significant steps forward in positioning its Western Queen Project as a dual-commodity operation (Figure 1). In early August, the company reported high-grade tungsten assay results from historical diamond core samples, followed by the announcement of a maiden Tungsten Mineral Resource Estimate (MRE) just days later. Together, these developments underline the scale and strategic importance of Western Queen’s tungsten potential alongside its growing high-grade gold inventory. Figure 1: The Western Queen Gold Project Location (source: RTR) 5 August 2025 – High-Grade Tungsten Assays and Expanded Potential Key Highlights: Multiple high-grade intersections from historical diamond core sampling, including: 3.45m @ 0.66% WO₃ from 299m (including 1.5m @ 0.96% WO₃) 0.57m @ 1.6% WO₃ & 17.3g/t Au from 371.86m 1m @ 2.24% WO₃ & 0.97g/t Au from 221m 3m @ 0.77% WO₃ & 61.4g/t Au from 96m Eighteen tungsten lodes mapped over a 1.5km strike between the Western Queen South and Central open pits (Figure 2). Tungsten mineralisation remains open along strike and at depth. Geological and geochemical reviews have identified multiple high-priority targets over a 5km x 2.5km area, prospective for tungsten skarn-type mineralisation. Preliminary metallurgical testwork indicates the potential for a meaningful tungsten revenue stream, pending further bulk sample analysis. Figure 2: Current extent of mineralised tungsten lodes interpreted at the Western Queen Project (source: RTR) Tungsten’s classification as a critical raw material — with applications in aerospace, defence, electronics, semiconductors, renewable energy, and military technology — provides strong strategic context for these results. The global market is facing constrained supply, with China controlling over 80% of production and experiencing a recent 12% output decline. Forecasts indicate ~7% CAGR growth to 2029, with prices for ammonium paratungstate up 43% since 2023. 11 August 2025 – Maiden Tungsten Mineral Resource Estimate Key Highlights: Maiden tungsten MRE: 4.31Mt @ 0.31% WO₃ for 13,200 tonnes WO₃ at a 0.1% cut-off (Figure 3). High-grade core: 1.44Mt @ 0.51% WO₃ for 7,400 tonnes WO₃ at a 0.3% cut-off. Mineralisation defined entirely from prior gold-focused drilling — no dedicated tungsten drilling yet completed. Lodes are sub-parallel to the updated gold resource of 3.72Mt @ 3.1g/t Au for 370,000oz. Most of the MRE sits at the Western Queen South Deposit, where gold open-pit mining approvals have been submitted. Reconnaissance work is underway to assess additional tungsten targets identified across the project. Figure 3: Maiden Western Queen Tungsten MRE Highlights High-Grade Trends (source: RTR) Metallurgical testwork will be critical in determining tungsten’s contribution to project economics. A bulk scheelite sample is being prepared for detailed analysis by Mineral Technologies to establish a grade-recovery curve. This will guide revenue modelling and potential inclusion of tungsten in mine scheduling. Peter Harold, Managing Director and CEO, commented: “To have reported a maiden tungsten resource of over 13,000 tonnes shows Western Queen is more than just a high-grade gold project — it has the potential to be a major tungsten project as well.” Next Steps Rumble will integrate the maiden tungsten MRE into its broader Western Queen development strategy, alongside advancing near-term high-grade gold production. Exploration programs are underway to test the newly identified tungsten targets, while metallurgical studies will define potential tungsten revenue contributions. Approvals have already been lodged for open-pit mining of the gold resource at Western Queen South, where much of the tungsten MRE is located. Samso Concluding Comments The recent results from Western Queen are good in terms of the grade, but when you start to hope for a larger interception that is measured in 100s or metres, of at least north of 50M to give scale, it is a bit disappointing not to see that happening. When I first started covering the Western Queen story, it had gone from a gold prospect to a tungsten hopeful, which was ok, but the numbers coming out look like it's not going to be in the scale of a standalone tungsten project. Rumble is now going to have to decide if this is a gold project or not because I don't think the Tungsten story is going to cut mustard. I have seen several tungsten projects in my time, and this is not smelling the best. I was thinking that, coupled with a gold story, this could make grade, but the longer the Western Queen story is moving, the less confident I am of making a good story. For the shareholders out there, a market capitalisation of AUD $28M is going to make it hard to change directions, as punters are always out for a bargain. I hope I am wrong in my comment, but this is one of those moments that I have had to reassess my optimism on a company. There is time still to make amends, as the share price has been rising for the last 3 months, so maybe the market has got it right and I have not. The market is very buoyant at the moment on the small end of the sector, and there are still many alternatives for investments. Cover photo: Scheelite, mica, UV shortwave, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite,_mica,_UV_shortwave.jpg) The Samso Way – Seek the Research Announcements give us the facts, but research reveals the scale of the opportunity. Understanding tungsten’s market dynamics and Western Queen’s geological upside is where the real insight 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 EQ Resources Successful A$4.0 Million Placement US EXIM Issue Letter of Interest for Mt Carbine EQR Progresses Regional Tungsten Hub Strategy EQ Resources Ltd (ASX: EQR) has just completed an AUD 4M placement which is on top of the recent placement of AUD $18.8M on the 22nd of May 2025. The recent capital raise looks to be consistent with our latest Samso Insight (see below) outlining the potential supply crunch that is happening as we speak. Tungsten: The Quiet Giant – Market Trends and Investment Pathways. On top of the capital raise, the Export-Import Bank of the United States (EXIM) has sent the company a Letter of Interest stating that EXIM is able to consider a 10-year debt facility of up to USD $34 million for capital expenditure and further development of the Mt Carbine Tungsten Mine. This is a clear sign that the Tungsten sector may soon break out if it has not already. In June 2025, EQR released preliminary results from XRT ore sorting trials at its Wolfram Camp Project, revealing encouraging recovery and upgrade outcomes that reinforce its ambition to develop a regional tungsten hub in Far North Queensland. The trials, undertaken in partnership with TOMRA Sorting Solutions and researchers from the University of Queensland’s Sustainable Minerals Institute, focused on two types of surface material: legacy ore and waste stockpiles. Supported by a $250,000 Queensland METS Collaborative Projects Fund grant, the program is part of EQR’s broader strategy to unlock value from historical mine assets using modern sensor-based ore sorting. Samso has been following the EQ Resources story since the early Mt Carbine transformation, and this development continues to showcase how the company is leveraging proven technical capabilities to push the needle on low-impact resource recovery. Preliminary Sorting Trials Deliver 86% Recovery and Significant Grade Uplift at Wolfram Camp 🔸ASX: EQR 🔸Location: Far North Queensland, Australia 🔸Focus: Tungsten recovery through sensor-based sorting 🔸Partnership: TOMRA Sorting Solutions & University of Queensland SMI 🔸Funding: A$250,000 QLD METS Grant 🔸Recovery Highlight: 86% WO₃ from ore stockpile 🔸Upgrade Factor: Up to 16x in key size fractions Preliminary ore sorting trials conducted at Wolfram Camp (Figure 1) have delivered highly encouraging results, achieving 86% recovery of tungsten from bulk sample material. These trials were part of EQ Resources’ ongoing strategy to evaluate the viability of reprocessing historical surface stockpiles using advanced X-ray Transmission (XRT) sorting technology. Figure 1: Wolfram Camp (source: EQR) The standout result came from the WBS Parrot sample, sourced from an existing ore stockpile, which demonstrated not only strong recovery but also a significant upgrade in grade, up to 16x in key size fractions. These outcomes validate the potential to unlock value from legacy material through low-impact, sensor-based sorting methods. Importantly, the success builds on EQ Resources’ proven track record at Mt Carbine and supports their broader vision of developing a regional tungsten processing hub in Far North Queensland. Leveraging Proven Sorting Expertise EQR’s deployment of XRT sorting technology is not new. At its flagship Mt Carbine operation, the company has already demonstrated how advanced ore sorting can convert low-grade and previously uneconomic material into viable feedstock. With recoveries exceeding 95% WO₃ and mass yields of just 10–12%, Mt Carbine stands as a benchmark for sustainable and cost-effective tungsten recovery. The Wolfram Camp trial mirrors this approach, aiming to replicate Mt Carbine’s success