Announcement Exceptional Results from Validation Study for EchoSolv HF 24 November 2025 (click here to view the announcement) Echo IQ Limited (ASX: EIQ) is pushing its cardiology decision-support platform into the heart failure space, with its EchoSolv HF algorithm now validated through the Mayo Clinic Platform’s independent “Validate” program in the United States. The Company, based in Sydney with operations anchored out of Western Australia, has completed what it describes as the final clinical requirement ahead of a planned FDA 510(k) submission for EchoSolv HF – a heart failure decision-support solution trained and tested on large-scale echocardiography datasets. In practical terms, this announcement sits at the intersection of clinical AI, US hospital workflows, and a very large, underserved heart failure market. Echo IQ is positioning EchoSolv HF as a tool that can slot into existing cardiology pathways and help clinicians detect heart failure earlier and more reliably, particularly in a US system where rehospitalisation and misdiagnosis remain material issues. The Business of the Echo IQ: Focus – Projects Echo IQ is an AI and medical technology company focused on improving decision-making in cardiology through proprietary, software-based tools. Its core activities and projects, as reflected in this announcement, can be summarised as follows: Core focus: AI-driven decision support software for cardiology, built around echocardiogram interpretation. Key product in this release: EchoSolv HF, a heart failure clinical decision support tool intended to support clinicians in identifying patients with heart failure more accurately and earlier. Partnership setting: Validation undertaken with Mayo Clinic Platform’s Validate program, leveraging independent US clinical data (~17,000 echocardiograms) to test model performance. Regulatory pathway: EchoSolv HF is being prepared for FDA 510(k) clearance, which would allow the solution to be marketed and used as a clinical decision support tool in the US. Geographic footprint: Head office presence in Australia (Claremont, WA, and Sydney) with a growing commercial footprint in the United States, including a dedicated US Head of Commercial. Highlights – EchoSolv HF Validated on 17,000 Mayo Clinic Echocardiograms Final clinical requirement completed: Echo IQ has successfully completed a clinical validation study of EchoSolv HF under Mayo Clinic Platform’s Validate program – described as the final clinical requirement prior to FDA 510(k) submission. Model performance exceeded internal expectations: Sensitivity: 99.5% – effectively identifying true positives (patients with heart failure). Specificity: 91.0% – accurately identifying true negatives (patients without heart failure). Independent, large-scale dataset: The validation used an independent dataset of approximately 17,000 individual patient echocardiograms, which provides scale and diversity in testing EchoSolv HF’s real-world performance. Regulatory inflection point approaching: FDA 510(k) submission is being finalised, with lodgement expected in the coming weeks, according to the Company. FDA clearance would formally enable US marketing and clinical use of EchoSolv HF as decision-support software in heart failure detection. Large unmet need in the US heart failure market: Only ~50% of heart failure cases are accurately diagnosed in current practice. Heart failure is the leading cause of rehospitalisation in the US and accounts for around 17% of US healthcare expenditure. The total addressable market for heart failure is cited as US$60 billion. It is estimated that 1 in 4 Americans will develop heart failure in their lifetime. Commercial preparation and investor engagement: Echo IQ intends to leverage its existing US footprint to drive EchoSolv HF uptake, subject to regulatory clearance. A webinar is scheduled for Wednesday, 26 November 2025 at 11:00am AEDT, featuring CEO Dustin Haines and US Head of Commercial Nick Lubbers, to discuss the validation results and US strategy. Leadership Commentary Chief Executive Officer, Mr Dustin Haines, commented: “Completion of this clinical validation study represents a major milestone in the commercialisation of EchoSolv HF. The independent confirmation of our model’s accuracy and reliability through the Mayo Clinic Platform’s Validate program have exceeded internal expectations and provides strong objective evidence supporting the clinical utility of EchoSolv HF in real-world settings, particularly compared to existing diagnostic tools being utilised across the US. This clinical validation sets Echo IQ on a path to deliver category leading evidence for supporting clinicians in diagnosing heart failure accurately, earlier and more confidently.” With this final clinical requirement now complete, our focus shifts to lodging the formal FDA submission in the coming weeks. Gaining clearance will enable clinicians across the US to use EchoSolv HF as a powerful decision support software to improve the early and accurate detection of heart failure – a condition that remains significantly under-diagnosed and under-treated. We look forward to advancing this next phase and to working closely with healthcare partners as we prepare for a full commercial rollout.” About the Project – EchoSolv HF Clinical Validation with Mayo Clinic Platform The project outlined in the announcement is a clinical validation exercise for EchoSolv HF – Echo IQ’s heart failure decision support tool – carried out under Mayo Clinic Platform’s Validate program. The key characteristics are: Objective: To evaluate the ability of the EchoSolv HF model to detect heart failure on an independent dataset of ~17,000 echocardiogram studies from the Mayo Clinic Platform. Study design and endpoint: The primary endpoint was to confirm that EchoSolv HF can accurately identify patients with and without heart failure. The model achieved 99.5% sensitivity and 91.0% specificity, meeting and exceeding the primary endpoint. Role of Mayo Clinic Platform Validate: The Validate program is described as an in-market AI evaluation program that generates an independent and objective report on: Accuracy Efficacy Susceptibility to bias for AI-based decision software such as EchoSolv HF. Regulatory significance: Completion of this study is explicitly stated as the final clinical requirement prior to submitting a formal FDA 510(k) application for EchoSolv HF. Near-term Milestones to Watch From this announcement, the near-term milestones appear to be: FDA 510(k) lodgement: Finalise documentation and lodge the 510(k) submission in the coming weeks. FDA review and clearance decision: Progress through the FDA review process, where timing and outcome remain subject to regulatory assessment and are not guaranteed. Commercial rollout planning in the US: Prepare clinical adoption strategies, leveraging existing US footprint and the newly-appointed US Head of Commercial. Stakeholder engagement and education: Deliver the 26 November 2025 investor webinar, update investors on validation outcomes and US commercial plans, and continue outreach to hospitals and insurers. Samso Concluding Comments - Understanding the Investment Memo IF we look at this announcement and look at the details, t Echo IQ has now delivered a piece of independent clinical evidence that supports the EchoSolv HF story. The validation through the Mayo Clinic Platform is a third-party dataset confirming that the tool performs at the level required for the next regulatory step. That matters because clinical decision-support software must live or die by evidence, not ambition. From an investment lens, this update appear to de-risks the clinical validation leg of the thesis. The sensitivity and specificity numbers are strong, and they appear to hold up across a large, diverse dataset. That gives Echo IQ a firmer foundation as it moves towards the FDA 510(k) process. However, investors should remember that regulatory clearance is still a hurdle, and the Company is right to emphasise that timing and outcomes remain outside its control. What is important is to see the market being receptive to the news (Figure 1) in the form or a rising share price. I have always like this story and for those who have missed the Coffee with Samso with Dustin Haines check it out here: An AI Solution to a Cardiovascular Problem | Echo IQ Limited (ASX: EIQ). Figure 1: The share price chart for EIQ as of 25th November 2025. (source: commsec) The commercialisation narrative is now entering a more demanding phase. The US heart failure market is large and structurally complex. Hospitals are cautious adopters, and AI-based tools must demonstrate not only accuracy, but workflow fit, economic justification, and operational ease-of-use. Echo IQ is signalling that it has a commercial plan in place — a US head of commercial, early engagement, and a growing footprint — but meaningful traction will depend on converting clinical merit into practical adoption. In short, this announcement strengthens the technical and regulatory credibility of EchoSolv HF, but the investment case still hinges on Echo IQ proving that it can navigate the realities of US healthcare procurement. The evidence is building, but the next phase requires disciplined execution, clear communication, and a strong focus on early commercial wins that validate the broader opportunity. The Samso Way – Seek the Research As always, investors should read the full Echo IQ ASX release, examine the underlying clinical references on heart failure, and consult independent advice before making any investment decisions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Monazite Source with Heavy Rare-Earths Identified at Minta 12 November 2025 (click here to view the announcement) Lion Rock Minerals Ltd (ASX: LRM) has identified a unique “monazite-enriched granite” at the Minta Est Project in Cameroon, confirming the source of heavy rare-earth mineralisation coincident with high-grade rutile zones (Figure 1). This discovery marks a significant milestone in the Company’s exploration program across its 5,000 km² tenement, establishing Minta Est as a potential district-scale source of monazite, xenotime, zircon, and rutile. Figure 1: Thorium radiometric high zones and geology outline showing the monazite-enriched granite at Minta Est. (source: LRM) The Business of Lion Rock Minerals - Monazite and Heavy Rare Earths Project: Minta and Minta Est Projects, Central Cameroon Focus: Rare earth–rich mineral sands (monazite, xenotime, rutile, zircon) Strategy: Advancing exploration with strategic partner Tronox Holdings plc (NYSE: TROX) Objective: Define high-value mineral assemblages for a Western-aligned rare earth supply chain. Highlights – Monazite Source Confirmed, Infill Drilling Underway Monazite-Enriched Granite: A 250 km² granite identified as the source of monazite and xenotime mineralisation (Figure 2). Figure 2: Regional map of Lion Rock’s tenure indicating the uniqueness of the “monazite-enriched granite” intrusion across the broader region. (source: LRM) High-Value Assemblage: Samples show enrichment in monazite, rutile, and zircon, producing an exceptional basket value (Figure 3). Figure 3: Panned concentrate RE0014 from primary tributary demonstrating the high-value of assemblage of rutile, monazite, and zircon (source: LRM) Heavy Rare-Earth Content: Up to 1.8% Dy₂O₃ and 1.1% Tb₄O₇, with Samarium (Sm₂O₃) up to 3.1%—considered exceptionally high. ANSTO Validation: Laboratory confirmation of TREO enrichment with heavy REEs beyond typical hard-rock monazite. Infill Drilling: Rapid drilling program underway to define enriched zones of monazite and xenotime. Regional Potential: Multiple