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

Announcement QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 MARCH 2025 ARGENTINA EXPLORATION UPDATE From Prospectus to Progress: 🆕 IPO Review ASX Code: PR2 Listing Date:  15 July 2024 IPO Offer Price:  $0.20 Current Share Price (as at 27th of June 2025):  $0.09 Market Capitalisation (as of 27th of June 2025):  $7.10 million Industry Group:  Materials Piche Resources Limited (ASX: PR2) listed on the ASX on 15 July 2024 , entering the market with a portfolio focused on uranium and gold exploration. Since its IPO, Piche has advanced exploration in both Argentina and Western Australia , with primary efforts concentrated on the Cerro Chacon gold project  and the Sierra Cuadrada uranium project , both located in Argentina’s Chubut Province (Figure 1).  Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean Projects in the Chubut Province. (source: PR2)   🔷 What Have They Done To Find that Gold and Uranium Prize? 💠Cerro Chacon (Gold–Silver, Argentina): Piche’s fieldwork has led to the identification of a 14km-long mineralised corridor , extending from the Chacon Grid through La Javiela and Toro Hosco (Figure 2).  Figure 2: extending from the Chacon Grid to the north to Toro Hosco in the south, creating a 14km zone of anomalous Au/Ag and pathfinder geochemistry. The Cerro Chacon mineralised corridor is the target for the 2025 drilling programme. (source: PR2) Key highlights include: Over 2,000 geochemical samples  collected to date. Assay highlights: Toro Hosco: 11.65 g/t Au, 120.3 g/t Ag La Javiela South: 333.65 g/t Ag, 9.48% Pb, 8.52% Zn EIA approval received for Chacon South, with Chacon Middle pending. A maiden RC drill program  of 8,000 metres is scheduled to commence in Q2 2025.   🔷 Sierra Cuadrada (Uranium, Argentina): The uranium potential at Sierra Cuadrada continues to strengthen with: Exceptional assays such as: 8,146 ppm U₃O₈ (Teo 3) 6,236 ppm U₃O₈ (Teo 2) 28,650 ppm (2.86%) U₃O₈ rock chip (Teo 8)  Mapping of uranium-hosting stratigraphy across a 70km fluvial sequence. New zones defined in Mamuny I & II and other priority targets (Figure 3). Regulatory clearance via EIA approval for ground-disturbing activities, including RC drilling. Figure 3: Location of broad-spaced auger drill holes. The Holes with visible uranium are highlighted in yellow. Piche has recently finalised access agreements with Priority 1 & 2 targets (P1 & P2) and will target these areas in early 2025. (source: PR2) 🔷 Use of IPO Funds – Summary (Actual vs Budget) Based on the latest quarterly activities and cash flow disclosures, Piche Resources Limited (ASX: PR2) has not provided a detailed "Actual vs Budget" table  for IPO funds, but the reports indicate steady and strategic expenditure aligned with the prospectus intentions. Since listing, the company has focused its capital on advancing both the Cerro Chacon and Sierra Cuadrada projects. Over the past nine months, approximately $2.64 million  has been invested into exploration activities, alongside staff and administrative costs of $803,000  and $937,000,  respectively. IPO-related expenses total $165,000  to date. With $5.84 million  in cash reserves as at 31 March 2025, PR2 appears well-funded to support its planned drilling campaigns in the second half of 2025. The company’s use of funds reflects a disciplined approach to capital deployment consistent with exploration-stage milestones. 🔷 Share Price Performance Since Listing Since debuting on the ASX in July 2024 at an IPO price of $0.20, Piche Resources (ASX: PR2) has moved through a classic early-stage exploration cycle. After a softening post-listing—typical of pre-drill stories—the stock has shown signs of renewed momentum, now trading at $0.115 (Figure 4). With drilling on the horizon and robust sampling results behind it, the company is entering a phase where market sentiment often begins to shift in tandem with news flow. Figure 4: PR2’s Share price as of 19 June 2025 (source: ASX )   Samso Concluding Comments Stories like Piche Resources often go unnoticed until a catalyst event—typically drilling—reveals the scale of what’s quietly been built. What we see now is a company that has taken the time to gather meaningful geological datasets across two compelling fronts: gold and uranium. The Cerro Chacon project in Argentina is showing all the hallmarks of a significant epithermal system. High-grade rock chips, a defined structural corridor, and robust geophysical correlations are the prelude to discovery. On the uranium side, Sierra Cuadrada continues to deliver substantial grades and a growing footprint, validating the geological theory and building confidence in its scale. The market tends to wait for the drill core, but the pre-drilling work here has been thorough. With EIA approvals in place and the rigs ready to turn, 2025 could become a transformative year. This is the kind of story that Samso likes with a low market capitalisation and a decent blue sky potential. I will continue to follow the PR2 journey, as this is the kind of story that rewards those who understand how the foundation of a discovery is really made. Those Who Dare To Wait are often Winners. The Samso Way – Seek the Research At Samso, we value companies like PR2 that invest in foundational work — mapping, geochemistry, and geophysics — before drilling. It’s this disciplined, data-led approach that often precedes meaningful discoveries. For investors, it’s a reminder that the real story starts well before the first assay hits the headlines. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.   The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR.   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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  Exceptional Gallium Mineralisation Continues into Area B at Caladão Project Significant REE Results Expand Caldas Project's Footprint March 2025 Quarterly Report From Prospectus to Progress: 🆕 IPO Review Since debuting on the ASX in May 2024, Axel REE Limited (ASX: AXL) has maintained its strategic exploration push across two key Brazilian projects— the Caldas Rare Earths Project and the Caladão Gallium-REE Project (Figure 1). The company has taken significant steps forward in its goal to define high-value clay-hosted rare earth and gallium mineralisation, both critical to the future of electrification and green technologies. Figure 1: Location Map of the Caldas project tenements inside and outside the Caldera (source: AXL) 🔷 ASX Snapshot – Axel REE Limited (ASX: AXL) ASX Code: AXL Listing Date:  23 July 2024 IPO Offer Price:  $0.25 Current Share Price (as at June 2025):  $0.078 Market Capitalisation:  $12.21 million Industry Group:  Materials   🔷 What Has Axel Done Since Listing - Rare Earths or Gallium story? In May 2025, Axel reported significant high-grade REE results from its Caldas Project in the Poços de Caldas Alkaline Complex, with highlights including: CAL-AUG-022: 8.8m @ 5,309ppm TREO (26% MREO) from surface CAL-AUG-024: 10.8m @ 3,683ppm TREO (32% MREO) CAL-AUG-025: 11.4m @ 3,608ppm TREO (21% MREO)   All drill holes returned intercepts above 1,000ppm TREO, confirming thick, clay-hosted mineralisation across the Caldera. Notably, mineralisation remains open at depth, suggesting room for resource growth through deeper drilling (Figure 2). Figure 2: Cross-section of auger drill prospects inside the Caldera, showing REE mineralisation remains open at depth.   The Axel Board  commented: “The consistent flow of high-grade TREO results continue from our shallow augerdrilling program inside the Poços de Caldas Alkaline Complex. The grades reported are consistent with major discoveries made by neighbours including Meteoric Resources NL (MEI) and Viridis Mining and Minerals Limited (VMM). Importantly, the high grade TREO mineralisation is increasing at the end of auger holes, demonstrating the mineralisation is open at depth and amenable to deeperdrilling.” Following this, in June 2025, the Company expanded its footprint at the Caladão Project in Brazil’s Lithium Valley, reporting: Gallium grades up to 128g/t Ga₂O₃ from surface in Area B (Figure 3) Significant lateral continuity across Areas A and B, with intercepts like:        ⚬ 16m @ 75g/t Ga₂O₃ (CLD-AUG-351)       ⚬  8m @ 88g/t Ga₂O₃ (CLD-AUG-393) Figure 3: Geological map of Caladão Area B, highlighting the distribution of Gallium intersections, using a 50 g/t Ga2O3 cutoff. (source: AXL) Continued strong REE intercepts (Figure 4):      ⚬ 11m @ 2,718ppm TREO (CLD-AUD-310)       ⚬ 9m @ 1,618ppm TREO (CLD-AUG-332) Non-Executive Chairman, Paul Dickson , commented: “The latest Gallium assay results from Caladão continue to demonstrate both high grades and remarkable lateral and vertical continuity across both Area A and now Area B. This consistently mineralised profile supports our strategy to rapidly define a significant maiden gallium and REE resource in area B in addition to the Mineral Resource Estimation for gallium and REE in area A, which is in the MRE calculation phase with SRK. These results highlight both the continuity and scalability of gallium mineralisation, supporting our strategy for rapid resource development for REE and gallium in the Caladão Project.” Figure 4: Distribution of TREO intercepts at Area B over Geological map. (source: AXL) Both projects are progressing toward maiden Mineral Resource Estimates (MRE), with SRK Consulting engaged. The initial MRE for Caladão Area A is due mid-2025 (Figure 5). Figure 5: Caladão Project with Area A and B over Geology. (source: AXL)   🔷 Use of IPO Funds – Summary (Actual vs Budget) As at 31 March 2025, Axel REE Limited  reported a total expenditure of $3.97 million , compared to the $13.82 million  projected in its Prospectus for the 24 months following listing. The most significant variance relates to exploration, where only $1.43 million  has been spent out of the forecasted $9.85 million , largely due to the early stage of the Company’s post-listing timeline. Having listed on the ASX on 19 July 2024 , Axel is still within the first 8 months of its 24-month planned expenditure period. The Company confirmed it remains on track to meet its overall budgeted use of funds, with a substantial portion of exploration activity—including drilling and the delivery of a maiden Mineral Resource Estimate at the Caladão REE-Gallium Project—scheduled for the months ahead. This measured rollout reflects a strategic pacing of capital deployment while prioritising technical milestones. 