by tapping into legacy surface material and minimising environmental impact through de-bulking and selective processing. Wolfram Camp Stockpile Sorting Trial: Highlights Sample 1 – WBS Parrot (Ore Stockpile) (Figure 2) Head Grade: 0.09% WO₃ (728 ppm W), 269 ppm Mo Tungsten Distribution: 58% of the sample mass in the -65mm to +26.5mm range (0.08% WO₃) 40.2% of mass in -26.5mm to +6.7mm (0.10% WO₃) <2% fines (<6.7mm) with 0.36% WO₃ Sorting Results: Recovery: 86% of total contained tungsten Grade Upgrades: 0.08% → 0.67% WO₃ in larger size fraction 0.10% → 1.59% WO₃ in finer sorter size (16x upgrade) Mass Yield: o 10% (coarse) and >5% (fine) Mo Recovery: 20–35% depending on size Figure 2: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Parrot Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) This shows that only 5–10% of the feed mass is needed to recover the bulk of tungsten, streamlining downstream processing and significantly increasing resource efficiency. Sample 2 – WBS Combined (Waste Stockpile Composite) (Figure 3) Head Grade: 0.10% WO₃ (772 ppm W), 199 ppm Mo Tungsten Concentration: Fines (-6.7mm) made up 45% of the mass but hosted 75% of total tungsten Larger size fractions showed lesser concentration but meaningful grade improvement Sorting Outcomes: Recovery: 76% W recovery and 28% Mo in the coarse sorter fraction 40% W and 20% Mo recovery in finer sorter fraction Upgrades: WO₃: 0.07% → 0.45% WO₃: 0.03% → 0.46% Fines Pathway: High-value fines can be processed via gravity separation, bypassing the need for further crushing or sorting Figure 3: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Combined Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) These results suggest the waste pile contains considerable untapped value, particularly in the fines, and may offer an economical recovery path with minimal energy input. Strategic Outlook: Building a Regional Tungsten Hub Executive Chairman Oliver Kleinhempel commented: “These preliminary results highlight the technical potential to unlock value from historical stockpiles at Wolfram Camp using modern sorting techniques. The strong tungsten upgrade from the Parrot stockpile and meaningful recoveries from the waste composite reinforce the viability of this low-impact approach to resource recovery and offer exciting upside as we refine our processing strategy.” The Wolfram Camp work is a direct extension of the Mt Carbine model, where waste is no longer waste, but a resource. Importantly, EQR’s regional hub strategy could generate operating synergies and provide new employment pathways in Far North Queensland by reactivating legacy sites with modern tools. Next steps will involve more bulk sample testing using Mt Carbine’s XRT sorter to assess in-situ ore sortability. These results will be incorporated into future production plans and stockpile re-evaluations. Samso Concluding Comments There is now no doubt that the Tungsten market is going into a critical mode as I have not seen this much interest in this sector since 2012. In fact, I am not sure if there was this much sentiment in 2012 as what I think is in place or coming soon. In the Samso Insight that we published earlier, when we spoke to Oliver Friesen from Guardian Metal Resources Plc, the takeaway was that the critical nature of Tungsten was in play. The US government funding of these projects is also real. So from a market perspective, I think EQR is in a very good place. In addition, the Mt Carbine asset has also been given new life through modern thinking and practical innovation. The application of XRT sorting at Wolfram Camp is not revolutionary on its own—EQR has already done this at Mt Carbine—but what makes this update significant is the validation of a repeatable process. This is about taking a tested technology, applying it to a new site, and achieving early-stage results that suggest meaningful upside. The 86% tungsten recovery and a 16x grade uplift from just a small portion of the original mass are not numbers that can be ignored. They speak to a potential low-impact pathway for generating value from stockpiles that, at a different time, would have simply been discarded. With growing pressure on responsible resource extraction and increasing demand for critical minerals like tungsten, this is the kind of initiative that aligns well with global sentiment. From a broader view, EQR is not just building a tungsten mine—it’s working towards a regional hub model. That means infrastructure leverage, skills development, and an opportunity to apply lessons learned at Mt Carbine to other projects. The support from the Queensland Government and partnerships with TOMRA and the University of Queensland only add credibility to the process. As investors or industry observers, the best approach may be to watch how this regional strategy is pieced together. Early signs are promising, and the technical execution so far has stayed grounded in what works. If this momentum carries forward, Wolfram Camp may become the next pillar in EQ Resources' broader critical minerals strategy. Cover photo: Wolframite with quartz - Wolframite with quartz from Cornwall, England, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Wolframite_with_quartz_(GeoDIL_number_-_195).jpg) The Samso Way - Seek the Research EQ Resources stands out not for hype, but for its consistent, technical execution, turning legacy assets into real value through innovation. At Samso, we focus on stories like these, where asking the right questions reveals long-term potential. It’s about recognising substance behind the numbers and sharing insights with investors who value depth over 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 Viking Acquires Extensive Historical Data for Linka Project – 22 January 2026 (view the announcement) The tungsten show has begun, and you are now going to start seeing a lot of companies showcasing tungsten as the metal to look for, and they are not wrong. However, I will caution that not all tungsten projects are made the same. Tungsten projects are notoriously hard to develop into an economical deposit. With this in mind, the market hype will be even greater, and if the general public fully understands the reality of a supply crunch on the actual tungsten metal, the market hype will be even greater. It is at this point that potential investors will either ride the hysteria or take caution and position in a good, solid project. Viking Mines Limited – Building Geological Clarity at the Linka Tungsten Project, Nevada (USA) Viking Mines Ltd (ASX: VKA) has completed the acquisition of an extensive historical technical dataset covering its Linka Project in Nevada, USA (Figure 1). The dataset provides a high-resolution technical framework that supports faster geological understanding, early targeting, and validation drilling aimed at future JORC compliance. Figure 1: Example of historical outcrop geology map showing drillhole locations and cross sections (source: VKA). Samso’s coverage of Viking Mines reflects a focus on execution and technical progression rather than short-term news flow. This update is relevant as it builds geological confidence and improves time efficiency by using existing data instead of surface-led exploration. The acquisition of historical datasets supports faster project evaluation while controlling capital use. Highlights – Converting Historical Knowledge into Immediate Technical Leverage Viking has acquired a comprehensive historical dataset representing approximately 2,816 metres of drilling across 68 drillholes, including 8 diamond and 60 percussion holes, covering the Linka, Hillside, and Conquest targets. The dataset was acquired for US$35,000 (~A$50,000), with the Company estimating a replacement cost in excess of A$1.0 million at current market rates. High-quality scans of late-1970s cross sections and geological maps identify known high-grade zones and underground workings, reducing the need to re-establish historical mineralisation (Figure 2). Figure 2: Zoomed section of outcrop geology map illustrating detailed drillhole locations, cross sections, and mapped geology (source: VKA). The information enables rapid 3D geological modelling, providing a technical shortcut that could save months of fieldwork and reduce exploration capital requirements. The dataset supports the immediate planning of validation (“twin-hole”) drilling, a key step toward bringing historical results up to modern JORC standards. Leadership Commentary Viking Mines MD & CEO Julian Woodcock commented: “Sourcing this extensive dataset substantially shortcuts the time required to advance the Linka Project, reduces the capital outlay required and reduces the exploration risk. “We are extremely fortunate to have been able to source this information and have commenced with converting the information into digital format to bring into 3D geological modelling software. “Upon completion of the airborne survey at the Project we will have the necessary ground features to accurately georeference the historical maps and sections to allow us to extract the drillhole collar information and build a drillhole database. “I look forward to interrogating the data