high-value deposits possible across 5,000 km² of reconnaissance ground (Figure 4). Figure 4: Minta Project: District-Scale Rutile and REE Footprint (source: LRM) Strategic Support: Ongoing rutile and REE exploration underpinned by Tronox’s partnership and investment. Leadership Commentary Lion Rock Chief Executive Officer, Casper Adson, commented: “Following the outstanding rutile results announced recently across what is emerging as a truly district-scale system, we’re now seeing the Minta Project reveal another exciting layer - a zone of monazite and xenotime mineralisation coincident with the rutile, potentially capable of generating a very high-value product suite. “Our geological team has done exceptional work in pinpointing the source of this mineralisation - a monazite-enriched granite - through the integration of thorium radiometric data and detailed field mapping. “The rare earth distribution within the monazite concentrate at Minta Est is particularly compelling, showing elevated levels of the high-value heavy rare earth elements dysprosium (Dy) and terbium (Tb) along with samarium (Sm) - the latter recently being recognised by the United States as the most critical mineral. Confirmation of the presence of xenotime as the source of Dy and Tb adds further value as these remain under Chinese export restrictions and are therefore in strong global demand. “Infill drilling is now advancing rapidly to define the extent of this new monazite–xenotime zone, supported by expanded equipment that has doubled our on-ground capacity. With our strategic partnership alongside global rare-earth and titanium leader Tronox, Lion Rock is fully funded for the next phase of exploration and continues to deliver potential world-class discoveries across the Minta Project.” About the Cameroon Project The Minta Rutile Project spans 8,800 km² across 18 granted permits and three pending applications in central Cameroon. Exploration has confirmed widespread rutile mineralisation exceeding industry benchmarks across over 1,800 km². At Minta Est, reconnaissance sampling identified exceptional monazite grades in high-energy stream systems, with up to 74% monazite assemblage in heavy mineral concentrate. Independent ANSTO testing verified heavy rare-earth enrichment consistent with monazite–xenotime associations. Near-Term Milestones to Watch (Figure 5) ✅ Commence infill drilling targeting monazite and xenotime at Minta Est. ✅ Receive and report pending assay results for rutile, zircon, and monazite. ✅ Complete and commission the Yaoundé heavy mineral sands laboratory. ✅ Finalise recruitment of lab and field staff for expanded operations. ✅ Continue rutile resource assessment across Minta Project zones. All planned exploration for 2025–2026 is fully funded. Figure 5: Planned 500m diamond grid drilling pattern over high thorium anomalies at Minta Est. (source: LRM) How Samso Understands the Investment Memo for the Company Lion Rock’s discovery of a heavy rare-earth enriched monazite–xenotime system within a high-value rutile district represents a dual commodity advantage. The project’s linkage with Tronox not only anchors its operational funding but positions LRM strategically in the global shift toward non-Chinese rare-earth supply chains. The geological data suggests scalability—transforming a previously rutile-dominated system into a multi-mineral heavy sands province. Samso Concluding Comments The story of Lion Rock is starting to be confusing. The initial excitement was all about Rutile and some secondary products such as monazite, ilmenite, and others. However, as we have learnt, the narrative appears to be changing to a monazite story. The latest release talks about a monazite-enriched granite as the primary source for heavy rare earths at Minta Est as the main feature for the company. My initial excitement for the company and for which I took a position was for a rutile beast of a project. It was definitely a change in the rutile landscape, but I have since taken a view that all is not well for the story. A long time ago, a very wise friend had told me that I should enter a position with a story, and when the story changes, I need to take one of the three steps: reduce, add, or exit. I have taken the reducing step as we are reading this Samso News. The next move will probably be an exit as other opportunities are starting to appear. The recent devaluation of the company, which seems to be still happening, is not helping the situation. Don't get me wrong, Monazite is still a very valuable commodity, which is why Tronox is joining up with the LRM project. Figure 6: The share price chart for Lion Rock as of 21st November 2025. (source: CommSec) The Retail Investor Proposition All retail investors have the same view of companies that are being devalued on the sharemarket, and the LRM story is no different. With a current market capitalisation of just under AUD $86M as compared to levels in the AUD $180M, there is an obvious level of concern. Figure 6 above is a good view of the fortunes of the share price as investors take a similar view to my comments; there is something missing in the story. The good news for investors is that this may actually be a good level to be topping up or an entry. In my opinion, the story headline may have changed, but my selling is not about the demise of the storyline but rather a shift in my own portfolio. The change in the story headline is enough for me to change horses, but it is not an endorsement of my thoughts that there is a negative flow of the company's fortunes. I went in for Rutile, made my margins, and now there is another horse I would like to bet on. The change in storyline was my out. Readers who are thinking of a move have to take into account similar thoughts. This is a serious case of DYOR, and while I have reduced my position, I am still holding a position that will make a difference if things start to move to the stratosphere levels. The Samso Way – Seek the Research Always look deeper — every discovery has a source, and understanding it is where real value begins. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement New High-Grade Niobium-REE Zone 500m East of Crean 17 November 2025 (click here to view the announcement) Encounter Resources Limited (ASX: ENR) has reported a significant extension of high-grade niobium and rare earth element (REE) mineralisation at the Aileron Niobium-REE Project in the West Arunta region of Western Australia (Figure 1). New results from broad-spaced aircore drilling have identified a mineralised zone more than 500m east of the existing Crean Mineral Resource Estimate (MRE), further validating the potential of the Elephant Island Fault corridor as a major carbonatite-hosted critical minerals system. Figure 1: Location of Aileron Nb-REE Project (source: ENR) The Business of the Company: Focus – Projects (Figure 2) Encounter Resources is an Australian explorer focused on niobium–REE and copper, anchored by its dominant Aileron Project position in the West Arunta—an emerging critical minerals province—supported by additional copper-gold projects in the Paterson Province and Northern Territory, including Jessica (JV-funded work with South32). 100%-owned niobium–REE and copper projects in Tier 1 jurisdictions World-class maiden niobium MRE at Aileron with strong growth potential Copper upside at Yeneena, Lamil (Paterson Province), and Jessica (NT) alongside Tier 1 partners Figure 2: Location of Aileron Nb-REE Project (source: ENR) Highlights – New High-Grade Niobium–REE Zone Identified 500m East of Crean Recent aircore drilling at Crean has produced strong intersections that confirm a newly identified high-grade niobium–REE zone located over 500m east of the existing MRE boundary: 13m @ 1.8% Nb₂O₅ and 1.3% TREO from 86m 24m @ 3.0% Nb₂O₅ and 1.7% TREO from 106m 11m @ 2.3% Nb₂O₅ and 1.2% TREO from 145m All part of a broader 77m @ 1.7% Nb₂O₅ and 1.1% TREO from 83m (EAL1327) These results illustrate the mineralised continuity along the 8km-long Elephant Island Fault corridor (Figure 3), an area that remains sparsely drilled. Figure 3: Elephant Island Fault – RTP Magnetics with Crean MRE outline and max-in-hole Nb2O5 (source: ENR) Leadership Commentary Executive Chairman, Will Robinson, commented: “Results continue to show the major structures running through the Company’s large land position are active conduits for mineralised carbonatites, and we are still determining their full potential. Drilling along the Elephant Island Fault has successfully extended high-grade niobium–REE mineralisation more than 500m from the Crean resource. Crean sits over 10km from the Emily-Luni-Green carbonatite system. With broad mineralised intersections now defined over 8km of strike along the Elephant Island Fault, the scale and potential of this emerging carbonatite system are becoming increasingly clear. We’re confident more high-grade zones like Crean will be identified as our exploration continues along the corridor.” About Aileron Project The Aileron Project is located within the Proterozoic West Arunta Province. Carbonatite intrusions at Crean, Hurley, Green, and Emily are spatially associated with major structures, including the Elephant Island Fault, which hosts the newly discovered zone at EAL1327.Initial diamond drilling established wide, fresh-carbonatite intervals at Crean and Hurley, including: Crean: 282m @ 0.54% Nb₂O₅ from 64m (including 48.3m @ 1.0% Nb₂O₅) Hurley: Multiple intersections including 24m @ 0.93% Nb₂O₅ from 66m and 72m @ 0.45% Nb₂O₅ from 82m Crean currently hosts an Inferred MRE of 3.5Mt @ 1.92% Nb₂O₅ and 1.05% TREO, forming part of the broader Aileron MRE (19.2Mt @ 1.74% Nb₂O₅ and 0.65% TREO above 1.0% Nb₂O₅ cut-off) (Table 1). Table 1 – Aileron Project Inferred Mineral Resource Estimate (source: ENR) Near-term Milestones to Watch Assay results from remaining aircore drilling along the Elephant Island Fault (every 2–4 weeks) Priority target refinement and follow-up drilling Continued definition of shallow niobium-REE enriched zones across Crean, Hurley, Emily, and Green Additional step-out drilling to test continuity along the 8km corridor How Samso Understands the Investment Memo for the Company From a technical standpoint, this update reinforces the scale and fertility of the Elephant Island Fault system. Crean now extends beyond its current MRE, and the mineralisation style—oxide-enhanced zones overlying fresh carbonatite—supports the potential for additional shallow resources. Encounter’s systematic approach to structural mapping, geophysics, and broad-spaced drilling continues to uncover new zones, each adding incremental geological confidence to the region’s prospectivity. Samso Concluding Comments The new EAL1327 intersection strengthens the case that Crean is part of a much larger mineralised footprint than initially understood. The scale of the corridor, combined with high-grade intervals, highlights a system that has significant growth potential. The results also support Encounter’s broader exploration strategy of systematic step-out drilling along structural corridors. The approach is clearly working, as seen from the rapid identification of high-grade zones at both Crean and Hurley. What stands out is that much of the corridor remains lightly drilled, meaning the upside case is still unfolding. With ongoing assays due every two to four weeks, this project will continue to deliver regular updates. From an investment memo perspective, the Company’s consistent technical execution and the emerging scale of the Aileron system reinforce the rationale for ongoing exploration momentum in West Arunta. The Samso Way – Seek the Research Always look to the data and the geological story behind the announcement. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Maiden Bush Chook drilling to start in November (Click here to view the announcement) Moho Resources Ltd (ASX: MOH) is preparing to commence maiden drilling at the Bush Chook Gold Project in the Pilbara region of Western Australia (Figure 1), following receipt of government approval for its Programme of Works (PoW). The drilling program is a critical step in the Company’s strategy to advance its Swan Prospect. This large and high-grade gold anomaly could emerge as the cornerstone of Moho’s Pilbara growth portfolio. The Business of Moho Resources Ltd: Looking for Gold in the Pilbara Region. Moho Resources Ltd is an Australian natural resources company advancing early-stage gold and base metal projects across Western Australia. The Company holds 100% ownership of its assets (Figure 1), including o Bush Chook Project in the Pilbara Craton o Silver Swan North Project in the Yilgarn Craton Led by Chairman Peter Christie, Moho has assembled a board and technical team with strong commercial, geological, and capital markets experience. The Company’s strategy focuses on converting its extensive portfolio of historical anomalies into drill-ready, high-value gold targets. Figure 1: Location of Bush Chook & Silver Swan North Projects in WA (source: MOH) Highlights – Maiden Drilling to Begin at the Swan Prospect A 1,000m–1,600m reverse circulation (RC) drilling program is scheduled to commence in mid-November 2025, targeting the Swan Prospect, a 1.4km-long by 250m-wide gold-in-soil anomaly grading up to 330ppb Au (Figure 2). Figure 2: Swan Gold Prospect soil anomaly (source: MOH) The Swan Prospect lies approximately 10km west of AIM Mining’s Blue Spec Gold-Antimony Deposit, which contains 242koz Au @ 24.3g/t Au and 1.6% Sb. The anomaly was discovered through a recent infill soil sampling program over historic +32ppb gold anomalies — none of which have previously been drilled. Project-wide target distribution is shown in Figure 3 below. Figure 3: Overview of gold targets across Moho’s 386km² landholding The drilling campaign follows the acquisition of Bush Chook in August 2025, where due diligence sampling returned assays up to 28.6g/t Au. The Project benefits from prospecting licences with no native title conditions, allowing rapid mobilisation and lower exploration costs. Leadership Commentary Moho Resources Chairman, Mr Peter Christie, commented: “Our goal from day one has been to deliver the Pilbara’s next gold discovery. We are fully committed to establishing Bush Chook as a cornerstone project to launch the company’s new phase of growth. Bush Chook is a large land position acquired at low cost, adjacent to existing mining infrastructure and development projects, with extensive and exceptional historical soil and rock chip results in a Tier 1 mining jurisdiction. This maiden drilling program follows a comprehensive and relentless drill target generation campaign by our new exploration team. Our in-ground exploration will accelerate in 2026 as we drill test new targets generated from over one hundred historic gold anomalies across Bush Chook.” About the Bush Chook Project (WA) Located within the Mosquito Creek Basin, the project sits in a proven gold-producing terrain that has delivered more than 2.5Moz of gold in historical and current resources. The region is home to significant operations, including AIM Mining’s Nullagine Gold Project, which produced 543koz of gold @ 1.6g/t Au and supports a 1.8Mtpa processing facility. The Swan Prospect lies in the hinge of an antiform structure, coincident with quartz reefs parallel and oblique to the fold axis — a classic structural environment for gold mineralisation. Bush Chook comprises 386km² of tenure, with over 100 historical soil (32ppb–7910ppb Au) and rock chip (up to 28.6g/t Au) anomalies awaiting follow-up. Near-Term Milestones to Watch November 2025: Commencement of 1,000–1,600m RC drilling at Swan Prospect. Q1 2026: Expansion of fieldwork to convert >100 historic gold anomalies into drill-ready targets. 2026: Systematic RC drilling across four key zones — A through D — targeting extensions of high-grade trends and soil anomalies. Ongoing: Field mapping, geophysical interpretation, and heritage clearance for new licences to support accelerated exploration. The Samso Investment Memo for Moho Resources Ltd The Bush Chook Project offers genuine first-pass discovery potential in a district already proven for high-grade gold deposits. Moho’s strategic proximity to AIM’s Blue Spec and Nullagine infrastructure presents future development optionality with low capital intensity. The Company’s strong funding position, streamlined land access, and geological model create a clear pathway toward rapid exploration success. If drilling at Swan delivers significant intercepts, it could immediately elevate Moho’s standing within the Pilbara gold exploration space. Samso Concluding Comments The Pilbara has been rewarding the deep-pocket and bold explorers for decades, and a good concept like the Bush Chook project may fit the explorer's criteria of a good punt. Moho has a decent chance as they are drilling a 1.4 km by 250 m gold-in-soil anomaly with credible grades, in a structural setting that makes geological sense. First-pass RC into an undrilled trend is good from a retail investor's point of view. The project is close to established deposits and processing infrastructure, which gives the feeling of being in a tight location, but as we all know, this doesn’t guarantee success. It does give a sense of being more advanced than a scouting mission, which does matter in a market that increasingly favours projects with plausible development routes. Execution risk is lower than in most early-stage stories. Good to see that approvals are in hand, licences are straightforward, and the program is modest but targeted. The quick move from acquisition to drilling is a credit to a team intent on testing ideas rather than marketing them. This is a very important point to consider in a market that is awash with "rock-chip" flavours. If assays validate the soil footprint and structural model, Bush Chook will move from potential to probability. If not, Moho still holds a pipeline of untested anomalies across the same system—fuel for the next target in 2026. This is a very early-stage prospect, and investors will need to understand that the road to any sign of a discovery is still a distance away. DYOR is the key, and patience is always a virtue in this form of investment. I don't know much about the management, so there is still that risk for me to take any positions. The Samso Way – Seek the Research Always look beyond the announcement — understand the rocks, the structure, and the story that drive value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 838.7Mt Gallium Resource Estimate at Mt Ridley Project 28 October 2025 Mount Ridley Mines Limited (ASX: MRD) has declared a maiden Inferred Gallium Mineral Resource Estimate (JORC 2012) of 838.7Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃) at a 25 ppm Ga cut-off across three blocks at the Mt Ridley Project, ~55 km NE of Esperance, WA (Figure 1). Mineralisation is shallow, flat-lying and clay/saprolite-hosted, with strong associations to HREE and scandium—particularly in the central and northern corridors. The resource is supported by 732 holes for 30,112 m, extends >25 km in strike with a ~70 km² mineralised footprint, and sits inside a 575 km² tenure where ~70% remains untested. Figure 1 – Regional Location Map showing the major Infrastructure such as Esperance Port, Road, and Rail (source: MRD) Highlights - Gallium (Figure 2) Global MRE: 838.7Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃) for 24,584 t contained Ga (cut-off 25 ppm Ga). Block 1 – Central Gallium Corridor (incl. Keith’s HREE): 164.1Mt @ 29.8 ppm Ga (40.0 ppm Ga₂O₃) for 4,888 t Ga; strong correlation with HREE and scandium; shallow, flat-lying saprolite. Block 2 – Northern Extension (incl. Winston’s HREE): 372.2Mt @ 30.3 ppm Ga (40.7 ppm Ga₂O₃) for 11,288 t Ga; continuation of the same clay profiles hosting REE/HREE. Block 3 – Mia + Eastern Zone: 302.5Mt @ 27.8 ppm Ga (37.4 ppm Ga₂O₃) for 8,408 t Ga; overlays the Mia REE MRE of 168Mt @ 1,201 ppm TREO. Geometry & Depth: Mineralisation from ~4 m to ~60 m depth; shallow, broad lenses in saprolite/laterite; >25 km strike and up to ~6 km width. Work to Date: 732 drillholes / 30,112 m; domain modelling and ID² / kriging grade checks; densities applied by regolith unit; top cut 45 ppm Ga; parent blocks 50×50×1 m. Scale & Positioning: Among the largest known gallium resources globally; logistics advantaged by proximity to Esperance Port, road, and power. Figure 2: Mount Ridley Gallium Topographic Location Map highlighting the MRE Zones (source: MRD) Mount Ridley Mines Non-Executive Director Mr Pedro Kastellorizos commented: “The timing of our maiden gallium resource could not be more significant,” said Mount Ridley Mines Director, Pedro Kastellorizos. “With Australia and the United States now formally aligning on criticalminerals supply chains, the Mt Ridley Project represents one of the few new gallium discoveries outside of China, and it sits within an established rare-earth system. This resource establishes Mount Ridley as a serious participant in Australia’s emerging critical-minerals sector. Immediate focus will be on highvalue zones rich in gallium and heavy rare earths as we advance metallurgical testwork and partnership discussions to define a viable development pathway” Geology & Mineral System (Why It’s There) Host & Setting: Clay/saprolite-hosted Ga within the weathered profile across parts of the Grass Patch Complex (Blocks 1–2) and Biranup Complex granitoid gneiss (Block 3). Controls: Spatial association with alkali-enriched gabbroic/plutonic dykes visible in aeromagnetics; highest grades near redox fronts in lower saprolite and at saprolite–fresh transition. REE/HREE Link: Re-assay of legacy pulps confirms coincident Ga–REE enrichment; Keith’s (Block 1) and Winston’s (Block 2) show scale/continuity of HREE-rich clays. The Mineral Resource areas known as Blocks 1, 2 & 3 are situated in the vicinity of Mt Ridley and Lake Halbert region of Western Australia (Figure 3,4 & 5). Figure 3: Block 1 (source: MRD) Figure 4: Block 2 (source: MRD) Figure 5: Block 3 (source: MRD) Table 1 presents the new JORC 2012 Resource Estimate (JORC 2012) for the Inferred category, applying at a >25 ppm Ga cut-off, the JORC 2012 Inferred MRE totals 838.7 Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃)—placing Mt Ridley among the world’s largest known gallium resources. The 575 km² tenure hosts a ~69.9 km² mineralised footprint across three MRE zones, with >70% of the project still untested and slated for systematic drilling. Table 1 - Mount Ridley Global Gallium Deposits Inferred Mineral Resource Estimate by Blocks (using a >25 ppm Ga cut-off) Development Path (How It Could Advance) Metallurgy: Concept is a mixed rare-earth carbonate as the primary product with gallium (and other critical elements) as secondary recoveries; testwork to include acid leach and hydrometallurgy (solvent extraction/ion exchange). Program Design: Targeting zones most amenable to acid-leach processing; flow-sheet design underway; legacy pulp re-assays and re-logging to refine HREE/Sc targets. Advisory Build-Out: Engagement with Australian & international processing/supply-chain experts (including U.S.