IPO Replacement Prospectus (27 May 2025) A Rare Window Into a Forgotten Gold-Copper System The IPO wardrobe has been pretty bare in 2025 and it si good to see the emergence of an IPO with a project that appear to have been off the radar for the last four decades in the heart of New South Wales’ Macquarie Arc – one of Australia’s most fertile mineral belts (Figure 1). When I reviewed LinQ Minerals Limited’s IPO Replacement Prospectus (27 May 2025) and accompanying investor presentation, it was clear this is not your standard greenfields hopeful. LinQ does offer something much more compelling: a genuine brownfields gold-copper project with real tonnage, credible grade, deep geological understanding, and—importantly—a team that’s been here before. In an IPO draft, this is not a bad start. The offer is simple: 37.5 million shares at $0.20 to raise a minimum of $7.5 million, up to 50 million shares for a maximum raise of $10 million. This does not appear to be a spray-and-pray IPO; it is an old project with 470,000 metres of historical drilling and a global resource of 3.7Moz gold and 1.2Mt copper under the company’s belt. Figure 1: Map of Gilmore Project and Macquarie Arc showing nearby Tier-1 deposits (source: LinQ Minerals) The Foundation: Gilmore Gold-Copper Project At the heart of LinQ’s IPO is the Gilmore Project, a consolidated tenement package spanning nearly 600km², wholly owned by LinQ. Located near West Wyalong and Temora, this project sits within the Macquarie Arc—a belt that also hosts Cadia, Northparkes, and Cowal. The project does have good real estate, which is a good thing to have for the promotional part of the equation. LinQ holds two things I consider rare in today’s IPO market: A JORC-compliant resource that’s not just conceptual but already well drilled: ~1.2Moz Au and ~120Kt Cu at Gilmore South alone. Clear evidence of high-grade intercepts (Figure 2), such as: 40m @ 2.8g/t Au 167m @ 1.0g/t Au, 0.7% Cu 150m @ 1.02% Cu, 0.75g/t Au Figure 2: Drill intercept highlights (source: LinQ Minerals) This isn’t early-stage sniffing. This is resource confirmation and potential system expansion. Strong Capital Discipline LinQ plans to use the IPO proceeds primarily for exploration and project advancement, allocating $5.0 million to $7.0 million toward drilling and development, depending on the amount raised. Offer costs are estimated between $0.62 million and $0.77 million, with the remaining $2.43 million to $2.78 million set aside for working capital. “Our aim is to deliver discovery and resource growth in a cost-efficient manner, with over 40 years of historical investment to build on.” – Michael Gibson, Executive Director Who’s Running the Show? The leadership at LinQ is one of the most experienced I've seen in a junior IPO this year. Clive Donner (Executive Chair): 40+ years in mining private equity, ex-NM Rothschild and Citibank Scott Munro (Chief Geologist): 6+ years of direct experience on Gilmore, Lachlan Fold Belt specialist John Holliday (Technical Advisor): Principal discoverer of the Cadia porphyry deposit “We’ve built LinQ to execute like a private equity-backed team—lean, experienced, and discovery-focused.” – Clive Donner The Upside: More Than a Starter Resource Yes, LinQ is listing with a solid base. But it’s the exploration pipeline that excites me (Figure 3). Multiple systems remain open along strike and at depth +20 prospects across a 40km corridor, spanning porphyry and epithermal targets Near-term catalysts from drill-ready zones like Donnington and Monza “The current JORC resources are only estimated to 300–450m. This is shallow compared to major producing peers in the Arc.” – LinQ Prospectus Figure 3: Geological clusters and target zones (source: LinQ Minerals) Samso’s Concluding Comments To me, LinQ Minerals is a good IPO that commonly slips under the radar until a discovery headline forces everyone to look. What I can say is that the project is real, the team is ok and the address can be classed Tier-1 or at least have the potential to be in the same class. And the upside, from a system already demonstrating grade and scale, is substantial. The potential is great, and the market sentiment is obvious. Unlike some IPOs fishing in greenfield ground, LinQ is reactivating a proven system with modern geological thinking and a sharp execution model. As the company says, “drill, don’t drift.” The price of gold is good, and the potential pricing of copper will remain on the upside. This isn’t investment advice—just my take. We all know that there is never a sure thing, but when the geology and the capital plan all line up like this, I tend to pay attention. Don’t Miss the Mark Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is not driven by hype—we only tell stories we believe are worth telling, backed by sound geology and credible management. If you’re new to what we do, I encourage you to explore our three core products:Coffee with Samso, Samso News, and Samso Insights. Each offers a unique perspective, whether it’s a deep dive into a company, reflections on market trends, or long-form interviews that go beyond the surface. There are many paths to success in investing, but if there’s one thing I’ve learned over the years, it’s this: the most successful investors stay committed to making informed decisions. Equip yourself with the right knowledge and tools, and you’ll always be one step closer to your financial goals. Most importantly, know your limits. Be clear about your own risk-reward tolerance and financial capacity. Never bite off more than you can chew. As I always remind people, Rome wasn’t built in a day, and the Great Wall didn’t go up overnight. Good things take time, patience, and a solid foundation. That’s what we aim to help you build here at Samso. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In our world of mineral exploration, conviction is currency, and E79 Gold Mines Limited (ASX: E79) is spending it wisely. The reason Samso is continuing to cover E79 is for this very reason, they do what the money is raised to do. One and only purpose. As someone who's watched this sector for over three decades, I tend to gravitate toward stories where the science leads the drilling, not the other way around. The latest announcement from E79 Gold shows exactly that: a methodical, data-driven campaign that’s laying the foundation for a potential discovery in one of Western Australia’s most gold-endowed regions. Announcement Major New Air-core Drill Program Commences to Test Multiple Gold Targets at Laverton South E79 Gold Mine Drilling Strategy: From Theory to Drill Core E79 Gold has launched a 5,000-metre air-core (AC) drill program at its Laverton South Gold Project, targeting three gold anomalies, with a tight infill campaign already underway at Pinjin in WA (Figure 1). The objective? To follow up on the 700 m-long gold anomaly that sits just west of Kalgoorlie Gold Mining’s Lighthorse discovery. Figure 1: Map of aircore holes over magnetics. The red anomaly zone is the focus for the infill drill program (source: E79 Gold Mines Limited) Ned Summerhayes, CEO of E79 Gold Mines, commented: “The AC rig has returned to follow up the 700m long gold anomaly, located immediately west of Kalgoorlie Gold Mining Limited’s (KalGold’s) emerging Lighthorse discovery,” “The previous drilling results have led us to focus in on this favourable structural position. Following this infill work, the rig will move on to test two other regional targets identified in the recent geophysical and project review of the area.” Why It Matters: Reading Between the Magnetics This is not about chasing shallow anomalies—it’s about uncovering deeper structures that whisper of something bigger beneath the surface. E79’s geological team has interpreted zones of demagnetisation—visible in reprocessed aeromagnetic data—that coincide with the gold anomaly and suggest favourable structural conditions for mineralisation. While the previous drilling returned modest results (e.g. 3m at 0.29g/t Au), it’s important to note that only a fraction of the bedrock has been properly tested. With over 40m of transported paleochannel material and only ~15% of lateral bedrock intercepted per drill line, the potential remains largely untapped (Figure 2). Figure 2: Cross-section of drill line 6660162 mN (source: E79 Gold Mines Limited) “All of these factors combine to support a compelling and coherent gold anomaly over a number of 200m-spaced drill lines that warrants in-fill air-core drilling,” the Company noted. The Next Step: Two Regional Targets on Deck Once the infill work is done, the rig won’t be idle. E79 will immediately pivot to two high-priority regional targets derived from magnetic and gravity data (Figure 3): 🔶 Target 1 – South of Kirgella Gift Located in a zone of structural complexity Overlaps a large-scale northwest fault Just 3km south of KalGold’s resource Nearby historic drilling has shown coincident gold anomalism 🔶 Target 2 – North Lake Yindana Interpreted domal structure under cover Geologically analogous to the Duke Deposit Sits 3km southwest of the Duke, part of Ramelius Resources’ Rebecca Project Figure 3: Map of priority drill targets over regional and reprocessed magnetics (source: E79 Gold Mines Limited) Strategic Positioning in WA's Gold Heartland With 272km² under tenure, the Laverton South Project places E79 in a compelling position—right in the middle of a prolific gold-producing corridor. This belt is no stranger to discoveries, and with KalGold and Ramelius nearby, E79’s path to a potential discovery could attract strategic attention. E79 isn’t just active in WA, either (Figure 4). Their Mountain Home Cu-Au-Bi Project in the NT and McArthur Basin ground adds long-term diversification with polymetallic upside. Figure 4: Map of the Laverton South Gold Project (source: E79 Gold Mines Limited) E79 Gold (ASX: E79) is focused on gold exploration in WA’s Laverton and Murchison regions, with additional targets for copper, gold, bismuth, and diamonds in the NT’s highly prospective McArthur Basin (Figure 5). Figure 5: Map of E79 Gold’s exploration projects (source: E79 Gold Mines Limited) Samso Concluding Comments When I look at stories like E79 Gold MInes, I see the quiet potential that often precedes the loud headlines. The company is doing the hard yards—working through data, following structure, drilling methodically—and that’s where real discoveries are born. It’s easy to get caught up in the noise of instant results, but the groundwork being laid here is what builds genuine value. Exploration under cover is never straightforward, but with good science and disciplined execution, the rewards can be transformational. E79’s Laverton South program is a textbook example of how to de-risk greenfield targets through thoughtful interpretation and patient drilling. Add in the proximity to significant discoveries like Lighthorse and Duke, and the upside becomes very real. As investors, we often talk about leverage to discovery. E79 Gold has that in spades—technical, financial, and strategic. What matters now is execution, and from what I see, the company is moving in the right direction. In my opinion, E79 Gold’s latest campaign is exactly the kind of program that investors should be watching closely. As an investor myself, I remind myself that this is not about immediate gratification—it’s about building a discovery from first principles: geophysics, structure, and methodical drilling. They’ve ticked every box: ✅Defined structural controls ✅Early gold anomalism ✅Strategic proximity to established discoveries ✅Prudent capital management (~$2.9M in cash as of April) If this anomaly proves fertile—and as an exploration geologist, any attempt to drill for results is an encouraging sign. With a modest market capitalisation of a modest AUD 3.0M, a positive result could quickly find itself on a much larger stage. Reasons Why Samso Helps Your Research. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. Happy Investing, and always remember to DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) 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.