and releasing to market as we complete the digitisation process.” Near-term Milestones to Watch Completion of georeferencing using high-resolution airborne survey data currently being collected. Digitisation of historical drill logs, maps, and sections into a 3D geological environment. Finalisation of drill targeting to support a Notice of Intent (NOI) submission to U.S. Federal agencies. Release of digitised data in three tranches, covering Linka first, followed by Hillside and Conquest. Samso Concluding Comments From a project perspective, the Linka dataset provides Viking with a rare level of historical detail that is often unavailable at early exploration stages. The ability to reference mapped geology, underground workings, and historical drilling allows for more informed targeting. The stated plan to validate historical results through twin-hole drilling aligns with accepted industry practice. This approach prioritises data quality and regulatory alignment rather than speculative expansion. The emphasis on 3D geological modelling suggests the Company is positioning Linka for structured advancement rather than incremental exploration. This is a step that often precedes more capital-intensive programs. As always, the value of this update will be measured by execution. Investors will be watching how quickly Viking converts this historical advantage into validated, modern datasets. Market Implication - The Investor Lens In the current state of the ASX market or any equity markets, if you are not a gold producer, you are missing out on probably one of the greatest bull runs that has come from a commodity. As we write this blog, gold is testing USD $5,000 per ounce. So if you don't have the first prize, one has to look for at least a second prize, and that is looking like tungsten at the moment. In that regard, Viking Mines Limited, venturing into the tungsten sector, has the right commodity in terms of engaging with the broader market, and the historical data will help them establish a beachfront. Figure 3: Viking Mines share price chart as of 23rd January 2026. (source: CommSec). The market capitalisation of Viking is presently AUD $16.99M, and looking at Figure 3, there has not been too much hype. Whether this is a good or bad sign is anybody's guess at the moment. When you make commentary from the outside of the "purple circle" or "inner management", it is always hard to know, as in a market that is well known for purposeful mixed messages. If we take the information on face value, I think the lack of response from the market now would be a good sign to think about taking a position for potential uplift that may come. I, for one, will be very keen to see the dataset as it will give a good indication of the potential of the project. So keep an eye on this company as they make releases in the coming months. Cover photo: Scheelite 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite_1.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Investor Presentation – 14 January 2026 (view the announcement) Secures $1m Placement to Accelerate US Critical Minerals – 14 January 2026 (view the announcement) Petrographic studies confirm Springfield mineralisation – 20 Jan 2026 (view the announcement) Samso has participated in the recent capital raise for Pioneer Minerals, and this is our first position in the Tungsten sector. I like the management and the potential of the Pioneer projects because they offer direct leverage to U.S. critical minerals policy themes through a diversified portfolio spanning tungsten, antimony, uranium, and lithium, all within Tier-1 mining jurisdictions. The combination of historical production, recent high-grade surface results, and near-term drilling catalysts positions PMM as a company transitioning from early-stage consolidation into active value creation. Pioneer Minerals – North Pine Tungsten and Antimony Project, Idaho, USA (Idaho, Colorado, Wyoming, Ontario) Pioneer Minerals Ltd (ASX: PMM) is advancing its North Pine Project in Idaho, a past-producing tungsten district located near established antimony and gold operations in a Tier-1 U.S. jurisdiction (Figure 1). Recent announcements in January 2026 focused on securing funding and strengthening geological confidence at the Springfield Prospect through detailed petrographic work. Figure 1: Location map of the North Pine Project and nearby operations (source: PMM) Highlights – Capital Secured to Accelerate U.S. Critical Minerals Portfolio | 14 January 2026 (Figure 2) Firm commitments received to raise A$1.0 million via a placement to sophisticated and professional investors, strengthening the balance sheet and funding near-term exploration programs. Placement priced at $0.18 per share, with one free attaching option for every three shares, exercisable at $0.20 by 14 October 2028, providing medium-term alignment. Funds allocated primarily to North Pine (tungsten–antimony) in Idaho, alongside Skull Creek (Colorado) and Central Buttes (Wyoming) uranium projects, supporting continued portfolio advancement (Figure 2). Non-Executive Chairman participation of $100,000, subject to shareholder approval, aligning management with incoming investors. Figure 2: Capital structure and corporate summary (source: PMM) Leadership Commentary Pioneer Minerals Chief Executive Officer, Michael Beven, commented: “The strong demand for this placement reflects growing investor confidence in Pioneer’s strategy and the quality of our US critical minerals portfolio. Securing A$1 million in new capital positions the Company to advance exploration at North Pine, where recent rock-chip sampling at the Springfield prospect has delivered highly encouraging tungsten and gold results. These results highlight Springfield as a compelling critical minerals opportunity with clear scale potential, located in a proven U.S. mining jurisdiction of strategic importance to defence and energy supply chains. With funding now in place, we are moving swiftly into detailed geophysics to refine structural controls on mineralisation, followed by targeted drilling of high-priority zones. We thank shareholders for their continued support and look forward to delivering consistent exploration news flow as activities accelerate.” Highlights – Petrography Confirms a Primary Tungsten System at Springfield (20 January 2026) (Figure 3) Figure 3: Location map of the North Pine Project and nearby operations (source: PMM). Independent petrographic studies confirmed tungsten mineralisation at the Springfield Prospect occurs as primary scheelite (Figure 4), rather than surface-derived enrichment, strengthening confidence in the geological model. Figure 4: High-grade scheelite under UV light (source: PMM). Scheelite identified in all samples examined, with mineralisation spatially and temporally associated with pyrrhotite-dominant sulphide mineralisation, supporting a genetically linked hydrothermal system. Host rocks interpreted as felsic intrusive and/or volcanic lithologies, consistent with evolved phases of the Idaho Batholith, expanding the geological model beyond a narrow skarn-only interpretation. Primary mineralisation textures preserved beneath a supergene weathering overprint, indicating tungsten mineralisation is likely better preserved at depth and supporting depth-focused exploration potential. Previously reported surface results at Springfield, including tungsten grades up to 2.98% WO₃ and gold up to 7.75 g/t Au, remain relevant and are now supported by petrographic validation (Figure 5). Figure 5: Springfield Prospect sample locations and assay results (source: PMM). Leadership Commentary Pioneer Minerals Chief Executive Officer, Michael Beven, commented: “This petrographic work is an important step forward in our understanding of the Springfield mineral system. The study provides clear evidence that tungsten mineralisation occurs as primary scheelite across a range of lithologies and textural settings and importantly confirms a close association with hydrothermal processes rather than isolated surface enrichment. Of particular significance is the observation that the dominant host rocks examined are granitic in nature. This supports our evolving geological model that Springfield is not solely a skarn-hosted system, and that the historically mined skarn mineralisation may represent only one component of a much larger, intrusion-related tungsten system. The findings also have practical implications beyond exploration targeting. Understanding the timing, mineral associations and alteration styles of the mineralisation is critical in guiding downstream processing and metallurgical considerations as the project advances. Collectively, these results strengthen our confidence in the scale potential at Springfield and will directly inform the next phase of geological modelling, exploration planning and technical studies” Near-term Milestones to Watch Integration of recent petrographic findings into the Springfield geological model to refine structural and lithological targeting. Receipt and interpretation of radiometric and magnetic survey data across the North Pine Project to support target generation. Completion of metallurgical