🔷 Share Price Performance Since Listing Since its ASX debut on 23 July 2024  at an IPO offer price of $0.25 , Axel REE Limited (ASX: AXL)  has experienced a measured evolution in its share price. Following an initial period of subdued trading, the share price began to build momentum in April 2025 on the back of consistent drilling success across its Brazilian rare earths and gallium assets. A pronounced rally in May saw the stock surge past $0.09 , driven by strong exploration updates and growing recognition of the Company’s clay-hosted REE potential. While still trading below IPO levels, Axel’s share price trend suggests the market is starting to respond to the underlying technical progress—a pattern not uncommon in the early chapters of emerging exploration stories. Figure 6: AXL’s Share price as of 23 June 2025 (source: ASX )   Samso Concluding Comments Axel REE Limited has results emerging from both the Caladão and Caldas projects, and it looks like the Company is positioning to play a serious role in telling the story in the rare earth and gallium supply chain—two commodities poised to benefit from the ongoing energy transition. As the maiden MREs near completion and deeper drilling programs commence, investors may find themselves at a turning point. While the current market capitalisation sits below its listing valuation, the fundamentals being built are arguably stronger than they were at IPO. Axel is a company that sits in that limbo market space where it has what would have been a decent REE project, but that market has fallen out of favour with ASX investors. The Gallium story is one that is yet to be played out, but I think the market has some serious flaws for participants in the Gallium space. I am no expert in that space, but I think this is a very small market, and with China being the man behind the screen playing the puppets, I think this will not end well for ASX small-cap players. As always, seek the research — because that’s where the real story unfolds.   The Samso Way – Seek the Research (Summary) Axel REE’s story is a reminder that real value lies beneath the surface. While the market response may lag, the company’s consistent technical results across Caldas and Caladão highlight a strong foundation in critical minerals. With high-value MREO grades and Tier-1 geology, Axel is positioning itself as a serious long-term player in the REE and gallium space. 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 1H25 Result Quarterly Activities New facility secured to expand production From Prospectus to Progress: 🆕 IPO Review ASX Snapshot – Merino & Co. Limited (ASX: MNC) ASX Code: MNC Listing Date: 30 October 2024 IPO Offer Price: $0.20 Current Share Price (as at June 2025): $0.145 Market Capitalisation: AUD $7.70M Industry Group: Consumer Durables & Apparel   From Listing to Market Execution - The Merino Wool Story Merino & Co. Limited (ASX: MNC) entered the ASX in late October 2024, raising $6.35 million in its IPO. The strategy was clear: expand manufacturing capabilities, modernise its supply chain, and position the brand for export-led growth in premium merino wool (Figure 1) products.  Figure 1: Australian merino wool (source: MNC) The six months since listing have been anything but idle. Merino & Co. has focused on operational readiness, market expansion, and bold initiatives to reposition the business for long-term growth. Notably, a new long-term lease was secured in Wangara, WA, doubling facility size and positioning the company near major infrastructure for optimal logistics. This expansion, paired with the commissioning of over 20 state-of-the-art automated manufacturing machines, effectively tripled production capacity.   What Has Merino & Co Done Since Listing? Operational Expansion: Relocation to a new manufacturing and warehouse facility in Wangara, WA. Strategic investment in four automated weaving looms, four sock knitting machines, and 15 additional knitting machines. Increased capacity to manufacture high-demand products like socks, scarves, and throws, with near-zero human input, driving unit costs down. Merino and Co. Managing Director Fiona Yue commented: “I am pleased to provide the very first update to shareholders since our highly successful IPO in late October 2024, raising $6.35 million. “As part of our strategy to offer a more fulsome product range of fine Merino wool products, we have now ordered our first batch of highly automated machines to manufacture socks, scarves, shawls and throws. “When this added manufacturing capability is in place, Merino & Co. will be able to develop its own branded range of high-quality merino socks to meet growing market demand.”   Product Development & Market Entry: Cleared legacy inventory to align with a rebranded, premium market approach. Launched a new product line featuring merino-possum blends and eco-dyed garments. Enhanced digital presence: launched a new website with multichannel checkout and relaunched presence on Amazon (AU & US), Rakuten (Japan), and Tmall (China).   Strategic Innovation: Integrated cryptocurrency (Bitcoin and Ethereum) as accepted payment methods and initiated a crypto treasury reserve. Started groundwork for token-based loyalty programs and a structured crypto treasury policy.   Retail & Wholesale Moves: Prepared major inventory orders to meet demand in North America, Europe, Japan, and China for the northern winter cycle. Growing brand awareness through planned collaborations with lifestyle brands and influencers.   Use of IPO Funds – Summary (Actual vs Budget) As of 31 March 2025, Merino & Co. has deployed approximately $2.73 million  of its IPO proceeds. The majority of this amount has been allocated towards preparing stock for wholesale orders, with $899,000 spent — well within the budgeted range of $1.54–$1.6 million.  Spending on expanding production capacity  reached $641,000 , which is below the forecasted range of $1.18–$1.42 million, indicating a phased rollout of capital expenditure.   Marketing and branding  remain significantly under budget, with only $100,000  spent against a potential allocation of up to $875,000, suggesting that brand promotion efforts are being paced strategically.   Corporate and administrative costs  have totalled  $319,000 , which is roughly halfway through the $534,000 budget. Meanwhile, investment in research and development  has been minimal, with just $20,000  spent from the allocated $350,000.  Overall, the Company has maintained a conservative cash burn approach, prioritising stock readiness and infrastructure investment while preserving liquidity for future initiatives. The deliberate under-expenditure in branding and R&D signals a cautious but calculated ramp-up, prioritising manufacturing and inventory readiness ahead of anticipated demand surges.   🔹Share Price Performance Since Listing Since listing on the ASX at $0.20 per share  on 30 October 2024, Merino & Co. (ASX: MNC) has experienced a gradual easing in its share price, reflecting early-stage consolidation typical of new listings. The stock reached lows around early April, dipping below $0.14, before stabilising and trending within a narrow range through May and June. As of mid-June 2025, MNC is trading at $0.155 , a 22.5% decline  from its IPO price (Figure 2) Despite the softer price action, the Company has remained focused on executing its growth strategy—tripling manufacturing capacity, entering global e-commerce channels, and expanding its market presence. The share price movement, in this context, appears more reflective of investor patience as the fundamentals of the business catch up with its strategic vision. Figure 2: MNC’s Share price as of 19 June 2025 (source: ASX ) Samso Concluding Comments For investors eyeing the consumer durables space, Merino & Co. represents a fusion of heritage material and modern delivery. In just six months since listing, the Company has executed on major strategic fronts—tripling its production footprint, activating global e-commerce channels, and preparing inventory for winter-led demand spikes. Short-term margin contraction and share price softness reflect the necessary investment phase of a high-potential business. With strong liquidity, lean manufacturing, and a global reach expanding into Asia, the US, and Europe, MNC is worth keeping on the radar. In a world increasingly conscious of sustainability, heritage fibres like merino—and companies willing to evolve with them—are poised to redefine luxury retail with an eco-conscious lens.    The Samso Way – Seek the Research Merino & Co. is more than a wool brand—it’s evolving with intent. By combining heritage textiles with modern platforms like e-commerce and crypto, and aligning operations with global demand cycles, MNC is quietly positioning itself for long-term relevance. At Samso, we believe it's this kind of execution—not just ambition—that investors should be watching. 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 P R E S E N T A T I O N Resouro's Tiros Project Selected for BNDES & FINEP Funding Metallurgical Innovation and Risk Mitigation Update - Tiros Titanium and Rare From Prospectus to Progress: 🆕 IPO Review ASX Code: RAU Listing Date:  14 June 2024 IPO Offer Price:  $0.50 Current Share Price (as at 27th of June 2025):  $0.155 Market Capitalisation (as of 27th of June 2025):  ~$15.54 million Industry Group:  Materials A New Entrant in Strategic Minerals, Already Making Waves - REE and Titanium Story. Resouro Strategic Metals Inc. (ASX: RAU) is a recently listed company, having debuted on the ASX on 14 June 2024. While many early-stage mineral exploration companies spend their first year positioning and reshaping project narratives, Resouro seem to be generating technical momentum and government-level recognition. At the centre of the Company’s trajectory is the Tiros Titanium and Rare Earth Elements Project , located in Minas Gerais, Brazil—a jurisdiction well regarded for its mining pedigree and infrastructure (Figure 1). What sets Tiros apart is not just the scale of its mineral resource but also the Company’s commitment to metallurgical innovation and environmental responsibility.  