In this edition of Samso Insights, we revisit Horizon Minerals Limited (ASX: HRZ), a Western Australian gold mining company embarking on a new chapter. Horizon aims to become an independent, cash-generating gold producer, taking control of its destiny. What stands out is not just the scale of Horizon’s portfolio but also the assets, many of which are largely unseen by investors. Horizon Minerals Limited (ASX: HRZ) share price chart as of 12th June 2025. (Commsec) Current Market Position of Horizon Minerals Horizon currently has a market cap of $125M AUD. The share price trajectory shown in the graph indicates a significant disconnect from its potential, especially with the gold price exceeding USD $3,382 as of June 13, 2025. To complicate the situation, it is priced at AUD $5,177, which reveals an astonishing margin for any gold producer. Gold Price as of 29th of June 2025. (Trading Economics) For comparison, Meeka Metals Limited (ASX:MEK) boasts a market cap of over AUD $352M but is still at the commissioning stage. Meanwhile, Horizon is in the process of hauling ore for sale in the coming months, indicating an outlook for increased production. Over the years, many companies have circled Kalgoorlie, each with ambitions of building a sustainable pipeline. However, the strategy Horizon is outlining appears different. It represents a realignment of asset strategy supported by operational cash inflows that lend credibility to its approach. Navigating the Competitive Landscape What is critical to Horizon's advancement is its cautious and incremental approach. The company is making smart moves that could strengthen its position in a competitive region. The Horizon Snapshot: Numbers and Narrative of Gold Mining Gold Resource Base: - 1.8 million ounces across 30.5Mt @ 1.84 g/t Au. - Covers multiple deposits within a 1,309 km² tenure across WA’s Goldfields. Processing Infrastructure: - 2.2Mtpa Black Swan facility (100%-owned, currently under care & maintenance). - Located ~40km north of Kalgoorlie with grid power, water, and permitting in place. Current Operations Generating Cash: - Boorara and Phillips Find are producing under ore sale and toll milling agreements. - Estimated ~$30M in free cash flow from Boorara (ASX: 6 May 2024). Financial Position (as of 31 Mar 2025): - Cash and cash equivalents: $9.1M and a recent capital raise of $30M. - Debt: $8.0M. - Market capitalization: $122M (share price $0.057 as of 6 May 2025). - Enterprise value: ~$120.9M. Exploration Strategy: - ~50,000m of drilling planned for FY25/26. - Key targets include Burbanks, Kalpini, Penny’s Find, Greater Boorara, and Wilsons. Short-Term Production Outlook: - Gold produced from Boorara and Phillips Find. - First gold from Black Swan targeted by the end of 2026. At a glance, Horizon presents a compelling resource-rich story. The early cash inflows, particularly from Boorara and Phillips Find, are funding upcoming exploration and feasibility work. This self-sustaining strategy is rare among junior companies. Very few juniors can claim their market capitalization mirrors cash inflows into their accounts. Figure 1: Horizon Minerals – At A Glance (Source: Horizon Minerals Investor Presentation, May 2025) The early-stage revenue generation without substantial dilution is a defining characteristic of Horizon. There are inherent risks, but the rising gold price is expected to support demand for HRZ. It's surprising to see this company under the radar, raising questions about market awareness. Strategy with Teeth: Black Swan as a Foundation The recent acquisition of the Black Swan processing facility, through the completed takeover of Poseidon Minerals, positions Horizon to control a 2.2Mtpa processing plant located just 40km north of Kalgoorlie. Currently under care and maintenance, Horizon plans a cost-effective refurbishment of the plant for future gold production. Studies are projected for completion by the end of 2025. Figure 2: Black Swan Processing Facility (Source: Horizon Minerals Investor Presentation, May 2025) This facility, estimated to hold a replacement value exceeding $150M, could initially support throughput of 1.0–1.5Mtpa, with room for expansion. GR Engineering has assumed responsibility for running the engineering studies for conversion. This includes adding a CIL circuit to the existing flotation configuration. In discussions with Grant Haywood, the Managing Director of Horizon Minerals, we talked about optimal strategies for the Poseidon plant. There is considerable scope for growth, especially as the costs of manufacturing and construction continue to rise. Refurbishing the plant appears to be the most cost-effective path forward. A Regional Presence with Real Resource Depth Horizon’s consolidated position includes multiple established and advancing projects, all within trucking distance to the Black Swan hub: Boorara Project First gold pour: Jan 2025. Ore sale agreement (1.24Mt) to the Paddington mill through Q2 2026. First parcel produced: 1,163oz @ A$4,256/oz → Revenue: ~$4.95M. Current gold price exceeds A$5,000/oz. Figure 3: Boorara Gold Project (Source: Horizon Minerals Investor Presentation, May 2025) Phillips Find JV A low-risk joint venture with BML Ventures. First pour: Feb 2025, generating ~$7.9M. Further ore treatment contracts secured for late 2025. Additional ore treatment capacity of 80kt available. Figure 4: Phillips Find JV Project (Source: Horizon Minerals Investor Presentation, May 2025) Both projects serve as cash flow contributors and are priming the funding runway for the Black Swan refurbishment. This aspect is of particular importance to investors looking for growth that does not overly depend on dilution. Exploration: Sharpening the Drill Bit Horizon’s 30Mt of existing gold resources includes a 50,000m drilling program planned for FY25/26 (Figure 5): Burbanks (465.5koz @ 2.8 g/t Au). Wilsons. Greater Boorara. Coote-Crake. Penny’s Find. Kalpini. Figure 5: Strong Pipeline Supporting Black Swan (Source: Horizon Minerals Investor Presentation, May 2025) Burbanks Project: Scale, Grade, and Untested Depth The Burbanks project is particularly intriguing. Situated on a granted mining lease 9km from Coolgardie, Burbanks features a large open-pit resource along with a high-grade underground target (167.9koz @ 4.4 g/t Au). Currently, only 30% of the upper 500m has been tested, with 20,000m of the upcoming drill program devoted to this asset. Figure 6: Burbank's Project – Mineral Resource Estimate (Source: Horizon Minerals Investor Presentation, May 2025) After three decades in this industry, I’ve realized that successful mining businesses focus on simplicity in their operations. Each project must be evaluated on its own merits. Projects in proximity to each other can be integrated, while distant projects must be assessed independently. Burbanks stands out as a major highlight for Horizon. The existing resource presents a strong case, but the real allure lies in the unexplored regions. If Horizon executes its exploration strategy effectively, the entire narrative surrounding Burbanks could change rapidly. Penny’s Find: Small Footprint, High Margin Penny’s Find is one of the few WA juniors actively developing underground mining. The project shows strong financial promise, with a Pre-Feasibility Study (PFS) already completed: Life-of-mine: ~23 months. Total ore reserve: 329.9kt @ 3.2 g/t Au. Recovery: 88.9% → 29.8koz of gold. Free cash flow projected at $24M (at A$3,600/oz). Figure 7: Penny’s Find (Source: Horizon Minerals Investor Presentation, May 2025) This project has received all necessary approvals, which significantly reduces the risks associated with its development. Infrastructure Advantage: Unlocking Regional Potential Horizon’s core message emphasizes the importance of controlling processing infrastructure, a growing competitive asset in WA’s Goldfields. With over 1Moz of stranded gold resources in the region lacking processing solutions, Horizon is positioning itself as a regional facilitator. This can take the form of joint ventures, toll milling, or ore purchase arrangements. Figure 8: Platform for Regional Consolidation (Source: Horizon Minerals Investor Presentation, May 2025) Such strategies could evolve into secondary revenue streams or avenues for growth through corporate partnerships. As discussions progress, Horizon remains focused on maintaining optionality. Management and Board Grant Haywood – Managing Director Over 30 years of mining engineering experience. Previously held operational roles with Saracen, Phoenix Gold, and Goldfields Ltd. Proven track record transitioning projects from feasibility to production. Stephen Guy – Chief Geologist Over 25 years in exploration and production. Experience with BHP, FMG, Newcrest, Gindalbie Metals. Background includes multiple commodities: gold, copper, base metals, iron ore. Julian Tambyrajah – CFO & Company Secretary Over 30 years of finance expertise within resource companies. Experienced in project evaluation, feasibility, operations, and logistics. Chartered Company Secretary, Certified Practising Accountant. Ashok Parekh – Non-Executive Chairman Chartered Accountant with over 40 years in Kalgoorlie. Recipient of the Centenary Medal; awarded the Meritorious Service Award by the Institute of Chartered Accountants. Warren Hallam – Non-Executive Director Both a metallurgist and mineral economist with 25 years of experience. Previous roles at Metals X and Westgold; currently on the board of Poseidon Nickel. Rob Waugh – Non-Executive Director Over 35 years in gold and base metals exploration and development. Former Managing Director of Musgrave Minerals (acquired by Ramelius for $200M in 2023) and held senior roles at BHP and WMC Resources. Samso Concluding Comments It's surprising that the Horizon story has not been on my radar since I discovered its existence several years ago. Investors looking for opportunities on the ASX often have limited options to follow, especially with restricted funding. When I revisited Horizon, I was intrigued by its low market capitalisation as a gold mining entity. The undervaluation likely stems from market perceptions regarding Horizon's Enterprise Valuation compared to its gold resources. To put it simply, at the end of the day, what defines the company is its ability to produce as promised. Enterprise value comparisons seem like justifications for analysts’ existence. Considerations for Investors For retail investors, the goal should be to focus on the company's future resources. Yet this line of thought can feel intangible, leading to a dilemma: to believe in what the company projects or not. Horizon Minerals is navigating a path that many aspire to but few succeed—transitioning from asset holder to independent producer. The company’s strategy revolves around real cash flow from its operations that are channeled into exploration and infrastructure. This avoids reliance on speculative forecasts and aims for a methodical approach rooted in current operations. For observers of the WA gold sector, the Black Swan facility represents a strategic opportunity. As the cost of constructing a new plant rises, refurbishing seems increasingly viable. Discussions with Grant indicate that these options have been considered. With processing infrastructure in its possession, Horizon has an effective lever to unlock value, not only from its own assets but also from potential third-party opportunities throughout the region. Such assets are becoming scarce, and their inherent value as a regional solution may become increasingly crucial. If you are an investor seeking rational progress in gold development, Horizon is a company to watch. The coming 12–18 months will challenge its ability to transform planning into actual production, particularly as refurbishment studies are finalized and drilling targets advance. These pivotal moments can truly differentiate companies. Ultimately, this story is about patience and execution. For investors preferring short-term gains, Horizon likely won’t meet their needs. However, the lack of overpromising is refreshing. With the combination of producing ounces and owned infrastructure, they are building a strong case for their standalone future. Still, there’s work to be done. What’s currently unfolding is grounded and incremental—traits that often indicate longer-term success. Cover photo: Golden Mile, Kalgoorlie, Western Australia, William Edward Fretwell. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Golden_Mile,_Kalgoorlie,_Western_Australia.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way - Seek the Research At Samso, we pride ourselves on providing independent content for investors, informed by over three decades of industry experience. We constantly ask questions that may seem simple but are often the most insightful. Our mission is straightforward: cut through noise, spotlight genuine narratives, grounded insights, and real opportunities. We only create well-researched content if we see merit in discussing a company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News. Success in investing takes many paths, but a common attribute among achievers is their commitment to informed decision-making. Equip yourself with knowledge, and you're on your way to achieving financial success. Understand your risk-reward balance. Never take on what you cannot handle. As the saying goes, "Rome wasn’t built in a day," and the Great Wall took centuries to construct. The Samso Philosophy: Stay curious. Stay sharp. Digging deeper unveils real value. In life, there’s no such thing as a free lunch. Happy Investing! Remember, the only four-letter word you need to know is DYOR. Support Page 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 your specific investment objectives, financial situation, risk profile, tax position, and 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 that offers insight into which mining portfolios present better and potentially more lucrative investment opportunities. Click here to download this eBook. Download eBook If you find this article informative, please help share it. Writing about valuable topics is a challenge, especially in identifying stories that fit investment interests. If you or your organization recognize the value of Samso's work and have a journey to share, contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform providing dedicated investors with up-to-date industry knowledge and insights from leading CEOs and thought leaders. By remaining informed on business advancements and market trends, investors can enhance their financial decisions through expert guidance and independent research.

