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Announcement: Thermogenic Hydrogen Potential Confirmed at Edmund-Collier Figure 1: Organic-rich Blue Billy Formation core (17BBDD002: 337.7m–345.5m) (source: Constellation Resources) As the energy transition accelerates, could natural hydrogen offer a viable, scalable zero-carbon fuel alternative. In this context, Constellation Resources Limited (ASX: CR1) has delivered a pivotal update that confirms thermogenic hydrogen potential at its flagship Edmund-Collier Project in Western Australia. This marks not just a technical milestone, but possibly an inflection point in how hydrogen exploration is perceived on a global scale. A Major Technical Breakthrough - Potentially a Natural Hydrogen Source? Constellation’s latest analysis of Total Organic Carbon (TOC) and Thermal Maturity (TM) from historical drill core has validated what many in the emerging natural hydrogen space have speculated—the Blue Billy and Discovery Formations contain laterally extensive, overmature, organic-rich shale units ideal for thermogenic hydrogen generation. Initial TOC values—averaging up to 5.76%—across wide intervals in three of eleven drill holes point to strong hydrocarbon-style source rock potential (Figure 1). When coupled with thermal maturity readings (vitrinite reflectance equivalents) reaching up to 11.05 in some samples, it suggests that these rocks have exceeded the threshold temperatures (>250°C) required to liberate hydrogen (Figure 2). These results place Edmund-Collier on par with global analogues such as China’s Songliao Basin and Japan’s Niigata Basin. Figure 2: Hydrogen generation model (Hanson & Hanson, 2023) with Edmund-Collier maturation window plotted (source: Constellation Resources) What’s more, the scale here is hard to ignore. Spanning 300km east–west and 40km north–south, this basin-scale system has never been tested for hydrogen despite extensive historic drilling for zinc, copper, and uranium (Figure 3). Figure 3: Constellation SPA-AO application locations (source: Constellation Resources) Constellation suggests that the ideal hydrogen generation occurs at temperatures ranging from approximately 250°C to 500°C. This range is likely the minimum temperature that organic-rich shales in the deepest areas of the Wanna Syncline have experienced, which are currently situated at a depth of about 4–5 km (see Figure 4 and Figure 5). CSIRO -led analyses of fluid inclusions for hydrogen and associated gases are currently underway, and identification would further strengthen the thermogenic hydrogen model (Figure 4). Figure 4: Constellation SPA-AO application locations (source: Constellation Resources) Unlocking a New Natural Hydrogen Frontier The Wanna Syncline—a deep structural basin within Edmund-Collier—may act as a “kitchen” where organic-rich shales have reached peak natural hydrogen generation windows. Current data suggests that these units, lying at 4–5km depth, were exposed to paleo-temperatures ideal for producing hydrogen via catagenesis, metagenesis and metamorphic processes (Figure 5).   Figure 5: Cross-section with conceptual paleo-isotherms and drillhole locations (source: Constellation Resources) Constellation’s forward program includes gas inclusion tests and additional TOC assays from the remaining eight drill holes. These results could provide definitive evidence of a naturally occurring hydrogen system at scale. Equally important, the project is strategically located near major gas infrastructure, providing a potential pathway to market if commercial volumes are confirmed. Expanding the Land Position Following this technical validation, Constellation has been granted additional SPA-AO licenses over the Ashburton Basin, expanding its total landholding to an impressive 87,602km² across WA. These newly acquired areas are considered prospective for hydrogen, helium, and associated gases and are intersected by existing gas pipelines.   The underlying model remains the same—radiogenic granites, deep fault zones, and organic-rich shales acting together in a sealed geological system to generate and trap hydrogen and helium. It’s a compelling setup for anyone paying attention to the zero-carbon fuels of the future. Project Background: Edmund-Collier at a Glance The Edmund-Collier Natural Hydrogen Project is located in Western Australia’s Gascoyne Province. Comprising four contiguous SPA-AOs (37,288km²), it is bounded by gas pipelines and contains a folded succession of 5km-thick Proterozoic rocks overlying radiogenic granites (Figure 5). This geologic setting provides the full hydrogen system: source rocks, heat, faulted migration pathways, potential reservoirs, and seals (Figure 6). Figure 6: Conceptual Edmund-Collier Basin H2 - He System. (source: Constellation Resources)   Samso’s Concluding Comments I came across this natural hydrogen phenomena about 3 years ago, and I thought that this would be an interesting part of the mineral resource sector if it could be proven to be viable. Like most exploration concepts, we all start with a theory and then go about proving it. Natural hydrogen is a very new concept, to me at least, so there is still a fair way to convince me that this is a viable concept. When it does, this could be a big economic asset for the West Australian government. The confirmation of thermogenic hydrogen potential at Edmund-Collier looks like it may be marking a turning point in Western Australia’s energy narrative. Could this be seen as a moment when we could say that it is no longer about theory—it’s about evidence. I don't have enough experience in this area to have a valid opinion; other than that, anything is possible. Potentially, the proposed concept may mean we are seeing a convergence of deep basin geology, emerging science around overmature shales, and a regulatory framework now designed to support exploration. As I mentioned previously, Constellation isn’t just drilling into rocks—they’re drilling into a new energy economy. With first-mover advantage and basin-scale opportunity on their side, the Edmund-Collier Project offers investors something rare: a technically sound hydrogen story grounded in geology, not just speculation. And while natural hydrogen still feels new to many, it’s worth remembering that in Bourakebougou, Mali , a small community has been powered by a shallow hydrogen reserve since 2012. As highlighted by Yale Environment 360 , this isn’t future tech—it’s already working. Projects like Edmund-Collier may simply be the next chapter in a story that’s been quietly unfolding for over a decade. Stay tuned— is this story only just unfolding? Happy Investing and remember, always 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 PromarkerEndo advances toward clinical use with real-world validation data presented at World Congress on Endometriosis Let’s be honest: endometriosis has long been one of the most underdiagnosed and misunderstood medical conditions in women's health. A silent disruptor, it causes pain, fertility issues, and decades-long suffering, often without a name. Until now, the only path to a diagnosis was invasive laparoscopic surgery, usually after seven years of misdiagnosis. That’s not a system built for healing. But what if we could change that narrative with a simple blood test? Proteomics International Laboratories Ltd (ASX: PIQ) may have just done that. The announcement on 26 May 2025 , unveiling PromarkerEndo  at the World Congress on Endometriosis  in Sydney, appears to be more than just data—it’s the kind of breakthrough that could shift the clinical standard. The company’s proprietary non-invasive blood test has not only proven itself in real-world clinical validation but is now poised for commercial rollout. If you've been watching the precision diagnostics space, now is the time to pay close attention to PIQ. PromarkerEndo – From Concept to Clinical Application Presented to leading experts at the World Congress, the latest results from a 704-participant study  have validated PromarkerEndo’s capability across all stages of endometriosis , using a single, universal test . This isn't just a lab theory—it’s a working diagnostic tool. The test delivers a straightforward ‘traffic light’ risk score —low, moderate, or high—making it accessible and immediately useful for both general practitioners and specialists. Sensitivity and specificity metrics were consistently impressive across disease stages Table 1: The integrated PromarkerEndo test demonstrated excellent discrimination in diagnosing all stages of disease when compared against symptomatic controls and general population controls, and improved upon the performance of the previously published results (source: PIQ) These numbers are compelling when compared to existing diagnostics like the PSA test for prostate cancer, which only achieves an AUC of 0.68. PromarkerEndo is not just competitive—it’s superior. Targeting a $9.7 Billion Problem in Australia Alone Endometriosis affects 1 in 9 women and girls globally , with economic costs estimated at $9.7 billion annually in Australia . In the realm of fertility care, its undiagnosed presence skews outcomes and complicates treatments. With 70–80% of early cases going unnoticed due to the limitations of current tools, PromarkerEndo has the potential to fill a long-vacant diagnostic void. Commercial Rollout – What Comes Next? According to Proteomics’ timeline, PromarkerEndo is on track for commercial launch in Australia in Q3 CY25 , with global markets to follow. The test will be delivered using the same Direct-to-Consumer (DTC)  digital framework already in place for PromarkerD , which is now being used across Australia and in the US. Key steps ahead include: Finalising ISO 15189 accreditation Building clinician and primary care engagement Partnering with fertility clinics and women's health providers Preparing regulatory submissions and licensing discussions This isn’t just a lab breakthrough—it’s a market-ready innovation. A Word from the Scientist Behind It All Proteomics International Managing Director Dr Richard Lipscombe commented: “this is a major step forward in making non-invasive endometriosis diagnosis a reality. PromarkerEndo has the potential to dramatically reduce diagnostic delays with its simplicity, accuracy, and broad applicability - including in fertility care. The advances support our commercialisation strategy and reinforce the potential for PromarkerEndo to become a standard part of the clinical diagnostic pathway.”  