Announcement Ryoncil Launch Highlighted at Global Healthcare Conferences 15 September 2025 Mesoblast Limited (ASX: MSB; Nasdaq: MESO) has highlighted the successful commercial launch of its flagship therapy, Ryoncil® (remestemcel-L-rknd), at two major global healthcare conferences—Morgan Stanley and Cantor Fitzgerald’s Annual Global Healthcare events in New York. This milestone underscores Mesoblast’s position as a global leader in allogeneic cellular medicines for inflammatory diseases. Mesoblast’s mesenchymal precursor/stromal cells are activated by multiple inflammatory cytokines through surface receptors, triggering a coordinated anti-inflammatory cascade (Figure 1). This response modulates key immune players — including T-cells, NK cells, macrophages, dendritic cells, and B-cells — while suppressing pro-inflammatory cytokines (IL-1, IL-6, TNF-α, IFN-γ). The result is a restoration of immune balance and reduction of tissue damage caused by excessive inflammation. Figure 1: Platform Technology – Shared Mechanism of Action (source: MSB) Key Highlights - Allogeneic Cellular Medicines Mesoblast’s Chief Executive, Silviu Itescu, reaffirmed the momentum behind the first quarter launch of Ryoncil®, noting that product sales for the treatment of pediatric steroid-refractory acute graft-versus-host disease (SR-aGvHD) were consistent with expectations and reflected in the company’s full-year earnings report. He stressed Mesoblast’s commitment to onboarding additional treatment sites and driving broader adoption of the therapy across clinical networks. Dr. Itescu also provided a forward-looking view of Mesoblast’s pipeline, detailing the company’s strategy to expand Ryoncil® into adult SR-aGvHD and biologic-resistant inflammatory bowel disease (IBD). He highlighted that key Phase 3 milestones for the company’s next-generation candidate, Rexlemestrocel-L, are approaching—programs that target heart failure and chronic low back pain, potentially adding significant value to the company’s clinical and commercial outlook (Figure 2). Figure 2: Phase 3 Data Show Durable Pain Improvement with Rexlemestrocel-L (source: MSB) Expanding Pipeline and Reach Expanding Patient Access: Additional sites are being onboarded to increase therapy availability and support broader patient adoption. Pipeline Expansion (Figure 3): New indications are being pursued in adult SR-aGvHD and IBD. Rexlemestrocel-L Phase 3 programs are progressing toward major milestones. Figure 3: Pipeline development chart including Ryoncil® and Rexlemestrocel-L (source: MSB) Global Commercial Footprint: Mesoblast’s reach extends to Japan, Europe, and China, underpinned by an IP portfolio of more than 1,000 patents or applications, protecting at least 2041. About Mesoblast Mesoblast is a world leader in developing allogeneic (off-the-shelf) mesenchymal lineage cellular medicines. Its therapies work by releasing anti-inflammatory factors to modulate the immune system and reduce damaging inflammation. Ryoncil® is the only FDA-approved MSC therapy for pediatric SR-aGvHD in children as young as two months. Proprietary manufacturing processes enable large-scale production of cryopreserved, off-the-shelf therapies with stringent release criteria, ensuring consistent quality and patient accessibility worldwide. Financial Highlights – Year Ended 30 June 2025 Revenue Growth: Total revenue from cell therapy products was US$17.2 million, up 191% from FY2024. Growth was driven primarily by the successful commercial launch of Ryoncil®, generating US$13.2 million in gross sales and US$11.3 million net sales after a 14.6% gross-to-net adjustment. Operating Expenditure: Net operating cash spend: US$50.0 million, a modest 3% increase year-on-year, reflecting investment in commercial team build-out and product launch activities. Cash Position: Cash on hand: US$162 million (A$247 million) as of 30 June 2025. Provides a solid foundation to support ongoing commercial rollout and clinical development programs. Next Steps Mesoblast is focused on: Expanding clinical site coverage to broaden Ryoncil® access. Advancing pivotal trials for adult SR-aGvHD and IBD indications. Progressing Rexlemestrocel-L toward regulatory milestones for heart failure and chronic low back pain. Samso Concluding Comments This update from Mesoblast- the commercial traction of Ryoncil® validates years of R&D investment and provides the foundation for revenue growth. Importantly, the ongoing expansion into new indications such as IBD and adult SR-aGvHD opens a much larger addressable market. From an investor’s perspective, the approaching Phase 3 readouts for Rexlemestrocel-L will be key catalysts to watch. The combination of a strong IP portfolio, global partnerships, and scalable manufacturing positions Mesoblast to remain a leader in cell therapy. For the sector, this serves as another signal that cellular medicines are transitioning from promise to practice, with tangible commercial outcomes. As always, investors should look beyond the headline announcements and review the underlying numbers, clinical progress, and commercial uptake to form their view on Mesoblast’s long-term potential. The Samso Way – Seek the Research Facts first, context always. Map the science to the strategy, verify the clinical and commercial milestones, and make decisions only after your own research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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.

Reference: This Samso Insights is based on the research paper: "Minerals on the Edge: sediment-hosted base metal endowment above steps in lithospheric thickness" by Czarnota, K., Hoggard, M.J., Richards, F.D., Teh, M., Huston, D.L., Jaques, A.L. and Ghelichkhan, S., 2020. Minerals on the edge: sediment-hosted base metal endowment above steps in lithospheric thickness. In: Czarnota, K., Roach, I., Abbott, S., Haynes, M., Kositcin, N., Ray, A. and Slatter, E. (eds.) Exploring for the Future: Extended Abstracts, Geoscience Australia, Canberra, 1–4. Introduction – The Undercover Frontier As the global energy transition accelerates, demand for base metals like copper (Cu), lead (Pb), zinc (Zn), and nickel (Ni) is booming. Yet, exploration success rates for major discoveries are shrinking worldwide. In Australia—home to an array of world-class resources—the biggest challenge isn’t finding the right rocks, it’s working out where to start looking beneath the post-mineralisation cover that hides up to 80% of the continent’s prospective geology. In this Samso Insights report, we break down a compelling new framework built by Geoscience Australia and collaborators from Harvard, ANU, and Imperial College London. Their research takes a step back—beyond ore systems and basin models—to investigate the deeper control of the lithosphere on sediment-hosted base metal deposits. This Samso Insight aims to summarise the paper and share with readers the work that was done. This is published to share the work and not claim the content as an organic work by Samso. The Search For Base Metals In Australia - The standout finding? 85% of the global sediment-hosted base metal endowment sits within 200 km of the edge of thick lithosphere—the lithosphere–asthenosphere boundary (LAB)—and this trend holds across all geological eras. This is the first statistical global study to show that craton architecture is the strongest predictor of where the world’s giant sediment-hosted deposits occur—including Australia’s yet-undiscovered giants. Mineral Potential Heat Map – Key Highlights (Source: Czarnota et al. 2020) 85% of the world's sediment-hosted base metal deposits occur within 200 km of the edge of thick lithosphere (>170 km depth). This includes all “giant” deposits of >10 Mt of metal, ranging from the Proterozoic to the Phanerozoic. The lithosphere-edge statistical relationship remains robust across all deposit types—whether Pb-Zn clastic-dominated, Mississippi Valley-type, or sedimentary copper. The research reveals a new mineral exploration strategy: target basins sitting over or adjacent to lithospheric steps, not just basin-scale stratigraphy or fault geometry. Within Australia, this model reduces the total exploration area to ~15% of the continent, a globally significant frontier. Estimated undiscovered metal endowment in Australia: ~50–200 Mt of contained metals—worth ~$1 trillion in today's terms. Global Significance (Figure 1 — Global clustering at the 170 km LAB edge) This figure plots PbZn, Cu-sed, and MVT deposit locations globally. Bubble size scales with tonnage; colours denote deposit age. The dominant clustering along the 170 km lithosphere contour is obvious—and statistically unprecedented. The trend? It’s not tied to a particular basement, age, or sediment profile. It seems controlled by the deep thermochemical architecture of the continent. Figure 1: Global clustering at the 170 km LAB edge. (Source: Czarnota et al., 2020) Why the Lithosphere Matters – Rethinking System Architecture Traditional exploration models focus on the sedimentary basin level—fluid sources, rocks, pathways, and traps. This study shows we need to think deeper and broader. When a basin forms along a lithospheric step: (Figure 2 — System schematic (E–O–I–R).) Rifting is mechanically focused, producing thick sediment piles and long-active faults. Subsidence is deeper and more prolonged, giving fluids time and pressure to move metals. Basins remain cooler at depth, due to thicker cratonic roots—extending the thermal window for metal deposition. Preservation potential increases as post-depositional tectonics are lower-energy near stable cratonic blocks. This is how multiple tectonic systems over 2 billion years bred enduring mega-deposits like Mount Isa, Red Dog, or Kupferschiefer. It also explains why smaller, sub-giant deposits still show up elsewhere—but the biggest ones almost always live where the lithosphere was already behaving differently. Figure 2: System schematic - Evaporites, Oxidised sediments, Igneous feeders, Reduction traps (E–O–I–R). (Source: Czarnota et al., 2020) Australia’s Craton-Edge Advantage (Figure 3a — Australia LAB map + deposits) Figure 3a: Australia LAB map + deposits. (Source: Czarnota et al., 2020) In the higher-resolution Australian model, all giant sediment-hosted and IOCG deposits lie within ~100 km of the 170 km LAB contour. The Australian Discovery Potential – 2025+ and Beyond What happens when you apply this lithosphere-edge filter to Australia? ~15% of the total landmass remains highly prospective for sediment-hosted metals after layering in