Announcement Diggers & Dealers Presentation Ballard Mining Limited (ASX: BM1) is not entering the gold space quietly. Born from the demerger of Delta Lithium’s gold assets, Ballard arrives on the ASX with a focused strategy, a $30M IPO war chest, and the high-grade Mt. Ida Gold Project (Figure 1) in hand. Its foundation? A 1.1Moz at 3.3g/t Au JORC Resource, led by the fully permitted Baldock deposit (930koz @ 4.1g/t Au). Figure 1: Location of Mt Ida Gold Project (source: BM1) This is not a typical early-stage explorer. Ballard’s focus is on drilling, converting resources, and building toward a Reserve while targeting high-grade discoveries across a 26km stretch of underexplored gold-bearing shear zones. Ballard is drilling aggressively — 130,000 metres across four rigs — and is well-funded to do so. 🔹 Key Highlights - The Gold Mining Journey. Ballard offers strong growth potential, with high-grade resources and a funded drill program targeting expansion and Reserve conversion across 26km of underexplored ground (Figure 2). Baldock Deposit: 930koz @ 4.1g/t Au, fully permitted, and core to near-term development. JORC MRE: Total 1.1Moz @ 3.3g/t across six gold deposits. Location Advantage: Within ~100km of four processing plants in WA’s prolific goldfields. Exploration Upside: 26km of untested strike (Baldock Thrust and Ballard Fault). Enterprise Value / Resource Ounce: Just $95/oz, well below +2g/t gold developer average of $328/oz. Major Shareholders: Delta Lithium – 46% (escrowed) Hancock Prospecting – 6.2% Mineral Resources – 5.6% Figure 2: Resource Growth and Development Opportunity of Mt Ida Gold Project (source: BM1) 🔹 Development Pipeline: From Resource to Reserve Ballard is running parallel growth and development programs: Stream Activity Infill Drilling At Baldock to underpin a Maiden Reserve by mid-CY2026 Extensional Drilling Targeting resource growth along strike and at depth Exploration Drilling 50,000m regional targeting new discoveries Studies Mining, metallurgy, geotech, and plant engineering underway Recent infill drilling results include (Figure 3): 3m @ 17.7g/t Au (DFS062) 4m @ 12g/t Au (DFS063) 4m @ 7.3g/t Au (DFS146) Figure 3: BALDOCK – First Infill Results (source: BM1) These support high confidence in the resource and reinforce the project’s potential for early cashflow through high-grade starter pits. 🔹 Exploration Catalysts: Untapped Terrain A 35,000m drill program is planned across the Baldock deposit, targeting extensions and increasing resource confidence as part of Ballard’s aggressive growth strategy (Figure 4). Beyond Baldock, the broader Mt Ida Project holds substantial upside, with 26km of largely underexplored greenstone shear zones. Key targets include: Baldock Thrust Zone: Over 7km of under-drilled terrain with average historic drill depth of just 43m. Ballard Fault: Structurally identical to Baldock, but with minimal historical drilling. High-Resolution Drone Magnetics: Completed in July 2025 — results to guide next wave of exploration. Figure 4: Baldock Thrust Exploration (source: BM1) This area has seen over 671 historic holes, mostly shallow RAB, leaving significant untested potential. Ballard is now deploying modern targeting techniques across this camp-scale system. 🔹 Mineral Rights Structure: Aligned for Success Ballard holds exclusive rights to gold across the tenure via a Mineral Rights Deed with Delta Lithium. As part of the agreement, Ballard will issue 220 million shares to Delta (or its nominee) in consideration for the gold asset (Figure 5). The deed establishes a clear and cooperative framework: Enables independent mining of gold and lithium. Allows shared infrastructure and cost efficiencies. Provides step-in rights, pre-emptive rights, and call options — a commercially robust arrangement. Figure 5: Conceptual Designs only to show interaction of gold and lithium (source: BM1) This structure ensures both parties can advance their respective commodities without conflict, while unlocking value from shared development. 🔹 Peer Comparison: Value and Grade Ballard’s ASX-listed gold peers average $198/oz EV per resource, while higher-grade (+2g/t) peers command around $328/oz — highlighting Ballard’s value at just $95/oz. Metric Ballard Peer Group Avg Grade 3.3g/t Au 1.8g/t Au EV/Resource $95/oz $198/oz EV/Resource (+2g/t peers) — $328/oz Ballard’s combination of high grade and low EV/oz is rare. The Company trades below sector averages despite superior resource quality, giving it strong re-rating potential as reserves build. 🔹 Board Composition: Built for Execution Ballard is led by a proven team with a track record of delivering major outcomes in the Australian gold sector. Simon Lill, Non-Executive Chair, previously guided De Grey Mining from a sub-$1M explorer to a $5 billion takeover by Northern Star (ASX: NST), overseeing the discovery of the Hemi gold deposit — one of Australia’s largest in recent history. Paul Brennan, Managing Director, is a mining engineer with over 20 years of underground operational experience, including senior leadership roles at Saracen Minerals and Calidus Resources, where he oversaw the construction of a 2.4Mtpa gold processing plant. With leadership shaped by real-world execution, Ballard is positioned to convert its gold potential into long-term value. Samso Concluding Comments Ballard Mining Limited ticks all the boxes for a Samso DYOR Priority: grade, scale, strategy, and execution. The Mt. Ida Gold Project offers high-grade production potential in a jurisdiction that understands mining. But more importantly, Ballard isn’t selling a dream— they’re drilling into reality. Their IPO funds are already hard at work, with four rigs pushing to expand the resource base and build toward a reserve. The depth of geological opportunity across the 26km greenstone belt hasn’t been fully priced in. The Baldock deposit, with ounces per vertical metre among the best in its class, serves as a platform, not a peak. This is a story about unlocking potential with discipline and funding, and Ballard appears to be one of the few junior gold developers doing both in parallel. When the project was part of the greater lithium story, the value proposition of the gold side of the project was lost. Spinning it out into Ballard was ultimately the only future, and with the demise of the lithium story, this is a good way of creating more value. I don't think that the project is a 100% no-brainer in terms of success because if it were, this would have been done sooner. Like all projects, there are issues, and similarly, there are solutions. It will take time to show all the bad parts, so take your time to DYOR. For the research-focused investor looking for high-grade gold, competent execution, and a project that’s moving, Ballard Mining deserves your attention. Cover photo: Gold bullion bars, Stevebidmead. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_bars.jpg) The Samso Way – Seek the Research At Samso, we follow the evidence, not the hype. Ballard’s data-rich, grade-driven approach gives investors real milestones to track and genuine upside to consider. If you’re building a watchlist for WA gold developers, start here. Let’s tell your story. Let’s make it matter. 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 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 see 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 Multiple Gold Zones in First 8 Mile Drill Hole Miramar Resources Limited (ASX: M2R) has reported a promising start to its RC drilling program at the 8 Mile prospect, part of the Gidji JV Project north of Kalgoorlie. The first hole, GJRC029, intersected multiple gold zones and ended in mineralisation, confirming the potential extension of Northern Star’s nearby 8-Mile Dam deposit onto Miramar’s ground and reinforcing the project's prospectivity for a significant gold discovery (Figure 1). Figure 1: The Gidji JV Project and 8-Mile Dam in relation to Kalgoorlie and surrounding deposits. (source: M2R) Executive Chairman Allan Kelly commented: “We are encouraged by the multiple gold intercepts in our first RC hole at 8 Mile,” said Executive Chairman Allan Kelly. “The results support our view that gold mineralisation from 8-Mile Dam extends onto our ground, and we now have several follow-up targets from aircore and IP data to pursue.” “We are planning additional geophysical surveys to refine our drilling strategy and believe 8 Mile could host significant gold potential given its location and geological setting.” 🔹 Key Highlights - A Mineral Exploration Business. Multiple Gold Zones Intersected: Miramar Resources’ (ASX: M2R) first reverse circulation (RC) drill hole at the 8 Mile prospect (hole GJRC029) intersected several zones of gold mineralisation and ended in gold mineralisation at 504m downhole (Figure 2). Strategic Location Near Major Deposits: The 8 Mile prospect lies within the Gidji JV Project, ~15km north of Kalgoorlie and adjacent to Northern Star’s 8-Mile Dam deposit (7Mt @ 1.4g/t Au for 313,977oz), confirming potential strike continuity of mineralisation. Strong Geological Indicators: Mineralisation is hosted within the 8 Mile mafic unit, with notable sulphide development (including arsenopyrite), elevated arsenic via portable XRF readings, and visible fuchsite, indicative of hydrothermal alteration typically associated with orogenic gold systems. Initial Drilling Programme: GJRC029 tested an IP anomaly thought to reflect sulphide-rich gold zones. Despite significant deviation from the planned azimuth, the hole intersected thick westerly-dipping altered mafic units and returned notable results such as: ⮞ 3m @ 2.67g/t Au from 243m (incl. 1m @ 6.51g/t) ⮞ 18m @ 0.94g/t Au from 480m (incl. 4m @ 2.83g/t and 1m @ 6.04g/t) Next Steps and Additional Surveys: Results are pending for four additional RC holes targeting offset IP anomalies. Infill gravity and sub-audio magnetic (SAM) surveys are being planned to refine future RC and/or diamond drilling programs. Figure 2: Cross section showing GJRC029 about the 8 Mile mafic unit and the IP anomaly. (source: M2R) 🔹 Gidji JV Project Context Miramar’s 80%-owned Gidji JV Project spans ~15km of the Boorara Shear Zone in WA’s Eastern Goldfields. Despite being surrounded by established gold operations (e.g., Kalgoorlie Super Pit, Kanowna Belle), Gidji has remained underexplored due to transported cover and the crosscutting Gidji Paleochannel. Systematic aircore drilling since late 2020 has led to multiple supergene gold discoveries and several compelling bedrock targets. Miramar views Gidji as having genuine potential to evolve into a new gold camp with multiple deposits. 🔹 Exploration Update – Broader Portfolio at Gascoyne Regions Projects (Figure 3) At the Bangemall Ni-Cu-PGE Project, Miramar is progressing with its EIS-co-funded airborne magnetic and VTEM surveys, with approximately 20% of the program completed. These surveys are designed to identify conductive anomalies associated with nickel, copper, and PGE mineralisation across the underexplored region. At the Chain Pool SEDEX Project, the Company is preparing for a follow-up field trip focused on further soil and rock chip sampling. This work aims to advance the understanding of the high-grade sedimentary exhalative (SEDEX) system's prospective for copper, lead, zinc, and silver. In line with its strategic focus, Miramar has also initiated the divestment of non-core assets, including the Glandore and Randalls Gold Projects in the Eastern Goldfields. These sales processes are part of the Company’s efforts to streamline its portfolio and allocate resources toward its highest priority targets. Figure 3: Gascoyne Regions Projects (source: M2R) 📍 Drill Details – GJRC029 Summary 243–246m: 3m @ 2.67g/t Au Including 1m @ 6.51g/t Au 252–254m: 2m @ 0.48g/t Au 374–375m: 1m @ 0.32g/t Au 378–379m: 1m @ 2.85g/t Au 480–497m: 18m @ 0.94g/t Au Including 4m @ 2.83g/t Au Including 1m @ 6.04g/t Au 501–504m: 3m @ 0.52g/t Au (end of hole mineralisation) *Note: All intercepts use a 0.25g/t Au lower cutoff, with up to one sample of internal dilution. Samso Concluding Comments Miramar continues to present a tightly managed exploration story with a sharp geological focus. The Gidji JV Project, particularly the 8 Mile prospect, has matured from early-stage data collection into serious drill targeting, culminating in the intersection of multiple gold zones in its very first RC hole. The 8 Mile target is compelling due to its proximity to known deposits, its geological signature, and early signs of system continuity. Ending a 504m RC hole in mineralisation is the kind of exploration result that commands follow-up. Importantly, the Company’s layered targeting approach—combining aircore, IP, SAM, and gravity—reflects a methodical and technically sound strategy. The presence of sulphides, arsenopyrite, fuchsite, and anomalous arsenic detected by handheld XRF provides tangible indicators that this is not a one-off intercept, but part of a broader mineralised system. This story is not about chasing hype—this is about doing the work. Some investors may say that management needs to create the hype, but as long as I have known the key management of the company, this is not in their DNA. They are all about getting into the business of mineral exploration in a cost-effective manner, and that is maximum funds into the ground and not about funding a lifestyle company. Gidji has always had the ingredients of a significant gold system, and with each program, Miramar gets closer to unearthing its true scale. The first RC hole is just the start. For investors seeking early-stage exposure to a potential emerging gold camp in Kalgoorlie’s backyard, Miramar is again demonstrating it has the geological smarts and the operational intent to deliver value. Miramar Resources is what I call a company that is a Mineral Exploration Business. Check out the latest Coffee with Samso with Allan Kelly: Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) The Samso Way – Seek the Research What sets stories like this apart is their grounded execution. While speculation abounds in early-stage gold exploration, Miramar’s work is grounded in structure, method, and data. The story isn’t about hype—it’s about following the rocks, reading the systems, and drilling with purpose. 