Industry Backing and Independent Validation Backing the science is a robust network of research institutions, including the Royal Women’s Hospital  and the University of Melbourne , and strong validation from international experts like Professor Peter Rogers. Their message is clear: this isn’t just innovation—it’s transformation. Concluding Comments – Samso’s View In a market saturated with speculative diagnostics and unfulfilled promises, Proteomics International look to be charting a different path—grounded in hard science, clinical validation, and strategic delivery. To the scientists reading this, it is what precision medicine was always meant to be. According to the company, PromarkerEndo  doesn’t just diagnose a disease; it dismantles a barrier. It brings immediacy, accuracy, and dignity to patients who’ve waited far too long. And for investors, this may be indicating that this is a company that not only understands unmet medical needs but has the tech and team to solve them. With PromarkerD already in market, PromarkerEso next in line, and now PromarkerEndo advancing with serious commercial intent, PIQ is shaping up as a quiet achiever in precision diagnostics . Looks like Q3 will be an interesting time. Reasons Why Samso Helps Your Research. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso , Samso News  and Samso Insights . There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day , and the Great Wall is a great phenomenon because it took centuries to build .  As usual, Happy Investing and remember, always DYOR. References: ASX: PIQ, 26 May 2025 – PromarkerEndo advances toward clinical use World Health Organisation: Endometriosis Fact Sheet [Diagnostics Journal, March 2025 Cover – PromarkerD Results] [Quarterly Activities Report, 24 April 2025, ASX: PIQ] 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: Encouraging Safety Review Committee (SRC) Findings on Ph I/II Skin Cancer Trial When it comes to transforming cancer care, true innovation lies not just in killing the cancer, but in seeing it and feeling it less, and healing with more grace. In this quiet revolution,  Invion Limited (ASX: IVX)  is emerging as a serious contender. The current initiatives by Samso to move into the other sectors of the ASX are an intent to create a greater spread of content for our platform. The Samso philosophy is that the greater spread and volume of the content will allow more investment thoughts and opportunities for our subscribers and followers. The Invion review reflects one of these initiatives. The announcement on the 29th of May 2025 presents one of those early clinical signals that experienced biotech observers know to watch closely. This Phase I/II trial result in non-melanoma skin cancer (NMSC) may seem modest—only six patients—but the implications are anything but. No pain. No adverse events. Early lesion reduction. Visible fluorescence. In a sector where most early trials focus solely on safety, INV043 is already delivering layered value: as a treatment and as a diagnostic. For those who’ve followed Invion’s Photosoft™ journey, this feels like a critical inflection point. Safe, Painless, and Visually Striking The standout here is that INV043—delivered topically—was well tolerated across all six participants. Clinician feedback reported no pain during treatment, a remarkable departure from current Photodynamic Therapy (PDT) treatments, which often cause discomfort and inflammation. More than just being painless, INV043 appears to work. Lesions treated with a single cycle of the compound showed a visible reduction  in size at 15 and 30 days post-treatment (Figure 1). This is while untreated, patient-matched lesions grew in size. The implications here are significant. These early signs support a hypothesis that INV043 doesn’t just offer a less invasive alternative—it may be more effective too. But INV043 is also illuminating in the most literal sense. Figure 1: Change in Lesion Size After 15 and 30 Days (source: Invion Limited) A Theragnostic Leap—Seeing Cancer in a New Light In what may become a paradigm-shifting approach, INV043 demonstrated its diagnostic potential. Under violet light (405 nm), the cancerous lesions fluoresced, effectively allowing clinicians to see  the disease more clearly. This visual contrast could help surgeons better identify cancer margins, removing only what is necessary and preserving surrounding healthy tissue—a known challenge in skin cancer treatment today. Figure 2: Patient 101-002 at Day 1 of the treatment (INV043 ointment)  (source: Invion Limited) As shown in Figures 2 & 3, the trial contrast between natural light and fluorescence after INV043 application is not just measurable—it’s compelling. This diagnostic capability may eventually become a standard component of surgical planning, improving outcomes and reducing recurrence.  Figure 3: Photos from three different patients in the tria l (source: Invion Limited) CEO Perspective: A Platform Emerging Prof. Thian Chew, Executive Chair and CEO of Invion , captured the essence of this milestone: “We are very pleased with the safety profile of INV043 and look forward to exploring other elements that may help optimise the dose regime. It is also exciting to see how clearly and easily INV043 can ‘illuminate’ the cancers.” And on what’s next: “The results set us up for the next stages of our clinical program, including the planned Phase I/II anogenital trial as well as the next part of the NMNC trial, where we are seeking to further demonstrate the safety of INV043 and to better optimise the treatment regime in the next group of patients.” It’s worth noting that the upcoming trial at Peter MacCallum Cancer Centre  will explore INV043 in combination with immune checkpoint inhibitors (PD-1) —a tantalising pairing given preclinical data suggesting synergy. The Road Ahead—Part 2, New Trials, New Frontiers With Part 1 of the trial completed, Invion is now moving into Part 2—an adaptive trial phase where dose-light intervals and other variables will be refined. The company is also preparing for an upcoming Phase I/II anogenital cancer  trial in partnership with the Peter MacCallum Cancer Centre. Here, INV043 may be paired with immune checkpoint inhibitors (ICIs)  like PD-1 inhibitors, with preclinical data suggesting this combination could significantly enhance immune responses. It’s also worth noting the market backdrop. With non-melanoma skin cancers making up 98%  of skin cancer cases globally and the treatment market projected to reach US$21.1 billion by 2032 , the commercial opportunity is substantial. Samso’s Concluding Comments One of the highlights for me as a new player in this sector is the way Invion is going about its work. I have never thought that a simple statement that six patients were tested and no side effects were recorded meant so much. I mean, when you look at it from an average person, does this mean that the process worked? For me, as an investor and a potential patient, it’s a story of how Invion is threading together safety, efficacy, and diagnostic clarity into a single, adaptable topical compound. What makes this compelling from a Samso lens is the multiplicity  of applications unfolding here. INV043 isn’t just fighting cancer—it’s showing  us where it is. That opens doors for surgeons, clinicians, and even AI-assisted surgical planning. Moreover, with the adaptive design of this Phase I/II trial and Invion’s broader strategy across NMSC and anogenital cancers, the pathway forward is smartly structured and well-aligned to investor interests. And with the Photosoft™ platform underpinning it all, INV043 feels less like a product and more like a foundational platform  for next-generation PDT. The market potential—over US$21 billion  globally by 2032—isn’t just a footnote. It’s a validation of why this work matters. And if INV043 continues on this path, Invion may just emerge as one of those rare biotechs that not only survives the clinic but reshapes how we think about treating cancer—safely, painlessly, and visibly. Invion Limited (ASX: IVX) 5 year Share Price Chart.   From an investor, looking at IVX with an AUD $10.0M market capitalisation and the above share price, I would be interested in taking a closer look. There was a share price rise around the 26th May 2025, and that looks promising (See Below). Invion Limited (ASX:IVX) 12 Month Share Price Chart. Now, is that a response that may lead to more p osi tive sentiment? Who knows, but I think we may have timed our review well. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our Mission is simple: Cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Happy Investing and Always 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 Gold and Tungsten at Western Queen Project Is Rumble Resources Limited (ASX: RTR) a gold story that should be promoting itself more as a tungsten critical mineral conversation? As the tungsten narrative makes it move to be the king of the critical mineral list, one needs to consider this story like the Delta Lithium (previously Red Dirt Metals Limited (ASX: RDT) story when it was a gold project with an incredibly good lithium future. Samso first covered Rumble Reso ur ces on the 23rd of March 2025 which was entitled " Rumble Resources Limited (ASX: RTR) - Is this sleeper going to be a Hidden Gem? " because we felt that this could be a turn around story with the gold sentiment strengthening however, looking at the share price chart in Figure 1, it looks like something is still missing. Figure 1: Rumble Resources Limited Share Price Chart over the last 5 years.(source: commsec) The Western Queen Project in Western Australia is producing good news on the drilling, but with the tungsten market now over the USD $420 mtu price range, it appears that the tungsten market shortage and its place on the critical list may actually be coming of age. Check out our Samso Insight on Tungsten : Tungsten: The Quiet Giant – Market Trends and Investment Pathways. Tungsten is a market that is completely vague and a very illiquid market is shrouded in mystery. The recent conversation that I have had with Oliver Friesen, the CEO and Executive Director of Guardian Metals Resources PLC (LON: GMET, OTCQX: GMTLF) has informed me that the state of the tungsten market is ripe for maturing. Rumble's Headline Numbers Rumble Resources has intersected impressive high-grade gold and tungsten in their recent diamond drilling campaign at the Western Queen South and Princess deposits. The face value numbers from the drilling are strong and appear to be consistent with the gold story that is being narrated (see below); however, I am thinking that it still needs more consistency geologically. 