–Australia critical minerals context). Forward Plan & Near-Term Priorities (Figure 6) Extensional drilling SW of Block 1 along ~11 km × ~6 km corridor. Infill drilling across the 3 km corridor between Blocks 1 & 2. Step-outs east (~4.35 km) and west (~4.3 km) of Block 2 resource. Block 3 extensions NE (~5.3 km) plus ~3 km E and ~4 km SW untested zones. Drill extensions along alkali-rock corridors associated with better Ga intersections. Metallurgical studies to confirm optimal acid-leach domains and refine the flow sheet. Define requirements to deliver an Indicated Resource sufficient to support capex studies. Figure 6: Location map showing the 3 MRE Zones, showing multiple untested zones over Interpreted Total Magnetic Intensity Images (source: MRD) Market & Strategic Context (Why It’s Timely) Supply Concentration: China has produced >98% of global Ga, historically as a by-product of bauxite/zinc refining; export controls and geopolitics have tightened supply. Allied Policy Tailwinds: On 20 Oct 2025, the U.S.–Australia framework to secure critical minerals and rare earth supply chains highlighted WA projects as priorities, aligning with MRD’s path. Samso Concluding Comments Mount Ridley’s maiden inferred gallium resource gives the project tangible scale and, importantly, demonstrates a multi-element regolith system where Ga, HREE, and Sc appear to co-locate within shallow, lateritic/saprolitic horizons. The Block 1–2 corridor is the immediate focus, given its HREE-rich character and continuity; Block 3 adds leverage via the Mia REE MRE already in place. How the deposit moves from here will largely be dependent on metallurgy and infill drilling, which will provide consistent leachability, scalable hydromet flowsheets, and enough drill density to uplift portions to Indicated. The published forward plan is appropriately calibrated to those aims. Like all projects, whether it is a mineral or non-mineral project, a favourable logistical path (proximity to Esperance), and a current supported policy backdrop are going to be very constructive for Mount Ridley. As we have learnt over the last couple of years, clay-hosted critical-mineral systems live or die by extraction efficiency, impurity management, and unit costs. Those data points will ultimately define commerciality. For investors tracking gallium exposure aligned with HREE/Sc optionality, this is now a defined system with scale and a clear work program to de-risk the flow sheet and grow resource confidence. DYOR, as the sector is just being thrown back into the spotlight. How long this remains in a favourable position is going to be tightly bound to the tenure of President Trump. Market Influence There is no doubt that the release of the resource has sparked great interest in the share price of MRD. As it's clearly shown in Figure 7, the market has taken notice, but the challenge for new investors and shareholders looking to top up is when to do that. Figure 7: The share price chart for Mount Ridley as of 14th November 2025. (source: CommSec) The Gallium "talk" is one that I am not really in tune with, as the main "producer" of the metal comes as a byproduct of the bauxite refinery. The recent news that the US government and the Australian government are in talks to support Alcoa to make a refinery that will treat their Gallium makes me think that there will be no space for the lone rangers, like Mount Ridley. I would suggest reader DYOR and do it well :-) The Samso Way – Seek the Research Go to the source, interrogate the figures and methods, and build conviction from facts—not narratives; DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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 Results from Union Hill Drilling 28 October 2025 Henty Reserves Increase by 29% 23 October 2025 This Samso News is all about Kaiser Reef Limited (ASX: KAU) at the Henty Gold Mine, West Coast, Tasmania, announcing a 29% lift in Ore Reserves to 199 koz @ 3.28 g/t, strengthening mine-life visibility, while the processing plant demonstrated ~400 ktpa run-rate—about one-third above nameplate—through targeted, low-capex debottlenecking. When the acquisition of the mine was consummated, I mentioned that this was always going to be on the cards. On the 27th April 2025, we published "Kaiser Reef Limited (ASX:KAU) - A Lesson in How To Become A Gold Producer Overnight," and I discussed in length why a revaluation of the ounces and a recalibration of operating costs was what someone like Brad Valiukas was going to produce. This is clearly what is happening now. At Maldon–Union Hill, Central Victorian Goldfields, Victoria, shallow in-pit drilling has confirmed high-grade continuity along the Eaglehawk Reef over a meaningful strike length, indicating potential for near-term underground access and follow-up drilling. Figure 1: Map Location of Henty Gold Mine, Maldon Plant & Union Hill Gold Mine (source: KAU) Together, these updates tighten the operating plan: more ounces in reserve, higher throughput capacity to monetise them, and fresh drill evidence to grow the pipeline. 28 October 2025 — Union Hill in-pit drilling confirms high-grade continuity at Maldon Gold Project (Figure 2) Figure 2: Maldon Gold Project (source: KAU) 22 holes / 960 m program inside the Union Hill Open Pit targeting unmined Eaglehawk Reef (EHR) extensions; 18 of 19 effective holes intersected gold, confirming continuity over ~160 m strike (Figure 3). Standout intercepts (down-hole): 5.8 m @ 5.37 g/t Au from 39.0 m (incl. 2.5 m @ 10.25 g/t). 6.9 m @ 6.05 g/t Au from 30.4 m (incl. 1.98 m @ 16.44 g/t). 8.6 m @ 4.99 g/t Au from 18.4 m (incl. 2.0 m @ 15.69 g/t). Next steps: re-establish underground access as an exploration platform (decline rehab planned to commence in January) and set a northern drill position. Context: Union Hill Resource 187 koz @ 4.4 g/t; district hosts multiple historical reefs. Figure 3: Long Section of 2025 In-Pit Drilling program holes (Blue) with assay results. Note: Only recent drilling shown (source: KAU) Kaiser’s Managing Director, Brad Valiukas, commented: “This recently completed drilling at Union Hill tested a shallow gap zone between known workings, and these are great results in an area that was historically left behind. “Without taking away from the bigger picture approach to the entire Maldon Gold Project, the next step at Union Hill will be to re-establish the underground as an exploration platform. We expect to commence active work on re-accessing and rehabilitating the decline in January, to allow follow-up drilling. Additionally, we plan to establish a drill position giving access to the north. “Maldon represents a district-scale gold opportunity for Kaiser, with numerous historical mines and lines of working that remain substantially underexplored. Kaiser has not previously had the funds to progress the Maldon Gold Project as actively as warranted, but with Henty now bedded in and Kaiser’s transformation into a profitable gold miner complete, we are now in a great position to drive Maldon forward as a key growth asset.” 23 October 2025 — Henty Reserve up 29%; Resource steady (Figure 4) Figure 4: Mineralisation Domain Wireframes and historical mining - Long-Section Projection Looking West (source: KAU) Ore Reserve increased 29% to 199 koz @ 3.28 g/t Au (1.89 Mt @ 3.28 g/t) from 154 koz; depletion to 30 June 2025: 25.7 koz. Mineral Resource updated to 438 koz @ 3.32 g/t Au (4.11 Mt @ 3.32 g/t) at 1.5 g/t cut-off, reported within underground shape optimiser constraints (Figure ). Company indicates >6-year mine-life outlook targeting >30 koz pa Au as operations build through FY26; second underground diamond rig now focused on exploration/resource extension (Figure 5). Figure 5: Mineralisation Domain Wireframes and planned mining (Reserve and other LOM designs) - LongSection Projection Looking West (source: KAU) Kaiser’s Managing Director, Brad Valiukas, commented: “We continue to see significant upside at Henty, and I’m very pleased with the near 30% increase in Reserves we are now reporting. “We are focused on building both mine life and resilience at Henty over the next 12 months. We have brought in the second underground diamond drill rig, giving us dedicated capacity for exploration and resource extension, ultimately targeting continued Resource growth. “We have committed to increasing the processing rate, which removes a significant constraint on underground production potential, de-bottlenecking the decline so we can deliver to the processing plant, and bringing in more productive equipment as key improvements to drive performance. We expect to see continued improvements across the business during the financial year. This is another step that confirms Kaiser’s transformation into a profitable gold producer, with Henty providing a solid production and cashflow base on which to build the Company.” Samso Concluding Comments Kaiser’s October updates are strengthening the operating story with more booked ounces at Henty, a demonstrably faster plant, and fresh shallow drilling at Union Hill that hangs together along strike. For a gold mining business, the positive news on reserves, throughput, and geological continuity is simply all about better mine-life clarity and optionality. The processing uplift to ~400 ktpa without major capex is meaningful, but the proof is sustaining that rate with consistent underground delivery. The decline in de-bottlenecking, fleet changes, and the second rig at Henty are the right levers; execution over the next quarters matters more than the single data point. At Maldon, the other project, confirming high-grade continuity inside the Union Hill pit can be a path to de-risk near-term underground work. Re-establishing underground access and setting a northern drill platform will indicate whether the ~160 m strike of hits can convert to mineable shapes and, ultimately, cash flow. So for investors and shareholders, it will be important to watch underground productivity and dilution control at Henty. Sustaining plant stability at higher tonnage, timing on Maldon access works, and assay flow from both programs will be key points of observation as well. If those boxes tick, the pathway to >30 koz p.a. becomes more credible; if not, the market will discount the stretch targets until the data catches up. DYOR. Market Status - A Discount for New Shareholders? As we write this Samso News, KAU is just coming off a low price point from a fall in the last week (Figure 6). With a strong gold price sentiment globally, with predictions of further growth, I would see this moment as primed for taking positions. Figure 6: Share price chart for Kaiser Reef Limited as of 14th November 2025. (source: CommSec) Conversations with people working in the capital markets have now convinced me that the recent fall in gold price is a time for reloading or getting into positions in this sector, whether it is in gold equities or physical, or ETF gold. The deficit in physical delivery is good evidence that the gold pricing situation is very different from previous times. There will be ups and downs, but I think from a retail end, we can see inflationary pressure being very obvious. DYOR, and I think readers should start reducing themselves for this growing story. The Samso Way – Seek the Research Read the original ASX releases and annexures (28, 23, and 20 October 2025), trace each figure back to the text, and form your own view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Exceptional Rutile Grades to 2.2% Insitu at Minta Project 29 October 2025 Lion Rock Minerals Limited (ASX: LRM) has released first-pass mineralogy from the Minta Monazite & Rutile Project in central Cameroon (Figure 1), outlining broad zones of high-grade natural rutile from surface and near-surface. Results include up to 2.2% in-situ rutile and rutile making up to 71% of