recovery test work on historic Springfield tailings, with results expected in the near term. Ongoing fieldwork and target refinement, supported by funding from the January 2026 placement. Samso Concluding Comments From an investor perspective, Pioneer Minerals is advancing in measured steps. Funding and geology are being addressed before higher-cost exploration phases. The capital raise provides sufficient runway to progress priority assets while limiting dilution. This supports staged value creation rather than premature scale-up. Petrographic confirmation improves the quality of the exploration model at Springfield. Better models lead to better targeting decisions. Taken together, these January updates paint the perfect picture of a very measured approach and show that the funds raised are going into the ground. The small raise is enough for now to capture the work that is required and allowed. Most investors don't realise that the early stage of projects has a lot of waiting time, and if you have a high overhead cost, capital is just going to pay for those non-inground expenditure. The small raise tells me that the company is managing the costs, and knowing a limited pool of funds, they will have to be equally efficient in the way they spend. Market Implication - The Investor Lens As I mentioned at the beginning of this blog, Samso has taken a small portion of the placement, and this is our first position in the Tungsten space, which I have been extremely bullish on since 2012. My resurgent interest in the sector started mid-last year when I realised that the tungsten price had recovered in earnest from the lows of USD $300 mtu to the mid USD $400 mtu. It is now hovering at USD $1000 mtu. This is a spectacular run, but what is probably the gift is that there are few to no small explorers, and the prospect of having a discovery of economical tungsten deposits is far from reality. Figure 6: PMM share price chart as of 23rd January 2026. (source: CommSec). The share price of PMM (Figure 6) has not even moved, and although investors on the last placement are looking at an appreciation, I think there is more to come. The market capitalisation of the company is still only AUD $13.53M, which would make any new ASX releases that show positive movement greatly welcomed by shareholders. This is a definite DYOR project for those reading this blog now. Timing is critical, and I am sure everyone is aware that there is nothing in life that is a sure thing. Cover photo: Scheelite; mica, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite;_mica.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. VKA Acquistion of Tungsten Project Investor Presentation - 22 December 2025 (view the announcement) 2. VKA To Acquire Production Proven USA Tungsten Projects - 16 December 2025 (view the announcement) Viking Mines Limited (ASX: VKA) has announced the acquisition of a high-grade, production-proven tungsten portfolio in Nevada, USA, a Tier-1 mining jurisdiction (Figure 1). The transaction provides Viking with 100% exposure to six historical tungsten projects located in close proximity to strategic US defence infrastructure, positioning the Company within a critical minerals supply chain at a time of heightened geopolitical urgency. Figure 1: Location map of Viking’s Nevada Tungsten Projects and regional peers (source: VKA) The Business of Viking Mines: Tungsten Viking Mines is transitioning from a diversified Australian explorer into a company with a clear strategic emphasis on critical minerals, anchored by tungsten assets in the United States. The acquisition complements the Company’s existing Western Australian gold and battery minerals portfolio while introducing a new growth platform aligned with US defence, aerospace, and industrial demand. The Nevada portfolio comprises six projects: Linka, Alpine, Long, Terrell, Ragged Top, and Victory, all located within established tungsten districts and supported by extensive historical production data. Highlights – Securing a Strategic US Tungsten Platform 100% acquisition of six Nevada tungsten projects in a Tier-1 jurisdiction, supported by existing regional infrastructure, establishing Viking’s footprint in the US critical minerals sector (Figure 2). Figure 2: Photo looking West showing location of powerline and road access proximal to the Linka Project. (source: VKA) Proven historical production of ~123,000 tonnes at 0.54% WO₃, with legacy mine workings and coarse ore stockpiles at Linka reinforcing the brownfields character of the portfolio and reducing greenfields exploration risk (Figure 3). Figure 3: Photo looking south of the Linka Shaft, Vent Raises, Pit, and Coarse Ore Stockpile. (source: VKA) Flagship Linka Project hosts three historical mines: Linka, Hillside, and Conquest, spanning ~820 metres of strike length, remaining open along strike and at depth (Figure 4). Figure 4: Map of the Linka Project area and mineral claims. Note the location of the three historic mines and the ~820m mineralised trend, which is open to the NE and the SW. Sample grades annotated are historic surface channel and grab samples from the 1970’(source: VKA) Exceptional historical grades, including underground channel sampling of: 6.1m at 1.50% WO₃ 1.5m at 2.11% WO₃ Stopes historically mined at grades up to 3.0% WO₃ (Figure 5) Figure 5: Underground geology map of the Linka-Conquest Mine showing location of high-grade 3%WO3 stope and underground sampling results. (source: VKA) Continuous tactite-hosted tungsten mineralisation at Linka, defined over ~820m of strike length, with underground channel sampling demonstrating consistent widths and mineralisation remaining open down dip (Figure 6). Figure 6: Map of the 150ft Level at Linka showing extent of underground workings and historical channel sampling completed in 1955 and 1977. Note the strike length and width of the tactite-hosted scheelite (red), which remains open down dip (source: VKA) Strategic cornerstone investment of A$750,000 from American Tungsten Corp (CSE: TUNG), validating the quality of the assets and providing in-country technical support. Strong macro tailwinds, with tungsten prices reaching record highs during 2025 amid tightening Chinese export quotas and growing US defence demand. Leadership Commentary Viking Mines MD & CEO Julian Woodcock commented: “Securing this high-grade tungsten portfolio in Nevada, alongside the strategic investment from American Tungsten, is a significant step for Viking. The Project’s history of production, combined with high-grade historical results and existing drill targets, provides a strong foundation for the Company to delineate a critical mineral resource in the USA. “With tungsten designated as a critical defence mineral and prices reaching record highs, the macro environment is highly favourable for this acquisition. We have secured these assets on attractive commercial terms and look forward to commencing our exploration programme to test the Project’s full potential.” American Tungsten Corp CEO Mr Ali Haji commented: “We are pleased to make a strategic cornerstone investment in Viking Mines and to become a substantial shareholder as the Company builds a meaningful U.S. tungsten platform. Our decision is anchored in a simple view: tungsten’s outlook has rarely been stronger, and secure Western supply has never been more important. This investment complements American Tungsten’s existing U.S. footprint. We are advancing our brownfields IMA Tungsten Mine toward production, and Viking’s Projects create clear strategic alignment across exploration, resource growth, and future domestic supply. We look forward to supporting Viking as it undertakes due diligence and launches targeted exploration in Nevada. With record tungsten prices, strong U.S. policy tailwinds, and multiple highgrade growth opportunities across the portfolio, we believe Viking is exceptionally well-placed to create shareholder value. About the Project The Linka Project is the cornerstone of the acquisition, having processed approximately 65,000 tonnes of ore through a 360 tonne-per-day mill between 1955 and 1956. Tungsten mineralisation occurs as scheelite within tactite (skarn) developed along the contact between granodiorite intrusions and carbonate host rocks. Underground development reached approximately 90 metres depth, although mining only advanced to the 45-metre level prior to closure, leaving mineralisation open at depth and along strike. Historical drilling and sampling confirm continuity and grade, supporting near-term drill targeting (Figure 7). This geological setting is consistent with classic skarn-hosted tungsten systems documented across Nevada. Figure 7: Map of Linka-Hillside mine located ~330m NE of Linka. Sample grades annotated are historic surface channel and grab samples from the 1970’s. (source: VKA) Satellite projects such as Alpine, Victory, Ragged Top, Long (Figure 8), and Terrell provide district-scale upside, with several hosting historical production grades ranging from ~0.6% to 1.0% WO₃ and limited modern exploration. Figure 8: Historical geology map of the surface and underground workings at the Long Mine. (source: VKA) Near-term