🔶 Gold Intercepts (Figure 2) at Western Queen South : 6.93m @ 4.10g/t Au  from 362m (WQDD025A) 0.3m @ 32.38g/t Au  from 300.3m (WQDD026) 1m @ 6.20g/t Au  from 313m (WQDD026) 27.4m @ 1.02g/t Au  from 288m (WQDD019), including 2.7m @ 2.96g/t Au 🔷 Tungsten Intercepts at Western Queen South and Princess: 24.6m @ 0.62% WO₃  from 292.5m (WQDD019), including 0.4m @ 10.53% WO₃ 0.9m @ 7.15% WO₃ 1.7m @ 0.98% WO₃ 1.49m @ 0.83% WO₃  from 367.44m (WQDD025A) 6.7m @ 0.32% WO₃  from 190.3m (WQDD027 at Princess) The tungsten numbers are of high grade, but unfortunately, the intercepts are a bit thin. Figure 2: Western Queen South– gram x metre contours with selected drill hole intersections – Longitudinal Section. (source: RTR) Peter Harold, Managing Director and CEO , commented:  “Great to see some more good results from the last drilling program at Western Queen, especially the tungsten numbers. The gold hits are positive too. We are delighted with the way the tungsten is shaping up. Early indications are that the tungsten could add significant revenue when mined in conjunction with the Western Queen South gold open pit resource. We are very much looking forward to releasing the maiden tungsten resource and the metallurgical test work results.”   A Rare Twin: Gold + Tungsten The comp an y is looking to set the project to be a gold-tungsten project, and I think that is not a bad strategy. Time will tell with more work if this is going to happen; however, at the moment, I favour the gold pathway. At the Princess prospect, all three diamond drill holes successfully intersected the mineralised zone, revealing encouraging gold intercepts (Figure 3) including: 10.5m @ 1.41g/t Au  13m @ 1.50g/t Au (with 3m @ 2.90g/t)   2m @ 2.28g/t Au According to the company, the mineralisation, hosted within silicified zones rich in pyrite and pyrrhotite, remains open down-plunge to the south, suggesting potential for further extensions. As an observer from afar and one that is not intimate with the facts as yet, the Runble story offering dual high-grade commodities like this, especially one as strategically critical as tungsten, is few and far between. Figure 3: Princess gram x metre contours with selected drill hole intersections – Longitudinal Section (source: RTR) Why This Matters From my vantage point, this announcement does indicate some momentum and strategic optionality. The gold resource at Western Queen is already respectable: 4.42Mt @ 2.02g/t for 286,600 oz Au. Historic production at Central and South totals 215,000 oz Au at a striking average grade of 7.6g/t. The proximity to three processing plants within 100 km—including Dalgaranga at just 48 km—means development pathways are realistic and potentially low CAPEX. But now, add tungsten to the mix—a critical mineral with growing demand in defence, energy, and high-strength alloys—and this project starts looking like a multi-metal revenue engine. What’s Next for Rumble? According to the announcement, the roadmap is well laid out: For Gold: Interpret and integrate results from recent RC and diamond programs Complete open pit and underground mining studies Prepare for regional exploration along the Queen Shear Zone For Tungsten: Final assays from historic core expected in June Maiden Mineral Resource Estimate due in the September quarter Metallurgical testing underway to assess revenue potential Rumble has also confirmed that mineralisation—both gold and tungsten—remains open in all directions. Close to the Action: Western Queen Within Reach of Three Processing Plants In terms of positioning for toll treatment of the gold ores, logistics is on the side of the Western Queen Gold Project (Figure 4). Nestled within 100 km of not one, but three operating mills—Dalgaranga, Mt Magnet, and Tuckabianna—this location is no accident. For a company like Rumble Resources, this kind of proximity to infrastructure isn’t just convenient—it’s strategic. With haul roads already in place and processing options within reach, the pathway from discovery to production becomes a whole lot more realistic. This is the kind of logistical edge that often separates promising projects from the ones that make it to cash flow. What Rumble needs now is to prove the numbers work for a gold business. Figure 4: Location Plan of the Western Queen Gold Project (source: RTR) Samso Concluding Comments Here at Samso, we don’t chase noise—we chase substance. And substance comes from digging deeper, asking better questions, and paying attention to stories that evolve with purpose. I am not sure at this stage if Western Queen is shaping up to be one of those stories. It does have the merit to be not being just another gold project. It’s a layered opportunity—part resource upgrade, part critical mineral revelation, and fully grounded in exploration logic. Our aim has always been to bring clarity to investors, whether through Coffee with Samso , Samso News , or Samso Insights. What we do is simple: we unpack the technicals, examine the strategy, and help you frame your own investment lens with the facts that matter. This way, you’re not relying on hype—you’re relying on informed decision-making. There are no shortcuts to value creation. Projects take time. Markets shift. Commodities cycle. But the one constant is diligence. Do your research. Know your risk appetite. Ask yourself if a company is solving problems, creating leverage, and unlocking real-world utility. If the answer is yes, you’ve already got a head start. Stay curious. Stay grounded. So here’s my advice: stay sharp, do the work, and don’t underestimate what early insight can do. As always, dig deeper. Because in this business, it’s those who look beyond the surface that uncover the true value 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.

A recent technical paper has shown that the Pilbara Iron Ore Region may be misunderstood, and there may be other sources of high-grade iron ore. The Pibara iron ore heaven may be the tip of the iceberg. Could there be a new region hosting billions of tonnes of high-grade iron ore waiting to be discovered? What If We’ve Been Wrong About the Hamersley Iron All Along? As an exploration geologist, the Hamersley iron story has always fascinated me. For decades, we’ve treated the timeline of iron ore formation in the Pilbara’s Hamersley Province as almost gospel. We referenced phosphate dating and clast-bearing conglomerates as reliable benchmarks. But what happens when new geochronological tools rip apart that foundation? The recent study by Courtney-Davies et al. (2024)  has done just that. It shifts the age of the world’s largest hydrothermal ore systems forward by up to a billion years. As someone who has spent decades working on the presumption that the mechanics of mineralisation and structural deformation are the key to understanding mineral exploration, this revelation strikes like a geophysical anomaly demanding immediate follow-up, or does it? I was drawn to this article from a post that was more interested in clickbait than making a valid intellectual discussion. However, unbeknownst to the author, I am interested in the article, and it had relevance for me. Let’s unpack the so-called groundbreaking findings and why this isn’t just a win for academia, but a turning point for exploration investment strategies across Australia and beyond. Setting the Scene: Pilbara’s Geological Backbone The Hamersley Province is iron ore’s cathedral. Nestled within the Pilbara Craton, it boasts the Brockman and Marra Mamba Iron Formations, host to tier-one iron ore assets like Mt. Tom Price, Mt. Whaleback, and Paraburdoo (Figure 1). Figure 1: Geologic map of the Pilbara Craton and sample locations (source: PNAS) Traditionally, the mineralisation was linked to early Paleoproterozoic processes (~2.2 to 2.0 Ga), anchored by the appearance of hematite clasts in conglomerates and phosphate mineral dates. These methods were logical but indirect. And therein lies the problem. Traditionally, the mineralisation was linked to early Paleoproterozoic processes (~2.2 to 2.0 Ga), anchored by the appearance of hematite clasts in conglomerates and phosphate mineral dates. These methods were logical but indirect. And therein lies the problem. The Technology Disruption: Iron Oxide U–Pb Dating Until recently, hematite geochronology wasn’t a viable method. But advances in U–Pb LA–ICP–MS techniques have allowed direct dating of iron oxides (Figure 2). This is a game-changer for the academics, but for the insiders and those exploring it, I am not sure of the relevance. Figure 2: Tera-Wasserburg diagrams showing hematite U–Pb dates from Pilbara deposits (source: PNAS) Courtney-Davies et al. analysed 235 hematite spot samples from seven different deposits. The verdict? All high-grade, microplaty hematite deposits formed not in the Paleoproterozoic but between 1.4 and 1.1 Ga, during the Mesoproterozoic , well after the so-called Great Oxidation Event . According to the implementation of the paper, this finding isn’t trivial. It fundamentally reorients our understanding of tectonic and hydrothermal events tied to ore formation. It also puts the Hamersley deposits squarely within the geological timeline of the Rodinia supercontinent assembly. Two Distinct Events, One Enormous Iron Province The study confirms two distinct ore-forming phases: ~2.2 to 2.0 Ga  – Represented by eroded ore clasts and likely related to the breakup of Vaalbara and the Bushveld superplume. ~1.4 to 1.1 Ga  – The main event, producing the lion’s share of microplaty hematite deposits, coinciding with the formation of Rodinia. What’s striking is the absence of tectonic fabric in these microplaty ores, suggesting their formation postdates all major orogenic events in the region. Implications for Exploration and Discovery Here’s where it gets exciting for explorers and investors. By associating iron mineralisation with supercontinent cycles (Figure 3), we gain a predictive exploration model. If tectonic amalgamation triggers fluid migration and ore deposition, we should focus our search around other cratonic suture zones that saw similar Mesoproterozoic activity. Figure 3: Global correlation of iron ore formation periods and supercontinent cycles (source: PNAS) This also means re-evaluating previously overlooked Mesoproterozoic basins and structures across the Yilgarn, Gawler, and even offshore terrains. Dissecting the Mt. Tom Price Data The most robust data comes from Mt. Tom Price: SE Prongs: 1377 ± 49 Ma S Ridge Deep: 1398 ± 55 Ma Combined: 1387 ± 30 Ma These samples all fall neatly into the Mesoproterozoic, with high uranium concentrations and consistent linearity on age plots. By contrast, phosphate minerals like xenotime tell a chaotic story, recording ages from 2.2 Ga to as young as 0.85 Ga. Why the discrepancy? It boils down to elemental mobility. Phosphate is easily reset by meteoric water and later hydrothermal events, whereas hematite retains its isotopic integrity unless subjected to very high temperatures (>550°C). Why This Matters: A New Iron Ore Formation Model The findings point to a multistage process: Initial Deposition of BIF (~2.6–2.45 Ga) Minor Early Hydrothermal Upgrading (~2.2–2.0 Ga) Major Hematite Formation (~1.4–1.1 Ga) This sequence aligns with a broader understanding of mineral systems as products of episodic fluid movement, fault reactivation, and tectonic stress, all modulated by plate dynamics (Figure 4).   