Figure 1: Location of Tiros Project: Minas Gerais, Brazil. Resouro’s mineral rights holdings at Tiros North, Tiros Central, São Gotardo and Campos Altos.  (source: RAU)   🔷 Strategic Milestones Since Listing Since coming to market, Resouro has built on its pre-listing foundations. A few key developments over the past year include: 1. Selection for Brazil’s BNDES & FINEP Joint Support Plan On 15 June 2025, Resouro was selected by BNDES (Brazil’s National Bank for Economic and Social Development)  and Finep (Financiadora de Estudos e Projetos)  as one of 56 projects in Brazil’s critical minerals advancement strategy. This program, backed by BRL 5 billion (~US$900 million), provides tailored support for strategic minerals initiatives. The endorsement not only validates Tiros' potential but also opens the door to funding mechanisms for demonstration plant development and pilot metallurgical testing. Commenting on Resouro’s selection to participate in the Joint Support Plan, Executive Chair (Chile), Mr. Chris Eager,  commented: “With this support, we can advance our metallurgical testing, finalize an optimal flowsheet for the extraction of titanium and rare earth elements from Tiros and proceed with the development of a demonstration plant. This milestone allows us to maintain momentum in our technical work without unnecessary delays, paving the way for the successful development of Tiros as a leading project in the supply of critical minerals essential for the green energy transition, while also contributing to long-term economic development in Brazil.”   2. Pioneering Metallurgical Processing – FSAL Technology A core part of Resouro’s value proposition lies in the Fusion Sulphuric Acid Leach (FSAL) process, developed in collaboration with YM Serviços. This sustainable approach transforms over 90% of feed mass into saleable products (Figure 2)—including titanium, iron, alumina, and rare earths—while eliminating the need for tailings dams , a major risk mitigant especially in Brazil’s context post-Mariana disaster. The FSAL process involves: Applying controlled heat to the mineralized feed to enhance its physical and mineralogical properties; Comminution to an effective grind size for acid digestion; Filtering and removing silica; pH adjustments to precipitate products of titanium, iron and alumina; and Rare earth precipitation from the Rare Earths Oxide (“REO”) pregnant acid solution Figure 2: Tiros FSAL Met Proof-of-concept Test Work (source: RAU) Resouro’s Chief Executive Officer, Alistair Stephens , commented: "The technical results we are seeing from the Fusion Sulphuric Acid Leach process are exceptionally encouraging. This innovative approach maximises recoveries of titanium, iron, alumina, and rare earths while addressing one of the most critical challenges in mining today—the management of mineral processing waste. The FSAL process significantly enhances the metallurgical performance of the Tiros mineralisation, upgrades titanium to a higher-value product, and has the potential to eliminate conventional tailings generation. This development underscores Resouro’s technical leadership and our commitment to advancing the Tiros Project with efficiency, integrity, and environmental stewardship. " 3. MagBras and Environmental Impact Assessments The Company has aligned with Brazil’s MagBras Initiative to integrate the Tiros Project into a downstream rare earth permanent magnet production chain. Resouro’s involvement in a network of 26 strategic partners—spanning mining groups, offtakers, and end-users in the magnet and electric motor industries—is a smart and deliberate move. This isn’t just about aligning with market players; it’s about embedding themselves into the heart of the rare earth value chain. By doing so, Resouro is laying the groundwork to become more than just a supplier—they're positioning to be a serious contributor to the vertical integration of this critical supply chain. This is the kind of strategic engagement that often defines future leaders in emerging markets. Environmental Impact Assessments are underway, led by Sete Soluções e Tecnologia Ambiental , further demonstrating the Company’s early ESG commitments.   4. World-Class Resource Backing the Strategy (Figure 3) Total Measured & Indicated Resource: 1.4 billion tonnes  @ 12% TiO₂ and 4,000 ppm TREO Includes 165 million tonnes of contained titanium dioxide (TiO₂) Includes 5.5 million tonnes of total rare earth oxides (TREO) Includes 1.5 million tonnes of magnet rare earth oxides (MREO) Figure 3: Tiros MRE upgrade – more than half of Brazil’s known titanium resources in one deposit (source: RAU)   High-Grade Zone: 103Mt @ 23% TiO₂ and 9,100 ppm TREO (Figure 4) Among the highest-grade undeveloped REE-titanium deposits globally. Figure 4: Technical MRE* detail worth noting of one of the world’s largest undeveloped TiO2 and REE deposits. Note: *Refer ASX announcement 9 April 2025: Tiros Measured and Indicated Resource increased by 37% to 1.4 billion tonnes at 12% TiO 8 2 and 4,000 ppm TREO (source: RAU) Geographical Advantage: Located in Minas Gerais , Brazil — a globally respected mining jurisdiction (Figure 5) Over 28 tenements covering 497 km²  with <10% explored to date. Figure 5: Tiros Project Location and Infrastructure Map (source: RAU)   Scalability & Exploration Upside: Only 8% of total tenement explored, offering strong growth potential. Homogeneous, flat-lying mineralisation ideal for low-cost extraction. Critical Magnet Metals Present: Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), Terbium (Tb) Key inputs for EVs, wind turbines, and defence technologies JORC & NI 43-101 Compliant: NI 43‑101 Compliance - Resouro’s Tiros Project has a full NI 43‑101 Technical Report (effective 18 July 2024), prepared by Qualified Persons and independently audited following Canadian standards.   Maiden JORC Mineral Resource Estimate  -   On 18 July 2024, Resouro published its maiden JORC‑compliant Mineral Resource Estimate: 1.7 billion tonnes at 3,900 ppm TREO, 1,100 ppm MREO, and 12 % TiO₂. Resource estimate independently verified and compliant with global reporting standards. This places Tiros as one of the largest known undeveloped TiO₂ and REE deposits globally, containing 165Mt of titanium dioxide and 5.5Mt of total rare earth oxides, including 1.5Mt of critical magnet metals like Nd, Pr, Dy, and Tb. 🔷Use of IPO Funds – Summary (Actual vs Budget) According to the December 2024 Quarterly Activities Report, Resouro deployed its IPO funds in line with its outlined strategy, primarily directing capital towards advancing the Tiros Project. Key expenditures included drilling and metallurgical test work, resource definition, ESG assessments, and early-stage feasibility activities. While the report does not provide a detailed table comparing actual vs. budgeted figures, the narrative confirms that spending has been consistent with the use-of-funds outlined in the IPO prospectus. Importantly, the Company notes that remaining funds are sufficient to carry out the next phase of development, including pilot plant testing and further stakeholder engagement, indicating disciplined capital management in its early post-listing phase.   🔷Share Price Performance Since Listing Resouro Strategic Metals (ASX: RAU) made its ASX debut on 14 June 2024 at an IPO price of $0.50. Since then, the share price has gradually eased, recently trading at $0.17  as of June 2025 (Figure 6). While the trajectory reflects broader market caution toward early-stage resource stocks, it’s worth noting that the Company has been steadily delivering on its milestones—from a major JORC resource upgrade to securing backing under Brazil’s BNDES/FINEP Joint Support Plan. For those following the strategic minerals narrative, the current share price may represent less of a verdict and more of a disconnect—one that could narrow as Resouro continues to de-risk and unlock value at its globally significant Tiros Project. Figure 6: RAU’s Share price as of 19 June 2025 (source: ASX )    Samso Concluding Comments Resouro Strategic Metals Inc. has, within its first 12 months on the ASX, established its flagship project as a globally relevant TiO₂-REE resource, introduced industry-defining metallurgical solutions, and aligned itself with Brazil’s critical minerals investment programs.  It’s still early days, and investors must temper expectations with the usual risks associated with development-stage mining. However, what Resouro is building at Tiros—technically, environmentally, and geopolitically—suggests a company that understands not just where the market is heading but also how to engineer its way there. Resouro has a few hurdles to overcome, and one of the most important is the question of jurisdiction. The next hurdles will be to tackle the technical aspects, which hopefully will be more straightforward. Personally, I see Resouro as a REE story rather than a Titanium narrative. There is no secret that the REE market is not good currently, and that is reflected in the company's share price. I assume that is the case; otherwise, the sell-off is from issues that are not obvious to the retail market.  