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 has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Surface Gold at Bear Hill and New Kojak Target Thunderbird Resources Limited (ASX: THB) has delivered another strong set of results from its Kookabookra Gold Project in north-eastern New South Wales (Figure 1). The latest announcement highlights continued success from surface sampling programs and the emergence of a new high-grade target, reinforcing the district-scale potential for an intrusive-related gold system. Figure 1: Kookabookra Project (source: THB) 🔹 Key Highlights - A Gold Exploration Story High-grade assays confirmed at Bear Hill and Butchers Reef, including up to 17.35g/t Au at Bear Hill and 2.79g/t Au at Butchers Reef. New Kojak target identified – assays from historical workings returned up to 23.0g/t Au, with mineralisation associated with a north-east trending fault over a 400m strike length. Ongoing soil sampling and geological mapping programs at Bear Hill, Butchers Reef and Kojak to define drill targets (Figure 2). Recently completed geophysical surveys at Mannix and Mt Secret outlined strong IP anomalies, providing further drill-ready opportunities. Collectively, results continue to demonstrate potential for a large-scale intrusive-related gold system within the project. Figure 2: Geology, mineral occurrences and historical exploration (source: THB) Exploration Results Assays from 79 rock chip and grab samples collected in July confirm significant mineralisation across multiple prospects (Figure 3). Figure 3: Examples of high-grade mineralisation from Bear Hill and Kojak samples (source: THB) Bear Hill: Samples up to 17.35g/t Au, with several exceeding 9g/t Au, from historical mine dumps (Figures 4 & 5). Figure 4: Bear Hill and Butchers Reef prospect area – surface sampling and simplified geology (new results highlighted in yellow) (source: THB) Butchers Reef: Assays up to 2.79g/t Au, approximately 1km north-west of Bear Hill (Figures 4 & 5). Figure 5: Bear Hill and Butchers Reef prospect area – surface sampling and simplified geology - New results highlighted in yellow (source: THB) Kojak Prospect: Newly identified from LiDAR data, assays included 23.0g/t Au, 5.64g/t Au, 3.11g/t Au, and 2.88g/t Au, hosted in a granite-associated fault zone extending at least 400m (Figure 6). Figure 6: Kojak prospect sampling and historical workings (source: THB) Geological Interpretation The mineralisation styles observed point towards a large Intrusion-Related Gold System (IRGS) model. Bear Hill & Butchers Reef: Fault-controlled vein style hosted within metasediments and monzogranite. Mannix & Mt Secret: Disseminated and sheeted vein style mineralisation associated with Bi-Te-Mo anomalies, comparable to the Timbarra gold deposit. Kojak: Granite-hosted mineralisation within a 3m wide quartz-veined fault zone. Figure 7: Schematic exploration model for intrusion-related gold systems (Lang et al., 2000) (source: THB) Thunderbird Executive Chairman, George Ventouras, commented: “We are very encouraged by these latest assay results, which continue to support the significant exploration and discovery potential we see at Kookabookra. Every field program has revealed new targets, and we are now advancing towards our maiden drilling program. The Kojak discovery is particularly exciting as it opens up a new part of the tenement with strong potential for large-scale intrusive-related gold deposits.” “What is most exciting is that every field program we’ve conducted has revealed more targets, and we have still only explored a very small percentage of the total area of the Kookabookra Project. “This is an important development as it opens up a new part of the tenement area as being prospective for large-scale intrusive-related gold deposits. Given that a major discovery requires only a small surface footprint (for example Kidston in Queensland, which had a surface expression of ~1,100m x 900m and delivered >5Moz of gold), the pathway for a discovery at Kookabookra is compelling, particularly with these latest results. Next Steps Drill permits to be lodged for Mannix and Mt Secret in August, testing strong IP chargeability anomalies. Soil sampling and mapping underway at Bear Hill/Butchers Reef, with further work planned at Kojak and Columbo (Figure 8). Maiden drill program at Bear Hill and Butchers Reef to be planned following completion of current soil and mapping programs. Figure 8: Central Goldfields area - Geology and surface geochemistry (Au) (new assay results highlighted in yellow) (source: THB) Samso Concluding Comments The current release is one part of the story building process and the Kookabookra story is being unfolded. Bear Hill and Butchers Reef continue to validate their historical significance with repeatable high-grade numbers, while the emergence of Kojak demonstrates underexplored part of the story. For investors, the ability to generate new targets from surface allow the generation of newsflow highlighting the concept of “low-hanging fruit” before the drill rig turns up. The Kojak discovery of a 23g/t gold rock chip within a coherent structural setting is a signpost to the potential scale and fertility of the system. Linking this to the regional intrusive-related gold system model adds geological weight. In many cases, discoveries of this type start with a single overlooked prospect can lead to a system that may be part of a much larger mineralised corridor. The company has steadily advanced Kookabookra alongside its other NSW and Canadian projects, each step supported by data. Every announcement over the past six months has layered more information onto the geological picture—moving from reconnaissance sampling, to geophysics, and now towards drilling. This approach is a good sign of authenticity and its what explorers do which creates the transparency that the market needs. For investors, the coming drill program will be the real test. Rock chips and soil anomalies are encouraging, but it is the drill bit that will define the economic potential. What we can say at this point is that Thunderbird has done the groundwork well, setting up multiple compelling drill targets across Bear Hill, Butchers Reef, Kojak, Mannix and Mt Secret. The market will be watching closely to see if the promise of a large-scale intrusive-related gold system becomes a tangible discovery. This is where patience and independent research matter most. Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) The Samso Way – Seek the Research Exploration success is built on evidence, not speculation. Always dig deeper, question the data, and do your own research. That is The Samso Way. 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 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 210 ppb Au soils results and IOCG / Carbonatite Hosted REE Taiton Resources Limited (ASX: T88) has released a strong exploration update covering its Highway and Challenger West projects in South Australia, marking important progress on both gold and critical minerals fronts (Figure 1). The latest results highlight standout gold-in-soil values from Challenger West — including the highest recorded to date — alongside further definition of rare earth element (REE) anomalism at the Yogi prospect within the Highway Project. Figure 1: Taiton Resources’ South Australian Assets (source: T88) Together, these outcomes underscore the company’s methodical approach to advancing two highly prospective targets with distinct commodity exposures. With heritage surveys about to commence, Taiton is positioning itself for a busy and potentially transformative second half of 2025, as it moves toward drilling programs aimed at converting these surface anomalies into significant mineral discoveries. Highlights - Shear-Hosted Gold, IOCG and Carbonatite. Challenger West Gold Project: Infill Ultrafine (UF) soil sampling at Area 1 returned the highest gold-in-soil result to date – 210 ppb Au – within a 1.5km gold anomalous zone coincident with interpreted NNE-trending structures (Figure 2). Figure 2: Challenger West Gold Project (source: T88) Highway Project – Yogi Prospect: Surface geochemical anomalism in REEs aligns with a >6 mGal gravity anomaly, supporting an IOCG/carbonatite-hosted REE exploration model (Figure 3). Figure 3: Highway Project – Yogi Prospect (source: T88) Heritage Surveys: Commencing mid-August to support Exploration Program for Environment Protection and Rehabilitation (EPEPR) applications for planned drilling. Challenger West – Infill Soil Sampling Delivers Peak Gold Values A 245-sample infill UF soil program on a 50m x 50m grid at Area 1, Challenger West, has defined a 1.5km gold-in-soil anomaly along interpreted NNE-trending structures (Figure 3). Figure 3: Challenger West Area 1 UF soil results underlain by RTP 1VD magnetic image. (source: T88) The program returned the project’s best gold-in-soil result to date – 210 ppb Au. Discrete higher tenor gold zones will be prioritised in upcoming drill programs. Challenger West sits 10km west of the 1.2Moz Challenger gold deposit, where mine infrastructure remains on care and maintenance and is under review for potential restart by Barton Gold Holdings (ASX: BGD). The target style is similar to Challenger’s narrow plunging lodes within the Christie Gneiss. Highway Project – Yogi Prospect Strengthens IOCG/Carbonatite-REE Case First-pass UF soil sampling (59 samples, 200m x 400m spacing) across the Yogi gravity anomaly confirmed (Figure 4): Low-level but broad REE anomalism coincident with the anomaly. Dominance of light rare earth elements (LREE) over heavy rare earth elements (HREE), consistent with typical carbonatite signatures. Figure 4: Highway project Yogi prospect UF soil sample locations underlain by residual Bouguer gravity anomaly image. (source: T88) The Yogi gravity anomaly measures over 6 mGal on a 1.5km strike within a broader 4 mGal zone across 5km of strike. Its dense source body may represent iron oxide minerals or carbonate-rich carbonatites, supporting the IOCG/REE potential. At the Yogi prospect within the Highway Project, first-pass Ultrafine soil sampling has outlined broad, low-level REE anomalism coincident with a >6 mGal gravity anomaly over a 1.5 km strike, with this alignment supporting its IOCG exploration potential (Figure 5). Figure 5: UF soil TREO gridded sample results overlain by gravity contours. (source: T88) As shown in Figure 6, the REE anomalism is LREE-dominant and aligns with the gravity contours, consistent with IOCG or carbonatite-hosted REE systems, reinforcing the target’s prospectivity ahead of drilling. Figure 6: UF soil LREO / HREO gridded sample results overlain by gravity contours. (source: T88) The Highway lies within the Gawler Craton, host to major IOCG deposits such as Olympic Dam and Carrapateena. Geochronology shows the area was tectonically active during the Olympic Metallogenic Event. Next Steps Heritage surveys at both Challenger West and Highway. Submission of remaining soil samples for analysis. Preparation for drill programs targeting the highest tenor anomalies. Executive Director David Low commented: “We are very pleased with soil results at Challenger West where strong tenor gold (up to 210 ppb Au) coincident with interpreted NNE trending structures gives us great confidence we are on the right path. The results at Yogi continue to build the IOCG / Carbonatite hosted REE target and we know the real proof will be in drilling the gravity anomaly. With heritage surveys commencing