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

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

Announcement Terra to Acquire True American Tungsten Project (click here to view the announcement) Terra Critical Minerals Limited (ASX: T92) has taken a decisive step into the North American critical minerals landscape with the acquisition of the True American Tungsten Project, located in central Nevada at the junction of the prolific Getchell and Battle Mountain Mineral Belts (Figure 1). Figure 1: Project Location Map (source: T92) This is a historic, high-grade, past-producing tungsten system with geological signatures consistent with larger skarn-style systems. The combination of location, grade, commodity pricing, and strategic timing makes this a highly intriguing development from the Company. The Business of the Company: Focus – Projects Terra Critical Minerals continues to operate as a diversified strategic minerals explorer focused on tungsten, tin, silver, gold, and uranium across Australia and Canada. The Company’s portfolio now includes: True American Tungsten Project (Nevada, USA) – newly acquired, high-grade tungsten system. Ottery Tin & Precious Metals Mine (NSW) – 100% owned. Glen Eden Tin–Tungsten–Molybdenum Project (NSW). Athabasca Basin Uranium Portfolio (Canada) – including Engler Lake, HawkRock, Rapid River, Yurkowski Lake, and more. With a team that has deep structural and uranium expertise, Terra is positioned across multiple critical supply chains. Highlights – Binding Agreement to Acquire a High-Grade Tungsten Project in Nevada 1. Terra Acquires 100% of the True American Tungsten Project Terra has signed a binding agreement to acquire the True American Tungsten Project in Nevada, a jurisdiction hosting tier-one tungsten, gold, and polymetallic systems. This project sits along strike of the Springer Mine, adjacent to Pilot Mountain and Tennessee Mountain, all recognised tungsten centres. 2. Historic High-Grade Tungsten Samples up to 11.1% WO₃ The Project boasts compelling historic assays from US Bureau of Mines datasets, including: 11.1% WO₃ from hand-sorted ore (USBM 1963). 5.12% WO₃ (USBM 1963). 4.2% WO₃ (USBM 1963).A total of 33 tonnes of ore historically shipped returned grades between 1.69% to 11.1% WO₃. These are exceptional grades for tungsten skarn systems. 3. District-Scale Exploration Potential Identified by USGS (2021) Recent USGS work highlights strong anomalous stream-sediment geochemistry, suggesting that multiple tungsten-bearing zones may extend south of the known workings. This aligns with intrusive-related fluid pathways typically associated with larger skarn systems (Figure 2). Figure 2: USGS Prospectivity Analysis (source: T92). 4. Geological Positioning Linked to Major Tungsten Skarn Systems The Project sits at a key structural and intrusive intersection where granite contacts with limestone and volcanics generate tungsten skarn mineralisation. The USGS tungsten skarn model shows the potential scale of these systems (Figure 3). Figure 3: USGS Tungsten Skarn Model (source: T92). 5. Under-Explored with No Modern Exploration Since the 1940s Despite historic production, no modern drilling, geophysics, or systematic mapping has been conducted since 1945. The area remains open for major new target definition. 6. Tungsten Prices at All-Time Highs Tungsten prices have surged above USD $780/MTU, driven by tightening Chinese export restrictions, escalating defence needs, and expanded demand from aerospace and datacentres (Figure 4). This macro setting strengthens the strategic rationale for Terra’s acquisition. Figure 4: Tungsten Market Chart (Source: Shanghai Metals Market). 7. Proposed Exploration Program (2026 Onwards) Terra plans to launch a staged program including: Geological mapping and structural analysis. Geochemical sampling for W–Mo–Bi–Cu pathfinders. Geophysics: IP and magnetics to identify contacts and concealed intrusions. Targeted diamond drilling across prospective limestone units at depth. This staged program aims to identify a larger, blind tungsten system at depth. 8. Additional Claims, Royalty Terms, and Entitlement Offer Terra will acquire 100% with staged share payments and modest royalties (combined NSR 1.5%, partly buy-backable). A separate Entitlement Offer of quoted options aims to raise up to $600,000, supporting both working capital and exploration budgets. Key milestones include additional claim staking and reporting of future JORC-compliant resources. About the Project The True American Tungsten system is hosted within a metamorphosed shale–volcanic package with thin limestone horizons intruded by diorite dykes. This geological setting is classic for tungsten skarn development, particularly where intrusives feed metal-bearing fluids toward receptive carbonate host rocks (Figure 5). Figure 5: Local Geology and Mineral Claims Map (source: T92). The mineralisation is primarily scheelite within quartz vein stockworks, with evidence of contact metasomatic alteration forming tungsten lenses along limestone beds dipping ~30–40° east. The presence of diorite dykes is interpreted as evidence of a deeper concealed pluton — the likely source of the system’s fertility. Near-term Milestones to Watch Completion of the acquisition and claim transfer (expected end of 2025). Staking of additional unpatented mining claims. First-phase mapping and structural interpretation. Initial tungsten–pathfinder geochemistry program. Geophysical surveys (magnetics & IP) to define subsurface targets. Identification of drill targets along limestone units proximal to intrusive margins. Entitlement Offer completion and quotation of new options How Samso Understands the Investment Memo for the Company This acquisition is best viewed as a strategic, high-grade tungsten entry into the US supply chain at a time when global tungsten markets are undergoing significant geopolitical rebalancing. The rarity of high-grade tungsten systems, combined with the Project’s location near known deposits, gives Terra a unique platform to grow value in a commodity that is experiencing long-term structural support from defence, aerospace and advanced manufacturing. The minimal historic work and absence of modern exploration increase the chance of transformative upside. Samso Concluding Comments From an exploration standpoint, the True American Tungsten Project offers a rare opportunity: a historically mined high-grade system that has seen no modern scientific work. In 2025, such opportunities are increasingly scarce. The system’s structural and lithological context suggests that the known workings represent only the shallow expression of a much larger skarn system potentially concealed at depth. The presence of diorite dykes, anomalous geochemistry, and granite intrusions is a textbook precursor for larger tungsten deposits. The tungsten market fundamentals cannot be ignored. With China controlling ~80% of global supply and tightening export restrictions, tungsten has moved from a specialist metal to a strategic asset of international importance. Defence supply chain assessments from NATO, South Korea, and the US all highlight tungsten as a high-risk, high-priority commodity. For Terra to secure an early-stage project in a US jurisdiction at this moment places them strategically ahead of the curve. In summary, the Project’s combination of geology and market timing presents a compelling case. With Terra’s positioning within the Tungsten narrative and the recent success of several ASX companies with critical minerals projects in the US, this will make an interesting narrative. For investors seeking exposure to a rising strategic