From an investor's point of view, there is no rush to take positions in the company. For me, this is a wait-and-see, but with so many other opportunities in the ASX, I would not think that this will be noticed. The Samso Way – Seek the Research At Samso, we often talk about the need to focus beyond the headline resource numbers and look into the strategic vision of a company. In Resouro’s case, what’s compelling is how they’ve hit the ground running with meaningful government engagement, ESG-driven metallurgical strategy, and global leadership backing. These are not just updates—they reflect structural progress in both commercial viability and sustainability alignment. 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 Update April 2025 Half-year results and maiden dividen Presentation June 2024 From Prospectus to Progress: 🆕 IPO Review ASX Code: AAL Listing Date: 28 June 2024 IPO Offer Price: $0.25 Market Capitalisation: AUD $71.7M (Fully Diluted) Current Share Price (as at 27th June 2025): $0.37 Market Capitalisation: $106 million (Fully Diluted) Industry Group: Capital Goods   Alfabs Australia Limited (ASX: AAL) entered the ASX in late June 2024 with the strong foundation of a family-owned business that has been operating since the 1950s. With its origins as Alfabs Engineers, the Torrance family has grown the company into a respected name in mining equipment hire and heavy engineering (Figure 1). The company remains founder-led, with the Torrance family still holding over 52% post-listing.   Figure 1: Founding Chair Paul Torrance(seated) with sons (from left) Andrew, Jason and Matthew, who is the MD & CEO of AAL) In the months following its debut, Alfabs has delivered on key milestones, positioning itself as a diversified and resilient player servicing two critical Australian sectors — underground coal mining and infrastructure engineering.   The Kurri Kurri facility in New South Wales serves as a critical operational hub for Alfabs Australia. Strategically located near the Hunter Valley coalfields, the facility supports both the mining and engineering divisions (Figure 2). It houses key production lines, including the manufacture of Alfabs’ signature Bat Bags, and plays a pivotal role in asset refurbishment and workshop activity. This site exemplifies Alfabs' integrated approach — combining logistics, manufacturing, and on-site service delivery within Australia’s coal heartland.   Figure 2: The Kurri Kurri facility in New South Wales (source: AAL) 🔷 What Has Alfabs Done Since Listing? - Mining and Engineering Services 1. Malabar Contract Execution: A major highlight has been the delivery and commissioning of all hire assets for the Malabar project (Figure 3). This $42 million contract, executed in 2023, is now active with full hire revenue expected across FY26. Figure 3: Continuous Miner post overhaul & ready for delivery to Malabar, Kurri Kurri (NSW) facility. (source: AAL) 2. Mining – Other Operations Update Customer enquiry levels for underground hire equipment remain elevated across both NSW and QLD. AAL has reported an increase in market share for its signature Bat Bag product (Figure 4)—a regulatory-driven consumable essential to underground operations. Production at its Kurri Kurri facility has ramped up to accommodate this demand, although legislative uptake has been slower than initially expected. Figure 4: Alfabs Bat Bag (source: AAL) In parallel, the company has strategically acquired an inventory of mining assets in need of overhaul. This move not only supports future hire fleet expansion but also allows Alfabs to maintain workflow continuity across its workshops, achieving fleet growth in a capital-efficient manner . 3. Expanded Asset Refurbishment: The company continues to strategically acquire second-hand mining equipment for in-house refurbishment—a cost-effective and capital-light growth approach. The Kurri Diesel and new electrical workshops will further support this refurbishment activity.   4. Engineering Division Advancements: Site-based engineering projects are gaining traction. Projects such as the Sydney Harbour Bridge cycleway and Bankstown train station upgrade are key examples of Alfabs' growing footprint (Figure 5). The newly established on-site blasting and painting division has also attracted increased market interest.  Figure 5: Sydney Harbour Bridge cycleway at fabrication stage, Kurri Kurri (NSW) facility (source: AAL)   5. Operational Expansion: Alfabs is investing in infrastructure—including a dedicated electrical workshop—to enable greater in-house control over overhaul projects, reduce downtime, and enhance internal capability.   6. Strong Cash Flow and Banking Position: With net debt of approximately $20 million and $10 million in available cash, Alfabs is positioned for disciplined capital deployment. The Malabar facility is now transitioning to term debt, with interest cost benefits from recent rate drops.   🔷 Use of IPO Funds – Summary (Actual vs Budget) According to the AAL QA document, Alfabs Australia Limited (ASX: AAL) has closely adhered to its original prospectus expectations in its use of IPO funds. Of the $12 million raised, $7.3 million was allocated to mining hire fleet expansion, slightly above the $7.0 million budgeted, driven by the execution of the Malabar project. Investment in Bat Bag consumables came in at $0.6 million versus a $0.7 million allocation, while workshop capacity upgrades (including new diesel and electrical facilities) utilised $0.7 million out of the $0.8 million planned. IPO costs were efficiently managed at $1.4 million (vs $1.5 million budgeted), and the $2.0 million reserved for working capital was used in full. This disciplined allocation underscores the company's focused approach to capital deployment and reinforces confidence in management's operational execution. 🔷 Share Price Performance Since Listing Since its ASX debut on 28 June 2024  at an IPO offer price of $0.25 , Alfabs Australia Limited (ASX: AAL) has delivered a measured and constructive performance in the market. The share price saw a steady build-up through the second half of 2024, peaking above $0.50  in early March 2025, coinciding with operational updates tied to the Malabar contract delivery. Although the price has since eased from that high, the stock has stabilised around $0.37  as of late June 2025, marking a solid 20% gain  over the IPO price (Figure 6). This is reflective of a market recognising tangible progress rather than speculative noise — a business delivering against its strategy with clear upside as execution continues. Figure 6: AAL’s Share price as of 23 June 2025 (source: ASX )   Samso Concluding Comments I am glad that I have found a mining service company like Alfabs Australia (ASX: AAL), which, even at a market capitalisation of AUD $106M is cheap. Having worked in the mineral resources and mining industry for three decades, I will say that the business that is consistently making money is a mining service company. There are droughts in between, but if you are a decent mining service company, you are most likely to be in business even in the bad times. The commissioning of the Malabar contract, strategic internal expansions, and a consistently strong order book across both mining and engineering indicate that this is a business growing into its next chapter. With the founding family still firmly at the helm, operational credibility is matched with a long-term view. Mining and Engineering services are all about economic wealth, and this is the best place to be, and with an established company history, it is as good as printing money. For those seeking exposure to mining services with industrial engineering reach, AAL offers a grounded, asset-backed opportunity that’s already showing it can deliver. I am encouraging DYOR with this stock as my view is that the mining sector is going to see a lot of expansion.   The Samso Way – Seek the Research At Samso, we’re always interested in companies that bridge strong foundations with progressive execution. Alfabs Australia is not just a newly listed entity — it is the continuation of a decades-long operation that understands its markets and operates with discipline and foresight. Stories like Alfabs remind us that investors benefit from looking beyond the prospectus to observe the operational momentum post-listing. 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 Rutile-Dominant Mineralogy Confirmed at Minta Rutile Project Heavy Mineral Zone Significantly Increases at Minta Peak Minerals Limited (ASX: PUA)  has released a major exploration update from its Minta Rutile Project in Cameroon , confirming a dramatic expansion of the heavy mineralised zone across the project (Figure 1). With results from over 150 new holes now in hand, the Company is edging closer to delineating a globally significant rutile-titanium province. This follows on from previous Samso coverage and reinforces the growing scale, consistency, and quality of the mineral system developing across Minta, Minta Est, and Afanloum. Figure 1: Location map of the Minta Rutile Project, Cameroon. (source: PUA)   🔷  Key Highlights – July 2025 Update 1.  Mineralised zone now approaching 1,500km², with rutile-bearing heavy mineral (HM) mineralisation confirmed in 100% of all holes drilled to date. 2.  Three standout intercepts at: 💠Afanloum: 3.85m @ 18.4% HM 3.7m @ 18.2% HM 4.75m @ 14.2% HM 💠Minta area results include: 5m @ 10.7% HM 5.65m @ 5.2% HM 💠Minta Est adds: 5m @ 7.8% HM 4m @ 6.8% HM   3.  A total of 452 drill holes completed, with 174 assays still pending, suggesting the scale could continue to grow.   4.  Drilling has been carried out on broad spacings using cost-effective hand auger rigs, targeting surface and near-surface rutile in both alluvial and residual zones. Figure 2: Mineralised zone at Minta Rutile project nears 1,500km2 (source: PUA)   Peak Minerals Chief Executive Officer, Casper Adson , commented: “To now approach a mineralised zone of 1,500 square kilometres, with a 100% logged rutile success rate on all holes drilled to date, highlights the sheer potential of this globally significant, rutile-dominant province.”   🔷 Growing Footprint Across Multiple Zones The combined mineralisation footprint spans three distinct zones: 1.   Minta Central – Strong residual rutile intercepts across broad areas, ideal for shallow, low-strip mining. 