Figure 4: Conceptual model showing fault reactivation and fluid movement during Rodinia assembly (source: PNAS) For mineral explorers, this is a clear directive: stop chasing ghosts from the GOE (Great Oxidation Event) and start drilling where the plates came together. The Bigger Picture: From Pilbara to Planetary Context This isn’t just about Australia. The study also aligns iron ore formation in the Pilbara with similar-aged deposits in Brazil, South Africa, and North America. It suggests that Mesoproterozoic mineralisation was a global phenomenon tied to deep Earth processes. Samso Concluding Comments Reading through this paper as an exploration geologist who has not worked intimately in the iron ore industry is exciting. It is exciting from the angle that I am gaining great insights into the potential that there may be other areas that have the potential to host high-grade iron ore. In geological terms, the identification of an area for a commodity is primarily based on historical information, either from previous explorers or historical understanding of the geological conditions that are favourable to mineralisation. Typically, with time, the newer understanding of geology and the formation of metal deposits are shedding some new insights into mineral exploration. These new insights have come in the form of new methods highlighting potential mineralisation, such as new geophysical or chemical techniques or interpretation, but rarely due to a new understanding of the genesis of ore. I feel that if the conclusion of this paper can be put to the test, as in finding areas where you are looking at the formation. The genesis of high-grade haematite during the hydrothermal event, rather than the eventual deposition of the haematite, as in the BIF, a new source of haematite can be discovered. One has to remember that the deposition of hematite ends up in the Banded Iron Formation (BIF) and the Channel Iron Deposits (CID). The genesis of the haematite is another proposition. The flip side of this comment is that the BIF and the CID (the weathered and eroded BIF) may be where it concentrates and makes the "deposit" economically viable. The answer to that statement is best left to those who know a lot more about the whole iron ore business than me. I do like the concept, and I am sure those who know more and have greater wisdom will have the answer. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Happy Investing and Always DYOR. References Courtney-Davies, L. et al. (2024). A billion-year shift in the formation of Earth’s largest ore deposits. PNAS , 121(31), e2405741121. https://doi.org/10.1073/pnas.2405741121 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 Shipment of Lithium Samples as Feasibility Studies Advance When Pursuit Minerals (ASX: PUR) announced it had dispatched 99.5% pure lithium carbonate  samples to potential offtake and strategic partners, it caught my attention for all the right reasons. In a climate where investors are becoming more selective and market conditions remain tight, real progress—not marketing noise—matters. I was told to take a position in PUR for a trade, and it has become a long-term trade. As an investor, I am sure there are many people who have had this happen to them. Fortunately for me, it was a small trade, but it was a valuable one, as I was never a believer of the lithium run, and I went against my own rules. This journey went from bad to worse as the stock got consolidated with a falling share price, so when I saw this latest news, I was very curious. Figure 1: Pursuit’s 99.5% Li₂CO₃ Sample Ready for Dispatch to Potential Offtake Partners (source: PUR) Proof of Concept, or Proof of Credibility? From where I stand, I am hoping that this would be a good thing and reading through the release, it just may be good . Here’s why: First, hitting 99.5% purity—especially at a pilot plant level —is a good tick in a checkbox. I agree that it's just a technical milestone with a verified third-party assay, which removes a big chunk of risk perception for prospective partners. This product came from a 250tpa pilot plant in Salta Province, Argentina , using synthetic brine formulated to match that of the Rio Grande Sur Project . This means the company has successfully mimicked real-world operating conditions in a test environment and delivered a technically sound result. Figure 2: SGS Laboratory Assay Confirms 99.55% Lithium Carbonate Purity (source: PUR) CEO Aaron Revelle summed it up perfectly: “Achieving 99.5% lithium carbonate purity is a major technical milestone for Pursuit and a clear demonstration of the capability embedded within our flowsheet, team, and pilot plant infrastructure… Dispatching these samples is a critical first step in our commercialisation pathway.” From a development perspective, this is what I call “de-risking by doing.” Instead of promising future capability, Pursuit is showing what it can deliver now. The step from “resource in the ground” to “qualified product in hand” is a big one, and not many juniors make it convincingly. So, is it a good thing? Absolutely. It’s a signal to the market that this isn’t just a lithium story—it’s a lithium business in the making , and this is what is making me more than curious. This may mean that it's more than announcing the discovery of a pegmatite or some high assay in a rock chip sample. The Path to Profit: Still Paved with Questions—But Promising This is the question every investor should ask: Can this become a profitable business? Let’s be clear—at the 250tpa pilot stage , Pursuit is not aiming to make money. The purpose is qualification, not revenue. But the long game is being built around a 5,000tpa operation , and that’s where profitability comes into play.   Figure 3: 250tpa Lithium Carbonate Pilot Plant Ready for Production. (source: PUR) Feasibility studies are underway, with engineering, environmental, and process modelling all being lined up. If these efforts prove successful—and offtake agreements follow—then yes, this has the bones of a lean, margin-positive operation . Timing will be everything. Lithium prices remain subdued. But that won’t last forever. The companies with qualified products, operational discipline, and market-ready projects will be the first to benefit when sentiment turns. Let’s also not ignore Argentina’s rise as a Tier 1 mining jurisdiction , particularly with the RIGI tax and FX stability program for large-scale investments. It adds critical long-term clarity and de-risks future development. And while lithium is the core focus, Pursuit’s broader strategy to evaluate gold, silver, and copper  acquisitions in Argentina is a smart hedge. That kind of optionality can help the company pivot if market conditions change and remain relevant across commodity cycles. So, is it going to be profitable? Not today and the potential for success is still based on the lithium price coming back to a level where new players like Pursuit can earn a decent income. The upside looks positive, and the story appears to have an intent to create the right execution and with alignment with buyers, and market rebound, it will happen.   Samso Concluding Comments This is the kind of story I like. Real product. Real purity. Real commercial intent. I also like that Pursuit Minerals isn’t making noise—they’re making lithium carbonate at 99.5% purity and putting it in the hands of people who matter. I do realise that there is still a long journey and if my forecast for the lithium price is correct, which is a level where there is cost effectiveness for producers and end users, the PUR story may work. Irrespective of my very cautious approach to the upside, it is comforting for me that Pursuit appears not to be just talking—they appear to be building parts or at least building the paths to a business. In a market filled with announcements, this one stands out because it’s backed by something tangible. While existing producers are bleeding as the pricing has not recovered, Pursuit is proving it can deliver product and validate its flowsheet in real-world conditions. That gives them a significant head start when market conditions shift. What’s more impressive is their clear intent to scale methodically through a 5,000tpa operation, all while preserving capital and exploring smart diversification into gold, silver, and copper. For me, this is not a lithium story—it’s a strategy to become a production business. Argentina’s mining environment is maturing, and Pursuit is positioning itself right in the middle of that shift. If things fall into place for PUR, this will be the first step in the next phase, not just reacting to the present. Proposed Pond Location at Rio Grande Sur That’s why at Samso, we watch companies like this. Not because they shout the loudest, but because they move with purpose and the timing may just be perfect. The time for Pursuit to get to the end stage is still going to take time and for once, this may be a good thing. And as always, know your own tolerance for risk, do the work, and back the stories built on action, not just ambition. Our work at Samso is grounded in nearly three decades of industry experience. We bring independent, informed content through Coffee with Samso , Samso News , and Samso Insights —because informed investors make better decisions. Make sure you understand your own investment strategy, risk appetite, and horizon. Whether it’s lithium, copper, or gold, success always starts with knowing why  you're backing a story. 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.