the heavy-mineral assemblage. With reconnaissance complete over a >5,000 km² target area and results received across ~3,800 km², the program now pivots to infill drilling supported by an in-country lab nearing commissioning in Yaoundé. Figure 1: Map of Minta Project (source: LRM) Highlights - The Ongoing Rutile, Titanium, and Monazite Narrative (Figure 2) In-situ rutile grades up to 2.2%, with rutile assemblage up to 71%. Eight of the top ten results occur at Minta Est (rutile, zircon, and REE-enriched monazite). Standout intercepts (all in-situ): 4.0 m @ 1.3% from surface (MRAU0231); 3.9 m @ 1.2% from surface (MRAU0268); 5.0 m @ 1.0% from surface (MRAU0230); 5.0 m @ 1.0% from surface (MRAU0228); 6.8 m @ 0.9% from 1 m (MRAU0246). Scale: Reconnaissance drilling across >5,000 km² (nominal 1 km × 10 km spacing); results to date cover ~3,800 km². 107 locations returned ≥0.5% in-situ rutile (avg 0.8%), with rutile averaging 22.8% of HM at these sites; 74 locations exceed 20% rutile in HM (avg 30.7%). Operations ramp-up: Infill program imminent; LRM’s wholly-owned HM laboratory in Yaoundé is nearing completion (Figure 3); in-country technical team expanded (Country Manager Dr Tasin Godlove Bafon; Lab Manager Joseph Mayi). Figure 2: Map of Minta insitu rutile with priority zones; Kasiya Project (ASX: SVM, Malawi) outline is a scale reference only. (source: LRM) Lion Rock Chief Executive Officer, Casper Adson, commented: “These latest results continue to reinforce the world-class potential of the Minta Monazite and Rutile Project and highlight Cameroon’s emergence as a significant new rutile province. The scale and grade of mineralisation being defined at Minta is exceptional, with insitu rutile grades of up to 2.2% from surface confirming the project’s potential as one of the largest undeveloped natural rutile systems globally. “The recent investment of our strategic partner, Tronox, was driven by the rare-earth-rich monazite assemblage at Minta Est. This same area is now returning some of the highest rutile grades recorded to date, underscoring the exceptional mineral potential and complementary value of the deposit. “With expanded drilling capacity, new in-country heavy mineral laboratory and an experienced technical team now established in Cameroon, Lion Rock is entering a transformational growth phase. The combination of scale, grade and strategic alignment positions the Company as it aims to become a leading supplier of premium natural rutile and critical mineral sands to the global titanium and rare-earths markets.” Program Snapshot Program design: Broad, fast coverage to rank higher-grade/value areas; initial paired XRF/XRD at 141 of 335 locations with >1.5% HM to expedite targeting amid external lab constraints. Targeting outcomes: Clear infill targets at Minta Est (co-present rutile–zircon–monazite), plus additional contiguous high-grade zones circled in Figure 1. Results include mineralisation from oversize rutile nuggets. Reconnaissance totals: 712 holes for 3,018 m; 3,339 drill & QA samples plus 68 grab samples collected. Further HM assays are pending; mineralogy will follow as assays return. Market & Context (Rutile vs Synthetic Feedstock) Titanium minerals are recognised as “critical/strategic” across major jurisdictions. Recent market commentary includes the suspension of Iluka’s Cataby mine and SR2 kiln from 1 December 2025 amid subdued mineral-sands demand and pigment oversupply; synthetic rutile (upgraded ilmenite) is more exposed to downstream costs and oversupply risk. Natural rutile—a high-TiO₂ feed needing minimal upgrading—has fewer value-chain dependencies. LRM positions Minta as a higher in-ground TiO₂ grade opportunity with potential processing simplicity. (Figure 2 is contextual; Minta has no current MRE.) Figure 3: Global rutile projects based on public Mineral Resource Estimates (context only). (source: LRM) In-Country Capability LRM has strengthened its Cameroon presence with two key hires (Figure 4): Country Manager – Dr Tasin Godlove Bafon: 12+ years in West/Central Africa (iron ore discoveries; scoping work), now leading project execution. Lab Manager – Joseph Mayi: 6+ years running mining analytical ops; established mineral-sands labs and QA/QC programs; now leading Yaoundé lab build-out. Figure 4: Photos of Dr Tasin Godlove Bafon & Joseph Mayi (source: LRM) Operations are ramping up, with infill drilling imminent and LRM’s wholly owned heavy-mineral laboratory in Yaoundé nearing commissioning (Figure 5). Figure 5: Photos of the LRM Yaoundé laboratory under construction and retrofit. (source: LRM) Next Steps Validate and prioritise highest-prospectivity areas; commence infill drilling. Extend mineralogical analysis adjacent to standout results. Finalise monazite & xenotime targeting at Minta Est; review VHM assemblage data; compile dredge study findings for alluvial targeting. Commission the Yaoundé lab; complete recruitment to support expanded field ops and faster sample turnaround. Samso Concluding Comments On first pass, Minta ticks the two boxes that matter at this stage—scale and early quality. You’ve got insitu rutile reported up to 2.2%, rutile making up to 71% of the heavy-mineral assemblage, and several metre-scale intercepts starting at or near surface. That’s a credible signal for a reconnaissance dataset. Minta appears to be broad with a 1 km × 10 km spacing across a >5,000 km² target, with results covering ~3,800 km² so far, with sites with >1.5% HM for the initial paired XRF/XRD to fast-track target ranking. The standout cluster at Minta Est—where rutile, zircon, and REE-bearing monazite coincide is making headline narrative. The Yaoundé lab will take some of the risk off the table. Commissioning an in-country facility—backed by experienced hires in the Country Manager and Lab Manager roles—should cut turnaround times, improve QA/QC, and keep momentum as sample volumes rise through infill. The Company’s own wording highlights the expected lift in data quality for JORC-style work and metallurgy—exactly what you want before resource-class decisions. The near-term items to watch are about the infill start-up, the return of outstanding HM assays, and follow-on mineralogy to tighten the model. Keep in mind there is no MRE declared for Minta today, and any external project outlines (e.g., Kasiya) are for scale only—useful context, not guidance. Market Perspective - The Capital Market This is a business that is all about Rutile, Titanium, and Monazite (REE), and as we are writing about these recent ASX releases, the share price of LRM has taken a turn for the worse. Figure 6 below shows a disconnect between market expectations and the technical merits that are being narrated by the management of LRM. Readers will know that Samso is a big fan of this story, and I am also a shareholder of the story. Figure 6: The share price chart for Lion Rock Minerals as of the 14th November 2025. (source: CommSec) It is more than interesting that there has been a sell-down, especially since the introduction of Tonox, which was covered on the 30th October 2025, "Tronox Joins Lion Rock: 5% Cornerstone to Accelerate Minta (Rutile + Monazite)". The sell-down pretty much started from that event. One would have thought that the introduction of Tronox would be a supportive indicator for the LRM story. My conclusion is that there was profit-taking and a potential resetting of the support soon. That would be my only thought at this stage, which makes sense. For me, the story is still valid but with my experience, the real truth will not really be known till a later date, if it appears at all. From a shareholder's point of view, the technical merit has not changed. The addition of Tronox is still a positive narration, and the inclusion of monazite adds value to the business overall. The sell-down is the one that is adding colour to the overall storyline, and the issue is how it is going to make the colour at the end. There is no doubt in my mind that this is a #SAMSODYOR for those who are seriously invested in this story. The Samso Way – Seek the Research Always read the underlying release and appendices before concluding—grade, width, continuity, metallurgy, and logistics will frame ultimate value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Passive Seismic Survey Better Defines High Priority Targets 21 October 2025 NON-BINDING MOU WITH LEADING URANIUM PRODUCER 11 September 2025 Cauldron Energy Limited (ASX: CXU) has delivered two complementary updates on the Yanrey Uranium Project in WA (Figure 1). October’s note uses fresh passive-seismic work to sharpen drill targeting at Manyingee South, Manyingee North, and Koodarie ahead of near-term field activity, while September’s announcement frames a non-binding MOU with Navoiyuran that brings ISR operating expertise and potential funding pathways into the study mix. What follows is a quick, factual wrap drawn directly from the company’s September and October 2025 releases, with figures inserted where relevant. Figure 1: Location of the Yanrey Uranium Project (source: CXU) Highlights — 21 October 2025 Cauldron received preliminary passive-seismic results (Southern Geoscience) over five areas around Manyingee South (Area 1B), refining several high-priority drill targets for immediate testing. Survey results at Manyingee South (Area 1B) correlate with 2024 drilling interpretations and indicate that high-grade mineralisation is associated with a cross-cutting structure at the palaeochannel base that impeded northward roll-front migration; the area immediately to the south is now a drill target for potential high-grade mineralisation (Figure 2). Figure 2: Combined airborne electromagnetic (AEM) survey imagery over the Manyingee Embayment. Hotter colours = more conductive (thicker palaeochannel sediments), cooler colours = non-conductive (resistive) bedrock. (source: CXU) And also extended further upstream within the Manyingee Embayment (Figure 3) Figure 3: Combined previous passive seismic survey imagery over the Manyingee Embayment. Hotter colours = shallow, cooler colours = deeper. (source: CXU) The N–N-NNE-trending Manyingee South palaeochannel runs ~4 km west and parallel to the Manyingee Palaeochannel, with 2024 drilling showing its northern two-thirds tighten into a ~600 m-wide, steeply incised gorge in granitic bedrock at the palaeo-river mouth (Figure 6). Figure 4: Manyingee region: Passive seismic survey results. Cauldron’s survey points are shown in black whilst historical surveying, conducted by Wyloo Metals Ltd in 2022, are shown in red. Wyloo’s surveying covered both sides of the Manyingee palaeochannel and extended westwards to the boundary of Cauldron’s E08/1489. (source: CXU) At this point, the redox front pinches out, and northward the sequence transitions into marine-influenced sediments (Figure 5). Figure 5: Longitudinal section showing interpreted palaeogeography. Note the termination of the D Zone roll-front in the vicinity of hole 24YRAC100. (source: CXU) At Manyingee North (Area 2), the palaeochannel continues north onto Cauldron ground, where historic mineralisation has not been closed out—designated a high-priority drill target. At Koodarie (Area 3), the palaeochannel continues east across the Ashburton River onto Cauldron tenements; it is deeply incised and well developed with very little historical exploration—also flagged as a high-priority drill target (Figure 6). At Manyingee Northwest (Area 4), passive seismic shows the palaeochannel deepens north but likely splits around a shallow ridge—one arm rejoining Manyingee to the northeast and another trending northwest into previously drilled mineralisation (Figure 6). Figure 6: Cauldron