2.   Minta Est – Higher-grade alluvial results from surface, with accompanying zircon and monazite indicators. 3.   Afanloum – Emerging high-grade zone, with exceptional results such as:   💠 3.85m @ 18.4% HM (MRAU0221) 💠 4.75m @ 14.2% HM (MRAU0203) 💠 5m @ 13% HM (MRAU0224)   This consistent mineralisation across 30–55km corridors underscores a potentially tier-one mineral sands system.   🔷 Technical and Operational Progress - Discovering a Titanium-rich Rutile mineral assemblage. All samples to date were drilled vertically to refusal, with mineralisation starting from surface, reducing complexity in potential development scenarios. The use of hand auger and Dormer rigs across variable terrains is proving effective, especially in the residual soil profiles of central Cameroon. Ongoing HM analysis is supported by a strong QA/QC protocol and reputable lab partnerships in South Africa.   Oversize rutile contribution and further assemblage analysis are expected in upcoming updates.   🔷 Next Steps Peak is now pivoting toward: 1.  Completing the reconnaissance drill program over the remaining target areas. 2.  Prioritising higher-grade zones for infill drilling and targeted exploration. 3.  Integrating assay, mineralogy, and assemblage data to build out a robust geological model. 4.  Targeting delivery of a maiden Mineral Resource Estimate (MRE) in 2026.   All planned exploration and technical work for 2025 remains fully funded, allowing continuous momentum through to MRE-stage development.   Samso Concluding Comments In my opinion, and as a shareholder, the continued expansion of the heavy mineralised zone at Minta is starting to shift the narrative from exploration success to strategic significance. With 100% of holes intersecting rutile-bearing mineralisation and high-grade intercepts like 18.4% HM over 3.85 metres, the data is painting a very clear picture: this is not an isolated occurrence, but a system with the scale, grade, and consistency to support long-term development. What’s particularly impressive is how early Peak is in this journey. This is still first-pass reconnaissance drilling—broad-spaced and low-cost. Yet the footprint is already closing in on 1,500km². In exploration terms, that’s vast. The fact that it’s all coming from surface and in weathered material makes the prospect even more compelling from a future mining perspective. We’ve seen projects like this before—large-scale, mineralogically simple, and often overlooked until the resource is declared. The difference here is that Peak is being pretty transparent and methodical, bringing forward real data that is hard to ignore. For investors following the titanium story, or looking for under-the-radar exposure to critical minerals, Minta is shaping up to be one of the most quietly significant plays on the ASX. As always, time and data will determine value. But with momentum building, assays pending, and a maiden resource on the horizon, Peak Minerals is doing everything right to turn potential into proof. The Samso Way – Seek the Research This latest batch of results marks a substantial escalation in the Minta story. In mineral sands exploration, it's rare to see this level of spatial consistency, with 100% of drill holes to date intersecting HM and logged rutile. The fact that multiple zones are showing standout grades from shallow depths adds further weight to Minta’s emerging profile as a serious contender in the global rutile space. Investors focused on critical mineral exposure—particularly titanium feedstock—should be watching this narrative closely. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR.    To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement SOIL ASSAYS CONFIRM URANIUM TARGET FOR DRILLING AT PERENJORI Heavy Rare Earths Limited (ASX: HRE) continues to build momentum in Western Australia's Mid West, with the confirmation of a significant uranium target at its 100%-owned Perenjori Project. Following earlier geophysical and geochemical work, the latest soil assay results underscore the potential for a calcrete-hosted uranium deposit along the 8-kilometre Gingaba Well radiometric anomaly (Figure 1).  Figure 1: Uranium in soil assays, Perenjori project. Location of Gingaba Well also shown. Background image: airborne radiometric uranium channel, Geoscience Australia Perenjori survey. (source: HRE) Samso has covered Heavy Rare Earths previously, particularly its Cowalinya rare earths project, but this latest update signals a deepening focus on uranium exploration, now targeting a geological setting with known regional analogues such as Yeelirrie and Lake Maitland. 🔷Key Highlights from the Soil Sampling Program 231 ultrafine soil samples collected , with field duplicates, targeting palaeochannel structures. Uranium assays peaked at 116 ppm , confirming the airborne radiometric anomaly detected earlier. The Gingaba Well anomaly , measuring approximately 8 km in length, exhibits strong spatial correlation  with elevated soil uranium values, ranging between 11 to 138 ppm U. Airborne U-channel response  at Gingaba Well is higher than  that observed at Toro Energy's Centipede/Millipede and Lake Maitland deposits . A drill program is being planned , pending heritage and government approvals. (*TREE = Total Rare Earth Elements) 🔷The Bigger Picture at Gingaba Well Gingaba Well represents a calcrete-hosted uranium target within a palaeochannel system (Figure 2)—a setting that bears similarities to deposits such as Langer Heinrich in Namibia and Cameco’s Yeelirrie in WA.   Figure 2: Uranium in soil assays from 2024 and 2025 surveys, Gingaba Well target. (source: HRE) The favourable comparison of the airborne radiometric signal with known projects is notable: Gingaba Well's 26 ppm U response is about half that of Yeelirrie but notably stronger than Lake Maitland (15 ppm) and Centipede/Millipede (16 ppm) (Figure 3). Figure 3: Airborne radiometric (U channel) responses over Gingaba Well target and significant calcrete-hosted uranium resources in Western Australia: Yeelirrie, Lake Maitland and Centipede/Millipede. Background images: GSWA Sandstone (Yeelirrie deposit) and Perenjori (Gingaba Well) surveys; Geoscience Australia Wiluna (Centipede/Millipede deposit) and Sir Samuel (Lake Maitland deposit) surveys. (source: HRE) Moreover, while total rare earth assays ranged from 29 to 343 ppm across the survey area, no coherent REE anomalies emerged in this campaign. For now, uranium remains the focus, though the broader palaeochannel system may still yield rare earth insights in future programs. 🔷What’s Next? Pending the necessary heritage and regulatory approvals, HRE is preparing to drill shallow fences of holes into the Gingaba Well uranium anomaly. These would be the first exploration drillholes on the Perenjori tenements. The Company remains cautious yet optimistic that the surface anomaly could reflect a larger mineralised system below the palaeochannel. It’s a classic early-stage uranium exploration story—strong radiometric signature, matching soil assays, and structural support from passive seismic data. Samso Concluding Comments This is an interesting juncture for Heavy Rare Earths Limited. The confirmation of the Gingaba Well anomaly by soil assays adds substance to what was initially a promising radiometric signal. From an exploration standpoint, this ticks the early boxes—geophysical detection, geochemical validation, and a defined geological model. It’s worth remembering that HRE is building this uranium narrative alongside its rare earths ambitions at Cowalinya. In that sense, the Perenjori Project broadens the company’s exposure across both energy-critical elements. I think the next chapter—drilling—is the most important. It will give us a clearer picture of what lies beneath the palaeochannel. As always, results will do the talking, but this is the kind of technical progression we look for in a well-structured junior exploration company. The demise of the REE market for small-cap mineral explorers has forced the hand of the company to seek other commodities. Uranium, in my opinion, is as good as it gets, but to be clear, this is still early-stage exploration. No drill holes have gone in yet, and until we see subsurface confirmation, the scale and grade remain speculative.   For more updates and future coverage, stay tuned to Samso News , where real stories and real numbers shape resource sector understanding. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.   The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Terra Uranium to Acquire Largest Tungsten Project in NSW Terra Uranium Limited (ASX: T92) is stepping beyond its uranium roots and into the high-stakes world of critical minerals. The latest move—acquiring the Glen Eden Tungsen and Molybdenum Project in New South Wales —signals more than just portfolio diversification. It’s a calculated entry into a sector underpinned by global strategic demand, rising prices, and tightening supply chains. With tungsten now flagged by NATO and major economies as a critical input for defence, aerospace, and electronics, this acquisition comes at a time when jurisdictional security and technical scale are driving investment narratives. For Terra Uranium, Glen Eden could well be the catalyst that elevates the story from explorer to emerging critical minerals player. Figure 1: Location of T92 tin, tungsten, molybdenum and precious metal projects in NE NSW (source: T92) 🔷 Key Highlights 1.   Acquisition of Dundee Resources Pty Ltd: Terra Uranium Limited (ASX: T92) has entered into a Binding Term Sheet to acquire 100% of Dundee Resources Pty Ltd, owner of EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects in New South Wales (Figure 1). 2.   Glen Eden is NSW’s largest undeveloped tungsten-molybdenum project,  boasting historic intercepts such as: 282m @ 0.11% MoS₂, 0.08% WO₃, and 0.02% SnO₂ (0.28% WO₃ equivalent) from 7m (GENSW80-1) 392m @ 0.06% MoS₂, 0.025% WO₃, and 0.01% SnO₂ (0.14% WO₃ equivalent) from 3m (GENSW81-5) 3.   