Milestones to Watch Completion of due diligence and historical data compilation Surface mapping and rock-chip sampling across priority targets (Figure 9) Metallurgical sampling using historic stockpiles and underground access Drill permitting and maiden drill testing at Linka and Alpine Engagement with US Government funding pathways under the Defence Production Act Figure 9: Photo of grab samples collected from the Linka Project (Linka Mine 514065E, 4353242N) shown in visible and UV light. Dominant fluorescent mineral (white/blue colour) is interpreted to be scheelite. Visual estimate of abundance ~1.0 to 2.5% scheelite (0.8% to 1.8% WO3). Assay required to confirm WO3 content, with results expected in Q1 2026. (source: VKA) Samso Concluding Comments Viking Mines has secured assets that look very interesting with historical production, documented grade, geological continuity, and proximity to infrastructure. In theory, these factors reduce technical uncertainty and allow early exploration efforts to focus on confirmation and extension rather than discovery from first principles (Figure 10). Figure 10: Plan maps and cross sections of the Alpine Mine. Note granodiorite contact not tested, and depth extensions to Alpine unknown, representing a target for initial drill testing (source: VKA) However, as those investors with grey hair or a lack of hair in this industry will know well, it is never that easy. I have looked at a lot of tungsten projects, and my experience tells me that you need bulk mining types. However, with the tungsten price today at over USD $9000 per mtu, may the scenario be that the high-grade narrow styles have a place in the market? Time will tell us when the market finds its sustainable price, whatever that number is in the future. From a geologist’s perspective, the Linka Project may stand out as a logical starting point. The combination of high-grade historical stopes, consistent underground channel sampling, and mineralisation that remains open along strike and at depth suggests a system that was never fully tested by modern standards. Importantly, the geological model is well understood, with scheelite-hosted tactite developed along a granodiorite–carbonate contact — a classic skarn setting that lends itself to predictable targeting. Beyond Linka, the broader Nevada portfolio provides district-scale optionality. Projects such as Alpine and Long introduce additional exploration pathways without forcing immediate capital allocation. These assets sit firmly in the “known but unfinished” category, where historical production and mapping provide a framework, but modern drilling has yet to define the full extent of the systems. This staged approach allows Viking to advance the portfolio methodically, guided by results rather than narrative. In a market increasingly crowded with early-stage critical minerals stories, Viking’s strategy is notably restrained. The Company appears to be realistic, and the concept appears to be relying on tangible geological evidence and a clear understanding of historical context. For investors seeking exposure to tungsten with real technical backing, this acquisition is a measured entry into a sector where supply security, rather than speculation, is becoming the defining theme. Market Implication With a market capitalisation of just under AUD $14M (as of 4th January 2026), and a share price chart that has not seen any significant rise (Figure 11), this may be worth keeping on the watchscreen. As I have mentioned, there is an increasing influx of tungsten stories, and one has to be careful not to be caught up in the hype. Figure 11: The share price chart for VKA as of 2nd January 2026. (source: CommSec) Cover photo: Scheelite, mica, UV shortwave, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite,_mica,_UV_shortwave.jpg) The Samso Way – Seek the Research Understanding critical minerals starts with geology, history, and data — not headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Terra Closes Acquisition of True American Tungsten Project – 16 January 2026 (view the announcement) This is going to make some interesting research as the Company finalises the acquisition. Tungsten is definitely the flavour that will dominate 2026. I will be looking at the project closely as the details are released, as any tungsten projects will be a hot prize. The Business of Terra Critical Minerals Limited: Tungsten Terra Critical Minerals (ASX: T92) is an ASX-listed exploration company focused on strategic minerals across Australia, Canada, and the United States (Figure 1). The Company’s portfolio spans tungsten, tin, molybdenum, bismuth, uranium, and precious metals, with assets located in established mining regions and supported by experienced technical teams. Figure 1: Terra’s Strategic Project Footprint Across Australia, Canada, and the USA (source: T92). The acquisition of the True American Tungsten Project (Figure 2) complements Terra’s existing tungsten exposure in New South Wales and extends its footprint into the U.S. critical minerals sector. Figure 2: Project location with regional tungsten projects (source: T92). Highlights – The True American Tungsten Project in Focus Terra has completed the acquisition of 100% ownership of the True American Tungsten Project in central Nevada, USA. The Project is located at the junction of the Getchell and Battle Mountain mineral belts, a region known for multiple tungsten, gold, and base metal deposits. Two historical adits record high-grade tungsten production in the 1940s, primarily from scheelite skarns and tungsten-bearing vein systems. Historical sampling reported grades of 4.2% WO₃, 5.12% WO₃, and hand-sorted ore shipments grading 1.69% to 11.1% WO₃, based on U.S. Bureau of Mines data. No modern exploration has been conducted since the mid-1940s, highlighting the Project as under-explored by current standards. A USGS 2021 study identified anomalous tungsten stream sediment geochemistry, suggesting potential for additional mineralised zones beyond known workings (Figure 3). Figure 3: USGS Prospectivity Analysis (Lederer et al 2021). (source: T92) Geological mapping indicates the mineralisation is related to a granodiorite intrusive and associated skarn system, with favourable structural and stratigraphic controls (Figure 4). Figure 4: Mineral claims and local geology. (source: T92) Leadership Commentary Terra’s Chairman, Andrew J. Vigar, commented: Our proactive entry into the US space positions us exceptionally. As one of the few ASX companies to act, our 100% acquisition of the True American Tungsten Project in the US’s premier jurisdiction creates a powerful launching pad for the company. Backed by Nevada's mining heritage and strong federal support under the current administration, the timing is ideal. Next step for us is deploying boots on the ground as early as February 2026 to validate high grades with a modern, systematic approach. Near-term Milestones to Watch Detailed geological mapping to define limestone horizons and structural controls. Systematic soil and rock-chip geochemistry targeting tungsten and pathfinder elements. Ground magnetic and IP geophysical surveys to map intrusive contacts and skarn-related features. Drill testing of priority targets where geological, geochemical, and geophysical indicators align. Samso Concluding Comments The True American Tungsten Project provides Terra with direct exposure to a U.S.-based tungsten asset at a time when supply is limited and prices are high. Historical production and sampling show that high-grade mineralisation is present, although the data have not yet been validated under modern reporting standards. The Project’s location in central Nevada places it within an established mining region with supporting infrastructure and clear regulatory frameworks. The proximity to known mineral belts adds geological context and supports the case for systematic exploration. USGS geochemical data points to areas of anomalous tungsten beyond the historical workings. This suggests potential for additional mineralised zones that have not yet been tested by drilling. Terra’s planned work program is structured to reduce uncertainty through staged exploration. Mapping, geochemistry, and geophysics are intended to refine targets before committing to drilling. Market Implication - The Investor Lens As tungsten prices continue to rise, the lack of decent projects is probably going to drive the price even higher. Time will tell if the True American Tungsten Project will set any alight with excitement. I have the opinion that you need a disseminated style tungsten mineralisation that will be a bulk mining capacity, or you are going to have a high-grade body that must clearly demonstrate scale. Typically, most tungsten projects are thin and spotty in terms of scale, and that makes them not viable. How T92 develops the True American Tungsten Project will be the key for me as an investor. Fundamentally, being in the US is a good tick in a box. The markets tend to like that, and I will have to agree with that point of view, as you are close to the market and you have the protection of the Trump factor. Figure 5: T92 share price chart as of 20th January 2026. (source: CommSec) The market is liking what Terra Critical Minerals management is doing with the tungsten narrative, and the share price rallying in August-September 2025 is a clear sign of their appreciation (Figure 5). I think it is a good thing that the hype is not on this second run yet. I like to think that once the details are released, in terms of good data, the market will value it accordingly. I do not doubt that if there are substantiated results, the share price will rocket. Cover photo: Wolframite with quartz - Wolframite with quartz from Cornwall, England, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Wolframite_with_quartz_(GeoDIL_number_-_195).