commodity, this development is worth close attention. For those want a deeper DYOR process, check out the following Coffee with Samso and Samso Insights that we have covered recently: Coffee with Samso: Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten Samso Insights: Tungsten: The Quiet Giant – Market Trends and Investment Pathways. The Samso Way – Seek the Research Real insights come from understanding the geology, the strategy, and the market—so always do your own research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement 1. G11 Corporate Presentation – 15 August 2025 (click here to view the announcement) 2. G11 to acquire new Gold and Copper Projects 13 August 2025 (click here to view the announcement) 3. G11 defines new Copper/Gold drill target at Sedgwick Bluff, 7 November 2025 (click here to view the announcement) G11 Resources Limited (ASX: G11) has moved decisively in 2025 to expand its footprint across two of Australia’s most prospective mineral belts—Tasmania’s Mt Read Volcanics and the frontier structural corridors of north-western New South Wales (Figure 1). Through the acquisition of Pacific State Metals and further modelling work released later in the year, the Company has unlocked a pipeline of untested gold–copper targets with the scale and geological positioning required for Tier-1 discovery outcomes. Figure 1: Sedgwick Bluff Regional Location (source: G11) The Business of the Company: Focus – Projects G11 is now positioned across four complementary project areas (Figure 2): Sedgwick Bluff (EL11/2025), Tasmania — directly along strike from the Mt Lyell Copper–Gold Mine, sharing the same host lithologies and controlled by the Great Lyell Fault. Packsaddle (EL9424, EL9442, EL9469), NSW — a 100 km structural corridor with IRG-Cu and Orogenic Au potential anchored by the newly identified Kings Hill magnetic–gravity anomaly. NW Cobar (EL9470), NSW — multiple bullseye magnetic and IP anomalies prospective for Cobar-style base metals. Koonenberry Belt (NSW) — 3,300 km² of VMS Cu, Orogenic Au, and Ni–Cu–PGE terrane already hosting a significant Exploration Target at Wilandra. Figure 2: NSW PROJECTS: Packsaddle Project, NW Cobar Project & Koonenberry Project (source: G11) HIGHLIGHTS 1 — G11 to Acquire New Gold & Copper Projects (13 August 2025) A Transformational Acquisition of Pacific State Metals 1. Sedgwick Bluff: Untested Extension of a Tier-1 System (Figure 3) Figure 3: SEDGWICK BLUFF – Tier 1 Cu-Au District in Tasmania (source: G11) EL11/2025 covers 23 km² immediately along strike from the Mt Lyell Cu–Au district (312 Mt @ 1% Cu & 0.3 g/t Au endowment). Only 16 historical drillholes, with just four testing the 4 km continuation of the Mt Read Volcanics adjoining the Great Lyell Fault. Three coherent target zones: West Sedgwick, NE Pyrite Zone, Beatrice (Figure 4). Figure 4: EL11/2025 Geology & Great Lyell Fault Extension (source: G11) Large geophysical and geochemical datasets remain unprocessed using modern methods (Figure 5). Figure 5: Photograph of Mt Lyell–Sedgwick Bluff (source: G11) 2. Packsaddle Project: Kings Hill Anomaly Defined 10 km × 3 km magnetic–gravity high adjacent to the crustal-scale Olepoloko Fault (Figure 6). Interpreted large granite “heat source” and significant folding, ideal for IRG-Cu and Orogenic Au systems. Figure 6: Kings Hill Structural Interpretation (source: G11) 3. NW Cobar Project: Large Untested Base Metal System Multiple discrete magnetic anomalies with semi-coincident IP responses (Figure 7). Analogous geological setting to the well-endowed Cobar Region. Figure 7: NW Cobar IP & Magnetics (source: G11) 4. Corporate Terms G11 to issue 183.2M shares at $0.015 per share. Acquisition subject to shareholder approval; BDO appointed as Independent Expert. Post-acquisition share consolidation (10:1) proposed. HIGHLIGHTS 2 — New Copper–Gold Target Modelled at Sedgwick Bluff (7 November 2025) Modelled CSAMT Anomaly at Zig Zag Hill Defines a Drill-Ready Target (Figure 8) 1. Zig Zag Hill CSAMT Target Identified New 3D-modelled CSAMT anomaly located along the Great Lyell Fault, immediately north of Mt Lyell. Proven CSAMT correlation with Mt Lyell ore zones. Anomaly lies adjacent to a major fold—ideal for fluid focusing and metal deposition. Figure 8: CSAMT Long Section with Mt Lyell Comparison (source: G11) 2. Priority Forward Work Drill program planning underway, pending: Flora & Fauna surveys. Mineral Resources Tasmania approvals. Final grant of EL11/2025. Technical team on site in Tasmania reviewing access and contractor options. 3. Additional Targets Being Assessed Further review is ongoing at the NE Pyrite Zone, reinforcing the emerging multi-target nature of Sedgwick Bluff. About the Project Sedgwick Bluff (Tasmania) Located within the Mt Read Volcanics, one of Australia’s premier multi-commodity belts. The Great Lyell Fault is the primary control on Mt Lyell mineralisation, and the same structure continues directly into EL11/2025. Historical exploration focused elsewhere, leaving the northern strike largely untouched despite identical geology. Packsaddle (NSW) A major continental-margin structural corridor. Kings Hill hosts “Tier-1 scale” coincident magnetic, gravity, and structural complexity signatures. Cover depth likely <100 m, improving drill economics. NW Cobar (NSW) Targets aligned with Cobar-style systems: discrete magnetic cores, IP chargeability, and favourable basement volcanics. Near-Term Milestones to Watch EL11/2025 grant finalisation in Tasmania. Flora & Fauna surveys followed by drill permitting at Zig Zag Hill. Processing & reinterpretation of 70 years of historical Sedgwick Bluff datasets. Drill targeting refinement at Kings Hill, Packsaddle. Planned maiden drilling across Sedgwick Bluff and Packsaddle in 2026. How Samso Understands the Investment Memo for the Company G11’s acquisition footprint aligns with structurally controlled, large-system deposit types known to host multi-million-ounce and multi-million-tonne resources. Sedgwick Bluff represents a unique structural continuation of Mt Lyell—rarely does a company gain exposure to such a setting with so little modern drilling. Packsaddle and NW Cobar provide scale, optionality, and multi-target diversity across a region traditionally under-explored due to cover. The strategic consolidation simplifies future exploration budgeting and positions the Company to chase Tier-1 outcomes. Samso Concluding Comments G11 is clearly positioning itself for scale, not incremental gains. The Company’s stated commitment to large intrusive and orogenic systems is consistent with the geological signatures emerging from Sedgwick Bluff and Packsaddle. From an investment perspective, the key attraction lies in the structural control of the mineral systems. The Great Lyell Fault is one of the most mineralised structures in G11 is clearly positioning itself for scale, not incremental gains. The Company’s stated commitment to large intrusive and orogenic systems is consistent with the geological signatures emerging from Sedgwick Bluff and Packsaddle. Tasmania, and having a 4 km untested continuation, is a geological opportunity rarely seen in modern Australian exploration. The fact that historical work was constrained by ownership priorities—not prospectivity—creates an opening for G11 that is unlikely to be repeated. Packsaddle, specifically the Kings Hill anomaly, stands out as a frontier target with all the hallmarks of a large IRG-Cu or Orogenic Au system. This is a geological setting where cover has masked significant potential, and the recent gravity reinterpretation provides strong evidence of a substantial intrusive heat source. Such alignments between structure, magnetics, gravity, and basement architecture often precede major discoveries. The NW Cobar Project further strengthens the regional strategy. While Sedgwick Bluff and Packsaddle may carry more Tier-1 upside, NW Cobar fits neatly into G11’s diversification approach by adding a third structurally controlled system with historical under-testing. In modern exploration, multiple bets across complementary geological provinces significantly improve discovery probability. Taken together, G11 has transitioned into a company with genuine exposure to large-scale, system-level exploration—exactly the type of profile that historically leads to transformative drilling outcomes. Investors should monitor the pace of permitting, ongoing data integration, and the first drill program at Zig Zag Hill as the major value inflection points heading into 2026. The Samso Way – Seek the Research In exploration, context is everything—always follow the geology, the structure, and the data. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Results Extend Gold Mineralisation at Depth 12 November 2025 (click here to view the announcement) Caprice Resources Ltd (ASX: CRS) has released the first batch of assay results from its Phase 4 RC and diamond drilling program at the Island Gold Project (IGP), located between Mt Magnet and Cue in Western Australia’s Murchison Goldfields (Figure 1). Early results have delivered further high-grade intercepts at the Vadrians prospect, extending known gold mineralisation to ~300m vertical depth and demonstrating continuity of the system down plunge. The Phase 4 program is part of an ongoing 20,000m campaign designed to progress IGP toward a maiden Mineral Resource Estimate. Figure 1: Location of Island Gold Project & recently acquired Comet Project with surrounding mine/processing plants. (source: CRS) The Business of Caprice Resources - Gold Project Focus Caprice Resources is advancing a multi-asset gold development pipeline across the Murchison, supported by a strategy of exploration, resource definition, and development evaluation (Figure 2). The Island Gold Project remains the flagship asset within the Company’s portfolio of four Murchison gold projects. Figure 2: Perspective aerial view of the IGP Corridor: Showing the location of historical shallow gold workings. * Best recorded intercept/grab sample to date (source: CRS) Highlights – High-Grade Zones Extend to ~300m Depth at Vadrians The first 14 drill holes (3,740m) from the Phase 4 program confirm strong high-grade mineralisation both along strike and at depth. Vadrians Strike Extension (Figure 3) 13m @ 7.7 g/t Au from 242m (25IGRC078)  • includes 7m @ 13.9 g/t Au from 246m 3m @ 15.3 g/t Au from 234m (25IGRC078) Figure 3: Schematic long section of the Vadrians gold mineralisation with recently received significant assays. (source: CRS) Vadrians Depth Extension (Figure 4) 12m @ 3.6 g/t Au from 323m (25IGRC081)  • includes 6m @ 6.5 g/t Au from 323m Figure 4: Plan of the Vadrians gold mineralisation with recently received significant assays (source: CRS) Vadrians Infill & Metallurgical (Figure 5) 10m @ 12.8 g/t Au from 220m (25IGRC085) 6m @ 6.3 g/t Au from 162m (25IGRC080)  • includes 3m @ 12.1 g/t Au from 164m 6m @ 3.3 g/t Au from 66m (25IGRC084) Figure 5: Vadrians Depth Profile – 200–400m Extension & Stacked BIF Potential (source: CRS) Collectively, these results extend mineralisation to ~300m vertical depth, with deeper diamond drilling to 400m already completed and assays pending. Leadership Commentary Caprice MD, Luke Cox, commented: “The deep drilling intercept of 6m at 6.5 g/t gold from 323m downhole is a breakthrough moment for the team demonstrating the effectiveness of the geological targeting model and discovery focused drilling strategy that indicates considerable gold potential at depth and along strike within the Island Gold Project. Deeper diamond drilling is underway to test potential depth extensions at Vadrians to 400m vertical depth, with assays pending. “The consistent occurrence of high-grade intercepts at depth, particularly within the Vadrians system, which is recognised for its elevated gold concentrations, is notable and supports the assessment of continuity and scalability of the Project's gold mineralisation envelope. The combination of both shallow and deeper gold intercepts suggests opportunities for lateral and vertical expansion of the maiden resource opportunity, establishing a solid basis for continued exploration and potential development. “The Phase 4 exploration programme is now in full swing and designed to build on the success of our previous drilling campaigns as we progress towards delivering a maiden MRE at IGP of grade and scale. The campaign will focus on extending known zones of high-grade gold mineralisation and further enhancing our geological understanding of the system. The combination of RC and diamond drilling is expected to provide the drill density required to support a robust resource model, while air core drilling will continue to test the broader IGP system for new gold discoveries.” About the Project (WA) The Island Gold Project sits within the highly endowed Murchison Goldfields (>15Moz gold endowment). Key geological features include: A 5km × 1km mineralised corridor hosting multiple Banded Iron Formation (BIF) units up to 30m thick. Gold mineralisation controlled by NNW–NE cross-cutting structures, hosting quartz vein arrays and shear-hosted lodes. Recent discoveries at West Star and Condenser, west of New Orient, demonstrate stacked lodes and additional targets. Historically shallow drilling (<70m) with new drilling confirming deeper plunging zones. Near-Term Milestones to Watch Ongoing Phase 4 drilling (~12,500m still active) across RC, diamond, and aircore programs. Pending assays from multiple deep diamond holes to ~400m depth. Aircore drilling to begin testing concealed BIF trends beneath Lake Austin sediments, including:  1km corridor between New Orient and Vadrians  1km × 1km “Gap” corridor between Iron Clad and Condenser Structural and metallurgical data collection to support a maiden Mineral Resource Estimate (MRE). How Samso Understands the Investment Memo for the Company Caprice is building a geological foundation that supports scale, continuity, and potential resource growth at IGP. The deep, high-grade extensions at Vadrians provide strong evidence that the project may host vertically and laterally extensive lode systems, consistent with major gold deposits across the Murchison. Samso Concluding Comments The Island Gold Project continues to present as one of those classic Murchison-style BIF-hosted systems where persistent, methodical drilling tends to be rewarded. The combination of shallow and deep mineralisation is important, as it provides optionality across future development scenarios. Most importantly, Caprice is beginning to demonstrate that Vadrians is not just a near-surface opportunity but potentially a deeper, structurally controlled system with room to grow. The regional context is another factor investors should appreciate. Being situated near long-life processing hubs such as Westgold’s Tuckabianna Mill and Ramelius’ Mt Magnet operations improves the strategic value of any emerging resource. In regions like the Murchison, proximity to mills often accelerates the commercialisation timeline, particularly when high grades are involved. The exploration model being applied across the 5km corridor is steadily adding geological confidence. The presence of multiple BIF units, cross-cutting structures, and newly identified lodes suggests that the system may eventually deliver more than one economic centre. The ongoing structural interpretation work and diamond drilling will shed more light on the scale of these opportunities. As always, exploration carries uncertainties, but Caprice’s systematic approach, strong geological team, and fully funded drill program put the company in a favourable position. The next wave of diamond core assays is likely to provide critical insights into the continuity and depth potential of the system, shaping the pathway toward a maiden Mineral Resource Estimate. The Samso Way – Seek the Research Always go back to the geology and let the data guide your understanding. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement MRD Expands Rare Earth and Gallium Tenure 12 November 2025 (click here to view the announcement) Mount Ridley Mines Limited (ASX: MRD) has announced a significant expansion of its tenure at the Mount Ridley Gallium and Rare Earth Project, located north of Esperance, Western Australia (Figure 1). The new Exploration Licences now consolidate the entire Grass Patch Complex — a distinctive geological domain marked by gravity and magnetic highs, interpreted to be associated with mafic intrusions, and recognised as a primary source of gallium and heavy rare earth enrichment. Figure 1: Regional Location Map showing new Mount Ridley Tenements and major infrastructure associated with the project. (source: MRD) The Business of Mount Ridley Mines - A Potential Gallium Player Mount Ridley is progressing a multi-commodity critical minerals strategy centred on gallium, scandium, and heavy rare earth elements (HREEs). The Company’s landholding now exceeds 1,069 km² and encompasses the entire interpreted corridor hosting three major mineralised blocks — including Blocks 1 and 2, which hold the majority of the Company’s maiden gallium resource estimate. The consolidated position provides continuity over a 68km-long and 12.5km-wide mineralised system. Highlights – Expansion Establishes One of Australia’s Largest Clay-Hosted Critical Minerals Provinces • Tenure expanded to more than 1,069 km², securing 100% control of the Grass Patch Complex. • Consolidated footprint covers 68 km of strike and 12.5 km width, with ~80% of the area untested by drilling. • New licence applications extend MRD’s holding 31 km southwest of Block 1 and 15.6 km northeast of Block 2 (Figure 2). Figure 2: Gravity image showing the distinct Grass Patch Comp[lex gravity high and expanded Mount Ridley tenement position. (source: MRD) • Blocks 1 and 2 host defined Gallium Mineral Resource Estimates and have intersected significant HREE mineralisation. • Grass Patch remains largely underexplored for gallium, scandium, and HREEs — historical drilling mostly targeted base metals. • Expansion gives MRD control of one of the largest clay-hosted REE and gallium provinces in Australia. Leadership Commentary Chief Executive Officer, Allister Caird commented, “This strategic expansion cements Mount Ridley’s dominant position across the Grass Patch Complex, a geological domain that continues to reveal exceptional critical mineral potential, which, to date, includes gallium and heavy rare earths. With most of the area yet to see any modern drilling, we are positioned to unlock substantial new growth beyond the existing resources across Blocks 1, 2 and 3.” About The Mount Ridley Project (WA) The Grass Patch Complex is interpreted to represent a deep-seated mafic intrusive system expressed as a strong gravity and magnetic high. This geophysical signature correlates with the enrichment of gallium and heavy rare earths observed within the overlying regolith. To date, only 20% of the interpreted corridor has been tested, predominantly through shallow aircore programs. Systematic drilling, including deeper penetration, is expected to further delineate mineralised zones. Mount Ridley’s current resource inventory includes: Gallium Resource (Table 1): 838.7 Mt @ 29.3 ppm Ga (Inferred) across Blocks 1–3 Total REE Resource (Table 2): 168 Mt @ 1,201 ppm TREO (Inferred) at the Mia Prospect, including 25% MagREO. Table 1: Global Total Gallium Inferred Mineral Resource Estimation Table 2: Global Total REO Inferred Mineral Resource Estimation Near-term Milestones to Watch • Completion of modern geophysical data review across the Grass Patch Complex. • Re-assay of historical pulps to refine gallium and rare earth distribution. • Scandium resource potential assessment across priority zones. • Focused evaluation of HREE mineralisation across Blocks 1 and 2. • Drill targeting and prioritisation for step-out resource expansion drilling. How Samso Understands the Investment Memo for the Company This announcement reinforces Mount Ridley’s strategic consolidation play. Full control of a geophysically distinct and mineralogically favourable corridor provides a strong platform for sustained resource growth. The Company’s systematic approach — geophysics, re-assays, and targeted step-outs — indicates a disciplined pathway toward expanding both gallium and REE resources. The underexplored nature of the region, combined with existing resource definition across multiple blocks, positions MRD as a developing story in Australia’s clay-hosted critical minerals space. Samso Concluding Comments The Mount Ridley story, with its headline Gallium story, is what is captivating this journey. In its previous life, MRD was promoting a clay rare earth project. The consolidation of the Grass Patch is a good way to build what could be a resurgence of the clay rare earth sector, with OD6 Metals and Co. making new claims to extract the rare earths with a sense of profitability. From a geological point of view, there will be technical success, but as we have learnt, this sector is now all about delivering the products. There is no doubt that projects in this area will have the potential resources required for the market. The key is if the compnaies can extract profitably. Figure 3: The share price chart for Mount Ridley Mines as of 25th November 2025. (source: CommSec) The Gallium story is obviously the prize, as we can see in Figure 3, with the market fully embracing the release of the Gallium resource. I think that whether Gallium will ever see the light of day from a processing manner, the market sentiment will drive more value creation. Currently with a market capitalisation of just under AUD $58M (as of 25th November 2025), it does feel a bit heavy for a punt. Some people would argue that the value is in a Gallium resource, which I am not denying, but can this Gallium be processed as historically, and in fact, currently, there are no primary Gallium facilities. The recent Alcoa deal that has the support of the US government is talking about Gallium from Bauxite ores. The upside for MRD is that there is always a new path that will deal with a primary processing plant, which I think is potentially where an AUD $58M market cap will be considered cheap. I think if there are more retreating of the share price, MRD could well be a good one to take a position. The hope is that the selling will come as we approach the holiday season. For investors, it is pertinent to remember that this growth in critical minerals does not always come from new discoveries. Sometimes, the value lies in securing the right geology, consolidating key positions, and having a product that is amenable to being extracted in a cost-efficient manner. The Samso Way – Seek the Research Always look beyond the headline — understand the geology, the scale, and the strategy. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement Extensive Gallium Mineralisation at Salazar (click here to view the announcement) West Cobar Metals Limited (ASX: WC1) has released new findings from the Salazar Critical Minerals Project, located approximately 150km northeast of Esperance (Figure 1). A detailed review and re-analysis of historical drilling, paired with new RC work across Newmont, O’Connor, and adjacent prospects, has confirmed extensive gallium mineralisation throughout the system. This discovery adds another valuable co-product to the existing rare earths, scandium, TiO₂, and alumina profile already defined within the Salazar clay-hosted system. Figure 1: Map of Salazar Critical Minerals Project, WA (source: WC1) The Business of West Cobar Metals - Gallium? West Cobar Metals is advancing: Salazar Critical Minerals Project (WA): REE + TiO₂ + Sc + Ga + HPA-alumina Bulla Park Copper-Antimony Project (NSW) Mystique Gold Project (WA) Nantilla Copper-Gold Project (NSW) Highlights – Extensive Gallium Mineralisation Across Multiple Deposits Gallium present across the Salazar tenure, with grades up to 145ppm Ga₂O₃ at Glenmorangie (GMGRCP001). Metallurgical testwork confirms potential to recover gallium alongside rare earths and scandium. Newmont and O’Connor drilling shows consistent, near-surface gallium intersections within existing REE resource envelopes. Historical sample re-analysis triggered by China’s export restrictions on gallium, a key semiconductor and chip-making material. Existing Mineral Resource Estimates (MREs) now under review to incorporate gallium. Leadership Commentary West Cobar Managing Director, Matt Szwedzicki, commented: “The Salazar project contains valuable rare earth elements as well as a unique mix of high value co-products, such as scandium, titanium, alumina and now gallium. Historical metallurgical testwork undertaken by Nagrom shows that the Salazar clays are amenable to leaching with the recovery of REEs, Sc and Ga concentrates. The recent export restrictions on gallium products imposed by China, indicate the vulnerability of western markets which could result in supply shortages that impact global production of computer chips and semiconductors, used in smartphones, computers, EVs, military applications and other electronic devices. We are now reviewing our Mineral Resource estimates in light of a potential gallium co-product. The extensive gallium mineralisation within our tenure shows potential for significant upside outside of our current Salazar resource area. Reviewing the RC drilling results from earlier in the year, our Glenmorangie prospect intersected outstanding grades of up to 145ppm Ga2O3 from near surface. About Salazar Critical Minerals Project (WA) The Salazar Critical Minerals Project hosts two significant clay-hosted rare earth deposits: Newmont and O’Connor. Newmont Deposit 123Mt @ 1,145ppm TREO (Indicated + Inferred) Plus associated TiO₂, Scandium, and Alumina Extensive gallium intersections from near surface, including: SZA203 5m @ 47.4ppm Ga (63.7ppm Ga2O3) from 25m SZA203 5m @ 47.4ppm Ga (63.7ppm Ga2O3) from 25m SZA111 21m @ 37.4ppm Ga (50.3ppm Ga2O3) from 9m Figure 2: Newmont Gallium Intersections and REE Block Model (source: WC1) O’Connor Deposit 107Mt @ 1,216ppm TREO (Inferred) Gallium intersections include: SZA079 3m @ 39.9ppm Ga (53.6ppm Ga2O3) from 8m SZA079 3m @ 39.9ppm Ga (53.6ppm Ga2O3) from 8m SZA098 13m @ 31.0ppm Ga (41.7ppm Ga2O3) from 22m Regional Gallium Potential – Glenmorangie & Talisker Glenmorangie: GMGRCP001 12m @ 56ppm Ga from 3m incl. 3m @ 108ppm Ga (145ppm Ga₂O₃) Talisker: TSKRC004 12m @ 25.5ppm Ga (34.3ppm Ga2O3) from 36m Figure 3: Salazar Gallium Collars and Magnetic Amphibolite Bedrock (source: WC1) Near-term Milestones to Watch Updating the Mineral Resource Estimates to include gallium. Continuing metallurgical assessment of combined REE + Sc + Ga + TiO₂ + alumina pathways. Integrating Nagrom’s earlier extraction results into the broader development flowsheet. Evaluating additional gallium potential south-west of Newmont and around O’Connor. How Samso Understands the Investment Memo for the Company The inclusion of gallium strengthens the project’s positioning within the emerging critical minerals mix—particularly those linked to semiconductor, defence, and sustainable technology supply chains. With REEs, scandium, alumina, and TiO₂ already in play, gallium adds a strategic dimension that may reshape overall project economics. Samso Concluding Comments The Salazar project continues to surprise me with the wide suite of metals in the system. In my earlier Coffee with Samso with the company, I was always curious about the many stories that are in the deposit. Now we have gallium results, spread consistently across both major deposits, which is pointing to a robust geological continuity. The narration gets better as the grades are near-surface, which will play strongly into favourable potential operating conditions, particularly for projects that may adopt low-impact, low-strip mining approaches. Gallium’s relevance in semiconductors and power electronics cannot be overstated. With the global chip ecosystem under structural pressure, new Western-aligned sources carry both strategic and economic weight. The grades reported at Glenmorangie, in particular, demonstrate that the system is not just prospective but genuinely competitive. The technical validation from earlier Nagrom testwork will add confidence that these elements can be extracted within a coherent processing path. While more metallurgical optimisation is required, the fundamentals are encouraging. For now, the key message is clear: Salazar is evolving into a diversified critical minerals project with increasing leverage to global supply chain dynamics. Investors need to keep in mind the nature of this deposit in terms of potential metallurgical hurdles. Complex deposits with many metals are notorious for having complex metallurgical issues, and many a good deposit has fallen into this vicious cycle. Market Expectations One of the important clues to market acceptance is the share price (Figure 4), and that is not showing a big rush. Currently, WC1 has a market capitalisation of AUD $6.4M which is at the punting level; however, making a Gallium story stick is not going to be easy. Figure 4: The share price chart for West Cobar (source: CommSec) I would say for readers and those contemplating the Gallium space, I think be patient. Gold is in fashion now and the attention will be hard to catch when gold is looking to move again. Inflationary figures are not going down, which will fuel the gold sentiment. Irrespective of how the market moves, always DYOR. The Samso Way – Seek the Research Always understand the geology, the process, and the numbers behind the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement CSIRO Research Paper Publication 12 November 2025 (click here to view the announcement) OD6 Metals Limited (ASX: OD6) has announced the publication of a peer-reviewed scientific paper detailing three years of advanced geological and geochemical work at the Company’s flagship Splinter Rock Rare Earth Project in Western Australia (Figure 1). The research—undertaken by CSIRO, Murdoch University, Monash University, and OD6—provides a technical, science-backed understanding of how rare earth elements (REE) occur, concentrate, and can be extracted from this large clay-hosted system. Figure 1: Location of Splinter Rock Rare Earth Project in Western Australia (source: OD6) The Business of the Company: Focus – Projects OD6 Metals is developing two critical mineral projects: Splinter Rock (WA) — one of Australia’s largest high-grade clay-hosted REE deposits, supported by a detailed Mineral Resource Estimate released in 2024. Gulf Creek (NSW) — a copper-zinc