geological proxies such as black shales, evaporites, oxidised sediments, and mafic volcanics. Most of the ultra-prospective zones lie under cover—particularly in WA’s northeast, NT’s interior, and central QLD. Using global averages of metal endowment per km of prospective lithospheric edge, Australia likely contains 50–200 Mt of undiscovered metal, with realistic prospects for multiple new world-class districts. This redefines Australia’s frontier search space: not just in terms of traditional basin architecture, but lithospheric structure and long-term geodynamic stability. Figure 3b visualises the mass-weighted clustering of global sediment-hosted base metal endowment relative to the 170 km LAB contour, mass-weighted for 109 PbZn-CD, 147 PbZn-MVT, and 139 Cu-sed deposits, plus the combined curve. Figure 3b: Global CDF (mass-weighted). (Source: Czarnota et al., 2020) Mineral Potential Heat Map The map in Figure 3c — National mineral-potential heat map, overlays lithospheric depth contours with stacked sedimentary proxy layers from the Australian Stratigraphic Units Database. The result: a data-backed target corridor that narrows down >7.7 million km² to just ~1.1 million km² of the highest priority ground. Figure 3c: National mineral-potential heat map. (Source: Czarnota et al., 2020) Figure 3d — Model performance (CDF vs retained area) below. The performance check of the heat-map in Figure 3c. The solid line shows a mass-weighted CDF of Australia’s known sediment-hosted base metals versus mineral-potential score, while the dark-grey and light-grey curves show the percentage of Australia’s area retained at each cutoff (whole continent vs. the clipped “hot-zone” corridor). The key takeaway: the curve rises steeply for deposits while the area curves stay low—meaning the model captures most metal endowment while screening out most ground, enabling search-space reductions to roughly ~15% of the continent with strong retention of known resources. Figure 3d: Model performance (CDF vs retained area). (Source: Czarnota et al., 2020) Investor Lens — Questions to Ask Management LAB proximity: How far is the ground from the lithosphere–asthenosphere boundary (LAB) 170 km contour? Do internal targets sit within ~100–200 km of the edge? Stacked E–O–I–R evidence: What evidence do you have for Evaporites, Oxidised sediments, Igneous/mafic inputs, and Reduction traps (black shales)? Show sections, logs, or proxy datasets. Passive seismic coverage: Has the area been covered by modern passive seismic / tomography? If so, how does the local LAB pick align with targets? Tenure inside the corridor: What % of the company’s tenure falls inside the high-potential heat-map corridor (Fig. 3c), and how is the drill budget weighted towards it? Samso Concluding Comments When I saw this paper being posted on LinkedIn (My apologies for not noting who posted it initially), I felt that this would be a great Samso Insight. I have been a tragic believer and follower of mineral exploration concepts for a long time, and I hope this insight will help the non-geoscientists gain some insight into this wonderful industry. The paper is all about gaining knowledge of another concept to create predictive clarity. By showing that the mass of global sediment-hosted endowment clusters near the 170 km LAB contour—and that Australia’s giants tighten to ~100 km—the study converts a geodynamic insight into a practical filter. That’s rare in exploration science, and it gives decision-makers something you can map, rank, and budget against. The reason I wanted to bring this paper to the Samso platform is because this is the kind of thinking that will and should drive mineral exploration in 2025. There are countless examples of recent mineral deposit discoveries that sit in the realm of this form of innovative thinking over the last few decades. My favourite story would have to be the discovery of Olympic Dam, which, for me, was exactly the out-of-the-box (At that time) thinking that led Western Mining to discover what is a Giant discovery. Coffee with Samso: The Olympic Dam Story: An Insight into the Mineral Exploration Genius of WMC Limited For investors, the implication is straightforward: capital should chase this kind of research, not just historical concepts. Technology in 2025 is far superior, and concepts such as passive seismic, for example, are more likely to enjoy better discovery efficiency, especially under cover where line-of-sight geology fails. The days of knocking over a gossan and then making a discovery are now few and far between drinks. Research concepts, such as what is talked about in the paper, are now backed by more sophistication, and it is all about de-risking as much as possible to conserve capital and to make this capital funding stretch longer. For companies, this isn’t a substitute for geoscience fundamentals—it just means that mineral exploration thinking needs to = re-order the sequence. It is too simple to just think about the theory; one still has to do the basics and tick boxes: engage the lithosphere step; stack the mineral system ingredients; then deploy geophysics, geochem, and drilling where the vectors converge. Figure 3d’s performance curve shows that you can keep most of the known metal while cutting most of the ground. It has always been about understanding and executing a systematic path to lower metres per discovery. My mineral exploration concept has been guided by the likes of Jon Hronsky to always look at the bigger narrative. Australia still has room for a new world-class province. The recent discovery of a large number of "new" giant/large mineral deposits is a testament to this kind of thinking. The recent discovery of the West Arunta carbonatites and hence the building of a Tier-1 carbonatite province is the result. The estimate of 50–200 Mt undiscovered across frontier basins isn’t blue-sky—it’s a data-anchored extrapolation along craton edges. In the Samso playbook, that’s enough to justify disciplined, multi-year campaigns focused on edge corridors—because that’s where the science—and history—say the giants live. The Samso Way – Seek the Research This is the kind of grounded, system-scale research that helps investors and companies spot conceptual edges before they become industry trends. The next North Australian Zinc Belt? It’s probably already mapped—if we know where to look. Reference: This Samso Insights is based on the research paper: "Minerals on the Edge: sediment-hosted base metal endowment above steps in lithospheric thickness" by Czarnota et al., 2020. Published with permission of Geoscience Australia. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to, your specific investment objectives, financial situation, risk profile, tax position, or particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: AlgoraeOS Version 2 AI Platform Launched on 10 November 2025 Click here to view the announcement Algorae Pharmaceuticals Limited (ASX: 1AI) has launched AlgoraeOS Version 2, a major upgrade to its AI-driven platform for drug-combination discovery. Developed in partnership with UNSW Biomedical AI Laboratory, UNSW AI Institute, and CSIRO Data61, the new system represents a significant advancement in modelling complex therapeutic interactions. Based in Melbourne, Victoria, Algorae continues to establish itself as one of Australia’s few pure-play AI-enabled pharmaceutical companies, focusing on accelerating drug discovery and pharmaceutical commercialisation. About Algorae Pharmaceuticals Algorae is developing a proprietary AI-driven drug discovery and development platform called AlgoraeOS. This platform is designed to use artificial intelligence and big data analytics to identify and optimise therapeutic candidates. Platform Capabilities The platform supports multiple stages, from in-silico target prediction and repositioning to pre-clinical and clinical development. The goal is to create a feedback loop where data from development refines predictions. Therapeutic Pipeline Meanwhile, the company is advancing a therapeutic pipeline alongside the platform, targeting several indications: Dementia – drug candidate code AI-116. Cardiovascular disease – candidate AI-168. Parkinson’s disease – program around “NTCELL” (originating from previous business iteration) and a broader neurological focus. The Business of Algorae Pharmaceuticals Algorae Pharmaceuticals operates two complementary business streams: AlgoraeOS – its proprietary AI platform that identifies synergistic drug combinations and optimises dose selection for preclinical programs (Figure 1). AlgoraeRx – the commercialisation division that sources, licenses, and supplies generic and specialty medicines across Australia and New Zealand through established manufacturing and distribution channels. Figure 1: Closed-Loop Learning for Better Predictions (source: 1AI) This dual-track model enables the company to blend machine learning research with tangible pharmaceutical product development. This creates a sustainable innovation pipeline that links predictive AI with real-world therapeutics (Figure 2). Figure 2: AlgoraeOS AI-enabled Drug Synergy Predictor (source: 1AI) Highlights — AlgoraeOS Version 2: Setting a New Standard in AI-Enabled Drug Synergy Major Platform Upgrade: Launch of AlgoraeOS v2, a next-generation AI system for drug-combination discovery. Benchmark Leadership: Outperformed Google DeepMind’s TxGemma-27B-Predict and Tx-LLM (M) on the NCI-ALMANAC dataset using a 70/10/20 validation split. Trained at Scale: Modelled over 5.5 million unique inhibition records (expanded to ~11 million with augmentation), incorporating full dose–response surfaces across Bliss, Loewe, HSA, and ZIP synergy metrics. Confidence-Weighted Predictions: Provides outcome probabilities with quantified uncertainty for risk-aware experimental design. Pipeline Integration: To be deployed across Algorae’s preclinical programs for dose selection and prioritisation of high-value drug combinations. In-Silico Fixed-Dose Predictions: First AI-driven FDC results expected in Q4 2025. Publication: Research paper titled “Uncertainty-Aware Deep Learning for Multi-Metric and Dose-Specific Prediction of Drug Synergy” submitted for publication (DOI link included). Leadership Commentary A/Prof Fatemeh Vafaee, UNSW Sydney and UNSW AI Institute, commented: “AlgoraeOS represents a new generation of AI models that not only predict outcomes but also understand their own limits. By combining biological knowledge with uncertainty-aware deep learning, we can now model drug interactions with greater