mid-month, Taiton is looking to have an exciting second half to the year with drilling planned to come.” Samso Concluding Comments Declaration: I am the co-founder, shareholder and current Non-Executive Director of Taiton Resources Limited. Taiton Resources’ work at Challenger West and Yogi is steadily building a dual-commodity exploration story with genuine scale potential. Taiton is potentially developing a Shear-Hosted Gold, IOCG and Carbonatite narrative as it starts work on testing the targets at Challenger West and the Highway project. The 210 ppb gold-in-soil result at Challenger West is the highest recorded to date and sits within a well-defined structural corridor, giving the planned drilling program clear focus. What is significant about the Challenger soils is that the line of purple soil results in Figure 3 will be a very interesting spot when drilling occurs. Most exploration geologists would be happy with those numbers, even in soils. It is noteworthy to remember that the broad-spaced calcrete sampling that started the discovery of the Challenger Gold Mine had a value of 180ppb. I know it is calcrete, and there is another discussion on how the numbers compare, but I think the anomalous nature of the number speaks for itself. Check out "Challenger Gold Prospect, Gawler Craton, South Australia - Lintern, M.J. (CRC LEME)" At Yogi, the combination of REE anomalism and a significant gravity feature, as illustrated in Figure 4, is a classic signature for IOCG or carbonatite-style systems. The dominance of light rare earths further strengthens the geological model and positions Yogi as a compelling REE target. The Yogi target has to be one of the most interesting projects that I have come across. The gravity target that Taiton has been showcasing over the last few months is very convincing. We all know about geophysical targets, but the degree of density of the target makes you wonder a lot, and the more red wine one has, the more mesmerising it gets. Management is keen to test that target, so let's see what that brings up as a story. These two fronts provide exposure to both gold and critical minerals, offering a balanced exploration profile that can capture market interest across different commodity cycles. With heritage surveys now in motion, the next phase of drilling will be the real test of whether these surface anomalies can translate into substantial mineralisation at depth. Cover photo: Grabill - Open cut in the great Homestake mine, at Lead City, Dakota, John Grabill. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Grabill_-_Open_cut_in_the_great_Homestake_mine,_at_Lead_City,_Dakota.jpg) The Samso Way – Seek the Research At Samso, we believe that real investment insight comes from understanding the data, the geology, and the bigger picture behind every announcement. Surface results and gravity anomalies are just the beginning — the real story is revealed when you connect them to the history, the regional context, and the technical details. Always dig deeper, question the narrative, and let the research guide your decisions. 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.

There is a visible and coherent bullish shift with investors within the mineral exploration sector of the Australian Stock Exchange (ASX). The E79 Gold Mines Limited (ASX:E79) story is being reviewed as it is primed for potential discovery, and now cashed up. I have known about E79 Gold Mines and was reminded when they were the beneficiary of a nearology play with Kalgoorlie Gold Mining Limited announcing results from their Lighthorse project. E79 was the beneficiary as they share tenement boundaries (Figure 1). Figure 1: The area that has recently made both E79 Gold Mines and Kalgoorlie Gold Mining Limited prominent on the ASX. (source: E79 Gold Mines Limited) One of the most important aspects of trying to understand this industry is to know that as retail investors, we are never going to know the real ins and outs of the company. On most occasions, we are the last and the "insiders," or what I term the "Purple Circle", are always looking at the retail market as the driver of rising pricing and the bag to hold when they leave. Hence, to negate some of the heartache, I prescribe the need to know the two critical points: one is management and the viability of the projects being promoted, and the other is the potential economic discovery within the project. Let me try and break this down without writing a book about it. Management I cannot stress enough the need to know the style and content of management in place. For the majority of retail investors, who are not from the industry, it is hard to know who is who. What many people rely on is being told who they are, and not knowing the main players with some degree of intimacy. The problem with second-hand knowledge is that you don't know how far that knowledge came from by the time it got to your ears. I have compiled a small list of things to ask or to DYOR for readers to chew on: Ability to raise money: Are they connected and have the records to show this? This is a very important ability. Are they the type of management that wants to make an economic discovery? I stress the term economic, which indicates a real effort in terms of spending money and having the right team. Are management looking for an economic discovery, or are they looking for a discovery to create share price stimulation? This is not a bad thing, but knowing this will help you from rushing in and taking a wait-and-see approach. The person who is known for the "Midas Touch," now this is a no brainer and in some ways, this kind of management is the easiest. Put your money in and then go do your day job. The only drawback is that these guys can take a long time, and I mean multiple years as they normally work on their schedule and not yours :-) Similarly, they may have a stronger holding power than you and hence, if you are forced to hold longer than you can, you may miss out. I am sure there are many other characteristics to be aware of, but those are normally the ones I look for before jumping into any stocks. The Project It is sufficient to say that the promoters of these companies have the same motivation as all investors, and that is making money. Retail investors like me are all about making sure we are not taken in by the promotion, that we forget there is a need to sell, and making sure we have the holding power to stay in the game. In my opinion, when we look at the projects being promoted, we need to simply think of two parts. If the main story is about making an economic discovery, is the project, technically, able to give it a good go, or do I think that the chances are low and the risk great? This normally requires a higher level of research and at most times, it's difficult to have an absolute answer. Fortunately for me, with 3 decades of experience, it's a lot easier to break all those points down. For those not in the industry, I have to admit, it's not easy. If the project appears to be lacking in substance, then you would have to assume that management is looking for something else and this is a holding pattern. It's kind of what we call, "Let's Join The Club First.". Coffee with Samso Today, it's all about E79 Gold Mines Limited and Ned Summerhayes. As I have mentioned, I know the management relatively well, and I do believe that they are looking for an economic discovery, and I am pretty sure they are also looking for a better project to come along. They will take their time while they slowly work on their projects. Chapters: 00:00 Start 03:29 Who is Ned Summerhayes? 04:20 What it's like working with the board members? 05:50 The Nearology Factor? 08:19 Has the market changed to being a Bull? 10:46 E79 projects set up by Ramelius consolidation. 12:37 What is the strategy for E79 at the Lighthorse region? 17:27 The Mountain Home Project 26:02 How should corporate manage shareholder expectations? 29:01 Is the market still tight for funding? 34:10 Last comments 34:47 Conclusion PODCAST About Ned Summerhayes Edward (Ned) Summerhayes has completed a Master's of Economic Geology from the University of Tasmania. Ned has more than 15 years’ experience in Mineral Exploration, primarily in Western Australia. Ned’s most recent role was with Black Cat Syndicate as Exploration Manager, having both corporate responsibilities and directing technical programmes. Ned was responsible for all site personnel, stakeholder management, reporting and compliance, as well as reviewing and recommending strategic acquisitions. About E79 Gold Mines Limited E79 Gold Mines Limited is an Australian gold and copper exploration company which has approximately 1,838km2 of highly prospective ground in two proven gold producing greenstone belts in the Western Australian Goldfields and a project within the McArthur Basin of the Northern Territory. Mission To discover gold and develop sustainable operations whilst acting responsibly towards the environment and all stakeholders Statement of Values E79’s vision is to create significant value for Shareholders through good science and applied exploration with a strong culture of operating ethically and responsibly. To respect the cultures, customs, and values of all Stakeholders, including employees, contractors, suppliers, Traditional Owners, pastoralists, and the community. At all times conduct ourselves with integrity, honesty, and transparency. Encourage an enjoyable and safe workplace based on technical excellence, teamwork, collaboration, and diversity. Seek to protect the environment and enrich the communities in which we work. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Rumble Resources Limited (ASX:RTR) has been of interest to me for quite some time, and its recent recovery from a significant drop in share price has captured my attention. From a company standpoint, I am thinking that the new strategy is striking all the right chords in waking up the bull from a near 4-year hibernation. From a technical perspective, Samso spotted the value way before the discovery hole for the Earaheedy project way back in March 2021. I had tried to approach management at that time to host their prospective project on a Coffee with Samso but was kindly turned down. A while later, the company put out a release on the 19th of April 2021, "Major Zinc-Lead Discovery at Earaheedy Project, Western Australia," and that was when the share price took to the sky (Figure 1). Figure 1: The share price chart of Rumble Resources Limited (ASX:RTR) (source: commsec) Reflecting my views on the optimistic market outlook for 2025, Rumble seems to have a new management team with what seems to be an effective strategy. I believe it may be worthwhile to assess the potential of the existing project portfolio. Over the last few weeks, I have started to express my belief in a market shift (2025—The Year of The Golden Snake—Has The Market Catalyst Emerged?) and am wanting to discover potential under-the-radar opportunities and decide which ones have the potential to advance. As retail investors, we can't choose the perfect timing or the right investment without conducting research. For those who want to skip to the parts of the review, please use the list below. 1.0 The Rumble Resources 2025 Plan 1.1 New Message 2.0 The Prize Project - Western Queen Gold Project 2.1 History and Resources 3.0 Western Queen Gold Project - 2025 3.1 New Results 4.0 Western Queen South Gold Project - The comparison to the Never Never Gold Deposit. 5.0 Western Queen Gold Project - The Other Targets 6.0 Western Queen Gold Project - The Tungsten Story 7.0 Samso Concluding Thoughts 1.0 The Rumble Resources 2025 plan. After examining the most recent presentation from the RIU Conference in Fremantle, it seems to represent a promising new beginning for Rumble Resources. My initial impression is that analyzing Rumble Resources' Vision and Mission statements and employing some creative thinking, would be an effective way to uncover the deeper meaning and initiate the DYOR process. It is always a good way to understand what the company wants us to see as their path forward. With a current market capitalization of AUD $40M, 940M shares issued, and about AUD $4.6M in the bank, it’s a solid start. One anomaly I noticed is that the Earaheedy project might be generating value that doesn't align with market sentiment. This is a legacy "asset" that won't disappear in a quick fashion, so I'm unsure if this will be a concern in the future. 