VMS system with historical high-grade production and modern geophysical targeting underway. Highlights – A Peer-Reviewed Advancement in REE Geological Understanding (Figure 2) Figure 2: The CSIRO publication on Splinter Rock Clay-Hosted REE Rare Prospect (source: OD6) The newly published research, titled “Multi-disciplinary characterisation of the Splinter Rock clay-hosted REE prospect, Western Australia”, provides several technical outcomes: Three years of multi-institutional collaboration involving CSIRO, Murdoch University, Monash University, and OD6 Metals. Landscape evolution, mineralogy, geophysics, and geochemistry were integrated to explain REE enrichment pathways. Three major regolith units were identified — saprock, saprolite, and transported — with the highest REE grades concentrated in saprolite. AEM conductivity changes and hyperspectral kaolinite crystallinity successfully mapped key regolith interfaces. Mineralogical work identified REE-bearing phases, including REE phosphates, Al-REE phosphates, and REE carbonates. The publication provides a peer-reviewed foundation for development decisions, helping OD6 assess extraction pathways, scale, and project economics with greater scientific confidence (Figure 3). Figure 3: Summary figure of the regolith units or analytical workflow from the paper (source: OD6) Leadership Commentary Brett Hazelden, Managing Director, commented: “OD6 continues to work closely with Australia’s leading research institutions to build a deep scientific understanding of the Splinter Rock Rare Earth Project and develop advanced technologies for REE discovery and extraction. We are proud to be one of the few companies globally that base development decisions on such detailed, peer - reviewed science. The collaboration with CSIRO, Murdoch and Monash has provided valuable insights into how and where rare earths occur at Splinter Rock. In the current geopolitical environment, and as one of Australia’s largest and highest-grade clay-hosted REE deposits, Splinter Rock provides governments and industry with a project based on real science, plus in-depth research and development, sourced from a stable jurisdiction.” About the Splinter Rock Project (WA) The Splinter Rock Project contains a Mineral Resource Estimate (MRE) reported in the OD6 Presentation dated 5 November 2025, comprising: 119Mt @ 1,632ppm TREO (Indicated – Inside Centre)• 563Mt @ 1,275ppm TREO (Inferred across Centre, Centre NW, Scrum, Prop and Flanker) A combined 682Mt @ 1,338ppm TREO at a 1,000ppm cut-off, with ~22.9% MagREO, equivalent to 307ppm MagREO and an estimated 209kt of contained magnetic rare earths The Company has selected an innovative processing flowsheet incorporating heap leaching, nanofiltration, and ion-exchange, delivering: ~75% Nd & Pr recovery• High-quality MREC/H product grading ~56–59% TREO Very low impurity levels (Al, Fe, P, Si) Extremely low U + Th concentrations (<0.001%) Splinter Rock demonstrates the geological scale, grade distribution, and metallurgical performance consistent with the foundations of a potential long-life clay-hosted rare earth development. Near-Term Milestones to Watch Integration of peer-reviewed geological findings into ongoing resource modelling. Application of new geophysical and hyperspectral insights to refine future drilling programs. Further metallurgical optimisation aligned with regolith profiles identified in the publication. Progressing project development pathways with updated technical datasets. How Samso Understands the Paper. This publication is not a casual update—it is a strategic de-risking event. Peer-reviewed scientific work strengthens confidence in key assumptions underpinning mineralisation, extraction, and project continuity. For a clay-hosted system of this scale, the integration of AEM, regolith science, and mineralogy provides a map for future investment decisions.OD6 is positioning Splinter Rock not just as a resource but as a well-studied geological system capable of long-term, stable REE supply. Samso Concluding Comments The release of a peer-reviewed research paper is a strong signal that OD6 has created a sense of technical credibility. In a market where REE processing is paramount for market news, a paper like this is good for confidence in the market. The Splinter Rock project already has scale, but what matters now is clarity on how and why REE concentrations occur. This paper directly addresses these points. Investors should view this as more than an academic milestone; it is a step in reducing geological uncertainty. Companies that make decisions on science tend to avoid costly missteps. As the market shifts toward secure REE supply chains, projects with robust technical foundations will attract the attention of policymakers and industry groups seeking long-term partners. The Samso Way – Seek the Research Good decisions come from understanding the science behind the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Proteomics International receives $2.2m in R&D tax incentive 12 November 2025 (click here to view the announcement) Proteomics International Laboratories Ltd (ASX: PIQ) has received $2.2 million in R&D tax incentive refunds for the 2024–25 financial year, reinforcing its financial position as the Company advances multiple diagnostic products towards commercialisation. Based in Perth, Western Australia, the Company continues to develop next-generation diagnostic tools built on its proprietary Promarker® technology platform, with applications across chronic disease detection, women’s health, oncology, and sports science. The Business of Proteomics International Laboratories Proteomics International operates a dual-stream model supported by: Ground-breaking diagnostic R&D based on its Promarker® proteomics platform. Bio-analytical testing services for biopharmaceutical and life science partners, generating recurring revenue to partially offset R&D expenditure. The Company’s diagnostics portfolio includes (Figure 1): Promarker®D – predictive test for diabetic kidney disease. Promarker®Endo – diagnostic test for endometriosis. Promarker®Eso – diagnostic test for oesophageal cancer. OxiDx – oxidative stress test for elite sports training. Promarker® pipeline extensions across asthma, COPD, and diabetes-related complications. Figure 1: Promarker® Test Pipeline (source: PIQ) Highlights – Strengthening the R&D Engine Behind Commercialisation R&D Incentive Delivers Strategic Funding PIQ received $2,241,476 in R&D rebate, reflecting $5.15 million in eligible R&D expenditure undertaken across the Group in FY2024–25. The Federal R&D tax incentive provides a 43.5% rebate, supporting Australian innovation. The additional $2.2 million cash boost strengthens PIQ’s reserves ahead of commercial roll-outs for its diagnostics suite. The funding directly supports late-stage development of flagship tests such as Promarker®D, Promarker®Endo, and Promarker®Eso. About the Project (WA) – A Perth-Based Global Diagnostics Innovator Proteomics International is headquartered in Nedlands, Western Australia (Figure 2), operating as a medical technology leader specialising in proteomics—the industrial-scale analysis of protein structure and function. The Company’s mission is to build diagnostic tools that improve disease detection, treatment pathways, and long-term patient outcomes. Figure 2: PIQ Facility State-of-the-art facilities at the Harry Perkins Institute of Medical Research in Perth, WA (source: PIQ) Near-term Milestones to Watch Support ongoing development and commercial readiness for flagship Promarker® tests. Continued investment in the Promarker® pipeline across chronic diseases and