reliability and generalisability than ever before.” Dr Muhammad Javad Heydari, Postdoctoral Research Associate, UNSW Sydney, stated: “AlgoraeOS is designed to analyse combination therapies the way a modern lab approaches them: integrating mechanisms, context, and dose in an advanced AI model. It turns large-scale biological data into clear guidance on which drug pairs to advance, at what doses, and with quantified risk for each decision.” Executive Chairman, Mr David Hainsworth, remarked: “Today’s launch of AlgoraeOS v2 is a significant milestone for the Company and positions artificial intelligence as the cornerstone of our R&D programs. Across published benchmarks, v2 delivered clear performance gains over representative state-of-the-art models, a major achievement for Algorae and the UNSW AI team. We look forward to providing further updates to shareholders as we progress our dual-track strategy of AI-driven innovation and pharmaceutical commercialisation.” About the Project While headquartered in Melbourne, Algorae’s collaborative network extends nationally. The company has AI R&D partnerships across Sydney’s UNSW AI Institute and integration support from CSIRO Data61. The AlgoraeOS project aligns with Australia’s growing strategic positioning in AI-enabled biotechnology. Here, computational modelling directly accelerates the discovery of combination therapies in oncology and other complex diseases. Near-Term Milestones to Watch Q4 2025: Release of in-silico Fixed-Dose Combination (FDC) predictions to guide preclinical selection. Q1 2026: Operational integration of AlgoraeOS v2 outputs into preclinical candidate-selection workflows. 2026 (Publication): Peer-reviewed paper on the v2 architecture, uncertainty modelling, and benchmarking performance. Pipeline expansion: Broader deployment of AlgoraeOS v2 beyond oncology, where combo regimens are critical (subject to indication-specific validation). Commercial build-out: Continued scaling of the AlgoraeRx arm (AlgoraeRx Pty Ltd established) to support specialty/generic medicines supply. How Samso Understands the Investment Memo for the Company From an investor’s perspective, Algorae Pharmaceuticals (ASX: 1AI) offers exposure to one of the most scalable intersections of AI and drug development. The upgrade to AlgoraeOS v2 signifies: A proof-of-concept leap in algorithmic accuracy and biological contextualisation. A tangible route toward data-driven R&D cost reduction, critical in preclinical validation cycles. Continued development within a university–industry collaboration model, reducing burn rates while leveraging top-tier academic AI infrastructure. A clear dual revenue narrative through AI-driven intellectual property and pharmaceutical distribution income. Samso Concluding Comments AI-driven drug discovery has moved from concept to competition. Algorae’s partnership-led execution makes this launch more than just a technical milestone. The company’s approach—training on millions of data points across multiple synergy metrics—reflects a genuine understanding of where predictive AI meets clinical relevance. The combination of confidence-weighted outputs and multi-metric generalisation positions AlgoraeOS v2 as more than an incremental update; it is a paradigm shift in how preclinical programs are designed. With DeepMind’s models serving as benchmarks, outperforming them places Algorae squarely on the global AI innovation map. The ability to not only predict outcomes but also measure its own uncertainty represents a step toward decision-grade AI. In short, AlgoraeOS v2 is Australia’s answer to precision AI in therapeutic discovery—a fusion of biological science, computation, and commercial application. The Samso Way – Seek the Research Every innovation begins with curiosity—but it’s sustained by validation. Always seek the research before the market does. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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 Bangemall Project Update 25 November 2025 (click here to view the announcement) Miramar Resources Limited (ASX: M2R) has released an update on its Bangemall Copper–Nickel–PGE Project, located within the Proterozoic Edmund and Collier Basins in the Gascoyne region of Western Australia (Figure 1). The Project sits within a vast 1,230 km² landholding hosting multiple 1070 Ma Kulkatharra Dolerite sills – the same age suite as the Giles Complex, which contains the Nebo-Babel Ni-Cu-PGE deposits. Figure 1: Bangemall Copper–Nickel–PGE Project within the Proterozoic Capricorn Orogen of Western Australia. (source: M2R) The Business of Miramar Resources: Focus – Projects Miramar Resources remains a Western Australia–focused explorer with work spread across gold, copper, and Ni-Cu-PGE opportunities. The Company continues to pursue large-scale, high-value Noril’sk-style sulphide systems at Bangemall. Parallel work programs in 2026 will include deeper drilling at the Gidji JV near Kalgoorlie. Miramar will apply for additional EIS co-funding and potential JV partnerships to advance Bangemall. Highlights – Large Late-Time Conductors Define New Priority Targets The November 2025 update highlights several technical developments that continue to strengthen the Noril’sk-style deposit model validated at Bangemall: High-resolution VTEM survey identifies multiple late-time conductors The recently completed EIS-co-funded VTEM survey mapped several large late-time anomalies considered consistent with mafic sulphide mineralisation (Figure 2). Figure 2: Bangemall Cu-Ni-PGE Projects showing final VTEM data (B-Field, Z Channel 35) with the trillion-dollar Norilsk-Talnakh deposit camp shown at the same scale. (source: M2R) Confirmation of Noril’sk-style geological architecture Multiple RC drill holes since 2021 have intersected differentiated dolerite sills with disseminated Ni-Cu sulphides, validating the deposit concept. Strategic decision on JV Miramar will not proceed with the proposed exploration JV with Sumitomo Metal Mining Oceania (SMMO). The Company will instead continue to seek alternative JV structures. Potential for significant value creation The Noril’sk-Talnakh district hosts some of the world’s most valuable metal deposits, with Oktyabrsky alone estimated at ~US$500B in contained value. Leadership Commentary Miramar’s Executive Chairman, Mr Allan Kelly, commented: “Noril’sk-style deposits are extremely valuable, with the Noril’sk-Talnakh deposit camp valued in the order of trillions of dollars, depending on the metal price, whilst the Oktyabrsky deposit, one of the world's largest individual copper-nickel-PGE sulphide ore bodies, is worth around 500 billion dollars by itself. If we can discover even a small Noril’sk-style deposit at Bangemall, it would potentially be worth billions of dollars to our shareholders. The Bangemall has potential to become a new frontier for copper, nickel and PGE’s much in the same way that the discovery of the Nebo-Babel deposits in 2000 and the discovery of the Nova-Bollinger deposits in 2012 highlighted the Ni-Cu-PGE potential of the West Musgraves and Albany-Fraser Provinces respectively.” About the Project The Bangemall Projects cover ~1,230 km² across the Edmund and Collier Basins, intruded by Kulkatharra Dolerite sills. These geological characteristics place the region firmly within a high-potential setting for Noril’sk-type Ni-Cu-PGE deposits (Figure 3). Key geological features include: Multiple 1070 Ma Kulkatharra sills comparable to the Giles Complex Differentiated sills with mafic cumulate rocks Positive geochemical indicators, including disseminated Ni-Cu sulphides Validation from the Geological Survey of WA, Geoscience Australia, and CSIRO on the region’s potential Figure 3: Bangemall JV Projects. (source: M2R) EIS-co-funded drilling in February 2025 confirmed disseminated nickel and copper sulphides at Mount Vernon, providing the strongest evidence yet for the Noril’sk model at Bangemall. Near-term Milestones to Watch Applications for additional EIS co-funding for expanded geophysical and drilling programs Assessment of alternative JV structures to accelerate development Follow-up exploration targeting large late-time VTEM conductors Ongoing work at Gidji JV in 2026 to pursue deeper bedrock gold sources How Samso Understands the Investment Memo for the Company From a Samso perspective, the Bangemall story is driven by the geological thesis: Noril’sk-style systems do not appear often, but when they do, they can redefine a company. Miramar has assembled a strong land position, applied disciplined geophysics, and already confirmed the presence of the right intrusive architecture and sulphide system. The investment memo here is straightforward: The upside is extremely large due to the deposit style. The technical indicators continue to stack positively. Funding and partnership strategies will determine the pace of progression. The Project is still early-stage, but the technical evidence remains compelling. Samso Concluding Comments Bangemall represents a high-quality geological search space with attributes consistent with some of the world’s most valuable nickel-copper-PGE systems. That alone makes it interesting; however, the challenge will be about the time, capital, and persistence needed to bring such projects to maturity. The decision not to proceed with the Sumitomo JV suggests the Company is probably not a good sign, as this will mean that Miramar is now left to fund or find new funding for the project. Mineral exploration for Bangemall is not going to be cheap. However, whether this is going to be ultimately a negative or positive turn of events will be known in time. For investors, the real story remains the same: if the Noril’sk model continues to be supported by further work, Bangemall could emerge as a significant discovery narrative over the coming years. Another point for investors to think about is that the market capitalisation of the company is very low and the capital vultures will no doubt be looking at turning M2R into another beast. I will not be surprised if there is a changing of narrative and management coming. The Samso Way – Seek the Research Always take the time to understand the geology, the data, and the strategy behind each project. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement $1.7M Arcemy Order from US Defence and Industry Supplier 18 November 2025 (click here to view the announcement) AML3D Limited (ASX: AL3) has announced a significant new order for its flagship ARCEMY® X metal additive manufacturing system (Figure 1), valued at approximately A$1.69 million. The system has been purchased by FasTech LLC, a US-based supplier servicing the Defence, Aerospace, Energy, and other high-demand industrial sectors. The ARCEMY® X will be delivered and supported through AML3D’s US Technology Centre located in Stow, Ohio. Figure 1: ARCEMY® X system (source: AL3) The Business of the Company: Focus – Projects AML3D is a global leader in industrial-scale metal additive manufacturing using its patented Wire Additive Manufacturing (WAM®) technology. The Company delivers ARCEMY® systems and contract manufacturing solutions tailored for Defence, Aerospace, Maritime, Utilities, Oil & Gas, and broader industrial customers (Figure 2). The technology aims to be more efficient, cost-effective, and ESG-friendly than casting, forging, and billet machining. Figure 2: Demonstrating Fit-for-Purpose Manufacturing with WAM® and ARCEMY® (source: AL3) Highlights – ARCEMY® X Order Strengthens US Industrial Positioning - Farming the US Defence industry. ~A$1.69 million ARCEMY® X order placed by US-based FasTech LLC, expanding both FasTech’s manufacturing capability and AML3D’s US market presence. FasTech services US Defence, Aerospace, Energy, and other high-demand industrial sectors, providing a strong platform for future penetration into non-Defence manufacturing markets. The ARCEMY® X will be operational in Q3 FY2026, supplied initially with a 6,000-lb (~2.7 tonne) positioner sourced from AML3D’s own fleet to accelerate delivery timelines. This installation becomes the 9th ARCEMY® system in the United States, further embedding AML3D’s technology across the US manufacturing landscape. The order directly supports AML3D’s US scale-up strategy, which includes both system sales and contract manufacturing. Leadership Commentary AML3D CEO Sean Ebert commented: “The FasTech ARCEMY® X sale builds on AML3D’s success in supporting the US Defense sector and demonstrates relevance to the broader US industrial manufacturing. ARCEMY® technology delivers large-scale industrial parts faster, using less energy, creating less waste and to a higher standard than traditional manufacturing process. Demand for ARCEMY® systems and their high-speed component manufacturing capability continues to grow in the US. The addition of FasTech to the network of US based, ARCEMY® enabled, third party industrial manufacturers which helps to meet that demand. AML3D is becoming increasingly embedded and indispensable at multiple levels across the US manufacturing landscape.” About the Project The ARCEMY® X for FasTech will be delivered through AML3D’s US Technology Centre in Ohio, with installation expected in the third quarter of FY2026. To meet delivery schedules, AML3D will supply a positioner from its operational fleet in Stow (Figure 3), ensuring FasTech’s system becomes operational as early as possible. A replacement ARCEMY® X will later be installed at the Centre to maintain full production capability for AML3D’s own manufacturing operations. Figure 3: US Technology Centre – Stow, Ohio (source: AL3) Near-term Milestones to Watch Delivery and commissioning of the ARCEMY® X system at FasTech (Q3 FY2026). Installation of the replacement ARCEMY® X at AML3D’s Stow Technology Centre. Expansion into additional US industrial manufacturing markets beyond Defence and Aerospace. Increasing utilisation of ARCEMY® systems across utility, marine, and energy sectors. How Samso Understands the Investment Memo for the Company This announcement reinforces AML3D’s strategic footprint in the United States, one of the world’s most important Defence and industrial manufacturing markets. The FasTech order also reflects a trend where high-speed, large-format additive manufacturing is transitioning from Defence-only use cases to broader industrial adoption. For investors following AML3D, the significance lies not only in the value of the sale but in the Company’s growing visibility among US manufacturers who require scalable, efficient metal component solutions. Samso Concluding Comments The FasTech order is definitely a good step forward for AML3D’s US strategy. While the Company has been steadily building credibility within the Defence sector, this step highlights an opportunity for the ARCEMY® platform to expand into mainstream industrial applications. For manufacturing environments where speed, flexibility, and sustainability matter, AML3D is positioning itself as a viable alternative to traditional casting and forging. Another important aspect of this update is the operational decision to redeploy an existing positioner to accelerate installation. This reflects a strong understanding of customer timelines and reinforces AML3D’s commitment to meeting market expectations. Investors who follow the additive manufacturing sector will recognise that fulfilment reliability often distinguishes leaders from followers. As utilisation grows at the Stow Technology Centre, the combination of system sales and contract manufacturing continues to support AML3D’s hybrid operating model. This dual approach could provide a pathway to recurring revenue streams, especially as more US industrial customers evaluate ARCEMY® for their own production workflows. From a strategic point of view, that path of embedding ARCEMY® systems across multiple industrial channels in the US enhances AML3D’s long-term defensibility. Each system installation acts as both a reference site and a catalyst for broader adoption across the supply chain. Market Expectations While the latest release by AML3D is a positive step forward, investors appear not to be so forthcoming with their support in the market. The declining share price over the last few months does not appear to be consistent with the positive narrative that one would think is happening with a contract like this. Is it profit-taking, and currently, is this a buying opportunity? Figure 4: AML3D share price chart as of 1st December 2025. (source: CommSec) With a market capitalisation just below AUD $100m, I think this is an interesting story to do some serious DYOR. They are winning contracts and if anyone has ever worked with government agencies or large corporations, it is all about relationships and proving value and capabilities. Large corporations and government agencies want supplies that can deliver and delivered consistently. I think if AML3D can do this over time, they could be the next Austal in the coming years. The Austal journey was slow and steady, and I see companies like AML3D as manufacturers who are starting to make good inroads in their sector. There is no certainty in life like Taxes and Death, but as a punting man, I think the AML3D story is worth a look. The Samso Way – Seek the Research Always take the time to understand how the technology works and why it matters before forming an investment view. 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 Field Ready Signs $372k SaaS LMS and Partnership Agreement 24 November 2025 (click here to view the announcement) OpenLearning Limited (ASX: OLL) has announced a three-year Software-as-a-Service (SaaS) and referral partnership with Field Ready SSA Ltd, a specialist education-to-employment provider delivering large-scale employability programs in Mozambique, Ghana, and, from 2026, Namibia. The agreement positions OpenLearning’s AI-powered learning management system (LMS) as the digital backbone for Field Ready’s programs, while also opening a pathway for OpenLearning’s university partners to reach new learners across Southern Africa via a course marketplace and referral structure. For investors, this is an expansion move into an emerging region using a capital-light, partner-driven model. The minimum contracted fees are modest in absolute terms, but the structure is designed to test whether OpenLearning’s marketplace thesis can scale outside its core Asia–Pacific footprint. The Business of the OpenLearning: Focus – Projects OpenLearning is an AI-powered learning management system providing tools for online learning, course creation, and delivery to education institutions, corporations, and government. The platform supports blended learning, competency-based training, and complex employability pathways – all relevant to vocational and skills-based programs. More than 250 education providers have delivered tens of thousands of courses to over 3 million learners on the platform. The company holds a strong position in Australian and Malaysian higher education, with a growing presence in the Philippines, Indonesia, and India. The Field Ready partnership sits within OpenLearning’s strategy to use its LMS as the foundation for a multi-sided marketplace – a model where institutions, industry partners, and learners interact on a shared platform, with each participant potentially generating revenue for the others. Highlights – Anchoring an African Marketplace Hub The Company has drawn out several key points in the ASX announcement: Three-year usage-based SaaS LMS contract Field Ready will use OpenLearning’s LMS for a minimum of 20,000 students per year across three years. Minimum contracted SaaS fees total approximately A$372,000 (US$240,000) over three years, with upside if usage exceeds the minimum student numbers. Migration from an incumbent LMS Field Ready is moving off its existing LMS provider and onto OpenLearning, citing generative AI capabilities, scalability, and flexibility as key reasons for the switch. Regional education-to-employment partner Field Ready is described as a leading education-to-employment provider in Africa, partnering with governments, universities, and multinational mining and resources companies. It already supports major projects, including serving as a workforce development partner to Africa’s largest energy project, the US$30 billion Rovuma Area 4 operation in northern Mozambique. Referral agreement with African universities A referral partner agreement empowers Field Ready to introduce OpenLearning’s LMS to universities across Africa, effectively providing distribution into a new geography without OpenLearning needing local staff. Course marketplace and revenue-sharing Field Ready will also promote short courses, micro-credentials, and pathway programs from global university partners on the OpenLearning platform, earning commissions on enrolments. Multi-sided marketplace in practice This is the first time OpenLearning has combined a SaaS LMS contract, a referral agreement, and a course distribution partnership in one structure, explicitly designed to create a “flywheel effect” as more partners and courses are added. The