Exploration Target:  20–30Mt @ 0.18–0.29% WO₃ equivalent to 150m depth, with potential for deeper high-grade “Henderson-style” Mo-W ore shells. 4.   Market Conditions:  Tungsten prices at 12-year highs (USD$450/MTU) amid global supply constraints and export controls, particularly from China. 5.   Funding Support:  $865K raised via placement to sophisticated investors at $0.03/share, including 1-for-1 options at $0.09 (expiry 31 Dec 2026). 6.   Strategic Location:  ~50km from the Taronga Tin (First Tin) and Hillgrove Antimony (Larvotto Resources) projects, with access via sealed road. 7.   Metallurgical Recovery  (Amoco 1981): Recovery of 86% Mo, 66% W, and 58% Sn into potentially saleable concentrates. Terra Uranium Chairman, Andrew Vigar , commented: “T92 is delighted to have taken the opportunity to acquire the largest undeveloped Tin Tungsten Molybdenum deposit in NSW. This is an exciting addition to the nearby Ottery Tin Deposit and we will be looking to develop these together. We thank new and existing shareholders for their continued support and look forward to keeping all shareholders informed of the development of our NSW Tin Tungsten Moly strategy to add to our Canadian Uranium portfolio” 🔷 Project Overview – Glen Eden, NSW Glen Eden presents a large, hydrothermally altered rhyolitic volcanic system, characterised by a 500m-diameter greisen and breccia complex. Mineralisation occurs in multiple phases, hosted in stockworks and breccias, with strong geochemical signatures across W, Mo, Sn, and Bi (Figures 2 and 3). Significant intercepts from historical drilling include : 💠GENSW80-1 Interval: 282m WO₃ Equivalent: 2,826 ppm MoS₂: 1,126 ppm SnO₂: 236 ppm WO₃: 774 ppm 💠GENSW80-2 Interval: 235m WO₃ Equivalent: 2,527 ppm MoS₂: 1,029 ppm SnO₂: 327 ppm WO₃: 580 ppm 💠GENSW81-5 Interval: 392m WO₃ Equivalent: 1,369 ppm MoS₂: 619 ppm SnO₂: 123 ppm WO₃: 245 ppm A conceptual Exploration Target  of 20–30Mt @ 0.18–0.29% WO₃ equivalent is based on historic data and endorsed by a JORC Competent Person. Depth remains open below 385m, and modelling by Amoco (1981) suggests potential for deeper Henderson-style deposits. Figure 2: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) Figure 3: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) 🔷 Acquisition and Funding Details Under the agreed terms, Terra Uranium will acquire Dundee Resources via: 10M new T92 shares,  each with 1:1 free attaching option (exercise $0.09, expiry 31 Dec 2026) 3M performance rights , converting upon achieving >2M MTU of WO₃ in JORC M&I resource $20,000 cash  for expense reimbursement 1.25% NSR Royalty  to vendors, with a buy-back right   In parallel, T92 secured $865,000  in new funding through a placement to sophisticated investors, including participation from Non-Executive Director Niv Dagan ($100,000, subject to shareholder approval). The funds will support acquisition costs, exploration programs, and general working capital.   🔷 What’s Next for T92? - A Tungsten Resource. A focused exploration program at Glen Eden is set to commence following site access, expected within 4–6 months:   Re-assay of historic core for complete elemental suite Integration of legacy geophysics (Auzex 2008) with modern geochem Soil and rock sampling using ICP-MS to vector toward high-grade zones Targeted drilling to define extensions and test deeper mineralised zones   Meanwhile, the Company continues to hold its Canadian uranium assets in the Athabasca Basin—retaining exposure to uranium upside through Joint Ventures and existing projects.   Samso Concluding Comments This announcement from Terra Uranium (ASX: T92) is a step into a sector with strategic importance and tight global supply. The acquisition of Glen Eden puts T92 squarely in the tungsten conversation, a market now shaped by geopolitics, not just economics.  From a Samso perspective, this project ticks several key boxes. It’s underpinned by historical drilling and metallurgical work, already pointing to bulk-minable widths and compelling grades. More importantly, the mineral system is still open, large, and structurally complex—exactly the type of project that can surprise on the upside with targeted modern drilling. Investors watching T92 for its uranium exposure may now find themselves with a dual-pronged story. On one side, high-grade uranium targets in Canada; on the other, a polymetallic tungsten-moly system in NSW with near-term exploration catalysts. The raise at $0.03 provides runway to move quickly, and the critical minerals thematic adds tailwinds. It’s still early days, but Glen Eden could be one of those projects that finds renewed relevance—technically and geopolitically—in 2025 and beyond. As I have mentioned, I like Tungsten and Molybdenum, and I think this is a great acquisition for T92. Uranium is a great commodity, and I am a uranium bull too, but to be honest, the projects for T92 in Canada are not going to be cheap. Working in Canada is not a cheap replacement for projects in Australia. I am not sure why there is s rush for Canada unless you have commodities like Champion Iron and Cyclone Metals. I think this is a great project, as today, Molybdenum and Tungsten are highly prized metals, and I am looking forward to writing on what is to come for T92. The Samso Way – Seek the Research This is a project grounded in deep technical pedigree and historical data. Terra Uranium’s acquisition of the Glen Eden Tungsten and Molybdenum Project is not just opportunistic—it’s strategic. The system has scale, grade, and geological continuity with 3,388m of historic drilling supporting a robust breccia and greisen-hosted model. The inclusion of molybdenum, tin, and tungsten—with bismuth credits—adds to the project’s polymetallic upside. With tungsten now recognised as a critical mineral by NATO, the EU, the US, and Australia, and with Chinese export restrictions tightening the market, Glen Eden stands as a highly prospective project in a geopolitically significant commodity class. The Glen Eden story aligns with the current global urgency to secure strategic resources outside of dominant supply chains. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcements: Placement for the Acquisition of Aldridge Traffic Systems ATS Acquisition Presentation Tariff Impact Likely Positive FOS Capital Limited (ASX: FOS)   is a founder-led Australian manufacturer and distributor of commercial, industrial, and architectural lighting solutions. Since listing on the ASX in June 2021, the company has demonstrated consistent growth, underpinned by a clear acquisition strategy and operational execution. FOS Capital at a Glance ASX Code : FOS Placement Price : $0.30/share Funds Raised : A$3.7 million Sector : Industrial / Infrastructure Lighting Market Position : Founder-led manufacturer with acquisition-driven growth model Recent Expansion : Aldridge Traffic Systems acquisition Transaction Date : 11 June 2025 The FOS Growth Strategy -Lighting up the World. FOS operates in highly fragmented markets , with current Australian market share of 5% and a medium-term goal of 15%. Houses 17 owned brands  across 2 manufacturing sites  in Brisbane and Sydney. Since its 2021 ASX listing: Annual revenue growth: 35% Annual EBITDA growth: 29% Maintained consistent profitability The ATS acquisition builds on the momentum from recent transactions such as KLIK Systems , which led to operational consolidation and margin improvements. Transaction Overview: ATS Brings Strategic Depth FOS Lighting Pty Ltd (a subsidiary of FOS Capital) to acquire the street lighting business assets of Aldridge Traffic Systems Pty Ltd (ATS)  from ASX-listed Traffic Technologies Ltd (ASX: TTI, in Administration) . Total acquisition value : $3.1 million , comprising: $0.9M  in plant and equipment $0.5M  in inventory $1.7M  in intellectual property Also, acquiring non-core brands (Deneefe, Sunny Signs, L&M, and QTC), which will be divested or shut down. Expected proceeds from divestment: $0.5M–$1.0M , to support working capital and ATS revitalisation. Completion date expected : On or before 20 June 2025 .   Strategic Rationale: Expanding Scale in a Fragmented Market FOS Capital has executed six acquisitions  since 2019, and the addition of ATS fits squarely within its expansion model: Enhances presence in Australia’s road lighting and smart transport space Complements existing Eclatec product range  (P-Category streetlights made in Brisbane) Expands FOS’s operating leverage, market access, and alignment with infrastructure spending.  Figure 1: Eclatec Projects around the world (source: Eclatec) ATS’s Business at a Glance: Over 60 years in the road lighting industry FY24 revenue: $6 million Specialises in: o    V-Category (streetlights for use on main roads), P-Category  (streetlights for use on minor roads & pathways), energy-efficient LED luminaires o    Solar-powered off-grid lighting o    Intelligent Transport Systems (ITS) Owns the proprietary Traffic SmartCity Technology (TST)  platform with recurring IoT-linked revenue streams   Traffic’s SmartCity Technology (TST) brings together the functionality of todays modern cities, segmented into 4 fundamental categories across one platform, giving cities of today the necessary platform and sensors to use urban informatics and technology to improve the efficiency of services across all facilities, including; Saving Energy, Reducing Carbon Emissions, Protecting Environment and Reducing Costs. TST monitoring products and CAMS (Cloud Asset Management Software) enable authorities to control real-time management of city assets, monitor movement and deliver city security. Whilst giving citizens accurate information on anything from travel delays and parking, to air quality and weather. ATS provides V-Category and P-Category energy-efficient LED lighting solutions, along with a unique SmartCity platform that can create ongoing revenue via IoT-connected devices. With over 60 years of experience in the field, ATS is part of an industry characterized by high entry barriers due to regulatory product approvals, which restrict competition and provide long-term benefits for seasoned operators such as FOS. Financial Details: Raising and Deployment of Capital FOS Capital raised A$3.7 million  via a single-tranche placement at $0.30 per share . The placement was well-supported by both institutional and sophisticated investors . Offer price pricing : 3.2% discount to last close (A$0.31 on 6 June 2025). 