women’s health. Advancement of the OxiDx platform into broader sports and health applications. Ongoing provision of bio-analytical services to sustain revenue during R&D progression. How Samso Understands the Investment Memo for the Company Proteomics International is building a diagnostics ecosystem where proteomic insights form the foundation for predictive and early-stage disease detection. The Company’s funding base—supported by R&D incentives—reduces development risk and enhances long-term commercialisation potential. With multiple tests progressing simultaneously, the platform approach positions PIQ as a diversified diagnostics player in a market increasingly favouring precision medicine. Samso Concluding Comments The R&D tax incentive will allow Proteomics International to leverage external funding to maintain momentum across its innovation portfolio. This is also a non-dilutive capital to add essential funding for diagnostics companies approaching their commercial tipping points. The size of the rebate also reflects the scale of scientific activity within the organisation. This level of expenditure highlights the seriousness of PIQ’s ambitions and the depth of its product pipeline. From an investor lens, a strengthened cash position provides continuity in R&D while reducing the pressure to raise capital unnecessarily. It also signals an operational rhythm that is consistent with companies preparing for market expansion. PIQ operates in a sector driven by accuracy, validation, and long-term adoption, and continued R&D investment underpins both credibility and future value creation. PIQ has a market capitalisation of just under AUD $55M and the market seems to be reacting in a steady state. There is no major movement either up or down for its share price, which is good to see, as there is no hype in the story (Figure 3). Figure 3: PIQ share price chart as of 24th November 2025 (source: CommSec) Like all of the biotech stocks on the ASX, the slow and steady path in the early part of the journey is one that investors have to decide as a point of entry or wait for the major ticks which is prove of concept. For me, with a market cap of AUD $50M+ is one that should be worthy of a DYOR. When Samso started following Race Oncology (ASX: RAC) on the 27th August 2025, Who is Race Oncology (ASX: RAC)? DYOR on Anti-Cancer Innovation and Heart Protection. We highlighted the unique potential if things go right for the company. If you look at that time, the share price was flattening and had a market capitalisation of AUD $206M and they are now hovering around AUD $504M (Figure 4), which peaked around the AUD $800M level. Figure 4: RAC share price chart as of 24th November 2025 (source: CommSec) The current share price of AUD $3.05 may seem high for RAC but in hindsight, the price at the time we wrote on RAC is even cheaper. The key here is to understand the business of PIQ and then bet on the potential. Good old DYOR is what is going to undermine investors' thoughts on the merits of putting money on this story. The Samso Way – Seek the Research Always understand the science, follow the milestones, and let the data guide your investment thinking. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Institutional Placement Accelerates EMD National Expansion 20 November 2025 (click here to view the announcement) Emyria Limited (ASX: EMD) has taken another step toward building a national network of intensive, evidence-based mental health services in Australia. The Company has secured funding through an $8 million institutional placement and exercised a key option with Avive Health, paving the way for its first Empax Clinic in Victoria. At the same time, insurer-funded treatments have commenced at the Brisbane Empax Clinic, adding a second reimbursed site to the existing Empax Centre in Perth. These developments mark a transition from early validation to multi-state execution for Emyria’s capital-light Empax clinic model, underpinned by growing private and government reimbursement frameworks. The Business of the Company: Focus – Mental Health Projects Emyria develops and delivers new treatments for mental health and select neurological conditions using an integrated model that combines direct clinical services with treatment development: Emyria Healthcare provides evidence-based treatment for patients who have not found relief from conventional care, including assisted therapy for PTSD and treatment-resistant depression. Emyria Data captures robust, ethically sourced real-world data from patients to refine therapy programs and support drug-development activities. Emyria’s Pipeline focuses on new psychedelic-assisted therapies and drug treatments for mental health and selected neurological diseases. The Empax Clinics sit at the centre of this model, delivering psychiatrist-supervised, therapist-assisted care while continuously generating clinical data to inform future programs. Highlights – Institutional Placement and Avive Partnership Accelerate National Expansion 1. Mornington Option Exercised – First Empax Clinic in Victoria Emyria has exercised the “Mornington Option”. Secures a six-month exclusive right to negotiate an Empax Clinic within Avive Health’s flagship mental-health hospital on the Mornington Peninsula. Mornington is expected to become Emyria’s first Empax Clinic in Victoria. The site is intended to be a cornerstone East Coast hub, expanding reimbursed treatment beyond Western Australia and Queensland. 2. Exclusive Rights to Roll Out Empax Clinics Across Avive Health Agreement with Avive Health expanded to provide Emyria exclusive rights to negotiate Empax Clinics across: All existing Avive-operated hospital sites; and All future Avive-operated hospital sites. Avive currently operates four clinics nationally, with two more under construction. This framework offers a scalable, capital-efficient pathway for national deployment of Empax services. 3. Brisbane Empax Clinic Commences Insurer-Funded Treatments Insurer-funded treatments have commenced at the Brisbane Empax Clinic. The clinic is located within Avive Health’s licensed private hospital in Queensland. Now generating reimbursed revenue and validating the scalability and repeatability of Emyria’s treatment model across jurisdictions. Psychiatrists and therapists have shown “overwhelming” interest, reinforcing Emyria’s position as a clinical leader in medication-assisted psychotherapy. 4. DVA Creates World-First Government Funding Framework On 3 November 2025, the Department of Veterans’ Affairs (DVA) began funding medication-assisted psychotherapy for eligible veterans. Establishes the world’s first government-payer reimbursement framework for this treatment class. Around 17% of veterans experience PTSD, and 11% have treatment-resistant depression, underscoring the scale of need. DVA funding complements Emyria’s existing Medibank agreement. Together, they create Australia’s first combined private and government-funded pathway for medication-assisted psychotherapy (Figure 1) Figure 1: Federal Minister for Veterans’ Affairs Hon. Matt Keogh MP (l) with Emyria Executive Chairman Greg Hutchinson (r) at the Empax Centre in Perth (source: EMD). 