announcement notes that, while minimum annual fees are not financially material at the group level, this is OpenLearning’s largest contract to date in Africa and its first referral partnership of this type on the continent. Leadership Commentary Field Ready Founder, Phil Andrews, commented: “We are excited to partner with OpenLearning as we scale our employability programs across Africa and globally. Their AI-driven approach and flexible platform align perfectly with our mission to create ‘Candidate Lifetime Value’ by equipping young people with the skills they need for employment in high-demand industries. OpenLearning provides not only a powerful LMS but also access to a global ecosystem of universities and programs that will help us expand opportunities for our learners.” OpenLearning CEO, Adam Brimo, commented: “Field Ready is delivering critical skills training that supports economic development across Africa. We are proud that they have selected OpenLearning as their long-term partner and chosen to migrate from their existing LMS to our AI-powered platform. This agreement is strategically significant because it demonstrates how our LMS forms the foundation of a global education marketplace. By combining platform licensing with course distribution and referrals, we are creating a scalable model through which partners like Field Ready can expand their impact while enabling our university partners to reach entirely new regions. This reinforces OpenLearning’s global competitiveness and validates our marketplace strategy.” About the Project – Field Ready Partnership Structure At its core, the project brings together three elements in Southern Africa: SaaS LMS deployment Field Ready’s core employability programs in Mozambique, Ghana, and future Namibian cohorts will be delivered via OpenLearning’s AI-powered LMS. OpenLearning will support migration and onboarding, targeting a go-live date of 1 March 2026. Migration from an incumbent provider The decision to switch platforms is based on generative AI tools, scalability, flexibility, and the ability to support blended learning and competency-based pathways. Integration with Microsoft Power BI is expected to strengthen reporting and analytics for partners and governments. Marketplace and referrals Field Ready will act as a regional hub within OpenLearning’s global ecosystem: it can introduce the LMS to African universities and promote existing courses from university partners to its own student base. A new Global Academy will make selected employability programs available beyond Africa, further testing the marketplace model. Near-Term Milestones to Watch From a project execution perspective, the key steps appear to be: Completion of the course and data migration from Field Ready’s incumbent LMS to OpenLearning. Successful onboarding of at least 20,000 learners per year onto the platform from March 2026 onwards. Launch and initial performance of the Field Ready Global Academy, including early enrolment trends. First African universities adopting OpenLearning’s LMS through the referral channel. Evidence of marketplace activity – i.e., Field Ready learners enrolling in university-hosted courses, generating commissions. Any replication of this “regional hub” model in other geographies, using the Field Ready structure as a template. None of these milestones is guaranteed, and timing will depend on both parties’ execution capacity and the operating environment across the African markets in which Field Ready works. How Samso Understands the Investment Memo for the Company From an investor’s point of view, this announcement is more about strategic validation than near-term revenue uplift. The minimum annual SaaS fees are explicitly described as not financially material, but the agreement is still the largest African contract to date and the first of its kind in terms of combining SaaS, referrals, and course distribution. Key points Samso reads into this: Use-case validation for AI-powered LMS – A specialist employability provider is willing to migrate from an existing LMS to OpenLearning, suggesting that the platform’s AI and flexibility features are competitive in real-world, large-cohort environments. Capital-light geographic expansion – OpenLearning gains exposure to Southern Africa without establishing a physical presence, containing execution and fixed-cost risk while it tests demand. Early test of the marketplace “flywheel” – Success will depend on whether the marketplace genuinely drives incremental enrolments and revenue for both Field Ready and OpenLearning, rather than simply rebadging existing activity. Contract quality and risk profile – The fees are usage-based with a fixed minimum learner count; upside is possible if usage grows, but downside exists if real student numbers track close to the minimum or if the program is disrupted. This is not, on the numbers provided, a step-change revenue event. Instead, it is a small but notable data point in understanding how OpenLearning is trying to build a durable, partner-driven marketplace over time. Samso Concluding Comments OpenLearning has always pitched itself as more than just an LMS – it wants to be the infrastructure underpinning a multi-sided education marketplace. This Field Ready partnership is a clear demonstration of that idea outside its core Asia–Pacific base. It connects an AI-enabled platform, a regional skills provider, and a network of university content into a single commercial structure, with incentives aligned around learner outcomes and enrolments. However, investors should have realistic expectations as the contract is time-bound, usage-based, and modest in dollar terms. Optimistically, there is the potential of a growing flow of learners, additional African universities, and meaningful marketplace commissions. There is no doubt that this will take time to prove and depends on factors largely outside OpenLearning’s direct control, including regional economic conditions, government priorities, and the operational performance of Field Ready. The fact is that the partnership is an option for future growth rather than a guaranteed pathway. It does give OpenLearning a foothold in Southern Africa, a chance to show university partners that the platform can reach new markets, and a concrete example of how SaaS, referrals, and marketplace distribution can be packaged together. It will require patient capital and a tolerance for execution risk in emerging markets. Over the medium term, what will matter is evidence that this model can be repeated – perhaps with other partners in different regions – and that the cumulative effect of many such agreements builds a meaningful revenue base. Until then, this announcement sits in the category of strategically interesting but still early-stage: worth watching, but not yet a reason on its own to re-rate the company. The Samso Way – Seek the Research As always, treat this as a starting point only: read the full ASX announcement, understand the contract terms and risks in detail, and build your own view before making any investment decision. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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 Institutional Placement to fund project development 14 November 2025 (click here to view the announcement) Rox Resources Limited (ASX: RXL) has secured a significant equity raising to advance the development of the high-grade Youanmi Gold Project, located near Mt Magnet in Western Australia, approximately 480km northeast of Perth (Figure 1). The placement represents one of the largest capital injections into a WA gold development project in recent years, positioning the Company to move into construction and long-lead procurement. Figure 1: Youanmi Gold Project (source: RXL) The Business of the Company: Focus – Projects Rox Resources is a WA-focused exploration and development company, fully owning the historic Youanmi Gold Project. The Project currently hosts a 12.1Mt resource at 5.6 g/t Au for 2.2Moz (Figure 2), underpinning the strategy to transition from explorer to producer. Rox is executing a clearly defined development plan supported by a recently delivered Definitive Feasibility Study. Figure 2: Youanmi DFS (source: RXL) Highlights – A$200 Million Institutional Placement Supports Development A breakdown of the funding initiative: A$200M raised (before costs) via a two-tranche placement backed by high-quality domestic and international investors. L1 Capital cornerstone commitment: A$60M, taking ~12.9% post-placement holding. Major shareholder participation: Hawke’s Point – A$18M (Tranche 2) QGold – A$25M Proforma cash position post-raise: A$243.7M (before costs). Share Purchase Plan (SPP) to raise a further ~A$10M at the Placement price of A$0.35 per share. Proceeds will fully fund the equity component of the Youanmi Gold Project development, including: EPC processing plant, camp, wastewater treatment, access roads, and dewatering infrastructure Underground development at United North & Pollard; rehabilitation of Youanmi Main decline Resource definition and extensional drilling from surface and underground Regional exploration commencing early 2026 Working capital and financing costs Leadership Commentary Rox Resources Managing Director & Chief Executive Officer, Phill Wilding, commented: “The Youanmi Gold Project is a high-grade, high-margin project, as showcased in the recently announced Definitive Feasibility Study. “The Placement capitalises on this momentum, with the level of support from existing and new shareholders being a testament to the compelling and robust business case for the Youanmi Gold Project, and the team that will deliver it. “Securing these funds significantly de-risks the delivery timeline for the construction of Youanmi and ensures we can order long-lead items. “We have laid the foundations for our pathway to production, and are in a strong position to leverage the outstanding fundamentals of Youanmi and record gold prices to deliver sustained value for all shareholders.” About The Youanmi Gold Project The Youanmi Gold Project is one of Western Australia’s high-grade underground gold systems with a long production history and strong growth potential. Rox controls the entire project, allowing it to execute a streamlined development strategy. Key characteristics include: 100% ownership of a historically significant goldfield, 2.2Moz resource at high grades suitable for underground mining, DFS-supported pathway toward production, and strong leverage to the current gold price environment Figure 3: Pathway