📍Attending this landmark event on the ground in Singapore SINGAPORE, 18 June 2025 – The Marina Bay Sands has transformed into the epicentre of artificial intelligence innovation as SuperAI 2025 goes live. With over 7,000 attendees, 1,000+ AI companies from 100+ countries, and a sold-out floor of 150+ exhibitors, this year’s edition is not just an event – it’s a signal. A signal that Asia’s role in shaping the AI future is not coming – it’s here.   Where East Meets West – And Innovation Takes Centre Stage SuperAI 2025 has cemented its status as Asia’s largest and most influential AI conference. It draws together a cross-section of the global AI community – from frontier startups and policy-makers to investors and researchers – all converging to explore AI's technical, industrial, and cultural impact.     This year, a unique blend of global thinkers takes the stage, including: Balaji Srinivasan – crypto and tech visionary Dwarkesh Patel – science podcaster and AI commentator Edward Snowden – speaking on digital sovereignty Tao Cheung (Manus AI) and Felix Shang (Unitree Robotics) – pioneers in applied robotics and agentic AI Nicolaus Radford (Persona AI) and Pippa Malmgren – pushing the boundaries of AI ethics and enterprise integration   The NEXT Hackathon and Genesis Startup Competition, held during the conference, are giving rise to the next wave of AI builders with US$250,000 in builder capital up for grabs.   AI Across the Stack – From Code to Culture SuperAI offers a full-spectrum view of the AI lifecycle. The immersive workshops, AI labs, and community hubs provide a rare interface between builders and users, funders and thinkers. Whether you're watching robotic art installations, learning to create with the AI Creator Lab by AMD, or exploring AI’s reach into music and media via Mixmag and Tatler, the message is clear – AI is not just technical, it’s cultural.   Government stakeholders like IMDA, DISG, and Startup Island Taiwan are also deeply engaged, highlighting the public sector’s rising role in regional AI strategies.   A Full House of Ideas – Powered by Global Giants and Startups Alike This year's 150+ exhibitors include names such as: Google Cloud, FuriosaAI, Groq, and AMQ Semiconductor – shaping AI infrastructure Unitree Robotics and Quikbot – pushing autonomous robotics Manus AI and other agentic AI startups – defining how machines act with intent Major sponsors backing this innovation push include: WOW.ai , Auki Labs, WEKA, io.net , Bright Data, and Amazon Web Services (AWS).   Looking Ahead: SuperAI 2026 Confirmed With 2025 officially a sold-out success, the next chapter is already in motion. SuperAI 2026 will return to Marina Bay Sands on 10–11 June, promising an even larger footprint, new thematic tracks, and greater AI immersion.   📝 Join the early access waitlist: super-ai.co/singapore-2026   SuperAI is no longer the future. It’s the now. Samso Concluding Comments Events like SuperAI are more than headline makers – they’re inflection points. For those of us attending in person, the tangible energy of 7,000 minds focused on what’s next in AI is simply undeniable. What stands out is the convergence of purpose – from governments to startups, from creatives to coders – all aligned on the urgency and opportunity of this AI moment.   At Samso, we see this as a call to action for investors, innovators, and institutions to pay close attention to the signals being sent from platforms like SuperAI. This isn’t about hype – it's about participating in a future that's already arriving.   So , whether you’re backing a listed AI company, evaluating a deeptech fund, or curious about where the capital will flow, SuperAI is the kind of ecosystem signal you don’t want to miss. The Samso Way - Seek the Research SuperAI 2025 isn’t just an event – it’s a live pulse check on the global AI frontier. With over 7,000 attendees and 1,000+ companies converging in Singapore, SuperAI showcases where innovation is heading—from real-time robotics and generative tools to public-sector leadership in AI governance. At Samso, we attend events like these because they offer the kind of insight you won’t find in ASX reports or quarterly earnings. This is where the real signals  emerge—where investors, builders, and policymakers shape the edge of the AI economy. 🟢 To those who seek clarity in chaos, this is your moment. Be early. Seek the Research. Our mission is simple : cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.   Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:   ·         Coffee with Samso ·         Samso Insights ·         Samso News   There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.   Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.   The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The Age of Artificial Intelligence Uncovering Promising Australian Companies on the ASX with Rising Global Appeal and Harnessing AI If you're an investor in the Australian Stock Market, you may be curious about technology's growing impact on traditional industries. Artificial intelligence (AI) is revolutionizing how businesses operate and how investors assess potential returns. My learning curve in the space of AI is now my favourite topic of conversation. In the space of a month, my curiosity about this business has evolved from a casual conversation to one that is generating a passion for the business. This passion is the focus of focusing on a select group of companies on the Australian Stock Exchange (ASX) that are leveraging AI while maintaining a handsome market capitalisation. These firms have shown significant share price increases in the past six months and are gaining attention from investors worldwide. While still being in the space for retail investors. Why AI Matters in Investing AI technology is swiftly transforming various sectors by automating tasks, boosting analytics, and enhancing customer experiences. Investors who recognize companies leveraging AI can position themselves advantageously in an ever-evolving market. I did some research on the facts some five years ago to see the rate at which AI is now being structured into businesses, and it's interesting to see the modest and some less modest thinking back at that time. For instance, a company implementing AI-driven solutions can improve operational efficiency by up to 50%, a statistic that underscores the power of technology in driving growth. In 2021, a McKinsey report found that companies that fully implement AI across business functions can boost productivity by up to 40%–50% ( The state of AI in 2021 ). The report detailed that AI applications in operations, supply chain, and customer service were among the most impactful, with automation and decision-making tools leading to substantial cost and time savings. Although the report is four years old, it is good to see the thoughts on the cost and revenue equation then and what they would be now in 2025. In 2019, there was the PwC Global Artificial Intelligence Study, which found that AI could contribute up to $15.7 trillion to the global economy by 2030, largely through productivity and efficiency improvements (Figure 1). The main aspect of the report proposed that labour productivity improvements alone are expected to account for 45% of total economic gains from AI (source: PwC Report – Sizing the Prize ). Figure 1: Sizing the prize - Which Regions Gain The Most From AI? (PWC) Similarly, an Accenture Report in 2017 released a paper, " Artificial Intelligence Has Potential to Increase Corporate Profitability in 16 Industries by an Average of 38 Percent by 2035 " in support of the reasons why AI should be high on investors' watch list. Finally, in 2022, IBM stated that 35% of companies were already using AI (Figure 2), and those that implemented AI solutions in business workflows reported an average process efficiency gain of 30%–50% ( IBM Global AI Adoption Index 2022 ). Figure 2: AI adoption rates around the world (source: IBM Global AI Adoption Index 2022) Spotting undervalued companies poised for significant growth can be key, especially on the ASX. Often, smaller firms wield the potential to outperform larger competitors thanks to innovative AI strategies, making them an attractive investment option. Company Spotlight: Data#3 Limited (ASX: DTL) One standout company is Data#3 Limited (ASX: DTL). This IT services and solutions provider has successfully integrated AI into its offerings, enhancing software performance and data management. Over the past six months, Data#3's share price has increased by approximately 30%, a reflection of its AI focus and market demand (Figure 3). Figure 3: Data#3 Limited Share Price Chart. (source: commsec) Their use of AI analytics tools allows Data#3 to offer customized solutions to clients, further solidifying their competitive edge. For example, by implementing AI in their data analysis processes, Data#3 has improved project delivery times by 20%, showcasing their ability to adapt and thrive in a tech-driven marketplace. The market capitalisation of DTL at AUD $1.15B and a share price chart like Figure 3 instil confidence that the business is accepted. Like all successful businesses, it has been a long journey. Is this a stock for retail investors? Has it lost its appeal to those who are seeking capital appreciation? Data#3 Limited's Innovative Technology Workshop As Data#3 continues to capitalize on AI relevance, it remains an attractive choice for investors seeking companies with solid technological foundations. Company Highlight: BrainChip Holdings Ltd (ASX: BRN) Another notable player is BrainChip Holdings Ltd (ASX: BRN), a leader in AI hardware with its neuromorphic computing platform. This innovative technology simulates the human brain’s architecture, providing efficient AI solutions. BrainChip’s stock has surged by more than 40% in the past six months, indicating strong market interest both locally and internationally. Figure 4: Brainchip Holdings Limited Share Price Chart. (source: Commesc) The market appeal for BRN is marketedly different from DTL, as it is clearly shown in Figure 4, however, I still think that the business is worth having a look at. With a market capitalisation of AUD $455M, BRN is no slouch in terms of its place on the ASX. For the average investor, one must remember that not all business markets move at the same rate, and the potential of AI, in my opinion, has not really been understood as yet. The adoption rate is still just being tested, and in my discussion with people, industries are still "working it out". Looking at the events for BRN over the last 12 months, it does look like the company is winning in some respects, but as the market understanding continues, I will not be surprised that the "punters" will help maintain BRN's visibility. The ongoing advancements in their neuromorphic chips position BrainChip as a disruptive force in AI, appealing to various industries ranging from automotive to smart devices. For instance, their technology is being utilized in advanced driver-assistance systems, which have increased in demand as the automotive sector shifts towards autonomy. BrainChip Holdings' Neuromorphic Chip Design By prioritizing AI innovation, BrainChip is establishing a prominent niche in the competitive landscape. Their growth trajectory suggests a bright future as they continue to strengthen their market position. Emerging Star: Appen Limited (ASX: APX) Appen Limited (ASX: APX) deserves mention as a major player specializing in AI data. They enhance machine learning datasets using crowd-sourced data collection and high-quality annotation services. In the last six months, Appen’s share price has risen by about 25%, fueled by contracts with major tech firms seeking to refine their AI systems. Figure 5: Appen Limited Share Price Chart. (source: commsec) I am just learning about APX, and looking at Figure 5, I cannot speak for the past, and I am sure readers can easily ask ChatGPT to summarise the past. Appen Limited has a market capitalisation of AUD $303M and in the last 12 months has had a volatile time (Figure 7). The share price has gone from less than AUD $0.50 to a high of just over AUD $3.00 to a close of AUD $1.15 at the time of writing (7th June 2025). Figure 6: Appen Limited (ASX: APX) in the last 12 months. (source: commsec) The demand for accurate AI data has surged, and Appen's established partnerships with global enterprises position it well for future growth. Their data services have become essential for companies like Microsoft and Facebook, who rely on Appen for high-quality training data to improve their AI applications. Appen Limited's AI Innovations Conference As companies worldwide increasingly seek reliable data for AI development, Appen is likely to continue gaining traction, making it a worthwhile consideration for investors. Convincing Market Performance These companies showcase rising share prices along with the operational success of AI technologies. Their proactive approaches and strategic positions illustrate how smaller firms can outperform larger ones in stock performance. The big question for me is whether the growing global interest in AI and the equity aspect of AI companies in the US would translate to similar excitement on the ASX. The ongoing research for Samso is now to expand our coverage into areas that the changing the way we work. An intriguing thought that I have recently had is that with over three decades working in the same industry and seeing innovation within the industry, the outcome of the mineral resource industry is the same; we mine the metals that we explore for in the beginning. The other industries are creating products that are making or adapting to the changes in global innovation. I just feel that the innovation in technology is the top of the circle of importance in global businesses. Key Insights Investing in Australia’s AI landscape presents a unique chance to be part of a transformative technological era – one that could redefine industries and lead to potential substantial financial gains. With these trends unfolding, one may think that the future of investment looks intelligently promising, however, I would pose the question, is the current path of AI the one that will eventually be the real case scenario in 5 years or 10 years time. As I put forward the three ASX companies utilising AI, Data#3, BrainChip, and Appen, are not arbitrary names in a stock exchange; they are currently the forward-thinking companies that the market feels have a place in the future business of technology. For anyone assessing investment in the Australian market, particularly in AI, these companies provide a glimpse into a thrilling new frontier that aligns with global investing trends. As always, conducting thorough research and analyzing market dynamics is essential before making any commitments. Hence, with understanding comes research. Research, in my mind, takes time and a lot of pondering of Ifs and What Ifs. Here at Samso, we look at the companies on the ASX and we ask those questions. For those of us who have the wisdom of time, we have seen technology go from mainstream to extinction several times, such as VCR to Laser Disk, Cassette tape (large to small formats), DVD and then to Netflix. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso , Samso News  and Samso Insights . There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build.  Happy investing—and as always, do your own research. 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.