Passive Seismic survey lines and areas. (source: CXU) Surveying suggests the Manyingee palaeochannel bifurcates, with a previously unrecognised branch extending north on Cauldron tenure in a setting similar to Manyingee South (Area 1B) —considered highly prospective. Timing: site preparations (including a heritage survey) are underway, with drilling scheduled for November. Resource context for Yanrey: Cauldron states 42 Mlbs U₃O₈ in JORC Mineral Resources across Bennet Well (30.9 Mlb) and Manyingee South (11.1 Mlb); neighbouring Paladin’s Manyingee deposit is listed at 25.9 Mlb. Cauldron CEO Jonathan Fisher commented: “The passive seismic survey conducted last month has helped confirm some exciting high priority drill targets; as well as defining the edge of the paleochannel systems which will mean less holes are drilled outside the channels. Despite a minor delay, it was important to wait for this interpretation as it will save time and money on drilling. We are now full steam ahead with our site preparations, and we anticipate completion of our planned drill programme prior to the end of the calendar year. Whilst the junior uranium sector is often defined by its volatility; overall the incredible macro tailwinds enjoyed by the sector, driven by the steadily progressing global nuclear renaissance, is driving investor interest in junior uranium companies. Investors want us to be active on ground – and this is exactly what Cauldron is doing. We look forward to delivering the results of this programme, as well as continuing to lead industry advocacy to ensure West Australians understand the benefits the uranium mining can bring to the State, and the importance of uranium export to helping our global trading partners decarbonise. Through increased awareness of this issue,policy change becomes more likely. We are pleased with the current parliamentary inquiry being undertaken by the WA Government, and look forward to fulsome participation in that inquiry.” Highlights — 11 September 2025 Non-binding MOU signed with Navoiyuran (Uzbekistan’s national uranium company; 2nd-largest ISR producer) to collaborate on Yanrey—covering technical assistance (design/operations), specialist ISR input to studies, potential future funding, and government advocacy. Formal, binding documents are envisaged after further work. Due diligence & ISR suitability: Navoiyuran completed technical due diligence; prior CSIRO (2017) work concluded that Bennet Well is amenable to ISR. ISR knowledge in Australia remains limited, with only Honeymoon and Beverley currently operating. Navoiyuran profile: decades of ISR experience; >42 deposits in portfolio; exports U₃O₈ to major processors; maintains partnerships with Orano, ITOCHU/JOGMEC, and CNUC; this agreement is their first in Australia. Figure 7: Navoiyuran production history Tonnes U; showing transition from traditional mining to purely ISR. (Source: Navoiyuran) Yanrey province scale (context): the broader province contains ≥85 Mlb U₃O₈ (five deposits), including Cauldron’s Bennet Well 30.9 Mlb and Manyingee South 11.1 Mlb, Paladin’s Manyingee 25.9 Mlb and Carley Bore 15.6 Mlb, and EME’s Manyingee East 2.85 Mlb. Near-term interactions: Navoiyuran plans to visit WA and the Yanrey site during the drilling campaign; parties will continue working toward the next stage of agreements. Cauldron CEO Jonathan Fisher commented: “This is a transformational relationship for Cauldron in so many ways. Firstly, attracting the interest of the entity that literally invented ISR mining for uranium, and is the worlds second largest ISR producer behind Kazatomprom, demonstrates the quality and tier potential of the Yanrey project and its surrounding region. Whilst we have delineated ~42m lbs of uranium in JORC at the moment, we are confident of expanding this significantly with in excess of 20 targets that are largely untested and considered highly likely to contain significant additional uranium mineralisation. Further, just next door, uranium industry leader Paladin holds a similar number of pounds in JORC across their Manyingee and Carley Bore deposits. We are confident there is much more uranium across the province, lending itself to a potential regional development model. Secondly, its important to show that there are large, industry leading players interested in participating in the WA uranium sector. This helps justify to the WA Government that a change in policy is warranted, and I look forward to discussing this arrangement with relevant WA government representatives in due course. Thirdly, we are strongly of the view that ISR uranium mining is not only the most sustainable mining method, with lowest environmental footprint, but also the most cost effective from a capital perspective with attractive operational metrics. However, ISR can present different operational challenges. By ensuring we have access to the technical expertise of Navoiyuran, CXU can push forward with project development confident in our technical capabilities to deliver a world-class project. Upcoming Work Complete site prep and heritage survey, then commence November drilling at Yanrey. Drill-test high-priority targets: south of the cross-cutting structure at Manyingee South, the northward continuation at Manyingee North, and the deeply incised Koodarie channel. Run AC/RM drilling with downhole geophysics, then limited diamond core for metallurgical & mineralogical testwork at Manyingee South. Undertake additional passive seismic over new targets, followed by further AC/RM + downhole geophysics to chase extensions. Aim to finish the drill program before year-end. Host Navoiyuran’s site visit during the drilling campaign and keep working toward the next stage of binding agreements. Samso Concluding Comments Yanrey is not a new story; it is just that the path forward is starting to look like a clearer, workable story. From a geological point of view, it is a defined roll-front setting at Manyingee South with a structural choke point (the incised gorge), and technically, it is a plausible split channel to the northwest that ties into historic hits, and a deeper, under-tested Koodarie corridor. Passive seismic has stitched the geology together; now the drill rig has to turn that picture into repeatable intercepts and corridor continuity. For ISR, the technical hurdles are well understood and to some extent measurable—hydrogeology, permeability, redox chemistry, and the geometry of mineralisation relative to well spacing. The proposed sequencing (quick AC/RM with downhole geophysics, then selective diamond for metallurgy/mineralogy) is the predictable order of operations to answer those questions without burning capital on the wrong holes. The Navoiyuran MOU is a capability bridge. If the fieldwork validates the channel model and the metallurgy behaves, having a seasoned ISR operator on the shoulder shortens the learning curve on well-field design, leach kinetics, and operating discipline. That matters when the conversation shifts from targets to flow sheets and cost curves. Near-term catalysts are practical: November drilling outcomes at Manyingee South/North and Koodarie, geophysics-to-drill correlation, early metallurgical signals, and the heritage/approvals path. Risks are equally plain: continuity, recoveries, and timing. If the next round of data lines up, Yanrey moves from a map of channels to a plan for wells; if it doesn’t, the model will need another turn of the dial. DYOR. The Uranium Market Perspective. The Cauldron Energy journey has been a test of time. The uranium narrative has been a test of endurance and from an investors point of view, it is one that is definitely testing the patience of the hip pocket. It has promised a lot, but for ASX companies with Australian projects, it has been largely a disappointment. Figure 8: The share price journey for Cauldron is one that had a lot of promise but has largely been a long-term journey of disappointments. With a rising narrative of reinstating uranium mining in Western Australia, could time be changing for the fortunes of shareholders? (Source: CommSec) The changing fortunes for shareholders (Figure 8) may be around the corner; the ‘when’ remains uncertain. Is the uranium market going to finally take its place as the master of clean energy through a proliferation of nuclear energy? This is what investors in this sector are now banking on, and I feel that time is probably closer to a reality than it ever has been over the years. The long-term share price chart does show more interaction with Cauldron as the volumes in trading are significantly higher in the last 5 years, with an intensity coming in the last 2 years. Is this a sign? I think patience will show that those betting with will rise above those that are still dinosaurs of the past, hanging on to the demise of the nuclear energy space. As for now, I think backing Cauldron as a market capitalise proposition of nearly AUD $34M (14th November 2025) is not a bad deal. I think this is a definite #SAMSODYOR as I think any Western Australian uranium mining story will have its time in the sun soon. Figure 9: A closer look over the last 7 years does show that Cauldron is making more traction with the markets. Is this the beginning of a resurgence? (Source: CommSec) If we look at Figure 9, this is where my thinking comes from, as the market is starting to look at Cauldron as a potential play when the tide turns with the West Australian government starting conversations to reinstate uranium mining outside the magic 3 "minable" sites. As always, DYOR or in this case #SAMSODYOR and begin your understanding of what could be a good sector to dabble in again! The Samso Way – Seek the Research Read the source documents, interrogate the figures, and build your thesis on facts—not narrative. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Springfield Gold Deposit Due Diligence Update 29 October 2025 Thunderbird Resources Limited (ASX: THB) has updated its due diligence on the Springfield Gold Deposit in NSW (Figure 1), and the take-home is simple: very limited historical drilling has already cut thick, shallow gold, and the geology points to a much larger mineralised system along a 7 km structural corridor. Systematic geochem in mid-November will set up a maiden drill program immediately after assays are received. Figure 1: The Location of Springfield Gold Deposit in NSW and LM2’s other projects in relation to Thunderbird’s existing Rockvale and Kookabookra Gold-Antimony Projects. (source: THB) Highlights - A New Gold System Exploration potential upgraded: Multiple geological indicators suggest the known Springfield mineralisation forms part of a significantly larger system with outstanding upside. Compelling historical intercepts from minimal drilling (~6,568 m total): 27.0 m @ 3.65 g/t Au from surface (incl. 6.0 m @ 8.29 g/t from 1.0 m; 3.0 m @ 9.23 g/t from 11.0 m) 86.0 m @ 1.04 g/t Au from 104.0 m (incl. 12.0 m @ 2.90 g/t from 160.0 m; 26.0 m @ 1.83 g/t from 146.0 m) 65.0 m @ 1.16 g/t Au from 2.0 m (incl. 13.0 m @ 2.92 g/t from 12.0 m) 41.0 m @ 1.47 g/t Au from 22.0 m (incl. 8.0 m @ 3.87 g/t from 32.0 m) 43.0 m @ 0.96 g/t Au from surface (incl. 15.0 m @ 1.81 g/t from 26.0 m) 29.0 m @ 1.32 g/t Au from 4.0 m (incl. 2.0 m @ 4.61 g/t from 4.0 m; 7.0 m @ 2.51 g/t from 14.0 m) 12.0 m @ 2.78 g/t Au from 25.0 m (incl. 4.0 m @ 6.63 g/t from 31.0 m). System-scale targeting: Deposit sits inside a north-south corridor >7 km bounded by the Mt Galambine and Magpie Hill faults; mineralisation/alteration in core is pervasive (Figure 2). Figure 2: The Location of Springfield Gold Deposit in NSW and LM2’s other projects in relation to Thunderbird’s existing Rockvale