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In my opinion, Tungsten should be one of the most critical metals on any investor's watchlist. The scarcity of the metal as an economical deposit, in my opinion, makes this metal high on the list. There are a few market factors that make Tungsten a very volatile commodity, and the China influence makes this metal difficult to predict in terms of its market value. I have had a direct experience in this space, and I have seen it at its high in 2012 and low since then. The pricing and demand for the metal are shrouded in mystery, as the China market has absolute control. Tungsten is not a new metal, and the tungsten market has been in existence. It has been growing more with the development of heavily armoured warships, penetrative ammunitions, and automotive industry at the beginning of the twentieth century [1]. As you can see in Figure 1, the price of Tungsten has been relatively flat apart from the peaks which represented World War 1 (1915-1918), Korean War (1951-1956), 1973-1978 and 2005, with a moderate rise during World War 2. Figure 1: Evolution of the tungsten inflation-adjusted price per metric tonne from 1900 to 2018. [1] A more recent pricing for tungsten that uses the MTU unit, which is more akin to the market understanding these days, can be seen in Figure 2. The peaks around 2012 and 2014 have not been reached as yet since that time; however, I am hearing noises of the metal price reaching those heights again. You can compare the highs between 2012 and 2014 in Figures 1 and 2. The sign of recovery can be seen in Figure 2 from 2016, and the continuation of that is in Figure 3. Figure 2: The chart shows the tungsten price per metric tonne unit (10Kg) of ammoniumparatungstate (APT), a commonly traded form of tungsten. It is also the most important precursor to the majority of tungsten products. It is sold in bulker bags or lined drums up to 1T in weight. (www.marketcap.com.au) The recovery from pricing is an interesting fact even though the price has yet to breach the USD400 mark. This is going to be an important stage, in my opinion, as a slow, steady breach, for me, will mean that the price is more sustainable. The price in 2014 was very sudden, and I think the market was not mature enough to take advantage of that, I think. The falling tungsten price from that peak has been ongoing since 2015, and the tungsten space has been pretty desolate since that time. Figure 3: The tungsten price chart from 2019 to 2024. (www.g6m.com.au) I have seen a few stories try to rise from the ashes over that time, especially in the last three years, but it is only in 2025 that I have seen the price start to move in the right direction. Tungsten is not flashy. It doesn’t headline the battery revolution. But what it lacks in glamour, it makes up for in military-grade resilience. There is a good reason for seeing those peaks in Figure 1 when there is conflict. With the recent Gaza conflict and ongoing conflict in Ukraine, there is good reason to see the spike in the pricing. History has a good habit of repeating itself. For decades, it sat quietly beneath the radar of investors and strategists. Today, that has changed. As the geopolitical chessboard reshapes mineral markets, tungsten has stepped out from the shadows. For investors paying attention, is this one of the peaks related to an unusual amount of use in armaments, or is this the supply chain transformation finally in motion? Use the chapters below as guideposts for navigating the tungsten story: 1.0 From Specialty Metal to Strategic Asset 2.0 When Prices Move, Signals Matter 3.0 Policy, Procurement, and Power 4.0 Group 6 Metals Limited (ASX:G6M) – Mining Tungsten 4.1 Resource (source: Group 6 Metals Limited) 4.2 Offtake Agreements 4.3 Restructuring of Company 5.0 Guardian Metals Resources PLC (LON: GMET, OTCQX: GMTLF) – A Potential Giant Dark Horse. 5.1 The Pilot Mountain Tungsten Project 6.0 Almonty Industries – First Mover with Long Legs 7.0 EQ Resources – When Technology Meets Scale 8.0 TGN – Low-Cost Entry, High Leverage 9.0 Tungsten’s Unmatched Industrial DNA 10.0 The Refining Bottleneck Few Are Talking About 11.0 Concluding Comments by Samso 11.1 Is Tungsten really rare? 11.2 The US Factor - The Catalyst for Tungsten Dominance? 11.3 Final Thoughts 1.0 From Specialty Metal to Strategic Asset Research shows that Tungsten is a specialty metal and is mostly used in defence. There are also other uses, such as a replacement for lead in uranium reactors and building space-age uses for its density and strength properties (Figure 4). However, the recent tightening of supply from China effectively red-flagged tungsten. Surprisingly, the West took notice this time, and the whole critical minerals discussion started to raise its head. Hence, Tungsten is now considered mission-critical. Interestingly, it turns out you can’t build precision-guided munitions, advanced semiconductors, or hypersonic weapons without it. That’s not a future trend—that’s happening now. Figure 4: The tungsten price chart from 2019 to 2024. (www.g6m.com.au) As Almonty Industries highlighted, “Tungsten is the most important among all raw materials” for armor-piercing ammunition, missile components, radiation shielding, and hypersonic weapons. 2.0 When Prices Move, Signals Matter This realignment has set the stage for what Project Blue analysts called “critical months ahead” for ASX tungsten companies in 2025. APT prices tell the story. From US$335/mtu to US$385/mtu in just months (Figure 5). This is not speculative froth. It’s a structural revaluation. For a metal that rarely sees big price swings, that’s saying something. Figure 5: Tungsten APT fob China (per mtu WO3) prices USD/mtu, 2025. (source: Argus Metals) Investors need to understand that tungsten doesn’t behave like other commodities. It has inelastic demand and almost no substitutes. That’s exactly the setup we look for. This really positive trait for tungsten would normally be a strength, but for some unexplained reason, my experience has shown me that this is what makes the whole tungsten market a mystery and incredibly hard to master. 3.0 Policy, Procurement, and Power Policy now drives price. The U.S. Reeshore Act, Europe’s anti-dumping extensions, and NATO’s critical mineral alerts all point in one direction: reduce dependency on Chinese tungsten. If this is to come into reality, there is going to be a shortage of this metal, as geologically, they don't appear commonly as an economical deposit. Crucially, defence contractors are now paying premiums for secure supply. The shift is no longer speculative—it is procurement-driven. For countries with advanced defence and semiconductor industries, that’s no longer optional. Strategic autonomy is now a procurement mandate. That’s good news for companies in Australia, Portugal, South Korea, and Canada. 4.0 Group 6 Metals Limited (ASX:G6M) – Mining Tungsten Group 6 Metals Limited is an Australian mining company focused on the redevelopment of the Dolphin Tungsten Mine on King Island, Tasmania. Formerly known as King Island Scheelite Limited, the company rebranded in November 2021 to reflect its emphasis on tungsten, a critical mineral in Group 6 of the periodic table. Recently, there has been a major restructuring of the company, and that has had a major impact on the company, and in my opinion, this is really the major issue with this story. 4.1 Resource (source: Group 6 Metals Limited) The Dolphin Project contains a 2012 JORC compliant reserve and resource, which currently stands at: Dolphin Indicated Mineral Reserves of 4.43Mt at a grade of 0.92% WO3 (at 0.2% WO3 cut-off for open pit reserve, 0.7% WO3 for underground reserve) Dolphin Probable Mineral Resources, including the Mineral Reserves, of 9.6Mt at a grade of 0.90% WO3 (at 0.2% WO3 cut-off) The Bold Head Satellite deposit contains an Indicated and Inferred Resource of 1.76Mt @ 0.91% WO3 (0.4% WO3 cut off) The value, or rather the significance, of the Dolphin resources is that it rates well against other known deposits in the world and is currently the highest grade tungsten deposit in the world (Figure 6). Figure 6: A diagrammatic representation of the Dolphin Tungsten deposit compared to other know tungsten deposits in the world. 