On 16 May 2025, the Food and Drug Administration (FDA) cleared the first blood-based test for diagnosing Alzheimer’s disease —a major shift in how we detect the condition. Developed by Fujirebio Diagnostics , the Lumipulse test offers a simpler, faster, and less invasive alternative to PET scans and spinal taps, bringing early detection within easier reach for patients showing signs of cognitive decline.  What the Test Does: From Complexity to Convenience The Lumipulse test measures two key proteins in the blood— pTau 217 and β-amyloid 1-42, which are linked to the formation of amyloid plaques, one of the hallmarks of Alzheimer’s pathology. The test calculates a ratio of these proteins to predict the presence or absence of amyloid plaques in the brain, offering a reliable alternative to PET imaging or cerebrospinal fluid (CSF) analysis obtained through lumbar puncture. Unlike previous tools, which required hospital-based imaging or spinal fluid extraction, this test only needs a simple blood draw , vastly improving patient accessibility and clinical efficiency. In clinical studies involving 499 cognitively impaired individuals, the test demonstrated a 91.7% positive predictive agreement  and a 97.3% negative predictive agreement compared to PET or CSF results. A Game-Changer in Early Alzheimer’s Detection Alzheimer’s currently affects nearly 7 million Americans , and that number is expected to almost double by 2050 . As emphasized by FDA Commissioner Dr. Martin A. Makary , this test could play a crucial role in earlier diagnosis , which is essential given the arrival of new Alzheimer’s therapies that are most effective in the early stages. Dr. Michelle Tarver , Director of the FDA’s Center for Devices and Radiological Health, noted that this test is a critical step in broadening diagnostic reach , especially for underserved populations who may lack access to expensive neuroimaging technology. Expert Insights: What Clinicians Are Saying In a CBS News interview  featuring Dr. Celine Gounder , the test was hailed as a major medical advance. She explained that the Lumipulse G Plasma Ratio Test targets amyloid and tau proteins—two key biomarkers of Alzheimer’s—and could dramatically improve the timeline for diagnosis and entry into clinical care. Dr. Celine Gounder stressed the shift away from waiting until post-mortem autopsies for a definitive Alzheimer’s diagnosis: “This is a much easier test to perform than say the PET scans or the spinal tap..… It’s a massive step forward in detection.” Similarly, neurologist Dr. Leah Croll , speaking on Good Morning America , underscored that this test is not a standalone diagnosis tool but a vital addition to the diagnostic toolkit. She pointed out that the test’s breakthrough device designation  allowed the FDA to fast-track its approval , and that early access to diagnostics is more critical than ever due to recent advances in Alzheimer’s treatment. “This is such a big deal... To finally have a simple blood test that's accurate, fast, easy, and relatively cheap is huge. What this is going to allow us to do is get people that diagnosis faster, at a time when we finally have effective treatments for Alzheimer’s.” — Dr. Leah Croll, Neurologist, on Good Morning America Risks, Limitations, and Responsible Use—Alzheimer's and Dementia While promising, the FDA emphasised the importance of  interpreting test results within a clinical context . Risks include false positives , which might lead to unnecessary emotional distress or treatment, and false negatives , which could delay further investigation and appropriate care. Therefore, the test is intended for patients over 55 years  who are already exhibiting symptoms of cognitive decline and is not approved as a screening tool  for asymptomatic individuals. Additionally, further research will be needed to establish comprehensive guidelines for deployment in general practice and to prevent misuse or overtesting, particularly given the psychological and financial implications of a false Alzheimer’s diagnosis. What This Means for the Future The FDA's clearance of the Lumipulse G pTau217/ß-Amyloid 1-42 Plasma Ratio ushers in a paradigm shift in Alzheimer’s diagnostics . With just a vial of blood, clinicians can now gain critical insight into brain pathology, leading to earlier intervention , targeted treatment , and potential enrollment in clinical trials . For millions of patients and their families, this is more than just a new test—it’s a new hope. “Soon we will have this great test that will get people to the right specialists, the right treatment, the right clinical trials—even faster.”— Dr. Leah Croll on Good Morning America “This test may not be perfect, but it’s a vital step toward earlier detection without the need for spinal taps or expensive scans.”— Dr. Celine Gounder on CBS Mornings A Quick Look at Alzheimer’s Disease Alzheimer’s disease is a progressive neurodegenerative disorder and the most common cause of dementia , typically beginning with short-term memory loss before advancing to language difficulties, disorientation, and loss of independence. The disease unfolds in three stages: early (mild memory issues and planning difficulties), middle (loss of speech fluency, behavioural changes, and disorientation), and late stage (complete dependency, immobility, and eventual loss of basic functions), Figure 1. Figure 1: Stages of atrophy in Alzheimer's (source: Wikipedia) Although the exact cause is still unclear, Alzheimer’s is closely associated with the buildup of amyloid plaques and tau protein tangles in the brain. Risk factors include age, genetics (especially the APOE -e4 gene), head injury, and cardiovascular conditions. Early detection is key—not just for diagnosis, but for timely access to care and emerging treatments. That’s what makes this FDA-approved blood test such a compelling development.  What This Approval Really Means With this groundbreaking approval, the FDA has paved the way for a more democratized approach  to Alzheimer’s diagnosis—one rooted in scientific rigour but designed for real-world application . As the medical community now works towards safe and widespread adoption, the Lumipulse test stands as a beacon of progress in a field long in need of better answers. Recent Developments in Treatment in Australia In May 2025, the Therapeutic Goods Administration (TGA) approved Kisunla (donanemab) , marking the first new treatment for early Alzheimer's disease in 25 years ( news.com.au ). This medication targets and removes amyloid plaques in the brain, potentially giving patients in the early stages of the disease an additional two years of improved cognitive function. Kisunla is administered intravenously every four weeks and is currently priced at $4,700 per dose. Efforts are being made to include it in the Pharmaceutical Benefits Scheme to lower costs for patients.  Samso’s Concluding Comments This FDA approval is more than just a milestone for diagnostics—it’s a reflection of how far we’ve come in shifting Alzheimer’s care from reactive to proactive. What once required costly PET scans or invasive lumbar punctures can now begin with a simple blood draw. For patients, clinicians, and families navigating the uncertainty of cognitive decline, that simplicity is profound. We’re seeing science align with practicality, and it’s opening the door to earlier interventions, better planning, and perhaps most importantly, hope. In Australia, there is a report of over 42,000 people diagnosed with dementia in 2024. Unfortunately, the number is projected to increase to more than 812,500 by 2054, marking a 93% rise over 30 years (Dementia Australia). In addition, approximately 29,000 Australians under the age of 65 are living with younger-onset dementia in 2024. This figure is expected to rise to almost 41,000 by 2054, representing a 41% increase. Some statistics for each state are listed below (Dementia Australia): New South Wales (NSW):  Over 138,200 people Victoria (VIC):  More than 107,600 people Queensland (QLD):  Around 82,270 people Western Australia (WA):  Over 40,500 people South Australia (SA):  Approximately 34,170 people Tasmania (TAS):  More than 10,600 people Australian Capital Territory (ACT):  Almost 5,900 people Northern Territory (NT):  Around 1,700 people  According to Dementia Australia, dementia, including Alzheimer's disease, is the second leading cause of death in Australia, accounting for 9.1% of all deaths in 2023. It is also the leading cause of death for Australian women. The mortality rate for dementia has increased by 842.8% over the past 50 years, while deaths from ischemic heart disease have decreased by 87.9%. Australian Dementia Statistics From an innovation lens, this is a reminder of the value in persistence. Fujirebio didn’t just bring a product to market—they validated years of research and clinical trials with data that stands up to scrutiny. It’s not perfect, and it’s not meant to replace full clinical assessments, but it enhances the diagnostic pathway in a meaningful way. That’s the kind of progress that often goes unnoticed until it becomes standard practice—quiet, methodical, and deeply transformative. The bar chart shows the projected increase in dementia cases from 2025 to 2054. The pie chart shows the distribution of dementia research funding among major sources, highlighting contributions from MRFF and the Dementia Australia Research Foundation. Since 2000, the Foundation has provided nearly $29 million  in funding to support over 350 grants and fellowships aimed at advancing dementia research. In 2023, the MRFF allocated $18 million  under the Dementia, Ageing and Aged Care grant opportunity to support research into dementia and high-quality care for older Australians. (source: dementia.org.au  | health.gov.au ) As with all medical breakthroughs, the real impact will unfold in time. What we can say now is that this is a step forward—one that makes detection more accessible and adds another layer to our understanding of Alzheimer’s. For those of us who follow the intersection of science, health, and long-term societal trends, this is a development worth watching. It tells us that while the road ahead remains complex, we are, without a doubt, heading in the right direction.   References : 1.      FDA News Release: FDA Clears First Blood Test Used in Diagnosing Alzheimer’s Disease , May 16, 2025. https://www.fda.gov/news-events/press-announcements/fda-clears-first-blood-test-used-diagnosing-alzheimers-disease 2.      Pharmacy Times: FDA Grants Market Clearance to Diagnostic Blood Test for Alzheimer Disease , May 19, 2025. https://www.pharmacytimes.com/view/fda-grants-market-clearance-to-diagnostic-blood-test-for-alzheimer-disease 3.      CBS Mornings: FDA approves first blood test to help screen for Alzheimer’s disease . https://youtu.be/UAOHzhrI9K0 4.      Good Morning America: FDA endorses 1st blood test to help diagnose Alzheimer’s disease . https://youtu.be/ar5JfgHt1No   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 Multiple New IOCG Targets Identified at Whaleshark As someone who’s followed Miramar Resources (ASX: M2R) since its IPO, I’ve always been intrigued by the Whaleshark Project. Located about 40km east of Onslow in Western Australia’s Ashburton region, this project has been on my radar due to its promising geology. But the recent announcement has taken my interest to a whole new level. Miramar has identified multiple new Iron Oxide Copper-Gold (IOCG) targets at Whaleshark through advanced geophysical remodelling techniques (Figure 1). This development significantly enhances the IOCG potential of the project. The application of sophisticated Magnetisation Vector Inversion (MVI) modelling has revealed several new targets characterised by overlapping gravity and magnetic anomalies—a key signature found in many significant IOCG deposits worldwide. Figure 1:Oblique view (looking southwest) of Whaleshark magnetic inversion model and new targets in relation to granodiorite pluton (red polygon) and drilling (black dots). (source: M2R) Previous exploration at Whaleshark had already established promising indicators of IOCG mineralisation. Aircore drilling in 2022 intersected geochemical anomalism and alteration suggestive of IOCG potential, while EIS co-funded diamond drilling in 2023 confirmed the presence of chalcopyrite (copper sulphide) in two holes, including within an iron-rich northwest-trending structure cutting through granodiorite. Mr Allan Kelly, Executive Chair of Miramar , explained that the advanced modelling had outlined new targets defined by coincident gravity and magnetic highs (Figures 2 and 3), aligning with geophysical characteristics typical of major IOCG deposits (Figure 4): "At Whaleshark, we have strongly anomalous copper, gold and other IOCG pathfinders, IOCG-style alteration and copper sulphide mineralisation associated with iron-rich