and Kookabookra Gold-Antimony Projects. (source: THB) Pathfinders matter: Arsenic–gold association is strong; shallow air-core shows broad arsenic anomalism over ~1.7 km of mapped monzodiorite, strongest and open to the south, pointing to high-priority drill targets. Imminent work: Project-wide soil sampling scheduled to start mid-November 2025 (contractor engaged), with maiden drilling to commence immediately after assays (Company anticipates January 2026). Process items: Due diligence targeted for completion before the AGM on 19 November 2025; new land access agreement expected early-November. The Story Asset & setting. Thunderbird has signed a binding share sale agreement to acquire 100% of the Springfield Gold Deposit in central NSW (Figure 2). Historical mapping and shallow drilling outline a well-mineralised intrusion over >1,700 m strike, with mineralisation open along strike and at depth; no drilling since 1999. Figure 3: Readily accessible, open grazing land at the Springfield Gold Deposit and Springfield North Prospect. (source: THB) What the site work shows (Figure 4). Executive Chairman and Senior Geologist reviewed 1999 diamond core: thick intervals of visual sulphides/alteration consistent with a large hydrothermal system. Structurally, Springfield sits inside a 7 km corridor bracketed by two north-south faults—prime architecture for fluid focusing and scale. Figure 4: Geologists assessing historical diamond drill core from the Springfield Gold Deposit, NSW. (source: THB) Geochem vectoring. A close Au–As association is evident. Shallow AC coverage shows continuous arsenic anomalism across the corridor, with the southern end both strongest and open, underscoring immediate step-out potential. Modern, systematic soils have never been run here—low-cost, high-impact work that can rapidly rank targets (Figure 5). Figure 5: Readily accessible, open grazing land at the Springfield Gold Deposit and Springfield North Prospect. (source: THB) Near-Term Program & Milestones Soil geochemistry (project-wide): Starts mid-November 2025; modern multi-element methods to delineate extensions and rank drill targets. Targeting & prioritisation: Drill collaring to follow receipt of soil assays, with the highest-priority targets first. Drilling anticipated January 2026 (subject to assays/logistics). Corporate/process: Due diligence to complete pre-AGM (19 Nov 2025); new access agreement expected early-November. What Does Samso Like? Scale indicators line up: Wide, shallow gold from sparse drilling + corridor-scale structure + pervasive alteration = system capacity. The southern open anomaly is a natural first test. Efficient de-risking: Modern soils on a farm-access project is an efficient vectoring tool ahead of drilling—time and dollars spent where it counts. Clear cadence: Soils → assays → maiden drilling gives a clean news pathway into early 2026. Samso Concluding Comments This update does the important work of reframing Springfield from a set of good historical hits into a corridor-scale opportunity with modern vectoring. The Au–As relationship and continuous arsenic anomalism make the geochem program particularly meaningful in ranking drill-ready domains. For investors, the context is limited historical metres delivering thickness and grade—that typically argues for system strength rather than isolated luck. The structural picture—two bounding faults over ~7 km—supports this thesis. The path forward is now about drilling the southern open anomaly alongside near-deposit extensions. Access to the land is important, and this could be what will delay the story (Figure 6). Figure 6: THB share price chart as of 14th November 2025. (source: CommSec) For readers, the DYOR process is highly recommended, as this is still an early-stage story. As we write this Samso News on the 14th November, the general ASX market sentiment is lower, and there is no rush to get in at this stage. This is a CPS Capital-sponsored stock, so if there was urgency, it would be to get into position before the "pump" happens. The Samso Way – Seek the Research Read the original announcement and figures, scrutinise the data tables and methods, and build your own view—DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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 Niobium-REE -1km east of Green MRE 27 October 2025 Encounter Resources Limited (ASX: ENR) reports air-core step-outs that extend high-grade niobium more than 1 km east of the Green resource footprint at the Aileron Nb-REE Project (Figure 1), while a shallow REE corridor is emerging along the southern carbonatite margin. The program is transitioning to 200 × 80 m infill at Green East and diamond drilling for metallurgy to define resource-ready domains. Near-term catalysts include regional assays east of Crean and a diamond test at Scott, which will constrain the system’s extent and inform the next resource update. Figure 1: Location of Aileron Niobium-REE Project (source: ENR) Highlights - Rare Earth-rich Carbonatites High-grade niobium — >1 km east of MRE footprint (Green East): • 18m @ 2.0% Nb₂O₅ from 54m, within 50m @ 0.9% Nb₂O₅ to EOH (EAL1318) • 4m @ 2.0% Nb₂O₅ from 64m, within 26m @ 0.6% Nb₂O₅ (EAL543) • 6m @ 1.8% Nb₂O₅ from 82m, within 93m @ 0.5% Nb₂O₅ to EOH (EAL1295). Shallow, high-grade REE outside niobium-dominant zones (southern margin): • 46m @ 1.0% TREO from 43m to EOH (EAL1293) • 2m @ 3.9% TREO from 61m, within 4m @ 2.8% TREO (EAL1294) • 14m @ 1.5% TREO from 40m (EAL1362) • Dy/Tb composition reported as favourable vs other Australian REE projects. Resource context (May 2025): Aileron Inferred MRE 19.2 Mt @ 1.74% Nb₂O₅ (≥1.0% cut-off) across Green, Emily, and Crean; Green is 12.1 Mt @ 1.63% Nb₂O₅ (≥1.0% cut-off). Notes indicate the pit-constrained resource is also reported at 0.25% Nb₂O₅ cut-off, with the ≥1.0% subset within it. Program status: Infill drilling (200 m x 80 m) at Green East to define coherent high-grade zones for possible inclusion in a future MRE update; ongoing diamond drilling for metallurgical samples. Regional assays east of Crean expected in 2–4 weeks; diamond rig to test Scott target in November 2025. Executive Chairman, Will Robinson, commented: "These new results confirm that high-grade niobium mineralisation at Green extends to the east, well beyond the initial MRE footprint. Our proven approach of initial broad-spaced (400m) aircore drilling to rapidly outline the mineralised footprint, has again delivered high-grade niobium-REE results. We will now complete infill drilling to define coherent zones of high-grade mineralisation for potential inclusion in a future MRE update. As the recent infill results at Green Central have demonstrated, increasing drill density in these systems is often rewarded with thick, high-grade niobium intersections. Another encouraging development from this batch of assay results are the shallow, high-grade REE intersections that sit outside of the niobium-dominant zone. When we also consider our recent intersection of REE fluorocarbonates at Green Central, it indicates a separate zone of REE mineralisation is taking shape near the southern margin of the carbonatite complex.” What the data shows 1) Niobium growth east of Green (Figure 2) Broad-spaced AC (400 m x 80 m) has confirmed mineralisation >1 km east of the current MRE boundary, with multiple plus-2% Nb₂O₅ intervals reported (see Highlights). This builds on earlier infill at Green Central (e.g., 85m @ 3.1% Nb₂O₅ in EAL961B; 26m @ 3.4% Nb₂O₅ in EAL947A) and supports the thesis that increased drill density rewards with thicker, higher-grade zones. Infill is now underway to convert these step-outs into resource-ready domains. Figure 2: Green Prospect – Niobium - AEM Layered Earth Inversion (LEI) DS55 showing arcuate conductive feature coincident with the outline of the weathered carbonatite complex (from geological logging) and MRE (source: ENR) 2) A separate, shallow REE corridor on the southern margin (Figure 3) Multiple shallow REE hits occur along strike of REE-rich fluorocarbonates (bastnäsite, parisite, synchisite) logged in diamond hole EAL1370 at the southern basal contact. This suggests a discrete REE zone emerging outside the niobium-dominant domain — a configuration that aligns with known REE-rich carbonatite contacts globally (the release references Mountain Pass as an analogue). Figure 3: Green Prospect – TREO - AEM Layered Earth Inversion (LEI) DS55 showing arcuate conductive feature coincident with the outline of the weathered carbonatite complex (from geological logging) and MRE (source: ENR) 3) Geometry and sections (Figure 4) A representative section (A–A’ at 441800E) illustrates mineralised thicknesses/positions relative to the carbonatite architecture and weathered profile. True widths are not yet established in these step-out zones; reported intervals are down-hole lengths. Figure 4: Green Prospect 441800E – Cross section A – A’ (source: ENR) Forward Plan Assays pending: regional drilling east of Crean in 2–4 weeks, followed by more Green AC results. Infill drilling: ongoing at Green East to define high-grade domains for potential MRE inclusion. Diamond drilling: metallurgical sampling ongoing; Scott regional target scheduled for November 2025. Samso Concluding Comments This is a story about Rare Earth-rich Carbonatites and the establishment of a Tier-1 Province of carbonatites. The Samso coverage has been extensive for the excitement that is potentially coming out of the Arunta area. With a market valuation of over AUD $238M as of the time of writing (14th November 2025), Encounter is a shadow of its neighbour, WA1 Resources Limited (ASX: WA1), which has a market capitalisation of over AUD $1.1B. WA1 captured the attention of investors with the discovery of the Luni Carbonatite, but in my opinion, it lacks something I feel is critical, and that is the blue sky potential. For me, the gradual discovery of REE mineralised carbonatites and the hybrid carbonatites will become significantly more important as the value proposition will become acutely obvious in time to come. Figure 5: Encounter share price chart as of 14th November 2025. (source: CommSec) The share price journey that is taking shape recently, as ENR discovers the potential of its leases, is clearly exciting investors (Figure 5). I am a big believer in mineral systems, and with that comes mineral provinces. I don't think stakeholders in the mineral resource industry will argue that Encounter is rubbing its hands as it looks at their findings and over their vast acreage of tenement holdings. Time will prove if my thoughts are correct or if it was simply an opportunistic grab of hope. I do think that this is a great story with substance for investors looking for a story that is not filled with rock chip sampling results. Will the Niobium price retreat? Well, that is going to be one of the risks all investors will need to assess, along with all the other points to ponder that could also give a negative tone for investing in ENR. The Samso way is always DYOR and understand the narrative to make sure that it is consistent with the science. Personally, if WA1 is worth AUD $1.1B, then ENR will surely have a similar valuation with greater discoveries to come. The Samso Way – Seek the Research Always go back to the source: read the full ASX release, scrutinise the drill tables and figures, map the claims against the geological model—and DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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 Corporate Update 13 October 2025 Peninsula Produces First Yellowcake at Lance Project Peninsula Energy Limited (ASX: PEN) has completed a A$69.9 million equity