to Production (source: RXL) Near-term Milestones to Watch Completion of debt financing package following strong equity support Commencement of long-lead procurement for processing infrastructure Underground resource definition drilling – Q2 2026 Surface and underground extensional drilling – Q3 2026 Regional exploration program beginning early 2026 Progress toward first gold pour – mid-CY2027 How Samso Understands the Investment Memo for the Company From an investment lens, Rox has now positioned the Youanmi Gold Project with the financial certainty required to transition into development. The scale of support—from institutional and major shareholders—reinforces the technical and economic confidence that underpins the DFS. With equity secured, the remaining steps toward debt completion and construction appear to be well-defined. The Project now progresses into a phase where execution capability becomes the value driver. Samso Concluding Comments This is simply a vote of confidence to get the Youanmi Gold project happening. There are obvious technical issues with the project, and that is why it has laid unloved for all these years. The consolidation of ownership into Rox Resources was a good sign to move the project forward. I have always known that this project was riddled with issues. Firstly, it has a refractory gold chemistry, and this will and is still an issue, irrespective of the current buoyant gold price. The issue with gold projects now is that investors need to be even more diligent in their DYOR process. Many gold projects that are riddled with issues will be where the "money pit" disease will be rampant. I am not saying that Youanmi is issue-bound, but I am just cautious of the project cost of renovating, as that is always brighter than it actually is in reality. Figure 4: Rox share price as of 28th November 2025 (source: CommSec) The recent capital raise has been good to Rox (Figure 4); however, I think the litmus test will come in the next 9 months as the company moves from receiving cash and executing the process of mining. With a current market capitalisation of AUD $367M, I would think that this is already in the "risky" situation of the gold price deciding to retreat to a more sustainable level. My recommendation is to do some serious DYOR, and you may find that you want to take your risk somewhere else, or not. The Samso Way – Seek the Research Always anchor your decisions in the underlying data—every project has a story, and the best insights are found in the details. 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 Outstanding Drilling Results Returned from Hyperion 17 November 2025 (click here to view the announcement) Prodigy Gold NL (ASX: PRX) has released a strong suite of Reverse Circulation (RC) drilling results from the Hyperion Gold Deposit, part of the Tanami North Project in the Northern Territory (Figure 1). The 19-hole, 2,339m program across the Hyperion, Seuss, and Tethys Lodes continues to reinforce the project’s scale, grade continuity, and potential for multiple high-grade zones. Figure 1: Project location in the Tanami Region (source: PRX) The Business of the Company: Focus – Gold Production Projects Prodigy Gold NL is a Tanami-focused gold explorer and developer, currently concentrating on advancing its Tanami North and Twin Bonanza projects (Figure 2) and assessing how its 1Moz-plus Mineral Resources can be converted into mineable inventory. Over the next five years, Prodigy Gold’s strategy is to: Remain focused on mine development and gold exploration in the Tanami Region (NT). Complete mining studies on Tanami North and Twin Bonanza to define development options. Pursue partner-backed development opportunities to generate cash flow for ongoing work. Grow the Mineral Resource base while advancing new projects across the tenement package. Work with Joint Venture partners to progress projects around the Company’s active sites. Figure 2: Prodigy Gold major Project areas. (source: PRX) Highlights – Strong Intercepts Across All Three Lodes 1. Seuss Lode delivers broad, high-grade gold zones (Figure 3) 24m @ 5.5g/t Au from 75m (SURC25008) 18m @ 4.2g/t Au from 79m (SURC25006) 23m @ 2.2g/t Au from 37m (SURC25005) 9m @ 3.2g/t Au from 63m in hole SURC25008 9m @ 2.5g/t Au from 19m in hole SURC25001 30m @ 2.7g/t Au from 61m in hole SURC25009 6m @ 4.0g/t Au from 122m in hole SURC25009 Figure 3: Seuss Section – 7836350mN looking North through Seuss and Tethys mineral resource (source: PRX) Mineralisation outcrops, supported by rock chips up to 3.72g/t. Figure 4 highlights a short interval of core from HYDD25003 (88.7–88.8m), where quartz breccia with quartz–hematite veining and possible weathered sulphides is clearly visible. Figure 4: Selected drill core (HYDD25003) (source: PRX) 2. Hyperion Lode extends high-grade zones up-plunge 12m @ 4.6g/t Au from 131m (HYRC25004) 10m @ 3.1g/t Au from 123m (HYRC25007) These results extend mineralisation beyond the 2024 intercept from HYRC24003 (15m @ 3.1g/t Au) (Figure 5). Figure 5: Hyperion Section 613220mE (source: PRX) 3. Tethys Lode tested at depth with RC and diamond tails 5m @ 2.3g/t Au from 124m (HYRC25005) 4m @ 2.1g/t Au from 27m (HYRCD25002) 2m @ 4.9g/t Au from 106m (HYRCD25002) Follow-up diamond tails are now underway to test the deeper parts of the Tethys lode and tighten up the geometry seen on Figure 6. Figure 6: Tethys Lode Section 613550mE. (source: PRX) 4. Additional targets Pandora: 3m @ 1.6g/t Au Limestone Ridge: No significant intercepts Figure 7 provides the broader drill layout across Hyperion, highlighting the positions of the Pandora and Limestone Ridge holes within the wider mineralised system. Figure 7: Map of Hyperion Mineral Resource Lodes (source: PRX) Leadership Commentary Prodigy Gold Managing Director, Mark Edwards, commented: “These latest drilling results from Hyperion continue to demonstrate the potential for significant, high-grade gold mineralisation across the Hyperion mineralised system. The Seuss Lode returned several outstanding intercepts, including 24m at 5.5g/t Au from 75m in hole SURC25008, and 18m at 4.2g/t Au from 79m in hole SURC25006, confirming the continuity of broad, higher-grade zones near surface. The consistency of these results, combined with multiple high-grade intersections across adjacent holes, supports the potential for a coherent, steeply plunging higher-grade mineralisation that is close to surface and suitable for conventional open pit mining techniques. The last few weeks has also seen a significant forward step around the establishment of a mining operation at the Hyperion deposit with onsite environmental field work commencing around MLA34047. This work will be a key element in the application for an environmental (mining) licence over the deposit and to assist with the granting of the mineral lease. These baseline observations will be used with post wet-season observations to build a solid understanding of the local environmental conditions and to assist with the development of our mining applications.” About Hyperion Project Hyperion is a structurally hosted gold system in the Tanami Region, about 150km southwest of Lajamanu and positioned between the Groundrush/Ripcord (1.3Moz) and Crusade (0.1Moz) deposits, roughly 25km north of Prodigy Gold’s 80koz Tregony resource (Figure 8). Gold is developed in steeply dipping mafic units intruded by granite dykes, with mineralisation sitting in quartz–carbonate veins along east-southeast to west-northwest shear zones. The Seuss, Hyperion, and Tethys lodes define the three main mineralised corridors. The current work program is about tightening confidence in the existing Resource, extending these lodes, and building the environmental and baseline data needed to support future mining approvals. Environmental monitoring, dust and weather observations, and flora/fauna assessments are now underway to support the Hyperion Mineral Lease application. Work will continue through the wet season. Figure 8: Location of the Hyperion Deposit within the Tanami North Project area (source: PRX) Near-term Milestones to Watch Updated Hyperion Mineral Resource estimate (early 2026). Assay results from diamond tails at Tethys and Seuss. Metallurgical testing, including confirmatory Photon Assay for samples >10g/t. A high-level mining options study to support the environmental approvals process. Ongoing negotiations with the Central Land Council for a Mining Agreement. Pending RC results from the Tregony prospect. How Samso Understands the Investment Memo for the Company From an investment perspective, Hyperion offers: a growing near-surface gold system within a proven multi-million-ounce district; three separate mineralised corridors with continuity across multiple holes; a clear pathway toward mining approvals; modest drilling depth, which supports cost-efficient exploration; and a strong dataset that will feed directly into an updated Resource in 2026. The combination of structure, grade, and geological consistency continues to build a coherent investment case. Samso Concluding Comments Hyperion continues to represent one of the more compelling emerging gold systems in the Tanami Region. What stands out in this announcement is not just the high-grade intercepts but the consistency across multiple lodes, particularly at Seuss and Hyperion. This strengthens the geological interpretation and suggests strong internal continuity—a key factor for any near-term development scenario. Drilling is targeting both infill and extension zones while simultaneously generating the baseline environmental datasets required for future approvals, which is important. It is a long-term development approach layered over incremental exploration de-risking, aligning well with how mature gold systems are typically advanced. The upcoming resource update will be interesting. The results reported here, especially the 24m @ 5.5g/t Au and 18m @ 4.2g/t Au at Seuss, have the potential to influence grade distribution within updated models. Investors should view 2026 as a year where resource and mining study milestones converge into a clearer development narrative. Overall, this is a good update that reflects Prodigy Gold’s strategy and execution. With drilling now complete for the season and further results pending, the coming months will define the next phase of resource growth and exploration targeting. The Samso Way – Seek the Research Always look beyond the headline grades — the geological context is where the real story lives. 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.