5. Strong Support for $8m Institutional Placement Emyria has completed an $8 million institutional placement at $0.06 per share. Approximately 133.3 million new shares issued under existing placement capacities. Issue price represents: 9.09% discount to the last closing price of $0.066; and 9.49% discount to the 15-day VWAP. Placement strongly supported by: Specialist life sciences and healthcare-aligned institutional investors; Existing shareholders; and New strategic investors, with bids scaled due to demand. Use of funds will include: East Coast clinic expansion through CY2026; Workforce and infrastructure growth across the Empax network. Preparatory work for community-based programs for DVA veterans and workers’ compensation patients; General working capital. Leadership Commentary Emyria Executive Chairman, Greg Hutchinson, commented: “We’re pleased to exercise the Mornington Option and expand our agreement with Avive Health, enabling the establishment of new funded Empax Clinics across additional states, strengthening our national rollout pathway. These developments increase our access to aligned clinical infrastructure and support our mission to make high-quality, evidence-based mental-health care more accessible to Australians with unmet mental health needs.” “With insurer-funded programs now operating in Western Australia and Queensland, and with the DVA now actively supporting treatment for eligible veterans, we are demonstrating that our model of care can scale nationally. The strong backing for our $8 million Placement positions us to accelerate site development, grow our clinical workforce and expand treatment availability for patients living with complex mental-health conditions.” Avive Health’s Co-CEO, Mark Sweeney, commented: “By integrating Empax Clinics into both our Brisbane and Mornington Peninsula hospitals – Queensland and Victoria’s first hospital-based services of its kind – we offer patients the reassurance of hospital-level care throughout their medication-assisted psychotherapy journey. Avive is focused on carefully scaling a national network of clinician-led mental health hospitals and clinics, beginning with Brisbane and the Mornington Peninsula and extending to Adelaide and additional sites over time.” About the Project – Empax Clinics and the Avive Health Network The Empax clinic model is designed to deliver structured, psychiatrist-supervised, therapist-assisted care in a capital-light format. Under the expanded Avive Health agreement: Emyria holds a six-month exclusive right to negotiate an Empax Clinic at the Mornington hospital under its operational protocols. A nationwide negotiation option extends first-refusal rights across all current Avive sites and future Avive hospitals, subject to commercial terms and approvals. The capital-light structure means no material up-front capital expenditure is required to exercise negotiation options, with commitments triggered only upon site conversion and commencement of operations. The Brisbane Empax Clinic, now treating insurer-funded patients, serves as a blueprint for East Coast deployment. It demonstrates operational efficiency and portability, and provides an additional reimbursed revenue stream alongside the Perth Empax Centre. The dual-payer framework – private insurer support through Medibank and government funding through DVA – strengthens demand visibility, clinic economics and revenue diversity as the network scales. Near-Term Milestones to Watch Finalising Mornington Peninsula Empax Clinic: Negotiation of detailed commercial terms and operational readiness for the first Victorian Empax Clinic within Avive’s flagship mental-health hospital. Further Avive Site Conversions: Progress on deploying Empax Clinics across existing and new Avive hospitals, including Adelaide and additional sites flagged by Avive Health’s growth plans. Expansion Through CY2026: East Coast footprint growth supported by placement proceeds, with new clinics expected to add reimbursed treatment capacity. Community-Based Programs: Preparatory work during CY2026 for community-based treatment programs targeting DVA veterans and workers’ compensation cohorts. Scaling Clinical Workforce and Data Systems: Recruitment and training of clinicians and therapists, and ongoing integration of real-world data to refine and support therapy and drug-development programs. How Samso Understands the Investment Memo for the Company From an investment memo perspective, this announcement frames Emyria as entering a new execution phase: Defensible First-Mover Position: The Company now operates insurer-funded Empax programs in both Western Australia and Queensland and is preparing for Victoria, backed by exclusive rollout rights across Avive’s network. This structure supports a defensible first-mover advantage in medication-assisted psychotherapy delivered within hospital environments. Capital-Light National Rollout: The Avive agreement and the negotiation options allow Emyria to expand without material upfront capital expenditure at the option stage. Capital is deployed at the point of site conversion, which may offer improved capital efficiency as the network grows. Dual-Payer Revenue Model: The combined Medibank and DVA reimbursement pathways create diversified, recurring revenue streams and may improve clinic-level economics as patient throughput increases. Institutional Support and Balance Sheet Strength: The strongly supported $8 million placement, led by specialist life-science and healthcare investors, provides the funding platform for near-term expansion and signals market interest in the Company’s strategy. Samso Concluding Comments Emyria’s latest announcement is about rolling out the plan to scale. With insurer-funded treatments now operating in both Perth and Brisbane, the model is proving it can scale across jurisdictions. The Mornington Option introduces a meaningful foothold in Victoria, supported by exclusive negotiation rights across all Avive Health hospitals. This creates a structured pathway for national expansion without heavy upfront capital. The introduction of DVA funding is particularly significant. A government-backed reimbursement framework places medication-assisted psychotherapy on firmer ground and expands the addressable patient base beyond private insurer cohorts. With an $8 million placement secured and demand from clinical partners rising, the focus now will be on converting these opportunities into operational clinics that can deliver consistent, reimbursed treatment at scale. What Does All This Mean To the Retail Investor EMD currently has a market capitalisation of just over AUD $40M and the recent share price movements have all been supportive (Figure 2). The recent ASX releases have been good news for shareholders, and the rise from the middle of 2025 is a very encouraging sign for the company. Figure 2: The share price chart for Emyria Limited as of 21st November 2025 (source: CommSec). The uplift in shareholder support is more clearly appreciated in Figure 3, as we can see the changing mood of investors in regards to the Company's journey to creating scale and getting the business model forward. Figure 3: The share price chart for Emyria Limited between 2024 and as of 21st November 2025 (source: CommSec). The share appreciation between May 2025 and 21st November 2025 has seen a more than doubling of the share price, which, as I have mentioned, is a great endorsement of management. The EMD business is one that I feel has a lot of potential, as the diagnosis of mental health has been increasing globally. Australia is not immune, and if one is on social media, one would have been inundated with all forms of mental health information. At a market cap of AUD $40M, this is far from a horse that has bolted. In fact, I think this is ripe for a good old DYOR and almost a certain #SamsoDYOR. The Samso Way – Seek the Research As always, readers should review Emyria’s full ASX announcement and related disclosures, and undertake their own independent research before making any investment decision. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.