raise alongside full drawdown of its Davidson Kempner debt facility, settled legacy contract liabilities, and confirmed that the first dried yellowcake has been produced at the Lance Central Processing Plant in Wyoming (Figure 1). The combined funding and operational milestones underpin the Horizon 2 plan and position Lance for a disciplined scale-up. Figure 1: Central Processing Plant (Phase I & II) in Wyoming (source: PEN) Highlights — 13 October 2025 (Corporate Update) - A Uranium Story Equity raise completed (A$69.9m): Finalised following shareholder approvals at the 30 Sep 2025 EGM and receipt of Tranche 2 proceeds. Cornerstone & substantial holders: Tees River Uranium Fund invested A$22.5m and now holds 18.4% of issued capital; Washington H. Soul Pattinson also provided support. Debt facility status: Davidson Kempner facility fully drawn; US$3m of the US$15m facility converted to equity (current debt balance US$12.6m after mandatory conversion and make-whole capitalisation). Legacy contracts settled: Outstanding US$5.0m payment for terminated uranium sales contracts paid in full; no remaining take-or-pay obligations under the five terminated contracts. One remaining sales commitment totals 600,000 lbs (100,000 lbs p.a. from 2028–2033). Use of funds/execution focus: Funding package for Horizon 2 (Figure 2) completed, allocating proceeds to project development, Kendrick & Dagger studies, and corporate/working capital to support Lance ramp-up. Figure 2: Horizon 2 Plan - Ramp-Up Framework (source: PEN) Peninsula Energy’s Managing Director and Chief Executive Officer, Mr George Bauk, commented: “We are pleased to have completed a critical funding milestone for the Company. The strong support we received as part of the equity raise underscores confidence in Peninsula’s revised production plan and management team and reflects broad recognition of our progress toward becoming a leading uranium producer. “We now have a robust financial platform to progress the production ramp-up at the Lance Project, execute on our Horizon 2 plan including funding the Kendrick and Dagger studies, and supporting ongoing corporate and operational initiatives. The completion of the central processing plant expansion and production of first yellowcake demonstrates the tangible progress we have already made and our ability to deliver on strategic objectives. “There hasn’t been a better time to be an emerging uranium producer in North America, and the team is now fully focused on execution and establishing Peninsula as a key uranium producer. I would like to sincerely thank our shareholders for their continued support as we enter this next phase of our production ramp-up.” Highlights — 16 September 2025 (First Yellowcake at Lance, USA) First dried yellowcake produced: Lance Central Processing Plant (CPP) delivered first dried yellowcake after Phase 2 approvals in Aug 2025 and completion of commissioning (Figure 3). Figure 3: First Drum of Dried Yellowcake – Lance Project (source: PEN) Independent, end-to-end capability: Peninsula becomes a fully independent producer of dried yellowcake, with scale-up underway in line with revised targets. CPP designed for growth: Facility can process uranium-loaded resin from satellite projects (Barber, Dagger), positioning Lance to scale toward ~2 Mlbs dried yellowcake per annum nameplate. Kendrick is already permitted for mining; Dagger and Barber provide upside. Production pathway: Production on resin recommenced in Dec 2024; dried yellowcake production commenced in Sep 2025, supporting a staged ramp-up under Horizon 2. Managing Director and CEO, George Bauk, commented: “First yellowcake production from our Lance Central Processing Plant, just 14 months from first concrete pour for the CPP expansion, is an excellent achievement and a significant milestone for Peninsula. “While there have been challenges along the way, the Board and management team are fully aligned on a clear and strategic path forward that sets Peninsula up for sustained success as a key supplier to US and global energy markets. “We are building momentum as we meet our milestones and targets, with funding in place and a sustainable and disciplined approach to achieving full production in the years ahead.” Samso Concluding Comments Current Situation The new version of Peninsula has crossed the credibility gap—funding is in, the CPP is producing dried yellowcake, and the restart is now about operating rhythm rather than promises. That alone changes the risk profile and invites a more practical lens on what Lance can consistently deliver. From here, it is all about the wellfields and a low-pH ISR regime. Sustained growth will depend largely on operational matters such as stable flow, rising resin load, and fewer plant interruptions. These parameters will dictate market sentiments. From a market perspective, the company must demonstrate repeatable monthly pounds for any rerating of company valuations from the market. Peninsula will have to demonstrate market sensitivities as it only has a modest forward commitment, but near-term volumes will be more leveraged to potential price increases. The key proof point is unit costs through the ramp—show me margin, and the rest follows. Option value sits in the satellites. Kendrick is permitted, Dagger/Barber gives feed flexibility, and the CPP has headroom. Peninsula will have to keep hitting the near-term milestones on time to move from a “restart story” to a “scale story.” DYOR. Samso's Synopsis for the Investment Thoughts: Highlights Exposure to uranium, which is of growing interest in many portfolios, given the global push for low-carbon energy. US-based asset in Wyoming provides a production story (not just exploration), which is a plus compared with many juniors. Large resource base (58 M lbs U₃O₈) gives scale and potential upside. Risks Commodity risk: Uranium prices are volatile, and regulatory and political issues matter (especially in the US and globally). Execution risk: Ramp-up of production, cost control, and achieving ISR targets are key. Financial risk: Being unprofitable means the company may need to rely on capital raising, which can dilute. Market sentiment: Small-cap, uranium sector can be more speculative and subject to swings. Final Thoughts In my view, Peninsula Energy is interesting but high risk/high reward. The resource scale and production asset are positives. But the share price dropped from ~A$1.60 down to ~A$0.45+ (Figure 4) over the year, suggesting the market has significant reservations (likely execution + uranium price concerns). The last time I followed PEN was almost 5 years ago, and they were an aspiring uranium producer. Figure 4: PEN share price chart as of 14th November 2025. (source: CommSec) If you believe in a uranium price resurgence, strong US ISR execution, and a tight supply picture globally, PEN could offer leverage. On the flip side, if those things falter, there’s a downside. Investors need to keep in mind that this is an old story, and I strongly recommend DYOR, as this is a new following for Samso. The Samso Way – Seek the Research Go back to the original ASX announcements, technical reports, and primary data, compare the numbers yourself, and make decisions with evidence—not narratives. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Early Works Commence at Sorby Hills Project 27 October 2025 Boab Metals Limited (ASX: BML) has officially commenced Early Works at the Sorby Hills Silver-Lead-Zinc Project in WA’s East Kimberley (Figure 1)—moving from planning into on-ground activity and marking the formal start of mine development. The program covers site access roads, processing-plant foundations, non-processing infrastructure, and an on-site accommodation camp. Boab is fast-tracking pre-wet season site prep so major packages can mobilise in April 2026. The first package is with a local contractor, and Sorby Hills is advantaged by Kununurra's proximity, sealed access to Wyndham Port, and a 75:25 Boab–Yuguang JV with an FID buy-out option. Figure 1: Location of the Sorby Hills Project (source: BML) Highlights - Creating a Silver-Lead-Zinc Mine Scope of Early Works: site access roads, processing plant foundations, non-processing infrastructure, and the on-site accommodation camp. Wet-season timing: clearing, topsoil relocation, and base material placement are underway now so that major infrastructure packages (processing plant, bulk earthworks, permanent camp) can launch efficiently after the wet season—April 2026. Local execution: first Early Works package awarded via competitive tender to a locally based contractor, aligning with the company’s regional development and community-partnership focus. Funding confidence: recent capital-raising support has enabled—and de-risked—the transition into physical construction activities. Project context: Sorby Hills sits ~50 km from Kununurra with sealed-road access to Wyndham Port (~150 km). Boab holds 75%; Henan Yuguang Gold & Lead Co. Ltd holds 25%. Boab has an option to acquire Yuguang’s interest upon Final Investment Decision. Simon Noon, Managing Director & CEO, commented: “The Early Works phase signifies the formal transition from planning and design into physical construction activities, laying the groundwork for full-scale development and ultimately, the commencement of production at Sorby Hills. The strong interest and support received from investors in the recent capital raising have provided us with both the confidence and means to commence this transition and materially de risk the project development schedule. We look forward to providing further updates as the project advances and wish to thank all stakeholders, partners, and community members for their ongoing support as the Company moves into this exciting new phase.” Site Works Initial works include essential clearing, topsoil relocation, and base-layer construction for roads and pad areas (Figure 2)—practical steps that keep momentum through the wet season and allow a clean start on larger packages at its conclusion. Figure 2: Clearing for Processing Plant with camp infrastructure in the foreground (source: BML) Next Steps (near-term focus) Complete the Early Works program (roads, pad preparation, services corridors, camp setup) through the wet-season window. Mobilise major infrastructure packages—processing plant installation, bulk earthworks, and permanent accommodation—at the conclusion of the wet season (April 2026). Continue market and community updates as the project advances. Samso Concluding Comments As Simon Noon explained, this is the point where talk becomes a reality. This project has taken a long time to get to a mine building stage, so let's hope that things will slowly step through its paces and make it happen for shareholders. Figure 3: Boab Metals share price chart as of 10th November 2025. (source: CommSec) It is not surprising to see the share price for Boab going north, and with a market value of just over AUD $114M (as of 11th November 2025), this is not a bad proposition. Silver is one of the darlings, and if you believe the market narrative, silver pricing will continue to move forward. This release is a short market update, and let's look forward to upcoming news. For investors, I think this is a good time to get in on the ride. Look back at the news and DYOR and take your time. There are still some very observable risks on the table. This is definitely not a risk-free proposition as there are still many hurdles for management to overcome. The Samso Way – Seek the Research Read the source, track the milestones, and verify each step against the company’s formal disclosures. 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.