1.1 New Message Rumble Resources is now all about the Western Queen Gold project and targeting open-pit mining and toll processing in 2025. This new strategy is fully funded by the Bain Group, an Indian-based mining company that has agreed to fully finance the project's development with up to AUD $35M (Development of Western Queen Gold Project). The release does state that it is an Indicative Non-Binding Term Sheet, but I am not sure if this is now a binding proposition. This would be a good question for Peter Harold, the Managing Director and CEO, if I could convince him to do a Coffee with Samso. With gold prices surging and investor interest in the precious metals sector rising, Rumble’s near-term production story is why it got me curious enough to do this discussion. “When you've got a gold project in a gold environment like we're in, you've got to get into production as soon as you can.” — Peter Harold, MD & CEO 2.0 The Prize Project—Western Queen Gold Project (source: Rumble Resources Limited website) The Western Queen Gold project lies 110km NW of Mt Magnet within the Yalgoo Mineral Field of Western Australia and comprises two mining leases, M59/45 and M59/208, and 2 exploration tenements, E20-0967 and E59-2443, which are 100% RTR. The Project has 3 nearby operating gold processing mills (see Figure 2). The closest mill is the Dalgaranga Mill (48 km), which has a capacity of 2.5 Mtpa. The Checkers Mill (Mt. Magnet) has a capacity of 1.9 Mtpa, and the Tuckabianna Mill has a capacity of 1.2 Mtpa. Figure 2: Rumble Resources Limited's Western Queen Project Location and Neighbouring Gold Processing Facilities (source: Rumble 2025 RIU Presentation) 2.1 History and Resources The Western Queen Gold Project has historically produced 215,000 ounces of gold from two mined deposits: the Western Queen (Central) Mine (189,500 oz) and the Western Queen South Mine (25,500 oz). In August 2021, an updated Mineral Resource Estimate (MRE) reported a 35% increase in total resources, now at 2.1Mt @ 2.42g/t Au for 163,268 ounces. Indicated Resources grew significantly, rising 145% to 1.1 Mt @ 1.95 g/t Au for 67,145 ounces. The combined open-cut and underground resources are detailed in Table 1. Table 1—Western Queen Project Resource Estimate (source: Rumble Resources Website) 3.0 Western Queen Gold Project—2025 Rumble has upgraded the resource by 76% to date, and the resource is now up to 286,600 ounces from 163,268 ounces historically. Figure 3 highlights the existing historical pits and the potential mineralisation beneath, anchoring the future of the mining process. Figure 3: Western Queen Gold Deposit Longitudinal Section – Highlighting Previous Production, Resources and Potential New Resource Areas. (source: Rumble Resources Limited) For those still awake, it's important to understand the strike length. For those unfamiliar with the term "Strike," it refers to the distance of potential mineralisation. The 2.7 km strike length is what Rumble is relying on for its mining narrative. Rumble is concentrating on Western Queen South, which contains 85,000 ounces across the two smaller deposits within their current mining plan. 3.1 New Results On February 17, 2025, Rumbles announced the results of Phase 1 drilling: "High-grade gold and tungsten assays returned from Phase 1 drilling at Western Queen." The objective of Phase 1 drilling was to evaluate several shallow positions, which revealed two new high-grade lodes beneath Princess, under a pegmatite intrusion (Figure 4). Figure 4: Drilling from Rumble's First Phase drilling program is shown here through a longitudinal section of the Princess deposit showcasing the newly discovered high-grade lodes, illustrating their parallel southward plunging orientation in relation to the existing Western Queen Central lode. (source: Rumble Resources Limited) The drilling appears to be consistent with the extent of the mineralising body, which is great, but whether they will make it economically viable in the future will be important. The noted tungsten mineralisation is very interesting, and with grades of greater than 0.2% WO₃, this could be a positive addition to the economics. Tungsten is an interesting commodity, as it is one of the metals that are controlled by China, and it has hit the news front with China restricting its flow of the metal. which could throw a very positive spin for Rumble. My experience with tungsten will throw caution to the wind on this news, but in our uncertain nature of the business, it looks more than interesting for now. 4.0 Western Queen South Gold Project—The comparison to the Never Never Gold Deposit. In Peter Harold's presentation at the RIU Conference in Fremantle, he compares the Western Queen mineralisation to that of the Never Never deposit, which is being developed by Spartan Resources Limited (ASX:SPR). Figure 5 below illustrates his thoughts on the likely similarity of mineralisation and the potential upside of the Western Queen South deposit. Figure 5: Rumble Resources Limited Western Queen South comparison to Spartan’s Never Never (to scale). (source: Rumble 2025 RIU Presentation) Peter describes that the Never Never has over 2M ounces, and Western Queen South has only been drilled down to 300m and hence has the potential to be open with depth. This concept is good in principle. This concept is not new, and as many exploration and mining geologists will agree, the potential is always there, but reality is another ball game. The positive spin to that thought is that a consistently mineralised system that looks like it is at the Western Queen South deposit typically tends to continue with depth. Most times when they "disappear," it would be a truncation, or a cutting off, of the mineralised body. If that were to happen, then the task would be to identify where it has been "moved" to, in terms of directions. 5.0 Western Queen Gold Project - The Other Targets As most of the focus for Rumble has been on Western Queen South and Western Queen Central, there appears to be a potential upside along the other part of the shear zone (Figure 6). Figure 6: Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics. (source: Rumble 2025 RIU Presentation) There is another 2km stretch between the Duke and Cranes deposits that remains largely unexplored, with some significant findings like 14m @ 4.7 g/t Au. It is good to remember that over the past 5 to 10 years, the reinterpretation of existing serial magnetics has been highly successful in targeting. Recently, geochemical sampling has been overtaken by the growing preference for geophysics. Explorers have come to realise that technology is transforming our understanding of what lies beneath the surface, and in many cases, geophysics is more economical. While I am a strong advocate of geochemistry, when it comes to probing deep below the surface, the timing of results and sometimes the funding required, geophysics offers numerous advantages. 6.0 Western Queen Gold Project—The Tungsten Story As mentioned earlier, the tungsten story adds some real meat to the whole Rumble story. The occurrence of Tungsten with gold is not a new concept, but the grades that have been reported at the Western Queen project are very enticing. Some readers may remember that I have mentioned in the past that I was involved in a tungsten project around 2012. When I am looking at the results in one of the slides from the RIU presentation (Figure 7), the grades of up to 4.58% WO₃ and one submeter of 18.35% WO₃ are a tungsten miner's dream. Figure 7: A presentation slide during the RIU conference that highlights a potential tungsten mix to the Western Gold project. A photo of the core looks like the mineralisation is dense and consistent with a likely mature mineralising system. (source: Rumble Resources Limited) The other major tungsten deposit that sits within a stone's throw from the major Telfer gold deposit is the famous O'Callaghan deposit in the Patterson Range. Time will tell what is in store with the tungsten part of Rumble's story, but the market is very hard to commercialise. 7.0 Samso Concluding Thoughts The Rumble story is finally taking a positive turn for shareholders after spending a long period on the bearish side. Shareholders, who have endured a prolonged downturn, haven't had much to celebrate since the initial surge to over AUD $0.60 in 2021, followed by a gradual decline with little noteworthy progress (Figure 8). Figure 8: Rumble Resources Limited share price chart since 2015. (source: comssec). Looking back on the Rumble Resources share price, as I have mentioned earlier, I approached management many times to get the story on Coffee with Samso to talk about the Earaheedy project, which, with the size, grade, and potential size, would have gone well. My thoughts are that the gold mining play with the support of the Bain Group is the perfect recipe and timing. I do think that the Earaheedy project is not a good fit. The best option for the Earaheedy project is to spin it out into another entity and let Rumble be a full-fledged gold play. This is not to say that the Earaheedy project has no value, but in the context of the very sensitive mineral exploration sector, this will lead to confusion as to where the underlying value proposition is. The Western Queen and all of its potential need to be the centre of attention. I am sure I am not saying anything that the management is not already planning, as this is the standard operandi for companies like Rumble. As I am not a mining engineer and I have not looked at the mining potential in great detail, I cannot comment on that part of the Rumble story with any authority. I take what has been presented as valid. In saying that, I do have some questions, but I am hoping that management will accept my invitation to come to Coffee with Samso. What is apparent currently is that the share price curve is flattening out now over the last 12 months (Figure 9). This is a good sign, and the ups and downs are expected, but the time is now for management to deliver what they are promising. Figure 9: Rumble Resources Limited share price chart for the last 12 months. (source: comssec). To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Nowa Helena zinc lead mine Piekary, unknown author. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Nowa_Helena_zinc_lead_mine_Piekary.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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 on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

A notable announcement by E79 Gold Mines Limited (ASX: E79) securing 100% ownership of the Mountain Home Copper-Gold-Bismuth Project in the Northern Territory. The move, announced on 22 April 2025 (E79 Gold Acquires 100% of the Mountain Home Project), indicates that there may be some activity happening on this project soon. The geology in this region is very exotic, and I would also include the tectonics, or rather, the structural history, which is also noteworthy. Northern Territory geology has always been a great place for discoveries. The issue in the past has been the remoteness and the inability to get the market excited. Strategic Win: Early Option Exercise The company exercised its option to acquire the underlying tenement (EL32470) ahead of schedule from NT Minerals, securing a favourable renegotiation of terms: Net Smelter Royalty (NSR) reduced from 2% to 1% Royalty cap reduced from A$3 million to A$1.5 million Option to acquire the NSR outright for A$1 million This proactive move not only cements E79's control over the asset but also enhances its long-term economics and appeal to investors. "By exercising the Option early, we’ve secured 100% ownership on more favourable terms, significantly increasing the Project’s potential," - CEO Ned Summerhayes. The Mountain Home Project Figure 1: Location map of the Mountain Home Project with the McArthur and Carpentaria Basins. Tenure: EL32470 (now 100% owned), EL33886 & EL33887 (under application) Size: Covers 868km² within the McArthur Basin, Northern Territory Minerals: Copper, gold, and bismuth Geological Highlights: Rock chip samples returned assays of up to 45.5% Cu, 11.75 g/t Au, and 9.09% Bi Located in a known metallogenic province with high discovery potential This project (Figure 1) stands out not only for its impressive early results but also for its location in a basin known for being the world’s largest accumulation of zinc-lead resources and increasingly attractive for copper-gold exploration. The McArthur lead-zinc mine has been the cornerstone mining project in the area for decades. Apart from the Merlin diamond mine slightly towards the north, there has not been much action. I completed an honours project here in 1991, and the shoshonitic rocks I had were a mixture of chemistry, with some aligning themselves with alkaline basalts. I have not looked at where the Mountain Home project lies in relation to the Arunta block, which lies beneath the central part of the Northern Territory geology, but I am pretty sure the exoticness is high on the list for mineralisation. Rock chips are not something you measure the prospective nature of a project, but it does give you an indication of what could be sitting somewhere in the patch of ground that E79 has. Hard work from here is what will be required, and lots of cash. Hence, it