rocks." “A key advantage of exploration at Whaleshark is that the prospective basement rocks are much shallower than in other IOCG provinces, such as the Stuart Shelf in South Australia.” Figure 2: Cross Section of T8 and T9 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models. (source: M2R) Figure 3: Cross Section of T11 and T12 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models in proximity to 2023 diamond hole WSDD003. (source: M2R) Figure 4: Examples of IOCG deposits showing relationship between early and/or deeper magnetite and later and/or shallower hematite mineralisation (Skirrow, 2022) (source: M2R) Decoding the MVI Advantage - The chase for Copper and Gold The MVI technique represents a significant advancement over traditional magnetic modelling methods. While conventional 3D susceptibility modelling assumes subsurface magnetisation occurs solely by induction in the direction of Earth's inducing field, MVI can account for magnetic remanence and other anisotropic phenomena that often distort magnetic fields. This capability is crucial because magnetic remanence is now recognised as far more prevalent than previously thought, affecting both crustal rocks and mineralised zones. The MVI method has already proven its value globally, contributing to several significant copper-gold discoveries by providing more reliable representations of subsurface geology. At Whaleshark, MVI analysis has enabled: Detailed structural analysis Identification of collapse structures Mapping of hydrothermal migration patterns Recognition of pervasive alteration zones Delineation of deep fluid pathways that create favourable host environments for larger deposits The Landscape of Opportunity The Whaleshark Project is strategically located in the Ashburton region of Western Australia, approximately 40km east of the coastal town of Onslow. The project area is characterised by a banded iron formation and granite intrusion beneath approximately 100m of Cretaceous sediments of the Northern Carnarvon Basin. This geological setting provides an ideal environment for the formation of IOCG deposits. Figure 5: Location of Miramar’s Whaleshark Project (source: M2R) Samso Concluding Comments Miramar Resources' recent advancements at the Whaleshark Project exemplify the dynamic nature of mineral exploration and the pivotal role of innovative geophysical methods in uncovering hidden mineral wealth. The successful identification of new IOCG targets through MVI modelling not only enhances the project's value but also sets a precedent for future exploration endeavours. There is good merit in taking a close look at Miramar as they're sitting at under a market capitalisation of AUD $4M. A discovery of a decent target, as is hoped for by Miramar, will make some investors very happy. I have always felt that this region of Western Australia is a heaven for major discoveries. The issue for Miramar will be to chase the gold targets at Gidji JV or take a punt and drill some holes here. The fact that the targets are shallow is a double-edged sword, as you don't want preservation issues. This is said with some personal experience with the shallow target story. Sometimes, the targets are deep for a very good reason, and that is that the mineralisation is still preserved.  At Samso, we believe that informed decisions create lasting value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Whether it’s through Coffee with Samso , Samso Insights , or Samso News , we’re here to help you think smarter, invest better, and stay ahead of the curve. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. 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. 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.

Investing in mineral exploration stocks on the ASX can offer exciting opportunities, but it also carries unique challenges. With over 30 years of experience as a geologist in the industry and being an investor since the late 1980s, I have witnessed both the highs and lows of the mineral resource market. I have seen projects go from a Uranium project to being a Phosphate project in 6 months ( The Uranium Bubble of 2007 - Figure 1 ) and Nickel to Gold or vice versa, in a similar time frame. source: By Celuca - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=11896366 Figure 1: The monthly uranium spot price during the 2007 uranium bubble. Knowing the complexities in this sector is vital for making informed investment choices. In this article, I will try and discuss four key factors which I think are important to consider: management, market sentiment, project viability, and major shareholding. Management: The Backbone of Any Small-Cap Mineral Exploration Company. To start, closely examine the management team of any mining company. The expertise and backgrounds of board members can greatly influence a company's success. Consider the following aspects: Technical Expertise : Some board members may have scientific backgrounds related to the specific minerals being explored. For instance, if a company focuses on lithium mining, having a geologist with experience in lithium deposits can be beneficial. Market Knowledge : Others may have a strong grasp of market trends. A team member with a history of navigating funding challenges can also offer insights crucial for raising capital. Capital Market Capability : The ability to work with the capital market and have the network to source funding is a good asset to have. markets change all the time, and in this sector, the wind changes are measured in months; the nimbleness of the company to adapt to changes via funding is crucial. Networking Strengths : There is no small-cap sector without the "market-makers". The ASX does not like that term, but the reality of the sector is that without these guys/personalities, there will be no sector. The ability of the "Network" to promote the company, the projects and the business is paramount to the success of any small-cap company, irrespective of whether you are talking about mining, mineral exploration, biotech, IT or services. The Flag Bearer : The role of the Managing Director or CEO is particularly significant. This individual often steers the company and executes strategies on the ground. Their ability to manage daily operations can significantly shape the company's future. Most importantly, they are the person who communicates with the public and is the conduit for the significant shareholders and the retail investors. Assessing their past track records is essential. For example, if a CEO previously led a company to discover a lucrative gold deposit, this history can be a valuable indicator of future success. AS I mentioned, they need to indicate their ability to have the "network" to bring together strong major shareholding and engage with new investors. Market Sentiment: The Pulse of Small-Cap ASX Mineral Exploration Sector Next, we turn to market sentiment, which primarily shapes the Small-Cap ASX Mineral Exploration Sector. The mineral market is cyclical, where some commodities experience rising and falling popularity based on economic conditions. For instance, in 2021, the price of copper surged by over 50% due to demand from electric vehicle production and renewable energy projects. If there is an anticipated increase in demand from a supply shortage, share prices can see rapid growth. In 2021 and 2023, the market was only interested in lithium and rare earths and gold companies with legitimate stories were largely ignored. Funding to develop gold and other non-lithium stories was hard to achieve. Today, gold is strongly in favour, and lithium is not visible anymore. Unfortunately, this occurs all too frequently, so investors need to be either very quick to take positions or take a counter-cyclical position. In my opinion, whether you are looking at the short or long-term position, the ability to understand the market sentiment is important. Using platforms like Samso , Morning Star , Proactive , Stockhead , the Australian Financial Reveiw or MiningNews to be informed on matters such as the current trend of investment sentiments is one of the ways to stay ahead of the curve. It's also important to align the company's narrative with market trends. For example, companies focusing on critical minerals like nickel or cobalt should clearly outline how their projects align with the growing demand from battery manufacturers. Investors should critically assess whether a company has a plan to adapt to emerging market shifts. Companies that successfully navigate these trends can offer more stability and greater potential for returns. Project Viability: Assessing Exploration Potential At the core of any mineral exploration company is its project potential. Evaluating a project requires understanding its likelihood for resource discoveries and the pathway to market. Key aspects to consider include: Geological Assessment : Are the exploration targets well-defined? For example, a recent discovery of a gold vein 100 meters deep could indicate promising potential for further exploration. Infrastructure Availability : Access to transportation, power, and water sources is vital. Projects located near existing mining operations can reduce costs and risks. Investor Sentiment : For instance, in 2020, companies focused on lithium and rare earth elements secured funding more readily due to their rising importance in technology and renewable energy sectors. A project that captures the attention of capital markets is likely to have a brighter future. In 2025, investors want to be exposed to gold, so marketing a gold project is going to be the smart pathway. With the rising interest in uranium, this could be a longer-term proposition, even though one would think that it's been beaten to death. Some investors even go as far as to say that uranium could be the best counter-cyclical commodity to take a position. Market : Similarly, an understanding of what is no longer in the interest of investors must be understood. Today, the market sentiment for rare earth is missing in action. Even the darling of post-COVID, lithium, which had the lion's share of interest from investors, is no longer in vogue. Understanding all of these facets enhances investor confidence. Companies that can demonstrate effective exploration strategies and viable resource estimates will stand out in the competitive mineral exploration landscape. Major Shareholding: The Influence of Key Investors A company's major shareholders can reveal a lot about its future. Experienced investors often provide stability and confidence, especially in volatile market conditions. Having a major shareholding that has a content of the "influencers" of the market is attractive. Having those big names in the share registry is a good place to be, especially for the small retail players. Consider the following: Investor Types : Some major shareholders are short-term players, while others focus on long-term growth. For example, if a resource-focused hedge fund invests heavily in a company, it often indicates its belief in the company's long-term potential and can lead to synergies that enhance outcomes. Board Representation : The composition of the board often reflects the interests of significant shareholders. An alignment between management and major investors can lead to smarter strategic decisions that boost shareholder value. Having influential shareholders can offer advantages, such as better access to funding and partnerships. For example, if a major investor has connections in the mining sector, this can lead to lucrative partnerships or joint ventures. Samso’s Concluding Comments With three decades in this industry, I've experienced both the exhilarating highs and challenging lows. The journey of investing in mineral exploration stocks is complex but can be incredibly rewarding with the right mindset. This industry is commonly compared to a casino, and in some ways, that is not far from the truth. Like all "masters" of the casino, they create a "scientific" path to decrease that risks and their implied rewards. In the equity game, to be ruthlessly truthful, this is pretty much the same. In this sector, the major shareholders and "inner-santum" are the major factors for the path of the companies. I call them the "Purple Circle" and they pretty much are the weather forecasters. Understanding the interactions between effective management, market sentiment, project viability, and major shareholding is essential. By conducting thorough research in these areas, you can make more informed investment decisions. In conclusion, investing in gold, metals, or critical minerals goes beyond just numbers; it involves grasping the narratives that drive them. As the landscape constantly evolves, staying attuned to these elements will help guide your journey through the ASX mineral exploration space. 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.