4.2 Offtake Agreements One of the most significant aspects of the Group 6 story is the existence of an off-take agreement in place. A metal like Tungsten is not easily traded, and these agreements underpin the viability of the mining process. With the supply crunch taking a steroid-fuelled rise in the last few months, these agreements may now seem trivial or a liability; however, they would have been the critical aspect for the development of the in previously. Wolfram Agreement (April 2019) Partner: Wolfram Bergbau und Hütten AG (subsidiary of Sandvik AB) Offtake Volume: 1,400 tonnes of WO₃ (tungsten trioxide) over 4 years Equivalent to: ~2,200 tonnes of tungsten concentrate Traxys Agreement (September 2021) Traxys is a trader and merchant dealing in physical commodities within the metals and natural resources sectors. With over 450 employees across more than 20 global offices, the company manages logistics, marketing, distribution, supply chain management, and trading activities, achieving an annual turnover exceeding USD 7 billion. Based in Luxembourg, Traxys specializes in sourcing, trading, marketing, and distributing non-ferrous metals, ferro-alloys, minerals, industrial raw materials, and energy. The Traxys Group caters to a wide range of industrial clients, providing a comprehensive array of commercial and financial services. As a privately held company, Traxys is owned by its management team, The Carlyle Group (NASDAQ:CG), and affiliates of Louis M. Bacon, the founder of Moore Capital Management, LP, and Moore Strategic Ventures, LLC, Mr. Bacon’s private investment firm. These two agreements collectively secure a significant portion of offtake for the Dolphin Tungsten Mine and establish G6M's credibility with reputable international partners in the critical minerals and metals trading space. 4.3 Restructuring of Company (source: Quarterly Activities and Cash Flow Report to 31 December 2024) I think this statement from the new Executive Chair will outline the issues. Group 6 Metals Executive Chairman Kevin Pallas said: The quarter to 31 December 2024 saw the Company struggle to achieve the improvements to its process plant performance that are needed to ensure viable ongoing operations at the Dolphin Tungsten Mine. There were continued delays in decision making on key process plant component changes and configuration adjustments, coupled with poor supplier relations. Further, despite the Moelis strategic review process, the Company has not been able to source external investment on favourable terms resulting in a lack of liquidity that has led to constraints on operational improvements and essential plant maintenance. Safety performance has been disappointing. A program of safety improvement is underway which includes filling leadership roles and improving the work environment through a combination of engineering improvements and targeted safety improvement campaigns. It became abundantly apparent that something had to change, and a major recapitalisation plan with the Company’s senior lending group was agreed by the Company. The Company is working towards being able to put the recapitalisation plans to shareholders for approval at a general meeting at the earliest opportunity. In anticipation of this, during the quarter the senior lenders have provided$14.0M of interim funding to allow for operations at the Dolphin Tungsten mine to continue pending the approval of the recapitalisation plan. There have been several changes to the board and management since announcing the recapitalisation plan. Since these changes were made in early December, the board has been very active in assessing the prospects of the Company and supporting plans to remediate performance in the short-term, aimed at not only securing the future of the mine, but to allow the Company to realise the potential of tungsten mining in Tasmania. Of the $14.0M advanced by the senior lenders in the quarter, $4.75M was provided since the change in board and management following announcement of the recapitalisation plan at the beginning of December 2024. A capital improvement program has commenced with goals to remediate a significant plant maintenance debt, accelerate process plant design improvements, and bolster production resilience generally. A program such as this takes time and capital to implement, but most importantly it requires strong leadership and focus. The program is now underway and steady incremental productivity improvements are becoming evident. Efficient mining activities and achievement of ore delivery targets is a standout positive outcome in the quarter. We progressed well through the mining sequence in the Dolphin open cut pit and exposed the high-grade C lense ore body with excellent strip ratios, which is a great credit to the mining team. We now look forward to positive outcomes from the upcoming EGM at which we expect the recapitalisation plan to gain shareholder approval, thus empowering further business improvement initiatives. 5.0 Guardian Metals Resources PLC (LON: GMET, OTCQX: GMTLF) – A Potential Giant Dark Horse. Guardian Metal Resources PLC (LON: GMET, OTCQX: GMTLF) is a UK-based mineral exploration company focused on critical and precious metals, with primary operations in Nevada, USA. Established in 2021 and formerly known as Golden Metal Resources PLC until June 2024, the company is strategically positioned to contribute to the U.S.'s domestic supply of essential minerals, particularly tungsten, amid global supply chain concerns. Figure 7: A snapshot of the corporate information of Guardian Metals Resources PLC (source: Guardian Metal Resources). As you can see in Figure 7, the company is travelling well, and having a tungsten resource in the USA is now, with Trump Making USA Great Again, backing will make the future of Guardian Metal more than interesting. 5.1 The Pilot Mountain Tungsten Project The Pilot Mountain project (Figure 8) is a 5,908-acre project located 200km southeast of Reno and 20km east of Mina, Nevada. It hosts a Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% W03 with significant Cu-Ag-Zn credits. Pilot Mountain was a project that was purchased from Thor Mining Limited PLC (ASX/AIM:THR), which is now rebadged as Thor Energy PLC, in September 2021 (US1.8M Sale Option - Pilot Mountain Project). Figure 8: Pilot Mountain Tungsten project. (source: Guardian Metal). 6.0 Almonty Industries – First Mover with Long Legs Almonty (ASX:AII) deserves attention. Sangdong Mine in South Korea is coming online mid-2025, backed by offtake agreements and floor pricing from Plansee’s GTP unit in the U.S. Add Panasqueira in Portugal and future processing in New York and Pennsylvania, and you’re looking at a Western tungsten backbone. It’s rare to see a mid-cap miner with such clarity of purpose and geopolitically aligned infrastructure. They’re not just building a mine—they’re plugging a supply chain hole (Figure 9). Figure 9: Almonty – Securing America’s Future in Tungsten Supply. (source: Almonty) For investors looking at geopolitical alignment as an investment filter, Almonty offers both scale and compliance. 7.0 EQ Resources – When Technology Meets Scale As far as I understand, EQ Resources would be one that has real knowledge of APT pricing, as they have "shipped" some ore. According to EQ, the March 2024 prices have climbed 21% in USD and 27% in AUD, driven by steadily rising demand and a sharp supply shock following China’s February 2025 export controls (Figure 10). The market has been repricing access, not just product, rewarding those who are operational, credible, and already in the flow of production. That’s where EQ Resources (ASX: EQR) stands out. With operating assets at Mt Carbine in Queensland and Saloro in Spain, EQR isn’t waiting for the price to catch up—they’re already shipping into long-term offtake agreements. Their integration of XRT sorting and gravity circuit upgrades has boosted throughput and recovery just as buyers are scrambling to de-risk their supply chains. Figure 10: A period of a rising tungsten price (source: EQR) What makes EQR compelling is the combination of timing, jurisdiction, and process innovation. While others are still optimising feasibility studies, EQR is exporting concentrate into Western systems. In a rising price environment backed by structural geopolitics, that kind of real-time leverage is rare—and hard to ignore. 8.0 TGN – Low-Cost Entry, High Leverage Tungsten Mining (ASX:TGN) plays a different hand. With significant resources at Mt. Mulgine and near-term development potential at Hatches Creek, TGN’s staged development strategy allows it to scale with market conditions. Processing historical stockpiles first lowers their capex exposure while offering immediate revenue upside as prices climb. Tungsten Mining’s Chairman, Gary Lyons, commented: “The maiden Mineral Resource Estimate for the 100% owned Hatches Creek Project is nearing completion. This marks a pivotal step in unlocking value from one of the Northern Territory’s most historically significant, yet underexplored, polymetallic projects. “This milestone represents a significant step in advancing the Hatches Creek Project and will assist in guiding future exploration and development activities.” Tungsten Mining may be pre-production, but its resource base offers real torque. In a market shaped by rising defence and tech demand, TGN is a leveraged play on price momentum. 