is a very early stage, but I am keen to see what the exploration will uncover. E79 Gold Mines Continuing Momentum in 2025 With the AAPA heritage licence accepted and the heritage survey pending, E79 is on track to commence drilling in the dry season of 2025. This will be the first major campaign since securing full ownership, and expectations are high following promising geochemical results. Figure 2: Map of E79 Gold’s exploration projects. Beyond Mountain Home, E79 Gold holds ~1,838km² of exploration ground (Figure 2), including: Laverton South Project in the Laverton Tectonic Zone (Western Australia) Murchison Project (under JV with Scorpion Minerals) Areas prospective for gold, copper, bismuth, and even diamonds These projects are strategically located in world-class mineral provinces within the Yilgarn Craton and McArthur Basin, both of which are rich in historical and emerging discoveries. Why Investors Should Watch E79 Gold: ✅ Full ownership of high-grade copper-gold-bismuth project ✅ Strong value enhancement via reduced royalties ✅ Drill-ready in 2025 with confirmed high-grade surface samples ✅ Strategic position in two Tier-1 mining jurisdictions Concluding Comments from Samso E79 is a mineral explorer, and there is no denying that the company has no projects that would come close to attracting lots of funding at this stage of the market. The mineral exploration market is currently at a very difficult stage in terms of funding projects. What E79 has are very supportive shareholders, so from that point of view, shareholders can be grateful. I am taking some time to review E70 because, as I have mentioned before, I like the two most important parts of accessing companies like E79. These two points are the technical projects and the content of management. I have said enough, and for those that have not seen the Coffee with Samso with E79, please spend some time and check it out below: Mineral Explorer Perfectly Primed for Value Creation | E79 Gold Mines Limited (ASX:E79) | CWS Ep.201 There is ample time to look at the investment propositions for E79 so as I always say, DYOR and don't forget that there are only two things in life that is a sure thing, Paying Tax and Death. Happy investing. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) 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: Gidji Drilling Delivers More Gold Results Gold is back in the Eastern Goldfields—and so is Miramar Resources (ASX: M2R), which is now back in town. In my opinion, the return to Gidji is the right path for M2R. Gidji is one of those projects that requires completion. A complete exploration of all potential options to discover that economic deposit. The latest results from Gidji Joint Venture (JV) Project, located just 15km north of Kalgoorlie, reinforce the project's potential to host a major new gold camp and come as the Australian dollar gold price surges past A$5,000/oz. Project Location The Gidji JV is strategically located along the Boorara Shear Zone, a proven structural corridor with multiple gold operations nearby, including Northern Star Resources’ Kalgoorlie assets (Figure 1). Figure 1: Gidji JV Project (yellow outline) and Boorara Shear Zone (white), near Kalgoorlie (source: M2R ASX Announcement on 12 May 2025) Why This Matters The latest drilling expands the supergene gold footprint at the high-priority Blackfriars target, an area that shares key geological characteristics with the multi-million-ounce Paddington deposit. Miramar’s Executive Chairman, Mr. Allan Kelly, commented: “The new results increase the footprint of the high-priority Blackfriars target, which shares several similarities to the multi-million-ounce Paddington gold deposit along strike to the north, including its location at the contact between the Boorara Shear Zone and the Black Flag Beds,” “This is the first systematic drilling at Gidji after a break of almost 3 years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz.” Drill Intercepts Miramar released results from the first 34 aircore holes of a 180-hole campaign. While grades are modest, several intercepts hint at a growing, consistent mineralisation: GJAC955: 1m @ 4.45g/t Au (paleochannel gold) GJAC944: 1m @ 2.01g/t Au GJAC932: 2m @ 1.96g/t Au GJAC960: 2m @ 1.12g/t Au (end-of-hole, open to east) Additionally, strong silver values were encountered: GJAC945: 2m @ 0.75g/t Au with 8.68g/t Ag GJAC943: 1m @ 0.53g/t Au with 4.38g/t Ag These numbers may seem small in isolation, but within the context of widespread supergene mineralisation across multiple targets, they carry weight (Figure 2). Figure 2: New aircore drilling results (squares) and previous drilling (circles) (source: M2R ASX Announcement on 12 May 2025) The Bigger Picture This is the first major drill program at Gidji since 2022. The flat-lying supergene gold zones being intersected are hosted below the Gidji Paleochannel, suggesting the potential for more significant bedrock-hosted mineralisation beneath. Since 2020, Miramar has: Unlocked multiple new gold zones through systematic aircore drilling Identified bedrock targets for deeper drilling Demonstrated large-scale mineralisation potential in an underexplored terrain Strategic Advantages Infrastructure: Close proximity to operating mills and gold mines Underexplored: Gidji has remained hidden due to transported cover and paleochannel masking Aggressive strategy: Miramar is leveraging historic data with modern exploration techniques What’s Next? Completion of the current 180-hole aircore campaign Targeting high-grade bedrock zones with RC and diamond drilling Assessing scale and continuity of new mineralised zoneshttps://youtu.be/uF2RPWPEXJw?si=QELGfFZBjje6DR5h With the Australian gold price pushing new highs and interest growing in the Kalgoorlie region, Miramar is positioning itself for a potential breakthrough. Samso’s Concluding Comments Gidji is one of those projects that was left behind, mainly due to the total disinterest in a gold project when the whole market was only interested in lithium. As a practitioner in this market on the corporate level, I am pretty sure that Allan had no choice but to leave Gidji in preference for the "other" commodities. The "Force" to look for the "Critical Minerals" would have been overwhelming. It is now funny that the major asset in the company that was neglected because the market sentiment was lithium and REE is now back in focus. I am glad the focus is now back on Gidji JV. I have mentioned, and you would have heard Allan make this comment many times about the Gidji JV project, "this is the cheapest house on the best street". The Gidji JV ticks many boxes—location, structure, scale, and now with a rising gold market, it is back in fashion. It should never have been taken out of fashion, as the previous exploration results gave no doubt that there exists a prize that is yet to be recovered. The recent results are evidence that the consistency of the exploration success is remarkable. Time and funding are needed to make this either a discovery or a sterilising program. One could not walk away from this project, confirming all the options. Coffee with Samso: The Gidji Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 The Miramar Story - Miramar Resources Limited (ASX: M2R) - Episode 146 Rooster Talk: Discovery of the Primary source at Gidji : Miramar Resources Ltd (ASX: M2R) - Rooster Talk 63 A New Gold Camp in the Kalgoorlie Goldfields - Gidji Gold Project - Miramar Resources Ltd (ASX: M2R) Miramar Resources Ltd (ASX: M2R) Exploration Update: Gidji - Glandore - Whaleshark - Rooster Talk To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The narrative around critical minerals is no longer just a story of energy transition. It has become a complex intersection of economics, security, diplomacy, and market psychology. At first, it was about rare earths and lithium. What began as a conversation around rare earths and lithium has now extended deeper into the commodity spectrum—copper, gold, iron ore, antimony, and beyond are all being drawn into the geopolitical spotlight. What’s becoming increasingly clear is this: the battleground for the future of energy, technology, and manufacturing supremacy is being fought in the boardrooms of mining companies and in the rocks beneath their feet. And much of that tension will surface at events such as the Critical Minerals Investment Summit 2025, which runs from 22–24 July at the Mercure Perth. From where I sit and have seen over the last 5 years of the "Critical Minerals" narrative, there seems to be a stream of fear and positioning of those that have and a race for positions for those that have not settled. The recent decline in lithium price has deleted the word dominance of lithium from the narrative coming out of Australia. The next commodity that is dominated by Australia that may have the same fate could be iron ore, as Rio Tinto, the iron giant in the Pilbara Iron Ore heaven, recently announced to the world to expect lower grades. The chest-pounding Antimony explorers are currently raising their voices as there is a West vs. China war on that commodity. I think with China dominating that market as well, it would make perfect sense for them to make peace and bring the price back to a sensible market price. Once that happens, that game will be over as well, like the recent Cobalt, Tin, Lithium and REE ride. Let's delve into the whole geopolitical discussion and see if we can simplify all the smoke that is currently doing the rounds on mainstream media. The chapters below will help readers move around this review: 1.0 From Strategic Metal to Strategic Mindset 2.0 Was Geopolitics Always This Influential? 3.0 Gold, Copper, Lithium, Antimony, Iron Ore—How Deep Does It Go? 4.0 Between Headlines and Hard Policy 5.0  Australia’s Role in a Fragmenting Supply Chain 6.0  U.S. Industrial Policy and What It Means for Australian Critical Minerals Projects 7.0  Investment Realities: What Capital Is Willing to Pay For? 8.0  Strategic Partnerships vs. Transactional Deals: Which Way Forward? 9.0 Concluding Comments From Samso 1.0 From Strategic Metal to Strategic Mindset The traditional investor mindset of supply, demand, and commodity pricing is being upended. Whether it’s lithium required for EV batteries, copper for grid-scale electrification, or antimony used in military-grade flame retardants, the driver now is not just utility—it’s control. The U.S. administration—be it under Biden’s cooperative frameworks or Trump’s transactional style—is crystal clear on one thing: China dominates too many steps of the critical minerals value chain. And that’s no longer acceptable in Washington, Brussels, Tokyo, or Seoul. We’ve known about China’s grip on rare earth refining and graphite anodes for years. But we’re now seeing broader categories of minerals being swept into the same conversation—iron ore as a proxy for steel autonomy, gold as a hedge against monetary instability, and copper as the pulse of decarbonisation (Figure 1). Figure 1: News like China banning critical metals to the US is now the norm in mainstream media. (source: Reuters). At the centre of all this? Australia. With geology, political alignment, and operational capacity on its side, Australia is emerging as the most geopolitically strategic resource partner in the Western alliance. 2.0 Was Geopolitics Always This Influential? There’s a risk that all this could be dismissed as short-term noise or election-season rhetoric. But the reality is more layered. Geopolitics has always shaped resource flows—think oil in the Middle East, gas pipelines through Europe, or uranium trade networks. What’s different now is that the conversation has gone mainstream. Clyde Russell of Reuters said it best ahead of the summit: “If the U.S. wants critical minerals without China, it will cost more.” The challenge for Australia isn’t just technical or financial anymore—it’s also diplomatic (Figure 2). Securing funding or offtake agreements from the U.S. Department of Energy or Japan’s JOGMEC is increasingly dependent on policy alignment, ESG compliance, and even the optics of non-China ties. Dr. Vlado Vivoda, CEO & Director of Strategic Minerals Advisory & Research, offered another layer: the shift isn’t just away from China but also from laissez-faire market logic. The U.S. Inflation Reduction Act (IRA) is a blueprint of how industrial policy is now taking precedence over free trade principles. Figure 2: China is single-handedly propelling the price of Antimony. (source: Reuters) In that context, projects in Australia that may have previously struggled to gain traction due to modest scale or early-stage status are now finding a new kind of validation: strategic value. 