In the crowded corridors of medtech innovation, like most industries, the excessive use of buzzwords is a normal day in the office—AI-powered, minimally invasive, precision diagnostics. In the case of   Optiscan Imaging Limited (ASX: OIL) with transformative tech, a clear path to market, and the traction to back it up. Optiscan Imaging Limited (ASX: OIL) is a Victorian-based company developing an AI-induced microscope. It’s a reimagining of how we see medicine—literally. With its patented digital confocal laser endomicroscopy, Optiscan is taking the guesswork out of diagnostics and the delays out of surgery. Opitiscan is all about the process to enable real-time, sub-micron visualisation of cells and tissues during surgery, without ever having to send a sample to the lab. A super microscope that can process information? Like my recent understanding of the power and usefulness of AI globally, the realities that Optiscan is talking about are no longer science fiction; it is now looking like a reality. Not Just the Tech—It’s the Traction What’s turning heads now is not just the tech—it’s the traction, especially the collaboration with the prestigious US medical group, the Mayo Clinic . In mid-2024, Optiscan signed a Know-How Agreement with Mayo, kicking off a co-development project focused on robotic-assisted breast cancer surgery . Fast-forward to 2025, and the milestones are already stacking up. Together, Optiscan and Mayo have built and tested prototypes that integrate Optiscan’s imaging system directly into robotic surgery platforms. This includes real-time, high-resolution imaging within the surgical field, validated through compatibility tests and preclinical studies. As Optiscan CEO and Managing Director, Dr Camile Farah , commented: “This collaboration clearly highlights the versatility of our imaging platform. It will set the stage for the platform’s application across a range of clinical settings, improving both surgical precision and patient care. Optiscan and the Mayo Clinic are now busy developing a structured development process, which will have multiple milestones to guide the design, testing, and validation of this imaging system."  “Mayo Clinic’s commitment to innovation aligns perfectly with Optiscan’s vision. The work we are doing together aims to enhance the standard of care in breast cancer surgery by integrating state-of-the-art imaging into the robotic surgical process, with potential to deliver better outcomes for patients while advancing the future of robotic-assisted surgical procedures." A Glimpse Through the Lens: - A Surgical Microscope with an Edge. Optiscan Imaging is not just developing next-gen medical imaging tools—it’s laying the groundwork for a globally scalable digital health platform (Figure 1). From world-first imaging precision to real-time surgical guidance, the company’s unique positioning spans multiple high-growth markets. For us, retail layman investors, a super-surgical microscope? Figure 1: OIL’s Growing Footprint & Sales Pipeline (source: OIL) Here's how Technology, Markets, and Momentum are coming together for Optiscan: A Technology with Clarity—Down to the Sub-Micron Optiscan’s platform represents a generational leap in imaging. At its core is a digital confocal laser endomicroscopy (CLE) system capable of delivering live images at 1000x magnification  with a resolution of 0.55 microns . That’s sub-cellular precision—enough to differentiate between healthy tissue and cancerous margins as a procedure is underway. What makes this breakthrough particularly compelling is that it’s tissue-agnostic and doesn’t rely on time-consuming image stitching or mosaicking. With Z-stack capability , it can section tissues in 3D, layer by layer, giving a surgeon or pathologist an unprecedented live look into what’s happening at a microscopic level. Add to that its ability to integrate seamlessly with AI pipelines and robotics, and you're no longer talking about a tool—you’re looking at a platform. And that platform is now getting noticed. The Market Opportunity – Scaling Across Verticals Optiscan isn’t limiting itself to clinical use. The company has its sights set on five major verticals : Clinical, Veterinary, Life Sciences, AI, and Robotics. Its expanding product suite includes (Figure 2): InVue™  – Focused on surgical applications InForm™  – For digital pathology InVivage® –  Specialised for oral diagnostics ViewnVivo®  – A life sciences tool gaining traction in the US, EU, and China Together, these products are targeting segments worth: $10 trillion  in global clinical care $144 billion  in life sciences $20.9 billion  in AI-powered diagnostics Figure 2: Expanding Product Range - Clinical & Life Sciences (source: OIL) With distribution agreements already in place across APAC, China, Europe, and the US, Optiscan is building a commercial presence to match its technological edge. This is not a company chasing niche opportunities. This is a platform approach  with global scalability. Real Momentum, Not Just Hype While the vision is big, the delivery is what matters—and Optiscan is delivering. In just 12 months: • It has hit all key milestones in its Mayo Clinic collaboration • Built and tested robotic-integrated prototypes • Progressed multiple devices along the regulatory pathway for launches starting in 2026 • Initiated AI and telepathology development with partners like Prolucid and Monash University Financially, the company is on solid ground: • FY24 income was up ~33% to $3.53M • FY25 is projected to grow further by ~20% to $4.2M (Figure 3) • Cash reserves stood at $11.2M in FY24 and $7.1M as of February 2025 Figure 3: Projected increased revenue from sales and other income. (source: OIL) Support from CRC-P grants , R&D tax incentives , and growing product revenue gives Optiscan the fuel it needs to scale. It's not often you see an early-stage company showing this level of momentum, especially with multiple products on track for commercialisation over the next 36 months. A Platform Built for the Future This isn’t just a “better microscope.” It’s a horizontally and vertically integrated digital health solution —combining live imaging, AI diagnostics, robotic compatibility, and remote access via telepathology. Imagine a future where: Surgeons don’t just remove tumours—they verify margins in real time Pathologists can diagnose from anywhere in the world with live streaming Robotic systems aren’t just automated—they’re visual and intelligent And AI interprets microscopic images on the fly, providing decision support in surgery Optiscan is building that future. Concluding Comments from Samso From a Melbourne-based operation to a global health tech innovator, the company is ticking off milestones across sectors and geographies. The recent update on its collaboration with the Mayo Clinic signals more than just good progress—it signals proof of scalability. The agreement is what investors like to see. To my simple interpretation, Optiscan is an instrument enabler, and the technology may be its value proposition in what would be a very competitive industry. As the company edges closer to key product launches across oral, veterinary, and surgical applications, the investment thesis strengthens. We’re not looking at a single-device company. We’re witnessing the growth of a digital health ecosystem , underpinned by a unique imaging technology, global partnerships, and recurring revenue potential. The speed at which they deploy will be critical. When you break the business down to simple business 101, it is as simple as simply getting your products out to market as fast as possible and getting your customers to be dependent on your services and IP so that it is uneconomical to change. With $11.2 million in cash at FY24 and a FY25 income forecast pushing beyond $4 million, Optiscan looks like they have the resources to get things happening. As always, investors should do their own research, but this is one microscope that may just reveal more than meets the eye. Definitely a worthy candidate to keep an eye on. Has a decent market capitalisation at just over AUD $96M, but if they get the revenues in, this will be multiples more, one would hope. Happy investing. And remember, always 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 . 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