9.0 Tungsten’s Unmatched Industrial DNA Industrial Backbone: Tungsten’s extreme physical properties—most notably its density, strength, and the highest melting point of any metal at 3,422°C—make it indispensable in high-temperature, high-stress environments. Tungsten carbide tools are critical in the aerospace, automotive, and medical industries, maintaining precision and durability where other materials fail. Semiconductor Essential: In chip fabrication, Tungsten Hexafluoride (WF₆) is vital for depositing thin conductive layers used in advanced integrated circuits. WF₆ is a gaseous compound of tungsten and fluorine that decomposes during chemical vapor deposition (CVD) to form thin tungsten films. As demand surges for AI processors, cloud infrastructure, and smaller, faster electronics, WF₆ becomes even more central. Tungsten enables the reliability and performance needed in next-generation electronics. Defence and Hypersonics: Militaries rely on tungsten for its sheer mass and impact power. It's used in armour-piercing shells, missile penetrators, and aircraft counterbalances. Tungsten's heat resistance and density are unmatched for hypersonic weapons—technologies that demand materials capable of withstanding extreme forces. Its role in national defence is no longer peripheral—it's foundational. 10.0 The Refining Bottleneck Few Are Talking About Mine is only half the equation. The real choke point is in the processing, and right now, China dominates the downstream flow. That’s why Almonty’s build-out of U.S.-based processing capacity is a game-changer. It’s also why EQ Resources’ supply partnerships with Elmet in the U.S. are strategically important. Western governments are beginning to act, offering incentives for refining and conversion projects. When policy aligns with execution, new value is unlocked quickly. 11.0 Concluding Comments by Samso Tungsten has always been a specialist’s metal, and it does look like the narrative is shifting. What once sat in the background of mining portfolios is now being reshaped by defence urgency, semiconductor innovation, and geopolitical strategy. The world is re-learning just how foundational this metal truly is. The term Critical Metals or Critical Minerals, I feel, has lost its importance in regard to its meaning. Critical in my vocabulary is "hard to find", you cannot do without it, and in many forms, metals like lithium, rare earths, gallium, antimony, tungsten, etc, are important, but I would not say they are critical in the strict sense of the meaning. There are several metals in the lists that I would say are pseudo-critical or at least closer to being critical when they are hard to find in an economical amount, and these are antimony and tungsten. I highlight these two metals because I feel comfortable speaking about them in a meaningful manner. I won't touch on antimony now, as I will have another Samso Insight on that metal coming out soon, but let's talk about tungsten. 11.1 Is Tungsten really rare? When we talk about this topic, we need to specify if we are talking about reserves as a stockpile or if we are talking about the reserves that are still in the ground. As we all know, the stuff that is in the ground will take at least a decade to be sold as a usable material, so the timeline for that will affect supply, but it does not mean it's rare. If we are talking about the resource in the ground, there is actually no shortage of that, as a Google search will tell you that there are several large, undeveloped deposits, with two that I know of. One is in Canada, the Sisson Tungsten-Molybdenum Project in New Brunswick, and the other is in Western Australia, which is the O'Callaghan's Tungsten project. These are large deposits, and the fact that they have not been developed makes me think that the whole "Critical" nature of the story is not consistent with reality. This whole question of criticality is even worse if you take into account China discovering even larger deposits recently (Large Tungsten Mine Discovered in China). Whether you believe the China news or not, there is definitely no doubting that there seems to be a good source of tungsten in the ground globally. (source: www.lowyinstitute.org - A campaign rally in Flint, Michigan (Emily Elconin/Bloomberg via Getty Images) So, what does the metal need to make the potential of being Critical Metal a reality? The solution: - Bring in Mr Trump and the new Anti-China rhetoric with the lack of new mines. Today, that is happening. The beginning of the journey is happening, and investors will start to see the potential for a Tungsten Dominance that will be significantly larger than the recent Lithium and Rare Earth journey. 11.2 The US Factor - The Catalyst for Tungsten Dominance? When I started doing my research for this Insight, I was looking for the reasons why there is so much commentary, and there was even an article somewhere (which I cannot find again) that mentioned pricing in the USD $400 plus. As I have been close to this sector for a while, I felt that this was worth doing this Insight. I saw Oliver Friesen, the CEO and Executive Director of Guardian Metal Resource PLC, speaking in an interview, and I sought him out to get some current information. I had heard of the Chinese ban on exporting tungsten, and basically, Oliver has confirmed that, coupled with the "Make America Great" campaign, the tungsten supply is pretty much super tight. In fact, the price is currently USD 415 mtu, and a practical price of USD 450 mtu plus is probably more reflective of current pricing. Oliver explains that the price started to move in earnest the last few months, and it looks like the same narrative continues; there is going to be a shift to a critical supply shortage, a real supply shortage. He mentions that even companies like Boeing are concerned. In addition, I found an article from the Shanghai Metal Market (SMM) talking about how drone warfare is driving a silent surge in tungsten pricing—How Drone Warfare is Driving a Silent Surge in Tungsten Prices? If all these "news" are somewhat factual and legitimate, then the comments from Oliver will have weight and could finally drive the Tungsten market. 11.3 Final Thoughts For me, there is no doubt that the narrative for Guardian Metals is now all about Tungsten Dominance. Fortunately, for the likes of Guardian Metal, the slogan of President Trump, saying "Making America Great Again", will be the factor that will drive the whole Tungsten dominance. To add significance to this thought, I am told that Guardian Metals is in line for over USD6 M of grants from the US government, which highlights the real push for making Tungsten a headline for being on the Critical Metal list. As we have discussed, the pricing for tungsten has been on the downside since its rise in 2012, and could this be the actual factor that could drive pricing above and beyond? For ASX investors wanting a piece of the action, I will caution jumping into those that I have mentioned or those that I have not mentioned in the ASX. The train has definitely left the station, so the risk of negative news driving a fall like that historically is on the rise. The ASX does not have a good stock of tungsten companies with what I call a real project at a stage of running the mining story. If you look at just the "mining the market" investment opportunities, I do not have any comments at this stage. Group 6 has had a history of attracting lots of so-called "smart money" into the project when it was well understood that the high-grade resource just does not work. I remember back when things were good in 2012, I had discussed with a very big hitter in the resource fund game, and we both agreed that the Dolphin project would just be a money pit. Unfortunately, we are proven correct. I have not followed up on EQ, but I think some interesting things are happening lately. As for Tungsten Mining, it does have the Watershed project, which it bought for AUD 15M (was overpriced), that would surely be in the black at this stage. I know that project fairly well, and I am sure it will pass the Feasibility test at the pricing today. In the broader picture of critical minerals, tungsten is proof that not all value lies in visibility. The most strategic assets are often the least understood—until markets, militaries, and manufacturers collide. And in tungsten, they already are. For investors who recognise timing and context, this is a story of revaluation. The groundwork is laid. Now it’s about following the execution, watching the policy response, and positioning ahead of the mainstream. Happy hunting in the markets, and never skip the research. Reference: Foucaud, Yann & Filippov, Lev & Filippova, Inna & Badawi, Michael. (2020). The Challenge of Tungsten Skarn Processing by Froth Flotation: A Review. Frontiers in Chemistry. 8. 10.3389/fchem.2020.00230. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Ferberite (GeoDIL number - 220), Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ferberite_(GeoDIL_number_-_220).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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