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

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

Announcement Race Clinical Program Update 17 November 2025 (click here to view the announcement) Race Oncology Limited (ASX: RAC) has announced the expansion of its clinical strategy with two new programs centred on Acute Myeloid Leukaemia (AML) and EGFR-mutated Non-Small Cell Lung Cancer (NSCLC) (Figure 1). Figure 1: EGFR-mutated (EGFRm) Non-small Cell Lung Cancer (NSCLC) (source: RAC) These programs build directly on the newly characterised mechanism of action of (E,E)-bisantrene (Figure 2) and position RC220 for accelerated clinical validation across major oncology markets. Figure 2: The Science Behind (E,E)-bisantrene (source: RAC) The Business of the Company: Focus – Projects Race Oncology is a Phase 3 clinical biopharmaceutical company focused on advancing its proprietary formulation RC220, a next-generation delivery form of (E,E)-bisantrene. The company aims to address high-value oncology areas through: Phase 3 AML bridging program to align RC110 and RC220 Phase 1a/b EGFRm NSCLC program targeting TKI resistance Phase 1a/b RC220 + doxorubicin cardioprotection program Pipeline expansion opportunities via MYC silencing and G4 stabilisation biology Highlights – Expansion of Clinical Programs in AML and EGFRm NSCLC 1. New Phase 3 AML Trial: Bridging RC110 to RC220 Race has established a cost-efficient pathway to potential regulatory approval through a two-part Phase 3 design incorporating (Figure 3): A PK/PD bridging stage to demonstrate clinical equivalence between RC110 and RC220 Biomarker generation assessing MYC gene silencing Alignment with US FDA Project Optimus Figure 3: Phase 3 Pathway to Approve RC220 in r/r AML (source: RAC) 2. New EGFRm NSCLC Trial Targeting TKI Resistance A Phase 1a/b program (HARNESS-1) will evaluate RC220 + osimertinib in patients with detectable ctDNA to delay or prevent resistance (Figure 4). Key points: All preclinical data, KOL engagement, protocols, and CRO contracts completed Ethics submission made to Bellberry HREC (29 Sept 2025) Five major Australian oncology sites secured Figure 4: HARNESS-1 Phase 1a/b Trial Overview (source: RAC) 3. Cardioprotection & Solid Tumour Opportunity Race continues its ongoing Phase 1a/b trial of RC220 in combination with doxorubicin to explore dual benefits: Mitigation of doxorubicin cardiotoxicity Enhanced anticancer activity 4. Program Funding & Readiness Planning is highly advanced across all programs Execution timing tied to conversion of $1.25 piggyback options (expiry May 2026) Cash position: $11.3m as of 30 Sept 2025 Leadership Commentary Race Oncology CEO and Managing Director, Dr Daniel Tillett, commented, “It is an exciting milestone for Race Oncology to translate the mechanism of action of (E,E)-bisantrene into tangible clinical programs. The opportunity to use RC220 to delay, or even prevent, TKI resistance across a range of cancers is a compelling opportunity. The scale of the opportunity is enormous, with more than US$10 billion of EGFRm TKIs sold every year for lung cancer alone. I want to especially thank the Race Oncology preclinical and clinical teams for their extraordinary effort in moving from the initial discovery of the mechanism of action of (E,E)-bisantrene to a full clinical trial program in lung cancer in under 9 months.” About the Project While Race Oncology’s programs operate nationally, the broader portfolio reflects collaborations across leading research institutes in Australia and international cancer centres.RC220’s development leverages preclinical work conducted in partnership with institutions such as: University of Wollongong University of Newcastle UNC School of Medicine Sheba City of Health (Israel) The Company is also actively exploring partnerships, licence agreements, or commercial mergers and acquisitions to accelerate access to RC220 for patients with cancer worldwide. Near-term Milestones to Watch Q1 2026: First patient recruited in HARNESS-1 Phase 1a/b NSCLC trial 2026: AML Phase 3 bridging stage initiation (pending funding) Completion of ctDNA screening across multiple sites Regulatory interactions and responses from Bellberry HREC Ongoing MYC biomarker data development Further conversion of piggyback options to support program roll-out How Samso Understands the Investment Memo for Race Oncology Samso’s interpretation is that Race Oncology is positioning RC220 as a highly differentiated oncology asset capable of influencing major cancer treatment markets. The Company’s focus on TKI resistance, MYC gene targeting, and biomarker-led clinical design suggests a strategy grounded in science, commercial relevance, and regulatory alignment. The dual AML and NSCLC programs collectively offer pathways that could support accelerated value creation if clinical outcomes validate the mechanism. Samso Concluding Comments Race Oncology’s strategic expansion arrives at a key junction for precision oncology. The industry has been grappling with therapy resistance, particularly in EGFRm NSCLC, where, despite billions in annual TKI sales, real-world outcomes remain constrained by subclone emergence and bypass signaling. RC220’s mechanistic positioning — targeting G-quadruplex structures and MYC silencing — could mark a substantial shift in how resistance biology is approached clinically. The AML pivotal trial pathway is equally notable, leveraging regulatory precedents and orphan drug frameworks. By bridging RC110’s historical clinical data with RC220’s modern formulation under a Project Optimus-aligned design, Race is pursuing an approval strategy that is both pragmatic and scientifically grounded. This reduces uncertainty associated with dosing, variability, and historical comparator alignment. The integration of ctDNA as a patient selection and response metric is also an important direction for modern oncology trials. It provides measurable, early indicators of therapeutic effect and allows for more efficient trial conduct. This position aims to generate data that is directly relevant to clinicians and regulators who are increasingly seeking biomarker-anchored trial designs. Overall, Race Oncology appears to be shaping a pipeline that leverages deep molecular insight, commercially significant disease settings, and realistic pathways to regulatory approval. The next 12–24 months will be critical as these programs move from planning into execution. The Samso Way – Seek the Research Always take the time to understand the science, the data, and the path that companies choose to create value for shareholders. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Broken Hill Reborn 5 November 2025 (Click here to view the announcement) Impact Minerals Limited (ASX: IPT) has resumed exploration at its 100%-owned Broken Hill Project (NSW), citing stronger metal prices, new in-house copper concepts from the BHP Xplor program, and renewed third-party activity in the district (Figure 1). The Company has begun a progressive review of past work and presents context and results from Platinum Springs as the first step. Figure 1: Location of Broken Hill within the world-class Curnamona province in NSW (source: IPT) The Business of Impact Minerals Limited (ASX: IPT) Lake Hope High Purity Alumina (HPA) Project, WA (IPT earning 80%), and Alluminous (IPT 50%), plus the HiPurA® HPA technology platform. Broken Hill (NSW, 100%) (Figure 2) — a district-scale position (~1,770 km²; >100 km strike) targeting high-grade magmatic Ni-Cu-PGE (Platinum Springs, Red Hill, Rockwell–LBH; basal channels along the ~9 km Moorkai Trend) (Figure 2), Figure 2: Rock chip sample results from along the Moorkai Trend (ASX Release 21st October 2020) (source: IPT) Arkun WA Commonwealth Gold-Silver Project NSW (JV with Kuniko) Southern Sky JV Highlights - Milestones & Value Pathways - Copper Exploration restart at Broken Hill driven by: sharp price rises (Au, Ag, Pt, Pd, Cu); widespread high-grade occurrences on IPT tenure, which covers ~1,770 km² and >100 km of strike (Figure 3); BHP Xplor IP (2023) is now applied to large copper targets. Three target styles (Ni–Cu–PGE; Ag–Pb–Zn; large copper): (Figure 3) large sedimentary/magmatic copper tied to mafic sills & possible structural offsets; high-grade magmatic Ni-Cu-PGE (Platinum Springs, Red Hill, Rockwell–Little Broken Hill); Broken Hill–style Ag-Pb-Zn (Dora East). Figure 3: Regional TMI, licences & prospects (source: IPT) Historic tenor is real (PSD02): 0.6 m @ 7.6% Cu, 7.4% Ni, 25.6 g/t Pd, 11.5 g/t Pt, 1.4 g/t Au, 44.3 g/t Ag from 57.4 m (massive sulphide) (Figure 4). Figure 4: Core photo: 60 cm massive sulphide from PSD02 (source: IPT) Technical step-change (2020): IPT’s proprietary multi-metal ratio (measurable by hand-held XRF) that correlates with PGE grade, enabling real-time vectoring during RC drilling. Kambalda-style channels confirmed: (1) Conceptual cross-section through the Kambalda Dome showing multiple ribbon-like basal channels and associated nickel ore shoots—the analogue for Moorkai’s channel model (Figure 5). Figure 5: Cross-section through the Kambalda Dome highlights multiple ribbon-like basal channels hosting nickel ore shoots, emphasizing their scale and abundance. (source: IPT) Magnetic image over Platinum Springs outlining Plat West/Central/East and PSD02, with ~1 km distribution of high-grade PGEs and interpreted channels at Plat Central (Ni–Cu–PGE) open in both directions (Figure 6). Figure 6: Platinum Springs magnetics (Plat West/Central/East + PSD02) (source: IPT) Plat Central cross-section depicting the interpreted channel geometry, reported intercepts, and positions of the higher-grade zones (Figure 7). Figure 7: Cross-section at Plat Central on Traverse 6,472,110 mN (source: IPT) Recent intercept examples (Plat Central/East): 1 m with 3.3% Ni, 1% Cu, 23 g/t Ag, and high 7PGE tenor from 62 m (includes Pd, Pt, Rh, Os, Ir, Ru). 7 m @ 3.8 g/t 7PGE, 0.6% Cu, 0.5% Ni, 9.4 g/t Ag (from 53 m), incl. a 1 m higher-grade internal. Work program: Detailed ground EM (closer-spaced, better coupling) to refine targets; MT in progress to frame early-2026 drilling. Leadership commentary Impact Minerals’ Managing Director, Dr. Mike Jones, commented: “Although we are making important progress on all aspects of our work in the High Purity Alumina field, both at Lake Hope and with our major investment in Alluminous Pty Ltd, there is still unfinished business for Impact at Broken Hill. Given the recent sharp rises in precious metal and copper prices, and the area's revitalisation following the recent acquisition of the famous Rasp Mine by Broken Hill Mines Limited (ASX:BHM), some of our recently raised funds will be allocated to revamping our exploration efforts there. Our previous work identified numerous high-grade prospects for nickel-copper-PGMs and Broken Hill-style silver-lead-zinc mineralisation, both of which still require follow-up. Additionally, we have developed new theories for large copper deposits based on our participation in the inaugural BHP Xplor program in 2023, which, earlier this year, resulted in us acquiring a substantial new ground-holding in the region. We are currently conducting a ground magneto-telluric survey to help identify drill targets for early 2026, and we are eager to see the results.”, About Lake Hope HPA Project (WA) Location: Tier 1 jurisdiction in Western Australia Ownership: IPT earning 80%, via issuance of 120 million shares Key PFS outcomes: A$1.165b NPV10, A$259m capex, US$5,860/t opex (with potential 100 km strike) Prospects: Platinum Springs, Red Hill, Little Broken Hill Styles: Ni-Cu-PGE channels (Moorkai Trend) Broken Hill–style Ag-Pb-Zn (e.g., Dora East) Large copper concept tied to mafic sills/structural offsets Near-term Milestones to Watch MT (magneto-telluric)/EM (electromagnetic) surveys refinement of channel/copper targets → drill target list finalised Follow-up drilling at Plat Central/East (channel continuity/tenor) Dora East next steps (Ag-Pb-Zn optionality) Any district updates that de-risk infrastructure or services (e.g., nearby operator activity) How Samso Understands the Investment Memo for Impact Minerals Thesis: District-scale ground (~1,770 km²; >100 km strike) with multi-commodity levers (copper concept at depth/offset, Ni-Cu-PGE channels, Ag-Pb-Zn). The mix provides several shots on goal as the cycle improves. Edge/Process: The XRF-driven ratio is a practical vectoring tool to shorten drill-learn cycles and rank channel targets along the Moorkai Trend. Evidence: Historic PSD02 tenor plus recent Plat Central/East intercepts validate fertility and geometry of the channel model. Execution: Re-process legacy EM → close-spaced ground EM → drill; run MT for the copper thesis; keep Dora East in the queue. Low-regret cadence with clear 2026 catalysts. Samso Concluding Comments This ASX release, for me, is the redirection of Impact Minerals. I think this is a good move, as the market for the HPA and all the other REE hopefuls is no longer in the game. The established REE players will be the only ones that will make the grade for market attention, such as OD6 Metals Limited and possibly Critica Limited. Interestingly, it was the Broken Hill story that drew me to Impact in the first place; however, at that time, the market was more interested in lithium than REE, and in the case of Impact, the HPA story. I have long learned that the boring brick-and-mortar stories are always the ones left standing when things hit the fan. So here we are, talking about Broken Hill again. What the company is now talking about is to reprocess legacy EM, run close-spaced ground EM, and use the ongoing ground MT to frame early-2026 drill targets—it's not rocket science but mineral exploration 101 as this is simply "Find where to Drill" talk. On the Ni-Cu-PGE channel story, the proprietary multi-metal ratio (repeatable on hand-held XRF) appears to be correlating with PGE grades and has already vectored drilling into ribbon-like, Kambalda-style basal channels—with three channels defined at Plat Central/East and remaining open along trend and at depth across the ~9 km Moorkai Trend. From the market perspective, what will move the needle is grade reproducibility and continuity. Historic PSD02 proves fertility, while recent hits at Plat Central/East include 1 m @ 22.7 g/t 7PGE, 3.3% Ni, 1% Cu, 23 g/t Ag (PSIPT030), and 7 m @ 3.8 g/t 7PGE (PSIPT031). Additional potential is coming from sections and magnetics showing embayments/channels where higher grades sit within or at the base of the channel. If step-outs extend these shoots along strike and down-dip, there will be reasons for the market to get excited. Scale and district tailwinds help. Impact holds ~1,770 km² and >100 km of strike, and the region is seeing renewed activity as companies move away from the previous rush for lithium projects. Corporate moves such as BHM’s Rasp/Pinnacles acquisition with high-grade drill results, plus a South32 JV to the north, are fueling the rush to jump on the next "Flavour". If Impact’s MT/EM outcomes align with this momentum, it will create the narrative momentum for the right path for shareholders. Early stage, but this is a good option for shareholders, even if it feels like the only option. Keep DYOR in mind. The Samso Way – Seek the Research Read the primary announcement, follow the figures/sections/tables, and build your own conviction—DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.