3.0 Gold, Copper, Lithium, Antimony, Iron Ore—How Deep Does It Go? Figure 3: The mining process of these critical minerals are now changing masters. Who do mines side with now the changing funding landscapes? When I do a search on these commodities, they give me the same kind of generic reasons why they are critical and that there is a shortage of these commodities in terms of mines and resources. The list below is an example of the results. You may ask why gold is included in our list, and that is a great question. Lithium remains front and centre. The U.S. and its allies are scrambling to localise supply chains, from spodumene to hydroxide conversion, bypassing China-dominated processors. Australia’s lithium projects, especially those with downstream ambitions, are getting increasing attention. Copper is quickly becoming a metal of geopolitical importance. Beyond its obvious use in electric vehicles and renewables, copper is critical for rebuilding and upgrading power grids—a national security issue in disguise. Antimony is quietly having a moment. With China and Russia as major producers, Western countries are finding themselves exposed. The metal’s use in military applications and battery technology gives it disproportionate strategic weight relative to its market size. Iron ore is the wildcard. While traditionally seen as a bulk commodity, its central role in China’s industrial complex makes it a potential pressure point. Any serious decoupling between China and Western steelmakers will put Australia in a complicated spot. Gold, often ignored in critical minerals conversations, is not immune. Central banks, especially in non-Western countries, have been increasing their holdings. Gold is the original hedge against geopolitical chaos, and in a world facing growing monetary fragmentation, it is quietly being weaponised. When you look at the list above, the big elephant in the room is to ask if we are talking about critical from a geopolitical reason or from a geological and mining scarcity issue (Figure 3). Commodities such as Tungsten and Antimony have been talked about as being a threat of being critically short in the market for about 15 years. I say that because that is when I was introduced to these two metals. Today, we are still talking about it, but it has been enhanced with China making the ban effective (Figure 1). 4.0 Between Headlines and Hard Policy It’s tempting to view all this as just election theatre, especially with Trump poised for another potential term. But Vivoda is careful to point out that while the tone may shift, the direction remains. Whether the U.S. prefers alliances or arm-twisting, the end goal is the same: reduce dependency on China (Figure 4). Figure 4: Is the critical minerals pricing is a political or market narrative? (source: Reuters) When we look at the "noise' of pricing and the sudden supply crunch of antimony, tungsten, tin, etc., the complexity for investors is that we have to now, in 2025, factor in market demand vs. supply and the political issue. In the past, nations have gone to war (Figure 5) for these kinds of matters, so could we be potentially looking at something like that again? What happens when the warring sides begin to smoke that peace pipe? Are the critical metals suddenly not so critical, or do we believe that the Western world will learn the lesson and pay the price of recreating a "Western" market? Figure 5: As the geopolitical tensions continue to rise, will be look at the draconian thinking of the past? As usual, Australia will be courted either way, but we must be prepared to navigate uncertainty. Industrial funding mechanisms such as DPA Title III, the IRA-linked tax credits, and bilateral trade compacts offer huge opportunities—but only for companies that understand the rules of the new game. The United States–Australia Climate, Critical Minerals, and Clean Energy Transformation Compact might sound like diplomatic theatre, but it signals the direction of travel. Supply chains are being rewired, and Australian companies that are strategically aligned will find more doors open—if they can move fast enough. 5.0  Australia’s Role in a Fragmenting Supply Chain As global powers recalibrate their critical minerals strategies, Australia is becoming central to efforts aimed at diversifying away from China (Figure 6). With abundant resources, stable regulation, and established ESG standards, Australia is increasingly viewed as a reliable anchor in an unstable system. Is it? The Australian issue is the inability to rise above the mounting challenges: faster project approvals, scalable downstream capabilities, and the ability to form enduring trade partnerships that align with shifting geopolitical demands. For Australian players, the task ahead is no longer just about delivering supply—it’s about meeting the world’s rising expectations, on time and on terms that serve national and "partner" interests. Figure 6: World Critical Minerals Dependency Map. 6.0  U.S. Industrial Policy and What It Means for Australian Critical Minerals Projects The Inflation Reduction Act (IRA) is the cornerstone of America’s clean energy and industrial revitalisation strategy. Doing the research and trying to understand all the points is incredibly complex. Some of the key points are listed below. Navigating U.S. funding mechanisms—including tax credits and clean energy incentives—is complex for foreign companies. Eligibility hinges on factors like: Domestic content requirements Strategic alignment with U.S. supply chain goals Avoidance of Chinese-linked ownership or processing Additional policy layers include: Title III of the Defence Production Act (DPA) Department of Energy (DoE) Loan Programs Office Bilateral agreements such as the U.S.–Australia Climate and Clean Energy Transformation Compact The result is a maze of incentives and compliance conditions, requiring deep policy understanding. For Australian companies, the challenge is to align with U.S. priorities without compromising project independence or operational flexibility. In my opinion, all these trade restrictions will always eventually be relaxed with time, or another route for the trade will arise, which ultimately negates the barriers. History has shown that this is the way of the world; otherwise, global trade would not be as efficient as it is now. Investors must wonder if all this required effort is a place that they want to park their hard-earned money. With the recent reduction in tariffs being "negotiated," investors may prefer to just go for a holiday or leave it in some other asset class where there is more certainty. 7.0  Investment Realities: What Capital Is Willing to Pay For? For all the headlines around critical minerals being “strategic,” the investment fundamentals haven’t disappeared. At the end of the day, capital still moves based on risk, return, and timing. There’s no shortage of geopolitical interest, but translating that into real dollars, especially for early-stage projects, remains a challenge. Many assets that tick the right boxes in Washington or Brussels, in Hong Kong or Australia, struggle to attract meaningful funding without long-term offtake agreements or government-backed finance. Sovereign wealth funds, institutional capital, and specialist investors are circling, but their focus is narrow—priority is given to projects that are both politically aligned and commercially credible. As I read more into the whole concept of "Critical Minerals," one needs to understand to whom it is a critical issue. One would then assume that the eager capital that is used to fund the mineral exploration or the mining process must benefit the community that surrounds the end process. The competition for funding is fierce, so the business case for receiving funding would need to be on point. In Australia, there is no real downstream process, and one would think that it should not be our concern. A good example is the case of struggling Australian Mineral Explorers seeking government funding but having limited success. Why would this make sense? Why not spend the funding on commodities that Australia benefits from? Would that not make more sense, from Australia's point of view? In October 2024, Tim Craske was on Coffee with Samso explaining why we may have misunderstood the terminology and the meaning of Critical Minerals. Coffee with Samso - Insights: Critical Metals - The Real Meaning and Path Australia should Play in the Clean Energy Revolution. Capital is ultimately the market maker and the one that decides what sells and what is bought. There is no denying this simple point, and it has been this way for centuries. For developers across lithium, copper, antimony, and even gold, this creates a sharper lens: technical merit alone is no longer enough. The real question is whether Western governments—and their funding mechanisms—are genuinely prepared to absorb the cost of reshoring supply chains. In other words, are they ready to pay the “strategic premium,” or is this still a market that expects security without subsidy? 8.0  Strategic Partnerships vs. Transactional Deals: Which Way Forward? Australia is focused on establishing long-term alliances founded on trust and stability, in contrast to short-term, transactional deals that are often influenced by political cycles. To achieve this, Australia needs to collaborate with key partners, including the United States, the European Union, Japan, and South Korea. However, a significant challenge remains as the market is asking if Australia can preserve its strategic leverage without becoming entangled in one-sided or coercive economic agreements. Is siding with President Trump a good choice of economic policy, or is it time for Australia to be more strategic with its real trading partners, the ASEAN players? The strategic significance of certain minerals necessitates that partnership structures emphasize long-term, mutual benefits rather than mere opportunistic trade. It is not solely about supply. The process is also about fostering a shared vision, ensuring transparency, and aligning with broader economic and security objectives. Furthermore, the nature of these minerals should be reflected in the strategic planning of the partnerships. 9.0 Concluding Comments From Samso The growing intersection of geopolitics and critical minerals is no longer a speculative conversation—it’s the operating environment (Figure 7). What we’re seeing is not a short-term reaction, but a structural reordering of how resources are valued, funded, and supplied globally. Figure 7: The geopolitical impacts for "Critical Minerals". (source: Samso) Australia is in a unique position. We have the geology, the stability, and the diplomatic alignment that many countries are actively seeking. But that advantage is not automatic. It requires intent, speed, and the ability to structure projects that meet new geopolitical and ESG realities. The days of simply finding a high-grade deposit and waiting for the market to respond are fading. Today, investors and policymakers are demanding clarity on processing pathways, offtake alignment, ESG credentials, and geopolitical fit. If these elements aren’t addressed early, projects may miss the funding cycle altogether. For gold, copper, antimony, lithium, and even iron ore, the narrative has shifted from one of production to one of purpose. Why does your project exist, who does it serve, and how does it fit into broader supply resilience? These are now fundamental questions every explorer must answer. Figure 8: Rare Earth Elements have been a big topic for a while but can the "Western" influences re-create the downstream process and maintain the course. (source: Thermo Fisher Scientific) When you start talking about the Rae Earths, there is another level of complexity, as the cost of restabilising the downstream process may be too rich for the "West," so what do you do there? There are paths being created now, but will they be sustained, and will they break down as soon as the Trump factor goes into retirement? It’s encouraging to see forums like the Critical Minerals Investment Summit 2025 bring these issues to the front. These are the conversations that shape investor confidence and industry direction—not just in Australia, but across the global resource landscape. As always, I encourage companies and investors alike to look past the headlines. Understand the long game, track the geopolitical signals, and position wisely. The rocks haven’t changed, but the world around them has and is affecting the way we explore and complete the mining process. Greenbushes Lithium Mine in Western Australia. (source: Alamy) To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover image: 1794 Samuel Dunn Wall Map of the World in Hemispheres - Geographicus - World2-dunn-1794, Thomas Kitchin. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:1794_Samuel_Dunn_Wall_Map_of_the_World_in_Hemispheres_-_Geographicus_-_World2-dunn-1794.jpg). Reproduced map image, shown faded under a navy overlay on the article thumbnail. 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.