6.0% discount to 5-day VWAP (A$0.32). Approximately 12.3 million new shares to be issued. Shares issued under ASX Listing Rules 7.1 (6.95M shares)  and 7.1A (5.38M shares) . Use of funds : A$3.1 million for the acquisition of Aldridge Traffic Systems (plant, inventory, IP). A$0.6 million for working capital and placement costs. Lead Manager : Shaw and Partners acted as Sole Lead Manager and Bookrunner . Settlement and allotment  are subject to conditions precedent and expected by 20–23 June 2025. Global Positioning and Tariff Insights FOS recently commented on the new 10% US tariff  on Australian goods: FOS exported A$2M to the US in 2024—around 6% of total sales. Its premium-grade lighting products are not highly price-sensitive . FOS stands to benefit competitively  as EU (20%), UK (10%), and Indian (26%) competitors face equal or greater tariffs. The absence of major US domestic producers in this niche adds to FOS’s advantage. Potential support from Australian government’s $1B export loan facility  could also boost newer export markets (Italy, UK, UAE). Leadership That Delivers Con Scrinis , Managing Director of FOS, brings direct industry insight, having previously served as Managing Director of Traffic Technologies (ATS’s parent). His experience and strategic leadership underpin FOS’s acquisition strategy and post-acquisition optimisation focus.  According to Mr Scrinis : “The acquisition of Aldridge Traffic Systems further expands our presence in the Australian lighting solutions market. This is an attractively priced asset to which we can add significant value, further building on our track record of recent acquisitions”. Samso Concluding Comments In the broader context of what FOS Capital is building, this acquisition of Aldridge Traffic Systems feels less like an isolated event and more like the next step in the roadmap. The company has previously demonstrated a consistent ability to identify, acquire, and integrate assets that seem to add scale and operational value. With ATS, the immediate benefit is domain depth in road lighting and smart transport systems—two areas that align neatly with infrastructure tailwinds and government investment cycles. With Con Scrinis at the helm, having formerly led Traffic Technologies, Scrinis is arguably well-placed to manage the turnaround and integration of ATS, a business that has seen better days but still holds strong fundamentals. The proposition isn’t just cost recovery or scale—it’s about tapping into a sector that is technologically evolving and increasingly central to how cities manage energy efficiency and mobility. Having someone at the helm who understands this business is crucial. As I did my research into the company's business, I must admit that I did not think of this business as an ASX-listed company. After all, if it makes money, why not? For investors, this is an opportunity to potentially get involved with a smaller-cap Australian company building critical mass. It’s not a loud story, but most good businesses are not, but FOS can be a persistent one. If FOS can deliver on its promise to revitalise ATS and continue building momentum through strategic M&A and organic growth, it may emerge as a notable consolidator in a sector that has historically lacked a unifying player. As always, this is not a suggestion to jump in—rather, it’s a nudge to keep FOS on your radar. Follow their integration progress, their ability to improve ATS’s earnings, and whether future deals follow the same disciplined, accretive approach. That’s where the longer-term value story might quietly take shape. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Bhagwan Marine Secures Six-Year Contract Extension with Port of Melbourne Euroz Hartleys Rottnest Institutional Conference Presentation 1H25 Results Presentation From Prospectus to Progress: 🆕 IPO Review ASX Code:  BWN Listing Date:  30 July 2024 IPO Offer Price:  $0.63 Current Share Price (as at June 2025):  $0.500 Market Capitalisation:  $138.97 million Industry Group:  Transportation Bhagwan’s Story Since Listing: Delivering the Strategy, Scaling the Growth in the Marine Services. Bhagwan Marine Limited (ASX: BWN) has emerged as Australia’s largest ASX-listed marine services provider, following its IPO in July 2024. Since debuting on the market, the Company has delivered on its strategy of operational excellence, sustainable growth, and diversification across multiple marine sectors (Figure 1). With a 23% increase in share price from the IPO price of $0.50 to $0.63 in June 2025, BWN’s strong market showing is underpinned by solid financial and operational performance. Figure 1: Bhagwan Marine Overview (source: BWN) The Company’s 1H FY25 results were a clear testament to this momentum. Bhagwan posted a record $154.1 million in revenue , up 41% on 1H24, and Pro Forma EBITDA of $27.3 million , a 32% lift year-on-year (Figure 2). These results were driven by expanded offshore and subsea operations, successful delivery of a landmark decommissioning project, and increased utilisation of their 100-strong fleet. Figure 2: RECORD REVENUE & EARNINGS-REVENUE UP 41% AND PRO FORMA EBITDA UP 32% ON 1H24 (source: BWN) What Has Bhagwan Done Since Listing? Here are some of the standout developments since listing: Six-Year Contract Extension with Port of Melbourne In April 2025, Bhagwan secured a major contract renewal with the Port of Melbourne, worth approximately $6 million per annum, extending through to 2030. This long-term relationship, dating back to 2019, reinforces Bhagwan’s market credibility and supports its expansion into emerging sectors, such as offshore wind and oil and gas decommissioning. Managing Director and Founder, Loui Kannikoski, commented: “We’re proud to continue supporting the Port of Melbourne in managing its critical marine infrastructure. This extension reflects the capability of our team and operational excellence and the trusted relationship we’ve built over many years.” Delivered Australia’s Largest Local Decommissioning Project In 1H25, Bhagwan completed a major offshore oil and gas decommissioning project, the largest of its kind by an Australian-owned company (Figure 3). The project involved nine platforms, over 850,000 LTI-free offshore hours, and a full-service fleet comprising barges, AHTS vessels, and dive teams. It contributed $26.4 million in revenue and $3.9 million in EBITDA to 1H25 results.   Commercial Completion of Large Decommissioning Project in 2025 First offshore decommissioning project for Bhagwan as a Tier 1 provider Largest Australian decommissioning project completed by a local marine service provider Practical completion in Q125 with commercial close out in Q225 Figure 3: Largest Australian decommissioning project for Bhagwan (source: BWN) Strong Performance within Core Business (Figure 4) Figure 4: Full & Half Year Pro Forma EBITDA Breakdown Summary. Notes: 1. FY22 EBITDA excludes other income of $3.7m from the gain on the sale of vessels.* % of core revenue. Small variances may occur due to rounding (source: BWN) Acquisition of the Coral Knight Bhagwan purchased the 60.5m vessel Coral Knight in February 2025 for $13.75 million (Figure 5), enhancing its offshore service capability in WA and NT. The vessel is expected to generate a strong ROCE through multi-year contracts. Figure 5: THE CORAL KNIGHT (source: BWN) Innovation and Remote Operations The company also trialled its first remotely operated inspection vessel, aimed at halving crewing costs and enhancing safety. The vessel entered paid trials with a global energy player and began conversion to hybrid power (Figure 6). First vessel of this size capable of remote operation in Australia Vessel significantly enhances safety and reduces operational costs Commenced paid trial in 2Q25 with a large global energy company Started conversion of the first vessel – hybrid power  Figure 6: First vessel of this size capable of remote operation with ROV system in Australia (source: BWN) Use of IPO Funds – Summary (Actual vs Budget) As outlined in the 1H25 results, Bhagwan Marine has deployed the proceeds from its July 2024 IPO in line with its Prospectus commitments. The capital raised—netting $76.8 million —was primarily allocated to repay external debt, strengthening the balance sheet and significantly reducing net debt from $81.4 million  to $11.5 million . This deleveraging has positioned the company to pursue both organic and acquisitive growth. In addition, targeted capital expenditure was directed towards strategic fleet upgrades, including the $6.7 million dry docking and capability enhancement  of its largest vessel, as well as investment in remote operations and hybrid vessel innovation. Overall, the disciplined capital allocation reflects strong alignment between forecasted and actual use of funds. Share Price Performance Since Listing Bhagwan Marine Limited (ASX: BWN) listed on the ASX on 30 July 2024 with an IPO offer price of $0.63. Since then, the share price has travelled a full cycle—from early post-listing gains above $0.60 to a measured retreat during the March quarter. As of June 2025, the stock is trading below its listing price at $0.500 , with a market capitalisation of $138.97 million (Figure 7). While the share price may suggest a flat return on paper, what lies beneath is a business that has materially strengthened its core. Bhagwan has delivered record earnings, secured long-term contracts, and expanded into growth markets such as offshore wind, decommissioning, and defence support. With over 211,000 shares traded today and a tight bid/offer range, BWN remains firmly on investor radars—steadily building momentum for what may be a pivotal FY26. Figure 7: BWN’s Share price as of 18 June 2025 (source: ASX ) Samso Concluding Comments Bhagwan Marine has laid a solid foundation since listing, demonstrating what operational strength and strategic foresight can achieve within a short window on the ASX. The business is delivering results, investing in innovation, and securing long-term contracts that support both earnings stability and future expansion. From remote vessel technology to major decommissioning projects and offshore wind support, the Company is positioned at the heart of Australia’s evolving marine infrastructure needs. For investors, Bhagwan represents a business that is not only growing its top line but also aligning itself with multi-decade trends in energy transition, defence, and marine logistics. The uptick in share price since its post-listing low is not just a recovery—it’s probably a reflection of value being recognised. As always, Samso encourages readers to follow these stories early, ask the deeper questions, and seek the research. The Samso Way – Seek the Research At Samso, we believe that every good investment story starts with doing the groundwork. Bhagwan Marine (ASX: BWN) is a strong example of why investors should look beyond the headlines and into the operational delivery, sector tailwinds, and management strategy. As always, we encourage readers to seek the research because the real value is often found in the details others overlook. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insight There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.   The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcements: Maiden 20Mt Bauxite 2012 JORC MRE over Cardea 2 Investor Presentation Massive 168Mt Bauxite 2012 JORC MRE – Clarification From Clarification to Confirmation: Building a Bauxite-Driven Foundation Western Yilgarn Limited (ASX: WYX) has recently reinforced its standing in the Western Australian bauxite landscape with a significant update to its Mineral Resource base. Following a clarification to the ASX on 5 March 2025, the Company has confirmed a massive 168.3Mt Inferred Mineral Resource Estimate (MRE) under the 2012 JORC Code for its Julimar West Bauxite Project . Just days later, on 17 June 2025, Western Yilgarn announced an additional 20Mt bauxite resource from the Cardea 2 Project , pushing its total JORC-compliant bauxite inventory to 188Mt.   This sequence of updates positions Western Yilgarn as an emerging participant in the high-grade bauxite market, capitalising on its landholding within the Darling Range—a region globally recognised for its high-quality gibbsite-rich deposits (Figure 1).   Figure 1: Location Map showing the Julimar West Project area with nearby major infrastructure (source: WYX)   Key Highlights from the Julimar West Bauxite Project (E70/5111) (Figure 2) Inferred MRE (JORC 2012): o   168.3Mt @ 36.1% Al₂O₃ and 14.7% total SiO₂ using a ≥25% Al₂O₃ cut-off o   97.1Mt @ 40.5% Al₂O₃ and 11.3% total SiO₂ using a ≥35% Al₂O₃ cut-off Geometry & Location (Figure 1): o   Covers a contiguous 348km² area along a 49km strike o   Mineralisation from surface to 8m depth across seven defined zones  Metallurgical Advantage: o   Predominantly gibbsitic bauxite—ideal for low-temperature Bayer process o   Low reactive silica (<5%), favourable for Direct Shipping Ore (DSO) export   Figure 2: Julimar West MRE (source: WYX) With a robust dataset comprising 5,765 drillholes over 32,405m and previous metallurgical test work confirming DSO potential, the Company is moving toward drill approvals across four defined growth zones within the tenement.   The Cardea 2 Project: Strategic Add-On Resource (E70/6702) (Figure 3) Maiden Inferred MRE (JORC 2012): o   20Mt @ 32.1% Total Al₂O₃ and 26.3% Total SiO₂ using a ≥25% Al₂O₃ cut-off o   2.15Mt @ 35.7% Available Al₂O₃ and 2.8% Reactive SiO₂ using a ≥25% Available Al₂O₃ cut-off   Project Footprint: o   2.8km strike, averaging 1.3km width o   Mineralisation extends from surface to 5.5m vertical depth   Strategic Advantage: o   Located just 16.5km southeast of Julimar West o   Proximal to Perth and key port/logistics corridors Figure 3: Location Map showing the Cardea 2 Projects area with nearby major infrastructure (source: WYX) The Company plans to advance metallurgical bomb digest testing across Cardea 2 to enhance conversion rates of Total Al₂O₃ to Available Al₂O₃. This could further derisk the DSO pathway for this asset.   Supporting Metrics and Capital Position ASX Code: WYX Share Price (29 April 2025): $0.034 Market Capitalisation (5 March 2025): $4.6 million Cash Position (as at 31 December 2024): $670,000 Shares on Issue: 123,809,548 Options on Issue: 80.6 million Weighted Average Exercise Price: $0.13 Expiry Dates: Between April 2025 and November 2027 Top 20 Shareholders Hold: 57.71% of issued capital Major Shareholders: Oceanic Capital Pty Ltd, St Barnibas Investments Pty Ltd & Payzone Pty Ltd – 24.97% Mr Glen Goulds – 5.9% Alladrenalin Pty Ltd – 3.7% The company is guided by an experienced Board, including Peter Lewis (Chairman), Pedro Kastellorizos (Non-Executive Director), and others with deep domain expertise. WYX Share Price Trends: A Closer Look The current share chart for Western Yilgarn (ASX: WYX) shows the stock trading at $0.025, with fluctuations between $0.021 and $0.048 over the past six months (Figure 4). The price has softened slightly since early May, though volume spikes in April and June suggest renewed market interest. Figure 4: WYX Share Price Chart as on 17 June 2025 ( source: ASX ) Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos  commented: “We are extremely pleased with the outcomes of our Bauxite Resource Estimations at the Cardea 2 Project. The result confirms strong scalability and significant potential to increase tonnage through further exploration. Importantly, the current resource is located within trucking distance of a multi-user railway - an advantage that comes at a time of record alumina and bauxite prices”. “The Cardea 2 Bauxite Project, together with our extensive Julimar West Bauxite Project, represents a compelling opportunity to deliver shareholder value, create jobs in local communities, and establish Western Yilgarn as a new, independent, and e supplier of high-quality bauxite. Our technical team is confident that the bauxite deposits offer substantial upside potential, with room for further resource growth towards the western portion of the Exploration Licence. Planning is already underway for the next phase of drilling across untested zones within the Cardea 2 and Julimar West areas, aimed at expanding the current mineralised footprint.”   Samso’s Review: Prospectivity, Location, and Next Steps Western Yilgarn's prime strategy is now to establish a resource base before transitioning into feasibility and potentially development phases. The proximity of Julimar West and Cardea 2 to existing infrastructure and their metallurgical compatibility with low-energy refining processes add logistical and economic value.   Exploration remains key to Western Yilgarn’s next steps. The untested areas—particularly Zones 1 to 4 at Julimar West and the western side of Cardea 2—highlight the potential for resource expansion. Moreover, the Company's engagement with metallurgical testing and planning for regulatory approvals reflects a realistic and incremental growth approach.   Samso Concluding Comments From the perspective of a developing resource narrative,  there’s no overstatement here—it’s early days for Western Yilgarn. However, their 188Mt bauxite resource puts them in the right place, both geologically and strategically. The updates confirm that work is being done, targets are growing, and the data is shaping a clear direction forward.  At a market cap of under $5 million, the Company’s resource base may raise eyebrows in the context of current bauxite demand outlooks, especially with China's and the Middle East’s hunger for DSO-grade material. The cash position is modest, and there lies some of the challenges. For those looking for the negatives or not yet positives, I see the land access and the cash position. In my opinion, I don't see the ability to attract funding as an issue for the market. Bauxite is a good product, and it does look like Western Yilgarn has the goods. I suspect it will be down to whether the majority shareholders want to dilute themselves, as it's only a sub-AUD $5M market capitalisation. Land access will be the one that will take time. It can happen very fast or very slow, so this game is all about patience, and Who Dares Waits ultimately will be the winner. Samso will be watching closely for the metallurgical testing outcomes and exploration activity across the Julimar and Cardea corridors. Investors should take the time to understand the geology, the regional infrastructure, and the scale of the opportunity. It’s still a developing story, but Western Yilgarn’s groundwork is increasingly difficult to ignore. For a AUD $5M market capitalisation company, this is something one should seriously contemplate DYOR. It's a bauxite-bulk tonnage Julimar waiting to happen. As always, I encourage investors to do the work — read the technical, track the drilling updates, and watch how the next 6–12 months unfold. There’s no rush to conclusions here. But there’s a story worth following. The Samso Way - Seek the Research Western Yilgarn’s unfolding story is a good example of why investors should always dig deeper than the headline. At Samso, we focus on the why  behind every update — not just what was said, but what it could mean. With decades of industry insight behind us, we aim to make sense of the details that often get overlooked. We ask the questions that others don’t, because in our experience, those are the questions that help investors make better decisions. It’s not about hype — it’s about perspective. 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. T he 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.